Document:

EX-10.25

 Exhibit 10.25 

PURCHASE AND SALE AGREEMENT 

by and between 
 IPT
ACQUISITIONS, LLC, 
 a Delaware limited liability company 

and 
 AVERA DEVELOPMENT,
LLC, 
 a Texas limited liability company 

Dated as of August 5, 2014 

 TABLE OF CONTENTS 

 

											
	 	  	 	  	 	  	 	  	Page	 
	 1.
	  	 Purchase and Sale of Property
	  	 	1	  
		  	(a)	  	 Improvements and Appurtenances
	  	 	1	  
		  	(b)	  	 Personal Property
	  	 	1	  
		  	(c)	  	 Approved Leases
	  	 	2	  
		  	(d)	  	 Intangibles
	  	 	2	  
	 2.
	  	 Purchase Price and Additional Consideration
	  	 	2	  
		  	(a)	  	Deposit	  		  	 	2	  
		  		  	(i)	  	 Letter of Credit
	  	 	4	  
		  		  	(ii)	  	 Letter of Credit Terms
	  	 	4	  
		  		  	(iii)	  	 Return of Letter of Credit
	  	 	4	  
		  	(b)	  	 Right to Terminate
	  	 	5	  
		  	(c)	  	 Closing Funds
	  	 	5	  
		  	(d)	  	 Cost Overruns
	  	 	5	  
		  	(e)	  	 Leasing Incentives
	  	 	5	  
	 3.
	  	 Covenants and Conditions
	  	 	6	  
		  	(a)	  	 Buyer’s Approvals
	  	 	6	  
		  		  	(i)	  	 Title and Survey Review
	  	 	6	  
		  		  	(ii)	  	 Condition of the Property
	  	 	7	  
		  		  	(iii)	  	 Books and Records
	  	 	7	  
		  		  	(iv)	  	 Reports
	  	 	8	  
		  		  	(v)	  	 Construction Financing
	  	 	8	  
		  		  	(vi)	  	 Omitted
	  	 	8	  
		  		  	(vii)	  	 Architect’s Agreement
	  	 	8	  
		  		  	(viii)	  	 Tri-Party Agreement
	  	 	8	  
		  		  	(ix)	  	 Preliminary Plans and Related Documents
	  	 	8	  
		  		  	(x)	  	 Other Due Diligence Matters
	  	 	8	  
		  	(b)	  	 Notice of Due Diligence Approval
	  	 	8	  
		  	(c)	  	 Termination Upon Due Diligence Disapproval
	  	 	8	  
		  	(d)	  	 Waiver of Buyer’s Conditions to Closing
	  	 	9	  
		  	(e)	  	 Conditions to Closing
	  	 	9	  
		  		  	(i)	  	 Completion of the Improvements and Off-Site Improvements
	  	 	9	  
		  		  	(ii)	  	 Updated Title Report and Updated Survey
	  	 	10	  
		  		  	(iii)	  	 No Material, Adverse Change Regarding the Physical Condition of the Property
	  	 	11	  
		  		  	(iv)	  	 Mechanics’ Liens
	  	 	11	  
		  		  	(v)	  	 Seller’s Obligations
	  	 	11	  
		  		  	(vi)	  	 Warranties
	  	 	11	  
		  		  	(vii)	  	 Representations and Warranties of Seller
	  	 	11	  
		  		  	(viii)	  	 Tenant, CC&R and REA Estoppel Certificates
	  	 	11	  
		  		  	(ix)	  	 Litigation
	  	 	12	  
		  		  	(x)	  	 Title Insurance
	  	 	12	  
		  		  	(xi)	  	 No Violations
	  	 	13	  
		  		  	(xii)	  	 No Liens
	  	 	13	  

  
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		  		  	 (xiii)
	  	 Tenants
	  	 	13	  
		  		  	 (xiv)
	  	 Walk Through and Punch-List Items
	  	 	13	  
		  		  	 (xv)
	  	 Rentable Square Footage
	  	 	15	  
		  		  	 (xvi)
	  	 Developer Obligations
	  	 	15	  
		  		  	 (xvii)
	  	 Failure of Conditions
	  	 	15	  
		  		  	 (xviii)
	  	 Real Property Acquisition by Seller
	  	 	16	  
		  	(f)	  	 Seller’s Right to Terminate
	  	 	16	  
		  	(g)	  	 Right of First Offer
	  	 	17	  
	 4.
	  	Possession and Inspection	  	 	18	  
		  	(a)	  	 Possession
	  	 	18	  
		  	(b)	  	 Inspection
	  	 	18	  
	 5.
	  	The Closing	  	 	18	  
		  	(a)	  	 The Closing Date
	  	 	18	  
		  	(b)	  	 Deliveries through Escrow
	  	 	19	  
		  		  	 (i)
	  	 Deliveries by Buyer
	  	 	19	  
		  		  	 (ii)
	  	 Deliveries by Seller
	  	 	19	  
		  	(c)	  	 Deliveries Outside Escrow
	  	 	20	  
		  	(d)	  	 Notice to Tenants
	  	 	21	  
		  	(e)	  	 Simultaneous Delivery; Conditions Concurrent
	  	 	21	  
	 6.
	  	Escrow	  		  	 	21	  
		  	(a)	  	 Opening of Escrow
	  	 	21	  
		  	(b)	  	 Deposit
	  	 	21	  
		  	(c)	  	 Duties of Escrow Holder
	  	 	22	  
		  	(d)	  	 Additional Provisions
	  	 	22	  
		  	(e)	  	 Reporting
	  	 	23	  
	 7.
	  	Costs	  		  	 	23	  
		  	(a)	  	 Seller
	  	 	23	  
		  	(b)	  	 Buyer
	  	 	23	  
		  	(c)	  	 Termination for Default
	  	 	23	  
		  	(d)	  	 Survival
	  	 	23	  
	 8.
	  	Prorations and Deposits	  	 	23	  
		  	(a)	  	 Rent
	  	 	24	  
		  	(b)	  	 Deposits
	  	 	24	  
		  	(c)	  	 Utility Charges
	  	 	24	  
		  	(d)	  	 Taxes and Assessments
	  	 	24	  
		  	(e)	  	 Escrow Rights, Liquidated Damages for Delay and Permit Conditions
	  	 	25	  
		  	(f)	  	 Tenant Improvement Deposit
	  	 	25	  
		  	(g)	  	 Other Apportionments
	  	 	25	  
		  	(h)	  	 Preliminary Closing Adjustment
	  	 	25	  
		  	(i)	  	 Post-Closing Reconciliation
	  	 	25	  
		  	(j)	  	 Survival
	  	 	25	  
	 9.
	  	Representations and Warranties	  	 	25	  
		  	(a)	  	 Buyer’s Representations and Warranties
	  	 	25	  
		  		  	 (i)
	  	 Organization
	  	 	25	  
		  		  	 (ii)
	  	 Due Authorization
	  	 	26	  
		  		  	 (iii)
	  	 Prohibited Person
	  	 	26	  

  
 Page ii 

											
		  	(b)	  	Seller’s Representations and Warranties	  	 	26	  
		  		  	(i)	  	 Organization
	  	 	26	  
		  		  	(ii)	  	 Due Authorization
	  	 	26	  
		  		  	(iii)	  	 Foreign Person
	  	 	26	  
		  		  	(iv)	  	 Litigation
	  	 	27	  
		  		  	(v)	  	 Options and Other Rights
	  	 	27	  
		  		  	(vi)	  	 Employee Benefit Plans
	  	 	27	  
		  		  	(vii)	  	 Violations
	  	 	27	  
		  		  	(viii)	  	 Leases
	  	 	27	  
		  		  	(ix)	  	 Due Diligence Materials
	  	 	27	  
		  		  	(x)	  	 Prohibited Person
	  	 	27	  
		  		  	(xi)	  	 Obligations
	  	 	27	  
		  		  	(xii)	  	 Operating Agreements
	  	 	28	  
		  		  	(xiii)	  	 Notices
	  	 	28	  
		  		  	(xiv)	  	 Employees
	  	 	28	  
		  		  	(xv)	  	 Approvals
	  	 	28	  
		  	(c)	  	Survival of Representations and Warranties	  	 	28	  
		  	(d)	  	Disclaimer of Seller Representations and Warranties	  	 	28	  
		  	(e)	  	Seller’s Knowledge	  	 	30	  
		  	(f)	  	Notification of Change in Circumstance	  	 	30	  
	 10.
	  	Remedies	  		  	 	30	  
		  	(a)	  	REMEDIES FOR BUYER’S BREACH	  	 	30	  
		  		  	(i)	  	 Right of First Offer
	  	 	34	  
		  	(b)	  	Other Remedies	  	 	34	  
		  	(c)	  	Survival of Indemnities	  	 	34	  
		  	(d)	  	Seller’s Maximum Post-Closing Aggregate Liability	  	 	34	  
	 11.
	  	Seller’s Obligations Pending Closing	  	 	35	  
		  	(a)	  	Insurance	  		  	 	35	  
		  	(b)	  	Breach of Representation	  	 	35	  
		  	(c)	  	Taxes	  	 	35	  
		  	(d)	  	Utilities	  	 	35	  
		  	(e)	  	Operating Agreements	  	 	36	  
		  	(f)	  	Termination of Operating Agreements	  	 	36	  
		  	(g)	  	Special Districts and Assessments	  	 	36	  
		  	(h)	  	Construction of Improvements and Off-Site Improvements	  	 	36	  
		  	(i)	  	Intentionally Omitted	  	 	36	  
		  	(j)	  	Leases	  	 	36	  
		  	(k)	  	Warranties	  	 	36	  
		  	(l)	  	No Conveyance	  	 	37	  
		  	(m)	  	Permits	  	 	37	  
		  	(n)	  	Property Management and Leasing	  	 	37	  
		  	(o)	  	Exclusivity	  	 	38	  
		  	(p)	  	Notice	  	 	38	  
	 12.
	  	Damage or Destruction	  	 	38	  
	 13.
	  	Eminent Domain	  	 	39	  
	 14.
	  	Commissions	  	 	39	  

  
 Page iii 

											
	 15.
	  	 Memorandum
	  	 	40	  
	 16.
	  	 Notice
	  	 	40	  
	 17.
	  	 Miscellaneous
	  	 	41	  
		  	(a)	  	 Successors and Assigns
	  	 	41	  
		  	(b)	  	 Amendments
	  	 	42	  
		  	(c)	  	 Governing Law
	  	 	42	  
		  	(d)	  	 Interpretation
	  	 	42	  
		  	(e)	  	 No Obligation to Third Parties
	  	 	42	  
		  	(f)	  	 Further Assurances
	  	 	42	  
		  	(g)	  	 Merger of Prior Agreements
	  	 	42	  
		  	(h)	  	 Enforcement
	  	 	42	  
		  	(i)	  	 Time
	  	 	43	  
		  	(j)	  	 Severability
	  	 	43	  
		  	(k)	  	 No Waiver
	  	 	43	  
		  	(l)	  	 Legal Representation
	  	 	43	  
		  	(m)	  	 Schedules and Exhibits
	  	 	43	  
		  	(n)	  	 Headings
	  	 	43	  
		  	(o)	  	 Survival
	  	 	44	  
		  	(p)	  	 Bulk Sales Laws
	  	 	44	  
	 18.
	  	 Marketing; Leasing
	  	 	44	  
	 19.
	  	 Design And Development Of The Improvements
	  	 	44	  
		  	(a)	  	 Permits
	  	 	44	  
		  		  	(i)	  	 Permit Conditions
	  	 	44	  
		  		  	(ii)	  	 Credit for Permit Condition
	  	 	44	  
		  		  	(iii)	  	 Failure to Approve Permit Condition
	  	 	45	  
		  	(b)	  	 Notification of Permit Condition
	  	 	45	  
		  	(c)	  	 Preliminary Plans
	  	 	45	  
		  	(d)	  	 Final Plans and Specifications
	  	 	45	  
		  		  	(i)	  	 Review and Approve by Buyer
	  	 	45	  
		  		  	(ii)	  	 Submissions to Governmental Authorities
	  	 	46	  
		  		  	(iii)	  	 Change Order Definitions
	  	 	46	  
		  		  	(iv)	  	 Governmental and Seller’s Change Orders
	  	 	47	  
		  		  	(v)	  	 Seller Change Orders
	  	 	47	  
		  		  	(vi)	  	 Buyer Change Orders
	  	 	48	  
		  	(e)	  	 General Contractor, Major Subcontractors and Architect
	  	 	49	  
		  	(f)	  	 Seller’s Construction and Development Covenants
	  	 	49	  
		  	(g)	  	 Buyer’s Inspection Rights/Seller’s Indemnity
	  	 	50	  
		  	(h)	  	 Construction Schedule
	  	 	50	  
		  		  	(i)	  	 Delivery of Schedule
	  	 	50	  
		  		  	(ii)	  	 Target and Outside Completion Date
	  	 	51	  
		  		  	(iii)	  	 [Intentionally Omitted]
	  	 	51	  
		  		  	(iv)	  	 Dispute Resolution
	  	 	51	  
	 20.
	  	 Buyer Change Order and Force Majeure Delays
	  	 	51	  
		  	(a)	  	 Buyer Delay
	  	 	51	  
		  	(b)	  	 Force Majeure Delay
	  	 	51	  
		  	(c)	  	 Notice of Delay
	  	 	51	  

  
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		  	(d)	  	 Disputes Regarding Delay
	  	 	51	  
	 21.
	  	 Square Footage Purchase Price Adjustment
	  	 	52	  
	 22.
	  	 Construction Financing
	  	 	52	  
		  	(a)	  	 Construction Financing
	  	 	52	  
		  	(b)	  	 Subordination and Non-Disturbance
	  	 	52	  
		  	(c)	  	 Repayment
	  	 	52	  
		  	(d)	  	 Recognition of Escrow Rights
	  	 	52	  
		  	(e)	  	 Right to Cure
	  	 	53	  
		  	(f)	  	 Foreclosure Recognition
	  	 	53	  
		  	(g)	  	 Effect of Tri-Party Agreement
	  	 	53	  
	 23.
	  	 Purchase Agreement
	  	 	53	  
	 24.
	  	 Seller/Contractor Warranty
	  	 	53	  
	 25.
	  	 Disclosures
	  	 	54	  
		  	(a)	  	 Notice Regarding Possible Annexation
	  	 	54	  

  
 Page v 

 PURCHASE AND SALE AGREEMENT 

THIS PURCHASE AND SALE AGREEMENT (this “Agreement”) is dated as of August 5, 2014 (the “Effective
Date”), and is entered into by and between IPT Acquisitions, LLC, a Delaware limited liability company (“Buyer”), and AVERA DEVELOPMENT, LLC, a Texas limited liability company (“Seller”). 

RECITALS: 
 A.
Seller is in the process of negotiating a purchase and sale agreement to purchase that certain unimproved real property located in Grand Prairie, Texas, that is more particularly described on Exhibit A (the “Real
Property”). 
 B. Seller intends to construct upon the Real Property certain improvements which include an industrial building
containing approximately 345,150 square feet and certain on-site improvements and off-site improvements which are all more particularly described in the Plans (as hereinafter defined). 

C. Seller desires to sell to Buyer and Buyer desires to purchase from Seller, upon the terms and conditions hereinafter set forth, the
Property (as hereinafter defined). 
 AGREEMENT: 

NOW, THEREFORE, in consideration of the foregoing Recitals, which are incorporated herein by this reference, the mutual promises and
conditions contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Buyer and Seller hereby agree as follows: 

1. Purchase and Sale of Property. Seller hereby agrees to sell, and Buyer hereby agrees to purchase, upon the terms and conditions
herein stated, the Real Property, together with: 
 (a) Improvements and Appurtenances. All (i) buildings, above and below
ground improvements, fixtures and other structures to be constructed on the Real Property as described in this Agreement (collectively, and as defined in Section 19(d)(ii), the “Improvements”), provided, however, that
“Improvements” shall not include any fixtures or other improvements owned by any tenants (“Tenants”) under any Approved Leases (as hereinafter defined), and (ii) rights, benefits, privileges, easements,
tenements, hereditaments, reversions, remainders, rights-of-way and other appurtenances to the Real Property or in any way appertaining thereto, including all development, air and water rights related thereto, all strips and gores and any land lying
in the bed of any street, road or alley, open or proposed, adjoining such real property, but excluding all oil, gas and mineral rights (collectively, the “Appurtenances”); 

(b) Personal Property. All personal property owned by Seller, if any, located in or on, and used in connection with the Real Property
or the Improvements, including, without limitation, (i) all construction, engineering, consulting, architectural and other similar plans, specifications, working drawings and any and all amendments and modifications thereto, relating to the
design or construction of the Improvements, but only to the extent that such are owned by 

  
 Page 1 

 
Seller; and (ii) all governmental entitlements (including, but not limited to, all environmental impact reports, negative declarations, map approvals, conditional use permits, building
permits and certificates of occupancy relating to the Improvements), permissions, environmental clearances, rights, licenses and permits which relate to the Real Property (the property described in this Section 1(b), the “Personal
Property”); 
 (c) Approved Leases. Any and all of Seller’s right, title and interest in and to the Approved Leases
including any guaranties thereof and any security deposits thereunder; and 
 (d) Intangibles. Any and all of Seller’s right,
title and interest in and to any of the following existing at the Closing (i) with the exception of those service contracts identified by Buyer for termination in accordance with Section 11(f) and any property managements agreements (which
property management agreements Seller agrees to terminate at Closing), all other service contracts related to the Real Property, including, without limitation, those service contracts required to be entered into by Seller prior to Substantial
Completion (as hereinafter defined) relating to the operation or maintenance of the Real Property, Improvements or Personal Property (collectively, the “Operating Agreements”), (ii) all warranties other contracts and other
contract rights related to the Real Property, including without limitation, the Warranties (as hereinafter defined), and (iii) all permits, licenses, approvals and authorizations issued by any governmental authority in connection with the Real
Property (the property described in this Section 1(d) being sometimes herein referred to collectively as the “Intangibles”). 

The Real Property, Improvements, Appurtenances, Personal Property, Approved Leases and Intangibles are collectively referred to hereinafter as
the “Property”. 
 2. Purchase Price and Additional Consideration. The purchase price for the Property shall be
Sixteen Million Nine Hundred Twelve Thousand Three Hundred and Fifty Dollars ($16,912,350.00) (the “Purchase Price”), as the same may be adjusted as provided in Section 21, payable as follows: 

(a) Deposit. Within two (2) Business Days after the execution hereof, Buyer shall deliver the sum of FOUR HUNDRED TWENTY-TWO
THOUSAND EIGHT HUNDRED EIGHT and 75/100 DOLLARS ($422,808.75) (“Initial Deposit”) in good funds to the Escrow Holder, which shall be held by the Escrow Holder pursuant to the terms of this Agreement. The amount of ONE
THOUSAND AND NO/100 DOLLARS ($1,000.00) of the Initial Deposit shall serve as independent consideration (“Independent Consideration”) for Seller’s execution and delivery of this Agreement and the rights granted hereby
and shall (notwithstanding any term or provision to the contrary herein) be nonrefundable to Buyer for any reason whatsoever. The Independent Consideration shall be immediately released by the Escrow Holder to Seller. The Independent Consideration
shall not be applicable to the Purchase Price. If Buyer delivers an Approval Notice (as hereinafter defined) prior to the expiration of the Due Diligence Period, upon the expiration of the Due Diligence Period, the Initial Deposit shall become
nonrefundable to Buyer except as otherwise expressly provided in this Agreement. Within five (5) Business Days after Civil Approval and the issuance of the building permit for construction of the Improvements, evidence (in the form of a
receipt) of the payment of all required permit and similar fees for construction of the Improvements, in a manner satisfactory to Buyer and provided that all of Seller’s representations and warranties are true and correct as of such date

  
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and Seller has performed all obligations required to be performed by Seller as of such date, Buyer shall deposit an additional FOUR HUNDRED TWENTY-TWO THOUSAND EIGHT HUNDRED EIGHT and 75/100
DOLLARS ($422,808.75) with the Escrow Holder (the “Additional Deposit,”) for a total Deposit of EIGHT HUNDRED FORTY-FIVE THOUSAND SIX HUNDRED SEVENTEEN and 50/100 DOLLARS ($845,617.50). Within five (5) Business Days after the
completion of the building pad for the Improvements in a manner satisfactory to Buyer and provided that all of Seller’s representations and warranties are true and correct as of such date and the Seller has performed all obligations required to
be performed by Seller as of such date, Buyer shall deposit an additional EIGHT HUNDRED FORTY-FIVE THOUSAND SIX HUNDRED SEVENTEEN and 50/100 DOLLARS ($845,617.50) with the Escrow Holder (the “Second Additional Deposit”) for a total
Deposit of ONE MILLION SIX HUNDRED NINETY-ONE THOUSAND TWO HUNDRED THIRTY-FIVE and NO/100 dollars ($1,691,235.00). Within five (5) Business Days after the completion of the concrete slab for the Improvements in a manner satisfactory to Buyer
and provided that all of Seller’s representations and warranties are true and correct as of such date and the Seller has performed all obligations required to be performed by Seller as of such date, Buyer shall deposit an additional EIGHT
HUNDRED FORTY-FIVE THOUSAND SIX HUNDRED SEVENTEEN and 50/100 DOLLARS ($845,617.50) with the Escrow Agent, (the “Third Additional Deposit”); for a total Deposit of TWO MILLION FIVE HUNDRED THIRTY-SIX THOUSAND EIGHT HUNDRED FIFTY-TWO
AND 50/100 DOLLARS ($2,536,852.50). Within five (5) Business Days after the completion of tilting of the walls in a manner satisfactory to Buyer and provided all of Seller’s representations and warranties are true and correct as of such
date and Seller has performed all obligations required to be performed by Seller as of such date, Buyer shall deposit an additional ONE MILLION SIX HUNDRED NINETY-ONE THOUSAND TWO HUNDRED THIRTY-FIVE and NO/100 DOLLARS ($1,691,235.00) for a total
deposit of FOUR MILLION TWO HUNDRED TWENTY-EIGHT THOUSAND EIGHTY-SEVEN and 50/ DOLLARS ($4,228,087.50) (the “Fourth Additional Deposit”) which together with the Initial Deposit and the Additional Deposit, the Second Additional
Deposit, the Third Additional Deposit and the Fourth Additional Deposit, and with all interest earned thereon are collectively referred to herein as the “Deposit”) and shall be nonrefundable to Buyer except as otherwise expressly
provided in this Agreement. In the event of any dispute between the Buyer and Seller with respect to whether the work required to be completed as a prerequisite through funding of the Third Additional Deposit or Fourth Additional Deposit has been
completed Buyer and Seller are unable to resolve such dispute following good faith negotiation, such dispute shall be resolved by (i) Jason Russell of GSR Andrade, or if he is no longer employed by GSA Andrade or unwilling to serve, then
(ii) Rick Gilliland of RGA Architects, or if he is no longer employed by RGA Architects or unwilling or unable to serve, then (iii) by another independent architect appointed by GSR Andrade or (iv) if GSR Andrade fails to appoint
another independent architect within five business days after request by either Buyer or Seller then an independent architect appointed by RGA Architects (as applicable, the “Independent Architect”) whose determination shall be
binding upon Buyer and Seller. In the event that Buyer provides the Second Additional Deposit, the Third Additional Deposit or the Fourth Additional Deposit, the providing of such Deposit shall be deemed to constitute a statement by Buyer for the
benefit of Seller and the Construction Lender that based solely on a cursory visible inspection it appears that the work required to be completed as a prerequisite to the funding of such Deposit has been completed; provided however, that the Buyer
is in no way waiving any rights or remedies that Buyer may have 

  
 Page 3 

 
pursuant to this Agreement with respect to the completion of such work or any other matters in connection with such work and Buyer is deemed to have made this statement solely as an accommodation
to Seller and Construction Lender and that such statement shall not be binding on or estop Buyer. Civil Approval means receipt of all approvals required from the City of Grand Prairie and/or Dallas County, Texas to allow the issuance of a building
permit and construction of the Improvements in accordance with the Plans approved by Buyer as of the date hereof and not requiring any changes to such Plans or imposing any terms or conditions which are not acceptable to Buyer. 

(i) Letter of Credit. At Buyer’s election, in lieu of paying all or any portion of the Deposit in cash, Buyer shall have the
right to deliver to the Escrow Holder an irrevocable documentary letter of credit in the original face amount of the Initial Deposit, the Additional Deposit or the Second Additional Deposit, the Third Additional Deposit, the Fourth Additional
Deposit and/or the Development Deposits, as applicable, naming Escrow Holder as the beneficiary thereof, issued by a domestic financial institution that is not a affiliate of Buyer and has a long-term unsecured debt rating of not less than
“BBB” by Standard & Poors (or its equivalent by any other rating agency) and otherwise in form and substance reasonably satisfactory to Seller (the “Letter of Credit”). At any time prior to the Closing Date, Buyer
may replace all or any portion of the Deposit and/or Development Deposit consisting of cash with a Letter of Credit or replace any previously delivered Letter of Credit, with either a replacement Letter of Credit or cash in an amount equal to the
original face amount of the Letter of Credit subject to replacement. 
 (ii) Letter of Credit Terms. In the event Buyer delivers a
Letter of Credit to Escrow Holder in accordance with Section 2(a)(i), such Letter of Credit shall constitute a portion of the Deposit and/or Development Deposit and be treated as a portion of the Deposit and/or Development Deposit for purposes
of this Agreement. Whenever this Agreement provides for the delivery of the Deposit and/or Development Deposit to Seller, Escrow Holder shall deliver to Seller the original Letter of Credit together with such transfer documents required by the
issuer thereof to transfer same to Seller. Upon delivery of the Letter of Credit to Seller when permitted under the terms of this Agreement, the Letter of Credit shall permit the holder (i.e., Seller) to draw down all or any portion of the proceeds
thereof by presenting the Letter of Credit for payment accompanied only by Seller’s certification that Seller is expressly entitled to delivery of the Deposit and/or Development Deposit pursuant to this Agreement. The Letter of Credit shall
expire not earlier than three hundred sixty-five days after issuance. If the Closing will not occur at least ten (10) days prior to the expiration date of the Letter of Credit, the Letter of Credit shall be renewed by Buyer on or before the
date which is ten (10) days prior to the expiration date of the Letter of Credit, which renewal shall be performed by the delivery of a new Letter of Credit to Escrow Holder. In the event that Buyer fails to renew the Letter of Credit on or
before the date which is ten (10) days prior to the expiration and/or termination of such Letter of Credit, Escrow Holder shall draw upon such Letter of Credit by presenting the Letter of Credit for payment prior to its
expiration/termination/revocation and Escrow Holder shall treat the proceeds of such draw in the same manner as the Deposit and continue to hold such proceeds in escrow in accordance with this Agreement. 

(iii) Return of Letter of Credit. At the Closing, or in the event Buyer is earlier entitled to obtain the Deposit pursuant to the
terms of this Agreement, Escrow Holder 

  
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shall deliver the Letter of Credit to Buyer marked “cancelled.” If the Deposit is delivered to the Escrow Holder in the form of the Letter of Credit, all references herein to
(1) the right of Seller to retain or receive (or words having the same or similar import) all or any portion of the Deposit shall be construed as meaning the obligation of Escrow Holder to deliver the Letter of Credit to Seller in order for
Seller to draw down on such Letter of Credit and (2) the right of Buyer to receive the return of the Deposit shall be construed as meaning the right of Buyer to receive the return of the Letter of Credit. At Closing, any portion of the Deposit
paid in cash shall be applicable to the Purchase Price. The Independent Consideration shall not be applicable to the Purchase Price. 
 (b)
Right to Terminate. Without limiting any other rights or remedies of Buyer, in the event that the conditions precedent to delivery of (i) the Additional Deposit have not occurred and been fully satisfied on or before December 31,
2014, (ii) the Second Additional Deposit have not occurred and been fully satisfied on or before May 15, 2015, (iii) the Third Additional Deposit have not occurred and been fully satisfied on or before June 24, 2015, or
(iv) the Fourth Additional Deposit have not occurred and been fully satisfied on or before July 27, 2015, Buyer shall be entitled in its sole discretion to terminate this Agreement upon notice to Seller, in which event the Deposit and any
Development Deposits shall be returned to Buyer, and Seller shall be in breach of its obligations under this Agreement and Buyer shall have the right to pursue its remedies pursuant to Section 10(b).  

(c) Closing Funds. The Purchase Price, plus or minus any applicable prorations pursuant to this Agreement, shall be payable by wire
transfer of immediately available funds, shall be deposited by Buyer with Escrow Holder and upon the Closing, Escrow Holder shall pay the Purchase Price to Seller in cash or other immediately available funds. 

(d) Cost Overruns. Except as otherwise specifically set forth herein with respect to certain Tenant Improvement Costs, Leasing
Commissions or Buyer Change Orders, Seller shall be solely responsible for any and all costs of any nature whatsoever arising out of or in connection with the construction of the Improvements or the Off-site Improvements including without
limitation, costs to obtain a certificate of occupancy for and to complete the Improvements and Off-site Improvements, to pay all the costs of the construction and the Construction Financing and to satisfy all the obligations of Seller hereunder,
including cost overruns of any nature whatsoever related to or arising out of the construction of the Improvements or Off-site Improvements, and the Purchase Price shall not be adjusted as a result thereof. 

(e) Leasing Incentives. 

(i) If Buyer elects to enter into any lease for all or any portion of the Improvements during the period (the “Leasing
Period”) commencing on the date hereof and ending on the date which is six (6) months after the completion of the shell of the Improvements (as such date is reasonably verified by Buyer), Buyer agrees to pay to Seller One Dollar
($1.00) per square foot for each square foot of space leased in the Improvements during such Leasing Period. Buyer shall not be required to pay and Seller shall not be entitled to any amounts for any leases entered into other than during the Leasing
Period. Completion of the shell of the Improvements as used in this Section 2(e) shall mean the date on which the shell is enclosed and is generally water tight. 

  
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 (ii) The election of whether or not to lease the Improvements, enter into any lease of the
Improvements and the terms and conditions of any lease of the Improvements shall all be in Buyer’s sole and absolute discretion and Seller acknowledges and understands that Buyer may elect not to enter into leases during such time in which
event Seller shall not be entitled to any payments under the provisions of this subsection (e). Any amounts due pursuant to this subsection (e) shall be paid by Buyer to Seller at the Closing or if such lease is entered to into after the
Closing, within thirty (30) days after the full execution and delivery of such lease. 
 3. Covenants and Conditions. 

(a) Buyer’s Approvals. The “Due Diligence Period” shall terminate on the date which is thirty (30) days after
both Seller’s right to terminate pursuant to Section 3(f) shall have expired and Seller obtains and provides written notice to Buyer and evidence reasonably acceptable to Buyer that (i) the Property has obtained final and
nonappealable rezoning from the City of Grand Prairie City Council to permit construction of the Improvements (“Zoning Approval”), (ii) the City of Grand Prairie City Council has provided conceptual site plan approval and that
(iii) Seller has obtained the specific use permit necessary for construction of the Improvements, but in no event less than five (5) Business Days after Seller delivers to Buyer the Preliminary Plans, and the Construction Schedule. Upon
the request of either party, the parties shall enter into a written confirmation setting forth the Due Diligence Period. In the event that the condition set forth in (a)(i) has not been met on or before November 30, 2014, either party may
terminate this Agreement upon written notice to the other party in which event the Initial Deposit and any other Deposit shall be immediately returned to Buyer. In the event that Seller terminates this Agreement pursuant to the preceding sentence,
Seller shall have no liability to Buyer (other than the return of the Deposit) so long as Seller has used commercially reasonable good faith efforts in order to satisfy the condition set forth in (a)(i) above; provided however that if Seller
terminates the Agreement pursuant to this Section 3(a), Seller must at the same time terminate the Underlying Purchase Agreement and Seller agrees that Buyer shall have the rights set forth in Section 3(g) below. Buyer’s obligation to
consummate the transactions contemplated by this Agreement (the “Transactions”) is subject to and conditioned upon Buyer’s approval, in Buyer’s sole and absolute discretion for any reason or no reason, or waiver, in its
sole and absolute discretion without any obligation, of the right to approve of the following, prior to the expiration of the Due Diligence Period: 

(i) Title and Survey Review. Buyer shall have received a Commitment for Title Insurance covering the Real Property (the “Title
Commitment”), prepared by First American Title Insurance Company (the “Title Company”). Seller shall have provided to Buyer a copy of a current survey of the Real Property prepared by Davis Land Surveying Co. and dated
September 24, 2013, (the “Existing Survey”). The following matters shall be deemed “Permitted Exceptions”: (1) general and special taxes, including, without limitation, special assessments, if any, a lien
not delinquent, for the fiscal year including the Closing and otherwise permitted under this Agreement; (2) the title exceptions title exceptions set forth in the Title Commitment other than those exceptions which Seller has agreed in writing

  
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to cure or remove; (3) the rights of the Tenants under the Approved Leases, as tenants only, with no rights or options to purchase; (4) except to the extent that such have or would have
a Material Adverse Effect (as hereinafter defined), all matters disclosed by the Updated Title Report (as hereinafter defined) and Updated Survey (as hereinafter defined); and (5) title exceptions entered into by Seller in accordance with
Section 11(l) below. Notwithstanding anything to the contrary set forth herein, whether or not Buyer specifically disapproves the same and whether or not the same are shown on the Title Commitment, (A) Permitted Exceptions shall not
include, the Property shall not be encumbered by, and Buyer shall not be required to pay or assume responsibility for paying, any bonds and/or assessments imposed by improvements districts or assessment districts including, without limitation, any
special assessment districts created to pay for the Improvements, the Off-Site Improvements or any other off-site improvements or other infrastructure improvements required in connection with, by, or in order to obtain, any of the Permits (as
hereinafter defined), the acquisition of the Real Property, the development of the Real Property, the completion of construction of the Improvements or Off-Site Improvements or the maintenance of the Property or any Off-Site Improvements, and
(B) Seller shall on or before the Closing remove from title to the Property all deeds of trust, mortgages, attachments, judgments, liens for delinquent real estate taxes and assessments, mechanics’ and materialmen’s liens, and each
other lien or encumbrance of a definite or ascertainable amount which may be removed by the payment of money (other than nondelinquent taxes and assessments for the fiscal year including the Closing) and which are created by, through or under
Seller, including, without limitation, any Construction Financing (as hereinafter defined) (collectively, the “Financial Encumbrances”). As used in this Agreement, “Material Adverse Effect” means an adverse effect
on the condition, ownership, value, use, maintenance or operation of the Property as a first-class industrial warehouse and/or distribution facility that singularly or in the aggregate with any other Material Adverse Effect determination under any
provision of this Agreement and any other adverse effect on the condition, ownership, value, use, maintenance or operation of the Property as a first-class industrial warehouse and/or distribution facility equals or exceeds $75,000 in the aggregate
(the “Material Adverse Effect Threshold”). For the avoidance of doubt, for purposes of determining whether a Material Adverse Effect has occurred under this Agreement, the parties shall consider all prior events occurring after the
Effective Date, which have any adverse effect on the condition, ownership, value, use, maintenance or operation of the Property as a first-class industrial warehouse and/or distribution facility regardless of whether or not such prior events met or
exceeded the Material Adverse Effect Threshold. 
 (ii) Condition of the Property. The condition of the Property, including but not
limited to the boundaries and dimensions of the Real Property, entitlements and permits relating to the Property, the soils and environmental condition of the Property, the physical and economic condition of the Property, the suitability of the
Property for Buyer’s intended use, and any and all other matters relating to the Property deemed relevant by Buyer. 
 (iii) Books
and Records. Seller has or will deliver the Operating Agreements and other books and records and other documents and information relating to the Property in Seller’s possession including those identified on Exhibit I attached
hereto and such other information in Seller’s possession reasonably requested by Buyer (the “Due Diligence Deliveries”). Except as expressly provided in Section 9(b) below, Seller makes no representation or warranty,
express or implied, as to the accuracy or completeness of the information contained in the Due Diligence Deliveries, and Buyer acknowledges that the Due 

  
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Diligence Deliveries are for informational purposes only, and except for the express representations and warranties provided in Section 9(b) below, shall not give Buyer any cause of action
against (i) Seller or (ii) against the preparer of such reports absent an agreement from such preparer of such reports that Buyer is entitled to rely on such reports. 

(iv) Reports. Receipt of all environmental, geotechnical analysis of the property, property inspection and condition reports, traffic
engineering and other impact and mitigation studies regarding the Improvements and the anticipated use thereof (whether existing or hereafter procured by Seller), which reports, in all events, shall include a current Phase 1 Environmental
Report (following completion of the Improvements) and a current Geotechnical Analysis, all of which must be acceptable to Buyer in its sole discretion. 

(v) Construction Financing. At least five (5) Business Days prior to the end of the Due Diligence Period, Seller shall have
provided Buyer the evidence of Construction Financing required pursuant to Section 22 below, including the loan amount and maturity date. 

(vi) Omitted.  

(vii) Architect’s Agreement. Seller shall have provided to Buyer a copy of the agreement with Powers Brown, (the
“Architect’s Agreement”), as the architect for the Improvements, together with evidence of commercially reasonable errors and omissions insurance covering the architect, naming Buyer as an additional insured. 

(viii) Tri-Party Agreement. Buyer, Seller and Construction Lender shall have entered into a Tri-Party Agreement acceptable to Buyer.

 (ix) Preliminary Plans and Related Documents. Buyer shall have approved the Preliminary Plans, the Construction Schedule and all
other materials required to be submitted by Seller to Buyer hereunder. 
 (x) Other Due Diligence Matters. Buyer’s review,
investigation and analysis of all other matters relating to Buyer’s proposed acquisition of the Property as may be elected by Buyer in its sole discretion, including without limitation, evidence of all approvals required from Dallas County,
Texas, and/or the City of Grand Prairie, Texas, Buyer’s approval of any and all reciprocal access agreements affecting the Property and the adjacent property within the “Park 161 Distribution Center”, evidence of all utility
availability and capacity from the applicable utility provider, including, without limitation, water and wastewater, and a copy of the civil engineer contract. 

(b) Notice of Due Diligence Approval. If Buyer elects in its sole discretion to proceed with the transaction following its due
diligence, Buyer shall deliver written notice of such approval (the “Approval Notice”) to Seller prior to the expiration of the Due Diligence Period. 

(c) Termination Upon Due Diligence Disapproval. If Buyer fails, for any or no reason, to give the Approval Notice to Seller prior to
the expiration of the Due Diligence Period, then this Agreement shall automatically terminate and the Initial Deposit (excluding the 

  
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Independent Consideration, which shall be delivered to and/or retained by Seller) shall be returned by Escrow Holder to Buyer. The terms of this Section (3)(c) shall survive the termination
of this Agreement. Buyer’s execution hereof shall constitute the delivery of the Approval Notice and waiver of right to terminate under this Section 3(c). 

(d) Waiver of Buyer’s Conditions to Closing. If any condition to Buyer’s obligation to proceed with the Closing hereunder has
not been satisfied as of the Closing Date or other applicable date, Buyer may (but shall have no obligation to) nevertheless proceed to Closing, notwithstanding the non-satisfaction of such condition; provided, however, that unless a written
instrument is delivered by Buyer to Seller expressly stating that Buyer is waiving the failure of any condition to be satisfied as of the Closing Date, the consummation of Closing shall not be deemed to be a waiver of the non-satisfaction of such
condition. 
 (e) Conditions to Closing. Buyer’s obligation to consummate the Transactions is subject to and conditioned upon
the satisfaction (or waiver as provided in Section 3(d) above) of the following conditions: 
 (i) Completion of the Improvements
and Off-Site Improvements. Subject to any Punch-List Items (as hereinafter defined), the Improvements and Off-Site Improvements shall be Substantially Complete. For purposes of this Agreement, “Substantially Complete,”
“Substantially Completed” or “Substantial Completion” shall mean the occurrence of the following: 
 (1)
Seller shall have delivered to Buyer a certificate (the “Architect’s Certificate”) from Powers Brown Architects or such other architect reasonably acceptable to Buyer (“Seller’s Architect”), certifying
that the Improvements and Off-Site Improvements have been substantially completed (A) with no items to be completed or corrected other than items Seller’s Architect believes are Punch-List Items, (B) in compliance with (y) all
applicable Laws (as hereinafter defined), including, without limitation, all codes and ordinances of Dallas County, Texas and/or the City of Grand Prairie, as applicable (including, without limitation, zoning, engineering and building and safety
codes), and (z) all other permits, and (C) in conformity with the Plans; 
 (2) Seller shall have delivered to Buyer (A) a
Certificate of Occupancy, certificate of compliance and/or a final inspection “sign-off” by all applicable government authorities (as applicable) for all Improvements, including without limitation, a certificate of compliance or similar
sign off from the Fire Marshal and (B) evidence reasonably acceptable to Buyer of the completion of all conditions or requirements imposed by any applicable government authorities (including any condition or requirements for planning and zoning
approvals, dedications, approval of the Plans, and of the applicable government authorities’ approval of all such conditions and requirements as well as all other approval required from the applicable government authorities of the completion of
all Improvements and Off-Site Improvements (collectively, the “Governmental Sign-Off”)); 
 (3) to the extent Seller is
performing any Tenant Improvements (as hereinafter defined) prior to the Closing Date in accordance with an Approved Lease, such Tenant Improvements have been completed in all material respects and the Tenant under such Approved Lease has give its
written approval of such Tenant Improvements and that Tenant Improvements have been completed in accordance with the Approved Lease; 

  
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 (4) all utility and service lines and equipment relating to the Improvements encompassing the
Building (as hereinafter defined) have been brought to the Real Property and connected to the Building at locations required by the Plans and that the same are in good operating condition and all utility services are being provided to the Property;

 (5) all parking areas, access lanes and other designated areas within the Real Property for motor vehicle usage have been paved and
striped or otherwise improved and completed as required by the Plans; and 
 (6) all landscaping for the Building has been completed in
accordance with the Plans to the extent allowable by weather conditions. 
 As used in this Agreement, “Laws” means all local, state and
federal laws, ordinances, codes, regulations, rules and orders, specifically including, without limitation, zoning, building, environmental and fire laws, ordinances, codes, regulations, rules and orders and the Americans with Disabilities Act, to
the extent the same are applicable to the Property or the use or operation thereof. 
 (ii) Updated Title Report and Updated Survey.
Seller shall have delivered to Buyer, and Buyer shall have received, (1) an updated Title Commitment for the Real Property and Improvements dated on or after the date of the Architect’s Certificate (the “Updated Title
Report”), and (2) an updated ALTA “as-built” survey of the Real Property and Improvements (the “Updated Survey”) prepared after the date of the Architect’s Certificate, certified to Buyer and the Title
Company, prepared by a surveyor reasonably acceptable to Buyer licensed in the State of Texas with a certification and with the general survey requirements described on Exhibit F attached hereto. As a condition to Buyer’s obligation
to consummate the Transactions, the Updated Title Report and Updated Survey shall not disclose any item or matter which is not a Permitted Exception or which has or would have a Material Adverse Effect, unless such matter is approved by Buyer in
writing in its sole discretion and without obligation. Seller agrees that the Updated Survey will be deemed to disclose a matter which has or would have a Material Adverse Effect if the Updated Survey shows that (i) any Improvements are not
located entirely within the boundaries of the Real Property; (ii) any Improvements or Off-Site Improvements, including, without limitation, the location of the same, are not substantially consistent with the Plans, (iii) any Improvements
violate the express terms of any Permitted Exception, any Laws, Approved Leases or other applicable governmental approvals, (iii) any Improvements encroach over any easement, adjacent real property, set-back line, side yard setback line, rear
yard setback line or similar restriction (unless the burdened party provides an exclusive, permanent and irrevocable easement allowing the encroachment(s) in form and substance reasonably satisfactory to Buyer and the Title Company in order for the
Title Company to remove any exception for such encroachment from the Title Policy), or (iv) the Real Property is encumbered by any easements, encroachments or other similar instruments that was not identified on the Existing Survey and was not
approved by Buyer in accordance with this Agreement. 

  
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 (iii) No Material, Adverse Change Regarding the Physical Condition of the Property. As of
the Closing there shall have been no change in the physical or environmental condition of the Property from the condition of the Property as of the Effective Date that has a Material Adverse Effect and the updated environmental report provided
pursuant to Section 3(a)(iv) above shall confirm that construction was completed in accordance with environmental laws and no hazardous materials are present on the Property. 

(iv) Mechanics’ Liens. Five (5) Business Days prior to the Closing Date, (1) Seller shall have delivered to Buyer final
and complete unconditional lien releases, in compliance with and in the form required by Chapter 53, Subchapter L, of the Texas Property Code, from any and all workmen and materialmen providing work to, or materials to or for, the Improvements
and Off-Site Improvements (or conditional lien waivers conditioned exclusively upon receipt of payment, in a form acceptable to Buyer, respecting the work or materials for which payment is being sought accompanied by a bond in favor of Buyer) and
(2) the Title Company has irrevocably committed to issue the Title Policy without any exceptions for mechanics’ liens relating to the construction of the Improvements. To the extent any Punch-List Items have been completed prior to the
date that is ten (10) Business Days prior to the Closing Date, Seller shall deliver to Buyer lien releases for such Punch-List Items in accordance with the terms of this Section 3(e)(iv). 

(v) Seller’s Obligations. Seller shall have performed in all material respects all of the obligations required to be performed by
Seller under this Agreement at or prior to Closing including, without limitation, those described in Sections 11 and 19. 
 (vi)
Warranties. All Warranties in connection with the construction of the Improvements and Off-Site Improvements or operation of any equipment therein shall be in full force and effect and Seller has provided Buyer with copies of all consents, if
any, required to assign such Warranties to Purchaser at the Closing. 
 (vii) Representations and Warranties of Seller. The
representations and warranties of Seller in this Agreement shall be true in all material respects on and as of the Closing as if the same were made on and as of said date. 

(viii) Tenant, CC&R and REA Estoppel Certificates. If any Approved Leases have been entered into prior to Closing, at least three
(3) Business Days prior to the Closing Date, Seller shall deliver to Buyer a tenant estoppel certificate dated no later than thirty (30) days prior to the Closing Date from Tenants under all Approved Leases. Such estoppel certificates
shall be in the form attached to the Approved Lease, or if no form is attached to the Approved Lease, in the form set forth in Exhibit L attached hereto. All tenant estoppel certificates shall confirm the absence of any material defaults
by Seller under such Approved Lease(s) and shall confirm such other matters required in the form of tenant estoppel certificate. This condition shall be deemed unsatisfied only if (1) an estoppel has not been provided by a Tenant(s) as required
by this Section 3(e)(viii), (2) an estoppel returned by a Tenant reflects any adverse matters, including, without limitation, any verbal agreements or any default or purported default by any party under the Approved Lease, or (3) an
estoppel returned by a Tenant reflects a breach of any of Seller’s representations and warranties set forth in this Agreement. In the event that Seller is not able to comply with the tenant estoppel condition set forth in this

  
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subsection (viii) Seller may provide a Seller Estoppel in lieu of a Tenant Estoppel; provided that such Seller Estoppel shall be in the form of Exhibit L-1 attached hereto, and
provided that such estoppel shall reflect the absence of adverse matters as outlined in the previous sentence. In addition to the foregoing, Seller shall deliver to Buyer an estoppel certificate, on a form and substance reasonably approved by Buyer
and dated no later than thirty (30) days prior to the Closing Date, from each party to any CC&Rs or any reciprocal easement agreement affecting the Property or the Off-Site Improvements, which shall provide, among other things that the
Improvements have been constructed in accordance with any existing declaration, covenants, or other restrictions encumbering the Property (including any required approvals thereunder) and that all assessments, fees and other amounts have been paid
as required thereunder, and the Title Company shall have agreed to provide an endorsement to the Title Policy insuring compliance with any CC&Rs or any reciprocal easement agreement affecting the Property or the Off-Site Improvements. Upon
receipt, Seller shall promptly deliver to Buyer any estoppel certificates requested under this Section 3(e)(viii). Seller shall use commercially reasonable efforts to obtain and deliver to Buyer all estoppel certificates on or before three
(3) Business Days prior to Closing. Seller shall provide Buyer with an opportunity to review each estoppel certificate requested under this Section 3(e)(viii) prior to submitting the same to each Tenant or counterparty, and shall copy
Buyer on all correspondence transmitting any estoppel certificate requested under this Section 3(e)(viii). 
 (ix) Litigation.
There shall exist no pending or threatened actions, suits, arbitrations, claims, attachments, proceedings, pending or threatened against the Property which, if determined adversely, would have a Material Adverse Effect. There shall exist no
assignments for the benefit of creditors, insolvency, bankruptcy, reorganization or other similar proceedings pending or threatened against Seller. 

(x) Title Insurance. The Title Company shall be unconditionally committed to issue to Buyer as of the Closing, a Texas T-1 Form
Owner’s Policy of Title Insurance, naming Buyer as the insured, in an amount equal to the Purchase Price, effective as of the date of the recording of the Deed (as defined below), and insuring fee title to the Real Property and Improvements is
vested in Buyer, subject only to the Permitted Exceptions, and with the Endorsements (the “Title Policy”), and meeting the following requirements: (i) the exception for restrictive covenants must be deleted or, if applicable,
restrictions listed; (ii) the survey exception must reflect that it will be deleted, except as to area (at Buyer’s expense) (and Schedule C may condition such deletion upon the presentation of an acceptable survey and payment of the
additional 15% premium); (iii) the exception for taxes must reflect only the current year and subsequent years (no rollback taxes for prior years) it being understood that the T-1 Owner’s Policy form does not permit insurance against
rollback taxes, although such insurance is available for the Loan Policy; (iv) no general exception shall be permitted for “visible and apparent easements” or “portions of the property lying within streets or roads” (or
words to that effect), although reference may be made to any specific easement or street; and (v) there shall be no exception for “parties in possession” or “tenants under unrecorded leases.” The
“Endorsements” shall include the following: T-19.1 (comprehensive) and T-23 (access). Seller hereby agrees to execute and deliver to the Title Company concurrently with the Closing (a) an owner’s affidavit in the form
reasonably acceptable to Seller and the Title Company, and (b) such indemnities and other agreements as the Title Company may reasonably require and in form reasonably acceptable to Seller in order to remove all those standard printed
exceptions which are removable pursuant to applicable regulations, including any exception for mechanics’ or materialmens’ liens from the Title Policy and such exception shall be deleted. 

  
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 (xi) No Violations. There shall be no notice issued of any violation or alleged violation
of any Law with respect to any portion of the Property which has not been corrected to the satisfaction of the issuer of the notice. 

(xii) No Liens. The Property, including the Personal Property, shall be conveyed free and clear of all liens, except Permitted
Exceptions. 
 (xiii) Tenants. There shall be no material default under any Approved Lease and no Tenant shall have terminated, or
given notice of intent to terminate, their Approved Lease pursuant to the terms of such Approved Lease; provided, however, that the condition in this subparagraph (xiii) shall only be a condition to Buyer’s obligations if the default or
termination of the applicable Approved Lease arises as a result of the acts or omissions of Seller. 
 (xiv) Walk Through and Punch-List
Items. 
 (1) Seller shall deliver written notice to Buyer of Seller’s receipt of the Architect’s Certificate no less than
thirty (30) days prior to Substantial Completion (the “Substantial Completion Notice”). Concurrently with the delivery of the Substantial Completion Notice, Seller shall deliver to Buyer the Architect’s Certificate
together with (1) all items required to be delivered to Buyer under Section 3(e)(ii), and (2) the calculation of the Rentable Square Footage (as hereinafter defined) prepared in accordance with Section 21
(collectively, the “Evidence of Completion”). Seller’s contract with Seller’s Architect shall expressly provide that in connection with the delivery of the Architect’s Certificate, Seller’s Architect shall act in
an independent and impartial manner and any fiduciary duty which may otherwise be owed by Seller’s Architect to Seller in connection with the delivery of the Architect’s Certificate shall be waived by Seller and Seller’s Architect.

 (2) Within ten (10) days after Buyer receives the Substantial Completion Notice and the Evidence of Completion, Seller, Buyer, the
Independent Architect (if applicable), Buyer’s agents and representatives, and Seller’s Architect shall conduct a final walk through of the Real Property and the Improvements and Off-Site Improvements to verify that the Improvements and
Off-Site Improvements have been substantially completed in compliance with the Architect’s Certificate. During such walk-through of the Real Property and Improvements and Off-Site Improvements, Seller and Buyer shall list any Punch-List Items
(as hereinafter defined), which Seller shall cause to be completed or corrected at Seller’s expense as soon as possible, but in any event within thirty (30) days following the Closing. Upon reasonable prior telephonic and written notice
specifying the purpose and duration thereof, Buyer hereby grants Seller (and its contractors and agents) the right to access the Real Property and Improvements after the Closing to complete the Punch-List Items, subject to the rights of any Tenants
under the Approved Leases. 
 (3) In the event Buyer and Seller identify any Improvements or Off-Site Improvements which (A) are
incomplete or need to be corrected and do not constitute Punch-List Items, (B) are noncompliant with (y) all Laws, including, without limitation, all 

  
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codes and ordinances of the City of Grand Prairie (including, without limitation, zoning, engineering and building and safety codes), or (z) all other permits, or (C) do not conform to
the Plans, Seller shall promptly correct such items with reasonable diligence. Following completion of such items, Seller shall deliver to Buyer a subsequent Substantial Completion Notice (together with all Evidence of Completion) fifteen
(15) days prior to the revised date of Substantial Completion. Upon receipt of such subsequent Substantial Completion Notice and Buyer’s approval of all Evidence of Completion, including, without limitation, the subsequent Architect’s
Certificate delivered in accordance with this Section 3(e)(xiv), a subsequent final walk through of the Real Property and Improvements and Off-Site Improvements shall be performed within five (5) days after receipt of such
subsequent Architect’s Certificate in accordance with this Section 3(e)(xiv). 
 (4) In the event of any dispute between
Buyer and Seller regarding those Improvements or Off-Site Improvements which (A) are incomplete or need to be corrected and do not constitute Punch-List Items, (B) are noncompliant with (y) all Laws, including, without limitation, all
codes and ordinances of the City of Grand Prairie (including, without limitation, zoning, engineering and building and safety codes), or (z) all other permits, or (C) do not conform to the Plans, Buyer may retain an Independent Architect
to review the Architect’s Certificate, including, without limitation, any information utilized by Seller’s Architect to support the statements set forth therein and perform an inspection of the Property. Following the Independent
Architect’s review of the Architect’s Certificate and inspection of the Property, the Independent Architect shall issue a written determination of the dispute between Buyer and Seller. The written determination of the Independent Architect
shall be binding upon Buyer and Seller. 
 (5) In the event the written determination issued by the Independent Architect confirms the
accuracy of the Architect’s Certificate, no further inspection shall be required and Seller shall complete all outstanding Punch-List Items in accordance with this Section 3(e)(xiv). 

(6) In the event the written determination issued by Independent Architect determines the Architect’s Certificate is inaccurate or
incorrect in any material respect, Seller shall promptly and diligently proceed with correcting any items noted in the written determination issued by the Independent Architect. Upon completion of such items, Seller shall again deliver a Substantial
Completion Notice, including, without limitation, delivery of an updated Architect’s Certificate and all other Evidence of Completion fifteen (15) days prior to the revised date of Substantial Completion. Upon receipt of such subsequent
Substantial Completion Notice and updated Evidence of Completion, Seller and Buyer shall perform another inspection of the Property within five (5) days after receipt of such subsequent Architect’s Certificate pursuant to this
Section 3(e)(xiv), accompanied by the Independent Architect, until such time as Buyer (or the Independent Architect, as applicable) has approved the Architect’s Certificate. Buyer shall pay all costs and expenses for the Independent
Architect unless the Independent Architect determines the initial Architect’s Certificate is inaccurate or incorrect in any material respect, in which case all costs and expenses for the Independent Architect shall be paid by Seller. 

  
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 (7) For purposes of this Agreement, the term “Punch-List Items” shall mean
those minor, uncompleted items related to the construction of the Improvements or Off-Site Improvements that do not materially interfere with Buyer’s or any Tenant’s use or occupancy of the Real Property and Improvements, such as, for
example, landscaping items which have not been completed as a result of severe weather; provided, however, that any outstanding items shall not constitute Punch-List Items and Substantial Completion shall not be deemed to have occurred in the event
the list of outstanding items includes any components which either: (i) cannot be repaired or completed within sixty (60) days after such inspection; or (ii) individually or in the aggregate cost more than $25,000 to complete. In the
event of a dispute concerning the extent of the Punch-List Items, the timeframe for completion of any Punch-List Item or the cost for completing any Punch-List Item, the Independent Architect shall resolve such dispute and the Independent
Architect’s determination shall be binding upon the parties. The parties shall direct Escrow Holder to withhold from the Purchase Price due Seller at the Closing an amount equal to one hundred fifty percent (150%) of the estimated cost (as
estimated by the General Contractor (as hereinafter defined) and otherwise reasonably acceptable to Seller and Buyer, or in the event of a dispute, the Independent Architect) of completing such Punch-List Items after the Closing (“Punch-List
Holdback”). The Punch-List Holdback shall be deposited by Escrow Holder in an interest-bearing account. Escrow Holder shall release to Seller the Punch-List Holdback following the lien-free completion and payment in full of the Punch-List
Items to Buyer’s reasonable satisfaction together with delivery to Buyer of all lien releases reasonably requested by Buyer and to the extent applicable, written approval by a Tenant of the completion of such Punch-List Items in satisfaction of
any applicable Approved Lease. If Seller has failed to use good faith reasonable efforts to complete the Punch-List Items, within ninety (90) days after the Closing Date, then Buyer shall be entitled to withdraw funds from the Punch-List
Holdback to complete the Punch-List Items. To the extent the cost of completion of the Punch-List Items exceeds the Punch-List Holdback, Seller shall, upon written demand from Buyer, reimburse Buyer for all additional reasonable costs incurred in
completing the Punch-List Items. After lien-free completion and payment in full of all Punch-List Items, and the reasonable approval thereof by Buyer, any remaining balance of such Punch-List Holdback (and all interest accrued thereon) shall be
disbursed by Escrow Holder to Seller. The provisions of this Section 3(e)(xiv) shall survive the Closing. 
 (xv) Rentable
Square Footage. As a condition to Buyer’s obligation to consummate the Transaction, the Rentable Square Footage (as hereinafter defined) shall be determined pursuant to Section 21. 

(xvi) Developer Obligations. As a condition to Buyer’s obligation to consummate the Transaction, Seller shall have satisfied all
Permit Conditions, except to the extent waived by Buyer. 
 (xvii) Failure of Conditions. If any condition to Buyer’s
obligation to proceed to Closing set forth in this Section 3 (including, without limitations, those conditions set forth in Section 3(e)(xviii) and Section 3(e)(xix)), or elsewhere in this Agreement is not timely satisfied or caused
to be satisfied by Seller for any reason other than a casualty at the Property subject to Section 12 or a condemnation of all or any part of the Property subject to Section 13, Seller shall be in breach of its obligations under this
Agreement and Buyer shall have the right to pursue its remedies pursuant to Section 10(b) to the extent the failure of such conditions is not waived by Buyer in accordance with Section 3(d). 

  
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 (xviii) Real Property Acquisition by Seller. Buyer acknowledges that Seller has not yet
acquired the Real Property. Seller has delivered to Buyer a full, complete, copy of a purchase and sale agreement (“Underlying Purchase Agreement”) executed by Seller and the current owners of the Real Property (“Current
Owner”). Seller shall promptly deliver to Buyer any and all surveys, title work, third party studies and environmental reports and other third party reports, commitments, estoppels, utility and availability letters and all other due
diligence material received in accordance with the Underlying Purchase Agreement or procured by Seller in connection with its acquisition of the Real Property pursuant to the Underlying Purchase Agreement. Seller shall perform all material
obligations imposed upon Seller under and in accordance with the Underlying Purchase Agreement. 
 (1) With respect to the Underlying
Purchase Agreement the parties agree as follows: 
 a. Seller shall give Buyer in writing all notices which Current Owners give or serve on
Seller or receive from Seller under and pursuant to the terms and provisions of the Underlying Purchase Agreement; 
 b. Seller shall
provide to Buyer at least two (2) Business Days prior to the execution thereof, any amendment or modification of such Underlying Purchase Agreement; and 

c. Seller shall not enter into any amendment to the Underlying Purchase Agreement which extends the closing date or which would impair
Seller’s ability to timely perform its obligations hereunder or would otherwise have an adverse effect on Buyer. 
 (xix) Confirmation
that, unless approved by Buyer in its sole discretion, no Improvements (or any Off-Site Improvements) have been constructed utilizing governmental, quasi-governmental or district financing or bonds, which are required to be repaid through
assessments on the Property. 
 (xx) Such reciprocal easements, cross easements and rights of access to utilize adjacent property owned or
acquired by Seller or an affiliate of Seller as may be reasonably required by Buyer under the circumstances. 
 (f) Seller’s Right
to Terminate. Notwithstanding anything to the contrary herein, Seller shall have a right to terminate this Agreement by written notice to Buyer to be received by the Buyer on or before September 16, 2014, provided that Seller also
terminates the Underlying Purchase Agreement, in which event this Agreement shall terminate and the Initial Deposit shall be immediately returned to Buyer and Buyer shall be relieved of all other obligations hereunder; except that Buyer shall have
the rights set forth in Section 3(g) below, which Section 3(g) shall specifically survive termination of the Agreement by Seller pursuant to this Section 3(f). 

  
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 (g) Right of First Offer. In the event that Seller terminates this Agreement pursuant to
Section 3(f) above or the Agreement is terminated pursuant to Section 3(a) as a result of the failure to obtain Zoning Approval in Section 3(a)(i) and Seller subsequently obtains entitlements for the construction of any building or
structure and related improvements on all or any part of the Real Property (collectively with the Real Property, the “Building”) within the ROFO Term (as defined below) Buyer shall have the right of first offer to purchase such
Building (the “ROFO”) on the terms and as more fully set forth herein. 
 (i) If Seller obtains entitlement for any
Building within the ROFO Term, Seller shall promptly send Buyer written notice (the “Sale Notice”) describing such Building in detail and including, without limitation, the preliminary plans (to the extent available), the site plan,
the construction schedule, the proposed financing and the proposed contractor for such Building, the square footage of the Building, the terms and conditions governing the sale of the Building and the proposed price at which Seller intends to sell
the Building (collectively, the “Proposed Terms and Conditions”). 
 (ii) Within ten (10) business days after receipt
of the Sale Notice and Proposed Terms and Conditions, Buyer shall advise Seller in writing whether or not Buyer desires to purchase the Building (the “Buyer Purchase Notice”). If Buyer timely delivers a Buyer Purchase Notice, the
parties shall promptly enter into a purchase and sale agreement which shall be substantially similar to this Agreement (revised to reflect the Proposed Terms and Conditions and the differing nature of the Building). The parties each agree to
negotiate reasonably and in good faith to enter into the purchase agreement. The proposed purchase agreement shall contain a due diligence period of no less than thirty (30) days. 

(iii) If Buyer fails to timely provide a Buyer Purchase Notice, Seller shall be entitled to sell the Building to another purchaser provided
that such purchase must be on substantially the same terms and conditions set forth in the Proposed Terms and Conditions and shall be on the same economic terms and conditions and otherwise not on any terms and conditions substantially more
favorable to the buyer than the Proposed Terms and Conditions, provided that in no event may the purchase price provided to the buyer be less than 95% of the purchase price set forth in the Proposed Terms and Conditions. If Seller desires to enter
into any sale of the Building which does not comply with the foregoing sentence, the ROFO shall be reinstated, Seller shall be required to comply with the ROFO and the provisions of this Section 3(g) prior to the sale of the Building. 

(iv) The ROFO shall terminate and be of no further force and effect on the date which is twelve (12) months following the effective date
of the termination of this Agreement, except that if Seller has obtained any entitlements by such date, then Seller shall be required to provide a Sale Notice and the ROFO shall remain in full force and effect until the purchase is either
consummated in accordance with the terms hereof or the ROFO terminates in accordance with the terms hereof. 
 (v) In the event that Seller
breaches any of its obligations pursuant to this Section 3(g) including without limitation its obligation to provide the Sale Notice or enter into the purchase and sale agreement for the Building, Buyer shall be entitled to exercise all rights
and remedies available at law or in equity, including without limitation maintaining an action for damages or seeking specific performance or seeking to enjoin any sale of the Building in violation of the terms of this Agreement. 

  
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 4. Possession and Inspection. 

(a) Possession. Buyer shall be entitled to possession of the Property, subject only to the Permitted Exceptions and the rights of all
Tenants under the Approved Leases, on the Closing Date. This Section 4(a) shall survive the Closing. 
 (b) Inspection. Between
the Effective Date and the Closing Date, or the earlier termination of this Agreement, Seller shall permit Buyer and Buyer’s directors, officers, employees, agents, contractors, representatives, attorneys or advisors (individually and
collectively, the “Buyer Representatives”) reasonable access to the Property during normal business hours upon at least twenty-four (24) hours advance verbal or written notice to Seller for the purpose of conducting
Buyer’s investigation of the Property. At Seller’s election, Seller may have a representative present during any such inspection. Prior to any entry by Buyer or any Buyer Representatives onto the Property, Buyer shall maintain, at its sole
cost and expense, reasonable and customary insurance, which insurance shall name Seller and Current Owners (collectively, “Seller Parties”) as additional insureds. In no event shall Buyer or Buyer Representatives be authorized to
conduct any activities pursuant to this Section 4, or otherwise, which would in any way materially interfere with or materially disturb the construction of the Improvements. Buyer shall indemnify, defend and hold Seller Parties harmless from
any and all liability, claims, demands, damages and costs (including reasonable attorneys’ fees and expenses incurred at or before trial and in any appellate proceeding), whether to persons or property, to the extent directly resulting from the
activities of Buyer and Buyer Representatives upon the Real Property in connection with Buyer’s inspections of the Property pursuant to this Section 4(b) and from and against all mechanics’, materialmen’s or other liens resulting
directly from the conduct of Buyer or Buyer Representatives upon the Property in connection with Buyer’s inspections of the Property pursuant to this Section 4(b); provided that Buyer shall not be responsible to indemnify, defend or hold
harmless Seller Parties with respect to (and Buyer shall not be obligated to repair) any condition discovered by Buyer as a result of its inspections or investigations, except to the extent, and only to the extent, that Buyer’s acts or
omissions exacerbate such condition, nor shall Buyer be obligated to indemnify, defend or hold harmless Seller Parties to the extent that any such liability, claims, demands, damages or costs was caused by any of Seller Parties’ acts or
negligence. This provision shall survive the Closing and any termination of this Agreement. Notwithstanding anything to the contrary contained herein, Buyer shall not conduct any destructive or invasive testing (including, without limitation, Phase
II environmental testing) of the Property without the prior written consent of Seller, which shall not be unreasonably, withheld, conditioned or delayed and, as long as the Current Owners owns the Property, the Current Owners and Seller shall use
commercially reasonable efforts to cause the Current Owners to grant such consent. 
 5. The Closing. 

(a) The Closing Date. The consummation of the purchase and sale of the Property (“Closing”) shall occur on the date
which is ten (10) days following the satisfaction of all conditions to Closing set forth in Section 3(e), but in any event on or before September 18, 

  
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2015 (the “Target Closing Date”), unless the Target Completion Date is extended in accordance with the provisions of Section 19(h) in which event the Closing shall occur no
more than fifteen (15) days following the Outside Completion Date (as hereinafter defined), as such Target Closing Date or final closing date may be extended by Buyer in its sole and absolute discretion, up to but not beyond the Outside
Completion Date. The date upon which Closing shall occur is referred to as the “Closing Date”. Closing shall occur through Escrow as herein provided. 

(b) Deliveries through Escrow. Seller and Buyer shall each deliver to the other through Escrow such documents, instruments and funds
consistent with this Agreement as are reasonably necessary to consummate the purchase and sale of the Property pursuant to this Agreement, including without limitation, the following: 

(i) Deliveries by Buyer. Buyer shall deliver the following: 

(1) the Purchase Price in cash or other immediately available funds subject to the credits and adjustments set forth in this Agreement,
including, without limitation, any adjustments required pursuant to Section 21; 
 (2) two duly executed counterparts of the
Assignment and Assumption in the form of Exhibit B (the “Assignment and Assumption”), executed by Buyer; 

(3) such evidence of Buyer’s authority as the Title Company may reasonably require. 

(ii) Deliveries by Seller. Seller shall deliver the following: 

(1) a deed in the form of Exhibit C (the “Deed”), executed and acknowledged by Seller; 

(2) two duly executed counterparts of the Assignment and Assumption, executed by Seller; 

(3) two duly executed counterparts of the Bill of Sale in the form of Exhibit D (the “Bill of Sale”)
executed by Seller; 
 (4) a Certificate of Non-Foreign Status in the form of Exhibit E; 

(5) a consent and estoppel addressed to Seller, Buyer, Buyer’s lender, if any, and the Title Company for their reliance, signed by the
Seller’s Architect stating that Seller’s Architect has been paid in full for its services in connection with the Property and Buyer is entitled to all of the warranties, rights and benefits of Seller set forth in the Seller’s
Architect’s contract; 
 (6) a consent and estoppel addressed to Seller, Buyer, Buyer’s lender, if any, and the Title Company for
their reliance, signed by the General Contractor stating (A) that the General Contractor has been paid in full for sums owing pursuant to the General Contractor’s construction contract (except for Punch List items), (B) all
subcontractors retained 

  
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by General Contractor have been paid in full for sums owing pursuant to such subcontractors contract (except for Punch List items), and (C) Buyer is entitled to all of the warranties, rights
and benefits of Seller set forth in such contract; 
 (7) Seller shall execute and deliver to the Title Company those documents identified
in Section 3(e)(x), together with such other agreements or statements as may be reasonably required by the Title Company in order to issue the Title Policy, including as may be required in order to (A) issue a gap endorsement or
provide coverage for the gap under the Title Policy, (B) delete all standard exceptions to the Title Policy that may be amended or deleted pursuant to applicable regulations, and (C) provide Extended Coverage for such Title Policy through
the T-19.1 REM Endorsement which is equivalent to the ALTA Comprehensive or Extended Coverage Endorsement; provided, however, that Seller shall not be required to execute and deliver to the Title Company any agreements or statements to facilitate
the issuance of any other Endorsements unless otherwise specifically agreed by Seller; 
 (8) to the extent not credited against the
Purchase Price in accordance with Section 8(b), cash or certified funds in the amount of all security deposits held on behalf of Tenants (with interest on the security deposit if required by law or contract to be held in an interest
bearing account), and to the extent applicable, all letters of credit or similar non-cash undertakings representing security deposits under any Approved Lease; 

(9) the Warranty Acknowledgement executed by Avera Construction LLC; 

(10) such evidence of Seller’s authority as the Title Company may reasonably require; and 

(11) all other documents, instruments and agreements required hereunder, including without limitation, all documents and other instruments
required pursuant to Article 3 hereof. 
 (c) Deliveries Outside Escrow. On or prior to the Closing Date, Seller and Buyer shall
each deliver to the other outside of Escrow such additional items as are reasonably necessary to consummate the purchase and sale of the Property pursuant to this Agreement, including without limitation, the delivery by Seller to Buyer of the
following to the extent any of the following are in Seller’s possession and have not been previously delivered to Buyer: 
 (i)
permits and all Warranties, operating manuals and other printed materials provided to Seller by the General Contractor or by manufacturers or installers of any element or system in the Improvements including, to the extent included in the Plans,
doors, heating, ventilation and air conditioning systems, lighting systems, and electrical systems; 
 (ii) the Plans (or copies of the
Plans if the original Plans are not available) together with the final “as built” plans and specifications for all Improvements; 

(iii) construction drawings that are marked to show changes to the Final Plans; 

  
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 (iv) fully-executed copies of all Operating Agreements, Tenant files and Approved Leases; 

(v) to the extent requested by Buyer, a letter to each vendor and each utility company serving the Property, in a form reasonably
satisfactory to Buyer, duly executed by Seller, advising them of the sale of the Property to Buyer and directing them to send to Buyer all bills for the services provided to the Property for the period from and after the Closing Date; and 

(vi) the keys, combinations and pass cards to doors or locks on the Property. 

(d) Notice to Tenants. Seller shall execute and deliver to all Tenants under Approved Leases on the Closing Date, a Notice to Tenant,
substantially in the form of Exhibit J attached hereto, and concurrently with such delivery, a copy of such Notice to Tenant shall be delivered to Buyer outside of Escrow. 

(e) Simultaneous Delivery; Conditions Concurrent. All documents and other items to be delivered at the Closing shall be deemed to have
been delivered simultaneously and no individual delivery shall be effective until all such items have been delivered. 
 6. Escrow.

 (a) Opening of Escrow. Concurrently with the execution of this Agreement, Buyer and Seller shall open an escrow (the
“Escrow”) with Republic Title of Texas, Inc. (“Escrow Holder”), and provide Escrow Holder with a fully executed copy of this Agreement. Escrow Holder shall execute the signature page for Escrow Holder attached to
the Agreement; provided, however, that (i) Escrow Holder’s signature hereon shall not be a prerequisite to the binding nature of the Agreement on Buyer and Seller, and the same shall become fully effective upon execution and delivery of
this Agreement by Buyer and Seller, and (ii) the signature of Escrow Holder will not be necessary to amend any provision of the Agreement other than this Section 6. This Agreement, together with any additional instructions jointly executed
by the parties as hereinafter provided, shall constitute Escrow Holder’s instructions in connection with the Escrow. 
 (b)
Deposit. As Buyer may instruct from time to time in its sole discretion, Escrow Holder shall hold the Deposit and all Buyer Change Order Deposits, Leasing Commission Deposits and, to the extent paid by Buyer (and not a Tenant), all Tenant
Improvement Deposits, plus all interest accrued thereon (collectively, but exclusive of the Deposit, the “Development Deposits”) in escrow in either a non-interest bearing account or in insured money market accounts, certificates of
deposit, United States Treasury Bills or such other interest-bearing accounts. The Deposit and all Development Deposits shall be held by Escrow Holder until the earlier to occur of (i) the Closing Date, at which time the Deposit shall be
applied against the Purchase Price and all Development Deposits shall be returned to either Buyer or Seller as more specifically set forth in this Agreement, or (ii) the date on which Escrow Holder is authorized to disburse the Deposit and all
Development Deposits as set forth in this Agreement. The tax identification numbers of the parties shall be furnished to Escrow Holder 

  
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upon request. If either party hereto makes a written demand upon Escrow Holder for delivery of the Deposit or any Development Deposit to such party, Escrow Holder shall give written notice to the
other party of such demand. If Escrow Holder does not receive a written objection from the other party to the proposed payment on or before the 5th Business Day after the giving of such notice,
Escrow Holder is hereby authorized to deliver the Deposit and all Development Deposits to the demanding party. If Escrow Holder does receive such written objection within such 5 Business Day period, Escrow Holder shall continue to hold the Deposit
and all Development Deposits until otherwise directed by written instructions from the parties or a final judgment or arbitrators’ decision. However, Escrow Holder shall have the right at any time to deliver the Deposit and all Development
Deposits with the clerk of a state court in the state in which the Real Property is located. Escrow Holder shall give written notice of such delivery to Seller and Buyer. Upon such delivery, Escrow Holder shall be relieved and discharged of all
further obligations and responsibilities hereunder. 
 (c) Duties of Escrow Holder. The duties of Escrow Holder shall be as follows:

 (i) retain and safely keep all funds, documents and instruments deposited with it pursuant to this Agreement; 

(ii) upon the Closing, deliver to the parties entitled thereto all funds in the manner set forth in the Closing Statement and all documents
and instruments to be delivered through Escrow pursuant to this Agreement; 
 (iii) upon the Closing, cause the recordation of the Deed in
the Office of the real property records for Dallas County, Texas (the “Official Records”); 
 (iv) comply with the terms
of this Agreement which specifically apply to Escrow Holder and comply with the terms of any additional instructions jointly executed by Buyer and Seller; 

(v) handle all funds deposited with it according to the terms of this Agreement; and 

(vi) cause the Title Company to deliver the Title Policy to Buyer promptly after the Closing, which Title Policy shall be issued and
effective as of the Closing Date. 
 (d) Additional Provisions. Escrow Holder’s rights and obligations shall be further
specified in such additional instructions reasonably acceptable to Buyer and Seller and not inconsistent with the terms of this Agreement as Escrow Holder customarily requires in real property escrows administered by it. In the event of any conflict
between this Agreement and such additional instructions, the terms of this Agreement shall prevail. Without limiting the foregoing, no provision in any supplementary Escrow instructions shall extend the Closing Date provided for herein, provide any
grace period not provided in this Agreement, indemnify Escrow Holder for its negligence or willful failure to performs its duties, or give Escrow Holder or any broker any rights in this Agreement or any deposit with Escrow Holder. 

  
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 (e) Reporting. To the extent the Transactions involve a real estate transaction within the
purview of Section 6045 of the Internal Revenue Code of 1986 (the “IRC”), Escrow Holder shall have sole responsibility to comply with the requirements of Section 6045 of the IRC (and any similar requirements imposed by
state or local law), which in part requires Escrow Holder to report real estate transactions closing after December 31, 1986 by, among other things, preparing and causing to be filed Internal Revenue Service Form 1099-B and any applicable
additional statements in connection therewith. For purposes hereof, Seller shall furnish Seller’s tax identification number to Escrow Holder prior to the Closing. Escrow Holder shall defend, indemnify and hold Buyer, Seller and their counsel
free and harmless from and against any and all liability, claims, demands, damages and costs (including, without limitation, attorneys’ fees and expenses) arising or resulting from the failure or refusal of Escrow Holder to comply with such
reporting requirements. 
 7. Costs. 

(a) Seller. Seller shall pay one half of premium for Texas T-1 Form Owner’s Policy of Title Insurance in the amount of the Purchase
Price and endorsements thereto, all recording charges, the cost of the Updated Survey, excise, sales or use taxes applicable to the Transactions, if any, and the Escrow fee, if any. Seller shall pay its own costs and expenses arising in connection
with the Closing (including its own attorneys’ and advisors’ fees, charges and disbursements), except the costs set forth in Section 7(a) and Section 7(b) which shall be allocated between the parties as set forth herein. 

(b) Buyer. Buyer shall pay one half of the premium for the Title Policy and endorsements. In addition, any costs relating to
Buyer’s due diligence, including without limitation, costs of appraisers, inspectors, auditors and environmental or engineering consultants retained by Buyer, shall be Buyer’s sole responsibility. 

(c) Termination for Default. Notwithstanding anything contained in this Section 7 to the contrary: (i) if this Agreement is
terminated on account of the default by any party, then the defaulting party shall pay any cancellation or termination fees chargeable by Escrow Holder or the Title Company; (ii) if this Agreement is terminated by Buyer pursuant to any
provision of this Agreement giving Buyer the right to terminate, other than as a result of Seller’s default under this Agreement or pursuant to Buyer’s termination rights under Section 10(b), Buyer shall pay any cancellation or
termination fees chargeable by the Escrow Holder or Title Company; and (iii) if this Agreement is terminated by Seller pursuant to any provision of this Agreement giving Seller the right to terminate due to Buyer’s default, Buyer shall pay
any cancellation or termination fees chargeable by the Escrow Holder or Title Company. 
 (d) Survival. The provisions of this
Section 7 shall survive the Closing or any termination of this Agreement. 
 8. Prorations and Deposits. In addition to any
other credits or prorations of the Purchase Price provided elsewhere in this Agreement, the cash due from Buyer on the Closing Date shall be adjusted by the items identified in this Section 8 as of 12:01 a.m. on the Closing Date, with
Buyer being credited or charged, as the case may be, with the Closing Date. All 

  
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prorations shall be done on the basis of a three hundred sixty-five (365) day year and the actual number of days elapsed to the Closing Date or the actual number of days in the month in
which the Closing occurs and the actual number of days elapsed in such month to the Closing Date, as applicable. Buyer and Seller agree to prepare a proration schedule of adjustments 5 Business Days prior to Closing. 

(a) Rent. Rent actually received under the Approved Leases, whether applicable to the period before or after Closing, shall be the
property of Buyer and, if Seller receives any such rent prior to Closing, Seller will provide Buyer with a credit therefor against the Purchase Price. At least 5 Business Days prior to the Closing Date, in the event any Tenant is in occupancy
and paying rent, all common area maintenance charges, property taxes, insurance and other operating costs pass throughs payable by any Tenants under any Approved Lease shall be prorated in a reasonable and customer fashion. 

(b) Deposits. At Closing, (i) Seller shall, at Seller’s option, either deliver to Buyer all cash security deposits delivered
to Seller pursuant to the Approved Leases or credit to Buyer the amount of such cash security deposits against the Purchase Price, and (ii) Seller shall be entitled to receive and retain all refundable cash and deposits posted by Seller with
utility companies serving the Property. If any security deposits are in non-cash form, Seller shall deliver to Buyer at the Closing, the original of such security deposit, together with such transfer documents and fees required by the issuer thereof
to transfer same to Buyer immediately after Closing. If such transfer documents and fees are not delivered at Closing, the amount of such non-cash security deposit shall, at Buyer’s option, either be paid to Buyer at the Closing or credited
against the Purchase Price. 
 (c) Utility Charges. Seller shall use good faith reasonable efforts to cause any applicable utility
meters to be read on the day prior to the Closing Date, in which case Seller shall pay all such bills as of the Closing Date and no proration shall be made at the Closing with respect to utility bills. If the meters are not read as herein set forth,
a proration shall be made based upon the parties’ reasonable good faith estimate and a readjustment made within 30 days after the Closing, if necessary. 

(d) Taxes and Assessments. Nondelinquent real estate and personal property taxes, assessments and any other governmental or
quasi-governmental impositions of any kind on or relating to the Property for the tax year in which Closing occurs shall be prorated between Seller and Buyer as of the Closing Date, based upon the most recently available assessed valuations, mill
levies and taxes; provided, however, if real or personal property taxes are estimated and not known, or supplemental taxes are assessed, then once known, after Closing, Seller and Buyer promptly shall pay to the other any amount required as a result
of such adjustments. Seller shall pay at Closing any “rollback” taxes affecting the Property. Seller and Buyer acknowledge that the Property will be subject to reassessment under Law upon Substantial Completion and/or Closing. The Property
shall not be encumbered by and Buyer shall not be required to pay or assume responsibility for paying any, and on or before the Closing, Seller shall pay in full all bonds, assessments, impact fees or similar fees imposed by any improvement
district, special assessment district or other similar governmental or quasi-governmental body which may be assessed and/or imposed against the Property for the Off-Site Improvements or the Improvements or any other off-site improvements or other
infrastructure improvements required in connection with, by, or in order to obtain, any of the Permits (as hereinafter defined). 

  
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 (e) Escrow Rights, Liquidated Damages for Delay and Permit Conditions. All amounts to be
escrowed with Escrow Holder pursuant to Section 10(b) in accordance with Buyer exercising its Escrow Rights, shall be credited against the Purchase Price. To the extent any Permit Condition (as hereinafter defined) remains in force and effect
after the Closing Date and is approved by Buyer pursuant to Section 19(a) and such Permit Condition requires payment of an amount less than the Permit Condition Threshold (as hereinafter defined), such amount shall be credited against the
Purchase Price. 
 (f) Tenant Improvement Deposit. In the event Buyer has delivered a Tenant Improvement Deposit or Leasing Common
Deposit to Escrow Holder in accordance with this Agreement, such amounts shall be disbursed in accordance with Exhibit G. 
 (g)
Other Apportionments. Amounts payable under the Operating Agreements shall be apportioned as of the Closing Date. 
 (h)
Preliminary Closing Adjustment. On or prior to the Closing Date, Seller and Buyer shall review, approve (if accurate) and deposit, with the Title Company, executed closing statements consistent with this Agreement in the form reasonably
required by the Title Company (as so approved and executed by the Title Company and Seller and the Title Company and Buyer, the “Closing Statements”). The Closing Statements, once agreed upon, shall be signed by Buyer and Seller and
delivered to Title Company for purposes of making the preliminary proration adjustments at the Closing, subject to the final cash settlement provided for herein. No prorations will be made in relation to insurance premiums, as Seller’s
insurance policies will not be assigned to Buyer. No prorations shall be made for any management agreement fees as same must be terminated as of the Closing Date. 

(i) Post-Closing Reconciliation. If any of the aforesaid prorations cannot be definitely calculated on the Closing Date, then they
shall be estimated at the Closing and definitely calculated as soon after the Closing Date as feasible. As soon as the necessary information is available, Buyer and Seller shall conduct a post-Closing review to determine the accuracy of all
prorations. Either party owing the other party a sum of money based on such subsequent proration(s) or post-Closing review shall pay said sum to the other party within thirty (30) days of the date of demand therefor. 

(j) Survival. To the extent that any of the obligations set forth in this Section 8 are performable after the Closing, such
obligations shall survive the Closing. 
 9. Representations and Warranties. 

(a) Buyer’s Representations and Warranties. Buyer represents and warrants to Seller as follows: 

(i) Organization. Buyer is a limited liability company duly organized and validly existing and in good standing under the laws of the
State of Delaware and as of the Closing Date, Buyer will be in good standing and duly qualified to do business in the State where 

  
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the Property is located. Buyer has the full power and authority to enter into, be bound by and comply with the terms of this Agreement (including, without limitation, all documents to be executed
and delivered by Buyer pursuant to the terms of this Agreement) and has obtained all necessary authorizations, consents and approvals to enter into and consummate the Transactions; provided, however, that Buyer will require approval of its board of
directors in order to consummate the Transactions, which approval Buyer shall have prior to the end of the Due Diligence Period, if Buyer proceeds with the Approval Notice. 

(ii) Due Authorization. Subject to Section 9(a)(i), this Agreement (including, without limitation, all documents to be executed
and delivered by Buyer pursuant to the terms of this Agreement) has been duly authorized, executed and delivered by Buyer; and this Agreement (including, without limitation, all documents to be executed and delivered by Buyer pursuant to the terms
of this Agreement) is the legal, valid and binding obligation of Buyer, and this Agreement (including, without limitation, all documents to be executed and delivered by Buyer pursuant to the terms of this Agreement) does not violate any provisions
of any agreement or judicial order to which Buyer is a party or to which Buyer is subject. 
 (iii) Prohibited Person. Buyer is not
a person described by Section 1 of the Executive Order (No. 13,224) Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism, 66 Fed Reg 49,079 (September 24,
2001), and to Buyer’s knowledge, Buyer does not engage in any dealings or transactions with any such persons or entities and is not otherwise associated with any such persons or entities. 

(b) Seller’s Representations and Warranties. Seller represents and warrants to Buyer as follows: 

(i) Organization. Seller is a limited liability company duly organized and validly existing and in good standing under the laws of the
State of Texas and in good standing and duly qualified to do business in the State where the Property is located and has the full power and authority to enter into and comply with the terms of this Agreement (including, without limitation, all
documents to be executed and delivered by Seller pursuant to the terms of this Agreement) and has obtained all necessary consents and approvals to enter into and consummate the Transactions; 

(ii) Due Authorization. This Agreement (including, without limitation, all documents to be executed and delivered by Seller pursuant
to the terms of this Agreement) has been duly authorized, executed and delivered by Seller; and this Agreement (including, without limitation, all documents to be executed and delivered by Seller pursuant to the terms of this Agreement) is the
legal, valid and binding obligation of Seller, and this Agreement (including, without limitation, all documents to be executed and delivered by Seller pursuant to the terms of this Agreement) does not violate any provisions of any agreement or
judicial order to which Seller is a party or to which Seller is subject. 
 (iii) Foreign Person. Seller is not a “foreign
person” within the meaning of Section 1445(e)(3) of the Internal Revenue Code of 1986, as amended and Seller is not a disregarded entity as defined in Section 1.1445-2(b)(2)(iii) of the Internal Revenue Code of 1986. 

  
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 (iv) Litigation. There are no pending, or to Seller’s actual knowledge, contemplated
or threatened, actions, suits, claims or proceedings affecting or relating to the Property, including any judicial proceedings in eminent domain or affecting or relating to the ability of Seller to consummate the Transactions. 

(v) Options and Other Rights. Seller has not made or granted any previous assignments, sales, or rights of first refusal, rights of
first offer or options to purchase or lease any portion of the Property or the Warranties and there are no such conveyances covering any portion of the Property or the Warranties which will survive the Closing. 

(vi) Employee Benefit Plans. Seller does not hold the assets of any “employee benefit plan” as defined by Section 3(3)
of the Employee Retirement Income Security Act of 1974, as amended, any “plan” as described by Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended, or any entity deemed to hold the plan assets of the foregoing. 

(vii) Violations. Seller has received no written notice of, and Seller has no actual knowledge of, any material violation or alleged
material violation of any Laws, or any violation of any declarations, or other reciprocal easement agreements affecting the Property including any covenants, conditions and restrictions (collectively, “CC&Rs”) affecting the
Property, in each case that has not been corrected, or will not be corrected prior to the Closing. 
 (viii) Leases. Except for the
Approved Leases entered into by Seller in accordance with this Agreement, Seller has not entered into, and has no actual knowledge of, any leases, licenses or other occupancy agreements (whether oral or written) affecting or relating to the right of
any party with respect to the right to occupancy of the Property or any portion thereof. 
 (ix) Due Diligence Materials. Seller has
either delivered or made available to Buyer true, correct and complete copies of all of the Due Diligence Deliveries, and to Seller’s current actual knowledge, Seller has not failed or refused to deliver to Buyer any documentation in
Seller’s possession or control which discloses any material matter or material circumstance related to the Property. 
 (x)
Prohibited Person. Seller is not a person described by Section 1 of the Executive Order (No. 13,224) Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism, 66
Fed Reg. 49,079 (September 24, 2001), and Seller does not engage in any dealings or transactions with any such persons or entities and is not otherwise associated with any such persons or entities. 

(xi) Obligations. Except as provided herein or reflected in the Permitted Exceptions, no commitments have been made to any
governmental or quasi-governmental authority, utility company, utility district, school board, church or other religious body, homeowners or property owners association, or to any other individual, entity, organization or group relating to the
Property which would impose an obligation upon Buyer, or its successors or assigns, to make any contribution or dedication of money or land, or to construct, install or maintain the Off-Site Improvements or any other improvements of a public or
private nature on or off of the Property (other than the Improvements) and the Real Property is 

  
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not and will not be included in any special assessment districts, special improvement districts, business improvement districts, taxing districts or any similar governmental, private
quasi-governmental or private entity or district that imposes any obligations on the Real Property. 
 (xii) Operating Agreements.
True, correct and complete copies of all Operating Agreements and all amendments, guaranties and other documents relating thereto shall be delivered to Buyer in accordance with this Agreement. To the extent executed prior to the Effective Date,
Seller has no knowledge of and has neither given nor received any written notice of default with respect to any of the Operating Agreements. 

(xiii) Notices. Seller has not received any written notice from any city, county, state or other government authority or from any
third party (including any Tenant) stating that the Property or any matter thereon is in violation of any Environmental Law, which violation has not been corrected prior to the Effective Date. “Environmental Laws” means any and all
federal, state and local laws, regulations, ordinances, codes, interpretations and policies, as now in effect or hereinafter amended or enacted, relating to pollution or protection of the environment, natural resources or health and safety. 

(xiv) Employees. There are no employees of Seller employed in connection with the use, management, maintenance or operation of the
Property whose employment will continue after the Closing Date. There is no bargaining unit or union contract relating to any employees of Seller. 

(xv) Approvals. All approvals required from any governmental authority in connection with land use, entitlement, zoning or any other
matter related to or which is a prerequisite for the construction of the Improvements have been obtained and are in full force and effect, other than the issuance of grading and building permits for the Improvements. 

(c) Survival of Representations and Warranties. All representations and warranties of Buyer and Seller made in this Agreement shall be
deemed to have been made as of the Effective Date, in accordance with Section 2(a) and again as of the Closing Date subject to the provisions of this Section 9(c). Except as set forth in this Section 9(c), all of Seller’s and
Buyer’s respective representations and warranties set forth in this Agreement, shall survive the delivery of the Deed and the Closing and shall not be deemed merged into any instrument of conveyance delivered at Closing. All of Seller and
Buyer’s representations and warranties set forth in this Agreement (but exclusive of any representation and warranty set forth in the Deed, which shall not be subject to this Section 9(c)) shall survive the Closing, but only with respect
to any claim of breach or default thereunder for which the party asserting such breach or default has, prior to twelve (12) months after the Closing Date, given written notice to the other party of the specific breach or default claimed. Any
such representation or warranty for which such specific written notice has not been given on or before twelve (12) months after the Closing Date shall terminate and cease to be of any force or effect and neither party shall have any right,
remedy, obligation or liability thereunder. 
 (d) Disclaimer of Seller Representations and Warranties. Except as specifically stated
in Section 9(b), Section 14 and Section 19, except as may be provided in the documents to be executed by Seller and delivered to Buyer at Closing pursuant to this 

  
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Agreement (the “Seller Closing Documents”) (all of the foregoing, collectively, the “Seller Representations”), SELLER IS NOT MAKING NOR SHALL BE DEEMED TO HAVE
MADE ANY EXPRESS OR IMPLIED REPRESENTATION OR WARRANTY OF ANY KIND OR NATURE AS TO THE PROPERTY OR THE TRANSACTIONS, INCLUDING, WITHOUT LIMITATION, (I) THE FINANCIAL STATUS OF THE PROPERTY, INCLUDING WITHOUT LIMITATION, INCOME OR EXPENSES
GENERATED, PAID OR INCURRED IN CONNECTION WITH THE PROPERTY, (II) THE NATURE, PHYSICAL OR ENVIRONMENTAL CONDITION, SAFETY OR ANY OTHER ASPECT OF THE PROPERTY OR THE PROPERTY’S COMPLIANCE WITH APPLICABLE LAWS, ORDINANCES, RULES AND
REGULATIONS, INCLUDING, WITHOUT LIMITATION, ZONING ORDINANCES, BUILDING CODES (INCLUDING, WITHOUT LIMITATION, THE AMERICANS WITH DISABILITIES ACT) AND ENVIRONMENTAL, HAZARDOUS MATERIAL, NATURAL HAZARDS AND ENDANGERED SPECIES STATUTES, (III) THE
ACCURACY OR COMPLETENESS OF ANY INFORMATION OR DATA PROVIDED OR TO BE PROVIDED BY SELLER, INCLUDING, WITHOUT LIMITATION, COPIES OF ANY REPORTS OR DOCUMENTS PREPARED FOR SELLER WHETHER BY THIRD PARTIES OR OTHERWISE WHICH MAY BE INCLUDED WITH SUCH
INFORMATION, OR (IV) THE HABITABILITY, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OF THE PROPERTY. WITHOUT LIMITING THE FOREGOING, BUYER HEREBY ACKNOWLEDGES THAT, EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT OR IN THE SELLER CLOSING
DOCUMENTS, THE PROPERTY WILL BE SOLD TO BUYER “AS IS”, “WHERE IS” AND “WITH ALL FAULTS” AND EXCEPT FOR THE SELLER REPRESENTATIONS, THERE ARE NO REPRESENTATIONS AND/OR WARRANTIES, EXPRESS OR IMPLIED, MADE BY SELLER IN
CONNECTION WITH THE TRANSACTIONS; PROVIDED THAT THE FOREGOING SHALL NOT CONSTITUTE AN ASSUMPTION OF LIABILITY BY BUYER OR AN AGREEMENT BY BUYER TO INDEMNIFY SELLER FROM SAME. 

Notwithstanding the foregoing, nothing contained in this Agreement, including this Section 9, shall limit, affect or constitute a waiver or
release of (I) any conditions to the Closing set forth in this Agreement, (II) any of Buyer’s or Seller’s rights or obligations or representations, warranties, covenants or indemnities expressly set forth in this Agreement or any
of the Seller Closing Documents, or (III) Seller’s obligations under any Operating Agreement or Approved Lease which accrue or arise prior to the Closing. Further, nothing contained in this Agreement shall apply to, or constitute a waiver
or release of, and Buyer hereby reserves all of its rights and remedies with respect to (collectively, the “Reserved Rights”) all claims, causes of action, rights or remedies Buyer may now or hereafter have against Seller, known and
unknown, with respect to (1) hazardous materials released or exacerbated in, on, under or about the Property as a result of the acts or omissions of Seller or any of its or their contractors and/or subcontractors, (2) hazardous materials,
if the existence of such hazardous materials would constitute a breach of any of Seller’s obligations, Seller’s Representations or any of the Seller Closing Documents, or (3) fraud, intentional misrepresentation or tortious conduct;
provided that Buyer’s remedies for fraud, intentional misrepresentation or tortuous conduct in connection with the breach of any representation or warranty made by Seller in Section 9(b) shall be limited as provided in Section 9(c)
above. The provisions of this paragraph shall survive the Closing. 

  
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 (e) Seller’s Knowledge. The term Seller’s “knowledge”,
“actual knowledge” and terms of similar import shall mean the actual current (and not constructive) knowledge of H.T. Odom, III and Lance Odom, who are the representatives of Seller most familiar with the Property after reasonable
inquiry or investigation by such persons; provided, however, that H.T. Odom, III and Lance Odom shall not have any personal liability in connection with any representations or warranties of Seller hereunder. Seller represents and warrants to Buyer
that the foregoing individuals are the most knowledgeable individuals within Seller’s organization with respect to the Property and the Transactions. 

(f) Notification of Change in Circumstance. Seller shall immediately notify Buyer, in writing, of any event or condition known to
Seller which occurs after the Effective Date but prior to the Closing Date which causes a change in the facts relating to, or the truth of, any of Seller’s representations or warranties; provided, however, that upon such notification,
(i) Buyer shall have the option to terminate this Agreement by delivering written notice thereof to Seller, in which case Escrow Holder shall return the Deposit and all Development Deposits to Buyer, the parties shall share equally the
cancellation charges, if any, of Escrow Holder and Title Company, and this Agreement shall be of no further force or effect and neither party shall have any further rights or obligations hereunder (other than pursuant to any provision hereof which
expressly survives the termination of this Agreement), and (ii) to the extent that any of the events or conditions described in such notification are caused as a result of a breach by Seller of this Agreement, Buyer shall also be entitled to
all of the rights and remedies set forth in Section 10(b), it being expressly understood that Seller’s obligation to provide such notification shall in no way relieve Seller of any liability for a breach by Seller of any of its
representations, warranties, covenants or agreement sunder this Agreement. 
 10. Remedies. 

(a) REMEDIES FOR BUYER’S BREACH. IF BUYER FAILS TO PERFORM BUYER’S OBLIGATIONS TO COMPLETE THE CLOSING AS SET FORTH IN THIS
AGREEMENT AND SUCH FAILURE IS NOT CURED WITHIN SEVEN (7) DAYS AFTER BUYER’S RECEIPT OF WRITTEN NOTICE OF DEFAULT FROM SELLER, AND ALL MATERIAL CONDITIONS TO BUYER’S OBLIGATION TO CONSUMMATE THE TRANSACTION CONTEMPLATED IN THIS
AGREEMENT HAVE BEEN SATISFIED OR WOULD HAVE BEEN ABLE TO BE SATISFIED BUT FOR BUYER’S FAILURE TO PERFORM BUYER’S OBLIGATIONS TO COMPLETE THE CLOSING AS SET FORTH IN THIS AGREEMENT, SELLER’S SOLE AND EXCLUSIVE REMEDY AT LAW OR IN
EQUITY SHALL BE TO TERMINATE THE AGREEMENT AND ESCROW, WHEREUPON (I) SELLER SHALL BE ENTITLED TO RECEIVE THE DEPOSIT AND ALL DEVELOPMENT DEPOSITS (“LIQUIDATED DAMAGES AMOUNT”), AND (II) SELLER SHALL HAVE NO FURTHER RIGHTS
OR REMEDIES UNDER THIS AGREEMENT. BUYER AND SELLER AGREE THAT BASED UPON THE CIRCUMSTANCES NOW EXISTING, KNOWN AND UNKNOWN, IT WOULD BE IMPRACTICAL OR EXTREMELY DIFFICULT TO ESTABLISH SELLER’S DAMAGE IN SUCH AN EVENT FOR THE FOLLOWING REASONS:
(1) DAMAGES TO WHICH SELLER WOULD BE ENTITLED IN A COURT OF LAW WILL BE BASED IN PART ON THE DIFFERENCE BETWEEN THE ACTUAL VALUE OF THE PROPERTY AT THE TIME OF THE BREACH AND THE PURCHASE PRICE AS SET FORTH IN THIS AGREEMENT; 

  
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 (2) PROOF OF THE AMOUNT OF SUCH DAMAGES WILL BE BASED ON OPINIONS OF VALUE OF THE PROPERTY, WHICH CAN VARY BY
SIGNIFICANT AMOUNTS; AND (3) IT IS IMPOSSIBLE TO PREDICT AS OF THE EFFECTIVE DATE WHETHER THE VALUE OF THE PROPERTY WILL INCREASE OR DECREASE AS OF THE CLOSING DATE. ACCORDINGLY, BUYER AND SELLER AGREE THAT IN THE EVENT BUYER FAILS TO PERFORM
BUYER’S OBLIGATIONS TO COMPLETE THE CLOSING AS SET FORTH IN THIS AGREEMENT AND ALL CONDITIONS TO BUYER’S OBLIGATION TO CONSUMMATE THE TRANSACTION CONTEMPLATED IN THIS AGREEMENT HAVE BEEN SATISFIED OR WOULD HAVE BEEN ABLE TO BE SATISFIED
BUT FOR BUYER’S FAILURE TO PERFORM BUYER’S OBLIGATIONS TO COMPLETE THE CLOSING AS SET FORTH IN THIS AGREEMENT AND SUCH FAILURE IS NOT CURED WITHIN THE NOTICE AND CURE PERIOD, IT WOULD BE REASONABLE AT SUCH TIME TO AWARD SELLER, AS
SELLER’S SOLE AND EXCLUSIVE REMEDY AT LAW OR IN EQUITY, “LIQUIDATED DAMAGES” IN AN AMOUNT EQUAL TO THE LIQUIDATED DAMAGES AMOUNT. BUYER AND SELLER ACKNOWLEDGE AND AGREE THAT THE LIQUIDATED DAMAGES AMOUNT SHALL NOT CONSTITUTE A
FORFEITURE OR PENALTY. SELLER AND BUYER ACKNOWLEDGE AND AGREE THAT THE LIQUIDATED DAMAGES AMOUNT IS REASONABLE IN LIGHT OF THE FACTS THAT (A) BUYER AND SELLER ARE SOPHISTICATED DEVELOPERS AND INVESTORS IN REAL ESTATE; (B) BUYER AND SELLER HAVE
RELATIVE EQUAL BARGAINING POWER IN CONNECTION WITH THIS TRANSACTION AND HAVE BEEN REPRESENTED BY COMPETENT LAWYERS AT ALL TIMES; (C) BUYER AND SELLER ANTICIPATE THAT PROOF OF ACTUAL DAMAGES WOULD BE COSTLY AND INCONVENIENT TO DETERMINE AND THAT
THERE WOULD BE DIFFICULTY IN PROVING CAUSATION AND FORSEEABILITY; AND (D) BUYER AND SELLER HAVE WEIGHED THE ADVANTAGES AND DISADVANTAGES OF THE LIQUIDATED DAMAGES AND CONCLUDED THAT THE LIQUIDATED DAMAGES AMOUNT IS REASONABLE IN LIGHT OF ALL CURRENT
CIRCUMSTANCES KNOWN TO THEM. 
 SELLER AND BUYER ACKNOWLEDGE THAT THEY HAVE READ AND UNDERSTAND THE PROVISIONS OF THIS SECTION 10 AND BY
THEIR INITIALS IMMEDIATELY BELOW AGREE TO BE BOUND BY ITS TERMS. 
  

					
	 

  
	 		 	 

  

	Buyer’s Initials	 		 	Seller’s Initials

 (b) Remedies for Seller’s Breach. 

(i) Breach. IF THE CLOSING FAILS TO OCCUR DUE TO SELLER’S DEFAULT UNDER THIS AGREEMENT AND ALL MATERIAL CONDITIONS TO
SELLER’S OBLIGATION TO CONSUMMATE THE TRANSACTION CONTEMPLATED IN THIS AGREEMENT HAVE BEEN SATISFIED OR WOULD HAVE BEEN SATISFIED BUT FOR SELLER’S DEFAULT UNDER THIS AGREEMENT AND SUCH FAILURE IS NOT CURED WITHIN SEVEN (7) DAYS AFTER
WRITTEN NOTICE OF DEFAULT FROM BUYER, OR IN THE EVENT SELLER DEFAULTS UNDER THIS AGREEMENT OR FAILS TO PERFORM ANY OBLIGATION OR COVENANT HEREUNDER AND SUCH DEFAULT IS NOT CURED BY SELLER WITHIN SEVEN 

PURCHASE AND SALE AGREEMENT 

  
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(7) DAYS OF ITS RECEIPT OF WRITTEN NOTICE OF SUCH DEFAULT FROM BUYER, THEN BUYER SHALL HAVE THE OPTION TO PURSUE THE REMEDIES SET FORTH IN THIS SECTION 10. SO LONG AS BUYER DOES NOT
ELECT TO TERMINATE THIS AGREEMENT IN CONNECTION WITH BUYER’S EXERCISE OF ITS REMEDIES PURSUANT TO THIS SECTION 10(b) (WHICH SHALL CONSTITUTE BUYER’S SOLE AND EXCLUSIVE REMEDY IN SUCH EVENT), BUYER MAY PURSUE ONE OR MORE OF THE
FOLLOWING REMEDIES: 
 (1) IN BUYER’S SOLE AND ABSOLUTE DISCRETION, GRANT AN EXTENSION OF TIME FOR SELLER TO PERFORM ITS OBLIGATIONS
HEREUNDER; 
 (2) TERMINATE THIS AGREEMENT BY DELIVERY OF WRITTEN NOTICE OF TERMINATION TO SELLER, WHEREUPON THE ESCROW HOLDER SHALL RETURN
THE DEPOSIT AND ALL DEVELOPMENT DEPOSITS TO BUYER AND SELLER SHALL REIMBURSE BUYER FOR, AND BUYER SHALL BE PERMITTED TO PURSUE AN ACTION AGAINST SELLER TO RECOVER, THE ACTUAL OUT-OF-POCKET THIRD PARTY COSTS INCURRED BY BUYER IN CONNECTION WITH THE
PROPERTY AND/OR THIS AGREEMENT, IN A MAXIMUM AMOUNT OF TWO HUNDRED FIFTY THOUSAND DOLLARS ($250,000) TOGETHER WITH INTEREST ON THE DEPOSIT AND DEVELOPMENT DEPOSITS AT THE RATE OF 6.25% PER ANNUM FROM THE DATE DEPOSITED UNTIL THE DATE RETURNED
TO BUYER. ALL REASONABLE ATTORNEY FEES AND COSTS INCURRED BY BUYER IN CONNECTION WITH SUCH ACTION SHALL ALSO BE PAYABLE BY SELLER IN ACCORDANCE WITH SECTION 17(h)) AND SELLER SHALL PAY ESCROW HOLDER AND TITLE COMPANY ANY CANCELLATION
CHARGES AND EXCEPT AS SET FORTH IN THIS SECTION 10(b), BUYER AND SELLER SHALL EACH BE RELEASED FROM ALL LIABILITY HEREUNDER (OTHER THAN ANY PROVISION WHICH SURVIVES A TERMINATION OF THIS AGREEMENT); 

(3) CONTINUE THIS AGREEMENT AND SEEK THE EQUITABLE REMEDY OF SPECIFIC PERFORMANCE, WHICH REMEDY SHALL BE ELECTED BY DELIVERING A WRITTEN
NOTICE (“ELECTION NOTICE”) TO SELLER WITHIN ONE HUNDRED EIGHTY (180) DAYS AFTER THE EXPIRATION OF THE NOTICE AND CURE PERIOD (OR IF NONE, THE SCHEDULED CLOSING DATE) AND BY FILING A LAWSUIT FOR SPECIFIC PERFORMANCE WITHIN SUCH
PERIOD, NOTWITHSTANDING ANY STATUTE OF LIMITATIONS OR OTHER LEGAL PRINCIPAL PURPORTING TO GIVE BUYER MORE TIME TO BRING AN ACTION FOR SPECIFIC PERFORMANCE; 

(4) IF THE EQUITABLE REMEDY OF SPECIFIC PERFORMANCE IS IMPRACTICABLE, OR OTHERWISE UNAVAILABLE, DUE TO THE FACT THAT SELLER HAS CONVEYED THE
PROPERTY TO A THIRD PARTY IN BREACH OF THIS AGREEMENT OR OTHERWISE ENCUMBERED OR LEASED THE PROPERTY IN BREACH OF THIS AGREEMENT, THEN BUYER SHALL HAVE THE RIGHT TO TERMINATE THIS AGREEMENT BY DELIVERY OF WRITTEN NOTICE OF TERMINATION TO SELLER,
WHEREUPON THE ESCROW HOLDER SHALL RETURN 

  
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THE DEPOSIT AND ALL DEVELOPMENT DEPOSITS TO BUYER, AND BUYER MAY PURSUE AN ACTION AGAINST SELLER TO RECOVER BUYER’S ACTUAL DAMAGES; OR 

(5) CONTINUE THIS AGREEMENT AND IN ADDITION TO AND NOT IN LIMITATION OF THE RIGHTS AFFORDED BUYER PURSUANT TO THIS SECTION 10(b),
EXERCISE BUYER’S ESCROW RIGHTS (AS HEREINAFTER DEFINED). 
 SELLER AND BUYER ACKNOWLEDGE THAT THEY HAVE READ AND UNDERSTAND THE PROVISIONS OF THIS
SECTION 10(b) AND SELLER AND BUYER AGREE THAT THE WAIVERS ACKNOWLEDGEMENTS AND AGREEMENTS SET FORTH IN THE PROVISIONS OF SECTION 10(a) RELATED TO THE LIQUIDATED DAMAGES AMOUNT SHALL APPLY TO THE LIQUIDATED DAMAGES AND THE PROVISIONS OF
THIS SECTION 10(b) AND BY THEIR INITIALS IMMEDIATELY BELOW SELLER AND BUYER AGREE TO BE BOUND BY THE TERMS OF THIS SECTION 10(b). 
  

					
	 

  
	 		 	 

  

	Buyer’s Initials	 		 	Seller’s Initials

 (ii) Escrow Rights. For purposes of this Agreement, Buyer’s “Escrow Rights”
shall mean Buyer’s right, but not obligation, following a Seller default in the performance of any of Seller’s obligations under this Agreement that is not cured by Seller within seven (7) days of Seller’s receipt of written notice of
such default from Buyer, to appoint an Independent Architect to determine the amounts Buyer will incur in order to cure any default by Seller in the performance of any of Seller’s obligations under this Agreement, including without limitation
Seller’s obligation to cause the Improvements and Off-Site Improvements to be completed by the Outside Completion Date provided such amount shall not exceed $1,500,000. Whenever Buyer exercises Buyer’s Escrow Rights, an amount equal to
150% of the amount determined by the Independent Architect will be withheld from the Purchase Price and deposited into an escrow with Escrow Holder and disbursed to Buyer upon request to reimburse Buyer for Buyer’s actual, reasonable
out-of-pocket costs and expenses incurred by Buyer in curing Seller’s default under this Agreement. At such time as Buyer, in its reasonable discretion, determines that Buyer has completed all actions necessary to cure Seller’s default
under this Agreement, Buyer shall authorize Escrow Holder to disburse the balance of escrowed Purchase Price proceeds to Seller. Seller shall have no authority over the application or disbursement of any Purchase Price proceeds escrowed with Escrow
Holder pursuant to Buyer’s Escrow Rights until such time as Buyer authorizes the disbursement of such funds to Seller. 
 (iii)
Specific Performance. Notwithstanding anything to the contrary contained herein, Buyer’s failure to give the Election Notice and file a lawsuit for specific performance within the applicable time period set forth above shall constitute
an irrevocable election by Buyer not to pursue its remedy of specific performance. Unless Buyer has filed an action for specific performance and such action is pending, (A) Buyer shall not have the right or authority to place a lis pendens
against all or any portion of the Property, and Buyer hereby waives and releases any right it may have under applicable law to file any lis pendens absent 

PURCHASE AND SALE AGREEMENT 

  
 Page 33 

 
such pending action to enforce specific performance and (B) Buyer shall promptly execute any and all documents reasonably required to release the Memorandum (as hereinafter defined). The
provisions of this Section 10(b) shall survive the Closing. 
 (i) Right of First Offer. Buyer shall be entitled to exercise
all of the remedies set forth in Section 3(g) in connection with a breach or default by Seller under Section 3(g). 
 (b) Other
Remedies. If the Closing occurs and remedies are pursued by either party hereto after the Closing Date, each party shall have the right to pursue its actual damages against the other party, (i) for a breach of any covenant contained herein
that is performable after or that survives the Closing (including the indemnification obligations of the parties contained this Agreement), and (ii) for a breach of any representation or warranty made by the other party in this Agreement
(subject to the limitations set forth in Section 9(c) above). If the Closing does not occur, (A) each party shall have its respective rights and remedies under Section 10(a) and Section 10(b), as applicable, and (B) each
party shall have all available remedies against the other party for a breach of the other party’s obligations contained in this Agreement that are expressly provided herein as surviving the termination of this Agreement. NOTWITHSTANDING ANY
PROVISION TO THE CONTRARY IN THIS AGREEMENT: (1) EACH PARTY, FOR ITSELF AND ITS SUCCESSORS AND ASSIGNS, WAIVES ANY RIGHT TO PURSUE CONSEQUENTIAL, EXEMPLARY OR PUNITIVE DAMAGES AGAINST ANY OTHER PARTY TO THIS AGREEMENT, AND AGAINST SUCH
PARTY’S SUCCESSORS AND ASSIGNS, OR ANY OF THEM, IN EACH CASE, UNDER OR IN CONNECTION WITH THIS AGREEMENT; AND (2) IN NO EVENT WILL ANY PARTY TO THIS AGREEMENT, OR ANY SUCH PARTY’S SUCCESSORS OR ASSIGNS, BE LIABLE FOR ANY
CONSEQUENTIAL, EXEMPLARY OR PUNITIVE DAMAGES UNDER OR IN CONNECTION WITH THIS AGREEMENT. 
 (c) Survival of Indemnities.
Notwithstanding subparagraphs (a) and (b) of this Section 10, but subject to the provisions of Section 10(c), in no event shall the provisions of this Section 10 limit the damages recoverable by either party against the
other party solely under any indemnity obligation expressly set forth in this Agreement, except to the extent provided in Section 10(c). 

(d) Seller’s Maximum Post-Closing Aggregate Liability. The maximum aggregate liability of Seller, for any breach of the
representation and warranties of Seller set forth in Section 9(b) of this Agreement, by Seller, from and after the Closing Date, shall not exceed Three Hundred Seventy Five Thousand Dollars ($375,000); provided, however, that Seller will have
no liability for consequential, special or punitive damages. The provisions of this Section 10(e) shall survive the Closing and shall not be deemed merged into any instrument of conveyance delivered at Closing. The foregoing limitations on
damages set forth in this Section 10(e) shall not apply any other obligations of the Seller hereunder or under any of the Seller Closing Documents, including without limitation (i) Seller’s obligation to complete the Off-Site
Improvements and the Improvements, including, without limitation all Punch-List Items, each in accordance with the Plans and the terms and conditions of this Agreement, (ii) Seller’s obligation to pay the General Contractor and the
Seller’s Architect for any and all 

  
 Page 34 

 
sums which may be due and owing with respect to the design and construction of the Improvements or Off-Site Improvements, (iii) any and all adjustments which may be made to the prorations
under this Agreement from and after the Closing, (iv) Seller’s breach of the representations and warranties set forth in Section 9(b)(v), Section 9(b)(vii), Section 9(b)(viii), Section 9(b)(xi), Section 9(b)(xii),
and Section 9(b)(xiii), (v) all obligations owed under any Warranties, (vi) Seller action or failure to act which renders any Warranty void or voidable, (vii) Seller’s breach of any representation, warranty, covenant or
obligation expressly set forth in the Deed, (viii) Seller’s fraud, intentional misrepresentation or tortuous conduct, (ix) Seller’s obligations pursuant to Sections 14 and 19, (x) Seller’s obligation to pay costs
under Section 17(h), and (xi) Seller’s indemnity obligations hereunder. 
 11. Seller’s Obligations Pending
Closing. 
 (a) Insurance. From the earlier of (i) the date of the commencement of construction of the Improvements or
Off-Site Improvements, or (ii) the date of physical site work at the Real Property commences, until the Closing, Seller will cause General Contractor to maintain in full force and effect, at Seller’s sole cost and expense, with an insurer
licensed to do business in the State of Texas having a Best’s Insurance Guide A/VII rating, (1) builder’s risk and fire and extended coverage insurance upon the Improvements and Off-Site Improvements in an amount not less than the
replacement cost thereof, (2) commercial general liability insurance with respect to damage or injury to persons or property occurring on the Property in an amount not less than Two Million Dollars ($2,000,000) (which may be layered with
primary and excess policies) per occurrence and Ten Million Dollars ($10,000,000) in the aggregate, and (3) such other insurance reasonably requested by Buyer, with self-insurance and deductibles in such amounts as reasonably approved by Buyer.
Seller will also maintain, at Seller’s sole cost and expense during such period, commercial general liability insurance with respect to damage or injury to person or property occurring on the Property in an amount not less that $2,000,000.00
per occurrence and in the aggregate. All insurance procured pursuant to this Section 11(a) shall identify Buyer as an additional insured, contain a waiver of subrogation reasonably acceptable to Buyer and be primary coverage for Buyer when any
policy issued to Buyer is similar or duplicate in coverage, and Buyer’s policy shall be excess over Seller’s policy. Seller shall deliver to Buyer copies of certificates evidencing such insurance upon Buyer’s request. 

(b) Breach of Representation. Seller shall not take any action or fail to take any action which would breach or otherwise render
Seller’s Representations inaccurate in any material respect. 
 (c) Taxes. From the Effective Date through the Closing Date,
Seller shall pay all taxes and special assessments on the Property as and when they become due and prior to delinquency. 
 (d)
Utilities. Seller shall reasonably cooperate with Buyer in transferring utility service and company accounts with respect to the Property and shall refrain from any action likely to result in a termination or interruption of utility service
upon the Closing and transfer of ownership to Buyer. 

  
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 (e) Operating Agreements. From and after the Effective Date, Seller shall not enter into
any new, or modify or terminate any existing, Operating Agreement without first obtaining Buyer’s written approval thereof, which shall not be unreasonably withheld. 

(f) Termination of Operating Agreements. Seller shall terminate by written notice to the other party thereto, effective as of the
Closing, any of the Operating Agreements that Buyer, pursuant to written notice to Seller, requests Seller to terminate, including those executed pursuant to Section 11(e). Seller shall deliver copies of all notices of termination given by
Seller hereunder to Buyer. With respect to any Operating Agreements which Buyer requires to be terminated, Seller shall pay all termination costs, liquidated damages, fees and/or expenses related thereto, it being understood and agreed that Buyer
shall have no liability or obligations for any Operating Agreement which is terminated or not assumed hereunder. 
 (g) Special Districts
and Assessments. Seller shall not submit an application for the creation of any special taxing district affecting the Property, or annexation thereby, or inclusion therein. Seller shall promptly notify Buyer upon receipt of any notice that any
governmental or quasi-governmental agency or authority intends to impose or increase any special or other assessment against the Property, or any part thereof, including assessments attributable to revaluations of the Property. 

(h) Construction of Improvements and Off-Site Improvements. Seller shall cause to be constructed and developed the Improvements and all
off-site improvements required by applicable governmental authorities to be completed for or in connection with the construction, development or use of the Property in accordance with this Agreement (the “Off-site Improvements”).
Seller’s obligation to cause the construction and development of the Improvements and the Off-site Improvements includes all actions reasonably required for the development of the Improvements and the Off-site Improvements, including, without
limitation, complying with all of the terms and conditions of all of the Permits. Without limiting the foregoing, Seller shall timely post all landscaping or other surety or bonds required for the development of the Improvements and the Off-site
Improvements. Seller shall cooperate with Buyer and Buyer’s consultants, and shall provide Buyer and its consultants with such information as is reasonably requested by Buyer, in connection with the construction of the Improvements and the
Off-site Improvements. 
 (i) Intentionally Omitted. 

(j) Leases. Other than Approved Leases entered into by Seller at Buyer’s request in accordance with the terms of this Agreement,
including without limitation, Exhibit G, Seller will not enter into any lease, license, tenancy or occupancy arrangement (whether written or oral), affecting the Property or any portion thereof. Seller shall not amend, modify or
terminate any Approved Leases without Buyer’s prior written consent, which may be withheld in Buyer’s sole discretion. 
 (k)
Warranties. Seller shall cause Buyer to be named as an express benefited party on, and shall provide Buyer a copy of, the construction warranty provided by the General Contractor for the Improvements, together with any and all other
warranties or guaranties of workmanship or materials provided to Seller by an subcontractor, manufacturer, supplier or 

  
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installer of any element or system in the Improvements, together with all other assignable warranties and guaranties issued to Seller in connection with the Improvements, Off-Site Improvements or
the Personal Property (collectively, the “Warranties”). The roof warranty for the Improvements shall have no dollar limit and shall be required to extend for not less than ten (10) years from the date the Improvements are
Substantially Completed; all other Warranties shall be required to extend for not less than one (1) year from the date the Improvements are Substantially Complete. Seller shall not negligently or willfully take or negligently or willfully fail
to take any action which may cause any Warranties to become void or voidable. The provisions of this Section 11(k) shall survive the Closing. 

(l) No Conveyance. From the Effective Date until any termination of this Agreement for any reason (including a termination resulting
from Seller’s default), Seller shall not sell or otherwise convey all or any portion of Seller’s interest in the Property to any party other than Buyer. Except the Construction Financing (defined below) referenced in Section 22, from
the Effective Date through the Closing Date, Seller shall not permit or suffer to exist any Financial Encumbrance to be placed or claimed upon the Property. Seller shall perform all material terms and conditions set forth in any documents delivered
in connection with the Construction Financing. Further, through the Closing Date Seller shall not encumber, or permit or suffer the encumbrance of, the Property (or any portion thereof) with any other matter affecting title to the Property other
than: (i) title matters which will be removed by Seller prior to or at the Closing in accordance with this Agreement, (ii) restrictive covenants to be recorded against the Real Property that constitute Due Diligence Deliveries that have
been provided to Buyer as of the Effective Date or are subsequently approved by Buyer in advance of the execution thereof, (iii) easements, licenses and other similar agreements reasonably necessary for Seller’s construction of the
Improvements or Off-Site Improvements in accordance with this Agreement which have been approved by Buyer in advance of the execution and delivery thereof, such approval not to be unreasonably withheld, conditioned or delayed; provided, however, in
the event such instruments could reasonably be anticipated to have a Material Adverse Effect, Buyer’s approval of such instruments may be withheld, conditioned or delayed in Buyer’s sole discretion, and (iv) other matters approved by
Buyer in advance in writing, which approval shall not be unreasonably withheld. 
 (m) Permits. Prior to Closing, Seller shall use
good faith reasonable efforts to obtain all Permits, licenses and approvals reasonably necessary for the ownership, construction, operation (to the extent applicable) or improvement of the Real Property and following the date Seller obtains the
foregoing, Seller shall maintain the existence of the foregoing. 
 (n) Property Management and Leasing. Any property management and
leasing contracts for the Property shall be terminated prior to the Closing, except any leasing contract entered into by Buyer or Seller at Buyer’s request, which agreement shall remain in effect in accordance with its terms and conditions or
any other agreement that Buyer, in its sole discretion, elects to remain in force and effect. All employees of Seller and Seller’s property managers and leasing agents shall have their employment at the Property terminated and shall be paid
current by Seller through Closing, including accrued vacation and other benefits. Seller shall be responsible for, and indemnify, protect, hold harmless and defend Buyer with respect to, any Losses arising from any WARN Act claims. Buyer shall have
the right to interview any employees of Seller or Seller’s property managers at the Property for employment at the Property. 

  
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 (o) Exclusivity. Unless and until this Agreement terminates, Seller shall not, directly or
indirectly through any officer, director, employee, stockholder, agent, partner, member, manager, affiliate, or otherwise (a) enter into any agreement, agreement in principle or other commitment (whether or not legally binding) relating to the
acquisition or the purchase of any or all of the Real Property, or a change in control of Seller (a “Competing Transaction”), (b) solicit, initiate or encourage the submission of any proposal or offer from any person or entity
(including any of its officers, directors, partners, members, managers, employees, or agents) relating to any Competing Transaction, or (c) participate in any discussions or negotiations regarding, furnish to any other person or entity any
information with respect to, or otherwise cooperate with, assist, participate in, facilitate, or encourage, any effort or attempt by any person or entity to effect a Competing Transaction. Seller shall notify Buyer promptly if any proposal regarding
a Competing Transaction (or any inquiry or contact with any person or entity with respect thereto) is made, and Seller shall advise Buyer of the contents thereof (and, if in written form, provide Buyer with copies thereof). 

(p) Notice. Seller shall promptly notify Buyer in the event Seller receives any written notice from any city, county, state or other
government authority or from any third party (including any Tenant) stating that the Property or any matter thereon is in violation of any Environmental Law. 

12. Damage or Destruction. Seller bears the risk of loss of the Property prior to Closing. Buyer bears the risk of loss of the
Buyer’s equipment and personal property of any type located at the Property, if any, prior to Closing. If at any time prior to the Closing any portion of the Property is destroyed or damaged by fire or any other casualty whatsoever, Seller
shall give prompt written notice thereof to Buyer. Seller shall repair such damage as promptly as is reasonably possible following receipt of insurance proceeds (regardless of the adequacy of such insurance proceeds) and diligently pursue the repair
and restoration of the damaged Property to the condition existing prior to the casualty through to Substantial Completion. Notwithstanding the foregoing, Buyer shall have a right to terminate this Agreement within sixty (60) days after Seller
provides Buyer with written notice of the occurrence of any such casualty, by serving Seller with a written notice of termination (“Casualty Termination Notice”) if in the General Contractor’s reasonable discretion, Substantial
Completion cannot occur on or before the Outside Completion Date as a result of such casualty, (as it may be extended pursuant to 19(h)(ii) or as may be extended by Buyer in accordance with this Agreement). If Buyer does not elect to issue a
Casualty Termination Notice, within seventy (70) days after the occurrence of any such casualty, Seller shall deliver to Buyer a proposed amendment to this Agreement in form reasonably acceptable to Buyer executed by Seller that, as applicable,
extends the Outside Completion Date to a date that would provide Seller with a reasonable period of time to Substantially Complete the Improvements by such extended Outside Completion Date. Buyer shall have absolutely no obligation to enter into
such amendment, extend the Outside Completion Date or pay any such sums to Seller. If Buyer fails to execute and return such amendment to Seller within ten (10) Business Days after Seller’s delivery of such amendment, then this Agreement
shall be deemed terminated. Upon a termination of this Agreement pursuant to this Section 12, the Escrow shall be canceled, all parties hereto shall be released from further 

  
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performance of this Agreement (with the exception of those provisions or Sections which recite that they survive termination of this Agreement), the Escrow Holder shall return the Deposit and all
Development Deposits, to Buyer and Escrow Holder shall return to each party any and all documents, if any, which such party has deposited with it. 

13. Eminent Domain. If, at any time prior to the Closing, legal proceedings under power of eminent domain are threatened in writing or
are commenced with respect to all or any portion of the Property, then Seller shall promptly notify Buyer in writing. If such condemnation would have a Material Adverse Effect, then within ten (10) Business Days after receipt of written notice
from Seller of such pending condemnation (and if necessary the Closing Date shall be extended as necessary to afford Buyer such period), Buyer may elect to terminate this Agreement. If this Agreement is not so terminated, then Seller shall assign to
Buyer at the Closing any and all proceeds and/or claims on account of such condemnation proceedings, and Buyer shall take title to the Property subject to such condemnation proceedings. If Buyer fails to deliver written notice to Seller of
Buyer’s election within the time period specified in this Section 13, Buyer shall be deemed to have elected to waive its right to terminate under this Section 13. If Buyer delivers written notice to Seller within the time period
specified in this Section 13 electing to terminate this Agreement, then the Escrow shall be canceled, all parties hereto shall be released from further performance of this Agreement (with the exception of those provisions or Sections which
recite that they survive termination of this Agreement), the Escrow Holder shall return the Deposit and all Development Deposits, to Buyer and Escrow Holder shall return to each party any and all documents, if any, which such party had deposited
with it. If any portion of the Property is actually taken by condemnation prior to the Closing, then the term “Real Property” as used herein shall automatically be deemed to exclude the portion of the property so taken prior to the
Closing. 
 14. Commissions. Seller and Buyer each hereby represent and warrant to the other party that it has not had any contact or
dealings regarding the Property, or any communication in connection with the Transactions or the subject matter of the Underlying Purchase Agreement, through any real estate broker or other person who can claim a right to a commission or
finder’s fee in connection with the Transactions or the subject matter of the Underlying Purchase Agreement other than a broker to be paid by the party selling the Land to Seller under the Underlying Purchase Agreement (the
“Broker”). On or after Closing, Seller will cause the party selling the Land to Seller to pay any and all commissions that may be due and payable to the Broker pursuant to a separate written agreement between such seller and Broker.
In the event of any claim for broker’s or finder’s fees or commissions in connection with the negotiation, execution or consummation of this Agreement, Buyer shall indemnify, hold harmless and defend Seller from and against any and all
liability, claims, demands, damages and costs (including, without limitation, attorneys’ fees and expenses) on account of such claim if it shall be based upon any statement, representation or agreement claimed to have been made by Buyer, and
Seller shall indemnify, hold harmless and defend Buyer from and against any and all liability, claims, demands, damages and costs (including, without limitation, attorneys’ fees and expenses) on account of such claim if it shall be based upon
any statement, representation or agreement claimed to have been made by Seller. Further, Seller shall indemnify, hold harmless and defend Buyer from and against any and all liability, claims, demands, damages and costs (including, without
limitation, attorneys’ fees and expenses) arising under or in connection with the Commission Agreement. The provisions of this Section 14 shall survive termination of this Agreement and the Closing. 

  
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 15. Memorandum. Promptly after the end of the Due Diligence Period, Buyer and Seller shall
execute and record against the Property a memorandum of this Agreement in the form attached as Exhibit H (the “Memorandum”). Should this Agreement terminate for any reason other than a default by Seller, Buyer agrees to
promptly execute any and all documents reasonably requested by Seller to evidence termination of the Memorandum. Should this Agreement terminate as a result of a default by Seller and Buyer fails to pursue an action for specific performance in
accordance with Section 10(b), then Buyer agrees to promptly execute any and all documents reasonably requested by Seller to evidence termination of the Memorandum. As used herein, the term “promptly” shall not exceed a period of ten
days. 
 16. Notice. Any notice or other communication required or permitted to be given under this Agreement, or by law, shall be in
writing and either (a) personally delivered, (b) sent by United States mail, registered or certified, or express mail, postage prepaid, return receipt requested, (c) sent by any nationally-recognized overnight courier service,
delivery charges prepaid, or (d) sent by PDF or email with an original copy thereof transmitted to the recipient by one of the means described in subsections (a), (b) or (c) of this Section 16. Any notice required or given
hereunder shall be deemed received the same Business Day if sent by hand delivery or by PDF or email, the next Business Day if sent by overnight courier, or three days after posting if sent by certified mail, return receipt requested; provided that,
any notice received after 5:00 p.m. Pacific Standard Time on any Business Day or received on any day that is not a Business Day shall be deemed to have been received on the following Business Day. Further, all notices given pursuant to this
Agreement will be effective if executed and sent by counsel for Buyer or Seller, as applicable. 
  

			
	If to Buyer:	 	IPT Acquisitions, LLC
		 	Attention: J.R. Wetzel
		 	Managing Director – Western Region
		 	518 17th Street, 17th Floor
		 	Denver, CO 80202
		 	Email: jrwetzel@industrialincome.com
		
	With a copy to:	 	Peter Vanderburg, Vice President
		 	IPT
		 	4675 MacArthur Court, Suite 625
		 	Newport Beach, CA 92660
		 	Email: pvanderburg@industrialincome.com
		
	With a copy to:	 	IPT Acquisitions, LLC
		 	Attention: Tom McGonagle
		 	518 17th Street, 17th Floor
		 	Denver, CO 80202
		 	Email: tmcgonagle@industrialincome.com

  
 Page 40 

			
	With an additional copy to:	 	Industrial Income Trust, Inc.
		 	Attention: Joshua J. Widoff, General Counsel
		 	518 17th Street, 17th Floor
		 	Denver, CO 80202
		 	Email: jwidoff@dividendcapital.com
		
	With an additional copy to:	 	Bryan Cave
		 	Attention: Robert H. Bach
		 	1700 Lincoln Street, Suite 4100
		 	Denver, Colorado 80203-4541
		 	Email: bob.bach@bryancave.com
		
	If to Seller:	 	c/o Avera Companies
		 	Attention: H. T. Odom III
		 	7880 San Felipe, Suite 250
		 	Houston, Texas 77063
		 	Email: todom@averacompanies.com
		
	With a copy to:	 	Avera Companies
		 	Attention: Hubert Odom
		 	7880 San Felipe, Suite 250
		 	Houston, Texas 77063
		 	Email: hubertodom@hotmail.com
		
	With an additional copy to:	 	Andrews Kurth LLP
		 	Attention: Chanse L. McLeod
		 	600 Travis, Suite 4200
		 	Houston, Texas 77002
		 	Email: cmcleod@andrewskurth.com
		
	If to Escrow Holder:	 	Republic Title of Texas, Inc.
		 	Attention: Ann Gross
		 	2626 Howell Street, 10th Floor
		 	Dallas, Texas 75204
		 	Email: AGross@republictitle.com

 or such other address as either party may from time to time specify in writing to the other in the manner aforesaid. 

17. Miscellaneous. 
 (a)
Successors and Assigns. This Agreement shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors, heirs and administrators. Seller shall not have the right assign its right, title or interest in or
to, or obligations under, this Agreement except that Seller may assign its rights to a Construction Lender as collateral for Construction Financing in accordance with the provisions of Section 22. Any such assignment of this Agreement by Seller
shall not relieve, alter or release Seller from its primary liability 

  
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under this Agreement. Buyer shall not have the right to assign all or any part of its right, title and interest in or to this Agreement without Seller’s prior written consent, which consent
will not be unreasonably withheld or delayed; provided, however, that Buyer shall have the right to assign this Agreement without Seller’s consent to any entity that is owned, controlled by or is under common control with Buyer (a
“Buyer Affiliate”) or any entity in which one or more Buyer Affiliates directly or indirectly is the general partner, manager or managing member, or any entity in which on or more Buyer Affiliates directly or indirectly owns more
than 50% of the legal interests of such entity, provided at least 3 Business Days notice is provided to Seller. Unless otherwise agreed to in writing by Seller, Buyer shall not be released from any liability in connection with any assignment of this
Agreement. Buyer shall provide notice and a copy of the assignment document to Seller. 
 (b) Amendments. This Agreement may be
amended or modified only by a written instrument executed by Seller and Buyer. 
 (c) Governing Law. This Agreement shall be governed
by and construed in accordance with the internal laws of the State of Texas without reference to choice of law principles which might indicate that the law of some other jurisdiction should apply. 

(d) Interpretation. The headings contained in this Agreement are for reference purposes only and shall not in any way affect the
meaning or interpretation hereof. Whenever the context hereof shall so require, the singular shall include the plural, the male gender shall include the female gender and the neuter, and vice versa. This Agreement shall not be construed against
either Buyer or Seller but shall be construed as a whole, in accordance with its fair meaning, and as if prepared by Buyer and Seller jointly. 

(e) No Obligation to Third Parties. The execution and delivery of this Agreement shall not be deemed to confer any rights upon, nor
obligate either of the parties hereto to, any person or entity not a party to this Agreement. 
 (f) Further Assurances. Each of the
parties shall execute such other and further documents and do such further acts as may be reasonably required to effectuate the intent of the parties and carry out the terms of this Agreement. The provisions of this Section 17(f) shall survive
the Closing. 
 (g) Merger of Prior Agreements. This Agreement and the schedules and Exhibits hereto constitute the entire agreement
between the parties and supersede all prior agreements and understandings between the parties relating to the subject matter hereof, any letter of intent, term sheet and/or discussion outline which shall be of no further force or effect upon
execution of this Agreement by Buyer and Seller. 
 (h) Enforcement. In the event a dispute arises concerning the performance,
meaning or interpretation of any provision of this Agreement or any document executed in connection with this Agreement, the prevailing party in such dispute shall be awarded any and all costs and expenses incurred by the prevailing party in
enforcing, defending or establishing its rights hereunder or thereunder, including, without limitation, court costs and attorneys’ fees. In addition to the foregoing award of costs and fees, the prevailing party shall also be entitled to

  
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recover its attorneys’ fees incurred in any post judgment proceedings to collect or enforce any judgment. This provision is separate and several and shall survive the merger of this
Agreement or any such other document into any judgment on this Agreement or such document. The provisions of this Section 17(h) shall survive the Closing. 

(i) Time. Time is of the essence of this Agreement. For purposes of this Agreement “Business Day” shall mean any day
other than a Saturday, Sunday, Texas State or national holiday or other day on which commercial bankers in Texas are generally not open for business. Unless otherwise specified, in computing any period of time described in this Agreement, the day of
the act or event after which the designated period of time begins to run is not to be included and the last day of the period so computed is to be included, unless such last day is not a Business Day, in which event the period shall run to and
include the next day which is a Business Day. All references to a particular time of day shall refer to Pacific Standard Time. 
 (j)
Severability. If any provision of this Agreement, or the application thereof to any person, place, or circumstance, shall be held by a court of competent jurisdiction to be invalid, unenforceable or void, the remainder of this Agreement and
such provisions as applied to other persons, places and circumstances shall remain in full force and effect. 
 (k) No Waiver. No
delay or failure on the part of any party hereto in exercising any right, power or privilege under this Agreement or under any other instrument or document given in connection with or pursuant to this Agreement shall impair any such right, power or
privilege or be construed as a waiver of any default or any acquiescence therein. No single or partial exercise of any such right, power or privilege shall preclude the further exercise of such right, power or privilege. No waiver shall be valid
against any party hereto unless made in writing and executed by the party against whom enforcement of such waiver is sought and then only to the extent expressly specified therein. The provisions of this Section 17(k) shall survive the Closing.

 (l) Legal Representation. Each party has been represented by legal counsel in connection with the negotiation of the transactions
herein contemplated and the drafting and negotiation of this Agreement. Each party and its counsel have had an opportunity to review and suggest revisions to the language of this Agreement. Accordingly, no provision of this Agreement shall be
construed for or against or interpreted to the benefit or disadvantage of any party by reason of any party having or being deemed to have structured or drafted such provision. The provisions of this Section 17(l) shall survive the Closing. 

(m) Schedules and Exhibits. All references in this Agreement to Exhibits and schedules shall, unless otherwise expressly provided, be
deemed to be references to the Exhibits and schedules attached to this Agreement. All such Exhibits and schedules attached hereto are incorporated into this Agreement as though fully set forth herein. 

(n) Headings. All of the headings set forth herein with respect to any Section, subsection or any other similar titles or headings are
solely for the ease of reference and shall be disregarded for all purposes in interpreting the terms of this Agreement and it shall in no way limit, modify, alter, restrict or otherwise affect the terms of this Agreement or be utilized in construing
the terms of this Agreement. 

  
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 (o) Survival. The representations, warranties, covenants, indemnities and obligations of
parties contained herein are intended and shall survive the execution and delivery of this Agreement, the delivery of the Deed and transfer of title to the Property, except as otherwise expressly provided in this Agreement. 

(p) Bulk Sales Laws. Seller shall comply with the bulk transfer provisions of the state in which the Property is located or similar
laws and indemnify, protect, defend and hold harmless Buyer for all damages, losses, liabilities, claims, actions, interest, penalties, demands, obligations, judgments, expenses or costs (including reasonable attorneys’ fees, charges and
disbursements, including those of in-house counsel and appeals, and expert witness fees) related thereto. The provisions of this Section 17(p) shall survive the Closing. 

18. Marketing; Leasing. After the expiration of the Due Diligence Period, Buyer shall have the right to market the Property to
prospective tenants of the Building and to require Seller to enter into leases with such prospective tenants upon the terms and conditions set forth on Exhibit G attached hereto. Seller shall not enter into any lease without Buyer’s
prior written consent in Buyer’s sole discretion. Buyer shall have the right to select the leasing broker and either retain the leasing broker or direct Seller to retain the leasing broker and Buyer shall be responsible for all decisions with
respect to the leasing of the Improvements, provided however that Seller shall cooperate in such ways as is reasonably requested by Buyer with respect to the leasing of the Improvements. 

19. Design And Development Of The Improvements. 

(a) Permits. As used in this Agreement, “Permits” means all applicable approvals and permits from all applicable
governmental authorities reasonably necessary to commence rough grading of the Real Property and to construct the Building, including the development approval, the rough grading permit and the building permit, together with all of the foregoing for
all Off-Site Improvements. Seller shall be solely responsible for satisfying prior to the Closing at its cost and expense, in a manner satisfactory to the applicable governmental authorities, all conditions of approval and all other obligations,
conditions and restrictions associated with the Permits (collectively, the “Permit Conditions”). Seller shall keep Buyer reasonably and periodically informed, but no less frequently than weekly, as to the status of the processing of
the Permits and the imposition and satisfaction of the Permit Conditions. 
 (i) Permit Conditions. The Permit Conditions shall not
be subject to Buyer’s approval unless (A) the effectiveness of any Permit Condition remains in force and effect after the Closing Date and requires (1) the performance of any action by Buyer other than the payment of money, or
(2) the expenditure of an amount of money in excess of Twenty-Five Thousand Dollars ($25,000) (the “Permit Condition Threshold”) for which Buyer shall receive a credit for pursuant to (ii) below, or (B) any Permit
Condition results or would result in a Material Adverse Effect. Any Permit Condition that requires Buyer’s approval pursuant to this Agreement, may be withheld in Buyer’s sole and absolute discretion. 

(ii) Credit for Permit Condition. Buyer shall receive a credit against the Purchase Price, in the event any Permit Condition remains
in force and effect after the Closing Date. 

  
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 (iii) Failure to Approve Permit Condition. If Buyer does not approve any Permit Condition
that requires Buyer’s approval pursuant to this Agreement, then such Permit Condition shall not be allowed and Buyer shall be entitled to terminate this Agreement upon written notice to Seller and Escrow Holder, in which case the Escrow Holder
shall return the Deposit and all Development Deposits to Buyer and the parties shall have no further obligations under this Agreement, other than pursuant to any provision hereof which expressly survives the termination of this Agreement. 

(b) Notification of Permit Condition. Seller shall notify Buyer in writing of any proposed Permit Condition requiring Buyer’s
approval and such notice must include language in all capital and bold letters to the effect that “BUYER’S REVIEW AND RESPONSE TO THE PERMIT CONDITIONS IS REQUIRED WITHIN FIVE (5) BUSINESS DAYS OF RECEIPT OF THIS REQUEST.”
On or before the date which is five (5) Business Days after Buyer’s receipt of a written request for approval of such proposed Permit Condition, Buyer shall either approve the proposed Permit Condition or specify the particular changes (if
any) which must be made to such proposed Permit Condition for it to be reasonably acceptable to Buyer. If Buyer fails to give its approval of the proposed Permit Condition or to specify any such requested changes within such five (5) Business
Day period, then Buyer shall be deemed to have approved the proposed Permit Condition. If Buyer’s failure to respond within such five (5) day period actually causes, as reasonably determined by Seller’s Architect, a delay (the
“Permit Approval Delay”) in the Substantial Completion of the Improvements or Off-Site Improvements, then, notwithstanding anything to the contrary herein, the Outside Completion Date shall be automatically extended for the period
equal to such Permit Approval Delay. 
 (c) Preliminary Plans. At least five (5) Business Days prior to the end of the Due
Diligence Period, Seller shall cause Seller’s Architect to prepare and to deliver to Buyer preliminary plans and specifications (including structural plans) for the Improvements and Off-Site Improvements (“Preliminary Plans”)
which include the civil, architectural and structural plans for the shell of the Building and a preliminary landscape plan for the Real Property. 

(d) Final Plans and Specifications. 

(i) Review and Approve by Buyer. As soon as reasonably practical and in time to allow completion of the Improvements on or before the
Target Completion Date, Seller shall cause to be delivered to Buyer final construction drawings, plans and specifications for the Improvements and Off-Site Improvements (the “Draft Final Plans”), which shall be consistent with the
Preliminary Plans, as modified by any Approved Change Orders. Seller shall provide Buyer with as much prior notice as reasonably practical (but in no event fewer than three (3) Business Days) of the date on which Seller will be delivering the
Draft Final Plans and Seller’s delivery of the Draft Final Plans must be pursuant to a written notice which includes language in all capital and bold letters to the effect that “BUYER’S REVIEW AND RESPONSE TO THE DRAFT FINAL PLANS
ARE REQUIRED WITHIN TEN (10) BUSINESS DAYS OF RECEIPT OF SUCH LETTER.” On or before the date which is ten (10) Business Days after Buyer’s receipt of the complete Draft Final Plans (the “Final Plan Review
Period”), Buyer shall either approve the Draft Final Plans or specify the particular changes (if any) to make the Draft Final Plans reasonably acceptable to Buyer provided that the particular changes are consistent with the Approval
Criteria. If Buyer fails to give its approval 

  
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notice or to specify any such requested changes within such ten (10) Business Day period, then Buyer shall be deemed to have approved the Draft Final Plans. If Buyer does specify any such
necessary changes in written notice delivered to Seller within such ten (10) Business Day period, Buyer shall provide to Seller, in such notice to Seller, with Buyer’s reasonably requested modifications thereto (“Buyer’s Final
Plan Changes”), which shall set forth in detail the specific changes Buyer desires. Seller hereby agrees to implement Buyer’s Final Plan Changes to the extent the same (a) are substantially consistent with the Preliminary Plans
and (b) comply with Laws or the Permits (collectively A and B, the “Approval Criteria”). If the parties cannot agree upon which Buyer’s Final Plan Changes satisfy the Approval Criteria within ten (10) days after
Buyer’s delivery of Buyer’s Final Plan Changes, then Buyer and Seller shall so notify the Independent Architect. Within five (5) Business Days after its receipt of such notice, the Independent Architect shall make a written
determination of which Buyer’s Final Plan Changes, if any, satisfy the Approval Criteria and are of high-quality, first-class construction standards for industrial warehouse buildings in the market in which the Property is located. The
Independent Architect’s written determination shall be binding on Buyer and Seller. The fees and expenses of the Independent Architect pursuant to this Section 19(d) shall be paid by Seller, if the Independent Architect approves all of the
Buyer’s Final Plan Changes, and shall be paid by Buyer, if the Independent Architect rejects all of the Buyer’s Final Plan Changes, and in all other instances shared equally by Buyer and Seller. As used herein, “Final
Plans” means (a) the Draft Final Plans if Buyer approves or is deemed to have approved the Draft Final Plans as provided above, or (b) the Draft Final Plans modified by Seller to incorporate the Buyer Proposed Changes that have
been approved by Seller or that have been determined by the Independent Architect to satisfy the Approval Criteria and are of high-quality, first-class construction standards for industrial warehouse buildings in the market in which the Property is
located. 
 (ii) Submissions to Governmental Authorities. Seller shall cause Seller’s Architect to submit the Final Plans to
the appropriate governmental agency for plan checking and the issuance of a building permit promptly following final approval by Buyer. Seller’s Architect shall, subject to the provisions of Section 19(d)(iv), make any and all changes to
the Final Plans reasonably required by any applicable governmental entity to obtain a building permit for the Improvements and Off-Site Improvements and reasonably approved by Buyer, such approval not to be unreasonably withheld, conditioned or
delayed. The Final Plans for the construction of the Improvements and Off-Site Improvements, as approved by the appropriate governmental entities and as modified by Approved Change Orders (as hereinafter defined), are hereinafter referred to as the
“Plans.” For purposes of this Agreement, the “Improvements” shall be deemed to mean those improvements as finally described in the Plans as modified by any Approved Change Orders. 

(iii) Change Order Definitions. As used herein, “Change Order” means any modifications to the Preliminary Plans,
Final Plans or Plans, but does not include modifications requested or suggested by Buyer in connection with the review and approval of draft preliminary plans and/or Draft Final Plans except to the extent that modifications are rejected in
accordance with this Section 19(d); “Seller Change Order” means a Change Order which Seller desires to implement; “Buyer Change Order” means a Change Order which Buyer desires to implement. “Approved
Change Order” means a Seller Change Order approved or deemed approved by Buyer as provided herein, an Approved Buyer Change Order (as hereinafter defined), and subject to the terms of Section 19(d)(iv) any Change Orders required by any

  
 Page 46 

 
inspector, governmental agency or regulatory body; “Approved Buyer Change Order” means a Buyer Change Order approved by Buyer following receipt of Seller’s Estimate Notice;
“Buyer Change Order Cost” means all actual out of pocket hard construction costs (including, without limitation, all reasonable costs and fees, less all savings attributable to a Buyer Change Order, charged by the General Contractor
that are solely attributable to Buyer Change Orders), and any actual out of pocket soft costs that are solely attributable to Buyer Change Orders (including, without limitation, permitting, architectural and engineering costs and expenses, but
excluding legal fees); “Estimated Change Order Cost” means the estimated Buyer Change Order Costs resulting from an Buyer Change Order as reasonably estimated by Seller’s Architect. Change Orders required in connection with any
Approved Leases shall constitute Buyer Change Orders and be subject to Section 19(d)(vi) below. 
 (iv) Governmental and
Seller’s Change Orders. The parties acknowledge that the Preliminary Plans, Final Plans or Plans may require changes during the construction process. Buyer and Seller hereby consent to and approve any Change Orders which (A) are
required by any inspector, governmental agency, or regulatory body, (B) do not result in a Material Adverse Effect, and (C) are not caused by or resulting from Seller Change Orders or Buyer Change Orders (“Governmental Change
Orders”). Any proposed Governmental Change Orders shall be promptly delivered to Buyer by Seller. Seller shall be solely liable for the cost of all Governmental Change Orders. 

(v) Seller Change Orders. Buyer’s consent shall not be required for any Seller Change Orders which are
“insignificant” (as hereinafter defined) provided that Seller shall promptly provide Buyer with advance written notice of all insignificant Seller Change Orders. In the event that Seller proposes to implement a Seller Change Order
which is not insignificant, Seller shall deliver written notice to Buyer requesting Buyer’s review and approval of the Seller Change Order (“Seller’s Plan Change Notice(s)”), together with two (2) copies of the plans
or other documents depicting or describing the Seller Change Order to Buyer for its review. Seller’s Plan Change Notice shall contain language in all capital and bold letters to the effect that “BUYER’S REVIEW AND RESPONSE TO THE
PROPOSED SELLER CHANGE ORDER ARE REQUIRED WITHIN TEN (10) BUSINESS DAYS OF RECEIPT OF SUCH LETTER.” Buyer shall deliver its written approval or disapproval thereof within ten (10) Business Days of its receipt of Seller’s Plan
Change Notice and the accompanying plans. If Seller’s notice fails to contain the language prescribed in the sentence immediately preceding the preceding sentence, Seller shall be required to provide Buyer with a second notice containing the
prescribed language and Buyer shall deliver its written approval or disapproval thereof within ten (10) Business Days of its receipt of the second notice and the accompanying plans. In the event that Buyer delivers timely disapproval of the
Seller Change Order, such notice shall include a reasonably detailed explanation of the reasons for such disapproval and specific suggestions for changes or corrections to the Seller Change Order. In the event that Buyer fails to deliver a
disapproval of the Seller Change Order within such ten (10) Business Day period, then such Seller Change Order shall be deemed approved by Buyer. For purposes of this Section 19(d)(v), a proposed Seller Change Order shall be deemed to be
“insignificant” if such change meets all of the following criteria: such change (i) is not substantially inconsistent (a) prior to the completion of the Final Plans, from the Preliminary Plans, or (b) after the
completion of the Final Plans, from the Final Plans or Plans as applicable, (ii) does not involve any material structural change in the Building, (iii) will not decrease the 

  
 Page 47 

 
square footage of the Improvements to be constructed under this Agreement by more than one percent (1%) for any individual change or in the aggregate with all other changes or increase the
square footage of the Improvements to be constructed under this Agreement by more than one percent (1%) in the aggregate with all other changes, (iv) will have no adverse affect upon the access to, parking on or appearance, design or
function of the Improvements or Off-Site Improvements or the use thereof as a first-class industrial warehouse building, (v) will not require the approval of any Tenant pursuant to an Approved Lease, (vi) does not constitute a Material
Adverse Effect, (vii) will not increase the cost of construction of the Improvements to be constructed under this Agreement by more than $25,000 for an individual change or more than $75,000 together with all other Seller Change Orders which
are insignificant, and (viii) is paid for by Seller and Seller provides reasonable evidence to the Buyer of the source of funds to pay for such Seller Change Order. Seller shall implement any insignificant Seller Change Orders and any Seller
Change Orders (subject to Buyer’s approval of the same pursuant to this Section 19(d)(v)), in accordance with Agreement. 
 (vi)
Buyer Change Orders. Seller shall promptly implement any Buyer Change Orders subject to the terms and conditions below. In the event that Buyer desires a Buyer Change Order, Buyer shall deliver written notice to Seller requesting
Seller’s review and approval of the Buyer Change Order (“Buyer’s Plan Change Notice(s)”). Seller shall review such Buyer’s Plan Change Notice and subject to the terms of this Section 19(d)(vi), deliver to Buyer
specific suggestions for changes or corrections to the Buyer Change Order and Buyer shall give due consideration to Seller’s suggested changes or corrections. Seller shall not be obligated to implement any Buyer Change Orders that the General
Contractor reasonably determines will result in more than a three (3) month delay in Substantial Completion. As soon as practical after Seller’s receipt of a Buyer’s Plan Change Notice, but prior to commencing any of the changes
thereunder, Seller shall provide Buyer with written notice of the Estimated Change Order Cost resulting from such Buyer Change Order (“Seller’s Estimate Notice”). In order to be effective, the Seller’s Estimate Notice must
include language in all capital and bold letters to the effect that “BUYER’S REVIEW AND RESPONSE TO THE ESTIMATED CHANGE ORDER COST PROVIDED IN THIS SELLER’S ESTIMATE NOTICE IS REQUIRED WITHIN TEN (10) BUSINESS DAYS OF RECEIPT
OF THIS NOTICE.” Buyer shall then have ten (10) Business Days to approve or disapprove the Estimated Change Order Cost provided in Seller’s Estimate Notice by written notice to Seller. If Buyer approves the Estimated Change Order
Cost provided in Seller’s Estimate Notice and delivers payment to Escrow Holder of the Estimated Change Order Cost, Seller shall promptly implement the Approved Buyer Change Order, in which case the Purchase Price shall be deemed increased by
the amount equal to the amount set forth in Seller’s Estimate Notice. If Buyer disapproves, or fails to respond to Seller’s Estimate Notice (or otherwise fails to deliver payment of the Estimated Change Order Cost) within such ten
(10) Business Day period, Seller shall have no obligation to implement the Buyer Change Order. Any Estimated Change Order Cost delivered to Seller as provided herein shall be referred to herein as the “Buyer Change Order
Deposit(s)” and shall (i) be held by Escrow Holder, (ii) be promptly refunded to Buyer when required under this Agreement, (iii) delivered to Seller when required under this Agreement, and/or (iv) if the Closing occurs,
disbursed to Seller at the Closing and credited against the Purchase Price, as increased pursuant to the terms of this Section 19(d)(vi) or Exhibit G. It is the parties’ intention that Seller be initially responsible to pay the
General Contractor all costs associated with any Buyer Change Orders and that Seller be reimbursed for such costs by the delivery of the applicable portion of Buyer Change Order Deposit to Seller at closing. 

  
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 (e) General Contractor, Major Subcontractors and Architect. 

(i) Buyer shall have the right to approve any general contractor (the “General Contractor”) or any change in the General
Contractor for the construction of the Improvements or the Off-Site Improvements; provided however, that if the General Contractor is any of Avera Construction, LLC, Bob Moore Construction, CF Jordan Construction, or FA Peinado, LLC, such Contractor
shall be deemed approved unless Buyer provides Seller notice within thirty (30) days after the date hereof of its disapproval of such General Contractor, which disapproval must be in its reasonable discretion. Buyer’s approval of the form
of the contract with the General Contractor shall not be required if (A) the contract is on a commercially reasonable AIA form or other commercially reasonable industry-standard form with, in either case, commercially reasonable modifications
and (B) and the contract complies with the warranty requirements of Article 24 below. Upon execution and delivery, Seller shall provide Buyer a copy of the General Contractor’s agreement promptly upon the execution thereof and the
construction warranty provided by the General Contractor. Seller shall not modify, amend or terminate the General Contractor’s agreement without Buyer’s prior written consent, which approval shall be in Buyer’s reasonable discretion.

 (ii) [Intentionally omitted.] 

(iii) Seller shall have provided to Buyer the Architect’s Agreement at least ten (10) days prior to the end of the Due Diligence
Period. Seller shall not modify, amend or terminate the Architect’s Agreement without the Buyer’s prior approval consent, which approval shall be in the Buyer’s reasonable discretion. 

(f) Seller’s Construction and Development Covenants. Seller shall, at Seller’s sole cost and expense except as expressly
provided in this Agreement, use good faith efforts to cause to be constructed and developed the Improvements and all Off-Site Improvements in accordance with this Agreement, the Plans, all Change Orders and the Construction Schedule. Seller’s
obligation to cause the construction and development of Improvements and Off-Site Improvements includes all actions reasonably required for the development of the Improvements and Off-Site Improvements including, without limitation, providing
streets, complying with all Permits, all applicable governmental requirements, and providing services and utilities to the Property including, without limitation, sewer and electrical service, storm drains, telephone and water. Without limiting any
other provision of this Agreement, Seller shall, on or before the Closing, pay all of the costs of all Off-Site Improvements together with such other infrastructure improvements (including, without limitation, roads, storm sewers, sanitary sewers
and water and other utilities) required in connection with, by, or in order to obtain, any of the Permits and to cause Substantial Completion and Seller shall not agree to, or permit, any bonds, assessments or other amounts to be assessed against
the Property in connection with the Off-Site Improvements or such other infrastructure improvements, except to the extent the same will be satisfied in full by Seller as of the Closing. 

  
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 (g) Buyer’s Inspection Rights/Seller’s Indemnity. Notwithstanding anything in
this Agreement to the contrary, neither (i) Buyer’s approval of or comment on any Permit Conditions, Preliminary Plans, Draft Final Plans, or Final Plans, nor (ii) Buyer’s inspection of the Property, including, without
limitation, for purposes of identifying any Punch List Items shall constitute an inspection of compliance with Laws and all activities undertaken by Buyer are solely for Buyer’s benefit and Seller shall have no claim of any nature whatsoever
against Buyer and hereby releases Buyer from any and all liability of any nature whatsoever arising out of any inspections undertaken by Buyer, any review of the Plans and Specifications, any review or approval of Seller’s Architect, the
General Contractor, any agreement with Seller’s Architect or the General Contractor, any approval of any Major Subcontractor or any approval of any Construction Schedule Change Orders, or any other matter of any nature whatsoever in connection
with the construction of the improvements. Seller shall be solely responsible for ensuring that the Property and the construction of all Improvements and Off-Site Improvements comply with all Laws. Without limiting the generality of the foregoing,
Seller hereby agrees to indemnify Buyer against any liability of Buyer to Seller, any governmental entity or any other third party in connection with the approvals undertaken by Buyer pursuant to (g)(i) or (g)(ii) above, which indemnity obligation
shall survive the Closing. Seller shall reasonably cooperate with, and schedule and attend weekly progress meetings, walk-throughs and any other meetings with, Seller’s Architect, the General Contractor, Buyer and Buyer’s architect and
construction consultants to discuss the progress of the construction of the Improvements and Off-Site Improvements. Seller shall provide Buyer and Buyer’s consultants with such information relating to the construction of the Improvements and
Off-Site Improvements as may be reasonably requested by Buyer from time to time. Seller shall give Buyer at least two (2) Business Days prior notice (written or telephonic) of any regularly scheduled meetings with, Seller’s Architect, the
General Contractor or any in-person or telephonic meetings between Seller, Seller’s Architect or the General Contractor and any governmental authority concerning the Improvements, Off-Site Improvements, Permit, or any other element of the
Plans. Buyer and Buyer’s representatives shall have the right to accompany Seller and Seller’s representatives to such other meetings and to attend such meetings when Buyer deems appropriate. In addition to the foregoing, following the
Effective Date and until Substantial Completion, Seller shall notify Buyer and shall not object to Buyer or Buyer’s representatives attending any meetings with or public hearings conducted by any governmental authority concerning the
Improvements, Off-Site Improvements, Permit, or any other element of the Plans. Buyer and Buyer’s consultants shall have the right at any and all reasonable times to conduct inspections respecting the work in progress, but shall not
unreasonably interfere with the work in progress. 
 (h) Construction Schedule. 

(i) Delivery of Schedule. At least ten (10) days prior to the end of the Due Diligence Period, Seller shall provide Buyer a
schedule for completion of the improvements, which shall be acceptable to Buyer in its reasonable discretion (the “Construction Schedule”). Landlord shall provide prompt written notice to Buyer in the event any milestones set forth
in the Construction Schedule are not timely satisfied which notice shall be signed by Seller and General Contractor stating the then-current, updated Construction Schedule. 

  
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 (ii) Target and Outside Completion Date. Seller shall use good faith efforts to cause the
Improvements and Off-Site Improvements (excluding Tenant Improvements) to be Substantially Complete on or before August 17, 2015 (the “Target Completion Date”), subject to any Buyer Change Order Delay and/or Force Majeure
Delay. Seller shall cause Substantial Completion to occur on or before March 31, 2016 subject only to any Buyer Change Order Delays (the “Outside Completion Date”). In no event shall the Outside Completion Date be extended for
any Force Majeure Delay or for any reason other than Buyer Change Order Delay. If Substantial Completion has not occurred by the Outside Completion Date in accordance with this Section 19(h)(ii), subject to Buyer’s right to extend the
Outside Completion Date exercised in Buyer’s sole discretion, Seller shall be in default of this Agreement and Buyer shall be entitled to exercise its remedies as set forth in Section 10(b). 

(iii) [Intentionally Omitted].  

(iv) Dispute Resolution. In the event of any dispute between Buyer and Seller or any of their inspectors or architects with respect to
the construction of the Improvements, Buyer and Seller (and at each party’s sole discretion, their respective inspectors and architects) and the Independent Architect shall meet as soon as reasonably possible, and shall use commercially
reasonable efforts to meet within five (5) Business Days of such disagreement and at such meeting shall endeavor to resolve such disagreement as soon as reasonably practicable. Notwithstanding the foregoing, noting in this subsection (i)
is intended to or waive any of the parties’ rights or obligations hereunder or delay the date by which Seller is required to perform any obligation hereunder. 

20. Buyer Change Order and Force Majeure Delays. 

(a) Buyer Delay. As used herein, “Buyer Change Order Delay” means any delay that is solely attributable to any Approved
Buyer Change Order and expressly specified in the Seller’s Estimate Notice. 
 (b) Force Majeure Delay. As used herein,
“Force Majeure Delay” means a delay of which Buyer has received notice pursuant to Section 20(c) that is caused by an event, act or condition that is outside Seller’s control, including (without limitation) fires and other
casualties, strikes, lockouts or other labor disturbances which are not caused by Seller’s failure to pay amounts due, war, terrorist acts, riots, insurrections or civil commotions, embargos, shortages or unavailability of materials, supplies,
labor, equipment and systems, legal requirements enacted by any governmental authority after the date of this Agreement, and similar types of events. 

(c) Notice of Delay. In the event of any Buyer Change Order Delay or Force Majeure Delay, Seller shall promptly notify Buyer of the
occurrence of such delay. 
 (d) Disputes Regarding Delay. Any dispute or disagreement with respect to the occurrence of any Buyer
Change Order Delay or Force Majeure Delay or the amount of time attributable to either such delay shall be resolved by the Independent Architect, whose determination shall be binding upon Buyer and Seller. 

  
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 21. Square Footage Purchase Price Adjustment. The Purchase Price is based upon the intent
of Buyer and Seller that the industrial building (the “Building”) constructed pursuant to the Plans shall consist of approximately 345,150 Rentable Square Feet (as hereinafter defined). Concurrently with the delivery of the
Substantial Completion Notice in accordance with Section 3(e)(xiv), Seller shall cause Seller’s Architect to deliver to Seller and Buyer written certification of the Rentable Square Footage of the Building reasonably acceptable to Buyer.
For purposes of this Agreement, the “Rentable Square Feet” (or “Rentable Square Footage”) of the Building shall be calculated in the same manner as was calculated in the Plans. The Purchase Price shall be adjusted
to an amount equal to the product of (i) the Rentable Square Feet contained in the Building, as so determined, multiplied by (ii) $49.00 per Rentable Square Foot. Buyer and Seller shall execute and deliver to Escrow Holder an appropriate
amendment to this Agreement and/or escrow instruction as reasonably required to effect such adjustment in the Purchase Price. 
 22.
Construction Financing. 
 (a) Construction Financing. Seller shall obtain and provide to Buyer at least five (5) days
prior to the end of the Due Diligence Period, a written loan commitment (redacted to reflect only the loan amount and maturity date), or other evidence acceptable to Buyer that such loan is available (herein, a “Construction Loan
Commitment”) for Construction Financing in an amount sufficient to complete construction of the Improvements and all Off-Site Improvements, which shall be from a reputable lender and shall contain no material conditions to the lender’s
obligation to provide the Construction Financing (other than customary and reasonable conditions normally imposed by commercial lenders). 

(b) Subordination and Non-Disturbance. Buyer shall have no obligation to subordinate this Agreement, the Memorandum and/or Buyer’s
rights under this Agreement to any loan, financing or other obligation except as expressly provided in this Section 22. Notwithstanding the foregoing, in connection with Seller’s obtaining of a construction loan for the Improvements (the
“Construction Financing”), from a third-party institutional lender (a “Construction Lender”), which Construction Financing shall conform to the Construction Financing, evidence of which was provided to Buyer
pursuant to Section 3(a) above. Buyer shall subordinate this Agreement to such Construction Financing pursuant to one or more agreements (each, a “Tri Party Agreement”) that also provides that, as a condition thereto, Seller,
and Construction Lender execute and deliver to Buyer a nondisturbance and recognition agreement with respect to this Agreement in form acceptable to Buyer in its sole discretion (a “Subordination Non-Disturbance Agreement”). No such
subordination or Subordination Non-Disturbance Agreement or Tri Party Agreement shall limit Buyer’s rights or Seller’s obligations under this Agreement. Such Subordination Non-Disturbance Agreement shall provide the following terms: 

(c) Repayment. Any construction financing shall be repaid in full at closing. 

(d) Recognition of Escrow Rights. Construction Lender shall recognize all of Buyer’s rights under this Agreement, including,
without limitation, Buyer’s Escrow Rights including any Escrow Rights arising from Buyer’s cure of Seller’s defaults pursuant to Section 10(b); 

  
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 (e) Right to Cure. Notwithstanding any exercise of remedies in connection with such
Construction Financing, Construction Lender shall not take any steps to enforce its rights against the Property resulting from any default under the Construction Financing unless Construction Lender has given notice of such default to Buyer and
Buyer has failed to remedy such default within such period of thirty (30) days after the receipt of such notice or such longer period after receipt of such notice as shall be required to remedy such default with due diligence provided that if
any such longer period shall be required to remedy such default, Buyer has notified Construction Lender, as applicable, within such period of thirty (30) days that Buyer intends to remedy such default with due diligence and the terms of any
Construction Financing, as applicable, provides that the acceleration of the payment of the principal sum or any part thereof in the event of such default shall be nullified if Buyer remedies such default as if no such default had occurred,
provided, however, that, subject to the foregoing, such nullification shall in no way extend to or be taken in any manner whatsoever to affect any subsequent default or the rights resulting therefrom; 

(f) Foreclosure Recognition. If there is a foreclosure of any deed of trust securing the Construction Financing (including transfer by
deed in lieu, transfer by judicial foreclosure or transfer through any similar judicial or non-judicial exercise of the remedies held by Construction Lender), this Agreement shall not be terminated, and Construction Lender, and all subsequent owners
shall recognize Buyer’s rights under this Agreement and Construction Lender, and all subsequent owners shall assume Seller’s obligations under this Agreement. Buyer shall not be named as a party in any foreclosure action or proceeding.

 (g) Effect of Tri-Party Agreement. Upon the execution of a Tri-Party Agreement by Buyer and Construction Lender, such Tri-Party
Agreement shall supersede the provisions of this Section 22. In the event of any conflict between the provisions of this Section 22 and such Tri-Party Agreement, such Tri-Party Agreement shall control. 

23. Purchase Agreement. Seller shall cause the closing of the purchase of the Real Property pursuant to the Underlying Purchase
Agreement and the closing of the loan for the Construction Financing to occur on or before December 31, 2014 and Seller shall provide Buyer evidence of such closing reasonably acceptable to Buyer and the failure of such closing to occur by such
date shall constitute a default hereunder and Buyer shall be entitled to exercise the remedies set forth in Section 10(b) above. 
 24.
Seller/Contractor Warranty. Seller’s construction contract with General Contractor shall provide for a period of one (1) year following Substantial Completion (other than with respect to HVAC condensers and similar equipment, with
respect to which the period will be five (5) years, if the HVAC condensers are part of the Improvements being constructed by Seller), General Contractor will, at its sole cost and expense, make all necessary repairs or replacements to the
Improvements and Off-Site Improvements reasonably requested by Buyer (other than with respect to any work performed by Buyer after Closing). General Contractor shall name Buyer as an additional warranty party and shall execute and deliver to Buyer
an acknowledgment reasonably acceptable to Buyer (the “Warranty Acknowledgment”) acknowledging that Buyer shall have the right to enforce the warranty and other obligations set forth in this Section 24 directly against General
Contractor. All such repairs or replacements shall be acceptable to Buyer in Buyer’s sole discretion. Buyer agrees that if any such repairs or 

  
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replacements are covered by Third Party Warranties, Buyer shall reasonably cooperate with Seller (at no cost to Buyer) to make a claim in connection with such Third Party Warranties.
Seller’s obligations hereunder shall expressly survive the Closing. 
 25. Disclosures. By its signature to this Agreement,
Buyer hereby acknowledges, if applicable, its receipt of the following notices at or before the execution of this Agreement. 
 (a)
Notice Regarding Possible Annexation. If the Property that is the subject of this Agreement is located outside the limits of a municipality, the Property may now or later be included in the extraterritorial jurisdiction of a municipality and
may now or later be subject to annexation by the municipality. Each municipality maintains a map that depicts its boundaries and extraterritorial jurisdiction. To determine if the Property is located within a municipality’s extraterritorial
jurisdiction or is likely to be located within a municipality’s extraterritorial jurisdiction, contact all municipalities located in the general proximity of the Property for further information. 

[Remainder of the page intentionally left blank] 

  
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 IN WITNESS WHEREOF, Buyer and Seller have executed this Agreement in multiple copies, each of
which shall be deemed to be an original. on the Effective Date. 
  

													
	“Seller”	 		 	 AVERA DEVELOPMENT, LLC,
 a Texas
limited liability company

				
		 		 	By:	 	 /s/ H.T. Odom III

		 		 		 	H.T. Odom III, Manager
			
	“Buyer”	 		 	 IPT ACQUISITIONS LLC,
 a Delaware
limited liability company

		 		 	By:	 	IPT Real Estate Holdco LLC,
		 		 		 	its Sole Member
		 		 		 	By:	 	 Industrial Property Operating Partnership LP,

Its Sole Member

		 		 		 		 	By:	 	Industrial Property Trust Inc.,
		 		 		 		 		 	Its General Partner
							
		 		 		 		 		 	By:	 	 /s/ J.R. Wetzel

		 		 		 		 		 	Name:	 	 J.R. Wetzel

		 		 		 		 		 	Title:	 	 Managing Director

 Republic Title Insurance of Texas, Inc. agrees to act as Escrow Holder in accordance with the terms of this Agreement, and to
comply with the terms and provisions of this Agreement. First American Title Insurance Company agrees to comply with all reporting requirements of Section 6045 of the United States Internal Revenue Code and the regulations promulgated thereunder.

  

			
	REPUBLIC TITLE OF TEXAS, INC.
		
	By:	 	 /s/ Trisha Weaver

		 	 Vice President

		 	(Print Name and Title)

 PURCHASE AND SALE AGREEMENT 

  
 Page 55 

 INDEX OF DEFINED TERMS 

 

			
	DEFINED TERM	  	SECTION
	Actual Knowledge	  	9(d)
		
	Additional Deposit	  	2(a)
		
	Agreement	  	Preamble
		
	Approval Criteria	  	19(d)(i)
		
	Approval Notice	  	3(b)
		
	Approved Buyer Change Order	  	19(d)(iii)
		
	Approved Change Order	  	19(d)(iii)
		
	Appurtenances	  	1(a)
		
	Architect’s Agreement	  	3(a)(vii)
		
	Architect’s Certificate	  	3(e)(i)(1)
		
	Assignment and Assumption	  	5(b)(i)(2)
		
	Bill of Sale	  	5(b)(ii)(3)
		
	Broker	  	14
		
	Building	  	21
		
	Business Day	  	17(i)
		
	Buyer	  	Preamble
		
	Buyer Affiliate	  	17(a)
		
	Buyer Change Order	  	19(d)(iii)
		
	Buyer Change Order Cost	  	19(d)(iii)
		
	Buyer Change Order Delay	  	20(a)
		
	Buyer Change Order Deposit(s)	  	19(d)(vi)
		
	Buyer Representatives	  	4(b)
		
	Buyer’s Final Plan Changes	  	19(d)(i)
		
	Buyer’s Plan Change Notice(s)	  	19(d)(vi)
		
	Casualty Termination Notice	  	12
		
	CC&Rs	  	9(b)(vii)
		
	Change Order	  	19(d)(iii)

  
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	DEFINED TERM	  	SECTION
	Closing	  	5(a)
		
	Closing Date	  	5(a)
		
	Closing Statements	  	8(h)
		
	Commission Agreement	  	14
		
	Construction Financing	  	22(b)
		
	Construction Lender	  	22(b)
		
	Construction Loan Commitment	  	22(a)
		
	Construction Schedule	  	19(h)(i)
		
	Current Owners	  	3(e)(7)(xix)(1)
		
	Deed	  	5(b)(ii)(1)
		
	Deposit	  	2(a)
		
	Development Deposits	  	6(b)
		
	Draft Final Plans	  	19(d)(i)
		
	Due Diligence Deliveries	  	3(a)(iii)
		
	Due Diligence Period	  	3(a)
		
	Effective Date	  	Preamble
		
	Election Notice	  	10(b)(i)(3)
		
	Endorsements	  	3(e)(x)
		
	Environmental Laws	  	9(b)(xiii)
		
	Escrow	  	6(a)
		
	Escrow Holder	  	6(a)
		
	Escrow Rights	  	10(b)(ii)
		
	Estimated Change Order Cost	  	19(d)(iii)
		
	Evidence of Completion	  	3(e)(xiv)(1)
		
	Existing Survey	  	3(a)(i)
		
	Final Plan Review Period	  	19(d)(i)
		
	Final Plans	  	19(d)(i)
		
	Financial Encumbrances	  	3(a)(i)
		
	Force Majeure Delay	  	20(b)

  
 Page 57 

			
	DEFINED TERM	  	SECTION
	Fourth Additional Deposit	  	2(a)
		
	General Contractor	  	19(e)(i)
		
	Governmental Change Orders	  	19(d)(iv)
		
	Governmental Sign-Off	  	3(e)(i)(2)
		
	Improvements	  	1(a)
		
	Improvements	  	19(d)(ii)
		
	Independent Architect	  	19(d)
		
	Independent Consideration	  	2(a)
		
	Initial Deposit	  	2(a)
		
	Insignificant	  	19(d)(v)
		
	Intangibles	  	1(d)
		
	IRC	  	6(e)
		
	Knowledge	  	9(d)
		
	Laws	  	3(e)(6)
		
	Letter of Credit	  	2(a)(i)
		
	Liquidated Damages Amount	  	10(a)
		
	Major Subcontractors	  	19(e)(ii)
		
	Material Adverse Effect	  	3(a)(i)
		
	Material Adverse Effect Threshold	  	3(a)(i)
		
	Memorandum	  	15
		
	Official Records	  	6(c)(iii)
		
	Off-site Improvements	  	11(h)
		
	Operating Agreements	  	1(d)
		
	Outside Completion Date	  	19(h)(ii)
		
	Permit Approval Delay	  	19(b)
		
	Permit Condition Threshold	  	19(a)(i)
		
	Permit Conditions	  	19(a)
		
	Permits	  	19(a)
		
	Permitted Exceptions	  	3(a)(i)

  
 Page 58 

			
	DEFINED TERM	  	SECTION
	Personal Property	  	1(b)
		
	Plans	  	19(d)(ii)
		
	Preliminary Plans	  	19(c)
		
	Property	  	1(d)
		
	Punch List Holdback	  	3(e)(xiv)(7)
		
	Punch List Items	  	3(e)(xiv)(7)
		
	Purchase Price	  	2
		
	Real Property	  	Recitals-A
		
	Real Property	  	13
		
	Rentable Square Feet	  	21
		
	Rentable Square Footage	  	21
		
	Reserved Rights	  	9(c)
		
	Second Additional Deposit	  	2(a)
		
	Seller	  	Preamble
		
	Seller Change Order	  	19(d)(iii)
		
	Seller Closing Documents	  	9(c)
		
	Seller Parties	  	4(b)
		
	Seller Representations	  	9(c)
		
	Seller’s Architect	  	3(e)(i)(1)
		
	Seller’s Estimate Notice	  	19(d)(vi)
		
	Seller’s Plan Change Notice(s)	  	19(d)(v)
		
	Subdivision Approval	  	11(i)
		
	Subordination Non-Disturbance Agreement	  	22(b)
		
	Substantial Completion	  	3(e)(i)
		
	Substantial Completion Notice	  	3(e)(xiv)(1)
		
	Substantially Complete	  	3(e)(i)
		
	Substantially Completed	  	3(e)(i)
		
	Target Closing Date	  	5(a)
		
	Target Completion Date	  	19(h)(ii)

  
 Page 59 

			
	DEFINED TERM	  	SECTION
	Tenants	  	1(a)
		
	Third Additional Deposit	  	2(a)
		
	Title Commitment	  	3(a)(i)
		
	Title Company	  	3(a)(i)
		
	Title Policy	  	3(e)(x)
		
	Transactions	  	3(a)
		
	Tri Party Agreement	  	22(b)
		
	Underlying Purchase Agreement	  	3(e)(7)(xix)(1)
		
	Updated Survey	  	3(e)(ii)
		
	Updated Title Report	  	3(e)(ii)
		
	Warranties	  	11(k)
		
	Warranty Acknowledgment	  	24

  
 Page 60EX-10.26

 Exhibit 10.26 

AGREEMENT OF SALE 

This Agreement of Sale (this “Agreement”) is made as of this 5th day of
September, 2014 (the “Effective Date”), by and between IPT O’HARE DC LLC, a Delaware limited liability company (“Purchaser”), and IAC 1000 COUNTY LINE L.L.C., a Delaware limited liability company (“Seller”). 

W I T N E S S E T H: 

WHEREAS, Seller is the owner of the fee simple interest in certain real estate located in the City of Elmhurst, County of Du Page, State of
Illinois, which is more particularly described on Exhibit A attached to this Agreement (the “Land”), and the building erected on the Land, as well as all of Seller’s interest in the fixtures located therein and thereon
(together with all other buildings, improvements and structures, including, without limitation, parking facilities, located thereon, and appurtenances thereto, collectively, the “Improvements”); and 

WHEREAS, Seller has agreed to sell to Purchaser, and Purchaser has agreed to purchase from Seller, the Property (as hereinafter defined) upon
the terms and conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements of each
party contained herein, the parties hereto hereby mutually do covenant and agree as follows: 
 ARTICLE 1 

PROPERTY 
 The Land
and the Improvements, together with all of the following, are referred to herein, collectively, as the “Property”: 
 1.1 All
easements, permits, licenses and rights (whether or not of record), tenements, hereditaments, privileges, and appurtenances belonging or appertaining to the Land and the Improvements, and strips and rights-of-way (including public and private vehicular and pedestrian rights-of-way), if any, abutting, adjacent, contiguous to
or adjoining the Land. 
 1.2 All systems attached to or incorporated into the Land and the Improvements and used or useful in connection
with the operation of thereof, including, without limitation, all heating, ventilating, incinerating, lighting, plumbing, electrical and air-conditioning systems, and all hot water heaters, furnaces, heating
controls, motors and boiler pressure systems (collectively, the “Systems”). 
 1.3 All interest of Seller as the landlord under
that certain Industrial Lease dated October 21, 2011, between Seller, as landlord, and Navistar, Inc., a Delaware corporation (“Navistar”), as tenant, as amended by that certain First Amendment to Lease dated as of April 10,
2012, between Seller and Navistar (collectively, the “Navistar Lease”), together with, and subject to the provisions of Article 10, all rents and other sums due, accrued or to become due thereunder, after the Closing (as hereinafter
defined). 
 1.4 All assignable licenses, permits, certificates of occupancy and franchises issued by any federal, state, county or
municipal authority relating to the use, maintenance or operation of the Property, running to, or in favor of, Seller and/or the Property (collectively, the “Licenses and Permits”). 

1.5 All assignable unexpired warranties, guarantees and sureties received as to the construction and/or improvement of the Land, the
Improvements and/or the Systems (collectively, the “Guarantees”). 

 1.6 All tangible personal property currently used in the operation, repair and maintenance of all
or any portion of the Land and/or the Improvements (excluding, however, any tangible personal property which is owned by Navistar) (collectively, the “Personal Property”). 

1.7 The general ledger and chart of accounts regarding the Land and the Improvements and all manuals, if any, existing and in the possession
or reasonable control of Seller relating to the ownership, use, operation, construction, repair or maintenance of, or otherwise to, the Systems (collectively, the “Records”). 

ARTICLE 2 
 PURCHASE
AND SALE; PURCHASE PRICE; EARNEST MONEY 
 2.1 Subject to the terms and conditions contained herein, Seller agrees to sell to
Purchaser, and Purchaser agrees to purchase from Seller, the Property. The total purchase price (the “Purchase Price”) for the Property, subject to the provisions contained in this Agreement, shall be an amount equal to Twenty-seven
Million One Hundred Twenty-five Thousand and No/100 Dollars ($27,125,000.00), which Purchase Price, plus or minus prorations, as hereinafter provided, shall be payable in immediately available funds by wire transfer at the Closing. 

2.2 Purchaser, within two (2) business days after the Effective Date, shall deposit with the Title Company (as hereinafter defined), as
escrow agent, the amount of Five Hundred Thousand and No/100 Dollars ($500,000.00), which amount, together with all interest earned thereon, shall be referred to, collectively, as the “Earnest Money.” The Earnest Money shall be in the form
of a wire transfer of immediately available United States of America funds. If Purchaser shall not have so deposited the Earnest Money on a timely basis, as herein required, Seller may terminate this Agreement by written notice thereof to Purchaser,
whereupon no party shall have any further obligations to the other hereunder, except as otherwise herein provided. The Earnest Money shall be released to Seller or Purchaser or applied against the Purchase Price as herein provided. The Earnest Money
shall be held and disbursed by the Title Company, pursuant to an earnest money escrow agreement substantially in the form set forth on Exhibit C attached to this Agreement. At Purchaser’s sole election, the Earnest Money shall be
invested in a federally issued or insured interest bearing instrument and any and all interest earned thereon shall be paid to the party to which the Earnest Money shall be paid, pursuant to the provisions of this Agreement. If the transactions
contemplated hereby shall be consummated in accordance with the terms and conditions of this Agreement, the Earnest Money shall be applied to the Purchase Price at the Closing. 

ARTICLE 3 
 REVIEW OF
PROPERTY 
 3.1 On or prior to the Effective Date, Seller shall make available to Purchaser complete copies of any of the items that
are listed on Exhibit F attached to this Agreement and in the possession or reasonable control of Seller (collectively, the “Due Diligence Materials”). Seller shall make available the foregoing items (a) at all times on the
website of Broker (as hereinafter defined) (the “Due Diligence Website”) or (b) during normal business hours at the office of the Property and/or at the office of Seller located at 1849 Green Bay Road, 4th Floor, Highland Park, Illinois 60035. Purchaser shall give Seller written notice of one (1) business day prior to visiting the office of Seller to review any or all of such items. 

  
 2 

 Except as expressly set forth herein or in the documents delivered by Seller at Closing (the
“Closing Documents”), Seller expressly disclaims any and all liability for representations or warranties, express or implied, in any of the Proprietary Information (as hereinafter defined). Subject to the representations, warranties and
covenants of Seller expressly set forth herein or in the Closing Documents, Purchaser acknowledges and agrees that all Proprietary Information made available to Purchaser is being made available as a convenience and accommodation only and Purchaser
expressly disclaims any intent to rely on any such materials and agrees that it shall rely solely on its own independently developed or verified information. 

Purchaser agrees that all non-public documents and information regarding the Property of whatsoever nature made available to Purchaser or
Purchaser’s Consultants (as hereinafter defined) by Seller and/or any of Seller’s Parties (as hereinafter defined), expressly including, but not limited to, the Due Diligence Materials, and all written reports and summaries of the
Investigations (as hereinafter defined) performed on or at the Property, to the extent of any non-public information contained in such reports and/or summaries (collectively, the “Proprietary Information”), are proprietary and
confidential. Purchaser further agrees that all such Proprietary Information will be used solely for the purpose of evaluating the possible acquisition of the Property by Purchaser and will not be used or duplicated by Purchaser or Purchaser’s
Consultants for any other purpose. Purchaser shall keep all Proprietary Information strictly confidential; provided, however, that such Proprietary Information may be disclosed (i) to the extent the same can be demonstrated to be known to
Purchaser, Purchaser’s Consultants or the Related Parties (hereinafter defined) prior to its disclosure hereunder; (ii) to the extent the same becomes available to Purchaser, Purchaser’s Consultants or the Related Parties on a
non-confidential basis from sources other than Seller or any of Seller’s Parties; (iii) to the extent Purchaser, Purchaser’s Consultants or the Related Parties may be compelled to disclose the same by court order or applicable law; or
(iv) to such persons or entities who, because of their involvement with the proposed transaction, need to know such information for the purpose of giving advice with respect to, or for consummating, the proposed transaction (collectively, the
“Related Parties”); provided, further, however, that both Purchaser’s Consultants and the Related Parties shall be informed by Purchaser of the confidential nature of such information and shall be directed by Purchaser (and Purchaser
shall cause Purchaser’s Consultants and such Related Parties) to keep all such information in the strictest confidence and to use such information only in connection with the proposed transaction and in accordance with the terms of this
Agreement. In any event, Purchaser shall be responsible for Purchaser’s Consultants’ and the Related Parties’ compliance with the confidentiality provisions hereof. If, at any time, Purchaser elects not to proceed with the proposed
transaction, then, upon request of Seller, Purchaser promptly shall destroy or deliver to Seller all Proprietary Information, provided any such Proprietary Information delivered to Seller shall be delivered on an “as-is,” without warranty
or representation by Purchaser and without recourse to Purchaser. All obligations of Purchaser under this paragraph shall be referred to as the “Confidentiality Obligations.” Purchaser shall indemnify, protect, defend and hold
harmless Seller and Seller’s Parties, from and against any and all Losses (as hereinafter defined) suffered or sustained as the result of Purchaser’s breach of the Confidentiality Obligations. The indemnity, protection, defense and hold
harmless agreements in this paragraph shall survive the expiration or earlier termination of this Agreement for a period of one (1) year following the date of such expiration or earlier termination. For all purposes of this Agreement, the term
“Losses” shall be deemed to mean any claim, cause of action, loss, damage, cost and expense, including, without limitation, reasonable attorneys’ fees and court costs (collectively, “Losses”). The terms of this paragraph
shall in no event survive Closing. 
 3.2 Seller also shall provide Purchaser and its employees, agents, representatives, attorneys and
consultants (“Purchaser’s Consultants”) access to the Property, at any reasonable time, during 

  
 3 

 
normal business hours, upon reasonable prior written notice, from and after the Effective Date and until the Closing Date or earlier termination of this Agreement, pursuant to the applicable
terms and conditions hereof, to conduct such inspections, investigations, tests, studies, reports, analyses, appraisals, verifications and evaluations as to the Property, as Purchaser shall deem necessary in its commercially reasonable discretion,
subject to the remaining provisions hereof (collectively, the “Investigations”); provided, however, that the Investigations shall be conducted in a manner that will not unreasonably interfere with Seller, Navistar and/or other occupants of
all or any portion of the Property, from time to time (collectively, “Occupants”), and/or any of Seller’s Parties, and/or the operation of the business at the Property, of Seller, any Occupants and/or any of Seller’s Parties;
and, further, provided, however, that the Investigations shall not consist of any intrusive Investigations, including, without limitation, probes and/or borings, without Seller’s prior written approval, which may be granted or denied in
Seller’s sole and absolute discretion. Prior to the commencement of any Investigations as to the Property, Purchaser shall provide to Seller a work plan of the specific tasks to be performed on the Property, to the extent the preparation of a
work plan would be reasonably customary, so that Seller will have the opportunity to approve the Investigations prior to the same taking place, and have the opportunity to have a representative present during the Investigations, such right being
expressly reserved by Seller hereunder. Purchaser agrees to cooperate with any reasonable request by Seller in connection with the timing of any of the Investigations. If Purchaser and/or any of Purchaser’s Consultants shall desire to
communicate with Navistar as part of the Investigations, Purchaser shall notify Seller in writing of such desire, so that Seller will have the opportunity to have a representative present during such communication prior to the same taking place,
such right being expressly reserved by Seller. Purchaser will not deposit waste or debris at the Property. 
 Purchaser shall obtain or
cause Purchaser’s Consultants to obtain, at Purchaser’s sole cost and expense, a policy of general commercial liability insurance, with limits of not less than Two Million and No/100 Dollars ($2,000,000.00) combined single limit per
occurrence, for bodily injury and property damage liability, covering any and all liability of Purchaser with respect to or arising out of such Investigations, which policy of insurance shall name Seller and each of Seller’s Parties as an
additional insured party, and shall be issued by an insurance company authorized to do insurance business in the State of Illinois and rated not less than A-VIII in Best’s Insurance Guide or a Standard
and Poor’s claims paying ability rating of not less than AA. Prior to Purchaser’s or Purchaser’s Consultants’ first entry onto the Property for the purposes permitted under this Agreement, Purchaser shall provide Seller with
reasonably acceptable evidence of such insurance coverage. Any damage caused to the Property due to any Investigations shall be repaired by Purchaser at its sole cost and expense, if Purchaser shall elect not to consummate the transactions
contemplated hereby, pursuant to the provisions of this Agreement; provided, however, that Purchaser shall have no obligation to repair any damage to the extent caused by Seller’s negligence or misconduct, to remediate, contain, abate or
control any hazardous materials not placed on the Property by Purchaser or Purchaser’s Consultants, or to repair or restore any latent condition discovered by Purchaser or Purchaser’s Consultants (as long as Purchaser or Purchaser’s
Consultants take reasonable steps not to exacerbate such condition once discovered by Purchaser), or reimburse Seller for any of the foregoing. Also, Purchaser shall indemnify, protect, defend and hold harmless Seller, all of Seller’s lenders,
who then have an interest in the Property (collectively, “Lenders”), and all of their respective partners, directors, officers, shareholders, constituent members or partners, managers, sub-managers, trustees, beneficiaries, agents,
contractors, clients, invitees, employees, successors and assigns (collectively, with Seller, “Seller’s Parties”), from and against any and all Losses suffered due to any claim or cause of action that shall have arisen out of or
resulted from any Investigations, but expressly excluding Losses arising out of latent defects, the displacement or disturbance of materials not placed on the Property by Purchaser or Purchaser’s Consultants, the discovery of pre-existing
conditions, the negligence or misconduct of Seller, or any diminution in value in the 

  
 4 

 
Property arising from, or related to, matters discovered by Purchaser or Purchaser’s Consultants during the investigation of the Property not caused by the negligence or misconduct of
Purchaser or any of Purchaser’s Consultants. The indemnification, protection, defense and hold harmless agreements shall not be merged into this Agreement and shall survive the termination of this Agreement, if applicable. 

3.3 Notwithstanding anything to the contrary herein contained, except in connection with the preparation of a so-called “Phase I”
environmental report (a “Phase I”) as to the Property or as may be required by applicable law, Purchaser shall not contact any governmental official or representative regarding Hazardous Materials (as hereinafter defined) in, at, on, about
and/or under, or the environmental condition of, the Property, without Seller’s prior written consent, which may be granted or denied in Seller’s sole and absolute discretion. Also, if such consent of Seller shall have been obtained by
Purchaser, Seller shall be entitled to receive at least two (2) days’ prior written notice of any such intended contact with any such governmental official or representative and to have a representative of Seller present during any such
contact. As used herein, the term “Hazardous Materials” shall mean any substance, chemical, waste or material that is or shall become classified as hazardous or toxic under any applicable law and/or regulated by any federal, state or local
governmental authority, because of its toxicity, infectiousness, radioactivity, explosiveness, ignitability, corrosiveness or reactivity, including, without limitation, asbestos or any substance containing asbestos, the group of compounds known as
polychlorinated biphenyls, flammable explosives, oil, petroleum and/or any refined petroleum product. 
 3.4 Except as otherwise herein
provided, any reports, repairs and/or alterations with respect to the Property required by Purchaser, including, without limitation, the cost and expense thereof, shall be the sole responsibility of Purchaser, and, except as expressly provided
herein, Purchaser hereby agrees that there shall be no obligation on the part of Seller to make any reports, changes, alterations or repairs, cure any violations of applicable law or comply with the requirements of any insurer, with respect to the
Property. 
 ARTICLE 4 

TITLE AND SURVEY 

4.1 Purchaser, at Purchaser’s sole cost and expense, has obtained a commitment (the “Commitment”), from First American Title
Insurance Company, National Commercial Services, 30 N. LaSalle Street, Suite 2700, Chicago, Illinois 60602; Attention: John E. Beckstedt Jr. (the “Title Company”), to issue to Purchaser at the Closing, with respect to the Property, an ALTA
owner’s title insurance policy in the amount of the Purchase Price naming Purchaser as the proposed insured thereunder (such policy, subject only to the Permitted Exceptions (hereinafter defined), the “Title Policy”), which Commitment
obligates the Title Company to insure fee simple title to the Land and Improvements. 
 4.2 If the Commitment or Updated Survey (hereinafter
defined) is updated on or after the Effective Date, Purchaser shall have the right to deliver to Seller notice (an “Objection Notice”) regarding any objections Purchaser may have to any additional matter disclosed in such update (each, a
“New Objection Matter”). If Seller, within two (2) business days following delivery of an Objection Notice with respect to any New Objection Matters (the “New Objection Response Deadline”), shall fail to deliver a Seller
Response Notice with respect thereto or shall deliver a Seller Response Notice electing to not cure and remove any New Objection Matters disclosed therein, Purchaser shall have the option, exercisable within five (5) days after the New
Objection Response Deadline, by written notice thereof to Seller, to (a) accept the status of title to the Property, subject to such New Objection Matters that Seller has elected, or is deemed to have elected, to not cure and remove, and
proceed with this Agreement 

  
 5 

 
or (b) give written notice to Seller of Purchaser’s election to terminate this Agreement, whereupon the Earnest Money shall be returned to Purchaser and no party shall have any further
obligation to the other hereunder, except as otherwise herein provided; provided, however, that, if any New Objection Matter shall have been caused by a breach of a covenant of Seller under this Agreement, Purchaser also shall be entitled to any
other remedies to which Purchaser would be entitled under Section 8.1 of this Agreement. The matters disclosed in the Commitment, other than (i) those matters to which Purchaser has delivered an Objection Notice which are not subsequently
cured or waived, (ii) any delinquent taxes or assessments, and (iii) any standard printed exceptions, shall be the “Permitted Exceptions” hereunder. Notwithstanding anything to the contrary contained herein, no liens, judgments
or other similar matters (collectively, “Liens”) affecting the Land and/or the Improvements (other than installments of real and personal property taxes and liens for special improvements not delinquent as of the Closing) shall be
Permitted Exceptions (whether or not Purchaser expressly objects to such Liens) and, at or prior to Closing, Seller shall discharge and remove all of the following types of Liens (collectively, “Seller Liens”): (A) the liens of any
mortgage, trust deed or deed of trust evidencing an indebtedness owed by Seller or any affiliate of Seller; (B) tax liens for delinquent taxes or assessments; (C) broker’s liens pursuant to a written agreement between the broker and
Seller or any affiliate of Seller; and (D) any judgment liens against Seller or any affiliate Seller. Furthermore, at or prior to Closing, Seller shall procure title insurance over or bond over any Liens (other than installments of real and
personal property taxes and liens for special improvements not delinquent as of the Closing) that are not Seller Liens (“Other Liens”); provided, however, notwithstanding any such insurance or bonding over, Purchaser shall in no event be
required to accept title to the Property subject to any Other Liens and, in the event all Other Liens are not discharged and removed of record at or prior to Closing, Purchaser may, by written notice given to Seller prior to the Closing Date, (aa)
accept the status of title to the Property, subject to such Other Liens as insured or bonded over and proceed with this Agreement or (bb) give written notice to Seller of Purchaser’s election to terminate this Agreement, whereupon the Earnest
Money shall be returned to Purchaser and neither party shall have any further obligation to the other hereunder, except as otherwise herein provided; provided, however, that, if any Other Liens shall have been caused by a breach of a covenant of
Seller under this Agreement, Purchaser also shall be entitled to any other remedies to which Purchaser would be entitled under Section 8.1 of this Agreement. 

4.3 Purchaser, at its sole cost and expense, shall have the right, at its option, to cause the preparation of (a) an update to the
existing survey that shall have been delivered or made available to Purchaser in accordance with the provisions hereof or (b) a new survey, with respect to the Land and the Improvements that comprise each Property, prepared by a surveyor
licensed in the state in which such Land is situated (collectively, the “Updated Survey”). 
 ARTICLE 5 

CONDITIONS PRECEDENT TO CLOSING 

5.1 In addition to the satisfaction by Seller of the remaining obligations of Seller provided in this Agreement, Purchaser’s obligation
to consummate this Agreement is subject to satisfaction of all of the following conditions: 
  

	 	(a)	On the Closing Date, Seller shall not be in default in the performance of any covenant or agreement to be performed by Seller under this Agreement. 

 

	 	(b)	All representations and warranties made by Seller in this Agreement shall be materially true and correct as of the Effective Date and as of the Closing Date. 

  
 6 

	 	(c)	On the Closing Date, there shall exist no pending action, suit or proceeding with respect to Seller or the Property, before any court or administrative agency, which (i) adversely affect the Property in any
material respect or (ii) shall seek to restrain or prohibit, in whole or part, or to obtain damages or a discovery order with respect to, this Agreement or the consummation of the transactions contemplated hereby, other than any of the
foregoing that shall exist between Purchaser and Seller with respect to this Agreement and/or the transactions contemplated by this Agreement. 

  

	 	(d)	On or prior to the Closing Date, Seller shall have delivered to Purchaser the estoppel letter required by the Navistar Lease in the form set forth on Exhibit D attached to this Agreement, which estoppel letter
(i) shall have been executed by Navistar, (ii) shall be dated no earlier than thirty (30) days prior to the Closing Date and (iii) shall show no materially adverse matters or any matters inconsistent with the terms of the
Navistar Lease in any materially adverse respect. 

  

	 	(e)	As of the Closing Date, Navistar shall not have (i) terminated, or given written notice of its intent to terminate, the Navistar Lease, pursuant to the terms thereof, or otherwise, or (ii) vacated, abandoned,
ceased operations or filed for voluntary bankruptcy or be subject to an involuntary bankruptcy proceeding. 

  

	 	(f)	The Title Company shall issue (or shall be prepared and irrevocably and unconditionally committed to issue) the Title Policy, including, without limitation, a utility facilities endorsement acceptable to Purchaser.

  

	 	(g)	On or prior to the Closing Date, Seller shall have delivered to Purchaser the Additional Estoppels (hereinafter defined), if any. 

  

	 	(h)	The Updated Survey shall confirm to Purchaser’s satisfaction that (i) that portion of the Land identified as “Parcel 3” on Exhibit A attached hereto (“Parcel 3”) is contiguous with
that portion of the Land identified as “Parcel 2” on Exhibit A attached hereto (“Parcel 2”), (ii) that portion of the Land identified as “Parcel 4” on Exhibit A attached hereto (“Parcel 4”)
is contiguous with Parcel 3 and (iii) all utilities (including, without limitation, electric, gas, water and sewer) serving the Improvements are connected to public utility facilities through either or both of Parcel 3 and Parcel 4.

 If any condition specified in Paragraph 5.1(d), (f) or (g) is not satisfied on or before the Closing Date, either Purchaser or
Seller may extend the Closing Date for a sufficient time (but not to exceed fifteen (15) days) within which to cure or satisfy such condition and if Seller elects to extend the Closing Date, Seller promptly shall commence prosecution of such
cure or satisfaction and if any condition specified in any other provisions of this Paragraph 5.1 is not satisfied on or before the Closing Date, Purchaser may, at its option, and in its sole and absolute discretion, (a) extend the Closing Date
to allow Seller a sufficient time (but not to exceed fifteen (15) days) within which to cure or satisfy such condition, (b) waive any such condition either at the time originally established for Closing or at any time on or before the 15th
day thereafter and proceed to Closing without adjustment or abatement of the Purchase Price, or (c) terminate this Agreement by written notice thereof to Seller, whereupon the Earnest Money shall be returned to Purchaser and no party shall have
any further obligation to the other hereunder, except as otherwise herein provided. In addition to (and notwithstanding) the foregoing, if the failure of the condition is due to a breach by Seller hereunder, Purchaser also shall be entitled to any
other remedies to which Purchaser would be entitled under Section 8.1 of this Agreement. 

  
 7 

 5.2 In addition to the satisfaction by Purchaser of the remaining obligations of Purchaser
provided in this Agreement, Seller’s obligation to consummate this Agreement is subject to satisfaction of all of the following conditions: 
  

	 	(a)	On the Closing Date, Purchaser shall not be in default in the performance of any covenant or agreement to be performed by Purchaser under this Agreement. 

 

	 	(b)	All representations and warranties made by Purchaser in this Agreement shall be materially true and correct as of the Effective Date and as of the Closing Date. 

 

	 	(c)	On the Closing Date, there shall exist no pending action, suit or proceeding with respect to Purchaser, before any court or administrative agency, which shall seek to restrain or prohibit, in whole or part, or to obtain
damages or a discovery order with respect to, this Agreement or the consummation of the transactions contemplated hereby, other than any of the foregoing that shall exist between Purchaser and Seller with respect to this Agreement and/or the
transactions contemplated by this Agreement. 

 If any condition specified in Paragraph 5.2 is not satisfied on or before the Closing Date,
Seller may, at its option, and in its sole and absolute discretion, (a) waive any such condition and proceed to Closing without adjustment or abatement of the Purchase Price, or (b) terminate this Agreement by written notice thereof to
Seller, whereupon the Earnest Money shall be returned to Purchaser and no party shall have any further obligation to the other hereunder, except as otherwise herein provided. Notwithstanding the foregoing, if the failure of the condition is due to a
breach by Purchaser hereunder, Seller may pursue any of the remedies that may be available to Seller under Article 8 hereof with respect to such breach. 

ARTICLE 6 
 CLOSING

 6.1 Provided that all conditions precedent set forth in this Agreement first shall have been satisfied (or waived pursuant to the
terms hereof), the consummation of the transactions contemplated by this Agreement (the “Closing”) shall take place at the Chicago, Illinois office of the Title Company on September 17, 2014 (the “Closing Date”). Purchaser
and Seller and their respective employees, agents, attorneys and consultants shall cooperate with each other to facilitate the consummation of the transactions contemplated hereby on or before the Closing Date, whereupon Purchaser agrees to pay the
cash portion of the Purchase Price, by timely delivering the same to the Title Company no later than 12:00 p.m., Central Time, on the Closing Date. 

6.2 The Closing, as well as the disbursement of funds in connection with the transactions contemplated hereby, shall take place simultaneously
through the Title Company by means of a so-called “New York style closing”. For purposes of this Agreement, a “New York style closing” shall be a closing with the concurrent delivery of the documents of title, transfer of
interests, delivery of the Title Policy and payment of the Purchase Price. 
 6.3 From and after the Effective Date, Seller shall use all
good faith and commercially reasonable efforts to promptly (and in all events prior to the originally scheduled Closing Date) satisfy the 

  
 8 

 
collateral substitution requirements of its lender outlined in the loan documents evidencing and/or securing the mortgage loan that presently encumbers the Property (the “Substitution
Requirements”). In the event Seller, despite its good faith and commercially reasonable efforts, is unable to satisfy the Substitution Requirements on or prior to the business day immediately preceding the originally scheduled Closing Date,
Seller shall have the right to extend the Closing Date for up to ten (10) days to satisfy the Substitution Requirements by delivering to Purchaser on such business day immediately preceding the originally scheduled Closing Date written notice
of such extension and the Closing Date as so extended. 
 ARTICLE 7 

REPRESENTATIONS, WARRANTIES, AND COVENANTS 

7.1 Seller represents and warrants to Purchaser as follows: 
  

	 	(a)	There are no agreements entitling any person to occupy or use any portion of the Property, other than the Navistar Lease and the copy of the Navistar Lease made available by Seller to Purchaser in connection herewith is
a true, complete and correct copy thereof. 

  

	 	(b)	All rental and other payments due under the Navistar Lease, as of the Effective Date, have been paid in full; no rents or other payments due thereunder have been collected more than one (1) month in advance and no
rents or other deposits are held by Seller, except for prepaid rent for the current month. 

  

	 	(c)	To the best knowledge of Seller, as of the Effective Date, Navistar is not in default under the Navistar Lease, and Seller has complied with the applicable terms and conditions of the Navistar Lease in all material
respects. 

  

	 	(d)	All leasing commissions and all tenant improvement obligations, concessions and other tenant inducements with respect to the Navistar Lease and/or the Property, have been fully paid and satisfied by Seller and no such
commissions, obligations, concessions or inducements shall become payable in the future. 

  

	 	(e)	Seller has not received any written notice, and Seller has no knowledge, of any (i) reduction or curtailment of any utility service supplied to the Property; (ii) pending or threatened legal action of any kind
involving the Property or affecting Seller’s ability to consummate the transactions contemplated by this Agreement; (iii) violation of any ordinance, statute, regulation or law affecting the Property; (iv) cancellation or suspension
of any certificates of occupancy for any portion of the Land or the Improvements or (v) reassessments for real estate tax purposes affecting the Property. Except as set forth in any environmental report delivered by Seller to Purchaser in
connection herewith, Seller has not, and to Seller’s knowledge, no other person or tenant has used, generated, processed, stored, released, discharged, transported or disposed Hazardous Materials on the Property except for use and storage in
compliance with all applicable laws. 

  

	 	(f)	The service and maintenance contracts and equipment leases, for purposes of operating the Property, listed on Exhibit B attached to this Agreement (collectively, the “Service Contracts”) constitute all
of the service and maintenance contracts, and equipment leases, in effect as of the Effective Date, for purposes of operating the Property, and neither Seller nor, to the best knowledge of Seller, any other party thereto, is in default in any
material respect under any of the Service Contracts, beyond all applicable notice and/or cure periods therein provided. The copies of the Service Contracts made available by Seller to Purchaser are true, complete and correct copies thereof.

  
 9 

	 	(g)	There are no actions, suits or proceedings pending or, to the best knowledge of Seller, threatened against or relating to Seller and/or the Property in any court or before any administrative agency, which, if ruled
against Seller or the Property, as the case may be, would have a materially adverse effect on Seller or the Property, as the case may be. 

  

	 	(h)	Neither Seller nor the Property is subject to any right of first refusal, redemption right, option to purchase or management or leasing agreement in favor of any third party with respect to the Property, other than
management and leasing agreement with an affiliate of Seller that will be cancelled on or prior to the Closing Date. 

  

	 	(i)	Seller has obtained or has the requisite authority to execute this Agreement and to consummate the same, and upon execution of this Agreement, the same shall be binding upon and enforceable against Seller in accordance
with its terms. Seller is a limited liability company duly organized, validly existing and in good standing under the laws of the state of its organization and the state in which the Land is located. Seller never has existed or operated under any
other name. To Seller’s knowledge, Seller has made all filings necessary in the state in which the Property is located to own and operate the Property. Each of the persons and entities signing this Agreement and the other documents contemplated
by this Agreement on behalf of Seller has the legal right, power and authority to bind Seller. 

  

	 	(j)	There are no petitions, whether voluntary, or otherwise, pending, on behalf of, against, or, to the best knowledge of Seller, threatened against, Seller or Seller’s sole member and manager, under the bankruptcy
laws of the United States or under any insolvency, bankruptcy or receivership laws of any state or other jurisdiction, and, to the best knowledge of Seller, all items required, as of the Effective Date, to have been filed, pursuant to any applicable
law, judgment, order, writ, injunction, decree, rule or regulation of any court, administrative agency or other governmental authority, or any determination or award of any arbitrator, have been filed in accordance with the same. 

 

	 	(k)	There are no employees of Seller and/or the Property or employment contracts or employment obligations to which Seller and/or the Property and/or subsequent owners thereof are or shall be obligated. 

 

	 	(l)	None of the execution, delivery and/or performance of this Agreement (or of any document or instrument to be executed or delivered pursuant to the terms hereof) will result in the violation of any contractual obligation
of Seller to any third party, or conflict with, constitute an event of default under, or result in a breach or violation of, any such document or instrument, or of any applicable law, judgment, order, writ, injunction, decree, rule or regulation of
any court, administrative agency or other governmental authority, or any determination or award of any arbitrator, which would have an adverse effect on Seller and/or the Property in any material respect. 

 

	 	(m)	To the best knowledge of Seller, the Due Diligence Materials and all other documents and materials to be delivered to Purchaser in accordance with the terms and conditions of this Agreement are complete, and constitute
all of such documents and materials. 

  
 10 

	 	(n)	There is no ongoing appeal with respect to taxes or special assessments on the Property for any year, and any consultants engaged to perform work with respect to appeals of taxes or special assessments on the Property
have been paid in full. 

  

	 	(o)	Seller is not a foreign person, foreign corporation, foreign partnership, foreign trust or foreign estate, as those terms are defined in (a) the Internal Revenue Code of 1986, as amended, and the corresponding
income tax regulations, and (b) similar provisions of state law. Purchaser has no duty to collect withholding taxes for Seller pursuant to the Foreign Investors Real Property Tax Act of 1980, as amended, or any applicable foreign, state, or
local law. Seller is not a Prohibited Person (hereinafter defined). To Seller’s knowledge, none of its investors, affiliates or brokers or other agents (if any), acting or benefiting in any capacity in connection with this Agreement is a
Prohibited Person. The assets Seller will transfer to Purchaser under this Agreement are not the property of, and are not beneficially owned, directly or indirectly, by a Prohibited Person. The assets Seller will transfer to Purchaser under this
Agreement are not the proceeds of specified unlawful activity as defined by 18 U.S.C. §1956(c)(7). For purposes of this Agreement, “Prohibited Person” means any of the following: (a) a person or entity that is listed in the Annex
to, or is otherwise subject to the provisions of, Executive Order No. 13224 on Terrorist Financing (effective September 24, 2001) (the “Executive Order”); (b) a person or entity owned or controlled by, or acting for or on
behalf of any person or entity that is listed in the Annex to, or is otherwise subject to the provisions of, the Executive Order; (c) a person or entity that is named as a “specially designated national” or “blocked person”
on the most current list published by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) at its official website, http://www.treas.gov/offices/enforcement/ofac; (d) a person or entity that is otherwise the
target of any economic sanctions program currently administered by OFAC; or (e) a person or entity that is affiliated with any person or entity identified in clause (a), (b), (c) and/or (d) above. 

Seller will not cause or suffer any action to be taken which would cause any of the representations or warranties of Seller to be untrue as of
the Closing Date. All of the representations and warranties contained in this Paragraph 7.1 shall be deemed to be remade by Seller as of the Closing Date, which representations and warranties shall not be merged into this Agreement and shall survive
the Closing or the termination of this Agreement, as applicable, and run in favor of, and benefit, Purchaser and its successors and permitted assigns, for a period of nine (9) months from the Closing Date except in the event Purchaser provides
Seller with written notice of any claims prior to the end of such 9-month period, in which event Seller’s liability hereunder shall continue with respect to such claims until such time as (i) such claim(s) have been adjudicated by a court
of competent jurisdiction resulting in a final, non-appealable judgment (or, alternatively, the party entitled to appeal any judgment has waived the right to do so in writing), (ii) such claims have been settled pursuant to a written settlement
agreement between Seller and Purchaser or (iii) tolled by applicable statutes of limitation (the “Survival Period”). For purposes hereof, any reference to “knowledge” or “best knowledge” of Seller shall mean the
actual knowledge as of the date of such statement of Larry Krasner and Ray Young (and any individuals who hereafter shall assume all or substantially all of the duties and responsibilities of such individuals), without any independent duty of
diligence or investigation, or any constructive, imputed and/or deemed knowledge, which individuals, under no circumstances, shall be subject to any personal liability of any kind whatsoever. 

  
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 If, at or prior to the Closing, Seller shall obtain knowledge that any of the representations or
warranties made herein by Seller shall be untrue, inaccurate and/or incorrect in any material respect, Seller shall give Purchaser written notice thereof within two (2) business days of obtaining such knowledge (but, in any event, prior to the
Closing) and Seller shall have the right to cure such breach prior to Closing and shall be entitled to a reasonable adjournment of the Closing (not to exceed five (5) business days) for such purpose. If Seller shall be unable to so cure any
such breach to the sole satisfaction of Purchaser, then Purchaser, as its sole and exclusive remedy, as a result of any such breach, shall elect, by giving written notice to Seller, on or prior to the Closing Date, to either (a) waive such
breach and consummate the transactions contemplated hereby, without any reduction of or credit against the Purchase Price, (b) terminate this Agreement, as of the date of such notice, and receive a refund of the Earnest Money, whereupon no
party shall have any further obligations to the other hereunder, except as otherwise herein provided or (c) to the extent that any such untruth or inaccuracy is caused as a result of a breach by Seller of this Agreement, Purchaser also shall be
entitled to any other remedies to which Purchaser would be entitled under Section 8.1 of this Agreement. 
 Seller shall be liable to
Purchaser hereunder for a breach of a representation and warranty made by Seller herein only through the Survival Period. Notwithstanding anything to the contrary herein contained, the maximum aggregate liability of Seller for any breach(es) of the
representations and warranties made by Seller herein or in any Closing Documents shall be limited to Five Hundred Thousand and No/100 Dollars ($500,000.00) and Purchaser shall have no right to proceed against Seller with respect to any such breaches
unless and until such breaches result in a claims by Purchaser aggregating not less than Twenty-five Thousand and No/100 Dollars ($25,000.00). Notwithstanding the foregoing, however, if the Closing shall have occurred, Purchaser hereby expressly
waives, relinquishes and releases any right and/or remedy available to it at law, in equity and/or under this Agreement, to make a claim against Seller for damages that Purchaser may incur, or to rescind this Agreement and the transactions
contemplated by this Agreement, as a result of any representation and/or warranty of Seller being untrue, inaccurate and/or incorrect, if and to the extent Purchaser had knowledge or is deemed to have knowledge of such untruth, inaccuracy and/or
incorrectness of such representation or warranty prior to Closing. For purposes of the immediately preceding sentence, (i) any reference to “knowledge” of Purchaser shall mean the actual knowledge of Betsy Kennett, Andrew Forsyth and
Dave Fazekas (and any individuals who hereafter shall assume all or substantially all of the duties and responsibilities of such individuals), without any independent duty of diligence or investigation, or any constructive, imputed and/or deemed
knowledge, which individuals, under no circumstances, shall be subject to any personal liability of any kind whatsoever and (ii) Purchaser shall be “deemed to have knowledge” of a fact or circumstance, only to the extent that fact or
circumstance is disclosed in (a) this Agreement, (b) the Due Diligence Materials that are continuously posted on the Due Diligence Website as of the Effective Date and through the Closing Date, (c) any estoppel certificates executed
by Navistar and delivered to Purchaser in accordance with the terms and conditions of this Agreement or (d) any final, written tests, studies, reports, analyses, appraisals, verifications and/or evaluations prepared by or for Purchaser and
delivered to Purchaser. 
 7.2 Purchaser represents and warrants to Seller as follows: 

 

	 	(a)	There are no actions, suits or proceedings pending or, to the best knowledge of Purchaser, threatened against or relating to Purchaser in any court or before any administrative agency that would affect the ability of
Purchaser to consummate the transactions contemplated hereunder. 

  

	 	(b)	Purchaser has obtained or has the requisite authority to execute this Agreement and to consummate the same, and upon execution hereof, this Agreement shall be binding upon and enforceable against Purchaser in accordance
with its terms. 

  
 12 

	 	(c)	To the best knowledge of Purchaser, none of the execution, delivery or performance of this Agreement (or of any document or instrument to be executed or delivered pursuant to the terms hereof) will result in the
violation of any contractual obligation of Purchaser to any third party, or conflict with, constitute an event of default under, or result in a breach or violation of, any such document or instrument, or of any applicable law, judgment, order, writ,
injunction, decree, rule or regulation of any court, administrative agency or other governmental authority, or any determination or award of any arbitrator. 

All of the representations and warranties contained in this Paragraph 7.2 shall be deemed to be remade by Purchaser effective as of the
Closing Date, which representations and warranties shall not merge into this Agreement or the deed conveying the Land and Improvements, shall survive the Closing or the termination of this Agreement, as applicable, and run in favor of, and benefit,
Seller and its successors and assigns, for a period of nine (9) months from the Closing Date. Purchaser shall have the right to cure any breach of any of the representations and warranties contained in this Paragraph 7.2 prior to Closing and
shall be entitled to a reasonable adjournment of the Closing (not to exceed five (5) business days) for such purpose. 
 7.3 Seller
covenants and agrees with Purchaser that, after the Effective Date, up to the Closing, Seller shall conduct its business involving the Property as follows, and during such period will satisfy the following: 

 

	 	(a)	Seller shall continue to operate, maintain, repair and/or replace the Property in the same manner as on the Effective Date in all material respects, subject to ordinary wear and tear; provided, however, that Seller
shall have no duty to repair, replace and/or restore the Property upon any damage or destruction, or condemnation, except as otherwise herein provided or as required pursuant to law or the Navistar Lease. 

 

	 	(b)	Seller shall refrain from entering into or amending any agreement regarding the Property, including, without limitation any Service Contract and the Navistar Lease, without having first obtained the prior written
approval of Purchaser, which approval may be given or withheld by Purchaser in its sole and absolute discretion, unless such contract could be terminated by Seller, without penalty, upon not more than thirty (30) days’ notice
(collectively, “New Service Contracts”), and will not be binding on Purchaser or the Property following Closing; provided, however, that, if Purchaser shall not have notified Seller in writing of Purchaser’s approval or disapproval of
any prospective New Service Contract, within five (5) days after receipt thereof, then the same shall be deemed to have been approved by Purchaser. Seller shall deliver to Purchaser a fully signed counterpart of any New Service Contract
promptly upon the full execution and delivery thereof by the parties to such New Service Contract. 

  

	 	(c)	Seller shall maintain the insurance coverage in effect as of the Effective Date. 

  

	 	(d)	From the Effective Date through the Closing, Seller will not discuss or negotiate with any third party the sale or other disposition of any of the Property, or enter into any contract (whether binding or not) regarding
any sale or other disposition of the Property or otherwise encumber or assign any right or interest in the Property. 

  
 13 

	 	(e)	Prior to Closing, Seller shall, at Seller’s sole cost and expense, obtain any documentary stamps, if any, required in connection with the Deed (hereinafter defined) and conduct any inspections and make and repairs
and corrections that may be required in connection therewith or as may be required by law in connection with the transfer of the Property. 

  

	 	(f)	Seller shall terminate as required pursuant thereto, effective as of the Closing, any and all Service Contracts (including, without limitation, New Service Contracts). Seller shall pay all termination costs, liquidated
damages, fees and/or expenses related to the Service Contracts. 

  

	 	(g)	All employees of Seller and Seller’s property managers and leasing agents, if any, shall have their employment at the Property terminated and shall be paid current by Seller through Closing, including accrued
vacation and other benefits. Seller shall be responsible for, and indemnify, protect, hold harmless and defend Purchaser with respect to, any Losses arising from any WARN Act claims, if applicable. 

 

	 	(h)	No later than four (4) business days after the Effective Date, Seller shall request an estoppel certificate from Navistar (and any guarantor of Navistar’s obligations under the Navistar Lease) substantially in
the form attached hereto as Exhibit D. Seller shall use commercially reasonable efforts to obtain and deliver such estoppel certificate signed by Navistar and such guarantor to Purchaser on or before three (3) business days prior to
Closing. Seller shall provide Purchaser with an opportunity to review the estoppel certificate prior to submitting same to Navistar and such guarantor; provided, however, that, if Purchaser shall not have objected to such estoppel certificate, by
delivering written notice of such objection to Seller, within two (2) business days following delivery of such estoppel certificate by Seller to Purchaser, Purchaser shall be deemed to have approved such estoppel certificate in the form so
delivered to Purchaser. Seller shall deliver the signed estoppel certificate promptly upon Seller’s receipt. 

  

	 	(i)	No later than two (2) business days following receipt of the form(s) for same from Purchaser, Seller shall request estoppel certificates from all parties (other than Seller) to any reciprocal easement agreements,
park declarations or similar instruments encumbering the Land (each, an “Additional Estoppel”). Seller shall use commercially reasonable efforts to obtain and deliver each Additional Estoppel to Purchaser on or before three
(3) business days prior to Closing. Seller shall deliver any third party signed Additional Estoppels to Purchaser promptly upon Seller’s receipt. Seller shall reasonably facilitate Purchaser contacting any applicable third parties
regarding the Additional Estoppels for purposes of, among other things, negotiating and obtaining such Additional Estoppels. No Additional Estoppels shall show any matters, including, without limitation, any default or purported default thereunder
by any party, which would have a material adverse effect on the Property or the current use or operation of the Property or the cost of any of the foregoing. 

  
 14 

 7.4 Purchaser hereby covenants and agrees with Seller as follows: 

 

	 	(a)	SUBJECT TO ANY APPLICABLE REPRESENTATIONS OR WARRANTIES MADE HEREIN OR IN THE CLOSING DOCUMENTS BY SELLER AND ANY COVENANTS, OBLIGATIONS AND LIABILITIES OF SELLER HEREIN OR IN THE CLOSING DOCUMENTS AND THE RIGHTS AND
REMEDIES OF PURCHASER WITH RESPECT THERETO, PURCHASER SHALL PURCHASE THE PROPERTY FROM SELLER “AS IS” ,“WHERE IS,” AND “WITH ALL FAULTS”, ON ALL OF TERMS AND CONDITIONS HEREIN CONTAINED, WITHOUT ANY REPRESENTATION,
WARRANTY OR COVENANT OF ANY KIND OR NATURE, EXPRESS, IMPLIED, OR OTHERWISE, OF, BY OR FROM SELLER, OR ANY PERSON ACTING BY, THROUGH OR UNDER SELLER, INCLUDING, BUT NOT LIMITED TO, ANY OF SELLER’S PARTIES, BASED ON THE INVESTIGATIONS AS TO THE
DUE DILIGENCE MATERIALS AND THE PROPERTY, WITH NO RIGHT OF SETOFF OR REDUCTION OF THE PURCHASE PRICE. 

  

	 	(b)	 SUBJECT TO ANY APPLICABLE REPRESENTATIONS OR WARRANTIES MADE HEREIN OR IN THE CLOSING DOCUMENTS BY SELLER AND ANY COVENANTS, OBLIGATIONS AND
LIABILITIES OF SELLER HEREIN OR IN THE CLOSING DOCUMENTS AND THE RIGHTS AND REMEDIES OF PURCHASER WITH RESPECT THERETO, NONE OF SELLER OR ANY OF SELLER’S PARTIES HAS OR SHALL BE DEEMED TO HAVE MADE ANY VERBAL OR WRITTEN REPRESENTATIONS,
WARRANTIES, PROMISES OR GUARANTEES (WHETHER EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE) TO PURCHASER AS TO (I) SELLER, (II) THE PROPERTY, (III) ANY MATTER SET FORTH IN, CONTAINED IN AND/OR ADDRESSED BY AND/OR IN THE DUE DILIGENCE MATERIALS
(INCLUDING, BUT NOT LIMITED TO, THE ACCURACY AND COMPLETENESS THEREOF) AND/OR (VI) THE RESULTS OF ANY OF THE INVESTIGATIONS. PURCHASER SPECIFICALLY ACKNOWLEDGES THAT, EXCEPT FOR ANY APPLICABLE REPRESENTATIONS OR WARRANTIES MADE HEREIN OR IN THE
CLOSING DOCUMENTS BY SELLER, PURCHASER SHALL NOT RELY UPON (AND SELLER AND EACH OF SELLER’S PARTIES HEREBY DOES DISCLAIM AND RENOUNCE) ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND OR NATURE WHATSOEVER, WHETHER ORAL OR WRITTEN, EXPRESS,
IMPLIED, STATUTORY OR OTHERWISE, FROM SELLER OR ANY OF SELLER’S PARTIES, WITH RESPECT TO (A) THE OPERATION OF THE PROPERTY, AND/OR THE INCOME POTENTIAL, USES AND/OR THE MERCHANTABILITY, SUITABILITY, HABITABILITY, QUALITY OF CONSTRUCTION
AND/OR FITNESS OF THE PROPERTY FOR A PARTICULAR PURPOSE, (B) THE PHYSICAL CONDITION OF THE PROPERTY AND/OR THE CONDITION AND/OR SAFETY OF THE PROPERTY, INCLUDING, BUT NOT LIMITED TO, PLUMBING, SEWER, HEATING, VENTILATING AND ELECTRICAL SYSTEMS,
ROOFING, AIR CONDITIONING, FOUNDATIONS, SOILS, GEOLOGY AND/OR LOT SIZE, (C) THE PRESENCE, ABSENCE, LOCATION AND/OR SCOPE OF ANY HAZARDOUS MATERIALS IN, AT, ON, ABOUT AND/OR UNDER THE PROPERTY, (D) WHETHER THE IMPROVEMENTS ARE STRUCTURALLY
SOUND, IN GOOD CONDITION, AND/OR IN COMPLIANCE WITH APPLICABLE MUNICIPAL, COUNTY, STATE OR FEDERAL STATUTES, CODES, ORDINANCES, LAWS, RULES AND/OR 

  
 15 

	 	
REGULATIONS IN EFFECT AS OF THE EFFECTIVE DATE, AS THE SAME HEREAFTER MAY BE AMENDED, FROM TIME TO TIME (COLLECTIVELY, THE “LAWS”), (E) THE ACCURACY OF ANY STATEMENTS, CALCULATIONS
AND/OR CONDITIONS STATED OR SET FORTH IN ANY OF THE DUE DILIGENCE MATERIALS, (F) THE DIMENSIONS OF THE PROPERTY AND/OR THE ACCURACY OF ANY FLOOR PLANS, SQUARE FOOTAGE, ABSTRACTS, SKETCHES, REVENUE AND/OR EXPENSE PROJECTIONS AS TO THE PROPERTY,
(G) THE OPERATING PERFORMANCE, INCOME, EXPENSES AND/OR ECONOMIC STATUS OF THE PROPERTY, (H) THE ABILITY OF PURCHASER TO OBTAIN ANY AND ALL NECESSARY GOVERNMENTAL APPROVALS OR PERMITS FOR PURCHASER’S INTENDED USE, OPERATION,
DEVELOPMENT AND/OR REDEVELOPMENT OF THE PROPERTY AND (I) THE LEASING STATUS OF THE PROPERTY AND/OR THE INTENTIONS OF ANY PARTIES AS TO THE NEGOTIATION AND/OR EXECUTION OF ANY LEASE FOR ANY PORTION OF THE PROPERTY. 

 

	 	(c)	 SUBJECT TO ANY APPLICABLE REPRESENTATIONS OR WARRANTIES MADE HEREIN OR IN THE CLOSING DOCUMENTS BY SELLER AND ANY COVENANTS, OBLIGATIONS AND
LIABILITIES OF SELLER HEREIN OR IN THE CLOSING DOCUMENTS AND THE RIGHTS AND REMEDIES OF PURCHASER WITH RESPECT THERETO, PURCHASER, FOR PURCHASER AND ITS SUCCESSORS AND PERMITTED ASSIGNS HEREUNDER, HEREBY EXPRESSLY RELEASES SELLER AND EACH OF SELLER
PARTIES, FROM, AND WAIVES ALL CLAIMS AND LIABILITIES HEREUNDER OR UNDER THE CLOSING DOCUMENTS AGAINST, SELLER AND EACH OF SELLER PARTIES, FOR, OR ATTRIBUTABLE TO (I) ANY AND ALL STATEMENTS OR OPINIONS HERETOFORE OR HEREAFTER MADE, OR
INFORMATION FURNISHED, BY SELLER AND/OR SELLER’S PARTIES TO PURCHASER AND/OR PURCHASER’S CONSULTANTS, AND (II) ANY AND ALL LOSSES ATTRIBUTABLE TO SELLER, THE PROPERTY AND/OR THE DUE DILIGENCE MATERIALS, WHETHER ARISING OR ACCRUING BEFORE,
ON OR AFTER THE EFFECTIVE DATE, AND WHETHER ATTRIBUTABLE TO EVENTS OR CIRCUMSTANCES THAT HERETOFORE OR HEREAFTER MAY OCCUR, INCLUDING, WITHOUT LIMITATION, THE FOLLOWING: (A) ALL LOSSES WITH RESPECT TO THE STRUCTURAL, ECONOMIC, PHYSICAL,
GEOTECHNICAL AND/OR ENVIRONMENTAL CONDITION OF THE PROPERTY AND (B) ALL LOSSES RELATING TO THE RELEASE, PRESENCE, DISCOVERY AND/OR REMOVAL OF ANY HAZARDOUS MATERIALS IN, AT, ON, ABOUT AND/OR UNDER THE PROPERTY, AND/OR CONNECTED WITH AND/OR
ARISING OUT OF ANY AND ALL CLAIMS OR CAUSES OF ACTION BASED ON ANY APPLICABLE ENVIRONMENTAL LAWS, INCLUDING, WITHOUT LIMITATION, THE RESOURCE CONSERVATION AND RECOVERY ACT OF 1976, 42 U.S.C. § 6901 ET SEQ., AND/OR ANY RELATED CLAIMS
AND/OR CAUSES OF ACTION, AND/OR ANY OTHER FEDERAL, STATE OR MUNICIPAL BASED STATUTORY OR REGULATORY CAUSE OF ACTION FOR ENVIRONMENTAL CONTAMINATION AT, IN, ON, ABOUT AND/OR UNDER THE PROPERTY, AND (C) ANY VIOLATIONS OF LAWS WITH RESPECT TO THE
PROPERTY AND/OR THE USE AND/OR OPERATION OF THE PROPERTY. 

  
 16 

	 	
PURCHASER ALSO HEREBY EXPRESSLY WAIVES THE BENEFITS OF ANY LAW THAT PROVIDES MATERIALLY AS FOLLOWS: 

“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THE CREDITOR DOES NOT KNOW TO EXIST IN THE CREDITOR’S FAVOR AT THE TIME
OF EXECUTING THE RELEASE, WHICH IF KNOWN TO THE CREDITOR MUST HAVE MATERIALLY AFFECTED THE SETTLEMENT WITH THE DEBTOR.” 
 IN THIS
CONNECTION AND TO THE EXTENT PERMITTED BY ANY LAW, PURCHASER HEREBY AGREES, REPRESENTS AND WARRANTS THAT PURCHASER REALIZES AND ACKNOWLEDGES THAT FACTUAL MATTERS NOW UNKNOWN TO PURCHASER MAY HAVE GIVEN OR HEREAFTER MAY GIVE RISE TO LOSSES THAT
PRESENTLY ARE UNKNOWN, UNANTICIPATED AND UNSUSPECTED, AND PURCHASER FURTHER AGREES, REPRESENTS AND WARRANTS THAT THE WAIVERS AND RELEASES HEREIN GIVEN BY PURCHASER HAVE BEEN NEGOTIATED AND AGREED UPON IN LIGHT OF THAT REALIZATION. NOTWITHSTANDING
THE FOREGOING, SELLER IS AND SHALL REMAIN LIABLE FOR ALL OF ITS COVENANTS, REPRESENTATIONS AND WARRANTIES, AS AND TO THE EXTENT SET FORTH IN THIS AGREEMENT AND/OR THE CLOSING DOCUMENTS. FURTHERMORE, NOTHING CONTAINED HEREIN SHALL PROHIBIT PURCHASER
FROM FILING A CROSS-CLAIM AGAINST SELLER IN CONNECTION WITH, OR JOINING OR INTERPLEADING SELLER IN, A LAWSUIT FILED AGAINST PURCHASER RELATING TO THE PROPERTY WITH RESPECT CLAIMS FOR WHICH SELLER WOULD BE RESPONSIBLE, IN WHOLE OR IN PART, PURSUANT
TO THIS AGREEMENT, AND FILED PRIOR TO THE EXPIRATION OF THE SURVIVAL PERIOD. 
 SELLER’S INITIALS: /s/ LK
                PURCHASER’S INITIALS: /s/ AK 

SELLER HAS GIVEN PURCHASER MATERIAL CONCESSIONS REGARDING THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT IN EXCHANGE FOR THE AGREEMENT BY
PURCHASER TO THE PROVISIONS OF THIS SUBPARAGRAPH. SELLER AND PURCHASER EACH HAS INITIALED THIS SUBPARAGRAPH TO FURTHER INDICATE THEIR RESPECTIVE AWARENESS AND ACCEPTANCE OF EACH AND EVERY PROVISION HEREOF. FURTHERMORE, PURCHASER ACKNOWLEDGES AND
AGREES THAT THE PROVISIONS OF THIS SUBPARAGRAPH WERE A MATERIAL FACTOR IN SELLER’S ACCEPTANCE OF THE PURCHASE PRICE, AND SELLER WOULD BE UNWILLING TO CONSUMMATE THE TRANSACTIONS CONTEMPLATED HEREBY, UNLESS SELLER AND SELLER PARTIES SHALL BE
RELEASED AS EXPRESSLY SET FORTH IN THIS SUBPARAGRAPH. 

  
 17 

 ARTICLE 8 

DEFAULTS 
 8.1 If
there shall be a default by Seller hereunder, and such default shall not have been cured on the earlier of (i) the date that is five (5) days after Purchaser shall have given written notice thereof to Seller and (ii) the Closing Date,
then Purchaser, at its option, may (a) specifically enforce the terms and provisions of this Agreement against Seller or (b) terminate its obligations under this Agreement by written notice thereof to Seller, whereupon Purchaser shall
receive a prompt refund of the Earnest Money, Seller shall reimburse Purchaser for Purchaser’s actual out-of-pocket costs and expenses (including reasonable attorneys’ fees, costs and disbursements) related to the negotiation of this
Agreement and the transactions contemplated hereby and Purchaser’s due diligence, up to a maximum of $25,000.00 and thereafter no party hereto shall have any further obligations to the other hereunder, except as otherwise herein provided. If
Purchaser elects to pursue specific performance pursuant to this Paragraph 8.1 but specific performance is unavailable to Purchaser as a result of any action taken by Seller, Seller shall reimburse Purchaser for Purchaser’s direct and actual
damages, including without limitation all of its out-of-pocket costs and expenses (including reasonable attorneys’ fees, costs and disbursements) related to the negotiation of this Agreement and the transactions contemplated hereby and
Purchaser’s due diligence. Notwithstanding the foregoing, in the event Seller defaults in any of its obligations that, pursuant to the express terms and conditions of this Agreement, survive Closing or a termination of this Agreement, then,
subject to the limitations set forth in Paragraph 7.1 hereof, Purchaser shall have all of its remedies at law and in equity on account of such default. 

SELLER’S INITIALS: /s/ LK             PURCHASER’S
INITIALS: /s/ AK 
 8.2 IF THERE SHALL BE A DEFAULT BY PURCHASER IN ITS OBLIGATION TO CONSUMMATE CLOSING HEREUNDER, UPON
THE TERMS AND CONDITIONS OF THIS AGREEMENT, SELLER, AS SELLER’S SOLE AND EXCLUSIVE REMEDY THEREFOR, SHALL BE TO ELECT TO TERMINATE THIS AGREEMENT. THE PARTIES AGREE THAT IT WOULD BE IMPRACTICAL AND EXTREMELY DIFFICULT TO ESTIMATE THE DAMAGES
THAT SELLER MAY SUFFER AS A RESULT OF SUCH A DEFAULT BY PURCHASER. THUS, PURCHASER AND SELLER HEREBY DO AGREE THAT A REASONABLE ESTIMATE OF THE DAMAGES THAT SELLER WOULD SUFFER IN THE EVENT THAT PURCHASER SHALL DEFAULT IN ITS OBLIGATION TO COMPLETE
THE TRANSACTIONS CONTEMPLATED HEREBY IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT AND SELLER SHALL ELECT TO TERMINATE THIS AGREEMENT WOULD BE, AS SELLER’S SOLE AND EXCLUSIVE REMEDY (WHETHER AT LAW OR IN EQUITY), AN AMOUNT EQUAL TO THE EARNEST
MONEY, WHICH AMOUNT WOULD BE THE FULL, AGREED UPON AND LIQUIDATED DAMAGES FOR SUCH DEFAULT BY PURCHASER UNDER SUCH CIRCUMSTANCES, AND ALL OTHER CLAIMS TO DAMAGES OR OTHER REMEDIES HEREIN EXPRESSLY SHALL BE WAIVED BY SELLER; PROVIDED, HOWEVER, THAT
THE FOREGOING SHALL NOT LIMIT SELLER’S RIGHT TO RECEIVE REIMBURSEMENT FOR REASONABLE ATTORNEYS’ FEES, AS HEREIN PROVIDED, OR WAIVE OR AFFECT PURCHASER’S INDEMNIFICATION, PROTECTION, DEFENSE AND HOLD HARMLESS OBLIGATIONS EXPRESSLY
PROVIDED UNDER THIS AGREEMENT. THE PAYMENT OF SUCH AMOUNT AS LIQUIDATED DAMAGES WOULD NOT BE INTENDED AS A FORFEITURE OR PENALTY, BUT RATHER, WOULD BE INTENDED TO CONSTITUTE LIQUIDATED DAMAGES TO SELLER. IN CONNECTION WITH THE FOREGOING, THE PARTIES
RECOGNIZE THAT SELLER WILL INCUR EXPENSE IN CONNECTION WITH THE TRANSACTIONS CONTEMPLATED HEREBY AND THAT THE PROPERTY WILL BE REMOVED FROM THE MARKET. IN THE EVENT PURCHASER DEFAULTS IN ANY OF ITS OBLIGATIONS (EXPRESSLY EXCLUDING PURCHASER’S
OBLIGATION TO CONSUMMATE CLOSING HEREUNDER, UPON THE TERMS AND CONDITIONS OF THIS AGREEMENT) THAT, PURSUANT TO THE EXPRESS TERMS AND 

  
 18 

 
CONDITIONS OF THIS AGREEMENT, SURVIVE CLOSING OR A TERMINATION OF THIS AGREEMENT, THEN SELLER SHALL HAVE ALL OF ITS REMEDIES AT LAW AND IN EQUITY ON ACCOUNT OF SUCH DEFAULT. 

SELLER’S INITIALS: /s/ LK
            PURCHASER’S INITIALS: /s/ AK 
 ARTICLE 9

 CLOSING DOCUMENTS 

9.1 At or prior to the Closing, Seller shall execute and/or deliver to the Title Company the following: 

 

	 	(a)	A special warranty deed (the “Deed”) in the form attached hereto as Exhibit G conveying fee simple title to the Land, the Improvements and all easements and other rights appurtenant thereto to
Purchaser, subject to the Permitted Exceptions. 

  

	 	(b)	A bill of sale and general assignment conveying all of Seller’s right, title and interest in the Systems, Personal Property, Licenses and Permits, Guarantees and Records, in the form attached hereto as Exhibit
H, along with originals (or copies, if such originals do not exist) of all such items, to Purchaser, free and clear of all liens, security interests and adverse claims. 

 

	 	(c)	Two (2) originally executed counterparts of Seller’s assignment to Purchaser of the Navistar Lease, in the form attached hereto as Exhibit I (the “General Assignment”), along with an original
(or copy, if such original does not exist) of the Navistar Lease. 

  

	 	(d)	An originally executed assignment by Seller to Purchaser of the “Grantee’s” right, title and interest in and to that certain Water Main and Sewer Easement dated October 18, 2007 by and between Seller
and Commonwealth Edison Company, an Illinois corporation (“ComEd”), recorded November 9, 2007 as document R2007-202441, as amended by that certain Corrective Letter recorded October 2, 2008 as document R2008-147926 (the
“Easement”), in the form attached hereto as Exhibit J (the “Easement Assignment”), together with an originally executed consent by ComEd to such assignment of the Easement to Purchaser substantially in the form attached
hereto as Exhibit K. 

  

	 	(e)	Notice to Navistar notifying it of the consummation of the transactions contemplated hereby, the form of which notice is set forth on Exhibit E attached to this Agreement, which notice shall be sent by Purchaser
promptly after the Closing. 

  

	 	(f)	Originals, if the same are in the possession of Seller, of all of the Due Diligence Materials; provided, however, that, any or all of such items to be delivered by Seller in accordance with the terms of this
subparagraph may be delivered outside of escrow, within five (5) business days after the Closing, and shall be deemed to have been delivered, if the same shall be available at the Property as of such time. 

 

	 	(g)	The Title Policy. 

  

	 	(h)	A certificate of non-foreign status of Seller in form and substance reasonably acceptable to the Title Company and Purchaser. 

  
 19 

	 	(i)	Certified copies of all resolutions evidencing the authority of Seller to enter into this Agreement and perform its obligations under this Agreement, together with such other organizational and authority documentation
as is reasonably required by the Title Company. 

  

	 	(j)	An owner’s affidavit sufficient for the Title Company to issue the Title Policy, a standard gap indemnity, and any other document or undertaking required to cure or remove the exceptions to title that Seller is
obligated to cure or remove or that Seller has agreed to cure or remove pursuant to this Agreement. 

 9.2 At or prior to the
Closing, Purchaser will deliver to the Title Company the following: (a) the Purchase Price in accordance with Article 2 hereof and (b) two (2) originals of each of the General Assignment and Easement Assignment executed by Purchaser
in counterpart. 
 9.3 At the Closing, Seller and Purchaser jointly shall deliver (a) a closing statement and (b) state, county
and local transfer tax declarations, if applicable. 
 ARTICLE 10 

CLOSING ADJUSTMENTS 

Except as otherwise herein provided, the following items shall be paid, prorated and/or adjusted as of the close of business on the day prior
to the Closing Date (the “Proration Date”), as follows: 
 10.1 All real estate taxes, personal property taxes and special
assessments affecting the Property and due and owing as of the Proration Date, including all penalties and interest thereon, shall be paid in full by Seller; provided, however, that, if any such special assessments shall be paid in installments,
Seller only shall be responsible for paying the portion of such assessments due and owing as of the Proration Date. 
 10.2 Current,
non-delinquent real estate taxes, personal property taxes and special assessments affecting the Property shall be prorated as of the Proration Date, without regard to when said taxes and/or assessments would be payable in relation to the tax year of
the applicable taxing authority, so that the portion of the current taxes and/or assessments allocable to the period from the beginning of such tax year, and any prior years(s), if applicable, through the Proration Date, shall be the responsibility
of Seller, and the portion of the current taxes and/or assessments allocable to the period from and after the Proration Date shall be the responsibility of Purchaser. Seller and Purchaser hereby further do agree to re-prorate said prorated taxes
and/or assessments forthwith upon Purchaser’s receipt of the actual tax bill for the tax year in question. In no event shall Seller be charged with or be responsible for any increase in such taxes and/or assessments resulting from improvements
made to the Property after the Closing or as a result of the transfer of the Property to Purchaser. The covenant contained in this subparagraph shall not be merged into this Agreement or the deed conveying the Land and the Improvements and shall
survive the Closing. In the event that, following Closing, Purchaser receives a refund of real estate taxes relating to any period for which Seller provided a credit regarding real estate taxes to Purchaser hereunder (or any tax year prior to such
period), Purchaser, following deduction of any and all costs and expenses incurred by Purchaser in connection with such refund, shall promptly remit to Seller the portion of such refund, if any, that Purchaser is not obligated to remit to any other
party or to which any other party is entitled, including, without limitation, Navistar or any other tenant of the Property or any tax consultant. 

  
 20 

 10.3 The following will be credited to Purchaser as of the Proration Date: (i) prepaid rent
and rent paid for the balance of the month of the Closing under the Navistar Lease, (ii) utility costs, operating expenses, insurance costs, personal property expenses and real estate tax expenses (collectively, “Expense
Contributions”) that shall have been prepaid by Navistar. Following the Closing Date, if Seller shall receive any payments from Navistar, all such payments promptly shall be remitted to Purchaser and Seller shall take all steps necessary to
notify Navistar that all future payments should be sent to Purchaser. When actual Expense Contributions shall have become known, Purchaser shall bill Navistar, pursuant to the Navistar Lease, for the additional amount, if any, owed by Navistar as a
result of non-payment or underpayment of Navistar’s share of Expense Contributions. Upon collection of such amounts, the same shall be prorated between Seller and Purchaser based upon Navistar’s
share of the amount of expense incurred by Seller or Purchaser, as the case may be, and the collection(s) of such Expense Contributions from Navistar by Seller or Purchaser, as the case may be, through and including the Proration Date. The amount of
any refund or credit due to Navistar as a result of collection by Seller prior to the Closing Date of payments by Navistar for Expense Contributions, which shall exceed the actual amount of such Expense Contributions owed by Navistar for the period
prior to the Closing Date, shall be paid by Seller to Purchaser promptly after such Expense Contributions shall have been determined. Notwithstanding anything contained herein, Purchaser’s obligation to remit to Seller any amounts collected by
Purchaser from Navistar following Closing shall apply only at such time as Navistar is current in the payment of all rent and other sums accruing after the Closing. Seller may take reasonable action to collect any delinquent rents from Navistar
provided that Seller may not commence any legal action against Navistar seeking termination of the Navistar Lease and Seller may not commence any other legal action against Navistar prior to the date which is 30 days after Closing. Upon receipt by
Seller of Purchaser’s reasonable written request at any time and from time to time within a period from the Closing until the later of (i) two (2) years after Closing, or (ii) for the period Navistar has the right under the
Navistar Lease to audit such books and records of Seller, Seller shall, at Seller’s principal place of business, during Seller’s normal business hours, make available to Purchaser, for inspection and copying (at Purchaser’s sole cost
and expense), such of Seller’s records relating to the Property as reasonably shall be necessary for Navistar to conduct any such audit and for Purchaser to respond to the results of the same or for Purchaser to perform any reconciliations.

 10.4 Seller shall pay all expenses necessary to repair, operate and maintain the Property in accordance with the ordinary course of its
business up to the Proration Date, subject to ordinary wear and tear. 
 10.5 Meters for utility services payable by Seller shall be read on
or immediately prior to the Proration Date, if possible, or as close to the Closing as shall be possible, if a reading on the day prior to the Closing cannot be obtained, and the amounts due, as disclosed by such readings, shall be paid by Seller or
credited to Purchaser, as applicable. Otherwise, all utility charges and billings shall be prorated using the bill for the calendar month immediately preceding the Proration Date. All security or service deposits delivered by Seller to any utility
provider(s), and any interest required to be paid thereon, shall be and remain the sole property of Seller, and any refund of such deposits shall be made directly to Seller, except to the extent Seller shall have assigned such deposits to Purchaser,
in which case, Purchaser shall be debited and Seller shall be credited the amount of such assigned deposits. 
 10.6 Seller shall be
responsible for all tenant improvement costs, tenant incentives and leasing commissions relating to the base term of the Navistar Lease or not disclosed by Seller to Purchaser, whenever same may be payable (now or in the future). Purchaser shall
receive a credit against the Purchase Price at Closing in an amount equal to the then-unpaid costs, incentives and commissions which are the responsibility of Seller under the foregoing provision, and Seller shall retain responsibility for same to
the extent not so credited at Closing. 

  
 21 

 10.7 Seller shall bear and pay the charges to comply with the terms of Paragraph 4.1. 

10.8 Purchaser shall bear and pay all of the costs of the Investigations, including, without limitation, the preparation of any Phase I, the
premium for the Title Policy (excluding any endorsements to the Title Policy which Seller has agreed in writing to provide and Purchaser in its sole and absolute discretion has agreed to accept (the “Seller Endorsements”)), all
title charges incurred in connection with the Commitment and any update thereof, as well as any additional title insurance premium charged in connection with issuance of any loan policy(ies) of title insurance (and endorsements thereto or to the
Title Policy, excluding the Seller Endorsements) and the cost of the Updated Survey. 
 10.9 Except as otherwise herein provided, each party
shall be responsible for, and shall bear, any and all costs and expenses incurred by either of them or their respective employees, agents and representatives in connection with the transactions contemplated hereby, including, without limitation,
those of their respective attorneys, accountants and consultants, which obligations shall not merge into this Agreement or the Deed and shall survive the Closing or the termination of this Agreement, as applicable. 

10.10 All costs relating directly to any escrow and/or closing services provided in connection with the transactions contemplated hereby shall
be divided equally between the parties. All release and recording fees, as well as any and all state, county and/or local stamp and/or transfer taxes imposed on the sale contemplated by this Agreement, will be borne and paid for by Seller. All other
items that customarily would be prorated in transactions similar to the transactions contemplated hereby, but that have not been addressed in this Agreement, will be prorated as of the Proration Date in accordance with standard Du Page County,
Illinois closing practice(s). 
 10.11 All adjustments made pursuant to this Article 10 shall be paid in cash or credited against the cash
portion of the Purchase Price at the Closing and, to the extent reasonably practicable, such prorations shall be made at the Closing. To the extent any such prorations cannot be made at the Closing, the same shall be adjusted and completed after the
Closing as and when complete information shall become available. Seller and Purchaser agree to cooperate and use its commercially reasonable efforts to complete such prorations no later than thirty (30) days after the Closing Date. Seller and
Purchaser each shall use its commercially reasonable efforts prior to the Closing Date to prepare a schedule of prorations covering, among other things, current monthly rent, prepaid rent, security deposits, utility charges, operating expenses, if
applicable, and real property taxes, so that such prorations can be made at the Closing. 
 ARTICLE 11 

FIRE DAMAGE AND CONDEMNATION 

If, prior to the Closing Date, any portion of the Property shall be damaged or destroyed by fire or other casualty (“Casualty”) or
written notice shall have been received by Seller of any action, suit, or proceeding to condemn or take all or any part of the Property under the power of eminent domain (“Condemnation”), Seller promptly shall notify Purchaser thereof in
writing, and, in the event (A) any such Casualty results in any damage to the Property, the repair of which would cost in excess of $1,000,000, as determined by an insurance adjuster mutually satisfactory to Seller and Purchaser, (B) any
such Casualty could impair any material access to the Property or a material portion of the parking, (C) any such Casualty provides Navistar with the right to terminate the Navistar Lease and Navistar fails to waive such right (any such
Casualty described in the foregoing clauses (A) through (C), a “Material 

  
 22 

 
Casualty”) or (D) of any Condemnation, Purchaser, by giving Seller written notice thereof within the date that shall be thirty (30) days after Purchaser shall have received
Seller’s written notice of such Casualty, or such Condemnation (and the Closing Date shall be extended, if necessary, to accommodate such 30-day period), shall have the right to terminate this Agreement and receive a refund of the Earnest
Money, whereupon no party hereto shall have any further obligations to the other hereunder, except as otherwise herein provided. If the Casualty is not Material Casualty or if Purchaser shall not elect to terminate this Agreement pursuant to this
Article 11, then (i) the sale contemplated hereby shall be consummated as herein provided, (ii) there shall be credited against the Purchase Price an amount equal to the estimated cost to repair or restore the damage not so repaired or
restored by Seller as of the Closing and (iii) the Closing Date shall be extended for such reasonable period of time (not to exceed thirty (30) days) to enable the aforesaid adjuster to determine the amount of such damage, if applicable.
The amount to be credited against the Purchase Price, pursuant to the foregoing sentence, shall be determined by the aforesaid adjuster and, in such event, Seller shall be entitled to receipt of all insurance proceeds under Seller’s insurance
policies. If, in the case of a Condemnation, Purchaser shall not have elected to terminate its obligations under this Agreement pursuant to this Article 11, at Closing, (x) Seller shall pay to Purchaser the corresponding condemnation award, if
any, received by Seller, (y) Seller shall assign to Purchaser the entire proceeds of such corresponding condemnation award, and (z) the Purchase Price shall be the full amount provided in Article 2. The agreements contained in this Article
11 shall not be merged into this Agreement or the Deed and shall survive the Closing. 
 ARTICLE 12 

BROKER 
 Each party
represents and warrants to the other that no person or entity acting as broker, finder or agent brought about this Agreement or the transactions contemplated hereby, except for Colliers Bennett & Kahnweiler, L.L.C., d/b/a Colliers
International (“Broker”), whose commissions shall be paid by Seller, pursuant to a separate agreement between Seller and Broker. Seller agrees to and hereby does indemnify, protect, defend and hold harmless Purchaser, from and against all
Losses that Purchaser shall suffer as a result of any claim or action brought by any broker, finder or agent acting or allegedly acting on behalf of Seller in connection with this Agreement and the transactions contemplated hereby, including,
without limitation, Broker, and Purchaser agrees to and hereby does indemnify, protect, defend and hold harmless Seller and all of Seller’s Parties, from and against all Losses that Seller shall suffer as a result of any claim or action brought
by any broker, finder or agent acting or allegedly acting on behalf of Purchaser in connection with this Agreement and the transactions contemplated hereby, other than Broker. 

ARTICLE 13 

MISCELLANEOUS 
 13.1
All notices to be given hereunder shall be personally delivered or sent by express or overnight mail with a nationally recognized express or overnight courier, by certified or registered mail, return receipt requested, with postage prepaid, or by
delivery of a facsimile transmission, which shall be confirmed on the sender’s facsimile machine as having been sent to the recipient at the proper facsimile copier number, to the parties at the following addresses (or to such other or further
addresses as the parties hereafter may designate by like notice similarly sent): 
  

					
		 	To Seller:	  	c/o International Airport Centers L.L.C.
		 		  	190 N. Canon Drive, Suite 300
		 		  	Beverly Hills, CA 90210
		 		  	Attn: Larry Krasner, President & CIO
		 		  	Fax No.: (310) 274-3034

  

  
 23 

					
		 	with a copy to:	  	c/o International Airport Centers L.L.C.
		 		  	1849 Green Bay Road, 4th Floor
		 		  	Highland Park, IL 60035
		 		  	Attention: Craig Arnson, General Counsel
		 		  	Fax No.: (847) 748-3199
			
		 	To Purchaser:	  	IPT O’Hare DC LLC
		 		  	c/o Industrial Property Trust Inc.
		 		  	518 17th Street, 17th Floor
		 		  	Denver, Colorado 80202
		 		  	Attn: Thomas McGonagle
		 		  	Fax No.: (303) 869-4602
			
		 	with a copy to:	  	Industrial Property Trust Inc.
		 		  	518 17th Street, 17th Floor
		 		  	Denver, Colorado 80202
		 		  	Attn: Joshua J. Widoff, General Counsel
		 		  	Fax No.: (303) 869-4602
			
		 	with a copy to:	  	Barack Ferrazzano Kirschbaum & Nagelberg LLP
		 		  	200 West Madison Street, Suite 3900
		 		  	Chicago, Illinois 60606
		 		  	Attn: Jeremy Bunnow
		 		  	Fax No.: (312) 984-3150

 All notices personally delivered shall be deemed effectively given on the date of such delivery or refusal. All notices sent
by overnight mail shall be deemed effectively given on the business day next following the date of such mailing. All notices sent by certified mail shall be deemed effectively given on the third (3rd) business day following the date of such
mailing. All notices sent by facsimile transmission shall be deemed effectively given upon the delivery thereof pursuant to this Paragraph 13.1. 

13.2 This Agreement, and the exhibits attached hereto, embodies the entire agreement between the parties as to the transactions contemplated
hereby, and there are no oral or parol agreements, representations, warranties or inducements between the parties as to such transactions not herein provided. This Agreement may not be modified, except by a written agreement signed by the parties.

 13.3 Each covenant, condition, indemnification, protection, defense and hold harmless agreement set forth herein shall not be merged into
this Agreement or the Deed and shall survive the Closing or the termination of this Agreement, as applicable, including, without limitation, any of the foregoing that are to be performed or applied to circumstances subsequent to the Closing Date,
and shall run in favor of, and benefit, Seller and Purchaser and their respective permitted successors and assigns, except as and to the extent otherwise herein provided. 

13.4 If either Seller or Purchaser shall be comprised of more than a single entity or other person, each representation, warranty, covenant,
indemnity, protection, defense, hold harmless and other agreement made by Purchaser and Seller conclusively shall be presumed to have been made jointly and severally by each entity and/or other person comprising Purchaser and/or Seller, as the case
may be. 

  
 24 

 13.5 No written waiver by any party at any time of any breach of any provision of this Agreement
shall be deemed a waiver of a breach of any other provision herein, or a consent to any subsequent breach of the same or any other provision. If any action by any party shall require the consent or approval of another party, such consent or approval
of such action on any particular occasion shall not be deemed a consent to or approval of such action on any subsequent occasion, or a consent to and/or approval of any other action on the same or any subsequent occasion. 

13.6 If an event specified to occur herein falls on a Saturday or Sunday, or on a day on which banking institutions in the state in which the
Land is located are authorized by law to close, then such event shall occur on the next day that is not a Saturday or Sunday, or on a day on which banking institutions in the state in which the Land is located are authorized by law to close. 

13.7 All parties hereto agree that time is of the essence with respect to the transactions contemplated hereby and that this Agreement and the
transactions contemplated hereby shall be governed by and interpreted in accordance with the laws of the state in which the Land is situated. 

13.8 Neither Seller nor Purchaser shall publicize nor authorize any other party to publicize the transaction contemplated by this Agreement in
any way. In addition, with the exception of any person that Seller or Purchaser, as the case may be, shall rely upon for advice on matters relating to the subject matter of this Agreement (i.e., legal counsel or accountants), or any other person
that reasonably shall require such information to complete the transactions contemplated hereby, other than information that shall be required to be disclosed to comply with any governmental regulation or other law, each party agrees that, prior to
the Closing or the termination of this Agreement, as applicable, it shall not disclose to a third party the terms of this Agreement. Notwithstanding the foregoing, it is expressly agreed that Purchaser may disclose this Agreement’s terms and
conditions and the existence of this Agreement (a) to its affiliates and its legal counsel and other agents and representatives, including prospective partners and lenders, and (b) as required by law, including without limitation, any
disclosure required by the United States Securities and Exchange Commission. Purchaser agrees that if this Agreement shall be terminated and, therefore, the Closing shall not occur, Purchaser, promptly upon such termination, shall return to Seller
or destroy all of such items so delivered or made available to Purchaser by Seller, including, without limitation, all copies thereof that may have been made by Purchaser or any such person to whom Purchaser shall have given any of such items,
pursuant to the terms hereof. 
 Notwithstanding the foregoing, following the Closing, (a) Seller and Purchaser each shall have the
right to issue a joint and/or separate public statement(s) as to the subject transaction, so long as such statement(s) first shall have been approved in writing by the other party, which approval shall not be unreasonably withheld, conditioned or
delayed, and (b) Broker shall have the right to issue a public statement(s) as to such transaction, so long as such statement(s) first shall have been approved in writing by Seller and Purchaser, which approval shall not be unreasonably
withheld, conditioned or delayed,. 
 13.9 In no event shall (a) any of Seller’s Parties have any personal liability for
Seller’s obligations, representations and warranties under or pursuant to this Agreement, or (b) any of the shareholders, directors, officers, partners, managers, members, officers, directors, employees, trustees, beneficiaries or agents
of Purchaser have any personal liability for Purchaser’s obligations, representations and warranties under or pursuant to this Agreement. Notwithstanding anything contained herein to the contrary, as security for Seller’s post-Closing
obligations under this Agreement and/or the Closing Documents and the obligations of Seller that survive Closing (collectively, the “Surviving Obligations”), International Airport Centers L.L.C., a Delaware limited liability company

  
 25 

 
(“Guarantor”), hereby, jointly and severally, guaranties the payment and performance by Seller of all of the Surviving Obligations. In the event that Purchaser incurs any Losses in
connection with a breach by Seller of any Surviving Obligations, Purchaser shall be entitled to recover such Losses from Seller and Guarantor, jointly and severally, and may proceed against either party or both, in Purchaser’s sole and absolute
discretion; it being agreed to by the parties that the obligations of Guarantor are independent of the obligations of Seller, and a separate action or actions may be brought and prosecuted against Guarantor, whether or not action is brought against
Seller. This guaranty shall be coterminous with Seller’s liability for the Surviving Obligations, shall expire at the end of the Survival Period only and shall be subject to any applicable limitations on Seller’s liabilities hereunder,
including, without limitation, those set forth in the final grammatical paragraph of Paragraph 7.1 of this Agreement. The provisions of this Paragraph 13.9 shall survive the Closing. 

13.10 Purchaser agrees to cooperate with Seller in the delivery of the Purchase Price and to execute such documents as Seller deems reasonably
necessary, so that Seller can effect a deferred like-kind exchange of the Property through a qualified intermediary and without the necessity of Purchaser’s taking title to the exchange property, if so desired by Seller. Nothing herein shall
serve to delay the Closing, diminish the amount of the Purchase Price to be paid to Seller, obligate Purchaser to pay any amount in excess of the Purchase Price, or assume any obligations or incur any liabilities, other than as expressly provided
under this Agreement. 
 13.11 The captions, paragraphs and article numbers that appear in this Agreement have been inserted only as a
matter of convenience and shall not define, limit, construe or describe the scope or intent of any portion of this Agreement or in any way affect this Agreement. 

13.12 Both parties to this Agreement have participated fully and equally in the negotiation and preparation hereof. Therefore, this Agreement
shall not be more strictly construed, or any ambiguities within this Agreement resolved against, either party to this Agreement. 
 13.13 In
connection with any litigation arising out of this Agreement, the prevailing party shall be entitled to recover all of its reasonable attorneys’ fees and costs, including, without limitation, all fees and costs incurred prior to and at all
trial and appellate levels. 
 13.14 This Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective administrators, legal representatives, successors and permitted assigns, if applicable. 
 13.15 This Agreement may be signed in
multiple counterparts, each of which shall be deemed to be an original and all of which, together, shall constitute one and the same instrument. Counterparts of this Agreement also may be transmitted by facsimile copier or other electronic means,
all of which, when taken together, shall be deemed to be an original. 
 13.16 Purchaser may not assign this Agreement, without the prior
written consent of Seller, unless Purchaser first shall have notified Seller in writing of such assignment and such assignee shall be an affiliate of Purchaser; provided, however, that no such assignment shall relieve Purchaser of any of its
obligations under this Agreement. For purposes of this Paragraph 13.16, an affiliate of Purchaser shall include (a) any entity that is owned, controlled by or is under common control with Purchaser (a “Purchaser Control Entity”), and
(b) any entity in which one or more Purchaser Controlled Entities directly or indirectly is the general partner (or similar managing partner, member or manager) or owns more than 50% of the economic interests of such entity, or (c) any
entity (or subsidiary thereof) that is advised by an affiliate of Industrial Property Advisors LLC. 

  
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 13.17 Notwithstanding anything to the contrary contained herein or in the Early Access and
Confidentiality Agreement as to the subject transaction (the “Access Agreement”) executed and delivered by Seller and Purchaser as of July 31, 2014, except to the extent that, pursuant to the terms, provisions and/or conditions of the
Access Agreement, any of such terms, provisions and/or conditions are expressly intended to survive the expiration or earlier termination thereof, (a) this Agreement shall supersede the Access Agreement, (b) from and after the Effective
Date, the Access Agreement shall be null and void and of no further force or effect and (c) in the event of any conflict between any term, provision or condition contained herein, and any term, provision or condition contained in the Access
Agreement, the terms, provisions and conditions of this Agreement shall govern and control. 
 13.18 Seller shall comply with the bulk
transfer provisions of the state in which the Property is located or similar laws and indemnify, protect, defend and hold harmless Purchaser for any Losses related to Seller’s failure to so comply and pay any tax liability of Seller. Without
limiting the generality of the foregoing, not later than fifteen (15) days prior to the Closing Date, Seller shall file, and provide Purchaser with evidence of the filing of, a “Notice of Sale/Purchase of Business Assets” with the
Illinois Department of Revenue (the “IDR”) in connection with the requirements of (x) the Illinois Income Tax Act, 35 ILCS 5/902(d) as amended, and (y) Section 5j of the Illinois Retailers’ Occupation Tax Act, 35 ILCS
120/5j, as amended (collectively, the “Illinois Tax Act”). In the event that the IDR either (i) issues a certificate(s) requiring withholding under the Illinois Tax Act with respect to the Closing (the “Certificate”) or
(ii) fails to issue the Certificate, then Purchaser shall be entitled to withhold the amounts required pursuant to the Certificate or, in the event the Certificate is not issued, such other amounts reasonably necessary to comply with the
requirements of the Illinois Tax Act (the “Withholding Amounts”) from the payment of the Purchase Price, which Withholding Amount shall be deposited at Closing with the Title Company pursuant to escrow instructions reasonably acceptable to
Seller and Purchaser that shall provide for the release of the Withholding Amounts (including, without limitation, all earnings thereon) to Seller only upon the furnishing of a bulk sales release of stop order or other evidence that no further sums
are required to be withheld by the IDR under the Illinois Tax Act. Seller and Purchaser shall reasonably cooperate in preparing the filings required hereunder and obtaining any such evidence and in causing the Withholding Amounts to be paid by the
Title Company to Seller upon the furnishing of such evidence. In the event the Certificate is not obtained by the Closing Date originally scheduled hereunder, Seller shall have the right to extend the Closing Date for up to ten (10) business
days to obtain the Certificate. 
 13.19 To the extent necessary to enable Purchaser to comply with any financial reporting requirements
applicable to Purchaser and upon at least three (3) business days prior written notice to Seller, within seventy-five (75) days after the Closing Date, Seller shall reasonably cooperate (at no cost or liability to Seller) and allow
Purchaser’s auditors to audit the trial balance related to the operation of the Property for the year prior to the Closing Date and for the portion of the calendar starting on January 1 through the Closing Date. 

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

									
	SELLER:	  		  	PURCHASER:
			
	IAC 1000 COUNTY LINE L.L.C., a Delaware limited liability company	  		  	IPT O’HARE DC LLC, a Delaware limited liability company
		  		  		  		  	
	By:	  	International Airport Centers L.L.C., a Delaware limited liability company, its Manager	  		  	By:	  	IPT Real Estate Holdco LLC, a Delaware limited liability company, its sole member
					
		  		  		  	By:	  	 Industrial Property Operating Partnership LP, a Delaware limited partnership, its sole member

					
	By:	  	 /s/ Larry Krasner
	  		  		  	
	Name:	  	 Larry Krasner
	  		  		  	
	Title:	  	 President – CIO
	  		  	By:	  	Industrial Property Trust Inc., a Maryland corporation, its general partner
					
		  		  		  	By:	  	 /s/ Andrea Karp

		  		  		  	Name:	  	 Andrea Karp

		  		  		  	Title:	  	 SVP, Real Estate

	  
 Guarantor hereby executes this Agreement solely for
purposes of acknowledging and agreeing to the terms and provisions of paragraph 13.9 of this Agreement:
  

INTERNATIONAL AIRPORT CENTERS L.L.C., a Delaware limited liability company
	  		  		  	
		  		  		  		  	
		  		  		  		  	
	By:	  	 /s/ Larry Krasner
	  		  		  	
	Name:	  	 Larry Krasner
	  		  		  	
	Title:	  	 President – CIO
	  		  		  	

  
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