Document:

cto_Ex10_1

		
			Exhibit 10.1
		

		
			EXECUTION VERSION
		

		
			THIRD AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT
		

		
			This Third Amendment to Second Amended and Restated Credit Agreement (herein, this “Third Amendment”) is entered into as of November 26, 2019, among Consolidated-Tomoka Land Co., a Florida corporation (the “Borrower”), the Guarantors party hereto, the Lenders party hereto and Bank of Montreal, as Administrative Agent (the “Administrative Agent”).
		

		
			PRELIMINARY STATEMENTS
		

		
			A.      The Borrower, the Guarantors party thereto (the “Guarantors”), the financial institutions party thereto (the “Lenders”), and the Administrative Agent entered into that certain Second Amended and Restated Credit Agreement, dated as of September 7, 2017, as amended by the First Amendment to Second Amended and Restated Credit Agreement dated as of May 14, 2018, as amended by the Second Amendment to Amended and Restated Credit Agreement dated as of May 24, 2019 (such Second Amended and Restated Credit Agreement, as heretofore amended, being referred to herein as the “Credit Agreement”).  All capitalized terms used herein without definition shall have the same meanings herein as such terms have in the Credit Agreement.
		

		
			B.     The Borrower has requested that the Administrative Agent and Lenders agree to, among other things, (i) adjust certain interest rate provisions and increase the Applicable Margin set forth in the Credit Agreement, (ii) include 1031 Borrowing Base Cash (as defined herein) in the calculation of the Borrowing Base, (iii) adjust the Borrowing Base Requirements set forth in the Credit Agreement, (iv) amend the Minimum Adjusted EBITDA to Fixed Charges Ratio and Maintenance of Net Worth covenants set forth in Section 8.20 of the Credit Agreement, (v) provide a security interest in 1031 Released Cash (as defined herein) held in the 1031 Cash Account (as defined herein) and (vi) make certain other revisions to the Credit Agreement, and the Administrative Agent and the Lenders are willing to do so on the terms and conditions set forth herein.
		

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

		
			SECTION 1.        AMENDMENTS.
		

		
			Subject to (a) the satisfaction of the conditions precedent set forth in Section 3 below and (b) the consummation of the Alpine IPO, the Credit Agreement will be amended as follows (effective automatically upon the consummation of the Alpine IPO and receipt of written notice thereof by the Administrative Agent (the date such events are completed being the “Amendment Effective Date”):
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			 

		

		

		
			1.1.      The following clause (iii) is added to Section 1.8(b) of the Credit Agreement:
		

		
			(iii)      Within ten (10) Business Days after July 1, 2020, Borrower shall deliver to Administrative Agent a Borrowing Base Certificate setting forth the components of the Borrowing Base and giving effect to the required removal of all 1031 Borrowing Base Cash from the Borrowing Base.  In the event the sum of the unpaid principal balance of the Revolving Loans, Swing Loans and the L/C Obligations then outstanding shall be in excess of the lesser of the aggregate Revolving Credit Commitments and the Borrowing Base as then determined and computed, as contained in such Borrowing Base Certificate, the Borrower shall promptly, and in no event later than 11:00 a.m. (Chicago time) on the date that is two (2) Business Days following such delivery, and without notice or demand pay the amount of the excess to the Administrative Agent for the account of the Lenders as a mandatory prepayment on such Obligations, with each such prepayment first to be applied to the Revolving Loans and Swing Loans until paid in full with any remaining balance to be held by the Administrative Agent in the Collateral Account as security for the Obligations owing with respect to the Letters of Credit.
		

		
			1.2.      The definitions of “Annual Capital Expenditure Reserve,” Borrowing Base,” “Borrowing Base Requirements,” “EBITDA,” “Fixed Charges,” and “Property Net Operating Income” in Section 5.1 of the Credit Agreement are each hereby amended and restated in their entirety to read as follows:
		

		
			“Annual Capital Expenditure Reserve” means the sum of (a) an amount equal to the product of (i) $0.15 multiplied by (ii) the aggregate net rentable area, determined on a square footage basis, for retail and industrial properties, plus (b) an amount equal to the product of (i) $0.50 multiplied by (ii) the aggregate net rentable area, determined on a square footage basis, for office properties, plus (c) an amount equal to the product of (i) four percent (4.0%) multiplied by (ii) the gross revenues from any hotels, motels and resorts; provided, however, this definition of Annual Capital Expenditure Reserve shall not apply to any Land Assets or any Ground Leases; provided that the Borrower is not obligated for Capital Expenditures.
		

		
			“Borrowing Base” means, at any date of its determination, an amount equal to:
		

		
			(x)      (i) the lesser of (A) 60% of the Borrowing Base Value of all Eligible Properties on such date and (B) the Debt Service Coverage Amount of all Eligible Properties on such date, plus (ii) at any date of its determination occurring prior to July 1, 2020, the lesser of (A) $50,000,000 and (B) 60% of 1031 Borrowing Base Cash as of such date, minus
		

		
			
		

		
			

		 

		

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			(y)      the aggregate amount of Other Unsecured Indebtedness if an Other Guaranty Trigger has occurred but a Collateral Trigger Event has not occurred.
		

		
			“Borrowing Base Requirements” means with respect to the calculation of the Borrowing Base, collectively that (a) at all times such calculation shall be based on no less than (i) prior to July 1, 2020, nine (9) Eligible Properties and (ii) on and after July 1, 2020, twenty (20) Eligible Properties; (b) the Borrowing Base Value shall at all times be equal to or in excess of (i) prior to July 1, 2020, $75,000,000 and (ii) on and after July 1, 2020, $200,000,000; (c) no more than 35% of the Borrowing Base Value may be comprised of Eligible Properties which are not used as retail, office or mixed-use retail/office Properties; (d) no more than 25% of the Borrowing Base Value may be comprised of any one Eligible Property (for the avoidance of doubt, an Eligible Property that exceeds this sublimit may be included in the calculation of Borrowing Base Value, provided any amount over 25% of the Borrowing Base Value is excluded from the calculation of the Borrowing Base Value); (e) no more than 20% of Borrowing Base Value may be from any single Tenant unless such Tenant’s Rating is equal to or better than BBB-/Baa3 from S&P or Moody’s, respectively (for the avoidance of doubt, an Eligible Property that exceeds this sublimit may be included in the calculation of Borrowing Base Value, provided any amount over 20% of the Borrowing Base Value is excluded from the calculation of the Borrowing Base Value), (f) no more than 30% of Borrowing Base Value may be comprised of Permitted Ground Lease Investments, (g) no more than 20% of the Borrowing Base Value may be comprised of Eligible Properties which are operated as hotels, motels or resorts, (h) the Eligible Properties (other than Permitted Ground Lease Investments) must have an aggregate Occupancy Rate of at least 85% and (i) no more than (i) prior to January 1, 2021, 40% and (ii) on and after January 1, 2021, 35% of the Borrowing Base Value may be comprised of Eligible Properties which are located in the same MSA (for the avoidance of doubt, an Eligible Property that exceeds this sublimit may be included in the calculation of Borrowing Base Value, provided any amount over 40% or 35%, as applicable, of the Borrowing Base Value is excluded from the calculation of the Borrowing Base Value).
		

		
			“Borrowing Base Value” means an amount equal to the sum of (a) for all Eligible Properties owned for more than twelve (12) months, the quotient of (i) the Borrowing Base NOI divided by (ii) the Capitalization Rate plus (b) for all Eligible Properties owned for twelve (12) months or less, the lesser of (i) the book value (as defined by GAAP) of any such Eligible Property and (ii), the value of any such Eligible Property as determined by the calculation in clause (a) above measured on an annualized basis rather than for the most recently ended period of four quarters; provided that Borrowing Base Value shall be reduced by excluding a portion of the Property NOI or book value of any Eligible Properties attributable to any Eligible Properties that exceed the concentration limits in the Borrowing Base Requirements.
		

		
			
		

		
			

		 

		

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			“Collateral Documents” means the Pledge Agreement, Mortgages (if any), the Omnibus Amendment and General Reaffirmation Agreement, the 1031 Property Security Documents (if any), the 1031 Cash Security Documents (if any) and all other mortgages, deeds of trust, security agreements, pledge agreements, assignments, financing statements, control agreements, and other documents as shall from time to time secure or relate to the Obligations or any part thereof.
		

		
			“EBITDA” means, for any period, determined on a consolidated basis of the Borrower and its Subsidiaries, in accordance with GAAP, the sum of net income (or loss) plus: (i) depreciation and amortization expense, to the extent included as an expense in the calculation of net income (or loss); (ii) Interest Expense; (iii) income tax expense, to the extent included as an expense in the calculation of net income (or loss); (iv) extraordinary, unrealized or non‐recurring losses, including (A) impairment charges, (B) losses from the sale of real property, and (v) non-cash compensation paid to employees of Borrower in the form of Borrower’s equity securities, minus: (a) extraordinary, unrealized or non-recurring gains, including (x) the write-up of assets and (y) gains from the sale of real property and (b) income tax benefits.  Pro forma adjustments shall be made for any Property acquired or sold during any period as if the acquisition or disposition occurred on the first day of the applicable period.
		

		
			“Fixed Charges” means, for any Rolling Period, (a) Interest Expense, plus (b) scheduled principal amortization paid on Total Indebtedness (exclusive of any balloon payments or prepayments of principal paid on such Total Indebtedness), plus (c) Dividends and required distributions on the Borrower’s equity securities for such Rolling Period plus (d) all income taxes (federal, state and local) paid by Borrower during such Rolling Period.  Pro forma adjustments shall be made for any Property acquired or sold during any period as if the acquisition or disposition occurred on the first day of the applicable period.
		

		
			“Property Net Operating Income” or “Property NOI” means, with respect to any Property for any Rolling Period (without duplication), the aggregate amount of (i) Property Income for such period minus (ii) Property Expenses for such period.  Pro forma adjustments shall be made for any Property acquired or sold during any period as if the acquisition or disposition occurred on the first day of the applicable period.
		

		
			1.3.      The following definitions of “1031 Alpine Cash Proceeds,” “1031 Alpine Property Holder,” “1031 Borrowing Base Cash,” “1031 Cash Account,” “1031 Cash Security Documents,” “1031 Pledged Subsidiary,” “1031 Released Cash,” “Alpine,” “Alpine IPO,” “Benchmark Replacement,” “Benchmark Replacement Adjustment,” “Benchmark Replacement Conforming Changes,” “Benchmark Replacement Date,” “Benchmark Transition Event,” “Benchmark Transition Start Date,” “Benchmark Unavailability Period,” “Early Opt-In Election, “Federal Reserve Bank of New York’s Website,” “Relevant Governmental Body,” “SOFR,”,  “Term SOFR,” “Third Amendment,” “Third Amendment Effective Date” and “Unadjusted Benchmark
		

		
			
		

		
			

		 

		

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			Replacement” are hereby added to Section 5.1 of the Credit Agreement in proper alphabetical order:
		

		
			“1031 Alpine Cash Proceeds” means 1031 Cash Proceeds held by any 1031 Alpine Property Holder related to the sale by the Borrower and its Subsidiaries of certain Properties to Alpine in connection with the Alpine IPO.
		

		
			“1031 Alpine Property Holder” means a 1031 Property Holder that holds 1031 Alpine Cash Proceeds.
		

		
			“1031 Borrowing Base Cash” means, as of any Borrowing Base Determination Date, (i) 1031 Cash Proceeds held by a 1031 Property Holder related to the October 16, 2019 sale by the Borrower of a controlling interest in a wholly-owned subsidiary to certain financial investors, and (ii) 1031 Alpine Cash Proceeds, each of which is intended to qualify for tax treatment under, Section 1031 of the Code and which satisfies the following conditions:
		

		
			(i)      the Administrative Agent shall have received the applicable 1031 Cash Security Documents with respect to such Property; and
		

		
			(ii)      such 1031 Cash Proceeds have not been included in the calculation of the Borrowing Base for a period in excess of 180 days.
		

		
			“1031 Cash Account” a separate and identifiable account from all other funds established and maintained by the Borrower with the Administrative Agent (or one of its Affiliates) into which any 1031 Released Cash shall be deposited.
		

		
			“1031 Cash Security Documents” means (x) (i) a direction agreement reasonably acceptable to the Administrative Agent providing that all 1031 Released Cash shall, upon release thereof by the applicable 1031 Property Holder, be deposited into the 1031 Cash Account, which shall include a written acknowledgement and consent by the 1031 Property Holder that it shall comply with the terms of such direction agreement and (ii) a deposit account control agreement in favor of Administrative Agent with respect to the 1031 Cash Account on terms reasonably satisfactory to Administrative Agent; and (y) with respect to 1031 Alpine Cash Proceeds,  one or more pledge agreements among the Borrower and the Administrative Agent, related to a pledge of the Equity Interests of any 1031 Pledged Subsidiary to secure the Obligations.
		

		
			“1031 Pledged Subsidiary” means a  Wholly-owned Subsidiary of the Borrower that is a  seller party to the “exchange agreement” with the 1031 Alpine Property Holder relating to all or a portion of the 1031 Alpine Cash Proceeds.
		

		
			“1031 Released Cash” means cash previously constituting 1031 Borrowing Base Cash that is not utilized to acquire any Property and is therefore released by the applicable 1031 Property Holder.
		

		
			
		

		
			

		 

		

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			“Alpine” means Alpine Income Property Trust, Inc.
		

		
			“Alpine IPO” means the initial public offering of common stock of Alpine.
		

		
			“Benchmark Replacement” means the sum of:  (a) the alternate benchmark rate (which may include Term SOFR) that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then‐prevailing market convention for determining a rate of interest as a replacement to the LIBOR Index Rate for U.S. dollar‐denominated syndicated credit facilities and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less than zero, the Benchmark Replacement will be deemed to be zero for the purposes of this Agreement;  provided further that if the Administrative Agent determines that there is an industry accepted substitute or successor rate for the LIBOR Index Rate, such rate shall be deemed to be the Benchmark Replacement hereunder.
		

		
			“Benchmark Replacement Adjustment” means, with respect to any replacement of the LIBOR Index Rate with an Unadjusted Benchmark Replacement for each applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the LIBOR Index Rate with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (ii) any evolving or then‐prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the LIBOR Index Rate with the applicable Unadjusted Benchmark Replacement for U.S. dollar‐denominated syndicated credit facilities at such time.
		

		
			“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest and other administrative matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as the Administrative
		

		
			
		

		
			

		 

		

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			Agent decides is reasonably necessary in connection with the administration of this Agreement).
		

		
			“Benchmark Replacement Date” means the earlier to occur of the following events with respect to the LIBOR Index Rate:  (1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the LIBOR Index Rate permanently or indefinitely ceases to provide the LIBOR Index Rate; or (2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein.
		

		
			“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the LIBOR Index Rate:  (1) a public statement or publication of information by or on behalf of the administrator of the LIBOR Index Rate announcing that such administrator has ceased or will cease to provide the LIBOR Index Rate, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the LIBOR Index Rate; (2) a public statement or publication of information by the regulatory supervisor for the administrator of the LIBOR Index Rate, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for the LIBOR Index Rate, a resolution authority with jurisdiction over the administrator for the LIBOR Index Rate or a court or an entity with similar insolvency or resolution authority over the administrator for the LIBOR Index Rate, which states that the administrator of the LIBOR Index Rate has ceased or will cease to provide the LIBOR Index Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the LIBOR Index Rate; or (3) a public statement or publication of information by the regulatory supervisor for the administrator of the LIBOR Index Rate announcing that the LIBOR Index Rate is no longer representative.
		

		
			“Benchmark Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the ninetieth (90th) day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than ninety (90) days after such statement or publication, the date of such statement or publication) and (b) in the case of an Early Opt‐in Election, the date specified by the Administrative Agent or the Required Lenders, as applicable, by notice to the Borrower, the Administrative Agent (in the case of such notice by the Required Lenders) and the Lenders.
		

		
			“Benchmark Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to
		

		
			
		

		
			

		 

		

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			the LIBOR Index Rate and solely to the extent that the LIBOR Index Rate has not been replaced with a Benchmark Replacement, the period (x) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced the LIBOR Index Rate for all purposes hereunder in accordance with Section 10.6 and (y) ending at the time that a Benchmark Replacement has replaced the LIBOR Index Rate for all purposes hereunder pursuant to Section 10.6.
		

		
			“Early Opt‐in Election” means the occurrence of:  (1) (i) a determination by the Administrative Agent or (ii) a notification by the Required Lenders to the Administrative Agent (with a copy to the Borrower) that the Required Lenders have determined that U.S. dollar‐denominated syndicated credit facilities being executed at such time, or that include language similar to that contained in Section 10.6, are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace the LIBOR Index Rate, and (2) (i) the election by the Administrative Agent or (ii) the election by the Required Lenders to declare that an Early Opt‐in Election has occurred and the provision, as applicable, by the Administrative Agent of written notice of such election to the Borrower and the Lenders or by the Required Lenders of written notice of such election to the Administrative Agent.
		

		
			“Federal Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source.
		

		
			“Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.
		

		
			“SOFR” with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website.
		

		
			“Term SOFR” means the forward‐looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.
		

		
			“Third Amendment” means that certain Third Amendment to Second Amended and Restated Credit Agreement entered into as of November 26, 2019, among Borrower, the Guarantors party hereto, the Lenders party hereto and the Administrative Agent
		

		
			“Third Amendment Effective Date” means the later of (i) November 26, 2019 and (ii) the date on which all conditions set forth in Section 3 of the Third Amendment are satisfied.
		

		
			
		

		
			

		 

		

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			“Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.
		

		
			1.4.      The definitions of “Golf Courses” and “Golf Courses Adjacent Property” are hereby removed from Section 5.1 of the Credit Agreement.
		

		
			1.5.      Section 7.3 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
		

		
			Section 7.3.      Eligible Property Additions and Deletions to the Borrowing Base.  As of the Closing Date, the Borrower represents and warrants to the Lenders and the Administrative Agent that the Initial Properties qualify as Eligible Properties and that the information provided on Schedule 1.1 is true and correct in all material respects.
		

		
			Upon not less than 10 Business Days prior written notice from the Borrower to the Administrative Agent, the Borrower can designate that a Property be added (subject to the other requirements for a Property qualifying as an Eligible Property) or deleted as an Eligible Property included in calculating the Borrowing Base.  Such notice shall be accompanied by a Borrowing Base Certificate setting forth the components of the Borrowing Base as of the addition or deletion of the designated Property as an Eligible Property, and with respect to a deletion, Borrower’s certification in such detail as reasonably required by the Administrative Agent that no Default or Event of Default exists under this Agreement and such deletion shall not (A) cause the Eligible Properties to violate the Borrowing Base Requirements, (B) cause a Default, or (C) cause or result in the Borrower failing to comply with any of the financial covenants contained in Section 8.20 hereof.  Each addition with respect to Eligible Properties shall be an Eligible Property in a minimum amount equal to $500,000 Borrowing Base Value or $500,000 Debt Service Coverage Amount, or shall be comprised of more than one qualifying Eligible Properties that in the aggregate have a minimum amount equal to $1,000,000 Borrowing Base Value or $1,000,000 Debt Service Coverage Amount, and all such additions shall be subject to reasonable approval by the Administrative Agent.
		

		
			If no Default exists at the time of any deletion of a Property from qualifying as an Eligible Property included in calculating the Borrowing Base, any Material Subsidiary which owned such Property, but that does not otherwise own any other Eligible Property, shall be released from its obligations under its Guaranty.
		

		
			Each acquisition of an Eligible Property utilizing 1031 Borrowing Base Cash previously included in the calculation of the Borrowing Base shall be subject to prior approval by Administrative Agent (which shall not be unreasonably withheld, conditioned or delayed).  If such acquisition is approved by Administrative Agent, within ten (10) Business Days after such acquisition,
		

		
			
		

		
			

		 

		

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			Borrower shall add such Eligible Property as an Eligible Property included in calculating the Borrowing Base in accordance with this Section 7.3
		

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

		
			(f)        (i) investments not to exceed $15,500,000 in the aggregate at any one time in (x) corporate debt issued by any real estate company or real estate investment trust, (y) Stock or Stock Equivalents issued by any real estate company or real estate investment trust, so long as in each case the real estate company or real estate investment trust is listed on the New York Stock Exchange, the NYSE American or The NASDAQ Stock Market and has a minimum market capitalization (based on its common equity securities) of $350,000,000 or (z) Stock issued by Alpine; or (ii) investments in Stock Equivalents issued by Alpine or its operating partnership.
		

		
			1.7.      Section 8.17 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
		

		
			Section 8.17.    Change in the Nature of Business.  The Borrower shall not, nor shall it permit any Subsidiary to, engage in any business or activity if as a result the general nature of the business of the Borrower or any Subsidiary would be changed in any material respect from the general nature of the business engaged in by it immediately following the Alpine IPO.
		

		
			1.8.      Clauses (c) and (e) of Section 8.20 of the Credit Agreement are hereby amended and restated in its entirety to read as follows:
		

		
			(c)        Minimum Adjusted EBITDA to Fixed Charges Ratio.  As of the last day of each Fiscal Quarter of the Borrower ending (i) on or prior to September 30, 2019 and (ii) on or after March 31, 2020, the Borrower shall not permit the ratio of Adjusted EBITDA for the applicable Rolling Period to Fixed Charges for such Rolling Period to be less than 1.50 to 1.0.  As of the last day of the Fiscal Quarter of the Borrower ending on December 31, 2019, the Borrower shall not permit the ratio of Adjusted EBITDA for the applicable Rolling Period to Fixed Charges for such Rolling Period to be less than 1.25 to 1.0
		

		
			(e)        Maintenance of Net Worth.  The Borrower shall, as of the last day of each Fiscal Quarter, maintain a Tangible Net Worth of not less than the sum of (a) $ $252,062,542,  plus (b) 75% of the aggregate net proceeds received by the Borrower or any of its Subsidiaries after the Third Amendment Effective Date in connection with any offering of Stock or Stock Equivalents of the Borrower or the Subsidiaries.
		

		
			
		

		
			

		 

		

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			1.9.      The following Section 8.27 of the Credit Agreement is hereby added to the Credit Agreement:
		

		
			Section 8.27.    1031 Released Cash.  As security for the payment and performance in full of the Obligations, the Borrower hereby pledges and assigns to Administrative Agent for the benefit of the Lenders, and grants to Administrative Agent for the benefit of the Lenders a security interest in all of Borrower’s right, title and interest in and to all payments to or monies held in the 1031 Cash Account.  So long as no Event of Default has occurred or is continuing, amounts on deposit in the 1031 Cash Account will (subject to the rules and regulations as from time to time in effect applicable to such demand deposit accounts) be made available to the Borrower for use in the conduct of its business.  Upon the occurrence of an Event of Default, the Administrative Agent may apply the funds on deposit in any and all 1031 Cash Account to the Obligations (whether or not then due).
		

		
			1.10.      The following Section 10.6 is hereby added to the Credit Agreement:
		

		
			Section 10.6     Effect of Benchmark Transition Event:
		

		
			(a)        Benchmark Replacement.  Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event or an Early Opt‐in Election, as applicable, the Administrative Agent and the Borrower may amend this Agreement to replace the LIBOR Index Rate with a Benchmark Replacement.  Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. (Chicago, Illinois time) on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all Lenders and the Borrower so long as the Administrative Agent has not received, by such time, written notice of objection to such amendment from Lenders comprising the Required Lenders.  Any such amendment with respect to an Early Opt‐in Election will become effective on the date that Lenders comprising the Required Lenders have delivered to the Administrative Agent written notice that such Required Lenders accept such amendment.  No replacement of the LIBOR Index Rate with a Benchmark Replacement pursuant to Section 10.6 will occur prior to the applicable Benchmark Transition Start Date.
		

		
			(b)        Benchmark Replacement Conforming Changes.  In connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement.
		

		
			(c)        Notices; Standards for Decisions and Determinations.  The Administrative Agent will promptly notify the Borrower and the Lenders of (i)
		

		
			
		

		
			

		 

		

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			any occurrence of a Benchmark Transition Event or an Early Opt‐in Election, as applicable, and its related Benchmark Replacement Date and Benchmark Transition Start Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes and (iv) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or Lenders pursuant to Section 10.6, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non‐occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to Section 10.6.
		

		
			(d)        Benchmark Unavailability Period.  Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a Borrowing of, conversion to or continuation of Eurodollar Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a Borrowing of or conversion to Base Rate Loans. During any Benchmark Unavailability Period, the component of Base Rate based upon the LIBOR Index Rate will not be used in any determination of Base Rate.
		

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

		
			1.12.      Exhibit I (Borrowing Base Certificate) to the Credit Agreement is hereby amended and restated in its entirety to read as set forth on Exhibit I attached hereto.
		

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

		
			SECTION 2.        RELEASE AND ADDITION OF GUARANTORS.
		

		
			Pursuant to Section 7.3 of the Credit Agreement,  the Borrower provided the Administrative Agent with written request for deletion of certain Eligible Properties from the Borrowing Base (the “Release Request”), whereby the Borrower (a) designated certain Eligible Properties identified on Annex II hereto (the “Specified Released Properties”) to be released as an Eligible Properties under the Credit Agreement and (b) requested that certain Guarantors identified on Annex II (the “Specified Released Guarantors”) be released from their obligations as Guarantors under the Credit Agreement. Subject to the satisfaction of the conditions precedent set forth in Section 3 below, and subject to, and in reliance on, the representations made by the
		

		
			
		

		
			

		 

		

			-12-

		

		

		
			Borrower in the Release Request, the Administrative Agent hereby releases the Specified Released Guarantors from their obligations as Guarantors under the Credit Agreement, including, without limitation, the Specified Released Guarantors’ Guaranty under Section 13 thereof, effective as of the Amendment Effective Date.
		

		
			Pursuant to Section 7.3 of the Credit Agreement,  the Borrower provided the Administrative Agent with written request for addition of certain Eligible Properties to the Borrowing Base (the “Addition Request”), whereby the Borrower (a) designated certain Eligible Properties identified on Annex II hereto (the “Specified Addition Properties”) to be added as an Eligible Properties under the Credit Agreement and (b) requested that certain Material Subsidiaries identified on Annex II (the “Specified Addition Guarantors”) be added as Guarantors under the Credit Agreement. Subject to the satisfaction of the conditions precedent set forth in Section 3 below, and subject to, and in reliance on, the representations made by the Borrower in the Addition Request, the Administrative Agent hereby adds the Specified Addition Properties to the Borrowing Base and adds the Specified Addition Guarantors as Guarantors under the Credit Agreement, effective as of the Amendment Effective Date.
		

		
			Each Specified Addition Guarantor hereby elects to be a “Guarantor” for all purposes of the Credit Agreement, effective from the date hereof.  Each Specified Addition Guarantor confirms that the representations and warranties set forth in Section 6 of the Credit Agreement are true and correct as to such Specified Addition Guarantor as of the date hereof and such Specified Addition Guarantor shall comply with each of the covenants set forth in Section 8 of the Credit Agreement applicable to it.  Without limiting the generality of the foregoing, each Specified Addition Guarantor hereby agrees to perform all the obligations of a Guarantor under, and to be bound in all respects by the terms of, the Credit Agreement, including, without limitation, Section 13 thereof, to the same extent and with the same force and effect as such Specified Addition Guarantor were a signatory party thereto.
		

		
			
		

		
			

		 

		

			-13-

		

		

		
			SECTION 3.        CONDITIONS PRECEDENT.
		

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

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

		
			3.2.      The Borrower shall have paid to the Administrative Agent (i) an amendment fee for the benefit of each Lender in amount equal to 0.05% multiplied by the amount of such Lender’s Revolving Credit Commitment, together with (ii) all fees and expenses due to the Administrative Agent pursuant to Section 12.15 of the Credit Agreement (including pursuant to Section 5.2 hereof) due in connection with this Third Amendment.
		

		
			3.3.      The Borrower shall have completed the disposition of the Specified Released Properties to Alpine substantially in accordance with the transaction structure previously provided to the Administrative Agent.
		

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

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

		
			SECTION 4.        REPRESENTATIONS.
		

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

		
			SECTION 5.        MISCELLANEOUS.
		

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

		
			
		

		
			

		 

		

			-14-

		

		

		
			reference in any of such items to the Credit Agreement being sufficient to refer to the Credit Agreement as amended hereby.
		

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

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

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

		
			[Signature Pages Follow]
		

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			-15-

		

		

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

			
					
						 

					
					
						“BORROWER”

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						CONSOLIDATED-TOMOKA LAND CO., a Florida corporation

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						/s/ Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Name:  Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Title:  Senior Vice President and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		
			
		

		

		 

		

			[SIGNATURE PAGE TO THIRD AMENDMENT TO CONSOLIDATED-TOMOKA LAND CO. 

		

		

			SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

		

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						“GUARANTORS”

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						INDIGO DEVELOPMENT LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

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

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Vice President and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						INDIGO HENRY LLC, a Florida limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

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

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Vice President and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		
			
		

		

		 

		

			[SIGNATURE PAGE TO THIRD AMENDMENT TO CONSOLIDATED-TOMOKA LAND CO. 

		

		

			SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

		

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						LHC15 GLENDALE AZ LLC, a Delaware limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

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

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Vice President and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						LHC15 RIVERSIDE FL LLC, a Delaware limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

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

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Vice President and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						CTO16 MONTEREY LLC, a Delaware limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

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

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Vice President and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		
			
		

		

		 

		

			[SIGNATURE PAGE TO THIRD AMENDMENT TO CONSOLIDATED-TOMOKA LAND CO. 

		

		

			SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

		

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						CTO16 AUSTIN LLC, a Delaware limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

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

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Vice President and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						CTO16 CHARLOTTESVILLE LLC, a Delaware limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

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

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Vice President and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						CTO16 HUNTERSVILLE LLC, a Delaware limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

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

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Vice President and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		
			
		

		

		 

		

			[SIGNATURE PAGE TO THIRD AMENDMENT TO CONSOLIDATED-TOMOKA LAND CO. 

		

		

			SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

		

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						CTO16 OSI LLC, a Delaware limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

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

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Vice President and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						CTO16 OLIVE TX LLC, a Delaware limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

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

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Vice President and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						CTO16 RALEIGH LLC, a Delaware limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

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

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Vice President and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		
			
		

		

		 

		

			[SIGNATURE PAGE TO THIRD AMENDMENT TO CONSOLIDATED-TOMOKA LAND CO. 

		

		

			SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

		

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						CTO17 SARASOTA LLC, a Delaware limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

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

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Vice President and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		
			
		

		

		 

		

			[SIGNATURE PAGE TO THIRD AMENDMENT TO CONSOLIDATED-TOMOKA LAND CO. 

		

		

			SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

		

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						CTO17 SAUGUS LLC, a Delaware limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

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

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Vice President and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						CTO17 WESTCLIFF TX LLC, a Delaware limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

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

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Vice President and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						CTO16 RENO LLC, a Delaware limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

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

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Vice President and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		
			
		

		

		 

		

			[SIGNATURE PAGE TO THIRD AMENDMENT TO CONSOLIDATED-TOMOKA LAND CO. 

		

		

			SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

		

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						CTO17 BRANDON FL LLC, a Delaware limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

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

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Vice President and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						BLUEBIRD METROWEST ORLANDO LLC, a Delaware limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

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

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Vice President and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						CTO17 HILLSBORO OR LLC, a Delaware limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

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

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Vice President and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						INDIGO GROUP INC., a Florida corporation

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name: Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:  Senior Vice President

				

		
			 
		

		
			
		

		

		 

		

			[SIGNATURE PAGE TO THIRD AMENDMENT TO CONSOLIDATED-TOMOKA LAND CO. 

		

		

			SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

		

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						CTO18 ASPEN LLC, a Delaware limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

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

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Vice President and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						CTO18 JACKSONVILLE FL LLC, a Delaware limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

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

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Vice President and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						CTO18 ARLINGTON TX LLC, a Delaware limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

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

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Vice President and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		
			
		

		

		 

		

			[SIGNATURE PAGE TO THIRD AMENDMENT TO CONSOLIDATED-TOMOKA LAND CO. 

		

		

			SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

		

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						CTO18 ALBUQUERQUE NM LLC, a Delaware limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

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

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Vice President and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						CTLC18 LYNN MA LLC, a Delaware limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

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

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						Senior Vice President and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						INDIGO GROUP LTD., a Florida limited partnership

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						Indigo Group, Inc., a Florida corporation, its General Partner

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:  Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title: Senior Vice President and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		
			
		

		

		 

		

			[SIGNATURE PAGE TO THIRD AMENDMENT TO CONSOLIDATED-TOMOKA LAND CO. 

		

		

			SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

		

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						CTO19 WINSTON SALEM NC LLC, a Delaware limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

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

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:  Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:    Senior Vice President and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						IGI19 FC VA LLC, a Delaware limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						Indigo Group, Inc., a Florida corporation, its manager

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:  Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:    Senior Vice President and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		
			
		

		

		 

		

			[SIGNATURE PAGE TO THIRD AMENDMENT TO CONSOLIDATED-TOMOKA LAND CO. 

		

		

			SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

		

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						CTO19 NRH TX LLC, a Delaware limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

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

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:  Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:  Senior Vice President and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						CTO19 OCEANSIDE NY LLC, a Delaware limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

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

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:  Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:  Senior Vice President and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						CTO19 CARPENTER AUSTIN LLC, a Delaware limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

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

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:  Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:  Senior Vice President and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		
			
		

		

		 

		

			[SIGNATURE PAGE TO THIRD AMENDMENT TO CONSOLIDATED-TOMOKA LAND CO. 

		

		

			SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

		

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						CTO19 RESTON VA LLC, a Delaware limited liability company

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

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

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Name:  Mark E. Patten

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Title:    Senior Vice President and

				
	
					
						 

					
					
						 

					
					
						Chief Financial Officer

				

		
			 
		

		
			
		

		

		 

		

			[SIGNATURE PAGE TO THIRD AMENDMENT TO CONSOLIDATED-TOMOKA LAND CO. 

		

		

			SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

		

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						CTO17 ARUBA LAND LLC,

				
	
					
						 

					
					
						 

					
					
						a Delaware limited liability company, as an Issuer

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						Consolidated -Tomoka Land Co., a
Florida corporation,
Its Member

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						By:

					
					
						/s/ Daniel E. Smith

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Daniel E. Smith

				
	
					
						 

					
					
						 

					
					
						 

					
					
						Senior Vice President, General Counsel

				
	
					
						 

					
					
						 

					
					
						and Corporate Secretary

				

		
			 
		

		
			
		

		

		 

		

			[SIGNATURE PAGE TO THIRD AMENDMENT TO CONSOLIDATED-TOMOKA LAND CO. 

		

		

			SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

		

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						Accepted and Agreed to.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						“ADMINISTRATIVE AGENT AND L/C ISSUER”

				
	
					
						 

					
					
						 

				
	
					
						 

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

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						/s/ Gwendolyn Gatz

				
	
					
						 

					
					
						 

					
					
						Name:  Gwendolyn Gatz

				
	
					
						 

					
					
						 

					
					
						Title:  Director

				

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						“LENDERS”

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						BANK OF MONTREAL, as a Lender and Swing Line Lender

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						/s/ Gwendolyn Gatz

				
	
					
						 

					
					
						 

					
					
						Name:  Gwendolyn Gatz

				
	
					
						 

					
					
						 

					
					
						Title:  Director

				

		
			 
		

		
			
		

		

		 

		

			[SIGNATURE PAGE TO THIRD AMENDMENT TO CONSOLIDATED-TOMOKA LAND CO. 

		

		

			SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

		

	
					
						

					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						BRANCH BANKING AND TRUST COMPANY

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Leeanne Feagan

				
	
					
						 

					
					
						 

					
					
						Name: Leeanne Feagan

				
	
					
						 

					
					
						 

					
					
						Title: Senior Vice President

				

		
			 
		

		
			
		

		

		 

		

			[SIGNATURE PAGE TO THIRD AMENDMENT TO CONSOLIDATED-TOMOKA LAND CO. 

		

		

			SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

		

	
					
						

					
						 

					
					
						WELLS FARGO BANK, NATIONAL ASSOCIATION

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Patrick T. Ramage

				
	
					
						 

					
					
						 

					
					
						Name: Patrick T. Ramage

				
	
					
						 

					
					
						 

					
					
						Title: Senior Vice President

				

		
			 
		

		
			 
		

		
			 
		

		
			

		 

		

			[SIGNATURE PAGE TO THIRD AMENDMENT TO CONSOLIDATED-TOMOKA LAND CO. 

		

		

			SECOND AMENDED AND RESTATED CREDIT AGREEMENT]

		

		

		
			EXHIBIT E
		

		
			COMPLIANCE CERTIFICATE
		

		
			To:       Bank of Montreal, as Administrative
Agent under, and the Lenders party to,
the Credit Agreement described below
		

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

		
			THE UNDERSIGNED HEREBY CERTIFIES THAT:
		

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

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

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

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

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

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

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

			
					
						   

				
	
					
						 

				
	
					
						 

				
	
					
						 

				

		
			 
		

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

		
			 
		

			
					
						 

					
					
						CONSOLIDATED-TOMOKA LAND CO.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

		
			SCHEDULE I
		

		
			TO COMPLIANCE CERTIFICATE
		

		
			_________________________________________________
		

		
			COMPLIANCE CALCULATIONS
		

		
			FOR SECOND AMENDED AND RESTATED CREDIT AGREEMENT
		

		
			DATED AS OF SEPTEMBER 7, 2017, AS AMENDED
		

		
			CALCULATIONS AS OF _____________, _______
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						A.        Maximum Total Indebtedness to Total Asset Value Ratio

					
						(Section 8.20(a))

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						1.         Total Indebtedness

					
					
						$___________

				
	
					
						 

					
					
						 

				
	
					
						2.         Total Asset Value as calculated on Exhibit A hereto

					
					
						___________

				
	
					
						 

					
					
						 

				
	
					
						3.         Ratio of Line A1 to A2

					
					
						____:1.0

				
	
					
						 

					
					
						 

				
	
					
						4.         Line A3 must not exceed

					
					
						0.60:1.0

				
	
					
						 

					
					
						 

				
	
					
						5.         The Borrower is in compliance (circle yes or no)

					
					
						yes/no

				
	
					
						 

					
					
						 

				
	
					
						B.         Maximum Secured Indebtedness to Total Asset Value Ratio (Section 8.20(b))

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						1.         Secured Indebtedness

					
					
						$___________

				
	
					
						 

					
					
						 

				
	
					
						2.         Total Asset Value as calculated on Exhibit A hereto

					
					
						___________

				
	
					
						 

					
					
						 

				
	
					
						3.         Ratio of Line B1 to B2

					
					
						____:1.0

				
	
					
						 

					
					
						 

				
	
					
						4.         Line B3 must not exceed

					
					
						0.40:1.0

				
	
					
						 

					
					
						 

				
	
					
						5.         The Borrower is in compliance (circle yes or no)

					
					
						yes/no

				
	
					
						 

					
					
						 

				
	
					
						C.         Minimum Adjusted EBITDA to Fixed Charges Ratio (Section 8.20(c))

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						1.         Net Income

					
					
						$___________

				
	
					
						 

					
					
						 

				
	
					
						2.         Depreciation and amortization expense

					
					
						___________

				
	
					
						 

					
					
						 

				
	
					
						3.         Interest Expense

					
					
						___________

				

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						4.         Income tax expense

					
					
						___________

				
	
					
						 

					
					
						 

				
	
					
						5.         Extraordinary, unrealized or non-recurring losses

					
					
						___________

				
	
					
						 

					
					
						 

				
	
					
						6.         Non-Cash Compensation Paid in Equity Securities

					
					
						___________

				
	
					
						 

					
					
						 

				
	
					
						7.         Extraordinary, unrealized or non-recurring gains

					
					
						___________

				
	
					
						 

					
					
						 

				
	
					
						8.         Income tax benefits

					
					
						___________

				
	
					
						 

					
					
						 

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

					
					
						___________

				
	
					
						 

					
					
						 

				
	
					
						10.       Sum of Lines C7 and C8

					
					
						___________

				
	
					
						 

					
					
						 

				
	
					
						11.       Line C1 plus Line C9 minus Line C10 (“EBITDA”)

					
					
						___________

				
	
					
						 

					
					
						 

				
	
					
						12.       Annual Capital Expenditure Reserve

					
					
						___________

				
	
					
						 

					
					
						 

				
	
					
						13.       Line C11 minus Line C12 (“Adjusted EBITDA”)

					
					
						___________

				
	
					
						 

					
					
						 

				
	
					
						14.       Interest Expense

					
					
						___________

				
	
					
						 

					
					
						 

				
	
					
						15.       Principal Amortization Payments

					
					
						___________

				
	
					
						 

					
					
						 

				
	
					
						16.       Dividends

					
					
						___________

				
	
					
						 

					
					
						 

				
	
					
						17.       Income Taxes Paid

					
					
						___________

				
	
					
						 

					
					
						 

				
	
					
						18.       Sum of Lines C14, C15, C16 and C17 (“Fixed Charges”)

					
					
						___________

				
	
					
						 

					
					
						 

				
	
					
						19.       Ratio of Line C13 to Line C18

					
					
						____:1.0

				
	
					
						 

					
					
						 

				
	
					
						20.       Line C19 shall not be less than

					
					
						1.50:1.0

					
						[1.25: 1.0]1

				
	
					
						 

					
					
						 

				
	
					
						21.       The Borrower is in compliance (circle yes or no)

					
					
						yes/no

				
	
					
						 

					
					
						 

				
	
					
						D.        Maximum Secured Recourse Indebtedness to Total Asset Value Ratio (Section 8.20(d))

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						1.         Secured Recourse Indebtedness 

					
					
						$___________

				
	
					
						 

					
					
						 

				
	
					
						2.         Total Asset Value as calculated on Exhibit A hereto

					
					
						___________

				

		
			 
		

		
			 
		

		

		
			1         Fiscal Quarter ending 12/31/19
		

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						3.         Ratio of Line D1 to Line D2

					
					
						____:1.0

				
	
					
						 

					
					
						 

				
	
					
						4.         Line D3 shall not exceed

					
					
						0.05:1.0

				
	
					
						 

					
					
						 

				
	
					
						5.         The Borrower is in compliance (circle yes or no)

					
					
						yes/no

				
	
					
						 

					
					
						 

				
	
					
						E.         Tangible Net Worth (Section 8.20(e))

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						1.         Tangible Net Worth

					
					
						$___________

				
	
					
						 

					
					
						 

				
	
					
						2.         Aggregate net proceeds of Stock and Stock Equivalent offerings

					
					
						___________

				
	
					
						 

					
					
						 

				
	
					
						3.         75% of Line E2

					
					
						___________

				
	
					
						 

					
					
						 

				
	
					
						4.         $252,062,542 plus Line E3 

					
					
						___________

				
	
					
						 

					
					
						 

				
	
					
						5.         Line E1 shall not be less than Line E4

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						6.         The Borrower is in compliance (circle yes or no)

					
					
						yes/no

				
	
					
						 

					
					
						 

				
	
					
						F.         Investments (Corporate Debt, Stock to Stock Equivalents in REC/REITS/Alpine) (Section 8.8(f))

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						1.         Investments in debt, Stock or Stock Equivalents of listed real estate companies and real estate investment trusts

					
					
						$__________

				
	
					
						 

					
					
						 

				
	
					
						2.         Investments in Stock of Alpine

					
					
						$__________

				
	
					
						 

					
					
						 

				
	
					
						3.         Sum of Line F1 and Line F2

					
					
						$__________

				
	
					
						 

					
					
						 

				
	
					
						4.         Line F3 shall not exceed $15,000,000

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						5.         The Borrower is in compliance (circle yes or no)

					
					
						yes/no

				
	
					
						 

					
					
						 

				
	
					
						6.         Investments in Stock Equivalents of Alpine

					
					
						$__________

				
	
					
						 

					
					
						 

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

					
					
						 

				
	
					
						1.         Cash Investments in Joint Ventures

					
					
						$___________

				
	
					
						 

					
					
						 

				
	
					
						2.         Total Asset Value

					
					
						___________

				
	
					
						 

					
					
						 

				
	
					
						3.         Line G1 divided by Line G2

					
					
						___________

				
	
					
						 

					
					
						 

				
	
					
						4.         Line G3 shall not exceed 10% of Total Asset Value

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						5.         The Borrower is in compliance (circle yes or no)

					
					
						yes/no

				
	
					
						 

					
					
						 

				
	
					
						H.         Investments (Assets Under Development) (Section 8.8(k))

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						1.         Assets Under Development

					
					
						$___________

				
	
					
						 

					
					
						 

				
	
					
						2.         Total Asset Value

					
					
						___________

				
	
					
						 

					
					
						 

				
	
					
						3.         Line H1 divided by Line H2

					
					
						___________

				
	
					
						 

					
					
						 

				
	
					
						4.         Line H3 shall not exceed 7.5% of Total Asset Value

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						5.         The Borrower is in compliance (circle yes or no)

					
					
						yes/no

				
	
					
						 

					
					
						 

				
	
					
						I.          Investments (Mortgage Loans, Mezzanine Loans and Notes Receivable) (Section 8.8(l))

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						1.         Mortgage Loans, Mezzanine Loans and Notes Receivable

					
					
						$___________

				
	
					
						 

					
					
						 

				
	
					
						2.         Total Asset Value

					
					
						___________

				
	
					
						 

					
					
						 

				
	
					
						3.         Line I1 divided by Line I2

					
					
						___________

				
	
					
						 

					
					
						 

				
	
					
						4.         Line I3 shall not exceed 25% of Total Asset Value

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						5.         The Borrower is in compliance (circle yes or no)

					
					
						yes/no

				
	
					
						 

					
					
						 

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

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						1.         Investments in Ground Leases other than Permitted Ground Lease Investments

					
					
						$___________

				
	
					
						 

					
					
						 

				
	
					
						2.         Total Asset Value

					
					
						___________

				
	
					
						 

					
					
						 

				
	
					
						3.         Line J1 divided by Line J2

					
					
						___________

				
	
					
						 

					
					
						 

				
	
					
						4.         Line J3 shall not exceed 20% of Total Asset Value

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						5.         The Borrower is in compliance (circle yes or no)

					
					
						yes/no

				
	
					
						 

					
					
						 

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

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						1.         Stock Repurchases 

					
					
						$___________

				

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						2.         Investment Net Sales Proceeds

					
					
						$___________

				
	
					
						 

					
					
						 

				
	
					
						3.         Line K1 minus Line K2

					
					
						___________

				
	
					
						 

					
					
						 

				
	
					
						4.         Adjusted EBITDA (from Line C13)2

					
					
						$___________

				
	
					
						 

					
					
						 

				
	
					
						5.         Fixed Charges (from Line C18)

					
					
						$___________

				
	
					
						 

					
					
						 

				
	
					
						6.         Sum of lines K3 and K5

					
					
						$___________

				
	
					
						 

					
					
						 

				
	
					
						7.         Ratio of Line K4 to Line K6

					
					
						____:1.0

				
	
					
						 

					
					
						 

				
	
					
						8.         Line K7 shall not be less than

					
					
						1.50:1.0

				
	
					
						 

					
					
						 

				
	
					
						9.         The Borrower is in compliance (circle yes or no)

					
					
						yes/no

				
	
					
						 

					
					
						 

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

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						1.         Land Assets 

					
					
						$___________

				
	
					
						 

					
					
						 

				
	
					
						2.         Total Asset Value

					
					
						___________

				
	
					
						 

					
					
						 

				
	
					
						3.         Line L1 divided by Line L2

					
					
						___________

				
	
					
						 

					
					
						 

				
	
					
						4.         Line L3 shall not exceed 10% of Total Asset Value 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						5.         The Borrower is in compliance (circle yes or no)

					
					
						yes/no

				
	
					
						 

					
					
						 

				
	
					
						M.        Aggregate Investment Limitation to Total Asset Value (Section 8.8)

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						1.         Sum of Lines F3, F6, G1, H1, I1, J1 and K3

					
					
						$___________

				
	
					
						 

					
					
						 

				
	
					
						2.         Total Asset Value

					
					
						____________

				
	
					
						 

					
					
						 

				
	
					
						3.         Line M1 divided by Line M2

					
					
						___________

				
	
					
						 

					
					
						 

				
	
					
						4.         Line M3 shall not exceed 30% of Total Asset Value

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						5.         The Borrower is in compliance (circle yes or no)

					
					
						yes/no

				

		
			 
		

		
			 
		

		

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

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

		
			EXHIBIT A TO SCHEDULE I
		

		
			TO COMPLIANCE CERTIFICATE
		

		
			OF CONSOLIDATED-TOMOKA LAND CO.
		

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

		
			[Insert Calculation]
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						CONSOLIDATED-TOMOKA LAND CO.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

		
			EXHIBIT B TO SCHEDULE I
		

		
			TO COMPLIANCE CERTIFICATE
		

		
			OF CONSOLIDATED-TOMOKA LAND CO.
		

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

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						PROPERTY

					
					
						PROPERTY INCOME

					
					
						MINUS

					
					
						PROPERTY EXPENSES (WITHOUT CAP. EX. RESERVE OR MANAGEMENT FEES)

					
					
						MINUS

					
					
						ANNUAL CAPITAL EXPENDITURE RESERVE

					
					
						MINUS

					
					
						GREATER OF 3% OF RENTS OR ACTUAL MANAGEMENT FEES

					
					
						EQUALS

					
					
						PROPERTY NOI

				
	
					
						 

					
					
						$________

					
					
						-

					
					
						$___________

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						=

					
					
						$________

				
	
					
						 

					
					
						$________

					
					
						-

					
					
						$___________

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						=

					
					
						$________

				
	
					
						 

					
					
						$________

					
					
						-

					
					
						$___________

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						=

					
					
						$________

				
	
					
						 

					
					
						$_______

					
					
						-

					
					
						$___________

					
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						=

					
					
						$________

				

		
			 
		

		
			 
		

		
			TOTAL PROPERTY NOI FOR ALL PROPERTIES:                                            $_____________
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						CONSOLIDATED-TOMOKA LAND CO.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

		
			EXHIBIT I
		

		
			 
		

		
			BORROWING BASE CERTIFICATE
		

		
			To:       Bank of Montreal, as Administrative
Agent under, and the Lenders party to,
the Credit Agreement described below.
		

		
			Pursuant to the terms of the Second Amended and Restated Credit Agreement dated as of September 7, 2017, as amended, among us (the “Credit Agreement”), we submit this Borrowing Base Certificate to you and certify that the calculation of the Borrowing Base set forth below and on any Exhibits to this Certificate is true, correct and complete as of the Borrowing Base Determination Date.
		

		
			A.     Borrowing Base Determination Date: __________________ ____, 20___.
		

		
			B.     The Borrowing Base and Revolving Credit Availability as of the Borrowing Base Determination Date is calculated as:
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						1.     Lesser of (i) $50,000,000 or (ii) 60% of 1031 Borrowing Base Cash3

					
					
						 

					
					
						$_________________

				
	
					
						2.     60% of the Borrowing Base Value as calculated on Exhibit A hereto

					
					
						 

					
					
						$_________________

				
	
					
						3.     Debt Service Coverage Amount as calculated on Exhibit B hereto

					
					
						 

					
					
						$_________________

				
	
					
						4.     The lesser of Line 1 and Line 2

					
					
						 

					
					
						$_________________

				
	
					
						5.     Line 1 plus Line 4

					
					
						 

					
					
						$_________________

				
	
					
						6.     [Other Unsecured Indebtedness]4

					
					
						 

					
					
						$_________________

				
	
					
						7.     Line 5 minus Line 6 (the “Borrowing Base”)

					
					
						 

					
					
						$_________________

				
	
					
						8.     Aggregate Revolving Loans, Swing Loans and L/C Obligations outstanding

					
					
						 

					
					
						$_________________

				
	
					
						9.     Line 7 minus Line 8 (the “Revolving Credit Availability”)

					
					
						 

					
					
						$_________________

				

		
			 
		

		
			 
		

		

		
			3         Only to be included prior to 7/1/2020.
		

		
			4         Only to be included when there is an Other Guaranty Trigger.
		

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

		
			The foregoing certifications, together with the computations set forth in Schedule I hereto are made and delivered this ______ day of __________________ 20___.
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						CONSOLIDATED-TOMOKA LAND CO.

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Name:

					
					
						 

				
	
					
						 

					
					
						 

					
					
						Title:

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

		
			EXHIBIT A TO BORROWING BASE CERTIFICATE
		

		
			OF CONSOLIDATED-TOMOKA LAND CO.
		

		
			This Exhibit A is attached to the Borrowing Base Certificate of Consolidated-Tomoka Land Co. for the Borrowing Base Determination Date of ___________ ____, 20___ and delivered to Bank of Montreal, as Administrative Agent, and the Lenders party to the Second Amended and Restated Credit Agreement dated September 7, 2017, as amended, referred to therein.  The undersigned hereby certifies that the following is a true, correct and complete calculation of Borrowing Base Value as of the Borrowing Base Determination Date set forth above:
		

		
			[Insert Calculation or attach Schedule with exclusions for concentration limits]
		

		
			 
		

			
					
						BORROWING BASE VALUE OF ALL ELIGIBLE PROPERTIES:

					
					
						 

					
					
						$__________

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						BORROWING BASE REQUIREMENTS:

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						A.        Number of Properties

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						1.       The number of Eligible Properties

					
					
						 

					
					
						___________

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						2.       Line A1 shall not be less than [95][20] 6

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						3.       The Borrower is in compliance (circle yes or no)

					
					
						 

					
					
						yes/no

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						B.       Borrowing Base Value

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						1.       Borrowing Base Value

					
					
						 

					
					
						$___________

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						2.       Line B1 shall not be less than [$75,000,0007][$200,000,000] 8

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						3.       The Borrower is in compliance (circle yes or no)

					
					
						 

					
					
						yes/no

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						C.       Non-Retail, Office or Mixed-Use Retail/Office Properties

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						1.       Percent of Borrowing Base Value attributable to Non-Retail, Office or Mixed-Use Retail/Office Properties

					
					
						 

					
					
						___________%

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						2.       Line C1 shall not be greater than 35%

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						3.       The Borrower is in compliance (circle yes or no)

					
					
						 

					
					
						yes/no

				

		
			 
		

		

		
			5         Prior to 7/1/2020.
		

		
			6         On and after 7/1/2020.
		

		
			7         Prior to 7/1/2020.
		

		
			8         On and after 7/1/2020.
		

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						D.        Individual Eligible Property Value

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						1.       The Percentage of Borrowing Base Value of each Eligible Property is set forth [above or on the attached Schedule] and the largest Borrowing Base Value or any Eligible Property is $___________ for the ___________ Eligible Property.

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						2.       No Eligible Property comprises more than 25% of Borrowing Base Value

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						3.       The Borrower is in compliance (circle yes or no)

					
					
						 

					
					
						yes/no9

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						E.        Single Tenant Borrowing Base Value

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						1.       The largest amount of Borrowing Base Value from a single Tenant that does not maintain a Rating of at least BBB-/Baa3 from S&P or Moody’s, respectively, is $_____________ from _____________.

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						2.       No single Tenant that does not maintain a Rating of at least BBB-/Baa3 from S&P or Moody’s, respectively, comprises more than 20% of Borrowing Base Value

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						3.       The Borrower is in compliance (circle yes or no)

					
					
						 

					
					
						yes/no10

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						F.        Permitted Ground Lease Investments

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						1.       Percent of Borrowing Base Value attributable to Permitted Ground Lease Investments

					
					
						 

					
					
						__%

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						2.       Line F1 shall not be greater than 30%

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						3.       The Borrower is in compliance (circle yes or no)

					
					
						 

					
					
						yes/no11

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						G.        Hotels, Motels and Resorts

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						1.       Percent of Borrowing Base Value attributable to Hotels, Motels or Resorts

					
					
						 

					
					
						__%

				

		
			 
		

		

		
			9         If applicable, the calculation of Borrowing Base Value includes an adjustment to exclude that portion of the Property NOI or book value of any Eligible Properties attributable to any Eligible Properties to the extent it exceeds the 25% concentration limit.
		

		
			10       If applicable, the calculation of Borrowing Base Value includes an adjustment to exclude that portion of the Property NOI or book value of any Eligible Properties attributable to any Eligible Properties to the extent it exceeds the 20% concentration limit.
		

		
			11       If applicable, the calculation of Borrowing Base Value includes an adjustment to exclude that  portion of the Property NOI or book value of any Permitted Ground Lease Investments attributable to any Permitted Ground Lease Investments to the extent it exceeds the 35% concentration limit.
		

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						2.       Line G1 shall not be greater than 20%

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						3.       The Borrower is in compliance (circle yes or no)

					
					
						 

					
					
						yes/no

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						H.        Occupancy Rate

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						1.       Aggregate Occupancy Rate of Eligible Properties

					
					
						 

					
					
						__%

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						2.       Line H1 shall not be less than 85%

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						3.       The Borrower is in compliance (circle yes or no)

					
					
						 

					
					
						yes/no

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						I.          MSA

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						1.       Percentage of the Borrowing Base Value comprised of Eligible Properties located in the same MSA

					
					
						 

					
					
						__%

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						2.       Line I1 shall be not greater than [40%]12 [35%]13 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						3.       The Borrower is in compliance (circle yes or no)

					
					
						 

					
					
						yes/no

				

		
			 
		

		
			 
		

		

		
			12                  Prior to 1/1/2021.
		

		
			13                  On and after 1/1/2021.
		

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

		
			EXHIBIT B TO BORROWING BASE CERTIFICATE
		

		
			OF CONSOLIDATED-TOMOKA LAND CO.
		

		
			This Exhibit B is attached to the Borrowing Base Certificate of Consolidated-Tomoka Land Co. for the Borrowing Base Determination Date of __________ ___, 20__ and delivered to Bank of Montreal, as Administrative Agent, and the Lenders party to the Second Amended and Restated Credit Agreement dated September 7, 2017, as amended, referred to therein.  The undersigned hereby certifies that the following is a true, correct and complete calculation of Debt Service Coverage Amount as of the Borrowing Base Determination Date set forth above:
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						ELIGIBLE PROPERTIES

					
					
						DEBT SERVICE COVERAGE AMOUNT

					
						AS CALCULATED ON ANNEX I TO

					
						THIS EXHIBIT B

				
	
					
						 

					
					
						$__________

				
	
					
						 

					
					
						$__________

				
	
					
						 

					
					
						$__________

				
	
					
						 

					
					
						$__________

				
	
					
						 

					
					
						 

				
	
					
						TOTAL DEBT SERVICE COVERAGE AMOUNT OF ALL ELIGIBLE PROPERTIES:

					
					
						$__________

				

		
			 
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

		
			ANNEX I TO EXHIBIT B TO BORROWING BASE CERTIFICATE
		

		
			OF CONSOLIDATED-TOMOKA LAND CO.
		

		
			[Borrower to Insert Calculation of Debt Service Coverage Amount for each Eligible Property with concentration limit exclusions]
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

		
			SCHEDULE 6.2
		

		
			SUBSIDIARIES
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						BLUEBIRD ARROWHEAD PHOENIX LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						January 14, 2013

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Golden Arrow 6 LLC, 100% Managing Member

				
	
					
						 

					
					
						 

				
	
					
						BLUEBIRD GERMANTOWN MD LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						August 15, 2013

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Golden Arrow 6 LLC, 100% Managing Member

				
	
					
						 

					
					
						 

				
	
					
						BLUEBIRD METROWEST ORLANDO LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						January 14, 2013

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co., 100% Managing Member

				
	
					
						 

					
					
						 

				
	
					
						BLUEBIRD RENTON WA LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						July 11, 2013

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Golden Arrow 6 LLC, 100% Managing Member

				
	
					
						CTLC GOLDEN ARROW KATY LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						March 24, 2014

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Golden Arrow 6 LLC, 100% Managing Member

				
	
					
						 

					
					
						 

				
	
					
						CTLC18 LYNN MA LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						May 28, 2019

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co., 100% Managing Member

				
	
					
						CTO16 ATLANTIC LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						November 9, 2016

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co. 100% Managing Member

				
	
					
						 

					
					
						 

				
	
					
						CTO16 AUSTIN LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						August 17, 2016

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co.  100%  Managing Member

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						CTO16 CHARLOTTESVILLE LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						August 17, 2016

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co.  100%   Managing Member

				
	
					
						 

					
					
						 

				
	
					
						CTO16 DALLAS LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						February 9, 2016

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Indigo Group Inc. 99% Managing Member

				
	
					
						 

					
					
						Indigo Group Ltd. 1% Managing Member

				
	
					
						 

					
					
						 

				
	
					
						CTO16 HUNTERSVILLE LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						August 17, 2016

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co.  100%   Managing Member

				
	
					
						 

					
					
						 

				
	
					
						CTO16 MONTEREY LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						August 12, 2016

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co.  100%   Managing Member

				
	
					
						 

					
					
						 

				
	
					
						CTO16 OLIVE TX LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						September 9, 2016

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co.  100%   Managing Member

				
	
					
						 

					
					
						 

				
	
					
						CTO16 OSI LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						August 17, 2016

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co.  100%   Managing Member

				
	
					
						 

					
					
						 

				
	
					
						CTO16 RALEIGH LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						September 9, 2016

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co.  100%   Managing Member

				
	
					
						 

					
					
						 

				
	
					
						CTO16 RENO LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						November 1, 2016

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co. 100% Managing Member

				
	
					
						 

					
					
						 

				
	
					
						CTO17 BRANDON FL LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						March 27, 2017

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co. 100% Managing Member

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						CTO17 HILLSBORO OR LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						September 19, 2017

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co.

				
	
					
						 

					
					
						 

				
	
					
						CTO17 SARASOTA LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						January 10, 2017

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co. 100% Managing Member

				
	
					
						 

					
					
						 

				
	
					
						CTO17 SAUGUS LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						February 17, 2017

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co. 100% Managing Member

				
	
					
						 

					
					
						 

				
	
					
						CTO17 WESTCLIFF TX LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						January 10, 2017

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co. 100% Managing Member

				
	
					
						 

					
					
						 

				
	
					
						CTO18 ALBUQUERQUE NM LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						August 8, 2018

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co. 100%

				
	
					
						 

					
					
						 

				
	
					
						CTO18 ARLINGTON TX LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						December 10, 2018

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co. 100%

				
	
					
						 

					
					
						 

				
	
					
						CTO18 ASPEN LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						January 25, 2018

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co. 100%

				
	
					
						 

					
					
						 

				
	
					
						CTO18 JACKSONVILLE FL LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						September 13, 2018

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co. 100%

				
	
					
						 

					
					
						 

				
	
					
						CTO19 ALBANY GA LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						June 6, 2019

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co. 100%

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						CTO19 BIRMINGHAM LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						May 8, 2019

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co. 100%

				
	
					
						 

					
					
						 

				
	
					
						CTO19 CARPENTER AUSTIN LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						June 20, 2019

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co. 100%

				
	
					
						 

					
					
						 

				
	
					
						CTO19 NRH TX LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						October 8, 2019

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co. 100%

				
	
					
						 

					
					
						 

				
	
					
						CTO19 OCEANSIDE NY LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						August 20, 2019

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co. 100%

				
	
					
						 

					
					
						 

				
	
					
						CTO19 RESTON VA LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						June 28, 2019

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co. 100%

				
	
					
						 

					
					
						 

				
	
					
						CTO19 TROY WI LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						August 20, 2019

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co. 100%

				
	
					
						 

					
					
						 

				
	
					
						CTO19 WINSTON SALEM NC LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						March 13, 2019

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co. 100%

				
	
					
						 

					
					
						 

				
	
					
						DAYTONA JV LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						August 5, 2015

				
	
					
						State of Formation:

					
					
						Florida

				
	
					
						Members:

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

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						DB BEACH LAND LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						July 14, 2017

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co., 100% Managing Member

				
	
					
						 

					
					
						 

				
	
					
						DB MAIN STREET LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						March 13, 2019

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co. 100%

				
	
					
						 

					
					
						 

				
	
					
						DB MAINLAND LLC (limited liability company)

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

				
	
					
						Date of Formation:

					
					
						May 11, 2017; Name Change Amendment 7/14/2017

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co., 100% Managing Member

				
	
					
						 

					
					
						 

				
	
					
						DB MAINLAND TWO LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						April 23, 2018

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Indigo Group Inc. 100%

				
	
					
						 

					
					
						 

				
	
					
						GOLDEN ARROW 6 LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						September 16, 2014

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co.  100% Managing Member

				
	
					
						 

					
					
						 

				
	
					
						GOLDEN ARROW CHARLOTTE NC LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						August 29, 2014

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Golden Arrow 6 LLC, 100% Managing Member

				
	
					
						 

					
					
						 

				
	
					
						GOLDEN ARROW CLERMONT FL LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						August 29, 2014

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Golden Arrow 6 LLC, 100% Managing Member

				
	
					
						 

					
					
						 

				
	
					
						IGI18 Back 40 LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						February 23, 2018

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Indigo Group Inc 100%

				
	
					
						 

					
					
						 

				
	
					
						IGI19 FC VA LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						March 21, 2019

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co. 100%

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						INDIGO DEVELOPMENT LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						January 13, 2009

				
	
					
						State of Formation:

					
					
						Florida

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co., 100% Managing Member

				
	
					
						 

					
					
						 

				
	
					
						INDIGO GRAND CHAMPIONS FIVE LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						July 20, 2010

				
	
					
						State of Formation:

					
					
						Florida

				
	
					
						Charter Number:

					
					
						L10000076595

				
	
					
						Member:

					
					
						Palms Del Mar Inc., 100% Managing Member

				
	
					
						 

					
					
						 

				
	
					
						INDIGO GRAND CHAMPIONS SIX LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						July 20, 2010

				
	
					
						State of Formation:

					
					
						Florida

				
	
					
						Member:

					
					
						Palms Del Mar Inc., 100% Managing Member

				
	
					
						 

					
					
						 

				
	
					
						INDIGO GRAND CHAMPIONS TEN LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						July 20, 2010

				
	
					
						State of Formation:

					
					
						Florida

				
	
					
						Member:

					
					
						Palms Del Mar Inc., 100% Managing Member

				
	
					
						 

					
					
						 

				
	
					
						INDIGO GROUP INC.  (corporation)

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

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

				
	
					
						Date of Incorporation:

					
					
						September 27, 1984

				
	
					
						State of Incorporation:

					
					
						Florida

				
	
					
						Authorized Shares:

					
					
						7,500 common shares @ $1.00 par value

				
	
					
						 

					
					
						75,000 (increased from 30,000 4/26/85) Series

				
	
					
						 

					
					
						preferred shares @ $100.00 par value

				
	
					
						 

					
					
						 

				
	
					
						INDIGO GROUP LTD (limited partnership)

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

				
	
					
						Date of Formation:

					
					
						April 30, 1987

				
	
					
						State of Formation:

					
					
						Florida

				
	
					
						 

					
					
						 

				
	
					
						Partners:

					
					
						 

				
	
					
						  Indigo Group Inc.

					
					
						 

				
	
					
						   (Managing General Partner)

					
					
						1.460%

				
	
					
						  Palms Del Mar Inc.

					
					
						5.065%

				
	
					
						    (Limited Partner)

					
					
						 

				
	
					
						Consolidated-Tomoka Land

					
					
						93.475%

				
	
					
						 

					
					
						 

				
	
					
						INDIGO HENRY LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						May 24, 2006

				
	
					
						State of Formation:

					
					
						Florida

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co., 100% Managing Member

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						INDIGO INTERNATIONAL LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						January 13, 2009

				
	
					
						State of Formation:

					
					
						Florida

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co., 100% Managing Member

				
	
					
						 

					
					
						 

				
	
					
						LHC14 OLD DELAND LLC (limited liability company)

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

				
	
					
						Date of Formation:

					
					
						June 4, 2014; Name Change Amendment 05/11/2015

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co., 100% Managing Member

				
	
					
						 

					
					
						 

				
	
					
						LHC15 ATLANTIC DB JV LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						August 3, 2015

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co., 100% Managing Member

				
	
					
						 

					
					
						 

				
	
					
						LHC15 GLENDALE AZ LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						April 28, 2015

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co., 100% Managing Member

				
	
					
						 

					
					
						 

				
	
					
						LHC15 RALEIGH NC LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						October 26, 2015

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co., 100% Managing Member

				
	
					
						 

					
					
						 

				
	
					
						LHC15 RIVERSIDE FL LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						June 30, 2015

				
	
					
						State of Formation:

					
					
						Delaware

				
	
					
						Member:

					
					
						Consolidated-Tomoka Land Co., 100% Managing Member

				
	
					
						 

					
					
						 

				
	
					
						PALMS DEL MAR INC. (corporation)

				
	
					
						Date of formation:

					
					
						May 12, 1978 (Acquired by CTLC 3/27/87)

				
	
					
						State of formation:

					
					
						Florida

				
	
					
						Authorized Shares:

					
					
						1,000 common shares @ $1.00 par value

				
	
					
						Registered Agent:

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

				
	
					
						 

					
					
						 

				
	
					
						PLAY IT FOREWARD DAYTONA LLC (limited liability company)

				
	
					
						Date of Incorporation:

					
					
						May 17, 2013

				
	
					
						State of Incorporation:

					
					
						Florida

				
	
					
						Manager:

					
					
						Consolidated-Tomoka Land Co. , 100% Managing Member

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						PLAY IT FORWARD DAYTONA INC. (corporation - conversion from Play It Forward Daytona LLC)

				
	
					
						501(c)3 charitable entity

				
	
					
						Date of Incorporation:

					
					
						October 5, 2015

				
	
					
						State of Incorporation:

					
					
						Florida

				
	
					
						 

					
					
						 

				
	
					
						TIGER BAY MITIGATION LLC (limited liability company)

				
	
					
						Date of Formation:

					
					
						January 17, 2018

				
	
					
						State of Formation:

					
					
						Florida

				
	
					
						Member:

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

				
	
					
						 

					
					
						 

				
	
					
						TOMOKA AG INC. (corporation)

				
	
					
						Ag Operations

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

				
	
					
						Date of Incorporation:

					
					
						December 21, 2004

				
	
					
						State of Incorporation:

					
					
						Florida

				
	
					
						Authorized Shares:

					
					
						1,000 common shares, $1.00 par value

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

		
			SCHEDULE 6.11
		

		
			LITIGATION
		

		
			 
		

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

		
			 
		

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

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

		
			SCHEDULE 6.17
		

		
			 
		

		
			ENVIRONMENTAL ISSUES
		

		
			 
		

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

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Property

					
					
						Address

					
					
						Description of Environmental Issue

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Indigo Lakes Resort

					
					
						Daytona Beach, FL

					
					
						Monitoring and testing is

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

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Little Lake Grassy

					
					
						Lake Placid, FL

					
					
						Little Lake Grassy is a small

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

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						providing monitoring results once per year. The monitoring program is now underway. The First Post Action Remediation Monitoring Report was submitted on or about March 28, 2019.  Overall, groundwater quality conditions showed improvement with the exception of one monitoring well; nevertheless, the results at this well were still testing below the Natural Attenuation Default.  It was recommended that the next annual monitoring event occur in March 2020.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Acreage West of Interstate 95

					
					
						Daytona Beach, FL

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

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						necessary permits were obtained, and a restoration plan was agreed upon. The restoration plan is approximately 93% complete as of September 30, 2019.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Acreage East of Interstate 95

					
					
						Daytona Beach, FL

					
					
						The pursuit of certain development entitlements gave rise to two notices of violation by the Army Corps of Engineers. Borrower believes the issues raised by, and the land which is the subject of, the inquiry are similar to or the same as those in the SJRWMD Matter.   Once notice was  resolved through the notice of violation having been rescinded and the permit having been issued.  As of April 23, 2019, the second notice has also been resolved by issuance of state and federal permits. 

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

		
			SCHEDULE 6.23
		

		
			 
		

		
			MAINTENANCE AND CONDITION
		

		
			 
		

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

		
			 
		

		
			The Borrower owns a notional 33.50% interest in Crisp39 SPV LLC, which holds just over 5,300 acres of land in Daytona Beach, Volusia County, Florida and the surrounding area for which no formal flood zone determination has been made.
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

		
			SCHEDULE 6.25
		

		
			 
		

		
			SIGNIFICANT LEASES
		

		
			(All Leases including self development)
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Property

					
					
						    

					
					
						Tenant

					
					
						    

					
					
						Landlord

				
	
					
						2890 Providence Lake Blvd.

					
					
						 

					
					
						LA Fitness/

					
					
						 

					
					
						CTO17 Brandon FL LLC (as to an

				
	
					
						Brandon, FL

					
					
						 

					
					
						Fuzzy’s Taco Shop/

					
					
						 

					
					
						undivided 74.10% interest)

				
	
					
						 

					
					
						 

					
					
						World of Beer

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Consolidated-Tomoka Land Co. (as to 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						an undivided 25.90% interest)

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						1073 Broadway

					
					
						 

					
					
						JoAnn Fabrics

					
					
						 

					
					
						CTO17 Saugus LLC

				
	
					
						Saugus, MA

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						3511 West Biddison Street

					
					
						 

					
					
						Westcliff Shopping Center

					
					
						 

					
					
						CTO17 Westcliff TX LLC

				
	
					
						Fort Worth, TX

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						1900 Fruitville Road

					
					
						 

					
					
						Staples

					
					
						 

					
					
						CTO17 Sarasota LLC

				
	
					
						Sarasota, FL

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						11 N Sierra Street

					
					
						 

					
					
						Reno Riverside

					
					
						 

					
					
						CTO16 Reno LLC

				
	
					
						Reno, NV

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						4323/4341 Maple Ave

					
					
						 

					
					
						7-Eleven /Cricket Wireless

					
					
						 

					
					
						CTO16 Dallas LLC (as to an

				
	
					
						Dallas, TX

					
					
						 

					
					
						 

					
					
						 

					
					
						undivided 99% interest)

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Indigo Group Ltd (as to an

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						undivided 1% interest)

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						245 Riverside Ave

					
					
						 

					
					
						Office Building

					
					
						 

					
					
						LHC15 Riverside FL LLC

				
	
					
						Jacksonville, FL

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						1100 Corporate Center Drive

					
					
						 

					
					
						Wells Fargo Bank, N.A.

					
					
						 

					
					
						LHC15 Raleigh NC LLC

				
	
					
						Raleigh, NC

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						200 East Franklin Street

					
					
						 

					
					
						Bank of America Branch

					
					
						 

					
					
						CTO16 Monterey LLC

				
	
					
						Monterey, CA

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						4700 Green Road

					
					
						 

					
					
						At Home

					
					
						 

					
					
						CTO16 Raleigh LLC

				
	
					
						Raleigh, NC

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						521 E. Hyman Avenue

					
					
						 

					
					
						Aspen Core Condominiums

					
					
						 

					
					
						CTO18 Aspen LLC

				
	
					
						Aspen, CO

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		

		 

		

			 

		

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Property

					
					
						    

					
					
						Tenant

					
					
						    

					
					
						Landlord

				
	
					
						1855 Jonesboro Rd.

					
					
						 

					
					
						Dick’s Sporting Goods, Inc.

					
					
						 

					
					
						Consolidated-Tomoka Land Co. (as

				
	
					
						McDonough, GA

					
					
						 

					
					
						 

					
					
						 

					
					
						to an undivided 40.5% interest)

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Indigo Development LLC (as to an

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						undivided 28.7% interest)

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Indigo Henry LLC (as to

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						an undivided 30.8% interest)

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						1871 Jonesboro Rd.

					
					
						 

					
					
						Best Buy Stores, L.P.

					
					
						 

					
					
						Consolidated-Tomoka Land Co. (as

				
	
					
						McDonough, GA

					
					
						 

					
					
						 

					
					
						 

					
					
						to an undivided 40.5% interest)

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Indigo Development LLC (as to an

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						undivided 28.7% interest)

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Indigo Henry LLC (as to

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						an undivided 30.8% interest)

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						17510 N 75th Ave

					
					
						 

					
					
						Big Lots

					
					
						 

					
					
						Bluebird Arrowhead Phoenix LLC

				
	
					
						Glendale, AZ

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						20926 Frederick Road

					
					
						 

					
					
						Big Lots

					
					
						 

					
					
						Bluebird Germantown MD LLC

				
	
					
						Germantown, MD

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						7580 W Bell Road

					
					
						 

					
					
						Container Store

					
					
						 

					
					
						LHC15 Glendale AZ LLC (as to an

				
	
					
						Glendale, AZ

					
					
						 

					
					
						 

					
					
						 

					
					
						undivided 25.88% interest)

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Consolidated-Tomoka Land Co. (as

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						an undivided 74.12% interest)

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						2501 N Field Street

					
					
						 

					
					
						CVS Pharmacy

					
					
						 

					
					
						CTO16 Olive TX LLC

				
	
					
						Dallas, TX

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						2201 West W.T. Harris Blvd.

					
					
						 

					
					
						Harris Teeter, Inc.

					
					
						 

					
					
						Golden Arrow Charlotte NC LLC

				
	
					
						Charlotte, NC

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						6355 Metrowest Blvd, Suite 100

					
					
						 

					
					
						Hilton Metrowest

					
					
						 

					
					
						Bluebird Metrowest Orlando LLC

				
	
					
						Orlando, FL

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						1800 Metrowest Drive, Suite 100

					
					
						 

					
					
						Hilton Cambridge

					
					
						 

					
					
						Bluebird Metrowest Orlando LLC

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						19935 Katy Freeway

					
					
						 

					
					
						Lowe’s Home Center

					
					
						 

					
					
						CTLC Golden Arrow Katy LLC

				
	
					
						Katy, TX

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						11590 Research Blvd

					
					
						 

					
					
						Carrabba’s

					
					
						 

					
					
						CTO16 Austin LLC

				
	
					
						Austin, TX

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						11600 Research Blvd

					
					
						 

					
					
						Outback Steakhouse

					
					
						 

					
					
						CTO16 OSI LLC

				
	
					
						Austin, TX

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						1101 Seminole Trail

					
					
						 

					
					
						Outback Steakhouse

					
					
						 

					
					
						CTO16 Charlottesville LLC

				
	
					
						Charlottesville, VA

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			
		

		

		 

		

			 

		

	
					
						

					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Property

					
					
						    

					
					
						Tenant

					
					
						    

					
					
						Landlord

				
	
					
						16400 Northcross Drive

					
					
						 

					
					
						Outback Steakhouse

					
					
						 

					
					
						CTO16 Huntersville LLC (as to a

				
	
					
						Huntersville, NC

					
					
						 

					
					
						 

					
					
						 

					
					
						81.82% interest)

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Consolidated-Tomoka Land Co. (as

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						to a 5.72% interest)

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Indigo Group Inc. (as to a 12.45%

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Interest)

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						17615 140th Ave SE

					
					
						 

					
					
						Rite Aid

					
					
						 

					
					
						Bluebird Renton WA LLC

				
	
					
						Renton, WA

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						4395 Kimball Bridge Rd.

					
					
						 

					
					
						Walgreen Co. (Store #5903)

					
					
						 

					
					
						Indigo Development LLC

				
	
					
						Alpharetta, GA

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						2590 E Hwy 50

					
					
						 

					
					
						Walgreen Co. (Store #7273)

					
					
						 

					
					
						Golden Arrow Clermont FL LLC

				
	
					
						Clermont, FL

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						451 S. Atlantic Avenue

					
					
						 

					
					
						Crabby’s Oceanside Restaurant

					
					
						 

					
					
						Daytona JV LLC

				
	
					
						Daytona Beach, FL

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						471 S. Atlantic Avenue

					
					
						 

					
					
						Landshark Bar & Grill

					
					
						 

					
					
						Daytona JV LLC

				
	
					
						Daytona Beach, FL

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						5401 Watson Drive SE

					
					
						 

					
					
						Fidelity Bank Building

					
					
						 

					
					
						CTO18 Albuquerque NM LLC

				
	
					
						Albuquerque, NM

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						3775 Oxford Station Way

					
					
						 

					
					
						Hobby Lobby

					
					
						 

					
					
						CTO19 Winston Salem NC LLC

				
	
					
						Winston-Salem, NC

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						1650 West I-20

					
					
						 

					
					
						Macaroni Grill

					
					
						 

					
					
						CTO18 Arlington TX LLC

				
	
					
						Arlington, TX

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						4914 Town Center Parkway

					
					
						 

					
					
						Chuys’s

					
					
						 

					
					
						CTO18 Jacksonville FL LLC

				
	
					
						Jacksonville, FL

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						4826 Town Center Parkway

					
					
						 

					
					
						Firebird’s

					
					
						 

					
					
						CTO18 Jacksonville FL LLC

				
	
					
						Jacksonville, FL

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						4954 Town Center Parkway

					
					
						 

					
					
						Cheddar’s

					
					
						 

					
					
						CTO18 Jacksonville FL LLC

				
	
					
						Jacksonville, FL

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						4990 Town Center Parkway

					
					
						 

					
					
						JP Morgan Chase Bank

					
					
						 

					
					
						CTO18 Jacksonville FL LLC

				
	
					
						Jacksonville, FL

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						4710 Town Center Parkway

					
					
						 

					
					
						Moe’s

					
					
						 

					
					
						CTO18 Jacksonville FL LLC

				
	
					
						Jacksonville, FL

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						4816 Gate Parkway

					
					
						 

					
					
						PDQ

					
					
						 

					
					
						CTO18 Jacksonville FL LLC

				
	
					
						Jacksonville, FL

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						4866 Gate Parkway

					
					
						 

					
					
						WaWa

					
					
						 

					
					
						CTO18 Jacksonville FL LLC

				
	
					
						Jacksonville, FL

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						5064 Weeber’s Crossing

					
					
						 

					
					
						Scrubble’s Car Wash

					
					
						 

					
					
						CTO18 Jacksonville FL LLC

				
	
					
						Jacksonville, FL

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						Property

					
					
						    

					
					
						Tenant

					
					
						    

					
					
						Landlord

				
	
					
						18770 NW Walker Road

					
					
						 

					
					
						Wells Fargo Building

					
					
						 

					
					
						CTO17 Hillsboro OR LLC

				
	
					
						Hillsboro, OR

					
					
						 

					
					
						 

					
					
						 

					
					
						(as to a 94.15% interest)

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Indigo Development Inc. (as to a

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						.62% interest)

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						Indigo Group Inc. (as to a 5.23%

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						interest)

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						1000 East Broad Street

					
					
						 

					
					
						24-Hour Fitness

					
					
						 

					
					
						IGI19 FC VA LLC

				
	
					
						Falls Church, VA

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						2699 County Road D

					
					
						 

					
					
						Alpine Valley Music Theatre

					
					
						 

					
					
						CTO19 Troy WI LLC

				
	
					
						East Troy, WI

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						400 Josephine Street

					
					
						 

					
					
						The Carpenter Hotel

					
					
						 

					
					
						CTO19 Carpenter Austin LLC

				
	
					
						Austin, TX

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						50 Central Avenue

					
					
						 

					
					
						Family Dollar

					
					
						 

					
					
						CTLC18 Lynn MA LLC

				
	
					
						Lynn, MA

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						6537 NE Loop

					
					
						 

					
					
						Burlington

					
					
						 

					
					
						CTO19 NRH TX LLC

				
	
					
						North Richland Hills, TX

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						3098 Long Beach Road

					
					
						 

					
					
						Party City

					
					
						 

					
					
						CTO19 Oceanside NY LLC

				
	
					
						Oceanside, NY

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						12180 Sunrise Valley Dr.

					
					
						 

					
					
						Reston Metro Center II

					
					
						 

					
					
						CTO19 Reston VA LLC

				
	
					
						Reston, VA

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						101 Doug Baker Blvd

					
					
						 

					
					
						Walgreens

					
					
						 

					
					
						CTO19 Birmingham LLC

				
	
					
						Birmingham, AL

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				
	
					
						2414 Sylvester Road

					
					
						 

					
					
						Walgreens

					
					
						 

					
					
						CTO19 Albany GA LLC

				
	
					
						Albany, GA

					
					
						 

					
					
						 

					
					
						 

					
					
						 

				

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

		
			ANNEX I
		

		
			 
		

		
			LIST OF CLOSING DOCUMENTS
		

		
			 
		

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

		
			ANNEX II
		

		
			 
		

		
			SPECIFIED RELEASED PROPERTIES AND SPECIFIED RELEASED GUARANTORS14
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						Subsidiary Name

					
					
						Property

				
	
					
						CTO17 Hillsboro OR LLC

					
					
						Wells Fargo Office Building, Portland, OR

				
	
					
						Bluebird Metrowest Orlando LLC

					
					
						Hilton MetroWest Orlando, FL
Hilton Cambridge Orlando, FL

				
	
					
						CTO16 Raleigh LLC

					
					
						At Home, Raleigh, NC

				
	
					
						CTO16 Reno LLC

					
					
						Century Theater Riverside, Reno, NV

				
	
					
						CTO19 Winston Salem NC LLC

					
					
						Hobby Lobby, Winston-Salem, NC

				
	
					
						Indigo Henry LLC

					
					
						Best Buy McDonough (Atlanta), GA
Dick’s McDonough (Atlanta), GA

				
	
					
						CTO17 Saugus MA LLC

					
					
						Jo-Ann Fabrics, Saugus, MA

				
	
					
						CTO16 Charlottesville LLC

					
					
						Outback Steakhouse, Charlottesville, VA

				
	
					
						CTLC18 Lynn MA LLC

					
					
						Family Dollar, Lynn, MA

				
	
					
						LHC15 Glendale AZ LLC

					
					
						Container Store, Glendale, AZ

				
	
					
						CTO16 Huntersville LLC

					
					
						Outback Steakhouse, Charlotte, NC

				
	
					
						CTO17 Brandon FL LLC

					
					
						LA Fitness Brandon, FL15

				

		
			 
		

		
			 
		

		

		
			14       CTO19 Birmingham (owns Walgreens, Birmingham, AL) is not a Guarantor as it owns a Property in a 1031 Reverse Exchange, but its Property will be removed from the Borrowing Base upon effectiveness of the Third Amendment to Second Amended and Restated Credit Agreement although not listed as a Released Guarantor.
		

		
			15       CTO17 Brandon also previously owned Fuzzy’s Taco Shop, World of Beer, Brandon FL, however those assets have been transferred to CTO17 Aruba Land LLC which is a Specified Addition Guarantor.
		

		
			
		

		
			

		 

		

			 

		

		

		
			 
		

		
			SPECIFIED ADDITION PROPERTIES AND SPECIFIED ADDITION GUARANTORS
		

		
			 
		

			
					
						 

					
					
						 

				
	
					
						Subsidiary Name

					
					
						Property

				
	
					
						CTO19 NRH TX LLC

					
					
						Burlington Warehouse, North Richard Hills, TX

				
	
					
						CTO19 Oceanside NY LLC

					
					
						Party City, Oceanside, NY

				
	
					
						CTO19 Carpenter Austin LLC

					
					
						Land under Carpenter Hotel, Austin, TX

				
	
					
						CTO19 Reston VA LLC

					
					
						Reston MetroCenter II, Reston, VA (co-owner)

				
	
					
						Indigo Group Ltd.

					
					
						Reston MetroCenter II, Reston, VA (co-owner)

				
	
					
						CTO17 Aruba Land LLC

					
					
						Fuzzy’s Taco Shop, World of Beer, Brandon FLcto_Ex10_2

		
			Exhibit 10.2
		

		
			 
		

		
			MANAGEMENT AGREEMENT
		

		
			This MANAGEMENT AGREEMENT (this “Agreement”) is made and entered into as of November 26, 2019, by and among Alpine Income Property Trust, Inc., a Maryland corporation (the “Company”), Alpine Income Property OP, LP, a Delaware limited partnership (the “Operating Partnership”), and Alpine Income Property Manager, LLC, a Delaware limited liability company (the “Manager” and, together with the Company and the Operating Partnership, the “Parties” and each a “Party”).
		

		
			RECITALS
		

		
			WHEREAS, the Company is a Maryland corporation that focuses primarily on the acquisition, ownership and leasing of single-tenant commercial properties;
		

		
			WHEREAS, the Company owns its assets and conducts its operations through the Operating Partnership and its other Subsidiaries (as defined herein);
		

		
			WHEREAS, the Company intends to qualify as a real estate investment trust for federal income tax purposes and will elect to receive the tax benefits accorded by Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”); and
		

		
			WHEREAS, the Company and the Operating Partnership desire to retain the Manager to manage the assets, operations and affairs of the Company pursuant to the terms and conditions set forth in this Agreement.
		

		
			AGREEMENT
		

		
			NOW, THEREFORE, in consideration of the mutual agreements herein set forth, the parties hereto agree as follows:
		

		
			1.         Definitions.
		

		
			(a)        The following terms shall have the meanings set forth in this Section 1(a):
		

		
			“Acquisition Expenses” means any and all third-party expenses incurred by the Company, the Manager or any of their respective Affiliates in connection with the selection, evaluation, acquisition, origination, making or development of any Investment, whether or not acquired, including legal fees and expenses, travel and communications expenses, property inspection expenses, brokerage or finder’s fees, costs of appraisals, nonrefundable option payments on property not acquired, accounting fees and expenses, title insurance premiums and expenses, survey expenses, closing costs and the costs of performing due diligence.
		

		
			“Affiliate” means, with respect to a Person, a Person that controls, is controlled by, or is under common control with such original Person. For purposes of this definition, “control,” when used with respect to any Person, means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms “affiliated,” “controlling” and “controlled” have meanings correlative to the foregoing.
		

		
			
		

		
			

		 

		

		
			 
		

		
			“Agreement” has the meaning set forth in the Preamble.
		

		
			“Annual Budget” has the meaning assigned in Section 2(g)(i).
		

		
			“Automatic Renewal Term” has the meaning assigned in Section 13(a).
		

		
			“Base Management Fee” means the base management fee in an amount equal to 1.50% per annum (0.375% per fiscal quarter) of Total Equity, calculated and payable in quarterly installments in arrears in cash.
		

		
			“Board of Directors” means the Board of Directors of the Company.
		

		
			“Cause Termination Notice” has the meaning assigned in Section 14(a).
		

		
			“Code” has the meaning assigned to such term in the Recitals.
		

		
			“Common Stock” means the common stock, par value $0.01 per share, of the Company.
		

		
			“Company” has the meaning set forth in the Preamble; provided that all references herein to the Company shall, except as otherwise expressly provided herein, be deemed to include any Subsidiaries.
		

		
			“Company Account” has the meaning assigned in Section 5.
		

		
			“Company Indemnified Party” has the meaning assigned in Section 11(c).
		

		
			“Confidential Information” means all non-public information, written or oral, obtained by the Manager or its Affiliates in connection with the services rendered hereunder.
		

		
			“CTO” means Consolidated-Tomoka Land Co., a Florida corporation and the sole member of the Manager.
		

		
			“Cumulative Hurdle” means an amount equal to an 8.00% cumulative annual return on the High Water Price.
		

		
			“Date of Termination” means the date on which this Agreement is terminated or expires without renewal.
		

		
			“Directors” means the members of the Board of Directors.
		

		
			“Effective Termination Date” has the meaning assigned in Section 13(b).
		

		
			“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.
		

		
			“Exclusivity and ROFO Agreement” means that certain Exclusivity and Right of First Offer Agreement, of even date herewith, by and between the Company and CTO.
		

		
			
		

		
			

		 

		

			2

		

		

		
			 
		

		
			“Final Share Price” means, with respect to any Measurement Period, the volume weighted average trading price for a share of Common Stock on the NYSE (or any other securities exchange on which the Common Stock is principally traded) over the ten consecutive trading days ending on the last trading day of such Measurement Period.
		

		
			“GAAP” means generally accepted accounting principles in effect in the U.S. on the date such principles are applied consistently.
		

		
			“Governing Instruments” means, with respect to any Person, the articles of incorporation, certificate of incorporation or charter, as the case may be, and bylaws in the case of a corporation, the certificate of limited partnership (if applicable) and agreement of limited partnership or partnership agreement in the case of a general or limited partnership or the articles or certificate of formation and operating agreement in the case of a limited liability company, in each case, as amended, restated or supplemented from time to time.
		

		
			“High Water Price” means, with respect to any Measurement Period, the volume weighted average trading price for a share of Common Stock on the NYSE (or any other securities exchange on which the Common Stock is principally traded) over the ten consecutive trading days ending on the last trading day immediately prior to the beginning of such Measurement Period;  provided,  however, that the High Water Price with respect to the first Measurement Period shall be the price per share at which shares of the Common Stock are sold to the public in the Initial Public Offering; provided further that the High Water Price for any Measurement Period shall never be less than the highest High Water Price for any preceding Measurement Period.
		

		
			“Incentive Fee” means the incentive fee payable to the Manager, if any, which shall be calculated and payable with respect to each Measurement Period (or part thereof that this Agreement is in effect) in arrears in an amount equal to the greater of (i) $0.00 and (ii) the product of (a) 15.00% multiplied by (b) the Outperformance Amount multiplied by (c) the Weighted Average Shares.
		

		
			“Indemnification Obligations” has the meaning assigned in Section 11(b).
		

		
			“Indemnitee” has the meaning assigned in Section 11(d).
		

		
			“Indemnitor” has the meaning assigned in Section 11(d).
		

		
			“Independent Directors” means the directors serving on the Board of Directors who have been deemed by the Board of Directors to satisfy the independence standards applicable to companies listed on the NYSE.
		

		
			“Initial Public Offering” means that certain underwritten public offering of Common Stock completed on the date of this Agreement.
		

		
			 “Initial Term” has the meaning assigned in Section 13(a).
		

		
			“Internalization Price” means the price ultimately agreed upon by the Company and the Manager, and paid by the Company to the Manager in connection with an Internalization Transaction.
		

		
			
		

		
			

		 

		

			3

		

		

		
			 
		

		
			“Internalization Transaction” means a transaction in which (i) the Manager contributes to the Company, the Operating Partnership or another Subsidiary all of the assets of the Manager, including, all furniture, fixtures, leasehold improvements, contract rights, computer software, employment and customer relationships, goodwill, going concern value, other identifiable intangible assets and other business assets then owned by the Manager, (ii) CTO contributes to the Company, the Operating Partnership or another Subsidiary 100% of the outstanding equity interests in the Manager, or (iii) this Agreement is terminated and, in the case of any transaction referred to in clause (i), (ii) or (iii), the Company becomes internally managed by the officers and employees of CTO or the Manager.
		

		
			“Investments” means the investments of the Company.
		

		
			“Investment Company Act” means the Investment Company Act of 1940, as amended.
		

		
			“Investment Guidelines” means the general criteria, parameters and policies relating to Investments as established by the Board of Directors, as the same may be modified from time-to-time.
		

		
			“IPO Closing Date” has the meaning assigned in Section 13(a).
		

		
			“Judicially Determined” has the meaning assigned in Section 11(a).
		

		
			“Manager” has the meaning assigned in the Preamble.
		

		
			“Manager Change of Control” means the occurrence of any of the following: (i) the sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the assets of the Manager, taken as a whole, to any Person other than CTO or any of its Affiliates; (ii) the sale, lease or transfer, in one or a series of related transactions, of all or substantially all of the assets of CTO, taken as a whole, to any Person other than an Affiliate of CTO; (iii) the acquisition by any Person or group (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Exchange Act, or any successor provision), including any group acting for the purpose of acquiring, holding or disposing of securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), other than the Company or any of its Affiliates, in a single transaction or in a series of related transactions, by way of merger, consolidation or other business combination or purchase of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act, or any successor provision) of 50% or more of the total voting power of the voting capital interests of the Manager or CTO; or (iv) change in the composition of the board of directors of CTO such that, during any 12-month period, the individuals who, as of the beginning of such period, constitute the board of directors of CTO cease for any reason to constitute more than 50% of the board of directors of CTO; provided, however, that any individual becoming a member of the board of directors of CTO subsequent to the beginning of such period whose election, or nomination for election by CTO’s shareholders, was approved by a vote of at least two-thirds of the directors immediately prior to the date of such appointment or election will be considered as though such individual were a member of the board of directors of CTO as of the beginning of such period.
		

		
			“Manager Indemnified Party” has the meaning assigned in Section 11(a).
		

		
			
		

		
			

		 

		

			4

		

		

		
			 
		

		
			“Measurement Period” means each period beginning on January 1 after the last Measurement Period with respect to which the Incentive Fee shall have been payable (January 1, 2020 with respect to the first Measurement Period) and ending on December 31 of the applicable calendar year, provided that if this Agreement is terminated or expires without renewal other than on December 31, the last Measurement Period will end on the last complete trading day for the Common Stock on the NYSE (or any other securities exchange on which the Common Stock is principally traded) prior to such termination or expiration.
		

		
			“Notice of Proposal to Negotiate” has the meaning assigned in Section 13(c).
		

		
			“NYSE” means the New York Stock Exchange.
		

		
			“OP units” means common units of limited partnership interest in the Operating Partnership.
		

		
			“Operating Partnership” has the meaning assigned in the Preamble.
		

		
			“Outperformance Amount” means, with respect to any Measurement Period, (i) 
Total Stockholder Return with respect to such Measurement Period, minus (ii) the Cumulative Hurdle.
		

		
			“Party” or “Parties” has the meaning assigned in the Preamble.
		

		
			“Person” means any individual, corporation, partnership, joint venture, limited liability company, estate, trust, unincorporated association, any federal, state, county or municipal government or any bureau, department or agency thereof and any fiduciary acting in such capacity on behalf of any of the foregoing.
		

		
			“Records” has the meaning assigned in Section 6(a).
		

		
			“REIT” means a “real estate investment trust” as defined under the Code.
		

		
			“Representatives” means collectively the Manager’s Affiliates, officers, directors, employees, agents and representatives.
		

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

		
			“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.
		

		
			 “Subsidiary” means any subsidiary of the Company, any partnership (including the Operating Partnership), the general partner of which is the Company or any subsidiary of the Company, and any limited liability company, the managing member of which is the Company or any subsidiary of the Company.
		

		
			“Tax Preparer” has the meaning assigned in Section 7(f).
		

		
			
		

		
			

		 

		

			5

		

		

		
			 
		

		
			“Termination Fee” means, with respect to any termination or non-renewal of this Agreement under Section 13, a fee equal to three times the sum of (i) the average annual Base Management Fee earned by the Manager during the 24-month period immediately preceding the most recently completed calendar quarter prior to the Effective Termination Date and (ii) the average annual Incentive Fee earned by the Manager during the two most recently completed Measurement Periods prior to the Effective Termination Date.
		

		
			“Termination Notice” has the meaning assigned in Section 13(b).
		

		
			“Termination Without Cause” has the meaning assigned in Section 13(b).
		

		
			“Total Equity” means, as of a particular date, (i) the sum of the net cash proceeds and the value of non-cash consideration from all issuances of equity securities by the Company or the Operating Partnership since the Company’s inception, including OP units (calculated on a daily weighted average basis), less (ii) any amount that the Company or the Operating Partnership has paid to repurchase shares of Common Stock or OP units, as applicable, since the Company’s inception. Total Equity may be adjusted to exclude one-time events pursuant to changes in GAAP and certain non-cash items after discussions between the Manager and the Independent Directors and approval in advance by a majority of the Independent Directors.  As a result, Total Equity, for purposes of calculating the Base Management Fee, could be greater than or less than the amount of the Company’s stockholders’ equity calculated in accordance with GAAP and shown on the face of the Company’s consolidated balance sheets.
		

		
			“Total Stockholder Return” means, with respect to any Measurement Period, an amount equal to (i) the Final Share Price, plus (ii) all dividends with respect to a share of Common Stock paid since the beginning of such Measurement Period (whether paid in cash or a distribution in kind), minus (iii) the High Water Price.
		

		
			“Treasury Regulations” means the Procedures and Administration Regulations promulgated by the U.S. Department of Treasury under the Code, as amended.
		

		
			“Weighted Average Shares” means, with respect to any Measurement Period, the weighted average fully diluted number of shares of Common Stock issued and outstanding during such Measurement Period, as determined in accordance with GAAP.
		

		
			(b)        As used herein, accounting terms relating to the Company not defined in Section 1(a) and accounting terms partly defined in Section 1(a), to the extent not defined, shall have the respective meanings given to them under GAAP. As used herein, “fiscal quarters” shall mean the period from January 1 to March 31, April 1 to June 30, July 1 to September 30 and October 1 to December 31 of the applicable year.
		

		
			(c)        The words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section references are to this Agreement unless otherwise specified.
		

		
			(d)        The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. The words include, includes and including shall be deemed to be followed by the phrase “without limitation.”
		

		
			
		

		
			

		 

		

			6

		

		

		
			 
		

		
			2.         Appointment and Duties of the Manager.
		

		
			(a)        Appointment.  The Company and the Operating Partnership hereby appoint the Manager to manage, operate and administer the assets, operations and affairs of the Company subject to the further terms and conditions set forth in this Agreement, and the Manager hereby agrees to use its commercially reasonable efforts to perform each of the duties set forth herein in accordance with the provisions of this Agreement.
		

		
			(b)        Duties.  The Manager shall manage, operate and administer the day-to-day operations, business and affairs of the Company, subject to the direction and supervision of the Board of Directors, and shall have only such functions and authority as the Board of Directors may delegate to it, including the authority identified and delegated to the Manager herein. Without limiting the foregoing, the Manager shall oversee and conduct the investment activities of the Company in accordance with the Investment Guidelines attached hereto as Exhibit A, as amended from time to time, and other policies adopted and implemented and monitored by the Board of Directors. Subject to the foregoing, the Manager will use its commercially reasonable efforts to perform (or cause to be performed) such services and activities relating to the management, operation and administration of the assets, liabilities and business of the Company as is appropriate, including:
		

		
			(i)       serving as the Company’s consultant with respect to the periodic review of the Investment Guidelines and other policies and criteria for the other borrowings and the operations of the Company;
		

		
			(ii)      investigating, analyzing and selecting possible Investment opportunities and originating, acquiring, structuring, financing, retaining, selling, negotiating for prepayment, restructuring or disposing of Investments consistent with the Investment Guidelines and making representations and warranties in connection therewith;
		

		
			(iii)     with respect to any prospective Investment by the Company and any sale, exchange or other disposition of any Investment by the Company, conducting negotiations on the Company’s behalf with sellers and purchasers and their respective agents, representatives and investment bankers and owners of privately and publicly held real estate companies;
		

		
			(iv)     engaging and supervising, on the Company’s behalf and at the Company’s sole cost and expense, third-party service providers who provide legal, accounting, due diligence, transfer agent, registrar, property management and maintenance services, leasing services, master servicing, special servicing, banking, investment banking, mortgage brokerage, real estate brokerage, securities brokerage and other financial services and such other services as may be required relating to the Investments or potential Investments and to the Company’s other business and operations;
		

		
			(v)      coordinating and supervising, on behalf of the Company and at the Company’s sole cost and expense, other third-party service providers to the Company;
		

		
			(vi)     coordinating and managing operations of any joint venture or co-investment interests held by the Company and conducting all matters with any joint venture or co-investment partners;
		

		
			
		

		
			

		 

		

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			(vii)    providing executive and administrative personnel, office space and office services required in rendering services to the Company;
		

		
			(viii)   administering the Company’s day-to-day operations and performing and supervising the performance of such other administrative functions necessary to the Company’s management as may be agreed upon by the Manager and the Board of Directors, including the collection of revenues and the payment of the Company’s debts and obligations;
		

		
			(ix)     in connection with the Company’s subsequent, on-going obligations under the Sarbanes-Oxley Act of 2002, as amended, and the Exchange Act, engaging and supervising, on the Company’s behalf and at the Company’s sole cost and expense, third-party consultants and other service providers to assist the Company in complying with the requirements of the Sarbanes-Oxley Act of 2002, as amended, and the Exchange Act;
		

		
			(x)      communicating on the Company’s behalf with the holders of any of the Company’s equity or debt securities as required to satisfy the reporting and other requirements of any governmental bodies or agencies or trading markets and to maintain effective relations with such holders;
		

		
			(xi)     counseling the Company in connection with policy decisions to be made by the Board of Directors;
		

		
			(xii)    counseling the Company, and when appropriate, evaluating and making recommendations to the Board of Directors regarding hedging and financing strategies and engaging in hedging, financing and borrowing activities on the Company’s behalf, consistent with the Investment Guidelines;
		

		
			(xiii)   counseling the Company regarding the qualification and maintenance of its status as a REIT and monitoring compliance with the various REIT qualification tests and other rules set out in the Code and the Treasury Regulations;
		

		
			(xiv)   counseling the Company regarding the maintenance of the Company’s exclusion from status as an investment company under the Investment Company Act and monitoring compliance with the requirements for maintaining such exclusion and using commercially reasonable efforts to cause the Company to maintain such exclusion from status as an investment company under the Investment Company Act;
		

		
			(xv)    assisting the Company in developing criteria for asset purchase commitments that are specifically tailored to the Company’s investment objectives and making available to the Company its knowledge and experience with respect to single-tenant commercial real estate and operations;
		

		
			(xvi)   furnishing such reports to the Company or the Board of Directors that the Manager reasonably determines to be responsive to reasonable requests for information from the Company or the Board of Directors regarding the Company’s activities and services performed for the Company by the Manager;
		

		
			
		

		
			

		 

		

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			(xvii)  monitoring the operating performance of the Investments and providing periodic reports with respect thereto to the Board of Directors, including comparative information with respect to such operating performance and budgeted or projected operating results;
		

		
			(xviii) purchasing assets (including investing in short-term investments pending the purchase of other Investments, payment of fees, costs and expenses, or distributions to the Company’s stockholders), and advising the Company as to the Company’s capital structure and capital raising;
		

		
			(xix)   causing the Company to retain, at the sole cost and expense of the Company, qualified independent accountants and legal counsel, as applicable, to assist in developing appropriate accounting procedures, compliance procedures and testing systems with respect to financial reporting obligations and compliance with the provisions of the Code and the Treasury Regulations applicable to REITs and taxable REIT subsidiaries, and conducting quarterly compliance reviews with respect thereto;
		

		
			(xx)    causing the Company to qualify to do business in all applicable jurisdictions and to obtain and maintain all appropriate licenses;
		

		
			(xxi)   assisting the Company in complying with all regulatory requirements applicable to the Company in respect of the Company’s business activities, including preparing or causing to be prepared all financial statements required under applicable regulations and contractual undertakings and all reports and documents, if any, required under the Exchange Act and the Securities Act;
		

		
			(xxii)  taking all necessary actions to cause the Company to make required tax filings and reports and maintain compliance with the provisions of the Code and Treasury Regulations applicable to the Company, including the provisions applicable to the Company’s qualification as a REIT for U.S. federal income tax purposes;
		

		
			(xxiii)  handling and resolving all claims, disputes or controversies (including all litigation, arbitration, settlement or other proceedings or negotiations) in which the Company may be involved or to which the Company may be subject arising out of the Company’s day-to-day operations, subject to such limitations or parameters as may be imposed from time to time by the Independent Directors;
		

		
			(xxiv)  using commercially reasonable efforts to cause expenses incurred by or on behalf of the Company to be commercially reasonable or commercially customary and within any budgeted parameters or expense guidelines set by the Independent Directors from time to time;
		

		
			(xxv)  advising on, and obtaining on behalf of the Company, appropriate credit facilities or other financings for the Investments consistent with the Investment Guidelines;
		

		
			(xxvi)  advising the Company with respect to offering and selling securities publicly or privately in connection with the Company’s financing strategy and capital requirements;
		

		
			
		

		
			

		 

		

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			(xxvii)         performing such other services as may be required from time to time for management and other activities relating to the assets of the Company as the Board of Directors shall reasonably request or the Manager shall deem appropriate under the particular circumstances; and
		

		
			(xxviii)        using commercially reasonable efforts to cause the Company to comply with all applicable laws.
		

		
			(c)        Service Providers.  The Manager may engage Persons who are non-Affiliates, for and on behalf, and at the sole cost and expense, of the Company to provide to the Company sourcing, acquisition, disposition, asset management, property management, leasing, financing, development, disposition of real estate and/or similar services customarily provided in connection with the management, operation and administration of a business similar to the business of the Company, pursuant to agreement(s) that provide for market rates and contain standard market terms.
		

		
			(d)        Reporting Requirements.
		

		
			(i)       As frequently as the Manager may deem necessary or advisable, or at the direction of the Board of Directors, the Manager shall prepare, or cause to be prepared, with respect to any Investment (A) reports and information on the Company’s operations and asset performance and (B) other information reasonably requested by the Board of Directors.
		

		
			(ii)      The Manager shall prepare, or cause to be prepared, all reports, financial or otherwise, with respect to the Company reasonably required in order for the Company to comply with its Governing Instruments or any other materials required to be filed with any governmental entity or agency, and shall prepare, or cause to be prepared, all materials and data necessary to complete such reports and other materials including at the sole cost and expense of the Company, an annual audit of the Company’s books of account by a nationally recognized independent accounting firm.
		

		
			(iii)     The Manager shall prepare regular reports for the Board of Directors to enable the Board of Directors to review the Company’s acquisitions, portfolio composition and characteristics, credit quality, performance and compliance with the Investment Guidelines and policies approved by the Board of Directors.
		

		
			(e)        Reliance by Manager.  In performing its duties under this Section 2, the Manager shall be entitled to rely on qualified experts and professionals (including accountants, legal counsel and other professional service providers) hired by the Manager at the Company’s sole cost and expense.
		

		
			(f)        Payment and Reimbursement of Expenses.  On a quarterly basis, following the end of each quarter, the Company shall pay in cash all expenses, and reimburse the Manager for the Manager’s expenses incurred on behalf of the Company, in connection with any such services to the extent such expenses are payable or reimbursable by the Company to the Manager pursuant to Section 9.
		

		
			(g)        Matters Requiring Approval of Independent Directors.
		

		
			
		

		
			

		 

		

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			(i) Beginning with fiscal year 2021, the Manager shall prepare an annual operating and capital expenditure budget covering each of the Company’s fiscal years (the “Annual Budget”), and will deliver such Annual Budget to the Independent Directors no later than 45 days prior to the first day of the fiscal year covered by such Annual Budget. Each Annual Budget must be approved by a majority of the Independent Directors. Any alteration, supplement, amendment or other modification to or variation from the Annual Budget in excess of 5.0% of the budgeted amount for such items must be approved by a majority of the Independent Directors.
		

		
			(ii) The terms of any new or the non-contractual renewal of a lease that contributed more than the lesser of $5.0 million or 5.0% of the Company’s annualized base rent as of the date the lease is entered into or the expiration of the lease, as applicable, must be approved by a majority of the Independent Directors.
		

		
			(iii) All acquisitions of single-tenant, net leased properties from CTO or any of its Affiliates must be approved by a majority of the Independent Directors.
		

		
			3.         Dedication; Other Activities.
		

		
			(a)        Devotion of Time.  The Manager shall devote sufficient resources to the administration of the Company to discharge the Manager’s duties under this Agreement. The Manager, directly or indirectly through its Affiliates, will provide a management team (including a President and Chief Executive Officer, a Chief Financial Officer, and a General Counsel and Corporate Secretary) along with appropriate support personnel, to deliver the management services to the Company hereunder.  The members of such management team shall devote such of their working time and efforts to the management of the Company as the Manager deems reasonably necessary and appropriate for the proper performance of all of the Manager’s duties hereunder, commensurate with the level of activity of the Company from time to time.  The Company shall have the benefit of the Manager’s reasonable judgment and effort in rendering services and, in furtherance of the foregoing, the Manager shall not undertake activities which, in its reasonable judgment, will materially adversely affect the performance of its obligations under this Agreement.
		

		
			(b)        Other Activities.  Subject to Section 3(a) above and the Exclusivity and ROFO Agreement, nothing herein shall prevent CTO, the Manager or any of their Affiliates or any of the officers, directors, employees or personnel of any of the foregoing, from engaging in other businesses or from rendering services of any kind to any other Person, including investing in, or rendering advisory services to others investing in, any type of real estate, real estate-related investment or non-real estate-related investment or in any way bind or restrict CTO, the Manager or any of their Affiliates or any of the officers, directors, employees or personnel of any of the foregoing from buying, selling or trading any assets, securities or commodities for their own accounts or for the account of others for whom CTO, the Manager or any of their Affiliates or any of the officers, directors, employees or personnel of any of the foregoing may be acting.
		

		
			(c)        Officers, Employees, Etc.  The members, partners, officers, employees, personnel and agents of CTO, the Manager and their Affiliates may serve as directors, officers, employees, agents, nominees or signatories for the Company or any Subsidiary, to the extent permitted by their Governing Instruments, as may be amended from time to time, or by any resolutions duly
		

		
			
		

		
			

		 

		

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			adopted by the Board of Directors pursuant to the Company’s Governing Instruments. When executing documents or otherwise acting in such capacities for the Company or such other Subsidiary, such Persons shall use their respective titles with respect to the Company or such Subsidiary.
		

		
			(d)        Exclusivity and ROFO Agreement. On the date hereof, the Company and CTO have entered into the Exclusivity and ROFO Agreement, which, among other things, governs the circumstances under which CTO and its Affiliates must offer to the Company the opportunity to acquire a ROFO Property (as defined in the Exclusivity and ROFO Agreement).
		

		
			4.         Agency; Authority
		

		
			(a)        The Manager shall act as the agent of the Company in originating, developing, acquiring, structuring, financing, managing, renovating, leasing and disposing of Investments, disbursing and collecting the Company’s funds, paying the debts and fulfilling the obligations of the Company, supervising the performance of professionals engaged by or on behalf of the Company and handling, prosecuting and settling any claims of or against the Company, the Board of Directors, holders of the Company’s securities or the Company’s representatives or assets.
		

		
			(b)        In performing the services set forth in this Agreement, as an agent of the Company, the Manager shall have the right to exercise all powers and authority which are reasonably necessary and customary to perform its obligations under this Agreement, including the following powers, subject in each case to the terms and conditions of this Agreement, including the Investment Guidelines: to purchase, exchange or otherwise acquire and to sell, exchange or otherwise dispose of, any Investment in a public or private sale; to borrow and, for the purpose of securing the repayment thereof, to pledge, mortgage or otherwise encumber Investments; to purchase, take and hold Investments subject to mortgages, liens or other encumbrances; to extend the time of payment of any liens or encumbrances which may at any time be encumbrances upon any Investment, irrespective of by whom the same were made; to foreclose, to reduce the rate of interest on, and to consent to the modification and extension of the maturity of any Investments, or to accept a deed in lieu of foreclosure; to join in a voluntary partition of any Investment; to cause to be demolished any structures on any real estate Investment; to cause renovations and capital improvements to be made to any real estate Investment; to abandon any Investment deemed to be worthless; to enter into joint ventures or otherwise participate in investment vehicles investing in Investments; to cause any real estate Investment to be leased, operated, developed, constructed or exploited; to cause the Company to indemnify third parties in connection with contractual arrangements between the Company and such third parties; to obtain and maintain insurance in such amounts and against such risks as are prudent in accordance with customary and sound business practices in the appropriate geographic area; to cause any property to be maintained in good state of repair and upkeep; to pay the taxes, upkeep, repairs, carrying charges, maintenance and premiums for insurance; to use the personnel and resources of its Affiliates in performing the services specified in this Agreement without any additional costs or charges to the Company; to hire third-party service providers subject to and in accordance with Section 2; to designate and engage all third-party professionals and consultants to perform services (directly or indirectly) on behalf of the Company, including accountants, legal counsel and engineers; and to take any and all other actions as are necessary or appropriate in connection with the Investments.
		

		
			
		

		
			

		 

		

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			(c)        The Manager shall be authorized to represent to third parties that it has the power to perform the actions which it is authorized to perform under this Agreement.
		

		
			5.         Bank Accounts.
		

		
			At the direction of the Board of Directors, the Manager may establish and maintain as an agent on behalf of the Company one or more bank accounts in the name of the Company or any other Subsidiary (any such account, a “Company Account”), collect and deposit funds into any such Company Account and disburse funds from any such Company Account, under such terms and conditions as the Board of Directors may approve. The Manager shall from time-to-time render appropriate accountings of such collections and payments to the Board of Directors and, upon request, to the auditors of Company.
		

		
			6.         Books and Records; Confidentiality.
		

		
			(a)        Books and Records.  The Manager shall maintain appropriate books of account, records, data and files (including computerized material) (collectively, “Records”) relating to the Company and the Investments generated or obtained by the Manager in performing its obligations under this Agreement, and such Records shall be accessible for inspection by representatives of the Company or any Subsidiary at any time during normal business hours upon one business day’s advance written notice.  The Manager shall have full responsibility for the maintenance, care and safekeeping of all Records.  The Manager agrees that the Records are the property of the Company, and the Manager agrees to deliver the Records to the Company upon the written request of the Company as directed by a majority of the Independent Directors.
		

		
			(b)        Confidentiality.  The Manager shall keep confidential any and all non-public information, written or oral, obtained by it in connection with the services rendered hereunder and shall not disclose Confidential Information, in whole or in part, to any Person other than to CTO and its officers, employees, agents or representatives who need to know such Confidential Information for the purpose of rendering services hereunder or with the consent of the Company, except: (i) in accordance with any advisory agreement contemplated by Section 2(c); (ii) with the prior written consent of a majority of the Independent Directors; (iii) to legal counsel, accountants, financial advisors and other professional advisors; (iv) to appraisers, creditors, financing sources, trading counterparties, other counterparties, third-party service providers to the Company and others (in each case, both those actually doing business with the Company and those with whom the Company seeks to do business) in the ordinary course of the Company’s business; (v) to governmental or regulatory officials having jurisdiction over the Company; (vi) in connection with any governmental or regulatory filings of the Company or disclosure or presentations to Company investors; or (vii) to respond to requests from judicial or regulatory or self-regulatory organizations and as required by law or legal process to which the Manager or any Person to whom disclosure is permitted hereunder is a party. If, failing the entry of a protective order or the receipt of a waiver hereunder, the Manager is, in the opinion of counsel, required to disclose Confidential Information, the Manager may disclose only that portion of such information that its counsel advises in writing is legally required without liability hereunder; provided, that the Manager agrees to exercise commercially reasonable efforts to obtain reliable assurance that confidential treatment will be accorded such information. Notwithstanding anything herein to the contrary, each of the following shall be deemed to be excluded from provisions hereof: any Confidential Information that (A) is
		

		
			
		

		
			

		 

		

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			available to the public from a source other than the Manager not resulting from the Manager’s violation of this Section 6, (B) is released in writing by the Company to the public, or (C) is obtained by the Manager from a third party not known by the Manager to be in breach of an obligation of confidence with respect to the Confidential Information disclosed. The Manager agrees (1) to inform each of its Representatives of the non-public nature of the Confidential Information, (2) to direct such Persons to treat such Confidential Information in accordance with the terms hereof and (3) to be responsible for any breaches of this Section 6 by any of its Representatives. The provisions of this Section 6 shall survive the expiration or earlier termination of this Agreement for a period of one year.
		

		
			7.         Obligations of Manager; Restrictions.
		

		
			(a)        Internal Control.  The Manager shall (i) establish and maintain a system of internal accounting and financial controls designed to provide reasonable assurance of the reliability of financial reporting, the effectiveness and efficiency of operations and compliance with applicable laws, (ii) maintain records for each Investment on a GAAP basis, (iii) develop accounting entries and reports required by the Company to meet its reporting requirements under applicable laws, (iv) consult with the Company with respect to proposed or new accounting/reporting rules identified by the Manager and (v) prepare quarterly and annual financial statements as soon as practicable after the end of each such period as may be reasonably requested and general ledger journal entries and other information necessary for the Company’s compliance with applicable laws and in accordance with GAAP and cooperate with the Company’s independent accounting firm in connection with the auditing or review of such financial statements, the cost of any such audit or review to be paid by the Company.
		

		
			(b)        Restrictions.
		

		
			(i)       The Manager acknowledges that the Company intends to conduct its operations so as (A) to maintain its qualification as a REIT for U.S. federal income tax purposes, and (B) not to become regulated as an investment company under the Investment Company Act, and agrees to use commercially reasonable efforts to cooperate with the Company’s efforts to conduct its operations so as to maintain its REIT qualification and not to become regulated as an investment company under the Investment Company Act. The Manager shall refrain from any action or Investment that (a) is not in compliance with the Investment Guidelines, (b) would cause the Company to fail to qualify or maintain its qualification as a REIT, (c) would cause the Company or any Subsidiary to be required to be registered as an investment company under the Investment Company Act, or (d) would violate any law, rule or regulation of any governmental body or agency having jurisdiction over the Company or that would otherwise not be permitted by the Company’s Governing Instruments. If the Manager is ordered to take any such action by the Board of Directors, the Manager shall promptly notify the Independent Directors of the Manager’s judgment that such action would adversely affect such status or violate any such law, rule or regulation or the Company’s Governing Instruments.
		

		
			(ii)      The Manager shall require each seller or transferor of investment assets to the Company to make such representations and warranties regarding such assets as may, in the reasonable judgment of the Manager, be necessary and appropriate and consistent with standard industry practice.  In addition, the Manager shall take such other action as it deems
		

		
			
		

		
			

		 

		

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			necessary or appropriate and consistent with standard industry practice with regard to the protection of the Investments.
		

		
			(iii)     The Company shall not invest in joint ventures with the Manager or any Affiliate of the Manager, unless (a) such Investment is made in accordance with the Investment Guidelines and (b) such Investment is approved in advance by a majority of the Independent Directors.
		

		
			(c)        Board of Directors Review and Approval.  The Board of Directors will periodically review the Investment Guidelines and the Company’s portfolio of Investments but will not be required to review each proposed Investment; provided, that the Company may not, and the Manager may not cause the Company to, acquire any Investment, sell any Investment or engage in any co-investment that requires the approval of a majority of the Independent Directors unless such transaction has been so approved. If a majority of the Independent Directors determines that a particular transaction does not comply with the Investment Guidelines, then a majority of the Independent Directors will consider what corrective action, if any, is appropriate.  The Manager shall have the authority to take, or cause the Company to take, any such corrective action specified by a majority of the Independent Directors. The Manager shall be permitted to rely upon the direction of the Corporate Secretary of the Company to evidence approval of the Independent Directors with respect to a proposed Investment that requires approval of the Independent Directors.
		

		
			(d)        [Intentionally Omitted.]
		

		
			(e)        Insurance.  The Manager shall maintain “errors and omissions” insurance coverage and such other insurance coverage which is customarily carried by managers performing functions similar to those of the Manager under this Agreement with respect to assets similar to the assets of the Company, in an amount which is comparable to that customarily maintained by other managers or servicers of similar assets.  The Manager shall, on behalf and at the expense of the Company, with the assistance of an experienced and reputable insurance broker, obtain and maintain customary directors’ and officers’ liability insurance for the Company’s directors and officers and shall report to the Board of Directors regarding the scope and cost of such coverage and, at the request of the Independent Directors, shall modify or expand such coverage with the assistance of an experienced and reputable insurance broker.
		

		
			(f)        Tax Filings.  The Manager shall (i) assemble, maintain and provide to the firm designated by the Company to prepare tax returns on behalf of the Company and its subsidiaries (the “Tax Preparer”) information and data required for the preparation of federal, state, local and foreign tax returns, any audits, examinations or administrative or legal proceedings related thereto or any contractual tax indemnity rights or obligations of the Company and its subsidiaries and supervise the preparation and filing of such tax returns, the conduct of such audits, examinations or proceedings and the prosecution or defense of such rights, (ii) provide factual data reasonably requested by the Tax Preparer or the Company with respect to tax matters, (iii) assemble, record, organize and report to the Company data and information with respect to the Investments relative to taxes and tax returns in such form as may be reasonably requested by the Company, and (iv) supervise the Tax Preparer in connection with the preparation, filing or delivery to appropriate persons, of applicable tax information reporting forms with respect to the Investments and the
		

		
			
		

		
			

		 

		

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			Common Stock (including information reporting forms, whether on Form 1099 or otherwise with respect to sales, interest received, interest paid, dividends paid and other relevant transactions); it being understood that, in the context of the foregoing, the Company shall rely on its own tax advisers in the preparation of its tax returns and the conduct of any audits, examinations or administrative or legal proceedings related thereto and that, without limiting the Manager’s obligation to provide the information, data, reports and other supervision and assistance provided herein, the Manager will not be responsible for the preparation of such returns or the conduct of such audits, examinations or other proceedings.
		

		
			8.         Compensation.
		

		
			(a)        For the services rendered under this Agreement, the Company shall pay the Base Management Fee and the Incentive Fee to the Manager.
		

		
			(b)        The Base Management Fee shall be payable in arrears in cash, in quarterly installments commencing with the fiscal quarter in which this Agreement is executed.  If applicable, the initial and final installments of the Base Management Fee shall be pro-rated based on the number of days during the initial and final fiscal quarter, respectively, that this Agreement is in effect.  The Manager shall calculate each installment of the Base Management Fee within 30 days after the end of the fiscal quarter with respect to which such installment is payable. A copy of such calculation made by the Manager shall thereafter promptly (but in any event within 30 days of the date that the Manager has made the calculation) be delivered to the Board of Directors and, upon such delivery, payment of such installment of the Base Management Fee shown therein shall be due and payable in cash no later than the date which is five business days after the date of delivery to the Board of Directors of the written statement from the Manager setting forth the computation of the Base Management Fee for such fiscal quarter;  provided, however, that such Base Management Fee may be offset by the Company against amounts due to the Company by the Manager.
		

		
			(c)        As soon as practicable after the end of each Measurement Period, the Manager shall prepare a statement setting forth the Manager’s calculation of any Incentive Fee payable by the Company to the Manager with respect to such Measurement Period, and the Manager shall deliver such statement to the Board of Directors. The Company shall pay any such Incentive Fee in cash promptly (but in any event within 15 business days) after delivery to the Board of Directors of the statement setting forth the Manager’s calculation of the Incentive Fee, which the Manager shall provide no later than 30 days following the end of the Measurement Period.
		

		
			(d)        Additional Consideration.  It is expressly understood by the Parties that this Agreement is drafted and entered into in consideration of the obligations and benefits contained in this Agreement.  It is also recognized that the Manager was instrumental in creating the Company, developing and implementing its business plan, and providing initial financing and resources.
		

		
			9.         Expenses.
		

		
			(a)        The Company shall bear all of its operating expenses, except those specifically required to be borne by the Manager under this Agreement.  The expenses required to be borne by the Company include, but are not limited to:
		

		
			
		

		
			

		 

		

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			(i)       Acquisition Expenses incurred in connection with the selection and acquisition of Investments;
		

		
			(ii)      fees, commissions and expenses incurred in connection with the issuance of the Company’s securities, any financing transaction and other costs incident to the acquisition, development, redevelopment, construction, repositioning, leasing, disposition and financing of Investments;
		

		
			(iii)     costs of legal, tax, accounting, consulting, auditing and other similar services rendered for the Company by third-party service providers retained by the Manager;
		

		
			(iv)     the compensation and expenses of Directors and the cost of liability insurance to indemnify the Company, Directors and officers;
		

		
			(v)      costs associated with the establishment and maintenance of any credit facilities, other financing arrangements or indebtedness or any securities offerings of the Company (including, in either case, commitment fees, third-party accounting  fees, third-party legal fees, closing costs and other customary costs);
		

		
			(vi)     expenses connected with communications to holders of securities of the Company or any of its Subsidiaries and other bookkeeping and clerical work necessary in maintaining relations with holders of such securities and in complying with the continuous reporting and other requirements of governmental bodies or agencies, including all costs of preparing and filing required reports with the SEC, the costs payable by the Company to any transfer agent and registrar in connection with the listing and/or trading of the Company’s stock on any exchange, the fees payable by the Company to any such exchange in connection with its listing, costs of preparing, printing and mailing the Company’s annual report to the Company’s stockholders or the Operating Partnership’s partners, as applicable, and proxy materials with respect to any meeting of the Company’s stockholders or the Operating Partnership’s partners, as applicable;
		

		
			(vii)    transfer agent, registrar and exchange listing fees;
		

		
			(viii)   the cost of printing and mailing proxies, reports and other materials to the Company’s stockholders;
		

		
			(ix)     costs associated with any computer software or hardware, electronic equipment or purchased information technology services from third-party vendors that is used for the Company;
		

		
			(x)      expenses incurred by managers, officers, personnel and agents of the Manager for travel on the Company’s behalf and other out-of-pocket expenses incurred by managers, officers, personnel and agents of the Manager in connection with the purchase, development, redevelopment, construction, repositioning, leasing, financing, refinancing, sale or other disposition of an Investment or in connection with any of the Company’s securities offerings, or in connection with any financing transaction;
		

		
			
		

		
			

		 

		

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			(xi)     costs and expenses incurred with respect to market information systems and publications, research publications and materials and settlement, clearing and custodial fees and expenses;
		

		
			(xii)    compensation and expenses of a transfer agent for the Company;
		

		
			(xiii)   the costs of maintaining compliance with all federal, state and local rules and regulations or any other regulatory agency;
		

		
			(xiv)   all taxes and license fees;
		

		
			(xv)    all insurance costs incurred in connection with the operation of the Company’s business except for the costs attributable to the insurance for the personnel of the Manager or CTO that the Manager or CTO elects to carry for itself;
		

		
			(xvi)   all other third-party costs and expenses relating to the Company’s business and investment operations, including the costs and expenses of acquiring, owning, protecting, maintaining, developing and disposing of Investments, including appraisal, reporting, audit and legal fees;
		

		
			(xvii)  expenses relating to any office(s) or office facilities, including disaster backup recovery sites and facilities that the Independent Directors elect to maintain for the Company separate from the office or offices of CTO and the Manager;
		

		
			(xviii) expenses connected with the payments of interest, dividends or distributions in cash or any other form authorized or caused to be made by the Board of Directors to or on account of holders of the Company’s securities and the securities of any of the Subsidiaries, including in connection with any dividend reinvestment plan;
		

		
			(xix)   any judgment or settlement of pending or threatened proceedings (whether civil, criminal or otherwise) against the Company or any Subsidiary, or against any trustee, director, partner, member or officer of the Company or of any Subsidiary in such person’s capacity as such for which the Company or any Subsidiary is required to indemnify such person pursuant to the applicable governing document or other instrument or agreement, or by any court or governmental agency; and
		

		
			(xx)    all other costs and expenses approved in advance by a majority of the Independent Directors actually incurred by the Manager.
		

		
			(b)        Other than as expressly provided above, the Company will not be required to pay any portion of the rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of the Manager and its Affiliates.  In particular, the Manager is not entitled to be reimbursed for wages, salaries and benefits of CTO’s officers and employees provided to the Company through the Manager. The Manager or CTO shall be solely responsible for all compensation costs and expenses related to the officers and employees of CTO or the Manager that may perform services for the Company, and the Company shall have no liability or responsibility therefor.
		

		
			
		

		
			

		 

		

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			(c)        Subject to complying with any restrictions set forth herein, the Manager may retain, for and on behalf, and at the sole cost and expense, of the Company, such services of non-Affiliate third-party accountants, legal counsel, appraisers, insurers, brokers, transfer agents, registrars, developers, investment banks, financial advisors, banks and other lenders and others as the Manager deems necessary or advisable in connection with the management and operations of the Company. The provisions of this Section 9 shall survive the expiration or earlier termination of this Agreement to the extent such expenses have previously been incurred or are incurred in connection with such expiration or termination.
		

		
			10.       Expense Reports and Reimbursements.
		

		
			The Manager shall prepare a statement documenting the operating expenses of the Company incurred during each fiscal quarter, and deliver the same to the Board of Directors within 40 days following the end of the applicable fiscal quarter. Such expenses incurred by the Manager on behalf of the Company shall be reimbursed by the Company within 30 days following delivery of the expense statement by the Manager; provided, however, that such reimbursements may be offset by the Manager against amounts due to the Company from the Manager.  The provisions of this Section 10 shall survive the expiration or earlier termination of this Agreement.
		

		
			11.       Limits of Manager Responsibility; Indemnification.
		

		
			(a)        Pursuant to this Agreement, the Manager will not assume any responsibility other than to render the services called for hereunder in good faith and will not be responsible for any action of the Board of Directors or the Company in following or declining to follow the advice or recommendations of the Manager.  The Manager, its Affiliates and the officers, directors, members, shareholders, managers, employees, agents, personnel, successors and assigns of any of them (each, a “Manager Indemnified Party”) shall not be liable to the Company for any acts or omissions arising out of or in connection with the Company, this Agreement or the performance of the Manager’s duties and obligations hereunder, except by reason of acts or omissions found by a court of competent jurisdiction upon entry of a final judgment rendered and unappealable or not timely appealed (“Judicially Determined”) to be due to the bad faith, gross negligence, willful misconduct or fraud of the Manager Indemnified Party.  Notwithstanding any of the foregoing to the contrary, the provisions of this Section 11 shall not be construed so as to provide for the exculpation of any Manager Indemnified Party for any liability (including liability under federal securities laws which, under certain circumstances, impose liability even on Persons that act in good faith), to the extent (but only to the extent) that such liability may not be waived, modified or limited under applicable law, but shall be construed so as to effectuate the provisions of this Section 11 to the fullest extent permitted by law.
		

		
			(b)        To the fullest extent permitted by law, the Company shall indemnify, defend and hold harmless each Manager Indemnified Party from and against any and all costs, losses, claims, damages, liabilities, expenses (including reasonable legal and other professional fees and disbursements), judgments, fines and settlements (collectively, “Indemnification Obligations”) suffered or sustained by such Manager Indemnified Party by reason of (i) any acts, omissions or alleged acts or omissions arising out of or in connection with the Company or this Agreement, or (ii) any and all claims, demands, actions, suits or proceedings (civil, criminal, administrative or investigative), actual or threatened, in which such Manager Indemnified Party may be involved,
		

		
			
		

		
			

		 

		

			19

		

		

		
			 
		

		
			as a party or otherwise, arising out of or in connection with such Manager Indemnified Party’s service to or on behalf of, or management of the affairs or assets of, the Company, or which relate to the Company; except to the extent such Indemnification Obligations are Judicially Determined to be due to such Manager Indemnified Party’s bad faith, gross negligence, willful misconduct or fraud or to constitute a material breach or violation of the Manager’s duties and obligations under this Agreement.  The termination of a proceeding by settlement or upon a plea of nolo contendere, or its equivalent, shall not, of itself, create a presumption that such Manager Indemnified Party’s conduct constituted bad faith, gross negligence, willful misconduct or fraud.  For the avoidance of doubt, none of the Manager Indemnified Parties will be liable for acts or omissions of any Manager Indemnified Party made or taken in accordance with written advice provided to the Manager Indemnified Parties by specialized, reputable, professional consultants selected, engaged or retained by the Manager and its Affiliates with commercially reasonable care, including counsel, accountants, investment bankers, financial advisers, and appraisers (absent bad faith, gross negligence, willful misconduct or fraud by a Manager Indemnified Party).  Notwithstanding the foregoing, no provision of this Agreement will constitute a waiver or limitation of the Company’s rights under federal or state securities laws.
		

		
			(c)        The Manager hereby agrees to indemnify the Company and its Subsidiaries and each of their respective directors and officers (each a “Company Indemnified Party”) with respect to all Indemnification Obligations suffered or sustained by such Company Indemnified Party by reason of (i) acts or omissions or alleged acts or omissions of the Manager Judicially Determined to be due to the bad faith, willful misconduct or gross negligence of the Manager, its Affiliates or their respective officers or employees or the reckless disregard of the Manager’s duties under this Agreement or (ii) claims by the Manager’s or its Affiliates’ employees relating to the terms and conditions of their employment with the Manager or its Affiliates.
		

		
			(d)        The party seeking indemnity (“Indemnitee”) will promptly notify the party against whom indemnity is claimed (“Indemnitor”) of any claim for which it seeks indemnification; provided, however, that the failure to so notify the Indemnitor will not relieve Indemnitor from any liability which it may have hereunder, except to the extent such failure actually prejudices the Indemnitor.  The Indemnitor shall have the right to assume the defense and settlement of such claim; provided that, Indemnitor notifies Indemnitee of its election to assume such defense and settlement within 30 days after the Indemnitee gives the Indemnitor notice of the claim.  In such case the Indemnitee will not settle or compromise such claim, and the Indemnitor will not be liable for any such settlement made without its prior written consent.  If Indemnitor is entitled to, and does, assume such defense by delivering the aforementioned notice to Indemnitee, Indemnitee will (i) have the right to approve Indemnitor’s counsel (which approval will not be unreasonably withheld or delayed), (ii) be obligated to cooperate in furnishing evidence and testimony and in any other manner in which Indemnitor may reasonably request and (iii) be entitled to participate in (but not control) the defense of any such action, with its own counsel and at its own expense.
		

		
			(e)        Reasonable expenses (including attorney’s fees) incurred by an Indemnitee in defense or settlement of a claim that may be subject to a right of indemnification hereunder may be advanced by the Company to such Indemnitee as such expenses are incurred prior to the final disposition of such claim; provided that, Indemnitee undertakes to repay such amounts if it shall be Judicially Determined that Indemnitee was not entitled to be indemnified hereunder.
		

		
			
		

		
			

		 

		

			20

		

		

		
			 
		

		
			(f)        The Manager Indemnified Parties shall remain entitled to exculpation and indemnification from the Company pursuant to this Section 11 (subject to the limitations set forth herein) with respect to any matter arising prior to the termination of this Agreement and shall have no liability to the Company in respect of any matter arising after such termination unless such matter arose out of events or circumstances that occurred prior to such termination.
		

		
			12.       No Joint Venture.
		

		
			The Company and the Manager are not partners or joint venturers with each other and nothing in this Agreement shall be construed to make the Company and the Manager partners or joint venturers or impose any liability as such on either of them.
		

		
			13.       Term; Termination; Internalization.
		

		
			(a)        This Agreement shall become effective on the closing date of the Initial Public Offering (the “IPO Closing Date”) and shall continue in operation, unless terminated in accordance with the terms hereof, until the fifth anniversary of the IPO Closing Date (the “Initial Term”).  After the Initial Term, this Agreement shall be deemed renewed automatically each year for an additional one-year period (an “Automatic Renewal Term”) unless the Company or the Manager elects not to renew this Agreement in accordance with Section 13(b) or 13(d), respectively.
		

		
			(b)        Notwithstanding any other provision of this Agreement to the contrary, upon the expiration of the Initial Term or any Automatic Renewal Term and upon 120 days’ prior written notice to the Manager (the “Termination Notice”), the Company may, without cause, in connection with the expiration of the Initial Term or the then current Automatic Renewal Term, decline to renew this Agreement (any such nonrenewal, a “Termination Without Cause”) upon the affirmative vote of at least two-thirds of the Independent Directors or upon a determination by the holders of a majority of the outstanding shares of Common Stock, based upon (i) unsatisfactory performance by the Manager that is materially detrimental to the Company or (ii) a determination that the Base Management Fee and Incentive Fee payable to the Manager are not fair, subject to Section 13(c).  In the event of a Termination Without Cause, the Company shall pay the Manager the Termination Fee before or on the last day of the Initial Term or such Automatic Renewal Term, as the case may be (the “Effective Termination Date”).  The Company may terminate this Agreement for cause pursuant to Section 14 even after a Termination Notice and, in such case, no Termination Fee shall be payable.
		

		
			(c)        Notwithstanding the provisions of subsection (b) above, if the reason for nonrenewal specified in the Company’s Termination Notice is that two-thirds of the Independent Directors or the holders of a majority of the outstanding shares of Common Stock have determined that the Base Management Fee and Incentive Fee payable to the Manager are not fair, the Company shall not have the foregoing nonrenewal right in the event the Manager agrees that it will continue to perform its duties hereunder during the Automatic Renewal Term that would commence upon the expiration of the Initial Term or then current Automatic Renewal Term at rates that at least two-thirds of the Independent Directors determine to be fair;  provided,  however, the Manager shall have the right to renegotiate the Base Management Fee and/or the Incentive Fee, by delivering to the Company, not less than 90 days prior to the pending Effective Termination Date, written notice
		

		
			
		

		
			

		 

		

			21

		

		

		
			 
		

		
			(a “Notice of Proposal to Negotiate”) of its intention to renegotiate the Base Management Fee and/or the Incentive Fee.  Thereupon, the Company and the Manager shall endeavor to negotiate the Base Management Fee and/or the Incentive Fee in good faith.  Provided that the Company and the Manager agree to a revised Base Management Fee, Incentive Fee or other compensation structure within 60 days following the Company’s receipt of the Notice of Proposal to Negotiate, the Termination Notice from the Company shall be deemed of no force and effect, and this Agreement shall continue in full force and effect on the terms stated herein, except that the Base Management Fee, the Incentive Fee or other compensation structure shall be the revised Base Management Fee, Incentive Fee or other compensation structure effective as of the date as then agreed upon by the Company and the Manager.  The Company and the Manager agree to execute and deliver an amendment to this Agreement setting forth such revised Base Management Fee, Incentive Fee, or other compensation structure promptly upon reaching an agreement regarding same.  In the event that the Company and the Manager are unable to agree to a revised Base Management Fee, Incentive Fee, or other compensation structure during such 60 day period, this Agreement shall terminate on the Effective Termination Date and the Company shall be obligated to pay the Manager the Termination Fee upon the Effective Termination Date as a condition of such termination action being effective.
		

		
			(d)        No later than 180 days prior to the expiration of the Initial Term or the then current Automatic Renewal Term, the Manager may deliver written notice to the Company informing it of the Manager’s intention to decline to renew this Agreement, whereupon this Agreement shall not be renewed and extended and this Agreement shall terminate effective upon the Effective Termination Date next following the delivery of such notice.  The Company shall not be required to pay to the Manager the Termination Fee if the Manager terminates this Agreement pursuant to this Section 13(d).
		

		
			(e)        Except as set forth in this Section 13, a nonrenewal of this Agreement pursuant to this Section 13 shall be without any further liability or obligation of either Party to the other, except as provided in Section 8,  Section 9,  Section 11 and Section 15.
		

		
			(f)        This Agreement may not be terminated by the Company for any reason during the Initial Term, except pursuant to Section 14.
		

		
			(g)        After expiration of the Initial Term, the Company and the Manager may elect to consider an Internalization Transaction, including the negotiation of a mutually acceptable  Internalization Price. In the event that the Company and the Manager agree to an Internalization Transaction, the payment of the Internalization Price to the Manager would be in lieu of the payment of any  Termination Fee. Any such Internalization Price would be payable in cash, shares of Common Stock or OP units, or a combination thereof, as determined by a majority of the Independent Directors in their sole discretion.
		

		
			14.       Termination for Cause.
		

		
			(a)        The Company upon the direction of a majority of the Independent Directors may terminate this Agreement effective upon 30 days’ prior written notice of termination from the Board of Directors to the Manager (a “Cause Termination Notice”), without payment of any Termination Fee, if (i) the Manager, its agents or assignees breaches any material provision of this
		

		
			
		

		
			

		 

		

			22

		

		

		
			 
		

		
			Agreement and such breach shall continue for a period of 30 days after written notice thereof specifying such breach and requesting that the same be remedied in such 30-day period (or 45 days after written notice of such breach if the Manager takes steps to cure such breach within 30 days of the written notice), (ii) there is a commencement of any proceeding relating to the Manager’s bankruptcy or insolvency, including an order for relief in an involuntary bankruptcy case or the Manager authorizing or filing a voluntary bankruptcy petition, (iii) there is a Manager Change of Control, (iv) the Manager commits fraud against the Company, misappropriates or embezzles funds of the Company, or acts, or fails to act, in a manner constituting bad faith, willful misconduct, gross negligence or reckless disregard in the performance of the Manager’s duties under this Agreement, or (v) the Manager is dissolved.
		

		
			(b)        The Manager may terminate this Agreement effective upon 60 days’ prior written notice of termination to the Company in the event that the Company shall default in the performance of any material term, condition or covenant contained in this Agreement and such default shall continue for a period of 30 days after written notice thereof specifying such default and requesting that the same be remedied in such 30-day period.  The Company is required to pay to the Manager the Termination Fee if the termination of this Agreement is made pursuant to this Section 14(b).
		

		
			(c)        The Manager may terminate this Agreement if the Company becomes required to register as an investment company under the Investment Company Act, with such termination deemed to occur immediately before such event, in which case the Company shall not be required to pay the Termination Fee.
		

		
			15.       Action Upon Termination.
		

		
			From and after the effective Date of Termination of this Agreement pursuant to Sections 13 or 14, the Manager shall not be entitled to compensation for further services hereunder other than payment of all compensation accruing for services rendered to the effective Date of Termination; provided, that if this Agreement is (x) terminated or not renewed pursuant to Sections 13(b) (subject to Section 13(c)) or Section 14(b), the Manager shall also be entitled to receive the Termination Fee.  Upon any such termination, the Manager shall forthwith:
		

		
			(a)        after deducting any accrued compensation and reimbursement for its expenses that have been submitted to the Company prior to the effective Date of Termination, pay over to the Company all money collected and held for the account of the Company pursuant to this Agreement;
		

		
			(b)        deliver to the Board of Directors a full accounting, including a statement showing all payments collected by the Manager and a statement of all money held by the Manager, covering the period following the date of the last accounting furnished to the Board of Directors with respect to the Company;
		

		
			(c)        deliver to the Board of Directors all property and documents of the Company then in the custody of the Manager; and
		

		
			(d)        cooperate with the Company to provide an orderly management transition, including the transition to a new manager of control of the assets of the Company.
		

		
			
		

		
			

		 

		

			23

		

		

		
			 
		

		
			16.       Assignment.
		

		
			The Manager may not assign its duties under this Agreement unless such assignment is consented to in writing by a majority of the Independent Directors. However, the Manager may assign to one or more of its Affiliates performance of any of its responsibilities hereunder without the approval of the Directors so long as the Manager remains liable for any such Affiliate’s performance and such performance is at no additional cost or expense to the Company.
		

		
			17.       Release of Money or other Property Upon Written Request.
		

		
			The Manager agrees that any money or other property of the Company held by the Manager under this Agreement shall be held by the Manager as custodian for the Company, and the Manager’s records shall be clearly and appropriately marked to reflect the ownership of such money or other property by the Company. Upon the receipt by the Manager of a written request signed by a duly authorized officer of the Company requesting the Manager to release to the Company any money or other property then held by the Manager for the account of the Company under this Agreement, the Manager shall release such money or other property to the Company within a reasonable period of time, but in no event later than 30 days following such request. The Manager and its Affiliates, directors, officers, managers and employees will not be liable to the Company, any Subsidiary, the Manager or any of their directors, officers, shareholders, managers, employees, owners or partners for any acts or omissions by the Company in connection with the money or other property released to the Company in accordance with the terms hereof. The Company shall indemnify the Manager and its Affiliates, officers, directors, employees, agents and successors and assigns against any and all expenses, losses, damages, liabilities, demands, charges and claims of any nature whatsoever which arise in connection with the Manager’s release of such money or other property to the Company in accordance with the terms of this Section 17. Indemnification pursuant to this Section 17 shall be in addition to any right of the Manager to indemnification under Section 11.
		

		
			18.       Representations and Warranties.
		

		
			(a)        The Company hereby makes the following representations and warranties to the Manager, all of which shall survive the execution and delivery of this Agreement:
		

		
			(i)       The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Maryland.  The Company has all power and authority required to execute and deliver this Agreement and to perform all its duties and obligations hereunder.
		

		
			(ii)      The execution, delivery, and performance of this Agreement by the Company have been duly authorized by all necessary action on the part of the Company.
		

		
			(iii)     This Agreement constitutes a legal, valid, and binding agreement of the Company, enforceable against the Company in accordance with its terms, except as limited by bankruptcy, insolvency, receivership and similar laws from time to time in effect and general principles of equity, including those relating to the availability of specific performance.
		

		
			
		

		
			

		 

		

			24

		

		

		
			 
		

		
			(b)        The Manager hereby makes the following representations and warranties to the Company, all of which shall survive the execution and delivery of this Agreement:
		

		
			(i)       The Manager is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware.  The Manager has all power and authority required to execute and deliver this Agreement and to perform all its duties and obligations hereunder, subject only to its qualifying to do business and obtaining all requisite permits and licenses required as a result of or relating to the nature or location of any investments of the Company or any of its Affiliates (which it shall do promptly after being required to do so).
		

		
			(ii)      The execution, delivery, and performance of this Agreement by the Manager have been duly authorized by all necessary action on the part of the Manager.
		

		
			(iii)     This Agreement constitutes a legal, valid, and binding agreement of the Manager enforceable against the Manager in accordance with its terms, except as limited by bankruptcy, insolvency, receivership and similar laws from time to time in effect and general principles of equity, including those relating to the availability of specific performance.
		

		
			19.       Notices.
		

		
			Unless expressly provided otherwise in this Agreement, all notices, requests, demands and other communications required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given, made and received when delivered against receipt or upon actual receipt of (a) personal delivery, (b) delivery by a reputable overnight courier, (c) delivery by email but only if receipt of such transmission is confirmed, or (d) delivery by registered or certified mail, postage prepaid, return receipt requested, addressed as set forth below:
		

		
			 
		

			
					
						If to the Company or the Operating Partnership:

					
					
						    

					
					
						Alpine Income Property Trust, Inc.

					
						1140 N. Williamson Blvd., Suite 140

					
						Daytona Beach, FL 32114

					
						Attn:  Daniel E. Smith, Senior Vice President, General Counsel and Corporate Secretary

					
						Email:  dsmith@ctlc.com

					
						Phone:  (386) 274-2202

					
						 

					
						with a copy to:

					
						 

					
						Vinson & Elkins L.L.P.

					
						666 Fifth Avenue, 26th Floor

					
						New York, NY 10103

					
						Attn:  David S. Freed

					
						Email:  dfreed@velaw.com

					
						Phone:  (212) 237-0196

				

		
			 
		

		
			
		

		
			

		 

		

			25

		

		

		
			 
		

			
					
						If to the Manager:

					
					
						    

					
					
						Alpine Income Property Manager, LLC

					
						c/o Consolidated-Tomoka Land Co.

					
						1140 N. Williamson Blvd., Suite 140

					
						Daytona Beach, FL 32114

					
						Attn:  John P. Albright, President and Chief Executive Officer

					
						Email:  jalbright@ctlc.com

					
						Phone:  (386) 274-2202

				

		
			 
		

		
			Any party may change the address to which communications or copies are to be sent by giving notice of such change of address in conformity with the provisions of this Section 19 for the giving of notice.
		

		
			20.       Binding Nature of Agreement; Successors and Assigns.
		

		
			This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, personal representatives, successors and permitted assigns as provided in this Agreement.
		

		
			21.       Entire Agreement; Amendments.
		

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

		
			22.       Governing Law; Jurisdiction.
		

		
			This Agreement and all questions relating to its validity, interpretation, performance and enforcement shall be governed by and construed, interpreted and enforced in accordance with the laws of the State of New York. Each of the parties hereto irrevocably submits to the exclusive jurisdiction of the courts of the State of Florida and the United States District Court for the Middle District of Florida for the purpose of any action or judgment relating to or arising out of this Agreement or any of the transactions contemplated hereby and to the lay of venue in such court.
		

		
			23.       Waiver of Jury Trial.
		

		
			EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND, THEREFORE, EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.
		

		
			
		

		
			

		 

		

			26

		

		

		
			 
		

		
			24.       Indulgences, Not Waivers.
		

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

		
			25.       Titles Not to Affect Interpretation.
		

		
			The titles of sections, paragraphs and subparagraphs contained in this Agreement are for convenience only, and they neither form a part of this Agreement nor are they to be used in the construction or interpretation of this Agreement.
		

		
			26.       Execution in Counterparts.
		

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

		
			27.       Severability.
		

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

		
			28.       Principles of Construction.
		

		
			Words used herein, regardless of the number and gender specifically used, shall be deemed and construed to include any other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context requires. All references to recitals, sections, paragraphs and schedules are to the recitals, sections, paragraphs and schedules in or to this Agreement unless otherwise specified.
		

		
			[SIGNATURE PAGE FOLLOWS]
		

		
			 
		

		
			 
		

		
			

		 

		

			27

		

		

		
			 
		

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

			
					
						 

					
					
						THE COMPANY:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						ALPINE INCOME PROPERTY TRUST, INC.

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Daniel E. Smith

				
	
					
						 

					
					
						Name:

					
					
						Daniel E. Smith

				
	
					
						 

					
					
						Title:

					
					
						Senior Vice President, General Counsel and Corporate Secretary

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						THE OPERATING PARTNERSHIP

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						ALPINE INCOME PROPERTY OP, LP

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Alpine Income Property GP, LLC

				
	
					
						 

					
					
						 

					
					
						its general partner

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By

					
					
						Alpine Income Property Trust, Inc.

				
	
					
						 

					
					
						 

					
					
						its sole member

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Daniel E. Smith

				
	
					
						 

					
					
						Name:

					
					
						Daniel E. Smith

				
	
					
						 

					
					
						Title:

					
					
						Senior Vice President, General Counsel and Corporate Secretary

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						THE MANAGER:

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						ALPINE INCOME PROPERTY MANAGER, LLC

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						Consolidated-Tomoka Land Co.,

				
	
					
						 

					
					
						 

					
					
						its sole member

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						 

					
					
						By:

					
					
						/s/ Daniel E. Smith

				
	
					
						 

					
					
						Name:

					
					
						Daniel E. Smith

				
	
					
						 

					
					
						Title:

					
					
						Senior Vice President, General Counsel and Corporate Secretary

				

		
			 
		

		
			 
		

		
			

		 

		

			[Signature Page to Management Agreement]

		

		

		
			 
		

		
			Exhibit A
		

		
			 
		

		
			INVESTMENT GUIDELINES OF ALPINE INCOME PROPERTY TRUST, INC.
		

		
			Capitalized terms used but not defined herein shall have the meanings ascribed thereto in that certain Management Agreement, dated as of November 26, 2019, as may be amended from time to time, by and among Alpine Income Property Trust, Inc. (the “Company”), Alpine Income Property OP, LP, a Delaware limited partnership (the “Operating Partnership”), and Alpine Income Property Manager, LLC (the “Manager”).
		

		
			1.         No investment shall be made that would cause the Company to fail to qualify as a REIT under the Code.
		

		
			2.         No investment shall be made that would cause the Company or any Subsidiary to be required to be registered as an investment company under the Investment Company Act.
		

		
			3.         All acquisitions of single-tenant, net leased properties from CTO or any of its Affiliates must be approved by a majority of the Independent Directors.
		

		
			From time to time, these investment guidelines may be amended, restated, supplemented or waived without the approval of the Company’s stockholders, but with the approval of a majority of the Independent Directors.

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