Document:

Exhibit

Exhibit 10.56
EXECUTION COPY

New Residential Investment Corp.
1345 Avenue of the Americas, 45th Floor
New York, NY 10105
March 31, 2020
Fortress Credit Opportunities V Advisors LLC
1345 Avenue of the Americas, 45th Floor
New York, NY 10105

		
	Re: 
	Specified Call Rights

Ladies and Gentlemen:
Reference is made to the sale of various residential mortgage backed securities on or about the date hereof by NIC RMBS LLC (“Seller”) to one or more affiliates of Fortress Credit Opportunities V Advisors LLC (“Company”).  Such sale is referred to herein as the “Sale Transaction”.  Pursuant to the Sale Transaction, affiliates of Company will acquire, among other things, certain interests in residential mortgage backed securities identified by the CUSIPs listed on Schedule 1 attached hereto.  The securitization transactions under which such residential mortgage backed securities were issued are referred to herein as the “Specified RMBS Transactions”.
1.Capitalized Terms.  
Certain terms used in this letter agreement are defined in Section 25 hereof.
		
	2.
	Call Rights

Seller is an indirect wholly owned subsidiary of NRZ.
Certain subsidiaries of NRZ own Call Rights in respect of certain residential mortgage-backed securitization transactions.  
Certain subsidiaries of NRZ own the right to direct the servicer, holder of subordinate securities and/or other applicable party (any such party, an “Other Party”) to exercise Call Rights with respect to certain residential mortgage-backed securitization transactions (such rights, “Direction Rights”).
		
	3.
	Exercise of Specified Call Rights

In furtherance of the Sale Transaction, NRZ agrees that it will only exercise, or cause or permit its applicable subsidiaries to exercise, any Specified Call Right controlled by it, if any, at the written direction of Company.
		
	4.
	Notice for Exercise of Specified Call Rights. 

		
	(i)
	Company Direction. If Company desires to direct NRZ or its subsidiaries to exercise a Specified Call Right, Company shall give written notice thereof (a “Direction Notice”) to NRZ no later than thirty (30) days prior to the 

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date on which NRZ is required to provide notice regarding exercise of such Specified Call Right (either pursuant to the definitive documentation governing the applicable Specified RMBS Transaction or under agreements between the related NRZ Party and Other Party regarding the exercise of the related Direction Right).
		
	(ii)
	NRZ Optional Participation. No later than ten (10) days after NRZ’s receipt of a Direction Notice, NRZ may, in its sole discretion, provide written notice (a “Non-Participation Notice”) to Company to the effect that NRZ will not participate in the exercise of such Specified Call Right. If NRZ delivers a Non-Participation Notice, NRZ will not participate in such Specified Call Right.

		
	(iii)
	Company Withdrawal Option. If NRZ delivers a Non-Participation Notice, no later than ten (10) days after Company’s receipt of such Non-Participation Notice, Company may, in its sole discretion, withdraw the related Direction Notice by written notice (a “Withdrawal Notice”) to NRZ.  If Company issues a Withdrawal Notice, NRZ will not exercise, or cause or permit its applicable subsidiaries to exercise, the related Specified Call Right until receipt of a new Direction Notice to the contrary.

		
	5.
	Benefit of Exercise of Specified Call Rights

If NRZ (or a subsidiary thereof) exercises any Specified Call Right at the written direction of Company, NRZ (and/or a designee thereof) and Company (and/or a designee thereof) shall share in the profits and losses in connection with such exercise in the manner set forth below.
		
	(i)
	If NRZ delivers a Non-Participation Notice to Company and Company does not deliver a Withdrawal Notice:

		
	a.
	Company or its designee shall pay 100% of the Termination Price and 100% of the Expense Amounts; and 

		
	b.
	Company or its designee is entitled to 100% of the profits and losses in connection with the exercise of any Specified Call Right.

		
	(ii)
	If NRZ does not deliver a Non-Participation Notice to Company:

		
	a.
	NRZ or its designee shall pay 50% of the Expense Amounts and 50% of the Termination Price; 

		
	b.
	Company or its designee shall pay 50% of the Expense Amounts and 50% of the Termination Price;

		
	c.
	NRZ or its designee is entitled to 50% of the profits and losses in connection with the exercise of any Specified Call Right; and

		
	d.
	Company or its designee is entitled to 50% of the profits and losses in connection with the exercise of any Specified Call Right.

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The profits and losses for any Specified Call Right shall be determined by NRZ in its good faith discretion in a manner consistent with its practices and procedures for determining the profitability of Call Rights prior to the date of this letter agreement.  Such profitability shall be determined giving effect to the related (i) Termination Price, and (ii) Expense Amounts.  NRZ shall provide the Company’s representatives with access to the workpapers and other materials used to make such determination and will consult with those representatives to explain the calculation.
NRZ and Company will work in good faith after the date of this letter agreement to jointly determine policies and procedures for (i) the acquisition of any assets in connection with the exercise of any Specified Call Right and (ii) the subsequent disposition, servicing and/or financing of any such assets.
Notwithstanding anything to the contrary herein, (i) if either party to this letter agreement or its designee fails to fund its required portion of the Termination Price for any Specified Call Right in accordance with this letter agreement, the other party may fund such portion of the applicable Termination Price on behalf of the non-funding party and (ii) in such circumstance, the funding party shall be entitled to, and responsible for, 100% of the beneficial interests and burdens in respect of such Specified Call Right, including but not limited to, (a) any assets to be acquired in connection with such Specified Call Right, (b) 100% of the related Expense Amounts and (c) 100% of any and all liabilities, obligations, losses, damages, taxes, claims, actions, judgments, penalties, fines, forfeitures and suits, and any and all costs, expenses and disbursements (including reasonable legal fees and expenses) of any kind and nature whatsoever which may at any time be imposed on, incurred by, or asserted against any NRZ Indemnified Party or any Company Indemnified Party in any way relating to or arising out of, directly or indirectly, this letter agreement and/or the exercise, proposed exercise, or potential exercise of such Specified Call Right.
		
	6.
	Conditions to Exercise of Specified Call Rights

NRZ will not have any obligation to exercise, or cause or permit its applicable subsidiaries to exercise, any Specified Call Right unless all of the following conditions are satisfied in respect of such Specified Call Right:
a.NRZ shall have received a Direction Notice in respect thereof;
b.Prior to NRZ’s or any subsidiary’s initiation of the exercise of any Specified Call Right, Company shall have provided reasonable assurances of Company’s ability to pre-fund (i) its applicable portion of the Termination Price no later than three business days before the date on which NRZ (or any affiliate) is required to deposit the same in accordance with the definitive documents for the related Specified RMBS Transaction or under any agreements with any Other Parties, (ii) its applicable portion of NRZ’s good faith estimate of the Expense Amounts related to such Specified Call Right (as determined by NRZ based on its prior experience exercising Call Rights), and (iii) NRZ’s good faith estimate of any NRZ Indemnified Amounts related to such Specified Call Right;
c.The applicable Specified Call Right is eligible to be exercised under the applicable Specified RMBS Transaction as of the date of such exercise;
d.NRZ, in its good faith determination, agrees with Company as to the calculation of the applicable Termination Price;

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e.There is no threatened, pending or ongoing injunction, litigation, investigation, order, decree or other proceeding related to (i) the exercise of such Specified Call Right or (ii) the exercise of Call Rights in respect of residential mortgage-backed securitizations issued under the same or similar securitization “shelves” as the related Specified RMBS Transaction; and  
f.Company does not have any material unpaid obligations owing under this letter agreement.
In the event the condition described in clause e. above is not satisfied in respect of any Specified Call Right and all other applicable conditions set forth in this Section 6 are satisfied, NRZ will use commercially reasonable efforts, in consultation with Company, to determine whether such Specified Call Right may be exercised in a manner not in contravention of (or that could not expose either NRZ or Company to material liabilities under) any such applicable threatened, pending or ongoing injunction, litigation, investigation, order, decree or other proceeding.
		
	7.
	Pre-Funding by Company

Company or its designee shall pre-fund:
		
	(i)
	its applicable portion of the Termination Price no later than three business days before the date on which NRZ (or any affiliate) is required to deposit the same in accordance with the definitive documents for the related Specified RMBS Transaction or under any agreements with any Other Parties;

		
	(ii)
	its applicable portion of NRZ’s good faith estimate of the Expense Amounts related to the exercise of the related Specified Call Right (as determined by NRZ based on its prior experience exercising Call Rights) no later than three business days before the date of the exercise of such Specified Call Right; and 

		
	(iii)
	if requested by NRZ, any NRZ Indemnified Amounts reasonably expected by NRZ related to the exercise of the related Specified Call Right from time to time as reasonably requested by NRZ based on its expected incurrence of such NRZ Indemnified Amounts.

Unless NRZ has delivered a Non-Participation Notice, NRZ is responsible for the remaining portion of the Termination Price, if any, and expected Expense Amounts related to the exercise of the applicable Specified Call Right, subject to the true-up provisions of Section 8.
		
	8.
	Expense Amounts and Termination Price True-Up

NRZ may apply all pre-funded expected Expense Amounts against Company’s applicable portion of the Expense Amounts actually incurred.  If the amounts prefunded by Company or its designee on account of any expected Expense Amounts for any Specified Call Right ultimately exceed Company’s applicable portion of the related Expense Amounts, as determined by NRZ in its good faith discretion, NRZ shall promptly reimburse (or cause the reimbursement of) Company or its designee for the amount of any such excess.  
NRZ may apply all amounts pre-funded by the Company or its designee for the Termination Price against Company’s applicable portion of the actual Termination Price.  If the amounts prefunded 

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by Company or its designee on account of the expected Termination Price for any Specified Call Right exceed Company’s applicable portion of the final Termination Price, NRZ shall promptly reimburse (or cause the reimbursement of) Company or its designee for the amount of any such excess. 
If the amounts prefunded by Company or its designee on account of the expected Expense Amounts or expected Termination Price for any Specified Call Right are less than Company’s applicable portion of the actual Expense Amounts or final Termination Price, as applicable, Company shall pay (or shall cause its designee to pay) the amount of such shortfall within five (5) days of NRZ’s request therefor.
		
	9.
	Indemnification by Company

Company shall indemnify and hold harmless each NRZ Indemnified Party from and against, the Company Indemnification Percentage of any and all liabilities, obligations, losses, damages, taxes, claims, actions, judgments, penalties, fines, forfeitures and suits, and any and all costs, expenses and disbursements (including reasonable legal fees and expenses) of any kind and nature whatsoever which may at any time be imposed on, incurred by, or asserted against any NRZ Indemnified Party in any way relating to or arising out of, directly or indirectly, this letter agreement and/or the exercise, proposed exercise, or potential exercise of any Specified Call Right (any such amounts, the “NRZ Indemnified Amounts”).  
If Company or its designee pre-funds any NRZ Indemnified Amounts for any Specified Call Right, NRZ may apply such pre-funded amounts against any NRZ Indemnified Amounts as the NRZ Indemnified Amounts are incurred.  If the amounts pre-funded by Company or its designee on account of any NRZ Indemnified Amounts for any Specified Call Right ultimately exceed the related NRZ Indemnified Amounts for such Specified Call Right as determined by NRZ in its good faith discretion, NRZ shall promptly reimburse Company or its designee for the amount of any such excess.
Company shall pay to the applicable NRZ Indemnified Party any applicable NRZ Indemnified Amounts (to the extent not pre-funded by Company or its designee) within five (5) days of NRZ’s or any other NRZ Indemnified Party’s request therefor.
		
	10.
	Indemnification by NRZ

NRZ shall indemnify and hold harmless each Company Indemnified Party from and against, the NRZ Indemnification Percentage of any and all liabilities, obligations, losses, damages, taxes, claims, actions, judgments, penalties, fines, forfeitures and suits, and any and all costs, expenses and disbursements (including reasonable legal fees and expenses) of any kind and nature whatsoever which may at any time be imposed on, incurred by, or asserted against any Company Indemnified Party in any way relating to or arising out of, directly or indirectly, this letter agreement and/or the exercise, proposed exercise, or potential exercise of any Specified Call Right (any such amounts, the “Company Indemnified Amounts”).
NRZ shall pay to the applicable Company Indemnified Party any applicable Company Indemnified Amounts within five (5) days of Company’s or any other Company Indemnified Party’s request therefor.
		
	11.
	Notices

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All notices, consents, waivers, and other communications hereunder must be in writing to the appropriate addresses, facsimile number or email address set forth below:
If to Company, addressed as follows:
Fortress Credit Opportunities V Advisors LLC
1345 Avenue of the Americas, 46th Floor
New York, NY 10105
Attention: David Brooks
Email: dbrooks@fortress.com

If to NRZ, addressed as follows:
New Residential Investment Corp.
1345 Avenue of the Americas, 45th Floor
New York, NY 10105
Attention: Jonathan Grebinar
Email: jgrebinar@fortress.com

or to such other individual or address as a party hereto may designate for itself by notice given as provided in this Section.
		
	12.
	Survival

Sections 5, 7, 8, 9, 10, 11, 12, 13, 16, 17, 18, 21, 22 and 23 of this letter agreement shall survive the termination of this letter agreement and the exercise of any Specified Call Right.
		
	13.
	Successors and Assigns

This letter agreement shall be binding on all successors and assigns of the parties hereto.  Neither NRZ nor Company may assign, transfer or otherwise transfer any of its rights or obligations under this letter agreement to any person without the prior written consent of the other party hereto. 
		
	14.
	Severability

Any part, provision, representation or warranty of this letter agreement that is prohibited or which is held to be void or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof.  
		
	15.
	Counterparts

This letter agreement may be executed in any number of counterparts, each of which shall constitute an original and all of which, taken together, shall constitute one and the same instrument.  Delivery of an executed signature page of this letter agreement by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart hereof

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	16.
	GOVERNING LAW

THIS LETTER AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAWS).  
		
	17.
	WAIVER OF JURY TRIAL

EACH PARTY HERETO IRREVOCABLY AND ABSOLUTELY WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW THE RIGHT TO A TRIAL BY JURY IN ANY DISPUTE IN CONNECTION WITH, ARISING UNDER OR RELATING TO THIS LETTER AGREEMENT OR ANY MATTERS CONTEMPLATED HEREBY, AND AGREES TO TAKE ANY AND ALL ACTION NECESSARY OR APPROPRIATE TO AFFECT SUCH WAIVER. 
		
	18.
	SUBMISSION TO JURISDICTION

EACH OF THE PARTIES HERETO IRREVOCABLY (I) SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY ACTION OR PROCEEDING RELATING TO THIS LETTER AGREEMENT OR ANY MATTERS CONTEMPLATED HEREBY, (II) WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THE DEFENSE OF AN INCONVENIENT FORUM IN ANY ACTION OR PROCEEDING IN ANY SUCH COURT, (III) CONSENTS TO SERVICE OF PROCESS UPON IT BY MAILING A COPY THEREOF BY CERTIFIED MAIL ADDRESSED TO IT AS PROVIDED FOR NOTICES HEREUNDER OR BY ANY OTHER MANNER IN ACCORDANCE WITH LAW, AND (IV) AGREES THAT A FINAL JUDGMENT IN ANY ACTION OR PROCEEDING IN ANY SUCH COURT SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN ANY OTHER JURISDICTION BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.
		
	19.
	Entire Agreement

This letter agreement sets forth the entire agreement and understanding of the parties hereto with respect to the transactions contemplated hereby and thereby and supersede any and all prior agreements, arrangements and understandings, both written and oral, between the parties relating to the subject matter hereof and thereof.
		
	20.
	Third Party Beneficiaries

Each of the Company Indemnified Parties and NRZ Indemnified Parties is an express and intended third party beneficiary of this letter agreement.
		
	21.
	Further Assurances

Each party hereto shall execute and deliver in a reasonable timeframe such reasonable and appropriate additional documents, instruments or agreements and take such reasonable actions as 

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may be necessary or appropriate to effectuate the purposes of this letter agreement at the request of any other party hereto.
		
	22.
	Amendments and Waivers

No amendment or modification of this letter agreement, and no waiver hereunder, shall be valid or binding unless set forth in writing and duly executed by the party against whom enforcement of the amendment, modification, discharge or waiver is sought.  Any such waiver shall constitute a waiver only with respect to the specific matter described in such writing and shall in no way impair the rights of the party granting such waiver in any other respect or at any other time.  
		
	23.
	Remedies Cumulative

Neither the waiver by any of the parties hereto of a breach of or a default under any of the provisions of this letter agreement, nor the failure by any of the parties, on one or more occasions, to enforce any of the provisions of this letter agreement or to exercise any right or privilege hereunder, shall be construed as a waiver of any other breach or default of a similar nature, or as a waiver of any of such provisions, rights or privileges hereunder.  The failure of a party hereto at any time or times to require performance of any provision hereof or claim damages with respect thereto shall in no manner affect its right at a later time to enforce the same.  All rights and remedies existing under this letter agreement are cumulative to, and not exclusive of, any rights or remedies otherwise available.
		
	24.
	Potential Inability to Exercise Specified Call Rights

The Company acknowledges and agrees that the NRZ Parties’ ability to exercise the Specified Call Rights may be limited, in whole or in part, or delayed if a third party exercises such Call Rights or seeks to prevent the applicable NRZ Party from exercising such Call Rights, if the related securitization trustee or another securitization counterparty refuses to permit the exercise of such rights, or if a party to the related securitization transaction necessary to exercise the Call Rights is subject to bankruptcy proceedings or no longer in existence.
NRZ gives no assurance as to whether or not Company will actually get the benefit of the exercise of any Specified Call Right pursuant to this letter agreement.
		
	25.
	Certain Defined Terms

As used in this letter agreement, the following terms shall have the following meanings:
“Call Rights” means, in respect of any residential mortgage-backed securitization transaction, the contractual right in the definitive documentation therefor (if any) to (i) amend and/or terminate the transactions contemplated by certain residential mortgage servicing agreements, securitization trust agreements, pooling and servicing agreements or other agreements and (ii) acquire certain of the residential mortgage loans, REO and certain other assets in the trust subject to such residential mortgage servicing agreements, securitization trust agreements, pooling and servicing agreements or other agreements in connection with such amendment or termination against delivery the applicable Termination Price.
“Company” is defined in the introductory paragraph.

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“Company Indemnification Percentage” means, in respect of a Specified Call Right (i) if NRZ has delivered a Non-Participation Notice, 100%, and (ii) if NRZ has not delivered a Non-Participation Notice, 50%.
“Company Indemnified Amounts” is defined in Section 10.
“Company Indemnified Parties” means Company and its partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives.
“Direction Notice” is defined in Section 4(i).
“Direction Rights” is defined in Section 2.
“Expense Amounts” means any of the following to the extent related to, or arising in connection with, the exercise, proposed exercise, or potential exercise of any Specified Call Right:
		
	(i)
	all out-of-pocket amounts incurred or payable by any NRZ Party in connection with the exercise of such Specified Call Right, including, without limitation, (a)   all amounts payable by any NRZ Party to the Other Parties and transaction parties to the extent required under the related Specified RMBS Transaction or otherwise required by such parties in order to exercise the related Specified Call Right, and (b) fees and expenses of Other Parties, other parties to the related Specified RMBS Transaction, consultants, contractors and valuation agents;

		
	(ii)
	to the extent not paid out of the proceeds of the related Termination Price, (a) all related unpaid monthly advances directly or indirectly held by any NRZ Party or any Other Party in connection with the related Specified RMBS Transaction, (b) all related unpaid servicing advances directly or indirectly held by any NRZ Party or any Other Party in connection with the related Specified RMBS Transaction, and (c) all accrued and unpaid servicing fees directly or indirectly held by any NRZ Party or any Other Party in connection with the related Specified RMBS Transaction;

		
	(iii)
	to the extent not paid out of the proceeds of the related Termination Price, applicable de-boarding fees or termination fees directly or indirectly payable by any NRZ Party in connection with the exercise of such Specified Call Right and/or directly or indirectly payable by any NRZ Party in connection with the transfer of servicing or subservicing of the mortgage loans subject to the related Specified RMBS Transaction; and

		
	(iv)
	any out-of-pocket costs and expenses associated with (a) creating any entity or entities to hold any assets acquired in connection with the exercise of any Specified Call Right and/or (b) the subsequent disposition of any such assets and/or the financing of any such assets.

“Non-Participation Notice” is defined in Section 4(ii).
“NRZ” means New Residential Investment Corp.

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“NRZ Indemnification Percentage” means, in respect of a Specified Call Right (i) if NRZ has delivered a Non-Participation Notice, 0%, and (ii) if NRZ has not delivered a Non-Participation Notice, 50%.
“NRZ Indemnified Amounts” is defined in Section 9.
“NRZ Indemnified Parties” means each NRZ Party and its partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives.
“NRZ Party” means NRZ and each subsidiary thereof.
“Other Party” is defined in Section 2.
“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, governmental authority or other entity.
“Sale Transaction” is defined in the introductory paragraph.
“Seller” is defined in the introductory paragraph.
“Specified Call Rights” means, collectively, the Call Rights and Direction Rights of NRZ and its subsidiaries with respect to the Specified RMBS Transactions.
“Specified RMBS Transaction” is defined in the first paragraph.
“Termination Price” means, in respect of any residential mortgage-backed securitization transaction, the “termination price”, “purchase price” or the equivalent thereof required to be paid in accordance with the definitive documentation for such residential mortgage-backed securitization transaction in connection with the exercise of any Call Right.
“Withdrawal Notice” is defined in Section 4(iii).
[signature pages follow]

Please acknowledge your agreement with the terms of this letter agreement by executing it in the space provided below and returning it to us.

Very truly yours, 

NEW RESIDENTIAL INVESTMENT CORP.

By:/s/ Nicola Santoro, Jr.                 
Name: Nicola Santoro, Jr. 
Title:  Chief Financial Officer 

Acknowledged and agreed to as of
the date first above written:
FORTRESS CREDIT OPPORTUNITIES V ADVISORS LLC

By    /s/ David N. Brooks                
Name:  David N. Brooks 
Title: Secretary 

Schedule 1
CUSIPs Subject to the Specified RMBS Transaction

10Document

Exhibit 10.1

        

REAL PROPERTY PURCHASE AGREEMENT

BETWEEN 

BELTWAY BUSINESS PARK, L.L.C.,
A Nevada Limited Liability Company 
(“Seller”)

AND 

NV LAS DEC, LLC 
A Nevada Limited Liability Company 

(“Purchaser”)

April 28th, 2020
Date

Nevada Title Company
(“Escrow Agent”)

Escrow No. NCS-969567

Approximately 2.07 acres located
in
Clark County, Nevada
APN No. 176-01-201-007
1
        

REAL PROPERTY PURCHASE AGREEMENT
        
THIS REAL PROPERTY PURCHASE AGREEMENT ("Agreement") is made this April 28th, 2020 (“Effective Date”), by and between the Seller and Purchaser hereinafter identified in Sections 1.2 and 1.3 hereof, respectively, and constitutes an agreement between the parties for the purchase of the Property as identified in Section 1.5 hereof on the terms and conditions and with and subject to the covenants and agreements of the parties hereinafter.  

WITNESSETH

WHEREAS, Seller is the owner of certain real property located in the County of Clark (the “County”), State of Nevada, as more particularly described in Section 1.5 below (the “Property”).  

WHEREAS, Purchaser desires to purchase the Property from Seller and Seller desires to sell the Property to Purchaser. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and in the other documents referred to herein relating to the purchase, sale, and development of the Property and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Purchaser agree as follows:

1.  Basic Provisions/Definitions.  

The following are certain provisions, which are a part of, and, in certain instances, referred to, in subsequent provisions of this Agreement and unless otherwise stated in this Agreement, the following terms will have the following meanings:
									
	SECTION 1.1
EFFECTIVE DATE OF THIS AGREEMENT:	April 28th, 2020	
			
	SECTION 1.2
SELLER:	BELTWAY BUSINESS PARK, L.L.C.,
a Nevada limited liability company	
			
	SECTION 1.3
PURCHASER:	NV LAS DEC, LLC,
a Nevada limited liability company	
			
	SECTION 1.4
PURCHASER’S TRADE NAME:	N/A	
			
	SECTION 1.5
PROPERTY:	The real property comprising (+/-) 2.07 acres of land and improvements (APN Number: 176-01-201-007), as depicted on Exhibit "A" attached hereto and made a part hereof together with all other rights, privileges and appurtenances belonging or in any way pertaining to said real property, including, without limitation, any Seller’s rights or interest with respect to rights-of-way on or adjacent to the Property, to the extent existing (“Property”). 
	
			
	SECTION 1.6
CLOSING DATE:	The “Closing Date” shall be the day which is: (a) the date 5 days after the completion of the Title Report process set forth in Section 7.1 or (b) such other date as may be chosen by Seller and Purchaser, by joint written notice delivered to Escrow Agent at least five (5) days in advance thereof. 
	(See Section 8)

 
2
        

									
			
	SECTION 1.7 PURCHASE PRICE:	Means the aggregate purchase price to be paid by Purchaser for the Property, which amount shall be TWO MILLION FIVE HUNDRED FORTY-SEVEN THOUSAND FIVE HUNDRED DOLLARS AND NO/100) ($2,547,500) (“Purchase Price”) to be paid as set forth in Section 2.1 below.	(See 2.1)
			
	SECTION 1.8 DEPOSIT:	TWENTY-FIVE THOUSAND DOLLARS AND NO/100 ($25,000).	(See Section 2.1)
			
	SECTION 1.9 TERMS OF PAYMENT:	The terms of payment of the Purchase Price shall be as detailed in Section 2.1, below.	(See Section 2.1)
			
	SECTION 1.10 INVESTIGATION PERIOD:	In accordance with Section 2 below, Purchaser shall have the opportunity to perform all due diligence/investigations of the Property, including but not limited to any and all environmental investigations/testing, within 2 business days after the Effective Date (the “Investigation Period”). Purchaser shall have the opportunity to endeavor to obtain all permits, approvals and entitlements necessary to operate the Property as intended by Purchaser, within the Investigation Period. During the Investigation Period, Seller agrees to furnish Purchaser copies of all tests, plans, or reports. If any, obtained by Seller or on behalf of Seller in connection with the site at no cost or expense to Purchaser. In the event of termination of this Agreement, Purchaser agrees to furnish Seller copies of all tests, plans, or reports obtained by Purchaser in connection with the Site, at no cost or expense to Seller.	(See Section 2.2)
			
	SECTION 1.11 GUARANTOR(S):	N/A	
			
	SECTION 1.12 INTENDED USE:	N/A	
			
	SECTION 1.13 BROKER(S):	Seller’s: None.

Purchaser’s: None	(See Section 30)

  
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	SECTION 1.14 ADDRESSES FOR NOTICES:	Seller:               BELTWAY BUSINESS PARK, L.L.C.
2300 West Sahara Avenue
                          Suite 530
Las Vegas, Nevada  89102
Attn: Thomas A. Thomas
Telephone No. (702) 920-2800
                          EMail:tthomas@thomas-mack.com 

and

George L. Ralphs, Esq.
                          2300 West Sahara Avenue
                          Suite 550
Las Vegas, Nevada  89102
Telephone No. (702) 870-1559
                          E-Mail: glr@ralphslaw.com

Purchaser:        NV LAS DEC, LLC
c/o Switch, Ltd.
Attn: Office of the General Counsel
7135 S. Decatur Boulevard
Las Vegas, Nevada 89118
Email: legal@switch.com

	
			
	SECTION 1.15 NOTICES	Means any notice or other communication required or permitted to be given to the parties hereto. Notices shall be deemed to have been given if in writing and hand delivered (including without limitation a reputable overnight courier service such as but not limited to FedEx and UPS or, if by personal delivery, with acknowledgment of receipt), or mailed by certified or registered mail, return receipt requested, first class postage prepaid or if sent by electronic delivery, addressed as set forth in Section 1.14; or at such other address as the parties hereto may, from time to time, designate in writing. Service by overnight courier or mail shall be deemed made on the first business day delivery is attempted or upon receipt, whichever is earlier. Service by electronic delivery shall be deemed made upon confirmed transmission, if during normal business hours at the recipient’s location and the recipient is also notified via telephone at the applicable number set forth above during normal business hours at the recipient’s location within 24 hours of such transmission and a duplicate copy of such notice is sent via hand delivery or mail in accordance with the foregoing.	
			
	SECTION 1.16 ESCROW AGENT	Means First American Title insurance Company, whose address is: 8311 W. Sunset Rd., Suite 100, Las Vegas, Nevada 89113, Attn: Anastasia Dion or other Escrow Agent as designated by the Seller. This Agreement shall constitute Escrow Agent's instructions. Seller and Purchaser agree to execute and deliver to Escrow Agent such additional and supplemental instructions as Escrow Agent may require in order to clarify Escrow Agent's duties under this Agreement; provided, however, that in the event of any conflict or inconsistency between this Agreement and any instructions delivered to Escrow Agent, the terms of this Agreement shall govern the duties of Escrow Agent and the rights and obligations of Seller and Purchaser unless	

     
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		such instructions are signed by both Seller and Purchaser and expressly state that they govern in the event of any conflict with this Agreement.	
	SECTION 1.17 INTENTIONALLY OMITTED		
			
	SECTION 1.18 CLOSING	Means the effective transfer of the Property from Seller to Purchaser in exchange for the payment by Purchaser to Seller of the Purchase Price in accordance with the terms and conditions of this Agreement. Escrow shall close on the Closing Date.	(See Section 8)
			
	SECTION 1.19 OPENING OF ESCROW	Means the date upon which Escrow Agent has received a fully signed original, or counterpart originals, of this Agreement, accompanied by the sums and documents required herein.	
			
	SECTION 1.20 PLACE OF CLOSING	Means the offices of the Escrow Agent.	
			
	SECTION 1.21 TITLE INSURANCE COMPANY	Means First American Title insurance Company, whose address is: 8311 W. Sunset Rd., Suite 100, Las Vegas, Nevada 89113, Attn: Anastasia Dion, or other Escrow Agent as designated by the parties.	
			

2.  Sale and Purchase of Property/Investigation Period.

2.1 The Purchase Price shall be paid by Purchaser as follows:

Within two (2) days following the Effective Date, Purchaser shall deposit the sum set forth in Section 1.8 as an earnest money deposit with Escrow Agent (the “Deposit”).  As used herein, the term “Deposit” shall include, when paid, the Deposit together with all interest earned thereon.  The Deposit shall be in the form of a cashier's check made payable to Escrow Agent or wire transfer of funds to Escrow Agent. Except as otherwise specifically set forth in Sections 2.2, 7.1, 9 and 13.1(a) below the Deposit shall be non-refundable to the Purchaser and shall be applied toward the Purchase Price at Close of Escrow.  

At the Closing, Purchaser shall pay, to Seller, an amount (the “Closing Payment”) equal to the full Purchase Price, less the Deposit, and all interest earned thereon, plus (ii) Purchaser's Closing Costs as defined in Section 12 below, (all in the form of cash or equivalent made payable to Escrow Agent);

2.2 During the Investigation Period, Purchaser shall have the opportunity to perform all due diligence/investigations of the Property.  Seller agrees that Purchaser and its agents shall have access to the Property at all reasonable times for the purpose of conducting any inspections, testing or obtaining any other due diligence information, including, but not limited to, engineering, planning, soil and subsoil testing, and any other activities relating to the inspection of the Property as Purchaser deems appropriate or desirable.  Purchaser agrees to indemnify and hold Seller harmless with respect to any mechanics’ or materialmen’s lien, property damage, loss, cost or expense, including reasonable attorneys’ fees, in any way related to, or caused by, Purchaser’s activities on the Property, except to the extent caused by the negligence or willful misconduct of Seller.  Purchaser shall not disturb the Property beyond what is reasonably necessary to conduct its investigation and shall return the Property to substantially the same 
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condition as the Property was in prior to such investigations.  Should Purchaser terminate this Agreement prior to the end of the Investigation Period: (i) Purchaser shall have no further right or interest in the Property, and (ii) Purchaser shall return to Seller, copies of all Property Documents. Should the Purchaser require any entitlements and/or survey(s), Purchaser shall pursue the same during the Investigation Period and any delays in obtaining the same shall not extend the term of the Investigation Period or the Closing Date.  Notwithstanding anything in this Agreement to the contrary, Purchaser's indemnity obligations under this Section 2.2 shall survive any termination of this Agreement.  

Within 5 business days following the Effective Date, Seller shall provide Purchaser with copies of all of the following, to the extent currently within Seller’s possession or under its current control (collectively the “Property Documents”): (i) all tests, reports, and assessments prepared by or on behalf of, or in possession of, Seller and relating to the physical condition of the Property; and (ii) all contracts materially affecting the Property.  Purchaser hereby acknowledges that Purchaser shall be solely responsible for determining the accuracy and completeness of the Property Documents and that Seller has not made and does not hereby make any representation or warranty regarding the accuracy or completeness of any of the Property Documents or the sources thereof, except as may be expressly covered by Seller’s representations and warranties in this Agreement.  Seller is providing the Property Documents, to Purchaser, solely as an accommodation.

In the event this Agreement is terminated by Purchaser or automatically terminates in accordance with terms and conditions set forth herein, the Deposit, less One Hundred Dollars ($100.00), shall be immediately released to Purchaser and One Hundred Dollars ($100.00) shall be released to Seller as independent consideration for Purchaser’s ability to terminate this Agreement during the Investigation Period.

Seller shall not be obligated to allow Purchaser entry upon the Property until Seller has received, from Purchaser, executed copies of certificates of insurance as follows:

Purchaser, at its sole cost and expense, during the entire Investigation Period, shall procure, pay for and keep in full force and effect: (i) a commercial general liability insurance policy (ISO form or equivalent), including insurance against liability under this Agreement with respect to the Property  and the operations of Purchaser (and any invitees, agents, contractors, experts, etc.) in, on or about the Property in which the limits with respect to personal liability and property damage shall not be less than One Million Dollars ($1,000,000) per occurrence on a location basis; and such other insurance as from time to time may be required by city, county, state or Federal laws, codes, regulations or authorities or which Seller determines is reasonably necessary or appropriate under the circumstances.  Purchaser shall, at its expense, maintain in effect, during the entire Investigation Period, the policies of insurance required under this Article. All policies that Purchaser is required to obtain under this Article shall be issued by insurance companies authorized to do business in the State of Nevada with a Financial Strength Rating of not less than “A” and a Financial Size Category of not less than Class “X”, as rated by the most current available “Best’s” Insurance Reports. On or before any early entry onto the Property by Purchaser, Purchaser shall furnish Seller with evidence acceptable to Seller that: (i) the policies (or a binder thereof) required pursuant to this Article are in effect and (ii) Seller shall be notified by the carrier in writing thirty (30) days prior to cancellation, material change, or non-renewal of such insurance.  The liability insurance policies that Purchaser is required to obtain pursuant to this Article shall name Seller and, upon Seller’s request, Seller’s mortgagee, if any, as additional insured on such equivalent form as may be approved by Seller and shall be primary policies, and shall not be contributing with and shall be in excess of coverage which Seller may have and shall be unaffected by any insurance or self-insurance Seller may have regardless of whether any other insurance policy names Seller as an insured or whether such insurance stands primary or secondary.

2.3 In the event this Agreement is terminated for any reason, except as provided under Sections 2.2, 7.1, 9 and/or 13.1(a), Seller shall retain the Deposit and any interest accrued thereon, as 
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part of the consideration given to Seller for entering into this Agreement and holding the Property available for Purchaser's investigation. This Section 2.3 shall survive the termination of this Agreement

3. Water Allocation/Utilities/Roads/Infrastructure. 

3.1 Purchaser acknowledges and agrees that the purchase and sale of the Property does not include any water rights. Purchaser represents that it is not relying on Seller for any water or water facilities.  

3.2 Purchaser acknowledges and agrees that the purchase and sale of the Property does not include any utilities. Purchaser represents that it is not relying on Seller for any utilities.

3.3 Purchaser represents that it is not relying on Seller for any access roads.

3.4 Purchaser acknowledges and agrees that little or no improvements or infrastructure exist on the Property.  Purchaser represents that it is not relying on Seller for any such infrastructure.

4.  Seller's Representations and Warranties.  

Seller warrants and agrees as follows: 

4.1  Seller has good and marketable fee simple title to all the Property, free and clear of all mortgages, encumbrances, pledges, liens, and charges of every kind, nature, or description, except for the Permitted Exceptions. 

4.2  Seller is duly organized and validly existing under the laws of the State of Nevada and has all necessary power, right, authority and capacity to enter into and perform this Agreement in accordance with its terms.

4.3  This Agreement has been duly executed by Seller and constitutes  the legal, valid, binding and enforceable obligation of Seller.

4.4  Seller is not a “foreign person” as that term is defined in Section 1445 of the Internal Revenue Code of 1986, as amended (“Code”), and applicable regulations.

4.5  The Property is free of any right of possession or claim of right of possession of any party other than Seller, and there are no leases or occupancy agreements currently affecting any portion of the Property. Seller will not further sell, encumber, convey, assign, pledge, lease or contract to sell, convey, assign, pledge, encumber or lease all or any part of the Property, nor restrict the use of all or any part of the Property, nor take or cause or allow to be taken any action in conflict with this Agreement at any time between the Effective Date and (x) Closing, or (y) the earlier termination of this Agreement pursuant to its terms.  Seller additionally hereby represents and warrants that no rights of first refusal or similar agreements exist in connection with the Property that would impede Buyer's ability to purchase the Property as provided herein, or that are in any way in contravention of the spirit and intent of this Agreement.

4.6  To Seller’s knowledge, there is no actual or threatened action, litigation, or proceeding by any organization, person, individual or governmental agency (including governmental actions under condemnation authority or proceedings similar thereto) against the Property or Seller, nor has any such organization, person, individual or governmental agency communicated to Seller anything that Seller believes to be a threat of any such action, litigation or proceeding. To Seller’s knowledge, there are no tax certiorari or similar proceedings in effect with respect to the Property.

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4.7  To Seller’s knowledge, no Hazardous Materials (as hereinafter defined) have been deposited on or about the Property. “Hazardous Materials " or similar terms shall mean and include asbestos, asbestos-containing materials, petroleum and petroleum products, the group of organic compounds known as polychlorinated biphenyls, and any substances or materials that are regulated, controlled or prohibited under the Resource Conservation and Recovery Act of 1976 ("RCRA"), 42 U.S.C. § 690, the Comprehensive Environmental Response, Compensation and Liability Act of 1980 ("CERCLA"), 42 U.S.C. Sections 9601-9657, as amended by the Superfund Amendments and Reauthorization Act of 1986 ("SARA"), or any similar State law or local ordinance or any other environmental law, the Federal Water Pollution Control Act, 33 U.S.C. §1251, the Clean Air Act, 42 U.S.C. § 7401, the Toxic Substances Control Act ("TCSA"), 15 U.S.C.§ 2601, or any similar State law or local ordinance, or any other Federal, State or local environmental statutes, regulations, ordinances or other environmental regulatory requirements.

4.8  Except as noted in Sections 4.1 through 4.7 above, Seller makes no representation or warranty, express or implied, with respect to the Property.   

4.9 The words “To Seller’s knowledge” and/or “has no knowledge” signifies that, no facts have come to the attention of the person with the most knowledge regarding the Property that would give actual knowledge or actual notice that any such matters are not accurate, and such person has undertaken no investigation or verification of such matters.

5.  Purchaser Representations and Warranties. 

Purchaser warrants and agrees as follows:

5.1  Purchaser has all necessary power, right, authority and capacity to enter into and perform this Agreement in accordance with its terms.

5.2  This Agreement has been duly executed by Purchaser and the execution and performance of this Agreement will not violate any agreement to which Purchaser is a party or to which it may be bound.  There are no suits or actions pending that would in any way interfere with the ability of Purchaser to carry out this Agreement. 

5.3  Purchaser represents that Purchaser has the authority to execute this Agreement.

5.4  Purchaser is experienced in and knowledgeable about the ownership and development of real estate, and will rely exclusively on its own consultants, advisors, counsel, employees, agents, principals and/or studies, investigations and/or inspections with respect to the Property, its condition, value and potential.  Except as otherwise set forth in Section 4 above, Purchaser agrees that, notwithstanding the fact that it has received certain information from Seller or its agents or consultants, Purchaser has relied solely upon and will continue to rely solely upon its own analysis and will not rely on any information provided by Seller or its agents or consultants.

5.5  EXCEPT AS EXPRESSLY SET FORTH IN SECTION 4, THE SALE OF THE PROPERTY HEREUNDER IS AND WILL BE MADE ON AN “AS IS” BASIS, WITHOUT REPRESENTATIONS AND WARRANTIES OF ANY KIND OR NATURE, EXPRESS, IMPLIED OR OTHERWISE, INCLUDING, BUT NOT LIMITED TO, ANY REPRESENTATION OR WARRANTY CONCERNING TITLE TO THE PROPERTY, THE PHYSICAL CONDITION OF THE PROPERTY, THE COMPLIANCE OF THE PROPERTY WITH APPLICABLE LAWS AND REGULATIONS (INCLUDING, BUT NOT LIMITED TO, ZONING AND BUILDING CODES OR THE STATUS OF DEVELOPMENT OR USE RIGHTS RESPECTING THE PROPERTY), THE FINANCIAL CONDITION OF THE PROPERTY OR ANY OTHER REPRESENTATION OR WARRANTY RESPECTING ANY INCOME, EXPENSES, CHARGES, LIENS OR ENCUMBRANCES, RIGHTS OR CLAIMS ON, AFFECTING OR PERTAINING TO THE PROPERTY OR ANY PART THEREOF.  PURCHASER ACKNOWLEDGES THAT PURCHASER HAS EXAMINED, REVIEWED AND INSPECTED ALL MATTERS, WHICH, IN PURCHASER’S JUDGMENT, BEAR UPON 
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THE PROPERTY AND ITS VALUE AND SUITABILITY FOR PURCHASER’S PURPOSES.  EXCEPT AS TO MATTERS OTHERWISE SET FORTH IN THIS AGREEMENT, PURCHASER WILL ACQUIRE THE PROPERTY SOLELY ON THE BASIS OF ITS PHYSICAL AND FINANCIAL EXAMINATIONS, REVIEWS AND INSPECTIONS AND THE TITLE INSURANCE PROTECTION AFFORDED BY THE TITLE POLICY.  WITHOUT LIMITATION THEREON AND EXCEPT FOR SELLER’S EXPRESS REPRESENTATIONS AND WARRANTIES CONTAINED HEREIN, PURCHASER HEREBY WAIVES AND DISCLAIMS (1) ANY WARRANTY, EXPRESS, IMPLIED OR ARISING BY OPERATION OF LAW, INCLUDING ANY WARRANTY OF HABITABILITY, MERCHANTABILITY, SUITABILITY OR FITNESS FOR A PARTICULAR USE OR PURPOSE.   

The terms and provisions of this Section 5 shall survive the Closing and recording of the GBS Deed (as defined below).

6.  Intentionally Omitted.    

7.  Title Report.

7.1  Except for the Permitted Exceptions set forth in the Title Report (as defined below) (“Permitted Exceptions”), title to the Property shall be free of liens and encumbrances.  Seller has furnished Purchaser with a preliminary title report and copies of all exceptions to title referred to therein within 5 business days after Opening of Escrow ("Title Report").  Within 15 days following the Effective Date, Purchaser shall give Seller notice specifying those matters which are not acceptable conditions of title.  All exceptions in the Title Report not specifically disapproved by Purchaser within 15 days following the Effective Date shall be deemed to have been approved.  Seller shall endeavor to remove such objectionable items within 5 business days thereafter, and if Seller fails to remove such objectionable items within said period, Seller shall notify Purchaser in writing of such fact, and Purchaser shall have the election to be exercised in writing within 5 business days after delivery to Purchaser of such notice by Seller of either:

(a) Terminating this Agreement, in which event Escrow Agent shall return the Deposit and all other funds and documents deposited herein to the party depositing the same;

(b) Granting Seller a 5 day extension of time in order to effect said cure (“Extended Cure Period”); or,

(c) Accepting the Property subject to the objectionable items

If Purchaser fails to make the election to terminate or accept title within the 5 business days period provided or after expiration of the Extended Cure Period, as applicable, Purchaser shall be deemed to have elected to accept the Property subject to the objectionable item.  The title matters that Purchaser elects to accept or is deemed to have elected to accept are included in the Permitted Exceptions.

SELLER SHALL NOT BE DEEMED TO BE IN DEFAULT BY VIRTUE OF SELLER’S INABILITY OR UNWILLINGNESS TO REMOVE OR SATISFY ANY TITLE AND/OR SURVEY MATTERS OBJECTED TO BY PURCHASER.

The following shall be Permitted Exceptions: 

(a) All restrictions and requirements as may be imposed by any governmental authority (having jurisdiction over the Property) prior to Closing.
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(b) all exceptions set forth in the Title Report (which are not disapproved or deemed disapproved pursuant to this Section 7.1).

(c) Intentionally Omitted.

(d) All other rights-of-way apparent from a visual inspection of the Property. 

Once title has been approved by Purchaser under this Section, any new title information received by Purchaser from a supplemental title report, survey, or other source that would materially and adversely affect Purchaser's use of the Property (collectively, "New Title Exception") shall be subject to the same procedure provided above (and the Closing Date shall be extended commensurately if the Closing would have occurred but for those procedures being implemented for a New Title Exception), except that the review period shall be reduced to 5 business days.

 7.2  At Closing, Seller, at Seller's expense, shall cause Title Insurance Company to deliver to Purchaser an ALTA standard policy of title insurance in accordance with the Title Report (“Title Policy”).  If Purchaser requires an ALTA extended policy of title insurance or any endorsements, the costs therefor in excess of those for an ALTA standard policy (without such endorsements) shall be borne by Purchaser. If Purchaser shall require a survey of the Property (either for its own use or for use by a third party, including the Title Company for purposes of issuing the ALTA extended policy), such survey shall be completed, within the Investigation Period and obtained at Purchaser’s sole cost.

8.  Date, Place and Terms of Closing.

The Closing hereunder shall take place at the Place of Closing.  The Closing Date will be on that date set forth in Section 1.6, unless extended thereby. 

8.1  Items to be delivered at the Closing:

(a) At the Closing, Seller shall deliver to Purchaser each of the following items: 

(i) A Grant, Bargain and Sale Deed (attached hereto as Exhibit “C” and incorporated herein) and Declaration Of Value (the “GBS Deed”) conveying the Property to Purchaser, duly executed and acknowledged by Seller and in recordable form; 

(ii) A non-foreign transferor declaration as provided by the Title Insurance Company duly executed by seller; 

(iii) Any executed closing settlement statement, prepared by the Escrow Agent, in its normal course, consistent with the terms of this Agreement; 

(iv) Intentionally Omitted; and

(v) Copies of all documents, instruments, contracts and agreements not theretofore delivered as may be reasonably required for completion of the transaction contemplated herein.

(b) At the Closing, Purchaser shall deliver to Seller the following items: 

(i) Immediately available collected funds in the form of a cashier's check drawn on a local Las Vegas bank or wire transfer to the account of Escrow Agent in an amount equal to the Closing Payment; 
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(ii) Any executed closing settlement statement, prepared by the Escrow Agent, in its normal course, consistent with the terms of this Agreement; 

(iii) Intentionally Omitted; and

(iv) Copies of all documents, instruments, contracts and agreements not theretofore delivered as reasonably required for completion of the transaction contemplated herein.

8.2   On the Closing Date, immediately upon the conditions precedent to Closing set forth in Sections 9 & 10 hereof having been satisfied or waived by the applicable party, Escrow Agent shall perform the acts set forth below in the following order:

(a) Date, as of the Closing Date, all instruments calling for a date.

(b) Prepare a Declaration of Value in such form as required by Nevada Revised Statutes (“NRS”) 375.060 (the “Real Property Transfer Tax Declaration”).

(c) Intentionally Omitted.

(d) Record the GBS Deed.
          
(e) Deliver to Seller by wire transfer of funds an amount equal to the Closing Payment less Seller's Closing Costs and Purchaser's Closing Costs.

(f) Deliver to Purchaser the Title Policy.

(g) Prepare and submit to the Internal Revenue Service the information return and statement concerning the closing of the Escrow (the “Information Return”) required by Section 6045(e) of the Internal Revenue Code of 1986, unless the Information Return is not required under the regulations promulgated under Section 6045(e).

8.3   The instruments that are required to be recorded under this Agreement shall provide that the County Recorder shall return them to Escrow Agent after recordation, and upon receipt thereof, Escrow Agent shall deliver the following:

(a) To Seller:

(i) A copy of the GBS Deed, as recorded;

(ii) Intentionally Omitted; and

(iii) Copies of the Real Property Transfer Tax Declaration. 

(b) To Purchaser:

(i) The originals of the GBS Deed and the Non-foreign Transferor Declaration;

(ii) Intentionally Omitted; and

(iii) Copies of the Real Property Transfer Tax Declaration.
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Those provisions of this Agreement which by their terms are to be performed after Closing or are expressly provided as surviving Closing and which, in either such case, are not incorporated into separate documents executed and delivered at or prior to Closing, shall survive Closing.

9.  Conditions Precedent to the Obligation of Purchaser to Close.  

The obligation of Purchaser to purchase the Property or to otherwise effect the transactions contemplated by this Agreement on the Closing Date is subject, at the option of Purchaser, to the satisfaction or fulfillment, on or prior to the Closing Date (or earlier if indicated below), of all the following conditions precedent to the Closing:

(a) The representations and warranties of Seller set forth in this Agreement shall be true and correct in all material respects on and as of the Closing Date. 

(b) All the terms, conditions and covenants to be complied with and performed by Seller, on or prior to the Closing Date, shall have been complied with or performed in all material respects.

(c) The Property shall not have been adversely affected in any material way as a result of fire, hurricane, tornado, storm, condemnation, expropriation, or other casualty or act of God and there shall have been no other changes in the Property since the date of this Agreement that would have a material adverse effect on the value of the Property. 

(d) The Title Insurance Company is willing, ready and able to close following compliance with all of the terms, conditions and covenants of this Agreement by the Seller.

The conditions set forth in this Section 9 are for the sole benefit of Purchaser and Purchaser shall have the right, in Purchaser’s sole and absolute discretion, to waive any and all of the same.  If any such conditions have not been satisfied or waived in writing by Purchaser on or prior to the Closing Date, Purchaser shall have the right, but not the obligation, to terminate this Agreement by giving Seller a written notice of termination and Purchaser shall promptly receive a return of the Deposit.  Such right shall be in addition to all other rights and remedies of Purchaser under this Agreement.

10.  Conditions Precedent to the Obligation of Seller to Close.

  The obligation of Seller to sell the Property or to otherwise effect the transactions contemplated by this Agreement on the Closing Date is subject, at the option of Seller, to the satisfaction or fulfillment, on or prior to the Closing Date, of all the following conditions precedent to the Closing. 

(a) The representations and warranties of Purchaser set forth in this Agreement shall be true and correct in all material respects on and as of the Closing Date. 

(b) All of the terms, conditions and covenants to be complied with and performed by the Purchaser, on or prior to the Closing Date, shall have been complied with and performed in all material respects.  

(c) All documents and instruments required to be executed by Purchaser to consummate this Agreement on the Closing Date, shall be reasonably satisfactory in form and substance to counsel for Seller.

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The conditions set forth in this Section 10 are for the sole benefit of Seller and Seller shall have the right, in Seller’s sole and absolute discretion, to waive any and all of the same.  If any such conditions have not been satisfied or waived in writing by Seller on or prior to the Closing Date, Seller shall have the right, but not the obligation, to terminate this Agreement by giving Purchaser a written notice of termination. Such right shall be in addition to all other rights and remedies of Seller under this Agreement.

11. Intentionally Omitted.  

12.  Closing Costs.

12.1  All normal adjustments for the Property, including but not limited to taxes, local improvements and assessments, municipal charges, rents, utilities, tenant deposits including interest, prepaid rent, mortgage principal and interest that are applicable with respect to the Property shall be adjusted as of 12:01 a.m. on the Closing Date.  All other costs or expenses not otherwise provided for in this Agreement shall be allocated to or apportioned between Purchaser and Seller by Escrow Agent in accordance with customary escrow practices in county in which the Property is located.

12.2  In closing this transaction, the Escrow Agent shall charge the Seller with the following:

(a) The full amount of real estate taxes prorated up to and including the date of transfer of title;

(b) The cost of the Title Report, title search, and Title Policy (except the costs therefor in excess of those for an ALTA standard policy and owner’s policy without such endorsements shall be borne by Purchaser) in the amount of the Purchase Price;

(c) One half of the escrow fee and one half of the real property transfer tax imposed on the GBS Deed pursuant to NRS Chapter 375;

(d) All other charges properly borne by the Seller consistent with the terms of this Agreement;

and immediately thereafter shall deliver to the Seller the balance of the funds, in its hands, due under the terms hereof, and any documents due the Seller.

12.3 In closing this transaction, the Escrow Agent shall charge the Purchaser with the following:

(a) The cost of recording the GBS Deed;

(b) That amount by which the cost of furnishing the Title Policy shall exceed Seller’s portion of the cost as set forth in Section 7.2;

(c) One half of the escrow fee and one half of the real property transfer tax imposed on the GBS Deed pursuant to NRS Chapter 375; and,

(d) All other charges properly borne by the Purchaser consistent with the terms of this Agreement;

and immediately thereafter, shall deliver to the Purchaser the Title Policy, the recorded GBS Deed or County Recorder's receipt therefor, any prorations to which the Purchaser is entitled, and any other funds or documents due the Purchaser.

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12.4  Upon Closing and unless otherwise designated in writing by Purchaser, title shall be vested in Purchaser or its assignees or nominees (if consented to by Seller, in writing, which consent shall not be unreasonably withheld).

13.  Termination.  

13.1  In the event of a default by either party and/or the Closing provided for in this Agreement does not occur, the consequences to both the Seller and the Purchaser shall be those set forth and described in this Section 13 or as otherwise set forth herein.  Except as set forth in this Section 13 or as otherwise set forth in this Agreement with respect to surviving obligations, neither party shall have any enforceable claims or causes of action against the other on account of or arising out of this Agreement in the event the Closing does not occur. 

(a)  In the event that all conditions precedent to Seller's obligation to close have been satisfied or fulfilled on Closing Date, the Purchaser is not in default under this Agreement, the Purchaser is present, ready, willing and able to close on that date, but Seller declines for any reason to close or is otherwise in default under this Agreement, then Purchaser may pursue the following remedies as Purchaser’s sole and exclusive remedies):

(i) to waive such default; or

(ii) to terminate this Agreement; and on such termination, the Deposit and all interest thereon will be returned to Purchaser; or

(iii) to demand specific performance (provided that Purchaser first deposits with Escrow Agent full payment of the Purchase Price and performs any other obligations of Purchaser hereunder required to proceed to Closing) of Seller’s obligation to sell the Property to Purchaser pursuant to this Agreement without any abatement in the Purchase Price or other consideration and without claim for consequential or speculative damages.

(b) IN THE EVENT THAT ALL CONDITIONS PRECEDENT TO PURCHASER'S OBLIGATIONS TO CLOSE HAVE BEEN SATISFIED OR FULFILLED ON THE CLOSING DATE, THE SELLER IS PRESENT, READY, WILLING AND ABLE TO CLOSE BUT PURCHASER DECLINES FOR ANY REASON TO CLOSE OR IS OTHERWISE IN DEFAULT UNDER THIS AGREEMENT, THEN SELLER MAY, BY WRITTEN NOTICE TO PURCHASER AND ESCROW AGENT, TERMINATE THIS AGREEMENT AND RECEIVE FROM ESCROW AGENT OR RETAIN, AS THE CASE MAY BE, AS ITS SOLE AND EXCLUSIVE REMEDY, ALL OF THE DEPOSIT AND ALL EARNINGS THEREON AS SELLER'S LIQUIDATED DAMAGES FOR THE BREACH OF THIS AGREEMENT BY PURCHASER.  THEREUPON THIS AGREEMENT SHALL TERMINATE AND THE PARTIES SHALL BE RELIEVED OF ALL FURTHER OBLIGATIONS AND LIABILITIES, EXCEPT AS EXPRESSLY SET FORTH BELOW.  IT IS EXPRESSLY UNDERSTOOD AND AGREED BETWEEN SELLER AND PURCHASER THAT SELLER'S ACTUAL DAMAGES FOR ANY SUCH BREACH BY PURCHASER HEREUNDER WOULD BE SUBSTANTIAL BUT EXTREMELY DIFFICULT TO ASCERTAIN.

13.2  In the event this Agreement is terminated, Escrow Agent may charge a termination fee equal to its actual out-of-pocket expenses incurred in connection with the transaction contemplated 
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hereby.  If this Agreement is terminated as a result of a default, then any such termination fee shall be paid by the defaulting party.  If this Agreement is terminated for any other reason, then any such termination fee shall be paid by the party terminating this Agreement.

14. Easements Non-exclusive.

Except as otherwise specifically set forth herein, any easements given by Seller, to Purchaser, pursuant to this Agreement, shall be for the non-exclusive use of Purchaser.

15.  Intentionally Omitted.

16.  Entire Agreement.  

This Agreement embodies the entire agreement and understanding of the parties hereto and supersedes all previous agreements, arrangements and understandings concerning the subject of this Agreement. 

17.  Amendments.  

No amendment to this Agreement, no waiver of compliance with any provision or condition hereof, and no consent provided for herein will be effective unless evidenced by an instrument in writing executed by both parties.  No waiver by either party of any condition or other breach of any term, covenant, representation, or warranty contained in this Agreement, in any one or more instances, shall be deemed to be, or construed as, a waiver of any other condition or of the breach of any other term, representation, covenant, or warranty contained in this Agreement.

18.  Successor and Assigns.  

This Agreement shall be binding upon and inure to the benefit of the parties hereto and their successors and assigns. Purchaser or Seller may assign (if consented to by Seller, in writing, which consent shall not be unreasonably withheld) its rights and obligations under this Agreement to any other person/entity provided, that any such person/entity shall agree, in writing, to be bound by the terms and conditions of this Agreement.

19.  Expense of Sale.  

Seller and Purchaser shall bear their own expenses in connection with the negotiation and consummation of the transactions contemplated by this Agreement. 

20.  Captions.  

Captions and section headings contained in this Agreement are for convenience only, do not form a part of this Agreement, and do not define, restrict, or expand the text to which they refer. 

21.  Governing Law.  

This Agreement shall be governed by and constructed and enforced in accordance with the internal laws of the State of Nevada, with venue and jurisdiction exclusively in the courts of Clark County, Nevada. 

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22.  Counterparts/Facsimile, Electronic Execution.

This Agreement is to be executed in any number of counterparts, each of which shall be an original, but such counterparts together shall constitute one and the same instrument and may be delivered by facsimile or other electronic means in accordance with Section 1.15 above. 

23.  Third Parties.  

Nothing in this Agreement, whether express or implied, is intended to confer any rights or remedies under, or by reason of, this Agreement on any persons other than the parties to it and their respective successors and assigns, nor is anything in this Agreement intended to relieve or discharge the obligation or liability of any third persons to any party to this Agreement, nor shall any provision give any third persons any right of subrogation or action against any party to this Agreement.

24.  Attorney's Fees.  

In the event of default by either party hereunder, the party in default shall pay all costs incurred by the other party as a result of said default, including reasonable attorneys’ fees, whether incurred through initiation of legal proceedings or otherwise.  

25.  Time of the Essence.

It is understood that time is of the essence of this Agreement.

26.  Conflicts.

If there is a conflict between any amendments hereto executed by Seller and Purchaser and the provisions of this Agreement, such executed amendments shall govern.

27.  Severability.

The provisions hereof shall be deemed independent and severable, and the invalidity or partial invalidity or unenforceability of any one provision or portion hereof shall not affect the validity or enforceability of any other provision hereof.

28.  Exhibits.

The Exhibits are considered an integral part of this Agreement and are hereby incorporated herein, and this Agreement shall not be considered executed and/or complete until and unless they shall be attached hereto and initialed by all parties hereto.

29.  Legal Representation.

This Agreement is the result of negotiations by and between the parties hereto and said parties covenant that both have had the opportunity to consult with legal representation in the preparation of this Agreement.  Therefore, this Agreement should not be construed against either party as draftsperson.

30.  Brokers. 

Except as set forth in Section 1.13 above, Seller represents and warrants to Purchaser that Seller has had no dealings with any real estate brokers or agents, or finders, in connection with the negotiation of this Agreement.  Seller shall indemnify, defend and hold harmless Purchaser from all claims, liabilities, losses, damages, costs or expenses (including, without limitation, attorneys' fees) for any other broker's commission or finder’s fee asserted as a result of Seller’s act or omission in connection with this 
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transaction.  Except as set forth in Section 1.13 above, Purchaser represents and warrants to Seller that Purchaser has had no dealings with any real estate brokers or agents, or finders, in connection with the negotiation of this Agreement.  Purchaser shall indemnify, defend and hold harmless Seller from all claims, liabilities, losses, damages, costs or expenses (including, without limitation, attorneys' fees) for any other broker's commission or finder's fee asserted as a result of Purchaser’s act or omission in connection with this transaction.  This Section 30 shall survive the Closing. 

31. Further Assurances.  

Each party shall, from time to time, execute and deliver such further instruments as the other party or its counsel may reasonably request to effectuate the intent of this Agreement, including, but not limited to, documents necessary for compliance with the laws, ordinances, rules or regulations of any applicable governmental authorities.
        
32.  Reporting Person.

The Title Insurance Company is hereby designated as the Reporting Person (as defined in Section 6045(e) of the Code and the regulations promulgated thereunder) as permitted by Treasury Regulation Section 1.6045‐5(E)(5).
        
33.  No Third-Party Beneficiaries. 

This Agreement is intended for the exclusive benefit of Seller and Purchaser and their respective permitted assigns and is not intended and shall not be construed as conferring any benefit on any third party or the general public. 

34.  No Recording.  

Purchaser shall not record this Agreement or any reference hereto in the public records of the jurisdiction in which the Property is located. 

35.  Tax Deferred Exchange.  

Each of Seller and Purchaser hereby agrees to assist the other if either Seller or Purchaser elects to effect a tax deferred Section 1031 exchange as part of this transaction, provided that the assisting party shall incur no additional cost, obligation, duty or liability in conjunction therewith. Each party agrees to execute documents reasonably required by the other in connection with such exchange, subject to the conditions set forth above.  In the event an assisting party does incur any material costs or expenses in connection with the exchange, the other party agrees to indemnify and hold harmless the assisting party for all such costs and expenses, including, but not limited to, reasonable attorneys’ fees.

36.  Intentionally Omitted .  

37.  Intentionally Omitted.  

38.  Confidential Material.

By executing this Agreement, Purchaser and Seller agree to keep the material economic terms and conditions of this Agreement (the “Confidential Material) completely confidential; provided that the parties may reveal such information regarding the terms and provisions of this Agreement as may be necessary in their reasonable discretion to comply with the provisions of this Agreement, the reasonable operation and conduct of their respective businesses, or any provision of any law, ordinance or governmental regulation.  The parties shall hold the Confidential Material provided by the other party in strictest confidence.  Neither party will disclose any of the Confidential Material in any manner 
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whatsoever; provided, however, that the Confidential Material may be disclosed to those individuals (“Permitted Parties”) who need to know such information for the purposes of evaluating the Property/this transaction, including, without limitation, lenders, attorneys, accountants, clients, agents or representatives, and representatives of lenders (the “Permitted Parties”).  Such Permitted Parties shall be informed by a party of the confidential nature of the Confidential Material and shall be directed by us to treat such information with strict confidence.  Each party shall be responsible for any breach of this Agreement by any of their Permitted Parties and agree to take all reasonable measures, at its sole cost and expense, to restrain the Permitted Parties from prohibited or unauthorized disclosure or use of the Confidential Material.

39.  Force Majeure Delays.   

If the performance of an obligation hereunder or under any other agreement or declaration, other than the payment of money, is expressly subject to the effect of Force Majeure Delay, then, unless otherwise provided herein or in such other agreement or declaration to the contrary, the effect of a Force Majeure Delay shall be to extend the time for performance of such obligation for the reasonable period of such Force Majeure Delay, but in no event greater than the period of the Force Majeure Delay.  “Force Majeure Delay”: shall mean delays caused by occurrences beyond the reasonable control and without the fault, negligence or financial inability of a party hereto or its contractors, including, without limitation, strikes, labor disputes, utility shortages or moratoria, fire, earthquake, floods and other out of the ordinary actions of the elements, enemy invasion, wars, terrorism, insurrection, sabotage, laws, orders or actions of governmental, civil or military authorities, governmental restrictions, riot, civil commotion, terrorist activities, judicial or administrative proceedings commenced by persons not a party to this Agreement and unavoidable casualty.  

40.Calculation of Days.

The provisions of this Agreement relative to number of days shall be deemed to refer to calendar days, unless otherwise specified.  If the date of performance or the last day for performance of an obligation under this Agreement occurs on a calendar day which is a Saturday, Sunday, or a day which is, in the city and state in which Escrow Agent or the Property is located, either a legal holiday or a day on which banking institutions are authorized by law to remain closed for the entire day, then performance of such obligation shall be extended to the next calendar day which is not one of such days.

41.  WAIVER OF JURY TRIAL .  

AS A MATERIAL PART OF THE CONSIDERATION FOR THIS AGREEMENT, SELLER AND PURCHASER EACH WAIVES ALL RIGHTS TO TRIAL BY JURY IF LITIGATION ARISES IN CONNECTION WITH THIS AGREEMENT.

THE SUBMISSION OF THIS AGREEMENT FOR EXAMINATION IS NOT INTENDED TO NOR SHALL CONSITUTE AN OFFER TO SELL, OR A RESERVATION OF, OR OPTION OR PROPOSAL OF ANY KIND FOR THE PURCHASE OF THE PROPERTY.  IN NO EVENT SHALL ANY DRAFT OF THIS AGREEMENT CREATE ANY OBLIGATION OR LIABILITY, IT BEING UNDERSTOOD THAT THIS AGREEMENT SHALL BE EFFECTIVE AND BINDING ONLY WHEN A COUNTERPART HEREOF HAS BEEN EXECUTED AND DELIVERED BY EACH PARTY HERETO TO THE OTHER. 

[Signatures on following page]
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day, month and year first written above. 

SELLER:

BELTWAY BUSINESS PARK, L.L.C., 
a Nevada limited liability company

By:       MAJESTIC BELTWAY, LLC,
            a Nevada limited liability company,
            its Manager

By:       MAJESTIC REALTY CO.,
            a California corporation,
            its Manager

By:  /s/ Edward P. Roski, Jr.                                                

Name:  Edward P. Roski, Jr.                                               

Its:  President and Chairman of the Board                         

By:       THOMAS & MACK BELTWAY, L.L.C.,
a Nevada limited liability company,
its Manager

By:     /s/ Thomas A. Thomas                         
        Thomas A. Thomas, Manager

PURCHASER: 

NV LAS DEC, LLC
a Nevada limited liability company

By: Switch, Ltd., its Manager

By:  /s/ Thomas Morton                                     

Name:    Thomas Morton                                  

Its:    President                                                  
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ACCEPTANCE BY ESCROW AGENT

The undersigned hereby agrees to act as escrow agent pursuant to the foregoing Property Purchase Agreement, and hereby accepts the instructions to the escrow agent contained in such purchase agreement.  The undersigned has established Escrow No. NCS-969567 pursuant to the terms thereof.

            First American Title insurance Company

By: ___________________________
(Signature)

Name: _________________________
Title:___________________________
Executed on: __________, 2020

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EXHIBIT "A"
        
Property Description

[See Attached]

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EXHIBIT A

THE SOUTHEAST QUARTER (SE 1/4) OF THE NORTHEAST QUARTER (NE 1/4) OF THE SOUTHEAST QUARTER (SE 1/4) OF THE NORTHWEST QUARTER (NW 1/4) OF SECTION 1, TOWNSHIP 22, SOUTH, RANGE 60 EAST, M.D.B. & M., CLARK COUNTY, NEVADA.
EXCEPTING THEREFROM THE INTEREST CONVEYED TO THE COUNTY OF CLARK BY DEED RECORDED DECEMBER 30, 1996 IN BOOK 961230 AS DOCUMENT NO. 01930 OF OFFICIAL RECORDS. 
FURTHER EXCEPTING THEREFROM THAT PORTION CONVEYED TO COUNTY OF CLARK BY GRANT, BARGAIN, SALE AND DEDICATION DEED RECORDED DECEMBER 19, 2014 IN BOOK 20141219 AS INSTRUMENT NO. 01050 OF OFFICIAL RECORDS.

EXHIBIT "B"

APN No.: _________

RECORDING REQUESTED BY, AND
WHEN RECORDED, RETURN TO:

______________________________
______________________________
______________________________

(Space above line for Recorder’s use only)

GRANT BARGAIN AND SALE DEED

        ______________________________ (“Grantor”), in consideration of the sum of TEN DOLLARS ($10.00) and other good and valuable consideration, the receipt of which is hereby acknowledged, does hereby Grant, Bargain, Sell and Convey to ____________________, a __________, (“Grantee”) all right, title and interest in, to and under the tracts, pieces or parcels of real property situated in the County of Clark, State of Nevada, more particularly described in Attachment A attached hereto and incorporated herein by reference, together with all improvements thereon and all and singular the tenements, hereditaments and appurtenances thereunto belonging or in any way appertaining (collectively the “Property”).  

SUBJECT TO all real estate taxes not yet delinquent; covenants, conditions, restrictions, easements, rights of way and other matters of record; applicable laws, ordinances, statutes, orders, requirements and regulations to which the Property is subject, including, without limitation, all building, zoning and environmental laws and requirements; and any state of facts which a new or updated survey or physical inspection of the Property might disclose.

Dated as of the ________ day of _________________, 20__.

[Signatures on Following Page]
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_____________________________,
a Nevada limited liability company

By:___________________________

Title:___________________________

STATE OF NEVADA )
          )
COUNTY OF CLARK )

        This instrument was acknowledged before me on __________________, 20__, by __________ _________________________ of __________________________, a Nevada limited liability company.

__________________________________________
(Signature of notary officer)

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