Document:

Form of Seventh Supplemental Indenture between the Company and the Trustee

 Exhibit 4.2 
 MARKEL CORPORATION 
 Issuer 

TO 
 THE BANK OF
NEW YORK MELLON 
 (as successor to The Chase Manhattan Bank) 

Trustee 
  

 
 Seventh
Supplemental Indenture 
 Dated as of July 2, 2012 

 
  

$350,000,000 

4.90% Senior Notes due 2022 

 TABLE OF CONTENTS* 

 

							
	ARTICLE I	 	4.90% SENIOR NOTES DUE 2022	  			
			
	 SECTION 101
	 	 ESTABLISHMENT
	  	 	1	  
	 SECTION 102
	 	 DEFINITIONS
	  	 	2	  
	 SECTION 103
	 	 PAYMENT OF PRINCIPAL AND INTEREST
	  	 	4	  
	 SECTION 104
	 	 DENOMINATIONS
	  	 	5	  
	 SECTION 105
	 	 GLOBAL SECURITIES
	  	 	5	  
	 SECTION 106
	 	 REDEMPTION
	  	 	6	  
	 SECTION 107
	 	 SINKING FUND
	  	 	6	  
	 SECTION 108
	 	 ADDITIONAL INTEREST
	  	 	6	  
	 SECTION 109
	 	 PAYING AGENT
	  	 	6	  
	 SECTION 110
	 	 LIMITATION ON LIENS
	  	 	6	  
	 SECTION 111
	 	 EVENTS OF DEFAULT
	  	 	7	  
	 SECTION 112
	 	 DEFEASANCE
	  	 	9	  
			
	ARTICLE II	 	MISCELLANEOUS PROVISIONS	  			
			
	 SECTION 201
	 	 RECITALS BY COMPANY
	  	 	9	  
	 SECTION 202
	 	 INCORPORATION OF ORIGINAL INDENTURE
	  	 	9	  
	 SECTION 203
	 	 EXECUTED IN COUNTERPARTS
	  	 	10	  
	 SECTION 204
	 	 ASSIGNMENT
	  	 	10	  
	 SECTION 205
	 	 THE TRUSTEE
	  	 	10	  

  

	*	This Table of Contents does not constitute part of the Indenture or have any bearing upon the interpretation of any of its terms and provisions.

  
 i 

 THIS SEVENTH SUPPLEMENTAL INDENTURE is made as of July 2, 2012, by and between MARKEL
CORPORATION, a Virginia corporation, having its principal office at 4521 Highwoods Parkway, Glen Allen, Virginia 23060 (the “Company”), and THE BANK OF NEW YORK MELLON (as successor to THE CHASE MANHATTAN BANK), a New York banking
corporation, as Trustee (herein called the “Trustee”). 
 W I T N E S S E T H: 

WHEREAS, the Company has heretofore entered into a Senior Indenture, dated as of June 5, 2001 (the “Original Indenture”),
as heretofore supplemented and amended, with the Trustee; 
 WHEREAS, the Original Indenture is incorporated herein by this
reference and the Original Indenture, as heretofore supplemented and amended and as further supplemented by this Seventh Supplemental Indenture, is herein called the “Indenture”; 

WHEREAS, under the Original Indenture, a new series of Securities may at any time be established in accordance with the provisions of the
Original Indenture and the terms of such series may be described by a supplemental indenture executed by the Company and the Trustee; 
 WHEREAS, the Company proposes to create under the Indenture a series of Securities; 
 WHEREAS, additional Securities of other series hereafter established, except as may be limited in the Original Indenture as at the time supplemented and modified, may be issued from time to time pursuant
to the Indenture as at the time supplemented and modified; and 
 WHEREAS, all conditions necessary to authorize the execution
and delivery of this Seventh Supplemental Indenture and to make it a valid and binding obligation of the Company have been done or performed. 
 NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto
hereby agree as follows: 
 ARTICLE I 
 4.90% SENIOR NOTES DUE 2022 
 SECTION 101. Establishment. There
is hereby established a new series of Securities to be issued under the Indenture, to be designated as the Company’s 4.90% Senior Notes due 2022 (the “4.90% Senior Notes”). 

There are to be authenticated and delivered $350,000,000 principal amount of 4.90% Senior Notes, and such principal amount of the 4.90%
Senior Notes may be increased from time to time pursuant to Section 301 of the Indenture. All 4.90% Senior Notes need not be issued at the same time and such series may be reopened at any time, without the consent of any Holder, for issuances
of additional 4.90% Senior Notes. Any such additional 4.90% Senior Notes will have the same interest rate, maturity and other terms as those initially issued. Further 4.90% Senior Notes may also be authenticated and delivered as provided by Sections
304, 305, 306 or 905 of the Original Indenture. 

 The 4.90% Senior Notes shall be issued in definitive fully registered form without coupons,
in substantially the form set out in Exhibit A hereto. The entire initially issued principal amount of the 4.90% Senior Notes shall initially be evidenced by one or more certificates issued to Cede & Co., as nominee for The Depository Trust
Company. 
 The form of the Trustee’s Certificate of Authentication for the 4.90% Senior Notes shall be in substantially
the form set forth in Exhibit B hereto. 
 Each 4.90% Senior Note shall be dated the date of authentication thereof and shall
bear interest from the Original Issue Date or from the most recent Interest Payment Date to which interest has been paid or duly provided for. 
 SECTION 102. Definitions. The following defined terms used herein shall, unless the context otherwise requires, have the meanings specified below. Capitalized terms used herein for which no
definition is provided herein shall have the meanings set forth in the Original Indenture. 
 “Business Day” means a
day other than (i) a Saturday or a Sunday, (ii) a day on which banks in New York, New York are authorized or obligated by law or executive order to remain closed or (iii) a day on which the Corporate Trust Office is closed for
business. 
 “Comparable Treasury Issue” means the United States Treasury security selected by a Reference Treasury
Dealer as having an actual or interpolated maturity comparable to the remaining term of the 4.90% Senior Notes called for redemption, that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing
new issues of corporate debt securities of comparable maturity to the remaining term of 4.90% Senior Notes called for redemption. 
 “Comparable Treasury Price” means, with respect to any Redemption Date, the average, as determined by the Company, of the Reference Treasury Dealer Quotations for that Redemption Date.

 “Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust
business shall be principally administered in the Borough of Manhattan, The City of New York, which office at the date of original execution of this Indenture is located at 101 Barclay Street 8W, New York, New York 10286. 

“Interest Payment Dates” means January 1 and July 1 of each year, commencing on January 1, 2013. 

“Lien” means any mortgage, lien, pledge, security interest or other encumbrance of any kind. 

  
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 “Material Subsidiary” means a Subsidiary of the Company whose total assets (as
determined in accordance with GAAP) represent at least 20% of the total assets of the Company on a consolidated basis. 

“Original Issue Date” means July 2, 2012. 
 “Outstanding”, when used with respect to the 4.90% Senior Notes, means, as of the date of determination, all 4.90% Senior Notes, theretofore authenticated and delivered under the Indenture,
except: 
 (i) 4.90% Senior Notes theretofore canceled by the Trustee or delivered to the Trustee for cancellation; 

(ii) 4.90% Senior Notes for whose payment at Maturity the necessary amount of money or money’s worth has been theretofore deposited
(other than pursuant to Section 402 of the Original Indenture) with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the
Holders of such 4.90% Senior Notes. 
 (iii) 4.90% Senior Notes with respect to which the Company has effected defeasance, or
covenant defeasance has been effected, pursuant to Section 402 of the Original Indenture; and 
 (iv) 4.90% Senior Notes
that have been paid pursuant to Section 306 of the Original Indenture or in exchange for or in lieu of which other 4.90% Senior Notes have been authenticated and delivered pursuant to the Indenture, other than any such 4.90% Senior Notes in
respect of which there shall have been presented to the Trustee proof satisfactory to it that such 4.90% Senior Notes are held by a bona fide purchaser in whose hands such 4.90% Senior Notes are valid obligations of the Company; provided, however,
that in determining whether the Holders of the requisite principal amount of Outstanding 4.90% Senior Notes have given any request, demand, authorization, direction, notice, consent or waiver hereunder or are present at a meeting of Holders of 4.90%
Senior Notes for quorum purposes, 4.90% Senior Notes owned by the Company or any other obligor upon the 4.90% Senior Notes or any Affiliate of the Company or such other obligor shall be disregarded and deemed not to be Outstanding, except that, in
determining whether the Trustee shall be protected in making any such determination or relying upon any such request, demand, authorization, direction, notice, consent or waiver, only 4.90% Senior Notes which a Responsible Officer of the Trustee
knows to be so owned shall be so disregarded. 4.90% Senior Notes so owned which shall have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee (A) the pledgee’s right so
to act with respect to such 4.90% Senior Notes and (B) that the pledgee is not the Company or any other obligor upon the 4.90% Senior Notes or an Affiliate of the Company or such other obligor. 

“Reference Treasury Dealer” means Citigroup Global Markets Inc. and Wells Fargo Securities, LLC and one other U.S. Government
securities dealer selected by the Company, and each of their respective successors. 
 “Reference Treasury Dealer
Quotations” means, on any redemption date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue 

  
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(expressed in each case as a percentage of its principal amount) quoted in writing to the Company by each Reference Treasury Dealer at 3:30 p.m., New York City time, on the third business day
preceding that Redemption Date. 
 “Regular Record Date” means, with respect to each Interest Payment Date, the close
of business on the Business Day preceding such Interest Payment Date; provided, that with respect to 4.90% Senior Notes that are not represented by one or more Global Securities, the Regular Record Date shall be the close of business on the 15th
calendar day (whether or not a Business Day) preceding such Interest Payment Date. 
 “Remaining Scheduled Payments”
means the remaining scheduled payments of principal of and interest on the 4.90% Senior Notes called for redemption that would be due after the related Redemption Date but for that redemption. If that Redemption Date is not an interest payment date
with respect to the 4.90% Senior Notes called for redemption, the amount of the next succeeding scheduled interest payment on such 4.90% Senior Notes will be reduced by the amount of interest accrued to such Redemption Date. 

“Stated Maturity” means July 1, 2022. 
 “Treasury Rate” means, with respect to any Redemption Date, the rate per year equal to the semi-annual equivalent yield to maturity (computed as of the third business day immediately preceding
that Redemption Date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that Redemption Date. 

SECTION 103. Payment of Principal and Interest. The principal of the 4.90% Senior Notes shall be due at the Stated Maturity.
The unpaid principal amount of the 4.90% Senior Notes shall bear interest at the rate of 4.90% per annum until paid or duly provided for, such interest to accrue from the Original Issue Date or from the most recent Interest Payment Date to
which interest has been paid or duly provided for. Interest shall be paid semiannually in arrears on each Interest Payment Date to the Person in whose name the 4.90% Senior Notes are registered on the Regular Record Date for such Interest Payment
Date; provided that interest payable at the Stated Maturity of principal as provided herein will be paid to the Person to whom principal is payable. Any such interest that is not so punctually paid or duly provided for will forthwith cease to be
payable to the Holders on such Regular Record Date and may either be paid to the Person or Persons in whose name the 4.90% Senior Notes are registered at the close of business on a Special Record Date for the payment of such defaulted interest to be
fixed by the Trustee (in accordance with Section 307 of the Original Indenture), notice whereof shall be given to Holders of the 4.90% Senior Notes not less than ten (10) days prior to such Special Record Date, or be paid at any time in
any other lawful manner not inconsistent with the requirements of any securities exchange, if any, on which the 4.90% Senior Notes may be listed, and upon such notice as may be required by any such exchange, all as more fully provided in the
Original Indenture. 
 Payments of interest on the 4.90% Senior Notes will include interest accrued to but excluding the
respective Interest Payment Dates. Interest payments for the 4.90% Senior Notes shall be computed and paid on the basis of a 360-day year of twelve 30-day months. In the event that any date on which interest is payable on the 4.90% Senior Notes is
not a Business Day, then 

  
 4 

 
payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or payment in respect of any such delay), in each case with
the same force and effect as if made on the date the payment was originally payable. 
 Payment of the principal and interest on
the 4.90% Senior Notes shall be made at the office of the Paying Agent in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts, with any such payment that is due at
the Stated Maturity of any 4.90% Senior Notes being made upon surrender of such 4.90% Senior Notes to the Paying Agent. Payments of interest (including interest on any Interest Payment Date) will be made, subject to such surrender where applicable,
at the option of the Company, (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer at such place and to such account at a banking institution in
the United States as may be designated in writing to the Trustee at least sixteen (16) days prior to the date for payment by the Person entitled thereto. In the event that any date on which principal and interest is payable on the 4.90% Senior
Notes is not a Business Day, then payment of the principal and interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or payment in respect of any such delay), in each case with the
same force and effect as if made on the date the payment was originally payable. 
 SECTION 104. Denominations. The
4.90% Senior Notes may be issued in denominations of $1,000, or any integral multiple thereof. 
 SECTION 105. Global
Securities. The 4.90% Senior Notes will be issued initially in the form of one or more Global Securities registered in the name of the Depositary (which shall be The Depository Trust Company) or its nominee. Except under the limited
circumstances described below, 4.90% Senior Notes represented by such Global Securities will not be exchangeable for, and will not otherwise be issuable as, 4.90% Senior Notes in definitive form. The Global Securities described above may not be
transferred except by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or to a successor Depositary or its nominee. 

Owners of beneficial interests in such a Global Security will not be considered the Holders thereof for any purpose under the Indenture,
and no Global Security representing a 4.90% Senior Note shall be exchangeable, except for another Global Security of like denomination and tenor to be registered in the name of the Depositary or its nominee or to a successor Depositary or its
nominee or except as described below. The rights of Holders of such Global Security shall be exercised only through the Depositary. 
 A Global Security shall be exchangeable for 4.90% Senior Notes registered in the names of persons other than the Depositary or its nominee only if (i) the Depositary notifies the Company that it is
unwilling or unable to continue as a Depositary for such Global Security and no successor Depositary shall have been appointed by the Company within 90 days of receipt by the Company of such notification, or if at any time the Depositary ceases to
be a clearing agency registered under the Exchange Act at a time when the Depositary is required to be so registered to act as such Depositary and no successor Depositary shall have been appointed by the Company within 90 days after it becomes aware
of such cessation, or (ii) the Company in its sole 

  
 5 

 
discretion determines that such Global Security shall be so exchangeable. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for 4.90% Senior Notes
registered in such names as the Depositary shall direct. 
 SECTION 106. Redemption. The 4.90% Senior Notes are
redeemable, as a whole or in part, at the Company’s option, at any time or from time to time, upon notice mailed to the registered address of each Holder at least 30 days but not more than 60 days prior to the Redemption Date. The Redemption
Price will be equal to the greater of (1) 100% of the principal amount of the 4.90% Senior Notes to be redeemed and (2) the sum of the present values of the Remaining Scheduled Payments on such 4.90% Senior Notes discounted to the
Redemption Date, on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months), at a rate equal to the sum of the applicable Treasury Rate plus 50 basis points. Accrued interest will be paid to, but excluding, the Redemption
Date. 
 On and after a Redemption Date, interest will cease to accrue on the 4.90% Senior Notes called for redemption (unless
the Company defaults in the payment of the Redemption Price and accrued interest). On or before a Redemption Date, the Company shall deposit with the Paying Agent or the Trustee money sufficient to pay the Redemption Price of and accrued interest on
the 4.90% Senior Notes to be redeemed on that date. If less than all of the 4.90% Senior Notes are to be redeemed, the 4.90% Senior Notes to be redeemed shall be selected by the Trustee by a method the Trustee deems to be fair and appropriate.

 This Section 106 has been included in this Seventh Supplemental Indenture expressly and solely for the benefit of the
4.90% Senior Notes. 
 SECTION 107. Sinking Fund. The 4.90% Senior Notes shall not have a sinking fund. 

SECTION 108. Additional Interest. Any principal of and installment of interest on the 4.90% Senior Notes that is overdue
shall bear interest at the rate of 4.90% (to the extent that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on
demand. 
 SECTION 109. Paying Agent. The Trustee shall initially serve as Paying Agent with respect to the 4.90%
Senior Notes, with the Place of Payment initially being the Corporate Trust Office of the Trustee. 
 SECTION 110.
Limitation on Liens. The Company and its Material Subsidiaries may not issue, assume, incur or guarantee any indebtedness for borrowed money secured by a mortgage, pledge, lien or other encumbrance, directly or indirectly, upon any shares of
the Voting Stock of a Material Subsidiary which shares are owned by the Company or its Material Subsidiaries without effectively providing that the 4.90% Senior Notes (and if the Company so elects, any other indebtedness of the Company ranking on a
parity with the 4.90% Senior Notes) shall be secured equally and ratably with, or prior to, any such secured indebtedness so long as such indebtedness remains outstanding. This Section 110 shall not apply to: 

(i) liens for taxes or assessments or governmental charges or levies not then due and delinquent or the validity of which is being
contested in good faith or which are less than $1,000,000 in amount and liens created by or resulting from any litigation or legal proceeding which is currently being contested in good faith by appropriate proceedings or which involves claims of
less than $1,000,000, or 

  
 6 

 (ii) any mortgage, pledge, lien or other encumbrance upon any shares of Voting Stock of any
corporation existing at the time such corporation becomes a Material Subsidiary and any extensions, renewals or replacements thereof. 
 This Section 110 has been included in this Seventh Supplemental Indenture expressly and solely for the benefit of the 4.90% Senior Notes and shall be subject to covenant defeasance pursuant to
Section 402(3) of the Original Indenture. 
 SECTION 111. Events of Default. Article V of the Original
Indenture is amended solely with respect to the 4.90% Senior Notes as follows: 
 (a) Section 501 is amended and restated
in its entirety as follows: 
 “Section 501. Events of Default. 

‘Event of Default’, wherever used herein with respect to the 4.90% Senior Notes, means any one of the following
events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body): 
 (1) default in the payment of any interest on the 4.90% Senior Notes
when such interest becomes due and payable, and continuance of such default for a period of 30 days; or 
 (2)
default in the payment of the principal of the 4.90% Senior Notes when due upon Maturity; or 
 (3) default in
the performance, or breach, of any covenant or warranty of the Company in this Indenture or the Security representing the 4.90% Senior Notes (other than (i) a covenant or warranty for which the consequences of breach or nonperformance are
addressed elsewhere in this Section 501 or (ii) a covenant or warranty which has expressly been included in this Indenture or a Security of a series, whether or not by means of a supplemental indenture, solely for the benefit of Securities
of a series other than the 4.90% Senior Notes), and continuance of such default or breach for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the
Holders of at least 25% in principal amount of the Outstanding 4.90% Senior Notes a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a ‘Notice of Default’ hereunder; or

  
 7 

 (4) (a) the failure of the Company to make any payment by the end of any
applicable grace period after maturity of indebtedness, which term as used in this Section 501 means obligations (other than nonrecourse obligations) of the Company for borrowed money or evidenced by bonds, debentures, notes or similar
instruments in an aggregate principal amount in excess of $50,000,000 (“Indebtedness”) and continuance of such failure, or (b) the acceleration of Indebtedness because of a default with respect to such Indebtedness without such
Indebtedness having been discharged or such acceleration having been cured, waived, rescinded or annulled, in each case, for a period of 10 days after written notice to the Company by the Trustee or to the Company and the Trustee by the Holders of
not less than 25% in aggregate principal amount of the Outstanding 4.90% Senior Notes; however, if any such failure or acceleration referred to in (a) or (b) above ceases or is cured, waived, rescinded or annulled, then the Event of
Default by reason thereof shall be deemed not to have occurred; or 
 (5) the Company pursuant to or under or
within the meaning of any Bankruptcy Law: 
 (a) commences a voluntary case or proceeding; 

(b) consents to the entry of an order for relief against it in an involuntary case or proceeding or the commencement of
any case against it; 
 (c) consents to the appointment of a Custodian of it or for any substantial part of its
property; 
 (d) makes a general assignment for the benefit of its creditors; 

(e) files a petition in bankruptcy or answer or consent seeking reorganization or relief; or 

(f) consents to the filing of such petition or the appointment of or taking possession by a Custodian; or 

(6) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(a) is for relief against the Company in an involuntary case or proceeding, or adjudicates the Company insolvent or
bankrupt; 
 (b) appoints a Custodian of the Company or for any substantial part of its property; or 

(c) orders the winding up or liquidation of the Company; 

and the order or decree remains unstayed and in effect for 90 days. 

  
 8 

 ‘Bankruptcy Law’ means Title 11, United States Code, or any
similar Federal or state law for the relief of debtors. “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law.” 

(b) Section 502 is amended as follows: 
 (1) The first paragraph shall be amended by deleting “33%” and replacing it with “25%” and by adding the following sentence at the end of the paragraph: “If an Event of Default
specified in clauses (5) or (6) of Section 501 occurs and is continuing, then the principal of, and accrued interest on, all of the Outstanding 4.90% Senior Notes shall become and be immediately due and payable without any declaration
or other act on the part of the Trustee or any Holder.” 
 (2) The second paragraph shall be amended by
deleting the period at the end and replacing it with “; and” and by adding the following clause immediately after clause (2): “(3) the rescission would not conflict with any judgment or decree of a court of competent
jurisdiction.” 
 SECTION 112. Defeasance. In addition to the conditions set forth in Section 402 of the
Original Indenture, in order for the Company to effect defeasance or covenant defeasance of the 4.90% Senior Notes, the Company must have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of the then Outstanding 4.90%
Senior Notes will not recognize income, gain or loss for federal income tax purposes as a result of the defeasance or covenant defeasance and will be subject to federal income tax in the same amounts, in the same manner and at the same time as would
have been the case if the defeasance or covenant defeasance had not occurred. In the case of a defeasance (but not of a covenant defeasance), the opinion must refer to and be based upon a ruling of the Internal Revenue Service or a change in
applicable federal income tax laws. 
 ARTICLE II 
 MISCELLANEOUS PROVISIONS 
 SECTION 201. Recitals by Company.
The recitals in this Seventh Supplemental Indenture are made by the Company only and not by the Trustee (who makes no representation for or in respect of the validity or sufficiency of this Seventh Supplemental Indenture or for or in respect of the
recitals contained herein), and all of the provisions contained in the Original Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of the 4.90% Senior Notes and of this Seventh
Supplemental Indenture as fully and with like effect as if set forth herein in full. 
 SECTION 202. Incorporation of
Original Indenture. As supplemented hereby, the Original Indenture is in all respects ratified and confirmed, and the Original Indenture and this Seventh Supplemental Indenture shall be read, taken and construed as one and the same instrument.

  
 9 

 SECTION 203. Executed in Counterparts. This Seventh Supplemental Indenture may
be executed in several counterparts, each of which shall be deemed to be an original, and such counterparts shall together constitute but one and the same instrument. 
 SECTION 204. Assignment. The Company shall have the right at all times to assign any of its rights or obligations under the Indenture with respect to the 4.90% Senior Notes to a direct or
indirect wholly-owned subsidiary of the Company; provided that, in the event of any such assignment, the Company shall remain primarily liable for the performance of all such obligations. The Indenture may also be assigned by the Company in
connection with a transaction described in Article Eight of the Original Indenture. 
 SECTION 205. The Trustee. Any
corporation or association into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation or association resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any
corporation or association to which all or substantially all of the corporate trust business of the Trustee may be sold or otherwise transferred, shall be the successor trustee hereunder without any further act. 

SECTION 206. Requests by Trustee for Certificates. The Trustee may request that the Issuer deliver a certificate setting forth the
names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 

  
 10 

 IN WITNESS WHEREOF, each party hereto has caused this instrument to be signed in its name and behalf by its
duly authorized officer, all as of the day and year first above written. 
  

			
	MARKEL CORPORATION
		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 11 

 EXHIBIT A 
 FORM OF 
 4.90% SENIOR NOTE DUE 2022 

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW
YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF [CEDE & CO.] OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY AND ANY PAYMENT IS MADE TO [CEDE & CO.], ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, [CEDE & CO.], HAS AN INTEREST HEREIN.]**

 [THIS 4.90% SENIOR NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN
THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS 4.90% SENIOR NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS 4.90% SENIOR NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON
OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.]** 
  

					
	REGISTERED	  	REGISTERED	  	

  
  

MARKEL CORPORATION 
  

 

$                     

4.90% SENIOR NOTES DUE 2022 
  

					
	No. A-  	  	 CUSIP No.    570535 AK0
 ISIN No. US570535AK02
	  	

 Markel Corporation, a corporation duly organized and existing under the laws of Virginia (herein called
the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to [Cede & Co.], or registered assigns (the “Holder”), the principal sum of
                     Dollars
($                    ) on July 1, 2022 

 

	**	Insert in Global Securities. 

 and to pay interest thereon from July 2, 2012 or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semiannually in arrears on January 1 and July 1 of each year, commencing on January 1, 2013, at the rate of 4.90% per annum, until the principal hereof is paid or made available for
payment, provided that any principal, and any such installment of interest, that is overdue shall bear interest at the rate of 4.90% per annum (to the extent that the payment of such interest shall be legally enforceable), from the dates such
amounts are due until they are paid or made available for payment, and such interest shall be payable on demand. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be
paid to the Person in whose name this 4.90% Senior Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the close of business on the Business Day preceding
such Interest Payment Date; provided, that with respect to 4.90% Senior Notes that are not represented by one or more Global Securities, the Regular Record Date shall be the close of business on the 15th calendar day (whether or not a Business Day)
preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this 4.90% Senior
Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of 4.90% Senior Notes not
less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the 4.90% Senior Notes may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said Indenture. 
 Payments of interest on the 4.90% Senior Notes will
include interest accrued to but excluding the respective Interest Payment Dates. Interest payments for the 4.90% Senior Notes shall be computed and paid on the basis of a 360-day year of twelve 30-day months. In the event that any date on which
interest is payable on the 4.90% Senior Notes is not a Business Day, then payment of the interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or payment in respect of any such delay),
in each case with the same force and effect as if made on the date the payment was originally payable. 
 Payment of the
principal of and interest on this 4.90% Senior Note will be made at the office of the Paying Agent, in the Borough of Manhattan, City and State of New York, in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts, with any such payment that is due at the Stated Maturity of any 4.90% Senior Note being made upon surrender of such 4.90% Senior Note to such office or agency; provided, however, that at the option of
the Company payment of interest, subject to such surrender where applicable, may be made (i) by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (ii) by wire transfer at
such place and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least sixteen (16) days prior to the date for payment by the Person entitled thereto. 

Reference is hereby made to the further provisions of this 4.90% Senior Note set forth on the reverse hereof, which further provisions
shall for all purposes have the same effect as if set forth at this place. 

 Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this 4.90% Senior Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
  

							
	Dated:	 		 	Markel Corporation
				
		 		 	By:	 	  

				
		 		 	Name:	 	  

				
		 		 	Title:	 	  

 CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	THE BANK OF NEW YORK MELLON,
	as Trustee
		
	By:	 	  

		 	Authorized Officer

 REVERSE OF 4.90% SENIOR NOTE 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”), issued and to be
issued in one or more series under an Indenture, dated as of June 5, 2001, as heretofore supplemented and amended and as further supplemented by a Seventh Supplemental Indenture, dated as of July 2, 2012 (collectively, as amended or
supplemented from time to time, herein called the “Indenture”, which term shall have the meaning assigned to it in such instrument), between the Company and The Bank of New York Mellon (as successor to The Chase Manhattan Bank), as Trustee
(herein called the “Trustee”, which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder
of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof (the “4.90% Senior
Notes”) which is unlimited in aggregate principal amount. 
 If an Event of Default with respect to 4.90% Senior Notes
shall occur and be continuing, the principal of the 4.90% Senior Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities
of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture
also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive certain past defaults under
the Indenture and their consequences. Any such consent or waiver by the Holder of this 4.90% Senior Note shall be conclusive and binding upon such Holder and upon all future Holders of this 4.90% Senior Note and of any 4.90% Senior Note issued upon
the registration of transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this 4.90% Senior Note. 
 As provided in and subject to the provisions of the Indenture, the Holder of this 4.90% Senior Note shall not have the right to institute any proceeding with respect to the Indenture or for the
appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the 4.90% Senior Notes, the Holders of not less than
a majority in principal amount of the 4.90% Senior Notes at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity, and
the Trustee shall not have received from the Holders of a majority in principal amount of 4.90% Senior Notes at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding for 60 days after
receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this 4.90% Senior Note for the enforcement of any payment of principal hereof or premium, if any, or interest hereon on or
after the respective due dates expressed or provided for herein. 

 No reference herein to the Indenture and no provision of this 4.90% Senior Note or of the
Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this 4.90% Senior Note at the times, place and rate, and in the coin or currency, herein
prescribed. 
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this 4.90%
Senior Note is registrable in the Security Register, upon surrender of this 4.90% Senior Note for registration of transfer at the office or agency of the Company in any place where the principal of, premium, if any, and interest on this 4.90% Senior
Note are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one
or more new 4.90% Senior Notes and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The 4.90% Senior Notes are issuable only in registered form without coupons in denominations of $1,000 and any integral multiple thereof.
As provided in the Indenture and subject to certain limitations therein set forth, 4.90% Senior Notes are exchangeable for a like aggregate principal amount of 4.90% Senior Notes having the same Stated Maturity and of like tenor of any authorized
denominations as requested by the Holder upon surrender of the 4.90% Senior Note or 4.90% Senior Notes to be exchanged at the office or agency of the Company. 
 No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in
connection therewith. 
 Prior to due presentment of this 4.90% Senior Note for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this 4.90% Senior Note be overdue, and neither the Company, the Trustee nor any
such agent shall be affected by notice to the contrary. 
 The 4.90% Senior Notes are redeemable, in whole or in part, at the
Company’s option, at any time or from time to time, in the manner and with the effect provided in the Indenture. 
 All
terms used in this 4.90% Senior Note that are defined in the Indenture shall have the meanings assigned to them in the Indenture. 

 ABBREVIATIONS 
 The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out in full according to applicable laws or regulations:

  

							
	TEN COM —	 	as tenants in common	 	
			
	TEN ENT —	 	as tenants by the entireties	 	
		
	JT TEN —	 	as joint tenants with rights of survivorship and not as tenants in common
			
	UNIF GIFT MIN ACT —	 	  
	 	Custodian for
		 		 	(Cust)	 	
				
		 		 	  
	 	
		 		 	(Minor)	 	
				
		 		 	Under Uniform Gifts to Minors Act of	 	
				
		 		 	  
	 	
		 		 	(State)	 	
		
		 	Additional abbreviations may also be used though not on the above list.
			
		 	  
	 	

							
		 	FOR VALUE RECEIVED, the undersigned hereby sell(s) and transfer(s) unto
                     (please insert Social Security or other identifying number of assignee).
			
		 	  
	 	
			
		 	  
	 	
			
		 	  
	 	
		
		 	 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING POSTAL ZIP CODE OF ASSIGNEE

 
 the within 4.90% Senior Note and all rights thereunder, hereby irrevocably
constituting and appointing

			
		 	  
	 	
			
		 	  
	 	
			
		 	  
	 	
			
		 	  
	 	
			
		 	  
	 	
			
		 	  
	 	
		
		 	agent to transfer said 4.90% Senior Note on the books of the Company, with full power of substitution in the premises.
		
		 	Dated:                     ,
        

  
  

NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within instrument in every particular without
alteration or enlargement, or any change whatever. 

 EXHIBIT B 
 CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture. 
  

			
	THE BANK OF NEW YORK MELLON,
	as Trustee
		
	By:	 	  

		 	Authorized OfficerEX-10.1

 Exhibit 10.1 

 
  

 
 AGREEMENT OF SALE

 by and between 
 G REIT Western Place, LP, as Seller 
 and 

The American Recovery Property Trust, Inc., as Purchaser, 
 Dated as of April 27, 2012 
 respecting 

Western Place I & II 
 Fort Worth, Texas 
  

 
  

 DLA Draft 
 March 16, 2012 
  
 TABLE OF CONTENTS 
  

							
	 	  	 	  	Page	 
			
	 1.
	  	AGREEMENT FOR SALE.	  	 	1	  
			
	 2.
	  	PURCHASE CONSIDERATION.	  	 	2	  
			
	 3.
	  	CLOSING.	  	 	2	  
			
	 4.
	  	ESCROW AGENT.	  	 	3	  
			
	 5.
	  	TITLE COMMITMENT.	  	 	4	  
			
	 6.
	  	CONDITIONS PRECEDENT TO CLOSING	  	 	5	  
			
	 7.
	  	REPRESENTATIONS AND WARRANTIES.	  	 	6	  
			
	 8.
	  	COVENANTS.	  	 	7	  
			
	 9.
	  	DELIVERY OF DOCUMENTS.	  	 	9	  
			
	 10.
	  	RISK OF LOSS.	  	 	11	  
			
	 11.
	  	RELEASE.	  	 	11	  
			
	 12.
	  	ADJUSTMENTS AND PRORATIONS.	  	 	13	  
			
	 13.
	  	CLOSING COSTS.	  	 	15	  
			
	 14.
	  	POSSESSION.	  	 	15	  
			
	 15.
	  	DISPUTES.	  	 	15	  
			
	 16.
	  	NOTICES.	  	 	16	  
			
	 17.
	  	BROKERS.	  	 	16	  
			
	 18.
	  	TAX COVENANTS.	  	 	17	  
			
	 19.
	  	ASSIGNMENT.	  	 	17	  
			
	 20.
	  	RESTRICTIONS ON SECURITIES; SELLER PUT RIGHT	  			
			
	 21.
	  	MISCELLANEOUS.	  	 	17	  

  
 i 

 DLA Draft 
 March 16, 2012 
  
  

					
	 	 	 	  	 SCHEDULES

			
	5	 	–	  	Permitted Exceptions
	9(a)(v)	 	–	  	Title Affidavit
			
	 	 	 	  	 EXHIBITS

			
	A-1	 	–	  	Seller’s Undivided Interest
	A-2	 	–	  	Legal Description of Land
	B	 	–	  	List of Improvements and Personal Property
	C	 	–	  	List of Leases and Rent Roll
	D	 	–	  	List of Contracts
	E	 	–	  	List of Licenses
	F	 	–	  	Seller’s Representations and Warranties
	G	 	–	  	Securities Matters Agreement
	H	 	–	  	Form of Special Warranty Deed
	I	 	–	  	Form of Bill of Sale
	J	 	–	  	Form of Assignment and Assumption
	K	 	–	  	Form of Tenant Notification Letter

  
 ii 

 DLA Draft 
 March 16, 2012 
  
 AGREEMENT OF SALE 
 Summary Statement 

This Summary Statement is attached to and made a part of that certain Agreement of Sale by and between Seller and Purchaser referenced
below. 
  

					
	1.	  	DATE OF AGREEMENT:	  	April 27, 2012
			
	2.	  	SELLER:	  	G REIT Western Place, LP
			
	3.	  	PURCHASER:	  	The American Recovery Property Trust, Inc., a Maryland corporation
			
	4.	  	REAL PROPERTY:	  	That certain undivided tenant in common interest described on Exhibit A-1 annexed hereto and made a part hereof, respecting the real property commonly known as 6000-61000
Western Place located in Fort Worth, Texas as more particularly described on Exhibit A-2 annexed hereto and made part hereof.
			
	5.	  	PURCHASE CONSIDERATION:	  	Twenty Million Dollars ($20,000,000) in cash or other immediately available funds and that number of shares of non-voting common stock, par value $[0.001] per share, of Purchaser
(“Purchaser Non-Voting Common Stock”), equal to the quotient obtained by dividing (x) Twelve Million Dollars ($12,000,000), as adjusted in accordance with Section 2 herein, by (y) Ten Dollars ($10.00) (the
“Purchaser Shares”).
			
	6.	  	SCHEDULED CLOSING DATE:	  	May 15, 2012
			
	7.	  	TITLE COMPANY:	  	 First American Title Company

4380 La Jolla Village Drive, Suite 110
 San
Diego, Ca 92122
 Attn: Skip Santy

Telephone: (858) 410-2155
 Email:
ssanty@firstam.com

			
	8.	  	SELLER’S ADDRESS:	  	 G REIT Western Place, LP
 c/o G
REIT Liquidating Trust
 1551 N. Tustin Avenue, Suite 200
 Santa Ana, CA 92705
 Attn: Gary T. Wescombe
 Telephone: (949) 296-7555
 Fax: (949) 296-7556

Email: garywescombe@yahoo.com

 DLA Draft 
 March 16, 2012 
  
  

					
		  		  	with a copy to:
			
		  		  	 Palmieri, Tyler, Wiener, Wilhelm & Waldron LLP
 2603 Main Street, Suite 1300
 Irvine, CA 92614-6228

Attn: Stephen A. Scheck, Esq.
 Telephone:
(949) 851-7221
 Fax: (949) 825-5417
 Email: sscheck@ptwww.com

			
	9.	  	PURCHASER’S ADDRESS:	  	 The American Recovery Property Trust, Inc.
 1551 Tustin Ave.
 Santa Ana, California 92705

Attn: Todd A. Mikles
 Telephone:
(714) 975-2993
 Email: todd@sovcapital.com

			
		  		  	with a copy to:
			
		  		  	DLA Piper US LLP
		  		  	 4365 Executive Drive, Suite 1100

San Diego, CA 92121-2133
 Attn: Darryl
Steinhause, Esq.
 Telephone: (858) 638-6702
 Fax: (858) 638-5002
 Email: darryl.steinhause@dlapiper.com

			
	10.	  	ESCROW AGENT:	  	 First American Title
 4380 La
Jolla Village Dr, #110
 San Diego, CA 92122
 Attn: James Sardo
 Telephone: (858) 410-2157

Fax: (800) 606-3609
 Email:
jsardo@firstam.com

 AGREEMENT OF SALE 

THIS AGREEMENT OF SALE (“Agreement”) is made and entered into as of April 27, 2012 by and between G REIT
Liquidating Trust (“Seller”), and The American Recovery Property Trust, Inc., a Maryland corporation (“Purchaser”). 
 RECITALS 
 A Seller is the owner of an individual tenant in common interest
described on Exhibit A-1 annexed hereto and made part hereof (“Undivided Interest”) in and to the fee estate in certain real property described on Exhibit A-2 annexed hereto and made part hereof (the “Real
Property”). 
 B Seller desires to sell to Purchaser its Undivided Interest in the Real Property, and Purchaser desires
to purchase from Seller its Undivided Interest in the Real Property, together with all of the other property and interests of Seller described in Section 1 below, subject to the terms and conditions contained herein. 

AGREEMENTS 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and
intending to be legally bound hereby, Seller and Purchaser agree as follows: 
 1. AGREEMENT FOR SALE. 

(a) Seller agrees to sell, and Purchaser agrees to purchase, subject to the terms and conditions herein contained, all of
Seller’s Undivided Interest in the Real Property, and all of Seller’s right, title and interest in and to each and all of the following: 
 (i) all rights of way, easements, utility capacity and appurtenances, if any, appertaining to the Real Property, and all right, title and interest in and to all adjoining public streets, alleys,
roads, curbs, curb cuts, sidewalks, sewers and other public ways, as well as all “Available Development Rights,” which are any and all development rights and other benefits that are or may become available with respect to the Real
Property through any law, regulation or agreement, including the right to purchase development rights or other benefits from properties which are not included in the Real Property (if any) (collectively, the “Appurtenant Rights”);
and 
 (ii) all improvements located on the Real Property (“Improvements”), together with all equipment
and fixtures, and all heating, lighting, air conditioning, ventilating, plumbing, electrical or other mechanical equipment, if any, owned or leased attached to the Real Property and used in connection with the ownership, operation, leasing,
marketing, management and/or maintenance of the Real Property and some of which is listed in Exhibit B attached hereto and by this reference made part hereof (collectively, the “Improvements and Personal Property”); and

 (iii) all leases, tenancies and rental, license and occupancy agreements together with all modifications, extensions,
amendments and guarantees thereof listed on Exhibit C attached hereto and by this reference made part hereof, granting possessory rights in, on or covering the Real Property or Improvements, together with such other leases of the Real
Property or Improvements as may be made prior to Closing (defined below) or Improvements, in accordance with the terms of this Agreement (collectively, the “Leases”); and 

(iv) (A) all contracts and agreements relating to the Real Property or Improvements to the extent not terminated prior to Closing
pursuant to Section 8(a)(iii) hereof (excepting every property management agreement and leasing agreement affecting the Property, which Seller shall cause to be terminated as of the Closing Date (at Seller’s sole cost and expense)),
and (B) all guarantees, warranties and indemnities relating to the Real Property and/or the Improvements, all as listed in Exhibit D attached hereto and by this reference made part hereof (collectively, the “Contracts”);
and 

  
 1 

 (v) all telephone numbers, plans, drawings, specifications, blueprints and surveys
relating in any way to the Real Property, Appurtenant Rights, the Improvements and Personal Property, Leases or Contracts, and licenses, franchises, occupancy and use certificates, permits, authorizations, consents, variances, waivers, approvals and
the like from any governmental agency or quasi-governmental agency, bureau, board, commission, court, department, official, political subdivision, tribunal or other instrumentality of any government, whether federal, state or local, domestic or
foreign (each a “Governmental Entity”) affecting the ownership, operation leasing, management and/or maintenance of the Real Property, including, without limitation, the items listed in Exhibit E attached hereto and by this
reference made part hereof (collectively, the “Licenses”); and 
 (vi) all books, records, tenant data,
leasing material and forms, past and current rent rolls, files, statements, market studies, keys, plans, specifications, reports, tests and other materials of any kind owned by or in the possession or control of Seller, any of the other owners of
undivided tenant in common interests in the Real Property (collectively, the “Minority Owners”), which are or may be used in the ownership, operation, leasing, management or maintenance of the Real Property or the Improvements and
Personal Property (collectively, the “Books and Records”); and 
 (vii) the name “Western Place I
& II” (the “Name”); 
 (viii) all claims against third parties, all claims against tenants for
tenant improvement reimbursements and insurance proceeds and condemnation awards or claims thereto to be assigned hereunder (collectively, the “Claims and Proceeds”); and 

(ix) all operating reserves related to the Real Property. 

The Real Property, Appurtenant Rights, Improvements and Personal Property, Leases, Contracts, Licenses, Books and Records, Name, and
Claims and Proceeds are collectively referred to herein as the “Property.” 
 2. PURCHASE CONSIDERATION.

 The consideration payable to Seller for all of Seller’s Undivided Interest in the Property (the “Purchase
Consideration”) shall be Twenty Million Dollars ($20,000,000) in cash or other immediately available funds plus that number of Purchaser Shares described in Line 5 of the Summary Statement. The cash portion of the Purchase
Consideration shall be adjusted, plus or minus prorations and adjustments provided for in this Agreement, including, without limitation, any adjustments pursuant to Section 12 (the “Prorations”) and shall be paid through
the escrow held by Escrow Agent. 
 3. CLOSING. 
 Subject to the terms and conditions of this Agreement, the “Closing” (which is the consummation of the transaction contemplated herein) and “Close” (which is the sum of
the actions required to be taken to accomplish the Closing) shall take place on the date set forth in Line 6 of the Summary Statement (the “Scheduled Closing Date”) as evidenced by recordation of the Special Warranty Deed.
Notwithstanding the foregoing, Purchaser shall have the one-time right exercisable in its sole discretion (the “Extension Option”) to extend the Scheduled Closing Date for a period of up to sixty (60) days (the
“Extended Scheduled Closing Date”) by providing written notice to Seller of its exercise of such right not less than three (3) business days prior to the Scheduled Closing Date. The actual date of the Closing is herein referred
to as the “Closing Date.” The Closing shall take place through escrow at the offices of Escrow Agent as provided herein. On the Closing Date, Seller shall transfer and convey its Undivided Interest in and to the Property to
Purchaser subject only to the Permitted Exceptions pursuant to Section 5(b) below and otherwise in accordance with the terms of this Agreement and Purchaser shall deliver to Seller the Purchaser Shares. 

  
 2 

 4. ESCROW AGENT. 

Escrow Agent shall hold any and all money, property and documents deposited with Escrow Agent in accordance with the terms and
provisions of this Agreement, subject to the following: 
 (a) Seller and Purchaser hereby designate Escrow Agent to
receive and hold, subject to the provisions of this Section 4, the funds and documents delivered by Purchaser and Seller. 
 (b) Upon the Closing, Escrow Agent shall promptly deliver the cash portion of the adjusted net Purchase Consideration to Seller. 

(c) On receipt by Escrow Agent of a notice executed by one of the parties herein (Purchaser, Seller or their respective permitted
successors or assigns) stating (i) that the other party has defaulted in the performance of its obligations hereunder (or acknowledging its own default), or (ii) on or after the Scheduled Closing Date or the Extended Scheduled Closing Date
(as applicable), as the same may be extended in accordance with the terms of this Agreement, that the transfer of title to Seller’s Undivided Interest in and to the Property has not closed under this Agreement because of (A) a default by
the other party, (B) Seller’s inability to convey title to its Undivided Interest in and to the Property in accordance with the provisions of this Agreement, or (C) the inability of a party to satisfy one or more of the conditions to
Closing set forth in this Agreement, Escrow Agent shall, within one (1) business day, deliver a copy of said notice to the other party. 
 (d) Escrow Agent assumes no responsibility except for the deposit and disbursement of the funds and documents deposited with Escrow Agent pursuant to this Agreement, all as provided herein, and
shall not be liable for any error in judgment or any action or inaction taken by it in accordance with the terms of this Agreement except for Escrow Agent’s negligence or willful misconduct. 

(e) All funds deposited with Escrow Agent shall be held by Escrow Agent until disbursed pursuant to the terms of this Agreement
in an interest bearing account with a financial institution approved by Purchaser. Seller and Purchaser shall deliver a W-9 form to Escrow Agent no later than one (1) business day following Escrow Agent’s request therefor. 

(f) Escrow Agent undertakes to perform only such duties as are expressly set forth in this Agreement and in supplemental written
closing, recording, and Title Insurance instructions as may be issued by Purchaser and no implied duties or obligations shall be read into this Agreement against Escrow Agent. If there are any inconsistencies between such additional or supplemental
instructions and this Agreement, then this Agreement shall govern and control. 
 (g) Escrow Agent may act in reliance
upon any writing or instrument or signature which it, in good faith, believes to be valid, and any statement or assertion contained in such writing or instrument, and may assume that any person purporting to give any writing, notice, advice or
instrument in connection with the provisions of this Agreement has been duly authorized to do so. Escrow Agent shall not be liable in any manner for the sufficiency or correctness as to form, manner and execution, or validity of any instrument, nor
as to the identity, authority, or right of any person executing the same. 
 (h) Unless Escrow Agent discharges any of
its duties under this Agreement in a negligent manner or is guilty of willful misconduct with regard to its duties under this Agreement, Purchaser and Seller shall indemnify Escrow Agent and hold it harmless from any and all claims, liabilities,
losses, actions, suits or proceedings at law or in equity, or other expenses, fees, or charges of any character or nature, which it may incur or with which it may be threatened by reason of its acting as Escrow Agent under this Agreement; and in
such connection Purchaser and Seller shall indemnify Escrow Agent against any and all expenses including reasonable attorneys’ fees and the cost of defending any action, suit or proceeding or resisting any claim in such capacity. 

  
 3 

 (i) If the parties to this Agreement shall be in disagreement about the
interpretation of this Agreement, or about their respective rights and obligations, or the propriety of any action contemplated by Escrow Agent, Escrow Agent may, but shall not be required to, file an action in interpleader to resolve the
disagreement. Escrow Agent shall be indemnified for all costs and reasonable attorneys’ fees in its capacity as Escrow Agent in connection with any such interpleader action and shall be fully protected in suspending all or part of its
activities under this Agreement until a final judgment in the interpleader action is received. 
 5. TITLE COMMITMENT.

 (a) Purchaser has obtained a title commitment covering the Property (the “Title Commitment”) from
the title insurance company identified in Line 7 of the Summary Statement written on behalf of First American Title Insurance Company (the “Title Company”). 

(b) Purchaser and Seller agree that the following are permitted exceptions to title (the “Permitted
Exceptions”): the matters set forth on the Schedule of Permitted Exceptions attached hereto as Schedule 5 and by this reference made part hereof. 
 (c) For purposes of this Agreement, all title exceptions that are not Permitted Exceptions are “Unpermitted Exceptions.” Purchaser hereby objects to all Unpermitted Exceptions.
Seller shall have the right but not the obligation to extend the Closing Date for a period of up to fifteen (15) days (the expiration of such fifteen (15) day period, the “Title Clearance Date”) in order to have all title
exceptions other than Permitted Exceptions (collectively, the “Unpermitted Exceptions”) cured and removed from title to the Real Property, subject to Seller’s mandatory cure obligations set forth below. If Seller fails on or
before the Title Clearance Date to demonstrate to Purchaser’s sole satisfaction that the Unpermitted Exceptions have been cured and removed from title to the Real Property (or will be cured and removed from title concurrently with the Closing),
Purchaser shall have the option in its sole and absolute discretion to either (i) terminate this Agreement, in which case the parties hereto shall have no further obligations hereunder (except for obligations that are expressly intended to
survive the termination of this Agreement), or (ii) proceed with Closing, in which case, the Purchase Consideration shall be reduced by an amount equal to the aggregate amount of all tax, judgment, mechanics’ and other liens of a definite
and ascertainable amount which were caused or permitted by Seller, and which may be cured by payment of a liquidated amount (other than any existing mortgage loan(s) and mezzanine loan(s) (collectively, the “Existing Loans”). Seller
shall be obligated in all events to pay in full at or before Closing the outstanding principal and interest of all of Existing Loans. 
 (d) Notwithstanding the foregoing, Seller is obligated to pay at or before Closing and remove of record, all Existing Loans, all mechanics’ liens that are not created by or through the
affirmative acts or omissions of Purchaser, all due and payable tax liens, and all such other liens and encumbrances as may be satisfied by the payment of a liquidated amount. Seller shall use, and Seller hereby authorizes and instructs Escrow Agent
to disburse, the cash portion of the Purchase Price to effectuate the termination, re-conveyance and release of all liens and other encumbrances required to be paid and released by Seller in accordance with the provisions of this
Section 5. 
 (e) Purchaser may request, at Purchaser’s expense, an ALTA as built survey
(“Survey”) of the Property. On or before earlier of: (i) that date that is twenty (20) days after the receipt by Purchaser of the Survey (the “Survey Objection Date”) or the date that is twenty
(20) days prior to the Scheduled Closing Date, Purchaser will notify Seller in writing (the “Survey Exception Notice”) as to those matters reflected in the Survey which it will not accept. If Purchaser fails to provide Seller
the Survey Objection Notice on or before the Survey Objection Date, the matters reflected in the Survey shall be deemed to be Permitted Exceptions and Purchaser shall be deemed to have waived its right to object to such exceptions. If Purchaser
delivers a Survey Exception Notice, Seller shall have until three (3) days after its receipt of the Survey Exception Notice (“Seller’s Response Date”), within which to notify Purchaser in writing of its intention to
attempt to remove or otherwise cure prior to the Closing the disapproved matters reflected on the Survey (“Disapproved Survey Exceptions”). If for any reason, by the Seller’s Response Date, Seller does not provide Purchaser
with such notice, Seller shall be deemed to have elected to not remove or otherwise cure such Disapproved Survey Exceptions. Upon written notice to Purchaser, Seller’s shall have the right but not the obligation to extend the Closing Date for a
period of up to fifteen (15) days (the expiration of such fifteen (15) day period, the “Survey Clearance Date”) in order to cure all Unpermitted Survey Exceptions, or if requested by Purchaser in its sole and absolute
discretion, to have the Title Company commit to insure Purchaser and Purchaser’s lender (if any), at Seller’s expense, against any and all loss or damage that may be occasioned by any such Unpermitted Survey Exceptions. If Seller fails on
or before the Survey Clearance Date to demonstrate to Purchaser’s sole satisfaction that the Unpermitted Survey Exceptions have been cured, Purchaser shall have the option in its sole and absolute discretion to either accept the Survey without
curing the Unpermitted Survey Exceptions or to terminate this Agreement by written notice to Seller and Escrow Agent, in which case the parties hereto shall have no further obligations hereunder (except for obligation that are expressly intended to
survive termination of this Agreement). 

  
 4 

 (f) Seller shall execute and deliver the title affidavit pursuant to
Section 9(a)(iv), remove Unpermitted Exceptions and Unpermitted Survey Exceptions pursuant to this Section 5 above, and cooperate with Purchaser to obtain the Title Policy in form and substance reasonably satisfactory to
Purchaser. 
 6. CONDITIONS PRECEDENT TO CLOSING 

(a) Purchaser’s Closing Conditions. Purchaser’s obligations hereunder are subject to the satisfaction (or waiver
in writing by Purchaser) of the following conditions precedent: 
 (i) Seller’s Obligations Deliveries. The
obligations of Seller contained in this Agreement to be performed by Seller shall have been duly performed by Seller on or before the Closing Date and Seller shall not have breached any of its covenants contained in this Agreement which remain
uncured after the expiration of any applicable cure periods. Seller shall have delivered to or for the benefit of Purchaser, on or before the Closing Date, all of the documents, items and information required of Seller hereunder (including, without
limitation, pursuant to Section 9 hereof). 
 (ii) Representations, Warranties and Covenants; Obligations
of Seller; Certificate of Seller. Seller shall deliver to Purchaser a certificate (“Seller’s Closing Certificate”) at Closing stating that the representations and warranties made in this Agreement, including, without
limitation in Exhibit F hereto, remain true and correct in all material respects as of the Closing Date. If Seller’s Closing Certificate indicates that any representation or warranty fails to be true and correct in any material respect
as of the Closing Date, then Purchaser may terminate this Agreement by written notice to Seller and Escrow Agent. For the purposes of this Section 6(a)(ii), the word “material,” when reduced to a liquidated sum, shall mean an
amount greater than $10,000.00 in each instance. 
 (iii) Consents. Seller shall have obtained and delivered to
Purchaser any consents or approvals of any third parties (including, without limitation, any Governmental Entity, but excluding any approvals from the Minority Owners which shall be Purchaser’s Obligation pursuant to
Section 6(a)(vii) below) required to consummate the transactions contemplated hereby (if any). 
 (iv)
Prohibitions. No order, statute, rule, regulation, executive order, injunction, stay, decree or restraining order shall have been enacted, entered, promulgated or enforced by any court of competent jurisdiction or Governmental Entity that
prohibits the consummation of the transactions contemplated hereby, and no litigation or Governmental Entity proceeding seeking such an order shall be pending or threatened. 
 (v) Title Insurance. Title Company shall be irrevocably committed to issue an ALTA extended coverage owner’s policy of title insurance (in current form), with such endorsements thereto
as Purchaser may request with coverage for the Property acceptable to Purchaser insuring fee simple title to all real property and improvements comprising the Property in the name of Purchaser (or an affiliate thereof, as Purchaser may designate),
subject only to the Permitted Exceptions (the “Title Policy”); provided, however, that Purchaser shall be responsible for obtaining any required Survey at Purchaser’s sole cost and expense. 

(vi) Securities Matters Agreement. Seller shall have executed and delivered to Purchaser a Securities Matters Agreement
substantially in the form attached hereto as Exhibit G. 

  
 5 

 (vii) Concurrent Closing. Purchaser shall have entered into a Purchase
Agreement with each of the Minority Owners in form and substance approved by Purchaser in its sole discretion respecting the transfer by each Minority Owner of its undivided tenant in common interest in the Property to Purchaser (the
“Minority Owner Agreements”). All conditions precedent to closing the transactions contemplated under the Minority Owner Agreements shall have been satisfied in full as determined by Purchaser, and the transfer of Minority
Owners’ undivided tenant in common interests in the Property shall be closed concurrently with the Closing hereunder. For the avoidance of doubt, Seller hereby expressly acknowledges and agrees that Purchaser is not, and shall not at any time
be, obligated to purchase less than 100% of the fee estate in the Real Property and Improvements or less than 100% of Seller’s and 100% of all of the Minority Owners’ undivided interests in and to the Property. 

(viii) Additional Concurrent Closing. Purchaser shall have entered into a Purchase Agreement with NNN Realty Investors,
LLC in form and substance approved by Purchaser in its sole discretion respecting the Park Central property (the “Additional Concurrent Purchase Agreement”). All conditions precedent to closing the transactions contemplated under the
Additional Concurrent Purchase Agreement shall have been satisfied in full as determined by Purchaser, and the transfer of the Park Central property shall be closed concurrently with the Closing hereunder. 

(b) Satisfaction of Conditions/Waiver. Seller hereby acknowledges and agrees that each of the conditions contained in
Section 6(a) are intended for the sole benefit of Purchaser and may be waived in whole or in part by Purchaser, but only by an instrument in writing signed by Purchaser. In the event that any of such conditions are not satisfied by
Closing, Purchaser shall have the right to waive any of such conditions (in whole or part) or have the right to terminate this Agreement. In the event of the exercise by Purchaser of any such right of termination, Purchaser and Seller shall be
released from all further liability or obligation hereunder, except those which expressly survive a termination of this Agreement. 
 7. REPRESENTATIONS AND WARRANTIES. 
 (a) Seller’s
Representations. Seller hereby represents and warrants unto Purchaser that each and every one of the statements set forth on Exhibit F attached hereto and by this reference made part hereof is true, correct and complete in every
material respect as of the date of this Agreement and will be true, correct and complete as of the Closing Date and shall survive the Closing Date for a period of twelve (12) months. References to the “knowledge” of Seller in this
Agreement shall refer only to the actual knowledge of Gary Wescombe and shall not be construed, by imputation or otherwise, to refer to the knowledge of Seller or any affiliate of Seller, or to any other officers, agents, managers, representatives
or employees of Seller or any affiliates thereof, or to impose upon Gary Wescombe any duty to investigate the matter to which such actual knowledge or the absence thereof pertains. Gary Wescombe shall have no personal liability with respect to any
matters set forth in this Agreement or any of Seller’s representations and/or warranties herein being or becoming untrue, inaccurate or incomplete. 
 (b) Representations by Purchaser. Purchaser hereby represents and warrants unto Seller that each and every one of the following statements is true, correct and complete in every material
respect as of the date of this Agreement and will be true, correct and complete as of the Closing Date: 
 (i)
Organization; Authority. Purchaser has been duly formed and is validly existing under the laws of the jurisdiction of its incorporation and has all requisite power and authority to enter this Agreement, each agreement contemplated hereby
and to carry out the transactions contemplated hereby and thereby, and own, lease or operate its property and to carry on its business and, to the extent required under applicable law, is qualified to do business and is in good standing in each
jurisdiction in which the nature of its business or the character of its property make such qualification necessary. 
 (ii)
Due Authorization. The execution, delivery and performance of this Agreement by the Purchaser have been duly and validly authorized by all necessary action of Purchaser. This Agreement and each agreement, document and instrument executed
and delivered by or on behalf of Purchaser pursuant to this Agreement constitutes, or when executed and delivered will constitute, the legal, valid and binding obligation of Purchaser, each enforceable against Purchaser in accordance with its terms,
as such enforceability may be limited by bankruptcy or the application of equitable principles. 

  
 6 

 (iii) Consents and Approvals. Assuming the accuracy of the representation and
warranties made by Seller hereunder and in the documents and instruments executed by Seller pursuant to this Agreement, no consent, waiver, approval or authorization of any third party or Governmental Entity is required to be obtained by Purchaser
in connection with the execution, delivery and performance of this Agreement and the transactions contemplated hereby, except any of the foregoing that shall have been satisfied prior to the Closing Date and except for those consents, waivers and
approvals or authorizations, the failure of which to obtain would not have a material adverse effect on Purchaser. 
 (iv)
Corporate Matters. The Purchaser Shares when issued and delivered in accordance with the terms of this Agreement for the consideration described herein, will be duly and validly issued, and free of any liens other than any liens arising
through Seller. Upon such issuance, Seller will be admitted as a shareholder of Purchaser. 
 Except as set forth herein,
Purchaser makes no representation or warranty of any kind, express or implied, and Seller acknowledges and agrees that it has not relied upon any other such representation or warranty. 

(c) All of the representations and warranties of the parties contained in this Agreement or in any of the other Closing Documents
(defined in Section 9 below) are material, none shall merge into the Special Warranty Deed herein provided for and all shall survive the Closing Date or termination of this Agreement for a period of twelve (12) months (the
“Survival Period”). All rights of parties hereunder or under any of the Closing Documents, with respect to any surviving representation or warranty of the other party (“Surviving Obligations”) shall be deemed waived
if such party does not, by written notice to the other party, advise such other party of any alleged breach of such representation or warranty which such party has actual conscious knowledge of prior to the expiration of the Survival Period (which
in the case of Purchaser after the date hereof, shall mean the receipt of actual written notice of such breach from Seller). Subject to the limitation set forth in the immediately preceding sentence, all remedies shall be those set forth in
Section 15 below. The provisions of this Section 7(c) shall survive the Closing. 
 8. COVENANTS.

 (a) From and after the date of this Agreement through the Closing Date, Seller and Seller’s agents: 

(i) shall, at Seller’s expense, maintain and operate the Property in a manner consistent with current practice, and
materially perform its obligations under the Leases, Contracts and Licenses; 
 (ii) shall, at Seller’s expense,
keep in existence all fire and extended coverage insurance policies, and all liability insurance policies, that are in existence as of the date of this Agreement with respect to the Property; 

(iii) shall, at Seller’s expense, upon written notice from Purchaser on or before Closing, give appropriate notices of
termination of Contracts (including, without limitation any management agreements) designated by Purchaser to the extent such Contracts are terminable pursuant to the terms thereof; 

(iv) shall not without Purchaser’s prior written consent (which consent may be granted or withheld in Purchaser’s sole
and absolute discretion), enter into new Leases, Contracts, Licenses or telecommunications agreements or similar documents affecting the Property, amend or extend Leases, Contracts, Licenses or telecommunications agreements or similar documents
affecting the Property, expand the premises demised under the Leases, enforce and terminate Leases, Contracts, Licenses or telecommunications agreements or similar documents affecting the Property or apply security or other deposits, and shall
provide Purchaser with immediate written notice of such proposed activity; 

  
 7 

 (v) shall, at Seller’s expense, be responsible for all wages and benefits,
including accrued vacation and pensions, if any, and all relevant plan contributions of the union and non union employees, up to the Closing Date. Purchaser shall not be responsible for any amounts due to any employee work at the Property, including
all wages and accrued benefits. Between the date hereof and the Closing Date, except with Purchaser’s consent, which may be granted or denied in Purchaser’s sole judgment, Seller shall not (A) enter into any agreement with any person,
labor union or association regarding the employment of persons at the Property, (B) institute or adopt any employee benefit arrangement, or (C) hire any persons as employees or independent contractors; or 

(vi) shall not without Purchaser’s prior written consent, sell, transfer (or agree to sell or transfer), assign or otherwise
dispose of, or cause the sale, transfer, assignment or disposition of (or agree to do any of the foregoing) all or any portion of the Property or any of its Undivided Interest in the Property. 

(b) From the date hereof through the Closing, Seller shall conduct its business with respect to the Property in the ordinary
course of business consistent with past practices, and shall not, to the extent within its control, without the prior written consent of Purchaser (which may be withheld by Purchaser in its sole discretion): 

(i) enter into any material transaction not in the ordinary course of business with respect to any Property; 

(ii) mortgage, pledge or encumber (other than by Permitted Exceptions) the Property or any assets related to the Property, or any
of its Undivided Interest in the Property except only liens for taxes not delinquent or being disputed by Seller in good faith and by appropriate proceeding in the ordinary course of Seller’s business; or 

(iii) cause or take any action that would render any of the representations or warranties herein regarding the Property untrue in
any material respect (other than as a result of entering into new Leases in compliance with this Agreement). 
 (c) From
the date hereof, Seller agrees to provide Purchaser with such tax information relating to the Property as reasonably requested by Purchaser. 
 (d) Upon reasonable prior notice, Seller shall afford Purchaser and authorized representatives of Purchaser reasonable access, at reasonable times, to the Real Property for the purposes of
performing tests and inspections and satisfying Purchaser with respect to the Real Property. Purchaser shall notify Seller of its intention or the intention of its authorized agents or representatives to enter upon the Real Property at least
twenty-four (24) hours prior to such intended entry and to obtain Seller’s prior consent, which shall not be unreasonably withheld or delayed, to such inspections, tests and studies to be conducted. At Seller’s option, Seller may be
present for any inspections, tests or studies. Purchaser shall bear the cost of all such inspections, tests and studies. In conducting any inspections, tests or studies, Purchaser and its authorized agents and representatives shall (i) comply
with all terms of the Leases regarding entry rights and obligations of Seller to tenants, (ii) not unreasonably disturb the tenants or unreasonably interfere with their use of the Real Property pursuant to their respective Leases,
(iii) not unreasonably interfere with the operation, use and maintenance of the Real Property, (iv) not damage any part of the Real Property or any personal property owned or held by any tenant or any third party, (v) not injure or
otherwise cause bodily harm to Seller or any of its agents, contractors and employees or any tenant or other third party, (vi) promptly pay when due the cost of all inspections, tests or studies, (vii) not permit any liens to attach to the
Real Property by reason of the exercise of the rights under this Section, (viii) repair damage to the real Property to the extent that the damage was caused by Purchaser’s inspection activities, and (ix) not conduct any invasive
testing without the prior consent of Seller, which consent may be withheld in Seller’s sole and absolute discretion. Prior to any such entry by Purchaser on the Real Property, Purchaser shall obtain and maintain the following insurance coverage
with respect to any loss, damage or injury which may occur as a result of Purchaser’s entry upon the Real Property: (x) workers’ compensation insurance as required by law; and (y) commercial general liability insurance written on
an occurrence basis, with aggregate limits and per occurrence limits of at least Two Million Dollars ($2,000,000). In addition, Purchaser hereby agrees to indemnify, protect, defend and hold Seller and the Property free and harmless from and against
any and all damages, claims, losses, liabilities, causes of action, proceedings, costs and expenses of any kind whatsoever (including, without limitation, attorneys’ fees and fees of expert witnesses) arising from any such activities of
Purchaser, its agents and employees upon or about the Property; provided, however, the foregoing indemnity shall not extend to liability arising from (A) the acts or omissions of Seller or its agents, or (B) any preexisting physical or
environmental conditions of the Property or exacerbation of any preexisting physical or environmental conditions of the Property arising from Purchaser’s inspection activities (including Purchaser’s discovery or disclosure of the same).
Notwithstanding the foregoing provisions of this Section 8(d), Seller recognizes that Purchaser’s affiliate operates as the Property Manager on the Property, thus nothing herein shall limit the reasonable access of the Property
Manager. 

  
 8 

 (e) From the date hereof, Seller shall promptly provide notice to Purchaser upon any
discovery that may lead to any of Seller’s representations and warranties being incomplete, inaccurate or in any manner not completely true and correct as of the Closing Date, including, without limitation, any matter which if uncured prior to
the Closing Date would have such effect, even if Seller intends to cure, correct or remedy such matter prior to the Closing and it is implementing such cure, correction or remedy. If Purchaser determines in good faith that the disclosed
item(s) contained in any such notice represents an impairment in the value of the Property or an increase in cost or potential risk to Purchaser, then Purchaser may elect, in its sole discretion, to terminate this Agreement. In the event of the
exercise by Purchaser of any such right of termination, Purchaser and Seller shall be released from all further liability or obligation hereunder, except those which expressly survive a termination of this Agreement. If Purchaser elects to proceed
with Closing then Seller shall have no further monetary obligations with respect to the effect of such disclosed item(s) on Seller’s representations and warranties contained herein. 

9. DELIVERY OF DOCUMENTS. 
 (a) On the Closing Date, Seller shall deliver the following documents (the “Closing Documents”) to Escrow Agent all duly executed and, if to be recorded, acknowledged, by Seller,
each of which shall be a condition precedent to Purchaser’s obligation to close the transaction contemplated by this Agreement (any one or more of which may be waived in writing by Purchaser, in its sole discretion, on or prior to the Closing
Date) in form and substance specified below, or if not specified, in form and substance reasonably acceptable to Purchaser: 

(i) the original fully executed and acknowledged Special Warranty Deed in the form annexed hereto as Exhibit H and by this
reference made part hereof (the “Special Warranty Deed”), subject only to the Permitted Exceptions; 
 (ii)
the original, fully executed bill of sale in the form annexed hereto as Exhibit I and by this reference made part hereof (the “Bill of Sale”); 
 (iii) the original assignment and assumption of leases, contracts and other property interests fully executed by Seller, in the original form annexed hereto as Exhibit K and by this
reference made part hereof (the “Assignment and Assumption”); 
 (iv) the net cash portion of the
Purchase Price in accordance with Section 2 hereof, plus or minus prorations and adjustments as provided herein; 

(v) to the extent required by the Title Company, the affidavit in the form annexed hereto as Schedule 9(a)(v) fully
executed by Seller (the “Title Affidavit”); 
 (vi) Seller’s executed counterpart of a closing and
proration statement; 
 (vii) a certification of nonforeign status satisfying Section 1445 of the Internal Revenue
Code of 1986, as amended and the fully executed by Seller; 
 (viii) all transfer taxes payable in connection with the
consummation of the transactions contemplated hereby; 

  
 9 

 (ix) evidence of Seller’s existence good standing and authority to enter into
and perform its obligations under this Agreement, in form and substance reasonably satisfactory to the Title Company; 
 (x)
all keys and access cards to, and combinations to locks and other security devices located at the Property; 
 (xi)
all of the original Leases, Contracts and Licenses in possession or control of Seller (or copies thereof to the extent not in Seller’s possession), and all Books and Records in Seller’s possession or control together with
(A) letter(s) from Seller advising the tenants under the Leases and vendors under the Contracts to be assigned of the assignment of their respective Leases or Contracts to Purchaser and in the case of Leases, the manner in which rent is to be
paid subsequent to Closing in the form annexed hereto as Exhibit K and by this reference made part hereof; and (B) evidence of termination of Contracts designated by Purchaser, if applicable, to the extent such Contracts are terminable
by their terms; 
 (xii) all letters of credit (which such letters of credit shall be transferred or re-issued to
Purchaser or Purchaser’s designee as beneficiary thereunder at Seller’s sole cost and expense) and other non-cash security deposits for which Purchaser is not receiving a credit under Section 12 below; 

(xiii) Seller’s Closing Certificates; 
 (xiv) the original fully executed and acknowledged termination, release and reconveyance of the Tenants in Common Agreement related to the Real Property in recordable form and otherwise in form and
substance approved by Purchaser and Title Company, and including, without limitation, termination of all options and call rights granted or referenced therein; 
 (xv) a copy of the fully executed termination in form and substance approved by Purchaser of the Amended and Restated Property Management Agreement by and between, among others, Seller and Triple
Net Properties Realty, Inc.; 
 (xvi) all other documents and deliverables as are required by this Agreement, and such
other documents, instruments or agreements as may be reasonably requested by Title Company or Escrow Agent, in order to consummate the Closing in accordance with this Agreement. 

(b) On the Closing Date, Purchaser shall deliver the following to Escrow Agent, in form and substance as required under this
Agreement, all duly executed by Purchaser, each of which shall be a condition precedent to Seller’s obligation to close the transaction contemplated by this Agreement: 
 (i) The original counterpart of the Assignment and Assumption executed by Purchaser; 
 (ii) Purchaser’s executed counterpart of a closing and proration statement; 
 (iii) evidence of Purchaser’s existence and authority to enter into and perform its obligations under this Agreement, in form and substance reasonably satisfactory to the Title Company;

 (iv) the Purchaser Shares; 
 (v) a certificate recertifying the representations and warranties set forth in Section 7(b) above as of the Closing Date; and 

(vi) such other documents, instruments or agreements as may be reasonably requested by Title Company or Escrow Agent, in order to
consummate the Closing in accordance with this Agreement. 

  
 10 

 10. RISK OF LOSS. 

The risk of loss relating to the Property prior to Closing shall be borne by Seller. If, prior to the Closing, the Property is partially
or totally destroyed or damaged by fire or other casualty, or is taken by eminent domain or through condemnation proceedings, then Purchaser may, at its option, determine not to acquire the Property. After the occurrence of any such casualty or
condemnation affecting the Property, Purchaser may also, at its option within ten (1) days after Purchaser is notified of any such casualty or condemnation, elect to (a) acquire the Property and (b) direct Seller to pay or cause to be
paid to Purchaser upon or following the Closing any sums collected by Seller, if any, under any policies of insurance, if any, or award proceeds relating to such casualty or condemnation (to the extent that Seller has not applied such sums or
proceeds to the restoration of the Property or otherwise to address the impacts of such casualty or condemnation) and otherwise assign to Purchaser at the Closing all rights of Seller to seek and collect such sums as may then be uncollected, and/or
to the extent available to Seller, adjust or settle any insurance claim or condemnation proceeding, which Seller has not adjusted or settled prior to the Closing. Under such circumstances, the Purchase Consideration shall be reduced by the amount of
(i) any deductibles under the applicable insurance policies or award with respect to the Property and (ii) any uninsured casualty or loss with respect to the Property. Insurance on the Property shall be cancelled as of 12:01 a.m. on the
Closing Date, and thereafter Purchaser shall be solely responsible for all risk of loss relating to the Property. 
 11.
RELEASE. 
 (a) Approval of Property. Except as otherwise provided herein, the consummation of the purchase and sale
of the Property pursuant to this Agreement shall be deemed Purchaser’s acknowledgement that it has had an adequate opportunity to make such legal, factual and other inspections, inquiries and investigations as it deems necessary, desirable or
appropriate with respect to the Property. Such inspections, inquiries and investigations of Purchaser shall be deemed to include, but shall not be limited to, any leases and contracts pertaining to the Property, the physical components of all
portions of the Property, the physical condition of the Property, such state of facts as an accurate survey, environmental report and inspection would show and the present and future zoning ordinance, ordinances and resolutions. Except as expressly
provided in this Agreement and the Closing documents, Purchaser shall not be entitled to and shall not rely upon, Seller or Seller’s agents with regard to, and, except as otherwise set forth in this Agreement, Seller will not and does not make
any representation or warranty with respect to: (i) the quality, nature, adequacy or physical condition of the Property including, but not limited to, the structural elements, foundation, roof, appurtenances, access, landscaping, parking
facilities or the electrical, mechanical, HVAC, plumbing, sewage or utility systems, facilities or appliances at the Property, if any; (ii) the quality, nature, adequacy or physical condition of soils or the existence of ground water at the
Property; (iii) the existence, quality, nature, adequacy or physical condition of any utilities serving the Property; (iv) the development potential of the Property, its habitability or merchantability or the fitness, suitability or
adequacy of the Property for any particular purpose; (v) the quality of any labor or materials relating in any way to the Property; or (vi) the condition of title to the Property or the nature, status and extent of any right-of-way, lease,
right of redemption, possession, lien, encumbrance, license, reservation, covenant, condition, restriction or any other matter affecting the Property except as expressly set forth in this Agreement. EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT,
SELLER HAS NOT, DOES NOT AND WILL NOT MAKE ANY WARRANTIES OR REPRESENTATIONS WITH RESPECT TO THE PROPERTY AND SELLER SPECIFICALLY DISCLAIMS ANY OTHER IMPLIED WARRANTIES OR WARRANTIES ARISING BY OPERATION OF LAW, INCLUDING, BUT IN NO WAY LIMITED TO,
ANY WARRANTY OF CONDITION, MERCHANTABILITY, HABITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. FURTHERMORE, EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT, SELLER HAS NOT, DOES NOT AND WILL NOT MAKE ANY REPRESENTATION OR WARRANTY WITH REGARD
TO COMPLIANCE WITH ANY ENVIRONMENTAL PROTECTION, POLLUTION OR LAND USE LAWS, RULES, REGULATIONS, ORDERS OR REQUIREMENTS INCLUDING, BUT NOT LIMITED TO, THOSE PERTAINING TO THE HANDLING, GENERATING, TREATING, STORING OR DISPOSING OF ANY HAZARDOUS
WASTE OR SUBSTANCE INCLUDING, WITHOUT LIMITATION, ASBESTOS, PCB AND RADON. PURCHASER ACKNOWLEDGES THAT PURCHASER IS A SOPHISTICATED PURCHASER FAMILIAR WITH THIS TYPE OF PROPERTY AND THAT, SUBJECT ONLY TO THE EXPRESS WARRANTIES SET FORTH IN THIS
AGREEMENT, PURCHASER WILL BE ACQUIRING THE PROPERTY “AS IS AND WHERE IS, WITH ALL FAULTS,” IN ITS PRESENT STATE AND CONDITION, SUBJECT ONLY TO NORMAL WEAR AND TEAR AND PURCHASER SHALL ASSUME THE RISK THAT ADVERSE MATTERS AND CONDITIONS MAY
NOT HAVE BEEN REVEALED BY PURCHASER’S INSPECTIONS AND INVESTIGATIONS. PURCHASER ALSO ACKNOWLEDGES AND AGREES THAT THERE ARE NO ORAL AGREEMENTS, WARRANTIES OR REPRESENTATIONS COLLATERAL TO OR AFFECTING THE PROPERTY BY SELLER, ANY AGENT OF SELLER
OR ANY THIRD PARTY. THE TERMS AND CONDITIONS OF THIS SECTION SHALL SURVIVE THE CLOSING, AND NOT MERGE WITH THE PROVISIONS OF ANY DOCUMENTS DELIVERED AT THE CLOSING. SELLER SHALL NOT BE LIABLE OR BOUND IN ANY MANNER BY ANY ORAL OR WRITTEN STATEMENTS,
REPRESENTATIONS OR INFORMATION PERTAINING TO THE PROPERTY FURNISHED BY ANY REAL ESTATE BROKER, AGENT, EMPLOYEE, SERVANT OR OTHER PERSON, UNLESS THE SAME ARE SPECIFICALLY SET FORTH OR REFERRED TO IN THIS AGREEMENT. 

  
 11 

 (b) By Seller. Effective upon the Closing, Seller on behalf of itself and all of its
subsidiaries, affiliates, past, present and future officers, directors, employees, members, partners, shareholders, agents, representatives, trustees, beneficiaries, heirs, successors and assigns (collectively, “Seller Release
Parties”), do hereby remise, release, acquit, waive, satisfy and forever discharge Purchaser, Daymark Realty Advisors, Inc. and Daymark Properties Realty, Inc., and all of their respective subsidiaries, affiliates and all of their
respective past, present and future officers, directors, employees, members, partners, shareholders, agents representatives, trustees, beneficiaries, heirs, successors and assigns (collectively, “Purchaser Release Parties”, from any
and all manner of debts, accountings, bonds, warranties, representations, covenants, promises, contracts, controversies, agreements, liabilities, obligations, expenses, damages, judgments, executions, objections, defenses, setoffs, actions, claims,
demands and causes of action of any nature whatsoever, whether at law or in equity, whether known or unknown, either now accrued or hereafter maturing, which Seller Release Parties, or any of them, now or hereafter can, shall or may have by reason
of any matter, cause or thing from the beginning of the world to and including the date of this Agreement, arising out of or relating to (i) the Property, and (ii) the sale of and management of the Property prior to the sale pursuant to
the terms of this Agreement, and Seller Release Parties, jointly and severally, for themselves and all of their respective heirs, successors and assigns, hereby covenant and agree never to institute or cause to be instituted or continue prosecution
of any suit or other form of action or proceeding of any kind or nature whatsoever against any of Purchaser Release Parties, by reason of or in connection with any of the foregoing matters, claims or causes of action. The foregoing release and
covenant not to sue shall not relate or apply to any of the covenants, agreements, representations or warranties of Purchaser set forth in this Agreement. Each of Seller Release Parties represents and warrants that (A) no Seller Release Party
has assigned, in whole or in part, any of the claims, matters, or causes of action released herein; (B) this waiver and release is voluntary and without any duress or undue influence, and is given as part of the consideration for this
Agreement; (C) it may hereafter discover facts different from or in addition to those, which it now believes to be true with respect to the foregoing release of claims; and (D) the foregoing release shall be and remain effective in all
respects notwithstanding such different or additional facts. Each of Seller Release Parties expressly waives and assumes the risk of any and all claims, demand, obligations, or causes of action for damages arising out of any matter which may exist
as of this date but which any of Seller Release Parties does not know or suspect to exist in their favor, for any reason, including ignorance, oversight, error, negligence, or otherwise, and which, if known, would or could affect their decision to
enter into this Agreement. Each of Seller Release Parties expressly waives all rights under Section 1542 of the Civil Code of the State of California and all other similar provisions of any statute or common law ruling of any other
jurisdiction, which Seller Release Parties understand provide or may be interpreted to provide as follows: 
 “A GENERAL
RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.”

  
 12 

 (c) By Purchaser. Effective upon the Closing, Purchaser Release Parties do hereby
remise, release, acquit, waive, satisfy and forever discharge Seller Release Parties from any and all manner of debts, accountings, bonds, warranties, representations, covenants, promises, contracts, controversies, agreements, liabilities,
obligations, expenses, damages, judgments, executions, objections, defenses, setoffs, actions, claims, demands and causes of action of any nature whatsoever, whether at law or in equity, whether known or unknown, either now accrued or hereafter
maturing, which Purchaser Release Parties, or any of them, now or hereafter can, shall or may have by reason of any matter, cause or thing from the beginning of the world to and including the date of this Agreement, arising out of or relating to
(i) the Property, and (ii) the sale of and management of the Property after the sale pursuant to the terms of this Agreement, and Purchaser Release Parties, jointly and severally, for themselves and all of their respective heirs,
successors and assigns, hereby covenant and agree never to institute or cause to be instituted or continue prosecution of any suit or other form of action or proceeding of any kind or nature whatsoever against any of Seller Release Parties, by
reason of or in connection with any of the foregoing matters, claims or causes of action. The foregoing release and covenant not to sue shall not relate or apply to any of the covenants, agreements, representations or warranties of Seller set forth
in this Agreement. Each of Purchaser Release Parties represents and warrants that (A) no Purchaser Release Party has assigned, in whole or in part, any of the claims, matters, or causes of action released herein; (B) this waiver and
release is voluntary and without any duress or undue influence, and is given as part of the consideration for this Agreement; (C) it may hereafter discover facts different from or in addition to those, which it now believes to be true with
respect to the foregoing release of claims; and (D) the foregoing release shall be and remain effective in all respects notwithstanding such different or additional facts. Each of Purchaser Release Parties expressly waives and assumes the risk
of any and all claims, demand, obligations, or causes of action for damages arising out of any matter which may exist as of this date but which any of Purchaser Release Parties does not know or suspect to exist in their favor, for any reason,
including ignorance, oversight, error, negligence, or otherwise, and which, if known, would or could affect their decision to enter into this Agreement. Each of Purchaser Release Parties expressly waives all rights under Section 1542 of the
Civil Code of the State of California and all other similar provisions of any statute or common law ruling of any other jurisdiction, which Purchaser Release Parties understand provide or may be interpreted to provide as follows: 

“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME
OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.” 
 12. ADJUSTMENTS AND PRORATIONS. 
 (a) Prorations. All income and
expenses of the Property shall be apportioned as of 12:01 a.m. on the Closing Date, with Purchaser being deemed to be the owner of its Undivided Interest in the Property during the entire day on which the Closing Date occurs and being entitled to
receive its share of all revenue of the Property, and being obligated to pay its share of all expenses of the Property, with respect to such day. All prorations and apportionments hereunder shall be based upon Seller’s Undivided Interest in the
Property. 
 (i) Such prorated items shall include the following: 

(A) all rents and any other income with respect to the Property received by the Closing Date, if any, and for the month in which the
Closing occurs. Such proration of rents shall be based on a rent roll updated by Seller not less than one (1) day prior to the Closing Date; 
 (B) taxes and assessments (including personal property taxes) levied against the Property; 
 (C) subject to rights under Leases regarding payments or prorations of utility payments by tenants (which will be governed by the rent proration provision described in Section 12(a)(i)(A)
above), utility charges for which Seller is liable, if any, such charges to be apportioned at the Closing on the basis of the most recent meter reading occurring prior to the Closing (dated not more than fifteen (15) days prior to the Closing)
or, if unmetered, on the basis of a current bill for each such utility; 
 (D) any other operating expenses or other items
pertaining to the Property which are customarily prorated between a transferor and transferee of real estate in the county in which the Property is located. 

  
 13 

 (ii) Notwithstanding anything contained in this Section 12, the following shall
apply: 
 (A) Except as provided in the following sentence, all delinquent real estate taxes and assessments shall be paid by
Seller at or before the Closing, together with any interest, penalties or other fees related to any delinquent taxes. In determining prorations relating to non-delinquent taxes, Purchaser shall be credited with an amount equal to the real estate
taxes and assessments applicable to the period prior to the Closing Date, to the extent such amount has not been actually paid by Seller. In the event that Seller has paid prior to the Closing any real estate taxes or assessments related to the
Property applicable to the period after the Closing Date, Seller shall be entitled to a credit for such amount. In connection with the re-proration of real estate taxes and assessments for which a credit was given or a proration was made at the
Closing, the parties shall adjust the differences between them promptly upon demand being made therefor by either Seller or Purchaser. If, after the Closing, any additional real estate taxes or assessments applicable to the period prior to the
Closing Date are levied for any reason, including back assessments or escape assessments, then Seller shall pay all such additional amounts. If, after the Closing, Seller or Purchaser receive any property tax refunds regarding any Property relating
to a period prior to the Closing, then that portion of the refunds related to a period prior to the Closing that is required to be refunded to any tenant of the Property shall be delivered to or retained by, as the case may be, Purchaser for the
purpose of making such refund payments with the remaining portion of such refunds retained by or delivered to, as the case may be, Seller. Purchaser shall pay all supplemental taxes resulting from the change in ownership and reassessment occurring
as the result of the Closing pursuant to this Agreement; 
 (B) Charges referred to in
Section 12.2(a)(i)(C) which are payable by any tenant directly to a third party shall not be apportioned hereunder, and Purchaser shall accept title subject to any of such charges unpaid and Purchaser shall look solely to the tenant
responsible therefor for the payment of such charges. As to utilities and other operating expenses for which Seller is responsible, Seller may upon notice to Purchaser elect to pay one or more of all of said items accrued to the date fixed for
apportionment pursuant to this Agreement directly to the person or entity entitled thereto, and to the extent Seller so elects, such item shall not be apportioned hereunder, and Seller’s obligation to pay such item directly in such case shall
survive the Closing or any termination of this Agreement; 
 (C) Purchaser shall take all steps necessary to effectuate the
transfer of all utilities to the name of Purchaser as of Closing, where necessary, post deposits with the utility companies, and provide Seller with written evidence of the transfer at or prior to Closing. Seller shall be entitled to recover any and
all deposits held by any utility company as of the Closing Date; 
 (D) Unpaid rent from a tenant delinquent at Closing
collected by Purchaser or Seller after the date of Closing shall be delivered as follows: (a) if Seller collects any such unpaid delinquent rent, Seller shall, within fifteen (15) days after the receipt thereof, deliver to Purchaser any
such rent which Purchaser is entitled to hereunder relating to the date of the Closing and any period thereafter, and (b) if Purchaser collects any such unpaid delinquent rent, Purchaser shall, within fifteen (15) days after the receipt
thereof, deliver to Seller any such rent to which Seller are entitled hereunder relating to the period prior to the date of Closing. The parties agree that (i) all rent received by Seller or Purchaser within the first thirty (30) day
period after the date of Closing from a tenant delinquent at Closing shall be applied first to delinquent rent, if any, in the order of their maturity, and then to current rent, and (ii) all rent received by Seller or Purchaser after the first
thirty (30) day period after the date of Closing from a tenant delinquent at Closing shall be applied first to current rent and then to delinquent rent, if any, in the inverse order of maturity. Purchaser will endeavor after Closing to collect
all rents in the usual course of Purchaser’s operation of the Property, but Purchaser will not be obligated to institute any lawsuit or other collection procedures to collect delinquent rents, except in Purchaser’s sole discretion;

 (E) After Closing, Seller shall be responsible for preparing a reconciliation of common area maintenance (the
“CAM”) payments made by tenants under the Leases for calendar year 2011 and prior to Closing, in accordance with the Leases. To the extent CAM payments made by tenants on or after
[            ] and prior to Closing (the “Pre-Closing Payments”) exceed common area expenses for the Property paid by Seller during such period, as reasonably determined by
Purchaser after the Closing, Seller will pay such excess amounts to Purchaser within fifteen (15) days after such determination is made and written notice thereof is provided by Purchaser to Seller. To the extent the Pre-Closing Payments are
less than the common area expenses for the Property paid by Seller during such period, as reasonably determined by Purchaser after the Closing, Purchaser will pay such amounts to Seller within fifteen (15) days after such determination is made
and written notice thereof is provided by Purchaser to Seller. Purchaser shall make such determination as soon as possible after the Closing and in all events on or before the date required under the Leases; 

  
 14 

 (F) The net proration credit to or charge against Seller on account of the prorations
adjustments to be made upon the Closing shall be reflected through an adjustment to cash portion of the Purchase Consideration. Any other proration adjustments made following the Closing shall be made in cash; and 

(G) If any prorations hereunder cannot be calculated accurately on the Closing Date, then they shall be calculated as is soon after the
Closing Date as feasible. Either party owing the other party a sum of money based on such subsequent proration(s) shall promptly pay said sum to the other party, with interest per annum at the prime rate of interest as set forth in The Wall
Street Journal, plus 2% from the Closing Date to the date of payment if payment is not made within ten (10) business days after delivery of a bill therefor. Once all revenue and expense amounts have been finally and completely ascertained,
Purchaser shall prepare a final proration statement which shall be conclusively deemed to be accurate and final absent manifest error. 
 13. CLOSING COSTS. 
 Seller shall pay (a) the costs of recording any
termination, reconveyances and releases required to clear title to the Property pursuant to this Agreement, and (b) Seller’s attorneys’ fees. Purchaser shall pay (a) all realty transfer taxes imposed on the Special Warranty Deed,
(b) all of the Escrow Agent charges and fees, (c) the costs of recording the Special Warranty Deed, (d) the costs of the Title Commitment (as updated) and the Title Policy, including any endorsements thereto and
(e) Purchaser’s attorneys fees. Seller and Purchaser shall each pay their respective attorneys’ fees. If escrow fails to Close due to Purchaser’s default under this Agreement, Purchaser shall be responsible for all escrow
cancellation and title charges. If escrow fails to Close due to Seller’s default under this Agreement, Seller shall pay any escrow cancellation and title charges. 
 14. POSSESSION. 
 Possession of the Property shall be delivered to
Purchaser at Closing, free and clear of all liens and claims other than Permitted Exceptions and the rights of the tenants, as tenants only with no purchase rights of any kind or nature except as may be set forth in the Leases, identified on the
Lease List, in the same condition as it exists on the date of this Agreement, ordinary wear and tear excepted and except as provided in Sections 10 hereof. Purchaser shall have the right to inspect the Property from time to time upon
reasonable notice and at reasonable times prior to Closing to verify that the condition of the Property is as required under this Agreement. 
 15. DISPUTES. 
 (a) Equitable Remedies. The parties hereby
agree that irreparable damage would occur to the other party in the event that any of the provisions of this Agreement were not performed in accordance with the specific terms hereof or were otherwise breached. It is accordingly agreed that each of
Purchaser and Seller shall be entitled to an injunction or injunctions to prevent breaches of this Agreement by the other party and to enforce specifically the terms and provisions hereof in any federal or state court located in Texas (as to which
the parties agree to submit to jurisdiction for the purpose of such action), this being in addition to any other remedy to which the parties are entitled under this Agreement. 

(b) Dispute Resolution. The parties hereby agree that, in order to obtain prompt and expeditious resolution of any
disputes under this Agreement, each claim, dispute or controversy of whatever nature, arising out of, in connection with, or in relation to the interpretation, performance or breach of this Agreement (or any other agreement contemplated by or
related to this Agreement or any other agreement between the parties), including without limitation any claim based on contract, tort or statute, or the arbitrability of any claim hereunder (an “Arbitrable Claim”), shall, subject to
Section 15(a) above, be settled by final and binding arbitration conducted in Orange County, California. The arbitrability of any Arbitrable Claims under this Agreement shall be resolved in accordance with a two-step dispute resolution
process administered by Judicial Arbitration & Mediation Services, Inc. (“JAMS”) involving, first, mediation before a retired judge from the JAMS panel, followed, if necessary, by final and binding arbitration before the
same, or if requested by either party, another JAMS panelist. Such dispute resolution process shall be confidential and shall be conducted in accordance with applicable California law. 

  
 15 

 (c) Mediation. In the event any Arbitrable Claim is not resolved by an
informal negotiation between the parties within fifteen (15) days after either party receives written notice that an Arbitrable Claim exists, the matter shall be referred to the Orange County office of JAMS, or any other office agreed to by the
parties, for an informal, non-binding mediation consisting of one or more conferences between the parties in which a retired judge will seek to guide the parties to a resolution of the Arbitrable Claims. The parties shall select a mutually
acceptable neutral arbitrator from among the JAMS panel of mediators. In the event the parties cannot agree on a mediator, the Administrator of JAMS will appoint a mediator. The mediation process shall continue until the earliest to occur of the
following: (i) the Arbitrable Claims are resolved, (ii) the mediator makes a finding that there is no possibility of resolution through mediation, or (iii) thirty (30) days have elapsed since the Arbitrable Claim was first
scheduled for mediation. 
 (d) Arbitration. Should any Arbitrable Claims remain after the completion of the
mediation process described above, the parties agree to submit all remaining Arbitrable Claims to final and binding arbitration administered by JAMS in accordance with the then existing JAMS Arbitration Rules. Neither party nor the arbitrator shall
disclose the existence, content, or results of any arbitration hereunder without the prior written consent of all parties. Except as provided herein, the laws of the State of Texas shall govern the interpretation, enforcement and all proceedings
pursuant to this subparagraph. The arbitrator is without jurisdiction to apply any substantive law other than the laws selected or otherwise expressly provided in this Agreement. The arbitrator shall render an award and a written, reasoned opinion
in support thereof. Such award may include reasonable attorneys’ fees to the prevailing party. Judgment upon the award may be entered in any court having jurisdiction thereof. 

(e) Costs. The arbitrator, may, in its discretion, allocate the costs, fees and expenses incurred by the parties, as well
as the fees and expenses of the mediator or arbitrator and the costs of the facility for the hearing, among the parties on the basis of fault. 
 (f) Survivability. This dispute resolution process shall survive the termination of this Agreement. The parties expressly acknowledge that by signing this Agreement, they are giving up their
respective right to a jury trial. 
 16. NOTICES. 

Any notice, demand, request or other communication which either party hereto may be required or may desire to give under this Agreement
shall be in writing and shall be deemed to have been properly given if (a) hand delivered (effective upon delivery), (b) sent by a nationally recognized overnight delivery service (effective one (1) business day after delivery to such
courier for overnight service) or (c) sent by facsimile (effective upon receipt of mechanical confirmation of transmission) provided that a confirmation copy of such facsimile notice is sent by one of the other methods listed herein, in each
case, prepaid and addressed in accordance with Line 8 or Line 9 (as applicable) of the Summary Statement or to such other or additional addresses as either party might designate by written notice to the other party. 

17. BROKERS. 
 Each of Seller and Purchaser represents and warrants to the other that it has not dealt with any brokers, finders or agents with respect to the transaction contemplated hereby. Each party agrees to
indemnify, defend and hold harmless the other party, its successors, assigns and agents, from and against the payment of any commission, compensation, loss, damages, costs, and expenses (including without limitation reasonable attorneys’ fees
and costs) incurred in connection with, or arising out of, claims for any broker’s, agent’s or finder’s fees of any person claiming by or through such party. The obligations of Seller and Purchaser under this Section 18
shall survive the Closing and the termination of this Agreement. 

  
 16 

 18. TAX COVENANTS. 

(a) Seller shall provide Purchaser with such cooperation and information relating to any of the Property as the parties
reasonably may request in (i) filing any tax return, amended tax return or claim for tax refund, (ii) determining any liability for taxes or a right to a tax refund, (iii) conducting or defending any proceeding in respect of taxes, or
(iv) performing tax diligence, including with respect to the impact of this transaction on the Purchaser’s tax status as a REIT. 
 19. ASSIGNMENT. 
 This Agreement shall be binding upon, and shall be
enforceable by and inure to the benefit of, the parties hereto and their respective heirs, legal representatives, successors and assigns; provided, however, that this Agreement may not be assigned (except by operation of law) by any party without
the prior written consent of the other party, and any attempted assignment without such consent shall be void and of no effect, except that Purchaser, may assign its rights and obligations hereunder to an affiliate of Purchaser without Seller’s
consent so long as the use of any such affiliate does not change the amount of or form of payment of the Purchase Consideration. 
 20. G REIT LOAN TO MINORITY OWNERS. 
 The Purchaser and Seller acknowledge
that the Purchaser will be assuming that certain loan made by G REIT Liquidating Trust to the Minority Owners (the “TIC Loan”) concurrently with the acquisition by Purchaser of the Minority Owners’ interest in the Property. G REIt
Liquidating Trust agrees that it will forgive the entire amount of the TIC Loan concurrently with the Closing. 
 21.
MISCELLANEOUS. 
 (a) Time is of the essence of each provision of this Agreement. 

(b) Subject to the terms and conditions of Section 19 above, this Agreement and all provisions hereof shall extend to, be
obligatory upon and inure to the benefit of only the parties hereto and the respective heirs, legatees, successors and permitted assigns of the parties hereto. 
 (c) Except as provided herein, this Agreement and the schedules and exhibits attached hereto, contain the entire agreement between the parties relating to the matters addressed herein and it
supersedes all prior discussions, undertakings and agreements between the parties hereto related to the subject matter hereof. 

(d) This Agreement shall be governed by and construed in accordance with the laws of the State of Texas. 

(e) If any of the provisions of this Agreement or the application thereof to any persons or circumstances shall, to any extent,
be deemed invalid or unenforceable, the remainder of this Agreement and the application of such provisions to persons or circumstances other than those as to whom or which it is held invalid or unenforceable shall not be affected thereby.

 (f) This Agreement and any document or instrument executed pursuant hereto may be executed in any number of
counterparts, each of which shall be deemed an original, but all of which, together, shall constitute one and the same instrument. 

  
 17 

 (g) From and after the date hereof, subject in all respects to the approval of
Seller, Purchaser and Seller shall jointly prepare and issue all releases of information relating to the sale of the Property, and any inquiries regarding the transaction contemplated hereby shall be responded to only after consultation with the
other party hereto. The provisions of this Section 21(g) shall survive the Closing or earlier termination of this Agreement. 
 (h) If either party institutes a legal action against the other relating to this Agreement or any default hereunder, the nonprevailing party to such action will reimburse the prevailing party for
the reasonable expenses of prosecuting or defending such action, including, without limitation, attorneys’ fees, and disbursements and mediation, arbitration and court costs. The obligations under this Section 21(h) shall survive
the termination of this Agreement. 
 (i) This Agreement shall not be construed more strictly against one party than
against the other merely by virtue of the fact that the Agreement may have been prepared primarily by counsel for one of the parties, it being recognized that both Purchaser and Seller have contributed substantially and materially to the preparation
of this Agreement. 
 (j) Purchaser and/or its agents shall be entitled to communicate with the tenants or any
Governmental Entity having jurisdiction over the Property provided Seller are notified of such meeting or discussion. 
 (k)
If, under the terms of this Agreement and the calculation of the time periods provided for herein, the Closing Date or any other date to be determined under this Agreement should fall on Saturday, a Sunday, a federal or New York, Texas or
California, legal holiday or a date which banks located in New York, Texas or California, are not open for business, then such date shall be extended to the next business day. 

(l) A facsimile or photocopy signature on this Agreement, any amendment hereto, any Closing Document or any notice delivered
hereunder shall have the same legal effect as an original signature; provided, however, that nothing herein shall excuse either party from its obligation to deliver an original signature on any document that is intended to be recorded
or filed; any notice permitted or required to be delivered hereunder may be delivered by the attorney for either party hereto. 

(m) The parties shall keep the terms of this Agreement confidential (and Purchaser shall keep information it learns about the
Property confidential, excluding information that is part of a public record) and shall not disclose such terms and, in the case of Purchaser, information, to any other parties without the other party’s prior written consent, which consent
shall be in each party’s sole discretion; provided, however, that each party may, without obtaining such prior written consent, make such disclosures as may be required by applicable laws or agreements by which such party is
bound, and to each such party’s existing and potential managers, members, investors, officers, lenders, employees, attorneys, accountants, appraisers, insurance advisors, consultants and similar third party professionals. Notwithstanding the
foregoing, the parties to this Agreement (and each employee, representative or other agent of the parties) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure provided for therein;
provided, however, that no party (nor any employee, representative, or other agent thereof) shall disclose any information to the extent that such disclosure could result in a violation of any federal or state securities law.

 (n) The parties hereto agree that neither this Agreement nor any memorandum or notice hereof shall be recorded.

 (o) PURCHASER AND SELLER EACH HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND
WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS AGREEMENT OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS
GIVEN KNOWINGLY AND VOLUNTARILY BY PURCHASER AND SELLER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. SELLER OR PURCHASER, AS APPLICABLE, IS HEREBY AUTHORIZED
TO FILE A COPY OF THIS SECTION IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY PURCHASER OR SELLER, AS APPLICABLE. THE PROVISIONS OF THIS SECTION 21(o) SHALL SURVIVE THE CLOSING OR EARLIER TERMINATION OF THIS AGREEMENT. 

  
 18 

 (p) This Agreement may be executed in any number of counterparts, each of which
shall be deemed to be an original, and all of such counterparts shall constitute one Agreement. To facilitate execution of this Agreement, the parties may execute and exchange by telephone facsimile or pdf e-mail counterparts of the signature pages.

 (q) Notice is hereby given that all persons dealing with Purchaser shall look solely to the assets of Purchaser for
the enforcement of any claim against Purchaser, as none of the trustees, officers, employees or shareholders of Purchaser assume any personal liability for obligations entered into by or on behalf of Purchaser (including, without limitation, this
Agreement). Seller acknowledges and agrees to the foregoing limitation on liability. Notice is hereby given that all persons dealing with Seller shall look solely to the assets of Seller and G REIT Liquidating Trust for the enforcement of any claim
against Seller, as none of the trustees, officers, employees or shareholders of Seller or G REIT Liquidating Trust assume any personal liability for obligations entered into by or on behalf of Seller (including, without limitation, this Agreement).
Purchaser acknowledges and agrees to the foregoing limitation on liability. 
 (r) Seller and Purchaser shall take such
other actions and execute such additional documents prior to and following the Closing as the other may reasonably request in order to effect the transactions contemplated by this Agreement. 

(s) The titles and captions of the Sections and paragraphs of this Agreement are included for convenience of reference
only and shall have no effect on the construction or meaning of this Agreement. 
 (t) No provision of this Agreement is
intended, nor shall it be interpreted, to provide or create any third party beneficiary rights or any other rights of any kind in any customer, affiliate, stockholder, partner, member, director, officer or employee of any party hereto or any other
person or entity. 
 (u) Each party to this Agreement acknowledges and agrees that it is not relying on tax advice or
other advice from the other party to this Agreement, and that it has or will consult with its own advisors. 
 (v) No
amendment or modification of this Agreement shall be deemed effective unless it is in writing signed by Purchaser and Seller. 

(w) The excuse or waiver of the performance by a party of any obligation of the other party under this Agreement shall only be
effective if evidenced by a written statement signed by the party so excusing or waiving. No delay in exercising any right or remedy shall constitute a waiver thereof, and no waiver by Seller or Purchaser of any one breach shall be construed as a
waiver of any preceding or succeeding breach of any covenant or condition of this Agreement. 
 [Signature Page Follows]

  
 19 

 IN WITNESS WHEREOF, this Agreement has been executed as of the date first above written.

  

									
	PURCHASER:	  		 	SELLER:
			
	The American Recovery Property Trust, Inc., a Maryland Corporation	  		 	G REIT Western Place, LP, a Texas limited partnership
					
	By:	 	 /S/ Todd Mikles
	  		 	By:	 	 /S/ Gary Wescombe

		 	 Todd A. Mikles, President
	  		 	Name:	 	Gary Wescombe
		 		  		 	Title:	 	Chairman

  
 20 

 JOINDER BY THE ESCROW AGENT 

By its execution hereof, the Escrow Agent hereby acknowledges receipt of a copy of the Agreement of Sale to which this Joinder is
attached, and agrees to (i) accept the foregoing Agreement, (ii) be Escrow Agent under said Agreement, and (iii) be bound by said Agreement in the performance of its duties as Escrow Agent. 

 

			
	First American Title Company
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 21 

 SCHEDULE 5 

Permitted Exceptions 

  
 SCHEDULE 5

 Schedule 9(a)(v) 

Form of Title Affidavit 
 [See Attached] 

  
 SCHEDULE
9(a)(v) 

 EXHIBIT A-1 

Seller’s Undivided Interest 

  
 EXHIBIT A-1

 DLA Draft 
 March 16, 2012 
  
 EXHIBIT A-2 
 Legal Description of Real Property

  
 EXHIBIT A-2

 DLA Draft 
 March 16, 2012 
  
 EXHIBIT B 
 List of Improvements and Personal Property

  
 EXHIBIT B

 DLA Draft 
 March 16, 2012 
  
 EXHIBIT C 
 List of Leases and Rent Roll 

 DLA Draft 
 March 16, 2012 
  
 EXHIBIT D 
 List of Contracts 

  
 EXHIBIT D

 DLA Draft 
 March 16, 2012 
  
 EXHIBIT E 
 List of Licenses 

 DLA Draft 
 March 16, 2012 
  
 EXHIBIT F 
 Seller’s Representations and Warranties

 1. Additional Defined Terms. 
 For purposes of this Exhibit F, the following terms have the meanings set forth below. Terms which are not defined below shall have the meaning set forth for those terms as defined in the
Agreement to which this Exhibit F is attached: 
 Actions: Means all actions, litigations, complaints,
charges, accusations, investigations, petitions, suits, arbitrations, mediations or other proceedings, whether civil or criminal, at law or in equity, or before any arbitrator or Governmental Entity. 

Environmental Law: Means all applicable statutes, regulations, rules, ordinances, codes, licenses, permits, orders, demands,
approvals, authorizations and similar items of any Governmental Entity and all applicable judicial, administrative and regulatory decrees, judgments and orders relating to the protection of human health or the environment as in effect on the Closing
Date, including but not limited to those pertaining to reporting, licensing, permitting, investigation, removal and remediation of Hazardous Materials, including without limitation: (x) the Comprehensive Environmental Response, Compensation and
Liability Act (42 U.S.C. Section 9601 et seq.), the Resource Conservation and Recovery Act (42 U.S.C. Section 6901 et seq.), the Clean Air Act (42 U.S.C. Section 7401 et seq.), the Federal Water Pollution Control Act (33 U.S.C.
Section 1251), the Safe Drinking Water Act (42 U.S.C. 300f et seq.), the Toxic Substances Control Act (15 U.S.C. 2601 et seq.), the Endangered Species Act (16 U.S.C. 1531 et seq.), the Emergency Planning and Community Right-to-Know Act of 1986
(42 U.S.C. 11001 et seq.), and (y) applicable state and local statutory and regulatory laws, statutes and regulations pertaining to Hazardous Materials. 
 Environmental Permits: Means any and all licenses, certificates, permits, directives, requirements, registrations, Governmental Entity approvals, agreements, authorizations, and consents that are
required under or are issued pursuant to any Environmental Laws. 
 Hazardous Material: Means any substance: 

(i) the presence of which requires investigation or remediation under any Environmental Law action or policy, administrative request or
civil complaint under the foregoing or under common law; or 
 (ii) which is controlled, regulated or prohibited under any
Environmental Law as in effect as of the Closing Date, including the Comprehensive Environmental Response, Compensation and Liability Act (42 U.S.C. Section 9601 et seq.) and the Resource Conservation and Recovery Act (42 U.S.C.
Section 6901 et seq.); or 
 (iii) which is toxic, explosive, corrosive, flammable, infectious, radioactive, carcinogenic,
mutagenic or otherwise hazardous and as of the Closing Date is regulated by any Governmental Entity; or 
 (iv) the presence of
which on, under or about, the Property poses a hazard to the health or safety of persons on or about the Property; or 
 (v)
which contains gasoline, diesel fuel or other petroleum hydrocarbons, polychlorinated biphenyls (PCBs) or asbestos or asbestos-containing materials or urea formaldehyde foam insulation; or 

(vi) radon gas. 

  
 EXHIBIT F-1

 DLA Draft 
 March 16, 2012 
  
 Liens: Means, with respect to any real and personal property, all mortgages, pledges, liens, options, charges, security interests, mortgage deed, restrictions, prior assignments, encumbrances,
covenants, encroachments, assessments, purchase rights, rights of others, licenses, easements, voting agreements, liabilities or claims of any kind or nature whatsoever, direct or indirect, including, without limitation, interests in or claims to
revenues generated by such property. 
 Other Taxes: Means Taxes other than income Taxes. 

Person: Means any individual, corporation, limited liability company, partnership, joint venture, association, joint-stock
company, trust, unincorporated organization or Governmental Entity. 
 REIT Shares: Shall have the meaning set forth in
the OP Agreement. 
 Release: Shall have the same meaning as the definition of “release” in the Comprehensive
Environmental Response, Compensation and Liability Act (CERCLA) at 42 U.S.C. Section 9601(22), but not including the exclusions identified in that definition, at subparts (A) through (D). 

Tax or Taxes: Means any federal, state, provincial, local or foreign income, gross receipts, license, payroll,
employment-related, excise, goods and services, harmonized sales, severance, stamp, occupation, premium, windfall profits, environmental, customs duties, capital stock, franchise, profits, withholding, social security, unemployment, disability, real
property taxes and assessments, personal property, sales, use, transfer, registration, value added, alternative or add-on minimum, estimated, or other tax of any kind whatsoever, including any interest, penalty, or addition thereto, whether disputed
or not. 
 Tax Return: Means any return, declaration, report, claim for refund, or information return or statement
related to Taxes, including any schedule or attachment thereto, and including any amendment thereof. 
 2. Representations and Warranties of
Seller. 
 Seller represents and warrants to Purchaser as set forth below in this Section 2, which representations and
warranties are true, accurate and complete as of the date hereof and will be true, accurate and complete as of the date of Closing: 
 2.1 Organization; Authority; Qualification. Seller is duly formed, validly existing and in good standing under the laws of the jurisdiction of its formation. Seller has all requisite power and
authority to enter into this Agreement, each agreement contemplated hereby and to carry out the transactions contemplated hereby and thereby, and to own, lease or operate its property and to carry on its business as presently conducted and, to the
extent required under applicable law, is qualified to do business and is in good standing in each jurisdiction in which the nature of its business or the character of its property make such qualification necessary. 

2.2 Due Authorization. The execution, delivery and performance of the Agreement by Seller have been duly and validly authorized by
all necessary action of Seller. The Agreement and each agreement, document and instrument executed and delivered by or on behalf of Seller pursuant to the Agreement constitutes, or when executed and delivered will constitute, the legal, valid and
binding obligation of Seller, each enforceable against Seller in accordance with its terms, as such enforceability may be limited by bankruptcy or the application of equitable principles. 

2.3 Consents and Approvals. Except as shall have been satisfied prior to the Closing Date, no consent, waiver, approval or
authorization of any third party or Governmental Entity is required to be obtained by Seller in connection with the execution, delivery and performance of the Agreement and the transactions contemplated hereby. 

  
 EXHIBIT F-2

 DLA Draft 
 March 16, 2012 
  
 2.4 Ownership of the Property. Seller is the sole owner of its Undivided Interest in the Property, beneficially and of record, free and clear of any Liens of any nature (other than the Permitted
Exceptions and the terms and conditions of the co-tenancy agreement) and has full power and authority to convey its Undivided Interest in the Property, free and clear of any Liens (other than the Permitted Exceptions), and, upon delivery of
consideration for its Undivided Interest in the Property as herein provided, Purchaser will acquire good and marketable title thereto, free and clear of any Liens (other than the Permitted Exceptions and any liens arising through Purchaser). Seller
has not granted any rights to acquire the Property or any part thereof or interest therein, and will not lease, transfer, option, mortgage, pledge, or convey its interest in the Property or any portion thereof nor any right therein (except as may be
set forth in the co-tenancy agreement), nor shall such Seller enter into any agreement granting to any person or entity any option to purchase or rights with respect to the Property or any part thereof or interest therein. 

2.5 No Violation. None of the execution, delivery or performance of the Agreement, any agreement contemplated thereby and the
transactions contemplated hereby and thereby does or will, with or without the giving of notice, lapse of time, or both, violate, conflict with, result in a breach of, or constitute a default under or give to others any right of termination,
acceleration, cancellation or other right adverse to Seller or Purchaser of (A) the organizational documents, including the operating agreement, if any, of Seller, (B) any agreement, document or instrument to which Seller is a party or by
which Seller or the Property are bound or (C) any term or provision of any judgment, order, writ, injunction, or decree, or require any approval, consent or waiver of, or make any filing with, any person or Governmental Entity or foreign,
federal, state, local or other law binding on Seller or by which Seller, or any of its assets or properties are bound or subject. 
 2.6 Non-Foreign Status. Seller is a United States person (as defined in Section 7701(a)(30) of the Code), and is, therefore, not subject to the provisions of the Code relating to the
withholding of sales proceeds to foreign persons, and is not subject to any state withholding requirements. Seller will provide affidavits at the Closing to this effect as provided for in Section 9 of the Agreement. 

2.7 Withholding. Seller shall execute at Closing such certificates or affidavits reasonably necessary to document the
inapplicability of any United States federal or state withholding provisions, including without limitation those referred to in Section 2.6 above. If Seller fails to provide such certificates or affidavits, Purchaser may withhold a portion of
any payments otherwise to be made to Seller as required by the Code or applicable state law. 
 2.8 OFAC. Seller is in
compliance with the requirements of Executive Order No. 133224, 66 Fed Reg. 49079 (September 25, 2001) (“Order”) and other similar requirements contained in the rules and regulations of the Office of Foreign Asset Control,
Department of the Treasury (“OFAC”) and in any enabling legislation or other Executive Orders in respect thereof (the Order and such other rules, regulations, legislation, or orders are collectively called
“Orders”). Seller is not/shall not be: (a) listed on the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant to the Order and/or on any other list of terrorists or terrorist organizations
maintained pursuant to any of the rules and regulations of OFAC or pursuant to any other applicable Orders (such lists are collectively referred to as “Lists”); (b) owned or controlled by, nor act for or on behalf of, any
person or entity on the Lists; or (c) transfer or permit the transfer of any of the Property or Seller’s Undivided Interest in the Property to any person who is or whose beneficial owners are listed on the Lists. 

2.9 No Brokers. Neither Seller nor any of Seller’s respective officers, directors or employees, to the extent applicable, has
employed or made any agreement with any broker, finder or similar agent or any person or firm which will result in the obligation of Purchaser or any of its affiliates to pay any finder’s fee, brokerage fees or commissions or similar payment in
connection with the transactions contemplated by the Agreement. 

  
 EXHIBIT F-3

 DLA Draft 
 March 16, 2012 
  
 2.10 Solvency. Seller has not (a) made a general assignment for the benefit of creditors, (b) filed, or had filed against Seller, any bankruptcy case, or any case or proceeding seeking
liquidation, reorganization, dissolution, winding up or composition or readjustment of debts, (c) suffered the appointment of a receiver, custodian, trustee or liquidator or of any substantial part of my assets, (d) suffered the attachment
or other judicial lien or seizure of any substantial part of my assets, (e) failed to pay, or become unable to pay, my debts as they come due, (f) made an offer of settlement, extension or composition to my creditors generally, or
(g) taken any action for the purpose of authorizing, consenting to or effecting the Property or Seller’s Undivided Interest in the Property. Seller will be solvent immediately following the transfer of its Undivided Interest in the
Property to Purchaser pursuant to the Agreement. Any financial information provided to Purchaser by Seller regarding the Property or Seller’s Undivided Interest in the Property, including, but not limited to, rent rolls, operating statements
and lease information, is true, correct and complete in all material respects. 
 2.11 Taxes. No tax lien or other charge
exists or will exist upon consummation of the transactions contemplated hereby with respect to the Property, except such tax liens for which the tax is not delinquent and has been properly reserved for payment by Seller. The copies of the real
property tax bills for the Property for the current tax year which have been furnished or made available to Purchaser are true and correct copies of all of the tax bills for such tax year actually received by Seller or Seller’s agents for the
Property. Seller has timely and properly filed all Tax Returns required to be filed by it and has timely paid all Taxes required to be paid by it. Seller has not requested any extension of time or agreed to any extension of the applicable statue of
limitations within which to file any pending Tax Return. None of the Tax Returns filed by Seller is the subject of a pending or ongoing audit, and no federal, state, local or foreign taxing authority has asserted any tax deficiency or other
assessment against Seller, the Property or Seller’s Undivided Interest in the Property. 
 2.12 Litigation. There
are no Actions and no litigation, claim or other proceeding, either judicial or administrative (including, without limitation, any Governmental Entity action or proceeding), pending or, to Seller’s knowledge, threatened in the last twelve
(12) months, against the Property or Seller or that would reasonably be expected to adversely affect Seller’s ability to consummate the transactions contemplated hereby. Seller is not bound by any outstanding order, writ, injunction or
decree of any court, Governmental Entity or arbitration against or affecting all or any portion of its Property, which in any such case would impair Seller ability to enter into and perform all of its obligations under the Agreement. 

2.13 Compliance With Laws. The Property has been maintained or operated and on the date hereof are, and as of the Closing Date
will be, in compliance in all material respects with all applicable laws, ordinances, rules, regulations, codes, orders and statutes (including, without limitation, those currently relating to fire safety, conservation, parking, Americans with
Disabilities Act, zoning and building laws) whether federal, state or local, foreign. 
 2.14 Eminent Domain. There is no
existing or, to Seller’s knowledge, proposed or threatened condemnation, eminent domain or similar proceeding, or private purchase in lieu of such a proceeding, in respect of all or any material portion of the Property. 

2.15 Licenses and Permits. All notices, licenses, permits, certificates (including certificates of occupancy), rights, privileges,
franchises and authority required in connection with the construction, use, occupancy, management, leasing and operation of the Property has been obtained and are in full force and effect, are in good standing. 

2.16 Real Property. 
 (a) Neither Seller, nor any other party to any material agreement affecting the Property, has given to Seller or, to Seller’s knowledge, received any notice of any uncured default with respect to any
material agreement affecting the Property, and, no event has occurred or, to Seller’s knowledge, is threatened, which through the passage of time or the giving of notice, or both, would constitute a default thereunder. To Seller’s
knowledge, such agreements are valid and binding and in full force and effect, have not been amended, modified or supplemented since such time as such agreements were made available to Purchaser, except for such amendments, modifications and
supplements delivered to and approved by Purchaser. 

  
 EXHIBIT F-4

 DLA Draft 
 March 16, 2012 
  
 (b) Seller owns the Undivided Interest in fee title to the Property as described in the Title Commitment and has insurable fee simple title to the Undivided Interest in the Property. 

2.17 Environmental Compliance. To Seller’s knowledge, the Property is currently in compliance with all Environmental Laws and
Environmental Permits. Seller has not received any notice from the United States Environmental Protection Agency or any other Governmental Entity that regulates Hazardous Materials or public health risks or other environmental matters or any other
private party or Person claiming any violation of, or requiring compliance with, any Environmental Laws or Environmental Permits or demanding payment or contribution for any Release or other environmental damage in, on, under, or upon the Property.
No investigation or litigation with respect to Hazardous Materials located in, on, under or upon the Property is pending or, to Seller’s knowledge, has been threatened in the last twelve (12) months by any Governmental Entity or any third
party. To Seller’s knowledge, no environmental conditions exist at, on, under, upon or affecting the Property or any portion thereof that would reasonably be likely to result in any material claim, liability or obligation under any
Environmental Laws or Environmental Permit or any material claim by any third party. 
 2.18 Trademarks and Tradenames;
Proprietary Rights. 
 (a) There are no actions or other judicial or administrative proceedings against Seller, or the
Property pending or, to Seller’s knowledge, threatened in the last twelve (12) months, that concern any copyrights, copyright application, trademarks, trademark registrations, trade names, service marks, service mark registrations, trade
names and trade name registrations or any trade secrets being transferred to Purchaser hereunder (the “Proprietary Rights”). There are no patents or patent applications relating to the Property. 

(b) The current use of the Proprietary Rights does not conflict with, infringe upon or violate any copyright, trade secret, trademark or
registration of any other person. 
 2.19 Condition of Property. To Seller’s knowledge, there is no material defect
in the structural condition of the Property, the roof thereon, the improvements thereon, the structural elements thereof and the mechanical systems thereon (including, without limitation, all HVAC, plumbing, electrical, elevator, security, utility,
sprinkler and safety systems), nor any material damage from casualty or other cause, nor any soil condition of the Property that will not support all of the improvements thereon without the need for unusual or new subsurface excavations, fill,
footings, caissons or other installations, except for any such defect, damage or condition that has been corrected or will be corrected in the ordinary course of the business of the Property as disclosed as part of its scheduled annual maintenance
and improvement program. There have been no alterations to the exteriors of any of the buildings or other improvements on the Property that would render any surveys or plans provided to Purchaser materially inaccurate or otherwise reflect a material
deficiency in title to such improvements. 
 2.20 Leases. Exhibit C contains a complete and accurate list of all
Leases. Seller holds the Undivided Interest in the lessor’s interest under such Leases; a true and complete copy of all such Leases have been delivered to Purchaser; all Leases are in full force and effect; and the rent roll set forth on
Exhibit C complete and accurate; Seller, as a lessor under such Leases, has not received any notice that it is in default of any of its obligations under such Leases beyond any applicable grace period which has not been cured; to
Seller’s knowledge, except as set forth in Exhibit C, no tenant is in default under any Lease. All material obligations of the lessor under the Leases that have accrued to the date hereof have been performed or satisfied. To
Seller’s knowledge, no tenants under any of the Leases is presently the subject of any voluntary or involuntary bankruptcy or insolvency proceedings. 
 2.21 Tangible Personal Property. Seller owns the Undivided Interest in all Leases and all Improvements and Personal Property which are used in the operation of the Property. Such Leases and
Improvements and Personal Property are free and clear of all Liens, other than Permitted Exceptions. 

  
 EXHIBIT F-5

 DLA Draft 
 March 16, 2012 
  
 2.22 Service Contracts. Exhibit D contains a complete and accurate list of all Contracts. There are no service or maintenance contracts affecting the Property which are not cancelable upon
thirty (30) days notice; true and correct copies of the Contracts agreements relating to the Property have been delivered to Purchaser and the same are in full force and effect and have not been modified or amended. To Seller’s knowledge,
no material event of default exists (which remains uncured) under any of the Contracts. 
 2.23 Employees. No individuals
are employed by Seller or, to Seller’s knowledge, any of the Minority Owners with respect to the Property, and transactions contemplated by the Agreement will not result in any liability with respect to labor and employment matters. 

2.24 Existing Loans. Seller has disclosed to Purchaser all Existing Loans and the respective balance of such loans as of the date
the Agreement. To Seller’s knowledge, no event of default or event that with the passage of time or giving of notice or both would constitute a material event of default has occurred as of the date hereof under any of the Existing Loans.

 2.25 Real Property Taxes; Zoning. Neither Seller (nor its affiliates) has received any notification of any material
new or increased general or special tax assessments for the Property. The Property is assessed for real property tax through one tax bill and the Property is comprised of one or more independent tax lots. Seller has not received any written notice
(which remains uncured) from any Governmental Entity stating that the Property is currently violating any zoning, land use or other similar rules or ordinances in any material respect. 

2.26 Defects. To Seller’s knowledge, there are no physical defects in the Real Property or Improvements or other conditions,
including, without limitation, any adverse environmental conditions, wetlands or endangered species on or about the Property, that could cause injury or damage to persons or property, or that could have an adverse effect on the marketing,
development and/or construction of improvements on the Real Property 
 2.27 Utilities. All public utilities, including
telephone, gas, electric power, sanitary and storm sewer and water, are available for connection at the boundaries of the Property; such utilities are adequate for the current use of the Property; and the means of ingress and egress, parking, access
to public streets and drainage facilities are adequate for the current use of the Property 
 2.28 Insurance. Seller
currently has in place public liability, casualty and other insurance coverage with reputable insurance companies with respect to the Property, as the case may be, in customary amounts for projects similar to the Property in the markets in which the
Property is located, and in all cases substantially in compliance with the existing financing arrangements. Each of such policies is in full force and effect, and all premiums due and payable thereunder have been fully paid when due. No written
notice of cancellation, default or non-renewal has been received or to Seller’s knowledge threatened with respect thereto. 

  
 EXHIBIT F-6

 DLA Draft 
 March 16, 2012 
  
 EXHIBIT G 
 Securities Matter Agreement 

See attached. 

  
 EXHIBIT G

 DLA Draft 
 March 16, 2012 
  
 EXHIBIT H 
 Form of Special Warranty Deed 

  
 EXHIBIT H

 DLA Draft 
 March 16, 2012 
  
 EXHIBIT I 
 Form of Bill of Sale 

The undersigned (“Seller”), in consideration of the sum of Ten and No/100 Dollars ($10.00), in hand paid to Seller, and other good and valuable
consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged, do hereby sell, assign, transfer, and set over to The American Recovery Property Trust, Inc., a Maryland corporation (“Purchaser”), the personal
property described on Schedule 1 attached hereto, presently located on the real estate commonly known as 6000-61000 Western Place, Forth Worth, Texas (the “Property”). 
 Seller does hereby covenant with Purchaser that at the time of delivery of this Bill of Sale, the Personal Property is free from all encumbrances except the Permitted Exceptions (as defined in the
Agreement of Sale dated as of May             , 2012 between Seller and Purchaser) and that Seller will warrant and defend the same against the claims and demands of all persons claiming
by, through or under Seller, but against no other. SELLER HEREBY DISCLAIMS, AND PURCHASER HEREBY WAIVES ANY AND ALL WARRANTIES OF MERCHANTABILITY OR WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE PERSONAL PROPERTY BEING
TRANSFERRED BY THIS INSTRUMENT. 
 EXECUTED this day of             , 2012.

 SELLER: 
 G REIT Liquidating
Trust 
  

			
	By:	 	 /S/ Gary Wescombe

	Name:	 	Gary Wescombe
	Title:	 	Chairman

  
 SCHEDULE 1 TO
BILL OF SALE 

 DLA Draft 
 March 16, 2012 
  
 Schedule 1 to Bill of Sale 
 PERSONAL PROPERTY

 All equipment and fixtures owned by Seller and attached to the Property or used in connection with the ownership,
operation, leasing, marketing, management or maintenance thereof, including, without limitation, all heating, lighting, air conditioning, ventilating, plumbing, electrical or mechanical equipment [and including specifically] 

 

  
 SCHEDULE 1 TO
BILL OF SALE 

 DLA Draft 
 April 22, 2012 
  
 EXHIBIT J 
 Form of Assignment and Assumption

 THIS ASSIGNMENT AND ASSUMPTION OF LEASES, CONTRACTS AND OTHER PROPERTY INTERESTS (this “Assignment”) is entered into as of
the             day of                     , 2012 (“Effective Date”), between G
REIT Liquidating Trust,             (“Assignor”), and The American Recovery Property Trust, Inc., a Maryland corporation (“Assignee”). 

Background 
 This Assignment and Assumption of Leases, Contracts, Licenses, Name, Claims and Proceeds, and Available Development Rights and other Property Interests is being executed and delivered pursuant to that
certain Agreement of Sale dated as of March             , 2012 (the “Agreement”) between Assignor, as Seller, and Assignee, as Purchaser. All capitalized terms used but not
defined herein shall have the meanings ascribed to them in the Agreement. 
 Assignment and Assumption 

In consideration of Ten Dollars ($10.00) in hand paid by Assignee to Assignor, the receipt and sufficiency of which is hereby
acknowledged, Assignors do hereby assign, transfer and set over unto Assignee, all of Assignors’ right, title and interest in and to (i) the Leases together with tenant security deposits held by Assignor under the Leases,
(ii) the Contracts, (iii) to the extent assignable, all Licenses, (iv) the Name, (v) all Claims and Proceeds, (vi) Available Development Rights, and (vii) all other rights, privileges and entitlements
related to the ownership, use and operation of the Real Property and/or Improvements. 
 TO HAVE AND TO HOLD, the same unto
Assignee, its successors and assigns, from and after the Effective Date, subject to the terms, covenants, conditions and provisions contained in the Leases, the Contracts and the Leases. 

Assignee does hereby accept the foregoing assignment and does hereby assume, as of the date hereof, and become responsible for and agree
to perform, discharge, fulfill and observe all of the obligations, terms, covenants, provisions and conditions under the Leases, the Contracts and the Licenses arising from and after the Closing Date, and Assignee agrees to be liable for the
observance and performance thereof with the same force and effect as though Assignee were the original party to the Leases, the Contracts and the Licenses. Assignors agree to protect, defend, indemnify and hold harmless Assignee, its agents,
employees, officers, directors, managers, members, legal representatives, successors and assigns from any and all losses, damages, expenses, fees (including, without limitation, reasonable attorneys’ fees), court costs, suits, judgments,
liabilities, claims and demands whatsoever in law or in equity, incurred or suffered by Assignee, its agents, employees, officers, directors, managers, members, legal representatives, successors and assigns or any of them arising out of or in
connection with the Leases, the Contracts, the Licenses, the Name, the Claims and Proceeds and the Available Development Rights as to events occurring prior to the Closing Date. 

Assignors hereby represent and warrants only that they have not previously assigned the Leases, the Contracts, the Licenses, the Name,
the Claims and Proceeds and the Available Development Rights. 
 This Assignment shall inure to the benefit of and be binding
upon the parties hereto and their respective legal or personal representatives, heirs, executors, administrators, successors, and assigns. No third party shall have the benefit of any of the provisions of this Assignment nor is this Assignment made
with the intent that any person or entity other than Assignor or Assignee rely hereon. Disputes arising with respect to this Assignment shall be addressed and resolved pursuant to the provisions of Section 15 of the Agreement, and the
non-prevailing party shall pay the reasonable attorneys’ fees and expenses of the prevailing party. This Assignment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, but all
of which shall together constitute one and the same agreement. 

  
 EXHIBIT J

 DLA Draft 
 March 16, 2012 
  
 No modification, waiver, amendment, discharge or change of this Assignment shall be valid unless the same is in writing and signed by the party against which the enforcement of such modification, waiver,
amendment, discharge or change is or may be sought. 
 This Assignment shall be construed and enforced in accordance with the
laws of the State of Texas. 
 This Assignment may be executed in any number of counterparts, each of which so executed shall be
deemed original; such counterparts shall together constitute but one agreement. 
 IN WITNESS WHEREOF, Assignors and
Assignee have executed this Assignment the day and year first above written. 
 ASSIGNOR 

 

			
	G REIT Liquidating Trust
		
	By:	 	 /S/ Gary Wescombe

	Name:	 	Gary Wescombe
	Title:	 	Chairman

 ASSIGNEE 

The American Recovery Property Trust, Inc., a Maryland corporation 

			
		
	By:	 	 /S/ Todd Mikles

	Name:	 	Todd Mikles
	Title:	 	President

  

EXHIBIT  J-2 

 DLA Draft 
 March 16, 2012 
  
 EXHIBIT K 
 Form of Tenant Notification Letter

                    , 2012 

 

	To:	[Tenants of Western Place I & II Fort Worth, Texas] 

  

	 	Re:	TENANT NOTICE LETTER SALE OF PROPERTY 

	 	 	LEASE:                         
                

 Dear Ladies and
Gentlemen: 
 This notice is delivered to advise you that on
                    , 2012 the Landlord’s interest in the above-referenced property was sold and assigned to The American Recovery Property
Trust, Inc., a Maryland corporation (the “Purchaser”) and that, in connection with the sale, your Lease and the security deposit (if any) thereunder were assigned to Purchaser. Accordingly, you are hereby authorized and directed to
make all future payments under the Lease to Purchaser and to address any and all notices and other communications to the landlord under or in connection with your Lease to [Purchaser or Purchaser’s property manager] at the following address:

  

					
	 [
	 	  
	 	
		 	  
	 	
		 	  
	 	]

 Furthermore, please notify the insurance carrier(s) providing insurance required under your Lease of the
foregoing and have Purchaser as well as         [Property Manager]          added as additional insureds. 

 

  

EXHIBIT  K-1 

 If you have any questions regarding any of this information, please contact
[                    at                     .]

 Very truly yours, 
 IN WITNESS WHEREOF, this Notice has been executed as of the date first above written. 
 SELLER

  

			
	G REIT Liquidating Trust
		
	 By:
	 	 /S/ Gary Wescombe

	 Name:
	 	Gary Wescombe
	 Title:
	 	Chairman
	
	PURCHASER
	
	 The American Recovery Property Trust, Inc.,
 a Maryland corporation

		
	 By:
	 	 /S/ Todd Mikles

	 Name:
	 	Todd Mikles
	 Title:
	 	President

  

EXHIBIT  K-2

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