Document:

EXHIBIT 10.13

 

FIRST AMENDMENT TO

PURCHASE AND SALE AGREEMENT

THIS FIRST AMENDMENT
TO PURCHASE AND SALE AGREEMENT (this “Amendment”), is made as of the 22nd day of December, 2021, by and
by and among WestFREIT Corp., a Maryland corporation (“Westridge Owner”), Damascus Centre, LLC, a New Jersey
limited liability company (“Damascus Owner”), and Grande Rotunda, LLC, a Maryland limited liability company
(“Rotunda Owner”; each also individually “Seller,” and collectively, “Seller”), and
MCB Acquisition Company LLC, a Maryland limited liability company (“Purchaser”, which term shall also be deemed
to include its permissible successors, assigns and designees).

RECITALS

A.       Seller
and Buyer entered into that certain Purchase and Sale Agreement dated November 22, 2021 (the “Agreement”) for
the purchase of three (3) properties located in Maryland described in the Agreement as the Westridge Property, the Damascus Property and
the Rotunda Property, and as more particularly described in the Agreement.

B.       Seller
and Buyer have agreed to amend the Agreement as set forth below in this Amendment.

NOW, THEREFORE, for and
in consideration of the foregoing recitals, together with other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, Purchaser and Seller hereby agree as follows:

1.        
Incorporation of Recitals. The recitals set forth above are hereby incorporated into and made
a part of this Amendment.

2.         Definitions.
Capitalized terms used in this Amendment, unless otherwise defined herein, shall have the meanings set forth in the Agreement.

3.        
Due Diligence. The Due Diligence Period set forth in Section 4.1 of the Agreement is hereby
extended until 6:00 P.M. Eastern Time on December 23, 2021.

4.        
Deposit. Seller and Purchaser agree that notwithstanding the terms of the Agreement, Purchaser
shall not be obligated to fund the portion of the Deposit to be funded within three (3) Business Days after the expiration of the Due
Diligence Period pursuant to Section 2.1(c) of the Agreement if Purchaser notifies Seller in writing prior to 6:00 P.M. Eastern Time on
December 28, 2021 that it has elected to terminate the Agreement. The foregoing shall not be construed to render the Initial Deposit refundable
to Purchaser except as expressly set forth in the Agreement. 

5.        
Full Force and Effect. Except as amended hereby, the Agreement remains unmodified and in full
force and effect.

6.       
Counterparts. This Amendment may be executed in any number of counterparts, and each such
counterpart shall be deemed to be an original instrument, but all such counterparts together shall constitute a single agreement. A signature
delivered via facsimile, email, or attachment to email shall be equally as effective as an original signature delivered in-person, via
mail, or via any other means.

 

     

     

    

IN WITNESS WHEREOF, the
parties have executed this Amendment as of the day and year first above written.

 

	 	SELLER:	 
	 	 	 	 
	 	WestFREIT Corp.,	 
	 	a Maryland corporation	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Robert S. Hekemian, Jr.	 
	 	Name: 	Robert S. Hekemian, Jr.	 
	 	Title:	CEO and President	 
	 	 	 	 
	 	 	 	 
	 	Damascus Centre, LLC,	 
	 	a New Jersey limited liability company	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Robert S. Hekemian, Jr.	 
	 	Name:	Robert S. Hekemian, Jr.	 
	 	Title:	CEO and President	 
	 	 	 	 
	 	 	 	 
	 	Grande Rotunda, LLC,	 
	 	a Maryland limited liability company	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Robert S. Hekemian, Jr.	 
	 	Name:	Robert S. Hekemian, Jr.	 
	 	Title:	CEO and President	 

 

 

[Signature Page to First Amendment to Purchase and Sale Agreement]

     

     

    

 

	 	PURCHASER:	 
	 	 	 	 
	 	MCB Acquisition Company, LLC,	 
	 	a Maryland limited liability company	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ P. David Bramble	 
	 	 	P. David Bramble	 
	 	 	Executive Manager	 

 

 

 

 

[Signature Page to First Amendment to Purchase and Sale Agreement]EXHIBIT 10.14

SECOND AMENDMENT TO

PURCHASE AND SALE AGREEMENT

THIS SECOND AMENDMENT
TO PURCHASE AND SALE AGREEMENT (this “Amendment”), is made as of the 23rd day of December, 2021, by and
by and among WestFREIT Corp., a Maryland corporation (“Westridge Owner”), Damascus Centre, LLC, a New Jersey
limited liability company (“Damascus Owner”), and Grande Rotunda, LLC, a Maryland limited liability company
(“Rotunda Owner”; each also individually “Seller,” and collectively, “Seller”), and
MCB Acquisition Company LLC, a Maryland limited liability company (“Purchaser”, which term shall also be deemed
to include its permissible successors, assigns and designees).

RECITALS

A.       Seller
and Buyer entered into that certain Purchase and Sale Agreement dated November 22, 2021 (the “Original Agreement”),
as amended by the First Amendment to Purchase and Sale Agreement dated December 22, 2021 (the “First Amendment”,
and together with the Original Agreement, the “Agreement”) for the purchase of three (3) properties located
in Maryland described in the Agreement as the Westridge Property, the Damascus Property and the Rotunda Property, and as more particularly
described in the Agreement.

B.       The First Amendment
extended the Due Diligence Period to 6:00 P.M. Eastern Time on December 23, 2021.

C.       Seller
and Buyer have agreed to further amend the Agreement as set forth below in this Amendment.

NOW, THEREFORE, for and
in consideration of the foregoing recitals, together with other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, Purchaser and Seller hereby agree as follows:

1.       Incorporation
of Recitals. The recitals set forth above are hereby incorporated into and made a part of this Amendment.

2.       Definitions.
Capitalized terms used in this Amendment, unless otherwise defined herein, shall have the meanings set forth in the Agreement.

3.       Due
Diligence. The Due Diligence Period set forth in Section 4.1 of the Agreement is hereby extended until 3:00 P.M. Eastern Time on December
28, 2021.

4.       Deposit.
Seller and Purchaser agree that notwithstanding the terms of the Agreement, Purchaser shall be obligated to deposit the Additional Deposit
with the Title Company on or before to 6:00 P.M. Eastern Time on December 28, 2021. 

5.       Full
Force and Effect. Except as amended hereby, the Agreement remains unmodified and in full force and effect.

6.       Counterparts.
This Amendment may be executed in any number of counterparts, and each such counterpart shall be deemed to be an original instrument,
but all such counterparts together shall 

     

     

    

constitute a single agreement. A signature delivered via facsimile, email, or attachment to email
shall be equally as effective as an original signature delivered in-person, via mail, or via any other means.

 

[Signature Pages Follow]

 

     

     

    

IN WITNESS WHEREOF, the
parties have executed this Amendment as of the day and year first above written.

	 	SELLER:	 
	 	 	 	 
	 	WestFREIT Corp.,	 
	 	a Maryland corporation	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Robert S. Hekemian, Jr.	 
	 	Name: 	Robert S. Hekemian, Jr.	 
	 	Title:	CEO and President	 
	 	 	 	 
	 	 	 	 
	 	Damascus Centre, LLC,	 
	 	a New Jersey limited liability company	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Robert S. Hekemian, Jr.	 
	 	Name:	Robert S. Hekemian, Jr.	 
	 	Title:	CEO and President	 
	 	 	 	 
	 	 	 	 
	 	Grande Rotunda, LLC,	 
	 	a Maryland limited liability company	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Robert S. Hekemian, Jr.	 
	 	Name:	Robert S. Hekemian, Jr.	 
	 	Title:	CEO and President	 

  

 

[Signature Page to Second Amendment to Purchase and Sale Agreement –
MCB/Hekemian]

     

     

    

	 	PURCHASER:	 
	 	 	 	 
	 	MCB Acquisition Company, LLC,	 
	 	a Maryland limited liability company	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ P. David Bramble	 
	 	 	P. David Bramble	 
	 	 	Executive Manager	 

 

 

 

 

[Signature Page to Second Amendment to Purchase and Sale Agreement –
MCB/Hekemian]EXBHIBIT 10.15

 

THIRD AMENDMENT 

TO 

PURCHASE AND SALE AGREEMENT

 

 

THIS THIRD AMENDMENT TO PURCHASE
AND SALE AGREEMENT (this “Amendment”), is effective as of December 28, 2021 (the “Effective Date”),
by and among WestFREIT Corp., a Maryland corporation (“Westridge Owner”), Damascus Centre, LLC, a New Jersey limited
liability company (“Damascus Owner”), and Grande Rotunda, LLC, a Maryland limited liability company (“Rotunda
Owner”; each also individually “Seller,” and collectively, “Seller”); and MCB Acquisition
Company LLC, a Maryland limited liability company (“Purchaser”).

 

W I T N E S S E T H:

 

A.       Seller
and Purchaser entered into that certain Purchase and Sale Agreement dated November 22, 2021 (the “Original Agreement”),
as amended by the First Amendment to Purchase and Sale Agreement dated December 22, 2021 (the “First Amendment”),
and as further amended by the Second Amendment to Purchase and Sale Agreement dated as of December 23, 2021 (the Second Amendment”,
and together with the Original Agreement and the First Amendment, the “Agreement”) for the purchase of three
(3) properties located in Maryland described in the Agreement as the Westridge Property, the Damascus Property and the Rotunda Property,
and as more particularly described in the Agreement.

B.       The First Amendment
extended the Due Diligence Period to 6:00 P.M. Eastern Time on December 23, 2021, and the Second Amendment further extended the Due Diligence
Period to 3:00 P.M. Eastern Time on December 28, 2021.

C.       Seller
and Purchaser have agreed to further amend the Agreement as set forth below in this Amendment.

 

NOW, THEREFORE, in consideration
of the mutual covenants of Seller and Purchaser set forth below and for other good and valuable consideration, the receipt and sufficiency
of which the parties acknowledge, Seller and Purchaser agree as follows:

1.        
Incorporation of Recitals. The recitals set forth above are hereby incorporated into and made
a part of this Amendment.

2.       
Definitions. Unless otherwise expressly provided herein, all capitalized terms not expressly
defined herein shall have the same meanings ascribed to such terms in the Agreement.

3.      
Amendment of Purchase Price. Section 2.1(a) of the Agreement is hereby deleted in its entirety
and replaced with the following: 

“2.1 Purchase
Price.

(a)       The
purchase price for the Properties (the “Purchase Price”) shall be Two Hundred Forty-Eight Million Seven Hundred Fifty
Thousand Two Hundred Sixty Nine and 40/100 Dollars ($248,750,269.40) which shall be allocated among the Properties as follows:

	Westridge Property:	$20,984,604.02
	Damascus Property:	$36,685,066.72

 

     

     

    

	Rotunda Property:	$191,080,598.66”

 

4.          
Amendment to Closing Date. The Closing Date set forth in Section 3.1 of the Original Agreement
is hereby amended to mean the earlier of (a) the date that is five (5) Business Days after Seller’s delivery of the Required Estoppel
Certificates pursuant to Section 7.9 of the Original Agreement and (b) January 14, 2021. Any provisions of the Agreement to the contrary
notwithstanding, Seller shall have no further right to extend the Closing Date beyond January 14, 2021.

5.          
Deposit of Funds in the Post-Closing Lease Escrows. Seller and Purchaser agree that the first
sentence of Section 2.2(a) of the Original Agreement is hereby amended by deleting the phrase “At Closing, a portion of the Purchase
Price shall be held in escrow (the “Post-Closing Lease Escrow”) by the Escrow Agent” and substituting in lieu
thereof “At Closing Purchaser shall deposit in escrow (the “Post Closing Lease Escrow”) with the Escrow Agent,”
such that Purchaser, in lieu of Seller, shall be obligated to deposit in the Post-Closing Lease Escrow the following amounts for each
of the Properties:

	Westridge Property:	  $1,015,395.98
	Damascus Property:	     $484,933.28
	Rotunda Property:	$14,026,401.34

In addition, the form of
agreement attached hereto as Exhibit A is hereby approved and shall serve as the Tenant Escrow Agreement for the Rotunda Property
for purposes of the Agreement, and will serve as the basis for the form of Tenant Escrow Agreement for the Westridge Property and the
Damascus Property, with all references to, and provisions for the benefit of, the “Lender” deleted.

6.           
Expiration of the Due Diligence Period. Purchaser acknowledges and agrees that effective as
of the Effective Date, the Due Diligence Period, which was extended pursuant to the First Amendment and the Second Amendment, is hereby
expired. 

7.           Full Force and Effect. Except as amended hereby, the Agreement remains unmodified and in full
force and effect.

8.           Counterparts. This Amendment may be executed in any number of counterparts, and each such
counterpart shall be deemed to be an original instrument, but all such counterparts together shall constitute a single agreement. A signature
delivered via facsimile, email, or attachment to email shall be equally as effective as an original signature delivered in-person, via
mail, or via any other means.

 

[SIGNATURE PAGES FOLLOW]

2

     

     

    

IN WITNESS WHEREOF,
the parties have executed this Amendment as of the day and year first above written.

	 	SELLER:	 
	 	 	 	 
	 	WestFREIT Corp.,	 
	 	a Maryland corporation	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Robert S. Hekemian, Jr.	 
	 	Name: Robert S. Hekemian, Jr.	 
	 	Title: CEO and President	 
	 	 	 	 
	 	 	 	 
	 	Damascus Centre, LLC,	 
	 	a New Jersey limited liability company	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Robert S. Hekemian, Jr.	 
	 	Name: Robert S. Hekemian, Jr.	 
	 	Title: CEO and President	 
	 	 	 	 
	 	 	 	 
	 	Grande Rotunda, LLC,	 
	 	a Maryland limited liability company	 
	 	 	 	 
	 	 	 	 
	 	By: 	/s/ Robert S. Hekemian, Jr.	 
	 	Name: Robert S. Hekemian, Jr.	 
	 	Title: CEO and President	 

 

 

 

 

 

 

[Signatures Continue on Following Page]

 

 

 

[Signature Page to
Third Amendment to Purchase and Sale Agreement – MCB/Hekemian]

     

     

    

	 	PURCHASER:	 
	 	 	 	 
	 	MCB Acquisition Company, LLC,	 
	 	a Maryland limited liability company	 
	 	 	 	 
	 	 	 	 
	 	By:	/s/ P. David Bramble	 
	 	 	P. David Bramble	 
	 	 	Executive Manager	 

 

 

 

[Signature Page to
Third Amendment to Purchase and Sale Agreement – MCB/Hekemian]

     

     

    

Exhibit A

 

Form of Post-Closing Escrow Agreement

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