Document:

Exhibit 10.1

 

Execution Version

 

 

AGREEMENT OF PURCHASE AND SALE

 

THIS AGREEMENT OF PURCHASE
AND SALE (this “Agreement”) is dated as of December 17, 2021 (the “Effective Date”) between
each entity identified as a Seller on Schedule A attached to this Agreement (each a “Selling Entity” and jointly and
severally, “Seller”) and each of American Finance Operating Partnership, L.P., a Delaware limited partnership (“AFIN
Buyer”), and, solely with respect to the acquisition of (i) the Site known as “Shoppes at Straud”, ARG SSSTRPA001,
LLC, (ii) the Site known as “Shippensburg Marketplace”, ARG SMSHPPA001, LLC and (iii) the Site known as “Carlisle
Crossing”, ARG CCCARPA001, LLC, each a Delaware limited liability company, as buyer (individually or collectively, as the context
may require, “Buyer”), and, solely for purposes of Section 1.2(d) and Article 4 hereof, American Finance
Trust, Inc. (“AFIN”).

 

RECITALS

 

Buyer desires to purchase
the Property from Seller and Seller desires to sell the Property to Buyer, all as more particularly set forth in this Agreement. As the
context may indicate, references in this Agreement to “Seller” may refer only to the appropriate Selling Entity for a Site.
Schedule A attached to this Agreement identifies, for each Site, the Selling Entity, the street address(es), the Allocated Purchase Price,
and certain other information relating to such Site. Capitalized terms not defined elsewhere are used with the meaning given in the “Definitions”
section below.

 

AGREEMENT

 

In consideration of the payments
and mutual covenants and undertakings set forth in this Agreement, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, Seller and Buyer (each a “Party” and collectively the “Parties”)
agree as follows:

 

SUMMARY OF TERMS

 

Certain key terms of this
Agreement are summarized below, but remain subject to the applicable detailed provisions set forth elsewhere in this Agreement.

 

		Property:	Seller’s interest in each Site listed on Schedule A.
	 	 	 
	 	Purchase Price:	$1,318,890,241.00

 

		Deposit:	$40,000,000.00
	 	 	 
	 	Transaction Fee:	$25,000.00
	 	 	 
	 	Diligence Period:	The period ending
at 5:00 p.m. (MST) on the Effective Date.
	 	 	 
	 	Closing Date:	January 17, 2022,
subject to the terms of the Agreement, including satisfaction or waiver of all conditions precedent.
	 	 	 
	 	Escrow Agent:	First American Title
Insurance Company

 

National Commercial Services 

2425 E. Camelback Road, Suite 300 

Phoenix, AZ 85016 

Attention: Sarah Buvala 

Phone: (602) 567-8147 

Email: sbuvala@firstam.com 

 

    

     

    

 

Notices Addresses for the Parties:

 

	 	If to Buyer:	American Finance Operating
Partnership, L.P.

650 Fifth Ave., 30th Floor 

New York, NY 10019 

Michael Anderson 

Phone: (212) 415-6500 

Email: MAnderson@ar-global.com

 

		with a copy to:	Paul, Weiss, Rifkind, Wharton & Garrison
LLP

1285 Avenue of the Americas 

New York, New York 10019 

Attn: Peter E. Fisch 

Phone: (212) 373-3424 

Email: pfisch@paulweiss.com

 

		and to:	Proskauer Rose LLP

70
W. Madison Street, Suite 3800

Chicago, Illinois
60602-4342

Attn:
Michael J. Choate

Phone:
(312) 962-3567

Email: mchoate@proskauer.com

 

		If to Seller:	 CIM Group

2398 E. Camelback Road, 4th Floor 

Phoenix, AZ 85016 

Attn: Christopher Sloat and General Counsel 

Phone: (602) 778-8700 

Email: csloat@cimgroup.com 

Email: GeneralCounsel@cimgroup.com

 

		with a copy to:	Buchalter, P.C.

16435 N. Scottsdale Road, Suite 440 

Scottsdale, AZ 85254 

Attn: Kevin T. Lytle, Esq. 

Phone: (480) 383-1809 

Email: klytle@buchalter.com

 

		Notice Provisions:	 See Section 7.1.

 

		Seller ’s Broker:	 CBRE (Darcy Stacom, Christopher J. Decouflé,
Kevin Hurley and Christian Williams)

 

[Remainder of page intentionally left blank]

 

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DEFINITIONS

 

In addition to any other terms
defined elsewhere in this Agreement, the following terms, when used in this Agreement with a capital letter, have the meanings set forth
below:

 

“Affiliate”
means, with respect to a Person, any other Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled
by or is under common Control with such Person.

 

“Allocated Purchase
Price” means, for each Site, that portion of the total Purchase Price that has been allocated by the Parties to such Site, as
set forth on Schedule A to this Agreement, subject to adjustment as expressly set forth in this Agreement.

 

“Broker Listing Agreement”
means a written agreement entered into between a Selling Entity (or an Affiliate on behalf of such Selling Entity) and a real estate broker
providing for such broker to perform sale or leasing activities with respect to the Site(s) specified therein, and specifically excluding
any such broker agreement related to the sale contemplated by this Agreement.

 

“Business Day”
means any day other than a Saturday, a Sunday, or a federal holiday recognized by the Federal Reserve Bank of New York.

 

“Buyer Party”
means Buyer, its Affiliates, any Permitted Assignee that takes an assignment of all or a portion of Buyer’s interest in this Agreement,
any Lender first providing new financing to the Property or any portion thereof in connection with this acquisition (but excluding existing
Lenders), and any of their respective officers, employees, partners, members, agents, attorneys, consultants, contractors, advisors, and
other representatives advising in connection with the transactions contemplated by this Agreement, and their respective heirs, successors,
personal representatives, and assigns, each being a “Buyer Party” and collectively being the “Buyer Parties.”

 

“Cap Rate: means
a cash capitalization rate equal to 7.19%, which number is the cash capitalization rate based upon the in-place net operating income for
calendar year 2022 applicable to the Property.

 

“CC&R Documents”
means, collectively, any reciprocal easement agreements, access easements, declarations of covenants, condominium declarations and other
similar documents, including any related by-laws, affecting any Site.

 

“Claim Notice”
means a written notice delivered by one Party to the other Party setting forth a reasonably detailed description of the specific Claims
being asserted, including without limitation detailed statements of (a) the amount of loss or damage being asserted, and (b) the
rationale for or explanation of why the Claims are alleged to be the responsibility of the Party against whom the Claims are being asserted.

 

“Claims”
means any suits, actions, proceedings, investigations, demands, claims, liabilities, fines, penalties, liens, judgments, losses, injuries,
damages, expenses, or costs, including without limitation attorneys’ and experts’ fees and costs and investigation, remediation
costs, losses due to impairment or diminished value, or any other damages, losses or costs of any type or kind.

 

“Closing”
means the consummation of the purchase and sale of one or more Sites as contemplated by this Agreement, and the term will generally be
applicable to such consummation with respect to only the Sites directly involved therein unless the context of usage reasonably indicates
a contrary intention.

 

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“Closing Date”
means the date on which an applicable Closing occurs, as set forth or described as such in the Summary of Terms for the Initial Closing,
as such date may later be changed as expressly provided in this Agreement. Notwithstanding the foregoing, each of Seller and Buyer shall
have the right to adjourn any Closing by up to ten (10) Business Days upon notice to the other Party.

 

“Closing Year”
means the calendar year in which an applicable Closing occurs.

 

“Closing Documents”
means the documents, instruments (including, without limitation, any deeds or assignments), and other agreements executed and delivered
by a Party at or in connection with the Closing.

 

“Code”
means the Internal Revenue Code of 1986, as amended, or any corresponding provision(s) of any succeeding law.

 

“Confidential Information”
means all information that is confidential, proprietary, or otherwise not generally available to the public and that is either (a) furnished
by or on behalf of Seller to Buyer or any Buyer Parties, or (b) is developed, discovered, determined, or otherwise made known to
or by Buyer or any Buyer Parties through, as a result of, or in connection with Buyer’s due diligence investigations of and regarding
the Property or any part thereof; and includes the contents and provisions of this Agreement (including without limitation the amount
of consideration being paid by Buyer for the Property) but does not include material or information that (a) was or becomes otherwise
known or available to Buyer, free of any other confidentiality obligations known to Buyer after reasonable inquiry, outside of this Agreement,
(b) is or becomes publicly available other than as a result of acts by Buyer or any Buyer Parties, (c) was known or in the possession
of Buyer or any Buyer Parties prior to its receipt from Seller or (d) was independently developed by Buyer or any Buyer Parties without
reliance on the Confidential Information. Confidential Information provided to a Lender which is currently a lender to Seller with respect
to one or more Sites shall not be deemed to be Confidential Information and instead shall be governed by the terms of the applicable loan
documents.

 

“Contracts”
means all Work Contracts, service contracts, maintenance contracts, site equipment leases, and like contracts and agreements entered into
by Seller relating to the day-to-day operation of the Real Property (including any amendments thereto), but as used in this Agreement
the term “Contracts” excludes the Leases, any Broker Listing Agreements, Property Management Agreements, and Related Agreements.

 

“Control”
means, with respect to any Person, the possession, directly or indirectly, of the power to direct the management and policies of such
Person, whether through ownership, voting control, by contract or otherwise.

 

“Delayed Closing
Site” has the meaning set forth in Section 5.1 of this Agreement.

 

“Deposit”
means the amount of money specified as such in the Summary of Terms, but only to the extent such amount has been deposited by Buyer with
Escrow Agent.

 

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“Diligence Materials”
means the documents and other materials and information regarding the Property provided by or on behalf of Seller or any Seller Party
to Buyer or any Buyer Party to assist with Buyer’s evaluation and acquisition of the Property, including the Seller Deliveries.

 

“Diligence Period”
means the period ending at 5:00 p.m. MST on the Effective Date.

 

“Earnout Income”
means all rental and other revenue generated by any New Lease or Earnout Lease for the first twelve (12) months following the rent commencement
date thereunder, including reimbursement of Taxes, insurance, utilities, repairs, maintenance and management fees, without deduction for
any rent abatement or similar concessions. Notwithstanding anything to the contrary contained herein, in the event that any such New Lease
or Earnout Lease demises all or any portion of the space previously demised under an Existing Lease that is terminated in accordance with
the second sentence of Section 3.5 hereof, then the Earnout Income associated with such New Lease or Earnout Lease shall be adjusted
to deduct therefrom the amount of rental and other revenue that would have been payable during the applicable twelve month period had
such Existing Lease not been terminated.

 

“Environmental Laws”
means any Law relating to pollution, protection of human or worker health and safety (as it relates to exposure to Hazardous Materials)
or to the use, manufacture, distribution, storage, transport, reporting, disposal or release of, or exposure to, Hazardous Materials.

 

“Escrow Agent”
means the entity specified as such in the Summary of Terms, and any successor thereto.

 

“Escrow Instructions”
means the escrow instructions attached as Exhibit F to, and incorporated as a part of, this Agreement, as amended or otherwise
modified from time to time as provided for therein.

 

“Evergreen Detention
Pond Site” means the Site owned by the Selling Entity, Cole DET Evergreen IL, LLC, which is adjacent to the Site commonly known
as Evergreen Market and containing a detention pond, which Evergreen Detention Pond Site shall, together with such Evergreen Market Site,
be treated as a single Site for all purposes under this Agreement, including without limitation designation of a Site as an Excluded Site
or a Supplemental Excluded Site.

 

“Existing Leases”
means, for each Site, the written lease agreements identified on the rent roll attached to this Agreement as Schedule A-1 (the “Rent
Roll”), including any existing written amendments, written supplements, or written guaranties relating thereto.

 

“Exchange Act”
means the Securities Exchange Act of 1934.

 

“Final Closing”
means the last Closing that occurs pursuant to this Agreement.

 

“Governmental Authority”
means any federal, state, county or municipal government or political subdivision; any governmental agency, authority, board, bureau,
commission, department, instrumentality, or public body; any court or administrative tribunal; or any Person serving in an official or
representative capacity for any of the foregoing.

 

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“Hazardous Materials”
means materials, wastes, or substances that are (a) regulated, or classified as “hazardous substances,” “hazardous
materials,” “toxic substances,” “toxic pollutants,” “hazardous waste,” or like terms under federal,
state or local Environmental Laws; (b) petroleum products (other than as may be present at the Property in the ordinary course of
its operation or business); (c) asbestos or asbestos-containing materials; (d) toxic mold in quantities harmful to human health;
or (e) polychlorinated biphenyls.

 

“Improvements”
means, for each Site, all buildings, improvements and fixtures (other than fixtures owned (or removable, in accordance with the terms
of the applicable Tenant’s Lease) by a Tenant of such Site or any third party) located on the Land for such Site together with all
rights of Seller in and to the rights, privileges and appurtenances pertaining thereto.

 

“Initial Closing”
means the first Closing that occurs pursuant to this Agreement.

 

“Intangible Property”
means, collectively for each Site, (i) the rents and other sums due to Seller under the Leases, and (ii) any unapplied Security
Deposits, and (iii) only to the extent transferable, all of Seller’s right, title and interest in and to any intangible property
owned by its Selling Entity and relating solely and specifically to such Site, including any transferable licenses, warranties and guaranties
issued to Seller in connection with the Improvements and the Personal Property, Permits, certificates of occupancy, entitlements, Contracts,
all Related Agreements, and all plans and drawings, if any.

 

“Land”
means, for each Site, the fee simple parcel(s) of land described in the Seller Title Policy for such Site, together with all appurtenances,
rights, privileges and easements pertaining thereto, but subject to any changes that may have occurred with respect to such parcel(s) or
appurtenances since the time of Seller’s acquisition thereof (for example, but without limitation, a condemnation removing a portion
of such parcel, a replatting, or an easement right being granted or received appurtenant thereto).

 

“Landlord”
means, for any Site at any given point in time, the Person that owns such Site and thus is acting as the landlord or lessor under the
Leases for such Site at such point in time.

 

“Laws”
means all applicable federal, state, county or municipal statutes, codes, ordinances, laws, rules or regulations.

 

“Lease”
means any individual Existing Lease or New Lease.

 

“Leases”
means, collectively, all Existing Leases and all New Leases.

 

“Leasing Costs”
means collectively, (i) any payments required under a Lease to be paid by the Landlord to or for the benefit of the applicable Tenant
which are in the nature of a tenant inducement, including without limitation capital improvement and base building costs, tenant improvement
costs, and any tenant allowances, payments or reimbursements, that the Landlord is required to pay or provide under the terms of a Lease
or amendment thereto, including “free rent” periods or other inducements; (ii) any leasing commissions payable by the
Landlord in connection with a Lease or any amendment thereto pursuant to a Broker Listing Agreement; and (iii) all costs and expenses
incurred by the Landlord in connection with the negotiation, execution and delivery of such Lease, including, without limitation, space
planning and design costs, legal and professional fees.

 

“Lender”
means a lender utilized by Buyer to provide financing in connection with Buyer’s acquisition of the Property. For the avoidance
of doubt, this shall include any existing lender in connection with a Loan Assumption.

 

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“Loan Site”
means a Site that is encumbered by a Mortgage.

 

“Major Tenant”
means any Tenant (a) occupying premises greater than 25,000 leasable square feet of floor area in any Site, and/or (b) contributing
under its Lease more than ten percent (10%) of the gross Rent for the Site at which it is a Tenant, measured during the first twelve (12)
months following the Closing Date for such Site (including expense reimbursements).

 

“Mortgage”
means any mortgage, deed of trust, deed to secure debt, or similar security instrument that was voluntarily placed upon such Site or assumed
in writing by Seller, and secures financing obtained by Seller that is currently outstanding with respect to such Site and is required
to be secured by such Site, and including without limitation any such financing which Seller either assumed or took title “subject
to” (and that was not paid off or released) when Seller acquired the Site.

 

“New Lease”
means any written lease agreements encumbering any Site procured by Seller after the Effective Date in accordance with the terms of this
Agreement, including without limitation any such written agreements with new Tenants and any renewal, expansion, or relocation agreements
or modifications with existing Tenants on terms other than are expressly granted to the subject Tenant under its Existing Lease, and also
including any written amendments, supplements, or guaranties relating to any of the foregoing as and to the extent made in accordance
with the terms of this Agreement.

 

“Obligations Surviving
Termination” means those provisions of this Agreement that either expressly require conduct or performance following, or are
expressly stated to survive, a termination of this Agreement prior to the Final Closing.

 

“Permit”
means, collectively, all permits, licenses, approvals and authorizations issued by any Governmental Authority to Seller in connection
with any Site.

 

“Permitted Assignee”
means any Person that directly controls Buyer or is directly controlled by Buyer.

 

“Person”
means any individual, partnership, joint venture, corporation, trust, limited liability company, unincorporated association, or other
entity and any government or any department or agency thereof, whether acting in an individual, fiduciary or other capacity.

 

“Personal Property”
means, for each Site, all equipment, machinery, furniture, fittings, apparatus, appliances, furnishings, and other tangible personal property
owned by its Selling Entity as of the Effective Date or acquired by its Selling Entity prior to the applicable Closing and located within
or upon the Real Property, if any; provided, that for additional clarity the term “Personal Property” expressly excludes the
property owned by any Tenant occupying space in the Site and any property owned by any utilities company, property management company,
or other third party.

 

“Property”
means, collectively, all right, title and interest of Seller in and to each Site.

 

“Property Management
Agreement” means a written agreement entered into between a Selling Entity and a services provider pursuant to which such services
provider performs property management activities for the Selling Entity with respect to the Site(s) specified therein.

 

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“Purchase Price”
means the purchase price for the Property specified in the Summary of Terms, subject to adjustment as expressly set forth in this Agreement.

 

“Real Estate Taxes”
means all real estate Taxes and assessments applicable to the Real Property for the applicable period of calculation, including all installments
of special Taxes or assessments.

 

“Real Property”
means, for each Site, the Land and the Improvements.

 

“Related Agreement”
means, for a Site, an agreement ancillary to the ownership, use or occupancy of such Site that is not recorded but is generally intended
to be transferred to a new owner if the ownership of a Site changes, which term is intended to include (for example but not by way of
limitation) a telecommunications license or access agreement, a billboard lease, and any other such ancillary agreement to which the Selling
Entity may be a direct or successor party, but excluding any Leases, Contracts, Broker Listing Agreements, or Property Management Agreements.

 

“Restricted Person”
means any Person, group, or nation that is (a) named by any Executive Order, the United States Treasury Department, or other Governmental
Authority as a terrorist, “Prohibited Person” or “Specially Designated National and Blocked Person;” (b) named
as a Person, group, or nation that is banned, blocked, prohibited, or restricted pursuant to any law that is enforced or administered
by the Office of Foreign Assets Control; or (c) acting in violation of Executive Order No. 13224, the Patriot Act, or any other
Laws relating to terrorism or money laundering.

 

“ROFR”
means any right of first offer, right of first refusal or similar preemptive right to purchase with respect to any Site (or portion thereof),
which right, if not waived (or deemed waived) by the holder thereof prior to the Closing, would be exercisable in connection with the
transaction contemplated under this Agreement.

 

“Securities Act”
means the Securities Act of 1933, as amended.

 

“Security Deposits”
means any and all security deposits, guaranties, letters of credit and other similar credit enhancements providing additional security
for any Leases and in Seller’s possession or control or for which Seller is responsible under the Leases.

 

“Seller Deliveries”
means, for each Site, the information and documents contained in the electronic diligence “war room(s)” or website(s) listed
on Schedule B attached to this Agreement as of the Effective Date, to which Buyer and the Buyer Parties will be provided access in connection
with this Agreement.

 

“Seller Party”
means Seller, its Affiliates, Seller’s property and asset managers, any lender to Seller, the partners, trustees, shareholders,
members, managers, controlling persons, directors, officers, attorneys, employees and agents of each of them, and their respective heirs,
successors, personal representatives, and assigns, each being a “Seller Party” and collectively being the “Seller
Parties.”

 

“Seller Title Policy”
means the policy of title insurance insuring a Selling Entity’s interest in the related Site, which policy is to be included in
the Seller Deliveries applicable to such Site.

 

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“Site”
means all right, title and interest of a Selling Entity in and to the Real Property, Personal Property and Intangible Property owned thereby,
and all of such Selling Entity’s right, title and interest in, to and under the related Leases arising from and after the Closing
Date.

 

“Supplemental Excluded
Site” has the meaning set forth in Section 1.6 of this Agreement.

 

“Survey”
means, collectively, any existing survey of the Real Property of a Site that is included in the Seller Deliveries and any new or updated
survey of the Real Property of a Site that is obtained by Buyer.

 

“Taxes”
means any federal, state, local or foreign real property, personal property, sales, use, room, occupancy, ad valorem or similar taxes,
assessments, levies, charges or fees imposed by any governmental authority on Seller with respect to each Site (or any portion thereof),
including any interest, penalty or fine with respect thereto, but expressly excluding any federal, state, local or foreign income, capital
gain, gross receipts, capital stock, franchise, profits, estate, gift or generation skipping tax, transfer, documentary stamp, recording
or similar tax, levy, charge or fee incurred with respect to the transactions contemplated herein.

 

“Tenant”
means a direct tenant of a portion of a Site under such Tenant’s Lease.

 

“Title Company”
means Escrow Agent when acting or referred to in its capacity as the title insurance provider for this transaction, with twenty percent
(20%) co-insurance from Chicago Title Insurance Company, it being agreed and acknowledged that First American Title Insurance Company
shall act as the lead title company and handle all closing-related matters pursuant to this Agreement and that Chicago Title Insurance
Company agrees to a so-called “same-as” underwriting arrangement, accepting all underwriting determinations made by First
American Title Insurance Company, agreeing to accept and approve all title commitments and pro forma policies issued by First American
Title Insurance Company and to issue title insurance policies identical in form (other than the insured amount) as is issued by First
American Title Insurance Company and agreeing to accept for closing all documents accepted by First American Title Insurance Company (such
as seller’s certificates, FIRPTA’s, resolutions and consents.

 

“Trading Day”
means any day on which the New York Stock Exchange is open of trading.

 

“Transaction Fee”
means the amount of money specified as such in the Summary of Terms.

 

“Treasury Regulations”
means the U.S. Department of the Treasury regulations promulgated under the Code.

 

“Work Contracts”
means each contract or agreement entered into by a Selling Entity with respect to completion of tenant improvement work or base building
work in accordance with a Lease or with respect to completion of other construction and capital improvement projects at a Site, including,
without limitation, agreements with architects, engineers and other design professionals.

 

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Article 1

PURCHASE AND SALE OF THE PROPERTY

 

Section 1.1         Purchase
and Sale. Subject to the provisions, terms, covenants and conditions set forth in this Agreement, Seller agrees to sell to Buyer,
and Buyer agrees to purchase from Seller, all of Seller’s right, title and interest in and to the Property, but specifically excluding
any (a) rights to use any legal or trade names of Seller or any of Seller’s Affiliates in any manner (but specifically including
the rights (including trademarks) to use the names of the Sites as presently constituted), (b) insurance, indemnity, or other Claims
or rights of Seller under or with respect to the Leases, Contracts, Related Agreements, or Property relating to Seller’s ownership
of the subject Property prior to the Closing on that Property (but specifically including (i) subject to Section 3.2 hereof,
Casualty insurance claims applicable to a Site being conveyed at an applicable Closing and (ii) subject to Section 5.4 hereof,
Claims of a continuing nature related to a Site being conveyed at an applicable Closing (e.g., a continuing Tenant default under a Lease
assumed by Buyer pursuant to this Agreement in connection with the applicable Closing)), and (c) any Sites that are excluded from
the sale under this Agreement after the Effective Date pursuant to the provisions of this Agreement providing for such potential exclusion.

 

Section 1.2         Purchase
Price; Deposit. At each applicable Closing, as to each Site subject to such Closing, Buyer will pay the Allocated Purchase Price corresponding
to each such Site as described in this Section 1.2. All payments to be made in cash pursuant to the terms of this Section 1.2
will be made in immediately available funds delivered into escrow with the Escrow Agent.

 

(a)          Buyer
will deliver the Deposit within two (2) Business Days following the Effective Date. Escrow Agent will place the Deposit in a federally
insured account on behalf of Seller and Buyer. Buyer will instruct Escrow Agent whether Buyer elects to have such account be interest-bearing.
Any interest earned on the Deposit shall in all events belong solely to Buyer and shall be paid to Buyer regardless of the ultimate disposition
of the Deposit, and accordingly all references to the “Deposit” in this Agreement exclude any interest that may be earned
thereon.

 

(b)            The
Deposit will be applied as follows: (i) if Buyer terminates this Agreement when Buyer is expressly entitled to do so as provided
in this Agreement, then the Deposit (less the Transaction Fee, as provided below) will be returned to Buyer; (ii) if any portion
of the Deposit is to be received by Seller as provided in this Agreement, then such portion of the Deposit will be credited to Buyer and
paid to Seller (unless being paid to Seller pursuant to Section 6.2 below in which case the Deposit will be paid to Seller without
credit to Buyer); and (iii) if and when the Final Closing occurs, then subject to the provisions of Section 5.1 below, the remaining
balance of the Deposit will be credited to Buyer, applied against the Allocated Purchase Price payable at such Closing, and paid to Seller
at the Final Closing.

 

(c)            Seller
shall receive in cash the Purchase Price less the portion thereof delivered in equity consideration pursuant to the following clause (d).
Buyer will deliver the cash portion of the Purchase Price, as adjusted for any Deposit amount applied thereto and any prorations, credits
and adjustments to be made pursuant to the terms of this Agreement, including, for the avoidance of doubt, any credit in connection with
a Loan Assumption pursuant to Section 1.9(g), in immediately available funds to the Escrow Agent, except as set forth below in Section 1.2(d),
not later than the Closing Date, to be paid to Seller at Closing; provided that if there is more than one (1) Closing, Buyer is only
obligated to pay at any one (1) Closing such of the cash portion of the Purchase Price as is required to fully fund Buyer’s
obligations for the subject Closing.

 

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(d)          Equity
Consideration.

 

(i)            Seller
shall receive $53,388,192, in the aggregate, of the Purchase Price either in (i) OP Units (as defined below), the number of which
is determined pursuant to Section 1.2(d)(iv) (the amount of the Purchase Price to be paid by the issuance of OP Units, the “OP
Balance”) or (ii) unregistered shares of AFIN Common Stock (as defined below), the number of which is determined pursuant
to Section 1.2(d)(v) (the amount of the Purchase Price to be paid by the issuance of AFIN Common Stock, the “Common
Stock Balance”); provided that to the extent that the OP Balance or the Common Stock Balance, as applicable, in each
case tested at each applicable Closing, would result in an issuance of greater than 4.90% (the “Equity Issuance Cap”)
of AFIN Common Stock to Seller (on a fully diluted basis), then the amount of the OP Balance or the Common Stock Balance, as applicable,
shall be reduced such that the Equity Issuance Cap is not exceeded and the amount of such reduction shall be paid to Seller in cash; provided,
further, that the Purchase Price shall be paid in cash in lieu of OP Units or AFIN Common Stock (less the amount of any prorations,
credits and adjustments in accordance herewith, including, for the avoidance of doubt, any credit in connection with a Loan Assumption
pursuant to Section 1.9(g)) (1) if the proposed issuance of OP Units or AFIN Common Stock otherwise would violate any applicable
federal or state securities laws, rules or regulations, or any agreements to which AFIN Buyer or AFIN (as defined below) is a party,
or any tax related or other legal rules, regulations or constraints applicable to AFIN Buyer or AFIN or (2) at Buyer’s option,
if Seller shall fail to deliver any material documents reasonably requested by Buyer with respect to the issuance of OP Units or AFIN
Common Stock.

 

(ii)            For
the avoidance of doubt, Seller may only choose to receive either the OP Units or the AFIN Common Stock, and not both the OP Units and
the AFIN Common Stock at any particular Closing.

 

(iii)            Buyer
and Seller agree that the OP Balance or the Common Stock Balance, as the case may be, shall be paid in two (2) Closings, the Initial
Closing and the Remainder Closing (as hereinafter defined). The portion of the Allocated Purchase Price to be paid in either OP Balance
or Common Stock Balance shall be equal to (i) fifty percent (50%) of the OP Balance or Common Stock Balance at the Initial Closing,
but not to exceed twenty-five percent (25%) of the aggregate Allocated Purchase Price for all Sites subject to such Initial Closing, (ii) the
balance of the OP Balance or Common Stock Balance, as applicable, at a subsequent closing pursuant to which (x) an aggregate of not
less than fifty percent (50%) of the aggregate Allocated Purchase Price has been paid, taking into account all prior Closings, and (y) the
aggregate Allocated Purchase Price to be paid at such Closing is of sufficient size for the remaining balance of the OP Balance or the
Common Stock Balance to be paid (the “Remainder Closing”). Not later than five (5) Business Days prior to each
of the Initial Closing and the Remainder Closing, Seller shall deliver written notice to Buyer indicating the proportion of cash payment
and the OP Balance or the Common Stock Balance in which Seller elects to receive the Allocated Purchase Price for all Sites subject to
the respective Closing, and with respect to the OP Balance, identifying the applicable Site or Sites being contributed. Such written notice
shall be accompanied by a confirmation by Seller that it is an Accredited Investor as of the date of such notice, and that the Accredited
Investor questionnaire completed by Seller pursuant to Exhibit I below continues to be true, accurate and complete.

 

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(iv)            OP
Units. For the purposes of this Agreement, the term “OP Units” shall mean those Class A units of limited partnership
interests in AFIN Buyer in accordance with the OP Partnership Agreement (as defined below) and which are redeemable in accordance with
the terms of the OP Partnership Agreement at the option of the holder, for cash or, at the option of AFIN, shares of AFIN’s Class A
common stock, par value $0.01 per share (the “AFIN Common Stock”) that are unregistered, as further described in Section 8.04
of the Second Amended and Restated Agreement of Limited Partnership of American Finance Operating Partnership, L.P., dated as of July 19,
2018 (as amended, the “OP Partnership Agreement”).

 

The number of OP Units to be issued
on account of the OP Balance at each applicable Closing shall be equal to the quotient of (y) the OP Balance being paid on the respective
Closing Date divided by (z) the per share volume weighted average price of AFIN Common Stock measured over the five (5) consecutive
Trading Days immediately preceding (but not including) the date on which the written notice described in Section 1.2(d)(iii) above
is delivered to Buyer (the “Closing 5-Day VWAP”), and which number of OP Units shall be adjusted to reflect any OP
Unit split, reverse split, OP Unit dividend or other similar change to the OP Units and is subject to adjustment as provided in the OP
Partnership Agreement; provided that if the Closing 5-Day VWAP is (1) more than 7.5% greater than the per share volume weighted
average price of AFIN Common Stock measured over the ten (10) consecutive Trading Days immediately preceding (but not including)
the Effective Date (the “Signing 10-Day VWAP”), then the amount determined pursuant to this sub-clause (z) shall
be equal to 107.5% of the Signing 10-Day VWAP, and (2) more than 7.5% lower than the Signing 10-Day VWAP, then the amount determined
pursuant to this sub-clause (z) shall be equal to 92.5% of the Signing 10-Day VWAP. In lieu of delivery of fractional OP Units, AFIN
Buyer shall pay the amount of such fractional OP Units in cash to Seller.

 

To the extent that Seller receives any
of the Purchase Price in the form of OP Units, the Parties intend that the transfer of the applicable portion of the Property shall be
treated as a contribution of such portion of the Property by Seller to AFIN Buyer subject to Section 721(a) of the Code.

 

Seller has delivered to counsel to AFIN
Buyer prior to the execution of this Agreement the materials attached hereto as Exhibit I (the “Investor Materials”)
for Seller, providing, among other things, information concerning Seller’s status as an accredited investor (an “Accredited
Investor”) as such term is defined in Regulation D promulgated under the Securities Act. Seller understands it must maintain,
up to and including the date that Seller delivers notice pursuant to Section 1.2(d)(iii) and the date of the respective Closing,
in each case where OP Units shall constitute all or a portion of the consideration paid by AFIN Buyer to Seller, its status as an Accredited
Investor for AFIN Buyer to be able issue the OP Units and may not elect to receive any part of the Purchase Price in the form of OP Units
to the extent Seller is not an Accredited Investor at the time of such election or payment.

 

If Seller elects to receive OP Units,
at Closing Seller, AFIN Buyer, and AFIN, as the case may be, shall execute that certain (i) Recipient Agreement between AFIN Buyer,
AFIN and Seller in the form attached hereto as Exhibit J (the “Recipient Agreement”) and (ii) Joinder
Agreement to the OP Partnership Agreement between AFIN Buyer and Seller, in the form attached hereto as Exhibit K (the “Joinder”
and, together with the Recipient Agreement, the “OP Consideration Documents”).

 

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Seller acknowledges and agrees that
the ownership of OP Units by Seller and its rights and obligations as a limited partner in AFIN Buyer (including, without limitation,
the right to transfer, encumber, pledge or exchange OP Units) shall be subject to the limitations, provisions and restrictions herein,
and the further limitations, provisions and restrictions provided in the OP Partnership Agreement. Notwithstanding the foregoing, AFIN
Buyer agrees to waive the one-year period described in Section 8.04(a) of the OP Partnership Agreement with respect to any OP
Units issued to Seller pursuant to this Agreement.

 

In the event that any of the OP Units
issued to Seller pursuant to this Agreement are redeemed by AFIN in the form of AFIN Common Stock, the registration rights provided to
Seller pursuant to Section 1.2(d)(v) below shall apply to such AFIN Common Stock, provided however that the Registration Deadline
(defined below) shall not apply and AFIN agrees to procure the effectiveness of any registration statement filed by AFIN in connection
with this Section 1.2(d)(iv) within forty (40) calendar days of the redemption of Seller’s OP Units for AFIN Common Stock;
provided that the redemption has not occurred earlier than the Registration Deadline that would have applied had Seller selected AFIN
Common Stock, in which case the applicable Registration Deadline shall apply.

 

(v)            AFIN
Common Stock. The number of shares of AFIN Common Stock to be issued on account of the Common Stock Balance at each applicable Closing
shall be equal to the quotient of (y) the Common Stock Balance being paid on the respective Closing Date divided by (z) the
Closing 5-Day VWAP and which number of shares shall be adjusted to reflect any stock split, reverse split, stock dividend or other similar
change to the AFIN Common Stock and; provided that if the Closing 5-Day VWAP is (1) more than 7.5% greater than the Signing
10-Day VWAP, then the amount determined pursuant to this sub-clause (z) shall be equal to 107.5% of the Signing 10-Day VWAP, and
(2) more than 7.5% lower than the Signing 10-Day VWAP, then the amount determined pursuant to this sub-clause (z) shall be equal
to 92.5% of the Signing 10-Day VWAP. In lieu of delivery of fractional shares of AFIN Common Stock, AFIN shall pay the amount of such
fractional shares of AFIN Common Stock in cash to Seller.

 

AFIN agrees, as soon as reasonably practicable
after each applicable Closing and in no event later than 5:30 p.m. (New York) on the date that is seventy-five (75) days after such
Closing (the “Registration Deadline”), to procure the effectiveness of a registration statement on Form S-3 (a
 “Registration Statement”) or file a prospectus supplement to AFIN’s existing shelf registration statement (a
 “Prospectus Supplement” and “Existing Registration Statement”, respectively) with the Securities
and Exchange Commission (the “SEC”)) to register the resale by Seller of any AFIN Common Stock issued to Seller pursuant
to this Agreement at such Closing; provided, however, that if the Remainder Closing occurs before the end of the 75-day period following
the Initial Closing, the Registration Statement or Prospectus Supplement filed in connection with the Initial Closing shall include the
AFIN Common Stock issued at the Remainder Closing. If the Registration Statement is not declared effective or the Prospectus Supplement
is not filed, as applicable, by the Registration Deadline, AFIN shall, within ten (10) Business Days of such Registration Deadline,
repurchase the AFIN Common Stock issued to Seller pursuant to this Agreement at such Closing from Seller for cash at the same price per
share of AFIN Common Stock as determined pursuant to the first paragraph of this Section 1.2(d)(v), and the Parties agree that such
price shall be paid as liquidated damages.

 

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AFIN shall use its reasonable best efforts
to cause the Registration Statement or the Existing Registration Statement, as applicable, to be continuously effective until the AFIN
Common Stock covered thereby (i) has been sold pursuant to the Registration Statement, (ii) has been sold under circumstances
in which all of the applicable conditions of Rule 144 (or any similar provisions then in force) under the Securities Act are met;
or (iii) in the opinion of counsel to AFIN, could be sold under Rule 144, or any successor rule thereto. AFIN agrees to
cooperate with Seller, Seller’s counsel and any permitted transferee to remove the restrictive legends relating to the AFIN Common
Stock, including but not limited to providing such legal opinion as may be required by the transfer agent.

 

At any time following the effectiveness
of the Registration Statement or filing of the Prospectus Supplement, as applicable, if AFIN’s management determines in its good
faith judgment, after consultation with counsel, that the use of the Registration Statement, including any post-effective amendment thereto,
or the use of any prospectus contained in such Registration Statement or the use the Prospectus Supplement would require the disclosure
of important information that AFIN has a bona fide business purpose for preserving as confidential or the disclosure of which would impede
AFIN’s ability to consummate a significant transaction, or if AFIN has otherwise imposed a black-out for the release of earnings
or otherwise, upon written notice of such determination by AFIN, the rights of Seller to offer, sell or distribute its AFIN Common Stock
pursuant to such Registration Statement, prospectus or Prospectus Supplement or to require AFIN to take action with respect to the registration
or sale of any shares of AFIN Common Stock pursuant to the Registration Statement or Prospectus Supplement (including any action contemplated
by this paragraph) will be suspended until the date upon which AFIN notifies Seller in writing that suspension of such rights for the
grounds set forth in this paragraph is no longer necessary. Notwithstanding the foregoing, AFIN may not suspend such rights within one
hundred eighty (180) calendar days following the effectiveness of the Registration Statement or filing of the Prospectus Supplement (the
 “Initial Resale Period”) for any event or business purpose other than AFIN’s quarterly or annual release of
earnings, nor may AFIN suspend such rights for more than forty (40) calendar days in connection with its quarterly or annual release
of earnings or in the aggregate for more than one hundred twenty (120) calendar days in any 12-month period. If any suspension occurs
within the Initial Resale Period for any event or business purpose other than AFIN’s quarterly or annual release of earnings, or
if the suspension lasts for more than forty (40) calendar days or in the aggregate there have been suspensions of more than one hundred
twenty (120) calendar days in any 12-month period, (an “Impermissible Suspension”), then, unless waived by Seller
pursuant to Section 7.12 below, AFIN shall, within ten (10) Business Days of the Impermissible Suspension, repurchase the AFIN
Common Stock subject to such Impermissible Suspension from Seller by paying cash designated by Seller, or (in the event wire instructions
are not provided by Seller within seven (7) days thereof) by check sent to Seller at the address set forth above, in an amount equal
to the same price paid for the applicable shares of AFIN Common Stock (the “Repurchase Obligation”), and the Parties
agree that such price shall be paid as liquidated damages. Following the Initial Resale Period, Seller shall not be entitled to further
remedies in connection with any suspension described in this paragraph.

 

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In the case of the registration of any
underwritten equity offering proposed by AFIN following the Initial Resale Period (other than any registration by AFIN on Form S-8,
or a successor or substantially similar form, of (A) an employee share option, share purchase or compensation plan or of securities
issued or issuable pursuant to any such plan or (B) a dividend reinvestment plan), Seller agrees, if requested in writing by the
managing underwriter or underwriters administering such offering, not to effect any offer, sale or distribution of shares of AFIN Common
Stock (or any option or right to acquire shares of AFIN Common Stock) during the period commencing on the tenth day prior to the expected
effective date (which date shall be stated in such notice) of the registration statement covering such underwritten primary equity offering
or, if such offering shall be a “take-down” from an effective shelf registration statement, the tenth day prior to the expected
commencement date (which date shall be stated in such notice) of such offering, and ending on the date specified by such managing underwriter
in such written request to Seller; provided, however, that Seller shall not be required to agree not to effect any offer, sale or distribution
of its shares of AFIN Common Stock for a period of time that is longer than the greater of one hundred twenty (120) days or the period
of time for which any senior executive of AFIN is required so to agree in connection with such offering.

 

Seller agrees to expeditiously deliver
to both Paul, Weiss, Rifkind, Wharton & Garrison LLP and Proskauer Rose LLP all information that such counsel reasonably deems
necessary or expedient for the registration of sale of the AFIN Common Stock under the Securities Act.

 

AFIN shall pay all expenses in connection
with the filing of the Registration Statement or the Prospectus Supplement. AFIN shall, and hereby does, indemnify and hold harmless each
Seller Party, the officers, directors, members, partners, agents, brokers, investment advisors and employees (and any other Persons with
a functionally equivalent role of a Seller Party holding such titles, notwithstanding a lack of such title or any other title) of each
of them, each Person who controls any such Seller Party (within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act) and the officers, directors, members, stockholders, partners, agents and employees (and any other Persons with a
functionally equivalent role of a Person holding such titles, notwithstanding a lack of such title or any other title) of each such controlling
Person, to the fullest extent permitted by applicable law, from and against any and all losses, claims, damages, liabilities, costs (including,
without limitation, reasonable attorneys’ fees) and expenses (collectively, “Losses”), as incurred, arising out
of or relating to (1) any untrue or alleged untrue statement of a material fact contained in the Registration Statement (including
the prospectus), the Prospectus Supplement, or in any amendment or supplement thereto, or arising out of or relating to any omission or
alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the case of any prospectus
or supplement thereto, in light of the circumstances under which they were made) not misleading or (2) any violation or alleged violation
by AFIN of the Securities Act, the Exchange Act or any state securities law, or any rule or regulation thereunder, in connection
with the performance of its obligations under this Agreement, except to the extent, but only to the extent, that such untrue statements
or omissions are based solely upon information regarding such Seller Party furnished in writing to AFIN by such Seller Party expressly
for use therein or in connection therewith, or to the extent that such information relates to such Seller Party or such Seller Party’s
proposed method of distribution of registrable securities and was reviewed and expressly approved in writing by such Seller Party expressly
for use in the Registration Statement (including the prospectus), the Prospectus Supplement, or in any amendment or supplement thereto
or in any amendment or supplement thereto. AFIN shall notify the Seller Parties promptly of the institution, threat or assertion of any
proceeding arising from or in connection with the transactions contemplated by this Agreement of which AFIN is aware. Such indemnity shall
remain in full force and effect regardless of any investigation made by or on behalf of such indemnified person and shall survive the
transfer of any registrable securities by any of the Seller Parties in accordance herewith.

 

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Each Seller Party shall, and hereby
does, severally and not jointly, indemnify and hold harmless AFIN, and each officer and director of AFIN who has signed the Registration
Statement, any other registration statement or amendment, and each Person who controls AFIN (within the meaning of Section 15 of
the Securities Act or Section 20 of the Exchange Act), to the fullest extent permitted by applicable law, from and against any and
all Losses, as incurred, arising out of or relating to any untrue or alleged untrue statement of a material fact contained in the Registration
Statement (including the prospectus), the Prospectus Supplement, or in any amendment or supplement thereto, or arising out of or relating
to any omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein (in the
case of any prospectus or supplement thereto, in light of the circumstances under which they were made) not misleading, but only to the
extent, that such untrue statements or omissions are based solely upon information regarding such Seller Party furnished in writing to
AFIN by such Seller Party expressly for use therein or in connection therewith, or to the extent that such information relates to such
Seller Party’s proposed method of distribution of registrable securities and was reviewed and expressly approved in writing by such
Seller Party expressly for use in the Registration Statement, the Prospectus Supplement, or any other registration statement or prospectus
or in any amendment or supplement thereto. Such indemnity shall remain in full force and effect regardless of any investigation made by
or on behalf of such indemnified person and shall survive the transfer of any registrable securities by any of the Seller Parties in accordance
herewith.

 

Seller has delivered to counsel to AFIN
prior to or concurrently with the execution of this Agreement the applicable Investor Materials attached hereto as Exhibit I
for Seller. Seller understands it must maintain, up to and including the date that Seller delivers notice pursuant to Section 1.2(d)(iii) and
the date of the respective Closing, in each case where AFIN Common Stock or OP Units shall constitute all or a portion of the consideration
paid by AFIN to Seller, its status as an Accredited Investor for AFIN to be able issue the AFIN Common Stock and may not elect to receive
any part of the Purchase Price in the form of AFIN Common Stock to the extent Seller is not an Accredited Investor at the time of such
election or payment.

 

If Seller elects to receive AFIN Common
Stock, at Closing Seller and AFIN, as the case may be, shall execute that certain Recipient Agreement between AFIN and Seller in the form
attached hereto as Exhibit J.

 

Seller acknowledges and agrees that
the ownership of AFIN Common Stock by Seller and its rights and obligations as a shareholder in AFIN shall be subject to the limitations,
provisions and restrictions provided in AFIN’s organizational documents.

 

(e)            The
Transaction Fee is the independent consideration for the execution of this Agreement by Seller, the provision of the Diligence Period
by Seller to Buyer, and the “opportunity costs” to Seller of holding the Property off the market and making the same available
to Buyer while the transactions contemplated with Buyer under this Agreement are pending, rather than pursuing other sale, finance, or
other options with respect thereto. Buyer agrees that the Transaction Fee is reasonable and duly earned consideration to Seller in light
of the benefits to be received by Buyer and the costs to be sustained by Seller as a result of the execution of this Agreement, regardless
of the duration of the contemplated transaction or whether any Closing occurs under this Agreement, and accordingly the Transaction Fee
is bona fide consideration being paid to Seller, and does not constitute damages or a penalty of any sort being assessed against Buyer
should Closing not ultimately occur pursuant to this Agreement. Accordingly, upon any termination of this Agreement prior to the Initial
Closing, if the Deposit is to be returned to Buyer as a result of such termination, the Transaction Fee will first be deducted from the
Deposit and paid by Escrow Agent to Seller. The Transaction Fee is earned by Seller as of the Effective Date of this Agreement and is
non-refundable in all events, and any reference in this Agreement to a return of the Deposit to Buyer will mean such amount “less
the Transaction Fee;” provided, however, that if the Final Closing occurs, the Transaction Fee will be included in the Deposit amount
credited to Buyer and applied to the Purchase Price as provided above.

 

    	Agreement of Purchase and Sale 
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Section 1.3         Escrow
Instructions. This Agreement, including the Escrow Instructions, will constitute the instructions for the Escrow Agent’s handling
of the purchase and sale transaction contemplated herein. Seller and Buyer will execute such supplemental escrow instructions as may reasonably
be required by Escrow Agent to enable Escrow Agent to comply with the terms of this Agreement. If any conflict exists between this Agreement
and the provisions of any supplemental escrow instructions, the terms of this Agreement will control unless a contrary intent is expressly
indicated in the supplemental instructions and such supplemental instructions are signed by both Buyer and Seller.

 

Section 1.4         ROFR.
Seller and Buyer acknowledge and agree that certain Tenants pursuant to a Lease, have a ROFR that is triggered by an offer or agreement
by Seller to sell the related Site to Buyer (each Tenant with a ROFR, a “ROFR Tenant”), each ROFR and ROFR Tenant being
identified as such on Schedule 1.4 attached hereto. Any obligations of Seller under this Agreement to sell any Site that is subject
to a ROFR are subject to the rights of the related ROFR Tenant with respect to such ROFR, such that the execution of this Agreement by
Seller and Buyer does not (and is not intended by the Parties to) cause a breach of such ROFR Tenant’s Lease, or a violation of
or interference with such Tenant’s ROFR. If not delivered prior to the execution of this Agreement, then not later than five (5) Business
Days after the Effective Date, Seller will provide each ROFR Tenant with a notice with respect to the proposed sale of its Site (a “ROFR
Notice”) pursuant to this Agreement in substantially the manner required under such ROFR Tenant’s Lease (or in such manner
as may otherwise be acceptable to such ROFR Tenant). Seller shall simultaneously send a copy of each ROFR Notice to Buyer and shall promptly
forward to Buyer any response received from a ROFR Tenant in connection with any ROFR Notice. If any such ROFR Tenant timely and properly
exercises its ROFR with respect to a Site, such Site will be designated as a “ROFR Excluded Site” and excluded from
the sale under this Agreement. Seller will give Buyer prompt notice of any Site that becomes a ROFR Excluded Site, and thereupon Schedule
A will be amended by the Parties to remove the ROFR Excluded Site from the Property being purchased and sold under this Agreement,
the Purchase Price will accordingly be reduced by the Allocated Purchase Price corresponding to such ROFR Excluded Site, and thereafter
the Parties will have no further rights or obligations under this Agreement with respect to the ROFR Excluded Site, except for any Obligations
Surviving Termination relating to such ROFR Excluded Site. If a ROFR Tenant does not timely and properly exercise a ROFR in accordance
with the terms of its Lease (a “ROFR Failure”), or a ROFR Tenant gives Seller written notice of such ROFR Tenant’s
election not to exercise its ROFR with respect to the proposed sale under this Agreement (a “ROFR Waiver”), the transaction
contemplated by this Agreement will proceed with respect to such Site, subject to the other terms and conditions of this Agreement. It
is a condition precedent to Buyer’s obligation to close on a Site that is subject to a ROFR that Seller has provided either written
notice to Buyer that a ROFR Failure has occurred or a ROFR Waiver Notice to Buyer with respect to such Site prior to such Closing. If
needed to reasonably accommodate the timeline for addressing a ROFR or receiving a ROFR Waiver Notice for any Site that is subject to
a ROFR, Seller may designate such Site as a Delayed Closing Site for up to sixty (60) days. If required pursuant to applicable Laws and/or
by the Title Company in connection with notation in an applicable title policy that an applicable ROFR was waived in connection with the
transfer by Seller to Buyer, and, provided that a written waiver is required by the applicable Lease and, provided further, that the applicable
Lease requires such written waiver to be in recordable form, each such ROFR Waiver shall be in recordable form acceptable to the applicable
locality’s recording office and the Title Company.

 

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Section 1.5         Exclusion
of Sites for Diligence Matters. Subject in all events to the Diligence Exclusion Limit as defined in Section 1.5(c) below,
Buyer will have the right to exclude one or more of the Sites from the sale under this Agreement as expressly set forth in this Section 1.5
(each, an “Excluded Site”) without terminating this Agreement in its entirety pursuant to Section 2.1 below. A
Site may be designated as an Excluded Site only if it is subject to one or more of the following exclusion conditions (each, an “Exclusion
Condition”): (A) (1) title to the Site is subject to one or more Title Objection Matters (as defined in Section 2.2(b))
that cannot be cured or removed from title (Buyer hereby acknowledging and agreeing that omission of the Title Objection Matter as an
exception to Buyer’s title policy or issuance of affirmative insurance (at Seller’s cost and in form and substance reasonably
acceptable to Buyer) over such a Title Objection Matter via endorsement to the applicable owner’s policy of title insurance issued
by Title Company shall constitute a “cure”) and that a reasonable, experienced third-party institutional buyer or lender would
conclude render title unmarketable (a “Title Defect”); (2) an ASTM 1327-13 Phase I environmental site assessment
performed by a reputable consultant engaged by Buyer identified a Recognized Environmental Condition or concludes that Hazardous Materials
are reasonably likely to be present at the Site in violation of applicable Laws and (w) such condition would, absent remediation,
cause a reasonable, experienced third-party institutional insurer, buyer or lender not to insure, purchase or finance (as the case may
be) such Site (a “Remediation Requirement”), and (x) completing such Remediation Requirement is not the sole responsibility
of one or more Tenants under their applicable Leases or the sole responsibility of one or more prior owners of such Site (Buyer hereby
acknowledging and agreeing that an obligation of one or more Tenants or any prior owner of such Site to fully indemnify and hold harmless
Seller (and its successor owners of such Site) with respect to such Remediation Requirement shall constitute the “sole responsibility”
of such Tenant or prior owner); or (3) (y) the Site is in violation of applicable Law (including, for the avoidance of doubt,
any violation of applicable zoning requirements), and (z) the Landlord is responsible (absent an affirmative obligation or assumption
of such obligation by a Tenant under a Lease) to correct or remedy such violation (a “Violation of Laws Cure Requirement”)
and (B) as to a Remediation Requirement or Violation of Laws Cure Requirement only, the reasonably estimated out-of-pocket cost to
remediate, correct or remedy such issues at such Site (net of amounts required by any Lease to be paid by the corresponding Tenant), exceeds
the lesser of (i) $500,000.00, and (ii) five percent (5%) of the Allocated Purchase Price for the Site. Notwithstanding the
foregoing, in the event any Phase I recommends that an ASTM Phase II environmental study be performed, Section 2.3(c) below
shall apply to the affected Site.

 

(a)          To
designate a Site as an Excluded Site, Buyer must give Seller a specific written exclusion notice (each, an “Exclusion Notice”)
with respect to such Site not later than the expiration of the Diligence Period (except with respect to Exclusion Notices which are the
result of an update to any Title Commitment or Survey which reveals a Title Defect which was not revealed in any prior version of the
Title Commitment or Survey applicable to such Site, in which case Buyer shall have no fewer than five (5) days to review the same
and issue an Exclusion Notice as a result), which Exclusion Notice must include and provide (i) such information or documentation
as is reasonably required to explain and evidence the applicable Exclusion Condition; (ii) Buyer’s proposed, commercially reasonable
solution to cure, remedy, or otherwise resolve such Exclusion Condition (a “Resolution”), unless such a Resolution
is not reasonably believed to be achievable; and (iii) Buyer’s reasonably estimated dollar amount of either (x) the cost
to perform or obtain the Resolution of such Exclusion Condition (the “Estimated Cure Cost”), or (y) if there is
no Resolution, the value reduction to the Site if a Resolution of the Exclusion Condition is not performed or obtained (the “Value
Impact”). If Buyer desires to send an Exclusion Notice for a Title Defect, Buyer will designate such Site as an Excluded Site
in an Exclusion Notice separate and distinct from any Buyer Title Notice sent pursuant to Section 2.2 below.

 

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(b)            Seller
will, by written notice given to Buyer within ten (10) Business Days after receiving the subject Exclusion Notice, either (i) accept
the subject Site as an Excluded Site, or (ii) override Buyer’s designation by agreeing to either (x) itself perform or
obtain the Resolution proposed by Buyer prior to Closing on the Site, or (y) with respect to any Site for which the Estimated Cure
Cost or Value Impact, as applicable, can be reasonably determined by Buyer and Seller, credit Buyer at the Closing of such Site for either
the Estimated Cure Cost or the Value Impact (either of (x) or (y) being a “Seller Cure”). If the Site is
accepted as an Excluded Site by Seller as provided above, Schedule A will thereupon be amended by the Parties to remove the Excluded
Site from the Property being purchased and sold under this Agreement, the Purchase Price will accordingly be reduced by the Allocated
Purchase Price corresponding to such Excluded Site, and thereafter the Parties will have no further rights or obligations under this Agreement
with respect to the Excluded Site, except for any Obligations Surviving Termination relating to such Excluded Site. If the Site is not
accepted as an Excluded Site, Seller will provide or complete the Seller Cure prior to or at Closing, which Seller Cure shall be a condition
precedent to Buyer’s obligation to close on such Site(s) or, if the Seller Cure cannot reasonably be completed prior to the
scheduled Closing, Seller may designate such Site as a Delayed Closing Site provided that the Closing for such Site occurs no later than
September 30, 2022.

 

(c)            Regardless
of the number of conditions that Buyer may believe merit exclusion and regardless of the response of Seller to any Exclusion Notice, Buyer
may not designate any Sites as Excluded Sites to the extent that the total aggregate Allocated Purchase Price of all Excluded Sites so
designated would exceed $50,000,000 (the “Diligence Exclusion Limit”). The Diligence Exclusion Limit applies to the
total Allocated Purchase Price of Sites designated by Buyer, and not to the total value of Sites that are ultimately excluded as Excluded
Sites. For clarity, if Buyer designates or attempts to designate a Site as an Excluded Site and Seller overrides such designation by agreeing
to provide a Seller Cure, Buyer is not allowed to “replace” such Site by designating another Site as an Excluded Site
if the addition of such Site to all other Sites previously designated by Buyer as Excluded Sites would cause the Diligence Exclusion Limit
to be exceeded. If Buyer designates Sites in excess of the Diligence Exclusion Limit as Excluded Sites, any such additional Site designations
will be disregarded and automatically deemed void and of no effect (and if not reasonably severable, Buyer’s entire Exclusion Notice(s) including
such excess Sites will themselves be disregarded and automatically deemed void and of no effect).

 

Section 1.6         Supplemental
Excluded Sites. The term “Supplemental Excluded Site” means a Site that has been properly designated as such for
specified reasons under certain provisions of this Agreement providing for such designation, including without limitation as provided
in Sections 2.2, 2.3, 3.2, 3.3, 4.4, and 5.2. If a Site becomes a Supplemental Excluded Site as provided herein, Schedule A will
be amended by the Parties to remove the Supplemental Excluded Site from the Property being purchased and sold under this Agreement, the
Purchase Price will accordingly be reduced by the Allocated Purchase Price corresponding to such Supplemental Excluded Site, and thereafter
the Parties will have no further rights or obligations under this Agreement with respect to the Supplemental Excluded Site, except for
any Obligations Surviving Termination relating to such Supplemental Excluded Site. Notwithstanding the foregoing, if for any reason or
reasons the total aggregate Allocated Purchase Price of all Sites designated as Supplemental Excluded Sites exceeds $200,000,000, then
Buyer shall withdraw sufficient Sites (selected by Buyer) from the Supplemental Excluded Sites such that the threshold is no longer exceeded,
and designation of such withdrawn Sites shall be automatically deemed void and of no effect, and Buyer shall proceed to Closing on such
Sites.

 

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Section 1.7       All
or Nothing Purchase and Sale. Except as may be expressly provided to the contrary in this Agreement (including without limitation,
Sections 1.4, 1.5, 1.6, above and Sections 2.2, 3.2, and 3.3 below), this Agreement provides Buyer with the right to either purchase all,
or none, of the Property (and Seller the obligation to convey all of the Property) but does not give Buyer the right to purchase less
than all of the Property (or Seller the right to convey less than all of the Property), regardless of the reason.

 

Section 1.8         Intentionally
Omitted.

 

Section 1.9        Existing
Financing. Buyer acknowledges that certain of the Sites are Loan Sites and that in order to proceed to Closing on a Loan Site, either
the Loan(s) secured by the Loan Site must be paid in full prior to or at Closing (a “Prepayment”), or the Parties
must obtain the written approval and agreement of the related Lender (a “Loan Assumption Approval”) of Seller’s
assignment to, and Buyer’s assumption of, the related Loan (a “Loan Assumption”). If a Loan Assumption is elected
by Buyer for a Loan Site, the Parties’ obligation to close on the sale of that Loan Site hereunder pursuant to a Loan Assumption
Approval is contingent upon the applicable Lender’s agreement pursuant to the related Loan Assumption documents to release Seller,
its Affiliates and any existing guarantors, from all principal, interest and other liabilities under or with respect to the Loan for any
matters first occurring after the Closing at which the Loan Assumption occurs. If Buyer elects to pursue a Loan Assumption for a Site
but does not timely procure a Loan Assumption Approval on terms reasonably acceptable to Buyer and (solely with respect to provisions
relating to release of liability and obligations of Seller thereunder) Seller, then subject to Section 1.9(f) and the other
provisions of this Agreement, Buyer will proceed with the purchase of such Site pursuant to a Prepayment.

 

(a)            For
purposes of this Section 1.9, the following terms have the following meanings: (i) “Loan” means the existing
loan which encumbers the subject Loan Site; (ii) “Lender” means the current holder(s) of the Loan, including
without limitation any loan servicer(s) from which input or approval must be received to obtain the related Loan Assumption Approval;
and (iii) “Loan Documents means the existing documents which evidence, secure, or otherwise govern the applicable Loan.

 

(b)            Buyer
has elected to pursue a Loan Assumption Approval for each Loan Site identified on Exhibit L attached hereto. The Loan Documents
related only to the Loan Sites identified on such Exhibit L will be included in the Seller Deliveries. If a Loan Site is in
a “pool” of Sites securing a single loan or is cross-collateralized with, cross-defaulted with, or otherwise tied or linked
to other Loan Sites (“Linked”), the Closing for all such Loan Sites that are so Linked together must occur at the same
time and each must have an appropriate Loan Assumption Approval or be the subject of a Prepayment consistent with any Loan Assumption
Approval applicable to any of such Linked Sites, solely in order for the Closing or payoff of one Linked Loan Site not to cause a default
under the Loan Documents related to that Loan Site or any other Loan Site to which it is Linked; provided, that if the Loan amount applicable
to a Linked Site may be prepaid without impairing the status under such Loan of any other Loan Site to which it is Linked, such Loan Site
may be included in a prior Closing subject to the appropriate Prepayment at such Closing; but provided further, that Seller will have
no obligation to pay any additional amount beyond the allocated loan amount for such Loan Site to achieve such Prepayment (i.e., Seller
will still have to pay the allocated amount of principal, interest, any prepayment penalties and any administrative fees allocated to
such Loan Site, but not for any other Loan Site). Subject to the foregoing, if Buyer elects to pursue a Loan Assumption Approval for a
Loan Site, such Site and any other Loan Site to which it is Linked will be designated as a Delayed Closing Site.

 

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(c)            Subject
to Section 1.9(g), if Buyer elects to pursue a Loan Assumption Approval, Buyer will timely pay all fees, costs and expenses required
by Lender as a condition to initiating or processing the Loan Assumption or providing the Loan Assumption Approval, including without
limitation all attorneys’ fees, title costs, appraisal fees, rating agency fees, and other third party costs incurred or imposed
by the Lender in connection with Buyer’s application for and pursuit of the Loan Assumption Approval (collectively, the “Loan
Assumption Costs”), regardless of whether the process ultimately results in a Loan Assumption Approval, the Closing of the subject
Loan Site occurs, or this Agreement is terminated prior to such Closing or any Closing, except to the extent a Loan Assumption Approval
is rejected or denied due solely to Seller’s default hereunder or under the terms of the applicable Loan Documents, in which case
Seller shall be liable for all such applicable Loan Assumption Costs. Buyer’s obligation to pay all Loan Assumption Costs will expressly
survive the Closing or any termination of this Agreement. If a Loan Assumption Approval is obtained for a Loan Site, Buyer will also pay,
as and when required in connection with the Closing of such Site, any separate loan assumption fee which may be required by the subject
Loan Documents for such Loan Assumption (a “Loan Assumption Fee”) which Loan Assumption Fees shall be deemed Loan Assumption
Costs.

 

(d)          No
later than five (5) Business Days after the Effective Date, Seller will request an application from the Lender for the assignment
and assumption of the Loan. Within ten (10) Business Days after Buyer’s receipt of the Loan Assumption application from either
Seller or Lender and all documents and information not included as part of the Seller Deliveries and reasonably required by Buyer from
Seller in order to complete such Loan Assumption application, Buyer will send the completed application to Lender together with such application
fee and expense payments or deposits as may be required by the Lender pursuant to the applicable Loan Documents.

 

(e)          In
seeking each Loan Assumption Approval, each of Buyer and Seller agree to (i) reasonably cooperate with the applicable Lender’s
customary requests for delivery of information, (ii) enter into commercially reasonable loan assumption documents in form and content
customarily required of similarly situated buyers and sellers in similar transactions, and (iii) comply with any other commercially
reasonable requirements and conditions of such Lender in connection with the assumption of the Loan; provided, that (x) Seller is
not obligated to assume, accept or retain any post-closing liability with respect to such Loan for any matters first occurring after the
Closing at which the Loan Assumption occurs, and (y) Buyer is not obligated to pay any Loan Assumption fees not otherwise provided
for in the applicable Loan Documents (provided that if Buyer elects to proceed with a Loan Assumption notwithstanding the assessment by
the applicable Lender of Loan Assumption fees not otherwise provided for in the applicable Loan Documents, Buyer shall be solely responsible
for the payment thereof). Buyer acknowledges that the economic terms of a Loan will not typically be modified in connection with a Loan
Assumption Approval and that Buyer’s obligation to assume a Loan is not conditioned upon Lender providing any modifications to the
economic terms of the Loan; provided, that Buyer likewise is not obligated to agree to any material modification of the terms of a Loan
in order to obtain the Loan Assumption Approval including, without limitation, any increase in Buyer’s obligations under the related
Loan Documents or decrease in Buyer’s rights under such Loan Documents. Buyer will provide Seller with regular updates, and upon
Seller’s request, provide the status of each Loan Assumption Approval.

 

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(f)            If
despite the Parties’ commercially reasonable efforts the Loan Assumption Approval for a designated Loan Site has otherwise not been
obtained (or if the Lender requires the payment of Loan Assumption fees not otherwise provided for in the applicable Loan Documents and
Buyer refuses to accept such additional Loan Assumption fees) within ninety (90) days (or such longer period of time as explicitly provided
for in the applicable Loan Documents) after Buyer’s submission to the related Lender of Buyer’s Loan Assumption application
therefor, or May 15, 2022, whichever is later (an “Applicable Loan Assumption Deadline”), then at any time after
such Applicable Loan Assumption Deadline, but prior to the time that such Loan Assumption Approval is actually obtained, Seller will have
the unilateral right to require by notice to Buyer that Buyer proceed to Closing on the subject Loan Site pursuant to a Prepayment rather
than a Loan Assumption (and otherwise in all events subject to the other provisions of this Agreement); provided in no event will such
Closing take place prior to the date otherwise contemplated to constitute the Closing Date of the Initial Closing. Buyer and Seller will
also proceed to Closing on a Loan Site pursuant to a Prepayment if the related Lender issues a formal notice rejecting the Loan Assumption
Approval for that Loan Site. Buyer will also have the right, at any time, to abandon its pursuit of a Loan Assumption Approval on any
Loan Site and proceed to Closing on the subject Loan Site pursuant to a Prepayment. In any of the foregoing events, the related Closing
Date for such Loan Site will (subject to the proviso in the first sentence of this Section) be thirty (30) days from the date of such
determination to proceed to Closing on the subject Loan Site pursuant to a Prepayment rather than a Loan Assumption, subject to the satisfaction
or waiver of all other conditions precedent to Closing for such Site. In no event will the inability or failure of Buyer to obtain a Loan
Assumption Approval (or any decision as aforesaid by Buyer or Seller to discontinue the pursuit of a Loan Assumption Approval) relieve
Buyer from Buyer’s obligation to close the purchase of the related Loan Site, subject, however, to the other applicable provisions
of this Agreement; and in no event will such inability, failure or decision relieve Buyer from Buyer’s obligation to pay all Loan
Assumption Costs subject to the terms of Section 1.9(c) and 1.9(g).

 

(g)            If
Buyer is acquiring a Loan Site subject to the related Loan pursuant to a Loan Assumption Approval, at the related Closing (i) Buyer
will receive a credit against the Purchase Price applicable to the Loan Site in an amount equal to the outstanding principal balance of
the Loan and any other accrued and unpaid fees or expenses due and owing from Seller to the applicable Lender (except as otherwise allocated
in this Section 1.9(g)), in each case as of the date of such Closing; (ii) interest payable under the Loan will be prorated
as of the date of such Closing, with Buyer being responsible for interest accruing on and after such date; (iii) Seller will receive
a credit from Buyer at Closing for the amount of any impounds, escrows, reserves, or similar funds held by Lender in connection with the
Loan which are neither being refunded to Seller in connection with Buyer’s assumption of the Loan nor required for purposes of paying
costs or expenses which Seller is responsible for under this Agreement (if any), (iv) Buyer will receive a credit in an amount equal
to one-half (1/2) of the documented Loan Assumption Costs incurred by Buyer in connection with the related Loan Site (the “Loan
Assumption Cost Credit”); and (v) Buyer will receive a credit in an amount equal to thirty-five percent (35%) of all Loan
Prepayment Costs avoided by completing a Loan Assumption with respect to such Loan site rather than effecting a Prepayment or defeasance
with respect to such Loan Site as of the applicable Closing Date (the “Loan Prepayment Avoidance Credit”); provided,
however, in no event may the Loan Prepayment Avoidance Credit exceed, in the aggregate, the sum of Eight Million and No/100 Dollars ($8,000,000.00),
and Seller will assign to Buyer all of Seller’s right, title and interest in and to any such transferred impounds, escrows, reserves,
or similar funds except to the extent same are required for purposes of paying costs or expenses which Seller is responsible for under
this Agreement.

 

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(h)            If
Buyer is acquiring a Loan Site pursuant to a Prepayment, at the related Closing (i) Seller will be responsible for paying to the
related Lender an amount equal to the outstanding principal balance of the Loan as of the date of such Closing, together with all scheduled
interest due and payable under the Loan as of the date of such Prepayment (which amounts may be paid from the Purchase Price being received
by Seller from Buyer at such Closing); (ii) Seller will be responsible for paying to the Lender any prepayment charges, “yield
maintenance” charges, interest allocable to the period after Closing (i.e., interest required to be paid through the end of a month-long
interest period, etc.), and/or other charges owed to or assessed by the Lender as a result of the Loan being paid off prior to its
scheduled maturity (“Loan Prepayment Costs”); and (iii) Seller will be entitled to receive and retain from the
Lender the amount of any impounds, escrows, reserves, or similar funds held by the Lender in connection with the Loan (if any). In connection
with any Prepayment, the applicable Loan Site shall be sold free and clear of any liens of such applicable Loan.

 

Article 2

BUYER’S INVESTIGATIONS; AS-IS SALE.

 

Section 2.1         Buyer’s
Investigations.

 

(a)            During
the Diligence Period, Buyer may conduct such commercially reasonable, non-invasive investigations, studies and tests of the Property as
Buyer deems necessary or desirable to determine whether Buyer desires to complete the acquisition of the Property, and Buyer may perform
invasive testing pursuant to the terms of Section 2.3. For the avoidance of doubt, subject to the provisions of Section 2.3
below, such investigations may include Tenant and/or property manager interviews, and Seller shall cooperate with Buyer’s reasonable
requests to schedule such interviews. Buyer, in its sole and absolute discretion and for any reason or no reason whatsoever, may reject
the entirety of the Property by giving written notice of termination to Seller and Escrow Agent (the “Termination Notice”)
prior to the expiration of the Diligence Period. If Buyer timely gives a Termination Notice, the Deposit will be promptly returned to
Buyer and this Agreement and the rights and obligations of the Parties under this Agreement will terminate, except for Obligations Surviving
Termination. Alternatively, Buyer may accept the entirety of the Property (subject to the express provisions of this Agreement, including
those allowing the removal or exclusion of Excluded Sites and Supplemental Excluded Sites) by giving written notice of acceptance to Seller
and Escrow Agent (the “Acceptance Notice”) prior to the expiration of the Diligence Period. If Buyer timely delivers
an Acceptance Notice, or fails to deliver either a Termination Notice or an Acceptance Notice prior to the expiration of the Diligence
Period, Buyer will be deemed to have accepted the entirety of the Property (subject to the express provisions of this Agreement including
those allowing the removal or exclusion of Excluded Sites and Supplemental Excluded Sites), the Deposit will become nonrefundable to Buyer
(other than as expressly set forth in this Agreement), and this Agreement will continue in effect subject to the other provisions hereof.
Buyer acknowledges and agrees that Buyer will have the opportunity during the Diligence Period to inspect and investigate the Property.
Subject to the other provisions of this Agreement, the failure of Buyer to deliver a Termination Notice prior to the expiration of the
Diligence Period will conclusively evidence Buyer’s satisfaction with such investigations and Buyer will be deemed to have reviewed,
accepted, and approved of the entirety of the Property (subject to the express provisions of this Agreement, including those allowing
the removal or exclusion of Excluded Sites and Supplemental Excluded Sites).

 

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(b)            Buyer
acknowledges that Seller has delivered to Buyer, or made available to Buyer by diligence website or other electronic means to which Buyer
has been given access, the Seller Deliveries. Seller will have no obligation to deliver or disclose to Buyer any of Seller’s attorney-client
privileged materials, appraisals, internal memoranda, or internal evaluations of the Property. Except as may be otherwise expressly set
forth in this Agreement or the other instruments to be delivered by Seller at or prior to any Closing, Seller makes no representations
or warranties of any kind regarding the accuracy, thoroughness or completeness of, or conclusions drawn in the information contained in
the Seller Deliveries or any other Diligence Materials.

 

(c)            If
this Agreement is terminated for any reason, Buyer will promptly return to Seller all Diligence Materials delivered to Buyer in physical
form in connection with the Property, if any.

 

Section 2.2         Title
and Survey Matters; Objections.

 

(a)            Promptly
following the Effective Date, Title Company will deliver to Buyer and Seller a title insurance commitment or preliminary title report
showing the status of title to each Site (each, a “Title Commitment”). During the Diligence Period Buyer may also,
at Buyer’s expense, obtain a new or updated ALTA survey of a Site performed by a registered surveyor and certified to Buyer, the
Title Company, and any other party required by Buyer. Buyer will deliver a copy (which may be a “pdf” or other electronic
copy) of any such new Survey to Seller and Title Company promptly after Buyer’s receipt thereof. Any matters disclosed by the Title
Commitment or Survey for a Site which are approved, deemed approved, waived, or deemed waived by Buyer pursuant to the terms of this Agreement
shall constitute “Permitted Exceptions” with respect to such Site, provided in no event will Seller Required Title
Matters be deemed to constitute a Permitted Exception without an express waiver from Buyer.

 

(b)            If
any exceptions appear on the Title Commitment (or any updates thereto) for a Site, or any encroachments or other title conditions or survey
defects are shown on the Survey (or any updates thereto) for a Site, that are not acceptable to Buyer (in Buyer’s sole but reasonable
discretion), Buyer will provide a written notice to Seller and Title Company of such unacceptable matters affecting such Site (“Title
Objection Matters”) not later than the later of (i) the expiration of the Diligence Period or (ii) as to any update
to any Title Commitment or Survey which reveals a Title Objection Matter not revealed in any prior version of the Title Commitment or
Survey corresponding to such Site and as to any Title Commitment or Survey first received for a Site after the Effective Date, five (5) Business
Days following the receipt of such update or Title Commitment or Survey (each, a “Buyer Title Notice”); provided, in
the event that Buyer receives any such update less than five (5) Business Days prior to the applicable Closing Date, at Buyer’s
election such Closing Date shall be adjourned on a day-for-day basis such that Buyer receives the benefit of the entirety of such five
(5) Business Day period to review. Unless timely objected to in writing by Buyer as Title Objection Matters as provided above, all
matters disclosed by the Title Commitment or Survey (or any updates thereto) for a Site, whether prior to or following the expiration
of the Diligence Period, shall be deemed to constitute Permitted Exceptions for such Site; provided, that no Seller Required Title Matter
shall constitute a Permitted Exception without an express waiver from Buyer.

 

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(c)            Except
as expressly provided in Section 2.2(e) below as to Seller Required Title Matters, Seller will have no obligation to bring any
action or proceeding, incur any expense, or otherwise take any action whatsoever to cure, remove or otherwise address any Title Objection
Matters. Within five (5) days of receiving a Buyer Title Notice (with any Closing being adjourned on a day-for-day basis as necessary
to afford Seller such five (5) day response period), Seller may send a notice to Buyer (the “Seller Response”)
in which it elects to (i) cure or attempt to cure any Title Objection Matters, or (ii) not cure or attempt to cure such Title
Objection Matters. The failure of Seller to provide a Seller Response to Buyer within such five (5) day period shall be deemed to
mean that Seller does not elect to cure or attempt to cure any Title Objection Matters for that Site. Seller may use any portion of the
Purchase Price being paid at Closing to cure or remove any Title Objection Matters that Seller has agreed to cure or remove, provided
the Title Company must thereupon either remove such Title Objection Matter as an exception to title or “cure” such Title Objection
Matter by affirmatively insuring over or providing such other coverage as may be reasonably acceptable to Buyer with respect to such Title
Objection Matter (which affirmative insurance or other coverage shall be paid for by Seller). A Title Objection Matter that is not completely
removed as an exception to title but has been cured as required above will, as so cured, be a Permitted Exception. Seller will be entitled
to extend the original Closing Date for any Site with respect to which Seller elects to cure or remove any Title Objection Matters (including
for this purpose any Seller Required Title Cure Items as defined in Section 2.2(e) below) for up to thirty (30) days in the
aggregate if reasonably needed to effect the cure or removal thereof, and if so elected such Site will be treated as a Delayed Closing
Site pursuant to Section 5.1 below. If Seller expressly agrees to cure or attempt to cure any Title Objection Matters for a Site
(excluding for this purpose any Seller Required Title Cure Items) but fails to achieve such cure at least five (5) days prior to
the Closing Date (as may be so extended) applicable to such Site (unless Seller will effect such cure by a payment of money at the subject
Closing), Buyer will, as its sole and exclusive remedy for such failure, elect prior to such Closing Date to either (i) waive any
such uncured Title Objection Matters and proceed to Closing on such Site, or (ii) designate such Site as a Supplemental Excluded
Site pursuant to Section 1.6 above.

 

(d)            If
(i) Title Company has not agreed to address the Title Objection Matters raised by Buyer in a manner reasonably acceptable to Buyer,
and (ii) Seller has not (or is deemed to have not) elected to cure or attempt to cure the Title Objection Matters raised by Buyer
that are not being addressed by Title Company pursuant to clause (i), then Buyer will, by a written notice given to Seller not later than
the later of (i) ten (10) days following the expiration of the Diligence Period and (ii) five (5) days after receipt
of the applicable Seller Response (or expiration of the period for Seller to provide such Seller Response) (provided, in the event that
any Seller Response is given or due to be given fewer than five (5) days before an applicable Closing, then at Buyer’s election
such Closing Date shall be adjourned on a day-for-day basis such that Buyer receives the benefit of the entirety of such five (5) day
period), either (x) elect to waive any such uncured Title Objection Matters and proceed to Closing, or (y) deliver written notice
to Seller identifying the Sites affected by such Title Objection Matters (and which matters Buyer does not elect to waive pursuant to
the preceding clause (x)), which list will specify in detail such material uncured Title Objection Matters with respect to such Sites
and the cure or remedy requested by Buyer to address such Title Objection Matters (“Buyer’s Critical Title Notice”).
Seller will, by responsive notice given to Buyer within ten (10) Business Days after receiving Buyer’s Critical Title Notice
(“Seller’s Critical Title Response”), elect (as to each Site identified in such Buyer’s Critical Title
Notice) to (A) cure or attempt to cure, in whole or in part in such manner as may be detailed in Seller’s Critical Title Response,
some or all of the Title Objection Matters in Buyer’s Critical Title Notice pursuant to the provisions of Section 2.2(c) above
or (B) decline to provide any action or remedy for some or all of the Title Objection Matters in Buyer’s Critical Title Notice.
By responsive notice given to Seller within five (5) Business Days after receiving Seller’s Critical Title Response, Buyer
will elect to either (1) accept Seller’s actions (if any) pursuant clause (A) or (B), subject to the limitations set forth
in Section 1.6, designate one or more Sites for which Seller has elected not to provide any action or remedy pursuant to clause (B) as
Supplemental Excluded Sites, waive any other Title Objection Matters not addressed by Seller, and proceed to Closing; or (2) if (but
only if) Buyer’s reasonably-estimated aggregate reduction in value of the Sites for which Seller is not willing to cure or attempt
to cure the Title Objection Matters set forth in Buyer’s Critical Title Notice (the “Uncured Critical Title Matter Value”)
exceeds $65,000,000, terminate this Agreement as to the entirety of the Property, in which event the Deposit will be returned to Buyer
and thereafter the Parties will have no further rights or obligations under this Agreement except for Obligations Surviving Termination.
For clarity, if the Uncured Critical Title Matter Value is less than $65,000,000, Buyer’s sole remedy will be to elect clause (1) above,
and Buyer will not have the right to elect to terminate this Agreement under clause (2). Any failure of Buyer to timely provide a notice
required under this Section 2.2(d) shall be deemed an election by Buyer to waive the related uncured Title Objection Matters
and proceed to Closing. Any Title Objection Matters waived (or deemed waived) by Buyer for a Site shall be deemed to constitute Permitted
Exceptions for such Site. Any failure of Seller to timely provide a notice required under this Section 2.2(d) shall be deemed
an election by Seller to take no action with respect to the related uncured Title Objection Matters.

 

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(e)            Notwithstanding
the foregoing provisions of this Section, prior to or at the Closing of each Site Seller will, subject to the provisions of this Section 2.2(e),
(i) cure or remove the Seller Required Title Cure Items (as such term is defined below) (and Buyer shall endeavor to identify on
a separate written list each such item that is a Seller Required Title Cure Item not later than the end of the Diligence Period or, with
respect to any such Seller Required Title Cure Item that appears in an updated Title Commitment or Survey received after the end of the
Diligence Period, within five (5) Business Days after receipt of such update; provided, that a failure by Buyer to identify any Seller
Required Title Cure Item shall not be deemed a waiver by Buyer thereof or of Buyer’s rights and remedies with respect thereto),
and (ii) deliver to Title Company Seller’s form of “Owner’s Certification” regarding work performed and other
customary matters applicable to such Site in substantially the form attached as Exhibit A to this Agreement, which Title Company
has confirmed is sufficient to remove such “standard printed exceptions” as may be removed from a title policy by such an
undertaking, and which may (to the extent acceptable to Title Company) be undertaken in one or more such documents applicable to one or
more Sites. For purposes of this Section, “Seller Required Title Cure Items” means the following items: (v) tax
liens encumbering the Real Property of any Site, (w) judgment liens against Seller, (x) the lien of any mortgage encumbering
a Site or any portion thereof, specifically excluding any Mortgage that relates to a Loan Site for which Buyer has obtained a Loan Assumption
Approval as provided in Section 1.9 above, and subject to the provisions of Section 1.9 addressing the Parties’ respective
obligations regarding any Prepayment; (y) mechanics’ liens filed with respect to work performed at a Site pursuant to a written
agreement directly between the lien claimant and the applicable Selling Entity (or any Affiliate thereof or any Person authorized to act
on such Selling Entity’s behalf pursuant to a Property Management Agreement); and (z) other monetary liens filed against the
Real Property of such Site and caused solely by the acts or omissions of Seller, excluding specifically any such liens arising from or
relating to obligations for which the Tenant of the Site is responsible under its Lease; provided, that Seller is not obligated under
clause (z) to expend any more than (i) as to any single Site, the lesser of (1) two and one-half percent (2.5%) of the
Allocated Purchase Price and (2) $500,000.00 and (ii) in the aggregate, $10,000,000.00 for all Sites to cure or remove such
liens (the “Seller Required Cure Cap”). The obligations of Seller pursuant to this Section 2.2(e) are referred
to as the “Seller Required Title Matters.” Seller shall be required to cure Seller Required Title Matters as provided
for herein, including by utilizing Purchase Price Proceeds at Closing, and failing to do so shall, subject to Seller’s notice and
cure rights, be deemed a breach of this Agreement. Notwithstanding the foregoing, in the event any Seller Required Title Matter is not
cured by Seller due to the fact that such cure would result in the Seller Required Cure Cap being exceeded, then within five (5) Business
Days after receiving Seller’s notice that Seller will not cure any Seller Required Title Matters due to the fact that effecting
such cure would result in the Seller Required Cure Cap being exceeded, as to each Site burdened by Seller Required Title Matters that
will not be cured, Buyer will elect by written notice to Seller to either (A) proceed to Closing on the affected Site, or (B) designate
such Site as a Supplemental Excluded Site pursuant to Section 1.6 above.

 

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(f)             Buyer’s
obligation to close the purchase on any given Site is conditioned upon Title Company being committed, upon the conclusion of the process
and receipt of the deliveries contemplated by this Section 2.2, to issue a standard coverage owner’s policy of title insurance
with respect to the Real Property for such Site in the amount of the Allocated Purchase Price for such Site, subject only to the Permitted
Exceptions related to such Site (and in all events free from any Seller Required Title Matters) as determined pursuant to this Section 2.2,
but subject to receipt by the Title Company at the applicable Closing of the applicable title premium for such policy and the satisfaction
by Buyer of the customary Buyer’s conditions and requirements applicable thereto.

 

(g)            If
Seller fails to cure any Seller Required Title Matters as provided for herein, subject in all events to the Seller Required Cure Cap,
Buyer shall have the right at the applicable Closing to apply that portion of the Purchase Price necessary to cure such Seller Required
Title Matter, which amount shall be withheld from Seller at the applicable Closing.

 

(h)            The
Closing Date shall be automatically extended for any Site required to provide either Party the requisite response period provided for
in this Section 2.2.

 

Section 2.3     Entry, Insurance
and Indemnity.

 

(a)            Buyer
must give Seller not less than two (2) Business Days’ prior written notice of any desired entry by any Buyer Parties onto
any Site and must coordinate such entry and any related testing or inspections with Seller and the Tenants of such Site so as to minimize,
to the greatest extent reasonably possible, any interference with the business of the Tenants of such Site. Buyer’s entry rights
with respect to a Site are subject to all applicable provisions of the Leases for that Site. Buyer must otherwise conduct each entry
upon any Site in a commercially reasonable manner. Seller has the right to have a representative present during any entry by any Buyer
Parties onto any Site, provided that the failure of, or delay by, Seller to exercise that right will not delay or suspend Buyer’s
right to enter; provided, further, however, that Buyer may not communicate with any Tenant, property manager or representative of any
applicable Governmental Authority unless a representative of Seller is present. Seller shall use commercially reasonable efforts to make
representatives available for purposes of permitting Buyer to conduct such investigations.

 

(b)           Buyer
may not conduct any invasive testing, drilling, or boring at any Site, or any environmental testing of any Site other than a standard
ASTM “Phase I” environmental study, without in each instance obtaining the prior written approval of Seller, which approval
may be withheld in Seller’s sole and absolute discretion and, if granted, will be conditioned upon such precautions as Seller deems
advisable to protect itself, the Tenant, and the Site.

 

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(c)            Notwithstanding
the provisions of Section 2.3(b), if as part of Buyer’s diligence Buyer obtains an ASTM Phase I environmental study performed
by a reputable consultant for any Site that identifies a Recognized Environmental Condition and concludes (which may be implicit) that
a Phase II environmental study of environmental media of such Site is necessary or recommended to be performed (or that further environmental
investigation be performed), and as a result Buyer desires to have such a Phase II study performed for the subject Site, Buyer will provide
a separate written notice thereof to Seller within five (5) Business Days of its receipt of such ASTM Phase I environmental study,
but (other than with respect to the Evergreen Detention Pond Parcel, for which the Parties acknowledge no Phase I has been obtained as
of the Effective Date) in no event later than the expiration of the Diligence Period (each, a “Phase II Notice”).
Buyer’s Phase II Notice will include the following items, all of which will be subject to Seller’s reasonable review, comment
and written approval prior to the performance of any work at any Site relating to such Phase II: (i) a copy of Buyer’s Phase
I report containing the recommendation for the Phase II, such Phase I to be delivered without representation or warranty by Buyer; (ii) Buyer’s
agreement with Buyer’s environmental consultant for the performance of the Phase II; and (iii) the detailed scope of work
such consultant proposes to perform for such Phase II, excluding pricing and any such terms and conditions as may be confidential, including
without limitation the details of any entry upon and activities to be performed by or for such consultant at or about the Property. Prior
to performing such Phase II study, the consultant shall provide to Seller an insurance certificate from Buyer’s consultant evidencing
that such consultant will be providing Seller, the other Seller Parties, and the Tenants of the subject Site with liability insurance
(as additional insureds) for such consultant’s entry upon or about the Site in amounts not less than are required under Section 2.3(d) of
the Agreement with respect to the Phase II. Seller will respond to Buyer’s Phase II Notice within five (5) days of receipt,
either (x) approving Buyer’s performance of the Phase II study as requested; (y) approving Buyer’s performance
of the Phase II study subject to specific comments, requirements or conditions (which may include, without limitation, the approval of
one or more of the Tenants of the subject Site if required pursuant to any applicable Lease, but which approval, except as otherwise
provided in Section 2.3(b) above, will not otherwise be unreasonably withheld by Seller); or (z) disapproving Buyer’s
performance of the Phase II study. Buyer will pay all costs and expenses incurred by Buyer and Buyer’s consultants in connection
with the proposed Phase II study, whether or not approved or performed; provided that if Seller increases the scope of the testing
or investigations of any Phase II beyond what is proposed in the applicable Phase II Notice, Seller shall be liable for such incremental
costs. If the Phase II study is approved and performed, then upon request by
Seller, Buyer will provide a copy of the Phase II report to Seller when completed, such Phase II to be delivered without representation
or warranty by Buyer. If the Phase II study is not approved by Seller (or, if required by one or more applicable Leases, by one or more
Tenants of such Site), then within five (5) days after receiving Seller’s notice that the Phase II cannot be performed, Buyer
will elect by written notice to Seller to either (A) proceed to Closing on such Site, or (B) designate such Site as a Supplemental
Excluded Site pursuant to Section 1.6 above. If the Phase II study is performed but does not resolve the subject issue(s) to
Buyer’s or any Lender’s reasonable satisfaction, then within five (5) days after receiving the Phase II report so concluding
(but in any case not later than forty-five (45) days after Buyer received approval from Seller to perform the Phase II study, unless
an applicable Governmental Authority must approve the completion of such Phase II study, in which event such election shall be made not
later than ninety (90) days after Buyer received approval from Seller to perform the Phase II study), Buyer will elect by written notice
to Seller to either (1) proceed to Closing on such Site, or (2) designate such Site as a Supplemental Excluded Site pursuant
to Section 1.6 above. The Closing Date for a Site for which Buyer properly submits a Phase II Notice will be tolled (i) in
order to give the Parties the time periods set forth above to send applicable notices to each other pursuant to this Section 2.3;
and/or (ii) if Seller approves Buyer’s performance of the Phase II study, in which case such Site will be treated as a Delayed
Closing Site and, unless such Site is ultimately designated as a Supplemental Excluded Site as provided above, the Closing Date for such
Site will be the thirtieth (30th) day after Buyer received the Phase II study.

 

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(d)            Buyer
will maintain commercial general liability insurance on current ISO forms (or their functional equivalent) insuring against any liability
arising out of the Buyer Parties activities in, upon, about or with respect to the Property, with limits of at least $3,000,000 per occurrence
and $10,000,000 aggregate (which limits may include applicable excess or umbrella coverage). Buyer’s policy must insure the contractual
liability of Buyer’s indemnification and defense obligations under this Agreement and must (i) name Seller and the other Seller
Parties as additional insureds with respect to all Claims arising out of the activities of the Buyer Parties in, upon, about or with
respect to the Property, (ii) contain a cross-liability provision, and (iii) be primary and noncontributing with any other
insurance available to Seller and the other Seller Parties. Buyer must provide Seller with evidence that Buyer has such insurance coverages
in force prior to any entry by a Buyer Party upon any of the Sites, and such insurance must be maintained in force by Buyer at all times
prior to the termination of this Agreement or the Final Closing. Buyer will also require that any Buyer Party entering upon any Site
also maintains insurance substantially consistent with all of the foregoing requirements, provided that the occurrence and aggregate
limits for a consultant performing non-invasive work may be as low as $1,000,000 and $5,000,000, respectively.

 

(e)            Buyer
will pay all costs incurred in connection with Buyer’s due diligence activities regarding the Property, will promptly repair and
restore any damage caused to any Site by such activities, and will not permit any mechanics or other liens to be filed against any Site
as a result of such activities. BUYER WILL INDEMNIFY, DEFEND AND HOLD THE SELLER PARTIES HARMLESS FROM AND AGAINST ANY CLAIMS ARISING
OUT OF ANY ACTIVITIES OF THE BUYER PARTIES IN, UPON, ABOUT OR WITH RESPECT TO THE PROPERTY PRIOR TO CLOSING; PROVIDED, HOWEVER, THAT
BUYER WILL NOT BE RESPONSIBLE FOR INDEMNIFYING SELLER FOR THE MERE DISCOVERY OF ANY PRE-EXISTING ADVERSE CONDITION ON ANY SITE (ENVIRONMENTAL
OR OTHERWISE) OR THE EXTENT SUCH ADVERSE CONDITION IS CAUSED BY THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SELLER OR ANY SELLER PARTY.
Buyer’s indemnity and insurance obligations under this Article 2 are not limited by any other limitation on damages or remedies
under this Agreement, including without limitation the liquidated damages provisions contained in Article 6. The provisions of this
Section will survive the Closing or any earlier termination of this Agreement.

 

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Section 2.4     AS-IS
SALE. BUYER SPECIFICALLY ACKNOWLEDGES AND AGREES THAT EXCEPT FOR SELLER’S REPRESENTATIONS, WARRANTIES AND COVENANTS AS EXPRESSLY
SET FORTH IN THIS AGREEMENT AND ANY APPLICABLE CLOSING DOCUMENTS (“SELLER’S EXPRESS AGREEMENTS”), (A) SELLER
IS SELLING AND BUYER IS PURCHASING ALL OF THE PROPERTY “AS IS, WHERE IS AND WITH ALL FAULTS,” AND (B) BUYER IS NOT RELYING
ON ANY REPRESENTATIONS, WARRANTIES, COVENANTS OR AGREEMENTS OF ANY KIND WHATSOEVER, WHETHER ORAL OR WRITTEN, EXPRESS OR IMPLIED, STATUTORY
OR OTHERWISE, FROM SELLER OR ANY SELLER PARTY AS TO ANY MATTER CONCERNING OR RELATING TO THE PROPERTY, OR SET FORTH, CONTAINED OR ADDRESSED
IN THE DILIGENCE MATERIALS (INCLUDING WITHOUT LIMITATION, THE COMPLETENESS THEREOF), INCLUDING WITHOUT LIMITATION AS TO: (I) THE
QUALITY, NATURE, HABITABILITY, MERCHANTABILITY, FITNESS, USE, OPERATION, VALUE, MARKETABILITY, ADEQUACY OR PHYSICAL CONDITION OF ANY
OF THE PROPERTY OR ANY ASPECT OR PORTION THEREOF (INCLUDING WITHOUT LIMITATION ANY STRUCTURAL ELEMENT, FOUNDATION, ROOF, APPURTENANCE,
ACCESS, LANDSCAPING, PARKING FACILITIES, ELECTRICAL, MECHANICAL, HVAC, COMMUNICATION, PLUMBING, SEWAGE, OR UTILITY SYSTEM, EQUIPMENT,
FACILITY, APPLIANCE, SOIL, GEOLOGY AND GROUNDWATER); (II) THE DIMENSIONS OR LOT SIZE OF ANY OF THE REAL PROPERTY OR THE SQUARE FOOTAGE
OF ANY IMPROVEMENTS THEREON OR OF ANY TENANT’S OR OCCUPANT’S SPACE THEREIN OR ANY COMMON AREAS THEREOF; (III) THE DEVELOPMENT
OR INCOME POTENTIAL, OR RIGHTS OF OR RELATING TO, ANY OF THE PROPERTY, OR THE SUITABILITY, VALUE, ADEQUACY, OR FITNESS OF ANY OF THE
PROPERTY FOR ANY PARTICULAR PURPOSE; (IV) THE ZONING OR OTHER LEGAL STATUS OF ANY OF THE PROPERTY OR ANY OTHER PUBLIC OR PRIVATE
RESTRICTIONS ON THE USE OF ANY OF THE PROPERTY; (V) THE COMPLIANCE OF ANY OF THE PROPERTY OR ITS OPERATION WITH ANY APPLICABLE LAWS
(INCLUDING, WITHOUT LIMITATION, THE AMERICANS WITH DISABILITIES ACT) OR ANY COVENANTS, CONDITIONS, RESTRICTIONS OR OTHER MATTERS IN ANY
MANNER AFFECTING ANY OF THE PROPERTY AND WHETHER IMPOSED OR ASSERTED BY ANY GOVERNMENTAL AUTHORITY OR ANY OTHER PERSON; (VI) THE
ABILITY OF BUYER TO OBTAIN ANY NECESSARY GOVERNMENTAL APPROVALS, LICENSES OR PERMITS FOR THE CURRENT USE OR BUYER’S INTENDED USE,
DEVELOPMENT OR REDEVELOPMENT OF ANY OF THE PROPERTY; (VII) THE PRESENCE OR ABSENCE OF HAZARDOUS MATERIALS OR OTHER HAZARDOUS CONDITIONS
ON, IN, UNDER, ABOVE OR ABOUT ANY OF THE PROPERTY OR ANY ADJOINING OR NEIGHBORING PROPERTIES; (VIII) THE QUALITY OF ANY LABOR
OR MATERIALS USED IN ANY IMPROVEMENTS; (IX) THE CONDITION OF TITLE TO ANY OF THE PROPERTY; (X) ANY LEASES OR ANY CONTRACTS
OR OTHER AGREEMENTS AFFECTING ANY OF THE PROPERTY OR THE INTENTIONS OF ANY PERSON WITH RESPECT TO THE NEGOTIATION AND/OR EXECUTION OF
ANY LEASES, CONTRACTS OR AGREEMENTS WITH RESPECT TO ANY OF THE PROPERTY OR ANY PORTION THEREOF; (XI) THE ECONOMICS OF, OR THE INCOME
AND EXPENSES, REVENUE OR EXPENSE PROJECTIONS OR OTHER FINANCIAL MATTERS RELATING TO, THE OWNERSHIP, LEASING, OR OPERATION OF ANY OF THE
PROPERTY; OR (XII) ANY LOAN, LOAN DOCUMENTS, LENDER, OR THE WILLINGNESS OF ANY LENDER TO PROVIDE A LOAN ASSUMPTION APPROVAL. WITHOUT
LIMITING THE GENERALITY OF THE FOREGOING, BUYER ACKNOWLEDGES AND AGREES THAT, EXCEPT FOR SELLER’S EXPRESS AGREEMENTS, BUYER IS
NOT RELYING ON ANY REPRESENTATIONS, WARRANTIES, COVENANTS OR AGREEMENTS OF SELLER, ANY OTHER SELLER PARTY, OR ANY AGENT OR BROKER OF
SELLER, WHETHER IMPLIED, PRESUMED OR EXPRESSLY PROVIDED AT LAW OR OTHERWISE, OR ARISING BY VIRTUE OF ANY STATUTE, COMMON LAW OR OTHER
RIGHT OR REMEDY IN FAVOR OF BUYER. BUYER FURTHER ACKNOWLEDGES AND AGREES THAT SELLER IS UNDER NO DUTY TO MAKE ANY INQUIRY REGARDING ANY
MATTER THAT MAY OR MAY NOT BE KNOWN TO SELLER, ANY OTHER SELLER PARTY, OR ANY OTHER AGENT OR BROKER OF SELLER.

  

IF BUYER PURCHASES ANY OF THE PROPERTY, ANY REPORTS,
REPAIRS OR WORK REQUIRED OF OR BY BUYER WITH RESPECT THERETO ARE THE SOLE RESPONSIBILITY OF BUYER FROM AND AFTER THE APPLICABLE CLOSING,
AND BUYER AGREES THAT THERE IS NO OBLIGATION ON THE PART OF SELLER EITHER BEFORE OR AFTER ANY CLOSING TO MAKE ANY CHANGES, ALTERATIONS
OR REPAIRS TO ANY OF THE PROPERTY OR, EXCEPT AS SET FORTH IN THIS AGREEMENT OR ANY OTHER APPLICABLE CLOSING DOCUMENT TO CURE ANY VIOLATIONS
OF ANY LAWS. FOLLOWING CLOSING AND SATISACTION OF SELLER’S OBLIGATIONS HEREUNDER, BUYER IS SOLELY RESPONSIBLE FOR OBTAINING THE
ISSUANCE OR RE-ISSUANCE OF ANY CERTIFICATE OF OCCUPANCY OR ANY OTHER APPROVAL OR PERMIT NECESSARY FOR TRANSFER OR OCCUPANCY OF ANY OF
THE PROPERTY OR ANY PORTION THEREOF AND FOR ANY IMPROVEMENTS, REPAIRS OR ALTERATIONS NECESSARY TO OBTAIN THE SAME, ALL AT BUYER’S
SOLE COST AND EXPENSE.

  

THE PROVISIONS OF THIS SECTION WILL SURVIVE
THE CLOSING OR ANY EARLIER TERMINATION OF THIS AGREEMENT.

 

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Section 2.5     Release.
Without limiting the provisions of Section 2.4, but subject to Seller’s Express Agreements and the express rights and remedies
reserved to Buyer in this Agreement, if Closing occurs as to any Site, then with respect to such Site, from and after such Closing, Buyer,
for itself and the other Buyer Parties (including without limitation any Permitted Assignee), waives all rights to recover from, and
forever releases, discharges and covenants not to sue, Seller and the other Seller Parties with respect to any and all Claims, whether
direct or indirect, known or unknown, foreseen or unforeseen, that may exist or arise on account of or in any way be connected with such
Site (including without limitation the physical, operational, environmental, and structural condition of such Site) or any Laws applicable
thereto, including without limitation any Claims or other matters relating to the use, presence, discharge or release of Hazardous Materials
on, under, in, above or about such Site. Buyer assumes the risk that Buyer’s investigations of such Site may not reveal all aspects,
conditions and matters of or affecting such Site. Buyer acknowledges, agrees, represents and warrants that: (a) Buyer is an experienced,
knowledgeable and sophisticated purchaser of properties similar to the Property; (b) Buyer expressly agrees to and accepts, and
fully understands, each and all of the provisions of this Agreement and the waivers, releases, and limitations of liability contained
in this Agreement; and (c) each and all of the waivers, releases, limitations of liability, and other provisions contained in this
Agreement are fair and reasonable, particularly in light of the sophistication, experience and knowledge of the Parties. Buyer acknowledges
and agrees that Seller has agreed to enter into this Agreement in consideration for and in reliance upon each and all of the waivers,
releases, limitations of liability, and other provisions contained in this Agreement and any of Buyer’s closing documents, that
the Purchase Price is based in part on Buyer’s acceptance of and agreement to each and all of the waivers, releases, limitations
of liability and other provisions contained in this Agreement, and that Seller would not have agreed to execute this Agreement or sell
the Property to Buyer on terms that did not include each and all of the waivers, releases, limitations of liability, and other provisions
contained in this Agreement.

 

SUBJECT
TO SELLER’S EXPRESS AGREEMENTS AND THE EXPRESS RIGHTS AND REMEDIES RESERVED TO BUYER IN THIS AGREEMENT, THE WAIVERS, RELEASES,
AND OTHER PROVISIONS CONTAINED IN SECTIONS 2.4 AND 2.5 EXTEND TO ALL CLAIMS OF ANY NATURE AND KIND WHATSOEVER, KNOWN OR UNKNOWN, PAST,
PRESENT OR FUTURE, SUSPECTED OR NOT SUSPECTED, EXCEPT FOR ACTUAL FRAUD COMMITTED BY SELLER IN CONNECTION WITH A COMPLETED SALE OF ANY
SITE TO BUYER. TO THE FULLEST EXTENT PERMISSIBLE BY APPLICABLE LAW, BUYER WAIVES ANY PROVISIONS OF APPLICABLE LAW THAT OTHERWISE MIGHT
OPERATE TO LIMIT OR PROHIBIT ANY OF SUCH WAIVERS, RELEASES AND OTHER PROVISIONS. THE PROVISIONS OF THIS SECTION WILL SURVIVE THE
CLOSING OR ANY EARLIER TERMINATION OF THIS AGREEMENT.

  

Article 3

OPERATION OF THE PROPERTY

 

Section 3.1     Operation
of the Property.

 

(a)            Between
the Effective Date and the Closing Date, and subject to the provisions of the Leases, Seller will use commercially reasonable efforts
to (i) maintain (or cause each Tenant to maintain, as appropriate) each Site in substantially the same condition as existed on the
Effective Date, subject to reasonable wear and tear and any damage or destruction by Casualty, Condemnation (both as defined below),
or other causes or events beyond the reasonable control of Seller, and (ii) maintain, or cause to be maintained, in full force and
effect all licenses and permits required to be held by Seller in order for the Property to comply with all Laws. Additionally, between
the Effective Date and the Closing Date, Seller shall, consistent with past practice, (x) subject to Section 3.4, comply with,
in all material respects, the Contracts and use commercially reasonable efforts to enforce its rights under the Contracts consistent
with prior practice, (y) maintain, or cause to be maintained, insurance coverage in full force and effect with respect to the Property
in the ordinary course of its business consistent with past practice, and (z) not, without Buyer’s prior written consent,
cause or initiate any zoning changes.

 

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(b)            Between
the expiration of the Diligence Period and the Closing Date, without Buyer’s prior consent (which consent shall not be unreasonably
withheld, delayed or conditioned), Seller shall not enter into any replacement, or amendment to the terms, of any ROFR, to the extent
(i) such amended terms or such replacement ROFR, as applicable, would be binding on Buyer from and after the applicable Closing
or (ii) such action would have a material adverse impact on Seller’s ability to obtain any waiver sought to be obtained pursuant
to this Agreement (or Buyer’s ability to obtain such waivers subsequent to the Closing). Prior to the expiration of the Diligence
Period, Seller shall provide prompt (and in no event later than two (2) Business Days prior to expiration of the Diligence Period
(with such Diligence Period being extended as to any affected Site to afford such two (2) Business Day notice period)) written notice
to Buyer of any such replacement, or amendment to the terms, of any ROFR.

 

(c)            Seller
shall use commercially reasonable efforts in accordance with Section 1.4 to obtain, prior to the Closing, a ROFR Waiver from each
applicable ROFR Tenant with respect to each applicable ROFR.

 

Section 3.2     Casualty.
If a Site is damaged or destroyed by fire or other casualty event (“Casualty”) first occurring after the Effective
Date but prior to the Closing of such Site, Seller will provide written notice to Buyer of such Casualty promptly following Seller’s
receipt of actual knowledge of such Casualty. If the Site is “materially damaged or destroyed” (as defined below) by such
Casualty, Buyer may designate such Site as a Supplemental Excluded Site by written notice given to Seller within ten (10) Business
Days after Buyer receives notice of the occurrence of such Casualty, and it will be excluded from the transaction as provided in Section 1.6
above. If the Site is not deemed “materially damaged or destroyed,” or if it is but the Site is not timely designated as
a Supplemental Excluded Site by Buyer, then Buyer will remain bound to purchase the Site for the full Allocated Purchase Price pursuant
(and subject) to the terms of this Agreement, without regard to the occurrence or effects of the Casualty; provided that (a) if
one or more of the Tenants is responsible under its applicable Lease for insuring all or any portion of the Site suffering the Casualty,
then at the Closing for such Site Seller will assign to Buyer Seller’s interest in the property insurance proceeds payable to Seller
(if any) under each such Tenant’s insurance for the restoration of the physical damage to such Site, and/or (b) if Seller
is responsible under one or more of the applicable Leases for insuring the Site suffering the Casualty, then at the Closing for such
Site Seller will provide Buyer with a credit against the Purchase Price equal to the amount of any property insurance proceeds that would
be payable to Seller under Seller’s insurance for the repair of the physical damage to such Site, plus any deductible amount applicable
thereto, net of any costs and expenses reasonably incurred by Seller prior to Closing in connection with the Casualty. For purposes of
this Section, a Site that is subject to a Casualty shall be deemed “materially damaged or destroyed” only if (i) the
Landlord is responsible under one or more of the applicable Leases for insuring or restoring all or any portion of the Site damaged or
destroyed by such Casualty, but (x) the insurance proceeds amount (including applicable deductible) that would be credited to Buyer
as provided above for such Site is not reasonably sufficient to fund any repairs Buyer would be required to pay for or make to return
such Site to a condition substantially as good as existed immediately prior to the Casualty, and (y) Seller does not agree (in Seller’s
sole and absolute discretion) to pay or credit Buyer for the anticipated shortfall as reasonably agreed by Seller and Buyer; (ii) any
Major Tenant has the express right to abate rent under its applicable Lease, such abatement would continue beyond the scheduled Closing
Date for such Site, and Seller does not agree (in Seller’s sole and absolute discretion) to pay or credit Buyer for the full amount
of such post-Closing rental abatement; or (iii) any Major Tenant has the express right to terminate its applicable Lease as a result
of the Casualty affecting such Site, unless waived in writing by such Major Tenant.

 

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Section 3.3     Condemnation.
If any condemnation proceedings are first instituted, or notice of any condemnation or intent to condemn is first given, with respect
to all or any portion of the Real Property for a Site (a “Condemnation”) after the Effective Date but prior to the
Closing of such Site, Seller will promptly provide written notice to Buyer of such Condemnation promptly following Seller’s receipt
of actual knowledge of such Condemnation. The Parties agree that the matters set forth on Schedule 3.3 (if any) will be addressed
as provided in Schedule 3.3 and will not be treated as “Condemnation” under this Section 3.3 to the extent such
matters are addressed as set forth therein. If the Condemnation will result in a “material and adverse effect” (as defined
below) to the Site, Buyer may designate such Site as a Supplemental Excluded Site by written notice given to Seller within ten (10) Business
Days after Buyer receives notice of the Condemnation, and it will be excluded from the transaction as provided in Section 1.6 above.
If the Condemnation will not result in a “material and adverse effect” to the Property, or if it will but the Site is not
timely designated as a Supplemental Excluded Site by Buyer, Buyer will remain bound to purchase the Property for the full Purchase Price
pursuant (and subject) to the terms of this Agreement, without regard to the occurrence or effect of the Condemnation; provided that
at the Closing for such Site Seller will assign to Buyer Seller’s interest in the award payable to Seller on account of the Condemnation
(if any), but net of any losses, costs and expenses reasonably incurred by Seller prior to Closing in connection with the Condemnation.
For purposes of this Section, a “material and adverse effect” to a Site means (a) the Landlord is responsible under
one or more of the applicable Leases for restoring all or any portion of the Site suffering a Condemnation but (i) the condemnation
award proceeds that would be assigned to Buyer as provided above for such Site are not reasonably sufficient to fund the restoration
Buyer would be required to make to return the Real Property of such Site to a lawful operating condition, and (ii) Seller does not
agree (in Seller’s sole and absolute discretion) to pay or credit Buyer for the anticipated shortfall; (b) any Major Tenant
has the express right to abate rent under its applicable Lease as a result of the Condemnation, such abatement would continue beyond
the scheduled Closing Date for such Site, and Seller does not agree (in Seller’s sole and absolute discretion) to pay or credit
Buyer for the full amount of such post-Closing rental abatement; or (c) any Major Tenant has the express right to terminate its
applicable Lease as a result of the Condemnation affecting such Site, unless waived in writing by such Major Tenant.

  

Section 3.4     Contracts.

 

(a)            Any
Contracts existing on the Effective Date will be provided to Buyer as a part of the Seller Deliveries for Buyer’s review during
the Diligence Period. Not later than ten (10) days prior to the applicable Closing, Buyer will deliver a written notice to Seller
setting forth which, if any, of the Contracts Buyer elects to have Seller terminate and which Contracts Buyer elects to have Seller assign
to Buyer at the applicable Closing; provided, that Seller shall assign to Buyer, and Buyer will assume from Seller, (i) all Contracts
which are terminable upon not more than sixty (60) days’ notice without penalty, irrespective of whether such Contracts are identified
in such written notice (unless such Contract is explicitly identified as a Contract to be terminated, in which case it shall be terminated),
and (ii) all Work Contracts for which Buyer has received a credit from Seller toward the Purchase Price in accordance with the terms
hereof or with respect to which Seller remains liable for the uncredited costs pursuant to Section 3.6 below, which costs are unknown
as of the applicable Closing Date. Seller will deliver notices of termination prior to or at Closing terminating those Contracts that
Buyer so timely notifies Seller to terminate, and Seller will be responsible for any termination penalties or fees associated with the
termination of such Contracts. At Closing, Seller will assign to Buyer, to the extent assignable, and Buyer will assume, all Contracts
so elected by Buyer for each Site pursuant to the Assignment of Contracts described in Section 5.3 below. Any amounts paid or payable
under any Contracts being assigned to Buyer will be appropriately prorated between the Parties at Closing. Notwithstanding the foregoing,
if any Contracts are not terminable upon commercially reasonable terms and notice, Seller will have no obligation to terminate such non-terminable
Contracts, and at Closing Buyer will accept the assignment of such non-terminable Contracts.

 

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(b)           After
the expiration of the Diligence Period, except with respect to those Contracts which Buyer elects to have Seller terminate pursuant to
Section 3.4(a) above, Seller will not, without Buyer’s prior written consent, enter into any new Contract, or amend or
terminate any existing Contract, unless that Contract (as may be so amended) either will not extend beyond Closing or is terminable without
material penalty upon no more than thirty (30) days’ notice (with Seller being responsible at the Closing for any penalty for any
new Contract). If Buyer fails to either give or expressly refuse such consent within five (5) Business Days after receiving the
written request from Seller, such consent shall conclusively be deemed to have been given. Buyer’s consent may be granted or withheld
in Buyer’s sole but commercially reasonable discretion with respect to any such new Contract, amendment or termination that is
proposed for a Site between the expiration of the Diligence Period and Closing of the applicable Site. Seller will promptly provide to
Buyer a copy of any written notice (including a notice of default) given or received under a Work Contract after the Effective Date following
Seller’s receipt or delivery thereof, provided, that Seller shall not be required to provide any such notices that relate to a
Contract which Buyer has elected for Seller to terminate pursuant to Section 3.4(a) above. Prior to the expiration of the Diligence
Period, Seller shall provide prompt (and in no event later than two (2) Business Days prior to expiration of the Diligence Period
(with such Diligence Period being extended as to any affected Site to afford such two (2) Business Day notice period)) written notice
to Buyer of any such new Contract, amendment or termination.

 

(c)            Except
for any Broker Listing Agreements related to leasing activity contemplated by Section 3.8 below (each, a “Pipeline BLA”),
Seller will cause any Broker Listing Agreements and any Property Management Agreements to be terminated with respect to the Sites affected
thereby prior to or as of the Closing Date for the subject Sites, and Seller will be solely responsible for any termination fees or other
payments due under any such terminated agreements, unless such payments (typically for unpaid leasing commissions) constitute Leasing
Costs otherwise allocated to Buyer under Section 3.6 below. After the expiration of the Diligence Period, Seller will not, without
Buyer’s prior written consent, not to be unreasonably withheld, conditioned or delayed, enter into any new Broker Listing Agreement
or amend or terminate any existing Broker Listing Agreement if the same would impose any obligation on Buyer after the Closing that is
not credited to Buyer at such Closing. If Buyer fails to either give or expressly refuse such consent within five (5) Business Days
after receiving the written request from Seller, such consent shall conclusively be deemed to have been given. At each Closing, each
applicable Pipeline BLA shall be assigned to Buyer pursuant to the General Assignment, Buyer shall assume the obligations thereunder,
and shall acknowledge in each applicable General Assignment that Seller is authorized to act as Buyer’s agent with respect to all
leasing activities related to potential New Leases identified on the Pipeline List (as hereinafter defined) corresponding to such Site
as well as any other potential New Leases otherwise approved by Buyer in accordance with this Agreement. Seller shall indemnify and hold
Buyer harmless from and against any Claims arising from or in connection with any breach by Seller of any such Pipeline BLA including,
without limitation, any exclusivity provision thereunder.

 

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Section 3.5     Lease
Modification and Enforcement. Prior to the Closing Date, Seller shall use commercially reasonable efforts consistent with past practice
to enforce each Tenant’s obligation under its Lease, and subject to the terms and provisions of each applicable Lease and consistent
with past practice, may apply all or any portion of any Security Deposits then held by Seller toward any loss or damage incurred by Seller
by reason of any defaults by the applicable Tenant. Notwithstanding the foregoing, except (a) for the list of Leases set forth on
the attached Schedule 3.5, or (b) in the event that an applicable Tenant is engaged in illegal activities or hazardous activities
which put the life, health or safety of other Tenants or invitees of the applicable Site at risk or are reasonably likely to bring such
Tenant’s premises or the applicable Site into disrepute, Seller shall not terminate any Lease without the prior written consent
of Buyer, which consent shall not be unreasonably withheld or delayed. Seller will provide to Buyer a copy of any written notice (including
any notice of default) given to or received from any Tenant after the Effective Date promptly following Seller’s delivery or receipt
thereof. After expiration of the Diligence Period, except as set forth in Sections 3.7 and 3.8 below, Seller shall not enter into any
modification of any Existing Lease or New Lease or accept any voluntary surrender of any Existing Lease or New Lease without the prior
written consent of Buyer, which consent shall not be unreasonably withheld or delayed. Prior to the expiration of the Diligence Period,
except as otherwise permitted by Sections 3.7 and 3.8 below, Seller shall provide prompt (and in no event later than two (2) Business
Days prior to expiration of the Diligence Period (with such Diligence Period being extended as to any affected Site to afford such two
(2) Business Day notice period)) written notice to Buyer of any such modification of any Existing Lease or New Lease or acceptance
of a voluntary surrender of any Existing Lease or New Lease.

 

Section 3.6     Leasing
Costs. At or prior to Closing for any Site, Seller will pay all Leasing Costs that are or become due and payable prior to Closing
with respect to the Existing Leases and any New Leases affecting such Site. If there are any unpaid Leasing Costs as of any applicable
Closing Date on account of the then-current term of any Existing Leases or New Leases affecting such Site, then at such Closing, Buyer
will receive a credit towards the Purchase Price for any such unpaid amounts known as of the Closing Date, Buyer will assume such obligations
pursuant to the Assignment of Leases described in Section 5.3 below, and Seller will have no further responsibility for such costs
or allowances for which Buyer is credited. Additionally, upon the occurrence of Closing as to any Site, pursuant to the Assignment of
Leases, Buyer will assume any then outstanding obligations for Leasing Costs for which Buyer is responsible under this Agreement. To
the extent that Seller is liable for any Leasing Costs for Existing Leases, New Leases and Earnout Leases and any such Leasing Costs
are not known, billed or discovered until after the applicable Closing Date, Seller shall continue to be responsible therefor for a period
of nine (9) months following the applicable Closing Date (provided, that any such Claims shall survive such nine (9) month
period so long as a Claim Notice with respect thereto was delivered to Seller prior to the expiration of such period) and shall either
reimburse Buyer for any such Leasing Costs or pay directly such Leasing Cost to the party to whom such amounts are due and shall indemnify
Buyer from an against any Claims arising as a result of Seller’s failure to make such payments; provided, however, in no event
shall Seller be responsible for cost overruns constituting Leasing Costs to the extent such cost overruns arise on account of matters
occurring after the applicable Closing Date. The provisions of this Section will survive the Closing.

 

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Section 3.7     Leasing
Prior to Closing. Prior to the expiration of the Diligence Period, Seller shall deliver to Buyer a list of all leasable space in
each Site with respect to which Seller has had more than one (1) substantive discussion with any potential tenant or tenants with
respect to a letter of intent or potential New Lease to lease an identifiable space or suite, which shall include an identification of
the applicable Site, the applicable space or suite in such Site, the potential tenant and the anticipated term, commencement date and
base rent discussed with such tenant (the “Pipeline List”). Regarding any New Leases proposed for execution by Seller
between October 21, 2021 and the applicable Closing Date for any Site:

 

(a)            Seller
will have the right to enter into a New Lease if it meets the following qualification or is otherwise approved by Buyer in writing, which
approval shall not be unreasonably withheld, conditioned or delayed: such lease shall (i) be consistent with market rents, concessions
and term for properties similar to the applicable Site in the metropolitan statistical area in which the applicable Site is located,
(ii) not provide for decreasing rents (i.e., shall not be front loaded the first year), (iii) not contain any ROFRs, (iv) comply
with, and shall provide that the applicable Tenant shall at all times comply with, any declaration of covenants or restrictions or any
similar instruments that impose covenants or restrictions upon or benefits the leased premises under such Lease (including without limitation
any signage, building or use restrictions), all zoning regulations applicable to such leased premises and all exclusives granted to Tenants
of the Site pursuant to Leases affecting the applicable Site and to which such leased premises is subject, (v) be compatible with
the existing uses in the applicable Site, and (vi) otherwise be on the form lease approved by Buyer, such approval not to be unreasonably
withheld, conditioned or delayed, subject to commercially reasonable changes requested by the applicable Tenant;

 

(b)            Seller
shall deliver a copy of each such proposed New Lease to Buyer not less than five (5) Business Days prior to the execution thereof;
and

 

(c)            Seller
shall deliver a copy of each such executed New Lease to Buyer promptly upon the execution and delivery thereof.

 

For each Site, the Allocated
Purchase Price to be paid by Buyer to Seller at the applicable Closing will be increased by an amount equal to the quotient of (x) the
anticipated Earnout Income under each New Lease applicable to such Site, divided by (y) the Cap Rate. The provisions of this Section will
survive the Closing.

 

Section 3.8     Leasing
after Closing; Earnout. Not later than the Closing Date for any applicable Site, Seller shall deliver to Buyer an update to the Pipeline
List for each Site as to which Closing will occur on such Closing Date consistent with the requirements of Section 3.7, except that
all leasable space in such Site which is then vacant or is likely to become vacant prior to expiration of the applicable Earnout Period
shall be identified thereon. For a period up to one hundred eighty (180) days following the applicable Closing Date for each Site (the
 “Earnout Period”), Seller shall have the right on Buyer’s behalf to negotiate and approve new leases during
the Earnout Period if any such New Lease meets the following qualifications or is otherwise approved by Buyer in writing, which approval
shall not be unreasonably withheld, conditioned or delayed (each, an “Approved Post-Closing Lease”): such New Lease
shall (a) be consistent with market rents, concessions and term for properties similar to the applicable Site in the metropolitan
statistical area in which the applicable Site is located, (b) not provide for decreasing rents (i.e., shall not be front loaded
the first year), (c) not contain any ROFRs, (d) comply with, and shall provide that the applicable Tenant shall at all times
comply with, any declaration of covenants or restrictions or any similar instruments that impose covenants or restrictions upon or benefits
the leased premises under such Lease (including without limitation any signage, building or use restrictions), all zoning regulations
applicable to such leased premises and all exclusives granted to Tenants of the Site pursuant to Leases affecting the applicable Site
and to which such leased premises is subject, (e) be compatible with the existing uses in the applicable Site, and (f) otherwise
be on the form lease approved by Buyer, such approval not to be unreasonably withheld, conditioned or delayed, subject to commercially
reasonable changes requested by the applicable Tenant.

 

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(a)            Buyer
agrees that the foregoing includes rights to enter upon each such Site generally and any vacant (or to-be vacant) space within such Site
specifically for the purpose of showing such vacant (or to-be vacant) space to such prospective tenants in connection with the activities
contemplated hereby, provided that Buyer may require Seller, any prospective Tenant and anyone acting by, through or under them to enter
into a customary access agreement in connection with such access. Buyer shall enter into an Approved Post-Closing Lease if presented
by Seller for execution prior to expiration of the Earnout Period, time being of the essence, with a prospective tenant identified on
the applicable Pipeline List, which, upon such presentation to Buyer, shall be an “Earnout Lease”. Not more than ten
(10) days following the latest of presentation of an Earnout Lease to Buyer, execution of such Earnout Lease by the tenant thereunder
and receipt of any applicable Lender consent documentation required in connection with such Earnout Lease, Buyer shall pay the applicable
Earnout Amount to Seller. Buyer hereby acknowledges and agrees that it shall use commercially reasonable and good faith efforts to obtain
any (y) required tenant signature, and (z) lender consent which are required for such Earnout Lease to be valid and effective,
to the extent lacking upon presentation of such Earnout Lease by Seller. As used in this Agreement, the “Earnout Amount”
shall be (i) an amount equal to the anticipated Earnout Income under such Earnout Lease, divided by (ii) the Cap Rate, less
an amount equal to the anticipated Leasing Costs in respect of said Earnout Lease. By way of example only, if an Earnout Lease produces
anticipated Earnout Income of $1,200,000 (calculated as the total rental and other revenue for the first 12 months following the rent
commencement date thereunder) and Leasing Costs in the amount of $13,000,000 are anticipated to be incurred (including any costs incurred
as a result of capital improvement and tenant improvement work necessary to prepare the premises demised thereunder for tenancy), then
the Earnout Amount shall be (i) $1,200,000, divided by (ii) the Cap Rate (or 7.19%), minus (iii) $13,000,000, or $3,689,847.01.
Seller shall be responsible for, and shall indemnify and hold harmless Buyer from and against, any taxes incurred as a result of receipt
by Seller of any Earnout Amount. With respect to each Earnout Lease for which Seller receives an Earnout Amount on a post-Closing basis,
Seller and Buyer agree to cooperate in good faith to complete and submit any transfer tax documentation required in connection therewith
by the State in which the Site is located relating to such Earnout Lease and to pay any transfer taxes due on the Earnout Amount in accordance
with Schedule 5.6. The provisions of this Section will survive the Closing.

  

Section 3.9     Compliance
with Loan Documents. From the Effective Date until the applicable Closing for each Loan Site, Seller will comply in all material
respects with the requirements of the Loan Documents applicable to such Site, including the making of monthly interest payments as such
payments become due and payable. Except as may be expressly contemplated by this Agreement, Seller will not enter into any modification,
termination, replacement or amendment of the Loan Documents without the prior written consent of Buyer, unless the related Loan is one
that will be subject to a Prepayment pursuant to the provisions of this Agreement. Seller will provide to Buyer a copy of any written
notice (including a notice of default) given to or received from any Lender after the Effective Date promptly following Seller’s
delivery or receipt thereof.

 

Section 3.10     Voluntary
New Exceptions. Between the expiration of the Diligence Period and the applicable Closing Date, Seller shall not grant any voluntary
new liens or other title encumbrances upon any Site, which (i) are not caused by or the result of any act or fault of Buyer or any
Affiliate of Buyer, (ii) are not items that constitute Permitted Exceptions, or (iii) are not disclosed in any prior Title
Commitment (but subject to rights of Buyer with respect to such prior Title Commitment or update), in each case without Buyer’s
prior written consent. Prior to the expiration of the Diligence Period, Seller shall provide prompt (and in no event later than two (2) Business
Days prior to expiration of the Diligence Period (with such Diligence Period being extended as to any affected Site to afford such two
(2) Business Day notice period)) written notice to Buyer of any such voluntary new liens or other title encumbrances.

 

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Section 3.11     Tax
Contests.

 

(a)            Taxable
Period Terminating Prior to the Closing Date. Seller shall (i) retain the right to commence, continue and settle any proceedings
to contest any Taxes for any Site for any taxable period which terminates prior to the applicable Closing Date, provided that
Buyer’s consent, not to be unreasonably withheld, shall be required with respect to any such settlement that will result in increased
Taxes for such Site for any period after the Closing Date and (ii) be entitled to any refunds or abatements of Taxes awarded in
such proceedings for such periods prior to the Closing Date of such Site, except to the extent any portion thereof is payable to any
Tenant.

 

(b)            Taxable
Period Including the Closing Date. Following each Closing, Buyer, at its sole cost and expense, shall have the right to commence,
continue and settle any proceedings to contest any Taxes for any Site for any taxable period which includes the applicable Closing Date.
Any refunds or abatements awarded in such proceedings shall be used first to reimburse Buyer for the reasonable costs and expenses incurred
by Buyer in contesting such Taxes, and the remainder of such refunds or abatements shall be prorated between Seller and Buyer as of 12:01am
on the Closing Date for such Site, based upon actual days in the applicable taxable period prior to and after the Closing Date. Promptly
upon receipt of any such refund or abatement, Buyer shall pay the applicable prorated amount to Seller.

 

(c)            Taxable
Period Commencing After Closing Date. Following each Closing, Buyer shall (i) have the right to commence, continue and settle
any proceedings to contest any Taxes for any Site for any taxable period which commences after such Closing Date and (ii) be entitled
to any refunds or abatements of Taxes awarded in such proceedings for such periods.

  

(d)            Cooperation.
Seller and Buyer shall use commercially reasonable efforts to cooperate with the Party contesting any Taxes pursuant to, and in accordance
with, this Section 3.11 (at no material cost or expense to the non-contesting Party, other than any cost or expense which the requesting
Party agrees to reimburse pursuant to an agreement mutually acceptable to the Parties).

 

(e)            Survival.
This Section 3.11 shall survive the Final Closing.

 

Section 3.12     Notice
of Litigation and Violations. If, prior to any Closing, any Selling Entity receives written notice of (i) any new litigation
not disclosed on Schedule C with respect to any Site subject to such Closing, or (ii) any new material violation not disclosed
on Schedule C of any applicable fire, health, building, use, occupancy or zoning laws, regulations, ordinances and codes with
respect to any Site subject to such Closing, Seller shall promptly deliver written notice of such matter to Buyer.

 

Section 3.13     Intentionally
Omitted.

 

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Section 3.14     Capital
Improvements. Other than (i) the tenant improvement work and the capital improvements set forth on Schedule C and being
performed pursuant to a Work Contract identified on Schedule 4.1(m), (ii) any capital maintenance/repair work, any work required
to repair or restore any Site after a casualty or condemnation, and (iii) any other work necessary to protect the safety and/or
health of Tenants, invitees, guests or other persons, after expiration of the Diligence Period, Seller shall not undertake any capital
improvements or construction projects at any Site without Buyer’s prior written consent, which consent shall not be unreasonably
withheld, conditioned or delayed.

 

Section 3.15     Cooperation.
Subject to the terms and provisions of a Services Agreement to be agreed upon by the Parties prior to the Initial Closing, Seller agrees
to cooperate with Buyer in connection with the transition of the ownership and management of the Sites, including using commercially
reasonable efforts to arrange meetings with the current property managers responsible for day-to-day management, arrange meetings with
local sub-prop managers and landlord representatives (e.g., leasing brokers), arrange operational site visits with local maintenance
teams, assisting with service and maintenance contracts transition and providing access to updated diligence documents. This Section 3.15
shall survive the Closing.

 

Article 4

REPRESENTATIONS AND WARRANTIES

 

Section 4.1     Representations
and Warranties of Seller. Seller makes the following representations and warranties to Buyer and (solely with respect to clauses
(a), (b), (c) and (n) of this Section 4.1) AFIN as of the Effective Date and (as updated by Seller in writing after the
Effective Date) again as of the applicable Closing Date:

 

(a)            Each
Selling Entity is duly organized and validly existing and in good standing under the laws of its state of formation; and the execution,
delivery and performance of this Agreement and all Closing Documents to be executed and delivered by Seller pursuant to this Agreement
are within the organizational power of Seller and have been or will prior to Closing be duly authorized.

 

(b)            Seller
has not filed any voluntary petition in bankruptcy or suffered the filing of any involuntary petition by Seller’s creditors or
suffered the appointment of a receiver to take possession of the Property or any material portion thereof. Seller has not made a general
assignment for the benefit of creditors or admitted in writing its inability to pay its debts as they generally come due or made an offer
of settlement, extension or composition to its creditors generally.

  

(c)            To
Seller’s knowledge, there are no actions or proceedings pending or threatened in writing against Seller that Seller reasonably
expects would affect the validity or enforceability of this Agreement or any of the Closing Documents to be executed and delivered by
Seller pursuant to this Agreement. To Seller’s knowledge, the execution, delivery and performance of this Agreement and the Closing
Documents by Seller and the consummation of the Transaction by Seller will not: (a) materially conflict with or result in a material
breach of any terms, conditions or provisions of the organizational documents governing any Seller; (b) result in a material breach
or acceleration of or constitute a material default or event of termination (with or without the giving of notice, the passage of time
or otherwise) under the provisions of any agreement or instrument by which Seller is bound; (c) require the consent or approval
of any third party, including any governmental authority (other than any such consents or approvals that have been, or will prior to
the applicable Closing be, obtained) or (d) result in a material violation or breach of any Law applicable to any Seller or by which
Seller or any Site is bound which, in each case, would reasonably be expected to have a material adverse effect upon Seller’s ability
to consummate the Transaction.

 

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(d)           To
Seller’s knowledge, the Rent Roll attached hereto is, as of the last day of the month preceding the month in which the Effective
Date occurs, true, accurate and complete in all material respects. To Seller’s knowledge, attached hereto as Schedule 4.1(d) is,
as of the last day of the month preceding the month in which the Effective Date occurs, a true and complete report setting forth (i) all
arrearages in excess of thirty (30) days under the Leases and (ii) any prepaid rents under the Leases or credits which reduce future
rents (the “Delinquency Report and List of Prepaid Rents”).

 

(e)            Except
as may be set forth on Schedule 3.3 with respect to a Site, Seller has not received written notice of any currently pending or
threatened Condemnation of all or any portion of any Site.

 

(f)            Other
than each Broker Listing Agreement (true, complete and accurate copies of which have been delivered to Buyer), there are no agreements
with brokers entered into by Seller and relating to any Site by which Seller, or such Site is bound with respect to the leasing of any
portion of the Property and that will be binding upon Buyer or such Site after the applicable Closing; provided that this representation
shall not be deemed breached by virtue of any leasing activities of Seller undertaken after the Effective Date in accordance with Sections
3.7 and 3.8.

 

(g)            Except
as may be set forth on Schedule C with respect to a Site, Seller has not received written notice of any litigation that is currently
pending or threatened against Seller or an Affiliate of Seller with respect to the Property, except as may be the responsibility of a
Tenant under that Tenant’s Lease or that is covered by Seller’s insurance.

 

(h)            Except
as may be set forth on Schedule C with respect to a Site or in any Existing Lease for any Site, to Seller’s knowledge, as
of the Effective Date, there are no Leasing Costs currently due and payable by Seller with regard to any Lease; provided that this representation
shall not be deemed breached by virtue of any New Leases entered into after the Effective Date in accordance with Sections 3.7 and 3.8.

  

(i)             Except
as may be set forth in the Existing Leases for a Site or any document recorded against the Real Property of a Site, Seller has not granted
any ROFR, option or right of first refusal to any party to acquire Seller’s ownership interest in any portion of the Property.
As of the Effective Date and as of the applicable Closing, Seller will have delivered, or caused to be delivered, copies of all correspondence
with any ROFR Tenant related to such Tenant’s ROFR.

 

(j)             (i) Seller
has delivered or made available to Buyer true, complete and accurate copies of the Existing Leases (and as of each Closing, any applicable
New Leases) and any letter of credit security deposit, and (ii) each of the Existing Leases (and New Leases, as applicable) constitutes
the entire agreement between the applicable Selling Entity and the applicable Tenant regarding such Tenant’s Lease and occupancy
of the related Site. There are no lease agreements for space at any Site to which any Selling Entity is party, other than the Existing
Leases and (if and when applicable) the New Leases. Attached hereto as Schedule A-2 is a true, complete and accurate list of all
security deposits held by Seller, indicating whether in the form of cash or letter of credit.

 

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(k)            Except
as may be set forth on Schedule 4.1(d) with respect to a Site, Seller has not given to any Tenant written notice that such
Tenant is in default of or breach under its respective Lease, or received from any Tenant written notice that the Landlord is in default
of or breach under its respective Lease, except for any prior breaches or defaults that, to Seller’s knowledge, have been cured
in all material respects.

 

(l)             Seller
has not received any written notice that it is in default of any monetary or other payment obligations of Seller under any CC&R Documents,
which default has not been cured in all material respects.

 

(m)           To
Seller’s knowledge, attached hereto as Schedule 4.1(m) is a true, correct and complete list of each Contract by Site.
The copies of the Contracts delivered to Buyer are complete and accurate copies of the Contracts (including any amendments thereto) in
Seller’s files that Seller relies upon in connection with its ownership and operation of the respective Sites. Except as may be
set forth on Schedule C with respect to a Site, to Seller’s knowledge, Seller has not received nor given written notice
of any existing default or breach under any Contract that, to Seller’s knowledge, has not been cured in all material respects.
To Seller’s knowledge, other than the Contracts, Leases and Related Agreements, there are no contracts or agreements to which Seller
or its Affiliates is a party and which, subject to Section 3.4, will be binding on Buyer from and after the Closing Date.

 

(n)            No
Selling Entity is acting on behalf of an “employee benefit plan” within the meaning of Section 3(3) of the Employee
Retirement Income Security Act of 1974, as amended, a “plan” within the meaning of Section 4975 of the Code, or an entity
deemed to hold “plan assets” within the meaning of 29 C.F.R § 2510.3-101 of any such employee benefit plan or plans.

 

(o)            Intentionally
Omitted.

 

(p)            Except
as may be set forth on Schedule C with respect to a Site, to Seller’s knowledge, Seller has not received any written notice
from any Governmental Authority that the Real Property for any Site is presently in material violation of any applicable Environmental
or other Laws relating to such Real Property or received any written notice of any existing, pending or threatened material claims, actions,
suits, liabilities, proceedings or investigations related to Hazardous Material with respect to any such Real Property that would reasonably
be expected to result in material liability to the owner thereof.

  

(q)            To
Seller’s knowledge, the copies of any Related Agreements delivered to Buyer are true, complete and accurate copies of such documents
as contained in Seller’s files that Seller relies upon in connection with its ownership and operation of the respective Sites.
Except as may be set forth on Schedule C with respect to a Site, Seller has not received nor given written notice of any existing
default or breach under any Related Agreement that, to Seller’s knowledge, has not been cured in all material respects.

 

(r)            The
copies of the Loan Documents identified on Schedule F, and delivered or to be delivered to Buyer pursuant to Section 2.1(b) of
this Agreement are true, complete and accurate copies of the Loan Documents which pertain to any Loan Site identified on Exhibit L
attached hereto. To Seller’s knowledge, (i) Seller has not received written notice of any default or breach by Seller
under such Loan Documents, except for prior breaches or defaults that, to Seller’s knowledge, have been cured in all material respects,
or as otherwise set forth on Schedule F, (ii) such Loan Documents are in full force and effect and (iii) the principal
amount outstanding under each such Loan as of November 30, 2021 is set forth on Schedule F.

 

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(s)            Other
than the tenant improvement work and the capital improvements set forth on Schedule C and any tenant improvement work contemplated
under any New Lease created in accordance with Sections 3.7 or 3.8, there are no capital improvements or construction projects (which,
for the avoidance of doubt, does not include ordinary course capital maintenance/repair work) occurring at the Sites for which Buyer
shall be responsible after the Closing.

 

(t)             To
Seller’s knowledge, except as set forth on Schedule C, Seller is not currently protesting or challenging the assessed value
of its Site for Real Estate Tax purposes.

 

For purposes of this Agreement and any Closing
Documents, whenever the phrases “to the best of Seller’s knowledge”, or the “knowledge” of Seller or words
of similar import are used, they shall be deemed to refer to the current, actual, conscious knowledge only, and not any implied, imputed
or constructive knowledge of Christina Mayo, the 1st Vice President, On-Site Property Management of CIM Group, Inc. (the
 “Seller Knowledge Party”), who Seller represents has sufficient knowledge about the Properties in connection with
the making of the foregoing representations. Notwithstanding the foregoing, the Seller Knowledge Party shall have the duty to inquire
about such knowledge matters with such Person’s direct reports and onsite property managers. Such individual(s) will have
no personal liability under this Agreement or otherwise with respect to the Property.

 

Section 4.2     Representations
and Warranties of Buyer. Buyer makes the following representations and warranties to Seller as of the Effective Date and (as updated
by Buyer in writing after the Effective Date) as of the applicable Closing Date:

 

(a)            Buyer
is duly organized and validly existing and in good standing under the laws of its state of formation and, to the extent legally required
to do so, Buyer (or its Permitted Assignee) is or will prior to Closing be duly qualified to transact business in each State in which
any Site being acquired by such Person is located; and the execution, delivery and performance of this Agreement and all Closing Documents
to be executed and delivered by Buyer pursuant to this Agreement are within the organizational power of Buyer and have been or will prior
to Closing be duly authorized.

 

(b)            Buyer
has not filed any voluntary petition in bankruptcy or suffered the filing of any involuntary petition by Buyer’s creditors or suffered
the appointment of a receiver to take possession of any of Buyer’s property. Buyer has not made a general assignment for the benefit
of creditors or admitted in writing its inability to pay its debts as they generally come due or made an offer of settlement, extension
or composition to its creditors generally.

  

(c)            There
are no actions or proceedings pending or, to Buyer’s knowledge, threatened against Buyer that Buyer reasonably expects would affect
the validity or enforceability of this Agreement or any of the Closing Documents to be executed and delivered by Buyer pursuant to this
Agreement. To Buyer’s knowledge, the execution, delivery and performance of this Agreement and the Closing Documents by Buyer and
the consummation of the Transaction by Buyer will not: (a) conflict with or result in a breach of any terms, conditions or provisions
of the organizational documents governing any Buyer; (b) result in a breach or acceleration of or constitute a default or event
of termination (with or without the giving of notice, the passage of time or otherwise) under the provisions of any agreement or instrument
by which Buyer is bound; (c) require the consent or approval of any third party, including any governmental authority (other than
any such consents or approvals that have been obtained) or (d) result in a violation or breach of any Law applicable to any Buyer
or by which Seller or any Site is bound.

 

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(d)           All
internal approvals of Buyer’s management (including, without limitation, its Board of Directors) and investment committee necessary
to consummate the transactions contemplated by this Agreement have been or by Closing will be obtained.

 

(e)            Buyer
(i) is an experienced and knowledgeable purchaser of real property, (ii) is represented by competent counsel, and (iii) understands
and accepts the terms and provisions of this Agreement, including without limitation all releases, waivers, limitations, and assumptions
of risk and liability set forth in this Agreement.

 

(f)            AFIN
has not received from the SEC any notice pursuant to Rule 401(g)(2) promulgated under the Securities Act objecting to use of
the automatic shelf registration statement form and AFIN has not otherwise ceased to be eligible
to use the automatic shelf registration statement form.

 

(g)           As
of their respective filing dates, all forms, documents, certifications, statements, schedules, reports (including the financial statements
referenced in Section 4.2(j)) filed with the SEC since January 1, 2019, including those filed with the SEC since the date of
this Agreement, if any, including any amendments thereto (the “AFIN SEC Documents”) (i) complied, or with respect
to AFIN SEC Documents filed after the date hereof, will comply, in all material respects with the requirements of the Securities Act
or the Exchange Act, as the case may be, (ii) did not, or with respect to AFIN SEC Documents filed after the date hereof, will not,
contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements made therein, in light of the circumstances under which they were made, not misleading, and (iii) the principal executive
officers (or their equivalents) and principal financial officers (or their equivalents) of AFIN made all applicable certifications required
by the Sarbanes-Oxley Act of 2002 and any related rules and regulations promulgated by the Commission, and the statements contained
in each such certification are complete and correct.

 

(h)            None
of the AFIN SEC Documents is, to Buyer’s knowledge, the subject of ongoing SEC review or threatened review, and AFIN does not have
any outstanding and unresolved comments from the SEC with respect to any AFIN SEC Documents. None of the AFIN SEC Documents is the subject
of any confidential treatment request by AFIN.

 

(i)             Buyer
or AFIN has made available to Seller complete and correct copies of all non-public written correspondence between the SEC, on the one
hand, and AFIN, on the other hand, since December 31, 2019. No AFIN subsidiary is separately subject to the periodic reporting requirements
of Section 13(a) or Section 15(d) of the Exchange Act.

  

(j)             At
all applicable times, AFIN has complied in all material respects with the applicable provisions of the Sarbanes-Oxley Act.

 

(k)            The
consolidated audited and unaudited financial statements of AFIN and AFIN’s subsidiaries included, or incorporated by reference,
in the AFIN SEC Documents, including the related notes and schedules, (i) complied or will comply, as the case may be, as of their
respective dates in all material respects with the then-applicable accounting requirements of the Securities Act and the Exchange Act,
(iii) have been or will be, as the case may be, prepared in accordance with United States generally accepted accounting principles
(“GAAP”) applied on a consistent basis during the periods involved (except as may be indicated in the notes thereto, or,
in the case of the unaudited financial statements, for normal and recurring year-end adjustments and as may be permitted by the SEC on
Form 10-Q or any successor form under the Exchange Act, which such adjustments are not, individually or in the aggregate, material
to AFIN) and (iv) fairly present, or will fairly present, as the case may be, in all material respects (subject, in the case of
unaudited financial statements, for normal and recurring year-end adjustments, none of which is material, individually or in the aggregate),
the consolidated financial position of AFIN and AFIN’s subsidiaries, taken as a whole, as of their respective dates and the consolidated
statements of operations and comprehensive (loss) income, stockholders’ equity and cash flows of AFIN and AFIN’s subsidiaries
for the periods presented therein.

 

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(l)             AFIN
has established and maintains and evaluates “disclosure controls and procedures” (as such term is defined in Rule 13a-15
and 15d-15 under the Exchange Act) and “internal control over financial reporting” (as such term is defined in Rule 13a-15
and 15d-15 under the Exchange Act); such disclosure controls and procedures are designed to ensure that material information relating
to the Company and the Subsidiaries, is made known to the Company’s Chief Executive Officer and its Chief Financial Officer by
others within those entities, and such disclosure controls and procedures are effective to perform the functions for which they were
established. AFIN has disclosed to AFIN’s auditors and audit committee , based on the most recent evaluation by its chief executive
officer and its chief financial officer prior to the date of this Agreement, (A) any significant deficiencies and material weaknesses
in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect in any material
respect AFIN’s ability to record, process, summarize and report financial information and (B) any fraud, whether or not material,
that involves management or other employees who have a significant role in internal control over financial reporting.

 

(m)           Neither
AFIN nor any of its Subsidiaries has any material liabilities or obligations, direct or contingent (including any off-balance sheet obligations),
required to be disclosed in the AFIN SEC Documents, not described in the AFIN SEC Documents (excluding the exhibits thereto).

 

(n)            Neither
AFIN nor any AFIN subsidiary is required to be registered as an investment company under the Investment Company Act of 1940.

 

(o)           AFIN
and AFIN’s subsidiaries (including in each case any of their officers and directors) have not violated or are in violation of the
U.S. Foreign Corrupt Practices Act of 1977 as amended, the U.K. Bribery Act 2010, or any applicable law or regulation implementing the
OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, or committed an offense under
any other applicable anti-bribery or anti-corruption laws. Neither AFIN nor any AFIN subsidiary nor, to the knowledge of Buyer, any director,
officer or representative of AFIN or any AFIN subsidiary has (i) used any corporate funds for any unlawful contributions, gifts,
entertainment or other unlawful expenses related to political activity, (ii) made or taken any action in furtherance of any direct
or indirect unlawful payment, promise to pay or authorization or approval of the payment or giving of money, property or gifts of anything
of value, directly or indirectly to any foreign or domestic government official or employee, and (iii) made, offered or taken an
act in furtherance of any direct or indirect unlawful bribe, rebate, payoff, kickback or other unlawful payment to any foreign or domestic
government official or employee.

  

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(p)           Commencing
with AFIN’s taxable year ended on December 31, 2013, AFIN has been organized in conformity with the requirements for qualification
and taxation as a “real estate investment trust” under Section 856 of the Code (a “REIT”), and all
applicable regulations under the Code, and its actual method of operation through the date hereof has enabled it to meet, and its proposed
method of operation will enable it to continue to meet, the requirements for qualification and taxation as a REIT under the Code and
all applicable regulations under the Code for its taxable year ending December 31, 2021 and thereafter. AFIN intends to continue
to qualify as a REIT under the Code and all applicable regulations under the Code for all subsequent years, and AFIN, after reasonable
inquiry and diligence, does not know of any event that would reasonably be expected to cause AFIN to fail to qualify as a REIT at any
time. AFIN Buyer has been and will be taxed as a partnership or as a “disregarded entity” (within the meaning of Treasury
Regulations Section 301.7701-2(c)(2)(i)) and not as an association or publicly traded partnership (within the meaning of Section 7704
of the Code) subject to tax as a corporation, for U.S. federal income tax purposes beginning with its first taxable year; AFIN does not
know of any event that would cause or would reasonably be expected to cause AFIN Buyer to cease being taxed as a partnership or as a
 “disregarded entity” (within the meaning of Treasury Regulations Section 301.7701-2(c)(2)(i)) for U.S. federal income
tax purposes, and AFIN does not know of any event that would cause or would reasonably be expected to cause AFIN Buyer to be treated
as an association or publicly traded partnership subject to tax as a corporation for U.S. federal income tax purposes. At the Closing,
AFIN Buyer will be taxed as a partnership and not as an association or publicly traded partnership (within the meaning of Section 7704
of the Code) subject to tax as a corporation, for U.S. federal income tax purposes.

  

Section 4.3     OFAC
and Source of Funds. Buyer and Seller each represents and warrants to the other, and to Escrow Agent, and (solely with respect to
Seller) to AFIN, that (a) such Party is not a Restricted Person; (b) such Party is not knowingly acting, directly or indirectly,
for, on behalf of, or in conjunction with any Restricted Person and is not engaging in, instigating or facilitating this transaction
for or on behalf of any Restricted Person; (c) such Party is not engaging in this transaction, directly or indirectly, in violation
of any laws relating to drug trafficking, money laundering or predicate crimes to money laundering; and (d) none of the funds of
such Party to be utilized in this transaction have been or will be derived from any unlawful activity with the result that such Party,
its funds, or the Property is subject to potential seizure, forfeiture or other such remedy or that this Agreement or the transactions
hereunder are or will be in violation of any applicable laws or regulations. Notwithstanding the foregoing, neither Seller nor Buyer
is making any representation or warranty under this Section 4.3 regarding any public shareholders it may have unless any such individual
shareholder holds greater than five percent (5%) of such Party’s publicly-held shares. The provisions of this Section will
survive the Closing (in this sole instance, without regard to the limitations contained in Section 4.5) or any earlier termination
of this Agreement.

 

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Section 4.4     Inaccuracy
Discovered Prior to Closing. Neither Party nor AFIN may make a Claim after the Closing on any of the representations or warranties
made by one Party (the “Maker”) to the other Party or AFIN (the “Recipient”) in this Agreement
or in any Closing Document to the extent that such representations or warranties were, are, or have become inaccurate or incorrect in
any material respects (whether one or more, the “Inaccuracy”) and the Recipient has, receives or obtains actual knowledge
of the Inaccuracy prior to Closing. With respect to any matter that is disclosed by a Party in a bring-down certificate delivered at
a Closing, such matter will not constitute an Inaccuracy if (x) the applicable representation and warranty to which such matter
relates was true in all material respects as of the Effective Date and (y) such matter did not result from any breach by the Maker
of any covenant or obligation under this Agreement. If the Recipient first obtains actual knowledge of the Inaccuracy after Closing,
Section 4.5 below will apply instead of this Section 4.4, and as to an Inaccuracy that relates only to a specific Site or Sites,
such distinction will be measured from the date the Closing for such Site(s) occurred. If either the Maker or the Recipient believes
or determines prior to or at Closing that any Inaccuracy exists, then such Party or AFIN, as applicable, will immediately give written
notice to the other Party of the Inaccuracy. The Maker will have the right, but not the obligation, to elect to cure the Inaccuracy (or
the causes thereof) within fifteen (15) Business Days of the Maker’s delivery or receipt of such notice (and if reasonably required,
the Closing for the Site(s) directly affected by such Inaccuracy (if less than all Sites) will be extended by no more than thirty
(30) days to allow for such cure and such Sites will be treated as Delayed Closing Sites). Regardless of whether such cure is attempted
or effected by the Maker, the Recipient’s sole remedy with respect to an Inaccuracy that is actually known by the Recipient prior
to Closing and is not timely cured by the Maker will be either (a) to waive the Inaccuracy and proceed to Closing subject to the
other provisions of this Agreement; or (b) if the anticipated losses to the Recipient as a direct result of the Inaccuracy, as determined
by Seller and Buyer in the exercise of their commercially reasonable business judgment (the “Anticipated Loss Amount”),
is less than (i) $100,000.00 as to any Site-specific Inaccuracy or (ii) an aggregate of $1,000,000 for any Inaccuracy pertaining
to Seller generally or which are not otherwise Site-specific (the “Pre-Closing Threshold Amounts”), then the Recipient
shall be conclusively deemed to have elected to waive such Inaccuracy(ies) and all effects or consequences thereof, the Maker will have
no liability whatsoever with respect to such Inaccuracy, and the Parties will proceed to Closing on such Site or Sites subject to the
other provisions of this Agreement; or (c) if the Anticipated Loss Amount exceeds the Pre-Closing Threshold Amounts, the Recipient
may (i) designate the Site(s) directly affected by such Inaccuracy (if less than all Sites) as Supplemental Excluded Sites,
subject to Section 1.6 above, within five (5) Business Days following the end of the Maker’s fifteen (15) Business Day
cure period (but in any event, prior to the Closing on any affected Site); and (ii) if, and only if, the $200,000,000 cap on the
aggregate Allocated Purchase Price of Supplemental Excluded Sites has been met, terminate this Agreement by giving the Maker written
notice of the Recipient’s termination of this Agreement within five (5) Business Days following the end of the Maker’s
fifteen (15) Business Day cure period (but in any event, prior to the Closing on any affected Site); provided, however, that if (x) the
total Anticipated Loss Amount is less than $130,000,000 in the aggregate, and (y) the Maker elects (in the Maker’s sole and
absolute discretion), as to any affected Site, to pay or credit to the Recipient an amount equivalent to the Anticipated Loss Amount
applicable to such affected Site, then the sole and exclusive remedy of the Recipient for all Inaccuracy applicable to such affected
Site will be to receive such Anticipated Loss Amount corresponding to such affected Site from the Maker at the applicable Closing, and
the Maker will have no other liability whatsoever with respect to such Inaccuracy. If, notwithstanding the remedies available to Buyer
pursuant to Section 1.6 and this Section 4.4, Buyer proceeds to Closing on a Site which is the subject of an Inaccuracy, then
(subject to any cure made by Seller pursuant to this Section 4.4) the Recipient shall be conclusively deemed to have elected to
waive the Inaccuracy and all effects or consequences thereof, the Maker will have no liability whatsoever with respect to the Inaccuracy
(other than as to such express remedy, if any). In furtherance of the foregoing, each Party and AFIN agrees that the Maker will have
no liability with respect to any representation or warranty to the extent that, prior to the applicable Closing, the Recipient has, receives
or obtains actual knowledge of an Inaccuracy (from whatever source, including without limitation from disclosure by or on behalf of the
Maker) and the Recipient nevertheless proceeds to close the purchase or sale of the Property under this Agreement without availing itself
of the termination or other remedy (if any) provided under this Section 4.4. For purposes of the immediately preceding sentence,
the Recipient shall be deemed to have actual knowledge as to any matter disclosed in the Diligence Materials, any Title Commitment or
Survey with respect to any Inaccuracy under the representations and warranties in this Article IV, other than Seller’s representations
and warranties contained in Section 4.1(i), (j), (m), (n), (q), and (r). The provisions of this Section will survive the Closing
or any earlier termination of this Agreement.

 

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Section 4.5     Survival
of Representations and Warranties After Closing. Subject in all respects to Section 4.4, the representations and warranties
made by each Party in this Agreement or any Closing Document will survive the Closing only until the date that is nine (9) months
following the date of Closing; provided that (i) the representations and warranties of Seller made with respect to any Lease will
expire upon receipt of a Tenant Estoppel Certificate to the extent such Tenant Estoppel Certificate confirms Seller’s representations
and warranties made herein, (ii) the representations and warranties of Seller made with respect to any Loan Documents will expire
upon receipt of Loan Assumption Approval to the extent such Loan Assumption Approval confirms Seller’s representations and warranties
made herein, and (iii) the representations and warranties of Seller made with respect to any Loan Documents will expire upon the
Prepayment of the corresponding Loan (in each case, as applicable, the “Expiration Date”). As to representations and
warranties that relate to a specific Site, except as otherwise set forth in the immediately preceding sentence, the Expiration Date will
be measured from the date the Closing for such Site occurred, and as to representations and warranties that are non-Site specific, the
Expiration Date will be measured from the Final Closing. Any Claims for, relating to or arising from an Inaccuracy discovered after Closing
are limited in all respects to any actual damages the Recipient or AFIN, as applicable, sustained as a result of the Inaccuracy; provided,
that upon obtaining actual knowledge of such Inaccuracy, the Recipient shall have an obligation to mitigate any such damages that are
within the reasonable control of the Recipient or AFIN, as applicable. In no event will either Party be liable to the other Party or
AFIN, as applicable, for any lost profits or consequential, indirect, special or punitive damages suffered by a Party or AFIN, as applicable,
as a result of any Inaccuracy. If an Inaccuracy is discovered after Closing and the Recipient or AFIN, as applicable, desires to pursue
any remedy against the Maker with respect to such Inaccuracy, then the Recipient or AFIN, as applicable, must give the Maker a Claim
Notice detailing the Inaccuracy upon or prior to the Expiration Date. Any Claims that a Recipient or AFIN, as applicable, might otherwise
have or have had against a Maker with respect to any Inaccuracy, whether such Inaccuracy or such Claims are known or unknown, will not
be valid or effective if a Claim Notice detailing the Inaccuracy has not been given to the Maker on or prior to the Expiration Date.
For the avoidance of doubt, following the Expiration Date, each Party shall be deemed to be fully discharged and released (without the
need for separate releases or other documentation) from any liability or obligation to the other Party or AFIN, as applicable (and to
its other Buyer Parties or Seller Parties, as applicable), with respect to any Inaccuracy, known or unknown, not detailed in a Claim
Notice delivered to a Party on or prior to the Expiration Date. Further, any Claims that either Party or AFIN, as applicable, may have
at any time against a Party for any matter with respect to which a Claim Notice has been given to a Party on or prior to the Expiration
Date may be the subject of subsequent litigation brought by the claiming Party, but only if such litigation is commenced against and
duly served upon a Party on or prior to the date that is ninety (90) days following the applicable Expiration Date (the “Claim
Bar Date”). For the avoidance of doubt but subject to Section 6.4, following the Claim Bar Date, each Party shall be deemed
to be fully discharged and released (without the need for separate releases or other documentation) from any liability or obligation
to the other Party or AFIN, as applicable (and to its other Buyer Parties or Seller Parties, as applicable), with respect to any Claim,
known or unknown, except for any Claim for which both (a) a Claim Notice was given by the claiming Party or AFIN, as applicable,
to the other Party on or prior to the applicable Expiration Date, and (b) litigation upon the Claim has been commenced by the claiming
Party or AFIN, as applicable, and duly served upon the other Party prior to or upon the applicable Claim Bar Date. This Section (and
Section 4.4 above) collectively provide the sole remedies of each Party and AFIN with respect to any Inaccuracy and each Party and
AFIN expressly waives any other rights or remedies such Party or AFIN, as applicable, might otherwise have at law or in equity with respect
to any Inaccuracy in any representation or warranty of the other Party. The provisions of this Section will survive the Closing
or any earlier termination of this Agreement.

 

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Article 5

CLOSING, DELIVERIES AND PRORATIONS

 

Section 5.1     Closing.
The Closing and the delivery of all items to be delivered by the Parties at the Closing will be performed through an escrow closing conducted
by Escrow Agent on the Closing Date. Except as may otherwise be expressly provided in this Agreement, the Closing Date may not be accelerated
or extended without the prior written approval of both Seller and Buyer. The term “Delayed Closing Site” means a Site
that has been properly designated as such for specified reasons under certain provisions of this Agreement providing for such designation,
including without limitation as provided in Sections 1.5, 1.9, 2.2, 2.3, 4.4, and 5.2. Unless a different time for Closing is expressly
specified for the subject Site under the provisions of this Agreement providing for such Site’s designation as a Delayed Closing
Site, the Closing Date for a Site designated as a Delayed Closing Site will be ten (10) Business Days after the satisfaction of
all conditions precedent to such Closing (including the condition which shifted such Site from the Initial Closing to become a Delayed
Closing Site). The Parties will reasonably cooperate to “group” Delayed Closing Sites in an attempt to close multiple Delayed
Closing Sites together on a single date, to the extent such a result can reasonably be accomplished without material additional effort
or expense to either Party (it being the intention of the Parties that grouping such delayed closings will be pursued to the extent they
can be performed by the Parties in a more efficient manner than multiple individual delayed closings). To ensure appropriate security
is provided for Buyer’s obligations to close on the Delayed Closing Sites, all of the Deposit will be held in escrow until the
Final Closing of the last Delayed Closing Site; provided, that if following any earlier Closing the total Deposit so held would exceed
twenty-five percent (25%) of the aggregate of the Allocated Purchase Price amounts for all Delayed Closing Sites that will remain un-closed
following such Closing, such excess of the Deposit over twenty-five percent (25%) of the remaining aggregate Purchase Price will be applied
to the Purchase Price at such prior Closing, with the balance being held for application at (if applicable pursuant to the foregoing
formulation) each Closing thereafter and the remainder at the Final Closing.

 

Section 5.2     Estoppel
Certificate. As to all Sites not expected to be Delayed Closing Sites, not later than the expiration of the Diligence Period, Buyer
shall provide Seller with a copy of an estoppel certificate in the form attached hereto as Exhibit G for each Tenant under
an Existing Lease with all details completed for Seller’s review and comment, or shall provide Seller with a copy of a request
for an estoppel certificate in the form delivered by Tenant in accordance with such Tenant’s past practice or in the form required
or permitted pursuant to such Tenant’s Existing Lease for Seller’s review (each such estoppel certificate, an “Estoppel
Certificate” and collectively, the “Estoppel Certificates”). As to each Delayed Closing Site, Buyer shall
provide Seller with an Estoppel Certificate (or a request for an estoppel certificate, as applicable) for each Tenant under an Existing
Lease applicable to such Site on a schedule mutually agreed by Seller and Buyer. Seller will request from each Tenant, and use commercially
reasonably efforts to obtain and provide to Buyer at least five (5) Business Days prior to the Closing Date for the respective Site,
such Estoppel Certificate.

  

(a)            If
a form of estoppel certificate is attached to or otherwise specified by a Lease or if it is the policy of a Tenant that a particular
form of estoppel certificate be used, and such form is consistent with the requirements of such Tenant’s Lease, or if an estoppel
certificate is substantially in the same form as prepared and provided by Buyer, that form shall be deemed acceptable to Buyer for the
corresponding Lease.

 

(b)            An
Estoppel Certificate shall be deemed acceptable to Buyer unless (i) it is dated prior to the expiration of the Diligence Period,
(ii) it contains any information or statements that are both materially inconsistent with the information set forth in the related
Lease and materially adverse to Buyer, or (iii) it alleges any monetary default or any material non-monetary default by the Landlord
(unless such facts or circumstances alleging any monetary default or material non-monetary default by the Landlord are remedied by Seller
to the applicable Tenant’s satisfaction prior to Closing); provided, however, that neither exception (ii) nor (iii) will
apply (and thus Buyer will not have that basis to reject the subject Estoppel Certificate) if the adverse information or statements therein
or the facts underlying such information or statements were known to Buyer prior to the expiration of the Diligence Period, including
without limitation any information contained in the Seller Deliveries or in the exceptions to Seller’s representations and warranties
set forth in Schedule C and/or Schedule 3.3.

 

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(c)            An
Estoppel Certificate shall be deemed approved in the form received from a Tenant if substantially the same as the form prepared and provided
by Buyer or, if in some other form, Buyer has not given specific written objections thereto to Seller, identifying such objections and
the customary and commercially reasonable changes requested by Buyer for such Estoppel Certificate, prior to the earlier of (i) seven
(7) days after receipt by Buyer, and (ii) the Closing Date for the related Site. If Buyer is entitled to object, and so objects,
to the form of any Estoppel Certificate received from a Tenant, or a Tenant fails to timely return an Estoppel Certificate as may be
required by such Tenant’s lease, and such Estoppel Certificate is required to satisfy the Estoppel Threshold (as defined in Section 5.2(d) below),
Seller will have the right to seek to have the applicable Tenant revise such Estoppel Certificate to address Buyer’s requested
changes, or to obtain an initial Estoppel Certificate as applicable, and Seller may extend the Closing Date for such Site up to ninety
(90) days (by written notice of extension delivered to Buyer and Escrow Agent) for the purpose of obtaining the desired Estoppel Certificate
(in which event such Site will be treated as a Delayed Closing Site) and close on the balance of the Sites to the extent the Estoppel
Threshold is satisfied with respect to such other Sites. If Seller does not so extend the Closing or if Seller so extends the Closing
but the desired Estoppel Certificate from such Tenant has not been obtained and provided to Buyer at least three (3) Business Days
prior to the revised (if applicable) Closing Date, and receipt of such Estoppel Certificate is necessary to satisfy the Estoppel Threshold
(after taking into account any Seller Estoppel permitted to be delivered in accordance with the terms hereof), Buyer will have the option,
as its sole and exclusive remedy, either (x) if no Estoppel Certificate is received at all or if the last version received contains
information or statements that would render the Estoppel Certificate unacceptable under Section 5.2(b), then subject to Seller’s
rights under Section 5.2(d) below, to designate such Site as a Supplemental Excluded Site by written notice delivered to Seller
and Escrow Agent prior to such Closing Date, subject to the provisions and limitations of Section 1.6 above concerning such Sites
such that the Estoppel Threshold is reached for the Sites to be closed on such Closing Date; or (y) to proceed to Closing on such
Site as scheduled without receiving the desired Estoppel Certificate.

  

(d)           Buyer’s
receipt of approved Estoppel Certificates as provided above in this Section representing at least seventy-five percent (75%) of
the twelve (12) month forward contractual base rent (beginning January 1, 2022, and without deduction for any free rent or other
rental abatements) for the Property (the “Estoppel Threshold”) is a condition precedent to Buyer’s obligation
to close escrow under this Agreement for any Sites; provided, however, that the contractual base rent for any Excluded Sites, Supplemental
Excluded Sites and Delayed Closing Sites shall be excluded from the determination of whether the Estoppel Threshold has been satisfied
for the Initial Closing and, provided further, that satisfaction of the Estoppel Threshold as to all subsequent Closings shall be determined
based only upon the contractual base rent of the Site or Sites subject to that specific Closing. Any inability of Seller to obtain an
acceptable Estoppel Certificate from any Tenant or Tenants shall not be deemed a breach or default by Seller under this Agreement. Notwithstanding
the foregoing, if Seller is unable to satisfy the Estoppel Threshold as to any particular Closing, Seller may, in Seller’s sole
discretion, provide a “seller estoppel” certificate to Buyer in substantially the form of Exhibit H to this Agreement
(a “Seller Estoppel”) for any Lease for which an acceptable Estoppel Certificate has not otherwise been obtained from
the applicable Tenant, and Buyer will accept such Seller Estoppel for purposes of satisfying the Estoppel Threshold for the applicable
Closing; provided that in no event can Seller provide a Seller Estoppel for more than fifteen percent (15%) in the aggregate of contractual
base rent under the Leases applicable to the Site or Sites subject to such Closing. If Seller provides such a Seller Estoppel, Seller’s
statements in such Seller Estoppel will survive the Closing as representations and warranties of Seller, consistent with (but subject
to) the provisions of Section 4.5 above; provided, that a Seller Estoppel as to a Lease will automatically expire sooner if and
to the extent the statements contained therein are later confirmed by a tenant estoppel certificate delivered by the Tenant under a Lease
that was the subject of a Seller Estoppel. Notwithstanding any other provision to the contrary contained in this Agreement, no Estoppel
Certificate shall be required as to a New Lease and New Leases shall be excluded from the determination of any Estoppel Threshold.

 

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(e)           
Upon Seller’s receipt from Buyer of a proposed form of estoppel certificate related to any CC&R Documents or other title matter
together with a request letter addressed to the party or parties from whom estoppel certificates are desired, Seller shall use commercially
reasonable and good faith efforts to obtain and deliver such estoppel certificates to Buyer; provided, however, in no event shall receipt
of any such estoppel certificate be a condition precedent to Closing. Seller shall reasonably cooperate with all reasonable requests
of Buyer to draft each such estoppel certificate, including providing information reasonably necessary to complete each certificate that
is available to Seller.

 

Section 5.3     Closing
Documents.

 

(a)            On
or before the applicable Closing Date for a Site, Seller will deposit the following into escrow with respect to such Site (as applicable),
with all documents having been duly executed and, if to be recorded, acknowledged by Seller:

 

(i)             a
Special Warranty Deed (or the state-specific counterpart thereof) in the form attached to this Agreement as Exhibit B (the
 “Deed”) executed by the applicable Selling Entity, with Buyer or the applicable designee, if applicable, as grantee;

  

(ii)            an
Assignment and Assumption of Leases in the form attached to this Agreement as Exhibit C executed by the applicable Selling
Entity, with Buyer and the applicable designee, if applicable, as the counterparty (the “Assignment of Leases”);

 

(iii)           a
Bill of Sale and Assignment of Intangible Property in the form attached to this Agreement as Exhibit D executed by the applicable
Selling Entity, with Buyer and the applicable designee, if applicable, as the counterparty (the “General Assignment”);

 

(iv)          if
applicable, an Assignment and Assumption of Contracts in the form attached to this Agreement as Exhibit E executed by the
applicable Selling Entity, with Buyer and the applicable designee, if applicable, as the counterparty (the “Assignment of Contracts”);

 

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(v)           all
documents required of the applicable Selling Entity and any Seller Affiliate by any Loan Assumption Approval to effectuate the assignment
to, and assumption by, Buyer of the corresponding Loan;

 

(vi)          Loan
Assumption Approvals for all Loan Assumptions;

 

(vii)         such
disclosures, filings (including any transfer tax filings and related documentation) and reports (including Tax reporting and withholding
certificates) as are required of Seller by applicable state and local law in connection with the conveyance of the applicable Site;

 

(viii)        a
notice to be given to the applicable Tenants stating that the Site has been sold to Buyer and that, after the Closing, all rents should
be paid to or as directed by Buyer;

 

(ix)           a
confirmation pursuant to Section 1445(b)(2) of the Code that Seller is not a “foreign person” within the meaning
of Section 1445(f)(3) of the Code;

 

(x)            Seller’s
 “Owner’s Certification” as contemplated by Section 2.2(e) in the form attached to this Agreement as Exhibit A;

 

(xi)           Seller’s
counterpart signature to the closing statement prepared by Escrow Agent which shall include the applicable prorations and adjustments
calculated in accordance with the terms of this Agreement (the “Closing Statement”);

 

(xii)          resolutions,
certificates of good standing and such other organizational documents as the Title Company may reasonably require to evidence such Seller’s
authority to consummate the transactions contemplated hereby;

 

(xiii)         an
updated Rent Roll, and updated Delinquency Report and List of Prepaid Rents, each as of a date that is no earlier than the last day of
the month preceding the month in which the applicable Closing Date occurs;

 

(xiv)         to
the extent assignable, any unapplied Security Deposits (except any such Security Deposits held in the form of cash, with respect to which
Buyer shall receive a credit at the Closing) (which, in the case of any assignable letters of credit shall mean the original letters of
credit, together with the related transfer documentation completed; with respect to any non-assignable letters of credit that constitute
unapplied Security Deposits, Seller shall reasonably cooperate, as no material cost to Seller, with Buyer’s efforts to replace such
letters of credit after the Closing, including by returning such letters of credit to the applicable Tenants in connection with Buyer’s
receipt of replacement letters of credit);

 

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(xv)         Tenant
files in Seller’s possession (which files may, if not readily deliverable to Buyer as of the applicable Closing Date, be delivered
to Buyer within a reasonable time following the applicable Closing Date);

 

(xvi)         if
Seller elects to receive OP Units, the OP Consideration Documents, duly executed by Seller;

 

(xvii)        a
 “bring-down” certificate in which Seller remakes each representation and warranty in Section 4.1, duly executed by Seller;
and

 

(xviii)       such
other documents as may be specifically required under this Agreement, and such other customary documents as are necessary and appropriate
to effect the Closing and are reasonably acceptable to Seller.

 

(b)           On
or before the applicable Closing Date for a Site, Buyer will deposit the following into escrow with respect to such Site (as applicable),
with all documents having been duly executed and, if to be recorded, acknowledged by Buyer:

 

(i)             the
Allocated Purchase Price, as adjusted and reflected in the closing settlement statement agreed upon by Buyer and Seller;

 

(ii)            counterparts
of the Assignment of Leases, the General Assignment, and the Assignment of Contracts (if any);

 

(iii)           all
documents required of Buyer by any Loan Assumption Approval to effectuate the assignment to, and assumption by, Buyer of the corresponding
Loan;

 

(iv)          such
disclosures, filings (including any transfer tax filings and related documentation) and reports (including Tax reporting and withholding
certificates) as are required of Buyer by applicable state and local law in connection with the conveyance of the applicable Site;

 

(v)           If
Seller elects to receive OP Units, the OP Consideration Documents, duly executed by Buyer, AFIN Buyer and/or AFIN, as applicable;

 

(vi)          a
 “bring-down” certificate in which Buyer remakes each representation and warranty in Section 4.2, duly executed by Buyer;

 

(vii)         such
transfer tax documentation to be delivered by each state in which a Site is located, duly executed by Buyer; and

 

(viii)        such
other documents as may be specifically required under this Agreement, and such other customary documents as are necessary and appropriate
to effect the Closing and are reasonably acceptable to Buyer.

 

(c)           The
Parties agree that the form documents attached as exhibits to this Agreement are acceptable to accomplish the conveyances contemplated
by this Agreement. The acceptance by Buyer of a Deed to a Site (and the other Closing Documents applicable to such Site required to be
delivered by Seller) at the Closing of such Site shall be deemed to be a full performance and discharge of every obligation on the part
of Seller to be performed under this Agreement with respect to such Site, other than those that are specifically stated in this Agreement
to survive the Closing. The Parties may agree, each in their reasonable discretion, to utilize “blanket” documents applicable
to multiple Sites for certain of the Closing Documents other than the Deeds.

 

Section 5.4     Prorations.
All normal and customarily proratable items of income and expense relating to the Property will be adjusted between Seller and Buyer for
each Site, on a Site-by-Site basis, for each Closing as provided below. Closing Date prorations will be made as of 12:01 A.M. local
time on the day of the subject Closing as if Buyer was the owner of the Site for the entire Closing Date.

 

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(a)            Collected
base rents, additional rent and any separate amounts for Real Estate Taxes, common area maintenance charges, insurance, and other expenses
related to the Site paid by the Tenants to Seller under the Leases (collectively, “Rents”) for the month of Closing
will be prorated as of the Closing Date on the basis of the actual number of days of the month (or other applicable time period) which
shall have elapsed as of the Closing Date. Buyer shall receive all collected Rent attributable to dates from and after the Closing Date.
Seller shall receive all collected Rent attributable to dates prior to the Closing Date.

 

(b)           All
Leasing Costs shall be prorated as provided for in Section 3.6.

 

(c)            Real
Estate Taxes for such Site that first become delinquent (and thus are customarily paid) in the Closing Year (the “Closing Year
Taxes”) will be prorated by the Parties at Closing, with due adjustment being made for any portion of the Closing Year Taxes
that is paid or payable to the taxing authority(ies) either (i) directly by one or more Tenants; (ii) by the Landlord but is
collected from (or reimbursed by) one or more Tenants in lump sums that correlate directly to the payment amounts; (iii) by the Landlord
but is collected from (or reimbursed by) one or more Tenants through monthly estimated tax impound payments collected by the Landlord;
(iv) by the Landlord but is not separately reimbursed or impounded by one or more Tenants because the Leases for such Tenants are
 “gross leases;” or (v) by the Landlord but relates to leasable space at the Property that as of the Closing Date is not
subject to a Lease. Notwithstanding the foregoing, if, on or after the Effective Date, a Site or any portion thereof shall be or shall
have become affected by any special assessment for public improvements for work completed prior to the Effective Date, Seller shall pay
at the Closing all unpaid installments currently due and payable

 

(d)           Interest
payable under any applicable Loan that is subject to a Loan Assumption Approval will be prorated as of the Closing Date, with Buyer being
responsible for interest accruing on and after the Closing Date. Seller will receive a credit from Buyer at Closing for the amount of
any impounds, escrows, reserves, or similar funds held by the applicable Lender in connection with such Loan which are not refunded or
to be refunded to Seller in connection with Buyer’s assumption of such Loan (nor required for purposes of paying costs or expenses
which Seller is responsible for under this Agreement), and Seller will assign to Buyer all of Seller’s right, title and interest
in and to such transferred impounds, escrows, reserves, or similar funds.

 

(e)           All
other items of common area maintenance charges, insurance, or other expenses related to such Site for the Closing Year (“CAM
Expenses”), including but not limited to any utility charges, maintenance charges, and charges under any Contracts, Related
Agreements or Permitted Exceptions, will be prorated by the Parties at Closing, with due adjustment being made for any portion of the
CAM Expenses that is paid or payable either (i) directly by one or more Tenants; (ii) by the Landlord but is collected from
(or reimbursed by) one or more Tenants in lump sums that correlate directly to the payment amounts; (iii) by the Landlord but is
collected from (or reimbursed by) one or more Tenants through monthly estimated impound payments collected by the Landlord; (iv) by
the Landlord but is not separately reimbursed or impounded by one or more Tenants because the Leases for such Tenants are “gross
leases;” or (v) by the Landlord but relates to leasable space at the Property that as of the Closing Date is not subject to
a Lease. For any utilities that are in the name of Seller, Buyer and Seller will cooperate to arrange for final utility readings as close
to the Closing Date as possible and the issuance of a final bill to Seller, with Buyer being designated the billing party in lieu of Seller
from and after the Closing Date. Seller will be entitled to receive and retain any deposits of Seller held by utility companies with respect
to the Property.

 

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(f)            Except
to the extent considered Leasing Costs, in which case such costs shall be prorated between Seller and Buyer as set forth in Section 3.6,
Seller will pay the costs of all capital improvement work related to a Site that are or become due and payable prior to the applicable
Closing affecting such Site. Buyer will assume such capital improvement work obligations pursuant to Section 3.14 above, and Seller
will have no further responsibility for such costs. The provisions of this Section will survive the Closing.

 

(g)           Each
of Seller and Buyer acknowledge and agree that none of the insurance policies, fidelity bonds and other insurance contracts maintained
by Seller in respect of the Property (the “Seller Insurance Policies”) shall be assigned to Buyer, and Buyer shall
be responsible for arranging for its own insurance for the Property as of the Closing Date. Accordingly, no proration or adjustment shall
be made between Seller and Buyer with respect to the Seller Insurance Policies.

 

(h)           To
the extent not addressed by Section 5.4(e), charges under Contracts assigned at Closing, Related Agreements assigned at Closing,
Permitted Exceptions, and all other costs and expenses incurred in connection with the ownership and operation of the Property that are
customarily prorated shall be prorated as of the Closing Date, with Seller paying all such expenses accruing with respect to any time
period prior to the Closing Date and Buyer paying all such operating expenses accruing with respect to any time period after the Closing
Date.

 

(i)             No
later than one (1) Business Day prior to each Closing Date, the Parties shall jointly prepare a proration schedule setting forth
the prorations to be made at such Closing pursuant to this Section 5.4, which proration schedule shall be reflected on the Closing
Statement.

 

(j)             If
for any reason sufficient information is not available for a Site at Closing to allow Seller to provide the proration amounts contemplated
in this Section 5.4, Seller or Buyer (as applicable) will provide appropriate reconciliations (and reasonable supporting information)
to the other Party within one hundred eighty (180) days after the Closing of such Site; and unless the other Party reasonably objects
thereto within (30) days of their receipt, thereupon Seller will pay to Buyer any amounts due Buyer, and Buyer will pay to Seller any
amounts due Seller, as may be indicated by such supplemental reconciliations (net of any amounts that may have been estimated or determined
by Seller and Buyer and paid or credited for such purposes at the applicable Closing between such Parties). Unless expressly otherwise
agreed by the Parties, the reconciliation credits or payments made between Buyer and Seller as provided in this Section 5.4 will
be final as between the Parties. Seller will be responsible for preparing and providing any final full-year reconciliations of Real Estate
Taxes and CAM Expenses pertaining to calendar year 2021 and Buyer will be responsible for preparing and providing any final full-year
reconciliations of Real Estate Taxes and CAM Expenses pertaining to calendar year 2022 that may be required to be provided to any Tenant
pursuant to its Lease and for settling any adjustments required with each such Tenant as a result of such reconciliations (provided, that
Buyer may utilize the reconciliations and supporting information received from Seller for such purpose), and thereupon Seller will pay
to Buyer any amounts due Buyer, and Buyer will pay to Seller any amounts due Seller, as may be indicated by such supplemental reconciliations.

 

(k)            If
any Tenant pays percentage rent under its Lease, Buyer will remit to Seller, within thirty (30) days of receipt from such Tenant, Seller’s
proportionate share of any percentage rental paid by such Tenant under its Lease with respect to the “lease year” or other
applicable fiscal period under such Lease in which Closing occurs (such applicable fiscal period being the “Payment Period”),
which proportionate share due to Seller will be determined based on the number of days (excluding the Closing Date) Seller owned the related
Site during such Payment Period compared to the number of days (including the Closing Date) Buyer owned the related Site during such Payment
Period.

 

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(l)            Seller
will supply the relevant information to Buyer not later than five (5) Business Days prior to each Closing for, and the Parties will
cooperate in the calculation, review and finalization of, the adjustments and prorations contemplated by this Section for such Closing.
The Allocated Purchase Price amounts, prorations, closing costs, and any other credits and adjustments will be reflected on a closing
settlement statement prepared by Escrow Agent and executed by Buyer and Seller for the applicable Closing on an aggregate basis and, if
desired by either Party, with Site-specific information included therewith. If a net amount is owed by Seller to Buyer at a Closing for
the adjustments and prorations contemplated by this Section for such Closing, such amount will be credited against the Purchase Price
being paid at such Closing. If a net amount is owed by Buyer to Seller at a Closing for the adjustments and prorations contemplated by
this Section for such Closing, such amount will be paid to Seller together with the Purchase Price at such Closing.

 

(m)          No
proration shall be made at the Closing with respect to any Rent which has not been collected as of the Closing Date. Unless a payment
of Rents (other than base rent) is otherwise expressly captioned or directed by the paying Tenant, any Rents received by either Party
from a Tenant following the Closing on such Tenant’s Site will be applied (i) first, between the Parties, to any Rents due
from such Tenant for the month of such Closing, but only to the extent received during the month in which the Closing occurs, (ii) next,
to Buyer, to any delinquent Rents and Rents then due or to become due within the month in which received from such Tenant for periods
following the month of such Closing, and (iii) finally, to Seller, to any delinquent Rents due from such Tenant for periods prior
to such Closing, in each case in inverse order of maturity. From and after each Closing, Buyer will use commercially reasonable and good
faith efforts on Seller’s behalf for a period of not less than twelve (12) months following the applicable Closing Date to collect
and remit to Seller any delinquent Rents owed to Seller from a Tenant, provided that Buyer will have no obligation to institute any litigation
against or evict any Tenant in connection with such efforts. If after a Closing either Party receives any Rents or other amounts that
properly belong to the other Party based upon the Closing prorations or the provisions of this Section 5.4, such amounts will be
promptly remitted by the receiving Party to such other Party (net of reasonable and actual costs of collection).

 

(n)           If
there are any items, matters, payments, or other obligations owed to Seller by a Tenant or third party that would not customarily be conveyed
by a seller to a buyer in a sale transaction of this nature (“Excluded Seller Receivable Items”), such Excluded Seller
Receivable Items will be retained by Seller and not conveyed (either in whole or in part) to Buyer together with the related Site pursuant
to this Agreement, provided, that all Excluded Seller Receivable Items that are known to Seller as of the Effective Date are identified
on Schedule D attached hereto. In addition, if there is any capitalized expense incurred by Seller with respect to a Site that
is being amortized and reimbursed by the Tenant over a number of years, then to the extent such expense will not be fully reimbursed by
such Tenant as of the Closing for such Site (such unreimbursed amount being an “Unreimbursed Capital Expense Amount”),
a liquidated sum equal to seventy-five percent (75%) of such Unreimbursed Capital Expense Amount will be paid by Buyer to Seller at Closing,
and Buyer will thereafter have the sole right to collect and receive all remaining reimbursement payments from the applicable Tenant.
Any such Unreimbursed Capital Expense Amounts that are known by Seller as of the Effective Date will be set forth on Schedule E
attached to this Agreement. The inadvertent exclusion of any matter that should properly have been listed on either Schedule D
or Schedule E, particularly any such matter of which the Parties do not have actual knowledge when this Agreement is executed,
shall not be deemed dispositive that such matter was not intended to be treated as an Excluded Seller Receivable Item or an Unreimbursed
Capital Expense Amount.

 

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(o)           The
provisions of this Section 5.4 that by their terms are to occur after a Closing will survive the Closing.

 

Section 5.5     Security
Deposits. Seller will pay to Buyer at Closing, as a credit against the Purchase Price, the amount of any cash security deposits then
held by Seller pursuant to the Leases for the Sites that are the subject of such Closing.

 

Section 5.6     Closing
Costs. At each Closing, with respect to the Sites that are the subject of such Closing, Seller will pay (a) the costs of releasing
all liens and other encumbrances that are required by this Agreement to be released by Seller and of recording such releases; (b) one-half
of the fees and costs due Escrow Agent for its sale escrow services under this Agreement; (c) to the extent Seller is responsible
for such costs for Sites located in the respective state pursuant to Schedule 5.6 attached to this Agreement, any state, county
and local documentary, franchise or transfer taxes assessed on the conveyance by Seller to Buyer of the respective Site based the amount
of the Allocated Purchase Price for such Site; (d) all Loan Prepayment Costs applicable to any Loans being prepaid as part of the
subject Closing, as provided in Section 1.9 above; (e) its own legal fees and fees for advisory services in connection herewith;
(f) the cost of affirmative insurance as required by this Agreement to be paid by Seller; (g) the cost of recording the Deeds
and any other Closing Documents to the extent such costs are customarily paid by sellers in the applicable jurisdiction in which such
Site is located and (h) all other costs this Agreement expressly requires Seller to pay. If, pursuant to Section 1.2, Seller
elects to receive any OP Units or AFIN Common Stock as part of the Purchase Price, then Seller shall also pay or cause to be paid, and
shall indemnify and hold harmless Buyer and its affiliates from and against, any additional Taxes incurred with respect to any sale, exchange
or other disposition of such OP Units or AFIN Common Stock or of any units of partnership interest in AFIN Buyer into which the OP Units
are converted or any AFIN Common Stock for which any such OP Units are exchanged. At each Closing, with respect to the Sites that are
the subject of such Closing, Buyer will pay (i) all title insurance costs and charges, including any costs for standard coverage,
extended coverage, title endorsements, lender policies or other coverage requested by Buyer (except as set forth in clause (f) above);
(ii) the cost of any new or updated Survey obtained by Buyer; (iii) the cost of recording the Deeds and any other Closing Documents
to the extent such costs are customarily paid by buyers in the applicable jurisdiction in which such Site is located; (iv) one-half
of the fees and costs due Escrow Agent for its sale escrow services under this Agreement; (v) any state, county or local documentary,
franchise or transfer taxes other than the amounts payable by Seller pursuant to Section 5.6(c) above; (vi) any then-unpaid
Loan Assumption Costs applicable to any Loans being assumed as a part of the Closing, as provided in Section 1.9 above (subject to
Seller’s reimbursement obligation as set forth in Section 1.9(g)); (vii) any Loan Assumption Fees applicable to any Loans
being assumed as a part of the Closing, as provided in Section 1.9 above (subject to Seller’s reimbursement obligation as set
forth in Section 1.9(g)); and (viii) all other costs this Agreement expressly requires Buyer to pay. Except as otherwise expressly
provided for in this Agreement, Seller and Buyer will each be solely responsible for and bear all of their own respective transaction
costs and expenses, including without limitation all expenses of legal counsel, accountants, and other advisors and consultants incurred
at any time in connection with pursuing or consummating the transactions contemplated by this Agreement. Any other closing costs and charges
not specifically designated as the responsibility of either Party in this Agreement will be paid by the Parties with respect to each Site
according to the usual and customary allocation/apportionment of such costs by Escrow Agent in the jurisdiction in which such Site is
located. Buyer and Seller agree that there is little or no Personal Property included within the Property and no portion of the Purchase
Price for any Site will be allocated or attributable to Personal Property.

 

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Section 5.7     Brokers.
The Parties acknowledge the involvement in this transaction of the “Seller’s Broker” named as such in the Summary of
Terms (“Seller’s Broker”), whose commission if Closing occurs will be the responsibility of Seller pursuant to
a separate agreement between Seller’s Broker and Seller. Except for Seller’s Broker, Buyer and Seller each state and confirm
to the other that no broker, finder or comparable Person was utilized in arranging or bringing about this transaction and that there are
no claims or rights for brokerage fees, commissions, finders’ fees, or comparable fees or compensation due to any other Person in
connection with the transactions contemplated by this Agreement. If any other Person asserts a claim for a commission, fee or other compensation
based upon any contact, dealings or communication with Buyer or Seller, then the Party through whom such Person makes its claim will indemnify,
defend and hold harmless the other Party from such claim and any and all costs, damages, liabilities or expenses (including without limitation,
reasonable attorneys’ fees and disbursements) incurred by the other Party in connection with such claim. This Section 5.7 is
intended only to set forth the agreements of the Parties and in no event shall Seller’s Broker be deemed to be a third-party beneficiary
of, or have any rights or obligations under, this Agreement. The provisions of this Section will survive the Closing or any earlier
termination of this Agreement.

 

Section 5.8     Bulk
Sales Laws. The Parties acknowledge their belief that so-called “bulk sales laws”, other sales tax statutes or similar
Laws that impose successor liability upon the grantee of real property as to which a prior owner failed to pay income, franchise, sales,
gross, receipts or similar taxes should generally not be applicable to the transactions contemplated under this Agreement, except with
respect to Sites located in the State of Illinois and the Commonwealth of Pennsylvania. Notwithstanding the foregoing, if any such “bulk
sales laws,” other sales tax statutes or similar Laws are asserted by a Governmental Authority to be applicable to the purchase
and sale of any Sites that are subject to the jurisdiction of such Governmental Authority (including, for the avoidance of doubt, Sites
located in Illinois and Pennsylvania), Seller shall indemnify, defend and hold Buyer harmless from and against any Claim relating to the
Parties’ alleged failure to comply with such “bulk sales laws” or similar Laws, and if  any taxes, interest or
penalties are assessed against or imposed upon Buyer by such Governmental Authority as a result of such Governmental Authority’s
final determination that the Parties failed to comply with such applicable “bulk sales laws” or similar Laws, then Seller
will, within thirty (30) days of receiving a demand therefor from Buyer accompanied by reasonable supporting documentation, pay and indemnify
and hold harmless Buyer from and against the assessment or imposition of such taxes, interest or penalties upon Buyer. The provisions
of this Section will survive the Closing.

 

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Article 6

DEFAULT; REMEDIES

 

Section 6.1     Default
by Seller. If Seller fails to perform any obligation of Seller under this Agreement prior to or at any Closing and does not cure such
failure (a) within five (5) Business Days after receipt of written notice from Buyer asserting such failure, if Seller fails
to timely deliver Closing Documents or authorize Closing if and when required of Seller for Closing to occur under this Agreement, or
(b) within fifteen (15) Business Days after receipt of written notice from Buyer asserting such failure, if Seller fails to perform
any other obligation of Seller (any such failure, if not cured within such period, being a “Seller Default”), then
Buyer will elect by giving written notice to Seller and Escrow Agent within thirty (30) days after the occurrence of such Seller Default,
as Buyer’s sole and exclusive remedy against Seller, either to (i) terminate this Agreement, in which event Buyer shall receive
a return of the Deposit and its reasonably documented out-of-pocket expenses (not to exceed Two Million Five Hundred Thousand Dollars
($2,500,000)) incurred in connection with negotiating this Agreement, performing due diligence, processing the Loan Assumption and otherwise
in connection with this transaction, and except for Obligations Surviving Termination, neither of the Parties will have any further liability
or obligation under this Agreement, (ii) to bring a suit for specific performance against Seller to compel Seller to convey the Property
to Buyer as required under this Agreement, or (iii) sue for damages if specific performance is not available as a remedy to Buyer
as a result of Seller’s conveyance of any Site to a third party in violation of this Agreement; provided, however that as a condition
precedent to Buyer’s pursuit of any action for specific performance, Buyer (x) must maintain the full Deposit in escrow until
and during the pendency of such action, and (y) must demonstrate to the court Buyer’s readiness, willingness and ability to
Close. Buyer shall be deemed to have elected to terminate this Agreement (as provided in Section 6.1(i) above) if Buyer does
not deliver to Seller written notice of Buyer’s intent to file a cause of action for specific performance against Seller on or before
thirty (30) days after such Seller Default, or having timely given Seller such notice, fails to file and serve Seller with a lawsuit asserting
such cause of action within sixty (60) days after such notice.

 

Section 6.2     Default
by Buyer. If Buyer fails to perform any obligation of Buyer under this Agreement prior to or at Closing, and does not cure such failure
(a) within two (2) Business Days after receipt of written notice from Seller asserting such failure, if Buyer fails to timely
pay or deposit the Deposit or any amount of money required to be paid or deposited by Buyer under this Agreement in connection with any
Closing or (b) within five (5) Business Days after receipt of written notice from Seller asserting failure, if Buyer fails to
timely deliver Closing Documents or authorize Closing (which, notwithstanding anything to the contrary contained elsewhere in this Agreement,
shall include a failure by Buyer to obtain any required internal approval of Buyer’s management (including, without limitation,
Buyer’s board of directors), or investment committee) if and when required of Buyer for Closing to occur under this Agreement) (any
such failure, if not cured within such period, being a “Buyer Default”), then Seller will be entitled, as Seller’s
sole and exclusive remedy against Buyer for such Buyer Default, to terminate this Agreement and receive the Deposit as Seller’s
agreed and total liquidated damages by giving written notice of termination to Buyer and Escrow Agent within thirty (30) days after the
occurrence of such Buyer Default. The Parties have agreed that Seller’s actual damages in the event of a Buyer Default would be
extremely difficult or impracticable to determine. The Parties have therefore agreed that, considering all the facts and circumstances
existing as of the Effective Date, the amount of the Deposit is a reasonable estimate of the damages that Seller would incur in the event
of a Buyer Default. Each Party specifically confirms the accuracy of the statements made above and the fact that each Party was represented
by counsel who explained, at the time this Agreement was made, the consequences of this liquidated damages provision. The foregoing shall
not be deemed to limit the liability of Buyer for any payment or indemnification obligation in favor of Seller that survives Closing or
termination of this Agreement, nor shall the foregoing limit Seller’s right to pursue any remedy available at law or in equity in
response to any breach of any covenant of Buyer under this Agreement; provided, however, that Seller acknowledges that the remedy of termination
of this Agreement and/or retention of the Deposit shall be available to Seller only upon the occurrence of a Buyer Default.

 

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Section 6.3     Limitations
on Liability.

 

(a)            Unless
otherwise expressly stated in this Agreement, the provisions of Sections 6.1 and 6.2 above provide each Party’s sole remedies for
any failure by the other Party to perform its respective obligations under this Agreement prior to or at the Final Closing, but will not
limit any rights or remedies that either Party may have for a breach or default by the other Party after Closing with respect to those
provisions of this Agreement, or those provisions of the Closing Documents, that are expressly stated to survive Closing. However, in
no event will either Party be liable to the other Party for any lost profits or consequential, indirect, special or punitive damages suffered
by a Party as a result of any failure, breach or default, either before or after Closing, by the other Party under this Agreement or any
of the Closing Documents, and each Party expressly waives any right to recover any lost profits or consequential, indirect, special or
punitive damages caused to such Party by the other Party.

 

(b)           Notwithstanding
anything to the contrary set forth in this Agreement or any of the Closing Documents, (i) Seller will have no liability whatsoever
with respect to any Claims suffered or incurred by, asserted or assessed against, or imposed upon Buyer or any Buyer Party under or with
respect to this Agreement, the Property, or any Closing Document, except to the extent (and only to the extent) that such Claims exceed
$150,000.00 (the “Threshold Amount”); and (ii) in no event will the total aggregate liability of Seller and any
Seller Parties for any or all Claims with respect to the entirety of the Property and the transactions contemplated by this Agreement
and the Closing Documents, exceed $25,000,000.00 (the “Maximum Amount”). Buyer shall not make any Claims or deliver
any Claim Notice unless Buyer in good faith believes the Claims would exceed the Threshold Amount, and Buyer shall not seek or receive
for such Claims any remedies or awards that individually or in the aggregate, would exceed the Maximum Amount. The provisions of this
Section 6.3(b) exclude any Claims by Buyer related to any express post-Closing obligations of Seller under Sections 3.6, 5.4,
5.6, 5.7 or 5.8 of this Agreement, for which Seller’s liability will not be limited by the Threshold Amount or the Maximum Amount.

 

Section 6.4     CIM
REIT Credit Support. CIM Real Estate Finance Trust, Inc., a Maryland corporation (“CIM REIT”), joins this
Agreement for the sole purpose of providing credit support for certain obligations of Seller as, and only to the extent, expressly set
forth in this Section. CIM REIT agrees that if Seller generally, or any one or more Selling Entities, are obligated to make a payment
to Buyer for a Claim asserted by Buyer (a) under Section 4.5 of this Agreement, (b) under Section 6.1 of this Agreement,
or (c) pursuant to any other provision of this Agreement, or provision of the Closing Documents, that is expressly stated to survive
Closing, and Seller or any such Selling Entity fails to pay Buyer the amount determined to be such Person’s obligation to Buyer
with respect to such Claim within thirty (30) days after the final determination of such Person’s responsibility for such Claim
(such amount being a “Section 6.4 Claim Amount”), then within ten (10) Business Days of receiving a written
demand for the payment of such Section 6.4 Claim Amount from Buyer (which demand must be given by Buyer to CIM REIT in care of Seller
at the notice addresses specified for Seller in this Agreement), CIM REIT will cause such Person’s obligation with respect to such
Section 6.4 Claim Amount under the Agreement to be satisfied by paying or causing to be paid such Section 6.4 Claim Amount to
Buyer; provided, however, that the aggregate liability of CIM REIT for all Claims under this Section 6.4 shall not in any event exceed
the Maximum Amount, unless the Maximum Amount is not applicable to such Claims as expressly provided in the last sentence of Section 6.3(b) of
this Agreement. CIM REIT’s obligations under this Section 6.4 as to any Claim will expire on the date that is the latest to
occur of (a) the Expiration Date applicable to such Claim, (b) if any Claim is properly asserted by Buyer against Seller prior
to the Expiration Date, the Claim Bar Date applicable to such Claim, and (c) if any action is properly filed by Buyer and duly served
upon Seller prior to the Claim Bar Date applicable to such Claim, final resolution of the action applicable to such Claim. CIM REIT confirms
that each Seller Entity is an indirect subsidiary of CIM REIT, that CIM REIT expects to realize a material benefit from the Closing of
the transactions contemplated by this Agreement, and that accordingly CIM REIT will derive sufficient consideration from such transactions
to support CIM REIT’s obligations under this Section 6.4.

 

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Section 6.5     Survival.
The terms, provisions and limitations of this Article 6 will survive Closing or any earlier termination of this Agreement.

 

Article 7

MISCELLANEOUS

 

Section 7.1     Notices.
Any notices required or permitted to be given under this Agreement must be given in writing and delivered to the recipient’s notice
address as provided in this Agreement either (a) in person, (b) by certified mail, postage prepaid, return receipt requested,
(c) by a commercial overnight courier that guarantees next Business Day delivery and provides a delivery confirmation to the sender,
or (d) by email; provided, that any emailed notice purporting to either terminate this Agreement or provide notice of an asserted
failure, breach or default by the other Party must be followed by a hard copy thereof given within one (1) Business Day thereafter
that is delivered in accordance with one of the preceding subsections (a)-(c), unless receipt of such hard copy is expressly waived by
a reply email from the recipient Party in response to such notice email. The notice addresses for the Parties are as set forth in the
Summary of Terms. Either Party may specify a different or additional domestic (United States) notice address for itself as such Party
may from time to time desire by giving notice thereof in writing as provided above to the other Party. If sent by email, a notice shall
be deemed given upon the date when such email is transmitted by the sending Party to the receiving Party’s notice address, and shall
be deemed received on that same date unless such notice is transmitted by the sender after 5:00 p.m. in the local time of the physical
address of the receiving Party, in which case receipt by the receiving Party shall be deemed to be upon the next Business Day. If personally
delivered, a notice shall be deemed given and received upon the date of such delivery. If sent by overnight courier service, a notice
shall be deemed given upon the date of deposit with such courier and deemed received upon the date of delivery or refusal of delivery
at the notice address. If sent by certified mail, a notice shall be deemed given and received on the fourth Business Day after deposit
into the US Mail. Notices from or signed by the legal counsel for a Party will be equally effective as a notice from such Party itself.

 

Section 7.2     Entire
Agreement. This Agreement, together with the Exhibits and Schedules hereto, contains all agreements, representations, warranties and
covenants made by Buyer and Seller and constitutes the entire understanding between the Parties with respect to the purchase and sale
of the Property. All Exhibits and Schedules to this Agreement are fully incorporated as a part of this Agreement. Any prior correspondence,
memoranda, letters of intent, or other agreements between the Parties, including without limitation any oral or written statements made
by the Seller Parties or the Buyer Parties, are not binding on or enforceable against either Party, and are entirely superseded and replaced
by this Agreement; provided, however, that any prior or non-disclosure agreement, right of entry or confidentiality agreement between
Seller or any Seller Party and Buyer or any Buyer Party will remain of full force and effect and will not be superseded by this Agreement.

 

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Section 7.3     Confidentiality.
Seller will be providing Confidential Information in connection with Buyer’s evaluation of the transaction and the Property during
the term of this Agreement, and Buyer will obtain additional Confidential Information pursuant to Buyer’s due diligence investigations
of and regarding the Property and Tenants. Buyer agrees to keep the Confidential Information strictly confidential and shall not disclose,
permit the disclosure of, release, disseminate or transfer, whether written or orally or by any other means, such Confidential Information,
in whole or in part, in any manner; provided, however, that the Buyer Parties may make such limited disclosures, strictly on a “need-to-know”
basis, to and among the Buyer Parties as may reasonably be required in connection with Buyer’s evaluation of the Property as determined
in Buyer’s reasonable judgment) in connection with Buyer’s evaluation or implementation of the Property or as otherwise required
by applicable law, rule regulation, legal process, or order of any court, administrative, regulatory or arbitral body (subject to
the terms set forth in subparagraph (b) below). All of the Buyer Parties must be informed by Buyer of the confidential nature of
the Confidential Information and must be instructed by Buyer to treat the Confidential Information in the manner required under this Agreement.
Buyer will be responsible for ensuring the compliance of all Buyer Parties with the terms of this Agreement and will be responsible for
any breaches of the provisions of this Agreement by any of the Buyer Parties (other than any Lender first providing new financing to the
Property or any portion thereof in connection with this acquisition) (it being understood that such responsibility shall be in addition
to and not by way of limitation of any right or remedy Seller may have against such Buyer Parties with respect to such breach). Buyer
will take all commercially reasonable measures to safeguard the confidentiality and avoid any disclosure of Confidential Information to
any unauthorized person by Buyer or Buyer Parties. No license is granted, directly or indirectly, to any of the Confidential Information.
If this Agreement is terminated prior to Closing, then except as provided in Section 2.1(c) above, Buyer will destroy, and cause
each of the Buyer Parties to destroy, all materials containing Confidential Information. Notwithstanding the foregoing, (a) to the
extent required by a Buyer Party’s customary internal policies or other legal requirements applicable to such Buyer Party, such
Buyer Party may retain a copy of Confidential Information solely to satisfy such requirements, provided that such Buyer Party must otherwise
strictly maintain the confidentiality thereof and shall not be obligated to erase any Confidential Information contained in any archived
computer systems backups in accordance with electronic archiving, security and/or disaster recovery procedures, provided that Buyer must
otherwise strictly maintain the confidentiality thereof; and (b) a Buyer Party may disclose Confidential Information to the extent
required to be disclosed pursuant to court order or subpoena, but only (except as not otherwise required by applicable law) after such
Buyer Party has notified Seller of any request, court order or subpoena seeking or requiring disclosure of Confidential Information and
has given Seller the reasonable opportunity to appeal or challenge the same. Buyer agrees that money damages would not be a sufficient
remedy for any breach of the confidentiality provisions of this Agreement by Buyer or any Buyer Parties and Seller will be entitled to
equitable relief, including injunction and specific performance, as a remedy for any such breach. The confidentiality covenants and obligations
set forth in this Agreement will survive for a period of (i) one (1) year after any termination of this Agreement prior to the
Initial Closing, as to all Confidential Information, or (ii) if the Initial Closing occurs, then one (1) year after the Final
Closing as to all Confidential Information relating to Seller or any Seller Parties, but with no further confidentiality obligation after
each Closing as to Confidential Information relating solely to the Sites included in such Closing. For clarity, the Parties agree that
the foregoing provisions shall not limit or preclude the disclosures regarding this Agreement that are expressly permitted pursuant to
Section 7.21 below.

 

Section 7.4     Time.
Time is of the essence in the performance of each of the Parties’ respective obligations under this Agreement; provided, however,
that if a deadline or date for performance, or for the giving or receipt of a notice, falls on a day that is not a Business Day, such
deadline or date shall be deemed extended to the next Business Day.

 

Section 7.5     Attorneys’
Fees. In addition to the remedies provided in Article 6 above, if there is any litigation, action or other proceeding between
the Parties (“Action”) to enforce any provisions or rights arising under or in connection with this Agreement or the
Closing Documents, the Party that is determined to have substantially prevailed in such Action will also be entitled to an award against
the substantially non-prevailing Party for all costs and expenses, including but not limited to reasonable attorneys’ fees, reasonably
incurred by the prevailing Party in connection with the prosecution or defense of such Action. The provisions of this Section will
survive Closing or any earlier termination of this Agreement.

 

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Section 7.6     Merger
of Obligations. Obligations and other provisions that are expressly provided in this Agreement to survive or be performed after the
Closing will not merge with the transfer of legal title to the Property but will remain in effect until fulfilled or expired per their
terms; all other obligations of the Parties will merge with and be extinguished upon the transfer of legal title to the Real Property
to Buyer at Closing. To the extent an applicable obligation or provision relates to a specific Site or Sites, such time will be measured
from the date the Closing for such Site(s) occurs; otherwise such references to the Closing will mean the Final Closing.

 

Section 7.7     Assignment.
Subject to the provisions of this Section, Buyer may, by written notice given to Seller not less than ten (10) days prior to the
subject Closing, assign Buyer’s right to receive the conveyance of any Site or Sites under this Agreement to one or more Permitted
Assignees. Buyer’s rights and obligations under this Agreement are not otherwise transferable, assignable or delegable, directly
or indirectly, without the prior written consent of Seller, which consent may be given or withheld in Seller’s sole and absolute
discretion. Any transfer, assignment or delegation (to a Permitted Assignee or otherwise) must be made pursuant to a written agreement
meeting the requirements of this Section, which agreement will include (without limitation) provisions stating that (a) the transfer,
assignment or delegation does not release, diminish or otherwise affect the obligations of the original Buyer under this Agreement, including
the original Buyer’s obligations to pay the Purchase Price at Closing and to indemnify Seller and the other Seller Parties in accordance
with the terms hereof; and (b) the Permitted Assignee (or other approved transferee, assignee or delegee) expressly agrees for the
benefit of Seller and the Seller Parties that (i) such Person is assuming all obligations of the original Buyer under this Agreement,
other than obligations relating solely to any Site(s) not being acquired by such Person (if any); and (ii) the conveyance of
the Site or Sites to such Person will be subject to all of the terms, provisions, conditions and limitations set forth in this Agreement
to the same extent as if such Person was the original Buyer executing this Agreement. Seller will not be obligated to assume any additional
cost, liability or obligation as a result of any transfer, assignment or delegation by Buyer pursuant to this Section (other than
to a de minimis extent). Any attempted transfer, assignment or delegation by Buyer in contravention of this Section will be null
and void. Subject to the limitations described herein, this Agreement will inure to the benefit of and be binding upon the Parties and
their respective successors and assigns.

 

Section 7.8     1031
Exchange. Except to the extent that Seller receives OP Units or AFIN Common Stock pursuant to Section 1.2, each Party may structure
its acquisition or sale, as applicable, in whole or in part, as part of a like-kind exchange under Section 1031 of the Code. Each
Party will reasonably cooperate with the other (at no cost or liability to the cooperating Party) in effectuating such a like-kind exchange,
including signing such documents as may be reasonably and customarily necessary to acknowledge such exchange; provided, however, that
(a) the Closing will not be delayed thereby, (b) the exchanging Party will not be released from any liability or obligation
under this Agreement, and (c) the cooperating Party will not incur any additional liability or undertake any additional obligation
as a result of any such like-kind exchange. The Party employing the like-kind exchange structure will pay all costs and expenses associated
with effectuating such exchange.

 

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Section 7.9     Governing
Law; Jurisdiction and Venue. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ARIZONA,
BEING THE LOCATION OF SELLER, EXCEPT AS TO REAL PROPERTY MATTERS DIRECTLY RELATED TO A SINGLE INDIVIDUAL SITE AND WHICH MUST NECESSARILY
BE GOVERNED BY THE LAWS OF THE STATE IN WHICH THE RESPECTIVE REAL PROPERTY OF SUCH SITE IS LOCATED (the “Property State”),
WHICH MATTERS AS TO A SPECIFIC SITE WILL BE GOVERNED BY THE LAW OF THE RESPECTIVE PROPERTY STATE FOR SUCH SITE. For the purposes of any
suit, action or proceeding involving this Agreement, each Party expressly submits to the jurisdiction of all federal and state courts
sitting in the County of Maricopa, State of Arizona and consents that any order, process, notice of motion or other application to or
by any such court or a judge thereof may be served within or without such court’s jurisdiction by registered mail or by personal
service, provided that a reasonable time for appearance is allowed, and each Party agrees that such courts will have jurisdiction over
any such suit, action or proceeding commenced by any Party. Each Party irrevocably waives any objection that it may now or hereafter have
to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement brought in any federal or state
court sitting in the State of Arizona and further irrevocably waives any claim that any such suit, action or proceeding brought in any
such court has been brought in an inconvenient forum. The foregoing provisions are not intended to establish the State of Arizona as the
exclusive forum for any suit, action or proceeding involving this Agreement, but merely to establish the consent and agreement of each
Party to such non-exclusive jurisdiction and venue in the event of any contest or dispute over such matters.

 

Section 7.10   Waiver
of Trial by Jury. TO THE FULLEST EXTENT PERMISSIBLE UNDER APPLICABLE LAW, EACH PARTY WAIVES, IRREVOCABLY AND UNCONDITIONALLY,
TRIAL BY JURY IN ANY ACTION BROUGHT ON, UNDER OR BY VIRTUE OF OR RELATING IN ANY WAY TO THIS AGREEMENT, ANY OF THE CLOSING DOCUMENTS,
THE PROPERTY, OR ANY CLAIMS OR ACTIONS PERTAINING TO ANY OF THE FOREGOING.

 

	/s/ ND	 	/s/ MA
	Seller Initials	 	Buyer Initials

 

Section 7.11   Interpretation
of Agreement. The Article, Section and other headings of this Agreement are for convenience of reference only and shall not be
construed to affect the meaning of any provision contained in this Agreement. Where the context so requires, (a) the use of the singular
shall include the plural and vice versa and the use of the masculine shall include the feminine and the neuter; (b) the words “herein”,
 “hereof” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular
Article, Section or other subdivision; and (c) the words “including” and “include” and other words of
similar import will be deemed to be followed by the phrase “without limitation.” All monetary amounts expressed in “dollars”
or designated by a “$”, “USD” or “US$” symbol or abbreviation refer to a monetary amount payable within
the United States in the current lawful, dollar-denominated official currency of the United States of America. The terms and provisions
of this Agreement represent the result of negotiations by the Parties, and each Party has been represented by counsel of, and to the extent
of, such Party’s own choosing, and neither Party has acted under any duress or compulsion, whether legal, economic or otherwise.
Consequently, the terms and provisions of this Agreement shall be interpreted and construed in accordance with their usual and customary
meanings, and the Parties each waive the application of any rule of law that might otherwise be applicable that ambiguous or conflicting
terms or provisions contained in this Agreement shall be interpreted or construed against the Party that prepared (or whose attorney prepared)
the executed Agreement or any earlier draft of this Agreement or the provision in question.

 

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Section 7.12   Amendments;
No Waiver. No modification, waiver, amendment or discharge of or under this Agreement will be valid unless contained in a writing
signed by the Party against whom enforcement is sought; provided, however, that Seller shall have the right to waive the Repurchase Obligation
in its sole discretion if notice is provided by Seller to AFIN within two (2) business days of the Impermissible Suspension. No waiver
by Seller or Buyer of a breach of any of the terms, covenants or conditions of this Agreement will be construed or held to be a waiver
of any succeeding or preceding breach of the same or any other term, covenant or condition contained in this Agreement.

 

Section 7.13   No
Recording. Neither this Agreement nor any memorandum or short form thereof may be recorded by Buyer or any Buyer Party. Any such recording
of this Agreement or a memorandum or short form hereof by Buyer or any Buyer Party will constitute an immediate default under this Agreement,
and in addition to Seller’s other remedies therefor, Seller may conclusively establish the complete release and removal of such
recorded document simply by recording a copy of this provision of this Agreement.

 

Section 7.14   No
Third Party Beneficiary. Except as may be expressly stated herein, the provisions of this Agreement do not and are not intended to
benefit any third parties.

 

Section 7.15   Severability.
If, in any action to enforce this Agreement, any one or more of the covenants, agreements, conditions, provisions, or terms of this Agreement
is, in any respect or to any extent (in whole or in part), held to be invalid, illegal or unenforceable for any reason, all remaining
portions thereof that are not so held, and all other covenants, agreements, conditions, provisions, and terms of this Agreement, will
not be affected by such holding, but will remain valid and in force to the fullest extent permitted by law.

 

Section 7.16   Drafts
Not an Offer. The submission of a draft of this Agreement by one Party to another is not intended by either Party to be an offer to
enter into a legally binding contract with respect to the purchase and sale of the Property. The Parties will not be legally bound in
any manner with respect to a purchase and sale of the Property unless and until each of Seller and Buyer have duly executed this Agreement
and the Parties have delivered that fully executed Agreement to Escrow Agent.

 

Section 7.17   Consent
Standards. Unless expressly provided otherwise in this Agreement, any consent, determination, election or approval required to be
obtained, or permitted to be given, by or on behalf of either Party under this Agreement will be given, withheld or made (as the case
may be) by such Party in the exercise of such Party’s commercially reasonable discretion and within a commercially reasonable period
of time.

 

Section 7.18   Counterparts;
Signatures. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which
taken together will constitute one and the same Agreement. Signatures to this Agreement sent by email (including “.pdf”),
or delivered by other electronic means will be valid and effective to bind the Party so signing. Each Party agrees to promptly deliver
a “hard copy” of this Agreement bearing such Party’s original manual ink signature to the other Party upon request,
but a failure to do so will not affect the enforceability of this Agreement.

 

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Section 7.19   Exculpation.
In no event whatsoever will any Seller Parties or Buyer Parties have any recourse with respect to this Agreement or any of the Closing
Documents against, and no liability will be asserted with respect to this Agreement or any Closing Documents against, any of Seller’s
or Buyer’s respective members, partners, shareholders, trustees, employees, agents, directors, officers, or other owners, principals,
representatives, or Affiliates, or the respective constituents thereof (collectively, the “Exculpated Persons”), and
in no event whatsoever will any of the Exculpated Persons have or be deemed to have undertaken or assumed any personal liability for any
obligations entered into by Seller or Buyer, as applicable, under this Agreement or any of the Closing Documents, and regardless of whether
any such Persons negotiated or executed this Agreement or any of the Closing Documents on behalf of either Seller or Buyer, as applicable.

 

Section 7.20   Allocation
of Post-Closing Liability. Subject to any obligations and liabilities that this Agreement may expressly allocate to the contrary,
the Parties agree that, as between Buyer and Seller, after the Closing of a subject Site (a) Seller (rather than Buyer) will remain
liable for obligations asserted by or owed to third parties with respect to events that occurred during, and undertakings, acts, and omissions
of Seller during, Seller’s ownership or operation of such Site prior to the Closing, and (b) Buyer (rather than Seller) will
be liable for obligations asserted by or owed to third parties with respect to events that occur during, and undertakings, acts or omissions
of Buyer during, Buyer’s ownership or operation of such Site on and after such Closing. The Parties expressly agree that the provisions
of this Section will not apply to allocate to Seller (i) any Claim asserted by or on behalf of any Tenant after Closing to the
extent such Claim relates to or arises from the physical or environmental condition of or about any Site, regardless of whether such condition
is determined to have existed prior to Closing, except for any physical or environmental condition that arises from or is caused by the
gross negligence or intentional misconduct of Seller which occurred after the Effective Date and was both unknown to Buyer as of the expiration
of the Diligence Period and not otherwise disclosed to Buyer pursuant to the “bring-down” certificate delivered to Buyer at
Closing pursuant to Section 5.3(a)(xvii) above, or (ii) any Claim asserted by a Tenant after Closing that was not expressly
asserted or reserved in the Estoppel Certificate delivered by such Tenant for the Closing pursuant to Section 5.2 above. The Parties
will each promptly advise the other of any such matters asserted against one Party that such Party reasonably believes should be the responsibility
of the other Party, and the non-responsible Party will reasonably cooperate with the responsible Party (at no material expense to the
non-responsible Party) to promptly address any such matters that may be so asserted. The provisions of this Section are intended
solely to apply between Buyer and Seller and do not and are not intended to inure to or benefit any third parties. The provisions of this
Section shall survive the Closing.

 

Section 7.21   Public
Disclosures. Prior to any issuance of any securities filing, press release, investor presentation or other public statement with respect
to the transactions contemplated by this Agreement or the other Party thereto, each Party will, and will cause its Affiliates and external
manager to, use reasonable efforts to give a copy of the proposed Public Disclosure to the other Party for its review and comment. If
no objection or comments are received from the non-disclosing Party within twenty-four (24) hours after the non-disclosing Party receives
such proposed Public Disclosure for review, consent to such Public Disclosure shall be deemed given by the reviewing Party. The disclosing
Party shall review and use reasonable efforts to address any comments received by the non-disclosing Party prior to making such Public
Disclosure. Such public disclosure shall not disparage or make any statements that could reasonably be expected to harm the reputation
or business of the Property, any Site, the operation, management or leasing of the Property or any Site, the other Party; its Affiliates
or its or their respective directors, managers, officers, employees, agents and partners; provided that the foregoing shall not affect
the rights or obligations of such Party to testify truthfully in any suite, action or proceeding, including truthful statements made in
a dispute, suit action or proceeding arising under or in connection with this Agreement or any of the transactions contemplated hereby,
or make truthful statements that are reasonably necessary to comply with applicable law. In connection with any Public Disclosure, both
Parties and AFIN agree (x) to identify/refer to the Seller parties only as certain subsidiaries of CIM Real Estate Finance Trust, Inc.,
and (y) to the extent either Party or AFIN identifies the cap rate applicable to the Property or any Site in any disclosure, it will
disclose only the Cap Rate. The provisions of this Section shall survive the Closing or any earlier termination of this Agreement.

 

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Section 7.22   Non-Solicitation.
Buyer agrees, on behalf of itself and all Buyer Parties, that, for a period commencing on the date hereof and concluding on the earlier
of the Final Closing under this Agreement and the first anniversary of the Effective Date, neither Buyer nor any Buyer Party shall directly
or indirectly, solicit or cause to be solicited for purposes of employment, offer to hire or engage as a consultant, hire or engage as
a consultant any person that is employed by Seller or any Seller Party when such person was first introduced to Buyer or any Buyer Party
in connection with the transactions contemplated by this Agreement.  Nothing in this Section 7.22 shall be deemed to prohibit
(a) any general solicitation for employment not specifically directed at employees of Buyer or any Buyer Party, including but not
limited to, advertisements and searches conducted by a headhunter agency in which neither Buyer nor any Buyer Party pre-approved the contact
list, or any hiring or employment resulting from such solicitation, (b) the employment by Buyer or any Buyer Party of any person
who has been terminated by Seller or any Seller Party prior to commencement of employment discussions between Buyer or any Buyer Party
and such person, (c) the employment by Buyer or any Buyer Party of any individual who initiated contact with Buyer or any Buyer Party
regarding such employment, or (d) the solicitation of property-level employees for employment at the applicable Site, on or after
the applicable Closing Date for such Site.

 

Section 7.23   State-Specific
Provisions. In order to give effect to certain provisions of state law that may be applicable to certain Sites, the provisions contained
in this Section 7.23 are hereby incorporated into this Agreement and made a part hereof, but solely as regards, and solely applicable
to, the Sites located in the respective State:

 

(a)            As
to Sites located in Florida:

 

(i)             Seller
hereby notifies Buyer that Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities,
may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been
found in buildings in Florida. Additional information regarding radon testing may be obtained from your county health department. The
foregoing notification is provided pursuant to Section 404.056(6) of the Florida Statutes.

 

(ii)            Each
Selling Entity owning a Property located in the State of Florida hereby indemnifies and holds Buyer harmless from and against any applicable
sales and other taxes due and payable by such Selling Entity (or, if such Selling Entity is a disregarded entity for tax purposes, by
the entity which reports such Selling Entity’s income on its tax returns) to the Florida Department of Revenue (accruing or pertaining
to a period of time prior to the applicable Closing Date) and any Claims arising as a result of failure to make any such payments or in
connection with any tax returns relating thereto and required to be filed on or prior to the applicable Closing Date.

 

(b)           As
to Sites located in South Carolina, Seller and Buyer both hereby acknowledge and agree that the Closing shall occur under the supervision
of a lawyer licensed to practice in South Carolina (who may be an employee or other representative of Escrow Agent) and in accordance
with all requirements of South Carolina law

 

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(c)            As
to Sites located in Texas:

 

(i)            The
Parties acknowledge and agree that the ninety (90) day period establishing the Claim Bar Date as provided in Section 4.5 above is
shorter than the time period set forth in Tex. Civ. Prac. & Rem. Code Ann. § 16.070 (Vernon 2012). To the fullest extent
permitted by law, each Party relinquishes its rights under Section 16.070. In the event the ninety (90) day time period establishing
the Claim Bar Date is held invalid or unenforceable by a court of competent jurisdiction, the Parties agree that: (x) the Claim Bar
Date shall instead be the date that is two (2) years and one (1) day after the date of Closing; and (y) such holding shall
not affect any other covenants, agreements, conditions, provisions or terms of Section 4.5 or this Agreement.

 

(ii)            The
Parties acknowledge and agree that the provisions of Sections 3.2 and 3.3 of this Agreement are intended to supersede the rights and duties
prescribed by the Uniform Vendor and Purchaser Risk Act, Texas Property Code Section 5.007.

 

(d)           As
to Sites located in California:

 

(i)            Section 1542
Waiver. As a further part of the provisions of Section 2.5, but not as a limitation thereon, Buyer hereby agrees, represents
and warrants that the matters released therein are not limited to matters which are known or disclosed. In this connection and to the
extent permitted by law, Buyer hereby agrees, represents and warrants that Buyer realizes and acknowledges that factual matters unknown
to it may have given or may hereafter give rise to causes of action, claims, demands, debts, controversies, damages, costs, losses, liabilities
and expenses which are presently unknown, unanticipated and unsuspected, and Buyer further agrees, represents and warrants that the waivers
and releases therein have been negotiated and agreed upon in light of that realization and that, except as otherwise expressly provided
in this Agreement, Buyer nevertheless hereby intends to release, discharge and acquit Seller from any such unknown causes of action, claims,
demands, debts, controversies, damages, costs, losses, liabilities and expenses which might in any way be included in the waivers and
matters released as set forth in Sections 2.4 and 2.5 and this 7.23(d)(i) of this Agreement (the “Subject Provisions”).
Buyer expressly waives any and all rights conferred upon it by the provisions of California Civil Code Section 1542, which provides:

 

	A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.

 

The Subject Provisions are
material and included as a material portion of the consideration given to Seller by Buyer in exchange for Seller's performance under this
Agreement. Seller has given Buyer material concessions regarding this transaction in exchange for Buyer agreeing to the Subject Provisions.
The Subject Provisions, including without limitation the release contained therein, shall survive the Closing and the delivery and recording
of the Deed in perpetuity. Buyer has initialed this Section below to further indicate Buyer’s awareness and acceptance of each
and every provision of the Subject Provisions. Notwithstanding the foregoing, the release provided for in this Section 7.23(d)(i) shall
be effective as of the Closing only, and shall not be deemed to release Seller from its actual fraud or for any of Seller’s covenants,
representations and warranties set forth in this Agreement or in the documents and instruments delivered by Seller at the Closing which
by their terms expressly survive the Closing.

 

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	 	/s/ MA
	 	Buyer's Initials

 

(ii)            Natural
Hazard Disclosure. Buyer acknowledges that Seller may be required by California law to disclose if any of the Property lies within
the following natural hazard areas or zones: (a) a special flood hazard area designated by the Federal Emergency Management Agency;
(b) an area of potential flooding; (c) a very high fire hazard severity zone; (d) a wildland area that may contain substantial
forest fire risks and hazards; (e) an earthquake fault or special studies zone; or (f) a seismic hazard zone. Buyer acknowledges
and agrees that Seller has employed Escrow Agent (or an affiliate thereof) or another third party selected by Seller (the "Natural
Hazard Expert") to examine the maps and other information specifically made available to the public by government agencies and
has provided a natural hazard disclosure statement prepared by the Natural Hazard Expert (the “NHD Statement”) and
the report of the Natural Hazard Expert (the “NHD Report”) containing the results of its examination to Buyer in writing
prior to the Effective Date of this Agreement, and Buyer has signed and returned a copy of the NHD Statement to Seller. Buyer acknowledges
and agrees that Buyer’s prior receipt of the NHD Statement and NHD Report as aforesaid fully and completely discharges Seller from
its disclosure obligations referred to herein, and, for the purposes of this Agreement, the provisions of Civil Code Section 1103.4
regarding the non-liability of Seller for errors and/or omissions not within its personal knowledge shall be deemed to apply, and the
Natural Hazard Expert shall be deemed to be an expert dealing with matters within the scope of its expertise with respect to the examination
and written report regarding the natural hazards referred to above. Buyer further acknowledges and agrees that the matters set forth
in the NHD Statement or NHD Report may change on or prior to Closing and that Seller has no obligation to update, modify, or supplement
the NHD Statement or NHD Report.

 

	 	/s/ MA
	 	Buyer's Initials

 

(iii)           Special
Taxes Disclosure. Buyer acknowledges that Seller may be required by California law to disclose if any special Taxes, improvement
bonds, assessments, Mello-Roos Community Facilities Districts, or other such Taxes or assessments (collectively, “Special Taxes”)
affect the Property. Buyer acknowledges and agrees that Seller has employed Escrow Agent (or an affiliate thereof) or another third party
selected by Seller (the "Special Tax Expert") to prepare or obtain appropriate disclosure reports, Notice of Special
Tax documents, or other documentation (the “Special Tax Disclosures”) based upon information made available to the
public by government agencies regarding Special Taxes affecting the Property. Buyer acknowledges and agrees that Seller has delivered
the Special Tax Disclosures to Buyer in writing prior to the Effective Date of this Agreement, and that Buyer has signed and returned
a copy of each “Notice of Special Tax” to Buyer. Buyer acknowledges and agrees that the Special Tax Disclosures previously
delivered to Buyer as aforesaid fully and completely discharge Seller from any and all disclosure obligations relating to Special Taxes.
Buyer further acknowledges and agrees that the matters set forth in the Special Tax Disclosures may change on or prior to Closing and
that Seller has no obligation to update, modify, or supplement the Special Tax Disclosures.

 

    	Agreement of Purchase and Sale
CMFT Portfolio
	68	 

     

    

 

	 	/s/ MA
	 	Buyer's Initials

 

(iv)          The
provisions of Section 7.23(d)(i) through (d)(iii) of this Agreement will survive the Closing and the delivery and recording
of the Deed in perpetuity. Buyer has initialed these Sections above to further indicate Buyer’s awareness and acceptance of each
and every provision of each such Section of this Agreement.

 

(v)           The
following provisions are added to the end of Section 6.2 above:

 

THE AMOUNT PAID TO AND RETAINED BY SELLER AS LIQUIDATED
DAMAGES PURSUANT TO THE FOREGOING PROVISIONS SHALL BE SELLER’S SOLE AND EXCLUSIVE REMEDY IF BUYER FAILS TO CLOSE THE PURCHASE OF
THE PROPERTY. THE PARTIES HERETO EXPRESSLY AGREE AND ACKNOWLEDGE THAT SELLER’S ACTUAL DAMAGES IN THE EVENT OF A DEFAULT BY BUYER
WOULD BE EXTREMELY DIFFICULT OR IMPRACTICABLE TO ASCERTAIN AND THAT THE AMOUNT OF THE DEPOSIT REPRESENTS THE PARTIES’ REASONABLE
ESTIMATE OF SUCH DAMAGES. THE PAYMENT OF SUCH AMOUNT AS LIQUIDATED DAMAGES IS NOT INTENDED AS A FORFEITURE OR PENALTY WITHIN THE MEANING
OF CALIFORNIA CIVIL CODE SECTIONS 3275 OR 3369, BUT IS INTENDED TO CONSTITUTE LIQUIDATED DAMAGES TO SELLER PURSUANT TO CALIFORNIA CIVIL
CODE SECTIONS 1671, 1676 AND 1677. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS SECTION 6.2, SELLER AND BUYER AGREE
THAT THIS LIQUIDATED DAMAGES PROVISION IS NOT INTENDED AND SHOULD NOT BE DEEMED OR CONSTRUED TO LIMIT IN ANY WAY BUYER’S INDEMNITY
OBLIGATIONS UNDER THIS AGREEMENT.

 

	 	/s/ MA
	 	Buyer's Initials

 

(e)           As
to Sites located in Louisiana:

 

(i)            If
and to the extent used in this Agreement, and whether or not capitalized when so used, the terms “real estate” and “real
property” shall include “immovable property” as that term is used in Louisiana law; the term “eminent domain”
shall include “expropriation” as that term is used in Louisiana law; the term “personal property” shall include
 “movable property” as that term is used in Louisiana law; the term “county” shall include “parish”
as that term is used in Louisiana law; the term “easement” shall include “servitude” as that term is used in Louisiana
law; the term “receiver” shall include “keeper” as that term is used in Louisiana law; the term “fee estate”
shall include “full ownership interest” as that term is used in Louisiana law; and the term “lien” shall include
a “privilege” as that term is used in Louisiana law.

 

    	Agreement of Purchase and Sale
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(ii)           At
Closing the Deed contemplated by Section 5.3(a)(i) above for any Site located in the State of Louisiana will be an Act of Cash
Sale for such Site and will contain the following waivers, all of which the Parties agree will apply in addition to, and not in lieu of
or limitation of, any of the releases, waivers, limitations of liability, or other provisions contained in this Agreement (and provided
that, as applicable, the terms “Seller” and “Buyer” will be conformed to “Grantor” and “Grantee”
or such comparable terms as may be contained in such Act of Cash Sale):

 

(A)          Buyer
acknowledges and agrees that the Property is being sold by Seller to Buyer as is, where is, with all faults, and without any warranties
(other than (i) the limited warranty of title as to Seller’s own acts only, and (ii) all representations, warranties and
covenants of Seller set forth in the Purchase Agreement), express or implied, including, but not limited to, warranties of condition,
fitness for a particular purpose or habitability. Buyer acknowledges and agrees that, except as otherwise provided in the Purchase Agreement,
Seller has made no representation, warranty or guaranty, express of implied, oral or written, past, present of future, of, as to, or including:
(a) the condition or state of repair of the Property, including, without limitation, any condition arising in connection with the
generation, use, transportation, storage, release or disposal of hazardous substances (which includes all substances listed as such by
applicable law, all pollutants or contaminants, whether harmful or not, petroleum and natural gas and their components and distillates,
asbestos and naturally-occurring but harmful substances such as methane or radon) on, in, under, above, upon or in the vicinity of the
Property; (b) the quality, nature, adequacy and physical condition of the Property, including but not limited to, the structural
elements, environmental issues, wetlands issues, appurtenances, access, landscaping, parking facilities and the electrical, mechanical,
plumbing, sewage, and utility systems and facilities; (c) the quality, nature, adequacy and physical conditions of soils and geology
and the existence of ground water, including without limitation, soil compaction, grading and drainage; (d) the existence, quality,
nature, adequacy and physical conditions of utilities serving the Property; (e) the development potential of the Property, its habitability,
or the fitness, suitability or adequacy of the Property for any particular purpose; (f) the zoning of the Property; (g) the
Property or its operations’ compliance with any applicable codes, laws, regulations, statutes, ordinances, covenants, conditions,
and restrictions of any governmental or quasi-governmental entity or of any other person of entity; and (h) the quality of any labor
and materials.

 

(B)           Buyer
hereby acknowledges and declares reliance solely on its own inspection and evaluation of the Property and not on any warranties or representations,
express or implied, from Seller, other than those representations and warranties explicitly contained in the Purchase Agreement. Any and
all warranties (other than (i) the limited warranty of title as to Seller’s own acts only, and (ii) all representations,
warranties and covenants of Seller set forth in the Purchase Agreement), express or implied, with respect to the Property, including but
not limited to those related to the condition of the Property or fitness of the Property for a particular purpose, are hereby disclaimed
by Seller and are hereby expressly waived by Buyer.

 

(C)           Buyer
hereby expressly waives and renounces any and all rights in redhibition pursuant to Louisiana Civil Code Article 2520, et seq., the
warranty imposed by Louisiana Civil Code Article 2475, and its ability to rescind the sale of the Property or seek a reduction in
the Purchase Price for any reason whatsoever, and Buyer hereby releases Seller from any and all liability whatsoever in connection therewith.

 

(D)           Buyer
acknowledges and agrees that Buyer has been afforded the opportunity to conduct and complete, and has conducted and completed, all inspections
of the Property and all component parts thereof, as deemed necessary or advisable by Buyer, and Buyer hereby accepts the Property in its
existing “AS IS” and “WHERE IS” condition, and this waiver and disclaimer of express and implied warranties of
fitness and the condition of the Property has been taken into consideration and is reflected in the terms of the Purchase Price.

 

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(E)           BUYER
HEREBY ACKNOWLEDGES THAT: (I) THE FOREGOING WAIVERS AND DISCLAIMERS HAVE BEEN BROUGHT TO THE ATTENTION OF BUYER, (II) THE FOREGOING
WAIVERS AND DISCLAIMERS HAVE BEEN READ AND ARE UNDERSTOOD BY BUYER, (III) THE AGREEMENT OF BUYER WITH AND TO ALL OF THE TERMS AND
CONDITIONS OF THESE WAIVERS AND DISCLAIMERS IS AN INTEGRAL PART OF THIS AGREEMENT BETWEEN SELLER AND BUYER WITHOUT WHICH THIS AGREEMENT
WOULD NOT HAVE BEEN ENTERED INTO BY SELLER, AND (IV) THE PURCHASE PRICE REFLECTS, AND TAKES INTO CONSIDERATION, THE FOREGOING WAIVERS
AND DISCLAIMERS.

 

(F)           Nothing
in this Disclaimer of Warranties shall limit or otherwise affect Seller’s representations, warranties or covenants provided in the
Purchase Agreement, nor shall this Disclaimer of Warranty affect Buyer’s remedies related to a breach or misrepresentation thereof.

 

(f)            As
to Sites located in the State of Michigan, the term “Laws” includes, but is not limited to, the following statutes, as amended,
any successor thereto, and any regulations, rulings, orders or decrees promulgated pursuant thereto: The Natural Resources and Environmental
Protection Act, MCL §324.101 et seq. (Act 451 of 1994, as amended).

 

(g)           As
to Sites located in the State of Pennsylvania, Section 7.7 is hereby omitted in its entirety and replaced with the following:

 

Subject to the provisions
of this Section, Buyer may, by written notice given to Seller not less than fifteen (15) Business Days prior to the subject Closing, assign
Buyer’s right to receive the conveyance of any Site or Sites under this Agreement to one or more Permitted Assignees. Buyer’s
rights and obligations under this Agreement are not otherwise transferable, assignable or delegable, directly or indirectly, without the
prior written consent of Seller, which consent may be given or withheld in Seller’s sole and absolute discretion. Any transfer,
assignment or delegation (to a Permitted Assignee or otherwise) must be made pursuant to a written agreement meeting the requirements
of this Section, which agreement will include (without limitation) provisions stating that (a) the transfer, assignment or delegation
does not release, diminish or otherwise affect the obligations of the original Buyer under this Agreement, including the original Buyer’s
obligations to pay the Purchase Price at Closing and to indemnify Seller and the other Seller Parties in accordance with the terms hereof;
and (b) the Permitted Assignee (or other approved transferee, assignee or delegee) expressly agrees for the benefit of Seller and
the Seller Parties that (i) such Person is assuming all obligations of the original Buyer under this Agreement, other than obligations
relating solely to any Site(s) not being acquired by such Person (if any); and (ii) the conveyance of the Site or Sites to such
Person will be subject to all of the terms, provisions, conditions and limitations set forth in this Agreement to the same extent as if
such Person was the original Buyer executing this Agreement. Notwithstanding anything contained in this Agreement to the contrary, Seller
agrees that Buyer is entering into this Agreement with respect to those Sites located in the Commonwealth of Pennsylvania for the benefit
of a certain to-be-named nominee (which nominee shall be an affiliate of Buyer), and that at the Closing, Buyer intends to assign to such
nominee, for no additional consideration, all of its right, title and interest in this Agreement related to such Sites located in Pennsylvania
and Buyer has no intent to obtain legal or equitable title to such Sites. In such instance, Buyer shall have the right to partially assign
this Agreement without Seller’s prior written consent. Upon such assignment of this Agreement to said nominee and the assumption
by said nominee of Buyer’s obligations hereunder with respect to the Sites located in Pennsylvania, (i) Buyer shall be released
and have no liability under this Agreement, and (ii) the term “Buyer” as used in this Agreement will be deemed to be
said nominee. Subject to the limitations described herein, this Agreement will inure to the benefit of and be binding upon the Parties
and their respective successors and assigns.

 

    	Agreement of Purchase and Sale
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(h)           As
to Sites located in the State of Alabama:

 

(i)            The
Parties acknowledge that, in accordance with Ala. Code Ann. §§ 18-1A-32 and 18-1A-20, the term “condemnation” as
used herein shall also mean “eminent domain”.

 

(ii)           The
Parties acknowledge and agree that the ninety (90) day period establishing the Claim Bar Date as provided in Section 4.5 above is
shorter than the time period set forth in Code of Ala. § 6-2-34. To the fullest extent permitted by law, each Party relinquishes
its rights under § 6-2-34. In the event the ninety (90) day time period establishing the Claim Bar Date is held invalid or unenforceable
by a court of competent jurisdiction, the Parties agree that: (x) the Claim Bar Date shall instead be the date that is set forth
in § 6-2-34; and (y) such holding shall not affect any other covenants, agreements, conditions, provisions or terms of Section 4.5
or this Agreement.

 

(i)            As
to Sites located in the State of Mississippi:

 

(i)            The
Parties acknowledge that, in accordance with Miss. Code Ann. § 43-35-17, the term “condemnation” as used herein shall
also mean “eminent domain”.

 

(ii)           The
Parties acknowledge and agree that the ninety (90) day period establishing the Claim Bar Date as provided in Section 4.5 above is
shorter than the time period set forth in Miss. Code Ann. § 75-2-725. To the fullest extent permitted by law, each Party relinquishes
its rights under § 75-2-725. In the event the ninety (90) day time period establishing the Claim Bar Date is held invalid or unenforceable
by a court of competent jurisdiction, the Parties agree that: (x) the Claim Bar Date shall instead be the date that is set forth
in § 75-2-725; and (y) such holding shall not affect any other covenants, agreements, conditions, provisions or terms of Section 4.5
or this Agreement.

 

(j)            As
to Sites located in the State of North Carolina:

 

(i)            Buyer
and Seller acknowledge that the following contracts or provision therein are void as against public policy in North Carolina:

 

(A)          Any
provision in a contract entered into in North Carolina that requires the prosecution of any action or the arbitration of any dispute that
arises from the contract to be instituted or heard in another state is against public policy and is void and unenforceable. This prohibition
shall not apply to non-consumer loan transactions or to any action or arbitration of a dispute that is commenced in another state pursuant
to a forum selection provision with the consent of all parties to the contract at the time that the dispute arises;

 

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(B)          Any
provision in a contract requiring a party to the contract to waive his right to a jury trial is unconscionable as a matter of law and
the provision shall be unenforceable. This section does not prohibit parties from entering into agreements to arbitrate or engage in other
forms of alternative dispute resolution.

 

(C)           With
some exceptions, any deed restriction, covenant, or similar binding agreement that runs with the land that would prohibit, or have the
effect of prohibiting, the installation of a solar collector that gathers solar radiation as a substitute for traditional energy for water
heating, active space heating and cooling, passive heating, or generating electricity for a residential property on land subject to the
deed restriction, covenant, or agreement is void and unenforceable.

 

(ii)           The
Parties acknowledge and agree that the ninety (90) day period establishing the Claim Bar Date as provided in Section 4.5 above is
shorter than the time period set forth in N.C.G.S. Section 1-52. To the fullest extent permitted by law, each Party relinquishes
its rights under Section 1-52. In the event the ninety (90) day time period establishing the Claim Bar Date is held invalid or unenforceable
by a court of competent jurisdiction, the Parties agree that: (x) the Claim Bar Date shall instead be the date that is three (3) years
and one day after the date of Closing or accrual of the action; and (y) such holding shall not affect any other covenants, agreements,
conditions, provisions or terms of Section 4.5 or this Agreement.

 

(k)           As
to Sites located in the State of Oklahoma:

 

(i)            The
Parties acknowledge and agree that the ninety (90) day period establishing the Claim Bar Date as provided in Section 4.5 above is
shorter than the time period set forth in Okla. Stat. tit. 12, § 95 (2017). To the fullest extent permitted by law, each Party relinquishes
its rights under § 95 (2017). In the event the ninety (90) day time period establishing the Claim Bar Date is held invalid or unenforceable
by a court of competent jurisdiction, the Parties agree that: (x) the Claim Bar Date shall instead be the date that is five (5) years
and one day after the date of Closing or accrual of the action; and (y) such holding shall not affect any other covenants, agreements,
conditions, provisions or terms of Section 4.5 or this Agreement.

 

(ii)           Article II,
Section 19 of the Oklahoma Constitution provides that the right of trial by jury is inviolate except in civil cases where the amount
in controversy does not exceed $1,500 and that contracts waiving the benefits of the Oklahoma Constitution are void. Oklahoma statutes
which address the waiver of jury trial require the filing of a consent with the court clerk, an oral consent in open court or a consent
in an appearance when the opposing party fails to appear, all of which cannot occur prior to the commencement of an action. See 12 §§
556, 591 (2021).

 

(l)            As
to Sites located in the Commonwealth of Virginia, Seller hereby agrees to indemnify, defend and hold harmless Buyer from and against any
and all claims, losses, costs and expenses arising in regard to any unpaid sales tax lien owed by the applicable Selling Entity (or, if
such Selling Entity is a disregarded entity for tax purposes, by the entity which reports such Selling Entity’s income on its tax
returns) to the Commonwealth of Virginia Department of Revenue and based upon sales made during the period of time the Property was owned
by such Selling Entity.

 

(m)          As
to Sites located in the State of Maryland, Seller makes the following disclosure:

 

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Critical Area NoticePursuant
to §14-117(d) of the Real Property Article of the Annotated Code of Maryland, Seller makes the following disclosure to
Buyer:

 

Notice to Buyer Concerning
the Chesapeake and Atlantic Coastal Bays Critical Area

 

Buyer is advised that all or a portion
of the property may be located in the "critical area" of the Chesapeake and Atlantic Coastal Bays, and that additional zoning,
land use, and resource protection regulations apply in this area. The "critical area" generally consists of all land and water
areas within 1,000 feet beyond the landward boundaries of State or private wetlands, the Chesapeake Bay, the Atlantic Coastal Bays, and
all of their tidal tributaries. The "critical area" also includes the waters of and lands under the Chesapeake Bay, the Atlantic
Coastal Bays, and all of their tidal tributaries to the head of tide. For information as to whether the property is located within the
critical area, Buyer may contact the local department of planning and zoning, which maintains maps showing the extent of the critical
area in the jurisdiction. Allegany, Carroll, Frederick, Garrett, Howard, Montgomery and Washington counties do not include land located
in the critical area.

 

(n)           As
to Sites located in the State of Tennessee, Seller makes the following disclosure:

 

(i)            The
Parties acknowledge and agree that the ninety (90) day period establishing the Claim Bar Date as provided in Section 4.5 above is
shorter than the time period set forth in Tenn. Code Ann. § 28-3-101 et. seq., and 28-3-201, et. seq. To the fullest
extent permitted by law, each Party relinquishes its rights thereunder.

 

(ii)           The
Parties acknowledge that any liquidation or limitation on damages set forth herein is deemed reasonable and not punitive, in accordance
with Tenn. Code Ann. § 47-2-718.

 

Section 7.24   Cooperation
for SEC Filings.

 

Upon Buyer’s request,
for a period of one (1) year after the applicable Closing of such Selling Entity’s Site, each Selling Entity shall, as may
be reasonably requested by Buyer or its designated accountants, make Records (as hereinafter defined) in the possession or control of
Seller, available to Buyer and its designated accountants as soon as reasonably practicable to enable Buyer to (a) satisfy its obligations
under Section 1.2(d)(v) relating to the Registration Statement or Prospectus Supplement, as applicable, and (b) file any
filings required by the SEC in connection with the purchase of the Property.  Each Selling Entity understands and acknowledges that
AFIN will be required to file audited financial statements related to each acquired Site with the SEC within seventy-one (71) days of
the date the Form 8-K for the applicable Closing is filed (the “Rule 3-14 Audit”). Notwithstanding anything
to the contrary contained herein, Seller shall promptly provide AFIN with all Records as may be needed or reasonably requested by AFIN
in order to permit AFIN to prepare and timely file the Rule 3-14 Audit at least thirty (30) days prior to the filing deadline for
the respective Rule 3-14 Audit; provided, that if any request is made within the foregoing thirty (30) day period, Seller shall promptly
provide the applicable Records within three (3) business days of such request. As used in this Section 7.24, “Records”
shall mean the financial statements, including balance sheets, income statements, stockholders’ equity statements and cash flow
statements and related notes prepared in accordance with United States generally accepted accounting standards, and any and all books,
records, correspondence, financial data, Leases, delinquency reports and all other documents and matters in the possession of each such
Selling Entity or its agents and relating to receipts, expenditures, contributions and distributions reasonably necessary to complete
an audit pertaining to such Selling Entity’s Site for the three (3) most recent full calendar years and the interim period
of the current calendar year.

 

[SIGNATURES COMMENCE ON THE NEXT PAGE]

 

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IN WITNESS WHEREOF,
Buyer and Seller have caused this Agreement to be executed and delivered by their duly authorized representatives as of the Effective
Date written above.

 

	BUYER:	 
	 	 
	American Finance Operating Partnership, L.P.,
 a Delaware limited partnership	 
	 	 
	By: 	/s/ Michael Anderson            	 
	Name: 	Michael Anderson	 
	Title: 	Authorized Signatory	 
	 	 
	ARG SSSTRPA001, LLC,
 a Delaware limited liability company	 
	 	 
	By: 	/s/ Michael Anderson    	 
	Name: 	Michael Anderson	 
	Title: 	Authorized Signatory	 
	 	 
	ARG SMSHPPA001, LLC,
 a Delaware limited liability company	 
	 	 
	By: 	/s/ Michael Anderson    	 
	Name: 	Michael Anderson	 
	Title: 	Authorized Signatory	 
	 	 
	ARG CCCARPA001, LLC,
 a Delaware limited liability company	 
	 	 
	By: 	/s/ Michael Anderson   	 
	Name: 	Michael Anderson	 
	Title: 	Authorized Signatory	 

 

[BUYER SIGNATURE PAGE]

 

    	Agreement of Purchase and Sale
CMFT Portfolio
	75	 

     

    

 

IN WITNESS WHEREOF,
Buyer and Seller have caused this Agreement to be executed and delivered by their duly authorized representatives as of the Effective
Date written above.

 

	SELLER:	 
	 	 
	COLE
    MT SAN JOSE CA, LP,	 
	a
    Delaware limited partnership	 
	 	 
	By	Cole
    GP MT San Jose CA, LLC,	 
	 	a
    Delaware limited liability company,	 
	 	its
    General Partner	 
	 	 
	 	By: 	CIM Real Estate Finance Management, LLC,	 
	 	 	a Delaware limited liability	 
	 	 	company, its Manager	 

 

	 	By: 	/s/ Nathan DeBacker                 	 
	 	Name: 	Nathan DeBacker	 
	 	Its: 	Vice President 	 

 

	COLE
    MT ALLEN PARK MI, LLC,	 
	a
    Delaware limited liability company	 
	 	 
	By:	Cole
    REIT Management V, LLC,	 
	 	a
    Delaware limited liability company,	 
	 	its
    Manager	 
	 	 
	 	By: 	/s/ Nathan DeBacker	 
	 	Name: 	Nathan DeBacker 	 
	 	Its: 	Vice President	 
	 	 
	ARCP
    MT ENID OK, LLC	 
	VEREIT
    MT ELYRIA OH, LLC	 
	COLE
    MT GAINESVILLE (DAWSONVILLE) GA, LLC	 
	VEREIT
    MT RALEIGH (SUMNER) NC, LLC,	 
	each,
    a Delaware limited liability company	 
	 	 
	By: 	CIM
    Income NAV Operating Partnership, LP,	 
	 	a
    Delaware limited partnership,	 
	 	their
    respective sole member	 
	 	 
	 	By: 	/s/ Nathan DeBacker	 
	 	Name:  	Nathan DeBacker 	 
	 	Its: 	Vice President 	 

 

    	Agreement of Purchase and Sale	76	 
	CMFT Portfolio	 	 

     

    

 

	COLE MT LOUDON TN, LLC	 
	 	 
	By: 	Cypress Merger Sub, LLC,     	 
	 	 a Delaware limited liability company,     	 
	 	 its sole member	 
	 	 
	 	By: 	/s/ Nathan DeBacker	 
	 	Name: 	Nathan DeBacker	 
	 	Its: 	Vice President, Chief Financial Officer and Treasurer	 
	 	 
	ALL THE ENTITIES LISTED ON THE BALANCE OF THIS PAGE AND THE FOLLOWING PAGE,	 
	each, a Delaware limited liability company	 
	 	 
	By:	CIM Real Estate Finance Management, LLC	 
	 	a Delaware limited liability company,	 
	 	its Manager	 
	 	 
	 	By: 	/s/ Nathan DeBacker	 
	 	Name: 	Nathan DeBacker	 
	 	Title: 	Vice President	 
	 	 
	Cole MT Albany GA, LLC	 
	ARCP MT Houston TX, LLC	 
	Cole MT Beavercreek OH, LLC	 
	Cole MT Schaumburg IL, LLC	 
	ARCP MT Louisville KY, LLC	 
	ARCP MT Rockford IL, LLC	 
	ARCP MT Carlisle PA, LLC	 
	Cole MT Albuquerque NM, LLC	 
	Cole MT Coventry RI, LLC	 
	ARCP MT Hagerstown MD, LLC	 
	Cole MT Lafayette LA, LLC	 
	Cole MT Plover WI, LLC	 
	Cole MT Darien IL, LLC	 
	Cole MT Decatur AL, LLC	 
	Cole MT Derby KS, LLC	 
	VEREIT MT Oshkosh WI, LLC	 
	ARCP MT Austell GA, LLC	 
	Cole MT Evergreen Park, IL, LLC	 
	Cole DET Evergreen IL, LLC	 
	Cole MT Brookfield WI, LLC	 
	Cole MT Statesville NC, LLC	 
	ARCP MT Glen Ellyn IL, LLC	 
	ARCP MT Fort Wayne IN, LLC	 
	ARCP MT Manitowoc WI, LLC	 
	Cole MT Waxahachie TX, LLC	 
	ARCP MT Houma LA, LLC	 

 

    

    

    

 	ARCP MT Lafayette IN, LLC
	ARCP MT Lawton OK, LLC
	VEREIT MT Salisbury MD, LLC
	ARCP MT Columbus IN, LLC
	ARCP MT Vienna WV, LLC
	ARCP MT Muskegon MI, LLC
	VEREIT MT Ashtabula OH, LLC
	Cole MT Mobile AL, LLC
	VEREIT MT Ashland KY, LLC
	ARCP MT Morganton NC, LLC
	Cole NR Tampa FL, LLC
	Cole MT Reynoldsburg OH, LLC
	VEREIT MT Owensboro KY, LLC
	Stringtown South, LLC
	ARCP MT Monroe LA, LLC
	VEREIT MT Plainfield IL, LLC
	Cole MT Albuquerque (San Mateo) NM, LLC
	Cole MT Duncan SC, LLC
	VEREIT MT Lady Lake FL, LLC
	ARCP MT Shippensburg PA, LLC
	ARCP MT Salina KS, LLC
	ARCP MT Stroudsburg PA, LLC
	ARCP MT Bowling Green KY, LLC
	ARCP MT Abilene TX, LLC
	ARCP MT Springfield IL, LLC
	ARCP MT Springfield OH, LLC
	ARCP MT Jefferson City MO, LLC
	Cole MT Riverview FL, LLC
	Cole MT Rocky Mount NC, LLC
	Cole MT Columbia SC, LLC
	Cole MT Marietta Ga, LLC
	VEREIT MT Sturbridge MA, LLC
	Cole MT Columbus OH, LLC
	Cole MT Williamsburg VA, LLC
	ARCP MT Hattiesburg MS, LLC
	ARCP MT Mount Pleasant SC, LLC
	ARCP MT Florence KY, LLC
	Cole MT Marion IN, LLC
	ARCP MT Albuquerque NM, LLC
	Cole MT Newburgh NY, LLC
	Cole MT Salisbury NC, LLC
	Cole MT Salisbury (Wallace Commons II) NC, LLC
	VEREIT MT Summerville SC, LLC
	Cole MT Clarksville IN, LLC
	Cole MT Jacksonville NC, LLC
	Cole MT San Antonio (Highway 151) TX, LLC
	ARCP MT Springfield MA, LLC
	Cole AS Valdosta GA, LLC
	Cole WG Huntsville AL, LLC

 

[SELLER SIGNATURE PAGE]

 

    	Agreement of Purchase and Sale	2	 
	CMFT Portfolio	 	 

     

    

 

	SOLELY FOR PURPOSES OF SECTION 1.2(D) AND ARTICLE 4 HEREOF:	 
	 	 
	AFIN:	 
	 	 
	American Finance Trust, Inc.	 
	By:	/s/ Michael Anderson	 
	Name:	 Michael Anderson	 
	Title:	Authorized Signatory	 

 

    	Agreement of Purchase and Sale	3	 
	CMFT Portfolio	 	 

     

    

 

ESCROW AGENT’S ACCEPTANCE

 

The foregoing fully executed
Agreement is accepted by the undersigned as the “Escrow Agent” under this Agreement this 17th day of December, 2021. Escrow
Agent accepts the engagement to handle the escrow established by this Agreement in accordance with the terms set forth in this Agreement.

 

	FIRST AMERICAN TITLE INSURANCE COMPANY	 
	 	 
	By:	/s/ Sarah Buvala	 
	Name:	Sarah Buvala	 
	Title:	Escrow Agent	 

 

    	 	 	 

     

    

 

EXHIBIT A

 

form
of owner’s title certification

 

    	Agreement of Purchase and Sale
 CMFT Portfolio	 	 

     

    

 

EXHIBIT B

 

DEED

 

    	Agreement of Purchase and Sale
 CMFT Portfolio	 	 

     

    

 

EXHIBIT C

 

ASSIGNMENT AND ASSUMPTION OF LEASES

 

    	Agreement of Purchase and Sale
 CMFT Portfolio	 	 

     

    

 

EXHIBIT D

 

BILL OF SALE AND ASSIGNMENT OF INTANGIBLE PROPERTY

 

    	Agreement of Purchase and Sale
 CMFT Portfolio	 	 

     

    

 

EXHIBIT E

 

ASSIGNMENT AND ASSUMPTION OF CONTRACTS

 

    	Agreement of Purchase and Sale
 CMFT Portfolio	 	 

     

    

 

EXHIBIT F

 

ESCROW INSTRUCTIONS

 

    	Agreement of Purchase and Sale
 CMFT Portfolio	 	 

     

    

 

EXHIBIT G

 

TENANT ESTOPPEL CERTIFICATE

 

    	Agreement of Purchase and Sale
 CMFT Portfolio	 	 

     

    

 

EXHIBIT A

TO

TENANT ESTOPPEL CERTIFICATE

 

List of Lease Documents

 

    	Agreement of Purchase and Sale
 CMFT Portfolio	 	 

     

    

 

EXHIBIT H

 

SELLER ESTOPPEL CERTIFICATE

 

    	Agreement of Purchase and Sale
 CMFT Portfolio	 	 

     

    

 

EXHIBIT I

 

INVESTOR MATERIALS

 

    	 	Exh. I-1	 

     

    

 

EXHIBIT J

 

RECIPIENT AGREEMENT

 

    	 	Exh. J-1	 

     

    

 

ANNEX A

 

INVESTOR INFORMATION SHEET

 

    	 	Exh. J-2	 

     

    

 

ANNEX B

 

ACCOUNT INFORMATION

 

    	 	Exh. J-3	 

     

    

 

ANNEX C

 

ACCREDITED INVESTOR CONFIRMATION

 

    	 	Exh. J-4	 

     

    

 

ANNEX D

 

TAX DOCUMENTATION

 

    	 	Exh. J-5	 

     

    

 

ANNEX E

 

AMERICAN FINANCE OPERATING PARTNERSHIP, L.P.

 

AMERICAN FINANCE TRUST, INC.

 

RECIPIENT AGREEMENT

 

JOINDER

 

    	 	Exh. J-6	 

     

    

 

EXHIBIT K

 

JOINDER
AGREEMENT

 

to

 

SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED
PARTNERSHIP

 

of

 

AMERICAN FINANCE OPERATING PARTNERSHIP, L.P.

 

    	 	Exh. K-1	 

     

    

 

EXHIBIT L

 

LOAN SITES FOR LOAN ASSUMPTION APPROVAL

 

    	 	Exh. L-1	 

     

    

 

SCHEDULE A

 

SITE INFORMATION

 

    	 	 Schedule A-1	 

     

    

 

SCHEDULE A-1

 

RENT ROLL

 

    	 	 Schedule A-1-1	 

     

    

 

SCHEDULE A-2

 

SECURITY DEPOSITS

 

    	 	 Schedule A-2-1	 

     

    

 

SCHEDULE B

 

SELLER DELIVERIES

 

    	 	 Schedule B-1	 

     

    

 

SCHEDULE C

 

SECTION 4.1 EXCEPTIONS

 

    	 	 Schedule C-1	 

     

    

 

SCHEDULE D

 

Excluded Seller Receivable Items

 

    	 	 Schedule D-1	 

     

    

 

SCHEDULE E

 

Unreimbursed Capital Expense Amounts

 

    	 	 Schedule E-1	 

     

    

 

SCHEDULE F

 

Loan Documents

 

    	 	 Schedule F-1	 

     

    

 

SCHEDULE 1.4

 

ROFRs

 

    	 	 Schedule 1.4-1	 

     

    

 

SCHEDULE 3.3

 

Excluded Condemnation Events

 

    	 	Schedule 3.3-1
	 

     

    

 

SCHEDULE 4.1(d)

 

Delinquency Report and List of Prepaid Rents

 

    	 	Schedule 4.1(d)-1
	 

     

    

 

SCHEDULE 4.1(m)

 

Contracts

 

    	 	Schedule 4.1(m)-1
	 

     

    

 

SCHEDULE 5.6

 

Allocation of Transfer Taxes

 

    	 	Schedule 5.6-1EX-4.1

 Exhibit 4.1 

WARRANT AGREEMENT 
 between

 INVESTCORP EUROPE ACQUISITION CORP I 

and 
 CONTINENTAL STOCK
TRANSFER & TRUST COMPANY 
 THIS WARRANT AGREEMENT (this “Agreement”), dated as of December 14, 2021, is by
and between Investcorp Europe Acquisition Corp I, a Cayman Islands exempted company (the “Company”), and Continental Stock Transfer & Trust Company, a New York limited purpose trust company, as warrant agent (the
“Warrant Agent”). 
 WHEREAS, it is proposed that the Company enter into that certain Sponsor Warrants Purchase
Agreement with Europe Acquisition Holdings Limited, a Cayman Islands exempted company (the “Sponsor”), pursuant to which the Sponsor will agree to purchase an aggregate of 14,900,000 warrants (or up to 16,700,000 warrants if
the Over-allotment Option (as defined below) in connection with the Offering (as defined below) is exercised in full) simultaneously with the closing of the Offering (and any closing of the Over-allotment Option, if applicable) bearing the legend
set forth in Exhibit B hereto (the “Private Placement Warrants”) at a purchase price of $1.00 per Private Placement Warrant. Each Private Placement Warrant entitles the holder thereof to purchase one Class A
ordinary share (as defined below) at a price of $11.50 per share, subject to adjustment, terms and limitations as described herein; and 

WHEREAS, in order to finance the Company’s transaction costs in connection with an intended initial merger, share exchange, asset
acquisition, share purchase, reorganization or similar business combination, involving the Company and one or more businesses (a “Business Combination”), the Sponsor or an affiliate of the Sponsor or certain of the
Company’s officers and directors may, but are not obligated to, loan the Company funds as the Company may require, of which up to $2,000,000 of such loans may be convertible into up to an additional 2,000,000 Private Placement Warrants at a
price of $1.00 per Private Placement Warrant; and 
 WHEREAS, the Company is engaged in an initial public offering (the
“Offering”) of units of the Company’s equity securities (the “Units”), each such Unit comprised of one Class A ordinary share of the Company, par value $0.0001 per share
(“Class A ordinary shares”), and one-half of one redeemable warrant (the “Public Warrants” and, together with the Private Placement Warrants, the
“Warrants”), and, in connection therewith, has determined to issue and deliver up to 17,250,000 Public Warrants (including up to 2,250,000 Public Warrants subject to the Over-allotment Option) to public investors in the
Offering. Each whole Public Warrant entitles the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment, terms and limitations as described herein; only whole Warrants are exercisable; a
holder of a Warrant will not be able to exercise any fraction of a Warrant; and 
 WHEREAS, the Company has filed with the Securities and
Exchange Commission (the “Commission”) a registration statement on Form S-1, File No. 333-261287 and prospectus (the “Prospectus”), for the registration, under the Securities Act of 1933, as
amended (the “Securities Act”), of the Units, the Public Warrants and the Class A ordinary shares included in the Units; and 

WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in connection with
the issuance, registration, transfer, exchange, redemption and exercise of the Warrants; and 
 WHEREAS, the Company desires to provide for
the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent and the holders of the Warrants; and 

WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company and
countersigned by or on behalf of the Warrant Agent (if a physical certificate is issued), as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Agreement. 

  
 1 

 NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties
hereto agree as follows: 
 1. Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the
Company for the Warrants, and the Warrant Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement. 

2. Warrants. 
 2.1.
Form of Warrant. Each Warrant shall initially be issued in registered form only. 
 2.2. Effect of Countersignature. If a
physical certificate is issued, unless and until countersigned by the Warrant Agent pursuant to this Agreement, such Warrant shall be invalid and of no effect and may not be exercised by the holder thereof. 

2.3. Registration. 

2.3.1. Warrant Register. The Warrant Agent shall maintain books (the “Warrant Register”), for the registration
of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants in book-entry form, the Warrant Agent shall issue and register the Warrants in the names of the respective holders thereof in such
denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. Ownership of beneficial interests in the Public Warrants shall be shown on, and the transfer of such ownership shall be effected through,
records maintained by institutions that have accounts with The Depository Trust Company (the “Depositary”) (such institution, with respect to a Warrant in its account, a “Participant”). 

If the Depositary subsequently ceases to make its book-entry settlement system available for the Public Warrants, the Company may instruct the
Warrant Agent regarding making other arrangements for book-entry settlement. In the event that the Public Warrants are not eligible for, or it is no longer necessary to have the Public Warrants available in, book-entry form, the Warrant Agent shall
provide written instructions to the Depositary to deliver to the Warrant Agent for cancellation each book-entry Public Warrant, and the Company shall instruct the Warrant Agent to deliver to the Depositary definitive certificates in physical form
evidencing such Warrants which shall be in the form annexed hereto as Exhibit A. 
 Physical certificates, if issued, shall be signed
by, or bear the facsimile signature of, the Chairman of the Board, Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Secretary or other principal officer of the Company. In the event the person whose facsimile signature has
been placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance.

 2.3.2. Registered Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent
may deem and treat the person in whose name such Warrant is registered in the Warrant Register (the “Registered Holder”) as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any
notation of ownership or other writing on any physical certificate made by anyone other than the Company or the Warrant Agent), for the purpose of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall
be affected by any notice to the contrary. 
 2.4. Detachability of Warrants. The Class A ordinary shares and Public Warrants
comprising the Units shall begin separate trading on the 52nd day following the date of the Prospectus or, if such 52nd day is not on a day, other than a Saturday, Sunday or federal holiday, on which banks in New York City are generally open for
normal business (a “Business Day”), then on the immediately succeeding Business Day following such date, or earlier (the “Detachment Date”) with the consent of Citigroup Global Markets Inc. and Credit
Suisse Securities (USA) LLC, but in no event shall the Class A ordinary shares and the Public Warrants comprising the Units be separately traded until (A) the Company has filed a current report on Form 8-K with the Commission containing an
audited balance sheet reflecting the receipt by the Company of the gross proceeds of the Offering, including the proceeds then received by the Company from the exercise by the underwriters of their right to purchase additional Units in the Offering
(the “Over-allotment Option”), if the Over-allotment Option is exercised prior to the filing of the current report on Form 8-K, and (B) the Company issues a press release announcing when such separate trading shall
begin. 

  
 2 

 2.5. No Fractional Warrants Other Than as Part of Units. The Company shall not issue
fractional Warrants other than as part of the Units, each of which is comprised of one Class A ordinary share and one-half of one whole Public Warrant. If, upon the detachment of Public Warrants from the Units or otherwise, a holder of Warrants
would be entitled to receive a fractional Warrant, the Company shall round down to the nearest whole number the number of Warrants to be issued to such holder. 

2.6. Private Placement Warrants. The Private Placement Warrants shall be identical to the Public Warrants, except that so long as they
are held by the Sponsor or any of its Permitted Transferees (as defined below): (i) the Private Placement Warrants may be exercised for cash or on a “cashless basis,” pursuant to subsection 3.3.1(b) hereof, (ii) the Private
Placement Warrants (including the Class A ordinary shares issuable upon exercise of the Private Placement Warrants) may be subject to certain transfer restrictions contained in the letter agreement by and among the Company, the Sponsor and the
other partiers thereto, (iii) may not be transferred, assigned or sold until thirty (30) days after the completion by the Company of an initial Business Combination, (iv) the Private Placement Warrants shall not be redeemable by the
Company (other than pursuant to Section 6.2 hereof if the Reference Value (as defined below) is less than $18.00 per share (subject to adjustment in compliance with Section 4 hereof)) and
(v) the Private Placement Warrants will be entitled to registration rights; provided, however, that in the case of (iii), the Private Placement Warrants and any Class A ordinary shares held by the Sponsor or any of its
Permitted Transferees and issued upon exercise of the Private Placement Warrants may be transferred by the holders thereof: 
 (a) to the
Company’s officers or directors, any affiliates or family members of any of the Company’s officers or directors, any members of the Sponsor or any affiliates of the Sponsor; 

(b) in the case of an individual, by gift to a member of the individual’s immediate family, or to a trust, the beneficiary of which is a
member of the individual’s immediate family or an affiliate of such person, or to a charitable organization; 
 (c) in the case of an
individual, by virtue of laws of descent and distribution upon death of the individual; 
 (d) in the case of an individual, pursuant to a
qualified domestic relations order; 
 (e) by private sales or transfers made in connection with any forward purchase agreement or similar
arrangement or in connection with the consummation of the Company’s Business Combination at prices no greater than the price at which the securities were originally purchased; 

(f) by virtue of the laws of the Cayman Islands or the Sponsor’s organizational documents, as amended from time to time, upon
dissolution of the Sponsor; 
 (g) to the Company for no value for cancellation in connection with the consummation of the Company’s
initial Business Combination; 
 (h) in the event of the Company’s liquidation prior to the Company’s completion of an initial
Business Combination; and 
 (i) in the event of the Company’s completion of a liquidation, merger, amalgamation, share exchange,
reorganization or other similar transaction which results in all of the Company’s shareholders having the right to exchange their Class A ordinary shares for cash, securities or other property subsequent to the completion of the
Company’s initial Business Combination; provided, however, that, in the case of clauses (a) through (f), these permitted transferees (the “Permitted Transferees”) must enter into a written agreement
with the Company agreeing to be bound by the transfer restrictions in this Agreement. 
 3. Terms and Exercise of Warrants. 

3.1. Warrant Price. Each whole Warrant (if in certificated form, when countersigned by the Warrant Agent), shall entitle the Registered
Holder thereof, subject to the provisions of such Warrant and of this Agreement, to purchase from the Company the number of Class A ordinary shares stated therein, at the price of $11.50 per share, subject to the adjustments provided in
Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant Price” as used in this Agreement shall mean the price per share (including

  
 3 

 
in cash or by payment of Warrants pursuant to a “cashless exercise,” to the extent permitted hereunder) described in the prior sentence at which Class A ordinary shares may be
purchased at the time a Warrant is exercised. The Company in its sole discretion may lower the Warrant Price at any time prior to the Expiration Date (as defined below) for a period of not less than twenty (20) Business Days (unless otherwise
required by the Commission, any national securities exchange on which the Warrants are listed or applicable law), provided that the Company shall provide at least five days prior written notice of such reduction to Registered Holders of the
Warrants and, provided further that any such reduction shall be identical among all of the Warrants. 
 3.2. Duration of
Warrants. A Warrant may be exercised only during the period (the “Exercise Period”) (A) commencing on the date that is thirty (30) days after the first date on which the Company completes a Business Combination and
(B) terminating on the earliest to occur of: (x) 5:00 P.M., New York City time, on the date that is five (5) years after the date on which the Company completes its initial Business Combination, (y) the liquidation of the Company in
accordance with the Company’s amended and restated memorandum and articles of association, as amended from time to time, if the Company fails to complete a Business Combination, and (z) other than with respect to the Private Placement
Warrants then held by the Sponsor or any of its Permitted Transferees, 5:00 P.M., New York City time, on the Redemption Date (as defined below) as provided in Section 6.3 hereof (the “Expiration
Date”); provided, however, that the exercise of any Warrant shall be subject to the satisfaction of any applicable conditions, as set forth in subsection 3.3.2 below with respect to an effective registration
statement or a valid exemption therefrom being available. Except with respect to the right to receive the Redemption Price (as defined below) (other than with respect to a Private Placement Warrant then held by the Sponsor or any of its Permitted
Transferees in the event of a redemption pursuant to Section 6.1 hereof or, if the Reference Value equals or exceeds $18.00 per share (subject to adjustment in compliance with Section 4 hereof),
Section 6.2 hereof) in the event of a redemption (as set forth in Section 6 hereof), each outstanding Warrant (other than a Private Placement Warrant held by the Sponsor or any of its Permitted
Transferees in the event of a redemption pursuant to Section 6.1 hereof or, if the Reference Value equals or exceeds $18.00 per share (subject to adjustment in compliance with Section 4 hereof),
Section 6.2 hereof) not exercised on or before the Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at 5:00 p.m., New York City time, on the
Expiration Date. The term “outstanding” as used in this Agreement with respect to any securities shall mean securities that are issued and outstanding. The Company in its sole discretion may extend the duration of the Warrants by delaying
the Expiration Date; provided, that the Company shall provide at least twenty (20) days prior written notice of any such extension to Registered Holders of the Warrants and, provided further that any such extension shall be
identical in duration among all the Warrants. 
 3.3. Exercise of Warrants. 

3.3.1. Payment. Subject to the provisions of the Warrant and this Agreement, a Warrant (if in certificated form, when countersigned by
the Warrant Agent) may be exercised by the Registered Holder thereof by surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent, in the Borough of Manhattan, City and State of New York, with the
subscription form, as set forth in the Warrant, duly executed (or, in the case of Warrants held through the Depositary in uncertificated or book-entry only form, through the applicable procedures of the Depositary), and by paying in full the Warrant
Price for each Class A ordinary share as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the Class A ordinary shares and the issuance of
such Class A ordinary shares, as follows: 
 (a) in lawful money of the United States, in good certified check or wire payable to the
Warrant Agent; 
 (b) with respect to any Private Placement Warrant, so long as such Private Placement Warrant is held by the Sponsor or
any of its Permitted Transferees, by surrendering the Warrants for that number of Class A ordinary shares equal to (i) in connection with a redemption of Private Placement Warrants pursuant to Section 6.2 hereof, as provided in
Section 6.2 hereof with respect to a Make-Whole Exercise and (ii) in all other scenarios the quotient obtained by dividing (x) the product of the number of Class A ordinary shares underlying the Warrants, multiplied by the
excess of the “Sponsor Exercise Fair Market Value” (as defined in this subsection 3.3.1(b)) over the exercise price of the Warrants by (y) the Sponsor Exercise Fair Market Value. Solely for purposes of this
subsection 3.3.1(b), the “Sponsor Exercise Fair Market Value” shall mean the average last reported sale price of the Class A ordinary shares for the ten (10) trading days ending on the third trading day prior
to the date on which notice of exercise of the Private Placement Warrant is sent to the Warrant Agent; 

  
 4 

 (c) on a cashless basis, as provided in Section 6.2 hereof with respect to a
Make-Whole Exercise; or 
 (d) on a cashless basis, as provided in Section 7.4 hereof. 

3.3.2. Issuance of Class A Ordinary Shares on Exercise. As soon as practicable after the exercise of any Warrant
and the clearance of the funds in payment of the Warrant Price (if payment is pursuant to subsection 3.3.1(a)), the Company shall issue to the Registered Holder of such Warrant a book-entry position or certificate, as applicable, for the
number of full Class A ordinary shares to which he, she or it is entitled, registered in such name or names as may be directed by him, her or it on the register of members of the Company, and if such Warrant shall not have been exercised in
full, a new book-entry position or countersigned Warrant, as applicable, for the number of shares as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall not be obligated to deliver any Class A
ordinary shares pursuant to the exercise of a Warrant and shall have no obligation to settle such Warrant exercise unless a registration statement under the Securities Act covering the issuance of the Class A ordinary shares underlying the
Public Warrants is then effective and a prospectus relating thereto is current, subject to the Company’s satisfying its obligations under Section 7.4, or a valid exemption from registration is available. No Warrant
shall be exercisable and the Company shall not be obligated to issue Class A ordinary shares upon exercise of a Warrant unless the Class A ordinary shares issuable upon such Warrant exercise have been registered, qualified or deemed to be
exempt from registration or qualification under the securities laws of the state of residence of the Registered Holder of the Warrants. The Company may require holders of Public Warrants to settle the Warrant on a “cashless basis” pursuant
to Section 7.4. If, by reason of any exercise of Warrants on a “cashless basis”, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional interest in a Class A
ordinary shares, the Company shall round down to the nearest whole number, the number of Class A ordinary shares to be issued to such holder. 

3.3.3. Valid Issuance. All Class A ordinary shares issued upon the proper exercise of a Warrant in conformity with this Agreement
shall be validly issued, fully paid and non-assessable. 
 3.3.4. Date of Issuance. Each person in whose name any book-entry
position or certificate, as applicable, for Class A ordinary shares is issued and who is registered in the register of members of the Company shall for all purposes be deemed to have become the holder of record of such Class A ordinary
shares on the date on which the Warrant, or book-entry position representing such Warrant, was surrendered and payment of the Warrant Price was made, irrespective of the date of delivery of such certificate in the case of a certificated Warrant,
except that, if the date of such surrender and payment is a date when the register of members of the Company or book-entry system of the Warrant Agent are closed, such person shall be deemed to have become the holder of such Class A ordinary
shares at the close of business on the next succeeding date on which the share transfer books or book-entry system are open. 
 3.3.5.
Maximum Percentage. A holder of a Warrant may notify the Company in writing in the event it elects to be subject to the provisions contained in this subsection 3.3.5; however, no holder of a Warrant shall be subject to this
subsection 3.3.5 unless he, she or it makes such election. If the election is made by a holder, the Warrant Agent shall not effect the exercise of the holder’s Warrant, and such holder shall not have the right to exercise such Warrant,
to the extent that after giving effect to such exercise, such person (together with such person’s affiliates), to the Warrant Agent’s actual knowledge, would beneficially own in excess of 4.9% or 9.8% (as specified by the holder) (the
“Maximum Percentage”) of the Class A ordinary shares outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of Class A ordinary shares beneficially
owned by such person and its affiliates shall include the number of Class A ordinary shares issuable upon exercise of the Warrant with respect to which the determination of such sentence is being made, but shall exclude Class A ordinary
shares that would be issuable upon (x) exercise of the remaining, unexercised portion of the Warrant beneficially owned by such person and its affiliates and (y) exercise or conversion of the unexercised or unconverted portion of any other
securities of the Company beneficially owned by such person and its affiliates (including, without limitation, any convertible notes or convertible preferred shares or warrants) subject to a limitation on conversion or exercise analogous to the
limitation contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”). For purposes of the Warrant, in determining the number of outstanding Class A ordinary shares, the holder may rely on the number of outstanding Class A ordinary shares as reflected in (1) the
Company’s most recent annual report on Form 10-K, quarterly report on Form 10-Q, current report on Form 8-K or other public filing with the Commission as the case may be, (2) a more recent public announcement by the Company or (3) any
other notice by the Company or Continental Stock 

  
 5 

 
Transfer & Trust Company, as transfer agent (the “Transfer Agent”), setting forth the number of Class A ordinary shares outstanding. For any reason at any
time, upon the written request of the holder of the Warrant, the Company shall, within two (2) Business Days, confirm orally and in writing to such holder the number of Class A ordinary shares then outstanding. In any case, the number of
outstanding Class A ordinary shares shall be determined after giving effect to the conversion or exercise of equity securities of the Company by the holder and its affiliates since the date as of which such number of outstanding Class A
ordinary shares was reported. By written notice to the Company, the holder of a Warrant may from time to time increase or decrease the Maximum Percentage applicable to such holder to any other percentage specified in such notice; provided,
however, that any such increase shall not be effective until the sixty-first (61st) day after such notice is delivered to the Company. 

4. Adjustments. 
 4.1.
Stock Dividends. 
 4.1.1. Split-Ups. If after the date hereof, and subject to the provisions of
Section 4.6 below, the number of outstanding Class A ordinary shares is increased by a capitalization or share dividend payable in Class A ordinary shares, or by a split-up of Class A ordinary shares or other
similar event, then, on the effective date of such share dividend, split-up or similar event, the number of Class A ordinary shares issuable on exercise of each Warrant shall be increased in proportion to such increase in the outstanding
Class A ordinary shares. A rights offering to holders of Class A ordinary shares entitling holders to purchase Class A ordinary shares at a price less than the “Historical Fair Market Value” (as defined below)
shall be deemed a share dividend of a number of Class A ordinary shares equal to the product of (i) the number of Class A ordinary shares actually sold in such rights offering (or issuable under any other equity securities sold in
such rights offering that are convertible into or exercisable for Class A ordinary shares) multiplied by (ii) one (1) minus the quotient of (x) the price per Class A ordinary shares paid in such rights offering divided by
(y) the Historical Fair Market Value. For purposes of this subsection 4.1.1, (i) if the rights offering is for securities convertible into or exercisable for Class A ordinary shares, in determining the price payable for Class A
ordinary shares, there shall be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion and (ii) “Historical Fair Market Value” means the volume
weighted average price of Class A ordinary shares as reported during the ten (10) trading day period ending on the trading day prior to the first date on which the Class A ordinary shares trade on the applicable exchange or in the
applicable market, regular way, without the right to receive such rights. 
 4.1.2. Extraordinary Dividends. If the Company, at any
time while the Warrants are outstanding and unexpired, shall pay a dividend or make a distribution in cash, securities or other assets to the holders of Class A ordinary shares on account of such Class A ordinary shares (or other
securities into which the Warrants are convertible), other than (a) as described in subsection 4.1.1 above, (b) Ordinary Cash Dividends (as defined below), (c) to satisfy the redemption rights of the holders of Class A ordinary
shares in connection with a proposed initial Business Combination, (d) to satisfy the redemption rights of the holders of Class A ordinary shares in connection with a shareholder vote to amend the Company’s amended and restated
memorandum and articles of association (i) to modify the substance or timing of the Company’s obligation to allow redemption in connection with the Company’s initial Business Combination or to redeem 100% of its public shares if the
Company does not complete its initial Business Combination within the required time period or (ii) with respect to any other provision relating to shareholders’ rights or pre-initial Business Combination activity or (e) in connection
with the redemption of public shares upon the failure of the Company to complete its initial Business Combination and any subsequent distribution of its assets upon its liquidation (any such non-excluded event being referred to herein as an
“Extraordinary Dividend”), then the Warrant Price shall be decreased, effective immediately after the effective date of such Extraordinary Dividend, by the amount of cash and/or the fair market value (as determined by the
Company’s board of directors (“Board”), in good faith) of any securities or other assets paid on each Class A ordinary shares in respect of such Extraordinary Dividend. For purposes of this subsection 4.1.2,
“Ordinary Cash Dividends” means any cash dividend or cash distribution which, when combined on a per share basis, with the per share amounts of all other cash dividends and cash distributions paid on the Class A ordinary
shares during the 365-day period ending on the date of declaration of such dividend or distribution (as adjusted to appropriately reflect any of the events referred to in other subsections of this Section 4 and excluding
cash dividends or cash distributions that resulted in an adjustment to the Warrant Price or to the number of Class A ordinary shares issuable on exercise of each Warrant) does not exceed $0.50 per share (being 5% of the offering price of the
Units in the Offering). 

  
 6 

 4.2. Aggregation of Shares. If after the date hereof, and subject to the provisions
of Section 4.6 hereof, the number of outstanding Class A ordinary shares is decreased by a consolidation, combination, reverse share split or reclassification of Class A ordinary shares or other similar event,
then, on the effective date of such consolidation, combination, reverse share split, reclassification or similar event, the number of Class A ordinary shares issuable on exercise of each Warrant shall be decreased in proportion to such decrease
in outstanding Class A ordinary shares. 
 4.3. Adjustments in Exercise Price. Whenever the number of Class A ordinary
shares purchasable upon the exercise of the Warrants is adjusted, as provided in subsection 4.1.1 or Section 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price
immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number of Class A ordinary shares purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator
of which shall be the number of Class A ordinary shares so purchasable immediately thereafter. 
 4.4. Raising of Capital in
connection with the Initial Business Combination. If (x) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination
at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Board, and in the case of any such issuance to the Sponsor or its
affiliates, without taking into account any founder shares (as defined in the Prospectus) held by the Sponsor or such affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (y) the aggregate gross
proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the Company’s initial Business Combination on the date of the completion of the Company’s initial
Business Combination (net of redemptions) and (z) the volume weighted average trading price of the Company’s ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates the
initial Business Combination (such price, the “Market Value”) is below $9.20 per share, the Warrant Price will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued
Price, and the $18.00 per share redemption trigger price described in Section 6.1 and Section 6.2 will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly
Issued Price and the $10.00 per share redemption trigger price described in Section 6.2 shall be adjusted (to the nearest cent) to be equal to the higher of the Market Value and the Newly Issued Price. 

4.5. Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the issued and
outstanding Class A ordinary shares (other than a change under Section 4.1 or Section 4.2 hereof or that solely affects the par value of such Class A ordinary shares), or in the case of any
merger or consolidation of the Company with or into another corporation (other than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the issued and
outstanding Class A ordinary shares), or in the case of any sale or conveyance to another corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company
is dissolved, the holders of the Warrants shall thereafter have the right to purchase and receive, upon the basis and upon the terms and conditions specified in the Warrants and in lieu of the Class A ordinary shares of the Company immediately
theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or
consolidation, or upon a dissolution following any such sale or transfer, that the holder of the Warrants would have received if such holder had exercised his, her or its Warrant(s) immediately prior to such event (the “Alternative
Issuance”); provided, however, that (i) if the holders of the Class A ordinary shares were entitled to exercise a right of election as to the kind or amount of securities, cash or other assets receivable upon
such consolidation or merger, then the kind and amount of securities, cash or other assets constituting the Alternative Issuance for which each Warrant shall become exercisable shall be deemed to be the weighted average of the kind and amount
received per share by the holders of the Class A ordinary shares in such consolidation or merger that affirmatively make such election, and (ii) if a tender, exchange or redemption offer shall have been made to and accepted by the holders
of the Class A ordinary shares (other than a tender, exchange or redemption offer made by the Company in connection with redemption rights held by shareholders of the Company as provided for in the Company’s amended and restated memorandum
and articles of association or as a result of the repurchase of Class A ordinary shares by the Company if a proposed initial Business Combination is presented to the shareholders of the Company for approval) under circumstances in which, upon
completion of such tender or exchange offer, the maker thereof, together with members of any group (within the meaning of Rule 13d-5(b)(1) under the Exchange Act) of which such maker is a part, and together with any affiliate or associate of such
maker (within the meaning of Rule 12b-2 under the Exchange Act) and any members of any such group of 

  
 7 

 
which any such affiliate or associate is a part, own beneficially (within the meaning of Rule 13d-3 under the Exchange Act) more than 50% of the issued and outstanding Class A ordinary
shares, the holder of a Warrant shall be entitled to receive as the Alternative Issuance, the highest amount of cash, securities or other property to which such holder would actually have been entitled as a shareholder if such Warrant holder had
exercised the Warrant prior to the expiration of such tender or exchange offer, accepted such offer and the Class A ordinary shares held by such holder had been purchased pursuant to such tender or exchange offer in accordance with the terms
thereof, subject to adjustments (from and after the consummation of such tender or exchange offer) as nearly equivalent as possible to the adjustments provided for in this Section 4; provided further that if
less than 70% of the consideration receivable by the holders of the Class A ordinary shares in the applicable event is payable in the form of shares in the successor entity that is listed for trading on a national securities exchange or is
quoted in an established over-the-counter market, or is to be so listed for trading or quoted immediately following such event, and if the Registered Holder properly exercises the Warrant within thirty (30) days following the public disclosure
of the consummation of such applicable event by the Company pursuant to a Current Report on Form 8-K filed with the Commission, the Warrant Price shall be reduced by an amount (in dollars) equal to the difference of (i) the Warrant Price in
effect prior to such reduction minus (ii) (A) the Per Share Consideration (as defined below) (but in no event less than zero) minus (B) the Black-Scholes Warrant Value (as defined below). The “Black-Scholes Warrant
Value” means the value of a Warrant immediately prior to the consummation of the applicable event based on the Black-Scholes Warrant Model for a Capped American Call on Bloomberg Financial Markets (assuming zero dividends)
(“Bloomberg”). For purposes of calculating such amount, (i) Section 6 of this Agreement shall be taken into account, (ii) the price of each Class A ordinary share shall be the volume weighted average
price of the Class A ordinary shares as reported during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable event, (iii) the assumed volatility shall be the 90 day volatility
obtained from the HVT function on Bloomberg determined as of the trading day immediately prior to the day of the announcement of the applicable event and (iv) the assumed risk-free interest rate shall correspond to the U.S. Treasury rate for a
period equal to the remaining term of the Warrant. “Per Share Consideration” means (i) if the consideration paid to holders of the Class A ordinary shares consists exclusively of cash, the amount of such cash per Class A
ordinary share, and (ii) in all other cases, the volume weighted average price of the Class A ordinary shares as reported during the ten (10) trading day period ending on the trading day prior to the effective date of the applicable
event. If any reclassification or reorganization also results in a change in Class A ordinary shares covered by subsection 4.1.1, then such adjustment shall be made pursuant to subsection 4.1.1 or Sections 4.2, 4.3,
4.4 and this Section 4.5. The provisions of this Section 4.5 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. In
no event will the Warrant Price be reduced to less than the par value per share issuable upon exercise of such Warrant. 
 4.6. Notices
of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price
resulting from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such
calculation is based. Upon the occurrence of any event specified in Section 4.1, 4.2, 4.3, 4.4, 4.5 or 4.9 the Company shall give written notice of the occurrence of such event to each holder of
a Warrant, at the last address set forth for such holder in the Warrant Register, of the record date or the effective date of the event. Failure to give such notice, or any defect therein, shall not affect the legality or validity of such event.

 4.7. No Fractional Shares. Notwithstanding any provision contained in this Agreement to the contrary, the Company shall not issue
fractional shares upon the exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would be entitled, upon the exercise of such Warrant, to receive a fractional
interest in a share, the Company shall, upon such exercise, round down to the nearest whole number the number of Class A ordinary shares to be issued to such holder. 

4.8. Form of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and Warrants
issued after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant to this Agreement; provided, however, that the Company may at any time in its sole
discretion make any change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding
Warrant or otherwise, may be in the form as so changed. 

  
 8 

 4.9. Other Events. In case any event shall occur affecting the Company as to which
none of the provisions of the preceding subsections of this Section 4 are strictly applicable, but which would require an adjustment to the terms of the Warrants in order to (i) avoid an adverse impact on the Warrants
and (ii) effectuate the intent and purpose of this Section 4, then, in each such case, the Company shall appoint a firm of independent public accountants, investment banking or other appraisal firm of recognized
national standing, which shall give its opinion as to whether or not any adjustment to the rights represented by the Warrants is necessary to effectuate the intent and purpose of this Section 4 and, if they determine that
an adjustment is necessary, the terms of such adjustment; provided, however, that under no circumstances shall the Warrants be adjusted pursuant to this Section 4.9 as a result of any issuance of securities in
connection with a Business Combination. The Company shall adjust the terms of the Warrants in a manner that is consistent with any adjustment recommended in such opinion. 

5. Transfer and Exchange of Warrants. 

5.1. Registration of Transfer. The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the
Warrant Register, upon surrender of such Warrant for transfer, in the case of certificated Warrants, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new
Warrant representing an equal aggregate number of Warrants shall be issued and the old Warrant shall be cancelled by the Warrant Agent. In the case of certificated Warrants, the Warrants so cancelled shall be delivered by the Warrant Agent to the
Company from time to time upon request. 
 5.2. Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant
Agent, together with a written request for exchange or transfer, and thereupon the Warrant Agent shall issue in exchange therefor one or more new Warrants as requested by the Registered Holder of the Warrants so surrendered, representing an equal
aggregate number of Warrants; provided, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend (as in the case of the Private Placement Warrants), the Warrant Agent shall not cancel such Warrant
and issue new Warrants in exchange thereof until the Warrant Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend. 

5.3. Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which shall result
in the issuance of a warrant certificate or book-entry position for a fraction of a warrant, except as part of the Units. 
 5.4. Service
Charges. No service charge shall be made for any exchange or registration of transfer of Warrants. 
 5.5. Warrant Execution and
Countersignature. The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5,
and the Company, whenever required by the Warrant Agent, shall supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose. 

5.6. Transfer of Warrants. Prior to the Detachment Date, the Public Warrants may be transferred or exchanged only together with the
Unit in which such Warrant is included, and only for the purpose of effecting, or in conjunction with, a transfer or exchange of such Unit. Furthermore, each transfer of a Unit on the register relating to such Units shall operate also to transfer
the Warrants included in such Unit. Notwithstanding the foregoing, the provisions of this Section 5.6 shall have no effect on any transfer of Warrants on and after the Detachment Date. 

6. Redemption. 
 6.1.
Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00. Subject to Section 6.5 hereof, not less than all of the outstanding Warrants may be redeemed, at
the option of the Company, at any time during the Exercise Period, at the office of the Warrant Agent, upon notice to the Registered Holders of the Warrants, as described in Section 6.3 below, at a Redemption Price (as
defined below) of $0.01 per Warrant, provided that (a) the Reference Value (as defined below) equals or exceeds $18.00 per share (subject to adjustment in compliance with Section 4 hereof) and (b) there is
an effective registration statement covering the Class A ordinary shares issuable upon exercise of the Warrants, and a current prospectus relating thereto, available throughout the 30-day Redemption
Period (as defined in Section 6.3 below). 

  
 9 

 6.2. Redemption of Warrants When the Price per Class A Ordinary Share
Equals or Exceeds $10.00. Subject to Section 6.5 hereof, not less than all of the outstanding Warrants may be redeemed, at the option of the Company, at any time during the Exercise Period, at the office of the
Warrant Agent, upon notice to the Registered Holders of the Warrants, as described in Section 6.3 below, at a Redemption Price of $0.10 per Warrant, provided that (i) the Reference Value equals or exceeds $10.00
per share (subject to adjustment in compliance with Section 4 hereof) and (ii) if the Reference Value is less than $18.00 per share (subject to adjustment in compliance with Section 4 hereof), the Private Placement
Warrants are also concurrently called for redemption on the same terms as the outstanding Public Warrants. During the 30-day Redemption Period in connection with a redemption pursuant to this Section 6.2, Registered Holders
of the Warrants may elect to exercise their Warrants on a “cashless basis” pursuant to subsection 3.3.1 and receive a number of Class A ordinary shares determined by reference to the table below, based on the Redemption Date
(calculated for purposes of the table as the period to expiration of the Warrants) and the “Redemption Fair Market Value” (as such term is defined in this Section 6.2) (a “Make-Whole
Exercise”). Solely for purposes of this Section 6.2, the “Redemption Fair Market Value” shall mean the volume weighted average price of the Class A ordinary shares for the ten
(10) trading days immediately following the date on which notice of redemption pursuant to this Section 6.2 is sent to the Registered Holders. In connection with any redemption pursuant to this
Section 6.2, the Company shall provide the Registered Holders with the Redemption Fair Market Value no later than one (1) Business Day after the ten (10) trading day period described above ends. 

 

																																					
	 Redemption Date

(period to
 expiration of

warrants)            
	  	£$10.00	 	  	$11.00	 	  	$12.00	 	  	$13.00	 	  	$14.00	 	  	$15.00	 	  	$16.00	 	  	$17.00	 	  	3$18.00	 
	 60 months
	  	 	0.261	 	  	 	0.281	 	  	 	0.297	 	  	 	0.311	 	  	 	0.324	 	  	 	0.337	 	  	 	0.348	 	  	 	0.358	 	  	 	0.361	 
	 57 months
	  	 	0.257	 	  	 	0.277	 	  	 	0.294	 	  	 	0.310	 	  	 	0.324	 	  	 	0.337	 	  	 	0.348	 	  	 	0.358	 	  	 	0.361	 
	 54 months
	  	 	0.252	 	  	 	0.272	 	  	 	0.291	 	  	 	0.307	 	  	 	0.322	 	  	 	0.335	 	  	 	0.347	 	  	 	0.357	 	  	 	0.361	 
	 51 months
	  	 	0.246	 	  	 	0.268	 	  	 	0.287	 	  	 	0.304	 	  	 	0.320	 	  	 	0.333	 	  	 	0.346	 	  	 	0.357	 	  	 	0.361	 
	 48 months
	  	 	0.241	 	  	 	0.263	 	  	 	0.283	 	  	 	0.301	 	  	 	0.317	 	  	 	0.332	 	  	 	0.344	 	  	 	0.356	 	  	 	0.361	 
	 45 months
	  	 	0.235	 	  	 	0.258	 	  	 	0.279	 	  	 	0.298	 	  	 	0.315	 	  	 	0.330	 	  	 	0.343	 	  	 	0.356	 	  	 	0.361	 
	 42 months
	  	 	0.228	 	  	 	0.252	 	  	 	0.274	 	  	 	0.294	 	  	 	0.312	 	  	 	0.328	 	  	 	0.342	 	  	 	0.355	 	  	 	0.361	 
	 39 months
	  	 	0.221	 	  	 	0.246	 	  	 	0.269	 	  	 	0.290	 	  	 	0.309	 	  	 	0.325	 	  	 	0.340	 	  	 	0.354	 	  	 	0.361	 
	 36 months
	  	 	0.213	 	  	 	0.239	 	  	 	0.263	 	  	 	0.285	 	  	 	0.305	 	  	 	0.323	 	  	 	0.339	 	  	 	0.353	 	  	 	0.361	 
	 33 months
	  	 	0.205	 	  	 	0.232	 	  	 	0.257	 	  	 	0.280	 	  	 	0.301	 	  	 	0.320	 	  	 	0.337	 	  	 	0.352	 	  	 	0.361	 
	 30 months
	  	 	0.196	 	  	 	0.224	 	  	 	0.250	 	  	 	0.274	 	  	 	0.297	 	  	 	0.316	 	  	 	0.335	 	  	 	0.351	 	  	 	0.361	 
	 27 months
	  	 	0.185	 	  	 	0.214	 	  	 	0.242	 	  	 	0.268	 	  	 	0.291	 	  	 	0.313	 	  	 	0.332	 	  	 	0.350	 	  	 	0.361	 
	 24 months
	  	 	0.173	 	  	 	0.204	 	  	 	0.233	 	  	 	0.260	 	  	 	0.285	 	  	 	0.308	 	  	 	0.329	 	  	 	0.348	 	  	 	0.361	 
	 21 months
	  	 	0.161	 	  	 	0.193	 	  	 	0.223	 	  	 	0.252	 	  	 	0.279	 	  	 	0.304	 	  	 	0.326	 	  	 	0.347	 	  	 	0.361	 
	 18 months
	  	 	0.146	 	  	 	0.179	 	  	 	0.211	 	  	 	0.242	 	  	 	0.271	 	  	 	0.298	 	  	 	0.322	 	  	 	0.345	 	  	 	0.361	 
	 15 months
	  	 	0.130	 	  	 	0.164	 	  	 	0.197	 	  	 	0.230	 	  	 	0.262	 	  	 	0.291	 	  	 	0.317	 	  	 	0.342	 	  	 	0.361	 
	 12 months
	  	 	0.111	 	  	 	0.146	 	  	 	0.181	 	  	 	0.216	 	  	 	0.250	 	  	 	0.282	 	  	 	0.312	 	  	 	0.339	 	  	 	0.361	 
	 9 months
	  	 	0.090	 	  	 	0.125	 	  	 	0.162	 	  	 	0.199	 	  	 	0.237	 	  	 	0.272	 	  	 	0.305	 	  	 	0.336	 	  	 	0.361	 
	 6 months
	  	 	0.065	 	  	 	0.099	 	  	 	0.137	 	  	 	0.178	 	  	 	0.219	 	  	 	0.259	 	  	 	0.296	 	  	 	0.331	 	  	 	0.361	 
	 3 months
	  	 	0.034	 	  	 	0.065	 	  	 	0.104	 	  	 	0.150	 	  	 	0.197	 	  	 	0.243	 	  	 	0.286	 	  	 	0.326	 	  	 	0.361	 
	 0 months
	  	 	—  	 	  	 	—  	 	  	 	0.042	 	  	 	0.115	 	  	 	0.179	 	  	 	0.233	 	  	 	0.281	 	  	 	0.323	 	  	 	0.361	 

 The exact Redemption Fair Market Value and Redemption Date may not be set forth in the table above, in which
case, if the Redemption Fair Market Value is between two values in the table or the Redemption Date is between two redemption dates in the table, the number of Class A ordinary shares to be issued for each Warrant exercised in a Make-Whole
Exercise will be determined by a straight-line interpolation between the number of shares set forth for the higher and lower Redemption Fair Market Values and the earlier and later redemption dates, as applicable, based on a 365- or 366-day year, as applicable. 
 The share prices set forth in the column headings of the table above
shall be adjusted as of any date on which the number of shares issuable upon exercise of a Warrant or the Warrant Price is adjusted pursuant to Section 4 hereof. In the event of a Warrant Price adjustment pursuant to
Section 4 hereof, the adjusted share prices in the column headings shall equal the share prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the Warrant Price after such
adjustment and the denominator of which is the Warrant Price immediately after such adjustment. In such an event, the number of 

  
 10 

 
shares in the table above shall be adjusted by multiplying such share amounts by a fraction, the numerator of which is the number of shares deliverable upon exercise of a Warrant immediately
prior to such adjustment and the denominator of which is the number of shares deliverable upon exercise of a Warrant as so adjusted. The number of shares in the table above shall be adjusted in the same manner and at the same time as the number of
shares issuable upon exercise of a Warrant. If the Exercise Price of a Warrant is adjusted, (a) in the case of an adjustment pursuant to Section 4.4, the adjusted share prices in the column headings of the table above
shall equal the share prices immediately prior to such adjustment, multiplied by a fraction, the numerator of which is the higher of the Market Value and the Newly Issued Price and the denominator of which is $10.00 and (b) in the case of an
adjustment pursuant to Section 4.1.2 hereof, the adjusted share prices in the column headings of the table above shall equal the share prices immediately prior to such adjustment less the decrease in the Exercise Price pursuant to such Exercise
Price adjustment. In no event will the number of shares issued in connection with a Make-Whole Exercise exceed 0.361 Class A ordinary shares per Warrant (subject to adjustment). 

6.3. Date Fixed for, and Notice of, Redemption; Redemption Price; Reference Value. In the event that the Company elects to redeem all
of the Warrants pursuant to Section 6.1 or Section 6.2, the Company shall fix a date for the redemption (the “Redemption Date”). Notice of redemption shall be mailed by
first class mail, postage prepaid, by the Company not less than thirty (30) days prior to the Redemption Date (the “30-day Redemption Period”) to the Registered Holders of the Public Warrants to be redeemed at their last
addresses as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed to have been duly given whether or not the Registered Holder received such notice. As used in this Agreement,
(a) “Redemption Price” shall mean the price per Warrant at which any Warrants are redeemed pursuant to Section 6.1 or 6.2 and (b) “Reference Value” shall mean the last
reported sales price of the Class A ordinary shares for any twenty (20) trading days within the thirty (30) trading-day period ending on the third trading day prior to the date on which notice of the redemption is given. 

6.4. Exercise After Notice of Redemption. The Warrants may be exercised, for cash (or on a “cashless basis” in accordance
with Section 6.2 of this Agreement) at any time after notice of redemption shall have been given by the Company pursuant to Section 6.3 hereof and prior to the Redemption Date. On and after the
Redemption Date, the record holder of the Warrants shall have no further rights except to receive, upon surrender of the Warrants, the Redemption Price. 

6.5. Exclusion of Private Placement Warrants. The Company agrees that (a) the redemption rights provided in
Section 6.1 shall not apply to the Private Placement Warrants if at the time of the redemption such Private Placement Warrants continue to be held by the Sponsor or any of its Permitted Transferees and (b) if the
Reference Value equals or exceeds $18.00 per share (subject to adjustment in compliance with Section 4 hereof), the redemption rights provided in Section 6.2 shall not apply to the Private Placement
Warrants if at the time of redemption such Private Placement Warrants continue to be held by the Sponsor or any of its Permitted Transferees. However, once such Private Placement Warrants are transferred (other than to Permitted Transferees under
Section 2.6), the Company may redeem the Private Placement Warrants pursuant to Section 6.1 or Section 6.2 hereof, provided that the criteria for redemption are
met, including the opportunity of the holder of such Private Placement Warrants to exercise the Private Placement Warrants prior to redemption pursuant to Section 6.4. Private Placement Warrants that are transferred to
persons other than Permitted Transferees shall upon such transfer cease to be Private Placement Warrants and shall become Public Warrants under this Agreement, including for purposes of Section 9.8. 

7. Other Provisions Relating to Rights of Holders of Warrants. 

7.1. No Rights as Shareholder. A Warrant does not entitle the Registered Holder thereof to any of the rights of a shareholder of the
Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as shareholders in respect of the meetings of shareholders or the election of
directors of the Company or any other matter. 
 7.2. Lost, Stolen, Mutilated, or Destroyed Warrants. If any Warrant is lost, stolen,
mutilated, or destroyed, the Company and the Warrant Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of
like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company, whether or not the allegedly lost, stolen, mutilated, or destroyed
Warrant shall be at any time enforceable by anyone. 

  
 11 

 7.3. Reservation of Class A Ordinary Shares. The Company shall at
all times reserve and keep available a number of its authorized but unissued Class A ordinary shares that shall be sufficient to permit the exercise in full of all outstanding Warrants issued pursuant to this Agreement. 

7.4. Registration of Class A Ordinary Shares; Cashless Exercise at Company’s Option. 

7.4.1. Registration of the Class A Ordinary Shares. The Company agrees that as soon as practicable, but in no event
later than fifteen (15) Business Days after the closing of its initial Business Combination, it shall use its commercially reasonable efforts to file with the Commission a post-effective amendment to the registration statement of which the
prospectus forms a part or a new a registration statement covering the issuance, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the Warrants. The Company shall use its reasonable efforts to cause the same to
become effective within sixty (60) Business Days after the closing of its initial Business Combination and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration or
redemption of the Warrants in accordance with the provisions of this Agreement. If any such registration statement has not been declared effective by the 60th Business Day following the closing of the Business Combination, holders of the applicable
Warrants shall have the right, during the period beginning on the 61st Business Day after the closing of the Business Combination and ending upon such registration statement being declared effective by the Commission, and during any other period
when the Company shall fail to have maintained an effective registration statement covering the Class A ordinary shares issuable upon exercise of the applicable Warrants, to exercise such Warrants on a “cashless basis,” by exchanging
the Warrants (in accordance with Section 3(a)(9) of the Securities Act (or any successor rule) or another exemption) for that number of Class A ordinary shares equal to the quotient obtained by dividing (x) the product of the number
of Class A ordinary shares underlying the Warrants, multiplied by the excess of the “Fair Market Value” (as defined below) over the exercise price of the Warrants by (y) the Fair Market Value. Solely for purposes of
this subsection 7.4.1, “Fair Market Value” shall mean the volume weighted average price of the Class A ordinary shares as reported during the ten (10) trading day period ending on the trading day prior to the
date that notice of exercise is received by the Warrant Agent from the holder of such Warrants or its securities broker or intermediary. The date that notice of “cashless exercise” is received by the Warrant Agent shall be conclusively
determined by the Warrant Agent. In connection with the “cashless exercise” of a Public Warrant, the Company shall, upon request, provide the Warrant Agent with an opinion of counsel for the Company (which shall be an outside law firm with
securities law experience) stating that (i) the exercise of the Warrants on a “cashless basis” in accordance with this subsection 7.4.1 is not required to be registered under the Securities Act and (ii) the Class A
ordinary shares issued upon such exercise shall be freely tradable under United States federal securities laws by anyone who is not an affiliate (as such term is defined in Rule 144 under the Securities Act (or any successor rule)) of the Company
and, accordingly, shall not be required to bear a restrictive legend. Except as provided in subsection 7.4.2, for the avoidance of any doubt, unless and until all of the Warrants have been exercised or have expired, the Company shall continue
to be obligated to comply with its registration obligations under the first three sentences of this subsection 7.4.1. 
 7.4.2.
Cashless Exercise at Company’s Option. If the Class A ordinary shares are at the time of any exercise of a Warrant not listed on a national securities exchange such that they satisfy the definition of a “covered security”
under Section 18(b)(1) of the Securities Act (or any successor rule), the Company may, at its option, (i) require holders of Public Warrants who exercise Public Warrants to exercise such Public Warrants on a “cashless basis” in
accordance with Section 3(a)(9) of the Securities Act (or any successor rule) as described in subsection 7.4.1 and (ii) in the event the Company so elects, the Company shall not be required to file or maintain in effect a
registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the Warrants, notwithstanding anything in this Agreement to the contrary. If the Company does not elect at the time
of exercise to require a holder of Public Warrants who exercises Public Warrants to exercise such Public Warrants on a “cashless basis,” it agrees to use its reasonable efforts to register or qualify for sale the Class A ordinary
shares issuable upon exercise of the Public Warrant under the blue sky laws of the state of residence in those states in which the Public Warrants were initially offered by the Company of the exercising Public Warrant holder to the extent an
exemption is not available. 

  
 12 

 8. Concerning the Warrant Agent and Other Matters. 

8.1. Payment of Taxes. The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company or
the Warrant Agent in respect of the issuance or delivery of Class A ordinary shares upon the exercise of the Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares. 

8.2. Resignation, Consolidation, or Merger of Warrant Agent. 

8.2.1. Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties and
be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the Company
shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after it has been notified in writing of such resignation or incapacity by
the Warrant Agent or by the holder of a Warrant (who shall, with such notice, submit his, her or its Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York for the County of New
York for the appointment of a successor Warrant Agent at the Company’s cost. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the State of New York,
in good standing and having its principal office in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority.
After appointment, any successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without
any further act or deed; but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority,
powers, and rights of such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in
and confirming to such successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations. 
 8.2.2. Notice
of Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant Agent and the Transfer Agent for the Class A ordinary shares not later than the
effective date of any such appointment. 
 8.2.3. Merger or Consolidation of Warrant Agent. Any corporation into which the Warrant
Agent may be merged or with which it may be consolidated or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Agreement without any further act.

 8.3. Fees and Expenses of Warrant Agent. 

8.3.1. Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent
hereunder and shall, pursuant to its obligations under this Agreement, reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder. 

8.3.2. Further Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed,
acknowledged, and delivered all such further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of the provisions of this Agreement. 

8.4. Liability of Warrant Agent. 

8.4.1. Reliance on Company Statement. Whenever in the performance of its duties under this Agreement, the Warrant Agent shall deem it
necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be deemed
to be conclusively proved and established by a statement signed by the Chief Executive Officer, Chief Financial Officer, Chief Operating Officer, Secretary or Chairman of the Board of the Company and delivered to the Warrant Agent. The Warrant Agent
may rely upon such statement for any action taken or suffered in good faith by it pursuant to the provisions of this Agreement. 

  
 13 

 8.4.2. Indemnity. The Warrant Agent shall be liable hereunder only for its own gross
negligence, willful misconduct or bad faith. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, out-of-pocket costs and reasonable counsel fees, for anything done or omitted
by the Warrant Agent in the execution of this Agreement, except as a result of the Warrant Agent’s gross negligence, willful misconduct or bad faith. 

8.4.3. Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or with respect to
the validity or execution of any Warrant (except its countersignature thereof). The Warrant Agent shall not be responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Warrant. The Warrant Agent
shall not be responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that
would require any such adjustment; nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any Class A ordinary shares to be issued pursuant to this Agreement or any Warrant
or as to whether any Class A ordinary shares shall, when issued, be valid and fully paid and non-assessable. 
 8.5. Acceptance of
Agency. The Warrant Agent hereby accepts the agency established by this Agreement and agrees to perform the same upon the terms and conditions herein set forth and among other things, shall account promptly to the Company with respect to
Warrants exercised and concurrently account for, and pay to the Company, all monies received by the Warrant Agent for the purchase of Class A ordinary shares through the exercise of the Warrants. 

8.6. Waiver. The Warrant Agent has no right of set-off or any other right, title, interest or claim of any kind
(“Claim”) in, or to any distribution of, the Trust Account (as defined in that certain Investment Management Trust Agreement, dated as of the date hereof, by and between the Company and Continental Stock Transfer &
Trust Company as trustee thereunder) and hereby agrees not to seek recourse, reimbursement, payment or satisfaction for any Claim against the Trust Account for any reason whatsoever. The Warrant Agent hereby waives any and all Claims against the
Trust Account and any and all rights to seek access to the Trust Account. 
 9. Miscellaneous Provisions. 

9.1. Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Warrant Agent shall bind
and inure to the benefit of their respective successors and assigns. 
 9.2. Notices. Any notice, statement or demand authorized by
this Agreement to be given or made by the Warrant Agent or by the holder of any Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service
within five (5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows: 

Investcorp Europe Acquisition Corp I 

Paget-Brown Trust Company Ltd. 

Century Yard, Cricket Square 

Elgin Avenue, PO Box 1111 
 George
Town KY1-1102 
 Cayman Islands 
 Any notice,
statement or demand authorized by this Agreement to be given or made by the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified
mail or private courier service within five (5) days after deposit of 

  
 14 

 such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with
the Company), as follows: 
 Continental Stock Transfer & Trust Company 

One State Street, 30th Floor 
 New
York, New York 10004 
 Attention: Compliance Department 

9.3. Applicable Law. The validity, interpretation, and performance of this Agreement and of the Warrants shall be governed in all
respects by the laws of the State of New York. Subject to applicable law, the Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts
of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive forum for any such action, proceeding or claim. The Company
hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Notwithstanding the foregoing, the provisions of this paragraph will not apply to suits brought to enforce any liability or duty created
by the Exchange Act or any other claim for which the federal district courts of the United States of America are the sole and exclusive forum. 

Any person or entity purchasing or otherwise acquiring any interest in the Warrants shall be deemed to have notice of and to have consented to
the forum provisions in this Section 9.3. If any action, the subject matter of which is within the scope the forum provisions above, is filed in a court other than a court located within the State of New York or the United States District Court
for the Southern District of New York (a “foreign action”) in the name of any warrant holder, such warrant holder shall be deemed to have consented to: (x) the personal jurisdiction of the state and federal courts
located within the State of New York or the United States District Court for the Southern District of New York in connection with any action brought in any such court to enforce the forum provisions (an “enforcement action”),
and (y) having service of process made upon such warrant holder in any such enforcement action by service upon such warrant holder’s counsel in the foreign action as agent for such warrant holder. 

9.4. Persons Having Rights under this Agreement. Nothing in this Agreement shall be construed to confer upon, or give to, any person or
corporation other than the parties hereto and the Registered Holders of the Warrants any right, remedy, or claim under or by reason of this Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. All covenants,
conditions, stipulations, promises, and agreements contained in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors and assigns and of the Registered Holders of the Warrants. 

9.5. Examination of the Warrant Agreement. A copy of this Agreement shall be available at all reasonable times at the office of the
Warrant Agent in the Borough of Manhattan, City and State of New York, for inspection by the Registered Holder of any Warrant. The Warrant Agent may require any such holder to submit such holder’s Warrant for inspection by the Warrant Agent.

 9.6. Counterparts. This Agreement may be executed in any number of original or facsimile counterparts and each of such
counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 

9.7. Effect of Headings. The section headings herein are for convenience only and are not part of this Agreement and shall not affect
the interpretation thereof. 
 9.8. Amendments. This Agreement may be amended by the parties hereto without the consent of any
Registered Holder (i) for the purpose of curing any ambiguity, or curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect to matters or questions arising under this
Agreement as the parties may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the Registered Holders in any material respect and (ii) to make any amendments that are necessary in the good faith
determination of the Board (taking into account then existing market precedents) to allow for the Warrants to be classified as equity in the Company’s financial statements. All other modifications or amendments, including any amendment to
increase the Warrant Price or shorten the Exercise Period, shall require the vote or written consent of the Registered Holders of at least a majority of the number of the then outstanding Public Warrants. Notwithstanding the foregoing, the Company
may lower the Warrant Price or extend the duration of the Exercise Period pursuant to Sections 3.1 and 3.2, respectively, or make any amendments that are necessary in the good faith determination of the Board (taking into account then
existing market precedents) to allow for the Warrants to be classified as equity in the Company’s financial statements, in each case, without the consent of the Registered Holders. 

  
 15 

 9.9. Severability. This Agreement shall be deemed severable, and the invalidity or
unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties
hereto intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and enforceable. 

[Signature Page Follows] 

  
 16 

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

					
	Investcorp Europe Acquisition Corp I
		
	By:	 	 /s/ Craig Sinfield-Hain

		 	Name: Craig Sinfield-Hain
		 	Title: Chief Financial Officer
	
	Continental Stock Transfer & Trust Company,
	As Warrant Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 [Signature Page
– Warrant Agreement] 

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

					
	Investcorp Europe Acquisition Corp I
		
	By:	 	  

		 	Name:
		 	Title:
	
	 Continental Stock Transfer & Trust Company,

As Warrant Agent

		
	By:	 	 /s/ Doug C. Reed

		 	Name: Doug C. Reed
		 	Title: Vice President

  
 [Signature Page
– Warrant Agreement] 

 EXHIBIT A 

Form of Warrant Certificate 

[FACE] 
 Number: 

Warrants 
 THIS WARRANT
SHALL BE VOID IF NOT EXERCISED PRIOR TO 
 THE EXPIRATION OF THE EXERCISE PERIOD PROVIDED FOR IN THE 

WARRANT AGREEMENT DESCRIBED BELOW 

INVESTCORP EUROPE ACQUISITION CORP I 

CUSIP G4923T 113 

Warrant Certificate 
 THIS
CERTIFIES THAT                    , or registered assigns, is the owner
of                     warrants evidenced hereby (the “Warrants” and each, a “Warrant”) to purchase Class A
ordinary shares, $0.0001 par value per share (the “Class A Ordinary Shares”), of Investcorp Europe Acquisition Corp I, a Cayman Islands exempted company (the “Company”). Each Warrant entitles the
holder, upon exercise during the Exercise Period set forth in the Warrant Agreement referred to below, to receive from the Company that number of fully paid and non-assessable Class A Ordinary Shares as set forth below, at the exercise price
(the “Warrant Price”) as determined pursuant to the Warrant Agreement, payable in lawful money (or through “cashless exercise” as provided for in the Warrant Agreement) of the United States of America upon surrender of
this Warrant Certificate and payment of the Warrant Price at the office or agency of the Warrant Agent referred to below, subject to the conditions set forth herein and in the Warrant Agreement. Defined terms used in this Warrant Certificate but not
defined herein shall have the meanings given to them in the Warrant Agreement. 
 Each whole Warrant is initially exercisable for one fully
paid and non-assessable Class A Ordinary Share. No fractional shares will be issued upon exercise of any Warrant. If, upon the exercise of Warrants, a holder would be entitled to receive a fractional interest in a Class A Ordinary Share,
the Company will, upon exercise, round down to the nearest whole number the number of Class A Ordinary Shares to be issued to the Warrant holder. The number of Class A Ordinary Shares issuable upon exercise of the Warrants is subject to
adjustment upon the occurrence of certain events set forth in the Warrant Agreement. 
 The initial Warrant Price per Class A Ordinary
Share for any Warrant is equal to $11.50 per share. The Warrant Price is subject to adjustment upon the occurrence of certain events set forth in the Warrant Agreement. 

Subject to the conditions set forth in the Warrant Agreement, the Warrants may be exercised only during the Exercise Period and to the extent
not exercised by the end of such Exercise Period, such Warrants shall become void. 
 Reference is hereby made to the further provisions of
this Warrant Certificate set forth on the reverse hereof and such further provisions shall for all purposes have the same effect as though fully set forth at this place. 

This Warrant Certificate shall not be valid unless countersigned by the Warrant Agent, as such term is used in the Warrant Agreement. 

This Warrant Certificate shall be governed by and construed in accordance with the internal laws of the State of New York. 

 

			
	INVESTCORP EUROPE ACQUISITION CORP I
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-1 

 
			
	CONTINENTAL STOCK TRANSFER & TRUST
	COMPANY as Warrant Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-2 

 [Form of Warrant Certificate] 

[Reverse] 
 The Warrants
evidenced by this Warrant Certificate are part of a duly authorized issue of Warrants entitling the holder on exercise to receive Class A Ordinary Shares and are issued or to be issued pursuant to a Warrant Agreement dated as of December 14,
2021 (the “Warrant Agreement”), duly executed and delivered by the Company to Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (the “Warrant Agent”), which Warrant
Agreement is hereby incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities thereunder of the Warrant Agent, the Company and
the holders (the words “holders” or “holder” meaning the Registered Holders or Registered Holder, respectively) of the Warrants. A copy of the Warrant Agreement may be obtained by the holder hereof upon written
request to the Company. Defined terms used in this Warrant Certificate but not defined herein shall have the meanings given to them in the Warrant Agreement. 

Warrants may be exercised at any time during the Exercise Period set forth in the Warrant Agreement. The holder of Warrants evidenced by this
Warrant Certificate may exercise them by surrendering this Warrant Certificate, with the form of election to purchase set forth hereon properly completed and executed, together with payment of the Warrant Price as specified in the Warrant Agreement
(or through “cashless exercise” as provided for in the Warrant Agreement) at the principal corporate trust office of the Warrant Agent. In the event that upon any exercise of Warrants evidenced hereby the number of Warrants exercised shall
be less than the total number of Warrants evidenced hereby, there shall be issued to the holder hereof or his, her or its assignee, a new Warrant Certificate evidencing the number of Warrants not exercised. 

Notwithstanding anything else in this Warrant Certificate or the Warrant Agreement, no Warrant may be exercised unless at the time of exercise
(i) a registration statement covering the Class A Ordinary Shares to be issued upon exercise is effective under the Securities Act of 1933, as amended, and (ii) a prospectus thereunder relating to the Class A Ordinary Shares is
current, except through “cashless exercise” as provided for in the Warrant Agreement. 
 The Warrant Agreement provides that upon
the occurrence of certain events the number of Class A Ordinary Shares issuable upon the exercise of the Warrants set forth on the face hereof may, subject to certain conditions, be adjusted. If, upon exercise of a Warrant, the holder thereof
would be entitled to receive a fractional interest in a Class A Ordinary Share, the Company shall, upon exercise, round down to the nearest whole number of Class A Ordinary Shares to be issued to the holder of the Warrant. 

Warrant Certificates, when surrendered at the principal corporate trust office of the Warrant Agent by the Registered Holder thereof in person
or by legal representative or attorney duly authorized in writing, may be exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or
Warrant Certificates of like tenor evidencing in the aggregate a like number of Warrants. 
 Upon due presentation for registration of
transfer of this Warrant Certificate at the office of the Warrant Agent, a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee(s) in exchange for
this Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge except for any tax or other governmental charge imposed in connection therewith. 

The Company and the Warrant Agent may deem and treat the Registered Holder(s) hereof as the absolute owner(s) of this Warrant Certificate
(notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise hereof, of any distribution to the holder(s) hereof, and for all other purposes, and neither the Company nor the Warrant Agent shall
be affected by any notice to the contrary. Neither the Warrants nor this Warrant Certificate entitles any holder hereof to any rights of a shareholder of the Company. 

  
 A-3 

 Election to Purchase 

(To Be Executed Upon Exercise of Warrant) 

The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, to
receive                     Class A Ordinary Shares and herewith tenders payment for such Class A Ordinary Shares to the order of
Investcorp Europe Acquisition Corp I (the “Company”) in the amount of $         in accordance with the terms hereof. The undersigned requests that a certificate for such Class A Ordinary
Shares be registered in the name of                     whose address
is                     and that such Class A Ordinary Shares be delivered
to                     whose address
is                     . If said number of shares is less than all of the Class A Ordinary Shares purchasable hereunder, the undersigned
requests that a new Warrant Certificate representing the remaining balance of such Class A Ordinary Shares be registered in the name
of                     , whose address
is                     and that such Warrant Certificate be delivered
to                    , whose address
is                     . 
 In the event
that the Warrant has been called for redemption by the Company pursuant to Section 6 of the Warrant Agreement and the Company has required cashless exercise pursuant to Section 6.2 of the Warrant
Agreement, the number of Class A Ordinary Shares that this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1 and Section 6.3 of the Warrant Agreement. 

In the event that the Warrant is a Private Placement Warrant that is to be exercised on a “cashless” basis pursuant to subsection
3.3.1(c) of the Warrant Agreement, the number of Class A Ordinary Shares that this Warrant is exercisable for shall be determined in accordance with subsection 3.3.1(c) of the Warrant Agreement. 

In the event that the Warrant is to be exercised on a “cashless” basis pursuant to Section 7.4 of the
Warrant Agreement, the number of Class A Ordinary Shares that this Warrant is exercisable for shall be determined in accordance with Section 7.4 of the Warrant Agreement. 

In the event that the Warrant may be exercised, to the extent allowed by the Warrant Agreement, through cashless exercise (i) the number
of Class A Ordinary Shares that this Warrant is exercisable for would be determined in accordance with the relevant section of the Warrant Agreement which allows for such cashless exercise and (ii) the holder hereof shall complete the
following: The undersigned hereby irrevocably elects to exercise the right, represented by this Warrant Certificate, through the cashless exercise provisions of the Warrant Agreement, to receive Class A Ordinary Shares. If said number of shares
is less than all of the Class A Ordinary Shares purchasable hereunder (after giving effect to the cashless exercise), the undersigned requests that a new Warrant Certificate representing the remaining balance of such Class A Ordinary
Shares be registered in the name of                     , whose address is
                    and that such Warrant Certificate be delivered
to                    , whose address is
                    . 
 [Signature Page
Follows] 

  
 A-4 

Date:                    , 

Signature Guaranteed: 
  

 
 THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE
GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
(OR ANY SUCCESSOR RULE). 

  
 A-5 

 EXHIBIT B 

LEGEND 
 “THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, AND ANY APPLICABLE STATE SECURITIES LAWS OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. IN ADDITION, SUBJECT TO ANY ADDITIONAL LIMITATIONS ON TRANSFER DESCRIBED IN THE LETTER AGREEMENT BY AND AMONG INVESTCORP EUROPE ACQUISITION CORP I
(THE “COMPANY”), EUROPE ACQUISITION HOLDINGS LIMITED AND THE OTHER PARTIES THERETO, THE SECURITIES REPRESENTED HEREBY MAY NOT BE SOLD OR TRANSFERRED PRIOR TO THE DATE THAT IS THIRTY (30) DAYS AFTER THE DATE UPON WHICH THE COMPANY
COMPLETES ITS INITIAL BUSINESS COMBINATION (AS DEFINED IN SECTION 3 OF THE WARRANT AGREEMENT REFERRED TO HEREIN) EXCEPT TO A PERMITTED TRANSFEREE (AS DEFINED IN SECTION 2 OF THE WARRANT AGREEMENT) WHO AGREES IN WRITING WITH THE COMPANY TO BE SUBJECT
TO SUCH TRANSFER PROVISIONS. 
 SECURITIES EVIDENCED HEREBY AND CLASS A ORDINARY SHARES OF THE COMPANY ISSUED UPON EXERCISE OF SUCH
SECURITIES SHALL BE ENTITLED TO REGISTRATION RIGHTS UNDER A REGISTRATION RIGHTS AGREEMENT TO BE EXECUTED BY THE COMPANY.” 

  
 B-1

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