Document:

​

Exhibit 10.35
MASTER REAL ESTATE PURCHASE AGREEMENT
This Master Real Estate Purchase Agreement (this “Agreement”) is entered into as of the 20th day of January, 2021 (the “Effective Date”), by and between Farmland Partners Operating Partnership, LP, a Delaware limited partnership, located at 4600 S. Syracuse St., Suite 1450, Denver, CO 80237 (“FPI”), and FPI, on behalf of each of the Sellers set forth on Attachment A (each a “Seller” and collectively the “Sellers”), and Promised Land Opportunity Zone Farms I, LLC, a Delaware limited liability company, located at 2112 W. Galena Blvd., Ste. 8-437, Aurora, IL 60506 (“Buyer”).
RECITALS
A.FPI is the duly authorized agent of the Sellers who own the tracts of real estate that are further described and set forth on Attachment A and Attachment A-1 (each a “Property” and collectively the “Properties”);
B.Sellers desire to sell and Buyer desires to purchase the Properties in one or more transactions, subject to the terms and conditions that are set forth in this Agreement; and,
C.Buyer is purchasing the Properties with the intent of making certain capital improvements to the Properties in cooperation with Seller that are consistent with the Opportunity Zone laws and regulations in the Tax Cuts and Jobs Act of 2017 (Public Law No. 115-97 (2017)) and its related final Treasury Regulations (Treas. Reg. §§ 1.1400Z2(a)-1 to 1.1400Z2(f)-1, 85 FR 1866-01) (collectively the “OZ Laws”).
NOW, THEREFORE, in consideration of the foregoing premises and the respective representations, warranties, agreements, covenants and conditions herein contained, and other good and valuable consideration, FPI (on behalf of Sellers) and Buyer agree as follows:
1.PURCHASE & SALE. Subject to the terms and conditions set forth in this Agreement, Sellers shall convey fee simple title in each Property to Buyer, or subject to Seller’s prior consent (unless such assignee is owned or controlled by Buyer), any assignee or designee of Buyer, by good, sufficient and recordable warranty deed, subject only to the Permitted Title Exceptions. Buyer agrees to pay each Seller the “Purchase Price” for each Property as set forth opposite each Seller’s name on Attachment A. The aggregate purchase price due to the Sellers for all of the Properties shall be as set forth on Attachment A (the “Total Purchase Price”). Each Property shall include any improvements and fixtures located thereon, including but not limited to, all buildings, scales, pivots, electric irrigation motors, pumps, gearheads, submersible pumps, generators, underground pipes, and all other related irrigation equipment, all water rights, all oil, gas, coal, and other mineral rights, all timber rights, all development rights, all conservation easements, all leases, appurtenances and hereditaments, as well as all title and interest to easements and rights-of-way, now located thereon or attached thereto which shall be left in and upon said premises, subject to reasonable wear and tear, and all of which shall be included within the definition of “Property” for all purposes herein.
2.EARNEST MONEY. Within five (5) days of execution of this Agreement by both parties, Buyer shall deposit the sum of Five Hundred Thousand Dollars ($500,000) (the “Earnest Money”), with Attorneys’ Title Guarantee Fund, Inc. (the “Escrowee”) that will be applied to the Purchase Price due to each Seller at the first Closing of a Property sale, or in the event that this Agreement is terminated by Buyer as permitted pursuant to this Agreement, the Earnest Money shall be refunded to Buyer. Disbursement of any Earnest Money shall be pursuant to an executed Escrow Agreement between the Parties and the Escrowee.
3.PAYMENT OF PURCHASE PRICE: The Purchase Price for each Property shall be payable by Buyer to each Seller as follows: (i) cash at Closing, and (ii) a Convertible Note in the form attached hereto as Attachment B (each a “Convertible Note”). The amount of each Convertible Note shall be equal to the Purchase Price, plus the estimated amount of the Improvement Costs to the Property set forth on Attachment A, less any assumed Property Loan that is secured by the Property, times ten percent (10%).
4.PROPERTY INFORMATION, GOVERNMENT AGRICULTURAL PROGRAM PAYMENTS. As soon as practical, but in any case no later than three (3) days of the execution of this Agreement by both parties, FPI will provide, to the extent that such documentation is in FPI’ s or a Seller’s possession or within their reasonable control, true, correct, and
​
​

​

​

complete copies of all: (i) leases of any portion of each Property (“Leases”); (ii) state and federal government agricultural program documents applicable to each Property (“Government Programs”); (iii) other contracts and agreements related to each Property such as billboard, hunting, cell tower, wind or solar licenses, or other agreements (“Other Contracts”); (iv) existing title commitments, surveys, easements, and title exception documents for each Property (“Title Documents”); (v) financial statements, statements of cash flows, income statements, balance sheets, bank statements, and other financial information related to the operation of each Property (“Property Financial Information”); (vi) Farm Service Agency maps and Abbreviated 156 Farm Records; (vii) well permits; (viii) real property tax invoices, (ix) any surveys of each Property in the possession of FPI or a Seller; (x) any other relevant business, governmental or regulatory documents that Buyer has reasonably requested prior to the Effective Date ; and (xi) a list of all loans pertaining to each Property (each a “Property Loan”) and collectively the “Property Loans”) together with documentation thereof, including whether such loans are transferable or assumable (the foregoing items 4(i) — (xi) being collectively referred to as the “Property Information”). Buyer shall determine and notify Seller within ten (10) days of receipt of the Property Loans whether Buyer wishes to assume any of the Property Loans, in its sole discretion. For the Property Loans Buyer wishes to assume, FPI shall cooperate, or require Sellers to cooperate, at Buyer’s expense, in the assignment and assumption of each applicable Property Loan to be effective upon the applicable Closing, and the then outstanding balance of any Property Loan so assumed as of the Closing Date shall be applied as a credit against the Purchase Price for that applicable Property. Sellers shall also execute all relevant releases, which would allow Buyer to obtain any reasonable information which is not within the reasonable control of a Seller. Buyer agrees to continue to honor any existing Government Programs contract affecting the Properties (each, a “Governmental Contract”), to the extent assignable and assigned and assumed by Buyer at a Closing. Sellers shall be responsible for any Governmental Contracts to the extent not so assigned. All Property Loans, Leases, Governmental Contracts and Other Contracts are set forth on Attachment E by Property. Each party agrees to indemnify and hold harmless the other party for any damage it may sustain by reason of any failure of the indemnifying party to keep or perform any of the covenants and obligations provided to be kept or performed under the terms and conditions of any assigned Governmental Contract, Lease or Other Contract that is assigned for which the indemnifying party is responsible. The assignment agreements to be delivered at Closing with respect to such Governmental Contract, Lease, or Other Contract at Closing shall specify that Seller shall indemnify Buyer for periods prior to Closing and Buyer shall indemnify Seller for periods after the Closing.
5.POSSESSION, PRORATIONS AND EXPENSES
		a.
	Possession. Sole and exclusive possession of each Property, subject to the Leases, shall be delivered to Buyer on the applicable Closing Date. All Leases, Government Contracts and Other Contracts, shall be expressly assumed by Buyer.

		b.
	Real Estate Taxes & Assessments. General and special real estate, drainage assessment taxes, and other ad valorem taxes and assessments and other state, city or local taxes, fees, charges and assessments affecting each Property (“Taxes & Assessments”) for 2020 real estate Taxes & Assessments, due and payable in 2021 shall be paid by Seller. The 2021 Taxes and Assessments, and all future years, shall be prorated as of the Closing for each Property.

		c.
	Expenses. For each Property, each Seller shall be responsible for the payment of all sales, use and state, county, and local transfer taxes that are customarily allocated to a Seller, all costs of title insurance premiums and charges for the issuance of the Title Policy for each Property, all recording fees for the deed and instruments of conveyance, fifty percent (50%) of all other escrow fees. Buyer shall be responsible for the payment of all sales, use and state, county, and local transfer taxes that are customarily allocated to a Buyer, of all recording fees for any mortgage, or assignment of mortgage, and fifty percent (50%) of all other escrow fees for each Property. In the event that sales, use and state, county, and local transfer taxes are not customarily the responsibility of a Buyer or Seller, those expenses shall be shared equally between Buyer and Seller. The fees and expenses of Sellers’ designated representatives, accountants and attorneys shall be borne by Sellers, and the fees and expenses of Buyer’s designated representatives, accountants and attorneys shall be borne by Buyer.

		d.
	Leases. Each applicable Seller shall assign to Buyer, and Buyer shall assume, all Leases. Rents and other payments payable under row crop Leases will be prorated as of Closing. With respect to any specialty crop leases, the Parties will work in good faith to divide the rent payments following the principal that costs and revenues associated with 2020 will go to Seller and costs and revenues associate with 2021 will be prorated as of Closing.

​
​

​

​

		e.
	Government Program Payments. All Government Program payments for a given crop year will be prorated as of Closing.

		f.
	Other Contracts. If there are any Other Contracts all amounts payable thereunder shall be prorated as of Closing.

		g.
	Reproration. In the event that any amount being prorated pursuant to this section is based on amounts that are not final, or are being estimated for any reason, the Parties agree to reprorate such amounts when the final amounts become available. Either Party may demand for a reproration by providing written notice to the other Party with sufficient detail to provide for a reconciliation of the prorated amounts and the amount due as a result of such reproration. The Party receiving such written demand shall then have sixty (60) days to either pay the amount due, or to contest the amount of the proration. Any disputes concerning the amounts due to a Party shall be resolved by an independent account selected by the Parties, and in the event that they cannot agree on an accountant, then KPMG shall make a final determination as soon as practical thereafter. The costs of any reproration dispute shall be shared equally by the Parties.

		h.
	Partial Assignments of Contracts. In the event that any contract, lease, or other agreement, covers more than one property, including property that is not being acquired by the Buyer, the Parties agree to assign and prorate the obligations and amounts due under such contracts pursuant to the terms and conditions of an equitable apportionment of such agreements.

6.CLOSING, DELIVERIES
		a.
	Closing. The closing of the purchase and sale of each applicable Property listed on Attachment A shall take place on a business day the Title Company is open within ten (10) days following Buyer’s notification to Seller that all conditions precedent to Buyer’s obligation to purchase such Properties have been fulfilled or waived by Buyer, at the offices of the Title Company, or on such other date, time and place as the parties may mutually agree (the “Closing Date”). Each closing referred to in this Section shall be referred to herein as a “Closing”. The Parties contemplate that one or more Closings will occur as the conditions set forth in Section 7 are met with respect to each Property. In the event that no Closings have occurred on or before March 31, 2021 (the “Outside Closing Date”), Seller shall have the right to terminate this Agreement. In the event the Outside Closing Date is not met as a result of the failure to meet each of the conditions set forth in Sections 7(a), 7(b), or 7(c), and Buyer exercises its right to terminate the Agreement pursuant to Section 7(d), the Earnest Money will be returned to Buyer. The Parties also agree that no Closing will occur until such time as Buyer is prepared to close on not less than $13,500,000 of Property including any improvements set forth in Schedule A (the “Minimum Purchase Obligation”). The Parties agree that after the closing on the Minimum Purchase Obligation, the balance of the Property listed in Attachment A may be purchased by Buyer at its option provided such Closings occur no later than June 30, 2021 for all Property other than Ironwood and Roadrunner Ranch which Buyer shall have twelve months from the Effective Date to purchase (“Subsequent Closings”). All rent shall be prorated through the Closing Date for each Property.

		b.
	Sellers ‘Deliveries. On each Closing Date, FPI shall deliver to Buyer, and in exchange for the payment to each Seller of the applicable Purchase Price (plus or minus prorations), the following executed closing documents for each Property:

		(i)
	Seller’s warranty or trustee’s deed conveying to Buyer fee simple title to the Property, subject only to the Permitted Title Exceptions;

		(ii)
	An Assignment and Assumption Agreement for all Leases, Government Programs, and Other Contracts applicable to such Property and any applicable third party consent required under any such agreement, all in a form reasonably acceptable to Buyer;

		(iii)
	The consent of the lender or lenders under any Property Loan being assumed by Buyer, together with such loan assignment and assumption documents, all in a form reasonably acceptable to Buyer;

		(iv)
	A duly completed and executed certification of non-foreign status pursuant to Section 1445 of the Code and

​

​

​

Section 1.1445-2(b)(2) of the Treasury Regulations; and
		(v)
	Such other documents, instruments, certifications and confirmations as may be reasonably required and designated by the Title Company to fully effect and consummate the transactions contemplated hereby.

c.     Approval of Closing Documents. All closing documents to be furnished by FPI or Buyer pursuant hereto shall be in form, execution and substance reasonably satisfactory to both Buyer and Seller unless otherwise set forth in this Section 6.
d.    Buyer’s Deposits. On each Closing Date, Buyer shall deliver the following to FPI, and in exchange for Seller’s deliveries as aforesaid, the following executed documents for each Property:
		(i)
	An Assignment and Assumption Agreement for all Leases, Governmental Contracts, and Other Contracts applicable to such Property and any applicable third party consent that requires Buyer’s acceptance or consent;

		(ii)
	The cash portion of the Purchase Price and the Convertible Note;

		(iii)
	Such other documents, instruments, certifications and confirmations as may be reasonably required and designated the Title Company to fully effect and consummate the transactions contemplated hereby.

e.     Joint Deposits. Seller and Buyer shall jointly execute all state, county, and local transfer/transaction tax declarations, and shall jointly execute and deliver to each other an agreed proration and closing statement.
f.     Concurrent Transactions. All documents or other deliveries required to be made by Buyer or Seller at a Closing, and all transactions required to be consummated concurrently with a Closing shall be deemed to have been delivered and to have been consummated simultaneously with all other transactions and all other deliveries, and no delivery shall be deemed to have been made and no transactions shall be deemed to have been consummated until all deliveries required by Buyer or its designee and each Seller shall have been made, and all concurrent and other transactions shall have been consummated.
7.CONDITIONS PRECEDENT TO CLOSING. In addition to other conditions set forth in this Agreement, Buyer’s obligation to purchase each Property shall be subject to and contingent upon the following conditions precedent, any or all of which Buyer may waive by written notice to FPI only:
		a.
	Financing Contingency. The purchase and sale of each Property shall be subject to Buyer securing financing for the purchase of each Property equal to forty percent (40%) of the Purchase Price of each Property, at market interest rates, without additional security or guaranty of any other party, other than Buyer.

		b.
	Title Review. The purchase and sale of each Property shall be subject to Seller curing any and all Original Title Objections and the review and approval of the title commitment and survey for each Property to insure that each Property is being conveyed to Buyer free and clear of all encumbrances, other than the Permitted Title Exceptions. Notwithstanding the above, Buyer’s approval of the title commitment is subject to the terms set forth in Section 9(a).

		c.
	Opportunity Zone Feasibility & Compliance. All Property must be located at least partially in an Opportunity Zone as that term is defined in the OZ Laws, and all capital improvement plans for each Property must be approved by Seller and Buyer prior to Closing and must meet OZ Law requirements as determined in good faith by Buyer’s independent third party auditor at KPMG (“QOZB Improvements”).

		d.
	Cancellation. If any of the foregoing conditions precedent is not satisfied or waived in writing by Buyer, Buyer may, but shall not be obligated to, elect, at its option, by written notice to FPI prior to the earlier of the time set for a Closing or the specific deadline (as applicable) described within this Section 7, to terminate Buyer’s obligation to purchase the Property for which any of the foregoing conditions precedent is not satisfied or waived. In the event the Outside Closing Date is not met as a result of the failure to meet each of the conditions set forth in Sections 7(a), 7(b), or 7(c) and Buyer decides to terminate its obligation to purchase all remaining Property as provided herein, then

​

​

​

this Agreement shall terminate and any remaining Earnest Money shall be returned to Buyer and the parties hereto shall have no further obligation or liability with respect to such Properties.
		e.
	Additional Property Conditions. The obligation to purchase certain Properties will be subject to the additional conditions that are set forth on Attachment F.

8.REPRESENTATIONS AND WARRANTIES OF AND INDEMNITY BY SELLERS
a.   Representations and Warranties of Sellers. To induce Buyer to execute, deliver and perform this Agreement, and the ancillary agreements, and without regard to any independent investigations made by Buyer, FPI and Sellers, jointly and severally, hereby represent and warrant to Buyer and its successor and assigns on and as of the Effective Date (unless otherwise expressly set forth below) as follows:
		(i)
	Due Authorization. Sellers are duly organized, validly existing, and in good standing under the laws of its state of organization. FPI and Sellers have the full right and lawful authority to enter into this Agreement and all ancillary agreements and perform all of their obligations under this Agreement, and no other parties have any right or ownership in or to the Properties. The execution and delivery of this Agreement and the performance of Sellers of their obligations hereunder have been duly authorized by all requisite action of the Sellers and require no further action or approval of Sellers’ members, partners, stockholders, managers, board of directors, trustees or other individuals or entities, as applicable, in order to constitute this Agreement as a binding and enforceable obligation of Sellers. The transactions contemplated hereby will not result in a breach of, or constitute a default or permit acceleration of maturity under, any indenture, mortgage, deed of trust, loan agreement or other agreement to which a Seller or a Property is subject or by which a Seller or a Property is bound. The foregoing representations and warranties in this paragraph (i) shall extend to each Closing Date;

		(ii)
	Accuracy of Representations and Warranties. All representations and warranties of Sellers appearing in the other Articles and Sections of this Agreement are true and correct;

		(iii)
	Property Information. The Property Information and all other information and documents delivered hereunder, including the documents delivered to Buyer pursuant to this Agreement are true, correct and complete in all material respects, and does not omit any material information required to make the submission thereof fair and complete. True, correct and complete copies of all Property Loans, Leases, Governmental Contracts and Other Contracts have been provided by FPI to Buyer. All Property Loans, Leases, Governmental Contracts and Other Contracts are currently in force and effect, and there is no default, nor any event which with the giving of notice or passage of time, or both, would constitute a default, under any such Property Loan documents, Lease, Governmental Contract or Other Contract. All such Leases or Other Contracts may be assigned by Seller to Buyer at Closing without requirement of consent by any third party, including any tenant or lender. Other than the Property Loans, Leases, Governmental Contracts and Other Contracts listed on Attachment E, there are no other material agreements, oral or written, affecting the Properties;

		(iv)
	Litigation. There are no claims, causes of action or other litigation or proceedings pending or threatened in respect to the ownership, operation or environmental condition of the Properties;

		(v)
	No New Encumbrances. Since the Effective Date, Sellers have not conveyed any portion of the Properties or any rights therein, or entered into any lease, license, conveyance, security document, easement or other agreement, or amended any lease or existing agreement granting to any other person or entity any rights with respect to the Properties or any part thereof, or any interest whatsoever therein. No amendments or extensions have been made to any Leases without Buyer’s prior written consent and Sellers have operated the Properties in the ordinary course of business consistent with its current practices through each applicable Closing Date.

		(vi)
	Environmental Conditions. To the best of Seller’s knowledge, without independent inquiry, that during the period of Seller’s ownership or control over the Property, Seller has no knowledge of, nor reason to suspect,

​

​

​

that there has been any underground storage (or other) tank or any presence, disposal, release, or threatened release of hazardous substances or hazardous wastes on, from or under the premises, by or through Seller, or any other party whatsoever. Seller similarly represents that to the best of Seller’s knowledge, without independent inquiry, there was no underground storage (or other) tank, nor any presence, disposal, release or threatened release of hazardous substances or hazardous waste on, from or under the premises prior to Seller’s acquisition or ownership or control of the Property. The foregoing representations and warranties in this paragraph (vi) shall extend to each Closing Date.
		(vii)
	Foreign Person. Sellers are not foreign persons within the meaning of Section 1445(f)(3) of the Internal Revenue Code, and no portion of the Total Purchase Price is required to be withheld by Buyer pursuant to Code Section 1445 and the regulations promulgated thereunder. The foregoing representations and warranties in this paragraph (vii) shall extend to each Closing Date;

		(viii)
	Condemnation. To the best of Seller’s knowledge there are no existing, pending contemplated, threatened or anticipated (i) condemnation of any part of the Properties, (ii) widening, change of grade or limitation on use of streets, roads or highways abutting the Properties, (iii) special tax or assessment to be levied against the Properties, (iv) change in the zoning classification of the Properties, or (v) change in the tax assessment of the Properties. The foregoing representations and warranties in this paragraph (vii) shall extend to each Closing Date, provided that in the event of a condemnation after the Effective Date, Seller or Buyer shall have the right to remove such Property from Attachment A; and

		(ix)
	Violations. To the best of Seller’s knowledge, there are no violations of any material health, safety, pollution, environmental, zoning or other laws, ordinances, rules or regulations with respect to the Properties, which Seller previously had knowledge of and have not been heretofore entirely corrected;

		b.
	Indemnity by Sellers. FPI and Sellers hereby jointly and severally agree to indemnity, defend and hold Buyer harmless from and against any and all loss, damage, liability and expense (including reasonable attorneys’ fees and other litigation expenses) Buyer may suffer, sustain or incur as a result of any misrepresentation, or breach of warranty or agreement, made by FPI or Seller under or in respect to this Agreement.

		c.
	Sellers’ Covenants.

(i)FPI shall notify Buyer promptly if FPI or Sellers become aware of any transaction or occurrence prior to a Closing Date which would make any of the representations or warranties of FPI and Sellers, untrue in any material respect.
(ii)Neither FPI, nor any Seller, shall file any tax appeals without Buyer’s written consent with respect to any taxes for which Buyer is responsible paying pursuant to this Agreement.
(iii)From the Effective Date until June 30, 2021 or the termination of this Agreement FPI or any Seller shall not: (a) enter into nor solicit from or negotiate with any third party with respect to the sale, assignment or transfer of all or any portion of the Property or (b) convey any portion of the Properties or any rights therein, or enter into any lease, license, conveyance, security document, easement or other agreement, or amend any lease or existing agreement granting to any other person or entity any rights with respect to the Properties or any part thereof, or any interest whatsoever therein, without Buyer’s prior written consent. No material amendments or extensions shall be made to any Leases now in force without Buyer’s prior written consent, and Sellers shall continue in all respects to operate the Properties applicable to each Closing in the ordinary course of business consistent with its current practices through each applicable Closing Date.
9.TITLE
a.Title Commitment. Buyer acknowledges that Seller has provided a copy of previous title commitment (“Original Title”) for each Property. Buyer has delivered a statement of the objections to title to the Property that are set forth on Attachment D (“Original Title Objections”).
​
​

​

​

Seller shall within a reasonable period of the Effective Date, furnish at Seller’s expense a commitment and an Owners Title Guaranty Policy (each a “Title Commitment” and together the “Title Commitments”) issued by Attorneys’ Title Guarantee Fund, Inc (the “Title Company”) in the full amount of the Purchase Price for each Property, covering title to each Property on or after the Effective Date, showing each Seller as owner of each Property in fee simple, subject only to the Permitted Title Exceptions.
​
“Permitted Title Exceptions” shall include the following: (a) all taxes and special assessments for tax periods due and accruing in 2021 now a lien, levied, or confirmed after the date hereof, (b) building, use and occupancy or restrictions, if any, which do not unreasonably interfere with Buyer’s intended use of the Properties, (c) zoning laws and ordinances, (d) easements of record or in place affecting the premises, if any, which do not unreasonably interfere with Buyer’s intended use of the Properties, (e) drainage ditches, feeders and laterals, if any, (f) conveyances or reservations of coal, minerals and mining rights, if any, of record, (g) mortgage or other lien that may be eliminated at closing by application of the purchase price, (h) rights or tenants in possession if any pursuant to existing Leases, and (i) matters which can only be discovered by a survey of the Properties.
Buyer shall within four (4) business days after receiving such Title Commitments, deliver to each Seller, together with such evidence, a report in writing specifying any objections made to the Title Commitments that were not previously identified in the Original Title Objections. In case (a) Buyer’s material objections made to the Title Commitment not previously disclosed in the Original Title Objection are not cured within thirty (30) days after such report is so delivered or (b) a Seller refuses in writing to cure such defects, Buyer may terminate the obligation to purchase the Property within four (4) business days of the earlier of (i) Buyer’s receipt of a refusal notice from Seller or (ii) the expiration of the thirty (30) day cure period. In such case of termination by Buyer, the Purchase Price for such Property shall be reduced by the amount allocated to such excluded Property. Seller is selling the Properties and all improvements and personal property “as is, where is” with no warranties of any nature whatsoever except warranty of title contained in the deed to be delivered herein.
10.PERFORMANCE
In the event any party hereto shall fail to perform or observe any of the covenants and conditions undertaken by it (other than an obligation to pay at Closing which shall not have a cure period) herein to be paid, performed or observed, then such party shall be deemed to be in default with respect hereto. In the event of a default by either party, the non-defaulting party shall have the right, following thirty (30) days prior written notice to the other during which period the notified party failed to cure such default, in addition to other remedies available at law or in equity, to: (a) require the defaulting party to perform all of their obligations hereunder, and (b) recover damages, including expenses incurred as a result of the default (including attorneys’ fees). In the event of a default by Buyer, including but not limited to a default under Section 14, Sellers shall have the right, in addition to all other rights available at law or in equity to declare this Agreement canceled and retain the Earnest Money.
11.GENERAL CONDITIONS AND STIPULATIONS
		a.
	Time shall be considered to be of the essence of this Agreement. This Agreement shall extend to and be binding upon the heirs, executors, administrators, successors and assigns of the parties hereto. The word “Seller” wherever used herein shall, respectively, be construed to mean Sellers, and the necessary grammatical plural changes shall in all cases be assumed as though in each case fully expressed. The obligations and representations and warranties of each Seller shall be joint and several. Buyer shall be entitled to assign this Agreement to one or more entities that are owned or controlled by Buyer without the consent of FPI or the Sellers.

		b.
	All notices and demands herein required or given hereunder shall be in writing. The mailing of any such notice or demand by mail to the FPI (on behalf of itself and Sellers) or to the Buyer at their respective addresses hereinbefore set forth shall be considered sufficient service as of three (3) days after mailing. The mailing of such notice or demand to the FPI at said respective address shall be considered to be sufficient service on all such Sellers

​

​

​

respectively. Notice may also be sent by email to the FPI or Buyer at the email addresses indicated on the signature page of this Agreement. A copy of any notice shall also be sent to the parties designated legal representatives.
		c.
	This Agreement and each Convertible Note, including any documents referenced in each Convertible Note, contain all of the terms and conditions agreed upon by the parties hereof related, and supersedes all oral agreement regarding the subject matter of this Agreement and may only be amended or altered in writing signed by all parties.

		d.
	FPI and Buyer agree to provide all information necessary to complete and execute all documents and perform all actions necessary to comply with the following: (i) Real Estate Settlement Procedures Act of 1974; (ii) Internal Revenue Service Form 1099S; (iii) Section 1445 of the Internal Revenue Code as amended (which deals with the citizenship of the Seller; (iv) a mutually agreeable summary of the closing transaction and (v) all laws, statutes, ordinances and regulations applicable to the transaction.

		e.
	Facsimile copies, electronic copies (including electronic signature software) and signatures on this Agreement shall be as valid as an originally signed contract.

		f.
	This Agreement may be signed in counterparts, which together shall constitute one agreement. If the Agreement is signed in counterparts, no signatory hereto shall be bound until all parties named below have duly executed, or caused to be duly executed, a counterpart of this Agreement.

		g.
	This Agreement shall be governed by and constructed in accordance with the laws of the State of Delaware.

		h.
	In the event any dispute between the parties results in litigation, mediation or arbitration or any party is required to retain legal counsel to enforce the provisions hereof, then the prevailing party shall be entitled to recover from the other any and all attorneys’ fees and expenses resulting therefrom.

		i.
	The parties mutually represent and warrant that they have not engaged a real estate broker with respect to the transactions contemplated hereby. Each of FPI, Sellers and Buyer shall indemnify and hold harmless the other parties from any and all claims for real estate fees or brokerage commissions incurred by such other party as a result of a breach of this representation and warranty.

12.REPRESENTATIONS, WARRANTIES AND COVENANTS OF BUYER. Buyer warrants and represents to FPI and each Seller that it is duly organized, validly existing, and in good standing under the laws of its state of organization and has the full right and lawful authority to enter into this Agreement and all ancillary agreements and perform all of their obligations under this Agreement. Buyer further represents and warrants that the execution and delivery of this Agreement and the performance of its obligations hereunder have been duly authorized by all requisite action of the Buyer and its investors and requires no further action or approval of Buyer’s members, partners, stockholders, managers, board of directors, trustees or other individuals or entities, as applicable, in order to constitute this Agreement as a binding and enforceable obligation of Buyer. The transactions contemplated hereby will not result in a breach of, or constitute a default or permit acceleration of maturity under, any indenture, mortgage, deed of trust, loan agreement or other agreement to which Buyer is subject or by which Buyer is bound. The foregoing representations and warranties in this paragraph 13 shall extend to each Closing Date.
13.FUNDING OF QUALIFIED OPPORTUNITY ZONE FUND
Within thirty (30) days of the Effective Date, Buyer shall provide Seller evidence of closing on the investment of at least $21,000,000 in capital for the Qualified Opportunity Zone Fund (“QOF”), through a private placement offering under Rule 506(b) of Regulation D. Failure to provide such evidence shall be a material default and upon notice to Buyer, Seller shall have the right to terminate the Agreement immediately and retain the Earnest Money.
14.OPTION TO PURCHASE ADDITIONAL PROPERTY
Provided Buyer is not in default under this Agreement, subject to additional Earnest Money agreed to in writing by the Parties,  Buyer shall have the right and option to purchase the property listed in Attachment C (“Additional Property”) that is
​

​

​

owned by FPI at a prices set forth therein. In the event Buyer elects to purchase some or all of the Additional Property, Buyer and Seller agree to enter into an addendum to this Agreement that provides for the specific terms and conditions of the Additional Property, including the applicable Original Title Objections, agreed upon QOZB Improvements, updated Property Information, and other necessary terms applicable to each Additional Property. The Closing for any Additional Property shall occur on or before December 31, 2021. Notwithstanding the foregoing, Seller may notify Buyer at any time that it is electing to remove from Attachment C one or more Additional Properties if it reasonably determines that such Additional Properties have increased in value from the value stated on Attachment C as a result of the fact that such Additional Properties can be utilized for non-agricultural use and once any Additional Property has been so removed, Buyer shall no longer have the option to purchase any such Additional Property.
[Signature Page to Follow]
​
​

​

​

IN WITNESS WHEREOF, the parties have duly executed this Master Real Estate Purchase Agreement as of the Effective Date first above written.
​
	​

	​

	​

	BUYER:
	    
	ON BEHALF OF FPI AND SELLERS:

	​
	​
	​

	/s/ john s. Heneghen
	​
	/s/ Paul A. Pittman

	John Heneghan, Authorized Agent
	​
	Paul A. Pittman, President & CEO

	​
	​
	​

	Email: John@servantfinancial.com
	​
	Email: legal@farmlandpartners.com

	​
	​
	​

	Buyer’s Counsel:
	​
	Sellers’ Counsel:

	Steven J. Thayer
	​
	Erica Borenstein

	Handler Thayer, LLP
	​
	Email: eborenstein@farmlandpartners.com

	191 N. Wacker Drive, 23rd Floor
	​
	​

	Chicago, IL 60606
	​
	​

	Email: sthaver@handlerthaver.com
	​
	​

​
​

​

​

ATTACHMENT A
SELLERS AND PROPERTY
​
	

	​

	

	​

	

	​

	

	​

	

	

	​

	

	

	​

	Name of Property
	    
	Seller
	    
	# of Acres
	    
	Location
	    
	Improvement Cost
	    
	Purchase Price
	 

	Roberts Trust #514
	​
	FPI Illinois II LLC
	​
	236
	​
	Douglas County, IL
	​
	$
	225,000 
	​
	$
	2,501,600 
	​

	Beckerdite
	​
	PH Farms LLC
	​
	120
	​
	Schuyler County, IL
	​
	$
	175,000 
	​
	$
	1,140,000 
	​

	Copes
	​
	PH Farms LLC
	​
	137
	​
	Schuyler County, IL
	​
	$
	183,000 
	​
	$
	1,438,500 
	​

	Patchett
	​
	FPI Illinois I LLC
	​
	195
	​
	Edgar County, IL
	​
	$
	260,000 
	​
	$
	1,925,625 
	​

	Matthews
	​
	FPI Colorado LLC
	​
	1,130
	​
	Tunica & DeSoto Counties, MS
	​
	$
	255,000 
	​
	$
	5,876,000 
	​

	Swindoll Darby
	​
	FPI Colorado LLC
	​
	359
	​
	Tunica County, MS
	​
	$
	270,000 
	​
	$
	1,579,600 
	​

	Coopers Mill
	​
	FPI Colorado LLC
	​
	945
	​
	Lee County, SC
	​
	$
	551,000 
	​
	$
	3,213,000 
	​

	Harvin
	​
	FPI Properties LLC
	​
	144
	​
	Richland County, SC
	​
	$
	100,000 
	​
	$
	716,462 
	​

	Sellers
	​
	FPI Properties LLC
	​
	288
	​
	Dillion & Marion Counties, SC
	​
	$
	214,400 
	​
	$
	2,116,800 
	​

	Gaddy Gasque
	​
	FPI Properties LLC
	​
	126
	​
	Dillion & Marion Counties, SC
	​
	$
	65,600 
	​
	$
	926,100 
	​

	Bennettsville
	​
	FPI Carolinas LLC
	​
	220
	​
	Marlboro County, SC
	​
	$
	160,000 
	​
	$
	802,380 
	​

	Ironwood
	​
	FPI Ironwood LLC
	​
	2,426
	​
	Suwannee County, FL
	​
	$
	1,619,3551 
	​
	$
	16,193,550 
	​

	Roadrunner Ranch
	​
	Arnold (CA) LLC
	​
	243
	​
	Tulare County, CA
	​
	$
	1,444,0001 
	​
	$
	8,632,575 
	​

	Total Purchase Price & Acres
	​
	​
	​
	6,569
	​
	​
	​
	$
	5,522,355 
	​
	$
	47,062,192 
	​

​
Note 1: In the event that Ironwood or Roadrunner Ranch is not purchased on or before June 30, 2021, the Purchase Price for Ironwood and Roadrunner Ranch shall be subject to an increase at a rate equal to .00166667 per month (2% annually) with the first price increase being on July 1, 2021, and on the 1st day of each month thereafter.
​
​

​

​

ATTACHMENT A-1
LEGAL DESCRIPTIONS
[Attached]
​
​

​

​

Roberts Trust 
Tract 1:
THE WEST HALF OF THE NORTHWEST QUARTER, AND THE NORTHWEST QUARTER OF THE SOUTHWEST QUARTER, ALL IN SECTION 16, TOWNSHIP 15 NORTH, RANGE 10 EAST OF THE THIRD PRINCIPAL MERIDIAN, DOUGLAS COUNTY, ILLINOIS.
Tract 2:
THE EAST HALF OF THE NORTHWEST QUARTER AND THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER, ALL IN SECTION 16, TOWNSHIP 15 NORTH, RANGE 10 EAST OF THE THIRD PRINCIPAL MERIDIAN, SITUATED IN DOUGLAS COUNTY, ILLINOIS;
EXCEPT PART OF THE SOUTHEAST QUARTER OF THE NORTHWEST QUARTER OF SECTION 16, TOWNSHIP 15 NORTH, RANGE 10 EAST OF THE THIRD PRINICIPAL MERIDIAN, DOUGLAS COUNTY, ILLINOIS, DESCRIBED AS FOLLOWS:
FROM AN IRON PIN MONUMENT MARKING THE NORTHEAST CORNER OF THE SOUTHEAST QUARTER OF THE NORTHWEST QUARTER OF SAID SECTION 16, MEASURE SOUTHERLY ON THE EAST LINE OF THE NORHWEST QUARTER OF SAID SECTION 16 FOR 189.00 FEET TO THE PLACE OF BEGINNING; THENCE DEFLECT 89 DEGREES 05’40” TO THE RIGHT AND MEASURE WESTERLY FOR 506.00 FEET; THENCE DEFLECT 89 DEGREES 05’ 40” TO THE LEFT AND MEASURE SOUTHERLY FOR 245.50 FEET; THENCE DEFLECT 90 DEGREES 54’ 20” TO THE LEFT AND MEASURE EASTERLY FOR 506.00 FEET TO THE EAST LINE OF THE NORTHWEST QUARTER OF SAID SECTION 16: THEN DEFLECT 89 DEGREES 05’ 40” TO THE LEFT AND MEASURE NORTHERLY ON THE EAST LINE OF THE NORTHWEST QUARTER OF SAID SECTION 16 FOR 245.50 FEET TOTHE PLACE OF BEGINNING, DOUGLAS COUNTY, ILLINOIS;
AND EXCEPT PART OF THE SOUTHEAST QUARTER OF THE NORTHWEST QUARTER OF SECTION 16, TOWNSHIP 15 NORTH, RANGE 10 EAST OF THE THIRD PRINICIPAL MERIDIAN, DOUGLAS COUNTY,ILLINOIS, DESCRIBED AS FOLLOWS:
COMMENCING AT AN IRON ROD AT THE NORTHEAST CORNER OF SAID SOUTHEAST QUARTER OF THE NORTHWEST QUARTER; THENCE SOUTH 00 DEGREES 03 MINUTES 48 SECONDS WEST (ASSUMED BEARING) 434.50 FEET ALONG THE EAST LINE OF SAID SOUTHEAST QUARTER OFTHE NORTHWEST QUARTER TO THE POINT OF BEGINNING, BEING A POINT THAT IS NORTH 89 DEGREES 09 MINUTES 28 SECONDS EAST 13.00 FEET FROM A ó IRON ROAD; THENCE CONTINUING SOUTH 00 DEGREES 03 MINUTES 48 SECONDS WEST 142.00 FEET ALONG SAID EAST LINE TO A POINT THAT IS NORTH 89 DEGREES 09 MINUTES 28 SECONDS EAST 20.00 FEET FROM A ó” IRON ROD WITH PLASTIC CAP MARKED PLS 2054; THENCE SOUTH 89 DEGREES 09 MINUTES 28 SECONDS WEST 506.00 FEET TO A ó” IRON ROD WITH A PLASTIC CAP MARKED 2054; THENCE NORTH 00 DEGREES 03 MINUTES 48 SECONDS EAST 142.00 FEET; THENCE NORTH 89 DEGREES 09 MINUTES 28 SECONDS EAST 506.00 FEET TO THE POINT OF BEGINNING, DOUGLAS COUNTY, ILLINOIS.
PINS: 08-10-16-100-001, 08-10-16-300-004, 08-10-16-100-004, 08-10-16-300-005
​
​

​

​

EXHIBIT A
BECKERDITE LEGAL DESCRIPTION (Schuyler Co.)
TRACT I:
A tract of land being part of the Southwest Quarter of Section 25, Township 3 North, Range 4 West of the Fourth Principal Meridian, Schuyler County, Illinois, and being more particularly described as follows.
Beginning at a set iron rod marking the center quarter corner of said Section 25; thence along the East line of the Southwest Quarter of said Section 25, South 01 degrees 05 minutes 12 seconds West, 1354.75 feet to a set iron rod marking the center South one-sixteenth corner of said Section 25; thence leaving said East line, along the South line of the Northeast Quarter of the Southwest Quarter of said Section 25, North 89 degrees 32 minutes 08 seconds West, 1324.32 feet to a set iron rod marking the West one-sixteenth corner of said Section 25; thence leaving said South line, along the West line of the Northeast Quarter of the Southwest Quarter of said Section 25, North 01 degrees 08 minutes 20 seconds East, 1356.32 feet to a set iron rod marking the center West one-sixteenth corner of said Section 25; thence leaving said West line, along the North line of the Southwest Quarter of said Section 25, South 89 degrees 28 minutes 06 seconds East, 1323.07 feet to the point of beginning.
The above described tract of land is based upon an actual boundary survey completed by the Jones Surveying and Engineering Corporation, during the month of October, 2011, and recorded in the Office of the Recorder, Schuyler County, Illinois on November 18, 2011, as Document Number 20111426, and is subject to all road right-of-ways, easements of records and/or prescription, restrictions, reservations and conditions of record, if any.
TRACT II:
A tract of land being part of the Southwest Quarter of Section 25, and part of the Northwest Quarter of Section 36, Township 3 North, Range 4 West of the Fourth Principal Meridian, Schuyler County, Illinois, and being more particularly described as follows.
Beginning at a set iron rod marking the North Quarter corner of said Section 36; thence along the East line of the Northwest Quarter of said Section 36, South 01 degrees 26 minutes 12 seconds West, 1332.67 feet to a found stone marking the center North one-sixteenth corner of said Section 36; thence leaving said East line along the South line of the Northeast Quarter of the Northwest Quarter of said Section 36, South 89 degrees 53 minutes 59 seconds West, 1320.48 feet to a found stone marking the Northwest one-sixteenth corner of said Section 36; thence leaving said South line, along the West line of the Northeast Quarter of the Northwest Quarter of said Section 36, North 01 degrees 12 minutes 35 seconds East, 1345.60 feet to a set iron rod marking the West one-sixteenth corner of said Section 36; thence leaving said West line, along the West line of the Southeast Quarter of the Southwest Quarter of said Section 25, North 01 degrees 08 minutes 20 seconds East, 33.30 feet to a set iron rod marking the Southwest corner of land as described in a deed to Jeffrey Sapp, recorded in Document Number 272854 of the Schuyler County, Illinois, Recorder’s Office; thence leaving said West line, along the South, East, and North lines of said Sapp land, the following courses and distances: South 89 degrees 32 minutes 08 seconds East, 200.00 feet to a set iron rod; thence North 01 degrees 08 minutes 20 seconds East, 340.00 feet to a set iron rod; thence North 89 degrees 32 minutes 08 seconds West, 200.00 feet to a set iron rod on the aforementioned west line of the Southeast Quarter of the Southwest Quarter of said Section
​
​

​

​

25; thence leaving said Sapp land, along said West line, North 01 degrees 08 minutes 20 seconds East, 944.20 feet toa set iron rod marking the West one-sixteenth corner of said Section 25; thence leaving said West line, along the North line of the Southeast Quarter of the Southwest Quarter of said Section 25, South 89 degrees 32 minutes 08 seconds East, 1324.32 feet to a set iron rod marking the center South one-sixteenth corner of said Section 25; thence leaving said North line, along the East line of the Southwest Quarter of said Section 25, South 01 degrees 05 minutes 12 seconds West, 1317.49 feet to the point of beginning.
The above described tract of land is based upon an actual boundary survey completed by the Jones Surveying and Engineering Corporation, during the month of October, 2011, and recorded in the Office of the Recorder of Schuyler County, Illinois on November 18, 2011, as Document Number 20111426, and is subject to all road right-of-ways, easements of records and/or prescription, restrictions, reservations and conditions of record, if any
PIN No. 02-022-013-00 & 02-031-002-00
​

​

​

EXHIBIT A
Legal Description - Copes
A tract of land being part of the Northwest Quarter of Section 1, Township 2 North, Range 2 West of the Fourth Principal Meridian, Schuyler County, Illinois, and being more particularly described as follows:
Beginning at the Southwest Corner of the Northwest Quarter of said Section 1, thence along the West Line of the Northwest Quarter of said Section 1, North 00 degrees 49 minutes 37 seconds East, a distance of 1917.94 feet to a point on the South Line of land as described in a deed to Harold J. Forman, as recorded in Book 19, Page 219 of the Schuyler County, Illinois Recorder’s Office; thence leaving said West Line, along said South Line and along the East Line of said Forman Land South 89 degrees 47 minutes 20 seconds East, a distance of 820.63 feet to a point, and North 00 degrees 28 minutes 12 seconds East, a distance of 697.12 feet to a point on the North Line of the Northwest Quarter of said Section 1, thence along said North Line 88 degrees 46 minutes 16 seconds East, a distance of 1882.96 feet to the Northeast Corner of the Northwest Quarter of said Section 1, thence leaving said North Line, along the East Line of the Northwest Quarter of said Section 1, South 00 degrees 42 minutes 04 seconds West, a distance of 1244.62 feet to a point, thence leaving said East Line, the following courses and distances, South 89 degrees 36 minutes 03 seconds West, a distance of 293.33 feet to a point, thence South 00 degrees 43 minutes 14 seconds West, a distance of 413.82 feet to a point, thence North 83 degrees 44 minutes 35 seconds West, a distance of 104.41 feet to a point, thence South 27 degrees 50 minutes 00 seconds West, a distance of 117.33 feet to a point, thence North 89 degrees 23 minutes 45 seconds West, a distance of 266.21 feet to a point, thence South 00 degrees 42 minutes 49 seconds West, a distance of 688.31 feet to a point, thence North 63 degrees 54 minutes 09 seconds East, a distance of 393.77 feet to a point, thence South 85 degrees 09 minutes 46 seconds East, a distance of 125.91 feet to a point, thence North 90 degrees 00 minutes 00 seconds East, a distance of 240.16 feet to a point on the aforementioned East Line of the Northwest Quarter of said Section 1, thence along said East Line, South 00 degrees 42 minutes 04 seconds West, a distance of 376.64 feet to the Southeast corner of the Northwest Quarter of said Section 1, thence leaving said East Line, along the South Line of the Northwest Quarter of said Section 1, North 90 degrees 00 minutes 00 seconds West, a distance of 2704.10 feet to the point of beginning.
Subject to an easement for ingress and egress, said easement being Twenty (20) feet of even width off the East side of said Northwest Quarter (NW 1/4) of Section One (1), except the South 400 feet thereof. Said easement shall be perpetual and shall run with the land and shall be for the benefit of the following described real estate, to-wit: The Northeast Quarter (NE 1/4) of Section One (1), Township Two (2) North, Range Two (2) West, the South Half (S 1/2) of the Southwest Quarter (SW 1/4) of the Southwest Quarter (SW 1/4) of Section Thirty-six (36) and the Southeast Quarter (SE 1/4) of the Southwest Quarter (SW 1/4) of Section Thirty-six (36), Township Three (3) North, Range Two (2) West of the Fourth Principal Meridian, situated in Schuyler County, Illinois,
TOGETHER WITH an easement for ingress and egress to be perpetual and to run with the land and which is described as follows, to-wit: Twenty (20) feet of even width off the West side of the Northeast Quarter (NE 1/4) of Section One (1), except the South 400 feet thereof, in Township Two (2) North, Range Two (2) West of the Fourth Principal Meridian, situated in Schuyler County.
PIN No. 05-001-003-02
​
​

​

​

Patchett — Legal Description 
Tract 1:
PART OF THE SOUTHWEST QUARTER OF THE NORTHEAST QUARTER, AND PART OF THE NORTHWEST QUARTER, ALL IN SECTION 26, TOWNSHIP 14 NORTH, RANGE 12 WEST OF THE SECOND PRINCIPAL MERIDIAN, IN EDGAR COUNTY, ILLINOIS, DESCRIBED AS BEGINNING IN THE CENTER OF THE CHERRY POINT WAGON ROAD AT ITS INTERSECTION WITH THE SOUTH LINE OF THE SAID SOUTHWEST QUARTER OF THE NORTHEAST QUARTER OF SAID SECTION 26, THENCE WEST ALONG SAID CENTER LINE OF SAID SECTION, 633 FEET TO A STONE IN THE CENTER OF SAID SECTION 26, THENCE CONTINUING WEST ALONG SAID CENTER LINE OF SAID SECTION 26, 1302.5 FEET, THENCE NORTH 652.5 FEET, THENCE EAST 837 FEET, THENCE NORTH 601.4 FEET, TO THE CENTER OF SAID WAGON ROAD, THENCE SOUTHEASTERLY ALONG THE CENTER OF SAID WAGON ROAD 1663 FEET TO THE PLACE OF BEGINNING.
LOT NO. 7 IN THE PARTITION OF THE REAL ESTATE OF O’NEAL MORRIS, DECEASED, BEING PART OF THE NORTHWEST QUARTER OF SECTION 26, TOWNSHIP 14 NORTH, RANGE 12 WEST OF THE SECOND PRINCIPAL MERIDIAN, IN EDGAR COUNTY, ILLINOIS, AS SHOWN BY THE COMMISSIONERS REPORT IN SAID PARTITION, RECORDED IN ORDER BOOK 41, PAGE 34 OF THE RECORDS OF EDGAR COUNTY, ILLINOIS CIRCUIT COURT. EXCEPTING THEREFROM THE FOLLOWING TWO TRACTS, NAMELY, 1A AND 1B:
1A:BEGINNING AT THE NORTHWEST CORNER OF SAID LOT NO. 7; THENCE EAST ALONG THE NORTH LINE OF SAID LOT NO. 7, A DISTANCE OF 300 FEET; THENCE SOUTHWESTERLY TO A POINT IN THE WEST LINE OF SAID LOT NO. 7 BEING 300 FEET SOUTH OF THE NORTHWEST CORNER THEREOF; THENCE NORTH ALONG SAID WEST LINE 300 FEET TO THE PLACE OF BEGINNING.
1B:THE NORTH 12 FEET OF EVEN WIDTH OF SAID LOT NO. 7. Tract 2:
THE EAST HALF OF THE SOUTHWEST QUARTER OF SECTION 26, TOWNSHIP 14 NORTH, RANGE 12 WEST OF THE SECOND PRINCIPAL MERIDIAN, IN EDGAR COUNTY, ILLINOIS. EXCEPTING THEREFROM THE FOLLOWING TWO TRACTS, NAMELY, 2A AND 2B:
2A:THE SOUTH 879.75 FEET OF EVEN WIDTH THEREOF.
2B:A PARCEL OF LAND BEING A PART OF THE SOUTHWEST QUARTER OF SECTION 26, TOWNSHIP 14 NORTH, RANGE 12 WEST OF THE SECOND PRINCIPAL MERIDIAN, IN EDGAR COUNTY, ILLINOIS, MORE PARTICULARLY DESCRIBED AS FOLLOWS: BEGINNING AT A FOUND IRON PIN AT THE SOUTHWEST CORNER OF BLACKHAWK SUBDIVISION AS RECORDED IN PLAT BOOK 4, PAGE 194, SAID POINT BEING 1453.95 FEET SOUTH OF THE NORTHEAST CORNER OF
​
​

​

​

THE SOUTHWEST QUARTER OF SAID SECTION 26; THENCE SOUTH 85 DEGREES 43 MINUTES 00 SECONDS WEST, BEING THE WESTERLY EXTENSION OF THE SOUTH LINE OF SAID BLACKHAWK SUBDIVISION, A DISTANCE OF 51.00 FEET; THENCE NORTH 00 DEGREES 00 MINUTES 00 SECONDS WEST, A DISTANCE OF 87.00 FEET; THENCE NORTH 85 DEGREES 43 MINUTES 00 SECONDS EAST, A DISTANCE OF 51.00 FEET TO THE WEST LINE OF BLACKHAWK SUBDIVISION ALSO BEING EAST LINE OF THE SOUTHWEST QUARTER OF SAID SECTION 26; THENCE SOUTH 00 DEGREES 00 MINUTES 00 SECONDS EAST, ALONG SAID WEST LINE, A DISTANCE OF 87.00 FEET TO THE POINT OF BEGINNING, ACCORDING TO PLAT OF SURVEY MADE BY RICHARD A. KNIGHT, ILLINOIS PROFESSIONAL LAND SURVEYOR NO. 2845, DATED DECEMBER 12, 2007 AND RECORDED DECEMBER 12, 2007 AS DOCUMENT NO. 200700003452.
Tract 3:THE SOUTH 879.75 FEET OF EVEN WIDTH OF THE EAST HALF OF THE SOUTHWEST QUARTER OF SECTION 26, TOWNSHIP 14 NORTH, RANGE 12 WEST OF THE SECOND PRINCIPAL MERIDIAN, IN EDGAR COUNTY, ILLINOIS.
Tract 4:
ALL THAT PART OF THE SOUTHEAST QUARTER OF SECTION 26, TOWNSHIP 14 NORTH, RANGE 12 WEST OF THE SECOND PRINCIPAL MERIDIAN, IN EDGAR COUNTY, ILLINOIS, LYING WEST OF CHERRY POINT WAGON ROAD, EXCEPTING THEREFROM THE FOLLOWING SIX TRACTS, NAMELY, 4A, 4B, 4C, 4D, 4E AND 4F:
4A:A PART THEREOF DESCRIBED AS BEGINNING AT THE NORTHWEST CORNER OF SAID SOUTHEAST QUARTER, THENCE SOUTH 16 RODS, THENCE EAST 50 RODS TO THE CENTER OF SAID CHERRY POINT WAGON ROAD, THENCE NORTHWEST WITH THE CENTER OF SAID ROAD TO THE NORTH LINE OF SAID SOUTHEAST QUARTER, THENCE WEST 39 RODS 23 LINKS TO THE BEGINNING.
4B:ALL THAT PART OF THE SOUTHEAST QUARTER OF SAID SOUTHEAST QUARTER, AND ALL THAT PART OF THE EAST 24 RODS, 21 LINKS OF THE SOUTHWEST QUARTER OF THE SOUTHEAST QUARTER, LYING SOUTH OF THE CENTER OF THE WAGON ROAD RUNNING EAST AND WEST THROUGH THE SOUTHEAST QUARTER.
4C:A PART OF THE SAID SOUTHEAST QUARTER DESCRIBED AS FOLLOWS: COMMENCING AT A STONE AT THE NORTHEAST CORNER OF THE SOUTHWEST QUARTER OF SAID SECTION 26, MEASURE SOUTHERLY ALONG THE WEST LINE OF SAID QUARTER SECTION 265 FEET TO THE TRUE PLACE OF BEGINNING, THENCE DEFLECT 91 DEGREES 04 MINUTES LEFT 774.10 FEET TO THE CENTERLINE OF COUNTY HIGHWAY 13, THENCE DEFLECT RIGHT 62 DEGREES 15 MINUTES, 892.75 FEET ALONG CENTERLINE OF SAID COUNTY HIGHWAY, THENCE DEFLECT RIGHT 118 DEGREES 01 MINUTES, 385.80 FEET, THENCE DEFLECT LEFT 92 DEGREES 29 MINUTES,354.20 FEET, THENCE DEFLECT RIGHT 89 DEGREE 00 MINUTES, 841.00, FEET THENCE DEFLECT RIGHT 94 DEGREES 17 MINUTES, 1189.60 FEET TO THE PLACE OF BEGINNING.
​
​

​

​

4D:LOTS NOS. 1, 2, 3, AND PARTS OF LOTS NOS. 4 AND 5, AND DEDICATED ROADWAYS AND EASEMENTS IN BLACKHAWK SUBDIVISION AS SHOWN PER PLAT OF SAID SUBDIVISION RECORDED AT PAGE 194 OF PLAT BOOK 4 IN THE OFFICE OF EDGAR COUNTY RECORDER WITH SAID TRACT MORE PARTICULARLY DESCRIBED AS FOLLOWS: COMMENCING AT A STONE AT THE NORTHWEST CORNER OF THE SOUTHEAST QUARTER OF SECTION 26, TOWNSHIP 14 NORTH, RANGE 12 WEST OF THE SECOND PRINCIPAL MERIDIAN, IN EDGAR COUNTY, ILLINOIS, MEASURE ALONG THE WEST LINE OF SAID QUARTER SECTION ON AN ASSUMED BEARING OF SOUTH 0 DEGREES 00 MINUTES 00 SECONDS WEST FOR 1,453.95 FEET TO AN IRON PIN SET IN CONCRETE, THENCE MEASURE NORTH 85 DEGREES 43 MINUTES 00 SECONDS EASTERLY 841 FEET TO AN IRON PIN SET IN CONCRETE AND THE TRUE POINT OF BEGINNING; THENCE MEASURE NORTH 89 DEGREES 12 MINUTES 00 SECONDS EAST MEASURE 494.60 FEET TO AN IRON PIN SET IN CONCRETE ON THE WEST RIGHT OF WAY LINE OF THE CHERRY POINT ROAD; THENCE NORTHERLY 29 DEGREES 07 MINUTES 30 SECONDS WEST ALONG SAID RIGHT OF WAY, 401.78 FEET TO AN IRON PIN SET IN CONCRETE, THENCE SOUTH 89 DEGREES 12 MINUTES 00 SECONDS WEST FOR A DISTANCE OF 319.45 FEET TO AN IRON PIN, THENCE SOUTH 03 DEGREES 17 MINUTES 00 SECONDS EAST FOR A DISTANCE OF 354.00 FEET TO THE TRUE POINT OF BEGINNING.
4E:LOTS NOS. 16, 17, 18 AND 19 OF THE PLAT OF PRAIRIE’S EDGE SUBDIVISION, A SUBDIVISION OF A PART OF THE WEST HALF OF NORTHEAST QUARTER OF SECTION 35, AND A PART OF THE SOUTHEAST QUARTER OF SECTION 26, ALL IN TOWNSHIP 14 NORTH, RANGE 12 WEST OF THE SECOND PRINCIPAL MERIDIAN, IN EDGAR COUNTY, ILLINOIS, AS SHOWN BY PLAT OF SURVEY MADE BY ROBERT L. MCCLINTOCK, ILLINOIS PROFESSIONAL LAND SURVEYOR NO. 1948, DATED JUNE 19, 2000 AND RECORDED IN THE RECORDS OF EDGAR COUNTY, ILLINOIS ON JULY 26, 2000 AS DOCUMENT NO. 00-0002405.
4F:BEGINNING AT THE NORTHEAST CORNER OF LOT 19 OF THE PLAT OF PRAIRIE’S EDGE SUBDIVISION, A SUBDIVISION OF A PART OF THE WEST HALF OF NORTHEAST QUARTER OF SECTION 35, AND A PART OF THE SOUTHEAST QUARTER OF SECTION 26, ALL IN TOWNSHIP 14 NORTH, RANGE 12 WEST OF THE SECOND PRINCIPAL MERIDIAN, IN EDGAR COUNTY, ILLINOIS, AS SHOWN BY PLAT OF SURVEY MADE BY ROBERT L. MCCLINTOCK, ILLINOIS PROFESSIONAL LAND SURVEYOR NO. 1948, DATED JUNE 19, 2000 AND RECORDED IN THE RECORDS OF EDGAR COUNTY, ILLINOIS ON JULY 26, 2000 AS DOCUMENT NO. 00-0002405, THENCE EAST 12 FEET; THENCE SOUTH 197.99 FEET PARALLEL TO THE EAST LINE OF LOT 19 AS DESCRIBED HEREINABOVE; THENCE WEST 12 FEET TO THE SOUTHEAST CORNER OF SAID LOT 19; THENCE NORTH ALONG THE EAST LINE OF LOT 19 TO THE PLACE BEGINNING.
Tract 5:
THE NORTH 32 ACRES OF THE WEST HALF OF THE NORTHEAST QUARTER OF SECTION 35, TOWNSHIP 14 NORTH, RANGE 12 WEST OF THE SECOND PRINCIPAL MERIDIAN, IN EDGAR COUNTY, ILLINOIS, EXCEPTING THEREFROM THE FOLLOWING THREE TRACTS, NAMELY, 5A, 5B AND 5C:
​
​

​

​

5A:THE EAST 24 RODS, 21 LINKS OF SAID 32 ACRE TRACT.
5B:THE SOUTH 12.31 FEET OF LOTS NOS. 16, 17, 18 AND 19 OF THE PLAT OF PRAIRIE’S EDGE SUBDIVISION, A SUBDIVISION OF A PART OF THE WEST HALF OF NORTHEAST QUARTER OF SECTION 35, AND A PART OF THE SOUTHEAST QUARTER OF SECTION 26, ALL IN TOWNSHIP 14 NORTH, RANGE 12 WEST OF THE SECOND PRINCIPAL MERIDIAN, IN EDGAR COUNTY, ILLINOIS, AS SHOWN BY PLAT OF SURVEY MADE BY ROBERT L. MCCLINTOCK, ILLINOIS PROFESSIONAL LAND SURVEYOR NO. 1948, DATED JUNE 19, 2000 AND RECORDED IN THE RECORDS OF EDGAR COUNTY, ILLINOIS ON JULY 26, 2000 AS DOCUMENT NO. 00-0002405, TO THE EXTENT THAT SUCH LOTS EXTEND INTO SAID SECTION 35.
5C:BEGINNING AT THE NORTHEAST CORNER OF LOT 19 OF THE PLAT OF PRAIRIE’S EDGE SUBDIVISION, A SUBDIVISION OF A PART OF THE WEST HALF OF NORTHEAST QUARTER OF SECTION 35, AND A PART OF THE SOUTHEAST QUARTER OF SECTION 26, ALL IN TOWNSHIP 14 NORTH, RANGE 12 WEST OF THE SECOND PRINCIPAL MERIDIAN, IN EDGAR COUNTY, ILLINOIS, AS SHOWN BY PLAT OF SURVEY MADE BY ROBERT L. MCCLINTOCK, ILLINOIS PROFESSIONAL LAND SURVEYOR NO. 1948, DATED JUNE 19, 2000 AND RECORDED IN THE RECORDS OF EDGAR COUNTY, ILLINOIS ON JULY 26, 2000 AS DOCUMENT NO. 00-0002405, THENCE EAST 12 FEET; THENCE SOUTH 197.99 FEET PARALLEL TO THE EAST LINE OF LOT 19 AS DESCRIBED HEREINABOVE; THENCE WEST 12 FEET TO THE SOUTHEAST CORNER OF SAID LOT 19; THENCE NORTH ALONG THE EAST LINE OF LOT 19 TO THE PLACE BEGINNING.
PINs: 09-13-26-100-009, 09-13-26-200-004, 09-13-26-300-007, 09-13-26-300-004, 09-13-26-400-042, 09-13-26-400-043, 09-13-35-200-024, 09-13-35-200-025
​
​

​

​

EXHIBIT A
LINK DESCRIPTION
Matthews Legal Description
PARCEL I
The West Half (W 1/2) of Section-Thirty One (31), Township Three (3) South, Range Nine (9) West In DeSoto County, Mississippi, less and except the Northwest Quarter (NW l/4 ) of the Northwest Quarter (NW 1/4) of the Northwest Quarter (NW 1/4) of Section Thirty-One (31), DeSoto County, Mississippi and LESS and Except a tract of fend more particularly described by metes and bounds as ‘elms, to colt:
BEGINNING at the Northeast corner of the Northwest Quarter (NW 1/4 ) of Section Thirty-One (31), Township three (3) South, Range Nine (9) West, and run thence South 0 degrees 0’. A distance of 5,375.1 feet, thence South 89 degrees 10’ West a distance of 988.0 feet, thence North 41 degrees 10’ West a distance of 368.4 feet, thence North 18 degrees 2’ West a distance of 587.0 feet, thence North 22 degrees 50’ West, a distance of 218.2 feet, thence North 6 degrees 40’ West a distance of 170.4 feet, thence North 21 degrees44’ West, a distance of 245.4 feet, thence North 12 degrees 24’ West, a distance of 1,126.1 feet, thence North 34 degrees5’ West a distance of 454.1 feet, thence North 31 degrees 41’ West a distance of 347.6 feet, thence North 11 degrees 36’ West a distance of 436.7 feet, thence North 23 degrees 41’ West a distance of 1,138.2 feet, thence North 89 degrees 10’ East a distance of 592.0 feet thence North 0 degrees 0’ a distance of 660 feet, thence North 89 degrees 10’ East a distance of 2,261.0 feet to the point of beginning.
PARCEL. II
All of the South Half (S 1/2) of the South Half (S 1/2) of the Northwest Quarter (NW 1/2) East of Big Six Ditch, and all of that part of the Southwest Quarter (SW 1/4) North end East of Big Set Ditch, and all that pint of the Southeast Quarter (SE 1/2) North and’East of Big Six Ditch, and the South Half (S 1/2) of the South Half (S 1/2) of the Northeast Quarter (NE 1/4), all In Section Thirty-six (6), Township Three (3) South, Range Ten (10) West, in Tunica County, Mississippi.
PARCEL III
South Half  (S 1/4) of North Half (N 1/4) end Northeast Quarter (NE 1/4) of southeast Quarter (SE 1/4) of Section Twenty (20), Township Tour (4), Range Ten (10), Tunica County, Mississippi.
PARCEL IV
A tract of land situated In the Northeast 1/4 of Northwest 1/4, the Northwest 1/4 of the Northwest 1/4 the Southwest 1/4 of Northwest 1/4 and the Southeast 1/4 of the Notthwest 1/4 of Section 33, Township 3 South, Range 10 West, Tunics County, Mississippi and more particularly described as follows:
Commencing from a found 1” iron pin representing the northeast corner of Section 33, Township 3 South, Range 10 West, Tunica County, Mississippi, thence South 89 degrees, 48 minutes, 19 seconds West along the north line of saki Section 33 for 3218.67 feet to a point thence South 0, degrees, CO minutes, 00 seconds East for 65.36 feet to a point at the intersection of the center of Bud Island Bayou and the southern prescripthre county right of way line of Bowdre Road (said southern prescriptive right of way line is on the southern top bank of a roadside drainage ditch) and the Point of the Beginning of the track herein described thence
South 23 degree, 11 minutes, 10 seconds West along the center of said center of Burt Island Bayou for 106.07 feet to a paint; thence
South 44 degrees, 00 minutes, 07 seconds West and continuing along the center of said center of Buck Island Bayou for 276.26 feet to a point thence
South 0 degrees, 26 minutes 19 seconds West and continuing along the center of said canter of Buck island Bayou for 197.75 feet to a point thence
South 15 degrees, 59 minutes, 41 seconds East and continuing along the center of said center of Buck Island Bayou for 499.84 feet to a point; thence
​
South 27 degrees, 03 minutes, 03 seconds West and continuing along the center of said center of Buck Island Bayou for 480.90 feet to a point; thence

​

​

Continued PARCEL IV
South 10 degrees, 44 minutes, 12 seconds East and continuing along the center of said center of Buck Island Bayou for 780.34 feet to a point; thence
South 48 degrees, 08 minutes, 20 seconds East and continuing along the center of said center of Buck Island Bayou for 240.50 feat to a point; thence
South 5 degrees, 02 minutes, 16 seconds West and continuing along the center of said center of Buck Island Bayou for 361.80 feet to a point at the southeastern corner of the tract herein described; thence
North 89 degrees, 50 minutes, 39 seconds West along the south line of the Northwest 1/4 of said Section 33 for 611.98 feet to a point in the eastern right of way line of Kirby Road (said eastern right of way line being 40 feet eastward of and parallel to the physical center of said Kirby Road); thence
In a northwesterly direction along the arc of a counter clockwise curve, having a radius of 1444.28 feet, a delta angle of 10 degrees, 11 minutes, 32 seconds, an arc length of 256.92 feet and a chord which bears North 29 degrees, 02 minutes, 04 seconds West for 256.58 feet to a point of tangency; thence
North 34 degrees, 07 minutes, 50 seconds West and continuing along the said eastern right of way line of Kirby Road for 1492.73 feet to a point of curvature; thence
In a northwesterly direction along the arc of a clockwise curve, having a radius of 2820.66 feet, a delta angle of 28 degrees, 06 minutes, 53 seconds, an arc length of 1384.08 feet and a chord which bears North 20 degrees, 04 minutes, 03 seconds West for 1370.24 feet to a point in the said southern prescriptive right of way line of Bowdre Road; thence
South 89 degrees, 27 minutes, 05 seconds East along the said southern prescriptive right of way and being generally along the southern top bank of the roadside drainage ditch 836.07 feet to the said point; thence
South 71 degrees, 30 minutes, 59 seconds East along the said southern prescriptive right of way line and being generally along the southern top bank of the roadside drainage ditch for 146.78 fee to a point; thence
South 89 degrees, 48 minutes, 04 seconds East along the said southern prescriptive right of way line and being generally along the southern top bank of the roadside drainage ditch for 1092.44 feet to the said “Point of Beginning”, containing 81.10 acres, more or less.
Bearings in the above description have an origin of TRUE NORTH based on computations from solar observations.
That part of the Southeast Quarter (SE 1/4) of the Southwest Quarter (SW 1/4) of Section Thirty-three (33) lying East of Buck Island Bayou; and the Southwest Quarter (SW 1/4) of the Southeast Quarter (SE 1/4) of Section Thirty-three (33), Township Three (3) South, Range Ten (10) West, less 1/4 acre conveyed to Trustees of Good Hope Baptist Church by dated July 19, 1917, recorded in Deed Book M-2 at page 501 and except  tract conveyed to Tunica County, Mississippi for road purposes by the said John Henry by Instrument dated April 4, 1960, recorded In Deed Book 1-3 at page 206-A of said records all located in Tunica County, Mississippi.
PARCEL V
The South Half (S 1/2) of the Northeast Quarter (NE 1/4)  of Section Four (4) in Township Four (4) South of Range Ten (10) West, Tunica County, Mississippi.
That part of the West Half (W 1/2) of Section Four (4) lying East of Buck Island Bayou: the North Half (N 1/2) Of the Northeast Quarter (NE 1/4) of Section Four (4) the Northwest Quarter (NW 1/4) of the Northwest Quarter (NW 1/2 ) of Section Three (3) , all in Township Four (4) Range Ten (10) West; less two (2) acres conveyed So Trustees of Good Hope Church by deed dated May 29, 1945, recorded in Deed Stook B.3 at Page 311 of the record of said County; the East Half (E ) of the Northwest Quarter (NW 1/4) of Section Three (3), Township four (4), Range Ten (10) West Tunica county, Mississippi;
​
​

​

​

​
LESS AND EXCEPT: 9.3 ACRES, more or less, In sald East Half (E 1/2) of the Northwest Quarter (NW 1/2) conveyed by John Henry to Tunica County for use as a highway right of way by deed dated June 19, 1958, recorded In Deed Book H-3 at Page 3748 of said records and also
Continued PARCEL V
LESS AND EXCEPT: all that part of the East Half (E 1/2) of the Northwest Quarter (NW 1/2) of Section Three (3), Township Four (4), Range Ten (10) West, situated east of the east right of way line of mississippi State Highway No. 3 less and except an undivided one-half interest in all oil, gas, and other minerals in, on or under said property reserved in the deed from Dr. John M. Maury to John Henry dated December 18, 1952, recorded in Deed Book F-3 at page 153 of the record in the office of Chancery Clerk of Tunica county, Mississippi,
​
​

​

​

EXHIBIT A
​
Swindoll Darby— Legal Description
EXHIBIT A - DARBY TRACT
Northwest Quarter (NW 1/4) of Southeast Quarter (SE 1/4) and Southwest Quarter (SW 1/4) of Northeast Quarter (NE 1/4) of Section Twenty-Six (26); all that part of the Northwest Quarter (NW 1/4) of Northeast Quarter (NE 1/4) of Section TwentySix (26) which lies south of the center line of the gravel road known as the Couch (or Bluff) Road in Township Three (3) South, Range Ten (10) West, containing 120 acres, more or less, and being the same land described in that certain Warranty Deed of record in Book E-3, page 78, of the deed records of Tunica County, Mississippi.
South Half (S 1/2) of Southeast Quarter (SE 1/4) of Northeast Quarter (NE 1/4) and the Northeast Quarter (NE 1/4) of Southeast Quarter (SE 1/4) of Section TwentySix (26), Township Three (3) South, Range Ten (10) West, containing 60 acres, more or less, reserving unto Ramsay-Austin Planting Company, Inc., its successors and assigns, an undivided one-half (1/2) interest in all of the oil, gas and minerals underneath the surface of said land and being the same land described in that certain Warranty Deed of record in Book G-3, page 316, of the deed records of Tunica County, Mississippi.
The North Half (N 1/2) of the Northwest Quarter (NW 1/4) and the Southeast Quarter
(SE 1/4) of the Northwest Quarter (NW 1/4) of Section Twenty-Five (25), Township Three (3) South, Range Ten (10) West, and being the same land described in that certain deed of record in Book l-3, page 470 of the deed records of Tunica County, Mississippi.
North Half (N 1/2) of Southeast Quarter (SE 1/4) of Northeast Quarter (NE 1/4) of
Section Twenty-Six (26) and all that part of the Northeast Quarter (NE 1/4) of the Northeast Quarter (NE 1/4) of Section Twenty-Six (26) which lies South of the center line of the gravel road known as the Couch (or Bluff) Road, in Township Three (3) South, Range Ten (10) West, containing 60 acres, more or less, and being the same land described in that certain Warranty Deed of record in Book E3, page 385, of the deed records of Tunica County, Mississippi.
AND
A tract of land in the South Half (S 1/2) of the Northeast Quarter (NE 1/4) of Section Twenty-Five (25), Township Three (3), Range Ten (10) West, described as beginning at the Northwest corner of the South Half (S 1/2) of the Northeast Quarter (NE 1/4) of said Section, thence South 10 chains to the center of a slough, thence in a Northerly easterly direction along the center of said slough and meandering to a point in the North line of the South Half (S 1/2) of the Northeast Quarter (NE 1/4) of said Section, thence West 10 chains to the point of beginning, containing 4-1/2 acres, more or less, and being a part of the lands conveyed by John G. Allen, Guardian, to Howard Jordan by Warranty Deed dated September
17, 1953, recorded in Book F-3, page 361 of the records of Tunica County, Mississippi. 
LESS AND EXCEPT
A tract of land in the Southeast Quarter (SE 1/4) of the Northwest Quarter (NW 1/4) of Section Twenty- Five (25), Township Three (3), Range Ten (10) West, described as beginning at the Southeast corner of
​
​

​

​

the Southeast Quarter (SE 1/4) of the Northwest Quarter (NW 1/4) of said Section, thence North 10 chains to the center of a slough, Thence in a Southwesterly direction along the center of said slough and meandering to a point in the South line of the Southeast Quarter (SE 1/4) of the Northwest Quarter (NW 1/4) of said Section, thence East a distance of 12 chains 45 feet to the point of beginning, containing 6 acres, more or less, and being a part of the land conveyed by Walkem Development Company, Inc., a Tennessee Corporation, to R.E. Darby, by Warranty Deed dated January 24, 1961,
recorded in Book l-3, page 470, of the deed records of Tunica County, Mississippi.
SUBJECT TO PERPETUAL EASEMENT DEED FROM R.E. DARBY AND WIFE, LEONA O. DARBY, TO THE UNITED STATES OF AMERICA DATED OCTOBER 11, 1967, FILED FOR RECORD ON OCTOBER 11, 1967, AT 11:17 A.M. IN THE CHANCERY CLERK’S OFFICE OF TUNICA COUNTY, MISSISSIPPI IN DEED BOOK N-3, PAGE 434.
​
​

​

​

EXHIBIT A
Coopers Mill — Legal Description
TRACT 1: All of the woodland located on that certain tract of land, situate, in Mt. Clio
Township, Lee County, State of South Carolina, lying on the South side of Highway No. 34 leading from Manville to Wysacky. Said tract of land consists of Three Hundred Twenty Five
(325) acres, more or less, and being bounded and described as follows, to wit: On the North by Highway No. 34; on the East by Highway No. 44; on the South by lands of now or formerly of Archie Beattie, and on the West by the Run of Black River separating this property from the lands
of now or formerly the Estate of George McCutchen. It being intended by the deed to convey the grantee a interest in the woodland located on the above tract, which woodland consists of One Hundred Fifty (150) acres, more or less, of said total acreage of Three Hundred Twenty Five
(325) acres, more or less.
ALSO: All of the woodland located on that certain tract of land situate in Mt. Clio Township, County of Lee, State of South Carolina, lying on the North side of Highway No. 34 leading from Manville to Wysacky. Said tract of land consisting of Two Hundred Fifty (250) acres, more or
less, and being bounded and described as follows, to wit: On the North by lands now or formerly of Harrison Jackson and Ella Jackson and by lands of the Estate of Ruth; on the East by lands of
the Estate of Ruth and by a dirt road separating this tract from lands of grantor and by lot of New Zion A.M.E. Church; on the South by Highway 34 leading from Bishopville to Wysacky; and on
the West by the run of Black River which separates this tract from lands of the Estate of George McCutchen. It being intended by this Deed to convey to the grantee a interest in the woodland located on the above tract, which woodland consists of One Hundred Fifty (150) acres, more or
less, of said total acreage of Two Hundred Fifty (250) acres, more or less. ALSO:
All that certain piece, parcel or tract of land containing 406 acres, more or less, Mt. Clio Township, County of Lee, State of South Carolina and this being the same property conveyed to Harvie B. Abney and Caroline B. Stroman by the Estate of Harvie Hull Cooper (Estate Package 104-2699) and being the remainder of that tract containing 705 acres, more or less, after the conveyances as follows:
1.Deed of Harvie B. Abney and Caroline B. Bowen f/k/a Caroline B. Stroman to James Luckey, Robert Bradley, Jr., Solomon Bradley and Henry Carter, as Trustees of New Zion AME Church and their duly constituted successors in office by deed dated 2/13/1981 and recorded 3/2/1981 in the Office of the ROD for Lee County in Volume C-3 at page 322.
2.Deed of Harvey B. Abney and Caroline B. Stroman to Trustees of New Zion Church dated 6/8/1974 and recorded 7/8/1974 in the Office of the ROD for Lee County in Volume R-2 at page 237.
3.Deed of Harvie Hull Cooper to Caleb C. Whitaker, III by deed dated 6/30/1965 and recorded
​
​

​

​

​
6/30/1965 in the Office of the ROD for Lee County in Volume A-2 at page 348.
4.Deed of Harvie H. Cooper to Archie Beattie dated 6/10/1963 and recorded 6/10/1963 in the Office of the ROD for Lee County in Volume Y-1 at page 196.
5.Deed of Harvie H. Cooper to Archie Beattie dated 9/1/1956 and recorded 9/6/1956 in the Office of the ROD for Lee County in Volume S-1 at page 263.
6.Deed of Harvie H. Cooper to J. H. Scarborough dated 5/22/1948 and recorded 5/25/1948 in the Office of the ROD for Lee County in Volume L-1 at page 178.
Tax Map No. 045-00-00-034-000
TRACT 7: All that certain piece or tract of land situate, lying and being in Lee County, Mt. Clio Township, containing 125.96 acres, more or less, as shown on that certain Plat of Louis White Tisdale, R.L.S., dated June 1, 2005 and recorded in the Office of the Register of Deeds for Lee County in Plat Book L-1 at Page 146, and having such boundaries, metes, courses and distances as are shown on said plat, reference to which is hereby made pursuant to authority contained in 30-5-250 of the Code of Laws of South Carolina, 1976, as amended.
Lee County Tax Map No. 045-00-00-170-000
TRACT 8: All that certain piece or tract of land situate, lying and being in Lee County, Mt. Clio Township, containing 191.74 acres, more or less, as shown on that certain Plat of Louis White Tisdale, R.L.S., dated June 1, 2005 and recorded in the Office of the Register of Deeds for Lee County in Plat Book L-1 at Page 146, and having such boundaries, metes, courses and distances as are shown on said plat, reference to which is hereby made pursuant to authority contained in 30-5-250 of the Code of Laws of South Carolina, 1976, as amended.
Lee County Tax Map No. 045-00-00-041-000
This being the same property conveyed to James C. Justice, II by deed of Harvie B. Abney a/k/a Harvie Hull Beattie Abney and Caroline B. Bowen f/k/a Caroline B. Stroman a/k/a Ann Caroline Beattie Stroman dated August 29, 2011 and recorded in the Office of the Register of Deeds for Lee County on September 1, 2011 in Book 279 at Page 108.
​
​

​

​

​
Exhibit A
Legal Description
​
Harvin Legal Description
All that certain piece, parcel or tract of land, with any improvements thereon, situate, lying and being in the County of Richland, State of South Carolina, being shown and designated as “Tract 4 Area=143.85 Acres (Includes Area 1-B & 1-C-2)” on a plat prepared for FPI Properties LLC by Dangerfield Engineering and Surveying dated December 29, 2016, recorded in the Office of the Register of Deeds for Richland County in Record Book 2188 at Page 508, and having such boundaries and measurements as shown on the plat described herein, which is specifically incorporated herein by reference.
This being a portion of the same property conveyed to Gonzales Land and Timber, LLC by deed of Joseph B. Harvin, as Trustee of the Margaret Harvin Revocable Trust dated February 28, 2000, as amended dated July 7, 2016 and recorded July 15, 2016 in Record Book 2129 at Page 2425, Office of the Register of Deeds for Richland County.
Portion of TMS# 27500-03-04
​
​

​

​

Exhibit “A” Legal Description
Sellers Legal Description
​
All those certain pieces, parcels or tracts of land, together with any improvements located thereon, lying and being situate in the County of Dillon, State of South Carolina, containing in the aggregate 288.70 acres, more or less, and being shown and designated as Tracts “B” and “C” on a map of property surveyed for B. A. & Watson Huggins and Canal Industries, Inc., dated January 17, 1973, made by Ferrell J. Prosser, R.L.S., which map is duly recorded in the office of the Clerk of Court for Dillon County in Plat Book 12 at Page 116, and which map is specifically incorporated herein and reference is craved thereto for a more complete and accurate description of the metes, bounds, courses and distances of the property concerned herein. Said tracts of land being bounded, now or formerly, on the Northeast by lands of W. K. Bethea and Tract A on the aforesaid map, the centerline of a canal marked on said map from Point “A” to “B” being the line; on the East by Tract A on said map, the centerline of a canal being designated as between Points “B” and “C” on the aforedescribed map being the line; on the Southeast by the right-of-way of the Seaboard Coast Line Railroad; on the Southwest by lands of Ben Page and Tract D on said map, a County Road being the line between Tracts C and D; on the Northwest by Tract D on said map; EXCEPTING, however, a lot of land lying on the Northeast side of the County Road dividing Tract C from Tract D on the aforesaid map, and which measures 36 feet, more or less, on its Northeastern boundary; 143 feet, more or less, on its Southeastern boundary; and 158 feet, more or less, on its Northwestern boundary, all as more fully shown on the aforesaid map and denoted thereon as “Mace Cemetery.”
LESS AND ACCEPTING ALSO that certain parcel consisting of 9.03 acres, more or less, being shown and designated as “New Parcel” on that certain subdivision survey prepared for Charlie Baucom by Robert Bryan Pittman, P.L.S., dated May 15, 2015 and recorded in the office of the Clerk of Court for Dillon County in Plat Book 46 at Page 161. This being the same property heretofore conveyed unto Sellers SC Exchange, LLC by deed of Alan W. Gaddy dated August 27, 2015 and recorded on September 14, 2015 in Book 571 at Page 234, aforesaid records.
This property is shown on the Dillon County Assessor’s records as tax parcel number 131-00-00-006, consisting of 273.27 acres, and on the Marion County Assessor’s records as tax parcel number 001-00-00-011-000, consisting of 6.40 acres
This being the same property conveyed unto Bentwood Farms, LLC by deed of Alan W. Gaddy dated December 30, 2015 and recorded on January 7, 2016 in Book 577 at Page 158, Dillon County Clerk of Court; and January 13, 2016 in Volume 329 at Page 25, Marion County Clerk of Court.
​
​

​

​

AND ALSO, that certain parcel consisting of 9.03 acres, more or less, being shown and designated as “New Parcel” on that certain subdivision survey prepared for Charlie Baucom by Robert Bryan Pittman, P.L.S., dated May 15, 2015 and recorded in the office of the Clerk of Court for Dillon County in Plat Book 46 at Page 161.
This property is shown on the Dillon County Assessor’s records as tax parcel number 131-00-00-026.
This being the same property conveyed unto Sellers SC Exchange, LLC by deed of Alan W. Gaddy dated August 27, 2015 and recorded on September 14, 2015 in Book 571 at Page 234, Dillon County Clerk of Court.
​
​

​

​

EXHIBIT A
​
Gaddy Gasque Legal Description
​
All that certain tract of land located in Dillon County, State of South Carolina, known or formerly known or referred to as “Paradise”, containing Three and four tenths (3.4) acres, more or less, and being described as Dillon County Tax Map Number 145-00-00-015 and having such metes and bounds as thereon set forth. The property is located approximately one-half (1/2) mile North of S-17-313 and approximately One Thousand Four Hundred (1,400’) feet West of U.S. Highway 301. This being a portion of 150 acres as shown on a plat prepared for Annie Grace Sellers Gaddy by C. O. Epps, R.L.S. and recorded in Plat Book 6, at Plat Page 145.
This being the same property of the remaining portion of 150 acres known as “Paradise” devised to Annie Grace Gaddy by and through the Last Will and Testament of Wallace D. Sellers dated November 21, 1946. Wallace D. Sellers having died a resident of a Dillon County on January 4, 1947 and whose estate was probated in the Probate Court for Dillon County in Box No. 423, Package No. 423.
TMS# 145-00-00-015
All that certain piece, parcel or tract of land, situate, lying and being in the County of Dillon and the County of Marion, State of South Carolina, containing 68.59 acres, and being shown as Tract Number 2 on a plat of Ben Page Lands, Near Sellers, SC, surveyed by Phillip B. Culbreth, PLS, dated April, 1996 and recorded in the Office of the Clerk of Court for Dillon County in Plat Book 27, at Page 78, and in the Office of the Clerk of Court for Marion County in Plat Book 41, at Page 112. Reference is made to said plat for a more complete and accurate description; be all measurements a little more or less.
This being the same property conveyed to John M. Gasque, Jr. and Eric S. Gasque by deed of Daniel A. Rainville dated December 20, 2012 and recorded in the Office of the Clerk of Court for Dillon County in Record Book 522, at Page 1; also recorded in the Office of the Clerk of Court for Marion County in Record Book 222, at Page 259.
Dillon TMS# 145-00-00-034 (61.09 acres) 
Marion TMS# 001-00-00-012-000 (7.50 acres)
​
​

​

​

ALL THAT CERTAIN tract of land, located in Marion County, State of South Carolina, known as “Paradise Lands,” containing Fifty-four and two-tenths (54.2) acres and being described as Marion County Tax Map Number 601-14-16-000-000 and having such metes and bounds as thereon set forth. This being a portion of a larger parcel of One Hundred Sixty-five (165) acres, more or less, and bounded now or formerly by lands of Leila Sellers, N.S. and W.B. Evans, Annie Sellers, and Atlantic Coast Line Railroad.
Derivation:         This being the same property conveyed by W. Walker Gaddy (1/2 interest), Jerry F. Ard, Jr. (1/4 interest) and Anne Barboza (1/4 interest) dated April 26, 2005 and recorded May 3, 2005 in the Office of the Clerk of Court for Marion County in Record Book 530, at Page 85.
Jerry F. Ard, Jr. a/k/a Jerry Fore Ard, Jr. died on or about September 25, 2005, and was survived by his wife, Kelly Ard Smith, and his two (2) children, Jerry Fore Ard, III and Grace Miller Ard, who inherited a one-half (1/2), one-fourth (1/4), and one-fourth (1/4) interest, respectively, in Jerry F. Ard, Jr.’s interest in the property, pursuant to that certain Order issued by the Honorable T. Carroll Atkinson, III, Judge of Probate for Marion County, Case Number 2018-E-33-00113, dated and filed with said Probate Court August 29, 2018.
W. Walker Gaddy died intestate March 11, 2014 as evidenced by Richland County Probate Estate Case Number 2014 ES40 01454. An Ancillary Estate has been opened in Marion County.
TMS No.:601-14-16-000-000
​
​

​

​

Exhibit A
Bennettsville Legal Description
PARCEL #1: All that certain piece, parcel or tract of land lying and being situate in the County of Marlboro, State of South Carolina, containing 58 acres more or less, and being that portion of Tracts# 1 and #2 as shown on a plat of land property of Est. of W. H. Kirkwood made Oct. 7, 1944 by J. M. Jackson, Jr., C. E., and record in the office of the Clerk of Court for Marlboro County in Plat Book 9. Page 138, lying on the north-eastern side of South Carolina Highway #9 as shown on said plat. This is a portion of the lands conveyed by T. A. Kirkwood, et al, to W. S. Quick by deed dated October 11, 1944 and recorded in Deed Book 54 at page 252.
Tax Map No. 027-00-01-002
AND ALSO PARCEL #2: All that certain other tract of land known as the Fletcher Townsend Place containing Fifty Seven and 50/100 (57.50) acres, more or less, and being more particularly shown as Tract #2A on a plat entitled ‘Map of the Stage Road Place Est. J.A. W. Moore made by R. M. Evans, R C.E. June 1925, which plat is duly recorded in Plat Book 6, (listed as Book 7 by error in prior deed), Page 48, in the office of the Clerk of Court for Marlboro County
Tax Map No. 027-00-01-001
AND ALSO PARCEL#3: All that certain piece, parcel or lot of land lying and being situate in the County of Marlboro, State of South Carolina and containing 1 03. 83 acres more or less being described on that certain plat entitled “Plat of Usher Tract, Est. of D.C Quick” made by John M. Jackson, III. P.L.S. dated April 20,2000 and filed in Plat Cabinet A. Slide 10, Page 1 in the office of the Clerk of Court for Marlboro County. For a more particular description as to metes and bounds, courses and distances, reference is craved to the aforementioned plat which is incorporated herein.
Tax Map No. 021-01-02-017
​
​

​

​

Tax ID Number 06-05S-15E-0094200.0000. (as to Parcel 3)
​
PARCEL 4:
PARCEL A:
THE EAST 1/2 OF THE NW 1/4 OF SECTION 31, TOWNSHIP 4 SOUTH, RANGE 15 EAST, ALSO A TWENTY (20) FOOT EASEMENT FOR INGRESS AND EGRESS ALONG THE WEST SIDE OF AN EXISTING POWER LINE EASEMENT LOCATED ALONG THE EAST BOUNDARY LINE OF THE NW 1/4 OF SECTION 31, TOWNSHIP 4 SOUTH, RANGE 15 EAST AS SET FORTH IN INSTRUMENT RECORDED IN DEED BOOK 94, PAGE 482, PUBLIC RECORDS OF SUWANNEE COUNTY, FLORIDA.
PARCEL B:
THE SW 1/4, SECTION 31, TOWNSHIP 4 SOUTH, RANGE 15 EAST, SUWANNEE COUNTY, FLORIDA. LESS AND EXCEPT ROAD RIGHTS OF WAY AND SUBJECT TO UTILITY EASEMENTS.
Tax ID Number 31-04S-15E-0090400.0000. (as to Parcel 4)
PARCEL 5:
THE NORTHEAST QUARTER (NE 1/4) OF SECTION 36, TOWNSHIP 4 SOUTH, RANGE 14 EAST, SUWANNEE COUNTY, FLORIDA.
Tax ID Number 36-04S-14E-0328400.0000. (as to Parcel 5)
PARCEL 6:
THE SE 1/4 OF SECTION 25, TOWNSHIP 4 SOUTH, RANGE 14 EAST, SUWANNEE COUNTY, FLORIDA.
Tax ID Number 25-04S-14E-0320600.0000. (as to Parcel 6)
PARCEL 7:
THE EAST 1/2 OF SECTION 12, TOWNSHIP 5 SOUTH, RANGE 14 EAST, SUWANNEE COUNTY, FLORIDA.
Tax ID Number 12-05S-14E-0337000.0000. (as to Parcel 7)
PARCEL 9:
THE SW 1/4 OF SECTION 28, TOWNSHIP 4 SOUTH, RANGE 15 EAST, SUWANNEE COUNTY, FLORIDA, LESS AND EXCEPT ANY EXISTING PUBLIC ROAD RIGHTS OF WAY, AND FURTHER LESS AND EXCEPT THAT PORTION CONVEYED IN O.R. BOOK 1501, PAGE 397.
Tax ID Number 28-04S-15E-0089300.0000. (as to Parcel 9)
PARCEL 10:
THE NW 1/4 OF SECTION 12, TOWNSHIP 5 SOUTH, RANGE 15 EAST, SUWANNEE COUNTY, FLORIDA.
Tax ID Number 12-05S-14E-0337000.2000. (as to Parcel 10)
​
​

​

​

​
	Ironwood Legal Description 
	EXHIBIT “A”

​
PARCEL 1:
​
THE SOUTHWEST 1/4 AND THE EAST 1/2 OF SECTION 30, TOWNSHIP 4 SOUTH, RANGE 15 EAST, SUWANNEE COUNTY, FLORIDA.
​
Tax ID Number 30-04S-15E-0090200.0000. (Parcel 1)
​
PARCEL 2:  
​
PARCEL A:
​
THE NORTH 25 FEET OF THE SE 1/4 LYING WEST OF COUNTY ROAD NO. C-137, SECTION 29, TOWNSHIP 4 SOUTH, RANGE 15 EAST, SUWANNEE COUINTY, FLORIDA.
​
PARCEL B:
​
SW 1/4 OF SECTION 29, TOWNSHIP 4 SOUTH, RANGE 15 EAST, SUWANNEE COUNTY, FLORIDA. PARCEL C:
THE NORTH 1/2 OF SECTION 29, TOWNSHIP 4 SOUTH, RANGE 15 EAST, SUWANNEE COUNTY, FLORIDA, LESS AND EXCEPT ROAD RIGHTS OF WAY.
​
Tax ID Number 29-04S-15E-0089900.0000. (Parcel 2)
​
PARCEL 3:
​
PARCEL A:
​
THE SW 1/4 OF THE SW 1/4 OF SECTION 6, TOWNSHIP 5 SOUTH, RANGE 15 EAST, SUWANNEE COUNTY, FLORIDA.
​
PARCEL B:
​
TOWNSHIP 5 SOUTH, RANGE 15 EAST, SECTION 6 - THE EAST 1/2 OF THE SOUTHWEST 1/4, SUWANNEE COUNTY, FLORIDA.
​
TOGETHER WITH A NON-EXCLUSIVE PERPETUAL PRIVATE EASEMENT FOR PURPOSES OF INGRESS, EGRESS AND REGRESS OVER AND ACROSS THE SOUTH 30 FEET OF THE SOUTHWEST 1/4 OF THE SOUTHWEST 1/4 OF SECTION 6, TOWNSHIP 5 SOUTH, RANGE 15 EAST, WHICH SAID EASEMENT SHALL RUN WITH THE TITLE TO THE LANDS HEREIN CONVEYED.
​
PARCEL C:
​
THE NW 1/4 OF SECTION 6, TOWNSHIP 5 SOUTH, RANGE 15 EAST, LESS AND EXCEPT THE EAST 440.00 FEET OF THE NORTH 1,980.00 FEET THEREOF; AND LESS AND EXCEPT THE UNDIVIDED ONE-HALF (1/2) INTEREST IN AND TO ALL OF THE OIL, GAS AND OTHER MINERALS OF EVERY KIND AND CHARACTER IN, ON OR UNDER OR THAT MAY BE PRODUCED FROM THE LANDS, CONVEYED BY MINERAL RIGHTS AND ROYALTY TRANSFER DATED SEPTEMBER 4, 1944, AND RECORDED IN DEED BOOK 50, PAGES 231-232, PUBLIC RECORDS OF SUWANNEE COUNTY, FLORIDA.
​
​

​

​

​
EXHIBIT “A”
​
Roadrunner Legal Description
​
THE LAND REFERRED TO HEREIN BELOW IS SITUATED IN THE COUNTY OF TULARE, STATE OF CALIFORNIA, AND IS DESCRIBED AS FOLLOWS:
​
PARCEL 1:
​
PARCEL NO. 3 OF PARCEL MAP NO. 2669, IN THE COUNTY OF TULARE, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 27 PAGE 70 OF PARCEL MAPS, IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.
​
EXCEPTING THEREFROM THAT PORTION AS GRANTED TO THE STATE OF CALIFORNIA IN DEED RECORDED MARCH 22, 2002 AS INSTRUMENT NO. 2002-0021792 OF OFFICIAL RECORDS.
​
ALSO EXCEPTING THEREFROM 50% OF ALL OIL, GAS, MINERAL AND OTHER HYDROCARBON SUBSTANCES LYING BELOW A DEPTH OF 500 FEET BELOW THE SURFACE OF SAID LAND. THE GRANTORS, HIS SUCCESSORS OR ASSIGNS, SHALL NOT HAVE ANY RIGHT TO USE THE SURFACE OF SAID LAND TO A DEPTH OF 500 FEET FOR THE PURPOSES EXPLORING OR DEVELOPING THE MINERAL RIGHTS RESERVED, AS RESERVED BY ADNA F. NEIL IN DEED RECORDED NOVEMBER 2, 1977 IN BOOK 3471 PAGE 158 OF OFFICIAL RECORDS.
​
PARCEL 2:
​
PARCEL NO. 1 OF PARCEL MAP NO. 2669, IN THE COUNTY OF TULARE, STATE OF CALIFORNIA, AS PER MAP RECORDED IN BOOK 27 PAGE 70 OF MAPS IN THE OFFICE OF THE COUNTY RECORDER OF SAID COUNTY.
​
EXCEPTING THEREFROM 50% OF ALL OIL, GAS, MINERAL AND OTHER HYDROCARBON SUBSTANCES LYING BELOW A DEPTH OF 500 FEET BELOW THE SURFACE OF SAID LAND. THE GRANTORS HIS SUCCESSORS OR ASSIGNS SHALL NOT HAVE ANY RIGHT TO USE THE SURFACE OF SAID LAND TO A DEPTH OF 500 FEET FOR THE PURPOSES OF EXPLORING OR DEVELOPING THE MINERAL RIGHTS RESERVED AS RESERVED BY ADNA F. NEIL IN DEED RECORDED NOVEMBER 2, 1977 IN BOOK 3471 PAGE 158 OF OFFICIAL RECORDS.
APN: 115-150-013, 026
​

​

​

​
ATTACHMENT B
​
FORM OF CONVERTIBLE NOTE
​
[Attached]
​
​

​

​

​
THIS INSTRUMENT AND THE SECURITIES ISSUABLE UPON THE CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT OR UPON RECEIPT BY THE COMPANY OF AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT.
​
CONVERTIBLE PROMISSORY NOTE
​
	__

	

	No. CN-       
	Date of Issuance

	US$[PRINC1PAL AMOUNT]
	[DATE], 2021

​
FOR VALUE RECEIVED, Promised Land Opportunity Zone Farms I, LLC, a Delaware limited liability company (the “Company”), hereby promises to pay to the order of [FPI Seller] (the “Holder”), the principal sum of US$[PR1NCIPAL AMOUNT], together with interest thereon from the date of this Note. Interest will accrue at a simple rate of 1.35% per annum, equal to the long-term annual Applicable Federal Rate on the Date of Issuance. Unless earlier converted into Membership Interests pursuant to Section 4 below, the principal and accrued interest of this Note will be due and payable on [TEN YEARS FROM ISSUANCE], 2031 (the “Maturity Date”).
​
This Note is one of a series of Notes issued pursuant to that certain Master Real Estate Purchase Agreement between the Company and Holder or its Affiliate, dated January [--], 2021. This Note is convertible into Membership Interests that are subject to the terms and conditions of the Company’s Amended & Restated Limited Liability Company Agreement dated December 29, 2020 (the “Operating Agreement”), and capitalized terms not defined herein will have the meanings set forth in the Operating Agreement.
​
1.Payment. All payments will be made in lawful money of the United States of America at the principal office of the Company, or at such other place as the Holder may from time to time designate in writing to the Company. Payment will be credited first to accrued interest due and payable, with any remainder applied to principal. Prepayment of principal, together with accrued interest, may be paid upon thirty (30) days advance written notice to the Holder, provided that Holder does not convert during such time period.
​
2.Security. This Note is a general unsecured obligation of the Company.
​
3.Priority. This Note is subordinated in right of payment to all current and future indebtedness of the Company for borrowed money (whether or not such indebtedness is secured) to banks, commercial finance lenders or other institutions regularly engaged in the business of lending money (the “Senior Debt”). The Company hereby agrees, and by accepting this Note, the Holder hereby acknowledges and agrees, that so long as any Senior Debt is outstanding, upon notice from the holders of such Senior Debt (the “Senior Creditors”) to the Company that an event of default, or any event which the giving of notice or the passage of time or both would constitute an event of default, has occurred under the terms of the Senior Debt (a “Default Notice”), the Company will not make, and the Holder will not receive or retain, any payment under this Note. Nothing in this paragraph will preclude or prohibit the Holder from receiving and retaining any payment hereunder unless and until the Holder has received a Default Notice (which will
​
​

​

​

be effective until waived in writing by the Senior Creditors) or from converting this Note or any amounts due hereunder into Membership Interests.
​
4.Conversion of the Notes. This Note and any amounts due hereunder may be converted into Membership Interests at the option of the Holder at any time on or before December 31, 2021, by providing written notice to the Company of such election. All amounts converted under this Note shall be treated as Additional Capital Contributions under Section 3.02 of the Operating Agreement, and shall be governed by the terms and conditions of the Operating Agreement.
​
5.Note Holder Rights. For so long as this Note remains outstanding, the Holder shall have any and all rights given to the Minority Member under the Operating Agreement, including, but not limited to, the Company actions that are set forth on Exhibit A.
​
6.Amendments and Waivers; Resolutions of Dispute; Notice. The amendment or waiver of any term of this Note, the resolution of any controversy or claim arising out of or relating to this Note and the provision of notice among the Company and the Holder will be governed by the terms of the Operating Agreement.
​
7.Successors and Assigns. This Note applies to, inures to the benefit of, and binds the respective successors and assigns of the parties hereto; provided, however, that the Company may not assign its obligations under this Note without the written consent of the Company. Any transfer of this Note may be effected only pursuant to the Operating Agreement and by surrender of this Note to the Company and reissuance of a new note to the transferee. The Holder and any subsequent holder of this Note receives this Note subject to the foregoing terms and conditions, and agrees to comply with the foregoing terms and conditions for the benefit of the Company.
​
8.Choice of Law. This Note, and all matters arising out of or relating to this Note, whether sounding in contract, tort, or statute will be governed by and construed in accordance with the internal laws of the State of Delaware, without giving effect to the conflict of laws provisions thereof to the extent such principles or rules would require or permit the application of the laws of any jurisdiction other than those of the State of Delaware.
​
​

​

​

	​

	​

	

	​

	​
	PROMISED LAND OPPORTUNITY ZONE FARMS I, LLC

	​
	​
	​

	​
	By: 
	Last Leaf Ventures, LLC

	​
	Its: 
	Manager

	​
	​
	​

	​
	​
	By: Servant Financial, Ltd.

	​
	​
	Its: Manager

	​
	​
	​

	​
	​
	​

	​
	​
	By:
	​

	​
	​
	​
	John S. Heneghan, President

​
​

​

​

​
EXHIBIT A
APPROVAL RIGHTS
​
The following Company actions shall require the approval of the Holder:
​
	(i)
	amend, modify or waive the Certificate of Formation or the Operating Agreement (other than any amendment to Schedule A or Schedule A-1 that are necessary to reflect any new issuance, redemption, repurchase or Transfer of Membership Interests in accordance with the Operating Agreement);

​
	(ii)
	make any material change to the nature of the Business conducted by the Company or enter into any business other than the Business;

​
	(iii)
	initiate or consummate an initial public offering or make a public offering;

​
	(iv)
	issue additional Membership Interests and/or create and issue new series, types or classes of equity interests in the Company with such voting powers, full or limited, or no voting powers, and such designations, preferences and relative, participating, optional or other special rights, and qualifications, limitations or restrictions thereof; provided, however, that the Company shall be able to issue additional Membership Interests to: (a) the Majority Member, an Affiliate of the Majority Member or an Affiliate of the Manager, including, but not limited to, one or more parallel investment vehicles of the Majority Member, without the approval of the Minority Member; and (b) third parties approved by the Minority Member in writing, with such consent not being unreasonably held;

​
	(v)
	issue obligations, evidences of indebtedness or other debt instruments that represent more than 60% of the Capital Account Value of all Members;

​
	(vi)
	appoint or remove the Company’s Designated Individual or auditors or make any material changes in the accounting methods or policies of the Company (other than as required by GAAP);

​
	(vii)
	initiate a bankruptcy proceeding (or consent to any involuntary bankruptcy proceeding) involving the Company;

​
	(viii)
	change any compensation policies applicable to the Manager or enter into any material agreement with respect to employment, severance, consultancy or any similar agreement with the Manager;

​
	(ix)
	call capital for Expense Contributions in excess of $75,000 in the aggregate per Fiscal Year;

​
	(x)
	initiate or settle any lawsuit, claim in arbitration and/or any other legal proceeding in excess of $250,000;

​
	(xi)
	enter into or modify any contract with third parties in excess of $250,000 unless otherwise provided for in the Budget or the applicable property development plan;

​
​

​

​

​
	(xii)
	amend any property development plan that will result in additional cost to the Company in excess of $250,000;

​
	(xiii)
	dissolution of the Company pursuant to Section 12.01 of the Operating Agreement; and

​
	(xiv)
	release a Member from any material obligations or liabilities under the Operating Agreement or waive any material rights of the Company with respect thereto.

​
​

​

​

​
ATTACHMENT C
ADDITIONAL PROPERTY
​
	

	​

	

	​

	

	​

	

	​

	

	

	​

	Name
	    
	State
	    
	County
	    
	Total Acres
	    
	Option Purchase Price
	 

	Cheetah
	​
	CA
	​
	Tulare
	​
	478
	​
	$
	20,554,000 
	​

	Puma
	​
	CA
	​
	Madera
	​
	610
	​
	$
	20,740,000 
	​

	Andersons
	​
	CO
	​
	Washington
	​
	640
	​
	$
	1,024,000 
	​

	Bollwinkle
	​
	CO
	​
	Kit Carson
	​
	346
	​
	$
	1,870,000 
	​

	Buol
	​
	CO
	​
	Kit Carson
	​
	480
	​
	$
	1,652,198 
	​

	Burlington Feedlot
	​
	CO
	​
	Kit Carson
	​
	416
	​
	$
	2,409,290 
	​

	Carruthers
	​
	CO
	​
	Phillips
	​
	160
	​
	$
	1,225,813 
	​

	County Line
	​
	CO
	​
	Kit Carson
	​
	480
	​
	$
	1,397,500 
	​

	Cure
	​
	CO
	​
	Kit Carson
	​
	1,100
	​
	$
	2,502,167 
	​

	Deer Creek
	​
	CO
	​
	Phillips
	​
	343
	​
	$
	2,035,470 
	​

	Eibert & Johnson*
	​
	CO
	​
	Kit Carson
	​
	1,475
	​
	$
	4,938,527 
	​

	Erker Chute
	​
	CO
	​
	Kit Carson
	​
	320
	​
	$
	1,263,063 
	​

	Erker Wallace CO
	​
	CO
	​
	Kit Carson
	​
	251
	​
	$
	424,649 
	​

	Harrel 163
	​
	CO
	​
	Kit Carson
	​
	163
	​
	$
	296,904 
	​

	Harrel 640
	​
	CO
	​
	Kit Carson
	​
	640
	​
	$
	1,187,615 
	​

	Hitchcock 535*
	​
	CO
	​
	Kit Carson
	​
	535
	​
	$
	1,322,788 
	​

	Hitchcock 675*
	​
	CO
	​
	Kit Carson
	​
	675
	​
	$
	2,039,429 
	​

	Hoffner
	​
	CO
	​
	Yuma
	​
	320
	​
	$
	2,032,858 
	​

	Hudye Chute
	​
	CO
	​
	Kit Carson
	​
	460
	​
	$
	862,957 
	​

	Jacoby
	​
	CO
	​
	Yuma
	​
	160
	​
	$
	1,143,856 
	​

	James Ranch*
	​
	CO
	​
	Cheyenne
	​
	6,430
	​
	$
	12,395,027 
	​

	Korbelik
	​
	CO
	​
	Kit Carson
	​
	275
	​
	$
	969,857 
	​

	Kruse
	​
	CO
	​
	Alamosa
	​
	1,083
	​
	$
	5,840,522 
	​

	Liby CO
	​
	CO
	​
	Kit Carson
	​
	125
	​
	$
	331,800 
	​

	McArthur
	​
	CO
	​
	Kit Carson
	​
	201
	​
	$
	684,000 
	​

	Mershfelder*
	​
	CO
	​
	Cheyenne
	​
	250
	​
	$
	950,465 
	​

	Missel
	​
	CO
	​
	Kit Carson
	​
	1,261
	​
	$
	2,591,500 
	​

	Reimer
	​
	CO
	​
	Phillips
	​
	162
	​
	$
	1,206,176 
	​

	Rhoades
	​
	CO
	​
	Kit Carson
	​
	480
	​
	$
	1,817,913 
	​

	Schutte
	​
	CO
	​
	Kit Carson
	​
	900
	​
	$
	2,195,270 
	​

	Sutter
	​
	CO
	​
	Yuma
	​
	322
	​
	$
	2,225,039 
	​

	Timmerman
	​
	CO
	​
	Phillips
	​
	315
	​
	$
	2,289,063 
	​

	Temples
	​
	IL
	​
	Douglas
	​
	160
	​
	$
	2,013,214 
	​

	McFadden SC
	​
	IL
	​
	Schuyler
	​
	34
	​
	$
	438,600 
	​

	Howey & Alexander*
	​
	NC
	​
	Pamlico
	​
	1,375
	​
	$
	9,046,680 
	​

	Cypress Bay
	​
	SC
	​
	Bamberg
	​
	502
	​
	$
	4,016,000 
	​

	Maidendown
	​
	SC
	​
	Marion
	​
	926
	​
	$
	4,782,912 
	​

	Unruh
	​
	SC
	​
	Lee
	​
	330
	​
	$
	1,787,276 
	​

	Totals
	​
	​
	​
	​
	​
	25,183
	​
	$
	126,504,398 
	​

​
*Properties contain solar or wind developments
​
​

​

​

ATTACHMENT D
​
TITLE OBJECTIONS
​
Buyer hereby objects to the title to the Sellers/Gaddy/Gasque Sod Farms. Under the Farm Lease — Sellers/Gaddy/Gasque Sod Farms, dated as of January 1, 2020 (“Lease”), FPI Properties LLC, as Landlord, has granted Bentwood Farms LLC, as Tenant, an option to purchase the property, pursuant to Section 6 of the Lease. This does not appear on the title commitments heretofore provided, but would be an exception to title.
​
​

​

​

ATTACHMENT E
PROPERTY LOANS, LEASES, GOVERNMENTAL CONTRACTS AND OTHER CONTRACTS
​
	​
​

	

	

	

	

	

	

	

	​
​

	

	Loans
Name
	    
	State
	    
	County
	    
	Counterparty
	    
	Date of
Agreement
	 

	Roberts Trust #514
	​
	IL
	​
	Douglas
	​
	MetLife (Loan #1)
	​
	3/29/2016
	​

	Beckerdite
	​
	IL
	​
	Schuyler
	​
	MetLife (Loan #3)
	​
	4/14/2016
	​

	Copes
	​
	IL
	​
	Schuyler
	​
	MetLife (Loan #3)
	​
	4/14/2016
	​

	Patchett
	​
	IL
	​
	Edgar
	​
	MetLife (Loan #1)
	​
	3/29/2016
	​

	​
	​
	​
	​
	Tuni. &
	​
	​
	​
	​
	​

	Matthews
	​
	MS
	​
	Desoto
	​
	MetLife (Loan #4)
	​
	6/29/2016
	​

	Swindoll Darby
	​
	MS
	​
	Tunica
	​
	MetLife (Loan #10)
	​
	10/29/2020
	​

	Coopers Mill
	​
	SC
	​
	Lee
	​
	Rabo AgriFinance
	​
	12/15/2017
	​

	Harvin
	​
	SC
	​
	Richland
	​
	MetLife (Loan #7)
	​
	6/7/2017
	​

	Sellers Gaddy
	​
	​
	​
	​
	​
	​
	​
	​
	​

	Gasque
	​
	SC
	​
	Dil. & Marion
	​
	MetLife (Loan #9)
	​
	6/5/2018
	​

	Bennettsville
	​
	SC
	​
	Marlboro
	​
	MetLife (Loan #10)
	​
	10/29/2020
	​

	​
	​
	​
	​
	​
	​
	Rutledge Investment Co. (Loan
	​
	​
	​

	Roadrunner Ranch
	​
	CA
	​
	Tulare
	​
	#3)
	​
	8/18/2015
	​

	Ironwood
	​
	FL
	​
	Suwannee
	​
	MetLife (Loan #10)
	​
	10/29/2020
	​

​
	​
​

	

	

	

	

	

	

	

	

	

	Farm Leases
Name
	    
	State
	    
	County
	    
	Counterparty
	    
	Date of Agreement
	 

	Roberts Trust #514
	​
	IL
	​
	Douglas
	​
	Prairieland Farms
	​
	12/16/2019
	​

	Beckerdite
	​
	IL
	​
	Schuyler
	​
	Bret Smith
	​
	12/16/2018
	​

	Copes
	​
	IL
	​
	Schuyler
	​
	Dennis and Brian Billingsley
	​
	11/1/2020
	​

	Patchett
	​
	IL
	​
	Edgar
	​
	Steve Sunkel
	​
	12/16/2018
	​

	​
	​
	​
	​
	Tuni. &
	​
	​
	​
	​
	​

	Matthews
	​
	MS
	​
	Desoto
	​
	James Allen Pegram III
	​
	12/16/2018
	​

	Swindoll Darby
	​
	MS
	​
	Tunica
	​
	T. E. Swindoll & Co.
	​
	pending
	​

	Coopers Mill
	​
	SC
	​
	Lee
	​
	Gonzales Land and Timber, LLC
	​
	pending
	​

	Harvin
	​
	SC
	​
	Richland
	​
	Gonzales Land and Timber, LLC
	​
	pending
	​

	Sellers Gaddy
	​
	​
	​
	​
	​
	​
	​
	​
	​

	Gasque
	​
	SC
	​
	Dil. & Marion
	​
	Bentwood Farms, LLC
	​
	1/1/2020
	​

	Bennettsville
	​
	SC
	​
	Marlboro
	​
	Baucom Family Farms GP
	​
	12/16/2019
	​

	Roadrunner Ranch
	​
	CA
	​
	Tulare
	​
	M. B. Lending, Inc.
	​
	10/16/2017
	​

	Ironwood
	​
	FL
	​
	Suwannee
	​
	83 Farms, LLC
	​
	3/23/2018
	​

	​
	​
	​
	​
	​
	​
	​
	​
	​
	​

	​
	​
	​
	​
	​
	​
	​
	​
	​
	​

	Other Leases 
Name
	​
	State
	​
	County
	​
	Counterparty
	​
	Date of
Agreement
	​

	Coopers Mill
	​
	​
	​
	​
	​
	​
	​
	​
	​

	(Hunting)
	​
	SC
	​
	Lee
	​
	Wisacky Hunt Club
	​
	9/1/2018
	​

	Coopers Mill (Grain
	​
	​
	​
	​
	​
	​
	​
	​
	​

	Bin)
	​
	SC
	​
	Lee
	​
	Gonzales Land and Timber, LLC
	​
	pending
	​

	Bennettsville
	​
	​
	​
	​
	​
	​
	​
	​
	​

	(Hunting)
	​
	SC
	​
	Marlboro
	​
	Chad Poole
	​
	5/7/2020
	​

	Ironwood (Hunting)
	​
	FL
	​
	Suwannee
	​
	83 Farms, LLC
	​
	12/23/2020
	​

​

​

​

​
ATTACHMENT F
ADDITIONAL PROPERTY CONDITIONS
​
	1.
	Buyer’s obligation to purchase Harvin, Swindoll Darby, and Coopers Mill, is subject to Buyer receiving an acceptable lease for the Property.

​
	2.
	Buyer’s obligation to purchase Sellers and Gaddy Gasque is subject to Buyer receiving an acceptable amendment to the existing lease to increase the purchase price option to reflect the costs of the anticipated improvements to the Property.

​
	3.
	Buyer’s obligation to purchase Ironwood is subject to Buyer and Seller agreeing upon an acceptable amendment related to the acquisition of such Property related to the use of the Property for solar power.

​​

Exhibit 10.36
Farmland Partners Inc.
RE Term Loan 2020
Loan No: 201077
LOAN AGREEMENT
This agreement is dated as of October 29, 2020, and is between FPI CAROLINAS LLC, a Delaware limited liability company (“Carolinas”), FPI COLORADO LLC, a Delaware limited liability company (“Colorado”), COTTONWOOD VALLEY LAND, LLC, a Nebraska limited liability company (“Cottonwood”), PH FARMS LLC, an Illinois limited liability company (“Farms”), FPI IRONWOOD LLC, a Delaware limited liability company (“Ironwood”), and FPI PROPERTIES LLC, a Delaware limited liability company (“Properties”; and Carolinas, Colorado, Cottonwood, Farms, Ironwood and Properties are, individually and collectively, the "Borrower") and METROPOLITAN LIFE INSURANCE COMPANY, a New York corporation ("Lender").
ARTICLE 1 – DEFINITIONS AND GENERAL CONSTRUCTION
Except as otherwise expressly provided herein, capitalized terms used in this agreement and its schedules and exhibits will have the respective meanings assigned to such terms in Appendix A to this agreement.  Except as otherwise defined in this agreement, or unless the context otherwise requires, each term that is used in this agreement which is defined in Article 9 of the UCC is used as defined in Article 9 of the UCC.  Unless expressly stated therein or the context otherwise requires, the Loan Documents will be interpreted in accordance with the Drafting Conventions.
ARTICLE 2 – THE LOAN
2.01The Loan.  Lender shall lend Borrower the principal sum of $54,361,018.00 (the "Loan").
(a)The Loan will be evidenced by this agreement and the Promissory Note from Borrower to Lender dated as of the date of this agreement (the "Note").
(b)The Loan will be disbursed to or for the account of Borrower on the Closing Date.
2.02Interest.
(a)Subject to the provisions of this Section , the unpaid principal balance of the Loan will bear interest from the Funding Date at the rate of 3.000% per annum (the "Initial Rate") fixed to October 1, 2023.
(b)Subject to Section , on October 1, 2023, October 1, 2026, and October 1, 2029 (each such date, a "Rate Adjustment Date"), the then applicable rate of interest on the Loan will be Adjusted to that rate of interest per annum agreed between Borrower and Lender in writing.
(c)If on the third Business Day prior to a Rate Adjustment Date, Borrower and Lender have not agreed to an Adjusted rate in writing, Lender may, at its option, Adjust the then applicable rate of interest on the Loan to any rate of interest per annum specified by Lender, consistent with rates quoted by Lender for substantially similar loans secured by real estate substantially similar to the Collateral, as determined by Lender.
(d)The rate agreed to between Borrower and Lender in accordance with Section  or specified by Lender in accordance with Section as applicable, is herein referred to as the "Adjusted Rate".  The unpaid principal balance of the Loan will bear interest from the Rate Adjustment Date at the Adjusted Rate, fixed to the earlier of the next Rate Adjustment Date or the Maturity Date (defined in Section ), as the case may be.
(e)If any Adjusted Rate is determined by Lender pursuant to Section , then on or prior to the applicable Rate Adjustment Date, Lender shall notify Borrower of such Adjusted Rate (a "Notice of Rate Adjustment", and the Initial Rate, and, if applicable, the Adjusted Rate, the "Contract Rate").
(f)Notwithstanding anything herein to the contrary, all Adjusted Rates will be no less than 3.000% per annum.
2.03Scheduled Repayment.
​
​

​

(a)Accrued interest on the Loan shall be paid on April 1, 2021 and on the first day of each October and April thereafter to the Maturity Date (each such date, a "Regular Payment Date").
(b)The unpaid principal balance of the Loan, accrued interest thereon, and any other outstanding Obligations, shall be paid on October 22, 2030 (the "Maturity Date").
2.04Prepayments.
(a)The Loan, subject to the terms and provisions of this Section  may be Prepaid only as follows:
(i)During each calendar year, Borrower may make one or more Prepayments each in an amount not to exceed:  (A) 50% of the original principal amount of the Loan; minus (B) the sum total of all principal payments of the Loan previously received by Lender during the calendar year in which the Prepayment occurs.
(ii)Borrower may make a Prepayment equal to the entire unpaid principal balance of the Loan (A) during the 75 day period immediately following any Notice of Rate Adjustment or (B) during the 30 day period immediately preceding the Maturity Date.
(iii)Prepayments of any portion of the Loan other than at a time, or in excess of the amount, permitted in Section  and Section  may be made only if Borrower also pays to Lender the Prepayment Premium (defined in Section ).  For the avoidance of doubt, Prepayments permitted in Section  and Section  shall not be subject to any prepayment premium or penalty, including the Prepayment Premium.
(b)All Prepayments are subject to the following:
(i)Prepayments must, at the option of Lender, be accompanied by all unpaid accrued interest on the Prepayment and all other amounts then due under this agreement.
(ii)If Lender receives any Prepayment which is not permitted under this agreement, Lender may accept the Prepayment; except that Lender may, as a condition of acceptance, require the payment of interest which would accrue on the amount Prepaid to the date when Lender would be obligated to accept the Prepayment, or the date the principal amount Prepaid would be due under this agreement, whichever is earlier.
(c)For purposes of this agreement, "Prepayment Premium" means the Yield Maintenance Amount (defined in Appendix A), calculated using a reinvestment spread equal to 100 basis points (the "Reinvestment Spread"), and a yield maintenance minimum amount equal to 1.000% of that portion of the Prepayment not permitted under this agreement (the "Yield Maintenance Minimum Amount").
2.05Default Rate.  If there is an Event of Default, then subject to the provisions of Section , the principal balance of the Loan and to the extent permitted by Applicable Law, all other Obligations, will at the option of Lender, from the day of the Event of Default, bear interest at that rate which is the lesser of (a) 8.00% per annum, or (b) 5.00% per annum over the applicable Contract Rate, and if no Contract Rate is applicable, 8.00% per annum (the "Default Rate").  Interest payable at the Default Rate shall be paid from time to time on demand, or if not sooner demanded, on the first day of each month.  The provisions of this section may result in compounding of interest.  The imposition and receipt of a Default Rate will not waive Lender's other rights with respect to an Event of Default.
2.06Prohibited Transfer Rate.  If there is a Prohibited Transfer, Lender may, at Lender's option, without limitation to any other rights or remedies available to Lender upon an Event of Default, deem that the principal balance of the Loan and, to the extent permitted by Applicable Law, all other Obligations, will bear interest at the Contract Rate plus 2.00% per annum (the "Prohibited Transfer Rate"), retroactive to the date of the
​

Farmland Partners Inc.
RE Term Loan 2020
Loan Agreement
2

​

Prohibited Transfer (without regard to the date that the Prohibited Transfer is discovered by Lender) to the Maturity Date, and Borrower shall pay to Lender, upon demand, the difference between the amount  of interest calculated at the Contract Rate in effect at the time of the Prohibited Transfer and the amount of interest calculated at the Prohibited Transfer Rate from the date of the Prohibited Transfer to the date payment is received by Lender (that amount, the "Prohibited Transfer Rate Adjustment Amount").  Lender's rights under this Section  are an option available to Lender.  Lender may at any time after a Prohibited Transfer, and notwithstanding Lender's prior election that all Obligations will bear interest at the Prohibited Transfer Rate, elect to declare the Prohibited Transfer an Event of Default and all Obligations will, after declaration of an Event of Default bear interest at the Default Rate.
2.07Maximum Rate.  Notwithstanding any provision of this agreement to the contrary:  (1) no interest will be due on any amount due under this agreement if, under Applicable Law, Lender is not permitted to charge interest on that amount; and (2) in all other cases interest due under this agreement will be calculated at a rate not to exceed the Maximum Rate.  If Borrower is requested by Lender to pay interest on any amount due under this agreement at a rate greater than the Maximum Rate, the amount of interest due on that amount will be deemed the Maximum Rate and all payments in excess of the Maximum Rate will be deemed to have been Prepayments without prepayment fee or penalty, and not interest.  All amounts other than interest which are charged, reserved, paid or agreed to be paid to Lender for the use, forbearance, or detention of Borrower's indebtedness to Lender under this agreement will, to the extent permitted by Applicable Law, be amortized over the full stated term of the indebtedness, so that the rate of interest on account of that indebtedness does not exceed the Maximum Rate for so long as the indebtedness is outstanding.
2.08Computation of Interest.  All computations of accrued interest due under the Loan Documents will be made on the basis of a 360 day year comprised of 12 months of 30 days each.
2.09Method and Application of Payments.  All payments of principal, interest, and other amounts to be made under the Loan Documents shall be made to Lender in U.S. dollars and in immediately available funds, without set-off, deduction, or counterclaim, not later than 2:00 PM, Chicago, Illinois time, on the dates on which those payments will become due (any of those payments made after the time on the due date will be deemed to have been made on the next succeeding Business Day).  All payments received by Lender  (including, to the extent permitted by Applicable Law, all proceeds received from the sale or other liquidation of the Collateral) will be applied to the Obligations in any order determined by Lender.  At the option of Lender, the early or late date of making a regularly scheduled payment will be disregarded for purposes of allocating the payment between principal and interest.  For this purpose, the payment will be treated as though made on the date due.  In any legal action or proceeding, the entries made by Lender in accordance with its usual practice and evidencing the Obligations, will be prima facie evidence of the existence and amounts of those Obligations.
2.10Payments on a Non-Business Day.  Whenever any payment under any Loan Document is stated to be due on a day that is not a Business Day, that payment may be made on the next succeeding Business Day, and that extension of time will in that case be included in the computation of the payment of interest and fees, as the case may be.
ARTICLE 3 - COLLATERAL
3.01Collateral.  The payment and performance of the Obligations are secured by all Liens in favor of Lender created under:
	(1)
	Mortgage, Assignment of Rents, Security Agreement, and Fixture Filing from Colorado, as grantor, for the benefit of Lender to be recorded in the official real estate records of St. Francis County, Arkansas;

	(2)
	Deed of Trust, Assignment of Rents, Security Agreement, and Fixture Filing from Colorado, as grantor, to and in favor of The Public Trustee of Yuma County, Colorado, as trustee, for the benefit of Lender to be recorded in the official real estate records for Yuma County, Colorado;

​

Farmland Partners Inc.
RE Term Loan 2020
Loan Agreement
3

​

	(3)
	Deed of Trust, Assignment of Rents, Security Agreement, and Fixture Filing from Colorado, as grantor, to and in favor of The Public Trustee of Phillips County, Colorado, as trustee, for the benefit of Lender to be recorded in the official real estate records for Phillips County, Colorado;

	(4)
	Mortgage, Assignment of Rents, Security Agreement, and Fixture Filing from Ironwood, as grantor, for the benefit of Lender to be recorded in the Public Records of Suwannee County, Florida;

	(5)
	Deed to Secure Debt, Assignment of Rents, Security Agreement, and Fixture Filing from Properties, as grantor, for the benefit of Lender to be recorded in the records of the Superior Court of Johnson County, Georgia;

	(6)
	Mortgage, Assignment of Rents, Security Agreement, and Fixture Filing from Farms, as grantor, for the benefit of Lender to be recorded in the mortgage records of Mercer County, Illinois;

	(7)
	Deed of Trust, Assignment of Rents ,Security Agreement, and Fixture Filing from Properties, as grantor, for the benefit of Lender to be recorded in the Office of the Chancery Clerk for Panola County, Mississippi;

	(8)
	Deed of Trust, Assignment of Rents, Security Agreement, and Fixture Filing from Colorado, as grantor, for the benefit of Lender to be recorded in the Office of the Chancery Clerk for Tunica County, Mississippi;

	(9)
	Deed of Trust, Assignment of Rents, Security Agreement, and Fixture Filing from Cottonwood, as grantor, for the benefit of Lender to be recorded in the Office of the County Clerk for Chase County, Nebraska;

	(10)
	Deed of Trust, Assignment of Rents, Security Agreement, and Fixture Filing from Carolinas, as grantor, for the benefit of Lender to be recorded with the official real estate records for Beaufort, Currituck, Pamlico, Pasquotank and Perquimans Counties, North Carolina;

	(11)
	Mortgage, Assignment of Rents, Security Agreement, and Fixture Filing from Properties, as grantor, for the benefit of Lender to be recorded in the Office of the Clerk of Court for Lee County, South Carolina;

	(12)
	Mortgage, Assignment of Rents, Security Agreement, and Fixture Filing from Carolinas, as grantor, for the benefit of Lender to be recorded in the Office of the Clerk of Court for Marlboro County, South Carolina; and

	(13)
	Deed of Trust, Assignment of Rents, Security Agreement, and Fixture Filing from Carolinas, as grantor, for the benefit of Lender to be recorded in the Clerk's Office of the Circuit Court of the City of Chesapeake, Virginia land records (the mortgages, deeds of trust and deed to secure debt described in clauses  through  immediately above are individually and collectively, the "Security Instruments"; and the parcels and tracts of "Land" as that term is defined in the Security Instruments, individually and collectively, the "Mortgaged Land");

	(14)
	any other written instrument or agreement stating expressly that it secures the Obligations (together with the Security Instruments, the "Collateral Documents").

3.02Inspections.  Subject to the rights of tenants known to Lender, if any, Borrower shall permit Lender or any of its agents or representatives to at any reasonable time and from time to time, following reasonable prior notification by Lender. (1) inspect all or any portion of the Collateral to confirm compliance with the terms and conditions of the Loan Documents or for purposes of any appraisal of the Collateral required by Lender; (2) conduct tests on any part of the Collateral required by Lender, which may include taking and removing soil or groundwater samples; and (3) examine and make copies of and abstracts from the records and books of Borrower.  Lender may discuss the affairs, finances, and accounts of Borrower with officers, directors, partners, or managers of Borrower, as applicable; Borrower's independent accountants; and any other Person dealing with Borrower.  Notwithstanding the foregoing terms of this Section , with respect to any Borrower financial reporting required under SEC rules applicable to Borrower, such reporting and the records and books of Borrower related thereto will not be made available as otherwise required hereunder prior to the time required by such SEC rules.
​

Farmland Partners Inc.
RE Term Loan 2020
Loan Agreement
4

​

3.03Releases and/or Substitution of Collateral.
(a)Borrower may, from time to time whenever the Loan to Value Ratio (defined in Section ) is not greater than 50%, request the release of one or more portions of the Mortgaged Land from the lien of the Security Instruments (a “Partial Release”).
(b)Borrower may also, from time to time, request that Lender accept additional property owned by Borrower or an Affiliate of Borrower satisfactory to Lender (“Substitute Collateral”) as substitute Collateral for the Loan in exchange for the release of all or a portion of the Mortgaged Land and other Property currently encumbered by the Security instruments from the lien created by the Security Instruments (a “Collateral Substitution”; and any Partial Release and any Collateral Substitution are individually and collectively, a “Collateral Change”).
(c)Substitute Collateral may be comprised of agricultural real estate and associated property owned by Borrower (“Additional Mortgaged Land”) or cash collateral (“Cash Collateral”).
(d)Lender’s acceptance of Cash Collateral is subject to Section   and the following conditions precedent:
	(1)
	the Cash Collateral is comprised of cash held in a demand deposit or other account satisfactory to Lender in a national bank or other financial institution satisfactory to Lender (the “Cash Collateral Account”) in which Lender holds a perfected, first priority security interest;

	(2)
	the Cash Collateral Account is subject to a security agreement and control agreement with the financial institution where it is located, each in form and substance satisfactory to Lender; and

	(3)
	such other documentation and requirements as required by Lender.

(e)A Partial Release and/or Collateral Substitution are subject to Section   and the following conditions precedent:
	(1)
	Lender has received all surveys, evidence of tax parcel separation, updated appraisals, plats, environmental questionnaires, and all other due diligence documentation (collectively, “Supporting Data”) required by Lender;

	(2)
	Lender’ satisfactory completion of its review of the Supporting Data and other due diligence with respect to the Additional Mortgaged Land;

	(3)
	the parcels of Mortgaged Land to be released from the lien of the Security Instruments (the “Released Mortgaged Land”), all remaining parcels of the Mortgaged Land not comprising Released land (the “Remaining Mortgaged Land”), and all parcels of land to be encumbered by the Security Instruments thereby becoming a part of the Mortgaged Land (the “Additional Mortgaged Land”) must be recognized by all Governmental Authorities with jurisdiction over them as legally saleable parcels and otherwise comply with Applicable Law;

	(4)
	the Partial Release must not adversely affect the Remaining Mortgaged Land and associated Property’s Market Value, sources and amount of water available, legal and physical access, drainage, marketability or other characteristics of the Remaining Mortgaged Land and associated Property deemed by Lender to be material;

	(5)
	the Remaining Mortgaged Land and any Additional Mortgaged Land must (A) have legal and physical access to a public road; (B) be fully operational without the Released Mortgaged Land; (C) not rely upon the Released Mortgaged Land as a source of water or utility service, and must not otherwise be required for the use of the Released Mortgaged Land for its current uses; (D) remain in full compliance with all Applicable Laws, including, without limitation, laws relating to subdivision of real estate and any

​

Farmland Partners Inc.
RE Term Loan 2020
Loan Agreement
5

​

applicable health, safety, environmental, zoning and building codes or regulations; (E) must constitute a separate tax parcel or parcels (or a separate tax parcel must be created as part of the Collateral Change) and (F) not be impaired by the release of the Released Mortgaged Land where such impairment is reasonably likely to have a Material Adverse Effect thereon as security for the Loan, as determined by Lender;
	(6)
	Lender has received evidence of leases under which the Additional Mortgaged Land is leased to third parties under lease agreements reasonably acceptable to Lender (the "Additional Mortgaged Land Leases");

	(7)
	except as otherwise approved by Lender, Lender has received evidence reasonably satisfactory to Lender, that all Additional Mortgaged Land Leases with a term ending more than one year after the date of the recording of the Additional Mortgaged Land Security Instrument, will be subordinate to the mortgage lien created under the Additional Mortgaged Land Security Instrument;

	(8)
	Lender has received evidence reasonably satisfactory to Lender, that all policies of insurance required under the Loan Documents with respect to the Additional Mortgaged Land are in full force and effect and all premiums for those policies have been paid through the date required by Lender;

	(9)
	Borrower must execute and deliver any amendments and modifications to the Loan Documents and/or new Security Instruments (individually and collectively, “Additional Mortgaged Land Security Instruments”) covering the Remaining Mortgaged Land and any Additional Mortgaged Land required by Lender for purposes of the Collateral Change, in form and substance satisfactory to Lender, including in the case of Additional Mortgaged Land owned by an Affiliate of Borrower, an assumption agreement whereby such Affiliate assumes joint and several liability for the Obligations;

	(10)
	Lender has received all information necessary to complete all Patriot Act due diligence, if any required of Lender;

	(11)
	Lender has received a fully completed executed form of Lender’s standard Environmental Questionnaire; and based on such questionnaire and any other information available to Lender, the Additional Mortgaged Land meets all current environmental standards and qualifications of Lender;

	(12)
	without limitation of the foregoing, Borrower must execute and deliver to Lender an unsecured indemnity agreement with respect to any Additional Mortgaged Land, in form and substance substantially similar to the Environmental Indemnity Agreement;

	(13)
	Lender must receive endorsements to Lender's Title Policy on the Remaining Mortgaged Land, and/or a new Lender's policy of title insurance and endorsements (including, if applicable an ALTA Form 12-06 Aggregation Endorsements for each Lender's Title Policy), each in form and substance satisfactory to Lender, insuring that following the Collateral Change, the Security Instruments will constitute a first lien on the Remaining Mortgaged Land and any Additional Mortgaged Land, subject only to those exceptions to title approved by Lender;

	(14)
	Lender has received an opinion of Borrower's counsel as to the Borrower's existence, due authorization and execution of the Additional Mortgaged Land Security Instrument and all other instruments and agreements delivered by Borrower and Guarantor in connection with the Additional Mortgaged Land, and the enforceability of the Additional Mortgaged Land Security Instrument and such other instruments and agreements in accordance with their terms, subject however to customary and reasonable assumptions, conditions and qualifications;

	(15)
	Borrower must make any prepayment of the unpaid principal balance of the Loan in an amount determined by Lender (a “Required Collateral Change Prepayment”); and

​

Farmland Partners Inc.
RE Term Loan 2020
Loan Agreement
6

​

	(16)
	any Additional Mortgaged Land must be otherwise satisfactory to Lender, in its sole discretion.

(f)All Collateral Changes are be subject to satisfaction of all of the following conditions precedent:
	(1)
	there exists no Event of Default which is continuing or event or circumstance which, with the giving of notice or passage of time would constitute an Event of Default;

	(2)
	no sooner than 45 days prior to the effective date of the Collateral Change, Lender has received from Borrower a request for the Collateral Change;

	(3)
	there has been no material adverse change in the Market Value of the Remaining Mortgaged Land;

	(4)
	since the Funding Date of the Loan, there has been no material adverse change in any Borrower's or Guarantor’s legal status or financial condition;

	(5)
	Borrower shall make a Prepayment in an amount determined by Lender, if any, which must be accompanied by any Prepayment Premium required under the provisions of Section ;

	(6)
	the Loan to Value Ratio after giving pro forma effect to the Collateral Change (including any required Prepayment), is not greater than 50%;

	(7)
	Borrower must pay or reimburse Lender for all of Lender's Expenses related to the Collateral Change, including without limitation, any title insurance and recording costs and appraisal fees;

	(8)
	Borrower shall pay Lender a service charge in an amount determined by Lender for processing the Collateral Change Request; and

	(9)
	the Collateral Change must receive Lender's final approval, in its sole discretion.

(g)Lender will advise Borrower of the cost of fee appraisal if required in connection with Collateral Substitution.
(h)Borrower may request a 1031 exchange, and in connection with such exchange, Lender may require Borrower to post a letter of credit as additional collateral during the exchange period, not to exceed 270 days. If required, the letter of credit shall be in such amount and in such form as is satisfactory to Lender, at the time of request.
ARTICLE 4 - GUARANTY
The Obligations are guaranteed by FARMLAND PARTNERS OPERATING PARTNERSHIP, LP, a Delaware limited partnership ("FP OP") and FARMLAND PARTNERS INC., a Maryland corporation ("FP Inc."; and FP OP and FP Inc. are individually and collectively, "Guarantor") under the terms and conditions of their respective Guaranty dated as of the date of this agreement (the guaranties from FP OP and FP Inc. are individually and collectively, the "Guaranty").
ARTICLE 5– BORROWER REPRESENTATIONS
5.01Representations.  Borrower represents and warrants to Lender that:
	(1)
	Each Borrower has complied with all Applicable Laws concerning its organization, existence and the transaction of its business, and is in existence and good standing in its state of organization and each state in which it conducts its business, except where the failure to so be in good standing in any such state would not, in the aggregate, reasonably be expected to have a Material Adverse Effect with respect to the Real Estate Collateral or other real or personal property of such Borrower, or as to the Borrowers taken as a whole;

	(2)
	the execution, delivery and performance by Borrower of each Loan Document to which it is a Party, is within the power and authority of Borrower and has been duly authorized;

​

Farmland Partners Inc.
RE Term Loan 2020
Loan Agreement
7

​

	(3)
	to Borrower's knowledge, the Loan Documents do not conflict with any Applicable Law;

	(4)
	each Loan Document to which Borrower is a Party is a legal, valid and binding agreement of Borrower, enforceable against Borrower in accordance with its terms, and any instrument or agreement required thereunder, when executed and delivered to Lender, will be similarly legal, valid, binding and enforceable; subject, in each case, to (i) applicable bankruptcy, reorganization, insolvency, moratorium and other laws of general applicability relating to or affecting creditors’ rights generally, and (ii) the application of general principles of equity regardless of whether such enforceability is considered in a proceeding in equity or at law;

	(5)
	to Borrower's knowledge, all financial statements and other reports, documents, instruments, information and forms of evidence concerning Borrower, Guarantor, the Collateral, or any other fact or circumstance (the "Financial Information"), delivered to Lender in writing in connection with this agreement, are accurate, correct and sufficiently complete in all material respects to provide Lender true and accurate knowledge of their subject matter, including, without limitation, all material contingent liabilities;

	(6)
	to Borrower's knowledge, there has been no Material Adverse Effect as to the Borrowers taken as a whole, since the effective date of the Financial Information provided to Lender;

	(7)
	to Borrower's knowledge, no individual Borrower is the subject of any Judgment; and there is no lawsuit, tax claim or other dispute pending or to Borrower's knowledge threatened against any individual Borrower or the Collateral that, if determined adverse to such individual Borrower, is reasonably likely to have a Material Adverse Effect with respect to the real or personal property of such individual Borrower or as to the Borrowers taken as a whole;

	(8)
	the Loan Documents do not conflict with, nor is Borrower in default under any agreement or arrangement in effect providing for or relating to extensions of credit in respect of which Borrower is in any manner directly or contingently obligated;

	(9)
	Borrower has filed all tax returns (federal, state, and local) required to be filed by Borrower and has paid all taxes, assessments, and governmental charges and levies thereon, including interest and penalties, except for any such amounts that are being contested in good faith by appropriate proceedings and for which Adequate Reserves have been set aside for the payment thereof.

	(10)
	to Borrower's knowledge, Borrower is in compliance with all Applicable Laws (including all Environmental Laws), and there is no claim, action, proceeding or investigation pending or to Borrower's knowledge threatened against Borrower with respect to a violation of Applicable Law by Borrower;

	(11)
	to Borrower's knowledge, no partner of Borrower, if Borrower is a partnership; no member of Borrower, if Borrower is a limited liability company; or no stockholder of Borrower, if Borrower is a corporation (other than a corporation listed on a recognized, national stock exchange), is an officer or director of Lender or is a relative of an officer or director of Lender within the following categories:  a son, daughter, or descendant of either; a stepson, stepdaughter, stepfather, stepmother; father, mother, or ancestor of either; or a spouse.  It is expressly understood that for the purpose of determining any of the foregoing relationships, a legally adopted child of a person is considered a child of such person by blood;

	(12)
	(A) Borrower is acting on its own behalf and that it is not an employee benefit plan as defined in Section 3(3) of ERISA, which is subject to Title 1 of ERISA, nor a plan as defined in Section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (each of the foregoing hereinafter referred to individually and collectively as a "Plan"); (B) Borrower’s assets do not constitute "plan assets" of one or more such Plans within the meaning of Department of Labor Regulation Section 2510.3-101; and (C) Borrower will not be reconstituted as a Plan or as an entity whose assets constitute "plan assets";

​

Farmland Partners Inc.
RE Term Loan 2020
Loan Agreement
8

​

	(13)
	Borrower, any partner, member or stockholder of Borrower, or any direct or indirect owner of any interest in Borrower (not including stockholders in a corporation listed on a recognized, national stock exchange) is not and shall not become a "foreign person" under the International Investment and Trade in Services Survey Act, the Agricultural Foreign Investment Disclosure Act of 1978, the Foreign Investments in Real Property Tax Act of 1980, the amendments of such Acts or regulations promulgated pursuant to such Acts; and

	(14)
	to Borrower's knowledge, there is no Event of Default or event which, with notice or lapse of time would be an Event of Default.

5.02Information Accurate and Complete.  Unless Borrower expressly states otherwise in writing at the time of the submission, Borrower's submission in writing of any report, record or other information pertaining to the condition or operations, financial or otherwise, of Borrower, from time to time, whether or not required under this agreement, will be deemed accompanied by a representation by Borrower that, to Borrower's knowledge, the written report, record or information is complete and accurate in all material respects as to the condition or operations of Borrower (and, if applicable, Borrower's Subsidiaries, Affiliates, partners, shareholders, members, or other principals), including, without limitation, all material contingent liabilities.
ARTICLE 6 – BORROWER COVENANTS
Until such time as all Obligations have been paid in full:
6.01Loan To Value.
(a)Borrower shall maintain a Loan to Value Ratio no greater than 60%, measured as of June 29, 2021, and June 29 of each year thereafter to the Maturity Date (this requirement, the "Loan to Value Covenant").
(b)Lender shall promptly notify Borrower of any violation of the Loan to Value Covenant, along with a table of Market Values of the various parcels of Mortgaged Land utilized by Lender for purposes of calculating the Loan to Value Ratio.
(c)Within ten Business Days following Borrower's receipt of any notice from Lender of a violation of the Loan to Value Covenant, Borrower shall, within ten Business days, either (i) make a Prepayment which, if made prior to the date of measurement of Borrower's Loan to Value Ratio, would have caused Borrower to be in compliance with the Loan to Value Covenant; or (ii) deliver notice to Lender that Borrower will, at its own expense, obtain a new Conforming Appraisal of all or a portion of Mortgaged Land (a "Reappraisal Notice"); or (iii) deliver notice to Lender that Borrower will grant Lender a first lien and security interest in Additional Mortgaged Land with a Market Value sufficient to cause Borrower to be in compliance with Section  (an "Additional Mortgaged Land Notice").
(d)If Borrower delivers a Reappraisal Notice, Borrower shall, within 90 days after the date of the Reappraisal Notice, obtain and deliver to Lender, a new Conforming Appraisal of the Mortgaged Land (or that portion thereof specified by Borrower in the Reappraisal Notice).  Promptly following receipt of such new Conforming Appraisal, Lender shall recalculate the Loan to Value Ratio using the Market Value stated therein (and, if the new Conforming Appraisal does not include all of the Mortgaged Land, previously performed Conforming Appraisals of any such excluded Mortgaged Land), and notify Borrower of the results.  If such recalculated Loan to Value Ratio is sufficient to comply with the Loan to Value Covenant, no further action by Borrower is required with respect to the Loan to Value Covenant for the applicable period.  However, if such recalculated Loan to Value Ratio is insufficient for such purpose, Borrower shall, within ten Business Days after receipt of notice from Lender of such insufficiency, either (i) make a Prepayment which, if made prior to the date of measurement of such recalculated Loan to Value Ratio, would have caused Borrower to be in compliance with the Loan to Value Covenant; or (ii) deliver an Additional Mortgaged Land Notice.
​

Farmland Partners Inc.
RE Term Loan 2020
Loan Agreement
9

​

(e)If Borrower delivers an Additional Mortgaged Land Notice, Lender's acceptance of the Additional Mortgaged Land as Collateral for the Loan is subject to the following:
	(4)
	satisfaction of the requirements of Section  applicable to Additional Mortgaged Land, no later than 45 days after the date of the Additional Mortgaged Land Notice;

	(5)
	payment or reimbursement of Lender for all of Lender's Expenses related to the acceptance of the Additional Mortgaged Land Lender's Expenses related to the Collateral Change, including without limitation, any title insurance and recording costs and appraisal fees; and

	(1)
	such other conditions as may be reasonably required by Lender.

(f)If and when all of the Additional Mortgaged Land Conditions are satisfied, no further action by Borrower is required with respect to the Loan to Value Covenant for the applicable period.
(g)Simultaneously with Borrower's delivery of each and every Reappraisal Notice or Additional Mortgaged Land Notice, Borrower shall pay Lender a non-refundable review fee equal to the greater of (i) 0.15% of the additional Mortgaged Land Market Value required to cause Borrower to be in compliance with the Loan to Value Covenant, or (ii) $5,000.
(h)Prepayments made under this Section  will not be subject to the requirements of Section  regarding payment of a Prepayment Premium.
6.02Books and Records.  Subject to the provisions of this Section  below, Borrower shall maintain and cause each of its Subsidiaries to maintain proper books of record and account including full, true, and correct entries of all dealings and transactions relating to its and their business and activities, in all material respects in conformity with generally accepted accounting principles ("GAAP").  Notwithstanding this Section  to the contrary, no Borrower or Subsidiary of Borrower which is a "disregarded entity" for Federal income tax purposes will be required to maintain separate books of record and account.
6.03Reporting Requirements.  Borrower shall:
	(1)
	promptly (and no later than 30 days) after requested by Lender, furnish or cause to be furnished to Lender a balance sheet, income statement, and statement of cash flows;

	(2)
	(A) within 5 Business Days after the filing of FPI's quarterly Form 10-Q, or any other report required under U.S. Securities and Exchange Commission (the "SEC") rules applicable to any Borrower or either Guarantor, provide a written summary regarding any lawsuits, tax claims or other disputes filed or threatened against FPI or any of its Affiliates (collectively, “Litigation Matters”) and described in such report, in no less detail than that included therein, (B) within 10 Business Days after the end of each fiscal quarter of Borrower, provide a written summary of any other Litigation Matters in an amount greater than $1,000,000.00 in existence as of the end of such fiscal quarter, and (C) within 10 Business Days after the end of each fiscal quarter of Borrower, provide copies of publicly-filed dispositive motions and judgments related to Litigation Matters described in the preceding clauses (A) and (B);

	(3)
	in addition to and not in limitation of the foregoing, endeavor to provide Lender prompt written notice (which may include notice by electronic mail) of any written adversarial demands or claims of third parties against Borrower, Guarantor, or any of their Affiliates (without regard to any threshold amount) received by Borrower, Guarantor or any such Affiliate which on their face (and without any obligation of further inquiry) appear to Borrower to have been delivered directly to Lender; and

	(4)
	promptly (and no later than 30 days) after requested by Lender, furnish or cause to be furnished to Lender all other books, records, financial statements, tax returns, lists of property and accounts, rent rolls, budgets, forecasts, reports, and other information pertaining to the condition or operations of Borrower.

​

Farmland Partners Inc.
RE Term Loan 2020
Loan Agreement
10

​

If requested by Lender, any report, record, statements, lists, reports and other information required under this Section  must be certified to Lender by an Authorized Representative of Borrower as being true, accurate and complete in all material respects.
Notwithstanding the foregoing terms of this Section , with respect to any Borrower financial reporting required under SEC or US Treasury rules applicable to Borrower, such reporting will not be required to be delivered prior to the time required by such SEC rules or US Treasury rules.
6.04Notice to Lender.  Borrower shall notify Lender of the occurrence of any of the following, promptly, but in any event no later than five days after such occurrence: (a) any change in Borrower's name, legal structure, place of business, or chief executive office; (b) obtaining knowledge of the failure by Borrower to comply with the terms and provisions of this agreement; (c) obtaining knowledge of any lawsuit, tax claim or other dispute filed or threatened in writing against Borrower in an amount greater than $1,000,000.00; (d) any other material dispute between Borrower and any Governmental Authority; and (e) obtaining knowledge of any other Material Adverse Effect known to Borrower as to Borrower or the Real Estate Collateral.
6.05Maintenance of Assets.  Borrower shall maintain and preserve all rights and privileges Borrower now has to the extent necessary to conduct its business; and make any repairs, renewals, or replacements reasonably required to keep the Collateral in good working condition, ordinary wear and tear and condemnation events excepted. Notwithstanding anything herein to the contrary, Borrower may sell or transfer encumbered fixtures or equipment (including those subject to Lender’s Lien) provided that, other than in the case of worn, obsolete or unused fixtures and equipment, fixtures and equipment subject to any such sale or transfers are replaced with fixtures or equipment with equivalent or greater value and such replacement fixtures or equipment is and remains free and clear of all Liens not otherwise permitted by Lender; provided that such replacement fixtures or equipment may be subject to a purchase money security interest in favor of the Person financing the acquisition of such fixtures or equipment.
6.06Existence and Good Standing.  Borrower shall preserve and maintain its existence and good standing in the jurisdiction of its formation, and qualify and remain qualified to conduct its business in each jurisdiction in which such qualification is required.
6.07Change in Business or Organizational Structure.
(a)Borrower shall not (1) engage in any material line of business substantially different from those lines of business conducted by Borrower and its Subsidiaries on the date hereof or any business substantially related or incidental thereto, without Lender’s prior consent, such consent not to be unreasonably withheld; (2) form or otherwise acquire any Subsidiary, unless that Subsidiary executes and delivers to Lender a guaranty of all of the Obligations and all other instruments and agreements required by Lender; or (3) merge, dissolve, liquidate, consolidate with or into another Person, or dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person or change its name or jurisdiction of organization.
(b)Notwithstanding Section , subject to the provisions of this Section , (1) any Borrower may merge or consolidate with or into any other Borrower, and (2) any Borrower may sell, convey or otherwise dispose of all or substantially all of its assets to any other Borrower.
(c)A merger or consolidation permitted in clause (b)(1) of this Section , will be subject to (1) not less than 30 days' prior written notice to Lender; (2) Lender's receipt of a copy of all documents relating thereto; (3) an endorsement to Lender's Title Policy in a form and in substance satisfactory to Lender; and (4) such other preconditions reasonably required by Lender for the purposes of protecting its interests in such assets as collateral for the Loan.
​

Farmland Partners Inc.
RE Term Loan 2020
Loan Agreement
11

​

(d)A sale, conveyance or other disposition of assets by a Borrower permitted in clause (b)(2) of this Section , will be subject to (1) not less than 30 days' prior written notice to Lender; (2) a copy of the conveyance documents; (3) the acquiring Borrower's assumption or acknowledgement of the terms of the Security Instrument encumbering such assets; (4) an endorsement to Lender's Title Policy in a form and in substance satisfactory to Lender; and (5) such other preconditions reasonably required by Lender for purposes of protecting its interests in such assets as collateral for the Loan.
6.08Contributions, Dividends.  Borrower also acknowledges that Borrower’s future financial condition constitutes a significant inducement to Lender to make the Loan, and Borrower agrees that if there is an Event of Default or any event (including the nonpayment of any amount due under the Loan Documents) which, with the giving of notice or the passage of time would be an Event of Default, or if Borrower reasonably expects that it will not be able to make any scheduled payment of principal or interest due under the Loan Documents during the following 12 months then Borrower shall not make or declare (1) any direct or indirect contribution, dividend (whether in cash, stock or any other form) loan or other cash advance, or redeem any interest in Borrower; or (2) any direct or indirect contribution, dividend (cash, stock or other forms), loan or other cash advance to any Subsidiary or Affiliate.  For the avoidance of doubt, nothing in the agreement shall prevent or prohibit either Guarantor from making dividend distributions in order to maintain “REIT” status.
6.09Compliance with Laws.  Borrower shall comply in all material respects with all Applicable Laws and pay before delinquency, all taxes, assessments, and governmental charges imposed upon Borrower or its property, except for any such amounts that are being contested in good faith by appropriate proceedings and for which Adequate Reserves have been set aside for the payment thereof.
6.10Insurance.
(a)If required by Lender, Borrower shall maintain, or cause to be maintained with respect to the Collateral: (1) commercial general liability insurance covering claims for personal injury, bodily injury, death or property damage occurring upon, in or about the Real Estate Collateral, which shall be issued and maintained on an “occurrence” basis, (2) all risk property damage insurance policies covering tangible property comprising the Collateral for the full insurable value on a replacement cost basis, and (3) such additional insurance as reasonably required by Lender from time to time.
(b)Borrower shall maintain, or cause to be maintained, workers’ compensation insurance in minimum form and substance as required by Applicable Law from time to time (“Worker’s Compensation Insurance”).
(c)During the period of any construction or renovation of any improvement to the Real Estate Collateral with a cost to construct of greater than $1,000,000, Borrower shall maintain, or cause to be maintained builder’s risk insurance, for any buildings under construction, renovation or alteration including, without limitation, for demolition and increased cost of construction or renovation, in an amount approved by Lender including an occupancy endorsement, and shall also maintain Worker’s Compensation Insurance in accordance with Section .
(d)All policies of insurance required under the Loan Documents shall be maintained at the sole cost and expense of Borrower, must be issued by companies  reasonably approved by Lender, and must be reasonably acceptable to Lender as to an AM Best rating for insurer financial size and strength, amounts, forms, risk coverages, deductibles, expiration dates, and cancellation provisions.  In addition, each required policy must contain such endorsements as Lender may require and must provide that all proceeds be payable to Lender to the extent of its interest.  All co-insurance provisions must be waived.  All coverages under Section  (1) shall name the Lender as an additional insured, and all coverages under Section  (2) shall contain a standard Mortgagee Clause and Lender Loss Payee Clause, as appropriate, with respect to the Collateral.  If any insurance described above is required, self-insurance with respect to such coverages is prohibited.  Lender confirms that the policies of
​

Farmland Partners Inc.
RE Term Loan 2020
Loan Agreement
12

​

insurance maintained by Borrower as of the Closing Date are acceptable to Lender and satisfy the requirements of this Section .
(e)Upon Lender’s request, Borrower shall deliver, in form and substance reasonably acceptable to Lender, evidence of insurance required hereunder.  Borrower shall exercise commercially reasonable efforts to cause each policy shall provide that it shall not be cancelled or modified without 30 days prior written notice to Lender.  At least 30 days prior to the expiration of any policy required hereunder, Borrower shall furnish Lender appropriate proof of issuance of a policy continuing in force the insurance covered by the policy so expiring.
(f)If and whenever Lender reasonably believes that any required insurance is not in effect, Lender may (but will not be obligated to) procure that insurance at Borrower's expense.  Borrower shall reimburse Lender, on demand, for all premiums on that insurance actually paid by Lender.
6.11Arms' Length Dealing with respect to the Collateral.  Borrower shall not enter into any transaction of any kind with respect to the Collateral with any Subsidiary or Affiliate, whether or not in the ordinary course of business, other than on fair and reasonable terms substantially as favorable to Borrower as would be obtainable by any Borrower at the time in a comparable arm’s length transaction with a Person other than a Subsidiary or Affiliate.
6.12Business Loan.  Borrower shall use the proceeds of the Loan for agricultural, commercial, or business purposes, and shall not use the Loan:  (1) for personal, family or household purposes; or (2) to purchase or carry "margin stock" (as that term is defined in Regulation U of the Board of Governors of the Federal Reserve System) or to invest in other Persons for the purpose of carrying any such "margin stock" or to reduce or retire any indebtedness incurred for that purpose.
6.13ERISA.  Borrower will not be reconstituted as a Plan or as an entity whose assets constitute "plan assets."
6.14Payment of Lender Fees and Expenses.  Borrower shall upon demand, pay to Lender or, at Lender's option, shall reimburse Lender, for all reasonable and actual reasonably documented out of pocket fees and expenses, including Professional Fees, incurred by Lender in connection with the Loan (whether incurred prior to, on, or after the Closing Date), including all Closing Expenses and all reasonable and actual out of pocket fees and expenses incurred in connection with (1) the preparation, negotiation, execution and administration of any consents, amendments, waivers or other modifications to the Loan Documents and any other documents or matters requested by Borrower; (2) enforcing or preserving any rights, in response to third party claims or the prosecuting or defending of any action or proceeding or other litigation, in each case against, under or affecting Borrower, this agreement, the other Loan Documents, or the Collateral; (3) conducting any inspections permitted under the Loan Documents; (4) enforcing any obligations of or collecting any payments due from Borrower under this agreement, the other Loan Documents or with respect to the Collateral; (5) any refinancing or restructuring of the credit arrangements provided under this agreement; and (6) any Insolvency Proceeding involving a claim under the Loan Documents (individually and collectively, “Lender Expenses”).
6.15Further Assurances.  Borrower shall promptly execute and deliver, or cause to be executed and delivered, all such other documents, agreements and instruments reasonably requested by Lender to (1) further evidence and more fully describe the Collateral; (2) correct any defects in the execution of the Loan Documents or omissions or errors in the Loan Documents; (3) perfect, protect or preserve any Liens created under any of the Loan Documents; (4) make any recordings, file any notices, or obtain any consents, as may be necessary or appropriate in connection therewith; (5) confirm the amount due on the Loan, the terms of repayment of the Loan, the date to which interest has been paid, whether any offsets or defenses exist against the Loan and, if any are alleged to exist, the nature thereof in detail, and such other matters as Lender reasonably may request; and (6) otherwise carry out the intent of the Loan Documents.  Upon receipt of an affidavit of an officer of Lender as to the
​

Farmland Partners Inc.
RE Term Loan 2020
Loan Agreement
13

​

loss, theft, destruction or mutilation of the Note or any other document(s) which is not of public record and, in the case of any mutilation, upon surrender and cancellation of the Note or other document(s), Borrower shall promptly issue, in lieu thereof, a replacement note or other document(s) of like tenor.
6.16Options or Rights of First Refusal to Lease or Purchase.  Except as otherwise agreed by Lender in writing (including in any other Loan Document and notwithstanding the last sentence of Section ), Borrower shall not enter into any agreement amending or modifying any option or right of first refusal to lease or purchase the Mortgage Land in favor of third parties, unless such agreement has been previously approved by Lender in writing.
ARTICLE 7 - EVENTS OF DEFAULT AND REMEDIES
7.01Events of Default.  The following each will be an event of default under this agreement (an "Event of Default"):
	(1)
	any payment required under the Loan Documents is not made within five days after the date when due;

	(2)
	the Financial Information or any representation in the Loan Documents is materially incorrect or misleading, and Borrower does not within 15 days after notice from Lender to Borrower, cause a change in any fact or circumstance as required to make such representation materially correct;

	(3)
	Borrower does not comply with the requirements of Section , , or  (Loan to Value);

	(4)
	Borrower does not:  (A) pay (or cause payment of) all taxes assessed on the Collateral prior to the date when delinquent, except for any such amounts that are being contested in good faith by appropriate proceedings and for which Adequate Reserves have been set aside for the payment thereof; (B) maintain (or cause to be maintained) all policies of insurance required under the Loan Documents and pay (or cause payment of) all premiums for that insurance on or prior to the date when due; and (C) maintain the Collateral (or cause the Collateral to be maintained) in good condition and repair, ordinary wear and tear excepted, all in accordance with the terms and conditions of the Loan Documents;

	(5)
	the filing of any federal tax lien against Borrower, any member or general partner, as applicable, of Borrower, or against the Collateral and same is not discharged of record within 30 days after the date filed;

	(6)
	any Change in Control; or if FP OP pledges or grants a security interest in its membership or any other interest in any Borrower to any Person;

	(7)
	an Insolvency Proceeding is initiated by Borrower; or any Insolvency Proceeding initiated against Borrower by another Person is not dismissed within 60 days after filing;

	(8)
	Borrower or any Subsidiary are or become subject to a Judgment or Judgments for the payment of money in an aggregate amount (as to all such Judgments or orders) exceeding $1,000,000.00, which are not covered by independent third-party insurance as to which the insurer does not dispute coverage and (A) enforcement proceedings are commenced by any creditor upon any such Judgment, or (B) there is a period of sixty consecutive days during which a stay of enforcement of any such Judgment, by reason of a pending appeal or otherwise, is not in effect;

	(9)
	any "Event of Default" as that term is defined in the Loan Documents other than this agreement;

	(10)
	any failure to pay when due (after giving effect to any applicable cure or grace period) a total of more than $5,000,000 in the aggregate owed by Borrower, FP OP or FP Inc to Lender or any other institutional lender in connection with real estate or corporate debt;

	(11)
	for more than ten days after notice from Lender, Borrower is in default under any term, covenant or condition of this agreement not previously described in this Section , which can be cured by the payment of a sum of money; and

​

Farmland Partners Inc.
RE Term Loan 2020
Loan Agreement
14

​

	(12)
	for 30 days after notice from Lender, Borrower is in default under any term, covenant or condition of this agreement not previously described in this Section ; provided that if :  (A) it is reasonably certain that the default cannot be cured by Borrower within that 30 day period; and (B) Borrower has commenced curing that default within that 30 day period and thereafter diligently and expeditiously proceeds to cure that default, then that 30 day period will be extended for so long as reasonably required by Borrower in the exercise of due diligence to cure that default, up to a maximum of 90 days after the notice to Borrower of the Event of Default.

7.02Leases.  Notwithstanding any provision to the contrary in the Security Instrument or other Loan Documents, Borrower may enter into tenant leases of the Mortgaged Land to unrelated third parties providing for rental and other terms and conditions reasonably determined by Borrower to be consistent with the then current market for such property; provided that all such leases shall be subordinate to the lien and security interest In such Mortgaged Land created by the Security Instrument.  For the avoidance of doubt such leases will be deemed to not be a "Prohibited Transfer".
7.03Remedies.  Upon the occurrence of and during the continuance of an Event of Default, Lender may: (1) declare all Obligations due and payable, without presentment, notice of intent to accelerate, notice of acceleration, demand, protest or further notice of any kind, all of which are expressly waived by Borrower; and (2) exercise all other rights and remedies afforded to Lender under the Loan Documents or Applicable Law or in equity; except that upon an actual or deemed entry of an order for relief with respect to Borrower or any of its Subsidiaries in any Insolvency Proceeding, all Obligations will automatically become due and payable, without presentment, demand, protest or any notice of any kind, all of which are expressly waived by Borrower.  All remedies shall be cumulative to the fullest extent permitted by law.
ARTICLE 8- NOTICES
All requests, notices, approvals, consents, and other communications between the Parties (individually and collectively, "Notices") under the terms and conditions of the Loan Documents must be in writing and mailed or delivered to the address specified in that Loan Document, or to the address designated by any Party in a notice to the other Parties; and in the case of any other Person, to the address designated by that Person in a notice to Borrower and Lender.  All Notices will be deemed to be given or made upon the earlier to occur of:  (1) actual receipt by the intended recipient; or (2) (A) if delivered by hand or by courier, upon delivery; or (B) if delivered by mail, four Business Days after deposit in the U.S. mail, properly addressed, postage prepaid; except that notices and other communications to Lender will not be effective until actually received by Lender.  Borrower requests that Lender accept, and Lender may, at its option, accept and is entitled to rely and act upon any Notices purportedly given by or on behalf of Borrower, even if not made in a manner specified herein (including Notices made verbally, by telephone, telefacsimile, email, or other electronic means of communication), were incomplete or were not preceded or followed by any other form of Notice specified herein, or the terms thereof, as understood by the recipient, varied from any confirmation thereof.  All telephonic Notices to and other telephonic communications with Lender may be recorded by Lender, and each Party consents to such recording.
ARTICLE 9 – MISCELLANEOUS
9.01Optically Imaged Reproductions.  Lender may make an optically imaged reproduction of any or all Loan Documents and, at its election, destroy the original or originals.  Borrower consents to the destruction of the original or originals and agrees that a copy of the optically imaged reproduction of any Loan Document will be the equivalent of and for all purposes constitute an "original" document.  For purposes of this section, "for all purposes" includes use of the optically imaged reproduction:  (1) to prove the content of the original document at trial, mediation, arbitration or administrative hearing; (2) for any business purpose; (3) for internal or external audits and/or examination by or on behalf of Governmental Authorities; (4) in canceling or transferring any document; and (e) in conjunction with any other transaction evidenced by the original document.
​

Farmland Partners Inc.
RE Term Loan 2020
Loan Agreement
15

​

9.02Entire Agreement.  This agreement and the other Loan Documents, individually and collectively: (1) represent the sum of the understandings and agreements between Lender and Borrower concerning this credit; (2) replace any prior oral or written agreements between Lender and Borrower concerning this credit; and (3) are intended by Lender and Borrower as the final, complete and exclusive statement of the terms agreed to by them.  In the event of any conflict between this agreement and any other agreements required by this agreement, this agreement will prevail.
9.03Joint and Several Obligations.  Each Person defined as Borrower: (1) expressly acknowledges that it has benefited and will benefit, directly and indirectly, from the Loan and acknowledges and undertakes, together with the other Borrowers, joint and several liability for the punctual payment when due, whether at stated maturity, by acceleration or otherwise, of all Obligations; (2) acknowledges that this agreement is the independent and several obligation of each Borrower and may be enforced against each Borrower separately, whether or not enforcement of any right or remedy hereunder has been sought against any other Borrower; and (3) agrees that its liability hereunder and under any other Loan Document is absolute, unconditional, continuing and irrevocable.  BORROWER EXPRESSLY WAIVES ANY REQUIREMENT THAT LENDER EXHAUST ANY RIGHT, POWER OR REMEDY AND PROCEED AGAINST THE OTHER BORROWERS UNDER THIS AGREEMENT, OR ANY OTHER LOAN DOCUMENTS, OR AGAINST ANY OTHER PERSON UNDER ANY GUARANTY OF, OR SECURITY FOR, ANY OF THE OBLIGATIONS.
9.04Successive Actions.  To the extent permitted by Applicable Law, separate and successive actions may be brought hereunder to enforce any of the provisions of this agreement and the other Loan Documents.  No action hereunder shall prevent a subsequent action, and Borrower hereby waives and covenants not to assert any defense in the nature of splitting of causes of action or merger of judgments.
9.05Waiver of Right of Contribution.  Each Person defined as Borrower agrees that it will have no right of contribution (including, without limitation, any right of contribution under CERCLA) or subrogation against any other Person comprising the Borrower under this agreement unless and until all Obligations have been paid, satisfied, and performed, in full.  Each such Person further agrees that, to the extent that the waiver of its rights of subrogation and contribution in this agreement is found by a court of competent jurisdiction to be void or voidable for any reason, any rights of subrogation or contribution that Person may have will be junior and subordinate to the rights of Lender against Borrower under this agreement.
9.06Authority to Bind Borrower.  Any Person defined as Borrower is authorized to bind all parties comprising Borrower.  Without limitation of the foregoing, Lender may require any request, authorization, or other action by or on behalf of Borrower be by one or more individuals designated in writing by the parties comprising Borrower (a "Designated Person").  Lender may, at any time and without notice, waive any prior requirement that requests, authorizations, or other actions be taken only by a Designated Person.
9.07Binding Effect; Successors and Assigns.  The Loan Documents will inure to the benefit of and be binding upon the parties and their respective successors and assigns.
9.08Assignment; Participations.  Borrower shall not assign its rights or obligations hereunder without Lender's consent.  Lender may assign all or any portion of its interest in the Loan or under the Loan Documents, or grant participations therein, to any Person (each, a "Loan Transferee").  Lender may disclose to any actual or potential Loan Transferee any information that Borrower has delivered to Lender in connection with the Loan Documents; and Borrower shall cooperate fully with Lender in providing that information.  Without limitation, Borrower shall within ten days after request from Lender, deliver to any Loan Transferee an estoppel certificate in form reasonably requested by Lender, and current or updated Financial Information and information concerning the Collateral.
9.09Severability.  Any provision of any Loan Document which is prohibited or unenforceable in any jurisdiction will, as to that jurisdiction, be ineffective to the extent of such prohibition or unenforceability without
​

Farmland Partners Inc.
RE Term Loan 2020
Loan Agreement
16

​

invalidating the remaining provisions of that Loan Document or affecting the validity or enforceability of that provision in any other jurisdiction; except that if such provision relates to the payment of any monetary sum, then Lender may, at its option, declare all Obligations immediately due and payable.
9.10Amendments in Writing.  The Loan Documents may not be amended, changed, modified, altered or terminated without the prior written consent of all parties to the respective Loan Document.
9.11Governing Law.  EXCEPT AS EXPRESSLY STATED THEREIN, THE LOAN DOCUMENTS AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES THEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (THE "GOVERNING LAW STATE") WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES (OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW) THEREOF. NOTWITHSTANDING THE FOREGOING, THE PERFECTION, PRIORITY AND PROCEDURES FOR ENFORCEMENT OF LIENS ON REAL PROPERTY COLLATERAL FOR THE OBLIGATIONS WILL BE GOVERNED BY THE APPLICABLE LAWS OF THE STATE WHERE THAT REAL PROPERTY IS LOCATED.  THE PARTIES UNDERSTAND THAT THE LAWS OF THE GOVERNING LAW STATE MAY OR MAY NOT DIFFER FROM THE JURISDICTION WHERE THEY RESIDE OR OTHERWISE ARE LOCATED AND WHERE THE COLLATERAL IS LOCATED.  THE PARTIES UNDERSTAND, AGREE AND ACKNOWLEDGE THAT (1) NEGOTIATION, AGREEMENT AND PERFORMANCE OF THE LOAN DOCUMENTS AND THE TRANSACTIONS EVIDENCED BY THE LOAN DOCUMENTS HAVE SIGNIFICANT AND SUBSTANTIAL CONTACTS WITH THE GOVERNING LAW STATE, (2) IT IS CONVENIENT TO BOTH PARTIES TO SELECT THE LAW OF THE GOVERNING LAW STATE TO GOVERN THE LOAN DOCUMENTS AND THE TRANSACTIONS EVIDENCED BY THE LOAN DOCUMENTS, (3) THE TRANSACTIONS EVIDENCED BY THE LOAN DOCUMENTS BEAR A REASONABLE CONNECTION TO THE LAWS OF THE GOVERNING LAW STATE, (4) THE CHOICE OF THE INTERNAL LAWS OF THE GOVERNING LAW STATE WAS MADE FOR GOOD AND VALID REASONS, AND (5) SUCH CHOICE CONSTITUTES GOOD AND VALUABLE CONSIDERATION FOR LENDER TO ENTER INTO THE TRANSACTIONS EVIDENCED BY THIS AGREEMENT AND LENDER HAS ENTERED INTO SUCH TRANSACTION IN RELIANCE ON SUCH CHOICE.
9.12CONSENT TO JURISDICTION.
(a)BORROWER IRREVOCABLY AGREES THAT, AT THE OPTION OF LENDER, ALL JUDICIAL PROCEEDINGS ARISING OUT OF OR RELATING HERETO OR ANY OTHER LOAN DOCUMENT, OR ANY OF THE OBLIGATIONS, SHALL BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW YORK.  BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH PARTY, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY (i) ACCEPTS GENERALLY AND UNCONDITIONALLY THE EXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS; (ii) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (iii) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE APPLICABLE PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH  THIS AGREEMENT IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE APPLICABLE PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT; AND (iv) AGREES THAT AGENTS AND LENDERS RETAIN THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO BRING PROCEEDINGS AGAINST ANY CREDIT PARTY IN THE COURTS OF ANY OTHER JURISDICTION TO THE EXTENT NECESSARY OR ADVISABLE IN CONNECTION WITH AN EXERCISE OF REMEDIES BY SUCH PERSON UNDER THE LOAN DOCUMENTS.
(b)EACH BORROWER HEREBY AGREES THAT PROCESS MAY BE SERVED ON IT BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE ADDRESSES PERTAINING TO IT AS SPECIFIED IN .  ANY AND ALL SERVICE OF PROCESS AND ANY OTHER NOTICE IN ANY SUCH ACTION, SUIT OR PROCEEDING SHALL BE EFFECTIVE AGAINST ANY BORROWER IF GIVEN BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, OR BY ANY OTHER MEANS OR MAIL WHICH REQUIRES A SIGNED RECEIPT, POSTAGE PREPAID, MAILED AS PROVIDED ABOVE.
9.13Counterpart Execution.  The Loan Documents may be executed in counterparts, each of which will be an original and all of which together are deemed one and the same instrument.
​

Farmland Partners Inc.
RE Term Loan 2020
Loan Agreement
17

​

9.14Necessary Action.  Lender is authorized to execute for itself (but not for Borrower) any other documents or take any other actions necessary to effectuate the Loan Documents and the consummation of the transactions contemplated therein.
9.15Credit Report. Lender is authorized to order a credit report and verify all other credit information, including past and present loans and standard references from time to time to evaluate the creditworthiness of Borrower.  Without limitation, a copy of the consent for release of information, general authorization or similar document on file with Lender will authorize third Persons to provide the information requested from time to time.
9.16No Construction Against Drafter.  Each Party has participated in negotiating and drafting this agreement, so if an ambiguity or a question of intent or interpretation arises, this agreement is to be construed as if the parties had drafted it jointly, as opposed to being construed against a Party because it was responsible for drafting one or more provisions of this agreement.
9.17GENERAL INDEMNIFICATION.  BORROWER SHALL DEFEND, INDEMNIFY AND HOLD LENDER PARTIES HARMLESS AGAINST ANY AND ALL LOSSES OF ANY KIND OR NATURE WHATSOEVER THAT MAY BE IMPOSED ON, INCURRED BY, OR ASSERTED AGAINST THE LENDER PARTIES: (1) AS A RESULT OF ITS ACTS OR OMISSIONS WHICH RESULT FROM COMMUNICATIONS GIVEN OR PURPORTED TO BE GIVEN, BY BORROWER OR ANY DESIGNATED PERSON, WHICH ARE INTERRUPTED, WHICH ARE MISUNDERSTOOD, OR WHICH ARE IN FACT FROM UNAUTHORIZED PERSONS; (2) ARISING OUT OF OR RESULTING FROM THE VIOLATION BY BORROWER OF ANY ENVIRONMENTAL LAW; (3) RESULTING FROM THE RELIANCE BY LENDER ON EACH NOTICE PURPORTEDLY GIVEN BY OR ON BEHALF OF BORROWER; AND (4) ARISING OUT OF CLAIMS ASSERTED AGAINST THE LENDER PARTIES AS A RESULT OF LENDER BEING PARTY TO THIS AGREEMENT OR THE TRANSACTIONS CONSUMMATED PURSUANT TO THIS AGREEMENT; EXCEPT THAT BORROWER SHALL HAVE NO OBLIGATION TO AN INDEMNIFIED PERSON UNDER THIS SECTION (INCLUDING ANY LENDER PARTY) WITH RESPECT TO LOSSES RESULTING FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF THAT INDEMNIFIED PERSON AS DETERMINED BY A COURT OF COMPETENT JURISDICTION. IF AND TO THE EXTENT THAT ANY INDEMNITY UNDER THE LOAN DOCUMENTS IN FAVOR OF LENDER PARTIES IS UNENFORCEABLE FOR ANY REASON, BORROWER SHALL MAKE THE MAXIMUM CONTRIBUTION TO THE PAYMENT AND SATISFACTION THEREOF WHICH IS PERMISSIBLE UNDER APPLICABLE LAW.  ALL INDEMNITIES UNDER THE LOAN DOCUMENTS IN FAVOR OF INDEMNIFIED PARTIES SHALL SURVIVE THE TERMINATION OF THIS AGREEMENT.
9.18WAIVER OF TRIAL BY JURY.  EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER OR UNDER ANY OF THE OTHER LOAN DOCUMENTS OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THE LOAN OR THE LENDER/BORROWER RELATIONSHIP THAT IS BEING ESTABLISHED UNDER THIS AGREEMENT.  THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS.  EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATION­SHIP, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS.  EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.  THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION   AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO OR ANY OF THE OTHER LOAN DOCUMENTS OR TO ANY OTHER DOCUMENTS OR
​

Farmland Partners Inc.
RE Term Loan 2020
Loan Agreement
18

​

AGREEMENTS RELATING TO THE LOAN MADE HEREUNDER.  IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.
9.19Office of Foreign Assets Control; Patriot Act.  Without limiting the provisions of any other provision hereof above, the Borrower shall, and the Borrower shall cause each of its Subsidiaries to:  (1) ensure that no Person who owns a controlling interest in or otherwise controls such Person is listed on the Specially Designated Nationals and Blocked Person List or other similar lists maintained by the Office of Foreign Assets Control ("OFAC"), the Department of the Treasury or included in any Executive Orders; (2) not use or permit the use of the proceeds of the Loan to violate any of the foreign asset control regulations of OFAC or any enabling statute or Executive Order relating thereto; and (3) comply with all applicable Bank Secrecy Act laws and regulations, as amended.  As required by federal law and Lender's policies and practices, Lender may need to obtain, verify and record certain Borrower identification information and documentation in connection with opening or maintaining accounts, or establishing or continuing to provide services.
[REMAINDER OF PAGE INTENTIONALLY BLANK]
​
​

Farmland Partners Inc.
RE Term Loan 2020
Loan Agreement
19

​

[SIGNATURE PAGE TO LOAN AGREEMENT]
The parties have executed this agreement effective as of the day and year first written above.
BORROWER
​
	Address for notices: 
	FPI CAROLINAS LLC, a Delaware limited liability company

	4600 S. Syracuse Street, Suite 1450
	​
	​

	Denver, Colorado  80237
Attention:  Chief Financial Officer
	By:
	FARMLAND PARTNERS OPERATING PARTNERSHIP, LP, a Delaware limited partnership, as Member

	​
	​
	​
	​

	​
	​
	By:
	FARMLAND PARTNERS OP GP, LLC, a Delaware limited liability company, as General Partner

	​
	​
	​
	​
	​

	​
	​
	​
	By:
	FARMLAND PARTNERS INC., a Maryland corporation, as Member

	​
	​
	​
	​
	​
	​

	​
	​
	​
	​
	By:
	/s/ LUCA FABBRI

	​
	​
	​
	​
	​
	LUCA FABBRI

	​
	​
	​
	​
	​
	Chief Financial Officer

​
	Address for notices: 
	COTTONWOOD VALLEY LAND, LLC, a Nebraska limited liability company

	4600 S. Syracuse Street, Suite 1450
	​
	​

	Denver, Colorado  80237
Attention:  Chief Financial Officer
	By:
	FARMLAND PARTNERS OPERATING PARTNERSHIP, LP, a Delaware limited partnership, as Member

	​
	​
	​
	​

	​
	​
	By:
	FARMLAND PARTNERS OP GP, LLC, a Delaware limited liability company, as General Partner

	​
	​
	​
	​
	​

	​
	​
	​
	By:
	FARMLAND PARTNERS INC., a Maryland corporation, as Member

	​
	​
	​
	​
	​
	​

	​
	​
	​
	​
	By:
	/s/ LUCA FABBRI

	​
	​
	​
	​
	​
	LUCA FABBRI

	​
	​
	​
	​
	​
	Chief Financial Officer

​
​

[SIGNATURE PAGE TO LOAN AGREEMENT]
Farmland Partners Inc.
RE Term Loan 2020
Loan Agreement

​

	Address for notices: 
	FPI COLORADO LLC, a Delaware limited liability company

	4600 S. Syracuse Street, Suite 1450
	​
	​

	Denver, Colorado  80237
Attention:  Chief Financial Officer
	By:
	FARMLAND PARTNERS OPERATING PARTNERSHIP, LP, a Delaware limited partnership, as Member

	​
	​
	​
	​

	​
	​
	By:
	FARMLAND PARTNERS OP GP, LLC, a Delaware limited liability company, as General Partner

	​
	​
	​
	​
	​

	​
	​
	​
	By:
	FARMLAND PARTNERS INC., a Maryland corporation, as Member

	​
	​
	​
	​
	​
	​

	​
	​
	​
	​
	By:
	/s/ LUCA FABBRI

	​
	​
	​
	​
	​
	LUCA FABBRI

	​
	​
	​
	​
	​
	Chief Financial Officer

​
​
	Address for notices: 
	FPI PROPERTIES LLC, a Delaware limited liability company

	4600 S. Syracuse Street, Suite 1450
	​
	​

	Denver, Colorado  80237
Attention:  Chief Financial Officer
	By:
	FARMLAND PARTNERS OPERATING PARTNERSHIP, LP, a Delaware limited partnership, as Member

	​
	​
	​
	​

	​
	​
	By:
	FARMLAND PARTNERS OP GP, LLC, a Delaware limited liability company, as General Partner

	​
	​
	​
	​
	​

	​
	​
	​
	By:
	FARMLAND PARTNERS INC., a Maryland corporation, as Member

	​
	​
	​
	​
	​
	​

	​
	​
	​
	​
	By:
	/s/ LUCA FABBRI

	​
	​
	​
	​
	​
	LUCA FABBRI

	​
	​
	​
	​
	​
	Chief Financial Officer

​
​

[SIGNATURE PAGE TO LOAN AGREEMENT]
Farmland Partners Inc.
RE Term Loan 2020
Loan Agreement

​

	Address for notices: 
	PH FARMS LLC, an Illinois limited liability company

	4600 S. Syracuse Street, Suite 1450
	​
	​

	Denver, Colorado  80237
Attention:  Chief Financial Officer
	By:
	FARMLAND PARTNERS OPERATING PARTNERSHIP, LP, a Delaware limited partnership, as Member

	​
	​
	​
	​

	​
	​
	By:
	FARMLAND PARTNERS OP GP, LLC, a Delaware limited liability company, as General Partner

	​
	​
	​
	​
	​

	​
	​
	​
	By:
	FARMLAND PARTNERS INC., a Maryland corporation, as Member

	​
	​
	​
	​
	​
	​

	​
	​
	​
	​
	By:
	/s/ LUCA FABBRI

	​
	​
	​
	​
	​
	LUCA FABBRI

	​
	​
	​
	​
	​
	Chief Financial Officer

​
​
	Address for notices: 
	FPI IRONWOOD LLC, a Delaware limited liability company

	4600 S. Syracuse Street, Suite 1450
	​
	​

	Denver, Colorado  80237
Attention:  Chief Financial Officer
	By:
	FARMLAND PARTNERS OPERATING PARTNERSHIP, LP, a Delaware limited partnership, as Member

	​
	​
	​
	​

	​
	​
	By:
	FARMLAND PARTNERS OP GP, LLC, a Delaware limited liability company, as General Partner

	​
	​
	​
	​
	​

	​
	​
	​
	By:
	FARMLAND PARTNERS INC., a Maryland corporation, as Member

	​
	​
	​
	​
	​
	​

	​
	​
	​
	​
	By:
	/s/ LUCA FABBRI

	​
	​
	​
	​
	​
	LUCA FABBRI

	​
	​
	​
	​
	​
	Chief Financial Officer

​
​

[SIGNATURE PAGE TO LOAN AGREEMENT]
Farmland Partners Inc.
RE Term Loan 2020
Loan Agreement

​

[SIGNATURE PAGE TO LOAN AGREEMENT]
LENDER
​
	Address for notices:
	​

	METROPOLITAN LIFE INSURANCE COMPANY
	METROPOLITAN LIFE INSURANCE COMPANY, a New York corporation

	c/o MetLife Investment Management, LLC
	​

	10801 Mastin Blvd., Ste 700
Overland Park, KS  66210
	By:
	METLIFE INVESTMENT MANAGEMENT, LLC, in its capacity as investment manager

	Attn: LMG Director
	​
	​

	​
	​
	By:
	​
	(SEAL)

	with a copy to:
	​
	​
	Name:
	​
	​

	
	​
	​
	​
	Authorized Signatory and Director

	METROPOLITAN LIFE INSURANCE COMPANY
	​
	​
	​

	c/o MetLife Investment Management, LLC 
10801 Mastin Blvd., Ste 700
Overland Park, KS  66210
Attn: Director, CRO
	​
	​
	​

	​
	​
	​
	​

	with a copy to:
	​
	​
	​

	​
	​
	​
	​

	METROPOLITAN LIFE INSURANCE COMPANY
	​
	​
	​

	c/o MetLife Investment Management, LLC 
6750 Poplar Ave., Ste 109
Germantown, TN  38138
Attn: Director, SRO
	​
	​
	​

	​
	​
	​
	​

	with an additional copy to:
	​
	​
	​

	​
	​
	​
	​

	METROPOLITAN LIFE INSURANCE COMPANY
	​
	​
	​

	c/o MetLife Investment Management, LLC 
10801 Mastin Blvd, Ste. 700
Overland Park, KS  66210
Attn: Law Department
	​
	​
	​

​
​
​

[SIGNATURE PAGE TO LOAN AGREEMENT]
Farmland Partners Inc.
RE Term Loan 2020
Loan Agreement

APPENDIX A
to Loan AgreementPage 1

APPENDIX A
to Loan Agreement
DEFINED TERMS AND RULES OF INTERPRETATION
1.Defined Terms.
"Adequate Reserves" means reserves based on good faith estimates approved by Lender which have been set aside for the payment thereof, and which, at the option of Lender, are deposited in an account established by Borrower at a bank or other financial institution acceptable to Lender, subject to an account control agreement acceptable to Lender.
"Adjust" means to increase or decrease; "Adjusted" means increased or decreased; and "Adjustment" means an increase or a decrease.
"Affiliate" of a Person other than an individual means another Person that directly, or indirectly through one or more intermediaries, controls or is Controlled by or is under common Control with the Person specified.
"Applicable Law" means at any time, all then existing laws, orders, ordinances, rules and regulations of or by a Governmental Authority; except that in determining the Maximum Rate, Applicable Law means those laws, orders, ordinances, rules and regulations in effect as of the date hereof or if there is a change in Applicable Law which (a) permits Lender to charge interest on amounts which Lender would not otherwise be permitted to charge interest, or (b) increases the permissible rate of interest, then the new Applicable Law as of its effective date.
"Authorized Representative" means, (a) for any Person that is an individual, that individual, and (b) for any other Person, including Borrower, an authorized Executive Officer, member, manager, trustee, general partner or agent of such Person whose responsibilities with such Person requires that he/she has knowledge relating to the subject matter of the applicable representation, certification or affidavit.
"Business Day" means any day other than a Saturday, Sunday, or other day on which commercial banks are authorized or required to close under the Applicable Laws of the State of Kansas, or are in fact closed in the State of Kansas.
"Change in Control" means (1) the transfer of greater than 25% of the membership interests in FP OP or any Borrower; (2) the acquisition of greater than 25% of the shares of FPI by any Person owning less than such percentage of shares of FPI as of the Closing Date.
"Closing" means the closing of the transaction contemplated by this agreement in accordance with the Escrow Instructions.
"Closing Date" means the date of the Closing.
"Closing Expenses" means Lender's out of pocket fees and expenses, including Professional Fees, incurred in connection with the underwriting of the Loan or the Closing.
"Collateral" means the real and personal property encumbered by the Liens created under the Collateral Documents.
"Conforming Appraisal" means an appraisal of market value (i) performed by an appraiser from Lender's approved list of appraisers or otherwise approved by Lender, (ii) complying with then current regulatory requirements applicable to Lender, (iii) conforming with Lender's appraisal requirements for real and personal property substantially similar to the appraised property; and (iv) otherwise acceptable to Lender, in its reasonable discretion.
"Contract Rate" has the meaning set forth in Section (e).
"Control" of a Person other than an individual means the power to direct the management and policies of that Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms "controlling" and "controlled" have meanings correlative to the foregoing.
​

Farmland Partners Inc.
RE Term Loan 2020
Loan Agreement

APPENDIX A
to Loan AgreementPage 2

"Converted Treasury Yield" means the yield available, or if there is more than one yield available, the average yields of United States Treasury non-callable bonds and notes having a maturity date closest to (before, on, or after) the applicable Rate Adjustment Date, if any, or the Maturity Date (whichever date is next following the prepayment), as reported in the Wall Street Journal or similar publication on the 5th Business Day preceding the date Prepayment will be made (as calculated by Lender in its reasonable judgment), converted to an annualized yield which reflects the frequency of the interest payments made during a calendar year as calculated by Lender.
"Costs" shall mean all liabilities, losses, costs, damages (including consequential damages), reasonable expenses, claims, and Professional Fees of any kind or of any nature whatsoever.  For the purposes of this definition, such losses, costs and damages shall include, without limitation, remedial, removal, response, abatement, cleanup, legal, investigative and monitoring costs and related costs, expenses, losses, damages, penalties, fines, obligations, defenses, judgments, suits, proceedings and disbursements.
“Debt Service Coverage Ratio” means
"Drafting Conventions" means the rules on interpretation specified in Section 2 of this Appendix A.
“Environmental Indemnity Agreement" means the Unsecured Environmental Indemnity Agreement among Borrower, Guarantor and Lender dated as of the date of this agreement.
“Environmental Law" means all requirements of environmental or ecological laws or regulations or controls related to the Mortgaged Land, including all requirements imposed by any law, rule, order, or regulations of any federal, state, or local executive, legislative, judicial, regulatory, or administrative agency, board, or authority, or any private agreement (such as covenants, conditions and restrictions), which relate to (a) noise; (b) pollution or protection of the air, surface water, ground water, drinking water, soil or soil vapor; (c) solid, gaseous, or liquid waste generation, handling, collection, treatment, management, storage, disposal, or transportation; (d) exposure to Hazardous Materials; (e) regulation of the manufacture, processing, distribution and commerce, use, or storage of Hazardous Materials; (f) injection, withdrawal, generation, handling, collection, treatment, management, storage, disposal, or transportation of process water, flowback water or fluids, produced water, wastewater, groundwater, drinking water, surface water or stormwater; or (g) the exploration, mining, extraction, or processing of coal, oil, gas, or other minerals.
"Escrow Agent" means the Title Underwriter or other person appointed by Lender for purposes of the escrow closing of the Loan.
"Escrow Instructions" means Lender's written instructions to the Escrow Agent regarding the conditions precedent to the Closing.
"Executive Officer" means, as to any Person, the president, chief executive or operating officer, vice president or secretary of such Person.
"Foreclosure Transfer" means with respect to any Mortgaged Land, the transfer of title to that Mortgaged Land pursuant to judicial decree, the power of sale or other judicial or non-judicial action or proceeding to foreclose Lender's rights in the Mortgaged Land, or by deed in lieu of such foreclosure.
"Funding Date" means the date all or any portion of the proceeds of the Loan were delivered to the Escrow Agent, without regard to when the Borrower actually receives the proceeds.
"Governmental Authority" means any nation or government, any state or other political subdivision thereof, any agency, authority, instrumentality, regulatory body, court, administrative tribunal, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.
“Hazardous Materials” means:
​

Farmland Partners Inc.
RE Term Loan 2020
Loan Agreement

APPENDIX A
to Loan AgreementPage 3

(a)those substances included within the definitions of "hazardous substances," "hazardous materials," "toxic substances," or "solid waste" in the Comprehensive Environmental Response Compensation and Liability Act of 1980 (42 U.S.C. § 9601 et seq.) ("CERCLA"), as amended by Superfund Amendments and Reauthorization Act of 1986 (Pub. L. 99-499 100 Stat. 1613) ("SARA"), the Resource Conservation and Recovery Act of 1976 (42 U.S.C. § 6901 et seq.) ("RCRA"), and the Hazardous Materials Transportation Act, 49 U.S.C. § 1801 et seq., and those substances included in the definitions of "hazardous air pollutant" under the federal Clean Air Act (42 U.S.C. Section 701, et seq.), or "extremely hazardous substance" or "toxic chemical' under the Emergency Planning and Community Right-to-Know Act (42 U.S.C. § 7401, et seq.), or "extremely hazardous substance" or "toxic chemical" under the Emergency Planning and Community Right-to-Know Act (42 U.S.C. § 1101, et seq.), and in the regulations promulgated pursuant to said laws, all as amended;
(b)those substances listed in the United States Department of Transportation Table (49 CFR 172.101 and amendments thereto) or by the Environmental Protection Agency (or any successor agency) as hazardous substances (40 CFR Part 302 and amendments thereto);
(c)any material, waste or substance which is (i) petroleum, (ii) asbestos, (iii) polychlorinated biphenyls, (iv) designated as a "hazardous substance" pursuant to Section 311 of the Clean Water Act, 33 U.S.C. § 1251 et seq. (33 U.S.C. § 1321) or listed pursuant to Section 307 of the Clean Water Act (33 U.S.C. § 1317); (v) designated as “pollutant” pursuant to Section 502(6) of the Clean Water Act (33 U.S.C. § 1362(6); (vi) flammable explosives; or (vii) radioactive materials; and
(d)such other substances, materials and wastes which are or become regulated as hazardous or toxic under applicable local, state or federal law, or the United States government, or which are classified as hazardous or toxic under federal, state, or local laws or regulations, including mold, radon, radionuclides, heavy metals or other potentially naturally-occurring minerals or substances.
"Indemnified Persons" means Lender, Lender's Subsidiaries and Affiliates, and all officers, directors, agents, employees, servants, attorneys, and representatives of Lender or any Subsidiary or Affiliate of Lender.
"Insolvency Proceeding" means the insolvency of a Person, the appointment of a receiver of any part of Person's property, an assignment by a Person for the benefit of creditors, or the commencement of any proceeding under the Federal Bankruptcy Code or any other bankruptcy or insolvency law, by or against a Person.
"Judgment" means a judgment, order, writ, injunction, decree, or rule of any court, arbitrator, or Governmental Authority.
"Legal Fees" means any and all reasonably documented counsel, attorney, paralegal and law clerk fees and disbursements including, but not limited to fees and disbursements at the pre-trial, trial, appellate, bankruptcy proceeding, discretionary review, or any other level.
"Lender Parties" means Lender, Lender's Subsidiaries and Affiliates, and all officers, directors, agents, employees, servants, attorneys, and representatives of Lender or any Subsidiary or Affiliate of Lender.
“Lender Expenses” has the meaning specified in Section .
"Lender's Title Policy" means, individually and collectively, the lender's policies of title insurance with respect to the lien of the Security Instruments, including any Additional Lender's Title Policy issued pursuant to Section .
"Lien" means any mortgage, deed of trust, deed to secure debt, pledge, assignment, deposit arrangement, privilege, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing).
​

Farmland Partners Inc.
RE Term Loan 2020
Loan Agreement

APPENDIX A
to Loan AgreementPage 4

"Loan Documents" means this agreement, the Note, the Collateral Documents, the Guaranty, and all other agreements and instruments required by Lender for purposes of evidencing or securing the Loan provided, however, that the Loan Documents do not include the Unsecured Environmental Indemnity Agreement between Borrower, Guarantor and Lender dated as of the date of this agreement.
“Loan to Value Ratio” means the ratio of (a) the sum of the aggregate unpaid principal balance of the Loan to (b) the Mortgaged Land Market Value.
"Losses" means all claims, suits, liabilities (including, strict liabilities), actions, proceedings, obligations, debts, damages (including foreseeable and unforeseeable consequential damages), losses, costs, expenses (including Professional Fees), fines, penalties, charges, fees, Judgments, awards, amounts paid in settlement of whatever kind or nature.
"Market Value" means with respect to any land the market value of such land and any Improvements and Equipment (defined in the Security Instruments) on which Lender holds a first mortgage lien and security interest, with such value (a) established by a Conforming Appraisal, or (b) determined by Lender using a methodology that (i) is considered by Lender to be reasonable and appropriate under the circumstances, and (ii) takes into account current market conditions and a reasonable exposure period, all as determined by Lender it its sole discretion.
"Material Adverse Effect" means any set of circumstances or events which:  (a) in the case of a Person, (i) has or could reasonably be expected to have any material adverse effect as to the validity or enforceability of any Loan Document or any material term or condition therein against the applicable Person; (ii) is or could reasonably be expected to be material and adverse to the financial condition, business assets, or operations of the applicable Person; or (iii) materially impairs or could reasonably be expected to materially impair the ability of the applicable Person to perform the Obligations; or (b) in the case of real or personal property, materially impairs or could reasonably be expected to materially impair the market value of that property or the ability of Borrower or the grantor or trustor under any Collateral Document to continue their present use of that property and any other uses expressly described in the Loan Documents.
"Maturity Date" shall have the meaning specified in Section .
"Maximum Rate" means that rate per annum which, under Applicable Law, may be charged without subjecting Lender to civil or criminal liability, or limiting Lender's rights under the Loan Documents as a result of charging, reserving, taking or receiving a rate of interest in excess of the maximum interest rate which Borrower is permitted to contract or agree to pay; except that the Maximum Rate on any amount upon which Lender is not permitted to charge interest will be zero percent.
"Mortgaged Land" means the "Land" as defined in the Security Instrument.
"Obligations" means all indebtedness, liabilities and obligations of Borrower to Lender arising pursuant to any of the Loan Documents, whether now existing or hereafter arising, whether direct, indirect, related, unrelated, fixed, contingent, liquidated, unliquidated, joint, several, or joint and several.
"Original Payment Dates" mean the dates on which the Prepaid principal would have been paid if there had been no Prepayment.
"Party" means a named party to this agreement or another Loan Document, as the context requires.
"Person" means an individual, a corporation, limited liability company, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, or other business entity, or a government or any agency or political subdivision thereof.
"Prepaid" means paid by means of a Prepayment.
"Prepay" means to make a Prepayment.
"Prepayment" means a payment of all or a portion of the unpaid principal balance of the Loan prior to the date when due, whether voluntary, by reason of acceleration, or otherwise.
​

Farmland Partners Inc.
RE Term Loan 2020
Loan Agreement

APPENDIX A
to Loan AgreementPage 5

"Professional Fees" means:  (a) Legal Fees; and (b) all other reasonably documented fees and disbursements of environmental engineers and other third party consultants or professionals associated with the enforcement of Lender's rights and remedies under this agreement.
"Prohibited Transfer" means any sale, contract to sell, conveyance, encumbrance, pledge, mortgage, lease, or other event or circumstance constituting a "Prohibited Transfer" as defined in the Security Instrument.
"Regular Payment Date" shall have the meaning specified in Section .
"Real Estate Collateral" means the Mortgaged Land and all other Collateral which is real property, as opposed to personal property, including any and all improvements located on the Mortgaged Land and all easements or other rights or interests benefiting the Mortgaged Land.
"Release" means any discharging, disposing, emitting, leaking, pumping, pouring, emptying, injecting, escaping, leaching, dumping or spilling (including the abandonment or discarding of barrels, containers and other closed receptacles) into ambient air, surface water, ground water, soil, or soil vapor.
"Security Instrument" means the Security Instruments, and any Additional Mortgaged Land Security Instrument granted to Lender under Section 6.01(e).
"Subsidiary" of a Person which is anything other than an individual means a business entity of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly by that Person.  Unless otherwise specified, all references to a "Subsidiary" or to "Subsidiaries" refer to any Subsidiary or Subsidiaries, if any.
"Title Underwriter" means Stewart Title Guaranty Company.
"UCC" means the Uniform Commercial Code in the Governing Law State.
"U.S. Treasury Reinvestment Rate" means the U.S. Treasury Rate which Lender determines could be obtained by reinvesting a specified Prepaid installment payment in U.S. Treasury Securities maturing on the Original Payment Date.
"Yield Maintenance Amount" means an amount to compensate Lender for the present value of the difference between the rate at which the Loan or portion thereof being Prepaid and the U.S. Treasury Reinvestment Rate increased by the Reinvestment Spread; and is equal to the greater of (a) the Yield Maintenance Minimum Amount; or (b) an amount determined by:
(i)calculating the sum of the present values of all unpaid principal and interest payments required under the terms of the Loan being Prepaid through and including the Maturity Date or the next Rate Adjustment Date, if any (whichever is next following the date of Prepayment), including the present value of the outstanding principal balance as of such date (prior to the application of the principal being Prepaid), utilizing a discount rate equal to the Converted Treasury Yield, divided by the frequency of the interest payments made during a calendar year; and
(ii)subtracting from such sum the outstanding principal balance (prior to application of the principal being Prepaid) as of the date the Prepayment will be made; and
(iii)multiplying such remainder by the quotient of (i) the principal being Prepaid, divided by (ii) the outstanding principal balance as of the date of prepayment (prior to application of the principal being Prepaid).
2.Drafting Conventions.
(a)Evidence; Form of Documents.  Evidence of the occurrence or non-occurrence of any event, or the existence or non-existence of any circumstance to be delivered to Lender must be in a form
​

Farmland Partners Inc.
RE Term Loan 2020
Loan Agreement

APPENDIX A
to Loan AgreementPage 6

satisfactory to Lender; and any report or document to be received by Lender must be in form and content satisfactory to Lender.
(b)Lender Discretion.  Wherever:  (i) Lender exercises any right given to it to approve or disapprove; (ii) any arrangement or term is to be satisfactory to Lender; or (iii) any other decision or determination is to be made by Lender, then except as may be otherwise expressly and specifically provided therein, the decision to approve or disapprove, all decisions that arrangements or terms are satisfactory or not satisfactory, and all other decisions and determinations made by Lender, will be in the sole discretion of Lender, without regard for the adequacy of any security for the Obligations;
(c)Other.  (i) the words "include," "includes," and "including" are to be read as if they were followed by the phrase "without limitation"; (ii) unless otherwise expressly stated, terms and provisions applicable to two or more Persons apply on an individual, as well as a collective basis; (iii) headings and captions are provided for convenience only and do not affect the meaning of the text which follows; (iv) references to a parcel or tract of real estate means, without limitation, the land described, and any and all improvements located thereupon and all easements or other rights or interests benefiting that land; (v) references to an agreement or instrument means that agreement or instrument and all schedules, exhibits, and appendices thereto, together with all extensions, renewals, modifications, substitutions and amendments thereof, subject to any restrictions thereon in that agreement or instrument or in the Loan Documents; (vi) references to a Party means that Party, together with any successors and assigns of any of that Party's rights and obligations under the Loan Documents, subject to restrictions contained in the Loan Documents on the transfer of those rights and obligations; (vii) whenever by the terms of the Loan Documents, Borrower is prohibited from taking an action or permitting the occurrence of some circumstance, Borrower shall not, directly or indirectly take that action or permit that circumstance, or directly or indirectly permit any Subsidiary to take that action or permit that circumstance; (viii) unless specified otherwise, references to a statute or regulation means that statute or regulation as amended or supplemented from time to time and any corresponding provisions of successor statutes or regulations; (ix) unless otherwise specified, all references to a time of day are references to the time in Overland Park, Kansas; (x) references to "month" or "year" are references to a calendar month or calendar year, respectively; (xi) if any date specified in this agreement as a date for taking action falls on a day that is not a Business Day, then that action may be taken on the next Business Day; (xii) a pronoun used in referring generally to any member of a class of Persons, or Persons and things, applies to each member of that class, whether of the masculine, feminine, or neuter gender; (xiii) references to "articles," "sections," "subsections," "paragraphs;" "exhibits," and "schedules" reference articles, sections, subsections, paragraphs, exhibits, and schedules, respectively, of this agreement unless otherwise specifically provided; (xiv) the words "hereof," "herein," "hereunder," and "hereby" refer to this agreement as a whole and not to any particular provision of this agreement; (xv) the definitions in this agreement apply equally to both singular and plural forms of the terms defined; (xvi) for purposes of computing periods of time from a specified date to a later specified date, the word "from" means "from and including" and the words "to" and "until" each mean "to but excluding;" and the term "upon demand" means "within three Business Days after written demand by Lender"; and (xvii) an "Event of Default which exists", an "Event of Default which has occurred and is continuing", "during the continuance of an Event of Default", an "Event of Default which is continuing" or similar words refers to any Event of Default which has not been waived by Lender in writing or is not then subject to a written agreement by Lender to forebear exercise of its remedies as a result of such Event of Default
[REMAINDER OF PAGE INTENTIONALLY BLANK]

Farmland Partners Inc.
RE Term Loan 2020
Loan Agreement

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00324-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00324-of-00352.parquet"}]]