Document:

EX-10.42

 Exhibit 10.42 

LOAN AGREEMENT 
 THIS LOAN
AGREEMENT (the “Agreement”) is entered into as of the13th day of August 2021, by and between AMERICAN MOMENTUM BANK, its successors and assigns, (the “Lender”) and GIPIL 525 S PERRYVILLE RD, LLC, a Delaware limited
liability company, and, SUNNY RIDGE MIIP LLC, a Florida limited liability company (collectively, the “Borrower”), and, GENERATION INCOME PROPERTIES, L.P.., a Delaware limited partnership, (“Guarantor”) and is made
in reference to the following facts: 
 (A) On or about the date hereof, Borrower is borrowing from the Lender a loan in the principal
amount of Two Million Seven Hundred Fifteen Thousand and No/100 Dollars ($2,715,000.00) (the “Loan”), evidenced by a promissory note in the amount of Two Million Seven Hundred Fifteen Thousand and No/100 Dollars ($2,715,000.00) (the
“Note”). The Note will be secured by (a) a first priority Mortgage, Assignment of Leases and Rents and Security Agreement made by Borrower in favor of Lender (the “Mortgage”), which Mortgage encumbers the real and
personal property more particular described therein (the “Premises”); (b) Assignment of Leases and Rents of even date herewith (the “Assignment of Leases and Rents”); (c) Commercial Security Agreement of
even date herewith (the “Security Agreement”); (d) subordination and non-disturbance agreement; (e) Collateral Assignment of Lease as to the Lease Agreement with tenant, LZB Retail,
Inc., dated March 14, 2017; and (f) Limited Recourse Guaranty made by David E. Sobelman, an individual, in favor of Lender, and, Absolute Guaranty of Payment and Performance made by Generation Income Properties, L.P., a Delaware limited
partnership, in favor of Lender (collectively, the “Guarantor”) (collectively the “Collateral”). 
 (B)
The Borrower has executed other instruments incident to the Loan, and all of such instruments, together with the Note and Instruments of Security, will be sometimes collectively referred to herein as the “Loan Documents”. 

(C) The Lender has required the execution of this Agreement as a condition to making the Loan to the Borrower, and the Borrower is agreeable
to the same. 
 NOW THEREFORE, for and in consideration of the mutual covenants and conditions contained herein and other valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the parties covenant and agree as follows: 
 ARTICLE I -
INTRODUCTORY PROVISIONS 
 1.1 Recitals. The statements contained in the recitals of fact set forth above (the
“Recitals”) are true and correct, and the Recitals by this reference are made a part of this Agreement. 
 1.2
Exhibits. All exhibits attached to this Agreement are by this reference incorporated in and made a part hereof. 

 1.3 Abbreviations and Definitions. The following abbreviations and definitions will
be used for purposes of this Agreement: 
 (a) The abbreviations for the parties set forth in the Preamble will be used for purposes
of this Agreement. 
 (b) The abbreviations and definitions set forth in the Recitals will be used for purposes of this Agreement.

 (c) “Events of Default” shall mean the events of default specified in Article Eleven of this Agreement and each
of such events shall be an “Event of Default”. 
 (d) “Lien” shall mean any deed of trust,
mortgage, pledge, security interest, encumbrance, lien, or charge of any kind (including any agreement to give any of the foregoing, any conditional sales or other title retention agreements, or any lease in the nature thereof, and the filing of or
agreement to give any financing statement under the Uniform Commercial Code of any jurisdiction). 
 (e) “Principal Place of
Business” shall mean the principal place of business and the headquarters of the Borrower at which all of its records are kept, currently at 401 E. Jackson Street, Suite 3300, Tampa, Florida 33602. 

(f) “Proceeds” shall mean whatever is received upon the sale, exchange, collection or other disposition of the
Collateral. 
 (g) “UCC” shall mean the Florida Uniform Commercial Code, as amended. 

ARTICLE II - LOAN 
 2.1 Loan. The
parties hereto acknowledge and agree that the Note evidences a loan from Lender to Borrower in the original principal amount of Two Million Seven Hundred Fifteen Thousand and No/100 Dollars ($2,715,000.00). The Note is payable according to the terms
thereof. 
 2.2 Depository Account. Borrower, GIPIL 525 S PERRYVILLE RD, LLC, a Delaware limited liability company, shall maintain
its primary depository relationship with Lender, and shall cause the Guarantor, GENERATION INCOME PROPERTIES, L.P., a Delaware limited partnership, to maintain its primary depository relationship with Lender as well (which accounts shall be subject
to Lender’s right of offset in the event of a default by Borrower). 
 ARTICLE III - CROSS COLLATERALIZATION / CROSS DEFAULT 

The collateral for the Loan outlined herein shall serve as security for all other indebtedness of Borrower to Lender, whether now or hereafter
existing, whether by way of renewal or modification, or whether primary, secondary, direct or indirect, by endorsement, guarantee, or otherwise. The Borrower hereby acknowledges and agrees that this Loan shall be cross-collateralized, and, a default
under any other note(s) or other evidence of indebtedness or any instrument of security therefor in which the Borrower is liable and the Lender is the holder and which is not cured within the applicable grace or curative period therefor, if any,
shall constitute a default under the Loan Documents and shall entitle Lender to all rights and remedies thereunder, including any and all remedies available against the Borrower. Upon five (5) days

  
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written request from Lender, Borrower shall execute a Cross-Collateralization / Cross-Default Agreement, to be recorded in the public records of jurisdictions where any collateral of the Lender
is evidenced and/or secured. 
 ARTICLE IV - USURY 

It is not the intention of the parties hereto to make any agreement which shall be violative of the laws of the State of Florida relating to
usury. In no event shall Borrower or Lender accept or charge any interest which, together with any other charges upon the principal or any portion thereof, howsoever computed, shall exceed the maximum legal rate of interest allowable under the laws
of the State of Florida. Should any provisions of this Agreement or any existing or future Note, Loan Agreement or any other agreements between the parties be construed to require the payment of interest which, together with any other charges upon
the principal, or any portion thereof, exceeds such maximum legal rate of interest, then Borrower agrees that the amount of interest collected above the maximum rate permitted by applicable law, together with interest thereon at the rate required by
applicable law, shall be refunded to Borrower, and Borrower agrees to accept such refund, or, at Borrowers’ option, such refund shall be applied as a principal payment on the Note. 

ARTICLE V - REPRESENTATIONS AND WARRANTIES 

The Borrower represents and warrants to the Lender as follows: 

5.1 Organization, Standing, Corporate Power. Borrower, GIPIL 525 S PERRYVILLE RD, LLC, is a limited liability company duly authorized
and validly existing under the laws of the State of Delaware. Borrower, SUNNY RIDGE MHP LLC, is a limited liability company duly authorized and validly existing under the laws of the State of Florida. Each Borrower is duly authorized to transact
business and to own and hold real property in the State of Illinois. Each Borrower has appropriate power and authority to own its properties and to carry on its business as now being conducted, and each Borrower has appropriate power and authority
to execute and perform this Agreement and to deliver the Note and all other documents, instruments and agreements provided for herein. Each Borrower shall preserve its respective legal existence and be qualified to do business in all jurisdictions
where its ownership of property or nature of business requires such qualifications. 
 5.2 This Agreement. The execution and
performance by the Borrower of this Agreement, the borrowing hereunder, and the execution and delivery of the Note and all other documents, instruments and agreements provided for herein (a) have been duly authorized by all requisite entity
action; (b) will not violate any provision of law applicable to Borrower or of the Borrowers’ organizational documents; and (c) will not violate or be in conflict with, result in a breach of, or constitute a default under any
indenture, agreement and other instrument to which the Borrower is a party or by which it or any of its properties is bound, or any order, writ, injunction or decree of any court or governmental institution. 

5.3 Litigation. There are no actions, suits or proceedings pending, or, to the knowledge of the Borrower, threatened against or
adversely affecting any Borrower at law or in equity or before or by any federal agency or instrumentality, which involve any of the transactions herein contemplated or the possibility of any judgment or liability which may result

  
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in any material and adverse change in the business, operations, prospects, property or assets, or in the condition, financial or otherwise, of any Borrower. The Borrower, or any one of them, is
not in default with respect to any judgment, order, writ, injunction, decree, rule or regulation of any court, or federal, state, municipal or other governmental department. 

5.4 Financial Statements. Each Borrower has heretofore furnished to the Lender balance sheets, annual statements, and other financial
information which are, to the best of its knowledge, correct and complete in all material respects and accurately present the financial condition and the results of the operation of such Borrower as of the dates thereof. Since the date of the last
furnishing of said financial statements, there has been no material adverse change in the financial condition of any Borrower. 
 5.5
Taxes. Each Borrower has filed or caused to be filed all federal and state tax returns which, to the knowledge of the officers thereof, are required to be filed, and has paid or caused to be paid all taxes as shown on said returns or on any
assessment received by it and not being contested in good faith, to the extent that such taxes have become due. 
 5.6 Other
Instruments. Except as reflected on the financial statements referred to in Section 5.4, the Borrower is not a party to any agreement or instrument or subject to any charter or other restrictions adversely affecting its business, properties
or assets, operations or condition, financial or otherwise. Each Borrower is in material compliance with all applicable regulatory requirements and all provisions of this Agreement. 

5.7 Property and Assets. Each Borrower has good and marketable title to all the property and assets reflected on the most recent
financial statement furnished to the Lender, except such as have been disposed of in the ordinary course of business since the date of said financial statements and all such property and assets are free and clear of mortgages, deeds of trust,
pledges, liens, charges or other encumbrances, except as are reflected on the financial statements. 
 5.8 Regulation U. No part of
the proceeds of any of the Loan will be used to purchase or carry, or to reduce or retire any loan incurred to purchase or carry, any margin stocks (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System) or to
extend credit to others for the purpose of purchasing or carrying any such margin stocks. The Borrower, or any one of them, is not engaged in the business of extending credit, nor is one of the Borrowers’ important activities extending of
credit, for the purpose of purchasing or carrying such margin stocks. If requested by the Lender, each and every Borrower shall furnish to the Lender in connection with any loan hereunder a statement in conformity with the requirements of Federal
Reserve Form U-1 referred to in said regulation. 
 5.9 Continuity of Representations and
Warranties. All of the foregoing representations and warranties shall be true and correct at the time of the making of any advance under the Loan pursuant to this Agreement and thereafter until such Loan is paid in full as though made as of such
time, except to the extent that any of the same relate to or are as of a specific date in which case they shall remain true and correct as of such specific date. 

  
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 5.10 No Governmental Restriction. To the best of Borrowers’ knowledge, there is
no moratorium or like governmental order or restriction now in effect with respect to the Collateral and, no moratorium or similar ordinance or restriction is now contemplated. 

ARTICLE VI - CONDITIONS PRECEDENT 

The obligation of the Lender to make the Loan hereunder is subject to the following conditions precedent: 

(a) Representations and Warranties. The representations and warranties set forth in this Agreement shall be true and correct in
all material respects on and as of the date of such borrowing or disbursement, with the same force and effect as though such representations and warranties had been made on and as of such date, except to the extent that any of the same relate to or
are as of a specific date in which case they shall remain true and correct as of such specific date. 
 (b) No Default. At the
time of each borrowing or disbursement hereunder, no Event of Default shall have occurred and be continuing (subject to applicable notice and cure periods). 

(c) Officer’s Certificate. If required by Lender, at the end of each calendar quarter, each Borrower shall deliver to the
Lender a certificate signed by the Treasurer or Controller of such Borrower dated as of such date confirming that: no Event of Default then exists, and no event which would become an Event of Default upon notice or lapse of time or both has occurred
and is then continuing; there is no litigation or proceeding pending or, to the knowledge of such Borrower, threatened against or affecting the Borrower, the result of which might substantially affect the financial condition, business or operations
of the Borrower; and there has been no materially adverse change in the financial condition of any Borrower since the date of the latest financial statement of Borrower submitted to the Lender. 

(d) Environmental Report. A written report or reports, including that certain Phase I Environmental Assessment prepared by NV5
Transactional Services dated July 14, 2021 (collectively, “Environmental Report”) prepared at Borrowers’ sole cost and expense by an independent professional environmental consultant approved by Lender in its sole and
absolute discretion, together with a reliance letter addressed to Lender or a separate agreement with such consultant permitting Lender to rely on such report. 

(e) Liens and Encumbrances. The properties and assets of each Borrower, real, personal and mixed, are not subject to any liens,
encumbrances or security interests or outstanding financing statements, whether filed or unfiled, except for liens for taxes not yet due and liens, encumbrances or security interests on personal or real property as reflected in the Borrowers’
most recently submitted financial statements, or as shown on the title policies insuring the lien of the Mortgage securing the Loan. 

(f) Authority. This Agreement and the other Loan Documents are valid and binding obligations of the Borrower, subject to
bankruptcy, insolvency and other laws affecting the rights of creditors generally. 

  
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 ARTICLE VII - AFFIRMATIVE COVENANTS 

The Borrower covenants and agrees with the Lender, that from the date hereof and so long as any sums are outstanding or may be borrowed
hereunder, unless the Lender shall otherwise consent in writing delivered to the Borrower, it will: 
 7.1 Entity Existence. Do or
cause to be done all things necessary to preserve, renew and keep in full force and effect its existence, and all its rights, licenses, permits and franchises required at the date hereof, or which may be required in the future conduct of its
business, and comply in all material respects with all laws and regulations applicable to it that materially affect the Borrower, and conduct and operate its business in the same lines and in substantially the same manner in which presently
conducted and operated (subject to changes in the ordinary course of business), and at all times maintain, preserve and protect all property used and useful in the conduct of its business, and maintain same in good working order and condition,
reasonable and ordinary wear, tear and depreciation excepted. 
 7.2 Insurance. Keep its insurable properties, if any, insured as
required under the Mortgage securing the Loan. Borrower will furnish Lender with copies of such insurance policies containing endorsements in favor of Lender as loss payee and mortgagee as its interest may appear on policies other than liability
policies as provided in the Mortgage securing the Loan. 
 7.3 Obligations and Taxes. Pay all indebtedness and obligations promptly
and in accordance with the terms thereof, and pay and discharge promptly all taxes, assessments and governmental charges or levies imposed upon it or in respect of its property, before the same shall become in default; provided, however, Borrower
shall not be required to pay and discharge or cause to be paid and discharged any such tax assessment, charge, levy or claim so long as the validity thereof shall be contested in good faith by appropriate proceedings and the Borrower shall set aside
on its books adequate reserves with respect to any such tax, assessment, charge, levy or claim so contested. 
 7.4 Notice of
Litigation. Furnish to Lender within ten (10) days after service of process or equivalent notice, written notice of any litigation involving greater than FIFTY THOUSAND AND NO/100 DOLLARS ($50,000.00) in damages or otherwise in cost to
Borrower, including arbitrations and of any proceeding by or before any governmental agency. 
 7.5 Notice of Certain Matters. Give
prompt written notice to Lender of all Events of Default of which Borrower is aware; if applicable, changes in management, litigation, and of any other matter which has resulted in, or might result in, a materially adverse change in its financial
condition or operation. 
 7.6 Records. Keep and maintain full and accurate accounts and records of its operations and will permit
Lender and its designated officers, employees, agents and representatives, to have access thereto and to make examination thereof upon not less than seventy-two (72) hours’ notice at all reasonable
times during normal business hours, to make audits, and to inspect and otherwise check its properties, real, personal and mixed. 
 7.7
Execution of Other Documents. Promptly, upon demand by Lender, execute all such additional agreements, contracts, indentures, financing statements, documents and 

  
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instruments in connection with this Agreement as Lender may reasonably deem necessary. (This authority shall be for ministerial matters only and shall not allow Lender to increase Borrowers’
liability under the loan.). 
 7.8 Financial Statements. The Borrower will provide to the Lender, in form and content acceptable to
the Lender, the following: 
 (a) Quarterly financial statements of the Borrower no later than 90 days after each quarter end, which
financial statements reflect operations of all assets encumbered by loans to Borrower, or any one of them. 
 (b) Annual financial
statement of the Borrower and Guarantor no later than 120 days after fiscal year end. 
 (c) Annual tax returns of the Borrower and
Guarantor not later than 30 days after filing. 
 (d) All additional financial documents required to be provided to the SEC by
Borrower. 
 (e) Customary commercial real estate project reporting and compliance information. 

(f) All executed lease documents and amendments executed by the Borrower and/or encumbering the real property described in the
Mortgage. 
 (g) Other information that may be reasonably required by the Lender and its legal counsel. 

Notwithstanding anything to the contrary contained herein, so long as Borrower remains a publicly reporting company, it shall not be required to deliver any
of the foregoing documents which are available through its public filings with the SEC. 
 7.9 Debt Service Coverage Ratio. Borrower
will maintain a minimum debt service coverage ratio (“DSCR”) of 1.50:1.0, measured annually based on its year and financial statements relating solely to the real estate Collateral, BEGINNING AS OF December 31, 2021. For purposes of
this Agreement and the Loan, DSCR shall be defined as net operating income (“NOI”) less a three percent (3.0%) annual management fee, and less a two percent (2.0%) annual replacement reserve, divided by the maximum principal borrowing
outstanding, amortized over twenty-five (25) years, using the Interest Rate identified in the Note, with a minimum Interest Rate of 3.50% per annum. 

7.10 Subordination of Debt. Subordinate all cumulative officer and shareholder/ member debt in excess of $100,000.00. 

7.11 Obligation to Deliver Collateral Assignment(s). 

(a) In the event that any Borrower should undertake or contract to undertake any material improvement(s) or alteration(s) to the construction,
operation use or occupancy of the real property described in the Mortgage, Borrower shall promptly execute a Collateral 

  
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Assignment of Plans and Specifications, and, a Collateral Assignment of Agreements, Licenses and Permits and Power of Attorney, both in favor of Lender and in formats approved by Lender in its
sole discretion, as well as such other and additional agreements, documents and instruments in connection with this Agreement as Lender may reasonably deem necessary. 

(b) In the event that the Borrower should enter into any contract or agreement concerning the operation and/or management of the real property
described in the Mortgage, Borrower shall promptly execute a Collateral Assignment of Management Agreement and Subordination of Management Agreement in favor of Lender, in a form approved by Lender, as well as such other and additional agreements,
documents and instruments in connection with this Agreement as Lender may reasonably deem necessary. 
 ARTICLE VIII - NEGATIVE COVENANTS

 The Borrower covenants and agrees with Lender that from the date hereof and so long as any sums are outstanding or may be borrowed under
the Loan, unless the Lender shall otherwise consent in writing delivered to the Borrower, it will not: 
 8.1 Notes, Accounts
Receivable. Sell, discount or otherwise dispose of notes, accounts receivable or other rights to receive payments, with or without recourse, except for collection in the ordinary course of business. 

8.2 Consolidations, Mergers, Sale of Business. During the term of the Loan, merge, consolidate, reclassify, or sell the business or any
of its capital stock without the written approval of the Lender. 
 8.3 Loans. Make any loans to any person, firm or entity, nor become a
guarantor or surety, nor pledge credit in any manner, directly or indirectly. 
 8.4 (Intentionally Omitted  

8.5 Liens. Incur, create, assume or permit to exist any mortgage, deed of trust, 

pledge, lien, charge, security interest or other encumbrance of any nature whatsoever on the property comprising, in part the Collateral,
except to Lender, other than liens for taxes or assessments and similar charges either: (i) not delinquent; or (ii) being contested in good faith by appropriate proceedings and as to which the Borrower shall have set aside on its books
adequate reserves. 
 8.6 Default Under Other Agreements or Contracts. Commit to do or fail to commit to do, any act or thing which
would constitute an event of default under any of the terms or provisions of any other agreement, mortgage, deed of trust, contract, indenture, document or instrument executed by it, except those that may be contested in good faith, and would not,
if settled unfavorably, materially and adversely affect the financial condition of the Borrower. 
 8.7 Compliance with Law
Generally. Be in violation in any material respect of any law, ordinance, governmental rules or regulations to which any Borrower is subject and which is material to its business, or fail to obtain any licenses, permits, franchises or other
governmental authorizations necessary to the ownership of the properties of any Borrower or to the conduct of its business, which violation or failure to obtain might materially adversely affect the business, prospects, profits, properties or
condition (financial or otherwise) of any Borrower. 

  
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 8.8 [Intentionally Omitted]. 

8.9 Management. Make any material change in its management or basic business, or 

enter into any merger, reorganization or acquisition transaction, without the express written permission of Lender, which shall not be
unreasonably withheld or delayed. 
 8.10 [Intentionally Omitted]. 

8.11 ]Intentionally Omitted]. 

8.12 Additional Debt of Borrower. Obtain any secondary liens on property in the Collateral without prior approval of Lender, in
Lender’s sole and complete discretion. 
 ARTICLE IX - COLLATERAL 

As security for the full and timely payment of the Note, together with interest thereon, as well as any renewals, modifications or extensions
thereof, and to secure performance of the Loan Documents, each Borrower covenants and agrees to execute and deliver mortgages, deeds of trust, security agreements, assignments, subordination non-disturbance
agreements, and financing statements in favor of Lender, in form and substance acceptable to Lender, granting to Lender a first priority Mortgage, as applicable, in the property comprising the Collateral and a perfected first security interest in
fixtures and personal property described in any such Mortgage, subject to no other liens, encumbrances, or security interests in and to the real property, and related personal property, comprising the Collateral, except for (i) matters shown on
the title insurance policy in favor of Lender issued in connection with the Mortgage, and, (ii) liens for taxes or assessments and similar charges which are not yet due and payable (“Instruments of 

ARTICLE X - DEFAULTS AND REMEDIES 

10.1 Events of Default. If any one or more of the following events (herein called “Events of Default”) shall occur for
any reason whatsoever (and whether such occurrences shall be voluntary or involuntary, or come about or be effected by operation of law or pursuant to or in compliance with any judgment, decree or order of any court, or any order, rule or regulation
of any administrative or governmental body) and not be cured within any applicable cure period afforded by this Section 10.1, then Lender shall be entitled to the remedies set forth in Section 10.2 of this Agreement. The Events of Default
shall include, but not be limited to, the following: 
 (a) Any representation or warranty made herein or in any report, certificate,
financial statement or other instrument furnished by Borrower in connection with this Agreement, or the borrowing hereunder shall prove to be false or misleading in any material respect when made; 

(b) Default shall occur in the payment of interest or principal on any indebtedness referred to herein, specifically including the Note,
within ten (10) days of when and as the same shall become due and payable, whether at the due date thereof or by acceleration or 

  
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otherwise, or failure of the Borrower to make payment of principal or interest on any other obligation for borrowed money owed to Lender, or in the performance of any other agreement, term or
condition contained in any agreement under which any such obligation is created, if the effect of such default is to cause or permit the acceleration of the maturity thereof; 

(c) Any default shall occur in the due observance or performance of any covenant, agreement or other provision of this Agreement or the
Instruments of Security referred to above other than for the payment of money, which is not cured within thirty (30) days after written notice thereof from Lender to Borrower, unless, however, such default cannot through the exercise of
reasonable diligence be cured within such thirty (30) day period, in which case, Borrower shall have such longer period of time as is reasonably necessary to cure such default, but not longer than ninety (90) days in any and all events,
provided that it commences such cure within the initial thirty (30) day period and thereafter diligently prosecutes such cure to completion; 

(d) The Borrower or any Guarantor of the Loan (collectively the “Borrower Group”) shall: (i) apply for or consent to the
appointment of a receiver, trustee in bankruptcy for benefit of creditors, or liquidator of it or any of its property; (ii) admit in writing its inability to pay its debts as they mature; (iii) make a general assignment for the benefit of
creditors; (iv) be adjudicated a bankrupt or insolvent; (v) file a voluntary petition in bankruptcy, or a petition or an answer seeking reorganization or an arrangement with creditors, or seeking to take advantage of any bankruptcy,
reorganization, insolvency, readjustment of debt, dissolution or liquidation law or statute or an answer admitting an act of bankruptcy alleged in a petition filed against it in any proceeding under any such law; (vi) take any action for the
purposes of effecting any of the foregoing; or (vii) die and not be replaced by a substitute acceptable to Lender in its sole discretion within 120 days; 

(e) An order, judgment or decree shall be entered against any person or entity comprising the Borrower, or any one of them, with the
application, approval or consent of the entity by any court of competent jurisdiction, approving a petition seeking its reorganization or appointing a receiver, trustee or liquidator of any such party, or of all or a substantial part of the assets
thereof, and such order, judgment or decree shall continue unstayed and in effect for any period of sixty (60) days from the date of entry thereof; 

(f) Final judgments for the payment of money in excess of an aggregate of Fifty Thousand and No/100 Dollars ($50,000.00), excluding claims
covered by insurance, shall be rendered against the Borrower and the same shall remain undischarged for a period of thirty (30) consecutive days during which execution shall not be effectively stayed, provided that a judgment shall be deemed
“final” only when the time for appeal shall have expired without an appeal having been claimed, or all appeals and further review claimed to have been determined adversely to the Borrower; 

(g) A material adverse change in the financial condition of the Borrower; 

(h) A default in or breach of any covenant in the Loan Documents by Borrower which is not cured within the applicable grace or curative period
therefor. 

  
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 10.2 Remedy. Upon the occurrence of any such Event of Default and after the curative
periods therefor have run, Lender may, at its option, declare all indebtedness of principal and interest due and payable, whereupon the Note, (notwithstanding any provisions hereof) shall be immediately due and payable, and Lender shall have and may
exercise from time to time any and all rights and remedies available to it under any applicable law; and Borrower shall promptly pay all reasonable, actual, documented costs of Lender of collection of any and all liabilities, and enforcement of
rights hereunder, including reasonable attorneys’ fees, and legal expenses of any repairs to any of the Collateral, and expenses of repairs to any realty or other property to which any of the Collateral may be affixed. Actual, reasonable and
documented expenses of retaking, holding, preparing for sale, selling, or the like, shall include Lender’s reasonable attorney’s fees and legal expenses. Upon disposition by Lender of any Collateral of Borrower in which Lender has a
security interest, Borrower shall be and remain liable for any deficiency, and Lender shall account to Borrower for any surplus, and to hold the same as a reserve against all or any liabilities of Borrower to Lender whether or not they, or any of
them be then due, and in such order of application as Lender may, from time to time, elect. All rights, powers and remedies contained herein or in any other agreement, instrument or document executed in connection herewith are cumulative. As to any
default other than failure to pay sums due to Lender, and so long as the Lender’s security is not impaired as determined in Lender’s sole discretion, the afore-referenced curative period will be extended as long as Borrower is exercising
reasonable good faith and diligence in curing such incident of default. 
 In addition to the foregoing, Lender may do any or all of the
following to the maximum extent permitted under the laws of the State of Florida, either in the name of Lender or in the name of Borrower: 
  

	 	(i)	 Enforce all rights of Borrower under any contracts made by Borrower in connection with the Collateral or may,
if Lender deems it advisable, cancel any or all of such contracts. 

  

	 	(ii)	 Take over and use all or any part of the materials, supplies, fixtures, equipment and other personal property
contracted for by Borrower. 

 ARTICLE XI - APPOINTMENT OF A RECEIVER 

In case of default beyond the applicable curative period in any of the terms, covenants and provisions of the Agreement, or upon the institution of suit to
enforce any rights and remedies of Lender hereunder, then Lender shall immediately and without notice, be entitled as a matter of right, and without regard to the value of the Collateral, or the solvency or insolvency of the Borrower, to the
appointment of a Receiver of all assets of Borrower, with the usual powers of Receivers in such cases, said Receiver to continue to act for such period of time as the Court appointing said Receiver may deem just and proper. 

  
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 ARTICLE XII - EXCULPATION / BAD BOY PROVISIONS 

12.1 Borrowers’ Recourse Events. The Loan will be non-recourse to Lender, except for
Lender’s standard carve out for “bad acts”, which include any loss or damage suffered by Lender as a result of the occurrence of any of Borrowers’ Recourse Events (as defined in the Guaranty) and shall include: 

(a) fraud, willful misconduct, intentional misrepresentation or failure to disclose a material fact by or on behalf of Borrower or
Guarantor, in connection with the Loan, including by reason of any claim under the Racketeer Influenced and Corrupt Organizations Act (RICO); 

(b) wrongful removal or destruction of any portion of the Premises (as defined in the Loan Agreement) or damage to the Premises caused
by willful misconduct or gross negligence of Borrower or Guarantor; 
 (c) any physical and intentional waste of the Premises caused
by the actions and/or inactions of Borrower and/or Guarantor; 
 (d) the forfeiture by Borrower of the Premises, or any portion
thereof, because of the conduct of criminal activity by Borrower or Guarantor; 
 (e) the misappropriation or conversion in violation
of the Loan Documents by or on behalf of Borrower of (i) any insurance proceeds paid by reason of any loss, damage or destruction to the Premises, (ii) any Awards or other amounts received in connection with the condemnation of all or a
portion of the Premises, or (iii) any rental amounts or deposits relative to the Premises or (iv) any other funds due under the Loan Documents 

(f) failure to pay charges for labor or materials or other charges that create a lien on any portion of the Premises, to the extend
such lien is not bonded or discharged within one hundred twenty (120) days after filing; 
 (g) failure of Borrower to pay to
Lender upon demand after a Default (as defined in the Loan Agreement) all rents to which Lender is entitled under the Loan Documents and the amount of all security deposits collected by Borrower from income from the Premises, if any; 

(h) failure to pay real estate taxes or transfer taxes applicable to the Premises to the extent there is available cash flow from the
Premises to pay for the same; and/or 
 (i) failure to obtain and maintain the necessary insurance required pursuant to the Loan
Agreement. 
 12.2 Exculpation. Subject to the occurrence of any of Borrowers’ Recourse Events, Lender shall not enforce the
liability and obligation of Borrower to perform and observe the obligations contained in the Loan Documents by any action or proceeding wherein a money judgment shall be sought against Borrower, Borrowers’ direct or indirect constituent
partners, shareholders, members, principals, officers, agents, or employees, except for the limited recourse provisions of the Guaranty, except that Lender may bring a foreclosure action, an action for

  
 12 

 
specific performance or any other appropriate action or proceeding to enable Lender to enforce and realize upon its interest and rights under the Loan Documents, or in the Premises, the rents or
any other collateral given to Lender pursuant to the Loan Documents; provided, however, that, except as specifically provided herein, any judgment in any such action or proceeding shall be enforceable against Borrower only to the extent of
Borrowers’ interest in the Property, in the rents and in any other collateral given to Lender, and Lender shall not sue for, seek or demand any deficiency judgment against Borrower in any such action or proceeding under or by reason of or under
or in connection with any Loan Document. The provisions of this Section 12.2 shall not, however, (i) constitute a waiver, release or impairment of any obligation evidenced or secured by any Loan Document; (ii) impair the right of
Lender to name Borrower as a party defendant in any action or suit for foreclosure and sale under the Mortgage; (iii) affect the validity or enforceability of any of the Loan Documents or the Guaranty made in connection with the Loan or any of
the rights and remedies of Lender thereunder; (iv) impair the right of Lender to obtain the appointment of a receiver; (v) impair the enforcement of the Assignment of Leases and Rents; (vi) constitute a prohibition against Lender to
commence any other appropriate action or proceeding in order for Lender to fully realize the security granted by the Mortgage or to exercise its remedies against the Property; or (vii) constitute a waiver of the right of Lender to enforce the
liability and obligation of Borrower, by money judgment or otherwise, to the extent of any loss, damage, cost, expense, liability, claim or other obligation incurred by Lender (including attorneys’ fees and costs reasonably incurred) arising
out of or in connection with the occurrence of any of Borrowers’ Recourse Events. 
 ARTICLE XIII - MISCELLANEOUS 

13.1 Notices. All notices which are required or permitted hereunder must be in writing and shall be deemed to have been given,
delivered or made, as the case may be (notwithstanding lack of actual receipt by the addressee) (i) when delivered by personal delivery, (ii) three (3) days after having been deposited in the United States mail, certified or registered,
return receipt requested, sufficient postage affixed and prepaid, or (iii) one (1) day after having been deposited with an expedited, overnight courier service (such as Federal Express), addressed to the party to whom notice is intended to be
given at the address set forth below. 
  

					
	      	 	If to Borrower:	  	 GIPIL 525 S PERRYVILLE RD, LLC 
Attn: David E. Sobelman, President 
401 E. Jackson Street, Suite 3300 
Tampa, Florida 33602

 
 SUNNY RIDGE MHP LLC

Attn: Richard N. Hornstrom, Managing Member
 1002 Locke Street

Avon Park, Florida 33825

			
		 	If to Guarantor:	  	 GENERATION INCOME PROPERTIES, L.P.,
 Generation
Income Properties, Inc., General Partner
 Attn: David E. Sobelman, President

401 E. Jackson Street, Suite 3300
 Tampa, Florida 33602

Attn: David E. Sobehnan, President

  
 13 

					
	       
 

	 	 If to Borrower

or Guarantor, with
 copy to:
	  	  
  

TRENAM LAW
 200 Central Avenue, Suite 1600 
St. Petersburg,
Florida 33701 
Attention: Tim Hughes, Esquire

			
		 	If to Lender:	  	 AMERICAN MOMENTUM BANK 
Attention: Commercial Loan Department 
500 South Washington Boulevard

Sarasota, Florida 34236

			
		 	If to Lender, with copy to:	  	  
 BUCHANAN INGERSOLL & ROONEY PC

401 E. Jackson Street, Suite 2400
 Tampa, Florida 33602

Attention: Leonard H. Johnson, Esquire.

 13.2 Survival of Representations. All covenants, agreements, representations and warranties made herein
and in the certificates delivered pursuant hereto shall survive the making by Lender of the Loan herein contemplated and the execution and delivery to Lender of the Note evidencing such Loan and shall continue in full force and effect so long as any
indebtedness created hereunder is outstanding and unpaid. All covenants and agreements by or on behalf of either party which are contained or incorporated in this Agreement shall bind and inure to the benefit of the successors and assigns of both
parties hereto. 
 13.3 Effect of Delay. Neither any failure nor any delay on the part of Lender in exercising any right, power or
privilege hereunder or under the Note shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise or the exercise of any other right, power or privilege. 

13.4 Expenses. The Borrower will pay all out-of-pocket
and documented expenses reasonably incurred by Lender in connection with the preparation of this Agreement, the borrowings hereunder, and the enforcement of the rights of Lender in connection with this Agreement, or with the Loan made or the Note
issued hereunder, including but not limited to the fees of and expenses of counsel for Lender. 
 13.5 Modification and Waivers. No
modification or waiver of any provision of this Agreement or of the Note nor consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be in writing, and then such waiver or consent shall be effective
only in the specific instance and for the purpose for which given. No notice to or demand on the Borrower in any case shall thereby entitle the Borrower to any other or further notice or demand in the same, similar or other circumstances. 

13.6 Business Day. Should any installment on the Note become due and payable on other than a business day of the Lender, the maturity
thereof shall be extended to the next succeeding business day with interest on the principal amount thereof at the rate set forth herein. 

  
 14 

 13.7 Remedies Cumulative. Any rights or remedies of the Lender hereunder or under the
Note, or any other security agreement or writing shall be cumulative and in addition to every other right or remedy contained therein or herein, whether now existing or hereafter at law or in equity or by statute or otherwise. 

13.8 Binding Agreement. This Agreement shall be binding upon the parties hereto and their successors and assigns and the terms hereof
shall inure to the benefit of Lender and its successors and assigns. 
 13.9 Exhibits. All references to “Exhibits”
contained herein are references to exhibits attached to the Agreement, the terms and conditions of which are made a part hereof for all purposes, the same as if set forth herein verbatim. 

13.10 Number and Gender of Words. Whenever herein the singular number is used, the same shall include the plural where appropriate, and
words of any gender shall include each other gender where appropriate. 
 13.11 Captions. The captions, headings, and arrangements
used in this Agreement are for convenience only and do not in any way affect, limit, amplify, or modify the terms and provisions hereof. 

13.12 Invalid Provisions. If any provision of this Agreement is held to be illegal, invalid, or unenforceable under present or future
laws effective during the term of this Agreement, such provision shall be fully severable; this Agreement shall be construed and enforced as if such illegal, invalid, or unenforceable provision had never comprised a part. 

13.13 All Loans One Loan. All loans and/or advances made hereunder shall constitute one loan and the obligations of such loans and/or
advances shall constitute one obligation secured by the Collateral provided for herein. 
 13.14 Governing Law. All documents
executed pursuant to the transactions contemplated herein, including, without limitation, this Agreement and each of the Loan Documents, shall be deemed to be contracts made under, and for all purposes shall be construed in accordance with the
internal laws and judicial decisions of the State of Florida even if executed outside thereof; provided that this Section 13.14 shall not affect the applicability of, and interpretation or construction of, appropriate terms and provisions under
the laws of any jurisdiction which govern the security interests, including mortgages, deeds of trust, and/or deeds to secure debt in any of the Collateral relating to real property, and related pledged personal property, which is within the
Collateral and located outside of the State of Florida. The Borrower hereby submits to the jurisdiction and venue of the state and federal courts of Florida for the purposes of resolving disputes hereunder or for the purposes of collection. 

13.15 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original. 

13.16. WAIVER OF JURY TRIAL. BORROWER AND LENDER AGREE THAT, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ANY SUIT, ACTION OR PROCEEDING,
WHETHER CLAIM OR COUNTERCLAIM, BROUGHT BY LENDER OR BORROWER, ON OR WITH RESPECT TO THIS LOAN AGREEMENT OR ANY 

  
 15 

 
OTHER LOAN DOCUMENT OR THE DEALINGS OF THE PARTIES WITH RESPECT HERETO OR THERETO, SHALL BE TRIED ONLY BY A COURT AND NOT BY A JURY. LENDER AND BORROWER HEREBY KNOWINGLY, VOLUNTARILY,
INTENTIONALLY AND INTELLIGENTLY AND WITH THE ADVICE OF THEIR RESPECTIVE COUNSEL, WAIVE, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT TO A TRIAL BY JURY IN ANY SUCH SUIT, ACTION OR PROCEEDING. FURTHER, BORROWER WAIVES ANY RIGHT IT MAY HAVE TO
CLAIM OR RECOVER, IN ANY SUCH SUIT, ACTION OR PROCEEDING, ANY SPECIAL, EXEMPLARY, PUNITIVE, CONSEQUENTIAL OR OTHER DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES. BORROWER ACKNOWLEDGES AND AGREES THAT THIS SECTION IS A SPECIFIC AND MATERIAL
ASPECT OF THIS LOAN AGREEMENT AND THAT LENDER WOULD NOT EXTEND CREDIT TO BORROWER IF THE WAIVERS SET FORTH IN THIS SECTION WERE NOT A PART OF THIS LOAN AGREEMENT. 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement the day and year first above set forth. 

[Signature Page to Follow — This Space Left Blank Intentionally] 

  
 16 

									
	Signed and witnessed in the presence of:	 		 	LENDER:
				
		 		 		 	AMERICAN MOMENTUM BANK
					
		 		 		 	By:	 	 /s/ Porter Smith

	  
	 	, Witness	 		 		 	Porter Smith
	Print or type your name here	 		 		 	Its:	 	Tampa Bay Market President
				
	  
	 		 		 	(Seal)                
					
	  
	 	, Witness	 		 		 	
	Print or type your name here	 		 		 		 	

  
 17 

									
		 		 	BORROWER:
				
		 		 		 	 GIPIL 525 S PERRYVILLE RD, LLC,

a Delaware limited liability company

					
		 		 		 	By:	 	 /s/ David E. Sobelman

	  
	 	, Witness	 		 		 	David E. Sobelman
	Print or type your name here	 		 		 	Its:	 	President
				
	 /s/    ARLENE Ids
BRYSON                            
	 		 		 	(Seal)                
					
	 ARLENE Ids BRYSON
	 	, Witness	 		 		 	
	Print or type your name here	 		 		 		 	

  

									
		 		 		 	 SUNNY RIDGE MHP LLC,

a Florida limited liability company

					
		 		 		 	By:	 	 /s/ Richard N. Homstrom

	  
	 	, Witness	 		 		 	Richard N. Homstrom
	Print or type your name here	 		 		 	Its:	 	Managing Member
				
	 /s/    ARLENE M.
BRYSON                            
	 		 		 	(Seal)                
					
	 ARLENE M. BRYSON
	 	, Witness	 		 		 	
	Print or type your name here	 		 		 		 	

  
 18 

									
		 		 		 	GUARANTOR:
				
		 		 		 	GENERATION INCOME PROPERTIES, L.P., a Delaware limited partnership
					
		 		 		 	By:	 	Generation Income Properties, Inc.,
		 		 		 		 	a Maryland corporation
		 		 		 	Its:	 	General Partner
					
		 		 		 	By:	 	 /s/ David E. Sobelman

		 		 		 		 	David E. Sobelman
	Print or type your name here	 		 		 	Its:	 	President
	 (Seal)

 
	 		 		 	
	Print or type your name here	 		 		 		 	

  
 19EX-10.43

 Exhibit 10.43 

LIMITED LIABILITY COMPANY AGREEMENT OF 

GIPIL 525 S PERRYVILLE RD, LLC 

Dated as of August 2, 2021 

This LIMITED LIABILITY COMPANY AGREEMENT (the “Agreement”) of GIPIL 525 S PERRYVILLE RD, LLC (the
“Company”), a Delaware limited liability company, is entered into this 2nd day of August 2021 by Generation Income Properties, L.P., a Delaware limited partnership, as managing member (“GIPLP”, “Common
Member”, or “Manager”), and Richard N. Hornstrom, an individual (“Hornstrom”) (the “Preferred Member”). GIPLP and the Preferred Member are each a Member. 

RECITALS: 
 WHEREAS, the Company
was or shall be formed as a limited liability company pursuant to the provisions of the Act by the filing of a certificate of formation (the “Certificate”) in the office of the Delaware Secretary of State on or about July 21,
2021; 
 WHEREAS, the Company desires to purchase an undivided interest in real estate property using equity from the Members and debt; and

 WHEREAS, the Company and the Members desire to enter into this Agreement in order to set forth their mutual agreements regarding the
terms on which the Company shall be owned and operated. 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained and
other valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto do hereby agree as follows: 

ARTICLE I 
 General
Provisions 
 Section 1.01 Formation. On July 21, 2021, a Certificate of Formation was filed in the office of the
Secretary of State of the state of Delaware in accordance with and pursuant to the Act. The rights, powers, duties, obligations, and liabilities of the Members shall be determined pursuant to the Delaware Act and this Agreement. To the extent that
the rights, powers, duties, obligations, and liabilities of any Member are different by reason of any provision of this Agreement than they would be under the Act in the absence of such provision, this Agreement shall, to the extent permitted by the
Act, control. 
 Section 1.02 Name and Place of Business. The name of the Company shall be GIPIL 525 S PERRYVILLE RD, LLC, and
its principal place of business shall be 401 East Jackson Street, Suite 3300, Tampa, FL 33602. The Manager may change such name, change such place of business or establish additional places of business of the Company as the Manager may determine to
be necessary or desirable. 

  
 1 

 Section 1.03 Business and Purpose of the Company. The purpose of the
Company is to (i) either directly or through a wholly-owned subsidiary, acquire, own, finance, refinance, rehab, develop, lease, operate, manage, hold for investment, exchange, sell, dispose of, and transfer the Property (as defined below), and
(ii) engage in any other activities relating or incidental thereto as may be necessary to accomplish such purpose. The Company may not engage in any business unrelated to its purpose without the prior written consent of each Preferred Member.

 Section 1.04 Term. The Company shall commence upon the filing of a Certificate of Formation for the Company in accordance
with the Act, and shall continue until dissolved in accordance with this Agreement. 
 Section 1.05 Required Filings. The
Manager shall execute, acknowledge, file, record, amend and/or publish such certificates and documents, as may be required by this Agreement or by law in connection with the formation and operation of the Company. 

Section 1.06 Registered Office and Registered Agent. The Company’s initial registered office and initial registered agent
shall be as provided in the Certificate of Formation. The registered office and registered agent may be changed from time to time by the Manager by filing the address of the new registered office and/or the name of the new registered agent pursuant
to the Act. 
 Section 1.07 Certain Transactions. Any Manager, Member, or any Affiliate thereof, or any shareholder, officer,
director, employee, partner, member, manager or any Person owning an interest therein, may engage in or possess an interest in any other business or venture of any nature or description, whether or not competitive with the Company, including, but
not limited to, the acquisition, syndication, ownership, financing, leasing, operation, maintenance, management, brokerage, construction and/or development of property similar to the Property and no Manager, Member or any Affiliate, or other Person
shall have any interest in such other business or venture by reason of their interest in the Company. 
 Section 1.08 Defined
Terms. Terms not otherwise defined herein shall have the meaning ascribed to them in the Glossary attached hereto as Exhibit A and incorporated herein by reference. 

ARTICLE II 
 Members;
Capital Accounts; Financing Transactions 
 Section 2.01 Members. GIPLP and each Preferred Member are hereby
admitted as members in the Company. The respective names, class of interest, and Capital Contribution and date of Capital Contribution shall be reflected in Schedule A attached hereto. The Manager shall have the authority to amend Schedule
A from time to time to reflect any changes, in accordance with the terms of this Agreement or any changes to the information set forth thereon. Except as otherwise provided by this Agreement or as otherwise required by the Delaware Act or
Applicable Law, each Member shall be entitled to one vote per Class A Common Unit on all matters upon which the Members shall have the right to vote under this Agreement, and the Class A Preferred Units shall not entitle the holders
thereof to vote on any matters required or permitted to be voted on by the Members. Meetings of the Members may be called by (i) the Board or (ii) by a Member or group of Members holding more than 20% of the then-outstanding

  
 2 

 
Class A Common Units. Written notice stating the place, date, and time of the meeting and, in the case of a meeting of the Members not regularly scheduled, describing the purposes for which
the meeting is called, shall be delivered not fewer than ten (10) days and not more than thirty (30) days before the date of the meeting to each Class A Common Unit holder, by or at the direction of the Board or the Member(s) calling
the meeting, as the case may be. The Class A Common Unit Members may hold meetings at the Company’s principal office or at such other place as the Board or the Member(s) calling the meeting may designate in the notice for such meeting. Any
Class A Common Member may participate in a meeting of the Members by means of conference telephone or other communications equipment by means of which all Persons participating in the meeting can hear each other, and participation in a meeting
by such means shall constitute presence in person at such meeting. The business to be conducted at such meeting need not be limited to the purpose described in the notice. A quorum of any meeting of the Class A Common Members shall require the
presence of the Members holding a majority of the Class A Common Units held by all Members. Notwithstanding the provisions of this Section, any matter that is to be voted on, consented to, or approved by the Class A Common Members may be
taken without a meeting, without prior notice and without a vote if consented to, in writing or by email, by a Member or Members holding not less than a majority of the Class A Common Units held by all Members. 

Section 2.02 Members’ Interest. The Membership Interest of the Members shall be represented by issued
and outstanding units of membership interest (“Units”), which may be divided into one or more types, classes or series. Each type, class or series of Units shall have the privileges, preference, duties, liabilities, obligations and
rights, including voting rights, if any, set forth in this Agreement with respect to such type, class or series. The Units of the Company shall initially be of two (2) types: “Class A Preferred Units” and “Class A
Common Units.” 
 Section 2.03 Capital. The capital of the Company shall consist of the amounts contributed to the Company
pursuant to this Article II 
 Section 2.04 Initial Capital. The Company requires capital to fulfill its obligation to fund the
purchase of an undivided ownership interest in the Property (the “TIC Interest”). Each Member shall make on or before the Closing Date of the TIC Interest (or has made), in accordance with their respective required Capital
Contribution and the provisions below, Capital Contributions consisting of the following: 
 (a) Preferred Member Capital
Contribution. Hornstrom shall contribute an amount of $650,000 of the Initial Capital Contribution agreed to by the Members and his Capital Account shall be credited with such amount and the Preferred Member shall receive his Membership Interest as
set forth in Section 2.04(b)(i) in exchange. 
 (b) Generation Income Properties, L.P. Capital Contribution. GIPLP shall
contribute an amount equal to approximately $50,000 of the Initial Capital Contribution agreed to by the Members and its Capital Account shall be credited with such amount and GIPLP shall receive its Membership Interest as set forth in
Section 2.04(b)(ii) in exchange. 
 (i) Class A Preferred Units. Authorization and Issuance. Subject to compliance with Article
IV, each Preferred Member has committed to the Company, subject to Section 2.04(a) of this Agreement, an Initial Capital Contribution equal to the amount as reflected in Schedule A of this Agreement (subject to a final determination and
adjustment on or before the 

  
 3 

 
Closing Date). The Company is hereby authorized to issue a class of Units designated as Class A Preferred Units. Class A Preferred Units issued shall, upon issuance thereof and full
payment of each Preferred Member’s Capital Contribution commitments therefor, be deemed to be duly authorized, validly issued, fully paid and nonassessable. A total of the number of Class A Preferred Units, as reflected in Schedule
A of this Agreement (subject to a final determination and adjustment on or before the Closing Date) are hereby authorized for issuance by the Company, each at a price of $ 10.00 per Class A Preferred Unit, which if fully issued and full
payment therefor received shall represent the total Capital Contribution, reflected in Schedule A of this Agreement (subject to a final determination and adjustment on or before the Closing Date), of the applicable Preferred Member. The
Company shall pay a Preferred Return to each Preferred Member, on a monthly basis and subject to this Agreement. 
 (ii) Class A Common
Units. Authorization and Issuance. Subject to compliance with Article IV, GIPLP has committed to the Company, subject to Section 2.04(b) of this Agreement, an Initial Capital Contribution equal to the amount as reflected in Schedule A of
this Agreement (subject to a final determination and adjustment on or before the Closing Date). The Company is hereby authorized to issue a class of Units designated as Class A Common Units. Class A Common Units issued shall, upon issuance
thereof and full payment of Capital Contribution commitments therefor, be deemed to be duly authorized, validly issued, fully paid and nonassessable. A total of the number of Class A Common Units, as reflected in Schedule A of this Agreement
(subject to a final determination and adjustment on or before the Closing Date) are hereby authorized for issuance by the Company, each at a price of $1.00 per Class A Common Unit, which if fully issued and full payment therefor received shall
represent the total Capital Contribution, reflected in Schedule A of this Agreement (subject to a final determination and adjustment on or before the Closing Date), of the Common Member. 

Section 2.05 Capital Commitments. 

(a) Agreement to Contribute Capital. The Members agree to make their respective Capital Contributions on or before the Closing
of the TIC Interest. In the event additional capital is required by the Company, the Manager shall, in its sole discretion, take one or more of the following actions: 

(i) cause the Company to obtain such additional funds from each Preferred Member and the Common Members in accordance with the
terms hereof; 
 (ii) cause the Company to obtain funds from additional investors; and 

(iii) cause the Company to seek to borrow the required additional funds from any third-party lender. 

  
 4 

 Section 2.06 Default by Members. Each Member agrees that: (i)
payment of its required Capital Contributions and amounts required under this Agreement when due is of the essence, and is to be made absolutely and unconditionally in each case without any set-off,
withholding, counterclaim, defense or reduction; (ii) any Default by any Member would cause injury to the Company and to the other Members; and (iii) that the amount of damages caused by any such injury would be extremely difficult to
calculate. Upon the occurrence of a Default, the Manager may take such actions as it determines, in its sole discretion, are reasonable and appropriate with respect to the Default. 

Section 2.07 Additional Capital Contributions. If the Manager determines that the Company requires cash in addition to the
Capital Contributions set forth in this Agreement in order to carry out the purposes of this Agreement or to carry on the business of the Company, no more than 30 days after such determination, the Members may, but have no obligation, to agree to or
make any additional contributions of additional capital; and the Manager may obtain additional financing from new investors after a written indication by each Member of the Member’s decision not to provide additional Capital Contribution;
provided, however, that the Manager shall be required to obtain the prior approval of each Preferred Member to accept additional Capital Contributions or obtain additional financing, in each case in excess of $100,000, which approval shall not be
unreasonably withheld, conditioned or delayed, and which will be deemed provided if the additional financing or additional Capital Contribution is to be used to redeem the Preferred Member’s Class A Preferred Units and is actually used for
such purpose. The Members acknowledge and agree that if a Member decides not to contribute Additional Capital Contributions, such Member’s Membership Interest may be decreased based on the Additional Capital Contributions of the other Members.
Notwithstanding the Manager’s right to accept additional financing from new investors or accept additional Capital Contributions in amounts less than $100,000, the Manager may not issue any new Membership Interests or obtain new financing in
any amount without each Preferred Member’s prior consent in the event the new Membership Interests or the terms of the new financing would negatively affect the Preferred Member’s preferential right to distributions or redemption rights.

 Section 2.08 Additional Member Capital Contributions. (a) Subject to complying with the terms of
Section 2.07, the Manager shall have the right to admit one or more Persons as members of the Company (each an “Additional Member”) with such rights and obligations as the Manager shall determine. Upon admission of any new
Member (i) such Member shall be designated as a Preferred Member, Common Member or such other classification as the Manager shall elect based on such new Member’s rights and obligations hereunder and (ii) subject to Sections 9.03
hereof, the Manager is authorized to amend this Agreement without any further action on the part of any other Member to reflect the admission of such new Member and its rights and obligations hereunder. Subject to the Act and this Section 2.08,
any Membership Interest issued to Additional Members may be issued in one or more classes, or one or more series of any of such classes, with such designations, preferences and relative, participating, optional or other special rights, powers and
duties as shall be determined by the Manager, in its sole and absolute discretion without the approval of any Member, and set forth in this Agreement or a written document thereafter attached to and made an exhibit to this Agreement (each, a
“Membership Interest Designation”); provided, that that material terms of any Membership Interest Designation shall be set forth in any Additional Member Notice. Without limiting the generality of the foregoing, the Manager shall
have authority to specify (a) the allocations of items of Company income, gain, loss, deduction and credit to each such class or series of Membership Interest; (b) the right of each such class or series of Membership Interest to share in
Company distributions; (c) the rights of each such 

  
 5 

 
class or series of Membership Interest upon dissolution and liquidation of the Company; (d) the voting rights, if any, of each such class or series of Membership Interest; and (e) the
conversion, redemption or exchange rights applicable to each such class or series of Membership Interest; provided, however, that none of the foregoing shall reduce the Preferred Return for the Preferred Members of twelve percent (12%)
IRR set forth in Section 4.03(c). 
 Section 2.09 Capital Accounts. A Capital Account shall be established and maintained
for each Member in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv). 
 (a) To
each Member’s Capital Account there shall be credited the amount of cash and the initial Gross Asset Value of any other property contributed by such Member as Capital Contributions to the Company, all Net Profits allocated to such Member
pursuant to Section 3.01 and any items of income and gain that are specially allocated to such Member pursuant to Sections 3.02 and 3.03, and the amount of any Company liabilities assumed by such Member or which are secured by any property of
the Company distributed to such Member (but only to the extent such liabilities are to be credited pursuant to the Treasury Regulations). 

(b) To each Member’s Capital Account there shall be debited the amount of cash and the Gross Asset Value of any property of the Company
distributed to such Member pursuant to any provision of this Agreement, all Net Losses allocated to such Member pursuant to Section 3.01 and any items of loss and deduction that are specially allocated to such Member pursuant to Sections 3.02
and 3.03, and the amount of any liabilities of such Member assumed by the Company or which are secured by any property contributed by such Member to the Company (but only to the extent such liabilities are to be debited pursuant to the Treasury
Regulations). 
 (c) Upon a transfer of any Membership Interest (or portion thereof) in accordance with the terms of this Agreement, the
transferee shall succeed to the Capital Account of the transferor to the extent it relates to the transferred Membership Interest (or portion thereof). 

(d) The Manager may cause the Capital Accounts of the Members to be adjusted to reflect any revaluation(s) of any one or more Company assets
made pursuant to, and in accordance with, the definition of Gross Asset Value and, further, in accordance with the provisions of Treasury Regulations Sections 1.704-1(b)(2)(iv)(f) and (g) (with such provisions
being incorporated herein by reference). 
 Section 2.10 Return of Capital. Except as otherwise agreed by the Members, or as
otherwise specifically provided herein, no Member shall be entitled to demand the return of, or to withdraw, any part of his Capital Contribution or any balance in his Capital Account, or to receive any distribution, except as provided for in this
Agreement. 
 Section 2.11 Interest on Capital. No interest shall be payable on any Capital
Contributions made to the Company. 
 Section 2.12 Member Loans. Any Member may make a Member Loan to the
Company only with the approval of the Members. Member Loans shall be repaid in advance of amounts distributable to Members pursuant to Section 4.01, but shall be subordinated to payments of third party debt. 

Section 2.13 No Obligation to Restore. The Manager shall have no obligation to restore a negative balance in its
Capital Account. 

  
 6 

 ARTICLE III 

Allocations of Profits and Loss 

Section 3.01 Allocations of Net Profits and Net Losses. After giving effect to the special allocations and
limitations set forth in Sections 3.02 and 3.03, Net Profits and Net Losses (and/or each and any of the items of income, gain, losses and deductions entering into the computation thereof) for any fiscal year or other relevant period shall be
allocated to and among the Members in such manner that the Manager shall determine will result in the Capital Account balance for each Member (which balance may be positive or negative), after adjusting the Capital Account for all Capital
Contributions and distributions and any special allocations required pursuant to this Agreement for the current and all prior fiscal years and other periods being (as nearly as possible) equal to the amount that would be distributed to the Member if
the Company were to sell all of its assets at their current Gross Asset Value, pay all liabilities of the Company, and distribute the proceeds thereof in accordance with Section 4.03. Net Losses allocated pursuant to this
Section 3.01 to a Member shall not exceed the maximum amount of Net Losses that can be allocated without causing such Member to have an Adjusted Capital Account Deficit at the end of any fiscal year or other relevant period. In the event that
some but not all of the Members would have an Adjusted Capital Account Deficit as a consequence of an allocation of Net Losses pursuant to this Section 3.01, the limitations set forth herein shall be applied on a Member-by-Member basis and Net
Losses not allocable to any Member as a result of such limitation shall be allocated to the other Members in accordance with the positive balances in such Members’ Capital Accounts so as to allocate the maximum permissible Net Losses to each
Member under Treasury Regulations Section 1.704-1(b)(2)(ii)(d). 
 Section 3.02 Special
/ Regulatory Allocation. The following special allocations shall be made to the Members in the following order and priority: 

(a) Member Nonrecourse Debt Minimum Gain Chargeback. Except as otherwise provided in
Section 1.704-2(i)(4) of the Treasury Regulations, notwithstanding any other provision of this Article III , if there is a net decrease in “partner nonrecourse debt minimum gain” (as defined in
Treasury Regulations Section 1.704-2(i)(2) attributable to “partner nonrecourse debt (as defined in Treasury Regulations Section 1.704-2(b)(4)) during any
fiscal year or other relevant period, each Member who or that has a share of the partner nonrecourse debt minimum gain attributable to such partner nonrecourse debt, determined in accordance with
Section 1.704-2(i)(5) of the Treasury Regulations, shall be specially allocated items of Company income and gain for such fiscal year or other relevant period (and, if necessary, subsequent fiscal years
and periods) in an amount equal to such Member’s share of the net decrease in partner nonrecourse debt minimum gain attributable to such partner nonrecourse debt, determined in accordance with Treasury Regulations
Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items to be so
allocated shall be determined in accordance with Sections 1.704-2(i)(4) and 1.704-2(j)(2) of the Treasury Regulations. This Section 3.02(a) is intended to comply
with the minimum gain chargeback requirement in Section 1.704-2(i)(4) of the Treasury Regulations and shall be interpreted consistently therewith. 

  
 7 

 (b) Minimum Gain Chargeback. Except as otherwise provided in
Section 1.704-2(f) of the Treasury Regulations, notwithstanding any other provision of this Section 3.02, if there is a net decrease in “partnership minimum gain” (as defined in Treasury
Regulations Section 1.704-2(b)(2) during any fiscal year or other relevant period, each Member shall be specially allocated items of Company income and gain for such fiscal year or other relevant period
(and, if necessary, subsequent fiscal years and other periods) in an amount equal to such Member’s share of the net decrease in partnership minimum gain, determined in accordance with Treasury Regulations
Section 1.704-2(g). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items to be so
allocated shall be determined in accordance with Sections 1.704-2(f)(6) and 1.704(j)(2) of the Treasury Regulations. This Section 3.02(b) is intended to comply with the minimum gain chargeback requirement
in Section 1.704-2(f) of the Treasury Regulations and shall be interpreted consistently therewith. 

(c) Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in
Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) or 1.704-1(b)(2)(ii)(d)(6) which causes or
increases an Adjusted Capital Account Deficit of such Member, items of Company income and gain shall be specially allocated to such Members in an amount and manner sufficient to eliminate any such Adjusted Capital Account Deficit as quickly as
possible. This Section 3.02(c) is intended to qualify as a “qualified income offset” within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted
consistently therewith. 
 (d) Member Nonrecourse Deductions. Any “partner nonrecourse deductions” (as defined in Treasury
Regulations Section 1.704-2(i)(1)) for any fiscal year or other relevant period shall be specially allocated to the Member who bears the economic risk of loss with respect to the “partner nonrecourse
debt” (as defined in Treasury Regulations Section 1.704-2(b)(4)) to which such partner nonrecourse deductions are attributable in accordance with Treasury Regulations
Section 1.704-2(i)(1). 
 (e) Nonrecourse Deductions. “Nonrecourse deductions” (as
defined in Treasury Regulations Section 1.704-2(b)(1)) shall be allocated to the Members in proportion to their respective Percentage Interests. 

(f) Section 754 Adjustments. To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Code
Section 734(b) or 743(b) is required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) or Treasury Regulations
Section 1.704-1(b)(2)(iv)(m)(4), to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment
increases the basis of the asset) or loss (if the adjustment decreases such basis) and such gain or loss shall be specially allocated among the Members in a manner consistent with the manner in which each of their respective Capital Accounts are
required to be adjusted pursuant to such section of the Treasury Regulations. 
 Section 3.03 Curative
Allocations. The allocations set forth in Sections 3.01(c) and 3.02 (the “Regulatory Allocations”) are intended to comply with certain requirements of the Treasury Regulations. It is the intent of the Members that, to the extent
possible, all Regulatory Allocations shall be offset either with other Regulatory Allocations or with special allocations of other items of Company income, gain, loss, or deduction pursuant to this Section 3.03. Therefore, notwithstanding any
other provision of this Article III (other than the Regulatory Allocations), the Manager shall make such offsetting special allocations of Company income, gain, loss, or deduction in whatever manner it determines appropriate so that, after such
offsetting 

  
 8 

 
allocations are made, each Member’s Capital Account balance is, to the extent possible, equal to the Capital Account balance such Member would have had if the Regulatory Allocations were not
part of the Agreement and all Company items were allocated pursuant to Section 3.01. In exercising its discretion under this Section 3.03, the Manager shall take into account future Regulatory Allocations that, although not yet made, are
likely to offset other Regulatory Allocations previously made. 
 Section 3.04 Tax Allocations. 

(a) General. For each fiscal year or other relevant period, items of income, deduction, gain, loss or credit shall be allocated
for United States federal, and state and local, income tax purposes to and among the Members in the same manner as their corresponding book items are allocated to the Members pursuant to Sections 3.01, 3.02 and 3.03 hereof for such fiscal year or
other relevant period, as modified by subsections (b) through (d) below: 
 (b) Section 704(c) Allocations. In
accordance with Code Section 704(c) and the Treasury Regulations promulgated thereunder, Company income, gain, loss, and deduction with respect to any asset contributed to the capital of the Company shall, solely for tax purposes, be allocated
to and among the Members so as to take account of any variation between the Company’s adjusted tax basis in such asset for United States federal income tax purposes and the Gross Asset Value of the asset using any method (or methods) that the
Manager determines to use and which is permitted under Code Section 704(c) and the Treasury Regulations thereunder. 

(c) Reverse Section 704(c) Allocations. In the event the Gross Asset Value of any Company asset is adjusted pursuant to
clauses (b) or (d) of the definition of “Gross Asset Value,” subsequent allocations of Company income, gain, loss and deduction with respect to such asset shall take account of any variation between the Gross Asset Value of such asset
immediately before such adjustment and its Gross Asset Value immediately after such adjustment using any method (or methods) that the Manager shall determine to use and which is permitted under Code Section 704(c) and the Treasury Regulations
thereunder. 
 (d) Recapture Income. Depreciation and amortization recapture, if any, resulting from any sales or
dispositions of tangible or intangible depreciable or amortizable property of the Company shall be allocated to and among the Members in the same proportions that the depreciation or amortization being recaptured was allocated to and among the
Members to the maximum extent permissible under the Treasury Regulations. 
 (e) Other. Any elections or other decisions
relating to allocations under this Section 3.04 will be made by the Manager. Allocations under this Section 3.04 are solely for purposes of United States federal, state and local taxes and will not affect, or in any way be taken into
account in computing, any Member’s Capital Account or share of Net Profits or Net Losses or other items or distributions under any provision of this Agreement. 

Section 3.05 Allocation in Event of Transfer. If there is a change in any
Member’s interest in the Company, whether by reason of a transfer of such interest, the admission of a new Member or otherwise, during any fiscal year or other relevant period, Net Profits, Net Losses and items thereof for such fiscal year or
other relevant period shall be allocated using such method(s) that the Manager shall determine to use and which is permissible under Section 706(d) of the Code and the Treasury Regulations thereunder. 

  
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 ARTICLE IV 

Distributions 

Section 4.01 General. The Manager shall have sole discretion regarding the amounts and timing of distributions of Distributable
Operating Funds and Distributable Capital Transaction Proceeds to Members, including to decide to forego distributions in order to provide for the retention and establishment of reserves of, or payment to third parties of, such funds as the Manager
deems necessary with respect to the reasonable business needs of the Company (which needs may include the payment or the making of provision for the payment when due of the Company’s obligations, including, but not limited to, present and
anticipated debts and obligations, capital needs and expenses, the payment of any management or administrative fees and expenses, and reasonable reserves for contingencies); provided, that to the extent there are sufficient Distributable Operating
Funds or Distributable Capital Transaction Proceeds to do so, the Preferred Return shall be distributed monthly. 
 Section 4.02
Distributable Operating Funds. Distributable Operating Funds shall be distributed as follows: 
 (a) First, to each
Preferred Member, until the Unpaid Preferred Return of each such Preferred Member shall equal, or otherwise be reduced to, zero; 
 (b)
Thereafter, 100% to the Common Member. 
 Section 4.03 Distributable Capital Transaction Proceeds. Distributable Capital
Transaction Proceeds shall be distributed to the Members as follows: 
 (a) First, to each Preferred Member, until the Unpaid Preferred
Return of each such Preferred Member shall equal, or otherwise be reduced to, zero; 
 (b) Then, to the Preferred Members and the Common
Member, in proportion to their respective Unreturned Capital Contributions, until the Unreturned Capital Contributions of each Preferred Member and of the Common Member shall equal, or otherwise be reduced to, zero; 

(c) Then, to the Preferred Members in the amount needed to cause the aggregate distributions made to Preferred Members pursuant to
Section 4.02 and 4.03 to achieve a 12% IRR on the Preferred Members’ Initial Capital Contribution; and 
 (d) Then, one hundred
percent (100%) to the Common Member. 
 Section 4.04 Tax Distributions. Notwithstanding anything herein to the contrary and as a
priority to the distributions to be made pursuant to either Section 4.02 or 4.03, the Company shall distribute and shall have distributed (in one or more distributions), to each Member during each United States federal taxable period and by no
later than thirty days following the end of each such taxable period, an amount of cash equal to the product of (i) the highest combined effective federal income tax rates imposed on the ordinary income of married individuals, multiplied by
(ii) such Member’s Percentage Interest, multiplied by (iii) the amount of the Company’s estimated (or if available, actual) taxable income as determined for federal income tax purposes for the applicable tax year that is
allocable to the Members(such Member’s “Tax  

  
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Distribution Amount” for such taxable period); provided, however, if the Manager determines that there shall be an insufficient amount of cash to so distribute to each Member for any
taxable period, then the amount of cash that the Manager determines to be so available to distribute shall be distributed to the Members in proportion to their respective Tax Distribution Amounts, with any unpaid Tax Distribution Amounts to be
treated as an additional Tax Distribution Amount for the immediately succeeding period for distribution pursuant to this Section 4.04. Any Tax Distribution Amount distributed to any Member shall be treated as, and shall reduce and be credited
against, but without duplication, any amount(s) that would otherwise be distributable and distributed to such Member pursuant to Sections 4.02 and/or 4.03 including by reason of the application of Section 7.02(a) (and in the priorities as so
provided in these sections). 
 Section 4.05 Withholding. The Company shall comply with any and all of its withholding
obligations under the Code and under any applicable United States federal, state, local and, as applicable, foreign tax law. Each Member hereby authorizes the Manager and the Company to withhold or pay on behalf of or with respect to such Member any
such withholding tax that the Manager determines, in its discretion, that it is required to withhold or pay with respect to any amount distributable or allocable to such Member pursuant to this Agreement. Any amount so withheld and/or paid over,
and/or paid, by the Company to the Internal Revenue Service and/or any state, local or other tax or governmental authority, agency, entity, instrumentality or other body (any of the foregoing, a “Tax Authority”) in respect of any payment,
distribution and/or any Net Profits, income, profits and/or gain allocated or allocable by the Company to any Member shall be treated as an amount actually distributed or paid to such Member and shall reduce and be credited against (but without
duplication) the first amount(s) that would otherwise be distributable or payable to such Member under any provision of this Agreement (including, without limitation, under any provision of this Article IV, including by reason of the application of
Section 7.02(a)) or any other agreement or arrangement. Any determinations made by the Manager pursuant to this Section 4.05 shall binding upon the Members. Any Person who ceases to be a Member shall be deemed to be a Member for purposes
of this Section 4.05, and the obligations of a Member pursuant to this Section 4.05 shall survive indefinitely with respect to any taxes withheld or paid by the Company that relate to the period during which such Person was actually a
Member, regardless of whether such taxes are assessed, withheld or otherwise paid during such period. 
 ARTICLE V 

Management of the Company 

Section 5.01 Management of Business and Affairs. 

(a) Except as otherwise expressly provided in this Agreement, the business and affairs of the Company shall be exclusively and solely vested
in the Manager. Except as otherwise expressly provided in this Agreement, no Member, other than the Manager, shall be an agent of the Company or have any authority to bind or take action on behalf of the Company. The Member hereby agrees that there
will be one Manager. The Manager shall hold office until the Manager resigns or is removed by the Common Member. It shall not be necessary for a Manager to be a Member. Any vacancy occurring in the Manager position may be filled by the Common
Member. 

  
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 (b) The Members hereby designate and appoint GIPLP to serve as the Manager of the Company.
Subject to the approval of the Members for any Major Decision (defined below), the management of the Property shall rest with and remain the sole and absolute right, and responsibility of the Manager. All Members agree to cooperate with the Manager
by executing any consents or certificates of the Company necessary to demonstrate to a lender, tenant or other service provider to the Company that the Manager has the power and authority set forth in this Section 5.01. Without limiting the
generality of the foregoing, but subject to the express provisions of this Agreement to the contrary, the Manager shall have the full power and authority to do all things deemed necessary or desirable by it in its reasonable discretion to conduct
the business of the Company and to effectuate the purposes set forth in Section 1.03 hereof, including, without limitation: 
 (i) the
making of any expenditures that it reasonably deems necessary for the conduct of the activities of the Company; 
 (ii) the use of the cash
assets of the Company for any purpose consistent with the terms of this Agreement which the Manager reasonably believes may benefit the Company and on any terms that the Manager sees fit and the repayment of obligations of the Company; 

(iii) the management, operation, leasing (including the amendment and/or termination of any lease), landscaping, repair, alteration,
demolition, replacement or improvement of any Property; 
 (iv) the negotiation, execution and performance of any contracts, leases,
conveyances or other instruments that the Manager considers useful or necessary to the conduct of the Company’s operations or the implementation of the Manager’s powers under this Agreement, including contracting with property managers,
contractors, developers, consultants, accountants, legal counsel, other professional advisors and other agents (including GIPLP service providers and property managers provided that the terms and conditions of any agreement or contract with such
service providers and property managers shall be on terms no less favorable to the Company than terms available from unrelated parties) and the payment of their expenses and compensation out of the Company’s assets; 

(v) the distribution of Company cash and other Company assets in accordance with this Agreement and the holding and management of other assets
of the Company; 
 (vi) the selection and dismissal of agents, outside attorneys, accountants, consultants and contractors of the Company and
the determination of their compensation and other terms of employment or hiring; 
 (vii) the maintenance of such insurance for the benefit
of the Company and the Members as it deems necessary or appropriate including casualty, liability and other insurance on the Property and other assets of the Company, which insurance may be obtained by a blanket insurance policy obtained by the
Manager or its Affiliates, the control of any matters affecting the rights and obligations of the Company, including the settlement, compromise, submission to arbitration or any other form of dispute resolution, or abandonment of any claim, cause of
action, liability, debt or damages due or owing to or from the Company, the commencement or defense of suits, legal proceedings, administrative proceedings, arbitrations or other forms of dispute resolutions, and the representation of the Company in
all suits or legal proceedings, administrative proceedings, arbitrations or other forms of dispute resolutions, the incurring of legal expenses and the indemnification of any Person against liabilities and contingencies to the extent permitted by
law; 
 (viii) holding, managing, investing and reinvesting cash and other assets of the Company; 

  
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 (ix) the collection and receipt of rents, revenues and income of the Company; 

(x) in addition to working capital and/or reserves required to be maintained under this Agreement, the maintenance of working capital and other
reserves in such amounts as the Manager deems appropriate and reasonable from time to time; and 
 (xi) the making, execution and delivery of
any and all deeds, leases, notes, deeds to secure debt, mortgages, deeds of trust, security agreements, conveyances, contracts, guarantees, warranties, indemnities, waivers, releases or legal instruments or agreements in writing necessary or
appropriate in the judgment of the Manager for the accomplishment of any of the powers of the Manager enumerated in this Agreement. 
 (c)
In addition to and without limiting the duties and obligations of the Manager as set forth above, the Manager shall (on behalf of the Company): 

(i) cause the Company, directly or through its agents, at all times to perform and comply with the provisions of any loan commitment,
agreement, mortgage, deed of trust, lease, construction contract or other contract, instrument or agreement to which the Company is a party or which affects the Property or the operation thereof; 

(ii) keep and maintain at least such insurance coverage as may be required by the holder of any mortgage or deed of trust encumbering all or
any portion of any Property; 
 (iii) open and maintain bank accounts for funds of the Company; 

(iv) employ contractors for the ordinary maintenance and repair of the Property, including installation of tenant improvements as required by
leases on the Property; 
 (v) retain or engage real estate brokers licensed to do business in the state in which the Property, or any part
thereof, is located; 
 (vi) use reasonable efforts to enter into leases of space and other occupancy agreements on the Property on market
terms and conditions, and in accordance with the requirements of any applicable loan; 
 (vii) employ such managing or other agents necessary
for the operation, management and leasing of the Property including, without limitation, a property manager; 
 (viii) cause the Company to
enter into a loan or loans to be secured by the Property; 
 (ix) retain or engage attorneys and accountants, to the extent such professional
services are required during the term of the Company; and 
 (x) do any act which is necessary or desirable to carry out any of the
foregoing. 
 (d) Notwithstanding the provisions of Section 5.01(b), 5.01(c) and 5.01(d) neither the Manager nor any other Member shall
have any authority, in the name of or on behalf of the Company, to take any of the following actions or make any of the following decisions without the prior written consent or approval of the Members (each, a “Major
Decision”): 
 (i) the sale, transfer, exchange or other disposition of the Property or TIC Interest; 

(ii) the mortgage, pledge, encumbrance or hypothecation of the Property or TIC Interest; 

  
 13 

 (iii) refinancing any mortgage on the Property or any debt obligation of the Company; 

(iv) any cross-collateralization of the assets of the Company with any affiliate of a Member; 

(v) except with respect to a mortgage on the Property and as required by law, subordinate the Company’s obligations to pay the Preferred
Return to the Preferred Members hereunder; 
 (vi) except as provided in this Agreement, admit any Person as an Additional Member of the
Company; 
 (vii) assign all or substantially all of the assets of the Company in trust for creditors or file on behalf of the Company a
voluntary petition for relief under the bankruptcy laws or similar voluntary petition under state laws; and 
 (viii) cause the Company to
become a party to any merger, consolidation or share exchange with any other entity or person, or dissolve or terminate the Company. 
 (e)
Notwithstanding the provisions of Section 5.01(e), or any other provision of this Agreement, and for the purpose of avoiding any doubt, the terms of this Agreement shall not restrict the merger, consolidation, public offering, share exchange,
sale or acquisition by or of GIPREIT in an fashion whatsoever. 
 (f) Whenever the Manager requests that the Members consent to any action
required of the Members under the provisions of this Agreement, notice shall be delivered by the Manager to the Members, which notice shall be in writing and shall include (a) a summary of the terms and conditions of the actions requested to be
taken by the Manager (b) a copy of any proposed documentation in substantially the form to be consented to, including any document to be executed by the Company or the Members in connection therewith. Notwithstanding the inference from the
foregoing provisions to the contrary, the foregoing provisions of this Section 5.01(h) shall not be deemed to reduce any specific time periods for notice otherwise expressly set forth in this Agreement. 

Section 5.02 Duties and Conflicts. 

(a) The Members, in connection with their respective duties and responsibilities hereunder, shall at all times act in good faith and, except
as expressly set forth herein, any decision or exercise of right of approval, consent, disapproval or deferral of approval by a Member (including the Manager) is to be made by such Member pursuant to the terms of this Agreement in good faith, but
recognizing that each Member may act in its own economic self-interest and in accordance with such tax and business objectives as it deems appropriate or desirable for such Member. Except as otherwise agreed to in writing by the Members, no Member
(including the Manager) or any partner, officer, shareholder or employee of any Member shall receive any salary or other remuneration for its services rendered pursuant to this Agreement. Notwithstanding the foregoing, GIPLP service providers and
property managers may manage the Property pursuant to a separate management agreement the execution by the Company of which shall expressly not require the consent of any Preferred Member; provided, however, that the terms and conditions of any such
agreement or contract shall be on terms no less favorable to the Company than terms available from unrelated parties. 

  
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 (b) Each Member recognizes that the other Members (including the Manager) have or may have
other business interests, activities and investments, some of which may be in conflict or competition with the business of the Company and that such other Member (including the Manager) is entitled to carry on such other business interests,
activities and investments. 
 (c) No Member (including the Manager) shall be obligated to devote all or any particular part of its time and
effort to the Company and its affairs. 
 (d) The Manager shall not be liable to the Company or to any other Member for any error in
judgment, mistake or law or fact or for any other act or thing which it may do or refrain from doing in connection with the business and affairs of the Company, except in the case of a breach of any provision of this Agreement (after written notice
to the Manager and a reasonable time to cure) or its willful misconduct, gross negligence or bad faith. 
 Section 5.03 Exculpation
and Indemnification. 
 a) The Company shall indemnify any Person who was or is a party or is threatened to be made a party
to any threatened, pending or completed action, suit, proceeding or investigation, whether civil, criminal, investigative or administrative, and whether external or internal to the Company (other than an action or suit brought by or in the right of
the Company), by reason of the fact that such person is or was a Manager, Member, employee or trustee of the Company, or that, such person is or was an Affiliate of the Manager (including any partner, member, officer, director, shareholder, agent,
advisor, or legal representative of the Manager or its Affiliates), Member, employee or trustee of the Company, against expenses (including reasonable attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably
incurred by such Person in connection with such action, suit or proceeding, or any appeal therein, if such Person acted in good faith and in a manner he, she, or it reasonably believed to be in or not opposed to the best interests of the Company,
and with respect to any criminal action or proceeding, had no reasonable cause to believe such conduct was unlawful. The termination of any action, suit or proceeding whether by judgment, order, settlement, conviction, or upon a plea of nolo
contendere or its equivalent shall not, of itself, create a presumption that the Person did not act in good faith and in a manner which he, she or it reasonably believed to be in or not opposed to the best interests of the Company, and, with respect
to any criminal action or proceeding, that such Person had reasonable cause to believe that his, her or its conduct was unlawful. 
 b) The
Company shall indemnify any Person who was or is a party or is threatened to be made a party to any threatened, pending or completed action or suit brought by or in the right of the Company to procure a judgment in its favor by reason of the fact
that he, she or it is or was a Manager, Member, employee or trustee of the Company or is or was an Affiliate of a Manager (including any partner, member, officer, director, shareholder, agent, advisor, or legal representative of the Manager or its
Affiliates), Member, employee or trustee of the Company against expenses (including reasonable attorneys’ fees) actually and reasonably incurred by such Person in connection with the defense, settlement or appeal of such action or suit if such
Person acted in good faith and in a manner such Person reasonably believed to be in or not opposed to the best interests of the Company, except that no indemnification shall be made in respect of any claim, issue or matter as to which such Person
shall have been adjudicated to be liable for gross 

  
 15 

 
negligence or willful misconduct in the performance of his, her or its duty to the Company unless and only to the extent that the court in which such action or suit was brought shall determine
upon application that, despite the adjudication of liability but in view of all the circumstances of the case, such Person is fairly and reasonably entitled to be indemnified for such expenses which the court shall deem proper. 

c) Any indemnification under Sections 5.03(a) or 5.03(b) hereof (unless ordered by a court) shall be made by the Company only as authorized in
the specific case upon a determination that the indemnification of the Person in question is proper in the circumstances because that Person has met the applicable standards of conduct set forth in Sections 5.03(a) or 5.03(b) hereof. Such
determination shall be made by the Manager, in its reasonable discretion, upon notice to each of the Members; provided, that if the Preferred Members jointly submit a written objection to such Manager’s determination within fifteen
(15) business days after receipt of such notice, then such determination shall be made by a court of competent jurisdiction. 
 d) To
the extent that any Person referred to in Sections 5.03(a) or 5.03(b) hereof has been successful on the merits or otherwise in defense of any action, suit, proceeding or investigation, or any appeal or in defense of any claim, issue or matter
therein, or on appeal from any such proceeding, action, suit, claim or matter, such Person shall be indemnified against all expenses (including reasonable attorneys’ fees) incurred in connection therewith. 

e) Expenses incurred in any action, suit, proceeding or investigation or any appeal therefrom may be paid by the Company in advance of the
final disposition of such matter, as authorized by the Manager in the Manager’s reasonable discretion, upon receipt of an acceptable undertaking by or on behalf of such Person to repay such amount, unless it shall ultimately be determined, as
provided herein, that such Person is entitled to indemnification. 
 f) The indemnification provided by this Section 5.03 shall not be
deemed exclusive of, and shall not affect, any other rights to which any Person seeking indemnification may be entitled under any law, agreement, or otherwise, and shall continue and inure to the benefit of the heirs, executors and administrators of
such a Person. 
 g) The Company may purchase and maintain insurance on behalf of any Person who is or was a Manager, Member, employee or
trustee of the Company against any liability asserted against such Person and incurred by him, her or it in any such capacity, or arising out of his, her or its status as such, whether or not the Company would have the power to indemnify such Person
against such liability under the provisions of this Section. Such insurance may include “tail” coverage for periods after termination of service in such capacity or after liquidation, merger, consolidation or other change in the Company.

 h) The Company shall, at its cost and expense, defend with counsel of the Company’s choice or approval, any Person who was or is a
party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding or investigation, whether civil, criminal or administrative, and whether external or internal to the Company by reason of the fact that he,
she or it or was acting in any capacity described in Sections 5.03(a) or 5.03(b) hereof if he, she or it acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Company and with respect to any
criminal action or proceeding, had no reasonable cause to believe such conduct was unlawful. 

  
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 Section 5.04 Compliance with Certain Requirements. 

Each Member hereby acknowledges that one of the partners of GIPLP is Generations Income Properties, Inc. (“GIPREIT”), a
Maryland corporation that has made the election to be treated as, and which constitutes, a real estate investment trust (a “REIT”) under Sections 856 et. seq. of the Code and the regulations, rules and requirements thereunder
(collectively, the “REIT Rules”). Accordingly, and notwithstanding anything herein or in any other document governing the management and operation of the Property to the contrary, and for so long as GIPREIT continues to be so
treated and so constitute a REIT, the Company shall be managed and operated as if itself is an entity subject to the REIT Rules even if such management and operation is, or could be or become, detrimental or adverse, financially, economically or
otherwise, to the Company and/or any Member. To this end, the Manager (or any successor manager(s)) shall have the right to, and shall, cause the Company and/or any of its direct and indirect subsidiaries and Affiliates to take any action or to
refrain from taking any action (including but not limited to using a protective trust to own assets) that the Manager determines would be necessary or desirable for the Company, if it itself were a REIT, to (i) preserve its continued
qualification as a REIT; and/or (ii) avoid being subject to any excise or other taxes under Sections 857 or 4981 of the Code or under any of the other REIT Rules. For the avoidance of doubt, and notwithstanding anything herein or under any
otherwise applicable law, rule, regulation or requirement to the contrary, neither the Manager (or any successor manager) nor any Member shall be liable to the Company, any Member or any other Person for any damages or losses that could result or
arise from the Company being operated and/or managed as provided in this Section 5.04. 
 Section 5.05 Reliance by
Third Parties. Persons dealing with the Company may rely conclusively upon the certificate of the Manager to the effect that it is then acting as the Manager and upon the power and authority of the Manager as herein set
forth. 
 Section 5.06 Standard of Care; Activities of the Manager. The Manager and its Affiliates may at any time
and from time to time engage in and possess interests in other business ventures of any and every type and description, and neither the Company nor the Members shall by virtue of this Agreement or otherwise have any right, title or interest in or to
such independent ventures. The Manager and its Affiliates will have no obligation to offer to the Company, and are expressly permitted to invest directly or indirectly (independent of the Company and/or the Preferred Members) in any opportunities.

 Section 5.07 Fees and Expense. 

(a) Company Expenses. The Company shall pay directly, or reimburse GIPLP for all of the costs and expenses of the
Company’s operations, including, without limitation, the following costs and expenses: (a) all organization expenses advanced or otherwise paid by the Members; (b) all costs of personnel employed by the Company and directly involved
in the Company’s business, if any; (c) all compensation due to the Members or their Affiliates; (d) all costs of borrowed money, taxes and assessments on Property and other taxes applicable to the Company; (e) legal, accounting,
audit, brokerage and other fees; fees and expenses paid to independent contractors, mortgage brokers, real estate brokers and other agents; (g) costs of leasing, acquiring, owning, developing, constructing, improving, operating, and disposing
of Property; (h) expenses incurred in connection with the development, construction, alteration, maintenance, repair, remodeling, refurbishment, leasing and operation of Property; (i) all expenses incurred in connection with the
maintenance of Company books and records, the preparation and dissemination of reports, tax returns or other information to the Members and the making of distributions to the Members; (j) expenses incurred in preparing and filing reports or
other information with appropriate regulatory agencies; (k) expenses of insurance as required in 

  
 17 

 
connection with the business of the Company; (l) costs incurred in connection with any litigation in which the Company may become involved, or any examination, investigation, or other
proceedings conducted by any regulatory agency, including legal and accounting fees; (m) the actual costs of goods and materials used by or for the Company; (n) the costs of services that could be performed directly for the Company by
independent parties such as legal, accounting, secretarial or clerical, reporting, transfer agent, data processing and duplicating services but which are in fact performed by the Members or their Affiliates, but not in excess of the amounts which
the Company would otherwise be required to pay to independent parties for comparable services in the same geographic locale; (o) expenses of Company administration, accounting, documentation and reporting; (p) expenses of revising,
amending, modifying or terminating this Agreement; and (q) all other costs and expenses incurred in connection with the Company’s business, including travel to and from the Project that may be acquired by the Company. 

(b) GIPLP or one of its Affiliates shall be entitled to brokerage fees upon a Capital Transaction in an amount equal to one (1.0%) if GIPLP or
its Affiliate represent both parties in the Capital Transaction, otherwise GIPLP shall receive one and one-half (1.5%) percent of the transaction value. 

ARTICLE VI 

Transferability of Member Interests 

Section 6.01 Assignability of Units. Without the prior written consent of the Manager, which may be withheld in its sole and
absolute discretion, a Member may not (i) pledge, transfer or assign its Membership Interest in the Company, in whole or in part, to any person except as provided in Section 6.02 or (ii) substitute for itself as a Member any other
Person. The Manager may require a Member seeking to transfer its Membership Interest to obtain, at such Member’s cost, a legal opinion satisfactory to the Manager that such transfer does not, among other things, require registration under the
Securities Act or the Investment Company Act, or subject the Company to other regulatory burdens. Additionally, GIPLP may not pledge, transfer or assign its Membership Interest in the Company, with or without the consent of Manager, to any Person
other than an Affiliate until such time as the Membership Interest of the Preferred Members has been redeemed by the Company or transferred to a third party. GIPLP may pledge, transfer or assign its Membership Interest to an Affiliate of GIPLP with
the prior consent of the Preferred Members, which consent will not be unreasonably withheld, conditioned, or delayed. The Manager does not generally expect to consent to pledges of Membership Interest. Any attempted pledge, transfer, assignment or
substitution not made in accordance with this Section 6.01 shall be void. 
 Section 6.02 Permitted Assignees. 

(a) Subject to compliance with Section 6.01, a purchaser, assignee or transferee of a Member’s Membership Interest (each such
Person, a “Permitted Assignee”) shall have the right to become a Substitute Member only if the following conditions (in addition to those set forth in Section 6.01) are satisfied: 

(i) A duly executed and acknowledged written instrument of assignment or document of transfer satisfactory in form and substance to the
Manager shall have been filed with the Company; 
 (ii) The Member and the Permitted Assignee shall have executed and acknowledged such
other instruments and documents and taken such other action as the Manager shall reasonably deem necessary or desirable to effect such substitution; 

  
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 (iii) The Member or the Permitted Assignee shall have paid to the Company such amount of
money as is sufficient to cover all costs, fees and expenses (including attorney’s fees) incurred by or on behalf of the Company in connection with such substitution; and 

(iv) The Manager shall have consented to such substitution. 

In the event of the admission of a Permitted Assignee as a Substitute Member, all references herein to the Members shall be deemed to apply to
such Substitute Member and such Substitute Member shall succeed to all rights and obligations of the transferor Member hereunder, including the Capital Account balance of such transferor. 

(b) The Company shall, after the effective date of any assignment pursuant to the provisions of this Section 6.02,
pay all distributions on account of the Membership Interest so transferred to the Permitted Assignee. If any such distribution is made to the assignor it shall be treated as if paid to the Permitted Assignee for purposes of determining the Capital
Account balance of the Permitted Assignee. 
 (c) Notwithstanding anything to the contrary, the Common Member may, upon written notice to
the Manager, transfer any of its Membership Interests to an Affiliate of the Common Member. 
 (d) Any Member who assigns all of its
Membership Interest in the Company shall, upon the effective date of such assignment, cease to be a Member for all purposes, except that no assignment of all or any portion of its Membership Interest in the Company shall relieve the assignor of its
obligations under this Agreement, whether arising prior to or subsequent to such transfer. 
 Section 6.03 Limitation of
Liability. For each Member, liability shall be limited as set forth in this Agreement, the Act, and other applicable law. A Member will not be personally liable for any debts or losses of the Company beyond its respective Capital Contribution;
provided, however, that any Member who receives a distribution or the return in whole or in part of its Capital Contribution is liable to the Company only to the extent that such Member knew that such distribution violated the Act and then, only to
the extent required by the Act. 
 ARTICLE VII 

Termination of the Company 

Section 7.01 Dissolution. 

(a) The Company shall be dissolved upon the happening of any of the following events (each a “Dissolution Event”): 

(i) the sale or disposition of all of the assets of the Company and the receipt of all consideration therefor; 

(ii) the occurrence of any event which, as a matter of law, requires that the Company be dissolved; or 

  
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 (iii) A determination by the Common Member after receiving prior, written consent from
Preferred Members, to dissolve the Company. 
 (b) Dissolution of the Company shall be effective on the day on which the Dissolution Event
occurs, but the Company shall not terminate until the Company’s Certificate of Formation shall have been cancelled and the assets of the Company shall have been distributed as provided in Section 7.02 hereof. Notwithstanding the
dissolution of the Company prior to the termination of the Company, as aforesaid, the business of the Company and the affairs of the Members, as such, shall continue to be governed by this Agreement. 

(c) The Bankruptcy, insolvency, dissolution, death or adjudication of incompetency of a Member shall not cause the dissolution of the Company.
In the event of the Bankruptcy, death or incompetency of a Member, its executors, administrators or personal representatives shall, subject to the Investment Company Act of 1940, as amended, and the requirements of Article VII hereof, have the same
rights that such Member would have if it had not suffered the foregoing, and the interest of such Member in the Company shall, until the termination of the Company, be subject to the terms, provisions and conditions of this Agreement. 

Section 7.02 Liquidation. 

(a) Except as otherwise provided in this Agreement, upon dissolution of the Company, the Manager (or its designee) shall liquidate the assets
of the Company, apply and distribute the proceeds thereof as contemplated by this Agreement and cause the cancellation of the Company’s Certificate of Formation. As soon as possible after the dissolution of the Company, a full account of the
assets and liabilities of the Company shall be taken and a statement shall be prepared setting forth the assets and liabilities of the Company. A copy of such statement shall be furnished to each of the Members within sixty (60) days after such
dissolution. Thereafter, the assets shall be liquidated as promptly as possible and the proceeds thereof shall be applied in the following order: 

(i) The expenses of liquidation and the debts of the Company, other than the debts owing to the Members, shall be paid from the proceeds of
liquidation. Any reserves shall be established or continued which the Manager (or its designee) deems reasonably necessary for any liabilities to be satisfied in the future, for any contingent or unforeseen liabilities or obligations of the Company
or for its liquidation. Such reserves shall be held by the Company for the payment of any of the aforementioned contingencies, and at the expiration of such period as the Manager shall deem advisable, the Company shall distribute the balance
thereafter remaining in the manner provided in the following subsections; 
 (ii) Such debts as are owing to the Members, including unpaid
expense accounts or advances made to or for the benefit of the Company, shall be paid; and 
 (iii) Then, to the Members pursuant to and as
provided in Section 4.03. 
 (b) Upon dissolution of the Company, each of the Members shall look only to the assets of the Company for
the return of his, her or its investment, and if the Company’s assets remaining after payment and discharge of debts and liabilities of the Company, including any debts and liabilities owed to any one or more of the Members, are not sufficient
to satisfy the rights of a Member, the Members shall have no recourse or further right or claim against the Company, the Manager or any other Member. 

  
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 (c) If any assets of the Company are to be distributed
in-kind, such assets shall be distributed to the Members in accordance with Section 4.01 as if the assets were sold based on the fair market value thereof, and any Member entitled to any interest in such
assets shall receive such interest therein as a tenant-in-common with all other Members so entitled. The fair market value of such assets shall be determined by an
independent appraiser to be selected by the Manager. 
 (d) No Priority. Each Member shall look solely to the assets of the Company of
which such Member is a Member for the return of such Member’s aggregate Capital Contributions in the Company and no Member shall have priority over any other Member as to the return of such Capital Contribution. 

ARTICLE VIII 

Reports to Members; Books and Records 

Section 8.01 Independent Auditors. The Investments (including the TIC Interest) may, in the sole discretion of the
Manager, be audited annually by an independent certified public accountant selected by the Manager in its sole discretion. Expenses incurred in connection of an audit of the Investments (including the TIC Interest) shall be borne by such Property.

 Section 8.02 Reports to Members. The Company shall prepare and deliver to each Member (i) to the extent prepared at the
request of the Manager, unaudited quarterly statements and in the Manager’s sole discretion, an audited financial report of the Company prepared by the accountants selected by the Manager and (ii) quarterly statements of the Member’s
Capital Account. The Company shall prepare and deliver to the Members, on a monthly basis, the Company’s unaudited balance sheet, profit and loss statement, cash flow statement and bank reconciliation (and/or bank statement). 

Section 8.03 Tax Matters. 

(a) Tax Returns and Supplemental Information. The Manager shall cause the Company to send to each Person who or that was a Member of
the Company at any time during the fiscal year or other relevant period then ended, such tax information as shall be necessary for the preparation by such Member of his, her or its United States federal, state and local income tax returns. Unless
and until the Manager shall determine that the Company should make an election to be, and/or to otherwise take such action that would result in the Company being, treated as a corporation for United States federal income tax purposes, the Company
and the Members agree that the Company shall constitute, and be treated for all United States federal, state and local income tax purposes, as a partnership for United States federal, state and local income purposes. 

(b) Partnership Representative. 

  
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 (B) the Manager is hereby designated as the “partnership representative” of the
Company for purposes and within the meaning of the New Partnership Audit Rules (the “Partnership Representative”). The Company and each Member shall take such actions as may be required to effect such designation. The Partnership
Representative shall designate from time to time a “designated individual” to act on behalf of the Partnership Representative, and such designated individual shall be subject to replacement by the Partnership Representative in accordance
with the Code and Treasury Regulations. To the extent that the Partnership Representative does not make an election to apply the alternative method provided by Section 6226 of the Code (or any analogous provision of state or local tax law), the
Partnership Representative shall have the authority and discretion to determine the portion of any imputed underpayment (within the meaning of the New Partnership Audit Rules) allocable to each Member. Each Member agrees to provide any information
reasonably requested by the Partnership Representative in order to determine whether any imputed underpayment (within the meaning of the New Partnership Audit Rules) may be modified in a manner consistent with the requirements of Code
Section 6225(c), including any information that will enable the Partnership Representative to determine the portion of the imputed underpayment allocable to (A) a “tax-exempt entity” (as
defined in Code Section 168(h)(2)), in the case of ordinary income, to a C corporation or, in the case of capital gain or qualified dividend income, to an individual. Each Member agrees that any payment by the Company of a partnership-level tax
imposed with respect to the New Partnership Audit Rules shall be treated as paid with respect to such Member. Each Member shall promptly contribute the amount of its allocable share of any partnership-level tax upon request by the Manager and, to
the extent a Member does not contribute such amount within 15 days after demand for payment thereof, the Company shall offset such amount against distributions to which such Member would otherwise be subsequently entitled pursuant to
Section 4.02 and 4.03 (and such amounts shall be deemed distributed pursuant to those provisions). Each Member hereby agrees to indemnify and hold harmless the Company, the other Members, the Partnership Representative and the Manager from and
against any liability (including any liability for partnership-level taxes imposed with respect to the New Partnership Audit Rules) with respect to income attributable to or distributions or other payment to such Member. Each Member agrees, upon the
request of the Partnership Representative, to file an amended United States federal income tax return for the taxable year which includes the end of the taxable year to which an imputed underpayment relates and to pay on a timely basis any and all
resulting taxes, additions to tax, penalties and interest due in connection with such tax return in accordance with Code Section 6225(c)(2). 

  
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	 	(II)	 Notwithstanding anything in this Agreement to the contrary,(x) the Partnership Representative, in its sole
discretion, may, and/or may cause the Company to, make or take (or not make or take) any election or other action that the Partnership Representative and/or the Company is permitted or required to make or take (or not make or take) under the New
Partnership Audit Rules; and (y) each Member shall timely make or take (and/or cause to be timely made and taken) any and all actions and payments, and each Member shall timely prepare and file (and/or shall cause to be timely prepared and
filed) any and all of its tax returns, consistent with and in compliance with the New Partnership Audit Rules and/or otherwise as the Partnership Representative shall determine to be consistent with and in compliance with the New Partnership Audit
Rules and which the Partnership directs a Member to make, take or do. 

  

	 	(III)	 For the avoidance of doubt, any Person who ceases to be a Member shall be deemed to be a Member for purposes of
this Section 8.03, and the obligations of a Member pursuant to this Section 8.03 shall survive indefinitely with respect to any taxes withheld or paid by the Company that relate to the period during which such Person was actually a Member,
regardless of whether such taxes are assessed, withheld or otherwise paid during such period. 

 Section 8.04
Books and Records. The Company shall maintain the Company’s books and records at the principal office of the Company, or such other place as designated by the Manager in its sole discretion. The books and records of the Company shall be
available for examination by any Member, or its duly authorized representatives, during normal business hours upon reasonable request of a Member. The Company may provide such financial or other statements as the Manager in its sole discretion deems
advisable. 
 Section 8.05 Information from Members. Each Member agrees to provide, upon the reasonable request of the
Manager, any and all information necessary to comply with laws applicable to the Company. 
 Section 8.06 Assets and
Liabilities. The assets and liabilities of the Company shall be determined based upon generally accepted accounting principles or as the Manager shall otherwise reasonably determine. 

Section 8.07 Valuation. Whenever the Fair Value of property is required to be determined under this Agreement, such Fair Value
shall be determined by the Manager, in good faith, based upon available relevant information. It shall be reasonable for the Manager to value the Company’s assets for which market quotations are readily available based upon such market
quotations. With respect to assets that are not readily marketable, the Manager will determine the Fair Value of such assets, in its sole discretion, in good faith, which may include retaining a third-party valuation firm to appraise such assets.
The Manager shall also have discretion to assess Investments and to assign values as it believes are reasonable, and to adjust valuations based on hedging activities undertaken by the Company. The Manager shall have the discretion to use other
valuation methods that it determines, in its sole discretion, are fair and reasonable. 

  
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 ARTICLE IX 

Miscellaneous 

Section 9.01 General. This Agreement (i) shall be binding on the executors, administrators, estates, heirs, and legal
successors and representatives of the Members and the Manager, and (ii) may be executed, through the use of separate signature pages or supplemental agreements in any number of counterparts with the same effect as if the parties executing such
counterparts had all executed one counterpart. A facsimile or electronic signature page to this Agreement shall for all purposes be treated as an original signature page. 

Section 9.02 Power of Attorney. 

(a) Each Member does hereby constitute and appoint the Manager as its true and lawful representative and attorney in fact, in its name, place
and stead to make, execute, sign and file: (i) any amendment to the Certificate required because of an amendment to this Agreement or in order to effectuate any change in the membership of the Company; (ii) any amendments to this Agreement
in accordance with Section 9.03; (iii) all such other instruments, documents and certificates which may from time to time be required by the laws of the State of Delaware to effectuate, implement and continue the valid and
subsisting existence of the Company or to dissolve the Company; (iv) any pledge of such Member’s Capital Commitment and its Membership Interest in the Company to secure any borrowings by the Company; (v) any instruments, documents and
certificates the Manager determines are necessary or desirable to cause the sale, transfer or other disposition of the Member’s Membership Interest to another Member or any other Person or forfeiture of such Membership Interest; (vi) any
and all instruments, documents and certificates the Manager determines are necessary or desirable to accomplish any of the foregoing; and (vii) any business certificate, fictitious name certificate, amendment thereto or other instrument or
document of any kind necessary or desirable to accomplish the business, purpose and objectives of the Company, or required by any applicable United States federal, state or local law. Additionally, each Member agrees to reasonably cooperate with the
Company in providing all documentation required by lenders in connection with borrowings or indebtedness of the Company. 
 (b) The power of
attorney hereby granted by each of the Members is coupled with an interest, is irrevocable, and shall survive, and shall not be affected by, the subsequent death, disability, incapacity, incompetency, termination, bankruptcy, insolvency or
dissolution of such Member; provided, however, that such power of attorney will terminate upon the substitution of another Member for all of such Member’s Membership Interest in the Company or upon the complete withdrawal of such Member from
participation in the Company. 

  
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 Section 9.03 Amendments to Agreement. 

(a) Amendments to this Agreement may be made with the consent and approval of all Members and the consent and approval of the Manager, which
consent and approval may be withheld by the Manager in its sole and absolute discretion; provided, however, that no such consent or approval of the Members of the Company shall be required in connection with (i) amendments to this Agreement
which are of a clerical or inconsequential nature, including but not limited to, a change in the name of the Company, or which may be required to comply with the Act or the terms of this Agreement, and which do not adversely affect the Members in
any material respect, (ii) amendments to this Agreement which are required or contemplated by this Agreement, including, without limitation, amendments necessary to reflect the admission, substitution or withdrawal of a Member or the issuance
of additional Membership Interest, (iii) amendments to this Agreement which are required by the REIT Rules, including, without limitation any applicable sections of this Agreement, (iv) amendments to this Agreement to change the name of
the registered agent, the address of the registered office or the address of the office at which the Company records are kept, or (v) amendments to this Agreement which are necessary or appropriate to permit the Manager to take any action which
the Manager has the authority to take pursuant to this Agreement. Notwithstanding the foregoing provisions of this Section 9.03, no amendment without the consent of each Member who will be materially, adversely affected
shall: (w) amend this Section 9.03; (x) change the rights and interests of any Member in the Net Profit of the Company; or (y) directly or indirectly affect or jeopardize the status of the Company as a partnership
for federal income tax purposes. Amendments of this Agreement that have received any required consent or approval of the Members pursuant to this Section 9.03 may be executed by the Manager through the exercise of the power
of attorney granted the Manager by Section 9.02 of this Agreement. 
 Section 9.04 Choice of Law;
Jurisdiction and Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflict of laws principles thereof. Any disputes arising out of this Agreement or otherwise in
relation to the Company shall be adjudicated exclusively in the federal and state courts sitting in Hillsborough County, Florida, with appeal rights to the appropriate appellate courts. 

Section 9.05 Approvals by Members. Written approvals by Members may be given in lieu of a meeting of
Members. A written approval may be in one or more instruments (including email), each of which may be signed by one or more Members. A written approval need not be signed by all Members if the matter being approved requires fewer than all Members to
approve it. No notice need be given of action proposed to be taken by written action, or an approval given by written action, unless specifically required by this Agreement or the Act. 

Section 9.06 Notices. Any notice, payment, demand or communication required or permitted to be given pursuant to any provision of
this Agreement shall be in writing and shall be (i) delivered personally, (ii) sent by postage prepaid, registered mail, return receipt requested, (iii) transmitted by fax or e-mail, or
(iv) delivered by nationally/internationally recognized overnight courier, to the corresponding address as it appears in Schedule A, or to such other address as a Person may from time to time specify by notice to the Members. Any such
notice, payment, demand, or communication shall be deemed to be delivered, given and received for all purposes hereof (x) on the date of receipt if delivered personally or by courier, (y) three (3) business days after posting if
transmitted by mail return receipt requested, or (z) the date of transmission by fax or e-mail, provided that the Person to whom the fax or e- mail was sent
acknowledges that such fax or e-mail was received by such Person in completely legible form, or that such Person responds to the fax or e-mail without indicating that
any part of it was received in illegible form, whichever shall first occur. 

  
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 Section 9.07 Use of Name. The name of the Company shall belong
solely to the Manager. 
 Section 9.08 Headings. The headings in this Agreement are inserted for convenience or reference only
and are in no way intended to describe, interpret, define, or limit the scope, extent, or intent of this Agreement or any provision of this Agreement. 

Section 9.09 Construction of Terms. Unless the context otherwise requires, the singular shall be deemed to include the plural and
the plural shall be deemed to include the singular and masculine, feminine and neutral shall each be deemed to include the others. 

Section 9.10 Severability. Every provision of this Agreement is intended to be severable. If any term or provision hereof is
illegal or invalid for any reason whatsoever, such illegality or invalidity shall not affect the validity or legality of the remainder of this Agreement. It is the intent of the parties hereto for the terms and conditions of this Agreement to be
interpreted to the greatest extent possible so as to remain valid and enforceable, and any provision or term of this Agreement found by a court to be invalid, void or unenforceable shall be rewritten by the court pursuant to this intent. 

Section 9.11 Further Action. Each Member, upon the request of the Manager, agrees to perform all further acts and
execute, acknowledge, and deliver any document that may be reasonably necessary to carry out the provisions of this Agreement. 

Section 9.12 Entire Agreement. This Agreement and all exhibits and appendices hereto, constitute (for the respective
Members that are parties thereto or bound thereby) the entire agreement among the Members with respect to the subject matter hereof and supersede any prior agreement or understanding among them with respect to such subject matter. The
representations and warranties of the Members in, and the other provisions of the Agreement, and the obligations of the Members pursuant to Sections 5.03, 5.04, 5.07(ii), and 9.02 of this Agreement shall survive the termination of this Agreement and
the termination, dissolution and winding up of the Company. 
 Section 9.13 Waiver of Jury Trial. TO THE EXTENT PERMITTED BY
APPLICABLE LAW, EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY MATTER ARISING HEREUNDER. THIS WAIVER APPLIES TO ANY
PROCEEDING, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE. 
 Section 9.14 Tax Elections. The Manager may, in
its sole discretion, cause the Company to make or revoke any tax election that the Manager deems appropriate, including an election pursuant to Section 754 of the Code. 

Section 9.15 Member Tax Basis. Upon request of the Manager, each Member agrees to provide to the
Manager information regarding its adjusted tax basis in its Membership Interests along with documentation substantiating such amount. 

Section 9.16 Execution of Additional Instruments. Each party hereto hereby agrees to execute such other and further statements of
interests and holdings, designations and other instruments necessary to comply with any laws, rules or regulations. 

  
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 ARTICLE X 

Special Covenants 

Section 10.01 Preferred Member Redemption. (a) On the Redemption Date, or at any time after the
Redemption Date, the Preferred Members shall jointly have a right to require that the Company redeem (the “Redemption”) all, but not less than all, of their total Membership Interest (the “Redeemed Membership
Interest”) for the payment of the Redemption Price by giving written notice (“Redemption Notice”) to the Manager expressly setting forth its desire to have its entire Membership Interest redeemed in accordance with the
provisions of this Section 10.01. Upon such delivery of such Redemption Notice, the remaining provisions of this Section 10.01 shall apply. 

(b) The closing of the Redemption shall occur on the business day determined by the Manager but that is no later than 120 days (the
“Redemption Closing Period”) following the date of delivery of the Redemption Notice pursuant to Section 10.01(a) and shall be consummated by the Company and the Preferred Members each having duly executed and dated the
Redemption Agreement substantially in the form attached hereto as Exhibit B and delivering such executed and dated Redemption Agreement to the other of them, and with the Company contemporaneously remitting to each Preferred Member, by wire transfer
to the account designated by such Preferred Member in a writing executed and dated by such Preferred Member or by bank or certified check, an amount equal to such Preferred Member’s pro rata portion of the Redemption Price. Each Preferred
Member shall continue to be entitled to receive distributions of the Preferred Return until the closing of the Redemption occurs. Except as provided in Section 10.01(c), if the Company should fail to close on the Redemption by the Redemption
Closing Period, and which failure was not due to any breach, act or omission on the part of either Preferred Member, then the Manager shall then be required to cause the Company to proceed to sell the Property or TIC Interest with such sale process
to be undertaken in the same manner as would be the case if the Company were to proceed with the sale of the Property or TIC Interest without regard to Section 10.01. The consent of each Preferred Member shall be required for any sale of the
Property or TIC Interest conducted pursuant to this Section if the net proceeds of the proposed sale will be insufficient to pay the Preferred Members the full Redemption Price. The Members hereby expressly acknowledge and agree that the Company may
seek to acquire the funds to pay the Redemption Price through, by and/or from such legal means and sources – including, without limitation, from financing, re-financing or other borrowing (and even one
requiring the mortgaging or encumbering of the Property) and on such terms and conditions that the Manager shall determine; the accepting of one or more Capital Contributions from any one or more Person(s) (including GIPLP and/or one or more of its
Affiliates) and on such terms and conditions that the Manager shall determine and the admission of such Person(s) as a member of the Company. 

(c) At any time during the Redemption Closing Period, GIPLP shall have the option to, and/or to have any one or more of its Affiliates to
(individually or collectively, the “GIPLP Purchaser”) purchase (the “Membership Interest Purchase”) the Redeemed Membership Interest (and/or any portions thereof from one or both of the Preferred Members) for
a total price equal to the Redemption Price (or such pro rata portion thereof), by giving written notice to the Company and the Preferred Members that it desires to purchase such Redeemed Membership Interest directly from the Preferred Member(s) for
the Redemption Price pursuant to 

  
 27 

 
the Membership Interest Purchase Agreement which is substantially in the form attached hereto as Exhibit C and the day on which the Membership Interest Purchase shall occur (which day shall not
be later than the end of the Redemption Closing Period) (the “Purchase Closing Day”), in which case the GIPLP Purchaser and each Preferred Member shall close on the purchase of such Redeemed Membership Interest by each of them duly
executing and dating such Membership Interest Purchase Agreement and delivering such executed and dated Membership Interest Purchase Agreement to the other(s) of them, and with the GIPLP Purchaser contemporaneously remitting to each Preferred
Member, by wire transfer to the account designated by such Preferred Member in a writing executed and dated by such Preferred Member, an amount equal to such Preferred Member’s pro rata portion of the Redemption Price. If the GIPLP Purchaser
should fail to close on the Membership Interest Purchase before the end of the Redemption Closing Period, and which failure was not due to any breach, act or omission on the part of either Preferred Member, then the Manager shall then be required to
cause the Company to proceed to sell the Property or TIC Interest with such sale process to be undertaken in the same manner as would be the case if the Company were to proceed with the sale of the Property or TIC Interest without regard to
Section 10.01. 
 (d) Each Preferred Member shall have an option to receive, all or a portion thereof, of such Preferred Member’s
pro rata portion of the Redemption Price in the form of units in Generation Income Properties, L.P. (“GIPLP UNITS”). Such GIPLP UNITS shall be subject to all such restrictions, such as with respect to transferability, as reasonably imposed
by GIPLP. 
 (i) The number of GIPLP UNITS issued to the Preferred Members shall be determined by dividing the amount of the Redemption
Price that such Preferred Member shall receive in GIPLP UNITS by a 15% discount of the average 30-day market price of Generation Income Properties, Inc. (e.g. if the market stock price is $10 a share, the
number of units shall be converted based on $8.50 a share). 
 (ii) GIPLP Units shall then be convertible into common stock of Generation
Income Properties, Inc. on a 1:1 basis in accordance to the Partnership Agreement of Generation Income Properties, L.P. 

Section 10.02 Call Option. At any time after the Redemption Date, the Company may, at its election, require the Preferred Members
or any holder of the Class A Preferred Units to sell to the Company all or any portion of such Units for the Redemption Price. Each Preferred Member shall take all actions as may be reasonably necessary to consummate the sale contemplated by
this Section, including, without limitation, entering into agreements and delivering certificates and instruments and consents as may be deemed necessary or appropriate. Each Preferred Member may, at the discretion of such Preferred Member, as
applicable, have an option to receive, all or a portion thereof, of such Preferred Member’s pro rata share of the Redemption Price in the form of GIPLP UNITS. Such GIPLP UNITS shall be subject to all such restrictions, such as with respect to
transferability, as reasonably imposed by GIPLP. The number of GIPLP UNITS issued to any Preferred Member shall be determined by dividing the total amount of the Redemption Price that such Preferred Member shall receive in GIPLP UNITS by a 15%
discount of the average 30-day market price of Generation Income Properties, Inc. (e.g. if the market stock price is $10 a share, the number of units shall be converted based on $8.50 a share). Units shall
then be convertible into common stock of Generation Income Properties, Inc. on a 1:1 basis in accordance to the Partnership Agreement of Generation Income Properties, L.P. 

  
 28 

 Section 10.03 Tri-Party Agreement. Upon
the Closing, each Preferred Member, GIPLP, and the Debt Provider shall enter into a Tri-Party Agreement. Subject to the terms of the Tri-Party Agreement, if the Debt
Provider declares a default under the Loan and the Manager is unable to cure the default within sixty (60) days, the Preferred Members shall have the right, but not the obligation, to replace GIPLP as Manager of the Company; provided,
however, (i) upon the Preferred Members replacing GIPLP as Manager, the Preferred Members shall be required to assume all third-party guarantees by GIPREIT and David Sobelman in connection to the Loan, and subject to the Debt
Provider’s consent, will replace GIPREIT and David Sobelman as guarantors of the Loan, (ii) any removal of GIPLP as the Manager, provided for in this Section 10.03 shall have no effect or impact on GIPLP’s Membership Interest or
rights as a Member under this Agreement; (iii) GIPLP’s Membership Interest in the Company shall be unaffected, and (iv) the Company shall continue to operate subject to the REIT provisions herein. 

Section 10.03 Preferred Members’ Limited Right to Take
Over as Manager. In the event of Manager’s (1) material breach of its obligations under Section 5.01(e) of this Agreement which is not cured within 60 days of Preferred Members’ written
notice to the Manager; or (2) failure to pay Preferred Members the Preferred Return within 60 days of the legally allowable applicable payment of the Preferred Return, Preferred Members, in addition to any remedies they may have at law or in
equity, shall have the right, but not the obligation, to replace GIPLP as Manager of the Company; provided, however, (i) any removal of GIPLP as the Manager provided for in this Section 10.03 shall have no effect or impact on
GIPLP’s Membership Interest or rights as a Member under this Agreement; (ii) GIPLP’s Membership Interest in the Company shall be unaffected; and (iii) the Company shall continue to operate subject to the REIT Rules in this
Agreement. 
 [The remainder of this page is intentionally blank.] 

  
 29 

 IN WITNESS WHEREOF, the undersigned hereto have caused this Limited Liability Company
Agreement to be executed as of the date first set forth above. 
  

			
	MANAGER:
	Generation Income Properties, L.P.
		
	By:	 	 David Sobelman

		 	Authorized Representative
	
	COMMON MEMBER:
	Generation Income Properties, L.P.
		
	By:	 	 David Sobelman

		 	Authorized Representative
	
	PREFERRED MEMBER:
	
	 /s/ Richard N. Hornstrom

	Richard N. Hornstrom

  
 30 

 Schedule A 

UNIT REGISTER 
 As of
_______________ __, 2021* 
  

																					
	 Member Name
	  	Member
Status	 	  	Number
of
Outstanding
Units	 	  	Class and
Type of
Unit	 	  	Adjusted
Capital
Contribution	 	  	Common
Unit
Percentage	 
	 Richard N. Hornstrom
	  	 
	Preferred
Member	 
 	  	 	650	 	  	 
	Class A
Preferred	 
 	  	$	650,000.00	 	  	 	N/A	 
	 Generation Income Properties, L.P. 401 East Jackson Street, Suite 3300,

Tampa, FL 33602
	  	 
	Common
Member	 
 	  	 	500	 	  	 
	Class A
Common	 
 	  	$	50,000.00	 	  	 	100	% 
	 Total Capitalization
	  				  				  				  	$	700,000.00	 	  	 	100.00	% 
		  				  				  				  	  
	  
	 	  			

 *SUBJECT TO FINAL DETERMINATION / ADJUSTMENT ON OR BEFORE CLOSING OF THE PROPERTY 

  

 Exhibit A 

Glossary of Terms 

“Act” means the Delaware Limited Liability Company Act and any successor statute, as amended from time to time. 

“Adjusted Capital Account Deficit” shall mean, with respect to any Member, the deficit balance, if any, in such Member’s
Capital Account as of the end of the relevant fiscal year or other period, after giving effect to the following adjustments: 
 (i) credit
to such Capital Account any amounts which a Member is obligated to restore or is deemed to be obligated to restore pursuant to the penultimate sentence of Treasury Regulations Sections 1.704-2(g)(1) and
(i)(5); and 
 (ii) debit to such Capital Account the items described in Treasury Regulations Sections
1.704-1(b)(2)(ii)(d)(4), (5) and (6). 
 The foregoing definition of Adjusted Capital Account
Deficit is intended to comply with the provisions of Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

“Adjusted Capital Contribution” shall mean the sum of all Capital Contributions made by the Preferred Members plus the Unpaid
Preferred Return, if any, calculated as of the Redemption closing date. 
 “Affiliate” of any specified Person means any
other Person that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with the Person specified. The term “control” means the possession, directly or indirectly, of the power to
direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

“Capital Account” has the meaning set forth in Section 2.03(a) of the Agreement. 

“Capital Commitment” means, with respect to any Member at any time, the amount specified as such Member’s
capital commitment in the books and records of the Company. 
 “Capital Contribution” means, with respect to any Member,
the amount of cash and the fair market value of any non-cash property contributed by such Member to the Company pursuant to and in accordance with this Agreement. 

“Capital Transaction” shall mean the sale, transfer, exchange or other disposition of: (a) all or substantially all of
the assets of the Company; and (b) any asset of the Company undertaken in connection, and/or contemporaneously, with the dissolution and liquidation of the Company. 

“Code” means the Internal Revenue Code of 1986 and any successor statute, as amended from time to time. 

  
 Exhibit A - 

 “Common Member” means Generation Income Properties, L.P. 

“Closing” means the date of the closing of the TIC Interest in the Property to the Company. 

“Credit Facility” means each loan agreement, credit facility, term loan, match funded loan, repurchase agreement, and other
instruments pursuant to which the Company obtains financing. 
 “Debt Provider” means American Momentum Bank. 

“Default” means any failure of a Member to make all or a portion of any required Capital Contribution on the applicable due
date. 
 “Distributable Capital Transaction Proceeds” means the amount of proceeds, receipts and other amounts, and any non-cash property, received by the Company for, from and/or in respect of a Capital Transaction after paying or providing and/or setting aside reasonable reserves for the payment of any and all current or future
expenses, taxes, debts, liabilities and other obligations, all as the Manager shall determine. 
 “Distributable Operating
Funds” means the amount of cash receipts, proceeds and other amounts that the Company receives (but not including Capital Contributions) and that the Manager determines is available for distribution by the Company after paying or providing
and/or setting aside reasonable reserves for the payment of current any and all expenses, taxes, debts, liabilities and other obligations, as well as for any permitted future investments, capital expenditures and other Company purposes, all as the
Manager shall determine; provided, however, “Distributable Operating Funds” shall not reflect or include any proceeds, receipts and other amounts, nor any non-cash property nor any other amounts that
are reflected and/or included in the determination and calculation of Distributable Capital Transaction Proceeds. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 

“ERISA Member” means any Member that is a “benefit plan investor” within the meaning of Section 3(42) of ERISA
and has notified the Manager in writing of such status. 
 “Fair Value” means the valuation of the TIC Interest and/or
other assets of the Company by the Manager in good faith. 
 “GIPREIT” means Generation Income Properties, Inc. 

“Gross Asset Values” means, with respect to any asset, the asset’s adjusted basis for United States federal income tax
purposes, except as follows: 
 (a) the Gross Asset Value of any asset contributed by a Member to the Company is the gross fair market value
of such asset as determined by the Manager at the time of contribution; and 

  
 Exhibit A - 

 (b) the Gross Asset Value of all Company assets may be adjusted to equal their respective
gross fair market values, as determined by the Manager, as of the following times: (i) the acquisition of any additional interest in the Company by any new or existing Member in exchange for more than a de minimis Capital Contribution; (ii) the
distribution by a the Company to the Member of more than a de minimis amount of property as consideration for an interest in the Company; (iii) the grant of an interest in the Company (other than a de minimis interest) as consideration for the
provision of services to or for the benefit of the Company by an existing Member acting in a Member capacity, or by a new Member acting in a Member capacity or in anticipation of becoming a Member; and (iv) the liquidation of the Company within
the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g); provided, however, that the adjustments pursuant to clauses (i), (ii) and (iii) above shall be made only if the Manager reasonably
determines that such adjustments are necessary or appropriate to reflect the relative economic interests of the Members in the Company. 

“Initial Capital Contribution” shall be calculated as the Purchase Price minus the Loan minus the TIC Investment. 

“Investments” means any real estate assets of the Company. 

“Internal Rate of Return” or “IRR” shall mean as to any Member and as the Manager shall determine (or cause
to be determined) a rate of return as of the end of a given time period (expressed as a percentage and rounded down to the nearest whole percent) which causes (1) the net present value (determined as of the first day of such time period) of the
Outflows (defined below) to be equal to (2) the net present value (determined as of the first day of such time period) of the Inflows (defined below) where: 
  

	 	(a)	 “Outflows” shall mean all Capital Contributions made by the Member to the Company; and

  

	 	(b)	 “Inflows” shall mean all distributions actually made by the Company to the Member.

 For purposes of calculating Internal Rate of Return, all Outflows shall be deemed to have been made or paid on the
dates such payments or contributions were actually made and all Inflows shall be deemed to have been made or paid, as applicable, on the last day of the month made or paid. 

The Internal Rate of Return shall be calculated on an annual basis and compounded annually. (For purposes of clarification, the intended goal
of the foregoing is to establish an effective annual rate, but not to divide a target annual rate by 12 and compound so as to achieve a higher annual rate.) 

“Loan” means the amount of $[2,715,000] provided by the Debt Provider. 

“Material Adverse Effect” means (a) a violation of any law, regulation, license, permit or other similar approval that
is reasonably likely to have a material adverse effect on the Company, any Member, including the Manager, or any Affiliate of the foregoing Persons; (b) an occurrence which is reasonably likely to subject the Company, any Member, including the
Manager, or any Affiliate of the foregoing Persons to any material regulatory or tax requirement to which it would not otherwise be subject and that has an adverse material affect, or that is reasonably likely to materially increase any such
regulatory or tax requirement beyond what it would otherwise have been; or (c) an occurrence that is reasonably likely to result in any Investments to be deemed to be “plan assets” for purposes of ERISA or that is reasonably likely to
give rise to a “prohibited transaction” under ERISA. 

  
 Exhibit A - 

 “Membership Interest” means all of a Member’s rights in the Company,
including without limitation, to the extent provided in this Agreement or under any law (as superseded by this Agreement, where possible) his or its (i) share of the Net Profits and Net Losses of the Company, and (ii) right to receive
distributions of the Company’s assets, together with the right, if any, (x) to vote on matters relating to the Company and (y) to participate in the management of the Company’s affairs. 

“Net Asset Value” of the Company means the Company’s total assets minus its total liabilities. 

“Net Profit” and “Net Loss” means, for each fiscal year or other period, an amount equal to the
Company’s taxable income or loss for such fiscal year or period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code
Section 703(a)(1) shall be included in taxable income or loss) with the following adjustments: 
 (a) Any income of the Company that is
exempt from United States federal income tax, and to the extent not otherwise taken into account in computing Net Profit or Net Loss pursuant to this paragraph, shall be added to such taxable income or loss; 

(b) Any expenditures of the Company described in Code Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures
pursuant to Section 1.704-1(b)(2)(iv)(i) of the Treasury Regulations, and to the extent not otherwise taken into account in computing Net Profit or Net Loss pursuant to this paragraph, shall be subtracted
from such taxable income or loss; 
 (c) In the event the Gross Asset Value of any Company asset is adjusted pursuant to subdivisions
(b) or (c) of the definition of “Gross Asset Value” herein, the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of computing Net Profit or Net Loss; 

(d) Gain or loss resulting from any disposition of Company property with respect to which gain or loss is recognized for United States federal
income tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value; and 

(e) In lieu of depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable income or loss,
there shall be taken into account the book depreciation for such fiscal year as determined under the principles of Code Section 704(b) and the Treasury Regulations thereunder. 

“New Partnership Audit Rules” shall mean the provisions of subchapter C of chapter 63 of subtitle F of the Code (i.e.,
Sections 6221 through 6241 of the Code), as in effect for tax years beginning after December 31, 2017, and any Treasury Regulations promulgated thereunder. 

  
 Exhibit A - 

 “Percentage Interest” means, with respect to any Member, the percentage
determined by dividing such Member’s aggregate Capital Contributions made to the Company by the aggregate Capital Contributions made to the Company by all Members. 

“Person” means any natural person, partnership, limited liability company, corporation, joint venture, trust, estate,
association, foundation, fund, governmental unit or other entity. 
 “Preferred Return” means, with respect to the
Preferred Members, an eight percent (8%) annual return on the Preferred Members’ Unreturned Capital Contributions, to be paid monthly to the Preferred Members in the form of cash. 

“Property” means the real estate asset located at 525 S. Perryville Road, Rockford, Illinois 61108. 

“Purchase Price” means the total amount of $4,525,000 paid by for the Property plus fees and expenses. 

“Redemption Date” means the date that is the second (2nd) year anniversary of the Closing. 

“Redemption Price” means an amount equal to the Adjusted Capital Contribution of the Preferred Members provided that the
Redemption Price shall not be lower than the amount needed to cause the aggregate distributions made to the Preferred Members pursuant to Section 4.02 and 4.03 to achieve a 12% IRR on the Preferred Members’ Initial Capital Contribution

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

“Substitute Member” means any purchaser, assignee, transferee or other recipient of all or any portion of any Member’s
Interest who is admitted as a Member to the Company in accordance with Article VI. 
 “TIC Investment” means
$1,200,000. 
 “Treasury Regulations” means the regulations promulgated under the Code, as amended from time to time. 

“Unpaid Preferred Return”, with respect to the Preferred Members, means the then accrued Preferred Return of the Preferred
Members reduced by the aggregate distributions made to the Preferred Members pursuant to Sections 4.02(a) and 4.03(a). 

“Unreturned Capital Contributions” means, with respect to the Preferred Members or Common Member, the aggregate Capital
Contributions made by the Preferred Members or Common Member to the Company reduced by the aggregate distributions made to the Preferred Members pursuant to Section 4.03(b) or the Common Member pursuant to Section 4.02(b) and 4.03(b). 

  
 Exhibit A - 

 Exhibit B 

Form of Redemption Agreement 

  
 Exhibit B - 1 

 REDEMPTION AGREEMENT 

GIPIL 525 S PERRYVILLE RD, LLC 

THIS REDEMPTION AGREEMENT (this “Agreement”) by and between GIPIL 525 S PERRYVILLE RD, LLC, a
Delaware limited liability company (the “Company”), ________ (the “Redeemed Member”). Unless otherwise defined herein, any capitalized term referred to herein shall have the
meaning ascribed to such term in that Limited Liability Company Agreement of the Company entered into ________________ ___, 2021 (the “JV Agreement”). 

WHEREAS, the Redeemed Member has made the election, pursuant to Section 10.01(a) of the JV Agreement, for the Company to
redeem its entire Membership Interest for an amount equal to Redeemed Member’s pro rata portion of the Redemption Price and pursuant and subject to the terms and provisions of Section 10.01 of the JV Agreement; and 

WHEREAS, the Redeemed Member is entering into this Agreement to undertake and consummate the Redemption on the terms and
provisions provided for herein and in Section 10.01 and elsewhere of the JV Agreement. 
 NOW, THEREFORE, for and in
consideration of the premises, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Redeemed Member and the Company agree as follows: 

Section 1. The Redemption; Distribution of Redemption Price. Upon the Redemption by the Redeemed Member, the Company
shall distribute to the Redeemed Member an amount equal to Redeemed Member’s pro rata portion of the Redemption Price (the “Redemption Distribution Amount”) in cash, and/or as applicable, units of
Generation Income Properties L.P., as provided and determined in and under Section 10.01 of the JV Agreement (including, as regard to the type and amount of such units, as determined and provided in Section 10.01(e) of the JV Agreement),
in complete redemption and liquidation of, and in exchange for, the Redeemed Member’s entire Membership Interest (and, thus, the Redeemed Member’s entire membership and beneficial ownership interest in and to the Company) which the
Redeemed Member shall deliver to the Company free and clear of any and all liens, claims and encumbrances. The Redeemed Member hereby acknowledges and agrees that upon its receipt of the Redemption Distribution Amount, the Redeemed Member shall not,
and no longer, have any right, title, interest, entitlement or claim in or to any distributions, fees, profits, income, gains, payments, reimbursements, compensation, salary or other amounts or otherwise any of the assets, property and rights from,
of and/or held or owned directly or indirectly by the Company or any direct or indirect subsidiary or affiliate of the Company and, further, the Redeemed Member shall no longer have any powers or rights (including, without limitation, any consent,
approval, management, enforcement, termination, removal or control right or power or any right or power to propose or approve any amendment) under, to or with respect to the Company or the JV Agreement. 

Section 2. Intentionally Blank. 

  
 1 

 Section 3. Representations and Warranties of Redeemed Member. The
Redeemed Member hereby represents and warrants to the Company and GIPLP that as of the date hereof and through and including the closing of the Redemption, as follows: 

3.1 Authority and Enforceability. The Redeemed Member has full power and authority to execute, deliver and perform this
Agreement and the transactions contemplated hereby and has validly executed and delivered this Agreement. This Agreement constitutes the legal, valid and binding agreement of the Redeemed Member, enforceable in accordance with its terms, except as
such enforcement may be limited by general principles of equity or by bankruptcy, insolvency or other similar laws affecting creditors’ rights generally. No consent, approval or other action by any governmental authority is required in
connection with the execution, delivery and performance by the Redeemed Member of this Agreement. 
 3.2 Existence and
Good Standing. The Redeemed Member is a limited liability company duly organized, validly existing and in good standing under the laws of the state of its organization and has full limited liability company power and authority under its
organizational documents to own its property and to carry on its business as is now being conducted. 
 3.3 Limited
Liability Company Interests. The Redeemed Member owns its Membership Interest free and clear of any and all liens, claims and encumbrances. 

3.4 No Insolvency; Bankruptcy; Dissolution/Liquidation. (a) The Redeemed Member has not made (and does not
anticipate having to make) any voluntary assignment or proposal under applicable laws relating to insolvency and bankruptcy; (b) no bankruptcy petition has been filed or presented against the Redeemed Member and the Redeemed Member is not
otherwise subject to any bankruptcy, insolvency or similar type of proceeding or action (and the Redeemed Member does not currently anticipate any such petition being filed or presented against it or otherwise becoming subject to any such proceeding
or action); and (c) no order has been made or a resolution passed for the winding-up, dissolution or liquidation of the Redeemed Member (and the Redeemed Member does not currently anticipate that any such
order or resolution shall be made or passed). 
 3.5 No Event of Default Under JV Agreement or other
agreement. The Redeemed Member has not breached, and/or is not in default under, the JV Agreement or any other agreement or arrangement to which it is subject or a party and that no distribution, fee, reimbursement or other amount is owed
or payable to the Redeemed Member under the JV Agreement and/or otherwise by the Company or any direct or indirect subsidiary or affiliate of the Company. 

  
 2 

 Section 4. Deliveries. 

4.1 Documents to be executed and deliveries to be made by the Redeemed Member in connection with Redemption.
As a condition to the undertaking and consummation of the Redemption, the Redeemed Member, and unless waived by the Company (by the Manager, and only the Manager, acting for the Company) in its sole discretion, the Redeemed Member shall deliver to
the Company: 
  

	 	(a)	 this Agreement fully and duly executed and dated by the Redeemed Member; 

 

	 	(b)	 a fully and duly executed affidavit complying with the provisions of Section 1445(b)(2) of the Internal
Revenue Code and reasonably acceptable to the Company certifying that the Redeemed Member is not a foreign person; 

  

	 	(c)	 certified copies of resolutions authorizing the execution and delivery of this Agreement and the consummation
of the transactions contemplated hereby; and 

  

	 	(d)	 such other and additional certificates, agreements and documents as the Company shall reasonably request.

 4.2 Documents to be executed and deliveries to be made by the Company in connection with
Redemption. As a condition to the undertaking and consummation of the Redemption, the Company, and unless waived by the Redeemed Member in its sole discretion, the Company shall deliver to the Redeemed Member this Agreement fully and duly
executed and dated by the Company. 
 Section 5. Indemnification. 

5.1 Indemnification Obligations. From and after the Redemption, the Redeemed Member shall indemnify, defend and hold the Company and
GIPLP harmless from and against any and all costs, losses and damages incurred by any of them, arising out of, or in connection with, the following: (a) any misrepresentation or breach of any warranty made by the Redeemed Member in this
Agreement or any certificate, agreement, instrument or document delivered pursuant hereto; or (b) any breach by the Redeemed Member of any covenant, agreement or obligation, which is contained in this Agreement or any certificate, agreement,
instrument or document delivered by the Redeemed Member pursuant hereto. 
 5.2 Survival of Obligations. The obligations of the
Redeemed Member to indemnify, defend and hold harmless pursuant to this Section 5 shall survive execution of this Agreement and the consummation of the transactions contemplated hereby. 

Section 6. Remedies. Except as otherwise provided herein, the rights and remedies expressly provided herein are cumulative and not
exclusive of any rights or remedies which a party hereto may otherwise have at law or in equity. Nothing herein shall be construed to require any party hereto to elect among remedies. 

Section 7. Survival of Representations, Warranties and Covenants. The representations, warranties and covenants of the parties
contained in this Agreement or in any certificate or statement delivered pursuant hereto shall survive the consummation and closing of the Redemption and the other transactions contemplated hereby. 

  
 3 

 Section 8. Tax. The tax implications and consequences of the Redemption shall be
as provided in the JV Agreement and applicable tax law. 
 Section 9. Miscellaneous. 

9.1 Notice. Any notice, payment, demand or communication required or permitted to be given pursuant to any provision of this Agreement
shall be in writing and shall be (i) delivered personally, (ii) sent by postage prepaid, registered mail, return receipt requested, (iii) transmitted by fax or e-mail, or (iv) delivered by
nationally/internationally recognized overnight courier, to the corresponding address as it appears in Schedule A of the JV Agreement, or to such other address as a Person may from time to time specify by notice to the Members. 

9.2 Severability. In the event any provision of this Agreement is held to be invalid, illegal or unenforceable for any reason and in any
respect, such invalidity, illegality or unenforceability shall in no event affect, prejudice or disturb the validity of the remainder of this Agreement, which shall be in full force and effect and enforceable in accordance with its terms. 

9.3 Gender and Number. Whenever the context of this Agreement requires, the gender of all words herein shall include the masculine,
feminine and neuter, and the number of all words herein shall include the singular and plural. 
 9.4 Divisions and Headings. The
divisions of this Agreement into sections and subsections and the use of captions and headings in connection therewith are solely for convenience and shall have no legal effect whatsoever in construing the provisions of this Agreement. 

9.5 Entire Agreement/Amendment/Counterparts. This Agreement supersedes all previous contracts, and constitutes the entire agreement of
whatsoever kind or nature existing between or among the parties respecting the subject matter hereof and no party hereto shall be entitled to other benefits than those specified herein, other than the JV Agreement and the provisions thereof
(including, without limitation, the provisions of Section 10.01). All prior representations or agreements, whether written or verbal, not expressly incorporated herein, are superseded, and no changes in or additions to this Agreement shall be
recognized unless and until made in writing and signed by all parties hereto. In entering into this Agreement, no party is relying on any statement, representation, warranty or agreement except for the statements, representations, warranties and
agreements expressly set forth in this Agreement. This Agreement may be executed in two or more counterparts, including facsimile or pdf counterparts, each and all of which shall be deemed an original and all of which together shall constitute but
one and the same instrument. 
 9.6 Intentionally Blank 

9.7 Waiver of Breach. The waiver by any party hereto of a breach or violation of any provision of this Agreement shall not operate as,
or be construed to be, a waiver of any subsequent breach of the same or other provisions hereof. 

  
 4 

 9.8 Choice of Law; Jurisdiction and Venue. This Agreement shall be governed by
and construed in accordance with the laws of the State of Delaware, without regard to the conflict of laws principles thereof. Any disputes arising out of this Agreement or otherwise in relation to the Company shall be adjudicated exclusively in the
federal and state courts sitting in Hillsborough County, Florida, with appeal rights to the appropriate appellate courts. Each party hereto hereby agrees that service of process in any such proceeding may be made by giving notice by certified mail
to such party at the place set forth in Section 9.1 herein. 
 9.9 Intentionally Blank. 

9.10 Successors and Assigns. The provisions of this Agreement shall inure to the benefit of, and be binding upon, the respective
successors and assigns of the parties. 
 9.11 Exclusivity. This Agreement is for the exclusive benefit of the parties and their
respective permitted successors and assigns hereunder and that nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective permitted successors and assigns any right,
remedies, obligations or liabilities under or by reason of this Agreement, except as may expressly be provided in this Agreement (including GIPLP as regard to the representations and warranties made to it pursuant to Section 3 hereof and the
provisions of Section 5 hereof). 
 9.12 Assignment. Neither this Agreement nor any right, remedy, obligation or liability
arising hereunder or by reason hereof may be assigned or delegated by any party to this Agreement without the prior written consent of the other party to this Agreement, which consent may be withheld by such other party in its sole and absolute
discretion. 
 9.13 Rule of Construction. This Agreement shall be interpreted without regard to any presumption or rule requiring
construction against the party causing this Agreement to be drafted. 
 9.14 Further Assurances. Each party shall execute and deliver
such further instruments and do such further acts and things as may reasonably be required to carry out the intent and purposes of this Agreement promptly upon reasonable request from any other party. 

9.15 Provisions of this Agreement and JV Agreement. For the avoidance of doubt, each party hereto hereby acknowledges and agrees that
the provisions of this Agreement and Section 10.01 of the JV Agreement shall be interpreted and read together and applied in a manner that the Manager reasonably determines would give effect to all of such provisions, with neither this Agreement nor
the JV Agreement having priority over the other. 
 [The remainder of this page is intentionally blank.] 

  
 5 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth below.

  

			
	COMPANY:
	
	GIPIL 525 S PERRYVILLE RD, LLC
	
	        By: Generation Income Properties, L.P., its Manager
		
	        By:	 	  

		 	Name: David Sobelman
		 	Title: President
	                Date: ___________ ___, 2021

  

			
	 REDEEMED MEMBER:

	  

	 Date:_____________
	 	

  
 6 

 Exhibit C 

Form of Membership Purchase Agreement 

  
 Exhibit C - 1 

 MEMBERSHIP INTEREST PURCHASE AGREEMENT 

GIPIL 525 S PERRYVILLE RD                 , LLC 

THIS MEMBERSHIP INTEREST PURCHASE AGREEMENT (this “Agreement”) by and between _________ (the
“Seller”) and Generation Income Properties L.P., or its designee (the “Purchaser”). Unless otherwise defined herein, any capitalized term referred to herein shall have the
meaning ascribed to such term in that Limited Liability Company Agreement of GIPIL 525 S PERRYVILLE RD, LLC (the “Company”) entered into ______________ __, 2021 (the “JV
Agreement”). 
 WHEREAS, the Purchaser has made the election provided by Section 10.01(c) of the JV
Agreement to purchase _________ Membership Interest of the Seller for an amount equal to Seller’s pro rata portion of the Redemption Price [Note: To be adjusted throughout if less than all Membership Interest is purchased.] and pursuant and
subject to the terms and provisions of Section 10.01 of the JV Agreement; 
 WHEREAS, the Seller and Purchaser are
entering into this Agreement to undertake and consummate the Membership Interest Purchase on the terms and provisions provided for herein and in Section 10.01 and elsewhere of the JV Agreement; and 

WHEREAS, the Seller and Purchaser are entering into this Agreement to undertake and consummate the Membership Interest Purchase
Agreement on the terms and provisions provided for herein and in Section 10.01 and elsewhere of the JV Agreement. 
 NOW,
THEREFORE, for and in consideration of the premises, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Seller and Purchaser agree as follows: 

Section 1. The Membership Interest Purchase/Payment of Redemption Price . Upon the closing of the purchase and sale
of the Seller’s entire Membership Interest in the Company (i.e., the Membership Interest Purchase) on the Purchase Closing Date, the Purchaser shall pay to the Seller an amount equal to Seller’s pro rata portion of the Redemption Price
(the “Sale Payment Amount”) in cash, and/or as applicable, units of Generation Income Properties L.P., as provided and determined in and under Section 10.01 of the JV Agreement (including, as regard to the
type and amount of such units, as determined and provided in Section 10.01(e) of the JV Agreement) in exchange for Seller’s entire Membership Interest (and, thus, the Seller’s entire membership and beneficial ownership interest in and
to the Company) which the Seller shall deliver to the Purchaser free and clear of any and all liens, claims and encumbrances. The Seller hereby acknowledges and agrees that upon its receipt of the Sale Payment Amount, the Seller shall not, and no
longer, have any right, title, interest, entitlement or claim in or to any distributions, fees, profits, income, gains, payments, reimbursements, compensation, salary or other amounts or otherwise any of the assets, property and rights from, of
and/or held or owned directly or indirectly by the Company or any direct or indirect subsidiary or affiliate of the Company and, further, the Seller shall no longer have any powers or rights (including, without limitation, any consent, approval,
management, enforcement, termination, removal or control right or power or any right or power to propose or approve any amendment) under, to or with respect to the Company or the JV Agreement. 

  
 1 

 Section 2. Intentionally Blank. 

Section 3. Representations and Warranties of the Seller. The Seller hereby represents and warrants to the Purchaser that as
of the date hereof and through and including the closing of the Membership Interest Purchase, as follows: 
 3.1 Authority
and Enforceability. The Seller has full power and authority to execute, deliver and perform this Agreement and the transactions contemplated hereby and has validly executed and delivered this Agreement. This Agreement constitutes the legal,
valid and binding agreement of the Seller, enforceable in accordance with its terms, except as such enforcement may be limited by general principles of equity or by bankruptcy, insolvency or other similar laws affecting creditors’ rights
generally. No consent, approval or other action by any governmental authority is required in connection with the execution, delivery and performance by the Seller of this Agreement. 

3.2 Existence and Good Standing. The Seller is a limited liability company duly organized, validly existing and in good
standing under the laws of the state of its organization and has full limited liability company power and authority under its organizational documents to own its property and to carry on its business as is now being conducted. 

3.3 Limited Liability Company Interests. The Seller owns its Membership Interest free and clear of any and all liens,
claims and encumbrances. 
 3.4 No Insolvency; Bankruptcy; Dissolution/Liquidation. (a) The Seller has not made
(and does not anticipate having to make) any voluntary assignment or proposal under applicable laws relating to insolvency and bankruptcy; (b) no bankruptcy petition has been filed or presented against the Seller and the Seller is not otherwise
subject to any bankruptcy, insolvency or similar type of proceeding or action (and the Seller does not currently anticipate any such petition being filed or presented against it or otherwise becoming subject to any such proceeding or action); and
(c) no order has been made or a resolution passed for the winding-up, dissolution or liquidation of the Seller (and the Seller does not currently anticipate that any such order or resolution shall be made
or passed). 
 3.5 No Event of Default Under JV Agreement or other agreement. The Seller has not
breached, and/or is not in default under, the JV Agreement or any other agreement or arrangement to which it is subject or a party and that no distribution, fee, reimbursement or other amount is owed or payable to the Seller under the JV Agreement
and/or otherwise by the Company or any direct or indirect subsidiary or affiliate of the Company. 
 Section 4. Deliveries. 

4.1 Documents to be executed and deliveries to be made by the Seller in connection with the Membership
Interest Purchase. As a condition to the undertaking and consummation of the Membership Interest Purchase, the Seller, and unless waived by the Purchaser in its sole discretion, the Seller shall deliver to the Purchaser: 

  
 2 

	 	(a)	 this Agreement fully and duly executed and dated by the Seller; 

 

	 	(b)	 a fully and duly executed affidavit complying with the provisions of Section 1445(b)(2) of the Internal
Revenue Code and reasonably acceptable to the Purchaser certifying that the Seller is not a foreign person; 

  

	 	(c)	 certified copies of resolutions authorizing the execution and delivery of this Agreement and the consummation
of the transactions contemplated hereby; and 

  

	 	(d)	 such other and additional certificates, agreements and documents as the Purchaser shall reasonably request.

 4.2 Documents to be executed and deliveries to be made by the Purchaser in connection with the
Membership Interest Purchase. As a condition to the undertaking and consummation of the Membership Interest Purchase and unless waived by the Seller in its sole discretion, the Purchaser shall deliver to the Seller this Agreement fully
and duly executed and dated by the Purchaser. 
 Section 5. Indemnification. 

5.1 Indemnification Obligations. From and after the Membership Interest Purchase, the Seller shall indemnify, defend and hold the
Purchaser harmless from and against any and all costs, losses and damages incurred by any of them, arising out of, or in connection with, the following: (a) any misrepresentation or breach of any warranty made by the Seller in this Agreement or any
certificate, agreement, instrument or document delivered pursuant hereto; or (b) any breach by the Seller of any covenant, agreement or obligation, which is contained in this Agreement or any certificate, agreement, instrument or document
delivered by the Seller pursuant hereto. 
 5.2 Survival of Obligations. The obligations of the Seller to indemnify, defend and hold
harmless pursuant to this Section 5 shall survive execution of this Agreement and the consummation of the transactions contemplated hereby. 

Section 6. Remedies. Except as otherwise provided herein, the rights and remedies expressly provided herein are cumulative and not
exclusive of any rights or remedies which a party hereto may otherwise have at law or in equity. Nothing herein shall be construed to require any party hereto to elect among remedies. 

Section 7. Survival of Representations, Warranties and Covenants. The representations, warranties and covenants of the parties
contained in this Agreement or in any certificate or statement delivered pursuant hereto shall survive the consummation and closing of the Membership Interest Purchase and the other transactions contemplated hereby. 

Section 8. Tax. The tax implications and consequences of the Membership Interest shall be as provided in the JV Agreement and
applicable tax law. 
 Section 9. Miscellaneous. 

  
 3 

 9.1 Notice. Any notice, payment, demand or communication required or permitted to be
given pursuant to any provision of this Agreement shall be in writing and shall be (i) delivered personally, (ii) sent by postage prepaid, registered mail, return receipt requested, (iii) transmitted by fax or e-mail, or (iv) delivered by nationally/internationally recognized overnight courier, to the corresponding address as it appears in Schedule A of the JV Agreement, or to such other address as a Person
may from time to time specify by notice to the Members. 
 9.2 Severability. In the event any provision of this Agreement is held to
be invalid, illegal or unenforceable for any reason and in any respect, such invalidity, illegality or unenforceability shall in no event affect, prejudice or disturb the validity of the remainder of this Agreement, which shall be in full force and
effect and enforceable in accordance with its terms. 
 9.3 Gender and Number. Whenever the context of this Agreement requires, the
gender of all words herein shall include the masculine, feminine and neuter, and the number of all words herein shall include the singular and plural. 

9.4 Divisions and Headings. The divisions of this Agreement into sections and subsections and the use of captions and headings in
connection therewith are solely for convenience and shall have no legal effect whatsoever in construing the provisions of this Agreement. 

9.5 Entire Agreement/Amendment/Counterparts. This Agreement supersedes all previous contracts, and constitutes the entire agreement of
whatsoever kind or nature existing between or among the parties respecting the subject matter hereof and no party hereto shall be entitled to other benefits than those specified herein, other than the JV Agreement and the provisions thereof
(including, without limitation, the provisions of Section 10.01). All prior representations or agreements, whether written or verbal, not expressly incorporated herein, are superseded, and no changes in or additions to this Agreement shall be
recognized unless and until made in writing and signed by all parties hereto. In entering into this Agreement, no party is relying on any statement, representation, warranty or agreement except for the statements, representations, warranties and
agreements expressly set forth in this Agreement. This Agreement may be executed in two or more counterparts, including facsimile or pdf counterparts, each and all of which shall be deemed an original and all of which together shall constitute but
one and the same instrument. 
 9.6 Intentionally Blank. 

9.7 Waiver of Breach. The waiver by any party hereto of a breach or violation of any provision of this Agreement shall not operate as,
or be construed to be, a waiver of any subsequent breach of the same or other provisions hereof. 
 9.8 Choice of Law; Jurisdiction
and Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflict of laws principles thereof. Any disputes arising out of this Agreement or otherwise in relation to
the Company shall be adjudicated exclusively in the federal and state courts sitting in Hillsborough County, Florida, with appeal rights to the appropriate appellate courts. Each party hereto hereby agrees that service of process in any such
proceeding may be made by giving notice by certified mail to such party at the place set forth in Section 9.1 herein. 

  
 4 

 9.9 Intentionally Blank. 

9.10 Successors and Assigns. The provisions of this Agreement shall inure to the benefit of, and be binding upon, the respective
successors and assigns of the parties. 
 9.11 Exclusivity. This Agreement is for the exclusive benefit of the parties and their
respective permitted successors and assigns hereunder and that nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective permitted successors and assigns any right,
remedies, obligations or liabilities under or by reason of this Agreement, except as may expressly be provided in this Agreement. 
 9.12
Assignment. Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof may be assigned or delegated by any party to this Agreement without the prior written consent of the other party to this
Agreement, which consent may be withheld by such other party in its sole and absolute discretion. 
 9.13 Rule of Construction. This
Agreement shall be interpreted without regard to any presumption or rule requiring construction against the party causing this Agreement to be drafted. 

9.14 Further Assurances. Each party shall execute and deliver such further instruments and do such further acts and things as may
reasonably be required to carry out the intent and purposes of this Agreement promptly upon reasonable request from any other party. 
 9.15
Provisions of this Agreement and JV Agreement. For the avoidance of doubt, each party hereto hereby acknowledges and agrees that the provisions of this Agreement and Section 

10.01 of the JV Agreement shall be interpreted and read together and applied in a manner that the Manager reasonably determines would give
effect to all of such provisions, with neither this Agreement nor the JV Agreement having priority over the other. 
 [The
remainder of this page is intentionally blank.] 

  
 5 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth below.

  

			
	 PURCHASER:

	
	 Generation Income Properties, L.P., a Delaware limited
partnership

	
	         By: Generation Income Properties,
Inc., its general partner

		
	             By:
	 	          

		 	 David Sobelman

		 	 Title: President

		 	 Date: ____________ ___, 2021

	 SELLER:

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