Document:

Exhibit 4.3

 

 

JOHN DEERE OWNER TRUST 20[__]

 

TRUST AGREEMENT

 

between

 

JOHN DEERE RECEIVABLES LLC

 

Depositor

 

and

 

[__]

 

Owner Trustee

 

Dated
as of [__], 20[__]

 

 

     

     

    

 

TABLE
OF CONTENTS

 

Page

	Article I 
	 	 	 
	Definitions 
	 	 	 
	Section 1.01	Capitalized
    Terms	1
	Section 1.02	Other
    Definitional Provisions	3
	 	 	 
	Article II 
	 	 	 
	Organization 
	 	 	 
	Section 2.01	Name	4
	Section 2.02	Office	4
	Section 2.03	Purposes
    and Powers	4
	Section 2.04	Appointment
    of Owner Trustee	5
	Section 2.05	Initial
    Capital Contribution of Trust Estate	5
	Section 2.06	Declaration
    of Trust	5
	Section 2.07	Liability
    of the Owner	6
	Section 2.08	Title
    to Trust Property	6
	Section 2.09	Situs
    of Trust	6
	Section 2.10	Representations
    and Warranties of the Depositor	6
	 	 	 
	Article III 
	 	 	 
	Certificate
    and Transfer of Interests 
	 	 	 
	Section 3.01	Initial
    Ownership	7
	Section 3.02	The
    Certificate	7
	Section 3.03	Authentication
    of the Certificate	7
	Section 3.04	Exchange
    of the Certificate	7
	Section 3.05	Mutilated,
    Destroyed, Lost or Stolen Certificate	8
	Section 3.06	Persons
    Deemed Owners	8
	Section 3.07	Access
    to Certificateholder’s Name and Address	8
	Section 3.08	Maintenance
    of Office or Agency	8
	Section 3.09	Appointment
    of Paying Agent	9
	Section 3.10	Depositor
    as Certificate holder	9
	Section 3.11	Non-transferability
    of the Certificate(s)	9
	Section 3.12	Regarding
    the Certificate	10
	Section 3.13	Restrictions
    on Note Acquisitions	10

 

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 	Article IV 
	 	 	 
	Actions
    by Owner Trustee 
	 	 	 
	Section 4.01	Prior
    Notice to Owner with Respect to Certain Matters	10
	Section 4.02	Action by the Owner with
    Respect to Certain Matters	11
	Section 4.03	Action by the Owner with
    Respect to Bankruptcy	11
	Section 4.04	Restrictions on the Owner’s
    Power	11
	 	 	 
	Article V 
	 	 	 
	Application
    of Trust Funds; Certain Duties 
	 	 	 
	Section 5.01	Establishment of Certificate
    Distribution Account	12
	Section 5.02	Application of Trust Funds	12
	Section 5.03	Method of Payment	13
	Section 5.04	No Segregation of Monies;
    No Interest	13
	Section 5.05	Accounting and Reports
    to the Owner, the Internal Revenue Service and Others	13
	 	 	 
	Article VI 
	 	 	 
	Authority
    and Duties of Owner Trustee 
	 	 	 
	Section 6.01	General Authority	14
	Section 6.02	General Duties	14
	Section 6.03	Action upon Instruction	15
	Section 6.04	No Duties Except as Specified
    in This Agreement or in Instructions	15
	Section 6.05	No Action Except Under
    Specified Documents or Instructions	16
	Section 6.06	Restrictions	16
	 	 	 
	Article VII 
	 	 	 
	Concerning
    the Owner Trustee 
	 	 	 
	Section 7.01	Acceptance of Trusts and
    Duties	17
	Section 7.02	Furnishing of Documents	19
	Section 7.03	Representations and Warranties	20
	Section 7.04	Reliance; Advice of Counsel	20
	Section 7.05	Not Acting in Individual
    Capacity	21
	Section 7.06	Owner Trustee Not Liable
    for Certificate or Receivables	21
	Section 7.07	Owner Trustee May Own
    Notes	21

 

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 	Article VIII 
	 	 	 
	Compensation
    of Owner Trustee 
	 	 	 
	Section 8.01	Owner
    Trustee’s Fees and Expenses	21
	Section 8.02	Indemnification	22
	Section 8.03	Payments to the Owner Trustee	22
	 	 	 
	Article IX 
	 	 	 
	TERMINATION
    OF TRUST AGREEMENT 
	 	 	 
	Section 9.01	Termination of Trust Agreement	22
	Section 9.02	Dissolution upon Bankruptcy
    of the Depositor	23
	 	 	 
	Article X 
	 	 	 
	Successor
    Owner Trustees and Additional Owner Trustees 
	 	 	 
	Section 10.01	Eligibility Requirements
    for Owner Trustee	24
	Section 10.02	Resignation or Removal
    of Owner Trustee	24
	Section 10.03	Successor Owner Trustee	25
	Section 10.04	Merger or Consolidation
    of Owner Trustee	25
	Section 10.05	Appointment of Co-Trustee
    or Separate Trustee	26
	 	 	 
	Article XI 
	 	 	 
	Miscellaneous 
	 	 	 
	Section 11.01	Supplements and Amendments	27
	Section 11.02	No Legal Title to Owner
    Trust Estate in the Owner	28
	Section 11.03	Limitations on Rights of
    Others	28
	Section 11.04	Notices	28
	Section 11.05	Severability	29
	Section 11.06	Electronic Signatures;
    Separate Counterparts	29
	Section 11.07	Successors and Assigns	29
	Section 11.08	Covenant of the Depositor	30
	Section 11.09	No Petition	30
	Section 11.10	No Recourse	30
	Section 11.11	Headings	30
	Section 11.12	GOVERNING LAW	30
	Section 11.13	WAIVER OF JURY TRIAL	31
	Section 11.14	Depositor Payment Obligation	31
	Section 11.15	Administrator	31
	Section 11.16	Communication with Rating
    Agencies	31
	Section 11.17	AML Law Compliance	31

 

	EXHIBIT A
    Form of Certificate	A-1
	EXHIBIT B
    Certificate of Trust of John Deere Owner Trust 20[__]	B-1

 

    iii

     

    

 

TRUST
AGREEMENT, dated as of [__], 20[__], between John Deere Receivables LLC, a Nevada limited liability company, as Depositor, and
[__], a [__], as Owner Trustee.

 

Article I

 

Definitions

 

Section 1.01     Capitalized
Terms. For all purposes of this Agreement, the following terms shall have the meanings set forth below:

 

“Administration
Agreement” means the Administration Agreement to be dated as of [__], 20[__], among the Administrator, the Trust and the
Indenture Trustee, as the same may be amended, modified or supplemented from time to time.

 

“Administrator” means John Deere Capital
Corporation, a Delaware corporation, or any successor Administrator under the Administration Agreement.

 

“Agreement” shall mean this Trust
Agreement, as the same may be amended and supplemented from time to time.

 

“Basic Documents” shall mean the Purchase
Agreement, the Sale and Servicing Agreement, the Indenture, the Administration Agreement, the Depository Agreement, the Asset Representations
Review Agreement and the other documents and certificates delivered in connection therewith.

 

“Certificate” shall mean a certificate
evidencing the beneficial interest of the Owner in the Trust, substantially in the form attached hereto as Exhibit A.

 

“Certificate Distribution Account”
shall have the meaning assigned to such term in Section 5.01.

 

“Certificate of Trust” shall mean
the Certificate of Trust in the form of Exhibit B to be filed for the Trust pursuant to Section 3810(a) of the Trust Statute.

 

“Certificate Register” and “Certificate
Registrar” shall mean the register mentioned and the registrar appointed pursuant to Section 3.04.

 

“Certificateholder” shall mean the
Depositor.

 

“Code” shall mean the Internal Revenue
Code of 1986, as amended.

 

“Corporate Trust Office” shall mean,
(i) with respect to the Owner Trustee, the corporate trust office of the Owner Trustee located at [__], Attention: [__]; or at such
other address as the Owner Trustee may designate by notice to the Owners and the Depositor, or the principal corporate trust office of
any successor Owner Trustee (the address of which the successor owner trustee will notify the Owners and the Depositor) and (ii) means
with respect to the Paying Agent and the Certificate Registrar, the office [of the Indenture Trustee at which at any particular time
its corporate trust business shall be administered which office at the date of the execution of this Agreement is] located at [__], Attention:
[__], facsimile No.: [__], or at such other address as the Paying Agent and the Certificate Registrar may designate from time to time
by notice to the Owners and the Depositor, or the corporate trust office of any successor Paying Agent or the Certificate Registrar (the
address of which the successor paying agent and the certificate registrar will notify the Owners and the Depositor).

 

     

     

    

 

“Depositor” shall mean John Deere
Receivables LLC, in its capacity as Depositor hereunder.

 

“Depository Agreement” means the agreement
executed by the Trust and delivered to The Depository Trust Company, dated on or about the Closing Date, substantially in the form of
Exhibit C to the Indenture.

 

“Expenses” shall have the meaning
assigned to such term in Section 8.02.

 

“Indenture”
shall mean the Indenture, to be dated as of [__], 20[__], between the Trust and the Indenture Trustee, as the same may be amended
and supplemented from time to time.

 

“Indenture Trustee” shall mean [__],
not in its individual capacity but solely as Indenture Trustee under the Indenture.

 

“JDCC” shall mean John Deere Capital
Corporation, a Delaware corporation.

 

“Owner” shall mean the Certificateholder.

 

“Owner Trust Estate” shall mean all
right, title and interest of the Trust in and to the property and rights assigned to the Trust pursuant to Article II of the Sale
and Servicing Agreement, all funds on deposit from time to time in the Trust Accounts and the Certificate Distribution Account and all
other property of the Trust from time to time, including any rights of the Owner Trustee and the Trust pursuant to the Sale and Servicing
Agreement and the Administration Agreement.

 

“Owner Trustee” shall mean [__] a
[__], not in its individual capacity but solely as owner trustee under this Agreement, and any successor Owner Trustee hereunder.

 

“Paying Agent” shall mean any paying
agent or co-paying agent appointed pursuant to Section 3.09 and shall initially be [__], a [__].

 

“Purchase
Agreement” shall mean the Purchase Agreement, to be dated as of [__], 20[__], between JDCC and the Depositor, as the same
may be amended, modified or supplemented from time to time.

 

“Record Date” shall mean, with respect
to any Payment Date, the close of business on the last day of the calendar month immediately preceding the calendar month in which the
Payment Date occurs.

 

“Representatives”
means [__] and [__], in their capacity as the representatives under the Underwriting Agreement.

 

    2

     

    

 

“Responsible Officer” means, with
respect to the Owner Trustee, any officer within the Corporate Trust Office of the Owner Trustee who shall have direct responsibility
for the administration of the Trust Agreement and the other Basic Documents on behalf of the Owner Trustee, including any Vice President,
Assistant Vice President, Assistant Treasurer, Assistant Secretary, or any other officer of the Owner Trustee customarily performing
functions similar to those performed by any of the above designated officers and also, with respect to a particular matter, any other
officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject.

 

“Sale
and Servicing Agreement” shall mean the Sale and Servicing Agreement among the Trust, the Depositor, as seller, and JDCC, as servicer,
to be dated as of [__], 20[__], as the same may be amended, modified or supplemented from time to time.

 

“Secretary of State” shall mean the
Secretary of State of the State of Delaware.

 

“Treasury Regulations” shall mean
regulations, including proposed or temporary regulations, promulgated under the Code. References herein to specific provisions of proposed
or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations.

 

“Trust” shall mean the trust established
by this Agreement.

 

“Trust Company” shall mean [__].

 

“Trust Statute” shall mean Chapter
38 of Title 12 of the Delaware Code, 12 Del. Code Section 3801 et seq., as the same may be amended from time to time.

 

“Underwriting
Agreement” means the Underwriting Agreement dated [__], 20[__], among JDCC, the Depositor and the Representatives, each
on their own behalf and as representatives of the underwriters set forth on the signature pages thereto.

 

Section 1.02     Other
Definitional Provisions.

 

(a)            Capitalized
terms used herein and not otherwise defined have the meanings assigned to them in the Sale and Servicing Agreement or, if not defined
therein, in the Indenture.

 

(b)            All
terms defined in this Agreement shall have the defined meanings when used in any certificate or other document made or delivered pursuant
hereto unless otherwise defined therein.

 

(c)            As
used in this Agreement and in any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined
in this Agreement or in any such certificate or other document, and accounting terms partly defined in this Agreement or in any such
certificate or other document to the extent not defined, shall have the respective meanings given to them under generally accepted accounting
principles in the United States. To the extent that the definitions of accounting terms in this Agreement or in any such certificate
or other document are inconsistent with the meanings of such terms under generally accepted accounting principles in the United States,
the definitions contained in this Agreement or in any such certificate or other document shall control.

 

    3

     

    

 

(d)            The
words “hereof,” “herein,” “hereunder” and words of similar import when used in this Agreement shall
refer to this Agreement as a whole and not to any particular provision of this Agreement; Section and Exhibit references contained
in this Agreement are references to Sections and Exhibits in or to this Agreement unless otherwise specified; and the term “including”
shall mean “including without limitation.”

 

(e)            The
definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms and to the masculine
as well as to the feminine and neuter genders of such terms.

 

Article II

 

Organization

 

Section 2.01     Name.
The Trust created hereby shall be known as “John Deere Owner Trust 20[__]” in which name the Owner Trustee may conduct the
business of the Trust, make and execute contracts and other instruments on behalf of the Trust and sue and be sued.

 

Section 2.02     Office.
The office of the Trust shall be in care of the Owner Trustee at the Corporate Trust Office or at such other address as the Owner Trustee
may designate by written notice to the Owners and the Depositor.

 

Section 2.03     Purposes
and Powers. The purpose of the Trust is to engage in the following activities:

 

(a)            to
issue the Notes pursuant to the Indenture and to sell the Notes upon the written order of the Depositor, and pursuant to this Agreement
to issue a Certificate to the Depositor upon the written order of the Depositor;

 

(b)            with
the proceeds of the sale of the Notes and the issuance of the Certificate, to pay the Depositor the amounts owed pursuant to Section 2.01
of the Sale and Servicing Agreement, by directing the Representatives to wire transfer such proceeds in accordance with instructions
received from the Depositor;

 

(c)            with
the proceeds from capital contributions from the Depositor, to pay organizational and transactional expenses of the Trust;

 

(d)            to
assign, grant, transfer, pledge, mortgage and convey the Trust Estate (as defined in the Indenture) pursuant to the Indenture and to
hold, manage and distribute to the Owner pursuant to the terms of the Sale and Servicing Agreement any portion of the Trust Estate released
from the Lien of, and remitted to the Trust pursuant to, the Indenture;

 

(e)            to
enter into and perform its obligations under the Basic Documents to which it is to be a party;

 

    4

     

    

 

(f)            to
engage in those activities, including entering into agreements, that are necessary, suitable or convenient to accomplish the foregoing
or are incidental thereto or connected therewith; and

 

(g)            subject
to compliance with the Basic Documents, to engage in such other activities as may be required in connection with conservation of the
Owner Trust Estate and the making of distributions to the Owner and the Noteholders.

 

The Trust shall not engage in any activity other
than in connection with the foregoing or other than as required or authorized by the terms of this Agreement or the Basic Documents.

 

Section 2.04     Appointment
of Owner Trustee. The Depositor hereby appoints the Owner Trustee as trustee of the Trust effective as of the date hereof, to have
all the rights, powers and duties set forth herein. [[__] will perform its duties as Owner Trustee hereunder through its Corporate Trust
Services division, if any (which division shall include, as applicable, any agents or affiliates utilized by the Owner Trustee).]

 

Section 2.05     Initial
Capital Contribution of Trust Estate. In accordance with Section 3802(a) of the Statutory Trust Act, the Depositor has
not made, and is not required to make, a contribution to the Trust. The Depositor shall pay organizational expenses of the Trust as they
may arise or shall, upon the request of the Owner Trustee, promptly reimburse the Owner Trustee for any such expenses paid by the Owner
Trustee.

 

Section 2.06     Declaration
of Trust. The Owner Trustee hereby declares that it will hold the Owner Trust Estate in trust upon and subject to the conditions
set forth herein for the use and benefit of the Owner, subject to the obligations of the Trust under the Basic Documents. It is the intention
of the parties hereto that the Trust constitute a statutory trust under the Trust Statute and that this Agreement constitute the governing
instrument of such statutory trust.

 

It is the intention of the parties that the Trust will be disregarded as an entity separate from the Owner for U.S. federal income tax
purposes as provided by Treasury Regulation Section 301.7701-3(b)(1)(ii). In the event, however, that during its term the Trust
has more than one beneficial owner or member, then the parties agree, for U.S. federal income tax purposes, to treat the Trust as a partnership
and to take no action inconsistent with the treatment of the Trust as a partnership. In such event, the parties agree that, unless otherwise
required by appropriate tax authorities, the Trust will elect to be treated as a partnership and will file or cause to be filed annual
or other necessary returns, reports and other forms consistent with the characterization of the Trust as a partnership for such tax purposes
and in accordance with Section 5.05 herein. Effective as of the date hereof, the Owner Trustee shall have all rights, powers and
duties set forth herein and in the Trust Statute with respect to accomplishing the purposes of the Trust. In no event shall the Trust
elect to be treated as an association taxable as a corporation.

 

    5

     

    

 

Section 2.07    Liability
of the Owner.

 

(a)            The
Depositor shall be liable directly to and will indemnify the injured party for all losses, claims, damages, liabilities and expenses
of the Trust (including Expenses, to the extent not paid out of the Owner Trust Estate) to the extent that the Depositor would be liable
if the Trust were a partnership under the Delaware Revised Uniform Limited Partnership Act in which the Depositor were a general partner;
provided, however, that the Depositor shall not be liable for any losses incurred by a Certificateholder in the capacity of an investor
in the Certificate or a Noteholder in the capacity of an investor in the Notes. In addition, any third-party creditors of the Trust (other
than in connection with the obligations described in the preceding proviso, for which the Depositor shall not be liable) shall be deemed
third-party beneficiaries of this paragraph. The obligations of the Depositor under this paragraph shall be evidenced by the Certificate
described in Section 3.10.

 

(b)            The
Owner, other than to the extent set forth in paragraph (a), shall not have any personal liability for any liability or obligation of
the Trust.

 

Section 2.08     Title
to Trust Property. Legal title to all the Owner Trust Estate shall be vested at all times in the Trust as a separate legal entity
except where applicable law in any jurisdiction requires title to any part of the Owner Trust Estate to be vested in a trustee or trustees,
in which case title shall be deemed to be vested in the Owner Trustee, a co-trustee and/or a separate trustee, as the case may be.

 

Section 2.09     Situs
of Trust. The Trust will be located in the State of Delaware. All bank accounts maintained by the Owner Trustee on behalf of the
Trust shall be located in the State of Delaware. The Trust shall not have any employees in any State other than Delaware; provided, however,
that nothing herein shall restrict or prohibit the Owner Trustee from having employees within or without the State of Delaware.

 

Section 2.10     Representations
and Warranties of the Depositor. The Depositor hereby represents and warrants to the Owner Trustee that:

 

(a)            the
Depositor is duly organized and validly existing as a limited liability company in good standing under the laws of the State of Nevada,
with power and authority to own its properties and to conduct its business as such properties are currently owned and such business is
presently conducted;

 

(b)            the
Depositor is duly qualified to do business as a limited liability company in good standing, and has obtained all necessary licenses and
approvals in all jurisdictions in which the failure to so qualify or to obtain such license or approval would render any Receivable unenforceable
that would otherwise be enforceable by the Depositor, the Sub-Servicer or the Owner Trustee;

 

(c)            the
Depositor has the power and authority to execute and deliver this Agreement and to carry out its terms; the Depositor has full power
and authority to sell and assign the property to be sold and assigned to and deposited with the Trust and the Depositor shall have duly
authorized such sale and assignment and deposit to the Trust by all necessary limited liability company action; and the execution, delivery
and performance of this Agreement has been duly authorized by the Depositor by all necessary limited liability company action; and

 

    6

     

    

 

(d)            the
consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not conflict with, result
in any breach of any of the terms and provisions of, or constitute (with or without notice or lapse of time) a default under, the articles
of organization or limited liability company agreement of the Depositor, or any indenture, agreement or other instrument to which the
Depositor is a party or by which it is bound; nor result in the creation or imposition of any Lien upon any of its properties pursuant
to the terms of any such indenture, agreement or other instrument (other than pursuant to the Basic Documents); nor violate any law or,
to the best of the Depositor’s knowledge, any order, rule or regulation applicable to the Depositor of any court or of any
Federal or State regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor
or its properties.

 

Article III

 

Certificate
and Transfer of Interests

 

Section 3.01     Initial
Ownership. Upon the formation of the Trust by the contribution by the Depositor pursuant to Section 2.05 and until the termination
of the Trust, the Depositor shall be the sole beneficiary of the Trust.

 

Section 3.02     The
Certificate. The Certificate shall be issued in a registered, definitive, physical certificate substantially in the form of Exhibit A.
The Certificate shall be indivisible and represent one hundred percent (100%) of the beneficial interest in the Trust. The Certificate
shall be executed on behalf of the Trust by manual or facsimile signature of a Trust Officer of the Owner Trustee. The Certificate bearing
the manual or facsimile signatures of individuals who were, at the time when such signatures shall have been affixed, authorized to sign
on behalf of the Trust, shall, when authenticated pursuant to Section 3.03, be validly issued and entitled to the benefits of this
Agreement, notwithstanding that such individuals or any of them shall have ceased to be so authorized prior to the authentication and
delivery of the Certificate or did not hold such offices at the date of authentication and delivery of the Certificate.

 

Section 3.03     Authentication
of the Certificate. Concurrently with the initial sale of the Receivables to the Trust pursuant to the Sale and Servicing Agreement,
the Owner Trustee shall cause the Certificate to be executed on behalf of the Trust, authenticated and delivered to the Depositor. The
Certificate shall not entitle its holder to any benefit under this Agreement, or be valid for any purpose, unless there shall appear
on such Certificate a certificate of authentication substantially in the form set forth in Exhibit A, executed by the Owner Trustee
or the Owner Trustee’s authentication agent, by manual signature; such authentication shall constitute conclusive evidence that
such Certificate shall have been duly authenticated and delivered hereunder. The Certificate shall be dated the date of its authentication.

 

Section 3.04     Exchange
of the Certificate. The Certificate Registrar shall keep or cause to be kept, at the office or agency maintained pursuant to Section 3.08,
a Certificate Register in which, subject to such reasonable regulations as it may prescribe, the Owner Trustee shall provide for the
registration of the Certificate and of exchanges of the Certificate as herein provided. [__] shall be the initial Certificate Registrar.

 

At the option of the Certificateholder, the Certificate
may be exchanged for other Certificates representing the same undivided beneficial interest in the Trust upon surrender of the Certificate
to be exchanged at the office or agency maintained pursuant to Section 3.08.

 

    7

     

    

 

Every Certificate presented or surrendered for
exchange shall be accompanied by a written instrument of exchange in a form satisfactory to the Owner Trustee and the Certificate Registrar
duly executed by the Certificateholder or its attorney duly authorized in writing. Each Certificate surrendered for registration of exchange
shall be cancelled and subsequently disposed of by the Owner Trustee in accordance with its customary practice.

 

No service charge shall be made for any registration
of transfer or exchange of the Certificate, but the Owner Trustee or the Certificate Registrar may require payment of a sum sufficient
to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of the Certificate.

 

No transfer of a Certificate or any interest therein
shall be made unless the holder of such Certificate shall have first surrendered such Certificate to the Certificate Registrar for registration
of transfer, or if such Certificate shall have been mutilated, destroyed, lost or stolen, the holder of such Certificate shall first
comply with Section 3.05 hereof.

 

Section 3.05     Mutilated,
Destroyed, Lost or Stolen Certificate. If (a) any mutilated Certificate shall be surrendered to the Certificate Registrar, or
if the Certificate Registrar shall receive evidence to its satisfaction of the destruction, loss or theft of any Certificate and (b) there
shall be delivered to the Certificate Registrar and the Owner Trustee such security or indemnity as may be required by them to hold each
of them harmless, then in the absence of notice that such Certificate shall have been acquired by a protected purchaser, the Owner Trustee
on behalf of the Trust shall execute and the Owner Trustee, or the Owner Trustee’s authenticating agent, shall authenticate and
deliver, in exchange for, or in lieu of, any such mutilated, destroyed, lost or stolen Certificate, a new Certificate of like tenor and
denomination. In connection with the issuance of any new Certificate under this Section, the Owner Trustee or the Certificate Registrar
may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith.
Any duplicate Certificate issued pursuant to this Section shall constitute conclusive evidence of an ownership interest in the Trust,
as if originally issued, whether or not the lost, stolen or destroyed Certificate shall be found at any time.

 

Section 3.06     Persons
Deemed Owners. The Owner Trustee or the Certificate Registrar or any Paying Agent may treat the Person in whose name any Certificate
shall be registered in the Certificate Register as the owner of such Certificate for the purpose of receiving distributions pursuant
to Section 5.02 and for all other purposes whatsoever, and none of the Owner Trustee, the Certificate Registrar or any Paying Agent
shall be bound by any notice to the contrary.

 

Section 3.07     Access
to Certificateholder’s Name and Address. The Owner Trustee shall furnish or cause to be furnished to the Servicer and the Depositor,
within 15 days after receipt by the Owner Trustee of a request therefor from the Servicer or the Depositor in writing, the name and address
of the Certificateholder as of the most recent Record Date.

 

Section 3.08     Maintenance
of Office or Agency. The Owner Trustee shall maintain an office or offices or agency or agencies where the Certificate may be surrendered
for registration of exchange and where notices and demands to or upon the Owner Trustee in respect of the Certificate and the Basic Documents
may be served. The Owner Trustee initially designates the Corporate Trust Office of the Certificate Registrar as the office where the
Certificate may be surrendered for exchange or transfer. The Owner Trustee shall give prompt written notice to the Depositor and to the
Certificateholder of any change in the location of the Certificate Register or any such office or agency.

 

    8

     

    

 

Section 3.09     Appointment
of Paying Agent. The Paying Agent shall make distributions to the Certificateholder from the Certificate Distribution Account pursuant
to Section 5.02 and shall report the amounts of such distributions to the Owner Trustee. Any Paying Agent shall have the revocable
power to withdraw funds from the Certificate Distribution Account for the purpose of making the distributions referred to above. The
Owner Trustee may revoke such power and remove the Paying Agent if the Owner Trustee determines in its sole discretion that the Paying
Agent shall have failed to perform its obligations under this Agreement in any material respect. The Paying Agent shall initially be
[__], and any co-paying agent chosen by the Paying Agent and acceptable to the Owner Trustee. The Paying Agent shall be permitted to
resign as Paying Agent upon 30 days’ written notice to the Owner Trustee and the Depositor. In the event that [__] shall no longer
be the Paying Agent, the Owner Trustee shall appoint a successor to act as Paying Agent (which shall be a bank or trust company). The
Owner Trustee shall cause such successor Paying Agent or any additional Paying Agent appointed by the Owner Trustee to execute and deliver
to the Owner Trustee an instrument in which such successor Paying Agent or additional Paying Agent shall agree with the Owner Trustee
that as Paying Agent, such successor Paying Agent or additional Paying Agent will hold all sums, if any, held by it for payment to the
Certificateholder in trust for the benefit of the Certificateholder until such sums shall be paid to the Certificateholder. The Paying
Agent shall return all unclaimed funds to the Owner Trustee (subject to applicable escheatment laws) and upon removal of a Paying Agent
such Paying Agent shall also return all funds in its possession to the Owner Trustee. The provisions of Sections 7.01 and 7.04 hereof
and Section 6.07 of the Indenture shall apply to [__] or any affiliate thereof in its role as Paying Agent or Certificate Registrar
for so long as [__] or any affiliate thereof shall act as Paying Agent or Certificate Registrar, and to the extent applicable, to any
other certificate registrar or paying agent appointed hereunder. Any reference in this Agreement to the Paying Agent shall include any
co-paying agent unless the context requires otherwise.

 

Section 3.10     Depositor
as Certificateholder. On the Closing Date, the Depositor shall acquire the Certificate representing the undivided beneficial interest
in the Trust and, thereafter, shall retain beneficial and record ownership of the Certificate representing such undivided beneficial
interest in the Trust. Any attempted transfer of any Certificate that would reduce such interest of the Depositor shall be void. The
Owner Trustee shall cause any Certificate issued to the Depositor to contain a legend stating “THIS CERTIFICATE IS NOT TRANSFERABLE”.

 

Section 3.11     Non-transferability
of the Certificate(s). To the fullest extent permitted by law, notwithstanding anything herein to the contrary, the Certificate is
not transferable and shall remain registered in the name of John Deere Receivables LLC.

 

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Section 3.12     Regarding
the Certificate. Each Certificateholder, by its acceptance of a Certificate issued hereunder, represents that it has, independently
and without reliance on the Owner Trustee or any other Person, and based on such documents and information as it has deemed appropriate,
made its own investment decision in respect of the Certificate. Each Certificateholder also represents that it will, independently and
without reliance on the Owner Trustee or any other Person, and based on such documents and information as it shall deem appropriate at
the time, continue to make its own decisions in taking or not taking action under this Trust Agreement and in connection with the Certificate.
Except for notices, reports and other documents expressly required to be furnished to the Certificateholders by the Owner Trustee hereunder,
the Owner Trustee shall not have any duty or responsibility to provide any Certificateholder with any other information concerning the
transactions contemplated hereby, the Trust, the Depositor or any other parties hereto or to any related documents which may come into
the possession of the Owner Trustee or any of its officers, directors, employees, agents, representatives or attorneys-in-fact.

 

Section 3.13     Restrictions
on Note Acquisitions. Neither a member of any “expanded group” (as defined in Treasury Regulation Section 1.385-1(c)(4))
that includes the Trust or a beneficial owner of a Certificate nor a “controlled partnership” (as defined in Treasury Regulation
Section 1.385-1(c)(1)) of such expanded group shall acquire any Notes from the Trust, any Affiliate, or through the marketplace
prior to obtaining an Opinion of Counsel stating that (i) the acquisition or reacquisition of such Note will not cause the Trust,
initially upon such acquisition or subsequent to the acquisition, to be classified as an association or publicly traded partnership treated
as a corporation for federal income tax purposes and will not cause the Note to be recharacterized as stock pursuant to Treasury Regulations
under section 385 of the Code. The preceding sentence shall not apply to (i) any U.S. corporate member of the same U.S. corporate
affiliated group (as defined in Section 1504 of the Code) filing a consolidated federal income tax return that includes the Trust
or every applicable beneficial owner of a Certificate (the “Trust Consolidated Group”) or (ii) a partnership all of
the partners of which are U.S. corporate members of the Trust Consolidated Group. No member of any “expanded group” that
includes the Trust or a beneficial owner of a Certificate (as defined in Treasury Regulation Section 1.385-1(c)(4)) or “controlled
partnership” of such expanded group (as defined in Treasury Regulation Section 1.385-1(c)(1)) shall transfer any Notes outside
the expanded group prior to obtaining an Opinion of Counsel stating that the transfer of such Note will not cause the Trust to be classified
as an association or publicly traded partnership treated as a corporation for federal income tax purposes and will not cause the Note
to be recharacterized as stock pursuant to Treasury Regulations under section 385 of the Code.

 

Article IV

 

Actions
by Owner Trustee

 

Section 4.01     Prior
Notice to Owner with Respect to Certain Matters. With respect to the following matters, the Owner Trustee shall not take action unless
at least 30 days before the taking of such action, the Owner Trustee shall have notified the Certificateholder in writing of the proposed
action and the Owner shall not have notified the Owner Trustee in writing prior to the 30th day after such notice is given that the Owner
has withheld consent or provided alternative direction:

 

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(a)            the
initiation of any claim or lawsuit by the Trust (other than an action to collect on a Receivable) and the compromise of any action, claim
or lawsuit brought by or against the Trust (other than an action to collect on a Receivable);

 

(b)            the
election by the Trust to file an amendment to the Certificate of Trust;

 

(c)            the
amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is required;

 

(d)            the
amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is not required and such
amendment materially adversely affects the interest of the Owner;

 

(e)            the
amendment, change or modification of the Administration Agreement, except to cure any ambiguity or to amend or supplement any provision
in a manner that would not materially adversely affect the interests of the Owner; or

 

(f)            the
appointment pursuant to the Indenture of a successor Note Registrar, Paying Agent or Indenture Trustee or pursuant to this Agreement
of a successor Certificate Registrar, or the consent to the assignment by the Note Registrar, Paying Agent or Indenture Trustee or Certificate
Registrar of its obligations under the Indenture or this Agreement, as applicable.

 

Section 4.02     Action
by the Owner with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the written direction of the
Owner and the Holders of not less than a majority of the Outstanding Amount of the Notes, to (a) remove the Administrator under
the Administration Agreement pursuant to Section 8 thereof, (b) appoint a successor Administrator pursuant to Section 8
of the Administration Agreement, (c) remove the Servicer under the Sale and Servicing Agreement pursuant to Section 8.01 thereof
or (d) except as expressly provided in the Basic Documents, sell the Receivables after the termination of the Indenture. The Owner
Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Owner.

 

Section 4.03     Action
by the Owner with Respect to Bankruptcy. The Owner Trustee shall not have the power to commence a voluntary proceeding in bankruptcy
relating to the Trust without the prior written approval of the Owner and the Holders of not less than a majority of the Outstanding
Amount of the Notes and the delivery to the Owner Trustee by the Owner of a certificate certifying that the Owner reasonably believes
that the Trust is insolvent.

 

Section 4.04     Restrictions
on the Owner’s Power. The Owner shall not direct the Owner Trustee to take or refrain from taking any action if such action
or inaction would be contrary to any obligation of the Trust or the Owner Trustee under this Agreement or any of the Basic Documents
or would be contrary to Section 2.03 nor shall the Owner Trustee be obligated to follow any such direction, if given.

 

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Article V

 

Application
of Trust Funds; Certain Duties

 

Section 5.01     Establishment
of Certificate Distribution Account. The Paying Agent, for the benefit of the Certificateholder, shall establish with the Account
Bank, and maintain in the name of the Trust an Eligible Deposit Account (the “Certificate Distribution Account”), bearing
a designation clearly indicating that the funds deposited therein are held for the benefit of the Certificateholder.

 

The
Paying Agent shall possess all right, title and interest in all funds on deposit from time to time in the Certificate Distribution
Account and in all proceeds thereof. Except as otherwise provided herein, the Certificate Distribution Account shall be under the sole
dominion and control of the Paying Agent for the benefit of the Certificateholder. If, at any time, the Certificate Distribution Account
ceases to be an Eligible Deposit Account, the Paying Agent (or the Depositor on behalf of the Paying Agent, if the Certificate Distribution
Account is not then held by the Paying Agent or an affiliate thereof) shall within 10 Business Days following notification of such occurrence
(or such longer period, not to exceed 30 calendar days, as to which the Rating Agency Condition is satisfied) establish a new Certificate
Distribution Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Certificate Distribution
Account.

 

Section 5.02     Application
of Trust Funds.

 

(a)            On
each Payment Date, the Paying Agent will distribute to the Certificateholder amounts deposited in the Certificate Distribution Account
pursuant to Sections 5.04 and 5.05 of the Sale and Servicing Agreement on such Payment Date.

 

(b)            On
each Payment Date, the Paying Agent shall make available on its website at [__] for the benefit of the Certificateholder the statement
provided to the Indenture Trustee by the Servicer pursuant to Section 5.06(a) of the Sale and Servicing Agreement on such Payment
Date.

 

(c)            Any
Certificateholder shall be required to deliver to the Paying Agent, the Depositor and the Trust prior to the first Payment Date and at
any time or times required by applicable law, (i) a correct, complete and properly executed U.S. Internal Revenue Service Form W-9,
W-8BEN, W-8BEN-E, W-8ECI, W-8IMY or W-8EXP (with appropriate attachments), as applicable and (ii) any documentation that is required
under FATCA or is otherwise necessary (in the sole determination of the Trust, the Depositor, the Paying Agent or other agent of the
Trust, as applicable), to enable the Trust, the Depositor, the Paying Agent and any other agent of the Trust to determine their duties
and liabilities with respect to any taxes they may be required to withhold pursuant to such Code sections in respect of such Certificate
or the Certificateholder of such Certificate or beneficial interest therein. In addition, each holder of a Certificate will be deemed
to understand that the Paying Agent has the right to withhold on amounts payable with respect to the Certificate or beneficial interest
therein. In addition, each holder of a Certificate will be deemed to understand that the Paying Agent has the right to withhold on amounts
payable with respect to the Certificate (without any corresponding gross-up) if required. The Depositor hereby covenants with the Paying
Agent that the Depositor will use reasonable efforts to provide the Paying Agent with sufficient information so as to enable the Paying
Agent to determine whether or not the Paying Agent is obliged to make any FATCA withholding tax in respect of any payments with respect
to a Certificate (and if applicable, to use reasonable efforts to provide the necessary detailed information to effectuate the FATCA
withholding tax, such as setting forth applicable amounts to be withheld).

 

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Section 5.03     Method
of Payment. Subject to Section 9.01(c), distributions required to be made to the Certificateholder on any Payment Date shall
be made to the Certificateholder of record on the preceding Record Date either by wire transfer, in immediately available funds, to the
account of the Certificateholder at a bank or other entity having appropriate facilities therefor, if the Certificateholder shall have
provided to the Certificate Registrar appropriate written instructions at least five Business Days prior to such Payment Date or, if
not, by check mailed to the Certificateholder at the address of the Certificateholder appearing in the Certificate Register.

 

Section 5.04     No
Segregation of Monies; No Interest. Subject to Sections 5.01 and 5.02, monies received by the Paying Agent hereunder need not be
segregated in any manner except to the extent required by law or the Sale and Servicing Agreement and may be deposited under such general
conditions as may be prescribed by law, and the Paying Agent shall not be liable for any interest thereon.

 

Section 5.05     Accounting
and Reports to the Owner, the Internal Revenue Service and Others.

 

(a)            The
Owner Trustee (or the Administrator on its behalf pursuant to the Administration Agreement) shall (a) maintain (or cause to be maintained)
the books of the Trust on a fiscal year basis using a 52 or 53 week fiscal year ending on the last Sunday in the reporting period (or
such other period as may be required by applicable law or as otherwise determined by the Trust), with the first year ending [__], 20[__],
and on the accrual method of accounting, (b) deliver to the Owner, as may be required by the Code and applicable Treasury Regulations,
such information as may be required to enable the Owner to prepare its federal and state income tax returns, (c) file such tax returns
relating to the Trust as directed by the Owner and make such elections as directed by the Owner as may from time to time be required
or appropriate under any applicable State or federal statute or rule or regulation thereunder so as to maintain the Trust’s
characterization as disregarded as a separate entity from the Owner for U.S. federal income tax purposes, and (d) in the event that
during its term the Trust has more than one beneficial owner or member as determined for such purposes, deliver to each beneficial owner
or member and file such returns as directed by the Owner to treat the Trust as a partnership.

 

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(b)            By
acceptance of its ownership interest in the Certificate, each beneficial owner agrees that in the event that the Trust is classified
as a partnership for federal income tax purposes, the Depositor, for as long as it is the Owner, and thereafter, the largest percentage
beneficial owner of the Certificate, shall be (i) the “tax matters partner” (within the meaning of Code Section 6231(a)(7) prior
to the effectiveness of P.L. 114-74, the Bipartisan Budget Act of 2015) for applicable state and local tax purposes and (ii) the
 “partnership representative” within the meaning of Section 6223 of the Code, and the Trust will make the election described
in Section 6226 of the Code.  If the Trust is obligated to pay any amount to a governmental agency or body or to any other
Person (or otherwise makes a payment) because of a Certificateholder’s status or otherwise specifically attributable to a Certificateholder
(including any taxes arising under P.L. 114-74, the Bipartisan Budget Act of 2015, and changes to the Code relating thereto), then such
Certificateholder shall, at the Trust’s sole election, either (i) pay the entire amount (including any interest, penalties
and expenses associated with such payment) the Trust is obligated to pay because of such Certificateholder’s status or attributable
to such Certificateholder to the Trust at least five days prior to the due date for such payment by the Trust, or (ii) promptly
reimburse the Trust in full for the entire amount any and all such amounts paid by or on behalf of the Trust (including any interest,
penalties and expenses associated with such payment). 

 

Article VI

 

Authority
and Duties of Owner Trustee

 

Section 6.01     General
Authority. The Owner Trustee is authorized and directed to execute and deliver the Basic Documents to which the Trust is to be a
party and each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to which the Trust is to
be a party, or any amendment thereto or other agreement, in each case, in such form as the Depositor shall approve as evidenced conclusively
by the delivery of such certificates and documents to the Owner Trustee for the Owner Trustee’s execution thereof. In addition
to the foregoing, the Owner Trustee is authorized, but shall not be obligated, to take all actions required of the Trust pursuant to
the Basic Documents. The Owner Trustee is further authorized from time to time to take such action as the Administrator directs in writing
with respect to the Basic Documents and shall, upon the written direction of the Administrator, execute and deliver any amendments to
this Agreement or any Basic Documents presented by the Administrator for execution and delivery by the Owner Trustee.

 

Section 6.02     General
Duties. It shall be the duty of the Owner Trustee to discharge (or cause to be discharged) all of its responsibilities pursuant to
the terms of this Agreement and the Basic Documents and to administer the Trust in the interest of the Owner, subject to the Basic Documents
and in accordance with the provisions of this Agreement. Notwithstanding the foregoing, the Owner Trustee shall be deemed to have discharged
its duties and responsibilities hereunder and under the Basic Documents to the extent the Administrator has agreed in the Administration
Agreement to perform any act or to discharge any duty of the Owner Trustee hereunder or under any Basic Document, and the Owner Trustee
shall not be liable for the default or failure of the Administrator to carry out its obligations under the Administration Agreement.

 

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Section 6.03     Action
upon Instruction.

 

(a)            Subject
to Article IV, the Owner may, by written instruction, direct the Owner Trustee in the management of the Trust. Such direction may
be exercised at any time by written instruction of the Owner pursuant to Article IV.

 

(b)            The
Owner Trustee shall not be required to take any action hereunder or under any Basic Document if the Owner Trustee shall have reasonably
determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Owner Trustee
or is contrary to the terms hereof or of any Basic Document or is otherwise contrary to law.

 

(c)            Whenever
the Owner Trustee is unable to decide between alternative courses of action permitted or required by the terms of this Agreement or any
Basic Document, the Owner Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Owner
requesting instruction as to the course of action to be adopted, and to the extent the Owner Trustee acts in good faith in accordance
with any written instruction of the Owner received, the Owner Trustee shall not be liable on account of such action to any Person. If
the Owner Trustee shall not have received appropriate instruction within ten days of such notice (or within such shorter period of time
as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take
or refrain from taking such action, not inconsistent with this Agreement or the Basic Documents, as it shall deem to be in the best interest
of the Owner, and shall have no liability to any Person for such action or inaction.

 

(d)            In
the event that the Owner Trustee is unsure as to the application of any provision of this Agreement or any Basic Document or any such
provision is ambiguous as to its application, or is, or appears to be, in conflict with any other applicable provision, or in the event
that this Agreement permits any determination by the Owner Trustee or is silent or is incomplete as to the course of action that the
Owner Trustee is required to take with respect to a particular set of facts, the Owner Trustee may give notice (in such form as shall
be appropriate under the circumstances) to the Owner requesting written instruction and, to the extent that the Owner Trustee acts or
refrains from acting in good faith in accordance with any such written instruction received, the Owner Trustee shall not be liable, on
account of such action or inaction, to any Person. If the Owner Trustee shall not have received appropriate written instruction within
10 days of such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary under
the circumstances) it may, but shall be under no duty to, take or refrain from taking such action, not inconsistent with this Agreement
or the Basic Documents, as it shall deem to be in the best interests of the Owner, and shall have no liability to any Person for such
action or inaction.

 

Section 6.04     No
Duties Except as Specified in This Agreement or in Instructions. The Owner Trustee shall not have any duty or obligation to manage,
make any payment with respect to, register, record, sell, dispose of, or otherwise deal with the Owner Trust Estate, or to otherwise
take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Owner Trustee is a
party, except as expressly provided by the terms of this Agreement or in any document or written instruction received by the Owner Trustee
pursuant to Section 6.03; and no implied duties or obligations shall be read into this Agreement or any Basic Document against the
Owner Trustee.

 

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The Owner Trustee shall have no responsibility
for the preparation, correctness, accuracy, existence, validity or perfection of any financing statement (or similar filing) or for filing
any financing or continuation statement (or similar filing) in any public office at any time or to otherwise perfect or maintain the
perfection of any security interest or lien granted to it hereunder or to prepare or file any Securities and Exchange Commission filing
for the Trust or to record this Agreement or any Basic Document. The Trust Company nevertheless agrees that it will, at its own cost
and expense, promptly take all action as may be necessary to discharge any liens on any part of the Owner Trust Estate that result from
actions by, or claims against, the Trust Company that are not related to the Trust Company’s role as Owner Trustee or the ownership
or the administration of the Owner Trust Estate.

 

Section 6.05     No
Action Except Under Specified Documents or Instructions. The Owner Trustee shall not manage, control, use, sell, dispose of, or otherwise
deal with, any part of the Owner Trust Estate except (a) in accordance with the powers granted to and the authority conferred upon
the Owner Trustee pursuant to this Agreement, (b) in accordance with the Basic Documents and (c) in accordance with any document
or instruction delivered to the Owner Trustee pursuant to Section 6.03.

 

Section 6.06     Restrictions.
The Owner Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.03
or (b) that, to the actual knowledge of a Responsible Officer of the Owner Trustee, would result in the Trust’s becoming taxable
as a corporation for federal income tax purposes or (c) that is not in accordance with applicable law. The Owner shall not direct
the Owner Trustee to take action that would violate the provisions of this Section. In no event shall the Trust elect to be treated as
an association taxable as a corporation. No transfer of a Certificate shall be made to any Person unless (A) the Depositor and the
Certificate Registrar has received a certificate from such Person to the effect that such Person is a United States Person within the
meaning of Section 7701(a)(30) of the Code and (B) the Depositor, the Certificate Registrar, and the Indenture Trustee shall
have received an opinion of counsel (which counsel is independent from the Depositor and the Trust) that such action shall not cause
the Trust to be treated as an association (or publicly traded partnership) taxable as a corporation for federal income tax purposes and
such transferee or assignee shall agree to take positions for tax purposes consistent with such opinion.

 

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Article VII

 

Concerning
the Owner Trustee

 

Section 7.01           Acceptance
of Trusts and Duties. The Owner Trustee accepts the trusts hereby created and agrees to perform its duties hereunder with respect
to such trusts but only upon the terms of this Agreement. The Owner Trustee also agrees to disburse all moneys actually received by it
constituting part of the Owner Trust Estate upon the terms of the Basic Documents and this Agreement. The Owner Trustee shall not be
answerable or accountable hereunder or under any Basic Document under any circumstances, except for (i) its own willful misconduct
or negligence or (ii) the inaccuracy of any representation or warranty contained in Section 7.03 expressly made by the Owner
Trustee. In particular, but not by way of limitation (and subject to the exceptions set forth in the preceding sentence):

 

(a)            the
Owner Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer of the Owner Trustee;

 

(b)            the
Owner Trustee shall not be liable with respect to any action taken or omitted to be taken by it in accordance with the direction or instructions
of the Administrator, the Depositor, the Indenture Trustee or the Owner;

 

(c)            no
provision of this Agreement or any Basic Document shall require the Owner Trustee to expend or risk funds or otherwise incur any financial
liability in the performance of any of its rights or powers hereunder or under any Basic Document if the Owner Trustee shall have determined
that repayment of such funds or indemnity reasonably satisfactory to the Owner Trustee against such risk or liability is not reasonably
assured or provided to it;

 

(d)            under
no circumstances shall the Owner Trustee be liable for indebtedness evidenced by or arising under any of the Basic Documents, including
the principal of and interest on the Notes;

 

(e)            the
Owner Trustee shall not be responsible or personally liable for or in respect of the validity or sufficiency of this Agreement or for
the due execution hereof by the Depositor or for the form, character, genuineness, sufficiency, accuracy, value or validity of any of
the Owner Trust Estate or for or in respect of the validity or sufficiency of the Owner Trust Estate, the Basic Documents, the Certificate,
other than the certificate of authentication on the Certificate, or any other related document supplied to the Owner Trustee and the
Owner Trustee shall in no event assume or incur any liability, duty, or obligation to any Noteholder, the Owner, the Depositor or any
other Person other than as expressly provided for herein and in the Basic Documents;

 

(f)             the
Owner Trustee shall not be responsible or personally liable for or in respect of the enforceability of the Certificate;

 

(g)            the
Owner Trustee shall not be responsible or personally liable for recording this Agreement or any Basic Document, for preparing or filing
any financing or continuation statement in any public office at any time or otherwise perfecting or maintaining the perfection of any
ownership or security interest or lien or for preparing or filing any tax, qualification to do business or securities law filing or report;

 

(h)            the
Owner Trustee shall not be liable for, and shall have no duty to supervise or monitor, the action or inaction, default, misconduct or
negligence of the Administrator, the Depositor, the Indenture Trustee or the Servicer or any agent appointed by any of them under any
of the Basic Documents or otherwise and the Owner Trustee may assume performance by each of such parties absent written notice or actual
knowledge of a Responsible Officer to the contrary, and the Owner Trustee shall have no obligation or liability to perform the obligations
of the Trust under this Agreement or the Basic Documents that are required to be performed by the Administrator under the Administration
Agreement, the Indenture Trustee under the Indenture or the Servicer under the Sale and Servicing Agreement;

 

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(i)             the
Owner Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement, or to institute, conduct
or defend any disclosure litigation under this Agreement or otherwise or in relation to this Agreement or any Basic Document, at the
request, order or direction of the Owner, unless the Owner has offered to the Owner Trustee security or indemnity satisfactory to it
against the costs, expenses and liabilities that may be incurred by the Owner Trustee therein or thereby. The right of the Owner Trustee
to perform any discretionary act enumerated in this Agreement or in any Basic Document shall not be construed as a duty, and the Owner
Trustee shall not be answerable for such act other than its negligence or willful misconduct in the performance of any such act;

 

(j)             notwithstanding
any Person’s right to instruct the Owner Trustee, except as required by law or regulation, neither the Owner Trustee nor any agent,
employee, director or officer of the Owner Trustee shall have any obligation to execute any certificates or other documents required
pursuant to the Sarbanes-Oxley Act of 2002 or the rules and regulations promulgated thereunder, and the refusal to comply with any
such instructions shall not constitute a default or breach under any Basic Document;

 

(k)            in
no event shall the Owner Trustee be liable for any damages in the nature of special, punitive, indirect or consequential losses or damages,
however styled, including, without limitation, lost profits, or for any losses due to forces beyond the control of the Owner Trustee,
including, without limitation, strikes, work stoppages, acts of war or terrorism, insurrection, revolution, epidemic or pandemic, nuclear
or natural catastrophes or acts of God and interruptions, loss or malfunctions of utilities, communications or computer (software and
hardware) services provided by unaffiliated third parties to the Owner Trustee;

 

(l)             the
Owner Trustee shall not be deemed to have knowledge or notice of any event or information, including any Default or Event of Default,
or be required to act upon any event or information (including the sending of any notice), unless written notice of such event or information
is received by a Responsible Officer and such notice references the event or information. Absent written notice in accordance with this
Section, the Owner Trustee may conclusively assume that no such event has occurred. The Owner Trustee shall have no obligation to inquire
into, or investigate as to, the occurrence of any such event (including any Default or Event of Default). For purposes of determining
the Owner Trustee’s responsibility and liability hereunder, whenever reference is made in this Trust Agreement to any event (including,
but not limited to, a Default or Event of Default), such reference shall be construed to refer only to such event of which the Owner
Trustee has received written notice as described in this Section. Knowledge of the Owner Trustee shall not be attributed or imputed to
the Owner Trustee’s other roles in the transaction;

 

(m)            the
Owner Trustee shall not be required to investigate any claims of an alleged breach by any Person of a representation or warranty under
any of the Basic Documents;

 

(n)            in
connection with the remedy of the Owner Trustee to enforce the obligations of JDCC under the Purchase Agreement pursuant to Section 3.02
of the Sale and Servicing Agreement, the Owner Trustee shall have no obligation to take any action or omit to take any action unless
it is directed to do so by the Depositor and the Depositor shall have offered to the Owner Trustee security or indemnity satisfactory
to it against the reasonable costs, expenses, disbursements and advances that might be incurred by it, its agents and its counsel in
compliance with such direction; and

 

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(o)            In
no event shall the Owner Trustee have any responsibility to monitor compliance with or enforce compliance with the credit risk retention
requirements for asset-backed securities or other rules or regulations relating to risk retention. The Owner Trustee shall not be
charged with knowledge of such rules, nor shall it be liable to any Noteholder, Certificateholder, the Depositor, the Servicer or any
other Person for violation of such rules now or hereafter in effect. The Owner Trustee shall not be required to monitor, initiate
or conduct any proceedings to enforce the obligations of the Trust, the Depositor, the Servicer or any other Person with respect to any
breach of representation or warranty under any transaction document and the Owner Trustee shall not have any duty to conduct any investigation
as to the occurrence of any condition requiring the repurchase or substitution of any Receivable by any Person pursuant to any transaction
document.

 

Section 7.02       Furnishing
of Documents.

 

(a)            The
Owner Trustee shall furnish to the Owner, promptly upon receipt of a written reasonable request therefor, duplicates or copies of all
reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Owner Trustee and
in its possession under the Basic Documents.

 

(b)            The
Owner Trustee shall provide prompt notice to the John Deere Parties of all demands communicated to the Owner Trustee for the repurchase
or replacement of any Receivable for breach of the representations and warranties concerning such Receivable. The Owner Trustee shall,
upon written request of either John Deere Party, provide notification to the John Deere Parties with respect to any actions taken by
the Owner Trustee or determinations made by the Owner Trustee, in each case with respect to any such demand communicated to the Owner
Trustee in respect of any Receivables, such notifications to be provided by the Owner Trustee as soon as practicable and in any event
within five Business Days of such request or such other time frame as may be mutually agreed to by the Owner Trustee and the applicable
John Deere Party. Such notices shall be provided to the John Deere Parties at (i) John Deere Capital Corporation, 10587 Double R
Blvd, Suite 100, Reno, Nevada 89521, Attention: Manager (775-786-5527), and in each case, with a copy to Assistant Treasurer, Deere &
Company, One John Deere Place, Moline, Illinois 61265-8098 (309-748-5252), or at such other address or by such other means of communication
as may be specified by John Deere Capital Corporation to the Owner Trustee from time to time, and (ii) John Deere Receivables LLC,
10587 Double R Blvd, Suite 100, Reno, Nevada 89521, Attention: Manager (775-786-5527), and in each case, with a copy to Assistant
Treasurer, Deere & Company, One John Deere Place, Moline, Illinois 61265-8098 (309-748-5252), or at such other address
or by such other means of communication as may be specified by John Deere Receivables LLC to the Owner Trustee from time to time.

 

The Owner Trustee acknowledges
and agrees that the purpose of this Section 7.02(b) is to facilitate compliance by the John Deere Parties with the Repurchase
Rules and Regulations. The Owner Trustee acknowledges that interpretations of the requirements of the Repurchase Rules and
Regulations may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants
in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with reasonable requests made by the John
Deere Parties in good faith for delivery of information under these provisions on the basis of evolving interpretations of the Repurchase
Rules and Regulations. The Owner Trustee shall cooperate fully with the John Deere Parties to deliver any and all records and any
other information necessary in the good faith determination of the John Deere Parties to permit them to comply with the provisions of
the Repurchase Rules and Regulations.

 

    19 

     

    

 

Section 7.03       Representations
and Warranties. The Owner Trustee hereby represents and warrants to the Depositor, for the benefit of the Owner, that:

 

(a)            it
is a [__] duly organized and validly existing in good standing under the laws of [the United States of America] / [the State of [__]]
and it has all requisite corporate power and authority to execute, deliver and perform its obligations under this Agreement;

 

(b)            it
has taken all corporate action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will be
executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf; and

 

(c)            neither
the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby, nor compliance
by it with any of the terms or provisions hereof, will contravene any federal or Delaware state law, governmental rule or regulation
governing the [__] or trust powers of the Owner Trustee, or constitute any default under its charter documents or by-laws.

 

Section 7.04       Reliance;
Advice of Counsel.

 

(a)            The
Owner Trustee shall incur no liability to anyone in acting upon any signature, instrument, direction, notice, resolution, request, consent,
order, certificate, report, opinion, bond, or other document or paper believed by it to be genuine and believed by it to be signed by
the proper party or parties. The Owner Trustee may accept a certified copy of a resolution of the board of directors or other governing
body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full
force and effect. As to any fact or matter the method of the determination of which is not specifically prescribed herein, the Owner
Trustee may for all purposes hereof request and rely on a certificate, signed by the president or any vice president or by the treasurer
or other authorized officers of the relevant party, as to such fact or matter, and such certificate shall constitute full protection
to the Owner Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon.

 

(b)            In
the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under this Agreement or the
Basic Documents, the Owner Trustee (i) may act directly or through its agents, affiliates or attorneys pursuant to agreements entered
into with any of them, and the Owner Trustee shall not be liable for the action, inaction, supervision, conduct or misconduct of such
agents, affiliates or attorneys if such agents or attorneys (other than affiliates) shall have been selected by the Owner Trustee with
reasonable care, and (ii) may consult with counsel, accountants and other skilled persons to be selected with reasonable care and
employed by it. The Owner Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the
written opinion or advice of any such counsel, accountants or other such persons and not contrary to this Agreement or any Basic Document.

 

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Section 7.05       Not
Acting in Individual Capacity. Except as provided in this Article VII, in accepting the trusts hereby created, [__] acts solely
as Owner Trustee hereunder and not in its individual capacity and all Persons having any claim against the Owner Trustee by reason of
the transactions contemplated by this Agreement or any Basic Document shall look only to the Owner Trust Estate for payment or satisfaction
thereof.

 

Section 7.06       Owner
Trustee Not Liable for Certificate or Receivables. The recitals contained herein and in the Certificate (other than the signature
of the Owner Trustee on the Certificate and its representations and warranties in Section 7.03) shall be taken as the statements
of the Depositor and the Owner Trustee assumes no responsibility for the correctness thereof. The Owner Trustee makes no representations
as to the validity or sufficiency of this Agreement, of any Basic Document or of the Certificate (other than the signature of the Owner
Trustee on the Certificate) or the Notes, or of any Receivable or related documents. The Owner Trustee shall at no time have any responsibility
or liability for or with respect to the legality, validity and enforceability of any Receivable, or the perfection and priority of any
security interest created by any Receivable in any Financed Equipment or the maintenance of any such perfection and priority, or for
or with respect to the sufficiency of the Owner Trust Estate or its ability to generate the payments to be distributed to the Certificateholder
under this Agreement or the Noteholders under the Indenture, including, without limitation: the existence, condition and ownership of
any Financed Equipment; the existence and enforceability of any insurance thereon; the existence and contents of any Receivable on any
computer or other record thereof; the validity of the assignment of any Receivable to the Trust or of any intervening assignment; the
completeness of any Receivable; the performance or enforcement of any Receivable; the compliance by the Depositor or the Servicer with
any warranty or representation made under any Basic Document or in any related document or the accuracy of any such warranty or representation
or any action or inaction of the Administrator, the Indenture Trustee or the Servicer or any sub-servicer taken in the name of the Owner
Trustee. For the avoidance of doubt, the Owner Trustee shall not be responsible in any way for determining whether a document defect
exists or whether a breach of representation or warranty has occurred (including whether such defect or breach is material).

 

Section 7.07       Owner
Trustee May Own Notes. The Owner Trustee in its individual or any other capacity may become the owner or pledgee of Notes and
may deal with the Depositor, the Administrator, the Indenture Trustee and the Servicer in banking transactions with the same rights as
it would have if it were not the Owner Trustee.

 

Article VIII

 

Compensation
of Owner Trustee

 

Section 8.01       Owner
Trustee’s Fees and Expenses. The Owner Trustee shall receive as compensation for its services hereunder such fees as have been
separately agreed upon before the date hereof between the Depositor and the Owner Trustee, and the Owner Trustee shall be entitled to
be reimbursed by the Depositor for its other reasonable expenses hereunder, including any and all costs related to amendments, supplements
and petitioning any court and the reasonable compensation, expenses and disbursements of such agents, representatives, experts and counsel
as the Owner Trustee may employ in connection with the exercise and performance of its rights and its duties hereunder.

 

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Section 8.02       Indemnification.
The Depositor shall be liable as primary obligor for, and shall indemnify the Owner Trustee and its successors, assigns, agents (including
the Certificate Registrar and the Paying Agent) and servants (collectively, the “Indemnified Parties”) from and against,
any and all liabilities, obligations, losses, costs, damages, taxes, claims, actions and suits, and any and all reasonable fees, costs,
expenses and disbursements (including any reasonable legal fees, costs, and expenses and court costs incurred in connection with any
enforcement (including any action, claim, or suit brought) by an Indemnified Party of any indemnification or other obligation of the
Depositor) of any kind and nature whatsoever (collectively, “Expenses”) which may at any time be imposed on, incurred by,
or asserted against the Owner Trustee or any Indemnified Party in any way relating to or arising out of this Agreement, the Basic Documents,
the Owner Trust Estate, the administration of the Owner Trust Estate or the action or inaction of the Owner Trustee or any other Indemnified
Party hereunder, except only that the Depositor shall not be liable for or required to indemnify the Owner Trustee from and against Expenses
arising or resulting from any of the matters described in the third sentence of Section 7.01. The indemnities contained in this
Section shall survive the resignation or removal of the Owner Trustee or the termination or assignment of this Agreement. In any
event of any claim, action or proceeding for which indemnity will be sought pursuant to this Section, the Owner Trustee’s choice
of legal counsel shall be subject to the approval of the Depositor, which approval shall not be unreasonably withheld.

 

Section 8.03       Payments
to the Owner Trustee. Any amounts paid to the Owner Trustee pursuant to this Article VIII shall be deemed not to be a part of
the Owner Trust Estate immediately after such payment.

 

Article IX

 

Termination
of Trust Agreement

 

Section 9.01       Termination
of Trust Agreement.

 

(a)            The
Trust shall dissolve and terminate in accordance with Sections 3808(d) and (e) of the Trust Statute (i) upon the final
distribution by the Owner Trustee of all moneys or other property or proceeds of the Owner Trust Estate in accordance with the terms
of the Indenture, the Sale and Servicing Agreement and Article V or (ii) at the time provided in Section 9.02. Any money
or other property held as part of the Owner Trust Estate following such distribution (and following a final distribution of proceeds
from a sale under Section 9.02) shall be distributed to the Depositor.

 

(b)            Except
as provided in Section 9.01(a), neither the Depositor nor the Owner shall be entitled to revoke or terminate the Trust.

 

(c)            Notice
of any dissolution of the Trust, specifying the Payment Date upon which the Certificateholder shall surrender its Certificate to the
Paying Agent for payment of the final distribution and cancellation, shall be given by the Owner Trustee by letter to the Certificateholder
mailed within five Business Days of receipt of notice of such termination from the Servicer given pursuant to Section 9.01(c) of
the Sale and Servicing Agreement, stating (i) the Payment Date upon or with respect to which final payment of the Certificate shall
be made upon presentation and surrender of the Certificate at the office of the Paying Agent therein designated, (ii) the amount
of any such final payment and (iii) that the Record Date otherwise applicable to such Payment Date is not applicable, payments being
made only upon presentation and surrender of the Certificate at the office of the Paying Agent therein specified. The Owner Trustee shall
give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Paying Agent at the time such notice is given
to the Certificateholder. Upon presentation and surrender of the Certificate, the Paying Agent shall cause to be distributed to the Certificateholder
amounts distributable on such Payment Date pursuant to Section 5.02.

 

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In the event that the Certificateholder
shall not surrender its Certificate for cancellation within six months after the date specified in the above mentioned written notice,
the Owner Trustee shall give a second written notice to the Certificateholder to surrender its Certificate for cancellation and receive
the final distribution with respect thereto. If within one year after the second notice the Certificate shall not have been surrendered
for cancellation, the Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the Certificateholder
concerning surrender of its Certificate, and the cost thereof shall be paid out of the funds and other assets that shall remain subject
to this Agreement. Any funds remaining in the Trust after exhaustion of such remedies shall be distributed by the Owner Trustee to the
Depositor (subject to applicable escheatment laws).

 

(d)            Upon
the winding up of the Trust and satisfaction of all obligations in accordance with Section 3808 of the Trust Statute, the Owner
Trustee shall cause the Certificate of Trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance
with the provisions of Section 3810 of the Trust Statute and the Trust shall terminate and this Agreement (other than Article VIII)
shall be of no further force or effect.

 

Section 9.02       Dissolution
upon Bankruptcy of the Depositor. In the event that an Insolvency Event shall occur with respect to the Depositor, the Trust shall
be dissolved (in accordance with Section 9.01) 90 days after the date of such Insolvency Event, unless, before the end of such 90-day
period, the Owner Trustee shall have received written instructions from each of the Noteholders, to the effect that each such party disapproves
of the liquidation of the Receivables and termination of the Trust. Promptly after the occurrence of any Insolvency Event with respect
to the Depositor, (i) the Depositor shall give the Indenture Trustee and the Owner Trustee written notice of such Insolvency Event,
(ii) the Owner Trustee shall, upon the receipt of such written notice from the Depositor, give prompt written notice to the Certificateholder
and the Indenture Trustee of the occurrence of such event and (iii) the Indenture Trustee shall, upon receipt of written notice
of such Insolvency Event from the Owner Trustee or the Depositor, give prompt written notice to the Noteholders of the occurrence of
such event; provided, however, that any failure to give a notice required by this sentence shall not prevent or delay, in any manner,
a dissolution of the Trust pursuant to the first sentence of this Section 9.02. Upon a dissolution pursuant to this Section, the
Owner Trustee shall direct the Indenture Trustee promptly to sell the assets of the Trust (other than the Trust Accounts) in a commercially
reasonable manner and on commercially reasonable terms. The proceeds of such a sale of the assets of the Trust shall be treated as collections
under the Sale and Servicing Agreement.

 

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Article X

 

Successor
Owner Trustees and Additional Owner Trustees

 

Section 10.01     Eligibility
Requirements for Owner Trustee. The Owner Trustee shall at all times be a Person satisfying the provisions of Section 3807(a) of
the Trust Statute; authorized to exercise corporate trust powers; and having a combined capital and surplus of at least $50,000,000 and
subject to supervision or examination by Federal or State authorities. If such Person shall publish reports of condition at least annually,
pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purpose of this Section, the
combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report
of condition so published. In case at any time the Owner Trustee shall cease to be eligible in accordance with the provisions of this
Section, the Owner Trustee shall resign immediately in the manner and with the effect specified in Section 10.02.

 

Section 10.02     Resignation
or Removal of Owner Trustee. The Owner Trustee may at any time resign and be discharged from the trusts hereby created by giving
written notice thereof to the Administrator; provided, however, that such resignation and discharge shall only be effective upon the
appointment of a successor Owner Trustee. The Owner Trustee shall provide to the Seller in writing and in form and substance reasonably
satisfactory to the Seller, all information reasonably requested by the Seller in order to comply with its reporting obligation under
the Exchange Act with respect to the resignation of the Owner Trustee. Upon receiving such notice of resignation, the Administrator shall
promptly appoint a successor Owner Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the
resigning Owner Trustee and one copy to the successor Owner Trustee. If no successor Owner Trustee shall have been so appointed and have
accepted appointment within 30 days after the giving of such notice of resignation, the resigning Owner Trustee may petition any court
of competent jurisdiction for the appointment of a successor Owner Trustee.

 

If at any time the Owner Trustee
shall cease to be eligible in accordance with the provisions of Section 10.01 and shall fail to resign after written request therefor
by the Administrator, or if at any time the Owner Trustee shall be legally unable to act, or shall be adjudged bankrupt or insolvent,
or a receiver of the Owner Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Owner
Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then the Administrator may remove
the Owner Trustee. If at any time the Owner Trustee shall fail to comply with any of its obligations under Section 10.02 or Section 10.04
of this Agreement or Section 4.16 of the Sale and Servicing Agreement during the period that the Seller is required to file Exchange
Act Reports with respect to the Trust and such failure is not remedied within the lesser of ten calendar days and the period of time
in which the related Exchange Act Report is required to be filed (without taking into account any extensions), then the Seller may remove
the Owner Trustee. If the Administrator or Seller shall remove the Owner Trustee under the authority of the two immediately preceding
sentences, the Administrator shall promptly appoint a successor Owner Trustee, by written instrument, in triplicate, one copy of which
instrument shall be delivered to the outgoing Owner Trustee so removed, one copy to the successor Owner Trustee, and one copy to the
Seller, together with the basis for removal and shall pay all fees owed to the outgoing Owner Trustee.

 

    24 

     

    

 

Any resignation or removal of
the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this Section shall not become
effective until acceptance of appointment by the successor Owner Trustee pursuant to Section 10.03 and payment of all fees and expenses
owed to the outgoing Owner Trustee. The Administrator shall provide notice of such resignation or removal of the Owner Trustee to each
of the Rating Agencies.

 

The Depositor shall pay all
expenses associated with replacing the Owner Trustee with a successor owner trustee, unless the removal is a result of the willful misconduct
or negligence of the Owner Trustee, in which case, such expenses will be the responsibility of the replaced Owner Trustee.

 

Section 10.03     Successor
Owner Trustee. Any successor Owner Trustee appointed pursuant to Section 10.02 shall execute, acknowledge and deliver to the
Administrator and to its predecessor Owner Trustee an instrument accepting such appointment under this Agreement and deliver to the Seller
in writing and in form and substance reasonably satisfactory to the Seller, all information reasonably requested by the Seller in order
to comply with its reporting obligation under the Exchange Act with respect to the successor Owner Trustee, and thereupon the resignation
or removal of the predecessor Owner Trustee shall become effective and such successor Owner Trustee, without any further act, deed or
conveyance, shall become fully vested with all the rights, powers, duties, and obligations of its predecessor under this Agreement and
the Sale and Servicing Agreement, with like effect as if originally named as Owner Trustee. The predecessor Owner Trustee shall upon
payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this
Agreement; and the Administrator and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things
as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers,
duties, and obligations.

 

No successor Owner Trustee shall
accept appointment as provided in this Section unless at the time of such acceptance such successor Owner Trustee shall be eligible
pursuant to Section 10.01.

 

Upon acceptance of appointment
by a successor Owner Trustee pursuant to this Section, the Administrator shall mail notice of the successor of such Owner Trustee to
all Certificateholders, the Indenture Trustee, the Noteholders and shall make such notice available to the Rating Agencies. If the Administrator
shall fail to mail such notice within 10 days after acceptance of appointment by the successor Owner Trustee, the Depositor shall cause
such notice to be mailed at the expense of the Administrator.

 

Section 10.04     Merger
or Consolidation of Owner Trustee. Any Person into which the Owner Trustee may be merged or converted or with which it may be consolidated,
or any Person resulting from any merger, conversion or consolidation to which the Owner Trustee shall be a party, or any corporation
succeeding to all or substantially all of the corporate trust business of the Owner Trustee, shall be the successor of the Owner Trustee
hereunder, provided that such Person shall be eligible pursuant to Section 10.01, without the execution or filing of any instrument
or any further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided further that the
Owner Trustee shall mail notice of such merger or consolidation to the Administrator, which shall make such notice available to the Rating
Agencies, and that the Owner Trustee will provide the Seller in writing and in form and substance reasonably satisfactory to the Seller,
all information reasonably requested by the Seller in order to comply with its reporting obligation under the Exchange Act with respect
to the successor Owner Trustee.

 

    25 

     

    

 

 

Section 10.05     Appointment
of Co-Trustee or Separate Trustee. Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting
any legal requirements of any jurisdiction in which any part of the Owner Trust Estate or any Financed Equipment may at the time be located,
or for enforcement or conflict of interest matters, the Administrator and the Owner Trustee acting jointly shall have the power and shall
execute and deliver all instruments to appoint one or more Persons approved by the Owner Trustee to act as co-trustee, jointly with the
Owner Trustee, or separate trustee or separate trustees, of all or any part of the Owner Trust Estate, and to vest in such Person, in
such capacity, such title to the Trust, or any part thereof, and, subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Administrator and the Owner Trustee may consider necessary or desirable. If the Administrator shall
not have joined in such appointment within 15 days after the receipt by it of a request so to do, the Owner Trustee alone shall have
the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the terms of eligibility
as a successor trustee pursuant to Section 10.01 and no notice of the appointment of any co-trustee or separate trustee shall be
required pursuant to Section 10.03. A co-trustee or separate trustee appointed hereunder is not an agent of the Owner Trustee.

 

Each separate trustee and co-trustee
shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:

 

(a)            all
rights, powers, duties, and obligations conferred or imposed upon the Owner Trustee shall be conferred upon and exercised or performed
by the Owner Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is
not authorized to act separately without the Owner Trustee joining in such act), except to the extent that under any law of any jurisdiction
in which any particular act or acts are to be performed, the Owner Trustee shall be incompetent or unqualified to perform such act or
acts, in which event such rights, powers, duties, and obligations (including the holding of title to the Trust or any portion thereof
in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the written direction
of the Owner Trustee;

 

(b)            no
trustee under this Agreement shall be personally liable by reason of the appointment or any act or omission of any other trustee under
this Agreement; and

 

(c)            the
Administrator and the Owner Trustee acting jointly may at any time accept the resignation of or remove any separate trustee or co-trustee.

 

Any notice, request or other
writing given to the Owner Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively
as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Agreement and the conditions
of this Article. Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates
or property specified in its instrument of appointment, either jointly with the Owner Trustee or separately, as may be provided therein,
subject to all the provisions of this Agreement, specifically including every provision of this Agreement relating to the conduct of,
affecting the liability of, or affording protection to, the Owner Trustee. Each such instrument shall be filed with the Owner Trustee
and a copy thereof given to the Administrator.

 

    26 

     

    

 

Any separate trustee or co-trustee
may at any time appoint the Owner Trustee, as its agent or attorney-in-fact with full power and authority, to the extent not prohibited
by law, to do any lawful act under or in respect of this Agreement on its behalf and in its name. If any separate trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in
and be exercised by the Owner Trustee, to the extent permitted by law, without the appointment of a new or successor trustee.

 

Article XI

 

Miscellaneous

 

Section 11.01     Supplements
and Amendments. This Agreement may be amended by the Depositor and the Owner Trustee, without the consent of any of the Noteholders
or the Certificateholder, to cure any ambiguity, to correct or supplement any provisions in this Agreement or for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions in this Agreement or of modifying in any manner the
rights of the Noteholders or the Certificateholder; provided, however, that such action shall not, as evidenced by an Opinion of Counsel,
adversely affect in any material respect the interests of any Noteholder or the Certificateholder, provided further that 10 days’
(or, in the case of Fitch, 10 Business Days’) prior written notice of any such amendment be made available to each Rating Agency
by the Administrator and, if Moody’s notifies the Owner Trustee that such amendment will result in a downgrading or withdrawal
of the then-current rating of any class of the Notes, such amendment shall become effective with the consent of the Holders of Notes
evidencing not less than a majority of the Outstanding Amount of the Notes; provided further that any solicitation of such consent shall
disclose the downgrading or withdrawal that would result from such amendment.

 

This Agreement may also be amended
from time to time by the Depositor and the Owner Trustee, with prior written notice made available to the Rating Agencies by the Administrator,
with the consent of the Holders of Notes evidencing not less than a majority of the Outstanding Amount of the Notes and the consent of
the Certificateholder (which consents will not be unreasonably withheld) for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Noteholders or the Certificateholder;
provided, however, that no such amendment shall (a) increase or reduce in any manner the amount of, or accelerate or delay the timing
of, collections of payments on Receivables or distributions that shall be required to be made for the benefit of the Noteholders or the
Certificateholder or (b) reduce the aforesaid percentage of the Outstanding Amount of the Notes required to consent to any such
amendment or eliminate the consent of the Certificateholder to any such amendment, without the consent of the holders of all the outstanding
Notes and the Certificate.

 

    27 

     

    

 

Promptly after the execution
of any such amendment or consent, the Owner Trustee shall furnish written notification of the substance of such amendment or consent
to the Certificateholder, the Indenture Trustee and the Administrator, which shall make such notification available to each of the Rating
Agencies.

 

It shall not be necessary for
the consent of the Certificateholder, the Noteholders or the Indenture Trustee pursuant to this Section to approve the particular
form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof.

 

Promptly after the execution
of any amendment to the Certificate of Trust, the Owner Trustee shall cause the filing of such amendment with the Secretary of State.

 

Prior to the execution of any
amendment to this Agreement or the Certificate of Trust, the Owner Trustee shall be entitled to receive and rely upon an Opinion of Counsel
stating that the execution of such amendment is authorized or permitted by this Agreement and that all conditions precedent to the execution
of such amendment have been satisfied. The Owner Trustee may, but shall not be obligated to, enter into any such amendment which affects
the Owner Trustee’s own rights, duties or immunities under this Agreement or otherwise.

 

Section 11.02     No
Legal Title to Owner Trust Estate in the Owner. The Owner shall not have legal title to any part of the Owner Trust Estate. The Owner
shall be entitled to receive distributions with respect to its undivided ownership interest therein only in accordance with Articles
V and IX. No transfer, by operation of law or otherwise, of any right, title, and interest of the Owner to and in its ownership interest
in the Owner Trust Estate shall operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting
or to the transfer to it of legal title to any part of the Owner Trust Estate.

 

Section 11.03     Limitations
on Rights of Others. Except for Section 2.07, the provisions of this Agreement are solely for the benefit of the Owner Trustee,
the Depositor, the Owner, the Administrator and, to the extent expressly provided herein, the Indenture Trustee and the Noteholders and
nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy
or claim in the Owner Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein.

 

Section 11.04     Notices.

 

(a)            Unless
otherwise expressly specified or permitted by the terms hereof, all notices shall be in writing and shall be deemed given upon receipt
by the intended recipient or three Business Days after mailing if mailed by certified mail, postage prepaid (except that notice to the
Owner Trustee shall be deemed given only upon actual receipt by the Owner Trustee), if to the Owner Trustee, addressed to the address
set forth in clause (i) of the definition of Corporate Trust Office; if to the Certificate Registrar or Paying Agent, addressed
to the address set forth in clause (ii) of the definition of Corporate Trust Office, such notice deemed given only upon receipt;
if to the Depositor, addressed to John Deere Receivables LLC, 10587 Double R Blvd, Suite 100, Reno, Nevada 89521, Attention of Manager,
and in each case, with a copy to Deere & Company, One John Deere Place, Moline, Illinois 61265, Attention: Treasury Department,
Assistant Treasurer, or, as to each party, at such other address as shall be designated by such party in a written notice to each other
party.

 

    28 

     

    

 

(b)            Any
notice required or permitted to be given to the Certificateholder shall be given by first class mail, postage prepaid, at the address
of the Certificateholder as shown in the Certificate Register. Any notice so mailed within the time prescribed in this Agreement shall
be conclusively presumed to have been duly given, whether or not the Certificateholder receives such notice.

 

Section 11.05     Severability.
Any provision of this Agreement or the Certificate that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof or thereof,
and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction.

 

Section 11.06     Electronic
Signatures; Separate Counterparts. The words “execution,” “signed,” “signature,” “delivery,”
and words of like import in or relating to any document to be signed in connection with this Agreement and the transactions contemplated
hereby shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall
be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based
recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act or any other similar state laws based on the Uniform Electronic Transactions Act, and this Agreement
shall be valid, binding, and enforceable against a party when executed and delivered by an authorized individual on behalf of the party
by means of (i) an original manual signature; (ii) a faxed, scanned, or photocopied manual signature, or (iii) any other
electronic signature permitted by the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform
Electronic Transactions Act, and/or any other relevant electronic signatures law, including any relevant provisions of the UCC, in each
case to the extent applicable (collectively, “Signature Law”). Each faxed, scanned, or photocopied manual signature,
or other electronic signature, shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original
manual signature. Each party hereto shall be entitled to conclusively rely upon, and shall have no liability with respect to, any faxed,
scanned, or photocopied manual signature, or other electronic signature, of any other party and shall have no duty to investigate, confirm
or otherwise verify the validity or authenticity thereof. This Agreement may be executed in any number of counterparts, each of which
shall be deemed to be an original, but such counterparts shall, together, constitute one and the same instrument. For avoidance of doubt,
original manual signatures shall be used for execution or indorsement of writings and authentication of securities when required under
the Trust Statute, the UCC or other Signature Law due to the character or intended character of the writings.

 

Section 11.07     Successors
and Assigns. All covenants and agreements contained herein shall be binding upon, and inure to the benefit of, the Depositor, the
Owner Trustee and its successors and the Owner and its successors and permitted assigns, all as herein provided. Any request, notice,
direction, consent, waiver or other instrument or action by the Owner shall bind the successors and assigns of the Owner.

 

    29 

     

    

 

Section 11.08     Covenant
of the Depositor. In the event that any litigation with claims in excess of $1,000,000 to which the Depositor is a party which shall
be reasonably likely to result in a material judgment against the Depositor that the Depositor will not be able to satisfy shall be commenced
by the Owner (when the Owner is not the Depositor), during the period beginning nine months following the commencement of such litigation
and continuing until such litigation is dismissed or otherwise terminated (and, if such litigation has resulted in a final judgment against
the Depositor, such judgment has been satisfied) the Depositor shall not pay any dividend to JDCC, or make any distribution on or in
respect of its capital stock to JDCC, or repay the principal amount of any indebtedness of the Depositor held by JDCC, unless (i) after
giving effect to such payment, distribution or repayment, the Depositor’s liquid assets shall not be less than the amount of actual
damages claimed in such litigation or (ii) the Rating Agency Condition shall have been satisfied with respect to any such payment,
distribution or repayment. The Depositor further agrees that prior to the termination of the Trust, it shall not revoke, modify or otherwise
amend any agreements with JDCC in effect on the Closing Date in any manner that would adversely affect the rights of the Depositor to
receive from JDCC contributions of capital or payments on demand pursuant to such agreements. The Depositor further covenants and agrees
that it will not enter into any transaction or take any action (other than any transaction or action contemplated by this Agreement or
any of the Basic Documents) if, as a result of such transaction or action, any rating of either the Notes or the Certificate by any of
the Rating Agencies would be downgraded or withdrawn.

 

Section 11.09     No
Petition. The Owner Trustee on behalf of the Trust, the Certificateholder, by accepting a Certificate, and the Indenture Trustee
and each Noteholder by accepting the benefits of this Agreement, hereby covenant and agree that they will not at any time institute against
the Depositor, or join in any institution against the Depositor of, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings, or other proceedings under any U.S. federal or State bankruptcy or similar law in connection with any obligations relating
to the Certificate, the Notes, this Agreement or any of the Basic Documents.

 

Section 11.10     No
Recourse. The Certificateholder, by accepting a Certificate, acknowledges that such Certificateholder’s Certificate represents
beneficial interests in the Trust only and does not represent interests in or obligations of the Seller, the Servicer, the Administrator,
the Owner Trustee, the Indenture Trustee or any Affiliate thereof and no recourse may be had against such parties or their assets, except
as may be expressly set forth or contemplated in this Agreement, the Certificate or the Basic Documents.

 

Section 11.11     Headings.
The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the
terms or provisions hereof.

 

Section 11.12     GOVERNING
LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE.

 

    30 

     

    

 

Section 11.13     WAIVER
OF JURY TRIAL. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

 

Section 11.14     Depositor
Payment Obligation. The Depositor shall be responsible for payment of the Administrator’s fees under the Administration Agreement
and shall reimburse the Administrator for all expenses and liabilities of the Administrator incurred thereunder.

 

Section 11.15     Administrator.
The Administrator is authorized to execute on behalf of the Trust all such documents, reports, filings, instruments, certificates and
opinions as it shall be the duty of the Trust to prepare, file or deliver pursuant to the Basic Documents. Upon request, the Owner Trustee
shall execute and deliver to the Administrator a power of attorney appointing the Administrator the agent and attorney in fact of the
Trust to execute all such documents, reports, filings, instruments, certificates and opinions.

 

Section 11.16     Communication
with Rating Agencies. If the Owner Trustee shall receive any written or oral communication from any Rating Agency (or any of their
respective officers, directors or employees) with respect to the transactions contemplated hereby or under the Basic Documents or in
any way relating to the Notes, the Owner Trustee agrees to refrain from communicating with such Rating Agency and to promptly (and, in
any event, within one Business Day) notify the Administrator of such communication. The Owner Trustee agrees to coordinate with the Administrator
with respect to any communication to a Rating Agency and further agrees that in no event shall the Owner Trustee engage in any oral communication
with respect to the transactions contemplated hereby or under the Basic Documents or in any way relating to the Notes with any Rating
Agency (or any of their respective officers, directors or employees) without the participation of the Administrator.

 

The Owner Trustee will not be
responsible for delays attributable to the Administrator’s failure to deliver any information related to any communication with
a Rating Agency (with respect to this section, the “Information”), defects in the Information supplied to the Rating Agency
or Administrator or other circumstances beyond the control of the Owner Trustee. The Owner Trustee shall be under no obligation to make
any determination as to the veracity or applicability of any Information provided to it, or whether any such Information is required
to be maintained on a website or other public medium.

 

Section 11.17     AML
Law Compliance. The parties hereto acknowledge that in accordance with laws, regulations and executive orders of the United States
or any state or political subdivision thereof as are in effect from time to time applicable to financial institutions relating to the
funding of terrorist activities and money laundering, including without limitation the USA Patriot Act (Pub. L. 107-56) and regulations
promulgated by the Office of Foreign Assets Control (collectively, “AML Law”), the Owner Trustee and Paying Agent
are required to obtain, verify, and record information relating to individuals and entities that establish a business relationship or
open an account with the Owner Trustee or Paying Agent. Each party hereby agrees that it shall provide the Owner Trustee and Paying Agent
with such identifying information and documentation as the Owner Trustee or Paying Agent may request in writing from time to time in
order to enable the Owner Trustee and Paying Agent to comply with all applicable requirements of the AML Law.

 

    31 

     

    

  

IN WITNESS WHEREOF, the parties
hereto have caused this Trust Agreement to be duly executed by their respective officers hereunto duly authorized, as of the day and
year first above written.

 

	 	[__],

as Owner Trustee,
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	 	JOHN DEERE RECEIVABLES LLC, as Depositor,
	 	 	 
	 	By:	      
	 	 	Name:
	 	 	Title:

 

	Acknowledged, Accepted and Agreed:	 
	 	 
	[__],
 not in its individual capacity but solely
 as Certificate Registrar and Paying Agent,	 
	 	 
	By:	       	 
	 	Name:	 
	 	Title:	 

 

    

     

    

 

EXHIBIT A

 

NUMBER

R-1

 

SEE REVERSE FOR CERTAIN DEFINITIONS

 

JOHN DEERE OWNER TRUST 20[__]

 

ASSET BACKED CERTIFICATE

 

evidencing an undivided beneficial interest in the
Trust, as defined below, the property of which includes a pool of equipment retail installment sale and loan contracts secured by new
and used agricultural and construction equipment and sold to the Trust (as defined below) by John Deere Receivables LLC.

 

(This Certificate does not represent an interest
in or obligation of John Deere Receivables LLC, John Deere Capital Corporation, Deere & Company or any of their respective affiliates,
except to the extent described below.)

 

THIS CERTIFIES THAT John Deere Receivables LLC is
the registered owner of the undivided beneficial interest in John Deere Owner Trust 20[__] (the “Trust”) formed by John Deere
Receivables LLC, a Nevada limited liability company (the “Seller”).

 

THIS CERTIFICATE IS NOT TRANSFERABLE.

 

CERTIFICATE OF AUTHENTICATION

 

This is the Certificate referred to in the within-mentioned
Trust Agreement.

 

	[__],
 as Owner Trustee	 
	 	 
	By:	 	 
	 	 
	or	 
	 	 
	[__],
 as Certificate Registrar and Paying Agent	 
	 	 
	By:	               	 

 

    A-1

     

    

 

The
Trust was created pursuant to a Trust Agreement dated as of [__], 20[__] (the “Trust Agreement”), between the Depositor
and [__], as owner trustee (the “Owner Trustee”), a summary of certain of the pertinent provisions of which is set forth
below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in the Trust
Agreement or the Sale and Servicing Agreement to be dated as of [__], 20[__] (the “Sale and Servicing Agreement”), among
the Trust, the Seller and John Deere Capital Corporation, as servicer (the “Servicer”), as applicable.

 

This
Certificate is the duly authorized Certificate designated as the “Asset Backed Certificate” (herein called the “Certificate”).
Also issued under the Indenture, to be dated as of [__], 20[__], between the Trust and [__], as Indenture Trustee, are the Class A-1
[__]% Asset Backed Notes, the Class A-2[A] [__]% Asset Backed Notes, [the Class A-2B [Benchmark] plus [__]% Floating Rate Asset
Backed Notes,] the Class A-3 [__]% Asset Backed Notes [and/,] the Class A-4 [__]% Asset Backed Notes [and the Class B
[__]% Asset Backed Notes] (collectively, the “Notes”). This Certificate is issued under and is subject to the terms, provisions
and conditions of the Trust Agreement, to which Trust Agreement the holder of this Certificate by virtue of the acceptance hereof assents
and by which such holder is bound. The property of the Trust includes a pool of retail installment sale and loan contracts for agricultural
and construction equipment (the “Receivables”), all monies received after [__], 20[__] from payments on the Receivables,
security interests in the equipment financed thereby, certain bank accounts and the proceeds thereof, proceeds from claims on certain
insurance policies and certain other rights under the Trust Agreement and the Sale and Servicing Agreement, all right, title, and interest
of the Seller in and to the Purchase Agreement, to be dated as of [__], 20[__], between John Deere Capital Corporation and the Seller
and all proceeds of the foregoing. The rights of the holders of the Certificate are subordinated to the rights of the holders of the
Notes, as set forth in the Sale and Servicing Agreement.

 

Under
the Trust Agreement, there will be distributed on the 15th day of each month or, if such day is not a Business Day, the next Business
Day (the “Payment Date”), commencing on [__], 20[__], to the person in whose name this Certificate is registered at
the close of business on the last day of the month (the “Record Date”) immediately preceding the month in which such Payment
Date occurs the Certificateholder’s undivided interest in the amount to be distributed to the Certificateholder on such Payment
Date.

 

The holder of this Certificate acknowledges and
agrees that its rights to receive distributions in respect of this Certificate are subordinated to the rights of the Noteholders as described
in the Sale and Servicing Agreement and the Indenture.

 

It is the intention of the parties that the Trust
will be disregarded as an entity separate from the Certificateholder for U.S. federal income tax purposes.

 

The Certificateholder, by its acceptance of a Certificate,
covenants and agrees that the Certificateholder will not at any time institute against the Seller, or join in any institution against
the Seller of, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other proceedings under any U.S.
federal or State bankruptcy or similar law in connection with any obligations relating to the Certificate, the Notes, the Trust Agreement
or any of the Basic Documents.

 

    A-2

     

    

 

Distributions on this Certificate will be made as
provided in the Trust Agreement by the Paying Agent by wire transfer or check mailed to the Certificateholder of record in the Certificate
Register without the presentation or surrender of this Certificate or the making of any notation hereon. Except as otherwise provided
in the Trust Agreement and notwithstanding the above, the final distribution on this Certificate will be made after due notice by the
Owner Trustee of the pendency of such distribution and only upon presentation and surrender of this Certificate at the office or agency
maintained for the purpose by the Owner Trustee.

 

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

 

Unless the certificate of authentication hereon
shall have been executed by an authorized officer of the Owner Trustee, by manual signature, this Certificate shall not entitle the holder
hereof to any benefit under the Trust Agreement or the Sale and Servicing Agreement or be valid for any purpose.

 

THIS CERTIFICATE SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF DELAWARE.

 

IN WITNESS WHEREOF, the Owner
Trustee, on behalf of the Trust and not in its individual capacity, has caused this Certificate to be duly executed.

 

	 	JOHN DEERE OWNER TRUST 20[__]
	 	 
	 	By: [__],
 not in its individual capacity but solely
 as Owner Trustee
	 	 
	Dated: [__], [__]	By:	                  

 

    A-3

     

    

 

(Reverse of Certificate)

 

The Certificate does not represent an obligation
of, or an interest in, the Seller, the Servicer, Deere & Company, the Indenture Trustee, the Owner Trustee or any affiliates
of any of them and no recourse may be had against such parties or their assets, except as may be expressly set forth or contemplated
herein or in the Trust Agreement or the Basic Documents. In addition, this Certificate is not guaranteed by any governmental agency or
instrumentality and is limited in right of payment to certain collections with respect to the Receivables (and certain other amounts),
all as more specifically set forth herein and in the Sale and Servicing Agreement. The Certificate is limited in right of payment to
certain collections and recoveries respecting the Receivables, all as more specifically set forth in the Sale and Servicing Agreement.
A copy of each of the Sale and Servicing Agreement and the Trust Agreement may be examined during normal business hours at the principal
office of the Seller, and at such other places, if any, designated by the Seller, by the Certificateholder upon written request.

 

The Trust Agreement permits, with certain exceptions
therein provided, the amendment thereof and the modification of the rights and obligations of the Seller and the rights of the Certificateholder
under the Trust Agreement at any time by the Seller and the Owner Trustee with the consent of the holders of the Notes voting as a class
evidencing not less than a majority of the outstanding Notes and the consent of the Certificateholder (which consents shall not be unreasonably
withheld). Any such consent by the holder of this Certificate shall be conclusive and binding on the holder of this Certificate and of
any Certificate issued upon the transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent is made
upon this Certificate. The Trust Agreement also permits the amendment thereof, in certain limited circumstances, without the consent
of the holder of the Certificate.

 

As
provided in the Trust Agreement, this Certificate is nontransferable. The initial Certificate Registrar appointed under the Trust Agreement
is [__].

 

The Certificate is issuable only as a registered
Certificate without coupons. As provided in the Trust Agreement and subject to certain limitations therein set forth, the Certificate
is exchangeable for new Certificates evidencing the same undivided beneficial interest in the Trust, as requested by the holder surrendering
the same. No service charge will be made for any such exchange, but the Owner Trustee or the Certificate Registrar may require payment
of a sum sufficient to cover any tax or governmental charge payable in connection therewith.

 

The Owner Trustee, the Certificate Registrar and
any agent of the Owner Trustee or the Certificate Registrar may treat the person in whose name this Certificate is registered as the
owner hereof for all purposes, and none of the Owner Trustee, the Certificate Registrar or any such agent shall be affected by any notice
to the contrary.

 

The obligations and responsibilities created by
the Trust Agreement and the Trust created thereby shall terminate upon the payment to the Certificateholder of all amounts required to
be paid to it pursuant to the Trust Agreement and the Sale and Servicing Agreement and the disposition of all property held as part of
the Trust. The Servicer of the Receivables may at its option purchase the corpus of the Trust at a price specified in the Sale and Servicing
Agreement, and such purchase of the Receivables and other property of the Trust will effect early retirement of the Certificate; however,
such right of purchase is exercisable only as of the last day of any Collection Period as of which the note value is less than or equal
to 10% of the initial note value of the Receivables.

 

    A-4

     

    

 

EXHIBIT B

 

CERTIFICATE OF TRUST

 

OF

 

JOHN DEERE OWNER TRUST 20[__]

 

THIS Certificate of Trust of John Deere Owner Trust
20[__] (the “Trust”) is being duly executed and filed by the undersigned, as trustee, to form a statutory trust under the
Delaware Statutory Trust Act (12 Del. Code, Section 3801 et seq.) (the “Act”).

 

1.            Name.
The name of the statutory trust formed hereby is John Deere Owner Trust 20[__].

 

2.            Delaware
Trustee. The name and address of the trustee of the Trust with a principal place of business in the State of Delaware are [__], [__].

 

3.            This
Certificate of Trust shall be effective upon filing.

 

IN WITNESS WHEREOF, the undersigned
has executed this Certificate of Trust in accordance with Section 3811(a)(1) of the Act.

 

	 	[__],
 not in its individual capacity but solely as trustee of the Trust.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    B-1Document

Exhibit 10.1

PURCHASE AND SALE AGREEMENT

This Purchase and Sale Agreement (this “Agreement”), is entered into as of February 24, 2022 (the “Effective Date”) by and between Spinnaker Insurance Company, an Illinois licensed insurance company (“Buyer”), and Elevate Sabine Investors LP, a Texas limited partnership (“Seller”).

1.Background.

Seller is the owner of an office building development (the “Office Building Development”) commonly known as Waterloo Central which is located at 701 E. 5th Street, Austin, Texas 78701 in Travis County, Texas. Buyer has expressed an interest in purchasing the Office Building Development on the terms provided in this Agreement, and Seller has agreed to sell the Office Building Development to Buyer on such terms.

2.Agreement to Purchase.

(A)Subject to the terms and provisions of this Agreement, Buyer agrees to purchase from Seller, and Seller agrees to sell to Buyer, all of the following property (collectively, the “Property”):

(1)The tract or tracts of land described on Exhibit A to this Agreement and all related rights, hereditaments, benefits, privileges, tenements, appurtenances and easements pertaining to or benefitting or pertaining to such land, if any, and all right, title and interest of Seller in and to all adjacent sidewalks, streets, waterways, alleys or rights-of-way and any strips or gores between the land and abutting or adjacent properties (collectively, the “Land”).

(2)All buildings, structures, parking areas, and other improvements located on the Land (collectively, the “Improvements”) (the Land and the Improvements are hereinafter collectively referred to as the “Real Property”).

(3)All of Seller’s right, title and interest, in and to all of the furniture, appliances, personal property, machinery, apparatus, equipment, and other tangible personal property and fixtures located on the Real Property or used in the ownership, operation, repair and maintenance of the Real Property (excluding, however, tangible personal property and fixtures of the Improvements which are owned by tenants or which may be removed by tenants under the terms of their leases), including, without limitation, those items as set forth on Exhibit B attached hereto (collectively, the “Personal Property”). The Personal Property to be conveyed is subject to reasonable depletions, replacements and additions in the ordinary course of Seller’s business.

(4)All of Seller’s right, title and interest, in and to all of the leases, subleases, franchises, licenses, occupancy agreements or other agreements demising space in, providing for the use or occupancy of, or otherwise similarly affecting or relating to, the Real Property, including, without limitation, those leases (the “Existing Leases”) identified on the Schedule of Leases and Security Deposits attached hereto as Exhibit C (the “Rent Roll”), and any New Leases (hereinafter defined) entered into pursuant to Section 10(B), below, which as of the Closing Date (hereinafter defined) affect all or any portion of the Real Property (together with all amendments, addenda, modifications and supplements thereto, collectively, the “Leases”), the Security Deposits (hereinafter defined) listed on the Rent Roll attached hereto as Exhibit C with respect to any such Leases and all rents prepaid for any period subsequent to the Closing Date.

(5)(i) The Parking Agreement To Use The Austin Convention Center Parking Garage dated effective as of August 1, 2021 by and between the City of Austin, a municipal corporation of
			
	PURCHASE AND SALE AGREEMENT – Page 1

the State of Texas, acting by and through the Director or his/her designee of the Austin Convention Center Department, and Seller, for Seller or Seller’s tenants to park in 5 spaces at the garage located at 601 E 5th St., Austin, Texas 78701 in Travis County, Texas (the “City Parking Lease”), and (ii) the Monthly Parking Agreement, dated effective April 27, 2021, by and between Parking Management Company, LLC, and Seller, for Seller or Seller’s tenants to park in 100 spaces at the garage located at 500 N. Interstate 35, Austin, Texas 78701 in Travis County, Texas (the “Hilton Garden Inn Downtown Parking Lease”, and together with the City Parking Lease, the “Parking Lease”). At Closing, Seller will deliver Parking Leases with an aggregate of at least 100 spaces available.

(6)All right, title and interest of Seller in, to and under all Accepted Service Contracts (hereinafter defined), including, without limitation, certain of those items as set forth on Exhibit D attached hereto.

(7)All of Seller’s right, title and interest, in and to all warranties, indemnities and guarantees of any kind whatsoever, express or implied, issued or arising in connection with or relating to the Improvements or the Personal Property which remain in effect as of the Closing Date, if any, including, without limitation, those items as set forth on Exhibit E attached hereto, which include any of same (a) under any construction contracts, written or oral, and as modified or supplemented from time to time (collectively, the “Construction Contracts”), with any general contractor or subcontractor, of any tier whatsoever (collectively, the “Construction Contractors”), (b) under any contracts, written or oral, and as modified or supplemented from time to time (collectively, the “Design Contracts”), with any architect, design professional, engineer, planner, construction manager or supervisor, decorator, stylist, consultant, or any other person or entity with whom Seller contracted for the providing of planning, design, architectural, engineering or other similar services relating to the Improvements (collectively, the “Design Consultants”), or
(c) under any contracts, written or oral, and as modified or supplemented from time to time (collectively, the “Materials Contracts”), related to any materials, whether or not same were specially fabricated (collectively, the “Materials”), (all of the foregoing, collectively, the “Warranties”).

(8)All of Seller’s right, title and interest in and to (a) written licenses, permits, governmental building inspection approvals, certificates of occupancy, and entitlements issued, approved or granted by any applicable governmental authorities in connection with the Real Property, (b) written covenants, conditions and restrictions, reciprocal easement agreements, area easement agreements and other common or planned development agreements or documents affecting the Real Property, and (c) written licenses, consents, easements, rights of way and approvals obtained from private parties to make use of utilities, parking rights, open spaces, density rights, uses, quotas or allotments, or to provide vehicular and pedestrian ingress and egress for the Real Property, all if and to the extent transferrable without third party consent or any additional cost or liability to Seller that is not reimbursed, prorated or indemnified pursuant to this Agreement (collectively, the “Approvals”).

(9)All of Seller’s right, title and interest, in and to any intangible personal property, including, without limitation, (1) any marketing materials, including printing styles, logos and photographs of the Office Building Development, (2) the plans and specifications, and all other architectural and engineering drawings for the Improvements, if any, (3) telephone numbers and exchanges, email addresses associated with “Waterloo Central Office Building” or “Waterloo Central”, and phone numbers and internet addresses (including domain names and all social media accounts maintained by Seller, its affiliates or property manager in connection with the Real Property, including, without limitation, the URL designated for the Office Building Development,

			
	PURCHASE AND SALE AGREEMENT – Page 2

and all assignable user names and password account information necessary and controlling said social media accounts), (4) any trade names, trademarks and service marks related to the Real Property, the Improvements or the name “Waterloo Central Office Building” or “Waterloo Central,” (5) deposits with respect to utility services to the Land or the Improvements or any part thereof, or refundable or reimbursable tap or connection fees, and (6) any commitment fees or development fees, impositions or contributions, local, state or federal tax benefits, incentives, deferrals or waivers, or any other economic or financial benefit or incentive by any governmental or taxing authority, of any kind or character whatsoever of any of the foregoing (collectively, the “Intangible Personal Property”). In regards to photographs and graphics provided as part of the Intangible Personal Property, such items shall be delivered in digital form and in the highest resolution available to Seller without additional costs.

(B)“Service Contracts” means all contracts, agreements, licenses, leases (such as a telecommunications agreement) or easements to which Seller or its property manager acting on behalf of Seller is a party relating to the ownership, operation, tenant amenities, maintenance or management of the Real Property set forth on Exhibit D hereto, except any property management agreement between Seller and its property manager, if any, which Seller will terminate at Closing (hereinafter defined), at no cost to Buyer. As used in this Agreement, “Accepted Service Contracts” means the Service Contracts listed on Schedule 1.

(C)Despite anything in this Agreement to the contrary, the following assets will be excluded from the Property to be conveyed in connection with the Transaction and will be retained by Seller: (i) computer software; (ii) rights to any websites, other than as specifically set forth herein; (iii) any furniture, equipment, appliances or other personal property owned by tenants or other third parties; and (iv) items of personal property or intangible property owned by Seller or its property manager and used in connection with the Real Property, Personal Property, Existing Leases or Leases and the business related to same as part of Seller’s or its property managers administrative office’s integrated systems of ownership, management and/or operations of office building developments or projects, such as, by way of example and without limitation, computer and phone system software, corporate licenses, and management and financial reporting systems and software, websites, Uniform Resource Locator/URL and email addresses.

(D)The conveyance and transfer of the Property contemplated by this Agreement is referred to in this Agreement as the “Transaction”.

3.Purchase Price.

The purchase price to be paid by Buyer for the Property (the “Purchase Price”) is Thirty Million One Hundred Thousand and No/100 Dollars ($30,100,000.00). The Purchase Price, subject to other adjustments and prorations provided herein, shall be paid by Buyer to Seller in cash or other immediately available funds at Closing. Despite the foregoing, Buyer, at its option in its sole and absolute discretion, may increase the Purchase Price by both or either of (i) any Tenant’s Contribution, as defined in the Hippo Lease, as defined in Section 18 hereof, or (ii) any amounts that Buyer paid for change orders for the tenant improvements under the Hippo Lease, and such past or future payments actually paid by Buyer for such Tenant’s Contribution or change orders shall be treated as payments of and credits against such corollary increases in the Purchase Price.

4.Earnest Money.

Buyer shall deposit Two Million and No/100 Dollars ($2,000,000.00) of earnest money (the “Earnest Money”) with Stewart Title of Austin, LLC (“Title Agent”), whose address is 901 S. Mopac Expressway, Building III, Suite 100, Austin, Texas 78746, Attn: Shawna Fletcher/Michelle Perales, Email:

			
	PURCHASE AND SALE AGREEMENT – Page 3

shawna.fletcher@stewart.com/mperales@rigbyslack.com, Phone: (512) 472-9231/(512) 782-2048, no later than 5:00 p.m. Austin, Texas time within three (3) business days (as defined below) after the Effective Date. If Buyer fails to timely deposit the Earnest Money in accordance with this Section 4, Seller shall have the right to terminate this Agreement prior to Buyer’s deposit of the Earnest Money by delivering written notice to Buyer and neither Buyer nor Seller shall have any further obligations except for those that specifically survive a termination hereunder. The Earnest Money is not refundable to Buyer, except as otherwise provided in this Agreement. The Earnest Money will be invested in an interest-bearing account with a depository chosen by Buyer and acceptable to the Title Agent, and the interest earned on the Earnest Money shall become a part of the Earnest Money and shall be reported as income to Buyer. The Earnest Money will be applied as a credit against the Purchase Price if Closing occurs or otherwise disbursed to Seller or Buyer in accordance with the provisions of this Agreement. Except as expressly provided in this Agreement, despite any other provision of this Agreement, if this Agreement and the Transaction is terminated and Buyer is entitled to a refund of the Earnest Money, then, in such event, One Hundred and No/100 Dollars ($100.00) of the Earnest Money will be non-refundable (the “$100 Independent Consideration”) and will be paid over to and retained by Seller as independent consideration for the execution and delivery of this Agreement and for the inspection rights granted to Buyer herein. Except as expressly provided in this Agreement, Buyer hereby acknowledges that any refund of the Earnest Money provided in this Agreement shall be reduced by the foregoing $100 Independent Consideration. In any of the immediately foregoing events, the Title Agent shall promptly pay and deliver by wire transfer to Buyer the Earnest Money and to Seller the $100 Independent Consideration.

5.Closing.

(A)The purchase of the Property will be completed through an escrow to be opened upon the deposit with the Title Agent of a copy of this Agreement executed by Buyer and Seller. Closing will take place on or before 2:00 p.m. Austin, Texas time on the date which is fifteen (15) days after Final Completion, as defined below (the “Closing Date”). As used in this Agreement, the term “Closing” means the execution and delivery of the documents described in Sections 5(B), (C) and (D) in accordance with the terms of those Sections and payment to Seller of the Purchase Price (net of adjustments allowed by this Agreement). In the event that, in its sole discretion and option, Buyer desires to close the Transaction on a day prior to the Closing Date described immediately above in this section, Buyer shall provide written notice to Seller and Title Agent at least five (5) business days prior to the Buyer’s chosen accelerated Closing Date to allow Seller and Title Agent to comply with their respective Closing obligations. The Seller shall not be deemed to be in default if the Seller diligently pursues completion of its Closing obligations upon notice of Buyer’s proposed accelerated Closing Date and such Closing Date shall be adjusted as necessary (for sake of clarity, the Closing shall not occur until Seller is able to satisfy all of its Closing obligations). Seller shall not have any right to accelerate the Closing Date. Despite any other provision herein, the Closing shall not occur on a Monday or Friday, and if the scheduled Closing would otherwise occur on a Monday or Friday, then the Closing shall be automatically extended to the next business day. “Final Completion” shall mean that the Property and Office Building Development as a whole (other than the Affiliate Tenant Premises, as defined in Section 18 hereof, and which final completion of such Affiliate Tenant Premises is addressed in Section 18 hereof), and including, without limitation, the premises leased to Hippo Analytics Inc. by the terms of the Hippo Lease, and the basement level of the Office Building Development, including the Amenities Center as defined in the Hippo Lease, be in a “turnkey” condition as determined by Buyer, in its reasonable discretion, which may be made by or in consultation with its architect, engineer, design professional, construction or development consultant or other agent or consultant. In the event of any dispute between Seller and Buyer regarding the Final Completion, the parties shall promptly and diligently attempt to, and in all events, within ten (10) business days after such dispute arose, reach a mutually agreeable resolution of the disputed matters. In the event that the parties cannot reach a cannot mutually agreeable resolution of the dispute within such ten (10) business days, then (i) one or more of Seller’s Design Consultants, as designated by Seller, and (ii) one or

			
	PURCHASE AND SALE AGREEMENT – Page 4

more of Buyer’s representatives, which are acting in similar roles for Buyer as the Seller’s Design Consultants, as designated by Buyer, shall promptly and diligently attempt, and in all events, within ten
(10) business days after the dispute is not mutually resolved by Seller and Buyer, to reach a mutually agreeable resolution of the disputed matters. In the event the parties’ consultants cannot reach a cannot mutually agreeable resolution of the dispute within such ten (10) business days, then the parties’ consultants shall, within three (3) additional business days, choose a single independent third party design consultant and such design consultant shall promptly and diligently, and in all events, within ten (10) business days after accepting such engagement, provide a determination of that the Final Completion has occurred or a description of the matters which shall be completed in order for Final Completion to occur. The determination of the third-party design consultant shall be binding on the parties. At or prior to Closing, each party shall pay the fees and costs of (i) its own design consultant, and (ii) one-half (1/2) of the independent third-party design consultant. At all times prior to Closing, Buyer and Buyer’s representatives shall have full access and right of inspection to the Office Building Development and all parts, equipment and systems thereof, and all contracts, books and records related thereto, and to have conversations with Seller, any Contractor, and any of Seller’s architect, engineer, design professional, construction or development consultant or other agent or consultant. For sake of clarity, the costs and expenses for finishing the basement level of the Office Building Development and Amenities Center to Turnkey condition shall be the responsibility of Seller. “Turnkey” condition means, as determined by Buyer, in its sole direction, that all of the Improvements are fully and finally completed, all in accordance with the Plans and Specifications, as defined hereinafter, for occupancy and use by a tenant or occupant, including the completion of all tenant improvements (including any change orders), whether to be completed by Seller or any tenant or occupant, including any tenant improvements to be made by Hippo Analytics Inc. under the Hippo Lease, and the “FFE Period” as described in the Hippo Lease has expired. The terms “substantial completion” or “substantially complete”, as such terms may be used in the construction industry, in the Hippo Lease, or any other document or agreement of any kind whatsoever related to the Property or any construction of the Office Building Project, is not the controlling factor on the determination of Final Completion.

(B)Prior to Closing, Seller will deposit with the Title Agent the following items (collectively, the “Seller Documents”):

(1)a Special Warranty Deed (the “Deed”) substantially in the form attached hereto as Exhibit F, executed by Seller, conveying to Buyer fee simple title to the Real Property, free and clear of any liens or claims, and subject only to the Permitted Exceptions (hereinafter defined);

(2)a Bill of Sale and General Assignment (the “Bill of Sale”) substantially in the form attached hereto as Exhibit G, executed by Seller as well as any specific form required by any Accepted Service Contract for the transfer of the Accepted Service Contract from Seller to Buyer;

(3)an Assignment and Assumption of Leases (the “Assignment”) substantially in the form attached hereto as Exhibit H, executed by Seller;

(4)an Assignment and Assumption of Parking Lease (the “Parking Lease Assignment”) in a form mutually acceptable to Seller, Buyer and the landlord of the garage real property which is the subject of the Parking Lease, executed by Seller, Buyer and such landlord;

(6)a Notice to Tenants (the “Notice to Tenants”) substantially in the form attached hereto as Exhibit I, executed by Seller;

(7)Vendor Notification Letters (the “Notice to Vendors”), substantially in the form attached hereto as Exhibit J, to the vendors under the Accepted Service Contracts, notifying such

			
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vendors that the Property has been conveyed to Buyer and Buyer’s assumption of the Accepted Service Contracts;

(8)a non-foreign certificate as permitted by Section 1445(b)(2), Internal Revenue Code of 1986, as amended (“IRS Code”), substantially in the form attached hereto as Exhibit K, executed by Seller;

(9)an affidavit of debts, liens and possession, dated the date of Closing and executed by an appropriate representative of Seller in a form as may be reasonably acceptable to the Title Agent;

(10)a certificate (“Seller’s Reconfirmation Certificate”) substantially in the form attached hereto as Exhibit L, dated as of the Closing Date and executed by Seller, stating that the representations of Seller in Section 9(A) of this Agreement are correct as of the Closing Date in all material respects, as if made again at that time, and that Seller is not in default of any of its obligations under this Agreement;

(11)an updated Rent Roll for the Real Property, in substantially the same form as the Rent Roll attached hereto as Exhibit C, prepared no more than two (2) days prior to the Closing Date, and certified in writing by Seller as being true, correct and complete in all material respects and that same does not omit or fail to state any material fact necessary to make the statements contained therein not misleading (the “Updated Rent Roll”);

(12)an Escrow Agreement (the “Escrow Agreement”), executed by Seller, Buyer and Title Agent or other escrow agent mutually acceptable to Seller and Buyer, all as provided in Section 17 hereof;

(13)a settlement statement;

(14)such evidence and documents as the Title Agent or Buyer may reasonably require to establish the capacity and authority of Seller to execute the Seller Documents and this Agreement and to complete the Transaction; and

(14)  all other documents reasonably necessary to convey or assign the Property, or any part thereof, or to close the Transaction as may be reasonably requested by the Title Agent or Buyer, duly executed and, as applicable or customary, acknowledged, by Seller, and, if reasonably necessary, any other pertinent third-party, which may include final lien waivers from any Contractor or Design Consultant.

(C)Except as set forth in this Agreement, Seller shall be solely obligated, at Seller’s cost, to obtain and deliver to Buyer any written consents or estoppels by any third-party to any assignments or conveyances of any of the Property, all as Buyer may require and such consents or estoppels to any assignments or conveyances of any of the Property shall be in a form and content acceptable to Buyer. Buyer will deliver to Seller a list of such required consents and estoppels before the expiration of the Feasibility Period and, at least ten (10) business days prior to the Closing, Seller shall obtain such consents and estoppels and provide them to Buyer. Also, at Buyer’s option, in its sole and absolute discretion and at Seller’s expense, in addition to any other Seller Documents, Seller shall provide at Closing separate written assignments or conveyances of such Leases, Parking Leases, Construction Contracts, Design Contracts, Materials Contracts, Warranties, Approvals, Intangible Personal Property, in whole or part for each constituent document, instrument or item, as Buyer may request, and with the third-party to any such document, instrument or item as an additional party to and executing and delivering a counterparty of such

			
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written assignments or conveyances. Such assignments or conveyances of any of the foregoing shall be in a form and content acceptable to Buyer. Buyer will deliver to Seller a list of such required assignments or conveyances before the expiration of the Feasibility Period. Seller shall obtain such assignments or conveyances and deliver the original counterparts at Closing as part of the Seller Documents.

(D)Buyer’s obligation to complete the Transaction is conditioned on (i) Seller’s delivery of all Seller Documents and completion of all other actions contemplated in Section 5(B) above prior to the Closing, (ii) Seller’s causing Affiliate Tenant, as defined in Section 18 hereof, to deposit with the Title Agent a counterpart of the Affiliate Tenant Office Lease, as defined in Section 18 hereof, executed by Affiliate Tenant, prior to the Closing, (iii) delivery of the Seller’s Reconfirmation Certificate stating that the representations of Seller in this Agreement are correct in all material respects as of the Closing Date and that Seller is not in default of any its obligations under this Agreement, and (iv) that the Parking Lease is in full force and effect, the lessor has not provided any notice of termination of the Parking Lease or reduction in the number of parking spaces below an aggregate of 100 parking spaces (including the amount of parking spaces in the Parking Lease). If Seller does not deliver or cause Affiliate Tenant to deliver, as applicable, any of the Seller Documents or Affiliate Tenant Office Lease, and a Seller’s Reconfirmation Certificate to such foregoing effect, or the status of the Parking Lease varies from the immediately above requirements or status, Buyer may, as its sole and exclusive remedy, terminate this Agreement, in which case the Earnest Money, but less the $100 Independent Consideration, will be returned to Buyer. If the representation in Section 9(A)(4) becomes untrue at any point after the Effective Date with respect to any action or suit relating to a condemnation of any material portion of the Property, the provisions of Section 14 shall control.

(E)Prior to Closing, Buyer will deposit with the Title Agent:

(1)the Purchase Price, net of credit for the Earnest Money and adjustments or prorations and other items charged or credited to Buyer in accordance with this Agreement;

(2)the Bill of Sale executed by Buyer;

(3)the Assignment executed by Buyer;

(4)the Parking Lease Assignment executed by Buyer;

(5)the Notice to Tenants executed by Buyer;

(6)the Notice to Vendors executed by Buyer;

(7)the Escrow Agreement executed by Buyer;

(8)a settlement statement;

(9)such documents as the Title Agent may reasonably require to establish the authority of Buyer to complete the Transaction; and

(10)all other documents reasonably necessary to purchase the Property, or any part thereof, or to close the Transaction as may be reasonably requested by the Title Agent or Seller, duly executed and, as applicable or customary, acknowledged, by Buyer.

(F)Documents and funds deposited in escrow under Section 5(B) and Section 5(E) will be returned to the person who deposited them if Seller or Buyer terminates its obligation to complete the
			
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Transaction under circumstances allowed by this Agreement.

(A)The Title Agent will close escrow on the Closing Date if all of the conditions to Buyer’s obligation to purchase the Property have been satisfied by (1) delivering the Deed for recording, with instructions to deliver the Deed to Buyer after recording, (2) paying Seller the Purchase Price net of adjustments for prorations and other items charged or credited to Seller in accordance with this Agreement,
(3) delivering to Seller fully executed originals of the Buyer Documents, and (4) delivering to Buyer fully executed originals of the Seller Documents (including, after recording the Deed).

(B)Simultaneously with Closing, Seller will deliver to Buyer, outside of Closing escrow, originals or, if originals are not in Seller’s possession, originals of the following to the extent in Seller’s possession: Accepted Service Contracts, Approvals for the Property, Warranties, Leases and guaranties of Leases, tenant and lease files, Parking Lease and lease files, Plans and Specifications, as defined below, for the Improvements. Promptly after Closing on the Closing Date, Seller shall use commercially reasonable efforts, determined in Seller’s reasonable discretion, to assist Buyer with transition of reasonable requested information, determined in Seller’s reasonable discretion, regarding balances and histories of tenants of the Property and other financial information related to the Office Building Development.

(C)Immediately following Closing, Buyer shall copy and complete the Notice to Tenants as applicable to each tenant of the Property and deliver the properly completed Notice to Tenants to each tenant of the Property, which obligation shall survive Closing.

(D)In addition to any other deliveries at Closing, prior to Closing, (i) Seller will cause Affiliate Tenant, as defined in Section 18 hereof, to deposit with the Title Agent a counterpart of the Affiliate Tenant Office Lease, as defined in Section 18 hereof, executed by Affiliate Tenant, and (ii) Buyer will deposit with Title Agent a counterpart of the Affiliate Tenant Office Lease executed by Buyer.

6.Feasibility Period.

(A)To assist Buyer in evaluating the Property, on or before the Effective Date, Seller has delivered (or make available at the Office Building Development or at Seller’s administrative office in Austin, Texas, with respect to any original or voluminous documents) the following to the extent in the possession or control of Seller or Seller’s property manager, accountants, attorneys or other agents (the “Diligence Documents”):

(1)Copies of the Service Contracts.

(2)A copy of Seller’s most recent survey of the Real Property (the “Survey”), and, as provided hereafter, a new or updated “as built” survey (“Updated Survey”) at Seller’s cost.

(3)A Rent Roll for the Office Building Development dated not earlier than two (2) days prior to Effective Date, which is attached hereto as Exhibit C.

(4)Copy of the Parking Lease and access to all related correspondence files and the right to make and take away copies of same subject to the confidentiality provisions of Section 16(M).

(5)Copies of the Approvals for the Real Property or the Office Building Development.

(6)Copies of any Warranties.
			
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(7)Copies of all of the Design Contracts, including, without limitation, those items as set forth on Exhibit M attached hereto.

(8)Copies of all final plans and specifications of any kind whatsoever, including, without limitation, the final working drawings and specifications for the construction of the Improvements (including soil reports and engineering calculations) prepared by any Design Consultant and copies of any of same which may be modified or supplemented from time to time, including, without limitation, those items as set forth on Exhibit N attached hereto (collectively, the “Plans and Specifications”). An example of the space plan and buildout for the Affiliate Tenant Premises (as defined in Section 18) is set forth on Exhibit N-1 attached hereto.

(9)Copies of all of the Construction Contracts, including, without limitation, those items as set forth on Exhibit O attached hereto.

(10)Copies of all Materials Contracts.

(11)Copies of any written notices regarding zoning, entitlements, tax assessments or condemnation proceedings affecting the Property.

(12)Copies of any final third-party engineering and other inspection reports which were obtained by Seller that concern the Land or Improvements, including, soil or pests and wood destroying insects and evidence of treatment for same.

(13)Copies of any final third-party environmental reports which were obtained by Seller that concern the Land or Improvements.

(14)Copies of any final zoning reports, analyses, letters or other information which were obtained by Seller that concern the Land or Improvements.

(15)Copies of any documents relating to any threatened (in writing) or pending claim, claim of lien, condemnation, lawsuit, arbitration, administrative proceeding or other proceeding of any kind whatsoever relating to Seller or the Property or any interest therein, including, without limitation any of same regarding any mechanic's, contractor's, or materialman's lien or claim.

(16)Copies of any unresolved written notices from any applicable governmental authority of code or zoning violations affecting the Property, including, without limitation, any of same related to the life, safety or fire suppression systems at the Property.

(17)Copies of real estate and personal property tax statements with respect to the Property for the current year and the one (1) prior calendar year.

(18)Copies of all utility invoices for the twelve (12) months preceding the Effective
Date.

(19)A description or loss run (without hindering any privileged attorney-client communications or information) of all insurance claims made with respect to the Office Building Development for the current year to date for the prior one (1) calendar year.

(20)Any utility reservations, capacities, allocations or commitments benefiting Seller or the Property.

			
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(21)From time to time prior to Closing, any other reasonable information, documents, instruments, writings, drawings, reports, or items relating to the Property which Buyer may reasonably request; provided, however, that Seller shall not be required to prepare or produce any documents or reports that are not already in the possession or control of Seller or Seller’s property manager, accountants, attorneys or other agents.

Buyer acknowledges that all materials made available by Seller and its affiliates or any officer, director, trustee, agent, employee or other person acting or purporting to act on behalf of Seller or any of its affiliates (including the materials described in this Section 6(A), the Title Commitment (hereinafter defined) and the Survey) are provided to Buyer without representation or warranty as to the accuracy or completeness thereof or the sufficiency for the purposes for which Buyer uses such materials, except as may be specifically stated in Section 9(A). In the event that this Agreement is terminated prior to Closing, Buyer agrees to destroy all proprietary and financial information received from Seller, as well as all financial information for tenants, within ten (10) days of termination and otherwise comply with Sections 15 and 16(M) below.

(B)Within ten (10) days after the Effective Date, Seller has caused the Title Agent to provide to Buyer a commitment issued by Stewart Title Company (the “Title Company”), for an owner’s policy of title insurance proposing to insure that Buyer holds good and indefeasible fee title to the Real Property following Closing with coverage in the amount of the Purchase Price, and legible copies of all documents listed as exceptions therein and a current ad valorem tax certificate (collectively, the “Title Commitment”).

(C)During the Feasibility Period, Buyer shall review title to the Property as disclosed by the Title Commitment and the Survey or Updated Survey, if any. Buyer may make written title or survey objections to Seller during the Feasibility Period (“Buyer Objections”); however, Seller shall have no obligation to cure or respond to any Buyer Objections except that Seller shall be obligated to remove at Seller’s expense at or prior to Closing: (i) any financing liens created by Seller, (ii) any mechanic’s, contractor’s or materialman’s liens or claims for work done by or on behalf of Seller, and (iii) any Buyer Objections that Seller commits to cure, in Seller’s sole discretion, in a writing delivered to Buyer prior to the expiration of the Feasibility Period (collectively, the “Required Cure Items”). Buyer shall be deemed to have agreed to accept title subject to all matters reflected in the Title Commitment and to the state of facts shown on the Survey, other than Buyer Objections given prior to the expiration of the Feasibility Period, or those matters related to the Updated Survey as provided below, and provided that, in no event shall Buyer be deemed to have agreed to accept title subject to Required Cure Items. Despite any other provision of this Agreement, Seller shall, at Seller’s sole cost and expense, obtain an “as built” ALTA/NSPS Land Title Survey upon Final Completion of all of the Improvements at the Office Building Development. The “as built” survey shall be prepared by a registered public land surveyor acceptable to Buyer and in accordance with the 2021 Minimum Standard Detail Requirements for ALTA/NSPS Land Title Surveys, jointly established and adopted by ALTA and NSPS adequate for Title to issue the survey deletion endorsement to the Title Policy. Within ten (10) days after delivery to Buyer of the Updated Survey, Buyer may make Buyer Objections to any matter shown on the Updated Survey, such Buyer Objections shall be addressed by Seller in the same manner as provided above in this section for the initial Buyer Objections, and shall be subject to Buyer’s rights described in Section 7 below.

(D)In addition to any other express right of Buyer to terminate this Agreement, Buyer may terminate this Agreement at any time during the period ending at 5:00 p.m. Austin, Texas time, on or before thirty (30) days after the Effective Date (the “Feasibility Period”) if Buyer determines, in Buyer’s sole and absolute discretion and with or without any reason or cause, that Buyer does not desire to purchase the Property. Buyer may exercise its right under this Section 6(D) by delivering written notice to Seller at any time prior to the expiration of the Feasibility Period. If Buyer terminates this Agreement pursuant to this Section 6(D), the Earnest Money, less the $100 Independent Consideration, will be returned to Buyer and the $100 Independent Consideration shall be paid and delivered to Seller. If Buyer has not timely

			
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delivered written notice pursuant to this Section 6(D) to Seller by the end of the Feasibility Period, Buyer shall be deemed to have waived its right to terminate this Agreement pursuant to this Section 6(D). Notwithstanding anything to the contrary in this section, should Seller fail to deliver any Diligence Documents or the Title Commitment as required herein, the Feasibility Period shall be extended to the date that is 30 days after the date on which all Diligence Documents and the Title Commitment have been delivered to Buyer.

(E)During the period commencing on the Effective Date and ending upon the earlier of termination of this Agreement or Closing, Buyer and its representatives, consultants and contractors may enter upon the Real Property upon reasonable notice, not to be less than 24 hours prior notice (which may be notice by telephone to Brandon Frachtman at (512) 736-1246 or by email at brandon@elevategp.com, to make such inspections and tests regarding the Real Property as Buyer deems necessary or desirable, including a Phase I environmental site assessment, provided Buyer does not disturb or interfere with tenants in any manner and subject to rights of tenants to exclude or limit such inspections and tests; further provided, however, Buyer shall obtain Seller’s approval before undertaking any intrusive, destructive or invasive testing or any soil borings, which approval Seller shall not unreasonably withhold, condition or delay. Buyer or its consultants may attend weekly or other meetings of the Seller, as owner, architect and design professionals, and contractors (typically referred to as “OAC meetings”), and Seller will provide to Buyer and its consultants information for the dates, times and places of such meetings. Damage to the Property resulting from any inspection or testing conducted by or on behalf of Buyer will be repaired by Buyer so that the Property is restored to its original condition promptly following the damage. Buyer will indemnify, defend and hold harmless Seller and its property manager, employees, representatives, consultants, agents and contractors against any claim arising out of activities conducted at the Property by Buyer or its employees, representatives, consultants, agents and contractors and related damage, liability, obligation, claim, suit, cause of action, judgment, settlement, penalty, fine or cost or expense (including reasonable fees and disbursements of attorneys and other professionals and court costs), provided that Buyer shall have no liability for the discovery of any preexisting environmental condition or other condition to the extent that the activities of Buyer or its employees, representatives, consultants, agents and contractors do not knowingly aggravate such condition. Buyer shall fully comply with all applicable laws, ordinances, rules and regulations in connection with its due diligence activities upon the Property and shall not permit any inspections, investigations or other due diligence activities to result in any liens, judgments or other encumbrances being filed against the Property and shall, at its sole cost and expense, as promptly as possible but in no event more than thirty (30) days, discharge of record any such liens or encumbrances that are so filed or recorded.

7.Title Insurance.

Buyer’s obligation to purchase the Property is conditioned upon the Title Commitment being in full force and effect evidencing that the Title Company is committing as of Closing to issue to Buyer an owner’s policy of title insurance in the amount of the Purchase Price (the “Title Policy”) insuring that Buyer holds good and indefeasible fee simple title to the Real Property subject to any Permitted Exceptions, exceptions that are part of the promulgated owner’s policy of title insurance form and the performance by Seller and Buyer of their respective obligations pursuant to this Agreement. If the Title Company is unwilling or unable to satisfy the foregoing condition with respect to the Title Policy at Closing, and Seller is able to obtain a commitment from another title company that operates on a nationwide basis to issue an owner’s policy of title insurance that (i) satisfies the foregoing condition, and (ii) such owner’s policy of title insurance can be issued at standard rates, then the conditions set forth in this Section 7 shall be deemed satisfied. If the foregoing condition cannot be satisfied or deemed satisfied at Closing (other than as a result of the actions of Buyer or Buyer’s failure to take action), Buyer, as its sole and exclusive remedy, shall have the right to terminate this Agreement, in which case Buyer may recover the Earnest Money (but if Seller fails to cure all of the Required Cure Items, this shall constitute a Seller default entitling Buyer to all

			
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of its remedies under Section 11(B) below). The term “Permitted Exceptions” shall mean: (i) the exceptions (excluding exceptions that are part of the promulgated owner’s policy of title insurance form) in the last Title Commitment delivered to Buyer before the end of the Feasibility Period, but excluding the Required Cure Items and items that the Title Company has committed to remove; (ii) matters created by, through or under Buyer; (iii) items shown on the Survey or Updated Survey; (iv) real estate taxes not yet due and payable; and (v) the rights of tenants pursuant to the Leases. Despite the foregoing, it shall be a condition precedent to Buyer’s obligation to close the Transaction that there is no adverse and material change in the matters reflected by the Survey, or shown on the Updated Survey when prepared and delivered to Buyer (and Seller acknowledges and agrees that the Updated Survey will be prepared and delivered to Buyer after the expiration of the Feasibility Period and its preparation and delivery to Buyer and approval by Buyer is a condition to Closing) and/or the Title Commitment between the expiration of the Feasibility Period and the Closing Date, except as consented to in writing by Buyer. In the event the condition precedent set forth in the immediately preceding sentence shall fail, Buyer may, at its sole option, either terminate this Agreement by promptly giving written notice of termination to Seller and receive a full refund of the Earnest Money, less the $100 Independent Consideration, or waive same and proceed to Closing.

8.Closing Costs and Prorations.

(A)Buyer will pay (1) one-half of any escrow fee charged by the Title Agent, (2) the cost of recording the Deed, (3) the costs of recording documentation associated with Buyer’s financing of the purchase of the Property, and (4) the entire costs of any loan policy of title insurance and any endorsements or other modifications to the Title Policy or the loan policy of title insurance, if any. Seller will pay (1) one- half of any escrow fee charged by the Title Agent, (2) the cost of all documentation necessary to evidence the cancellation or satisfaction of any liens Seller is obligated to remove and other items Seller has committed in writing to remove or cure as provided in Section 6(C), and (3) the entire cost of the basic premium for the Title Policy for coverage in the amount of the Purchase Price and (4) the entire cost of the Updated Survey. Buyer and Seller each will pay their own respective attorneys’ fees. Other costs will be paid by Seller or Buyer, as applicable, as specified by other provisions of this Agreement or, if no provision is made in this Agreement, in accordance with local custom.

(B)Seller and Buyer will prorate, effective as of 11:59 p.m. Austin, Texas time on the day immediately preceding the Closing Date, all collected Rents and expenses of operation of the Property (including utilities, property taxes and assessments), except for insurance premiums. To the extent possible, utility prorations will be handled by meter readings on the day immediately preceding the Closing Date. Amounts allocable to the Closing Date will be for the account of Buyer. If, at the time of Closing, the tax rate or the assessed valuation of the Property for the year of Closing is not yet known, the apportionment of taxes will be based upon the taxes calculated on the amount of the Purchase Price as the market or assessed value. If any expenses (other than taxes) cannot be determined finally as of Closing, such expense will be prorated on the best available information. Adjustments to the prorations will be made from time to time after Closing to take account of final information as to expenses estimated as of Closing or to adjust Rents or expenses that were not included in the prorations done at the Closing, and Buyer or Seller, as applicable, will pay the other on demand such amounts as may be appropriate based on such adjustments. Any re-proration of expenses must be completed within ninety (90) days after Closing or, in the case of taxes, within thirty (30) days after the invoice for taxes for the year of the Closing is received, and except as provided in Section 8(C), neither Buyer nor Seller will be entitled to request a payment on account of re- prorations after either such applicable date. The provisions of this Section shall survive Closing.

(C)Rents delinquent as of Closing will not be prorated. Rents collected after Closing by Buyer shall be applied (i) first, to Rents attributable to the periods after Closing, (ii) second, to Rents attributable to the month during which Closing occurs (and shall be allocated between Buyer and Seller as if the same had been prorated as of Closing) and (iii) finally, to Rents attributable to the periods before the month

			
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during which Closing occurs. For a period of ninety (90) days following the Closing Date, Buyer shall use commercially reasonable efforts to collect any rental payments past due as of Closing or due subsequent to Closing for any periods prior to Closing, from tenants who were tenants as of the Closing; provided, however, Buyer shall not be required to institute any legal action against any tenant. Buyer shall have no responsibility to make any payment to Seller except as to sums actually collected and received by Buyer and shall have no liability for failure to collect any sums so long as Buyer complies with this Section. If following the Closing, Seller receives any Rents attributable to periods on and after the Closing Date, Seller shall promptly remit such Rents no later than ten (10) days after receipt by Seller. In no event shall Seller be entitled to bring suit against any tenant to collect delinquent rentals or attempt to evict any tenant under the Leases after Closing. The provisions of this Section shall survive Closing.

(D)Buyer will be entitled to a credit through the Closing escrow for all cash security deposits, “net lease” deposits or escrows (such as for taxes, insurance, utilities or common area maintenance), or other deposits or escrows of any kind whatsoever under the Leases, not heretofore forfeited, credited or returned to the tenants, as may be more particularly described in the Rent Roll (the “Security Deposits”) and advance payments of Rent held by Seller as of the Closing and Seller shall retain said amounts. For sake of clarity, the credits to which Buyer is entitled through the Closing escrow include, but are not limited to, a Security Deposit in the amount of $467,575 and prepaid rent in the amount of $155,858 under the Hippo Lease.

(E)Recoveries from utility expense reimbursements payable by tenants pursuant to Leases, regardless of whether they are collected by Seller or Buyer (or their third-party billing company), shall be prorated based upon, and shall relate back to, the months in which the billed utility expenses were incurred. For up to one hundred twenty (120) days following the Closing Date, Buyer shall be obligated to continuously bill tenants for utility reimbursements on a monthly basis. Despite the foregoing provisions of this sub-section, in the event that there is a ratio utility billing system of any kind whatsoever (“RUBS”) applicable to the Office Building Development for any of the following categories of utilities and other reimbursements: (i) electricity, (ii) gas, (iii) water, (iv) sanitary sewer, (v) trash, (vi) pest control or (vii) other reimbursements, then the amount of RUBS attributable to the uncollected or trailing collections of up to two (2) calendar months prior to Closing will be reflected as a credit to Seller at Closing and will be calculated for closing purposes on the uncollected or trailing collections monthly periods based on the monthly average actual trailing RUBS for six (6) months prior to Closing according to the income or operating statements provided by Seller to Buyer. A subsequent cash adjustment of RUBS between Seller and Buyer will be made when actual figures are available, but in all events within one hundred fifty (150) days after the Closing Date and Seller and Buyer each agree to provide the other such information as the other may reasonably request regarding RUBS and the billing, collection, and payment thereof. The provisions of this Section shall survive Closing.

(F)Seller and Buyer will prorate, effective as of 11:59 p.m. Austin, Texas time on the day immediately preceding the Closing Date, all advances, bonus payments, “door fees” or other up-front fees or payments of any kind whatsoever due or payable after the Effective Date or, if paid in advance or for a period extending after the Closing Date, prorated on a straight-line basis over the term of the applicable agreement, under any leases, cable television or internet agreements or similar contracts or agreements to be assumed by Buyer hereunder.

9.Representations and Warranties.

(A)For any representations and warranties of Seller set forth herein, “to Seller’s knowledge”, “the knowledge of” or “to the best knowledge of” Seller and similar phrases shall mean the knowledge of Chris Skyles, including such knowledge based on Chris Skyles making a diligent inquiry of any knowledge of Scott Tomhave and Craig Saur of Flintco, LLC. Subject to all matters disclosed in the Schedule of

			
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Exception Matters attached to this Agreement as Schedule 2 delivered to Buyer by or on behalf of Seller on or before the Effective Date (the “Exception Matters”), Seller, to induce Buyer to enter into this Agreement and to complete the Transaction, makes the following representations and warranties to Buyer, which representations and warranties are true and correct as of the Effective Date:

(1)Seller has been duly organized and is validly existing and in good standing under the laws of the State of Texas. Seller has or at Closing will have the authority to enter into this Agreement, to perform its obligations under this Agreement and to complete the Transaction as contemplated by this Agreement. Seller has taken or by Closing will have taken all company action necessary to authorize the execution and delivery of this Agreement and the performance by Seller of its obligations under this Agreement.

(2)Neither the execution nor the delivery of this Agreement, nor the consummation of the purchase and sale contemplated hereby, nor the fulfillment of or compliance with the terms and conditions of this Agreement conflict with or will result in the breach of any of the terms, conditions, or provisions of any agreement or instrument to which Seller, or any partner, officer or related entity or affiliate of Seller, is a party or by which Seller, any partner, officer or related entity or affiliate of Seller, or any of Seller’s assets is bound.

(3)This Agreement has been duly executed and delivered by Seller and constitutes a valid, binding and enforceable obligation of Seller, subject to bankruptcy and other debtor relief laws and principles of equity.

(4)Except as disclosed on Exhibit Q attached hereto, Seller has not received written notice of condemnation or other legal action, proceeding, arbitration or suit pending and, there are none threatened against Seller or the Property in writing as of the Effective Date, which is not covered by adequate insurance, including, without limitation any of same regarding any mechanic's, contractor's, or materialman's lien or claim.

(5)There are no Service Contracts other than those listed on Exhibit D attached to this Agreement, and the copies of the Service Contracts delivered or to be delivered by Seller to Buyer are true and complete copies of such Service Contracts and all amendments or supplements thereto, if any.

(6)The Rent Roll attached as Exhibit C is true, correct and complete in all material respects as of the date thereof.

(7)There are no Design Contracts other than those listed on Exhibit M attached to this Agreement, and the copies of the Design Contracts delivered or to be delivered by Seller to Buyer are true and complete copies of such Design Contracts and all amendments or supplements thereto, if any; and there is not any default or event which with delivery or notice or lapse of time will be a default by Seller, or, to Seller’s knowledge, by any Design Consultant under any Design Contract.

(8)There are no Plans and Specifications other than those listed on Exhibit N attached to this Agreement, and the copies of the Plans and Specifications delivered or to be delivered by Seller to Buyer are true and complete copies of such Plans and Specifications and all amendments, supplements or change orders thereto, if any.

(9)There are no Construction Contracts other than those listed on Exhibit O attached to this Agreement, and the copies of the Construction Contracts delivered or to be delivered by Seller to Buyer are true and complete copies of such Construction Contracts and all amendments,

			
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supplements or change orders thereto, if any; and there is not any default or event which with delivery or notice or lapse of time will be a default by Seller, or, to Seller’s knowledge, by any Construction Contractor under any Construction Contract.

(10)There are no Materials Contracts other than those listed on Exhibit P attached to this Agreement, and the copies of the Materials Contracts delivered or to be delivered by Seller to Buyer are true and complete copies of such Materials Contracts and all amendments, supplements or change orders thereto, if any; and there is not any default or event which with delivery or notice or lapse of time will be a default by Seller, or, to Seller’s knowledge, by any other party under any Materials Contract.

(11)To Seller’s knowledge, the Improvements have been or will be built in substantial accordance with the Plans and Specifications, and Seller shall obtain Buyer’s approval to any material changes to the same after the Effective Date.

(12)To Seller’s knowledge, there are not any latent or patent defects in the Improvements.

(13)To Seller’s knowledge and except as may be disclosed in any environmental report provided by Seller to Buyer, there is not any hazardous or toxic substance, material or waste, or petroleum or petroleum by products, or other environmental condition or contamination at, on, under or in proximity to the Real Property.

(14)Seller has not received any written notice that (i) the Property, or any portion thereof, (ii) Seller’s use, operation or ownership of the Property, or any portion thereof, or (iii) Seller, is in violation or is alleged to be in violation of any laws, regulations or codes of any applicable governmental authority or body, including any local, state or federal environmental law, building codes, or zoning laws or codes.

(15)Neither Seller nor, any of its respective constituent owners or affiliates currently are in violation of any laws relating to terrorism or money laundering (collectively, the “Anti- Terrorism Laws”), including without limitation Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001 and relating to Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism (the “Executive Order”) and/or the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (Public Law 107-56) (the “USA Patriot Act”). Neither Seller nor, any of its respective constituent owners or affiliates is a “Prohibited Person,” which is defined as follows: (i) a person or entity that is listed in the Annex to, or is otherwise subject to, the provisions of the Executive Order; (ii) a person or entity owned or controlled by, or acting for or on behalf of, any person or entity that is listed in the Annex to, or is otherwise subject to the provisions of, the Executive Order; (iii) a person or entity with whom Buyer is prohibited from dealing with or otherwise engaging in any transaction by any Anti- Terrorism Law, including without limitation the Executive Order and the USA Patriot Act; (iv) a person or entity who commits, threatens or conspires to commit or support “terrorism” as defined in Section 3(d) of the Executive Order; (v) a person or entity that is named as a “specially designated national and blocked person” on the then-most current list published by the U.S. Treasury Department Office of Foreign Assets Control at its official website, http://www.treas.gov/offices/eotffc/ofac/sdn/t11sdn.pdf, or at any replacement website or other replacement official publication of such list; and (vi) a person or entity who is affiliated with a person or entity listed in items (i) through (v), above.

			
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(16)Seller has not (i) made a general assignment for the benefit of creditors, (ii) filed any voluntary petition in bankruptcy or suffered the filing of any involuntary petition by Seller’s creditors, (iii) suffered the appointment of a receiver to take possession of all or substantially all of Seller’s assets, (iv) suffered the attachment or other judicial seizure of all, or substantially all, of Seller’s assets, (v) admitted in writing its inability to pay its debts as they come due, or (vi) made an offer of settlement, extension or composition to its creditors generally, and none of the foregoing is pending or, threatened against Seller or contemplated by Seller.

(17)Except for this Agreement, Seller has not executed or granted, and has no knowledge of, any unrecorded written agreement, option, rights of first refusal or right of first opportunity to purchase or acquire any fee or ground leasehold interest in the Real Property or any part of the Real Property.

(18)Any of the Diligence Documents prepared by Seller, any of Seller’s affiliates, or Seller’s property management company, if any, but not any other third party, and to be provided by Seller to Buyer as expressly described herein, contains the same information prepared by Seller or its affiliates or property management company and relied upon by Seller in connection with the development, construction, management or operation of the Property, and, does not contain any false information or omits or will omit any material fact necessary to make the statements contained therein, in light of the circumstances under which they were made, not misleading.

(19)Seller is not a “foreign person” as contemplated in Section 1445 of the IRS Code.

(20)Except for consents, approvals, authorizations and filings already completed or which will be completed by the Closing, Seller is not required to obtain any consent, approval or authorization from, or to make any filing with, any person (including any governmental authority) in connection with, or as a condition to, the execution and delivery of this Agreement, the performance by Seller its obligations under this Agreement or the completion of the Transaction as contemplated by this Agreement.

(21)To the extent same are in the possession or control of Seller or Seller’s property manager, accountants, attorneys, architects, engineers, contractors, or other agents, and Seller has made a diligent search and inquiry with all of the foregoing persons, Seller has delivered to Buyer all of the Diligence Documents and there are not any other Diligence Documents that Seller has failed or refused to deliver to Buyer.

(22)The Hippo Lease and, upon execution and delivery as provided in this Agreement, the Affiliate Tenant Office Lease, are and will be the only Leases.

(23)The Real Property is not included within any property subject to membership in a property owners association, entity, or other governing authority, private, public, governmental or quasi-governmental, voluntary or mandatory, of any kind whatsoever, or otherwise is subject to a declaration of covenants, conditions or restrictions or any other instrument which imposes dues, taxes, impositions or assessments (other than ad valorem taxes imposed generally by any governmental authority), voluntary or mandatory, on the Real Property or its owner.

(B)Buyer, to induce Seller to enter into this Agreement and to complete the Transaction, makes the following representations and warranties to Seller, which representations and warranties are true and correct as of the Effective Date:

(1)Buyer has been duly organized and is validly existing under the laws of the State

			
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of Illinois. Buyer has or at Closing will have the power to enter into this Agreement, to perform its obligations under this Agreement and to complete the Transaction as contemplated by this Agreement. Buyer has taken or by Closing Buyer, or if applicable, its permitted assignee, will have taken all action necessary to authorize the execution and delivery of this Agreement and the performance by Buyer of its obligations under this Agreement.

(2)This Agreement has been duly executed and delivered by Buyer and constitutes a valid, binding and enforceable obligation of Buyer, subject to bankruptcy and other debtor relief laws and principles of equity.

(3)There is no action, suit, proceeding, inquiry or investigation (including any bankruptcy or other debtor relief proceeding), pending or to the knowledge of Buyer threatened, against Buyer by or before any court or governmental authority that would prevent or hinder the performance by Buyer of its obligations under this Agreement or the completion of the Transaction as contemplated by this Agreement.

(4)Except for consents, approvals, authorizations and filings already completed or which will be completed by the Closing, Buyer is not required to obtain any consent, approval or authorization from, or to make any filing with, any person (including any governmental authority) in connection with, or as a condition to, the execution and delivery of this Agreement, the performance by Buyer of its obligations under this Agreement or the completion of the Transaction as contemplated by this Agreement.

(5)Neither Buyer nor any of its respective constituent owners or affiliates currently is in violation of the Anti-Terrorism Laws, including without limitation the Executive Order and/or the USA Patriot Act. Neither Buyer nor any of its respective constituent owners or affiliates is a Prohibited Person.

(C)EXCEPT FOR THE EXPRESS REPRESENTATIONS AND WARRANTIES IN THIS AGREEMENT OR CONTAINED IN ANY OF THE SELLER DOCUMENTS TO BE DELIVERED AT CLOSING, INCLUDING, WITHOUT LIMITATION, THE SPECIAL WARRANTY OF TITLE IN THE DEED (COLLECTIVELY, THE “EXPRESS REPRESENTATIONS”) BUYER HEREBY ACKNOWLEDGES AND AGREES THAT THE SALE OF THE PROPERTY HEREUNDER IS AND WILL BE MADE ON AN “AS IS, WHERE IS AND WITH ALL FAULTS” BASIS. EXCEPT FOR THE EXPRESS REPRESENTATIONS, THE OCCURRENCE OF CLOSING SHALL CONSTITUTE AN ACKNOWLEDGMENT BY BUYER THAT THE PROPERTY WAS ACCEPTED WITHOUT REPRESENTATION OR WARRANTY, EXPRESS OR IMPLIED.

EXCEPT FOR THE EXPRESS REPRESENTATIONS, SELLER HEREBY SPECIFICALLY NEGATES AND DISCLAIMS ANY FURTHER REPRESENTATIONS OR WARRANTIES OF ANY KIND OR CHARACTER, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT, FUTURE OR OTHERWISE, OF, AS TO, CONCERNING OR WITH RESPECT TO THE PROPERTY, INCLUDING WITHOUT LIMITATION (I) THE NATURE AND CONDITION OF THE PROPERTY AND THE SUITABILITY THEREOF FOR ANY AND ALL ACTIVITIES AND USES WHICH BUYER MAY ELECT TO CONDUCT THEREON, (II) THE NATURE AND EXTENT OF ANY RIGHT-OF-WAY, LEASE, POSSESSION, LIEN, ENCUMBRANCE, LICENSE, RESERVATION, CONDITION OR ANY OTHER MATTER RELATING IN ANY WAY TO THE PROPERTY, (III) THE COMPLIANCE OF THE PROPERTY OR ITS OPERATION WITH ANY LAWS, ORDINANCES OR REGULATIONS OF ANY GOVERNMENT OR OTHER AUTHORITY OR BODY,
(IV) THE EXISTENCE OF ANY TOXIC OR HAZARDOUS SUBSTANCE OR WASTE IN, ON, UNDER THE SURFACE OF OR ABOUT THE PROPERTY, (V) GEOLOGICAL CONDITIONS,

			
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INCLUDING, WITHOUT LIMITATION, SUBSIDENCE, SUBSURFACE CONDITIONS, WATER TABLE, UNDERGROUND WATER RESERVOIRS, LIMITATIONS REGARDING THE WITHDRAWAL OF WATER AND FAULTING, (VI) WHETHER OR NOT AND TO THE EXTENT TO WHICH THE PROPERTY OR ANY PORTION THEREOF IS AFFECTED BY ANY STREAM (SURFACE OR UNDERGROUND), BODY OF WATER, FLOOD PRONE AREA, FLOODPLAIN, FLOODWAY OR SPECIAL FLOOD HAZARD, (VII) DRAINAGE, (VIII) ZONING OR LAND USE RESTRICTIONS RULES AND REGULATIONS TO WHICH THE PROPERTY OR ANY PORTION THEREOF MAY BE SUBJECT, (IX) THE VALUE, COMPLIANCE WITH THE PLANS AND SPECIFICATIONS, SIZE, LOCATION, AGE, USE, DESIGN, QUALITY, DESCRIPTION, DURABILITY, STRUCTURAL INTEGRITY, OPERATION, LEASING, TITLE TO, OR PHYSICAL OR FINANCIAL CONDITION OF THE PROPERTY OR ANY PORTION THEREOF, OR (XII) THE MERCHANTABILITY OF THE PROPERTY OR FITNESS OF THE PROPERTY FOR ANY PARTICULAR PURPOSE OTHER THAN GENERAL OFFICE USE (BUYER AFFIRMING THAT, OTHER THAN GENERAL OFFICE USE, BUYER HAS NOT RELIED ON SELLER’S SKILL OR JUDGMENT TO SELECT OR FURNISH THE PROPERTY FOR ANY PARTICULAR PURPOSE, AND THAT SELLER MAKES NO WARRANTY THAT THE PROPERTY IS FIT FOR ANY PARTICULAR PURPOSE).

EXCEPT FOR THE EXPRESS REPRESENTATIONS AND CHRIS SKYLES INVESTIGATION AND INQUIRY DESCRIBED IN SECTION 9(A), BUYER FURTHER ACKNOWLEDGES THAT THE INFORMATION PROVIDED AND TO BE PROVIDED WITH RESPECT TO THE PROPERTY WAS OBTAINED FROM A VARIETY OF SOURCES AND SELLER
(A)HAS NOT MADE ANY INDEPENDENT INVESTIGATION OR VERIFICATION OF SUCH INFORMATION, AND (B) HAS NOT MADE ANY EXPRESS OR IMPLIED, ORAL OR WRITTEN, REPRESENTATIONS AS TO THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION.

EXCEPT FOR THE EXPRESS REPRESENTATIONS, BUYER AGREES THAT IT HAS EXAMINED AND INVESTIGATED THE PROPERTY PRIOR TO EXECUTION HEREOF OR THAT IT WILL INVESTIGATE THE PROPERTY PRIOR TO CLOSING AND THAT IN PURCHASING THE PROPERTY BUYER WILL RELY SOLELY UPON ITS INDEPENDENT EXAMINATION, STUDY, INSPECTION AND KNOWLEDGE OF THE PROPERTY, AND BUYER IS RELYING SOLELY UPON ITS OWN EXAMINATION, STUDY, INSPECTION, AND KNOWLEDGE OF THE PROPERTY AND BUYER’S DETERMINATION OF THE VALUE OF THE PROPERTY AND USES TO WHICH THE PROPERTY MAY BE PUT, AND NOT ON ANY INFORMATION PROVIDED OR TO BE PROVIDED BY SELLER.

EXCEPT TO THE EXTENT RELATING TO SELLER’S BREACH OF ANY OF THE EXPRESS REPRESENTATIONS OR MATTERS ADDRESSED IN THE ESCROW AGREEMENT, BUYER HEREBY EXPRESSLY ASSUMES ALL RISKS, LIABILITIES, CLAIMS, DAMAGES, AND COSTS (AND AGREES THAT SELLER SHALL NOT BE LIABLE FOR ANY SPECIAL, PUNITIVE, DIRECT, INDIRECT, OR CONSEQUENTIAL) RESULTING OR ARISING FROM OR RELATED TO THE OWNERSHIP, USE, CONDITION, LOCATION, MAINTENANCE, REPAIR OR OPERATION OF THE PROPERTY. EXCEPT FOR THE EXPRESS REPRESENTATIONS, BUYER ACKNOWLEDGES THAT ANY CONDITION OF THE PROPERTY WHICH BUYER DISCOVERS PRIOR TO OR AFTER THE CLOSING DATE SHALL BE AT BUYER’S SOLE EXPENSE AND BUYER EXPRESSLY WAIVES AND RELEASES SELLER AND SELLER’S AGENTS AND REPRESENTATIVES FROM ANY CLAIMS UNDER FEDERAL LAW, STATE OR OTHER LAW THAT BUYER MIGHT OTHERWISE HAVE AGAINST SELLER OR SELLER’S AGENTS OR REPRESENTATIVES RELATING TO THE PHYSICAL CHARACTERISTICS OR CONDITION OF THE PROPERTY INCLUDING THE ENVIRONMENTAL CONDITION OF THE PROPERTY. BUYER ACKNOWLEDGES THAT THE PURCHASE PRICE REFLECTS THE “AS-IS” NATURE OF THIS

			
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SALE. BUYER HAS FULLY REVIEWED THE DISCLAIMERS AND WAIVERS SET FORTH IN THIS CONTRACT WITH ITS COUNSEL AND UNDERSTANDS THE SIGNIFICANCE AND EFFECT THEREOF.

(D)The representations and warranties in Section 9(A) and Section 9(B) will survive the Closing, but only for a period of two (2) years, and no claim shall be allowed on any such representation or warranty unless written notice of the claim is delivered by the claimant to the other party within such two- year period. NOTHING IN THIS SECTION 9(D) LIMITS THE DISCLAIMER IN SECTION 9(C), WHICH WILL SURVIVE CLOSING WITHOUT LIMIT AS TO TIME.

(E)Seller shall have no liability to Buyer with respect to any Exception Matters. The provisions of the preceding sentence shall survive Closing. However, if there is a default or breach related to any Express Representations, the provisions of Section 5(D) shall control.

10.Pre-Closing Obligations.

(A)Seller agrees that (i) Seller will and will cause Flintco, LLC to maintain in effect all insurance which is in effect as of the Effective Date with respect to the Property, and continuing for a period of six (6) months following the Closing Date, and (ii) Seller will and will cause Flintco, LLC to have Buyer added as an additional insured on such polices as may be more specifically described on Schedule 3 attached hereto.

(B)As to all matters in this Section (B), until the earlier of the Closing or the termination of this Agreement, Seller shall develop, build, manage, operate and maintain the Property in accordance with Seller’s customary business practices. Seller shall not enter into any new leases (“New Leases”) or service contracts without Buyer’s prior written consent, in Buyer’s sole and absolute discretion as to any New Leases, and in Buyer’s reasonable discretion as to any service contracts. Despite the foregoing, (i) the negotiation, execution and delivery of the Affiliate Tenant Office Lease described in Section 18 of this Agreement, which will be a New Lease, shall be governed by such Section 18, and (ii) any new service contract must be terminable, without any fee, penalty, premium or other cost, by Seller on thirty (30) days prior written notice and shall be terminated by Seller at Closing.

(C)Until the earlier of the Closing or the termination of this Agreement, Seller shall not sell, mortgage, pledge, hypothecate or otherwise transfer or dispose of all or any part of the Property or any interest therein, except that Seller may (1) replace depreciated or damaged personal property with personal property of similar quality and quantity in the ordinary course of business and (2) deal with Leases in accordance with Seller’s customary business practices.

(D)Until the earlier of the Closing or the termination of this Agreement, Seller shall promptly provide notice to Buyer of any litigation, arbitration, proceeding or administrative hearing (including condemnation) before any governmental authority or court for which Seller receives written notice and which adversely affects the Seller’s ability to consummate the Transaction or the development, construction, ownership or operation of the Property.

(E)Until the earlier of the Closing or the termination of this Agreement, Seller shall, within three (3) days of Seller’s receipt of written notice of same (including, without limitation, by electronic means, such as email), provide notice to Buyer of any claim of any kind whatsoever, including any claim for a mechanic’s, contractor’s or materialman’s lien, or for any default, damages, personal injury or death, made by any Design Consultant, Construction Contractor, provider of any materials, or any other person or entity, for which Seller receives written notice. Seller shall promptly and diligently seek to resolve such claim within twenty (20) days after receipt of written notice of same and in all events, prior to Closing.

			
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(F)Until the earlier of the Closing or the termination of this Agreement, Seller shall provide to Buyer promptly after receipt thereof, copies of any written notice that (i) the Property, or any portion thereof, (ii) Seller’s use, development, construction, operation or ownership of the Property, or any portion thereof, or (iii) Seller, is in violation or is alleged to be in violation of any laws of any applicable governmental authority or body, including any local, state or federal environmental law.

(G)Until the earlier of the Closing or the termination of this Agreement, in addition to including same in the Seller’s Reconfirmation Certificate, upon Seller obtaining notice of same, Seller shall promptly provide notice to Buyer describing any circumstances which may arise that preclude Seller from reconfirming any of its representations as of the Closing Date in the Seller’s Reconfirmation Certificate.

(H)Subject to the following provisions of this subsection, the list of the Personal Property attached hereto as Exhibit B will be used for the purposes of describing the tangible personal property to be assigned by the Bill of Sale. All of the current Personal Property described on the attached Exhibit B will be located at the Land or in the Improvements at Closing except for any items of the Personal Property which are obsolete, damaged or destroyed and which have been replaced on or before Closing with the same quantity of items of substantially similar type and quality, which replacement items will be described in the Bill of Sale in lieu of the replaced items. Seller shall not terminate (i) any Warranties, Approvals, Leases, the Parking Lease and (ii) without providing to Buyer at least five (5) days’ prior written notice, any Design Contracts or Construction Contracts.

(I)Until the earlier of the Closing or the termination of this Agreement, Seller will reasonably cooperate with Buyer in negotiating with the City of Austin and Parking Management Company, LLC to obtain the final form or the final terms of the respective Parking Leases, including, without limitation, the number of parking spaces (which includes, at Closing, increasing the number of parking spaces under the City Parking Lease up to a total of one-hundred (100) spaces), the rental amount, monthly or other period as may be reasonably acceptable to Buyer, and the inception date for the use of the parking spaces and parking facilities. Seller shall not be required to incur any additional liability or obligation under the Parking Leases that does not exist as of the Effective Date.

11.Remedies.

(A)If after ten (10) days’ written notice from Seller (except for Buyer’s obligation to deliver the Earnest Money or any of Buyer’s Closing obligations, as to which Buyer shall not be entitled to such cure period) Buyer fails to perform any of its material obligations under this Agreement, then Seller, as its sole and exclusive remedy, may terminate this Agreement and Seller’s obligation to complete the Transaction and, upon so doing, will be entitled to receive all of the Earnest Money as liquidated damages. Seller waives all remedies for Buyer’s failure to complete the Transaction, except those specifically provided for in this Section 11(A). Provided, however, nothing in this Section 11(A) shall limit Seller’s remedies arising out of or in connection with (i) a breach of Buyer’s obligations under Section 6(E), Section 12, or Section 16(M) or (ii) any obligation which accrues after Closing. Furthermore, despite anything in this Section 11(A) to the contrary, in the event of Buyer’s default or a termination of this Agreement, Seller shall have all remedies available at law or in equity in the event Buyer or any party related to or affiliated with Buyer (i) creates any binding obligations on the Real Property before Closing, (ii) creates any additional material obligations or liability of or for Seller, or (iii) is asserting any claim or right to the Property, and for each of the foregoing items (i), (ii) or (iii), that would delay or prevent Seller from having clear, indefeasible, and marketable title to the Property.

(B)If after ten (10) days’ written notice from Buyer (except for any of Seller’s Closing obligations, as to which Seller shall not be entitled to such cure period) Seller fails to perform any of its material obligations under this Agreement, then Buyer, as its sole and exclusive remedy, may, at its option

			
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either, (1) terminate this Agreement and Buyer’s obligation to complete the Transaction and the Earnest Money will be returned to Buyer, or (2) enforce specific performance of Seller’s obligation to convey the Property to Buyer consistent with the terms of this Agreement, provided that as a condition precedent to filing an action for specific performance, Buyer must deliver notice to Seller of its intention to file such action within forty-five (45) days after the scheduled Closing and such action must be commenced within seventy-five (75) days of the scheduled Closing Date. The prevailing party in such action to enforce specific performance shall be entitled to recover from the other reasonable attorneys’ fees to be fixed by the court or arbitrator which shall render a judgment or award, as well as the costs of suit or arbitration. In the event that Seller has conveyed the Real Property in violation of this Agreement to one or more persons or entities not related to Buyer or if for any other reason the remedy of specific performance is not available to Buyer, then, in addition to the prompt return of the Earnest Money made pursuant to this Agreement with accrued interest, Buyer may pursue all available remedies. Except as expressly described above, Buyer waives all other remedies for Seller’s failure in performance (including any right to obtain damages from Seller, including consequential, incidental, special or punitive damages). Provided, however, nothing in this Section 11(B) shall limit Buyer’s recovery arising out of (i) a breach of Seller’s obligations under Section 12 or Section 16(M); (ii) the breach of any of Seller’s representations or warranties set forth in Section 9(A) discovered subsequent to Closing; and (iii) any obligation that accrues after Closing.

(C)Seller and Buyer acknowledge that Seller’s damage would be difficult or impossible to ascertain in the event of Buyer’s default in its obligation to purchase the Property and that the liquidated damages provided for in Section 11(A) are a reasonable estimate of Seller’s damages. Seller and Buyer acknowledge that the amount of the liquidated damages has been set taking into account various factors, including the potential for change in value of the Property.

(D)Except as otherwise specifically provided in this Agreement, all remedies under this Agreement are cumulative and may be exercised concurrently or consecutively, in such order as a party may elect. No party shall claim or be entitled to recover or obtain from the other party (i) any consequential, incidental, special or punitive damages, or (ii) except as otherwise specifically provided in this Agreement, if at all, actual damages, and each party hereby waives and releases any such claim for such excluded damages. This Section shall survive Closing or any termination of this Agreement.

12.Brokerage.

Each party hereto represents to the other that it has not authorized any broker or finder to act on its behalf in connection with the sale and purchase hereunder and that such party has not dealt with any broker or finder purporting to act on behalf of any other party. Seller and Buyer each agrees to indemnify and defend the other and hold the other harmless against any claim for a commission, finder’s fee or similar compensation asserted by any person retained by or claiming through the indemnifying party in connection with the Transaction or the execution of this Agreement and all related loss, damage, liability, obligation, claim, suit, cause of action, judgment, settlement, penalty, fine, cost or expense (including reasonable fees and disbursements of attorneys and other professionals and court costs). This Section shall survive Closing or termination of this Agreement for a period of two (2) years.

13.Possession.

Seller will deliver possession of the Property to Buyer at the time of Closing, subject to rights of tenants, rights under the Accepted Service Contracts, any Exception Matter, and the Permitted Exceptions.

14.Casualty and Condemnation.

(A)Seller will notify Buyer within a reasonable period, but in all events, within ten (10)

			
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business days after receiving notice of (1) any Casualty Loss (hereinafter defined), or (2) written notice of the commencement of any proceedings for the taking by eminent domain of all or any part of the Real Property.

(B)If, prior to Closing, any of the Real Property is damaged by fire or other casualty (a “Casualty Loss”), Seller shall promptly and diligently repair the Casualty Loss to the same standard of finishes or improvements as existed prior to the Casualty Loss and in accordance with the Plans and Specifications. The Closing will be postponed as reasonably necessary to allow the completion of the repair of the Casualty Loss, including obtaining any applicable certificate of occupancy or other Approval necessitated or related to such Casualty Loss and repair, and the Closing Date shall be postponed until fifteen (15) days after completion of such repair. Despite the foregoing, in the event of (i) a material Casualty Loss affecting more than 20% of the square footage of the Improvements, or (ii) a Casualty Loss affecting 20% or less of the square footage of the Improvements and upon Seller’s notification to Buyer that the repairs cannot be completed on or before August 1, 2022, Buyer shall have the option, in Buyer’s sole and absolute discretion, of terminating this Agreement by delivering written notice of such termination to Seller and Title Agent, in which case the Earnest Money, less the $100 Independent Consideration, will be returned to Buyer.

(C)If, prior to Closing, all or a material part of the Real Property is taken by eminent domain or written notice is delivered to Seller that any proceedings for the taking by eminent domain of all or a part of the Real Property is or will be commenced (a “Taking”), then Buyer shall have the option, in Buyer’s sole and absolute discretion, of terminating this Agreement by delivering written notice of such termination to Seller and Title Agent, in which case the Earnest Money, less the $100 Independent Consideration, will be returned to Buyer. If Buyer elects to complete the Transaction despite a Taking, Seller will deliver to Buyer at Closing, through the closing escrow, all condemnation proceeds previously received by Seller and an assignment of Seller’s rights with respect to all uncollected condemnation proceeds (in either case, net of proceeds allocable to loss of use of the Property for the period through the Closing Date and costs incurred by Seller in connection with or as a result of such proceedings) and such documents as Buyer may reasonably request to substitute itself for Seller in any pending eminent domain proceedings.

(D)The Uniform Vendor and Purchaser Risk Act, Section 5.007 of the Texas Property Code, shall not be applicable to this Agreement or the Transaction.

15.Consequences of Termination.

If Buyer or Seller terminates its obligation to complete the Transaction under circumstances permitted by this Agreement, neither Buyer nor Seller will have any further obligation under this Agreement, except any obligation that by its terms specifically survives a termination of this Agreement. Nothing in this Section 15 is intended to limit the obligations of the Title Agent or the provisions of this Agreement dealing with the disposition of funds or documents held in escrow following termination of the obligations of Buyer or Seller. If Buyer or Seller terminates its obligation to complete the Transaction, within five (5) business days thereafter Buyer shall (1) deliver to Seller or destroy (and provide to Seller written confirmation of such destruction) all materials related to the Property provided to Buyer by Seller, and (2) upon payment by Seller to Buyer for such materials, deliver to Seller copies of all surveys, reports and studies prepared for Buyer by any third-party consultants (other than attorneys) relating to the Property, but expressly without any warranties whatsoever and limited to the extent such information is not confidential and privileged.

16.Miscellaneous.

(A)When the context so requires in this Agreement, words of one gender include one or more

			
	PURCHASE AND SALE AGREEMENT – Page 22

other genders, singular words include the plural, and plural words include the singular. Use of the words “include” and “including” are intended as an introduction to illustrative matters and not as a limitation. References in this Agreement to “Sections” are to the numbered subdivisions of this Agreement, unless another document is specifically referenced. The word “party” when used in this Agreement means either Buyer or Seller unless another meaning is required by the context. The word “person” includes individuals, entities and governmental authorities. The word “governmental authority” is intended to be construed broadly and includes governmental agencies, instrumentalities, bodies, boards, departments and officers and individuals acting in any official capacity. The word “laws” is intended to be construed broadly and includes all codes, statutes, case law, rules, regulations, pronouncements, requirements, orders, directives, decisions, decrees, judgments and formal or informal guidance or interpretations of any court or governmental authority.

(B)If either party shall be required to employ an attorney to present, enforce or defend the rights of such party hereunder, the prevailing party in any proceeding, whether determined by judgment or written agreement of the parties, shall be entitled to recover court costs, reasonable attorneys’ fees and other costs incurred in addition to any other relief to which such party may be entitled. The provisions of this Section 16(B) shall survive Closing or any termination of this Agreement.

(C)Any notice or other communication to any party given under this Agreement will be effective only if in writing delivered to whichever of the following addresses is applicable:

If to Seller:    Elevate Sabine Investors LP 901 W. 9th Street, Suite 110
Austin, Texas 78703 Attn:    Chris Skyles
Phone:    512 740 8323
Fax:    N/A
Email:    chris@elevategp.com with a copy to:
Rigby Slack
3500 Jefferson Street, Suite 330
Austin, Texas 78731 Attn:    Cathleen C. Slack

Phone:    512.782.2062
Fax:    N/A
Email:    cslack@rigbyslack.com

If to Buyer:    Spinnaker Insurance Company 1 Pluckemin Way #102
Bedminster, NJ 07921
Attn:    Chief Executive Officer

Phone:    214-769-3041
Fax:    N/A
Email:    generalcounsel@hippo.com with a copy to:
			
	PURCHASE AND SALE AGREEMENT – Page 23

Hippo Analytics, Inc. 101 West 6th Street 5th Floor
Austin, TX 78701 Attn:    President

and

Cherry Petersen Landry Albert LLP
8350 North Central Expressway, Suite 1500
Dallas, Texas 75206-1619 Attn:    Jon G. Petersen
Phone:    214.265.5085
Fax:    214.265.7008
Email:    jpetersen@cplalaw.com

Any notice or other communication will be deemed to be received only upon delivery to the address provided for in this Section 16(C) or rejection of delivery at such address. Notice may be given by facsimile or electronic mail transmission, provided such transmission is completed at or prior to 5:00 p.m. Austin, Texas time on the date transmitted, and confirmation of transmission generated by the sender’s equipment or email provider will be prima facie evidence of receipt. The addresses and addressees to which notice is to be given may be changed by written notice given in the manner specified in this Section 16(C) and actually received by the addressee. Notices given by counsel to Buyer shall be deemed given by Buyer and notices given by counsel to Seller shall be deemed given by Seller.

(A)Subject to the provisions of Section 16(L), this Agreement will be binding upon and will inure to the benefit of Buyer and Seller and their respective successors and permitted assigns. Any indemnity in favor of a party also will benefit each person who holds a direct or indirect ownership interest in such party and the respective partners, investors, officers, directors, trustees, agents, employees, parent companies and affiliates of such party and such owners, and all such persons are third-party beneficiaries of this Agreement to the extent of their rights to indemnity under the related provision and may enforce that provision against Buyer or Seller, as applicable. The Title Company, Title Agent or Broker is not a third- party beneficiary of this Agreement, and the Title Company, Title Agent or Broker may not enforce this Agreement or any obligation under this Agreement.

(B)The Section headings contained in this Agreement are for convenience of reference only and are not intended to delineate or limit the meaning of any provision of this Agreement or be considered in construing or interpreting the provisions of this Agreement.

(C)This Agreement may be executed in any number of counterparts (including by means of facsimile or electronically scanned image or electronic signature and any signature so delivered shall be deemed to be an original signature hereto) with the same effect as if all parties had signed the same document. All counterparts shall be deemed an original, be construed together, constitute one and the same instrument and be the binding agreement of each party to the terms herein.

(D)This Agreement embodies the entire agreement and understanding between Buyer and Seller with respect to its subject matter and supersedes all prior agreements and understandings, written and oral, between Buyer and Seller related to that subject matter. At no time shall any prior or subsequent course of conduct by Seller or Buyer (other than as may be contained in any amendment or any writing executed
			
	PURCHASE AND SALE AGREEMENT – Page 24

by the applicable party) directly or indirectly limit, impair or otherwise adversely affect any of the parties’ rights or obligations under this Agreement, constitute any waiver or modification of any provisions of this Agreement, or obligate the parties to agree to, or to negotiate or consider an amendment or modification to or a waiver of any obligation or rights of the parties under this Agreement. This Agreement and the obligations of the parties under this Agreement may be amended, waived and discharged only by an instrument in writing executed by the party against which enforcement of the amendment, waiver or discharge is sought. Joinder of the Title Company, Title Agent or Broker will not be necessary to make any amendment, waiver or discharge effective between Buyer and Seller.

(H)The determination that any provision of this Agreement is invalid or unenforceable will not affect the validity or enforceability of the remaining provisions or of that provision under other circumstances. Any invalid or unenforceable provision will be enforced to the maximum extent permitted by law.

(I)“Hazardous Materials” means (1) any substance that constitutes hazardous materials, hazardous waste or toxic waste within the meaning of any Environmental Law or that otherwise is subject to regulation under any Environmental Law and (2) regardless of whether it is so classified, any radioactive material, radon, asbestos, mold, any medical waste, polychlorinated biphenyls (PCB’s), lead-based paint, urea formaldehyde foam insulation, petroleum or petroleum derivatives. “Environmental Law” means any law relating to the protection of the environment or, to the extent related to environmental conditions, human health or safety, including the Comprehensive Environmental Response, Compensation and Liability Act, as amended; the Hazardous Materials Transportation Act, as amended; the Resource Conservation and Recovery Act, as amended; the Toxic Substances Control Act, as amended; the Federal Water Pollution Control Act, as amended; and similar laws of the State of Texas.

(J)The term “Effective Date” means the date first stated above. This Agreement will become effective between Buyer and Seller when it has been executed by Buyer and Seller, regardless of when or whether the Title Agent acknowledges receipt of the executed Agreement.

(K)This Agreement shall be construed under and governed by the laws of the State of Texas, without regard to choice-of-law rules of any jurisdiction. The parties agree to be subject to the personal jurisdiction of the courts of the State of Texas and that venue for any proceeding of any kind whatsoever, including mediation, arbitration or litigation, under or related to this Agreement is in Travis County, Texas, unless the Texas Rules of Civil Procedure mandate that venue is in the county in which the Real Property is located, and the parties waive the right to sue or be sued elsewhere.

(L)Buyer may assign or otherwise transfer its interest under this Agreement to any entities directly or indirectly controlling, controlled by or under common control with Buyer or in which Buyer or its affiliates or principals are investors, provided said assignees assume all obligations of Buyer under this Agreement and Buyer delivers a copy of the assignment to Seller executed by both Buyer and the assignee evidencing the assignment by the Buyer and assumption of the obligations of Buyer pursuant to this Agreement by the assignee. Upon any assignment by Buyer, Buyer shall be released from this Agreement and any obligations pursuant to this Agreement. As used in this Agreement, the term “Buyer” shall be deemed to include any permitted assignees, designees or other transferees of the initial Buyer identified herein. Seller may not assign or otherwise transfer its interest under this Agreement to any other person or entity. Except as otherwise provided in this Section the rights and obligations of the parties to this Agreement are not assignable and any assignment or transfer in violation of this Section 16(L) shall be void.

(M)Seller and Buyer each agrees (1) to keep this Agreement and the contents of all Diligence Documents confidential and to request its brokers, agents and representatives to keep same confidential and

			
	PURCHASE AND SALE AGREEMENT – Page 25

(2)to not make any public announcements, press releases or similar disclosures with respect to the subject matter of this Agreement at any time without the written consent of the other party, provided that nothing contained in this Agreement shall prohibit disclosure of any matter to the extent required by law or order of any court or administrative agency or preclude Buyer or Seller from making disclosure to its agents, professionals, investors and prospective investors and lenders provided each agrees to keep the information provided to them confidential in accordance with the terms of this Section 16(M). The parties agree that before and after Closing, any press release or any other public document related to the Transaction will not contain the Purchase Price or any characterization of the Transaction as a sale at discount, a distressed sale or similar characterization (for sake of clarity, pursuant to the first sentence of this Section 16(M), any such press release or public document related to the Transaction would not be released or filed without the written consent of each Party hereto). Seller or Buyer shall not be liable for any breach or any damages of any kind whatsoever related to a violation of this Section 16(M) by any person or entity other than Seller or Buyer or their executive officers or key personnel as long as Seller or Buyer have complied with the confidentiality requirements in this Section 16(M) and all confidentiality requirements applicable to the terms of this Agreement. This Section 16(M) will survive the Closing or termination of this Agreement.

(N)If any date upon which an obligation is to be performed hereunder, or a period described herein expires, falls on a Saturday, Sunday, or other legal holiday observed by national banks in Austin, Texas, then the date for such performance or the expiration of such period, as applicable, shall be extended to the next following day which is not a Saturday, Sunday or such legal holiday. As used herein, “business day” means any day that is not a Saturday, Sunday or such legal holiday.

(O)BUYER AND SELLER EACH WAIVES RIGHT TO A JURY IN ANY LITIGATION IN CONNECTION WITH THIS AGREEMENT, THE PROPERTY, OR THE TRANSACTION. BUYER AND SELLER EACH ACKNOWLEDGES THAT THIS WAIVER HAS BEEN FREELY GIVEN AFTER CONSULTATION BY IT WITH COMPETENT COUNSEL. THIS SECTION 16(P) HAS BEEN INCLUDED ONLY FOR THE EVENT THAT, DESPITE THE PARTIES’ INTENTION, THE AGREEMENT TO ARBITRATE DISPUTES IS HELD TO BE INAPPLICABLE OR SUCH DISPUTE, CLAIM OR CAUSE OF ACTION IS MANDATED BY APPLICABLE LAW TO BE PURSUED IN A COURT PROCEEDING IN A COURT HAVING JURISDICTION, AND NOTHING IN THIS SECTION 16(P) IS INTENDED TO QUALIFY THE PARTIES’ AGREEMENT TO ARBITRATE ALL DISPUTES. THE PROVISIONS OF THIS SECTION 16(P) SHALL SURVIVE CLOSING OR ANY TERMINATION OF THIS AGREEMENT.

(P)Buyer and Seller agree that, at either party’s election, this Transaction may be structured as an exchange of like-kind properties under Section 1031 of the IRS Code, and the regulations and proposed regulations thereunder. Any facilitator or intermediary for such exchange is or shall be a permitted assignee under Section 16(L) of this Agreement. The parties agree that such election must be made at least ten (10) days prior to the Closing Date. If such an election is made by one of the parties hereto, the non- electing party shall reasonably cooperate with the electing party, provided any such exchange is consummated pursuant to an agreement that is mutually acceptable to Buyer and Seller and which shall be executed and delivered on or before the Closing Date. The electing party shall in all events be responsible for all costs and expenses related to the Section 1031 exchange and shall fully indemnify, defend and hold the non-electing party harmless from and against any and all liability, claims, damages, expenses (including attorneys’ fees), proceedings and causes of action of any kind or nature whatsoever arising out of, connected with or in any manner related to such 1031 exchange that would not have been incurred by the non-electing party if the Transaction were a purchase for cash. The provisions of the immediately preceding sentence shall survive Closing and the transfer of title to the Property to Buyer. Despite anything to the contrary contained in this Section 16(Q), (i) any such Section 1031 exchange shall be consummated through the use of a facilitator or intermediary so that the non-electing party shall in no event be requested or required to acquire title to any property other than the Property, (ii) in no event shall the non-electing party be obligated

			
	PURCHASE AND SALE AGREEMENT – Page 26

to undertake any obligations or liabilities that it would not have had if the electing party did not elect to structure the Transaction as an exchange of like-kind properties under Section 1031 of the IRS Code, and
(iii) in no event shall any such Section 1031 exchange delay or be a condition to Closing.

(Q)Seller agrees that, if Closing occurs, it will indemnify, defend and hold harmless Buyer from and against any claim by a third-party and related loss, damage, liability, obligation, suit, cause of action, judgment, settlement, penalty, fine or cost or expense (including fees and disbursements of attorneys and other professionals and court costs) to the extent arising out of or related to (1) any personal injury or property damage suffered by a third party as a result of activities on the Real Property which occur before Closing during the period in which Seller owned the Property, (2) failure of Seller to perform any obligation under any Lease or Service Contract prior to Closing or (3) misapplication of Security Deposits prior to Closing. Buyer agrees that, if Closing occurs, it will indemnify, defend and hold harmless Seller from and against any claim by a third-party and related loss, damage, liability, obligation, suit, cause of action, judgment, settlement, penalty, fine or cost or expense (including fees and disbursements of attorneys and other professionals and court costs) to the extent arising out of or related to (1) any personal injury or property damage suffered by a third party as a result of activities on the Real Property which occur on or after Closing, (2) failure of Buyer to perform any obligation under any Lease or Service Contract from and after Closing, or (3) failure to properly apply Security Deposits for which Buyer receives a credit at Closing. The provisions of this Section 16(R) shall survive Closing but only for a period of six (6) months and no claim shall be allowed under this Section 16(R) unless written notice of the claim is delivered by the claimant to the other party within such six (6) month period.

(R)Buyer and Seller each represent and warrant that legal counsel for both parties participated in the preparation and negotiation of this Agreement and the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party may not be employed in the interpretation of this Agreement or any amendments to this Agreement.

(S)The individuals respectively executing this Agreement on behalf of Seller and Buyer are doing so in their respective representative capacities only, solely as a representative of Seller or Buyer, as applicable, and any liability resulting hereunder based upon the actions of such individual shall merely be that of Seller or Buyer, as applicable, and not such individual.

(T)Time is of the essence with respect to this Agreement.

(U)No representations, warranties or covenants of Buyer or Seller pursuant to this Agreement shall survive Closing or any termination of this Agreement, except as otherwise expressly provided in this Agreement.

(V)Section 6045(e) of the IRS Code and the regulations promulgated thereunder (herein collectively called the “Reporting Requirements”) require an information return to be made to the United States Internal Revenue Service, and a statement to be furnished to Seller, in connection with the Transaction. Title Agent is either (i) the person responsible for closing the Transaction (as described in the Reporting Requirements) or (ii) the disbursing title or escrow company that is most significant in terms of gross proceeds disbursed in connection with the Transaction (as described in the Reporting Requirements). Accordingly:

(1)Title Agent is hereby designated as the “Reporting Person” (as defined in the Reporting Requirements) for the Transaction. Title Agent shall perform all duties that are required by the Reporting Requirements to be performed by the Reporting Person for the Transaction.

			
	PURCHASE AND SALE AGREEMENT – Page 27

(2)Seller shall furnish to Title Agent, in a timely manner, any information requested by Title Agent and necessary for Title Agent to perform its duties as Reporting Person for the transaction.

(W)The following exhibits and schedules are attached hereto and made a part hereof for all purposes.

Exhibit A    Legal Description of the Land Exhibit B    Personal Property of Seller Exhibit C    Rent Roll
Exhibit D    Service Contracts Exhibit E    Warranties
Exhibit F    Special Warranty Deed
Exhibit G    Bill of Sale and General Assignment Exhibit H    Assignment and Assumption of Leases Exhibit I    Notice to Tenants
Exhibit J    Notice to Vendors
Exhibit K    Certificate of Non-Foreign Status Exhibit L    Seller’s Reconfirmation Certificate Exhibit M    Design Contracts
Exhibit N    Plans and Specifications
Exhibit N-1    Example of Space Plan/Buildout for Affiliate Tenant Premises Exhibit O    Construction Contracts
Exhibit P    Materials Contracts Exhibit Q    Litigation
Schedule 1    Accepted Service Contracts Schedule 2    Schedule of Exception Matters Schedule 3    Insurance Coverage Requirements

17.Escrow Agreement. At Closing, a portion of the Purchase Price in an amount of One Million and No/100 Dollars ($1,000,000.00) shall be retained in escrow pursuant to the terms of the Escrow Agreement among Seller, Buyer and Title Agent, or another escrow agent mutually acceptable to Seller and Buyer. The escrowed amount will be held (i) to pay for completion of any punch-list items or any items under warranty (including the warranty described in Section 19 below) that are not promptly performed, constructed, assembled, replaced or repaired by Seller (whether directly or by any applicable Contractor),
(ii) to pay for any mechanic’s, contractor’s or materialman’s lien claims that Seller fails or refuses to pay, or (iii) to pay for any damages that Buyer may incur or become subject to because of any breach of any obligation of or warranty or representation by Seller. The initial punch-list items shall be mutually determined by Seller and Buyer, or if the parties cannot mutually agree, by an independent architect, engineer, or construction manager or consultant mutually agreeable to the parties, at or within sixty (60) days after Closing, provided that the punch-list items may be supplemented from time to time for the entire term of the Escrow Agreement. Provided that there are not any claims outstanding, the escrowed amount shall be automatically reduced to Five Hundred Thousand and No/100 Dollars ($500,000.00) on the date that is six (6) months after the Closing Date, and the balance of the escrowed amount in excess of Five Hundred Thousand and No/100 Dollars ($500,000.00) shall be returned to Seller. Provided that there are not any claims outstanding, any balance then remaining in such escrow account at the first anniversary of the Closing shall be returned to Seller. If at any of the preceding dates, there are claims outstanding, any return of funds will be postponed until such claims are finally resolved. Provided that Buyer does not terminate this Agreement prior to the expiration of the Feasibility Period, Buyer and Seller and Title Agent, or other escrow agent, shall cooperate in good faith and act diligently to negotiate all the terms of the Escrow Agreement as soon as possible after the end of the Feasibility Period, and in all events, at least fifteen (15)

			
	PURCHASE AND SALE AGREEMENT – Page 28

days prior to projected Closing Date. At Closing, Seller, Buyer and Title Company Title Agent or other escrow agent mutually acceptable to Seller and Buyer, shall enter into and exchange counterparts of the Escrow Agreement.

18.Lease for Seller’s Affiliate. Elevate Growth Partners, LLC (referred to as “Affiliate Tenant”), shall enter into a lease agreement (referred to as the “Affiliate Tenant Office Lease”), which shall be substantially in the same form as that certain Office Lease (the “Hippo Lease”), dated July 2, 2020, between Hippo Analytics, Inc., as tenant, and Elevate Sabine Investors, L.P. (as assignee from Elevate Sabine, LLC as the original landlord), as landlord), for the lease of the first floor (non-lobby) area of the Office Building Development as the premises (the “Affiliate Tenant Premises”), for a four (4) year term, at $43.00 per square foot base rent, with each of the first six (6) months and the last six (6) months of the term being free of the base rent. The Affiliate Tenant Office Lease effective date will be the same as the Closing Date and the commencement date will be the earlier of (i) substantial completion of any tenant finish-out, or (ii) October 1, 2022, and on such date without regard to whether or not any tenant finish-out is completed, any certificate of occupancy is issued, or any other condition to occupancy remains outstanding. The Affiliate Tenant Premises will be shell space, without any tenant finish-out or any allowance from Buyer for construction of any tenant finish-out, and all tenant finish-out will be constructed at the sole cost of Affiliate Tenant. The tenant finish-out will be completed as promptly as possible. The tenant finish-out will be of the quality, character, design consistent with the balance of space in the office building of the Improvements (“Consistent Quality”), and the plans and specifications, design and finishes will be subject to the prior written consent of Buyer, which consent shall not be unreasonably withheld, conditioned or delayed. Buyer may consult with its architect, engineer, design professional, construction or development consultant or other agent or consultant in providing its consent to such plans. In the event of any dispute between Affiliate Tenant or Seller and Buyer regarding whether the tenant finish-out is complete or of Consistent Quality, the parties shall promptly and diligently attempt to, and in all events, within ten (10) business days after such dispute arose, reach a mutually agreeable resolution of the disputed matters. In the event that the parties cannot reach a cannot mutually agreeable resolution of the dispute within such ten (10) business days, then (i) one or more of Seller’s Design Consultants, as designated by Seller, and (ii) one or more of Buyer’s representatives, which are acting in similar roles for Buyer as the Seller’s Design Consultants, as designated by Buyer, shall promptly and diligently attempt, and in all events, within ten (10) business days after the dispute is not mutually resolved by Seller and Buyer, to reach a mutually agreeable resolution of the disputed matters. In the event the parties’ consultants cannot reach a cannot mutually agreeable resolution of the dispute within such ten (10) business days, then the parties’ consultants shall, within three
(3)additional business days, choose a single independent third party design consultant and such design consultant shall promptly and diligently, and in all events, within ten (10) business days after accepting such engagement, provide a determination of that the tenant finish-out is complete and of Consistent Quality or a description of the matters which shall be completed in order for the tenant finish-out to be complete and of Consistent Quality. The determination of the third-party design consultant shall be binding on the parties. Each party shall pay the fees and costs of (i) its own design consultant, and (ii) one-half (1/2) of the independent third-party design consultant. Buyer and Seller and Affiliate Tenant shall cooperate in good faith and act diligently to negotiate all the terms of the Affiliate Tenant Office Lease prior to the expiration of the Feasibility Period, and in all events, at least fifteen (15) days prior to projected Closing Date. It is a condition to the obligation of Buyer to close this purchase and sale transaction that Affiliate Tenant enter into the Affiliate Tenant Office Lease at or before the Closing and the failure or refusal of Affiliate Tenant to timely do so (provided that Buyer performs as required herein) shall be deemed a default by Seller under this Agreement.

			
	PURCHASE AND SALE AGREEMENT – Page 29

19.Improvements Warranty. At Closing, Seller will provide to Buyer a written warranty and agreement to complete any punch-list items, to repair or replace any of the Improvements or any part or component of same, which are defective, were not constructed in accordance with the Plans and Specifications, or which fail for any reason, and an indemnity of Buyer for any damages which Buyer may incur or which may accrue related to any matter under the warranty. Provided that Buyer does not terminate this Agreement prior to the expiration of the Feasibility Period, Buyer and Seller shall cooperate in good faith and act diligently to negotiate all the terms of the warranty agreement as soon as possible after the end of the Feasibility Period, and in all events, at least fifteen (15) days prior to projected Closing Date.

[The remainder of this page is blank. The parties’ signatures are on the following pages.]

C:\9329.0001 - Spinnaker Ins Co - Austin Office Bldg\Contract\PSA - Waterloo Central V6 (1.31.2022).docx
			
	PURCHASE AND SALE AGREEMENT – Page 30

SELLER:

ELEVATE SABINE INVESTORS LP,
a Texas limited partnership

By:    Elevate Sabine GP, LLC,
a Texas limited liability company, its general partner

									
		By:	
		Name:	Chris Skyles
		Title:	Manager

Date:    February     , 2022, but effective as of the Effective Date.

			
	PURCHASE AND SALE AGREEMENT – Page 31

BUYER:

SPINNAKER INSURANCE COMPANY,
an Illinois licensed insurance company

									
		By:	
		Name:	
		Title:	

Date:    February     , 2022, but effective as of the Effective Date.

			
	PURCHASE AND SALE AGREEMENT – Page 32

JOINDER BY TITLE COMPANY

Stewart Title Company of Austin, LLC (1) acknowledges receipt of this Agreement, executed on behalf of Seller and Buyer and (2) agrees to hold in escrow and deliver strictly in accordance with this Agreement all documents and funds delivered to it in escrow pursuant to this Agreement.

TITLE COMPANY:

STEWART TITLE COMPANY OF AUSTIN, LLC

By:      Name:      Title:     

Date:    February     , 2022, but effective as of the Effective Date.
			
	PURCHASE AND SALE AGREEMENT – Page 33

EXHIBIT A

LEGAL DESCRIPTION OF THE LAND

BEING ALL OF LOT 8. BLOCK 37 OF THE ORIGINAL CITY OF AUSTIN, TRAVIS COUNTY, TEXAS, ACCORDING TO THE MAP OR PLAT ON FILE IN THE GENERAL LAND OFFICE OF THE STATE OF TEXAS

[TO BE UPDATED AT CLOSING FOR THE DEED.]
			
	EXHIBIT A TO PURCHASE AND SALE AGREEMENT – Page 1

EXHIBIT B

PERSONAL PROPERTY OF SELLER

[TO BE UPDATED AT CLOSING FOR THE BILL OF SALE.]
			
	EXHIBIT B TO PURCHASE AND SALE AGREEMENT – Page 1

EXHIBIT C

RENT ROLL

[Attached]
			
	EXHIBIT C TO PURCHASE AND SALE AGREEMENT – Page 1

																																	
	Waterloo Central Rent Roll
	
	2/24/2022										
					Monthly	Annual	Monthly NNN Recovery
	.........Future	Rent Increases.........
		
	Suite #    Occupant Name
	Rent Start
	Expiration	NRSF	Base Rent
	Base PSF
	(est)
	Date	Monthly Amount
	PSF	
	100    Elevate Growth Partners
	10/1/2022	9/30/2026	4,392	$15,738.00	$43.00	$4,758.00
	10/1/2023	$16,210.14
		$44.29

								10/1/2024	$16,696.44
		$45.62

								10/1/2025	$17,197.34
		$46.99

Notes
The first 6 months and last 6 months of the term are $0/SF Base rent, during which time TT still has full responsibility for NNNs
NRSF is approximate; it is to be re-measured upon completion pursuant to BOMA 2019, (identical to BOMA remeasurement language in Hippo Lease) NNNs are subject to change when the City right-sizes property taxes (property is currently assessed at $1.5M).
Starting in 2022 or 2023 NNNs will likely increase to more in the $18/SF range and grow 3-5% annually from there.
Elevate used Morrison & Head to fight our property taxes; there is a requirement in the Hippo lease that owner engage a similar firm annually to keep taxes low Current NNNs are written in here at $13/NRSF; the $13/SF estimate is called out in Hippo lease and thus repeated here, but is likely conservative

																														
	200	Hippo Insurance
	8/1/2022	7/31/2030	31,700 $110,950.00
	$42.00	$34,341.67	7/31/2023
	$114,278.50	$43.26

		7/31/2024
	$117,706.86	$44.56

	7/31/2025
	$121,238.06	$45.89

	7/31/2026
	$124,875.20	$47.27

	7/31/2027
	$128,621.46	$48.69

	7/31/2028
	$132,480.10	$50.15

	7/31/2029
	$136,454.51	$51.65

Notes
The first 4 months of Hippo's lease are $0/SF Base rent
NRSF is estimated/called out as 31700 in Hippo lease, but will be remeasured per BOMA 2019 standards upon completion NNNs are called out at $13/SF currently as that is what is called out in Hippo's lease, but are only estimates.
Hippo has 1X 5 year extension, at "market rate", which would extend the Hippo lease to July/August 2035

Total Waterloo Central Rent Roll:    NRSF    % Total

Monthly Base Rent

Average Base PSF

Monthly NNN Recovery (est)

Leased NRSF:    36,092    100% $126,688.00    $42.12
Vacant NRSF:    0    0%    0
Total NRSF:    36,092    100% $126,688.00    $42.12

$39,099.67

$39,099.67

EXHIBIT D

SERVICE CONTRACTS

1.Monitoring System Agreement dated February 14, 2022 by and between Firetrol Protection Systems, Inc. (Contractor) and Elevate Sabine Investors, LP (Customer).
			
	EXHIBIT D TO PURCHASE AND SALE AGREEMENT – Page 1

EXHIBIT E

WARRANTIES

[TO BE UPDATED AT CLOSING FOR THE BILL OF SALE.]
			
	EXHIBIT E TO PURCHASE AND SALE AGREEMENT – Page 2

EXHIBIT F

FORM OF SPECIAL WARRANTY DEED

NOTICE OF CONFIDENTIALITY RIGHTS: IF YOU ARE A NATURAL PERSON, YOU MAY REMOVE OR STRIKE ANY OR ALL OF THE FOLLOWING INFORMATION FROM THIS INSTRUMENT BEFORE IT IS FILED FOR RECORD IN THE PUBLIC RECORDS: YOUR SOCIAL SECURITY NUMBER OR YOUR DRIVER’S LICENSE NUMBER.

SPECIAL WARRANTY DEED

THE STATE OF TEXAS    §
§
COUNTY OF         §

Elevate Sabine Investors LP, a Texas limited partnership (“Grantor”), for and in consideration of the sum of Ten Dollars ($10.00) and other good and valuable consideration to it in hand paid by Spinnaker Insurance Company, an Illinois licensed insurance company (“Grantee”), whose address is 1 Pluckemin Way #102, Bedminster, New Jersey 07921, the receipt and sufficiency of which are hereby acknowledged, has GRANTED, SOLD AND CONVEYED, and by these presents does GRANT, SELL AND CONVEY unto Grantee the tract(s) of land described on Exhibit A attached hereto, together with all of Grantor’s right, title, and interest in and to all related rights, easements, privileges, hereditaments and appurtenances pertaining to or benefitting said real property, including all right, title and interest of Grantor in and to all adjacent streets, alleys, rights-of-way, buildings, structures, and other improvements located on such land (collectively, the “Property”).

This conveyance is made and accepted subject and subordinate to those encumbrances and exceptions (the “Permitted Exceptions”) set forth on Exhibit B attached hereto.

TO HAVE AND TO HOLD the Property, unto Grantee, its successors and assigns forever, and Grantor does hereby bind itself and its successors and assigns to WARRANT AND FOREVER DEFEND all and singular the Property unto Grantee and its successors and assigns against every person whomsoever lawfully claiming or to claim the same, or any part thereof, by, through or under Grantor, but not otherwise, subject to the Permitted Exceptions.

Grantee by its acceptance of this Special Warranty Deed shall be deemed to consent to all of the terms and provisions hereof.

[The remainder of this page is blank. The Grantor’s signature is on the following page.]

			
	EXHIBIT E TO PURCHASE AND SALE AGREEMENT – Page 2

IN WITNESS WHEREOF, this special warranty deed has been executed by Grantor to be effective as of     , 2022.

GRANTOR:

ELEVATE SABINE INVESTORS LP,
a Texas limited partnership

By:    Elevate Sabine GP, LLC,
a Texas limited liability company, its general partner

									
		By:	
		Name:	Chris Skyles
		Title:	Manager

THE STATE OF TEXAS    §
§ COUNTY OF     §

This instrument was acknowledged before me on the     day of    , 2022, by Chris Skyles, the Manager of Elevate Sabine GP, LLC, a Texas limited liability company, the general partner of Elevate Sabine Investors LP, a Texas limited partnership, on behalf of said entities.

_______________________________________
Notary Public’s Signature

(Personalized Seal)

After Recording, Return To:

Spinnaker Insurance Company 1 Pluckemin Way #102
Bedminster, NJ 07921
Attn: Chief Executive Officer

			
	EXHIBIT E TO PURCHASE AND SALE AGREEMENT – Page 2

EXHIBIT A

LEGAL DESCRIPTION OF THE PROPERTY

[Type or attach the legal description.]

			
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EXHIBIT B

PERMITTED EXCEPTIONS

[Type or attach the Permitted Exceptions.]
			
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EXHIBIT G

FORM OF BILL OF SALE AND GENERAL ASSIGNMENT

BILL OF SALE AND GENERAL ASSIGNMENT

This Bill of Sale and General Assignment (this “Bill of Sale”) is executed and delivered by and between Elevate Sabine Investors LP, a Texas limited partnership (“Assignor”), and Spinnaker Insurance Company, an Illinois licensed insurance company (“Assignee”), in light of the following recitals which are made a part hereof for all purposes.

RECITALS:

A.Assignor or its predecessors in title own certain personal property and have heretofore entered into certain contracts relating to the operation and maintenance of the office development located on the Real Property.

B.As used in this Bill of Sale, the following terms shall have the following meanings:

(i)“Real Property” means and refers to that certain parcel of land (the “Land”) described on Exhibit A attached hereto, together with all improvements (the “Improvements”) thereon and all rights and appurtenances pertaining thereto;

(ii)“Office Building Development” means and refers to that certain office development commonly known as “Waterloo Central” situated upon the Real Property;

(iii)“Personal Property” means collectively, the tangible personal property described on the attached Exhibit B, together with all other furniture, appliances, personal property, machinery, apparatus, equipment, and other tangible personal property and fixtures located on or used in the ownership, operation, repair and maintenance of the Real Property which is owned by Assignor;

(iv)“Contracts” means and refer to all contracts and agreements relating to the Property listed on the attached Exhibit C;

(v)“Intangibles” means and refers to all right, title and interest of Assignor in and to the following to the extent assignable: (a) all transferable permits, licenses, approvals, utility rights and similar rights related to the Real Property, if any, whether granted by governmental authorities or private persons, (b) all telephone numbers now serving the Office Building Development, and (c) all domain names and Uniform Resource Locator/URLs exclusively associated with the Office Building Development.

(vi)“Names” means the names “Waterloo Central Office Building”, “Waterloo Central”, and all variants thereof, and any logo embodying any such name;

(vii)“Retained Assets” means (i) computer software; (ii) rights to any websites, other than as specifically set forth herein; (iii) any furniture, equipment, appliances or other personal property owned by tenants or other third parties; and (iv) items of personal property or intangible property owned by Assignor or its property manager and used in connection with the Real Property, Personal Property, existing leases or leases and the business related to same as part of Seller’s or its property managers administrative office’s integrated systems of ownership, management and/or operations of office building

			
	EXHIBIT E TO PURCHASE AND SALE AGREEMENT – Page 2

developments or projects, such as, by way of example and without limitation, computer and phone system software, corporate licenses, and management and financial reporting systems and software, websites, Uniform Resource Locator/URL and email addresses.

(viii)“Assigned Intangibles” means the Intangibles, save and except the Retained
Assets.

(ix)“Warranties” means and refers to all warranties, indemnities and guarantees of any kind whatsoever, express or implied, issued or arising in connection with or relating to the Improvements or the Personal Property which remain in effect as of the date hereof, if any, including, without limitation, those items as set forth on Exhibit D attached hereto, which include any of same (a) under any construction contracts, written or oral, and as modified or supplemented from time to time (collectively, the “Construction Contracts”), between Assignor and any general contractor or subcontractor, of any tier whatsoever (collectively, the “Construction Contractors”), (b) under any contracts, written or oral, and as modified or supplemented from time to time (collectively, the “Design Contracts”), between Assignor and any architect, design professional, engineer, planner, construction manager or supervisor, decorator, stylist, consultant, or any other person or entity with whom Assignor contracted for the providing of planning, design, architectural, engineering or other similar services relating to the Improvements (collectively, the “Design Consultants”), or (c) under any contracts, written or oral, and as modified or supplemented from time to time (collectively, the “Materials Contracts”), related to any materials, whether or not same were specially fabricated (collectively, the “Materials”), incorporated into the Improvements or Real Property.

(x)“Approvals” means and refers to (a) written licenses, permits, governmental building inspection approvals, certificates of occupancy, and entitlements issued, approved or granted by any applicable governmental authorities in connection with the Real Property, and (b) written licenses, consents, easements, rights of way and approvals obtained from private parties to make use of utilities and to provide vehicular and pedestrian ingress and egress for the Real Property, if and to the extent transferrable without third party consent or cost or liability to Assignor.

C.Subject to the terms of this Bill of Sale, Assignee desires to purchase and assume from Assignor, and Assignor desires to sell and assign to Assignee, Assignor’s right, title and interest in and to the Personal Property, Leases, Contracts and Assigned Intangibles.

NOW, THEREFORE, for and in consideration of the premises and the agreements and covenants herein set forth, together with the sum of Ten Dollars ($10.00) and other good and valuable consideration delivered by Assignee to Assignor, the receipt and sufficiency of which are hereby acknowledged and confessed by Assignor, the parties agree as follows:

1.Subject to the terms of this Bill of Sale, Assignor does hereby assign, transfer, set over, deliver and convey unto Assignee all right, title and interest of Assignor and Assignee hereby accepts, all right, title and interest of and assumes all obligations of Assignor in and to the Personal Property, Contracts, Names, Assigned Intangibles, Warranties and Approvals from and after the date hereof.

2.It is specifically agreed that Assignor shall not be responsible (and Assignee shall be responsible) to the contracting parties under the Contracts for the obligations of Assignor under the Contracts accruing from and after the date hereof. It is specifically agreed that Assignee shall not be responsible (and Assignor shall be responsible) to the contracting parties under the Contracts for the obligations of Assignor under the Contracts accruing prior to the date hereof.

			
	EXHIBIT E TO PURCHASE AND SALE AGREEMENT – Page 2

3.All of the covenants, terms and conditions set forth herein shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.

[The remainder of this page is blank. The parties’ signatures are on the following pages.]

			
	EXHIBIT E TO PURCHASE AND SALE AGREEMENT – Page 2

IN WITNESS WHEREOF, this Bill of Sale has been executed by Assignor and Assignee to be effective as of     , 2022.

ASSIGNOR:

ELEVATE SABINE INVESTORS LP,
a Texas limited partnership

By:    Elevate Sabine GP, LLC,
a Texas limited liability company, its general partner

By:         Name: Chris Skyles
Title:    Manager

			
	EXHIBIT E TO PURCHASE AND SALE AGREEMENT – Page 2

IN WITNESS WHEREOF, this Bill of Sale has been executed by Assignor and Assignee to be effective as of     , 2022.

ASSIGNEE:

SPINNAKER INSURANCE COMPANY,
an Illinois licensed insurance company

By:      Name:      Title:     

			
	EXHIBIT E TO PURCHASE AND SALE AGREEMENT – Page 2

EXHIBIT A

LEGAL DESCRIPTION OF THE REAL PROPERTY

[Type or attach the legal description.]

			
	EXHIBIT E TO PURCHASE AND SALE AGREEMENT – Page 2

EXHIBIT B

PERSONAL PROPERTY

[Type or attach a list of Personal Property.]

			
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EXHIBIT C

CONTRACTS

[Type or attach a list of Contracts.]

			
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EXHIBIT D

WARRANTIES

[Type or attach a list of Warranties.]
			
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EXHIBIT H

FORM OF ASSIGNMENT AND ASSUMPTION OF LEASES

ASSIGNMENT AND ASSUMPTION OF LEASES

This Assignment and Assumption of Leases (this “Assignment”) is executed and delivered by and between Elevate Sabine Investors LP, a Texas limited partnership (“Assignor”), and Spinnaker Insurance Company, an Illinois licensed insurance company (“Assignee”), in light of the following recitals which are made a part hereof for all purposes.

RECITALS:

A.Assignor or its predecessors in title have heretofore entered into certain leases relating to the occupancy of the office development located on the Real Property.

B.As used in this Assignment, the following terms shall have the following meanings:

(i)“Real Property” means and refers to that certain parcel of land described on Exhibit A attached hereto, together with all improvements thereon and all rights and appurtenances pertaining thereto;

(ii)“Office Building Development” means and refers to that certain office development commonly known as “Waterloo Central” situated upon the Real Property;

(iii)“Leases” means those leases and rental agreements permitting occupancy or use of space on the Real Property as reflected in the rent roll attached hereto as Exhibit B;

(iv)“Security Deposits” means cash security deposits, “net lease” deposits or escrows (such as for taxes, insurance, utilities or common area maintenance), or other deposits or escrows of any kind whatsoever under the Leases, and unearned prepaid rent or other payments from tenants, not heretofore forfeited, credited or returned to the tenants, as may be more particularly described in the rent roll attached hereto as Exhibit B.

C.Subject to the terms of this Assignment, Assignee desires to purchase and assume from Assignor, and Assignor desires to sell and assign to Assignee, Assignor’s right, title and interest in and to the Leases and the Security Deposits.

NOW, THEREFORE, for and in consideration of the premises and the agreements and covenants herein set forth, together with the sum of Ten Dollars ($10.00) and other good and valuable consideration delivered by Assignee to Assignor, the receipt and sufficiency of which are hereby acknowledged and confessed by Assignor, the parties agree as follows:

1.Subject to the terms of this Assignment, Assignor does hereby assign, transfer, set over, deliver and convey unto Assignee all right, title and interest of Assignor and Assignee hereby accepts, all right, title and interest of and assumes all obligations of Assignor in and to the Leases and the Security Deposits.

			
	EXHIBIT E TO PURCHASE AND SALE AGREEMENT – Page 2

2.By accepting this Assignment and by its execution hereof, Assignee hereby assumes and agrees to perform and discharge all of the duties and obligations to be performed or discharged by Assignor under the Leases as landlord or lessor or otherwise, accruing after the date hereof, but not prior thereto, including, but not limited to, the obligation to repay or account for, in accordance with the terms of the Leases, any and all Security Deposits hereby transferred to Assignee.

3.It is specifically agreed that Assignor shall not be responsible (and Assignee shall be responsible) to the tenants or lessees under the Leases for the obligations of landlord or lessor under the Leases accruing from and after the date hereof. It is specifically agreed that Assignee shall not be responsible (and Assignor shall be responsible) to the tenants or lessees under the Leases for the obligations of landlord or lessor under the Leases accruing prior to the date hereof.

4.All of the covenants, terms and conditions set forth herein shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.

[The remainder of this page is blank. The parties’ signatures are on the following pages.]

			
	EXHIBIT E TO PURCHASE AND SALE AGREEMENT – Page 2

IN WITNESS WHEREOF, this Assignment has been executed by Assignor and Assignee to be effective as of     , 2022.

ASSIGNOR:

ELEVATE SABINE INVESTORS LP,
a Texas limited partnership

By:    Elevate Sabine GP, LLC,
a Texas limited liability company, its general partner

By:         Name: Chris Skyles
Title:    Manager

			
	EXHIBIT E TO PURCHASE AND SALE AGREEMENT – Page 2

IN WITNESS WHEREOF, this Assignment has been executed by Assignor and Assignee to be effective as of     , 2022.

ASSIGNEE:

SPINNAKER INSURANCE COMPANY,
an Illinois licensed insurance company

By:         Name:              Title:            

			
	EXHIBIT E TO PURCHASE AND SALE AGREEMENT – Page 2

EXHIBIT A

LEGAL DESCRIPTION OF THE REAL PROPERTY

[Type or attach the legal description.]

			
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EXHIBIT B

LEASES

[Type or attach a list of Leases or Rent Roll.]
			
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EXHIBIT I

FORM OF NOTICE TO TENANTS

NOTICE TO TENANTS

    , 2022

RE:  Sale of Waterloo Central, located at 701 E. 5th Street, Austin, Texas 78701 (the “Property”) Dear Tenant:
This letter is to inform you that Spinnaker Insurance Company, an Illinois licensed insurance company (“New Owner”) purchased the Property from Elevate Sabine Investors LP, a Texas limited partnership (“Former Owner”). All of Former Owner’s interest as lessor under your lease and your prepaid rent, security and other deposits (if any) were assigned to New Owner and New Owner is now the landlord under the lease. All of Former Owner’s rights and obligations under your lease were assigned to New Owner, which New Owner is now the landlord under the lease and has assumed all of such rights and obligations under the lease which may accrue on or after the date of this letter.     has been chosen by New Owner to manage the Property and will now be servicing your rental.

Please make all future rental payments to “    ” at the rental office located on the Property.

Should you have any questions or concerns regarding your rental please visit the on-site manager at the Property or call     representative,     . at (    )     -    .

NEW OWNER:

_
SPINNAKER INSURANCE COMPANY,
an Illinois licensed insurance company

By:         Name:              Title:            

			
	EXHIBIT E TO PURCHASE AND SALE AGREEMENT – Page 2

ACKNOWLEDGEMENT OF TRANSFER BY FORMER OWNER:

FORMER OWNER:

ELEVATE SABINE INVESTORS LP,
a Texas limited partnership

By:    Elevate Sabine GP, LLC,
a Texas limited liability company, its general partner

By:         Name: Chris Skyles
Title:    Manager
			
	EXHIBIT E TO PURCHASE AND SALE AGREEMENT – Page 2

EXHIBIT J

FORM OF NOTICE TO VENDORS

NOTICE TO VENDORS

    , 2022

Name of Vendor:         Address of Vendor:          Title of Contract:         Date of Contract:        

RE:  Sale of Waterloo Central, located at 701 E. 5th Street, Austin, Texas 78701 (the “Property”) and assignment and assumption of the Contract between Elevate Sabine Investors LP, a Texas limited partnership (“Former Owner”) and Vendor

Dear Vendor:

This letter is to inform Vendor that Spinnaker Insurance Company, an Illinois licensed insurance company (“New Owner”) purchased the Property from Former Owner and the Contract has been assigned to New Owner. All of Former Owner’s rights and obligations under Vendor’s Contract described above were assigned to New Owner, which New Owner is now the customer under the Contract and has assumed all of such rights and obligations under the Contract which may accrue on or after the date of this letter.     has been chosen by New Owner to manage the Property and will now be the contact for Vendor under your Contract.

Please send all future invoices to “    ” at the rental office located on the Property.

Should you have any questions or concerns regarding your Contract please call the manager’s representative,     . at (  )   -   .

Sincerely,

NEW OWNER:

SPINNAKER INSURANCE COMPANY,
an Illinois licensed insurance company

By:         Name:              Title:            
			
	EXHIBIT J TO PURCHASE AND SALE AGREEMENT – Page 1

ACKNOWLEDGEMENT OF TRANSFER BY FORMER OWNER:

FORMER OWNER:

ELEVATE SABINE INVESTORS LP,
a Texas limited partnership

By:    Elevate Sabine GP, LLC,
a Texas limited liability company, its general partner

By:         Name: Chris Skyles
Title:    Manager

By:      Name:      Title:     
			
	EXHIBIT J TO PURCHASE AND SALE AGREEMENT – Page 2

EXHIBIT K

FORM OF CERTIFICATE OF NON-FOREIGN STATUS

CERTIFICATE OF NON-FOREIGN STATUS

Section 1445 of the Internal Revenue Code of 1986, as amended (the “IRS Code”), provides that a transferee of a U.S. real property interest must withhold tax if the transferor is a “Foreign Person” as defined by the IRS Code. For U.S. tax purposes, the owner of a Disregarded Entity, which has legal title to a U.S. real property interest under local law, will be the transferor of the property and not the disregarded entity. As used herein, “Disregarded Entity” has the same meaning as defined in Section 1.1445- 2(b)(2)(iii) of the IRS Code. To inform the transferee that withholding of tax is not required upon the disposition of the U.S. real property interests owned by Elevate Sabine Investors LP, a Texas limited partnership (“Transferor”), the undersigned, as Transferor, hereby certifies the following:

1.Transferor is not a foreign person (as that term is defined in the IRS Code and applicable income tax regulations);

2.Transferor is not a Disregarded Entity.

3.Transferor’s U.S. employer identification number is 85-1862476; and

4.Transferor’s office address is:

Elevate Sabine Investors LP 901 W. 9th Street, Suite 110
Austin, Texas 78703 Attn:    Chris Skyles

Executed as of     , 2022.

TRANSFEROR:

ELEVATE SABINE INVESTORS LP,
a Texas limited partnership

By:    Elevate Sabine GP, LLC,
a Texas limited liability company, its general partner

By:         Name: Chris Skyles
Title:    Manager
			
	EXHIBIT K TO PURCHASE AND SALE AGREEMENT – Page 1

EXHIBIT L

FORM OF SELLER’S RECONFIRMATION CERTIFICATE

SELLERS’ RECONFIRMATION CERTIFICATE

Elevate Sabine Investors LP, a Texas limited partnership (“Seller”), hereby certifies to Spinnaker Insurance Company, an Illinois licensed insurance company (“Buyer”), that (i) the representations and warranties of Seller contained in Section 9A of that certain Purchase and Sale Agreement (the “Agreement”) dated on or about   , 2022, between Seller and Buyer, are true and correct as of the date set out below as if remade on the date set forth below; provided that the Rent Roll described in Section 9(A)(6) of the Agreement is amended to refer to the current Rent Roll dated on or within   (  ) days prior to the date of this Certificate a copy of which is attached to that certain Assignment and Assumption of Leases of even date herewith between Seller and Buyer, and (ii) that Seller is not in default of any of its obligations under the Agreement.

Executed effective as of     , 2022.

[The remainder of this page is blank. The party’s signature is on the following page.]

			
	EXHIBIT K TO PURCHASE AND SALE AGREEMENT – Page 1

Executed by as of the date first stated above.

SELLER:

ELEVATE SABINE INVESTORS LP,
a Texas limited partnership

By:    Elevate Sabine GP, LLC,
a Texas limited liability company, its general partner

By:         Name: Chris Skyles
Title:    Manager
			
	EXHIBIT K TO PURCHASE AND SALE AGREEMENT – Page 1

EXHIBIT M

DESIGN CONTRACTS

1.Proposal dated July 13, 2019 by and between Wantman Group, Inc. and Elevate Sabine, LLC.
2.Proposal dated July 26, 2019 by and between Wantman Group, Inc. and Elevate Sabine, LLC.
3.Revised 701 East 5th Street Proposal dated August 15, 2019 by and between Runa Workshop, LLC and Elevate Sabine, LLC.
4.Interior Design, AEGB 1 Star Proposal dated August 10, 2020 by and between Runa Workshop, LLC and Elevate Sabine Investors, LP.
5.Proposal dated December 11, 2020 by and between WGI, Inc and Elevate Sabine, LLC.
6.Construction Materials Testing and Observation Proposal dated February 2, 2021 by and between Professional Service Industries, Inc. and Elevate Sabine Investors, LP.
7.Urbanspace Interiors Design Services Contract dated September 10, 2021 by and between Urbanspace Interiors and Elevate Sabine Investors LP.
8.Letter of Agreement for Interior Design Services dated January 14, 2022 by and between S. Tipton Studio, LLC and Elevate Growth Partners.
9.Proposal dated February 3, 2022 by and between WGI, Inc and Elevate Sabine Investors, LP.
			
	EXHIBIT M TO PURCHASE AND SALE AGREEMENT – Page 1

EXHIBIT N

PLANS AND SPECIFICATIONS

1.701 E. 5th Street – Schematic Design 09.27.2019 prepared by Runa Workshop, LLC.
2.Waterloo Central – Design Development 06.26.2020 prepared by Runa Workshop, LLC.
3.Waterloo Central – Construction Documents 09.07.2020 prepared by Runa Workshop, LLC.
4.Waterloo Central Project Manual – Specifications for 100% CD (September 7th, 2020) prepared by Runa Workshop, LLC.
5.Site Development Plan for 701 East 5th Street.
6.Renderings of Waterloo Central.
7.Associated Revision Issuance Documentation for Waterloo Central.
8.Hippo Insurance Office – Schematic Design Presentation 09.02.2020 prepared by Runa Workshop, LLC.
9.Hippo Insurance Office – All Hands Presentation.
10.Hippo Insurance Office – Design Development 09.23.2020 prepared by Runa Workshop, LLC.
11.Hippo Insurance Office - Design Development Materials prepared by Runa Workshop, LLC.
12.Hippo Insurance Office – Construction Documents 11.20.2020 prepared by Runa Workshop, LLC.
13.Renderings of Hippo Insurance Office.
14.Association Revision Issuance Documentation for Waterloo Central.

EXHIBIT N-1

EXAMPLE OF SPACE PLAN/BUILDOUT FOR AFFILIATE TENANT PREMISES

EXHIBIT O

CONSTRUCTION CONTRACTS

1.AIA Document A102 – 2017 dated January 26, 2021 by and between Elevate Sabine Investors, LP and Flintco, LLC.
2.Pre-Construction Services Agreement dated March 5, 2020 by and between Elevate Sabine Investors, LP and Flintco, LLC.
3.AIA Document G701 – 2017 (Change Order) dated November 23, 2020 by and between Elevate Sabine Investors, LP and Flintco, LLC.

EXHIBIT P

MATERIALS CONTRACTS

None, except as otherwise may be set forth in the Construction Contracts.
			
	EXHIBIT P TO PURCHASE AND SALE AGREEMENT – Page 1

EXHIBIT Q

LITIGATION

None.
			
	EXHIBIT Q TO PURCHASE AND SALE AGREEMENT – Page 1

SCHEDULE 1

ACCEPTED SERVICE CONTRACTS

1. Monitoring System Agreement dated February 14, 2022 by and between Firetrol Protection Systems, Inc. (Contractor) and Elevate Sabine Investors, LP (Customer).
			
	SCHEDULE 1 TO PURCHASE AND SALE AGREEMENT – Page 1

SCHEDULE 2

EXCEPTION MATTERS

[Type or attach a list of any Exception Matters. If there is not anything on this Schedule 2 relating to any Exception Matter, Seller is representing that Seller has no actual knowledge of such Exception Matter.]

Section 9(A)(23) – The Real Property is subject to possible dues, taxes or assessments that are imposed by (or may be imposed) by the Austin Independent School District, City of Austin, Travis County, Travis Central Appraisal District, Travis Central Health, Downtown Public Improvement District, Travis County Healthcare District, Waller Creek TIF, Austin Community College District and the Downtown Austin Alliance, and such other entities or associations as may be further disclosed to Buyer.
			
	SCHEDULE 2 TO PURCHASE AND SALE AGREEMENT – Page 1

SCHEDULE 3

CONTINUING INSURANCE COVERAGES

The following insurance coverages will be in place on the Effective Date of this Agreement and continue after Closing for the indicated periods, or if no period is specified, for at least six (6) months after the Closing, and Buyer shall be named as an additional insured on such coverages:

Builders Risk
•Remain in effect until final completion, including the Affiliate Tenant Premises on the first floor of the Office Building Development. This applies to both the policies secured or held by Seller and Flintco, LLC.
•Buyer should be added as an additional insured on these policies when this Agreement is executed.

GL/Umbrella and Contractors policy (E&O and Professional combined policy) policy
If Seller’s or Flintco, LLC’s policy is written on a claims made basis, then:
•Confirmation the retro date is before the beginning of construction.
•Coverage must remain in place for a period equal to when the Seller’s and Flintco, LLC’s obligations under this Agreement are completed including the final completion of the Affiliate Tenant Premises on the first floor of the Office Building Development.
•Any time the policy is not renewed/canceled or the retro date is changed, then an extended reporting period endorsement must be procured through the time when Seller’s and Flintco, LLC’s obligations under this Agreement are completed including the final completion of the Affiliate Tenant Premises on the first floor of the Office Building Development.

If the GL/Umbrella are on an occurrence basis, then:
•Coverage must remain in place for a period equal to when the Seller’s and Flintco, LLC’s obligations under this Agreement are completed including the final completion of the Affiliate Tenant Premises on the first floor of the Office Building Development.

All policies should include:
•Buyer and Hippo Analytics Inc., each as an additional insured.
•Waiver of Subrogation.
•Primary and non-contributory.
•30 days’ notice of cancelation to Buyer and Hippo Analytics Inc. Notwithstanding anything herein to the contrary, Flintco, LLC shall provide 30 days’ notice to Buyer and Hippo Analytics Inc. of non-renewal or reduction of limits of any policy required herein and maintained by Flintco, LLC.
•Prior to the Closing, Seller must deliver to Buyer and Hippo Analytics Inc. certificates of insurance evidencing the coverages.

Coverages that must be in place:
•Builders Risk – full value
•GL/Umbrella with minimum limit of $10,000,000
•E&O
•Pollution
•Employers Liability
			
	SCHEDULE 2 TO PURCHASE AND SALE AGREEMENT – Page 1

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