Document:

Exhibit 10.1

      

      

      EXECUTION VERSION

      

      

      CONTRIBUTION AGREEMENT

      

      

      between

      

      

      TROPHY OF CARSON REAL ESTATE LLC,

      a California limited liability company,

      as CONTRIBUTOR

      

      

      and

      

      

      MODIV OPERATING PARTNERSHIP, LP,

      a Delaware limited partnership, as ACQUIROR,

      

      

      Dated effective as of January 13, 2022

      

      

      THE CONTRIBUTOR AND THE UNIT RECIPIENTS (COLLECTIVELY, THE “INVESTORS”)
        ARE MAKING A DECISION TO INVEST IN UNITS OF LIMITED PARTNERSHIP INTEREST IN THE ACQUIROR (THE “SECURITIES”). IN MAKING SUCH INVESTMENT DECISION, THE
        INVESTORS MUST RELY ON THEIR OWN EXAMINATION OF THE ISSUERS OF THE SECURITIES AND THE TERMS OF THE INVESTMENT, INCLUDING THE MERITS OF THE INVESTMENT AND THE RISKS INVOLVED. THE SECURITIES HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE
        SECURITIES COMMISSION OR REGULATORY AUTHORITY.  FURTHERMORE, THE FOREGOING AUTHORITIES HAVE NOT CONFIRMED THE ACCURACY OR ADEQUACY OF THIS DOCUMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

      

      

      THE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES
        ACT OF 1933, AS AMENDED, AND THE APPLICABLE STATE SECURITIES LAWS, PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM.  EACH INVESTOR IS AWARE THAT IT MAY BE REQUIRED TO BEAR THE FINANCIAL RISK OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME.

      

      

      NO GENERAL SOLICITATION WILL BE CONDUCTED AND NO OFFERING LITERATURE OR ADVERTISING IN ANY FORM WILL OR MAY BE EMPLOYED IN THIS OFFERING OF THE
        SECURITIES, EXCEPT FOR THIS DOCUMENT (INCLUDING AMENDMENTS AND SUPPLEMENTS HERETO) AND THE DOCUMENTS SUMMARIZED HEREIN OR ENCLOSED HEREWITH.  THE ACQUIROR AND REIT MAKE NO REPRESENTATION IN CONNECTION WITH THIS OFFERING NOT CONTAINED IN THIS
        DOCUMENT (INCLUDING AMENDMENTS AND SUPPLEMENTS HERETO) AND THE DOCUMENTS SUMMARIZED HEREIN OR ENCLOSED HEREWITH. ANY INFORMATION OR REPRESENTATIONS, IF GIVEN OR MADE, THAT IS NOT CONTAINED IN THIS DOCUMENT MUST NOT BE RELIED UPON.

      

      

      
        
          

      

      
      

      

      THIS CONTRIBUTION AGREEMENT (this
        “Agreement”) is made and entered into effective as of the 13th  day of January, 2022, by, between and among Trophy of Carson Real
        Estate LLC, a California limited liability company (the “Contributor”), and MODIV OPERATING PARTNERSHIP, LP, a Delaware limited partnership (“Acquiror”).

      

      

      R E C I T A L S:

      

      

      A.

      Contributor
          owns fee simple title in and to certain real property located at 22020 Recreation Rd., Carson, California, which real property is more particularly described on Exhibit “A” attached hereto and by this reference made a part hereof.

      

      

      B.

      Contributor
          desires to contribute and convey all of Contributor’s interests relating to the Property (hereinafter defined) to Acquiror, and Acquiror desires to acquire and accept same from Contributor, each upon and subject to the terms and conditions of
          this Agreement.

      

      

      NOW, THEREFORE, in
        consideration of and in reliance upon the terms, covenants, conditions and representations contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Contributor and
        Acquiror agree as follows:

      

      

      1.

      Contribution.  Subject to, and on the terms and conditions herein set forth, Contributor hereby agrees to contribute and convey to Acquiror,
          and Acquiror hereby agrees to accept, all of Contributor’s right, title, and interest in and to the Property.  At Closing, Acquiror will lease the property to Trophy of Carson LLC, a California limited liability company (“Lessee”), pursuant to a Lease Agreement in the form attached hereto as Exhibit “B” (the “Lease”).  The Lease shall be guaranteed by Group of Trophy LLC, a California limited liability company,
          Trophy Automotive Dealer Group LLC, a Delaware limited liability company, and First City Investment Group LLC, a Delaware limited liability company (individually and collectively, “Guarantor”) pursuant a written agreement in form and substance reasonably satisfactory to Acquiror and Guarantor (the “Guaranty”).

      

      

      2.

      Property Description.  As used in this Agreement, the term “Property” shall mean all of the right, title and interest of the Contributor in and to the following:

      

      

      (a)

      All of
          the right, title and interest of Contributor in and to that certain real property that is described on Exhibit “A” attached hereto and by this
          reference made a part hereof together with all buildings, structures, easements, rights of way and improvements located thereon or appurtenant thereto (the “Real Property”);

      

      

      (b)

      Together
          with, (i) all fixtures affixed to the Real Property (other than any fixtures, furniture, or equipment owned by Lessee and to avoid any confusion, the car wash, lifts, service bays, and any and all fixtures necessary for Lessee’s business are
          owned by Lessee, provided that Lessee may only remove the car wash, lifts, service bays and other fixtures necessary for Lessee's business in the ordinary course of business and as necessary to replace those fixtures); (ii) all plans,
          specifications and studies pertaining to the Real Property in Contributor’s possession or under its control; (iii) all mineral, oil and gas rights, water rights, sewer rights and other utility rights allocated to the Real Property; and (iv) all
          easements, licenses, privileges and other property interests belonging or appurtenant to the Real Property; and

      

      

      (c)

      All
          leases, subleases and rights thereunder relating to the Real Property, including, but not limited to, all cell tower, billboard, and any other tenant leases that Acquiror does not require to be terminated prior to Closing;

      

      

      
        1

        
          

      

      

      

      With all of the foregoing items in clauses (a) through (c) above, now or hereafter existing, collectively, the “Property”.

      

      

      3.

      Contribution Consideration; Class C Units; Other Agreements.

      

      

      (a)

      General.  Acquiror’s sole general partner is Modiv Inc., a Maryland corporation (the “REIT”).  The REIT is a real estate investment trust whose common stock has a par value of $0.001 per share (the “Stock”). 
          The REIT intends to list the shares of the Stock for trading on the New York Stock Exchange (the “NYSE”).

      

      

      (b)

      Contribution
              Consideration.  Subject to the provisions of Sections 3(c) and 3(d) below, the aggregate consideration to be delivered to Contributor by Acquiror for the Property (the “Contribution Consideration”) shall consist of that number (the “Total Class C Unit Amount”) of Class
          C Units (as defined in the Third Amended and Restated Limited Partnership Agreement (hereinafter defined)) that is equal to the quotient of (A) the Total OP Unit Value divided by (B) $25.00.

      

      

      As used in this Agreement, the following terms shall have the meaning hereinafter specified in this Section 3(b):

      

      

      Existing
          Indebtedness Payoff Amount shall mean the amount necessary to pay in full, as of the Closing, the outstanding balance of the Third Party Loan (hereinafter defined), including unpaid principal and interest and any related charges and other
        fees and expenses that would be payable with respect to the Third Party Loan, and any Prepayment Fees (defined below) payable with respect to the payoff of the Third Party Loan.

      

      

      Gross Dollar Value
        shall mean Sixty-Nine Million Two Hundred and Seventy Thousand Dollars ($69,275,000.00).

      

      

      Total OP Unit
          Value shall mean the aggregate of: (A) the Gross Dollar Value, minus (B) the Existing Indebtedness Payoff Amount.

      

      

      (c)

      If the calculation of the Total Class C Unit Amount would result in a fraction of a Class C
          Unit being delivered to Contributor, then such fraction shall be rounded up or down to the nearest whole number.  Each Class C Unit issued by Acquiror pursuant to this Agreement shall have the rights and preferences and be subject to the
          restrictions specified in this Agreement and the Third Amended and Restated Limited Partnership Agreement.  For reference purposes, the Class C Units issued to Contributor pursuant to this Agreement are, from time to time, collectively referred
          to as the “Units” and each individually referred to as a “Unit”.  As used in this Agreement, the term “Third Amended and Restated Limited Partnership Agreement” shall mean
          and refer to the Third Amended and Restated Limited Partnership Agreement of Modiv Operating Partnership, LP dated February 1, 2021, as amended.

      

      

      (d)

      Issuance of
              Class C Units to Unit Recipients.  At Closing, Acquiror will issue and deliver Class C Units to the following (the “Unit Recipient”):

      

      

      	
              Name of Unit Recipient

            	
              Share of Total Class C Unit Amount

            
	
              Group of Trophy, LLC

            	
              100%

            

      

      

      The parties agree that the Class C Units are being issued directly to Unit Recipient for the convenience and at the request of
        Contributor and its direct and indirect Members and, for state law purposes, shall be deemed to be the issuance of the Class C Units to Contributor followed by: (i) the distribution of the Class C Units by Contributor to its sole member, Trophy of
        Carson LLC and (ii) the distribution of the Class C Units by Trophy of Carson LLC to its sole member, Group of Trophy, LLC.

      

      

      
        2

        
          

      

      

      

      (e)

      Redemption
              of Class C Units.  Subject to the terms and conditions contained in the Third Amended and Restated Limited Partnership Agreement and the provisions of this Agreement, the Class C Units shall be redeemable for cash or, at the REIT’s
          option, exchangeable for shares of the Stock (“REIT Shares”). Prior to effectuating any redemption for REIT Shares pursuant to this Section
          3(e), Unit Recipient agrees to provide any information that may be reasonably requested in connection with any share ownership waiver required under the REIT’s charter.

      

      

      (f)

      Third Party Loan. As used herein the term “Third Party Loan” shall mean (i) that certain loan evidenced by a Promissory Note in the original principal amount
          of $37,591,139.08 dated June 24, 2020 in which Contributor appears as Borrower and Mercedes Benz Financial Services, LLC, a Delaware limited liability company appears as Lender (the “Third Party Note”), which Third Party Note is secured by a mortgage or deed of trust against the Property and which will have an outstanding principal balance of $36,465,449.12 as of January 18, 2022,
          with per diem interest of $4,030.65 for each additional day.  For references purposes, the documents evidencing and/or securing the Third Party Loan, are hereinafter collectively referred to as the “Third Party Loan Documents”.  At Closing,
          Acquiror shall pay, solely from Refinancing Proceeds, in full the outstanding balance owing with respect to the respective Third Party Loan, including unpaid principal and interest and any related charges and other fees and expenses and any
          prepayment fees or prepayment penalties payable with respect to the Third Party Loan (collectively the “Prepayment Fees”). “Refinancing Proceeds” means proceeds of an advance on Aquiror’s line of credit to pay off the Third Party Loan, the
          principal balance of which advance shall not be paid off prior to the second anniversary of the contribution of the Property to Acquiror pursuant to this Agreement (other than by refinancing such amount with new debt of Acquiror, which shall be
          subject to the same payoff restriction).

      

      

      (g)

      Transfer
              Restrictions.  By executing and delivering this Agreement, each Unit Recipient agrees that such Unit Recipient may only sell, transfer, assign, pledge or encumber, or otherwise convey any or all of the Class C Units issued and
          delivered to such Unit Recipient in connection with this transaction (any of the foregoing, a “Transfer”) in strict compliance with this
          Agreement, the Third Amended and Restated Limited Partnership Agreement, the charter documents of the REIT and the registration and other provisions of the Securities Act of 1933, as amended (together with the rules and regulations promulgated
          thereunder (the “Securities Act”)), any state securities laws, the rules of the NYSE, in each case as may be applicable (collectively, the “Transfer Requirements”).

      

      

      (h)

      Board Observer Rights.  As long as the Unit Recipient or any of its affiliates own
            more than five percent (5%) of the REIT’s issued and outstanding capital stock (on a fully-diluted basis), the REIT shall, subject to review of a customary background check, invite Nasser Watar to attend the meetings of its Board of Directors
            (the “Board”) during which the Board is asked to approve
            the quarterly and annual reports filed with the Securities and Exchange Commission (excluding executive sessions of the independent directors) in a nonvoting observer capacity and, in this respect, shall give such representative copies with
            such quarterly or annual reports that it provides to its directors at the same time and in the same manner as provided to such directors; provided, however, that Mr. Watar shall agree to hold in confidence and trust and to act in a fiduciary
            manner with respect to all information so provided; and provided further, that the REIT reserves the right to withhold any information and to exclude Mr. Watar from any meeting or portion thereof if access to such information or attendance at
            such meeting could result in disclosure of trade secrets or a conflict of interest or adversely affect the attorney-client privilege between the REIT and its counsel, or if the REIT reasonably determines that the Unit Recipient, Mr. Watar or
            any of their affiliates is a competitor of the REIT or an officer, employee, director or greater-than-5% shareholder of a competitor.

      

      

      (i)

      Lock-Up Period.  By executing and delivering this Agreement, the Unit Recipient agrees that until the close of the period immediately following the Closing
          Date and ending on the earlier of (a) the first anniversary of the date on which the REIT Shares are listed for trading on the NYSE or similar national securities exchange, or (b) March 31, 2023 (the “Lock-Up Period”) such Unit Recipient shall not have the right to require Acquiror to redeem any Units held by such Unit Recipient under the Third Amended and Restated Limited
          Partnership Agreement.  If such Unit Recipient transfers any Units, such Units shall remain subject to this Section 3(i) and, as a condition to the validity of such disposition and in addition to any other Transfer Requirements, the transferee of
          such Units shall be required to assume, in a form acceptable to Acquiror, the obligations of this Section 3(i) with respect to such Units. Thereafter, such transferee shall, for purposes of this Section 3(i), be a Unit Recipient.

      

      

      
        3

        
          

      

      

      

      (j)

      Pledge of
              Units.  Notwithstanding the provisions of Section 3(i) above, both prior to and after the expiration of the Lock-Up Period, each Unit Recipient may (in each case, in strict compliance with the Transfer Requirements) pledge or
          encumber (to or for the benefit of an institutional lender, which, in addition to banks, shall include, without limitation, securities firms, broker/dealers and other entities engaged in the business of commercial lending) such Unit Recipient’s
          Units.  Acquiror agrees to review each request by a Unit Recipient that Acquiror consent to such Unit Recipient’s pledging or encumbering such Unit Recipient’s Units on a case by case basis; provided, however, that such consent shall not be
          unreasonably denied, withheld or delayed.

      

      

      (k)

      Permitted Transfers.  Furthermore, subject to Section 3(g) and Section 3(i), but notwithstanding anything to the contrary in Section 9.2 of the Third Amended
          and Restated Limited Partnership Agreement, Acquiror agrees to not unreasonably withhold or delay its consent with respect to any Transfer of Units by a Unit Recipient (i) to a Guarantor, or (ii) for estate planning objectives, including the
          assignment, sale, transfer or conveyance of Units (Y) to parents, spouses, siblings, descendants, and/or ancestors of any individuals who own and control such Unit Recipient, and (Z) to trusts, family trusts, partnerships, limited liability
          companies, family limited partnerships or other entities established for estate planning purposes by any individuals who own and control such Unit Recipient.

      

      

      (l)

      Further Assurances.  Each party hereto will execute such further documents and take such further actions as may be reasonably requested by the other to
          consummate the transactions contemplated by this Agreement, to vest the Acquiror with full right, title and interest in and to the Property, to vest each Unit Recipient with full right, title and interest in and to the Class C Units to be issued
          to such Unit Recipient, or to effect the other purposes of this Agreement.

      

      

      (m)

      Tax
              Treatment.  The contribution, transfer, conveyance and assignment of the Property in exchange for the Contribution Consideration effectuated pursuant to this Agreement is intended to, except to the extent of gain recognized as a
          distribution in excess of basis under Section 731 of the Code on account of a reduction in the amount of liabilities allocable to Contributor under Section 752 of the Code, qualify as a tax-deferred contribution of assets to the Acquiror in
          exchange for a partnership interest under Section 721(a) of the Code.  The Parties each hereby agree to report the transactions contemplated herein for all income tax purposes (including for purposes of reporting on any income tax returns filed
          by Acquiror and Contributor) in a manner that is consistent with the provisions of this Section 3(m) and none of the Parties shall take any position (whether in audits, or tax returns or otherwise) that is inconsistent with the provisions of this
          Section 3(m) unless required to do so by applicable law.

      

      

      (n)

      Survival of Obligations.  The parties agree that the obligations of the parties pursuant to Sections 3(e), 3(f), 3(g), 3(h), 3(i), 3(j), 3(k), and 3(l), and
          3(m) shall survive the Closing and the delivery of the Deed and the other documents contemplated by this Agreement.

      

      

      4.

      Earnest
              Money Deposit.  Within three (3) business days after the execution of this Agreement, Acquiror shall deposit with First American Title Insurance Company, 18500 Von Karman #600, Irvine, California 92612, Attention: Brian Serikaku
          (bmserikaku@firstam.com) (“Title Company”) an earnest money deposit in cash in the amount of Five Hundred Thousand Dollars ($500,000) (“Earnest Money Deposit”).  The Earnest Money Deposit, together with any and all interest earned thereon, net of any investment costs, shall
          hereinafter be referred to as the “Earnest Money Deposit”.  Upon the Closing (as defined below), the Earnest Money Deposit shall be returned to
          Acquiror.  The “Effective Date” of this Agreement shall be the date inserted on the first page hereof.

      

      

      
        4

        
          

      

      

      

      The Title Company hereby serves as escrow agent in connection with this Transaction.  This Agreement shall be used as instructions to
        the Title Company, as escrow agent, which may provide its standard conditions of acceptance of escrow; provided, however, that in the event of any inconsistency between such standard conditions of acceptance and the terms of this Agreement, the
        terms of this Agreement shall prevail.  The Title Company’s receipt of this Agreement and the opening of an escrow pursuant to this Agreement shall be deemed to constitute conclusive evidence of the Title Company’s agreement to be bound by the
        terms and conditions of this Agreement pertaining to the Title Company.  The Title Company is authorized to pay, from any funds held by it for each party’s respective credit and in accordance with the closing statements executed by both parties,
        all amounts set forth on the closing statements as necessary to procure the delivery of any documents and to pay, on behalf of Acquiror and Contributor, all charges and obligations payable by them, respectively.  Contributor and Acquiror will pay
        all charges payable by them to the Title Company.  The Title Company shall not cause the Transaction to close unless and until it has received written instructions from Contributor and Acquiror to do so.  The Title Company is authorized, in the
        event any conflicting demand is made upon it concerning these instructions or the escrow, at its election, to hold any documents and/or funds deposited hereunder until an action shall be brought in a court of competent jurisdiction to determine the
        rights of Contributor and Acquiror or to interplead such documents and/or funds in an action brought in any such court.  Deposit by the Title Company of such documents and funds, after deducting therefrom its reasonable expenses and attorneys’ fees
        incurred in connection with any such court action, shall relieve the Title Company of all further liability and responsibility for such documents and funds.

      

      

      5.

      Items from Contributor.  After the Effective Date, Contributor shall deliver to Acquiror legible and complete copies of the documentation or
          items in the possession or control of Contributor as listed on Exhibit “C” attached hereto and incorporated herein (collectively, the "Due Diligence Materials").  Each such item identified in Exhibit “C” shall be delivered within three (3) business days of the Effective Date.  Acquiror acknowledges that each item identified in Exhibit “C” has already been delivered to Acquiror by Contributor. During the Due Diligence Period, Contributor shall reasonably cooperate with Acquiror’s efforts to obtain a letter or other written evidence from the applicable
          governmental authority that the Property complies with all current zoning laws, bylaws, ordinances, rules and regulations if the applicable governmental authority issues such letters.  In addition, Contributor agrees that, during the term of this
          Agreement, Contributor will provide to Acquiror updated reports promptly following the Effective Date.  Acquiror acknowledges and agrees that, except as expressly set forth in Section 14 below neither Contributor, nor Unit Recipient, nor any of
          their respective agents, employees or contractors, has made any representation or warranty regarding any of the documentation or items listed on Exhibit
            “C” attached hereto and all information is delivered in “AS IS” condition.

      

      

      6.

      Due
              Diligence Period.

      

      

      (a)

      Due Diligence Period.  From the Effective Date through January 18, 2022 (“Due Diligence Period”) Acquiror may perform whatever non-invasive investigations, tests and inspections upon the Property in order to determine, in Acquiror’s sole discretion, that the Property is suitable and
          satisfactory for Acquiror’s intended use of the Property.  Acquiror’s inspections may include the following:

      

      

      (1)

      Property
              Evaluation.  Acquiror shall have the right to inspect and examine the Property, during regular business hours, to the extent Acquiror deems necessary in its sole discretion, to determine the condition of the Property.  Acquiror and
          Acquiror’s representatives, consultants, agents and employees shall, during regular business hours and upon no less than 24 hours prior notice to Contributor, who shall be entitled to accompany Acquiror during all inspections, (a) have the right
          to cause complete environmental reviews and site assessments and inspections of the Property to be made including only a customary Phase I environmental report, (b) have access to all buildings, improvements, storage areas (not under the control
          of tenants) and, subject to tenant rights, other spaces, equipment and personalty that are included in the Property, and (c) conduct all other necessary feasibility studies, title reports, surveys, soils tests, ground water tests, engineering
          studies, examination of zoning status, building and use permits, sign permits and all other permits required for the Property.  Notwithstanding anything contained herein to the contrary, Acquiror shall not conduct any invasive testing, or
          so-called Phase II Study, of the Property without first obtaining Contributor’s prior written consent which may be withheld in his sole discretion. While conducting such investigations, tests and studies, Acquiror shall not unreasonably disturb
          or interfere with Contributor’s business, tenants or employees or with access to or from the Property.

      

      

      
        5

        
          

      

      

      

      (2)

      Evaluation of Business.  In addition to Acquiror’s inspection of the documents provided by Contributor pursuant to Section 5, during the Due Diligence Period,
          Acquiror, and its agents and accountants, shall have the right to inspect and examine all non-privileged, non-confidential business and service records, tenant files, leases, service agreements, accounts receivable, accounts payable, books and
          records of account, computer records, bank deposit receipts and all other such documents relating to the management, operation, income and expense of the Property, including, but not limited to, the Third Party Loan Documents.  Acquiror shall
          have the right to make photocopies of all records and documents at Acquiror’s expense.  Acquiror will use any such information supplied by Contributor solely to evaluate the business conducted from each Property.  In the event that this
          transaction does not close for any reason Acquiror will return to Contributor all documents that Acquiror has obtained from Contributor, including the items provided pursuant to Section 5.

      

      

      (3)

      Engineering
              Report.  During the Due Diligence Period, Acquiror shall also have the right to obtain at Acquiror’s sole cost and expense an engineering report on the Property and all structures thereon, as applicable, issued either internally or
          by a licensed company acceptable to Acquiror in its sole discretion and issued for the benefit of Acquiror, at Acquiror’s sole cost and expense.

      

      

      (b)

      Right
              to Extend Due Diligence Period.  If during the Due Diligence Period any third-party investigation obtained by Acquiror recommends a Phase II environmental site assessment or study (a “Phase II Study”) with respect to the Property, Acquiror shall notify Contributor in writing of its desire to conduct such Phase II Study, and should Contributor, in its sole
          discretion, consent to Acquiror performing the Phase II Study then Acquiror shall have the right to extend the Due Diligence Period and Closing for an additional 21 days to complete the Phase II Study and otherwise continuing Acquiror’s
          investigation of the environmental condition of the Property, but not beyond the Closing Date.  Should Contributor consent in writing to the conduct of Phase II testing, Acquiror shall exercise Acquiror’s right to extend the Due Diligence Period
          pursuant to this Section 6(b) by giving Contributor written notice of such exercise at any time prior to the expiration of the Due Diligence Period.

      

      

      (c)

      Acquiror’s Indemnification.  Acquiror shall indemnify, defend and hold Contributor harmless from and against any and all costs,
          expenses, losses, attorneys’ fees and liabilities resulting directly from the activities of Acquiror and Acquiror’s agents upon the Property under this Agreement.  Acquiror shall repair any damage to the Property that results from such
          inspections.  The provisions of this Section shall survive the termination of the Agreement.

      

      

      (d)

      Right to Terminate.  Notwithstanding any provision contained herein, in the event that Acquiror determines, in its sole discretion, that the Property is not
          satisfactory, and Acquiror provides written notice thereof to Contributor on or before expiration of the Due Diligence Period, then in any such event, Acquiror shall have right to terminate this Agreement in which event the Earnest Money Deposit
          shall be returned to Acquiror and neither Contributor nor Acquiror shall have any further duties or obligations under this Agreement except as otherwise provided herein.  If Acquiror fails to affirmatively terminate this Agreement by written
          notice to Contributor prior to 5:00 pm (Pacific Time) on the last day of the Due Diligence Period, Acquiror shall be deemed to have approved each and every aspect of the Property and shall proceed to the Closing in accordance with this Agreement.

      

      

      7.

      Survey
              and Title Matters.

      

      

      (a)          Title Insurance.  Promptly after the Effective Date, Acquiror will order from the Title Company a current title insurance commitment for a policy (ALTA) of
          owner’s extended coverage title insurance with respect to the Property (“Title Commitment”) accompanied by true, complete, and legible copies
          of all documents referred to in the Title Commitment.  The Title Commitment shall irrevocably obligate the Title Company to issue an ALTA extended coverage title insurance policy with respect to the Property in an amount equal to the Gross Dollar
          Value and include such endorsements that Acquiror may deem appropriate and subject only to the Permitted Exceptions (as defined below) (the “Title
            Policy”).  The Title Policy shall insure fee simple title to the Property as vested in Acquiror or, subject to the provisions of Section 28 below, Acquiror’s nominee or assignee.

      

      

      
        6

        
          

      

      

      

      (b)

      Survey.  Acquiror may order, at its sole option and expense, an ALTA survey of the Property in a form sufficient to enable Title Company to delete the survey
          exception from the Title Policy (the “Survey”).

      

      

      (c)

      Zoning.  Acquiror may order, at its sole option and expense, a zoning report for the Property (the “Zoning Report”).  Contributor agrees to reasonably cooperate with Acquiror and its agents in efforts to obtain information, including execution of written requests and releases to third-parties
          and municipal authorities for such information; provided, however, that the receipt of the Survey and the Zoning Report is done at Acquiror's election and any delay in obtaining the Survey or the Zoning Report shall not extend the Due Diligence
          Period.

      

      

      (d)

      Title, Survey, and Zoning Objection.  Not later than five (5) days prior to the expiration of the Due Diligence Period, Acquiror shall provide Contributor with
          written notice of any matters set forth in the Title Commitment, Survey, or Zoning Report to which Acquiror objects and shall set forth the reason for such objection and the desired cure.  Any matters set forth in the Title Commitment or Survey,
          other than “Monetary Encumbrances” as defined below, to which Acquiror does not object or which have been waived or cured, shall be referred to collectively herein as the “Permitted Exceptions.”  Contributor shall have two (2) days from the date of receiving such notice of Acquiror’s title and zoning objections from Acquiror within which Contributor may elect to have such
          exceptions removed from the Title Commitment, Survey, and/or Zoning Report or the exceptions cured to the reasonable satisfaction of Acquiror and the Title Company.  In the event Contributor, at Contributor’s discretion, fails or determines not
          to cure any of Acquiror’s title, zoning and/or survey objections on or before Closing, then Acquiror shall have the right to either (i) waive Acquiror’s objection to said exception or exceptions and consider said title and zoning objection(s)
          Permitted Exceptions or (ii) terminate this Agreement, in which event the Earnest Money Deposit shall be immediately refunded by Title Company to Acquiror and, except as specifically provided otherwise in this Agreement, the parties shall have no
          further obligations to each other under this Agreement. Contributor and Acquiror agree that “Monetary Encumbrances” (hereinafter defined) shall not constitute Permitted Exceptions and Contributor shall have the obligation, at or prior to the
          Closing, to remove all Monetary Encumbrances other than the liens or encumbrances securing the Third Party Loan.  As used herein, the term “Monetary
            Encumbrances” shall mean mortgages, deeds of trust, and other encumbrances securing an obligation to pay money which arise through or under actions undertaken by Contributor; provided, however, that Monetary Encumbrances shall not
          include property taxes, assessments, or special taxes for the year in which the Closing occurs and common area maintenance charges, if any, which are not yet due and payable.

      

      

      8.

      Proration, Closing Date and Closing Procedures and Requirements.

      

      

      (a)

      Closing Date.  The “Closing Date” or “Closing” of this Agreement and the completion of Acquiror’s acquisition of the Property shall occur by 9:00 am Pacific Time on January 21, 2022 or
          such other date that is acceptable to Acquiror and Contributor.  Closing shall be coordinated and conducted through the Title Company’s office and neither party shall be required to personally attend the Closing.  The “Closing Date” shall be the date on which the “Closing”
          occurs.  The “Closing” shall be deemed to have occurred when all of the conditions to Closing (as set forth in this Agreement) have either been
          satisfied or waived, the Title Company holds a settlement statement signed by Contributor, a settlement statement signed by Acquiror and all of the funds and all of the other documents required by this Agreement, and Contributor and Acquiror have
          authorized Title Company to disburse such funds and deliver such documents in accordance with the provisions of this Agreement.

      

      

      (b)

      Transitional
              Walk-Through.  Within ten (10) days prior to Closing, Acquiror’s operational staff shall have the right to conduct a walk-through of the Property with representatives of Contributor in order to prepare for and assist in the
          transition of management at Closing.

      

      

      
        7

        
          

      

      

      

      (c)

      Conveyance of Title and Delivery of Closing Documents.  On or prior to the Closing Date, the parties shall either deliver or cause to be delivered the
          following to the Title Company:

      

      

      (1)

      The original “Deed” executed and notarized by Contributor in the form attached hereto as Exhibit “D - 1”, pursuant to which Contributor shall convey the Property to Assignor, and the “Assignment” executed by Acquiror and Contributor in the form attached hereto as Exhibit “D - 2”, pursuant to which Contributor shall assign all warranties and intangible property relating to the Property to Acquiror.

      

      

      (2)

      A
          certificate of non-foreign status ("FIRPTA Certificate"), or form W-9, duly executed by Contributor.

      

      

      (3)

      A duly completed California Form 593-C (Real Estate Withholding Certificate) duly executed
          by Contributor.

      

      

      (4)

      Two (2)
          original counterparts of the Lease, duly executed by Lessee and Contributor.

      

      

      (5)

      One (1)
          original of the Guaranty, executed by the Guarantors.

      

      

      (6)

      One (1)
          original of the joinder to the Third Amended and Restated Limited Partnership Agreement, executed by Unit Recipient.

      

      

      (7)

      A
          closing statement, duly executed by Contributor and Acquiror, reflecting all adjustments, prorations and credits in accordance with this Agreement, as prepared by the Title Company and reasonably approved by Contributor (“Closing Statement”).

      

      

      (8)

      A payoff
          letter from Mercedes Benz Financial Services, LLC, for complete and full repayment of amounts owed, plus accrued and unpaid interest and any prepayment fees or penalties or other expenses or fees, under the Third Party Note.

      

      

      (9)

      Fully
          executed Accedited Investor Questionnaire approved and confirmed by Acquiror.

      

      

      (d)

      Prorations. 
          In view of the Lease of the Property to Lessee pursuant to the Lease and Lessee’s obligations thereunder, there shall be no proration of insurance, taxes, special assessments, utilities or any other costs related to the Property between
          Contributor and Acquiror at Closing.  All real and personal property and other applicable taxes and assessments, utilities and any other charges relating to the Property which are due and payable on or prior to the Closing Date shall be paid by
          Contributor at or prior to Closing, and all other taxes and assessments shall be paid by Lessee in accordance with the terms of the Lease.

      

      

      (e)

      Closing
              Costs.  Contributor shall pay (i) all filing and recording fees relating to documents required to clear Monetary Encumbrances, (ii) all filing and recording fees relating to the Deed and other documents necessary to transfer title
          from Contributor to Acquiror, (iii) one-half of any escrow and closing fees charged by the Title Agency, (iv) all taxes (including, but not limited to, transfer taxes, transfer fees, documentary taxes) relating to the transfer of title to the
          Property, (v) the cost of the standard coverage owner’s Title Policy, and (vi) all fees associated with property condition reports, surveys, zoning reports, appraisals and Phase I reports.  Acquiror shall pay (i) one-half of any escrow and
          closing fees charged by the Title Agency; (ii) the cost of extended coverage with respect to the owner’s Title Policy, and (iii) the cost of any extended coverage Title Policy and lender’s Title Policy and any endorsements to the Title Policy.

      

      

      (f)

      Transfer of Possession and Risk of Loss.  Possession of the Property shall be transferred to Acquiror at the start of business on the Closing Date.  Subject to
          Section 10 below, all risks of loss with respect to the Property shall be borne by Contributor until the Closing.

      

      

      
        8

        
          

      

      

      

      9.

      Covenants
              of Contributor.  Contributor covenants and agrees as follows:

      

      

      (a)

      Conduct of
              Business.  Up to the time of Closing, Contributor shall (i) operate the business conducted at the Property in the ordinary and usual course of business and in a manner that is consistent with good business practices, (ii) use
          commercially reasonable efforts to preserve intact the Property and the good will of Contributor with customers, suppliers, independent contractors, employees and other persons or entities material to the operation of the business conducted on
          the Property, (iii) perform Contributor’s material obligations under all contracts or other agreements affecting the Property, and (iv) not take any action or omit to take any action which would cause any of the representations or warranties of
          Contributor contained herein to become inaccurate or any of the covenants of Contributor to be breached. Notwithstanding anything to the contrary in this Section 9(a), except in the ordinary course of business of Contributor, Contributor shall
          not, without Acquiror’s written consent (which consent will not be unreasonably withheld, conditioned or delayed), enter into any lease agreements with tenants or modify or extend existing Leases on the Property.

      

      

      (b)

      Existing Notes & Mortgages.  Until the earlier of the Closing or termination of this Agreement, Contributor shall not modify, alter or amend the Third
          Party Loan Documents or any other existing note or mortgage encumbering any of the Property, nor shall Contributor further encumber any of the Property without the prior written consent of Acquiror, or allow any existing note or mortgage
          encumbering the Property to be in default in any material respect.

      

      

      (c)

      Further Contracts.  Up to the earlier of the Closing or the termination of this Agreement, and except in the ordinary course of business, Contributor shall
          not, without Acquiror’s prior written approval (which approval may be withheld in Acquiror’s sole and absolute discretion), enter into any further agreements or contracts relating to the Property that cannot be terminated upon thirty (30) days’
          notice without cost to Acquiror.

      

      

      (d)

      Warranties and Guaranties.  Contributor shall not, before or after the Closing Date or earlier termination of this Agreement, release or materially and
          adversely modify any warranties or guarantees, if any, of manufacturers, suppliers and installers related to the Property or any part thereof, except with the prior written consent of Acquiror, which consent may be withheld in Acquiror’s sole and
          absolute discretion. The provisions of this Section 9(d) shall survive the Closing and the delivery of the Deed and the other documents contemplated by this Agreement.

      

      

      (e)

      Lease.  Concurrently with the Closing, Unit Recipient shall cause Lessee to enter into the Lease with Acquiror.

      

      

      (f)

      Maintenance of Property.  Until the Closing, Contributor shall maintain the Property in good operating and repair in accordance with current practices.

      

      

      (g)

      Reserved.

      

      

      (h)

      Insurance.  Until the Closing, Contributor shall pay the premiums on, and shall not cancel or voluntarily allow to expire, any of Contributor’s insurance
          policies relating to the Property unless such policy is replaced, without any lapse of coverage, by another policy or policies providing coverage at least as extensive as the policy or policies being replaced.  Contributor agrees to provide
          contact information for its insurance brokers, and hereby authorizes Acquiror and its agents to contact Contributor’s insurance brokers and insurers for the purpose of obtaining loss histories related to the Property, plus certificates of
          insurance evidencing such insurance for the current policy year.  Effective as of the Closing, Acquiror shall extend coverage to the existing title insurance policy.  Contributor agrees to cooperate reasonably with Acquiror in such insurance
          matters.

      

      

      (i)

      Sales and Use Taxes.  Contributor shall fully and completely pay, when due, all sales and use taxes arising from or relating to Contributor’s operations on the
          Property prior to Closing.

      

      

      
        9

        
          

      

      

      

      10.

      Damage
              to Property.  If prior to the Closing the Property is materially affected in any way as a result of any fire, flood, earthquake, similar acts of nature or other acts of destruction (as determined by Acquiror in its sole
          discretion), Acquiror shall have the option to (a) proceed with the Closing with respect to the Property, taking the Property in its un-restored condition together with any insurance proceeds or the right to receive such insurance proceeds, and
          the rights to any other claims arising as a result of such material or adverse change, with no adjustment to the Gross Dollar Value; or (b) terminate this Agreement.  Upon a termination of this Agreement pursuant to this Section 10, Title Company
          shall return the Earnest Money Deposit to Acquiror and the parties shall have no further liability to one another hereunder with respect to the Property except to the extent expressly stated otherwise in this Agreement.  For purposes of this
          Section 10 and Section 11 below “material” portion of the Property shall mean (a) loss or damage in an amount in excess of Five Hundred Thousand Dollars ($500,000), as estimated by a duly licensed architect or general contractor selected by
          Contributor and reasonably acceptable to Acquiror, or a loss or damage that results in the permanent loss of parking for the Property that causes the Property not to comply with applicable zoning laws (including parking requirements), or (b) with
          respect to a condemnation proceeding, any condemnation that results in the permanent loss of parking for the Property that causes the Property not to comply with applicable zoning laws (including parking requirements).

      

      

      11.

      Eminent Domain.  If prior to the Closing proceedings are commenced or threatened for the taking by exercise of the power of eminent domain
          of all or a material part of the Property which, as reasonably determined by Acquiror, would render the Property unacceptable to Acquiror as a automotive dealership facility, Acquiror shall have the right, by giving written notice to Contributor
          within twenty (20) days after Contributor gives written notice to Acquiror of the commencement of such proceedings, to terminate this Agreement.  If before the Closing, proceedings are commenced or threatened for the taking by exercise of the
          power of eminent domain of less than such a material part of the Property, or if Acquiror has the right to terminate this Agreement pursuant to the preceding sentence but Acquiror does not exercise such right, then this Agreement shall remain in
          full force and effect and, on the Closing, the condemnation award (or, if not therefore received, the right to receive such award) payable on account of each such taking shall be transferred by Contributor to Acquiror and Acquiror and Contributor
          shall proceed to Closing in accordance with the terms of this Agreement without a reduction in the Contribution Consideration.  Contributor shall give notice of such proceedings to Acquiror within five (5) days after Contributor receives notice
          of the commencement of any proceedings for the taking by exercise of the power of eminent domain of all or any part of the Property.  Upon a termination of this Agreement pursuant to this Section 11, Title Company shall return the Earnest Money
          Deposit to Acquiror and the parties shall have no further liability to one another hereunder except to the extent expressly stated otherwise in this Agreement.

      

      

      12.

      Conditions to Acquiror’s Obligations.  Acquiror’s obligation to acquire the Property pursuant to this Agreement or otherwise perform any
          obligations provided for in this Agreement is conditioned upon the occurrence of the following conditions on or before the Closing Date:

      

      

      (a)

      The
          representations, warranties and covenants of Contributor and each Unit Recipient contained in this Agreement shall be true and correct in all material respects as of the Closing Date.

      

      

      (b)

      Contributor
          shall have performed and complied in all material respects with all covenants and agreements contained herein which are to be performed and complied with by Contributor at or prior to the Closing Date.

      

      

      (c)

      Contributor
          shall have delivered to the Title Company:  (i) the Deed conveying good and marketable title to the Property to MDV Trophy of Carson CA LLC, a wholly-owned special purpose subsidiary of Acquiror, subject to Permitted Exceptions; (ii) an
          assignment of the billboard lease; (iii) the Lease and the Guaranty; (iv) an assignment of warranties and intangible property owned by Contributor; and (iv) a signed closing statement.

      

      

      (d)

      Contributor
          shall have delivered to the Title Company a certificate of an officer, manager or general partner, as applicable, of each of Contributor, Lessee and each Guarantor, together with copies of each entity’s (A) articles of organization or certificate
          of formation, as applicable, amended to date; (B) operating agreement, bylaws or partnership agreement, as applicable, amended to date; (C) resolutions authorizing the transaction and the execution of this Agreement and the other transaction
          documents, and identifying the person(s) authorized to execute this Agreement and the other transaction Documents; and (D) original certificates of good standing or similar documents from the states in which each entity was organized or formed,
          and original certificates of qualification or similar documents from the state where the Property is located;.

      

      

      
        10

        
          

      

      

      

      (e)

      The
          Title Company shall be irrevocably and unconditionally committed to issuing the Title Policy insuring title in the name of MDV Trophy of Carson CA LLC upon Closing.

      

      

      (f)

      There
          shall be no pending actions, suits or proceedings of any kind or nature whatsoever, legal or equitable, affecting the Property in any material way, or relating to or arising out of the ownership or operation of the Property, and continuing after
          the date of this Agreement in any court or before or by a federal, state, county, municipal department, commission, board, bureau, or agency or other governmental instrumentality.

      

      

      (g)

      No
          default shall have occurred and be then continuing with respect to the Third Party Loan and no event shall have occurred and be then continuing which, with the giving of notice or lapse of time, or both, shall constitute such a default that would
          have an economic effect on the Third Party Loan.

      

      

      (h)

      Reserved.

      

      

      (i)

      In the
          event any of the foregoing conditions or other conditions to this Agreement are not fulfilled, and are not waived by Acquiror on or before the Closing, Acquiror may terminate this Agreement.  Upon a termination of this Agreement pursuant to this
          Section 12(i), Title Company shall return the Earnest Money Deposit to Acquiror and the parties shall have no further liability to one another hereunder with respect to the Property except to the extent expressly stated otherwise herein. 
          Acquiror shall have the right to waive, in its sole and absolute discretion, any of the conditions precedent set forth in this Section 12, and the election by Acquiror to proceed with the Closing as to a particular Property with the actual
          knowledge that a condition precedent has not been satisfied, shall be deemed Acquiror’s waiver of such condition precedent for such Property to the extent any such Acquiror condition precedent has not been previously satisfied or waived.

      

      

      Neither Acquiror nor Contributor shall willfully or in bad faith act or fail to act for the purpose of permitting any of Acquiror’s Conditions in this
        Section 12 to fail.

      

      

      13.

      Conditions
              to Contributor’s Obligations.  Contributor’s obligation to convey the Property or otherwise perform Contributor’s obligations under this Agreement is conditioned upon the occurrence of the following conditions on or before the
          Closing Date:

      

      

      (a)

      The representations, warranties and covenants of Acquiror contained in this Agreement shall
          be true and correct in all material respects as of the Closing Date.

      

      

      (b)

      Acquiror
          shall have performed and complied in all material respects with all covenants and agreements contained herein which are to be performed and complied with by Acquiror at or prior to the Closing Date.

      

      

      (c)

      Acquiror
          shall have delivered to Contributor:  (i) a countersigned copy of the Lease; (ii) a countersigned copy of the assignment of warranties and intangible property owned by Contributor, (iii) an executed closing statement, and (iv) any and all
          documents required of Acquiror by the Title Company in order for the Closing to occur.

      

      

      (d)

      In the
          event any of the foregoing conditions or other conditions to this Agreement are not fulfilled, and are not waived by Contributor on or before the Closing, Contributor may terminate this Agreement.  Upon a termination of this Agreement pursuant to
          this Section 13(d), Title Company shall, subject to the provisions of Section 24(d) below, return the Earnest Money Deposit to Acquiror and the parties shall have no further liability to one another hereunder with respect to the Property except
          to the extent expressly stated otherwise herein.  Contributor shall have the right to waive, in Contributor’s and absolute discretion, any of the conditions precedent set forth in this Section 13, and the election by Contributor to proceed with
          the Closing with the actual knowledge that a condition precedent has not been satisfied, shall be deemed Contributor’s waiver of such condition precedent to the extent any such condition precedent has not been previously satisfied or waived.

      

      

      Neither Acquiror nor Contributor shall willfully or in bad faith act or fail to act for the purpose of permitting any of Acquiror’s Conditions in this
        Section 13 to fail.

      

      

      
        11

        
          

      

      

      

      14.

      Contributor’s
              Representations and Warranties.

      

      

      (a)

      Contributor
          makes the following representations and warranties, as of the date hereof and the Closing Date, each of which is material and is being relied upon by Acquiror:

      

      

      (1)

      Contributor is a limited liability company duly formed, validly existing and in good
          standing in the state of its organization and is duly qualified to do business in California.

      

      

      (2)

      Contributor
          has the full power and authority necessary to enter into, deliver and perform this Agreement, the other agreements contemplated hereby and any other documents or instruments to be executed and delivered by Contributor at Closing.  The execution
          and delivery of this Agreement by Contributor and the consummation by Contributor of the transactions contemplated by this Agreement have been duly authorized by all necessary action on the part of Contributor and will not, with or without the
          giving of notice, lapse of time or both, violate, conflict with, result in a breach of, or constitute a default under or give to others any right of termination or cancellation of, (1) the organizational documents, including the bylaws and
          charter, if any, of Contributor, (2) any agreement, document, instrument or other undertaking to which Contributor is a party or by which Contributor, its interests or any of its assets or properties are bound, or (3) any applicable law, or any
          judgment, writ, injunction, decree, statute, order, rule or regulation applicable to Contributor or by which its interests or any of its assets or properties are bound, or (4) result in the creation of any lien upon the Property.  This Agreement
          has been duly executed and delivered by Contributor and constitutes a valid and legally binding obligation of Contributor, enforceable against Contributor in accordance with and subject to its respective terms, subject to applicable bankruptcy,
          insolvency, moratorium or other similar laws relating to creditors’ rights and general principles of equity.  The signatures on this Agreement for and on behalf of Contributor are genuine, and the signatory for Contributor has been duly
          authorized to execute the same on behalf of Contributor.

      

      

      (3)

      No
          agreement concerning or restricting the sale of the Property is in effect and no person or entity has any right or option to acquire any of the Property other than Acquiror.

      

      

      (4)

      To
          Contributor’s knowledge, at Closing, other than the billboard lease described on Exhibit “C”, no lease or license for the Property, or any portion of the Property, shall be in effect, and no person or entity shall be in possession of, or have the right to possess, the Property or
          any portion of the Property, except for Lessee.

      

      

      (5)

      Reserved.

      

      

      (6)

      The
          documents and other information delivered to Acquiror pursuant to Exhibit “C” fairly and accurately represent in all material respects the financial condition and operating results of the Property for the periods indicated.  Since the date of the last financial statement
          included in the information provided to Acquiror pursuant to this Agreement, there has been no material adverse change in the financial condition or in the operations of the Property.

      

      

      (7)

      No lease
          commission or similar fee is due or unpaid by Contributor with respect to any lease, and there are no written or oral agreements that will obligate Acquiror, as Contributor’s assignee, to pay any such commission or fee under any lease or
          extension, expansion or renewal thereof.

      

      

      (8)

      Reserved.

      

      

      
        12

        
          

      

      

      

      (9)

      Contributor has not received any notice from any governmental agency or body indicating an
          interest in condemning or taking by eminent domain the Property or any portion of the Property, and to the best of Contributor’s knowledge, there is no condemnation or eminent domain proceeding, threatened or pending, and no threatened or pending
          actions, suits, legal or other proceedings with reference to the Property, and to the knowledge of Contributor, the Property complies, in all material respects, with existing zoning ordinances and other laws, statutes, rules, regulations, and
          restrictive covenants.

      

      

      (10)

      To
          Contributor's knowledge, Contributor is not a party or otherwise subject to any commitment, obligation, agreement or litigation that would prevent Contributor from completing the contribution of the Property to Acquiror pursuant to this Agreement
          or prevent Contributor from continuing the present use of the Property.

      

      

      (11)

      Contributor
          has not received any written notice of, nor to Contributor’s knowledge there is no threatened present default or breach under any mortgage or other encumbrance encumbering the Property or any covenants, conditions, restrictions, rights-of-way or
          easements which may affect the Property or any portion or portions thereof.  No default has occurred under the Third Party Loan and no event has occurred which, with the giving of notice or lapse of time, would become a default under the Third
          Party Loan that would have an economic effect on the Third Party Loan.

      

      

      (12)

      All of
          Contributor’s liability and casualty insurance policies relating to the Property are valid and are in full force and effect, all premiums for such policies were paid when due and all future premiums for such policies (and any replacements
          thereof) shall be paid by Contributor on or before the due date therefore.

      

      

      (13)

      (a) all material tax returns and reports required to be filed with respect to the Property immediately prior to the transactions contemplated by this Agreement have been timely filed (after giving effect to any applicable filing
            extension periods) and all such returns and reports are accurate and complete in all material respects, (b) all material taxes required to be paid prior to the date hereof with respect to the Property have been paid (c) no material deficiencies
            for any taxes have been proposed, asserted or assessed with respect to the Property, and no requests for waivers of the time to assess any such taxes are pending, and (d) for tax purposes, the Contributor is, and at all times during its
            existence has been either (i) a partnership or limited liability company taxable as a partnership (rather than an association or a publicly traded partnership taxable as a corporation) or (ii) a disregarded entity.

      

      

      (14)

      No Act
          of Bankruptcy has occurred with respect to Contributor.  For purposes of this Agreement, “Act of Bankruptcy” shall mean if a party hereto or any shareholder, officer, director, partner, member, manager or other similar person thereof shall: (i)
          apply for or consent to the appointment of, or the taking of possession by, a receiver, custodian, trustee or liquidator of itself or of all or a substantial part of its property, (ii) admit in writing its inability to pay its debts as they
          become due, (iii) make a general assignment for the benefit of its creditors, (iv) file a voluntary petition or commence a voluntary case or proceeding under the Federal Bankruptcy Code (as now or hereafter in effect), (v) be adjudicated a
          bankrupt or insolvent, (vi) file a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, winding-up or composition or adjustment of debts, (vii) fail to controvert in a timely and appropriate
          manner, or acquiesce in writing to, any petition filed against it in an involuntary case or proceeding under the Federal Bankruptcy Code (as now or hereafter in effect), or (viii) take any corporate, partnership, or limited liability company
          action or other similar action for the purpose of effecting any of the foregoing; or if a proceeding or case shall be commenced, without the application or consent of a party hereto or any shareholder, officer, director, partner, member, manager
          or other similar person thereof, in any court of competent jurisdiction seeking: (a) the liquidation, reorganization, dissolution or winding-up, or the composition or readjustment of debts, of such party or general partner, (b) the appointment of
          a receiver, custodian, trustee or liquidator of such party or all or any substantial part of its assets, or (c) other similar relief under any law relating to bankruptcy, insolvency, reorganization, winding-up or composition or adjustment of
          debts, and such proceeding or case shall continue undismissed; or an order (including an order for relief entered in an involuntary case under the Federal Bankruptcy Code, as now or hereafter in effect) judgment or decree approving or ordering
          any of the foregoing shall be entered and continue unstayed and in effect, for a period of 60 consecutive days.

      

      

      
        13

        
          

      

      

      

      (15)

      Neither Contributor, nor to Contributor’s knowledge, any member, manager, partner or
          shareholder of Contributor, nor, to Contributor’s knowledge, any person or entity with actual authority to direct the actions of any member, partner or shareholder of Contributor, nor, to Contributor’s knowledge, any other person or entity
          holding any legal or beneficial interest whatsoever in Contributor, (a) is named on any list of persons, entities and governments issued by the Office of Foreign Assets Control of the United States Department of the Treasury (“OFAC”) pursuant to Executive Order 13224 – Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support
          Terrorism (“Executive Order 13224”), as in effect on the Effective Date, or any similar list known to Contributor or publicly issued by OFAC or
          any other department or agency of the United States of America (collectively, the “OFAC Lists”), (b) is included in, owned by, controlled by,
          knowingly acting for or on behalf of, knowingly providing assistance, support, sponsorship, or services of any kind to, or otherwise knowingly associated with any of the persons, entities or governments referred to or described in the OFAC Lists,
          or (c) has knowingly conducted business with or knowingly engaged in any transaction with any of the persons, entities or governments named on any of the OFAC Lists or any of the persons, entities or governments  included in, owned by, controlled
          by, acting for or on behalf of, providing assistance, support, sponsorship, or services of any kind to, or, to Contributor’s knowledge, otherwise associated with any of the persons, entities or governments  referred to or described in the OFAC
          Lists.

      

      

      (16)

      To the
          best of Contributor’s knowledge, gas, electricity, water, sanitary and storm sewerage, and telephone services enter the Property directly from a public street and are in good working order, and these services are adequate for the present needs of
          the Property in its use as a automotive dealership facility, and Contributor has no notice otherwise.

      

      

      (17)

      Contributor
          has no knowledge of any material latent defects or material adverse facts that exist with respect to the physical condition of the Property which is anticipated to impact Lessee's operation at the Property or Acquiror’s ownership of the Property,
          which have not been specifically disclosed in writing to Acquiror, including, without limitation, adverse soil conditions.

      

      

      (18)

      Contributor
          has not received any written notices from governmental authorities or any property owners association pertaining to violation of law or governmental regulations or covenants, conditions and restrictions (CC&Rs) with respect to the Property
          that remain uncured or unresolved and Contributor does not have knowledge of any existing conditions which, with notice and/or the passage of time, would constitute such a violation.

      

      

      (19)

      Except
          as set forth in the Due Diligence Materials, the Property and any operations conducted thereon by Contributor: (A) comply with and have previously been operated in compliance with applicable environmental laws and such use, maintenance, or
          operation, does not violate and have not violated any applicable environmental law, and (B) are not subject to any existing, pending, or threatened investigation, inquiry or proceeding by any governmental authority or any other entity or person
          or to any remedial obligations under any environmental law.

      

      

      (20)

      To
          Contributor's knowledge: (i)  All notices, permits, licenses or similar authorizations that are material to the ownership or operation of the Property, if any, required to be obtained or filed by Contributor under any applicable environmental law
          in connection with the use of the Property, including, without limitation, present and past treatment, storage, disposal, spill and release of any or all petroleum products (including use of underground storage tanks) and all other Hazardous
          Substances (as hereinafter defined) into the environment, have been obtained or filed as necessary and complied with; (ii) to the extent required by applicable environmental law, all Hazardous Substances used, produced and generated by
          Contributor or by others at, by or in connection with a Property or the operations of Contributor have been stored and accumulated in compliance with applicable environmental law; and (iii) no Hazardous Substances have been spilled, disposed of,
          located on, or otherwise released at, on or to the Property by Contributor except in strict compliance with applicable environmental law, or elsewhere except in accordance with clause (ii) above.  As used herein, “Hazardous Substances” shall mean
          any substance or material whose presence, nature, quantity or intensity of existence, use, manufacture, disposal, transportation, spill, release or effect, either by itself or in combination with other materials is either:  (A) potentially
          injurious to the public health, safety or welfare, the environment or the Property, (B) regulated, monitored or defined as a hazardous or toxic substance or waste by any governmental authority, or (C) a basis for liability of the owner of a
          Property to any governmental authority or third party, and Hazardous Substances shall include, but not be limited to, hydrocarbons, petroleum, gasoline, crude oil, or any products, by-products or components thereof, and asbestos.

      

      

      
        14

        
          

      

      

      

      (b)

      Notwithstanding anything contained in this Agreement to the contrary, Contributor, its
          subsidiaries and affiliates and any of its and their respective directors, officers, employees, stockholders, partners, members or representatives, acknowledge, covenant and agree that Contributor has made its own investigation of the REIT, the
          Acquiror and their subsidiaries and that neither the REIT, the Acquiror or their subsidiaries nor any of their respective affiliates, agents or representatives is making any representation or warranty whatsoever, express or implied, beyond those
          expressly given in this Agreement, including any implied warranty or representation as to condition, merchantability, suitability or fitness for a particular purpose or trade as to any of the securities (including the Units), assets or Properties
          of the REIT, the Acquiror or any of their subsidiaries.  Without limiting the generality of the foregoing, it is understood that any cost estimates, financial or other projections or other predictions that may have been shared with Contributor,
          as well as any information, documents or other materials (including any such materials contained in any “data room”, Drop Box folder, Google Drive or reviewed by Purchaser pursuant to the Confidentiality Agreement) or management presentations
          that have been or shall hereafter be provided to Contributor or any of its affiliates, agents or representatives are not and will not be deemed to be representations or warranties of the REIT, the Acquiror or any of their respective affiliates,
          and no representation or warranty is made as to the accuracy or completeness of any of the foregoing except as may be expressly set forth in this Agreement.

      

      

      (c)

      In the event that changes occur as to any material information, documents or exhibits
          referred to in this Agreement, of which Contributor has knowledge prior to Closing, Contributor will immediately disclose the same to Acquiror when first available to Contributor, and, in the event of any material adverse change, Acquiror may, at
          its election and as its sole remedy, terminate this Agreement, in which event the Earnest Money Deposit shall be immediately refunded to Acquiror.  The “knowledge” of Contributor, as used in this Section 14, means the knowledge of any of Mr.
          Watar, Chris Paz, Usman Maqsood, Hisam Sabouni or the internal legal team of Contributor and Trophy of Carson LLC, after reasonable inquiry. If, prior to the close of escrow, Acquiror has actual knowledge (whether by notice from Contributor, or
          otherwise) of the untruth or inaccuracy of, or facts or circumstances which would change materially, any representation or warranty of Contributor in this Agreement (each, an “Exception Matter”), then Acquiror shall have the sole option of:  (i)
          waiving such breach of representation or warranty and proceeding to close the transaction contemplated in this Agreement; (ii) subject to Contributor’s written agreement and concurrence with Acquiror, adjusting the terms of this Agreement to
          compensate Acquiror for such change; or (iii) terminating this Agreement, in which event the Earnest Money Deposit and all interest accrued thereon shall be immediately and automatically returned to Acquiror.  If Acquiror elects to proceed with
          the acquisition of the Property, Acquiror shall consummate the acquisition of the Property subject to such Exception Matter and Contributor shall have no liability with respect to such Exception Matter (except as may be set forth in a written
          agreement with Contributor pursuant to clause (ii) hereof), notwithstanding any contrary provision, covenant, representation or warranty contained in this Agreement.

      

      

      (d)

      The representations and warranties of Contributor set forth in Sections 14(a)(1), 14(a)(2),
          14(a)(13), and 14(a)(14) (collectively, the “Surviving Representations”) shall survive the Closing and the delivery of the Deed and the other
          documents contemplated by this Agreement.  All of the representations and warranties of the Contributor set forth in this Agreement other than the Surviving Representations (the “Limited Duration Representations”) shall only survive the Closing for a period of one (1) year following the Closing Date (the “Survival Period”) and shall not be deemed to have merged in any document delivered at the Closing for the time periods set forth.  Acquiror shall notify the Contributor in writing of any prospective claim for breach
          of representation or warranty promptly after Acquiror has actual notice of a breach of the relevant representation or warranty (but, with respect to the Limited Duration Representations, no later than the expiration of the Survival Period or such
          claim shall be barred).

      

      

      
        15

        
          

      

      

      

      15.

      Representations and Warranties by Unit Recipient.  The Unit Recipient makes the following representations and warranties, each of which is
          material and is being relied upon by Acquiror:

      

      

      (a)

      Such Unit Recipient has full power and authority to enter into this Agreement and to
          consummate the transactions contemplated by this Agreement, that the execution and delivery of this Agreement by such Unit Recipient and the consummation by such Unit Recipient of the transactions contemplated by this Agreement have been duly
          authorized by all necessary action on the part of such Unit Recipient and will not constitute or result in a breach or default under, or conflict with or violate, any agreement or other undertaking, to which such Unit Recipient is a party or by
          which such Unit Recipient is bound or with any judgment, decree, statute, order, rule or regulation applicable to such Unit Recipient or such Unit Recipient’s assets, and, if such Unit Recipient is not an individual, will not violate any
          provisions of the organizational or other formation or governing documents of such Unit Recipient.  This Agreement has been duly executed and delivered by such Unit Recipient and constitutes a valid and legally binding obligation of such Unit
          Recipient, enforceable against such Unit Recipient in accordance with and subject to its respective terms, subject to applicable bankruptcy, insolvency, moratorium or other similar laws relating to creditors’ rights and general principles of
          equity.  The signatures to this Agreement are genuine, and the signatory, if such Unit Recipient is an individual, has legal competence and capacity to execute the same, or, if such Unit Recipient is not an individual, the signatory has been duly
          authorized to execute the same on behalf of such Unit Recipient.

      

      

      (b)

      Such
          Unit Recipient is acquiring Unit Recipient’s Units for such Unit Recipient’s own account (or if such Unit Recipient is a trustee, for a trust account) for investment only, and not with a view to or for sale in connection with any distribution of
          all or any part of such Units.  Such Unit Recipient hereby agrees that such Unit Recipient shall not, directly or indirectly, transfer all or any part of such Units (or solicit any offers to buy, purchase or otherwise acquire or take a pledge of
          all or any part of such Units), except in accordance with the registration provisions of the Securities Act, and the regulations thereunder or an exemption from such registration provisions, with any applicable state or non-U.S. securities laws,
          and with the terms of this Agreement.  Such Unit Recipient understands that such Unit Recipient must bear the economic risk of an investment in the Units for an indefinite period of time because, among other reasons, the offering and sale of such
          Units have not been registered under the Securities Act and, therefore, such Units cannot be resold unless such resale is subsequently registered under the Securities Act or an exemption from such registration is available.  Such Unit Recipient
          also understands that sales or transfers of such Units are further restricted by the provisions of the REIT’s charter or the organizational agreements of the Acquiror, and may be restricted by other applicable securities laws.  If at any time the
          Units are evidenced by certificates or other documents, each such certificate or other document shall contain a legend stating that (1) such Units (i) have not been registered under the Securities Act or the securities laws of any state; (ii)
          have been issued pursuant to a claim of exemption from the registration provisions of the Securities Act and any state securities law which may be applicable; and (iii) may not be sold, transferred or assigned without compliance with the
          registration provisions of the Securities Act and the regulations thereunder and any other applicable federal or state securities laws or compliance with applicable exemptions therefrom; (2) sale, transfer or assignment of such Units is further
          subject to restrictions contained in the organizational documents of the issuer of such securities and such Units may not be sold, transferred or assigned unless and to the extent permitted by, and in accordance with, the provisions of the
          partnership agreement of the Acquiror or the charter of the REIT, as applicable; and (3) sale, transfer or assignment of such Units is subject to restrictions contained in this Agreement.

      

      

      (c)

      Such Unit Recipient has received and carefully reviewed the following documents:  (A) the
          Form 10-K for the year ended December 31, 2020 for the REIT; (B) the annual proxy statement of the REIT for its 2020 annual meeting; (C) the Quarterly Report on Form 10-Q of the REIT for the quarter ended September 30, 2021.  Such Unit Recipient has been afforded the opportunity to ask questions of those persons such Unit Recipient considers appropriate and to obtain
          any additional information such Unit Recipient desires in respect of the Units and the business, operations, conditions (financial and otherwise) and current prospects of Acquiror and the REIT and has received answers thereto satisfactory to such
          Unit Recipient from the Acquiror or the REIT or their representatives regarding the terms and conditions of the offering of the Units, and such Unit Recipient has obtained all additional information requested by such Unit Recipient of Acquiror or
          the REIT and their representatives to verify the accuracy of all information furnished to such Unit Recipient regarding the offering of such Units. Such Unit Recipient represents and warrants that such Unit Recipient has read this Agreement in
          its entirety and has relied upon and is making his, her or its decision to acquire the Units in exchange for such Unit Recipient’s interests based solely upon his, her or its review and evaluation of this Agreement and is not relying on the REIT,
          the Acquiror or any of their subsidiaries, affiliates or any of their respective representatives or agents with respect to any tax or other economic considerations involved in connection with the receipt of the Units.  Such Unit Recipient
          represents and warrants that such Unit Recipient has been advised to consult with his, her or its tax, legal and other advisors regarding the receipt of the Units and its effects, the tax consequences of Contributor making and not making a
          contribution hereunder, and has obtained, in such Unit Recipient’s judgment, sufficient information to evaluate the merits and risks of an exchange and investment hereunder.  Such Unit Recipient has not been furnished with and has not relied on
          any oral or written representation in connection with the offering of the Units that is not contained in this Agreement.

      

      

      
        16

        
          

      

      

      

      (d)

      Such Unit Recipient, with its purchaser representative, if any and as applicable, has such
          knowledge and experience in financial and business matters such that such Unit Recipient is capable of evaluating the merits and risks of acquiring the Units, and that such Unit Recipient has evaluated the risks of investing in the Units and has
          determined that they are a suitable investment for such Unit Recipient.  Such Unit Recipient represents and warrants that such Unit Recipient understands that an investment in the Units is a speculative investment that involves very significant
          risks and tax uncertainties and that such Unit Recipient is prepared to bear the economic, tax and other risks of an investment in the Units for an indefinite period of time, and is able to withstand a total loss of such Unit Recipient’s
          investment in the Units.

      

      

      (e)

      Prior to
          Closing, such Unit Recipient will complete, sign and return an Accredited Investor Questionnaire substantially in the form attached hereto as Exhibit
          “E” and by this reference made a part hereof (“Accredited Investor Questionnaire”).  Such Unit Recipient will, upon request, execute and/or deliver any additional documents deemed by the Acquiror to be necessary to confirm such Unit Recipient’s status and suitability.

      

      

      (f)

      Such
          Unit Recipient represents and agrees that such Unit Recipient is not and will not be (1) an “employee benefit plan” within the meaning of Section 3(3) of ERISA, whether or not subject to ERISA, (2) a “plan” within the meaning of Section 4975 of
          the Code, or (3) any person or entity whose assets include or are deemed to include the assets of any such “employee benefit plan” or “plan” by reason of Section 2510.3-101 of the Regulations of the U.S. Department of Labor or otherwise.  Such
          Unit Recipient will, upon request, execute, deliver and/or provide any additional documents deemed by the Acquiror to be necessary to confirm the foregoing.

      

      

      (g)

      Such
          Unit Recipient represents and warrants that the signature pages correctly set forth, for such Unit Recipient, (1) the principal residence of such Unit Recipient if such Unit Recipient is a natural person, (2) the place of business (or, if there
          is more than one place of business, the chief executive office) of such Unit Recipient if such Unit Recipient is a corporation, partnership, limited liability company, business trust or other entity (an “Entity”), (3) the state of incorporation, organization or formation if such Unit Recipient is an Entity other than a general partnership, (4) the information specified in clauses (1)
          and (2) of this subsection 15(g) as to each trustee of such Unit Recipient if such Unit Recipient is a trust (other than a business trust) and such trustee is a natural person and (5) the information specified in clauses (2) and (3) of this
          subsection 15(g) as to each trustee of such Unit Recipient if such Unit Recipient is a trust (other than a business trust) and such trustee is an Entity.

      

      

      (h)

      Such
          Unit Recipient is not a foreign person and is not owned directly or indirectly, in whole or in part, by a foreign person as determined for purposes of the Code and the regulations promulgated thereunder.

      

      

      (i)

      Such
          Unit Recipient has not entered into any agreement and is not otherwise liable or responsible to pay any brokers’ or finders’ fees or expenses to any Person with respect to this Agreement or its acquisition of Units contemplated hereby, except for
          any such Person the fees and expenses for which such Unit Recipient shall be solely responsible for and pay.

      

      

      (j)

      Such
          Unit Recipient acknowledges, understands and agrees that, as of the date hereof, no public market exists for the Units or the REIT Shares, and that neither the REIT nor the Acquiror makes any assurances that a public market will ever exists for
          the REIT Shares or the Units. Such Unit Recipient further acknowledges, understands and agrees that, although the Acquiror intends to list the REIT Shares on the NYSE, neither the Acquiror nor the REIT guarantees or provides any assurances that
          such a listing will occur in the near future or at all.  In addition, such Unit Recipient acknowledges, understands and agrees that the implied value per share of the Units of $25.00 per Unit is based on a discount to the most recently reported
          estimated net asset value per REIT Share of $27.29, and that the market price for the REIT Shares following a listing may be higher or lower than $25.00 per share.

      

      

      
        17

        
          

      

      

      

      (k)

      Notwithstanding
          anything contained in this Agreement to the contrary, such Unit Recipient and its subsidiaries and affiliates and any of its and their respective directors, officers, employees, stockholders, partners, members or representatives, acknowledge,
          covenant and agree that such Unit Recipient has made its own investigation of the REIT, the Acquiror and their subsidiaries and that neither the REIT, the Acquiror or their subsidiaries nor any of their respective affiliates, directors, officers,
          employees, stockholders, agents or representatives is making any representation or warranty whatsoever, express or implied, beyond those expressly given in this Agreement, including any implied warranty or representation as to condition,
          merchantability, suitability or fitness for a particular purpose or trade as to any of the securities (including the Units), assets or Properties of the REIT, the Acquiror or any of their subsidiaries.  Without limiting the generality of the
          foregoing, it is understood that any cost estimates, financial or other projections or other predictions that may have been shared with such Unit Recipient, as well as any information, documents or other materials (including any such materials
          contained in any “data room”, Drop Box folder, Google Drive or reviewed by Purchaser pursuant to the Confidentiality Agreement) or management presentations that have been or shall hereafter be provided to such Unit Recipient or any of its
          affiliates, agents or representatives are not and will not be deemed to be representations or warranties of the REIT, the Acquiror or any of their respective affiliates, and no representation or warranty is made as to the accuracy or completeness
          of any of the foregoing except as may be expressly set forth in this Agreement.

      

      

      (l)

      The provisions of this Section 15 shall survive the Closing and the delivery of the Deed and
          the other documents contemplated by this Agreement.

      

      

      16.

      Remaking
              of Contributor and Unit Recipient Warranties and Representations at Closing.  The representations and warranties made in this Agreement by Contributor and each Unit Recipient, as the case may be, shall be deemed remade by
          Contributor and each Unit Recipient, as the case may be, as of the Closing Date with the same force and effect as if, in fact, specifically remade at that time.  If prior to the Closing, Contributor or any Unit Recipient learns of any facts or
          circumstances which make any warranty or representation contained in this Agreement untrue, incorrect, or misleading in any material respect, Contributor and/or such Unit Recipient shall give Acquiror prompt written notice of such facts or
          circumstances.  If either (a) matters occurring after the Effective Date of this Agreement render Contributor (or any Unit Recipient) unable to remake a representation or warranty as of the Closing Date, and Contributor (or such Unit Recipient)
          specifically so advises Acquiror, in writing at or prior to Closing, of the particular circumstances rendering any representation or warranty untrue, or (b) prior to Closing Acquiror learns of any facts or circumstances which make any warranty or
          representation made in this Agreement by Contributor or any Unit Recipient untrue, incorrect, or misleading in any material respect and, as of the Effective Date, the party making such warranty or representation did not have knowledge of such
          facts or circumstances, the party making such warranty or representation shall not have any liability to Acquiror with respect to such warranty or representation and the failure to remake such representation or warranty shall not constitute a
          default hereunder by Contributor (or such Unit Recipient), except in the event or to the extent that the untruth of such representation or warranty is the result of any willful or intentional act of Contributor (or anyone acting at his, her or
          its request) or willful or intentional failure to act on the part of such Unit Recipient (or anyone acting at his, her or its request) and in breach of this Agreement.  Notwithstanding anything to the contrary in this Section 16, the continuing
          truth and accuracy in all material respects of all representations and warranties made by Contributor or each Unit Recipient in this Agreement shall be a condition precedent to Acquiror’s obligation to Close.

      

      

      17.

      Acquiror’s Representations and Warranties.  Acquiror makes the following representations and warranties, each of which is material and is
          being relied upon by Contributor and each Unit Recipient:

      

      

      (a)

      Acquiror is a limited partnership duly formed, validly existing and in good standing as a
          Delaware limited partnership and is duly qualified to do business in all jurisdictions where such qualification is necessary to carry on its business, except where the failure to so qualify would not materially and adversely affect the financial
          condition, business or operations of Acquiror or have a material adverse effect of Acquiror’s ability to perform Acquiror’s obligations under this Agreement.

      

      

      (b)

      Acquiror has all partnership power under the Third Amended and Restated Limited Partnership
          Agreement and its certificate of limited partnership to enter into this Agreement and all other documents and agreements executed by it in connection with the transaction that is the subject of this Agreement (this Agreement and all such other
          documents and agreements, collectively the “Acquiror Transaction Documents”) and at or prior to Closing Date to perform its obligations under
          the Acquiror Transaction Documents.

      

      

      
        18

        
          

      

      

      

      (c)

      The Acquiror is not in material violation of any of its organizational documents.  To the
          Acquiror’s knowledge, Acquiror is not in default in any material respect, and no event has occurred which, with notice or lapse of time or both, would constitute such a material default, under any agreement the violation of which would have a
          material adverse effect on Acquiror’s ability to perform Acquiror’s obligations under this Agreement.

      

      

      (d)

      The
          Third Amended and Restated Limited Partnership Agreement is in full force and effect and has not been further amended or modified.

      

      

      (e)

      The
          execution and delivery to Contributor by Acquiror of the Acquiror Transaction Documents, and the performance of all obligations of Acquiror under the Acquiror Transaction Documents, are permitted under the Third Amended and Restated Limited
          Partnership Agreement and will at Closing have been duly authorized by all requisite partnership action.  The Acquiror Transaction Documents will, when executed and delivered by Acquiror, be binding on Acquiror and enforceable against Acquiror in
          accordance with their respective terms, subject to bankruptcy and similar laws affecting the remedies or recourse of creditors generally and general principles of equity.

      

      

      (f)

      The
          Class C Units to be issued to each Unit Recipient at Closing pursuant to this Agreement will on the Closing Date be duly authorized units of limited partner interest in the Acquiror, issued in the name of such Unit Recipient, free and clear of
          all liens, claims and encumbrances other than those created by such Unit Recipient.

      

      

      (g)

      Commencing with the REIT’s taxable year ending December 31, 2016, the REIT has been
          organized and has operated in a manner so as to qualify as a real estate investment trust under Sections 856 through 860 of the Code.

      

      

      (h)

      The
          assets of the REIT do not constitute, and as of any Closing will not constitute, “plan assets” under the Employee Retirement Income Security Act of 1974, as amended.

      

      

      (i)

      Acquiror
          has at all times during its existence been properly treated as either a “disregarded entity” or partnership for federal income tax purposes and not as an association or publicly traded partnership taxable as a corporation for such purposes.

      

      

      (j)

      The
          provisions of this Section 17 shall survive the Closing and the delivery of the Deed and the other documents contemplated by this Agreement.

      

      

      18.

      Remaking
              of Acquiror Warranties and Representations.  The representations and warranties made in this Agreement by Acquiror shall be deemed remade by Acquiror as of the Closing Date with the same force and effect as if, in fact,
          specifically remade at that time.  If prior to the Closing Acquiror learns of any facts or circumstances which make any warranty or representation by Acquiror contained in this Agreement untrue, incorrect, or misleading in any material respect,
          Acquiror shall give Contributor prompt written notice of such facts or circumstances.  If either (a) matters occurring after the Effective Date of this Agreement render Acquiror unable to remake a representation or warranty as of the Closing
          Date, and Acquiror specifically so advises Contributor, in writing at or prior to Closing, of the particular circumstances rendering any representation or warranty untrue, or (b) prior to Closing Contributor learns of any facts or circumstances
          which make any warranty or representation made in this Agreement by Acquiror untrue, incorrect, or misleading in any material respect and, as of the Effective Date, the Acquiror did not have knowledge of such facts or circumstances, Acquiror
          shall not have any liability to Contributor or any Unit Recipient with respect to such warranty or representation and the failure to remake such representation or warranty shall not constitute a default hereunder by Acquiror, except in the event
          or to the extent that the untruth of such representation or warranty is the result of any willful or intentional act of Acquiror (or anyone acting at its request) and in breach of this Agreement.  Notwithstanding anything to the contrary in this
          Section 18, the continuing truth and accuracy in all material respects of all representations and warranties made by Acquiror in this Agreement shall be a condition precedent to Contributor’s obligation to Close.

      

      

      
        19

        
          

      

      

      

      19.

      Reserved.

      

      

      20.

      Tax Computations for REIT Qualification.  Contributor acknowledges that (a) the computation of taxable income of Acquiror is crucial in the
          determination of the taxable income of the REIT, (b) the REIT needs to be able to prepare accurate estimates of its taxable income in order to monitor compliance with the requirement that it distribute 90% of its taxable income to its
          shareholders, and (c) the depreciation of the Property and the required depreciation allocations under Section 704(c) of the Code will impact the computation of Acquiror’s and REIT’s taxable income.  Accordingly, Contributor agrees that (y)
          within thirty (30) days after the Closing Date, Contributor shall provide Acquiror with tax-basis computations and historical tax depreciation schedules (including state and Federal Regular and AMT depreciation schedules) for Contributor’s 2021
          fiscal year for the Property and within sixty (60) days of the Closing shall update such computations and schedules through the Closing Date for the Property, and (z) within sixty (60) days after the Closing Date, Contributor shall provide
          Acquiror with all data required to perform depreciation allocations (as contemplated by Section 704(c) of the Code) with respect to the Property and each Unit Recipient.  Such data shall include the tax basis allocable to each Unit Recipient for
          the Property.  The provisions of this Section 20 shall survive the Closing and the delivery of the Deed and the other documents contemplated by this Agreement.

      

      

      21.

      Regulation S-X.  Contributor shall provide to Acquiror and its auditors (a) at all times prior to and after the Closing, access at all
          reasonable times to all financial and other information relating to such Contributor’s Property reasonably necessary for Acquiror and its auditors to prepare audited financial statements in conformity with Regulation S-X of the rules promulgated
          by the Securities and Exchange Commission (the “SEC”) or other materials required for any registration statement, report or other disclosure to
          be filed with the SEC or necessary to comply with any SEC rule or regulation, and (b) at the Closing (or after thereto if required by Acquiror’s auditors) an executed representations letter as required by Generally Accepted Auditing Standards as
          promulgated by the Auditing Standards Division of the American Institute of Certified Public Accountants, which representation is required to enable an independent public accountant to render an opinion on such financial statements.  The
          obligation of Contributor to provide such access and representations letter shall survive the Closing and the delivery of the Deed and the other documents contemplated by this Agreement and Contributor shall indemnify and hold harmless Acquiror
          from and against any losses, costs, expenses (including, without limitation, reasonable attorneys’ fees and expenses) and liabilities arising from any Contributor’s failure to comply with these obligations.  This indemnity shall survive the
          Closing.  Following the Closing, Acquiror shall provide Contributor and its accountants (at Contributor’s expense) access at all reasonable times to all financial and other information relating to the Property (for periods prior to the Closing)
          necessary for Contributor to prepare Contributor’s tax returns and not otherwise retained by Acquiror.  The provisions of this Section 21 shall survive until Unit Recipient no longer owns any Units.

      

      

      22.

      Indemnification.

      

      

      (a)

      Subject to the provisions of Section 24(c) below, Contributor agrees to indemnify, defend
          and hold harmless Acquiror and its nominees, successors, assigns, officers, directors, members, managers, partners, stockholders, agents, and employees from and against any and all liabilities, claims, causes of action, penalties, costs and
          expenses, of any kind or nature whatsoever, arising out of, resulting from, relating to, or incident to the development, use or ownership of the Property by Contributor on or prior to the Closing Date, except to the extent that such liabilities,
          claims, causes of action, penalties, costs or expenses are caused by the intentional act or gross negligence of Acquiror or any of Acquiror’s nominees, successors, assigns, officers, directors, members, managers, partners, agents, or employees.  
          Contributor further agrees to indemnify and hold Acquiror harmless from and against any and all claims, costs, penalties, damages, losses, liabilities and expenses, including attorneys’ fees, related to or arising from any claim related to the
          transactions contemplated herein by any person holding an interest in Contributor, including but not limited to any claim for the breach of any duty or the terms, conditions, representations and warranties of this Agreement generally.

      

      

      (b)

      Subject
          to the provisions of Section 24(c) below, Contributor agrees to indemnify, defend and hold harmless Acquiror and its nominees, successors, assigns, officers, directors, members, managers, partners, agents, and employees from and against any and
          all liabilities, claims, causes of action, penalties, costs and expenses, of any kind or nature whatsoever, arising out of, resulting from, relating to, or incident to any CC&R.

      

      

      
        20

        
          

      

      

      

      (c)

      Acquiror
          agrees to indemnify, defend and hold harmless Contributor and Contributor's nominees, successors, assigns, officers, directors, members, stockholders, managers, partners, agents, and employees (collectively, the "Contributor Parties") from and against any and all liabilities, claims, causes of action, penalties, costs and expenses, of any kind or nature whatsoever, arising out of,
          resulting from, relating to, or incident to Acquiror’s ownership or use of the Property from and after the Closing Date except to the extent that such liabilities, claims, causes of action, penalties, costs or expenses are caused by the
          intentional act or gross negligence of Contributor or any of the Contributor Parties.

      

      

      (d)

      Subject to the provisions of Section 24(c) below and if the Closing occurs, the Unit
          Recipient agrees to indemnify and hold each of Acquiror and Acquiror’s nominees, successors, assigns, officers, directors, members, managers, partners, agents, and employees from and against any and all liabilities, claims, causes of action,
          penalties, costs and expenses, of any kind or nature whatsoever, arising out of, resulting from, relating to, or incident to:

      

      

      (1)

      Any
          misrepresentation, breach or inaccuracy of any representation or warranty of Contributor set forth in this Agreement or any other document executed and delivered by Contributor to Acquiror pursuant to this Agreement; and

      

      

      (2)

      Any nonfulfillment or breach of any covenant or agreement on the part of Contributor set
          forth in either this Agreement or any other document executed and delivered by Contributor to Acquiror pursuant to this Agreement.

      

      

      (e)

      Notwithstanding
          anything to the contrary in Section 22(d) above, Acquiror agrees that Acquiror will not exercise any right that Acquiror might have to set off amounts payable to the Unit Recipient by Acquiror with respect to such Unit Recipient’s Units against
          amounts owing by such Unit Recipient to Acquiror pursuant to Section 22(d) above except to the extent that (i) the amount owing by such Unit Recipient to Acquiror is evidenced by non-appealable judgment in favor of Acquiror or (ii) the amount
          owing by Acquiror to such Unit Recipient relates to such Unit Recipient’s exercise of such Unit Recipient’s right to redeem some or all of such Unit Recipient’s Units

      

      

      (f)

      The
          provisions of this Section 22 shall survive the Closing and the delivery of the Deed and the other documents contemplated by this Agreement.

      

      

      23.

      Reserved.

      

      

      24.

      Defaults.

      

      

      (a)

      Acquiror’s Pre-Closing Remedies.  In the event Contributor breaches any warranty or representation contained in this Agreement or fails to
          comply with or perform any of the covenants, agreements or obligations to be performed by Contributor under the terms and provisions of this Agreement, Acquiror, in Acquiror’s sole discretion, shall be entitled to (i) terminate this Agreement and
          receive an immediate refund of the Earnest Money Deposit from Title Company and neither party shall have any further liability to the other hereunder other than those obligations that survive the termination of this Agreement; or (ii) seek
          specific performance of Contributor’s obligations hereunder; provided however, if Contributor has made specific performance impossible due to the willful act or gross negligence of Contributor, Acquiror shall be entitled to seek actual damages
          (but not punitive, special, or consequential damages) as an alternative remedy as limited by the limitation on liability set forth in subsection (c) below.

      

      

      (b)

      Acquiror’s Post-Closing Remedies.  In the event of any Contributor’s default or breach of any warranty, representation or other obligation
          which survives closing, or which occurs post-closing, Acquiror shall be entitled to bring an action for Acquiror’s actual damages incurred as limited by the limitation on liability set forth in Section 22 and subsection (c) below.

      

      

      
        21

        
          

      

      

      

      (c)

      Limitation on Liability.  Notwithstanding anything to the contrary in this Agreement, except for the Non-Limited Liability Claims, in no
          event shall the aggregate liability of the Contributor, any of the Contributor Parties, and the Unit Recipient for claims arising under or relating to this Agreement, or any document executed in connection herewith, exceed $5,000,000.  The “Non-Limited Liability Claims” are, collectively, claims arising under or relating to any of the Surviving Representations, any of the warranties
          and representations contained in Section 15, or the Accredited Investor Questionnaire delivered by Unit Recipient.  For the avoidance of doubt, it is agreed that liability of Contributor, any of the Contributor Parties, and the Unit Recipient for
          any of the Non-Limited Liability Claims (i.e., claims arising under or relating to any of the Surviving Representations, any of the warranties and representations contained in Section 15 or the Accredited Investor Questionnaire delivered by the
          Unit Recipient) is not limited by the immediately preceding sentence.

      

      

      (d)

      Contributor’s Remedies.  Prior to the Closing, in the event Acquiror breaches any warranty or representation contained in this Agreement or
          fails to comply with or perform any of the covenants, agreements or obligations to be performed by Acquiror under the terms and provisions of this Agreement, the Earnest Money Deposit shall become due to Contributor as full liquidated damages and
          as Contributor’s sole and exclusive remedy, whereupon this Agreement shall automatically terminate.  Acquiror and Contributor acknowledge that it would be difficult or impossible to ascertain the actual damages suffered by Contributor as a result
          of any default by Acquiror and agree that such liquidated damages are a reasonable estimate of such damages; provided, however, that this provision shall not limit Contributor’s right to receive reimbursement for attorneys’ fees incurred by
          Contributor in pursuing its remedies to recover liquidated damages pursuant to this Section 24(d) or waive or affect Contributor’s rights and Acquiror’s indemnity obligations under other sections of this Agreement.  The parties have set forth
          their initials below to indicate their agreement with the liquidated damages provision contained in this Section 24(d).

      

      

      	 	
              CONTRIBUTOR’S INITIALS:

            	
              ACQUIROR’S INITIALS:

            	 
	 	 	 	 
	 	
              Initials:

            	 	 	
              Initials:

            	 	 

      

      

      As material consideration to each party’s agreement to the liquidated damages provisions stated above, each party hereby agrees to
        waive any and all rights whatsoever to contest the validity of the liquidated damage provision for any reason whatsoever, including, but not limited to, that such provision was unreasonable under circumstances existing at the time this Agreement
        was made.

      

      

      25.

      Confidentiality.

      

      

      (a)

      Acquiror agrees that, prior to the Closing, all documents and information obtained from
          Contributor or Contributor’s representatives pursuant to this Agreement shall be kept confidential as provided in this Section 25(a).  Prior to the Closing, the property information received from Contributor shall not be disclosed by Acquiror or
          its representatives, in any manner whatsoever, in whole or in part, except (1) with the prior written consent of Contributor, (2) to the extent that such document or information is publicly available, (3) to Acquiror’s representatives who need to
          know the property information for the purpose of evaluating the Property and who are informed by the Acquiror of the confidential nature of the property information; (4) as may be necessary for Acquiror or Acquiror’s representatives to comply
          with applicable laws, including, without limitation, governmental regulatory, disclosure, tax and reporting requirements, to comply with other requirements of regulatory and supervisory authorities and self-regulatory organizations having
          jurisdiction over Acquiror or Acquiror’s representatives; or to comply with regulatory or judicial processes; or (5) as may be necessary in order to obtain financing for the Property.  The provisions of this Section 25(a) shall not survive the
          Closing but shall, notwithstanding any other provision of this Agreement, survive any termination of this Agreement.

      

      

      
        22

        
          

      

      

      

      (b)

      Contributor agrees that the existence and terms of this Agreement shall be kept confidential
          as provided in this Agreement.  The identity of Acquiror, the existence of this Agreement and the terms of this Agreement shall be kept confidential and shall not be disclosed by any Contributor or its representatives, in any manner whatsoever,
          in whole or in part, except (1) with the prior written consent of Acquiror, (2) to the extent that such document or information is publicly available, (3) to Contributor’s representatives who need to know the information for the purpose of
          advising such Contributor with respect to the transaction which is the subject of this Agreement or assisting such Contributor in connection with the Closing of the transaction which is the subject of this Agreement and who are informed by such
          Contributor of the confidential nature of the information, or (4) as may be necessary for Contributor or Contributor’s representatives to comply with applicable laws, including, without limitation, governmental regulatory, disclosure, tax and
          reporting requirements, to comply with other requirements of regulatory and supervisory authorities and self-regulatory organizations having jurisdiction over such Contributor or such Contributor’s representatives; or to comply with regulatory or
          judicial processes.  The provisions of this Section 25(b) shall survive the Closing and the delivery of the Deed and the other documents contemplated by this Agreement.

      

      

      26.

      Payment of Commissions.  Each party hereto represents and warrants that it has employed no brokers or real estate agencies in the creation
          of or the negotiations relating to this Agreement, and each party shall indemnify, defend and hold harmless the other party by reason of any breach of such party of its warranty and representation under this section.  The provisions of this
          section shall survive Closing and the delivery of the Deed and the other documents contemplated by this Agreement.

      

      

      27.

      Contributor Tax Advice.  Contributor has obtained from its own counsel advice regarding the tax consequences of: (1) the transfer of such
          Contributor’s Property to Acquiror and the receipt of the Contribution Consideration, as consideration therefor, (2) such Contributor’s admission as a limited partner of Acquiror, and (3) any other transaction contemplated by this Agreement. 
          Contributor further represents and warrants that it has not relied on Acquiror, Acquiror’s affiliates, representatives, counsel or other advisors and their respective representatives for such tax advice. The provisions of this Section 27 shall
          survive the termination of this Agreement.

      

      

      28.

      Assignment.  Neither this Agreement nor any interest hereunder shall be assigned or transferred by Contributor or Acquiror.  Notwithstanding
          the foregoing, Acquiror may direct Contributor to convey the Property or any part thereof to one or more parties designated by Acquiror provided such party is an entity 100% owned, directly or indirectly, by Acquiror and such entity is
          disregarded as an entity separate from Acquiror for federal income tax purposes.  Subject to the foregoing, this Agreement shall inure to the benefit of and shall be binding upon Contributor and Acquiror and their respective successors and
          assigns.

      

      

      29.

      Successors and Assigns.  Subject to
          the provisions of Section 28 above the rights and obligations created by this Agreement shall be binding upon and inure to the benefit of the parties hereto, their heirs, executors, receivers, trustees, successors and permitted assigns.

      

      

      
        23

        
          

      

      

      

      30.

      Notices.  Any notice, approval, waiver, objection or other communication required or permitted to be given hereunder or given in regard to
          this Agreement by one party to the other shall be in writing and the same shall be given and be deemed to have been received (a) if hand delivered, when delivered in person to the address set forth hereinafter for the party to whom notice is
          given; (b) if mailed, three (3) days after it is placed in the United States mail, postage prepaid, by Certified Mail, return mail receipt requested, addressed to the party at the address hereinafter specified; (c) if by overnight delivery when
          received by the other party; or (d) if by email, when received by the other party at the address hereinafter specified as evidenced by the confirmation receipt of the sender.  Any party may change its address for notices by notice theretofore
          given in accordance with this section:

      

      

      	 	
              If to Contributor:

            	
              Trophy of Carson Real Estate LLC

              21140 S Avalon

              Carson, CA 90745

              Attn: Nasser Watar

              Tel.:  (818) 788-0234

              Email:  n.watar@tadg.us

            
	 	 	 
	 	
              With a copy to:

            	
              Holland & Knight LLP

              400 South Hope Street

              8th Floor

              Los Angeles, CA  90071

              Attn: Douglas Praw

              Tel.: (213) 896-2588

              Email:  doug.praw@hklaw.com

            
	 	 	 
	 	
              If to Acquiror:

            	
              Modiv Operating Partnership, LP

              120 Newport Center Drive

              Newport Beach, CA  92660

              Attn: John Raney, Chief Legal Officer, GC

              Tel.:  888-686-6348

              Email: jraney@modiv.com

            
	 	 	 
	 	
              With a copy to:

            	
              Modiv, Inc.

              120 Newport Center Drive

              Newport Beach, CA  92660

              Attn: John Raney, Chief Legal Officer, GC

              Tel.:  888-686-6348

              Email: jraney@modiv.com

            
	 	 	 
	 	
              And with a Copy to:

            	
              Morris, Manning & Martin, LLP

              3343 Peachtree Road NE, Suite 1600

              Atlanta, GA  30326

              Attn.:  Lauren Burnham Prevost

              Tel.:  404-233-7000

              Email:  lprevost@mmmlaw.com

            

      

      

      31.

      Further Assurances.  From time to time, at either party’s request, whether on or after Closing, and without further consideration, the other
          party shall execute and deliver any further instruments of conveyance and take such other actions as the requesting party may reasonably require to complete more effectively the transfer of the Property to Acquiror.  The provisions of this
          Section 31 shall survive the Closing and the delivery of the Deed and the other documents contemplated by this Agreement.

      

      

      32.

      Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which
          together shall constitute one and the same instrument.

      

      

      
        24

        
          

      

      

      

      33.

      Arbitration and Attorney’s Fees.  Any controversy or claim between or among the parties hereto shall be resolved by binding arbitration in
          Orange County, California, in accordance with Exhibit “F”.  The prevailing party in any such arbitration shall be reimbursed for all reasonable costs, including but not limited to, reasonable attorney’s fees.  If any other dispute between the parties hereto should result
          in litigation, the prevailing party shall be reimbursed for all reasonable costs, including but not limited to, reasonable attorney’s fees.

      

      

      34.

      Time of Essence.  Time is of the
          essence of this Agreement.

      

      

      35.

      Survival.  Except to the extent
          expressly limited pursuant to the provisions of this Agreement, all warranties and representations of either party contained herein and all warranties and representations of each Unit Recipient shall survive the Closing for the period of time
          specified herein.  All other provisions that expressly, or by their nature, survive the Closing or termination of this Agreement shall survive for the statute of limitations period applicable to each such provision.

      

      

      36.

      Governing Law.  This Agreement and all transactions contemplated hereby shall be governed by, construed and enforced in accordance with the
          laws of the state in which the Property is located.  The parties herein waive trial by jury and agree to submit to the personal jurisdiction and venue of a court of subject matter jurisdiction located in the county in which the Property is
          located.

      

      

      37.

      Entire Agreement and Amendments.  This Agreement, together with all exhibits attached hereto or referred to herein, contain all
          representations and the entire understanding between the parties hereto with respect to the subject matter hereof.  Any prior correspondence, memoranda or agreements are replaced in total by this Agreement and exhibits hereto.  This Agreement may
          only be modified or amended upon the written consent of both parties.

      

      

      [Signatures on Following Pages]

      

      

      
        25

        
          

      

      

      

      IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the Effective Date.

      

      

      	 	
              CONTRIBUTOR:

               

              TROPHY OF CARSON REAL ESTATE LLC, a
                California limited liability company

            
	 	 
	 	
              By:

            	
              /s/ Nasser Water

            
	 	
              Name:

            	
              Nasser Water

            
	
              Date: January 13, 2022

            	
              Title:

            	
              Manager

            
	 	 
	 	
              ACQUIROR:

               

              MODIV OPERATING PARTNERSHIP, LP, a
                Delaware limited partnership

            
	 	 
	 	
              BY:

            	
              MODIV INC., a Maryland corporation, its
                sole general partner

            
	 	 
	 	 	
              By:

            	
              /s/ Aaron S. Halfacre

            
	 	 	
              Name:

            	
              /s/ Aaron S. Halfacre

            
	
              Date: January 13, 2022

            	 	
              Title:

            	
              Chief Executive Officer

            
	 	 
	 	
              UNIT RECIPIENT:

               

              The undersigned hereby (i) agrees to be bound by all obligations of the Unit Recipient arising under this Contribution Agreement and (ii)
                confirms the accuracy of all representations and warranties made by Contributor with respect to the Unit Recipient:

               

              GROUP OF TROPHY LLC 

              

            
	 	 
	
              Date: January 13, 2022

            	
              By:

            	
              /s/ Nasser Water

            
	 	
              Name:

            	
              Nasser Water

            
	 	
              Title:

            	
              Manager

            

      

      

      

      

    

  

  26Exhibit 10.2

      

      

      LEASE AGREEMENT

      

      

      (Kia of Carson, 22020 Recreation Rd., Carson, California)

      

      

      THIS LEASE AGREEMENT (this “Lease”) is made as of January 18, 2022 (the “Effective Date”), by and
        between MDV TROPHY CARSON CA LLC, a California limited liability company (“Landlord”), and TROPHY OF CARSON LLC, a California limited liability company (“Tenant”).

      

      

      In consideration of the mutual covenants and agreements herein contained, Landlord and Tenant hereby covenant and agree as follows:

      

      

      RECITALS:

      

      

      A.          Landlord owns that
          certain improved real property located at 22020 Recreation  in the City of Carson, Los Angeles County, California, as more particularly described on attached Exhibit
              A.

      

      

      B.          Landlord desires to
          lease to Tenant and Tenant  desires lease form Landlord, the Premises (as defined below) on the terms and provisions set forth below.

      

      

      C.          As a condition to
          entering into this Lease, Tenant shall cause each Guarantor to execute and deliver to Landlord the Guaranty.

      

      

      ARTICLE I

      

      

      DEFINITIONS

      

      

      The following terms shall have the following meanings for all purposes of this Lease:

      

      

      “Additional Rent” has the
        meaning set forth in Section 4.03.

      

      

      “Adjustment Date” means
        February 1, 2023 and annually on every February 1st thereafter during the Lease Term (including any Extension Term).

      

      

      “Affiliate” means any Person
        which directly or indirectly controls, is under common control with or is controlled by any other Person.  For purposes of this definition, “controls,” “under common control with,” and “controlled by” means the possession, directly or indirectly,
        of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities or otherwise.

      

      

      “Anti‐Money Laundering Laws”
        means all applicable Laws, regulations and government guidance on the prevention and detection of money laundering, including, without limitation, (a) 18 U.S.C. §§ 1956 and 1957; and (b) the Bank Secrecy Act, 31 U.S.C. §§ 5311 et seq., and its
        implementing regulations, 31 CFR Part 103.

      

      

      “Base Annual Rent” means
        $3,815,000.00, as adjusted pursuant to the terms of this Lease.

      

      

      
        
          

      

      
      

      

      “Base Monthly Rent” means an
        amount equal to 1/12 of the applicable Base Annual Rent.

      

      

      “Business Day” means a day on
        which banks located in Newport Beach, California are not required or authorized to remain closed.

      

      

      “Casualty” means any loss of
        or damage to any property included within or related to the Premises or arising from an adjoining property caused by an Act of God, fire, flood or other catastrophe.

      

      

      “Code” means the Internal
        Revenue Code of 1986, as the same may be amended from time to time.

      

      

      “Condemnation” means a Taking
        and/or a Requisition.

      

      

      “Costs” means all reasonable
        costs and expenses incurred by a Person, including, without limitation, reasonable attorneys’ fees and expenses, court costs, expert witness fees, costs of tests and analyses, travel and accommodation expenses, deposition and trial transcripts,
        copies and other similar costs and fees, recording fees and transfer taxes or fees, as the circumstances require.

      

      

      “Default Rate” means 10% per
        annum or the highest rate permitted by Law, whichever is less.

      

      

      “Effective Date” has the
        meaning set forth in the introductory paragraph of this Lease.

      

      

      “Environmental Laws” means
        federal, state and local Laws, ordinances, common law requirements and regulations and standards, rules, policies and other governmental requirements, administrative rulings and court judgments and decrees having the effect of Law in effect now or
        in the future and including all amendments, that relate to Hazardous Materials, USTs, and/or the protection of human health or the environment, or relating to liability for or Costs of Remediation or prevention of Releases, and apply to Tenant
        and/or the Premises.

      

      

      “Environmental Liens” means
        any liens and other encumbrances imposed pursuant to any Environmental Law.

      

      

      “Event of Default” has the
        meaning set forth in Section 12.01.

      

      

      “Exchange Act” means the
        Securities Exchange Act of 1934, as amended.

      

      

      “Extension Option” has the
        meaning set forth in Section 3.02.

      

      

      “Extension Term” has the
        meaning set forth in Section 3.02.

      

      

      “Force Majeure Event” has the
        meaning set forth in Section 17.01.

      

      

      “GAAP” means generally
        accepted accounting principles, consistently applied from period to period.

      

      

      “Governmental Authority” means
        any governmental authority, agency, department, commission, bureau, board, instrumentality, court or quasi‐governmental authority of the United States, any state or any political subdivision thereof with authority to adopt, modify, amend,
        interpret, give effect to or enforce any federal, state and local Laws, statutes, ordinances, rules or regulations, including common law, or to issue court orders.

      

      

      
        2

        
          

      

      

      

      “Guarantor” means,
        individually and collectively, Group of Trophy LLC, a California limited liability company, Trophy Automotive Dealer Group LLC, a Delaware limited liability company, and First City Investment Group LLC, a Delaware limited liability company, or any
        additional or replacement guarantor(s) approved by Landlord in its sole and absolute discretion.

      

      

      “Guaranty” means that certain
        Unconditional Guaranty of Payment and Performance dated as of the date hereof given by Guarantor for the benefit of Landlord, as the same may be amended from time to time.

      

      

      “Hazardous Materials” means
        (a) “petroleum” and “petroleum‐based substances” or any similar terms described or defined in any of the Environmental Laws and any applicable federal, state, county or local Laws applicable to or regulating USTs, (b) oil, flammable substances,
        explosives, radioactive materials, hazardous wastes or substances, toxic wastes or substances or any other materials, contaminants or pollutants, the presence of which causes the Premises to be in violation of any local, state or federal Law or
        regulation, or Environmental Law, or are defined as or included in the definition of “hazardous substances,” “hazardous wastes,” “hazardous materials,” “toxic substances,” “contaminants,” “pollutants,” or words of similar import under any
        applicable local, state or federal Law or under the regulations adopted, orders issued, or publications promulgated pursuant thereto, including, but not limited to: (i) the Comprehensive Environmental Response, Compensation and Liability Act of
        1980, as amended, 42 U.S.C. § 9601, et seq.; (ii) the Hazardous Materials Transportation Act, as amended, 49 U.S.C. § 5101, et seq.; (iii) the Resource Conservation and Recovery Act, as amended, 42 U.S.C. § 6901, et seq.; and (iv) regulations
        adopted and publications promulgated pursuant to the aforesaid Laws; (b) asbestos in any form which is friable, urea formaldehyde foam insulation, transformers or other equipment which contain dielectric fluid containing levels of polychlorinated
        biphenyls in excess of fifty (50) parts per million; (d) per- and poly-fluoroalkyl substances; (e) any other chemical, material or substance, exposure to which is prohibited, limited or regulated by any Governmental Authority; and (f) underground
        storage tanks containing any of the foregoing materials.

      

      

      “Initial Term” has the meaning
        set forth in Section 3.01.

      

      

      “Insolvency Event” means (a) a
        Person’s (i) failure to generally pay its debts as such debts become due; (ii) admitting in writing its inability to pay its debts generally; or (iii) making a general assignment for the benefit of creditors; (b) any proceeding being instituted by
        or against any Person (i) seeking to adjudicate it bankrupt or insolvent; (ii) seeking liquidation, dissolution, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any Law relating to
        bankruptcy, insolvency, or reorganization or relief of debtors; or (iii) seeking the entry of an order for relief or the appointment of a receiver, trustee, or other similar official for it or for any substantial part of its property, and in the
        case of any such proceeding instituted against any Person, either such proceeding shall remain undismissed for a period of one hundred twenty (120) days or any of the actions sought in such proceeding shall occur; or (c) any Person taking any
        corporate action to authorize any of the actions set forth above in this definition.

      

      

      “Insurance Premiums” has the
        meaning in Section 6.04.

      

      

      “Landlord Entity” or “Landlord Entities” means individually or collectively, as the context may require, Landlord and all Affiliates of Landlord.

      

      

      “Landlord Indemnified Parties”
        means Landlord, its members, managers, officers, directors, shareholders, partners, employees, affiliates, subsidiaries, successors and assigns, including, but not limited to, any successors by merger, consolidation or acquisition of all or a
        substantial portion of the assets and business of Landlord.

      

      

      “Law(s)” means any
        constitution, statute, rule of law, code, ordinance, order, judgment, decree, injunction, rule, regulation, policy, requirement or administrative or judicial determination, even if unforeseen or extraordinary, of every duly constituted Governmental
        Authority, court or agency, now or hereafter enacted or in effect.

      

      

      “Lease Term” has the meaning
        described in Section 3.01.

      

      

      
        3

        
          

      

      

      

      “Legal Requirements” means the
        requirements of all present and future Laws (including, without limitation, Environmental Laws and Laws relating to accessibility to, usability by, and discrimination against, disabled individuals), all judicial and administrative interpretations
        thereof, including any judicial order, consent, decree or judgment, and all covenants, restrictions and conditions now or hereafter of record which may be applicable to Tenant or to the Premises, or to the use, manner of use, occupancy, possession,
        operation, maintenance, alteration, repair or restoration of the Premises, even if compliance therewith necessitates structural changes or improvements or results in interference with the use or enjoyment of the Premises.

      

      

      “Lender” means any lender in
        connection with any loan secured by Landlord’s interest in the Premises, and any servicer of any loan secured by Landlord’s interest in the Premises.

      

      

      “Losses” means any and all
        claims, suits, liabilities (including, without limitation, strict liabilities), actions, proceedings, obligations, debts, damages, losses, Costs, diminutions in value, fines, penalties, interest, charges, fees, judgments, awards, amounts paid in
        settlement and damages of whatever kind or nature, inclusive of bodily injury and property damage to third parties (including, without limitation, attorneys’ fees and other Costs of defense).

      

      

      “Material Adverse Effect”, as
        such term relates to Tenant, means a material adverse effect on (a) the Premises, including, without limitation, the operation of the Premises as a Permitted Facility and/or the value of the Premises; (b) the contemplated business, condition, worth
        or operations of any Tenant Entity; (c) Tenant’s ability to perform its obligations under this Lease; or (d) Landlord’s interests in the Premises, this Lease or the other Transaction Documents; or (e) any Guarantor’s ability to perform its
        obligations under the Guaranty.  “Material Adverse Effect”, as such term relates to Landlord, means a material adverse effect on (a) the
        Premises, including, without limitation, the operation of the Premises as a Permitted Facility and/or the value of the Premises; (b) the contemplated business, condition, worth or operations of any Landlord Entity; (c) Landlord’s ability to perform
        its obligations under this Lease; or (d) Landlord’s interests in the Premises, this Lease or the other Transaction Documents.

      

      

      “Monetary Obligations” means
        all Rent and all other sums payable or reimbursable by Tenant under this Lease to Landlord, to any third party on behalf of Landlord, or to any Indemnified Party.

      

      

      “Mortgage” means,
        collectively, the mortgages, deeds of trust or deeds to secure debt, assignments of rents and leases, security agreements and fixture filings executed by Landlord for the benefit of Lender with respect to the Premises, as such instruments may be
        amended, modified, restated or supplemented from time to time and any and all replacements or substitutions.

      

      

      “Net Award” means (a) the
        entire award payable with respect to the Premises by reason of a Condemnation whether pursuant to a judgment or by agreement or otherwise; or (b) the entire proceeds of any insurance required under Section 6.03 payable with respect to the Premises,
        as the case may be, and in either case, less any Costs incurred by Landlord or Tenant in collecting such award or proceeds.

      

      

      “OFAC Laws” means Executive
        Order 13224 issued by the President of the United States, and all regulations promulgated thereunder, including, without limitation, the Terrorism Sanctions Regulations (31 CFR Part 595), the Terrorism List Governments Sanctions Regulations (31 CFR
        Part 596), the Foreign Terrorist Organizations Sanctions Regulations (31 CFR Part 597), and the Cuban Assets Control Regulations (31 CFR Part 515), and all other present and future federal, state and local Laws, ordinances, regulations, policies,
        lists (including, without limitation, the Specially Designated Nationals and Blocked Persons List) and any other requirements of any Governmental Authority (including without limitation, the U.S. Department of the Treasury Office of Foreign Assets
        Control) addressing, relating to, or attempting to eliminate, terrorist acts and acts of war, each as supplemented, amended or modified from time to time after the Effective Date, and the present and future rules, regulations and guidance documents
        promulgated under any of the foregoing, or under similar Laws, ordinances, regulations, policies or requirements of other states or localities.

      

      

      
        4

        
          

      

      

      

      “Other Agreements” means,
        collectively, all agreements and instruments now or hereafter entered into between, among or by (a) any of the Tenant Entities; and, or for the benefit of, (b) any of the Landlord Entities, including, without limitation, leases, promissory notes
        and guaranties, but excluding this Lease and all other Transaction Documents.

      

      

      “Partial Condemnation” has the
        meaning set forth in Section 11.03.

      

      

      “Permitted Amounts” shall
        mean, with respect to any given level of Hazardous Materials, that level or quantity of Hazardous Materials in any form or combination of forms which does not constitute a violation of any Environmental Laws and is customarily employed in, or
        associated with, similar businesses located in the state where the Premises is located.

      

      

      “Permitted Facility” means a
        retail facility for the sale and service of automobiles, all related purposes such as ingress, egress and parking, and uses incidental thereto.

      

      

      “Person” means any individual,
        partnership, corporation, limited liability company, trust, unincorporated organization, Governmental Authority or any other form of entity.

      

      

      “Personalty” means any and all
        “goods” (excluding “inventory,” and including, without limitation, all “equipment,” “fixtures,” appliances and furniture (as “goods,” “inventory,” “equipment” and “fixtures” are defined in the applicable Uniform Commercial Code then in effect in
        the applicable jurisdiction)) from time to time situated on or used in connection with the Premises, whether now owned or held or hereafter arising or acquired, together with all replacements and substitutions therefore and all cash and non-cash
        proceeds (including insurance proceeds and any title and UCC insurance proceeds) and products thereof, and, in the case of tangible collateral, together with all additions, attachments, accessions, parts, equipment and repairs now or hereafter
        attached or affixed thereto or used in connection therewith.

      

      

      “Premises” means that parcel
        or parcels of real estate legally described on Exhibit A attached hereto, all rights, privileges, and appurtenances associated therewith, and all buildings,
        fixtures and other improvements now or hereafter located on such real estate (whether or not affixed to such real estate); provided, however the term “Premises” does not include Tenant’s trade fixtures or Personalty.

      

      

      “Real Estate Taxes” has the
        meaning set forth in Section 6.04.

      

      

      “Release” means any presence,
        release, deposit, discharge, emission, leaking, spilling, seeping, migrating, injecting, pumping, pouring, emptying, escaping, dumping, disposing or other movement of Hazardous Materials into the environment.

      

      

       “Remediation” means any
        response, remedial, removal, or corrective action, any activity to cleanup, detoxify, decontaminate, contain or otherwise remediate any Hazardous Materials, any actions to prevent, cure or mitigate any Release, any action to comply with any
        Environmental Laws or with any permits issued pursuant thereto, any inspection, investigation, study, monitoring, assessment, audit, sampling and testing, laboratory or other analysis, or any evaluation relating to any Hazardous Materials.

      

      

      “Rent” means, collectively,
        the Base Annual Rent and the Additional Rent.

      

      

      “Rent Adjustment” means an
        amount equal to  two percent (2.0%) of the Base Annual Rent in effect immediately prior to the applicable Adjustment Date.

      

      

      “Requisition” means any
        temporary requisition or confiscation of the use or occupancy of the Premises by any Governmental Authority, civil or military, whether pursuant to an agreement with such Governmental Authority in settlement of or under threat of any such
        requisition or confiscation, or otherwise.

      

      

      “Reserve” has the meaning in
        Section 6.04.

      

      

      
        5

        
          

      

      

      

      “Securities” has the meaning
        set forth in Section 17.10.

      

      

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

      

      

      “Successor Landlord” has the
        meaning set forth in Section 13.03.

      

      

      “Taking” means (a) any taking
        or damaging of all or a portion of the Premises (i) in or by condemnation or other eminent domain proceedings pursuant to any Law, general or special; (ii) by reason of any agreement with any condemnor in settlement of or under threat of any such
        condemnation or other eminent domain proceeding; or (iii) by any other means; or (b) any de facto condemnation.  The Taking shall be considered to have taken place as of the later of the date actual physical possession is taken by the condemnor, or
        the date on which the right to compensation and damages accrues under the Law applicable to the Premises.

      

      

      “Temporary Taking” has the
        meaning set forth in Section 11.04.

      

      

      “Tenant Entity” or “Tenant Entities” means individually or collectively, as the context may require, Tenant and each Guarantor, and all Affiliates thereof.

      

      

      “Tenant Indemnified Parties”
        means Tenant, its members, managers, officers, directors, shareholders, partners, employees, affiliates, subsidiaries, successors and assigns, including, but not limited to, any successors by merger, consolidation or acquisition of all or a
        substantial portion of the assets and business of Tenant.

      

      

      “Tenant’s Knowledge” means the
        knowledge of any of Mr. Watar, Chris Paz, Usman Maqsood, Hisam Sabouni or the internal legal team of Tenant and Trophy of Carson LLC, after reasonable inquiry.

      

      

      “Threatened Release” means a
        substantial likelihood of a Release which requires action to prevent or mitigate damage to the soil, surface waters, groundwaters, land, stream sediments, surface or subsurface strata, ambient air or any other environmental medium comprising or
        surrounding the Premises which may result from such Release.

      

      

      “Total Condemnation” has the
        meaning set forth in Section 11.02.

      

      

      “Transaction” has the meaning
        set forth in Section 14.01.

      

      

      “Transaction Documents” means
        this Lease, the Guaranty and all documents related thereto.

      

      

      “U.S. Publicly Traded Entity”
        means an entity whose securities are listed on a national securities exchange or quoted on an automated quotation system in the United States or a wholly‐owned subsidiary of such an entity.

      

      

      “USTs” means any one or
        combination of tanks and associated product piping systems used in connection with storage, dispensing and general use of Hazardous Materials.

      

      

      ARTICLE II

      

      

      LEASE OF PROPERTY

      

      

      Section 2.01.  Lease.  In consideration of Tenant’s payment of the Rent and other Monetary Obligations and Tenant’s performance of all other obligations hereunder,
        Landlord hereby leases to Tenant, and Tenant hereby takes and hires, the Premises, “AS IS” and “WHERE IS” without representation or warranty by Landlord, and subject to the existing state of title, the parties in possession, any statement of facts
        which an accurate survey or physical inspection might reveal, and all Legal Requirements now or hereafter in effect.

      

      

      
        6

        
          

      

      

      

      Section 2.02.  Quiet Enjoyment.  So long as no Event of Default has occurred and is continuing and subject to the rights of Landlord under Section 12.02, Tenant
        shall have, subject to the terms and conditions set forth herein, the right to the peaceful and quiet enjoyment and occupancy of the Premises.

      

      

      Section 2.03.  California Civil Code § 1938 Advisory.  Landlord advises Tenant that the Premises have not undergone inspection by a Certified Access Specialist
        (CASp) (as defined in California Civil Code § 55.52(a)(3)).  In addition, the following notice is hereby provided as required by Section 1938(e) of the California Civil Code:

      

      

      “A Certified Access Specialist (CASp) can inspect the subject premises and determine whether the subject premises comply with all of
        the applicable construction-related accessibility standards under state law.  Although state law does not require a CASp inspection of the subject premises, the commercial property owner or lessor may not prohibit the lessee or tenant from
        obtaining a CASp inspection of the subject premises for the occupancy or potential occupancy of the lessee or tenant, if requested by the lessee or tenant.  The parties shall mutually agree on the arrangements for the time and manner of the CASp
        inspection, the payment of the fee for the CASp inspection, and the cost of making any repairs necessary to correct violations of construction-related accessibility standards within the premises.”

      

      

      ARTICLE III

      

      

      LEASE TERM; EXTENSION

      

      

      Section 3.01.  Initial Term.  The initial term of this Lease (“Initial Term”)
        shall commence as of the Effective Date and shall expire at midnight on January 17, 2047, unless terminated sooner as provided in this Lease and as may be extended as provided herein.  The time period during which this Lease shall actually be in
        effect, including any Extension Term, is referred to as the “Lease Term.”

      

      

      Section 3.02.  Extensions.  Unless this Lease has expired or has been sooner terminated, or an Event of Default has occurred and is continuing at the time any
        extension option is exercised, Tenant shall have the right and option (each, an “Extension Option”) to extend the Initial Term for the Premises for two (2)
        additional successive periods of five (5) years each (each, an “Extension Term”), pursuant to the terms and conditions of this Lease then in effect.

      

      

      Section 3.03.  Notice of Exercise.  Tenant may only exercise the Extension Options by giving written notice thereof to Landlord of its election to do so no later
        than one hundred twenty (120) days prior to the expiration of the then-current Lease Term.  If written notice of the exercise of any Extension Option is not received by Landlord by the applicable dates described above, then this Lease shall
        terminate on the last day of the Initial Term or, if applicable, the last day of the Extension Term then in effect.  Upon the request of Landlord or Tenant, the parties hereto will, at the expense of Tenant, execute and exchange an instrument in
        recordable form setting forth the extension of the Lease Term in accordance with this Section 3.03.

      

      

      Section 3.04.  Removal of Personalty.  Upon the expiration of the Lease Term, Tenant may remove from the Premises all personal property belonging to Tenant.  Tenant
        shall repair any damage caused by such removal and shall leave the Premises clean and in good and working condition and repair inside and out, subject to normal wear and tear, casualty and condemnation.  Any property of Tenant left on the Premises
        on the thirtieth (30th) day following the expiration of the Lease Term shall, at Landlord’s option, automatically and immediately become the property of Landlord.

      

      

      
        7

        
          

      

      

      

      ARTICLE IV

      

      

      RENT AND OTHER MONETARY OBLIGATIONS

      

      

      Section 4.01.  Base Monthly Rent.  During the Lease Term, on or before the first day of each calendar month, Tenant shall pay in advance the Base Monthly Rent then
        in effect.  If the Effective Date is a date other than the first day of the month, Tenant shall pay to Landlord on the Effective Date the Base Monthly Rent prorated by multiplying the Base Monthly Rent by a fraction, the numerator of which is the
        number of days remaining in the month (including the Effective Date) for which Rent is being paid, and the denominator of which is the total number of days in such month.

      

      

      Section 4.02.  Adjustments.  During the Lease Term (including any Extension Term), on the first Adjustment Date and on each Adjustment Date thereafter, the Base
        Annual Rent shall increase by an amount equal to the Rent Adjustment.

      

      

      Section 4.03.  Additional Rent.  Tenant shall pay and discharge, as additional rental (“Additional
            Rent”), all sums of money required to be paid by Tenant under this Lease which are not specifically referred to as Rent.  Tenant shall pay and discharge any Additional Rent when the same shall become due, provided that amounts which
        are billed to Landlord or any third party, but not to Tenant, shall be paid within thirty (30) days after Landlord’s demand for payment thereof or, if earlier, when the same are due.  In no event shall Tenant be required to pay to Landlord any item
        of Additional Rent that Tenant is obligated to pay and has paid to any third party pursuant to any provision of this Lease.

      

      

      Section 4.04.  Rents to be Net to Landlord.  The Base Annual Rent payable hereunder shall be net to Landlord, so that this Lease shall yield to Landlord the Rents
        specified during the Lease Term, and all Costs and obligations of every kind and nature whatsoever relating to the Premises shall be performed and paid by Tenant.  Tenant shall perform all of its obligations under this Lease at its sole cost and
        expense. All Rent and other Monetary Obligations which Tenant is required to pay hereunder shall be the unconditional obligation of Tenant and shall be payable in full when due and payable, without notice or demand, and without any setoff,
        abatement, deferment, deduction or counterclaim whatsoever.

      

      

      Section 4.05.  Method of Payment.  Tenant shall establish arrangements whereby payments of the Base Monthly Rent are paid by wire transfer to an account identified
        by Landlord.  Tenant shall continue to pay all Rent by wire transfer unless otherwise directed by Landlord.  If Landlord fails to provide Tenant with wire transfer instructions, Tenant shall pay Base Monthly Rent by check delivered to Landlord’s
        address specified on the signature page hereto.

      

      

      Section 4.06.  Late Charges; Default Interest.  Any payment that is not paid within ten (10) days after the date it was due shall, in addition to any other remedy
        of Landlord, incur a late charge of five percent (5%) (which late charge is intended to compensate Landlord for the cost of handling and processing such delinquent payment and should not be considered interest) and bear interest at the Default
        Rate, such interest to be computed from and including the date such payment was due through and including the date of the payment; provided, however,
        in no event shall Tenant be obligated to pay a sum of late charge and interest higher than the maximum legal rate then in effect.

      

      

      Section 4.07.  Holdover.  If Tenant remains in possession of the Premises after the expiration of the term hereof, Tenant, at Landlord’s option and within
        Landlord’s sole discretion, may be deemed a tenant on a month‐to‐month basis and shall continue to pay Rents and other Monetary Obligations in the amounts herein provided, except that the Base Monthly Rent shall be automatically increased to one
        hundred fifty percent (150%) of the last Base Monthly Rent payable under this Lease, and Tenant shall comply with all the terms of this Lease; provided
          that nothing herein nor the acceptance of Rent by Landlord shall be deemed a consent to such holding over.  Tenant shall defend, indemnify, protect and hold the Landlord Indemnified Parties harmless from and against any and all Losses
        resulting from Tenant’s failure to surrender possession upon the expiration of the Lease Term; provided, however, Tenant shall not be liable for lost profits as a result of such failure to surrender possession unless Landlord provides Tenant with
        written notice that Landlord has entered into a new lease with a new tenant for the Premises, and Tenant continues to fail to surrender possession within thirty (30) days after receipt of such written notice.

      

      

      
        8

        
          

      

      

      

      ARTICLE V

      

      

      REPRESENTATIONS AND WARRANTIES

      

      

      Section 5.01.  Tenant’s Representations and Warranties.  The representations and warranties of Tenant contained in this Section 5.01are being made to induce
        Landlord to enter into this Lease, and Landlord has relied, and will continue to rely, upon such representations and warranties.  Tenant represents and warrants to Landlord as follows:

      

      

      (a)          Organization, Authority and Status of Tenant.  Tenant has been duly organized or formed, is validly existing
          and in good standing under the laws of its state of formation and is qualified as a foreign limited liability company to do business in any jurisdiction where such qualification is required.  All necessary company and appropriate action has been
          taken to authorize the execution, delivery and performance by Tenant of this Lease and of the other documents, instruments and agreements provided for herein.  Tenant is not, and if Tenant is a “disregarded entity,” the owner of such disregarded
          entity is not, a “nonresident alien,” “foreign corporation,” “foreign partnership,” “foreign trust,” “foreign estate,” or any other “person” that is not a “United States Person” as those terms are defined in the Code and the regulations
          promulgated thereunder.  The Person who has executed this Lease on behalf of Tenant is duly authorized to do so.

      

      

      (b)          Enforceability.  This Lease constitutes the legal, valid and binding obligation of Tenant, enforceable
          against Tenant in accordance with its terms.

      

      

      (c)          Litigation.  There are no suits, actions, proceedings or investigations pending, or to Tenant’s Knowledge,
          threatened against or involving any Tenant Entity or the Premises before any arbitrator or Governmental Authority which might reasonably result in any Material Adverse Effect.

      

      

      (d)          Absence of Breaches or Defaults.  To Tenant’s Knowledge, Tenant is not in default under any document,
          instrument or agreement to which Tenant is a party or by which Tenant, the Premises or any of Tenant’s property is subject or bound, which has had, or could reasonably be expected to result in, a Material Adverse Effect.  The authorization,
          execution, delivery and performance of this Lease and the documents, instruments and agreements provided for herein will not result in any breach of or default under any document, instrument or agreement to which Tenant is a party or by which
          Tenant, the Premises or any of Tenant’s property is subject or bound.

      

      

      (e)          Compliance with OFAC Laws.  None of the Tenant Entities, and no individual or entity owning directly or indirectly any interest in any of the Tenant Entities, is an individual or entity whose property or interests are subject to being
          blocked under any of the OFAC Laws or is otherwise in violation of any of the OFAC Laws; provided, however, that the representation contained
          in this sentence shall not apply to any Person to the extent such Person’s interest is in or through a U.S. Publicly Traded Entity.

      

      

      (f)          Solvency.  There is no pending or, to Tenant’s Knowledge, contemplated or threatened Insolvency Event or
          similar proceedings, whether voluntary or involuntary, affecting Tenant or any Tenant Entity.  Tenant does not have unreasonably small capital to conduct its business.

      

      

      Section 5.02.  Landlord’s Representations and Warranties. The representations and warranties of Landlord contained in this Section 5.02 are being made to induce
        Tenant to enter into this Lease, and Tenant has relied, and will continue to rely, upon such representations and warranties.  Landlord represents and warrants to Tenant as follows:

      

      

      (a)          Organization, Authority and Status of Landlord.  Landlord has been duly organized or formed, is validly
          existing and in good standing under the laws of its state of formation and is qualified as a foreign limited liability company to do business in any jurisdiction where such qualification is required.  All necessary company and appropriate action
          has been taken to authorize the execution, delivery and performance by Landlord of this Lease and of the other documents, instruments and agreements provided for herein.  Landlord is not, and if Landlord is a “disregarded entity,” the owner of
          such disregarded entity is not, a “nonresident alien,” “foreign corporation,” “foreign partnership,” “foreign trust,” “foreign estate,” or any other “person” that is not a “United States Person” as those terms are defined in the Code and the
          regulations promulgated thereunder.  The Person who has executed this Lease on behalf of Landlord is duly authorized to do so.

      

      

      
        9

        
          

      

      

      

      (b)          Enforceability.  This Lease constitutes the legal, valid and binding obligation of Landlord, enforceable
          against Landlord in accordance with its terms.

      

      

      (c)          Litigation.  There are no suits, actions, proceedings or investigations pending, or to the best of its
          knowledge, threatened against or involving any Landlord Entity or the Premises before any arbitrator or Governmental Authority which might reasonably result in any Material Adverse Effect.

      

      

      (d)          Absence of Breaches or Defaults.  Landlord is not in default under any document, instrument or agreement to
          which Landlord is a party or by which Landlord, the Premises or any of Landlord’s property is subject or bound, which has had, or could reasonably be expected to result in, a Material Adverse Effect.  The authorization, execution, delivery and
          performance of this Lease and the documents, instruments and agreements provided for herein will not result in any breach of or default under any document, instrument or agreement to which Landlord is a party or by which Landlord, the Premises or
          any of Landlord’s property is subject or bound.

      

      

      (e)          Compliance with OFAC Laws.  None of the Landlord Entities, and no individual or entity owning directly or indirectly any interest in any of the Landlord Entities, is an individual or entity whose property or interests are subject to being
          blocked under any of the OFAC Laws or is otherwise in violation of any of the OFAC Laws; provided, however, that the representation contained
          in this sentence shall not apply to any Person to the extent such Person’s interest is in or through a U.S. Publicly Traded Entity.

      

      

      (f)          Solvency.  There is no contemplated, pending or threatened Insolvency Event or similar proceedings, whether
          voluntary or involuntary, affecting Landlord or any Landlord Entity.  Landlord does not have unreasonably small capital to conduct its business.

      

      

      ARTICLE VI

      

      

      TAXES AND ASSESSMENTS; UTILITIES; INSURANCE

      

      

      Section 6.01.  Taxes.

      

      

      (a)          Payment.  Subject to the provisions of Section 6.01(b) below, Tenant shall pay, prior to the earlier of
          delinquency or the accrual of interest on the unpaid balance, or reimburse Landlord to the extent paid by Landlord, all taxes and assessments of every type or nature assessed against or imposed upon the Premises, Tenant or Landlord during the
          Lease Term related to or arising out of this Lease and the activities of the parties hereunder, including without limitation, (i) all taxes or assessments upon the Premises or any part thereof and upon any personal property, trade fixtures and
          improvements located on the Premises, whether belonging to Landlord or Tenant, or any tax or charge levied in lieu of such taxes and assessments; (ii) all taxes, charges, license fees and or similar fees imposed by reason of the use of the
          Premises by Tenant; and (iii) all excise, franchise, transaction, privilege, license, sales, use and other taxes upon the Rent or other Monetary Obligations hereunder, the leasehold estate of either party or the activities of either party
          pursuant to this Lease.  Notwithstanding anything in clauses (i) through (iii) to the contrary, Tenant shall not be obligated to pay or reimburse Landlord for any taxes based on the net income of Landlord, including, without limitation,
          Landlord’s state or federal income or franchise taxes.

      

      

      (b)          Reimbursement.  With regard to the taxes due under Section 6.01(a)(iv), Landlord will pay all amounts
          directly to the applicable taxing jurisdiction prior to the due date and notify Tenant of its share of the taxes during the year following the calendar year to which the tax relates, at which time the obligation will be immediately due and
          payable to Landlord.

      

      

      (c)          Delivery of Evidence of Payment.  Within thirty (30) days after each tax and assessment payment is required
          by this Section 6.01 to be paid, Tenant shall provide Landlord with evidence reasonably satisfactory to Landlord that taxes and assessments have been timely paid by Tenant.  In the event Landlord receives a tax bill, Landlord shall use
          commercially reasonable efforts to forward said bill to Tenant within fifteen (15) days of Landlord’s receipt thereof.

      

      

      
        10

        
          

      

      

      

      (d)          Right to Contest.  Tenant may, at its own expense, contest or cause to be contested (in the case of any item
          involving more than $20,000, after prior written notice to Landlord), by appropriate legal proceedings conducted in good faith and with due diligence, any above‐described item or lien with respect thereto (including, without limitation, the right
          to challenge the assessed value of the Premises for purposes of real property taxes), provided that (i) neither the Premises nor any interest therein would be in any danger of being sold, forfeited or lost by reason of such proceedings; (ii) no
          Event of Default has occurred and is continuing; (iii) if and to the extent required by the applicable taxing authority and/or Landlord, Tenant posts a bond or takes other steps acceptable to such taxing authority and/or Landlord that removes
          such lien or stays enforcement thereof; (iv) Tenant shall promptly provide Landlord with copies of all notices received or delivered by Tenant and filings made by Tenant in connection with such proceeding; and (v) upon termination of such
          proceedings, it shall be the obligation of Tenant to pay the amount of any such tax and assessment or part thereof as finally determined in such proceedings, the payment of which may have been deferred during the prosecution of such proceedings,
          together with any costs, fees (including attorneys’ fees and disbursements), interest, penalties or other liabilities in connection therewith.  Landlord shall at the request of Tenant, execute or join in the execution of any instruments or
          documents necessary in connection with such contest or proceedings, but Landlord shall incur no cost or obligation thereby.

      

      

      Section 6.02.  Utilities.  Tenant shall contract, in its own name, for and pay when due all charges for the connection and use of water, gas, electricity,
        telephone, garbage collection, sewer use and other utility services supplied to the Premises during the Lease Term.  Under no circumstances shall Landlord be responsible for any interruption of any utility service.

      

      

      Section 6.03.  Insurance.

      

      

      (a)          Coverage.  Throughout the Lease Term, Tenant shall maintain, with respect to the Premises, at its sole
          expense, the following types and amounts of insurance, in addition to such other insurance as Landlord may reasonably require from time to time:

      

      

      (i)

      Insurance against loss or damage to real property and personal property under an “all risk”
          or “special form” insurance policy, which shall include coverage against all risks of direct physical loss, including but not limited to loss by fire, lightning, wind, terrorism, and other risks normally included in the standard ISO special form
          (and shall also include National Flood and Excess Flood insurance if the Premises is located in Flood Zone A or Flood Zone V, as designated by FEMA, or otherwise located in a flood zone area identified by FEMA as a 100-year flood zone or special
          hazard area, and earthquake insurance if the Premises is located within a moderate to high earthquake hazard zone as determined by an approved insurance company set forth in Section 6.03(b)(x) below).  Such policy shall also include soft costs, a
          joint loss agreement, coverage for ordinance or law covering the loss of value of the undamaged portion of the Premises, costs to demolish and the increased costs of construction if any of the improvements located on, or the use of, the Premises
          shall at any time constitute legal non-conforming structures or uses.  Ordinance or law limits shall be in an amount equal to the full replacement cost for the loss of value of the undamaged portion of the Premises and no less than 25% of the
          replacement cost for costs to demolish and the increased cost of construction.  Such insurance shall be in amounts not less than 100% of the full insurable replacement cost values (without deduction for depreciation), with an agreed amount
          endorsement or without any coinsurance provision.

      

      

      (ii)

      Commercial general liability insurance, including products and completed operation liability, covering Landlord and Tenant against bodily injury liability, property damage liability and personal and advertising injury, including without
          limitation any liability arising out of the ownership, maintenance, repair, condition or operation of the Premises or adjoining ways, streets, parking lots or sidewalks.  Such insurance policy or policies shall contain a broad form contractual
          liability endorsement under which the insurer agrees to insure Tenant’s obligations under Article X hereof to the extent insurable, and a “severability of interest” clause or endorsement which precludes the insurer from denying the claim of
          Tenant or Landlord because of the negligence or other acts of the other, shall be in amounts of not less than $10,000,000 per occurrence for bodily injury and property damage, and $10,000,000 general aggregate per location and shall be of form
          and substance satisfactory to Landlord.  Such limits of insurance can be acquired through Commercial General liability and Umbrella liability policies.

      

      

      
        11

        
          

      

      

      

      (iii)

      Workers’ compensation and Employers Liability insurance with statutorily mandated limits
          covering all persons employed by Tenant on the Premises in connection with any work done on or about the Premises for which claims for death or bodily injury could be asserted against Landlord, Tenant or the Premises.

      

      

      (iv)

      Business interruption insurance including Rent Value Insurance payable to Landlord at all locations for a period of not less than twelve (12) months.  Such insurance is to follow the form of the real property “all risk” or “special form”
          coverage and is not to contain a co‐insurance clause.  Such insurance is to have a minimum of 180 days of extended period of indemnity.

      

      

      (v)

      Automobile liability insurance, including owned, non-owned and hired car liability insurance
          for combined limits of liability of $5,000,000 per occurrence.  The limits of liability can be provided in a combination of an automobile liability policy and an umbrella liability policy.

      

      

      (vi)

      Comprehensive Boiler and Machinery or Equipment Breakdown Insurance against loss or damage from explosion of any steam or pressure boilers or similar apparatus, if any, and other building equipment including HVAC units located in or about
          the Premises and in an amount equal to the lesser of 25% of the 100% replacement cost of the Premises or $5,000,000.

      

      

      (b)          Insurance Provisions.  All insurance policies shall:

      

      

      (i)

      provide for a waiver of subrogation by the insurer as to claims against Landlord, its employees and agents;

      

      

      (ii)

      be primary and provide that any “other insurance” clause in the insurance policy shall exclude any policies of insurance maintained by Landlord and the insurance policy shall not be brought into contribution with insurance maintained by
          Landlord;

      

      

      (iii)

      contain deductibles not to exceed $25,000, except that the deductible for earthquake insurance may be in an amount equal to 5% of the amount of coverage;

      

      

      (iv)

      contain a standard non‐contributory mortgagee clause or endorsement in favor of any Lender designated by Landlord;

      

      

      (v)

      provide that the policy of insurance shall not be terminated, cancelled or amended without
          at least thirty (30) days’ prior written notice to Landlord and to any Lender covered by any standard mortgagee clause or endorsement, or if the insurer will not agree to provide such notice to Landlord, provide that Tenant will notify Landlord
          within ten (10) days after Tenant’s receipt of such notice from the insurer;

      

      

      (vi)

      provide that the insurer shall not have the option to restore the Premises if Landlord elects to terminate this Lease in accordance with the terms hereof;

      

      

      (vii)

      except for workers’ compensation insurance referred to in Section 6.03(a)(iii) above, name
          Landlord and any Landlord Affiliate or Lender requested by Landlord, as an “additional insured” with respect to liability insurance, and as an “additional named insured” or “additional insured” with respect to real property and rental value
          insurance, as appropriate and as their interests may appear;

      

      

      
        12

        
          

      

      

      

      (viii)

      be evidenced by delivery to Landlord and any Lender designated by Landlord of an Acord Form 28 for property, business interruption and boiler & machinery coverage (or any other form requested by Landlord) and an Acord Form 25 for
          commercial general liability, workers’ compensation and umbrella coverage (or any other form requested by Landlord); provided that in the event that either such form is no longer available, such evidence of insurance shall be in a form reasonably
          satisfactory to Landlord and any Lender designated by Landlord; and

      

      

      (ix)

      be issued by insurance companies licensed to do business in the state where the Premises is
          located and which are rated no less than A-X by Best’s Insurance Guide or are otherwise approved by Landlord.

      

      

      (c)          Additional Obligations.  It is expressly understood and agreed that (i) if any insurance required hereunder,
          or any part thereof, shall expire, be withdrawn, become void by breach of any condition thereof by Tenant, or become void or in jeopardy by reason of the failure or impairment of the capital of any insurer, Tenant shall immediately obtain new or
          additional insurance reasonably satisfactory to Landlord and any Lender designated by Landlord; (ii) the minimum limits of insurance coverage set forth in this Section 6.03 shall not limit the liability of Tenant for its acts or omissions as
          provided in this Lease; (iii) Tenant shall procure policies for all insurance for periods of not less than one year and shall provide to Landlord and any servicer or Lender of Landlord certificates of insurance or, upon Landlord’s request,
          duplicate originals of insurance policies evidencing that insurance satisfying the requirements of this Lease is in effect at all times; (iv) Tenant shall pay as they become due all premiums for the insurance required by this Section 6.03; (v) in
          the event that Tenant fails to comply with any of the requirements set forth in this Section 6.03, within ten (10) days of the giving of written notice by Landlord to Tenant, (A) Landlord shall be entitled to procure such insurance; and (B) any
          sums expended by Landlord in procuring such insurance shall be Additional Rent and shall be repaid by Tenant, together with interest thereon at the Default Rate, from the time of payment by Landlord until fully paid by Tenant immediately upon
          written demand therefor by Landlord; and (vi) Tenant shall maintain all insurance policies required in this Section 6.03 not to be cancelled, invalidated or suspended on account of the conduct of Tenant, its officers, directors, managers,
          members, employees or agents, or anyone acting for Tenant or any subtenant or other occupant of the Premises, and shall comply with all policy conditions and warranties at all times to avoid a forfeiture of all or a part of any insurance payment.

      

      

      (d)          Blanket Policies.  Notwithstanding anything to the contrary in this Section 6.03, any insurance which Tenant
          is required to obtain pursuant to this Section 6.03 may be carried under a “blanket” policy or policies covering other properties or liabilities of Tenant provided that such “blanket” policy or policies otherwise comply with the provisions of
          this Section 6.03.

      

      

      Section 6.04.  Tax Impound.  Upon the occurrence of, and during the continuance of, a monetary Event of Default and with respect to each Event of Default, in
        addition to any other remedies, Landlord may require Tenant to pay to Landlord on the first day of each month the amount that Landlord reasonably estimates will be necessary in order to accumulate with Landlord sufficient funds in an impound
        account (which shall not be deemed a trust fund) (the “Reserve”) for Landlord to pay any and all real estate taxes (“Real Estate Taxes”) for the Premises for the ensuing twelve (12) months, or, if due sooner, Tenant shall pay the required amount immediately upon Landlord’s demand therefor.  Landlord
        shall, upon prior written request of Tenant, provide Tenant with evidence reasonably satisfactory to Tenant that payment of the Real Estate Taxes was made in a timely fashion.  In the event that the Reserve does not contain sufficient funds to
        timely pay any Real Estate Taxes, upon Landlord’s written notification thereof, Tenant shall, within five (5) Business Days of such notice, provide funds to Landlord in the amount of such deficiency.  Landlord shall pay or cause to be paid directly
        to the applicable taxing authorities any Real Estate Taxes then due and payable for which there are funds in the Reserve; provided, however, that in no event shall Landlord be obligated to pay any Real Estate Taxes in excess of the funds held in
        the Reserve, and Tenant shall remain liable for any and all Real Estate Taxes, including fines, penalties, interest or additional costs imposed by any taxing authority (unless incurred as a result of Landlord’s failure to timely pay Real Estate
        Taxes for which it had funds in the Reserve).  Tenant shall cooperate fully with Landlord in assuring that the Real Estate Taxes are timely paid.  Landlord may deposit all Reserve funds in accounts insured by any federal or state agency and may
        commingle such funds with other funds and accounts of Landlord.  Interest or other gains from such funds, if any, shall be the sole property of Landlord. Upon an Event of Default, in addition to any other remedies, Landlord may apply all impounded
        funds in the Reserve against any sums due from Tenant to Landlord.  Landlord shall give to Tenant an annual accounting showing all credits and debits to and from such impounded funds received from Tenant.

      

      

      
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      ARTICLE VII

      

      

      MAINTENANCE; ALTERATIONS

      

      

      Section 7.01.  Condition of Premises; Maintenance.  Tenant hereby accepts the Premises “AS IS” and “WHERE IS” with no representation or warranty of Landlord as to
        the condition thereof.  Tenant shall, at its sole cost and expense, be responsible for (a) keeping all of the building, structures and improvements erected on the Premises in good order and repair, free from actual or constructive waste; (b) the
        repair or reconstruction of any building, structures or improvements erected on the Premises damaged or destroyed by a Casualty; (c) subject to Section 7.02, making all necessary structural, non-structural, exterior and interior repairs and
        replacements to any building, structures or improvements erected on the Premises; (d) ensuring that no party encroaches upon the Premises; and (e) paying all operating costs of the Premises in the ordinary course of business.  Tenant waives any
        right to require Landlord to maintain, repair or rebuild all or any part of the Premises or make repairs at the expense of Landlord pursuant to any Legal Requirements at any time in effect.

      

      

      Section 7.02.  Alterations and Improvements.  During the Lease Term, Tenant shall not alter the exterior, structural, plumbing or electrical elements of the
        Premises in any manner without the consent of Landlord, which consent shall not be unreasonably withheld or conditioned; provided, however, Tenant may undertake (a) nonstructural alterations to the Premises, individually, costing less than
        $150,000, and (b) modifications required by the OEM manufacturer of the vehicles to be sold on the Premises, without Landlord’s prior written consent.  If Landlord’s consent is required hereunder and Landlord consents to the making of any such
        alterations, the same shall be made by Tenant at Tenant’s sole expense by a licensed contractor and according to plans and specifications reasonable approved by Landlord and subject to such other conditions as Landlord shall reasonably require. 
        Any work at any time commenced by Tenant on the Premises shall be prosecuted diligently to completion, shall be of good workmanship and materials and shall comply fully with all the terms of this Lease and all Legal Requirements.  Upon completion
        of any alterations individually costing $150,000 or more, Tenant shall promptly provide Landlord with evidence of full payment to all laborers and materialmen contributing to the alterations.  Additionally, upon completion of any alterations,
        Tenant shall promptly provide Landlord with (a) an architect’s certificate certifying the alterations to have been completed in conformity with the plans and specifications (if the alterations are of such a nature as would require the issuance of
        such a certificate from the architect); (b) a certificate of occupancy (if the alterations are of such a nature as would require the issuance of a certificate of occupancy); and (c) any other documents or information reasonably requested by
        Landlord.  Tenant shall keep the Premises free from any liens arising out of any work performed on, or materials furnished to, the Premises.  Tenant shall execute and file or record, as appropriate, a “Notice of Non‐Responsibility,” or any
        equivalent notice permitted under applicable Law in the state where the Premises is located which provides that Landlord is not responsible for the payment of any costs or expenses relating to the additions or alterations.  Any addition to or
        alteration of the Premises shall be deemed a part of the Premises and belong to Landlord, and Tenant shall execute and deliver to Landlord such instruments as Landlord may be required to evidence the ownership by Landlord of such addition or
        alteration.

      

      

      Section 7.03.  Encumbrances.  Without Landlord’s prior
        written consent, Tenant shall not grant any easements on, over, under or above the Premises.  Without Tenant’s prior written consent, Landlord shall not grant any easements or other rights of access on, over, under or above the Premises.

      

      

      ARTICLE VIII

      

      

      USE OF THE PREMISES; COMPLIANCE

      

      

      Section 8.01.  Use.  During the Lease Term, the Premises shall be used solely for the operation of a Permitted Facility.  Except during periods when the Premises
        are untenantable due to Casualty or Condemnation (and provided that Tenant continues to strictly comply with the other terms and conditions of this Lease), Tenant shall at all times during the Lease Term occupy the Premises and shall diligently
        operate its business on the Premises.

      

      

      
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      Section 8.02.  Compliance.  Tenant’s use and occupation of the Premises, and the condition thereof, shall, at Tenant’s sole cost and expense, comply fully with all
        Legal Requirements and all restrictions, covenants and encumbrances of record, and any owner obligations under such Legal Requirements, or restrictions, covenants and encumbrances of record, with respect to the Premises, in either event, the
        failure with which to comply could have a Material Adverse Effect.  Without in any way limiting the foregoing provisions, Tenant shall comply with all Legal Requirements relating to anti‐terrorism, trade embargos, economic sanctions, Anti-Money
        Laundering Laws, and the Americans with Disabilities Act of 1990, as such act may be amended from time to time, and all regulations promulgated thereunder, as it affects the Premises now or hereafter in effect.  Tenant shall obtain, maintain and
        comply with all required licenses and permits, both governmental and private, to use and operate the Premises as a Permitted Facility.  Tenant shall immediately notify Landlord in writing if any of Tenant’s representations, warranties or covenants
        stated in this Lease are no longer true or have been breached or if Tenant has a reasonable basis to believe that they may no longer be true or have been breached.  In connection with such an event, Tenant shall comply with all Legal Requirements
        and directives of Governmental Authorities and, at Landlord’s request, provide to Landlord copies of all notices, reports and other communications exchanged with, or received from, Governmental Authorities relating to such an event.  Tenant shall
        also reimburse Landlord for all Costs incurred by Landlord in evaluating the effect of such an event on the Premises and this Lease, in obtaining any necessary license from Governmental Authorities as may be necessary for Landlord to enforce its
        rights under the Transaction Documents, and in complying with all Legal Requirements applicable to Landlord as the result of the existence of such an event and for any penalties or fines imposed upon Landlord as a result thereof.  Tenant will use
        commercially reasonable efforts to prevent any act or condition to exist on or about the Premises that will materially increase any insurance rate thereon, except when such acts are required in the normal course of its business and Tenant shall pay
        for such increase. Tenant agrees that it will defend, indemnify and hold harmless the Indemnified Parties from and against any and all Losses caused by, incurred or resulting from Tenant’s failure to comply with its obligations under this Section.

      

      

      Section 8.03.  Environmental.

      

      

      (a)          Covenants.

      

      

      (i)          Tenant covenants to Landlord during the Lease Term, subject to the limitations of subsection (ii) below, as follows:

      

      

      (A)          All uses and operations on or of the Premises, whether by Tenant or any other Person, shall be in compliance with all Environmental Laws and permits issued pursuant thereto.

      

      

      (B)          There shall be no Hazardous Materials or Releases in, on or under the Premises, except in Permitted Amounts.  Above and below ground storage tanks shall be properly permitted and only used as permitted.

      

      

      (C)          Tenant shall keep the Premises or cause the Premises to be kept free and clear of all Environmental Liens, whether due to any act or omission of Tenant or any other Person.

      

      

      (D)          Tenant shall not act or fail to act or allow any other tenant, occupant, guest, customer or other user of the Premises to act or fail to act in any way that violates any Environmental Laws.

      

      

      (E)          Tenant shall, at its sole cost and expense, fully and expeditiously cooperate in all activities pursuant to this Section 8.03, including but not limited to providing all relevant information and making knowledgeable persons
          available for interviews.

      

      

      (ii)          Notwithstanding any provision of this Lease to the contrary, an Event of Default shall not be deemed to have occurred as a result of the failure of Tenant to satisfy any one or more of the covenants set forth in subsections (A)
          through (F) above provided that Tenant shall be in compliance with the requirements of any Governmental Authority with respect to any Release at the Premises (including, without limitation, the Remediation of any such Release if required by a
          Governmental Authority).

      

      

      
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      (b)          Notification Requirements.  If, to Tenant’s Knowledge, any of the following events occurs, Tenant shall
          immediately notify Landlord in writing: (i) any Releases or Threatened Releases occur in, on, under or from the Premises, other than in Permitted Amounts or migrating towards the Premises; (ii) any non‐compliance with any Environmental Laws
          related in any way to the Premises; (iii) Tenant receives written notice of any actual or potential Environmental Lien; (iv) Tenant receives written notice from any applicable Governmental Authorities of any required or proposed Remediation of
          environmental conditions relating to the Premises required by applicable Governmental Authorities; and (v) Tenant receives any written notice from any source whatsoever (including but not limited to a Governmental Authority) alleging that any
          Hazardous Materials or above or below ground storage tanks at or on the Premises have created possible liability of any Person relating to the Premises pursuant to any Environmental Law, other environmental conditions in connection with the
          Premises, or any actual or potential administrative or judicial proceedings in connection with anything referred to in this Section.  Tenant shall, upon Landlord’s written request, deliver to Landlord a certificate stating that, to Tenant’s Knowledge, Tenant is and has been in full compliance with all of the environmental representations, warranties and covenants in this Lease.

      

      

      (c)          Remediation.  Tenant shall, at its sole cost and expense, and without limiting any other provision of this
          Lease, effectuate any Remediation required by any Governmental Authority of any condition (including, but not limited to, a Release or Threatened Release) in, on, under or from the Premises and take any other reasonable action deemed necessary by
          any Governmental Authority for protection of human health or the environment.  Should Tenant fail to undertake any required Remediation in accordance with the preceding sentence, Landlord, after written notice to Tenant and Tenant’s failure to
          immediately undertake such Remediation, shall be permitted to complete such Remediation, and all Costs incurred in connection therewith shall be paid by Tenant.  Any Cost so paid by Landlord, together with interest at the Default Rate, shall be
          deemed to be Additional Rent hereunder and shall be immediately due from Tenant to Landlord.

      

      

      (d)          Indemnification.  Tenant shall, at its sole cost and expense, protect, defend, indemnify, release and hold
          harmless each of the Landlord Indemnified Parties from and against any and all Losses, including, but not limited to, all Costs of Remediation (whether or not performed voluntarily), arising out of or in any way relating to any Environmental
          Laws, Hazardous Materials,  above or below ground storage tanks, or other environmental matters concerning the Premises.  It is expressly understood and agreed that Tenant’s obligations under this Section shall survive the expiration or earlier
          termination of this Lease for any reason.

      

      

      (e)          Survival.  The obligations of Tenant and the rights and remedies of Landlord under this Section 8.03 shall
          survive the termination, expiration and/or release of this Lease.

      

      

      ARTICLE IX

      

      

      ADDITIONAL COVENANTS

      

      

      Section 9.01.  Performance at Tenant’s Expense.  Tenant acknowledges and confirms that Landlord may collect its reasonable attorneys’ fees, costs and expenses in
        connection with (a) any extension, renewal, modification, amendment and termination of this Lease requested by Tenant (other than in connection with the Extension Options); (b) any release or substitution of Premises requested by Tenant; (c) the
        procurement of consents, waivers and approvals with respect to the Premises or any matter related to this Lease requested by Tenant; (d) the review of any assignment or sublease or proposed assignment or sublease or the preparation or review of any
        subordination or non‐disturbance agreement requested by Tenant; (e) the collection, maintenance and/or disbursement of reserves created under this Lease or the other Transaction Documents (following and during the continuance of an Event of
        Default); and (f) inspections required to make certain determinations under this Lease or the other Transaction Documents following Landlord’s reasonable belief of a breach under this Lease or any other Transaction Documents.

      

      

      
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      Section 9.02.  Inspection.  Landlord and its authorized representatives shall have the right, at all reasonable times and upon giving at least five (5) business
        days’ prior notice (except in the event of an emergency, in which case no prior notice shall be required), to enter the Premises or any part thereof solely for the purpose of inspecting the same.  During any such entry, Landlord shall coordinate
        its activities with Tenant in advance so as to minimize any interference with Tenant’s business at the Premises, including (by way of example) by scheduling any such entry at times designated by Tenant which will have the least possible
        interference with Tenant’s business at the Premises.  Tenant hereby waives any claim for damages for any injury or inconvenience to or interference with Tenant’s business, any loss of occupancy or quiet enjoyment of the Premises and any other loss
        occasioned by such entry, but, subject to Section 10.01, excluding damages arising as a result of the gross negligence or willful misconduct of Landlord or Landlord’s failure to comply with the requirements of this paragraph.

      

      

      Section 9.03.  Financial Information.  Within one hundred twenty (120) days after the end of each fiscal year of Tenant, Tenant shall deliver to Landlord (i)
        complete consolidated financial statements of Tenant and Guarantors, including a balance sheet, profit and loss statement, statement of stockholders’ equity and statement of cash flows and all other related schedules for the fiscal period then
        ended, such statements to detail separately interest expense, income taxes, non-cash expenses, non-recurring expenses, operating lease expense and current portion of long-term debt – capital leases; and (ii) income statements for the business at
        the Premises.  All such financial statements shall be prepared with the books of account and other financial records of the Tenant and Guarantor, and present fairly, in all material respects, the financial condition and results of operations of the
        Tenant and Guarantor (as applicable) as of the times and for the periods referenced therein.  All such financial statements shall be prepared in accordance with GAAP, cash accounting method or other accounting method reasonably selected by Tenant
        consistently applied throughout the periods covered thereby, and shall be certified, to Tenant’s Knowledge, to be accurate and complete by an officer or director of Tenant.  Upon request from Landlord at any time, but not more frequently than once
        each calendar year, Tenant will provide to Landlord, at no additional cost or expense to Tenant, any and all additional financial information and/or financial statements of Tenant and Guarantor as reasonably requested by Landlord including, but not
        limited to, as requested by Landlord in connection with Landlord’s filings with or disclosures to the Securities and Exchange Commission or other Governmental Authority.

      

      

      Section 9.04.  OFAC Laws.  Upon receipt of notice or upon actual knowledge thereof, (a) Tenant shall immediately notify Landlord in writing if any Person owning
        (directly or indirectly) any interest in any of the Tenant Entities, or any director, officer, shareholder, member, manager or partner of any of such holders, and (b) Landlord shall immediately notify Tenant in writing if any Person owning
        (directly or indirectly) any interest in any of the Landlord Entities, or any director, officer, shareholder, member, manager or partner of any of such holders, is a Person whose property or interests are subject to being blocked under any of the
        OFAC Laws, or is otherwise in violation of any of the OFAC Laws, or is under investigation by any Governmental Authority for, or has been charged with, or convicted of, drug trafficking, terrorist‐related activities or any violation of the
        Anti‐Money Laundering Laws, has been assessed civil penalties under these or related Laws, or has had funds seized or forfeited in an action under these or related Laws; provided, however, that the covenant in this Section 9.04 shall not apply to any Person to the extent such Person’s interest is in or through a U.S. Publicly Traded Entity.

      

      

      Section 9.05.  Estoppel Certificate.  At any time, and from time to time, Tenant shall, promptly and in no event later than twenty (20) days after a request from
        Landlord or any Lender or mortgagee of Landlord, execute, acknowledge and deliver to Landlord or such Lender or mortgagee, as the case may be, a certificate in the form supplied by Landlord and is reasonably acceptable to Tenant, certifying: (a)
        that Tenant has accepted the Premises; (b) that this Lease is in full force and effect and has not been modified (or if modified, setting forth all modifications), or, if this Lease is not in full force and effect, the certificate shall so specify
        the reasons therefor; (c) the commencement and expiration dates of the Lease Term; (d) the date to which the Rents have been paid under this Lease and the amount thereof then payable; (e) whether Tenant is then aware of any existing defaults by
        Landlord in the performance of its obligations under this Lease, and, if Tenant is aware of any such defaults, specifying the nature and extent thereof; (f) that no written notice has been received by Tenant of any default under this Lease which
        has not been cured, except as to defaults specified in the certificate; and (g) the capacity of the Person executing such certificate, and that such Person is duly authorized to execute the same on behalf of Tenant.  Landlord shall not request such
        an estoppel certificate more than one (1) time in any twenty-four (24) month period unless required by a Lender or a potential purchaser of the Premises.

      

      

      
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      ARTICLE X

      

      

      RELEASE AND INDEMNIFICATION

      

      

      Section 10.01.  Release and Indemnification.  TENANT AGREES TO USE AND OCCUPY THE PREMISES AT ITS OWN RISK AND HEREBY RELEASES LANDLORD AND LANDLORD’S AGENTS AND
        EMPLOYEES FROM ALL CLAIMS FOR ANY DAMAGE OR INJURY TO THE FULL EXTENT PERMITTED BY LAW, OTHER THAN CLAIMS RESULTING FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF LANDLORD OR ANY LANDLORD INDEMNIFIED PARTY OR RESULTING FROM A BREACH OF THIS
        LEASE BY LANDLORD.  TENANT AGREES THAT ANY EMPLOYEE OR AGENT TO WHOM THE PREMISES OR ANY PART THEREOF SHALL BE ENTRUSTED BY OR ON BEHALF OF TENANT SHALL BE ACTING AS TENANT’S AGENT WITH RESPECT TO THE PREMISES OR ANY PART THEREOF, AND NEITHER
        LANDLORD NOR LANDLORD’S AGENTS, EMPLOYEES OR CONTRACTORS SHALL BE LIABLE FOR ANY LOSS OF OR DAMAGE TO THE PREMISES OR ANY PART THEREOF UNLESS RESULTING FROM THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF LANDLORD OR ANY LANDLORD INDEMNIFIED PARTY. 
        TENANT SHALL INDEMNIFY, PROTECT, DEFEND AND HOLD HARMLESS EACH OF THE LANDLORD INDEMNIFIED PARTIES FROM AND AGAINST ANY AND ALL LOSSES (EXCLUDING LOSSES SUFFERED BY AN INDEMNIFIED PARTY ARISING OUT OF THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF
        LANDLORD OR ANY LANDLORD INDEMNIFIED PARTY) CAUSED BY, INCURRED OR RESULTING FROM TENANT’S OPERATIONS OR BY TENANT’S USE AND OCCUPANCY OF THE PREMISES, WHETHER RELATING TO ALTERATIONS, MAINTENANCE, USE BY TENANT OR ANY TENANT INDEMNIFIED PARTY, OR
        OTHERWISE, OR FROM ANY BREACH OF, DEFAULT UNDER, OR FAILURE TO PERFORM, ANY TERM OR PROVISION OF THIS LEASE BY TENANT, ITS OFFICERS, EMPLOYEES, AGENTS OR OTHER TENANT INDEMNIFIED PARTY.  IT IS EXPRESSLY UNDERSTOOD AND AGREED THAT TENANT’S
        OBLIGATIONS UNDER THIS SECTION SHALL SURVIVE THE EXPIRATION OR EARLIER TERMINATION OF THIS LEASE FOR ANY REASON WHATSOEVER.

      

      

      Section 10.02.  Landlord Indemnification of Tenant.  Landlord shall indemnify, protect, defend and hold harmless each of the Tenant Indemnified Parties from and
        against any and all Losses (excluding Losses arising out of the gross negligence or willful misconduct of any of the Tenant Indemnified Parties and excluding any matter covered by Tenant’s indemnification set forth in Section 10.01 above) caused
        directly by, or incurred or resulting directly from, (a) the gross negligence or willful misconduct of any Landlord Entity, or (b) the breach by Landlord of its obligations under this Lease.

      

      

      Section 10.03.  Survival.  The provisions of this ARTICLE X shall survive the expiration or earlier termination of this Lease.

      

      

      ARTICLE XI

      

      

      CONDEMNATION AND CASUALTY

      

      

      Section 11.01.  Notification.  If either party becomes aware of any of the following, such party shall promptly give the other party written notice of (a) any
        Condemnation of the Premises, (b) the commencement of any proceedings or negotiations which might result in a Condemnation of the Premises, and (c) any Casualty to the Premises or any part thereof.  Such notice shall provide a general description
        of the nature and extent of such Condemnation, proceedings, negotiations or Casualty, and shall include copies of any documents or notices received in connection therewith. Thereafter, each party shall promptly send the other party copies of all
        notices, correspondence and pleadings relating to any such Condemnation, proceedings, negotiations or Casualty.

      

      

      
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      Section 11.02.  Total Condemnation.  In the event of a Condemnation of all or substantially all of the Premises, and if as a result of such Condemnation: (i) access
        to the Premises to and from the publicly dedicated roads adjacent to the Premises as of the Effective Date is permanently and materially impaired such that Tenant no longer has access to such dedicated road; (ii) there is insufficient parking to
        operate the Premises as a Permitted Facility under applicable Laws; or (iii) the Condemnation includes a portion of the building such that the remaining portion is unsuitable for use as a Permitted Facility, as determined by Tenant in the exercise
        of good faith business judgment (and Tenant provides to Landlord an officer’s certificate executed by an officer of Tenant certifying to the same) (each such event, a “Total
            Condemnation”), then, in such event:

      

      

      (a)          Termination of Lease.  On the date of the Total Condemnation, all obligations of either party hereunder
          shall cease; provided, however, that Tenant’s obligations to the Landlord Indemnified Parties under any indemnification provisions of this
          Lease and Tenant’s obligation to pay Rent and all other Monetary Obligations (whether payable to Landlord or a third party) accruing under this Lease prior to the date of termination shall survive such termination.  If the date of such Total
          Condemnation is other than the first day of a month, the Base Monthly Rent for the month in which such Total Condemnation occurs shall be apportioned based on the date of the Total Condemnation.

      

      

      (b)          Net Award.  Subject to Section 11.07 below, Landlord shall be entitled to receive the entire Net Award in
          connection with a Total Condemnation without deduction for any estate vested in Tenant by this Lease, and Tenant hereby expressly assigns to Landlord all of its right, title and interest in and to every such Net Award and agrees that Tenant shall
          not be entitled to any Net Award or other payment for the value of Tenant’s leasehold interest in this Lease.

      

      

      Section 11.03.  Partial Condemnation or Casualty.  In the event of a Condemnation which is not a Total Condemnation (each such event, a “Partial Condemnation”), or in the event of a Casualty:

      

      

      (a)          Net Awards.  All Net Awards shall be paid to Landlord.

      

      

      (b)          Continuance of Lease.  This Lease shall continue in full force and effect upon the following terms:

      

      

      (i)

      All Rent and other Monetary Obligations due under this Lease shall continue unabated.

      

      

      (ii)

      Tenant shall promptly commence and diligently prosecute restoration of the Premises to the same condition, as nearly as practicable, as prior to the Partial Condemnation or Casualty as approved by Landlord.  Subject to the terms and
          provisions of the Mortgage and upon the written request of Tenant (accompanied by evidence reasonably satisfactory to Landlord that such amount has been paid or is due and payable and is properly part of such costs, and that Tenant has complied
          with the terms of Section 7.02 in connection with the restoration), Landlord shall promptly make available in installments, subject to reasonable conditions for disbursement imposed by Landlord, an amount up to but not exceeding the amount of any
          Net Award received by Landlord with respect to such Partial Condemnation or Casualty.  Prior to the disbursement of any portion of the Net Award with respect to a Casualty, Tenant shall provide evidence reasonably satisfactory to Landlord of the
          payment of restoration expenses by Tenant up to the amount of the insurance deductible applicable to such Casualty.  Landlord shall be entitled to keep any portion of the Net Award which may be in excess of the cost of restoration, and Tenant
          shall bear all additional Costs of such restoration in excess of the Net Award.

      

      

      
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      (c)          Tenant Election To Terminate Lease. Notwithstanding the foregoing, in the event of a Casualty during the
          final sixty (60) months of the Lease Term, if Tenant reasonably determines that it shall take longer than two hundred and seventy (270) days to fully repair the Premises and such determination is supported by a written certificate from Tenant’s
          contractor, architect or engineer, then Tenant shall have the option of terminating this Lease by providing written notice thereof to Landlord within thirty (30) days of the date of such determination, but in any event, no more than sixty (60)
          days from the date of the Casualty.  Upon Tenant’s election to terminate this Lease, all obligations of either party hereunder shall cease; provided,
            however, that each party’s obligations under any indemnification provisions of this Lease and Tenant’s obligation to pay Rent and all other Monetary Obligations (whether payable to Landlord or a third party) accruing under this Lease
          prior to the date of termination shall survive such termination.  If the date of such termination is other than the first day of a month, the Base Monthly Rent for the month in which such termination occurs shall be apportioned based on the date
          of the termination.

      

      

      Section 11.04.  Temporary Taking.  In the event of a Condemnation of all or any part of the Premises for a temporary use (a “Temporary Taking”), this Lease shall remain in full force and effect without any reduction of Base Annual Rent, Additional Rent or any other Monetary Obligation payable hereunder. 
        Except as provided below, Tenant shall be entitled to the entire Net Award for a Temporary Taking, unless the period of occupation and use by the condemning authorities shall extend beyond the date of expiration of this Lease, in which event the
        Net Award made for such Temporary Taking shall be apportioned between Landlord and Tenant as of the date of such expiration.  At the termination of any such Temporary Taking, Tenant will, at its own cost and expense and pursuant to the provisions
        of Section 7.02, promptly commence and complete restoration of the Premises.

      

      

      Section 11.05.  Adjustment of Losses.  Any loss under any property damage insurance required to be maintained by Tenant shall be adjusted by Landlord and Tenant. 
        Any Net Award relating to a Total Condemnation or a Partial Condemnation shall be adjusted by Landlord or, at Landlord’s election, Tenant.  Notwithstanding the foregoing or any other provisions of this Section 11.05 to the contrary, if at the time
        of any Condemnation or any Casualty or at any time thereafter an Event of Default shall have occurred and be continuing, Landlord is hereby authorized and empowered but shall not be obligated, in the name and on behalf of Tenant and otherwise, to
        file and prosecute Tenant’s claim, if any, for a Net Award on account of such Condemnation or such Casualty and to collect such Net Award and apply the same to the curing of such Event of Default and any other then existing Event of Default under
        this Lease and/or to the payment of any amounts owed by Tenant to Landlord under this Lease, in such order, priority and proportions as Landlord in its discretion shall deem proper.

      

      

      Section 11.06.  Tenant Obligation in Event of Casualty.  During all periods of time following a Casualty prior to the expiration or earlier termination of this
        Lease, Tenant shall take reasonable steps to ensure that the Premises is secure and does not pose any risk of harm to any adjoining property and Persons (including owners or occupants of such adjoining property).

      

      

      Section 11.07.  Tenant Awards and Payments.  Notwithstanding any provision contained in this Article XI, Tenant shall be entitled to claim and receive any award or
        payment from the condemning authority expressly granted for the taking of any personal property owned by Tenant, any insurance proceeds with respect to any personal property owned by Tenant, the interruption of its business and moving expenses
        (subject, however, to the provisions of Section 6.03(a)(iv) above.

      

      

      
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      ARTICLE XII

      

      

      DEFAULT, CONDITIONAL LIMITATIONS,

      REMEDIES AND MEASURE OF DAMAGES

      

      

      Section 12.01.  Event of Default.  Each of the following shall be an event of default by Tenant under this Lease (each, an “Event of Default”):

      

      

      (a)          if any representation or warranty of Tenant set forth in this Lease was intentionally false in any material respect when made, or if Tenant intentionally renders any materially false statement or account when made;

      

      

      (b)          if any Rent or other Monetary Obligation due under this Lease is not paid when due if such failure continues for more than three (3) Business Days after written notice from Landlord; provided, however, Landlord shall only be
          required to provide such notice and cure period twice in any twelve (12) month period;

      

      

      (c)          if Tenant fails to pay, prior to delinquency, any taxes, assessments or other charges the failure of which to pay results in the imposition of a lien against the Premises, unless Landlord has notified Tenant that Landlord has
          elected to pay such amount to the applicable taxing authority;

      

      

      (d)          if there is an Insolvency Event affecting Tenant or a Guarantor;

      

      

      (e)          if Tenant fails to observe or perform any of the other covenants, conditions or obligations of Tenant in this Lease; provided, however, such failure shall not constitute an Event of Default hereunder, unless otherwise expressly
          provided herein, unless and until Landlord shall have given Tenant notice thereof and a period of thirty (30) days shall have elapsed, during which period Tenant may correct or cure such failure, upon failure of which an Event of Default shall be
          deemed to have occurred hereunder without further notice or demand of any kind being required.  If such failure cannot practically be cured within such thirty (30)‐day period, as determined by Landlord in its reasonable discretion, and Tenant is
          diligently pursuing a cure of such failure, then Tenant shall have a reasonable period to cure such failure beyond such thirty (30)‐day period, which shall in no event exceed one hundred twenty (120) days after receiving notice of such failure
          from Landlord unless the failure to complete such cure within such one hundred twenty (120) day period is due to reasons beyond the reasonable control of Tenant.  If Tenant shall fail to correct or cure such failure within such one hundred twenty
          (120) day period (unless the failure to complete such cure within such one hundred twenty (120) day period is due to reasons beyond the reasonable control of Tenant), an Event of Default shall be deemed to have occurred hereunder without further
          notice or demand of any kind being required; or

      

      

      (f)          if the estate or interest of Tenant in the Premises shall be levied upon or attached in any proceeding and such estate or interest is about to be sold or transferred or such process shall not be vacated or discharged within ninety
          (90) days after it is made.

      

      

      
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      Section 12.02.  Remedies.  Upon the occurrence of an Event of Default, with or without notice or demand, except as otherwise expressly provided herein or such other
        notice as may be required by statute, Landlord shall be entitled to exercise, at its option, concurrently, successively, or in any combination, all remedies available at Law or in equity, including, without limitation, any one or more of the
        following:

      

      

      (a)          Landlord shall have the right to terminate this Lease, in which event Tenant shall immediately surrender the Premises to Landlord, and if Tenant fails to do so, Landlord may, without prejudice to any other remedy which it may have
          for possession or arrearages in rent, enter upon and take possession of the Premises and expel or remove Tenant and any other person who may be occupying the Premises or any part thereof in accordance with all applicable laws, without being
          liable for prosecution or any claim or damages therefor; and Landlord may recover from Tenant the following:

      

      

      (i)

      The worth at the time of award of any unpaid rent which had been earned at the time of such termination;

      

      

      (ii)

      The worth at the time of award of the amount by which the unpaid rent which would have been earned after termination until the time of award exceeds the amount of such rental loss that Tenant proves could have been reasonably avoided;

      

      

      (iii)

      The worth at the time of award of the amount by which the unpaid rent for the balance of the Term after the time of award exceeds the amount of such rental loss that Tenant proves could be reasonably avoided;

      

      

      (iv)

      Any other amount necessary to compensate Landlord for all the detriment proximately caused by Tenant’s failure to perform its obligations under this Lease or which in the ordinary course of events would be likely to result therefrom,
          specifically including, but not limited to, brokerage commissions and advertising expenses incurred, expenses of remodeling the Premises or any portion thereof for a new tenant, whether for the same or a different use, and any special concessions
          made to obtain a new tenant; and

      

      

      (v)

      At Landlord’s election, such other amounts in addition to or in lieu of the foregoing as may be permitted from time to time by applicable law.

      

      

      (b)          The term “rent” as used in this Section 12.02(a) shall be deemed to be and to mean all sums of every nature required to be paid by Tenant pursuant to the terms of this Lease, whether to Landlord or to others.  As used in Sections
          12.02(a)(i) and (ii) above, the “worth at the time of award” shall be computed by allowing interest at the Default Rate, but in no case greater than the maximum amount of such interest permitted by law.  As used in Section 12.02(a)(iii) above,
          the “worth at the time of award” shall be computed by discounting such amount at the discount rate of the Federal Reserve Bank of San Francisco at the time of award plus one percent (1%).

      

      

      (c)          Landlord shall have the remedy described in California Civil Code Section 1951.4 (lessor may continue lease in effect after lessee’s breach and abandonment and recover rent as it becomes due, if lessee has the right to sublet or
          assign, subject only to reasonable limitations).  Accordingly, if Landlord does not elect to terminate this Lease on account of any default by Tenant, Landlord may, from time to time, without terminating this Lease, enforce all of its rights and
          remedies under this Lease, including the right to recover all rent as it becomes due.

      

      

      (d)          Without limiting the generality of the foregoing or limiting in any way the rights of Landlord under this Lease or otherwise under applicable Laws, at any time after the occurrence, and during the continuance, of an Event of
          Default, Landlord shall be entitled to apply for and have a receiver appointed under applicable Law by a court of competent jurisdiction (by ex parte motion for appointment without notice) in any action taken by Landlord to enforce its rights and
          remedies hereunder in order to protect and preserve Landlord’s interest under this Lease or in the Premises and the Personalty, and in connection therewith, TENANT HEREBY IRREVOCABLY CONSENTS TO AND WAIVES ANY RIGHT TO OBJECT TO OR OTHERWISE
          CONTEST THE APPOINTMENT OF A RECEIVER AFTER THE OCCURRENCE, AND DURING THE CONTINUANCE, OF AN EVENT OF DEFAULT; and/or

      

      

      (e)          to seek any equitable relief available to Landlord, including, without limitation, the right of specific performance.

      

      

      
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      Section 12.03.  Cumulative Remedies.  All powers and remedies given by Section 12.02 to Landlord, subject to applicable Law, shall be cumulative and not exclusive of
        one another or of any other right or remedy or of any other powers and remedies available to Landlord under this Lease, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements of Tenant
        contained in this Lease, and no delay or omission of Landlord to exercise any right or power accruing upon the occurrence of any Event of Default shall impair any other or subsequent Event of Default or impair any rights or remedies consequent
        thereto.  Every power and remedy given by this Section or by Law to Landlord may be exercised from time to time, and as often as may be deemed expedient, by Landlord, subject at all times to Landlord’s right in its sole judgment to discontinue any
        work commenced by Landlord or change any course of action undertaken by Landlord.

      

      

      ARTICLE XIII

      

      

      MORTGAGE, SUBORDINATION AND ATTORNMENT

      

      

      Section 13.01.  No Liens.  Landlord’s interest in this Lease and/or the Premises shall not be subordinate to any liens or encumbrances placed upon the Premises by or
        resulting from any act of Tenant, and nothing herein contained shall be construed to require such subordination by Landlord.  NOTICE IS HEREBY GIVEN THAT TENANT IS NOT AUTHORIZED TO PLACE OR ALLOW TO BE PLACED ANY LIEN, MORTGAGE, DEED OF TRUST,
        DEED TO SECURE DEBT, SECURITY INTEREST OR ENCUMBRANCE OF ANY KIND UPON ALL OR ANY PART OF THE PREMISES OR TENANT’S LEASEHOLD INTEREST THEREIN, AND ANY SUCH PURPORTED TRANSACTION SHALL BE VOID.

      

      

      Section 13.02.  Subordination.  This Lease at all times shall automatically be subordinate to the lien of any and all ground leases and Mortgages now or hereafter
        placed upon the Premises by Landlord, and Tenant covenants and agrees to execute and deliver, upon demand, such further instruments subordinating this Lease to the lien of any or all such ground leases and Mortgages as shall be desired by Landlord,
        or any present or proposed mortgagees under trust deeds, upon the condition that Tenant shall have the right to remain in possession of the Premises under the terms of this Lease, notwithstanding any default in any or all such ground leases or
        Mortgages, or after the foreclosure of such Mortgages, so long as no Event of Default shall have occurred and be continuing.

      

      

      Section 13.03.  Attornment.  In the event any purchaser or assignee of any Lender at a foreclosure sale acquires title to the Premises, or in the event that any
        Lender or any purchaser or assignee otherwise succeeds to the rights of Landlord as landlord under this Lease, Tenant shall attorn to Lender or such purchaser or assignee, as the case may be (a “Successor Landlord”), and recognize the Successor Landlord as lessor under this Lease, and, subject to the provisions of this Article XIII, this Lease shall continue in full force and effect as a direct lease
        between the Successor Landlord and Tenant, provided that the Successor Landlord shall only be liable for any obligations of Landlord under this Lease which accrue after the date that such Successor Landlord acquires title.  The foregoing provision
        shall be self‐operative and effective without the execution of any further instruments.

      

      

      Section 13.04.  Execution of Additional Documents.  Although the provisions in this Article XIII shall be self‐operative and no future instrument of subordination
        shall be required, upon request by Landlord, Tenant shall execute and deliver such additional reasonable instruments as may be reasonably required for such purposes.

      

      

      Section 13.05.  Notice to Lender.  Tenant shall give written notice to any Lender having a recorded lien upon the Premises or any part thereof of which Tenant has
        been notified of any breach or default by Landlord of any of its obligations under this Lease and give such Lender at least thirty (30) days beyond any notice period to which Landlord might be entitled to cure such default before Tenant may
        exercise any remedy with respect thereto.

      

      

      
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      ARTICLE XIV

      

      

      ASSIGNMENT

      

      

      Section 14.01.  Assignment by Landlord.  As long as no Event of Default has occurred and is continuing, Landlord agrees that it shall not sell the Premises or assign
        this Lease until the earlier to occur of (i) the fifth anniversary of the Effective Date, or (ii) the disposition, transfer or conversion by Group of Trophy LLC or its Affiliates of 100% of their Operating Class C Units of Modiv Operating
        Partnership, LP (or the resulting shares in Modiv Inc.).  Subject to the foregoing, as a material inducement to Landlord’s willingness to enter into the transactions contemplated by this Lease (the “Transaction”) and the other Transaction Documents, Tenant hereby agrees that Landlord may, from time to time and at any time and without the consent of Tenant, engage in all or any combination of the
        following, or enter into agreements in connection with any of the following or in accordance with requirements that may be imposed by applicable securities, tax or other Laws: the sale, assignment, grant, conveyance, transfer, financing,
        re‐financing, purchase or re‐acquisition of the Premises, this Lease or any other Transaction Document, Landlord’s right, title and interest in this Lease or any other Transaction Document, the servicing rights with respect to any of the foregoing,
        or participations in any of the foregoing.  In the event of any such sale or assignment other than a security assignment, Tenant shall attorn to such purchaser or assignee (so long as Landlord and such purchaser or assignee notify Tenant in writing
        of such transfer and such purchaser or assignee expressly assumes in writing the obligations of Landlord hereunder from and after the date of such assignment).  At the request of Landlord, Tenant will execute such documents confirming the sale,
        assignment or other transfer and such other agreements as Landlord may reasonably request, provided that the same do not increase the liabilities and obligations of Tenant hereunder.  Landlord shall be relieved, from and after the date of such
        transfer or conveyance, of liability for the performance of any obligation of Landlord contained herein, except for obligations or liabilities accrued prior to such assignment or sale.

      

      

      Section 14.02.  Assignment by Tenant.

      

      

      (a)          Consent Required.  Tenant acknowledges that Landlord has relied both on the business experience and
          creditworthiness of Tenant and upon the particular purposes for which Tenant intends to use the Premises in entering into this Lease.  Tenant shall not assign, transfer, convey, pledge or mortgage this Lease or any interest herein or any interest
          in Tenant, whether by operation of Law or otherwise, without the prior written consent of Landlord.  At the time of any assignment of this Lease which is approved by Landlord, the assignee shall assume all of the obligations of Tenant under this
          Lease pursuant to a written assumption agreement in form and substance reasonably acceptable to Landlord, which consent shall not be unreasonably withheld, conditioned or delayed.  Such assignment of this Lease pursuant to this Section 14.02
          shall not relieve Tenant of its obligations respecting this Lease unless otherwise agreed to by Landlord.  Any assignment, transfer, conveyance, pledge or mortgage in violation of this Section 14.02 shall be voidable at the sole option of
          Landlord.  Any consent to an assignment given by Landlord hereunder shall not be deemed a consent to any subsequent assignment.

      

      

      
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      (b)          Permitted Transfer.  Notwithstanding anything to the contrary contained in Section 14.02(a) and provided
          that no Event of Default has occurred and is continuing, and no condition shall exist which upon the giving of notice or the passage of time, or both, would constitute an Event of Default, at the time of the proposed assignment or other transfer,
          and provided further that any assignee agrees to assume all of Tenant’s obligations under this Lease by written agreement approved by Landlord,  Tenant shall have the right to assign or otherwise transfer all, but not less than all, of its
          interest in, to and under this Lease without Landlord’s consent to (i) an Affiliate of Tenant or (ii) a Permitted Transferee (each, a “Permitted Transfer”). 
          A “Permitted Transferee” shall mean a Person who either (I): (x) for one (1)  year immediately prior to the date of assignment or transfer and (y) on a proforma basis following the consummation of such assignment or transfer (all as determined by
          Landlord upon review of financial statements provided by the assignee prior to the proposed lease assignment and in a form reasonably satisfactory to Landlord), (A) generates Adjusted EBITDA of at least $65,000,000, and (B) has a Funded Debt to
          Adjusted EBITDA ratio that does not exceed 3.5x; provided, however, that Tenant may satisfy the foregoing conditions of a Permitted Transferee by providing, or causing to be provided, a lease guaranty agreement, in form and substance reasonably
          acceptable to and approved by Landlord, in writing, which guaranty shall be from an entity that when combined with the proposed assignee meets the requirements of (I) set forth in this Section 14.02(b).  Tenant shall provide Landlord with at
          least fifteen (15) Business Days’ prior written notice of the proposed assignment to a Permitted Transferee, which notice must include financial information satisfying the Permitted Transferee requirements set forth herein. In the event that
          Tenant effects an assignment to a Permitted Transferee, Tenant shall be released from any liability arising under this Lease from and after the date of such assignment. In the event that Tenant effects a Permitted Transfer pursuant to clause (i)
          above, Tenant shall not be released from liability under this Lease.  For purposes hereof:

      

      

      (i)

      “Finance Lease” shall mean all leases of any property, whether real, personal or mixed, by a
          Person, which leases would, in conformity with GAAP, be required to be accounted for as a finance lease on the balance sheet of such Person.  The term “Finance Lease” shall not include any operating lease

      

      

      (ii)

      “Adjusted EBITDA” means for the twelve (12) month period ending on the date of determination, the sum of a Person’s net income (loss) for such period plus, in each case to the extent previously deducted in calculating net income (loss):
          (i) income taxes, (ii) interest payments on all of its debt obligations (including any borrowings under short term credit facilities), (iii) all non-cash charges including depreciation and amortization, and (iv) Non-Recurring Items (defined
          below).

      

      

      (iii)

      “Funded Debt” shall mean with respect to a Person, and for the period of determination (i) indebtedness for borrowed money, (ii) subject to the limitation set forth in sub item (iv) below, obligations evidenced by bonds, indentures, notes
          or similar instruments, (iii) obligations under leases which should be, in accordance with GAAP, recorded as Finance Leases, (iv) indebtedness or obligations of a third party utilized to acquire or is secured by any equity in such Person or any
          assets owned by such Person and (v) obligations under direct or indirect guarantees in respect of, and obligations (contingent or otherwise) to purchase or otherwise acquire, or otherwise to assure a creditor against loss in respect of,
          indebtedness or obligations of others of the kinds referred to in clauses (i) through (v) above, except for guaranty obligations of such Person, which, in conformity with GAAP, are not included on the balance sheet of such Person.

      

      

      (iv)

      “Non-Recurring Items” shall mean with respect to a Person, an amount equal to the sum of all
          expenses minus the sum of all revenues of such Person, in each case that are unusual in nature, occur infrequently and are not representative of the ongoing or future earnings or expenses of such Person, as calculated by Tenant in good faith and
          subject to Landlord’s reasonable review and approval.  For avoidance of doubt, Non-Recurring Items shall include, among other non-recurring expenses, management fees payable by Tenant.

      

      

      Section 14.03.  No Sale of Assets.  Except in connection with a Permitted Transfer or other permitted assignment of this Lease, Tenant shall not sell all or
        substantially all of Tenant’s assets without the prior written consent of Landlord.  Any sale of Tenant’s assets in violation of this Section 14.03, shall be voidable at the sole option of Landlord.  Any consent to a sale of Tenant’s assets given
        by Landlord hereunder shall not be deemed a consent to any subsequent sale of Tenant’s assets.  There forgoing shall in no way limit the ability of Tenant to sell inventory in the ordinary course of business.

      

      

      
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      Section 14.04.  Subletting.  Tenant shall not sublet any or all of the Premises without the prior written consent of Landlord, such consent not to be unreasonably
        withheld, conditioned or delayed and any purported subletting without such consent shall be void; provided, however, that Tenant may sublease up to fifty percent (50%) of the Premises to an Affiliate without Landlord’s consent (each such sublease
        described in this Section 14.04, individually, a “Sublease” and collectively, “Subleases”,
        and each subtenant thereunder, individually a “Subtenant” and collectively, “Subtenants”)
        so long as each Sublease contains the following provisions: (i) the Sublease is subject and subordinate to this Lease; (ii) the Sublease shall not contain any terms inconsistent with this Lease (or if so, the terms of this Lease shall control);
        (iii) the rent due under any Sublease shall be fixed rent and shall not be based on the net profits of any Subtenant; (iv) unless otherwise mutually agreed upon by Landlord and the related Subtenant, the Sublease shall terminate upon the expiration
        or sooner termination of this Lease (including any renewals hereof), provided that the related Subtenant agrees to attorn to Landlord if Landlord elects to assume the Sublease following a termination of this Lease; and (v) Tenant shall at all times
        remain liable under this Lease irrespective of any Sublease.

      

      

      ARTICLE XV

      

      

      NOTICES

      

      

      Section 15.01.  Notices.  All notices, demands, designations, certificates, requests, offers, consents, approvals, appointments and other instruments given pursuant
        to this Lease shall be in writing and given by any one of the following: (a) hand delivery; (b) express overnight delivery service; (c) certified or registered mail, return receipt requested; or (d) email transmission, and shall be deemed to have
        been delivered upon (i) receipt, if hand delivered; (ii) the next Business Day, if delivered by a reputable express overnight delivery service; (iii) the third Business Day following the day of deposit of such notice with the United States Postal
        Service, if sent by certified or registered mail, return receipt requested; or (iv) transmission, if delivered by email transmission.  Notices shall be provided to the parties and addresses set forth on the signature pages hereto.  Whenever in this
        Lease the giving of Notice is required, the giving thereof may be waived in writing at any time by the Person or Persons entitled to receive such Notice.

      

      

      ARTICLE XVI

      

      

      INTENTIONALLY OMITTED

      

      

      ARTICLE XVII

      

      

      MISCELLANEOUS

      

      

      Section 17.01.  Force Majeure.  Any prevention, delay or stoppage due to strikes, lockouts, acts of God, enemy or hostile governmental action, civil commotion, fire
        or other casualty beyond the control of the party obligated to perform (each, a “Force Majeure Event”) shall excuse the performance by such party for a
        period equal to any such prevention, delay or stoppage, expressly excluding, however, the obligations imposed upon Tenant with respect to Rent to be paid hereunder.

      

      

      Section 17.02.  No Merger.  There shall be no merger of this Lease nor of the leasehold estate created by this Lease with the fee estate in or ownership of the
        Premises by reason of the fact that the same person, corporation, firm or other entity may acquire or hold or own, directly or indirectly, (a) this Lease or the leasehold estate created by this Lease or any interest in this Lease or in such
        leasehold estate, and (b) the fee estate or ownership of the Premises or any interest in such fee estate or ownership.  No such merger shall occur unless and until all persons, corporations, firms and other entities having any interest in (i) this
        Lease or the leasehold estate created by this Lease, and (ii) the fee estate in or ownership of the Premises or any part thereof sought to be merged shall join in a written instrument effecting such merger and shall duly record the same.

      

      

      Section 17.03.  Interpretation.  Landlord and Tenant acknowledge and warrant to each other that each has been represented by independent counsel and has executed
        this Lease after being fully advised by said counsel as to its effect and significance. This Lease shall be interpreted and construed in a fair and impartial manner without regard to such factors as the party which prepared the instrument, the
        relative bargaining powers of the parties or the domicile of any party.  Whenever in this Lease any words of obligation or duty are used, such words or expressions shall have the same force and effect as though made in the form of a covenant.

      

      

      
        26

        
          

      

      

      

      Section 17.04.  Characterization.  The following expressions of intent, representations, warranties, covenants, agreements, stipulations and waivers are a material
        inducement to Landlord entering into this Lease:

      

      

      (a)          Landlord and Tenant intend that (i)  this Lease is a “true lease,” is not a mortgage, equitable mortgage, deed of trust, trust agreement, security agreement or other financing or trust arrangement, and the economic realities of
          this Lease are those of a true lease; and (ii) the business relationship created by this Lease and any related documents is solely that of a long-term commercial lease between Landlord and Tenant, the Lease has been entered into by both parties
          in reliance upon the economic and legal bargains contained herein, and none of the agreements contained herein is intended, nor shall the same be deemed or construed, to create a partnership (de facto or de jure) between Landlord and Tenant, to
          make them joint venturers, to make Tenant an agent, legal representative, partner, subsidiary or employee of Landlord, nor to make Landlord in any way responsible for the debts, obligations or losses of Tenant.

      

      

      (b)          Tenant waives any claim or defense based upon the characterization of this Lease as anything other than a true lease of the Premises.  Tenant stipulates and agrees (i) not to challenge the validity, enforceability or
          characterization of the lease of the Premises as a true lease of the Premises; and (ii) not to assert or take or omit to take any action inconsistent with the agreements and understandings set forth in this Section 17.04.

      

      

      Section 17.05.  Disclosures.

      

      

      (a)          Securities Act or Exchange Act.  The parties agree that, notwithstanding any provision contained in this
          Lease, any party (and each employee, representative or other agent of any party) may disclose to any and all persons, without limitation of any kind, any matter required under the Securities Act or the Exchange Act.

      

      

      (b)          Landlord Advertising and Related Publications.  Tenant hereby consents to the use by Landlord of, and Landlord is hereby expressly permitted to use  pictures of the Premises (which may include Tenant’s name, trademarks or logos) solely in
          connection with Landlord’s sales, advertising, and press release materials, including on Landlord’s website.  Tenant’s consent shall be deemed authorization for the limited use of such information by Landlord under all applicable copyright and
          trademark laws.

      

      

      (c)          Public Disclosures.  Except as required by Law, Tenant shall not make any public disclosure, including press releases or any form of media release, of this Lease Agreement or any transactions relating hereto without the prior written consent of
          Landlord.

      

      

      Section 17.06.  Attorneys’ Fees.  In the event of any judicial or other adversarial proceeding concerning this Lease, to the extent permitted by Law, the prevailing
        party shall be entitled to recover all of its reasonable attorneys’ fees and other Costs in addition to any other relief to which it may be entitled.  In addition, the prevailing party shall, upon demand, be entitled to all attorneys’ fees and all
        other Costs incurred in the preparation and service of any notice or demand hereunder, whether or not a legal action is subsequently commenced.

      

      

      Section 17.07.  Memorandum of Lease.  Concurrently with the execution of this Lease, Landlord and Tenant are executing Landlord’s standard form memorandum of lease
        in recordable form, indicating the names and addresses of Landlord and Tenant, a description of the Premises, the Lease Term, but omitting Rents and such other terms of this Lease as Landlord may not desire to disclose to the public.  Further, upon
        Landlord’s request, Tenant agrees to execute and acknowledge a termination of lease and/or quitclaim deed in recordable form to be held by Landlord until the expiration or sooner termination of the Lease Term.

      

      

      Section 17.08.  No Brokerage.  Landlord and Tenant represent and warrant to each other that they have had no conversation or negotiations with any broker concerning
        the leasing of the Premises.  Each of Landlord and Tenant agrees to protect, indemnify, save and keep harmless the other, against and from all liabilities, claims, losses, Costs, damages and expenses, including attorneys’ fees, arising out of,
        resulting from or in connection with their breach of the foregoing warranty and representation.

      

      

      
        27

        
          

      

      

      

      Section 17.09.  Waiver of Jury Trial and Certain Damages.  TO THE MAXIMUM EXTENT PERMITTED BY LAW, LANDLORD AND TENANT HEREBY KNOWINGLY, VOLUNTARILY AND
        INTENTIONALLY WAIVE THE RIGHT EITHER MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY AND ALL ISSUES PRESENTED IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER OR ITS SUCCESSORS WITH RESPECT
        TO ANY MATTER ARISING OUT OF OR IN CONNECTION WITH THIS LEASE, THE RELATIONSHIP OF LANDLORD AND TENANT, TENANT’S USE OR OCCUPANCY OF THE PREMISES, AND/OR ANY CLAIM FOR INJURY OR DAMAGE, OR ANY EMERGENCY OR STATUTORY REMEDY.  THIS WAIVER BY THE
        PARTIES HERETO OF ANY RIGHT EITHER MAY HAVE TO A TRIAL BY JURY HAS BEEN NEGOTIATED AND IS AN ESSENTIAL ASPECT OF THEIR BARGAIN.  FURTHERMORE, LANDLORD AND TENANT HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT EITHER MAY HAVE TO
        SEEK PUNITIVE, CONSEQUENTIAL, SPECIAL AND INDIRECT DAMAGES FROM THE OTHER PARTY AND ANY OF THE AFFILIATES, OFFICERS, DIRECTORS, MEMBERS, MANAGERS OR EMPLOYEES OF LANDLORD OR TENANT, AS APPLICABLE, OR ANY OF THEIR SUCCESSORS WITH RESPECT TO ANY AND
        ALL ISSUES PRESENTED IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT WITH RESPECT TO ANY MATTER ARISING OUT OF OR IN CONNECTION WITH THIS LEASE OR ANY DOCUMENT CONTEMPLATED HEREIN OR RELATED HERETO.  THE WAIVER BY LANDLORD AND TENANT OF
        ANY RIGHT EITHER MAY HAVE TO SEEK PUNITIVE, CONSEQUENTIAL, SPECIAL AND INDIRECT DAMAGES HAS BEEN NEGOTIATED BY THE PARTIES HERETO AND IS AN ESSENTIAL ASPECT OF THEIR BARGAIN.

      

      

      Section 17.10.  Time is of the Essence; Computation.  Time is of the essence with respect to each and every provision of this Lease.  If any deadline provided herein
        falls on a non-Business Day, such deadline shall be extended to the next day that is a Business Day.

      

      

      Section 17.11.  Waiver and Amendment.  No provision of this Lease shall be deemed waived or amended except by a written instrument unambiguously setting forth the
        matter waived or amended and signed by the party against which enforcement of such waiver or amendment is sought.  Waiver of any matter shall not be deemed a waiver of the same or any other matter on any future occasion.  No acceptance by Landlord
        of an amount less than the Rent and other Monetary Obligations stipulated to be due under this Lease shall be deemed to be other than a payment on account of the earliest such Rent or other Monetary Obligations then due or in arrears nor shall any
        endorsement or statement on any check or letter accompanying any such payment be deemed a waiver of Landlord’s right to collect any unpaid amounts or an accord and satisfaction.

      

      

      Section 17.12.  Successors Bound.  Except as otherwise specifically provided herein, the terms, covenants and conditions contained in this Lease shall bind and inure
        to the benefit of the respective heirs, successors, executors, administrators and assigns of each of the parties hereto.

      

      

      Section 17.13.  Captions.  Captions are used throughout this Lease for convenience of reference only and shall not be considered in any manner in the construction or
        interpretation hereof.

      

      

      Section 17.14.  Other Documents.  Each of the parties agrees to sign such other and further documents as may be necessary or appropriate to carry out the intentions
        expressed in this Lease.

      

      

      Section 17.15.  Entire Agreement.  This Lease and any other instruments or agreements referred to herein, constitute the entire agreement between the parties with
        respect to the subject matter hereof, and there are no other representations, warranties or agreements except as herein provided.

      

      

      Section 17.16.  Forum Selection; Jurisdiction; Venue; Choice of Law.  For purposes of any action or proceeding arising out of this Lease, the parties hereto
        expressly submit to the jurisdiction of all federal and state courts located in the state where the Premises is located.  Tenant consents that it may be served with any process or paper by registered mail or by personal service within or without
        the state where the Premises is located in accordance with applicable Law.  Furthermore, Tenant waives and agrees not to assert in any such action, suit or proceeding that it is not personally subject to the jurisdiction of such courts, that the
        action, suit or proceeding is brought in an inconvenient forum or that venue of the action, suit or proceeding is improper.  This Lease shall be governed by, and construed with, the Laws of the applicable state in which the Premises is located,
        without giving effect to any state’s conflict of Laws principles.

      

      

      
        28

        
          

      

      

      

      Section 17.17.  Counterparts. This Lease may be executed in one or more counterparts, each of which shall be deemed an original.  Furthermore, the undersigned agree
        that transmission of a fully executed copy of this Lease via e-mail in a “.pdf” or other electronic format shall be deemed transmission of the original Lease for all purposes.

      

      

      Section 17.18.  Nondiscrimination and Nonsegregation. Tenant herein covenants by and for itself, its heirs, executors, administrators, and assigns, and all persons
        claiming under or through Tenant, and this Lease is made and accepted upon and subject to the following conditions: "that there shall be no discrimination against or segregation of any person or group of persons on account of race, color, creed,
        religion, sex, marital status, age, physical or mental disability, ancestry, or national origin in the leasing, subleasing, renting, transferring, use, occupancy, tenure, or enjoyment of the land herein leased nor shall Tenant, or any person
        claiming under or through him or her, establish or permit any such practice or practices of discrimination or segregation with reference to the selection, location, number, use, or occupancy of tenants, lessees, sublessees, subtenants, or vendees
        in the land herein leased.”

      

      

      [Remainder of page intentionally left blank; signature page(s) to follow]

      

      

      
        29

        
          

      

      

      

      IN WITNESS WHEREOF, Landlord and Tenant have entered into this Lease as of the date first above written.

      

      

      	 	
              LANDLORD:

            
	 	 	 	 	 
	 	
              MDV TROPHY CARSON CA LLC, a California
                limited liability company

            
	 	 	 	 	 
	 	
              By:

            	
              Modiv Operating Partnership, LP, a

              Delaware limited partnership

            
	 	 	 	 	 
	 	 	
              By:

            	
              Modiv Inc., a Maryland corporation, its sole general partner

            
	 	 	 	 	 
	 	
              By:

            	
              /s/ Raymond J. Pacini

            
	 	
              Printed Name: Raymond J. Pacini

            
	 	
              Title: Chief Financial Officer

            
	 	 
	 	
              Send Notices to:

            
	 	 
	 	
              MDV Trophy Carson CA LLC

              c/o Modiv Advisors, LLC

              120 Newport Center Drive

              Newport Beach, CA  92660

              Attention:  Bill Broms

              Telephone: (949) 386-2514

              Email:  bbroms@modiv.com

            

      

      

      

      

      

      

      

      

      

      

      

      

      
        30

        
          

      

      

      

      IN WITNESS WHEREOF, Landlord and Tenant have entered into this Lease as of the date first above written.

      

      

      	 	
              TENANT:

            
	 	 	 
	 	
              TROPHY OF CARSON LLC, a California limited
                liability company

            
	 	 	 
	 	
              By:

            	
              /s/ Nasser Water

            
	 	
              Printed Name:  

              

            	
              Nasser Water

            
	 	
              Title:

            	
              Manager

            
	 	 	 
	 	
              Send Notices to:

            
	 	
              Trophy of Carson LLC

              21140 S. Avalon

              Carson, CA 90745

              Attn: Nasser Watar

              Tel.: (818) 788-0234

              Email: n.watar@tadg.us

            
	 	 
	 	
              With a copy to:

            
	 	
              Holland & Knight LLP

              400 South Hope Street

              8th Floor

              Los Angeles, CA 90071

              Attn: Douglas Praw

              Tel.: (213) 892-2588

              Email: doug.praw@hklaw.com

            
	 	 

      

      

    

  

  31

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