Document:

aiv-ex102_13.htm

Exhibit 10.2

First Amendment to Master Lease Agreement

 

 

This First Amendment to Master Lease Agreement (this “Amendment”), made as of April 15, 2021, by MCZ/CENTRUM FLAMINGO II, L.L.C., a Delaware limited liability company, as landlord (“Landlord”), and FLAMINGO NORTH LESSEE, LLC, a Delaware limited liability company, as tenant (“Tenant”).

 

W IT N E S S E T H:

 

WHEREAS, pursuant to that certain Master Lease Agreement, dated as of December 15, 2020 between Landlord and Tenant (the “Lease”), Landlord did demise and let to Tenant, and Tenant did hire and take from Landlord, the Property, as defined in the Lease;

 

WHEREAS, concurrently with the execution of this Amendment, Tenant, as borrower, is closing on a loan with ATHENE ANNUITY & LIFE ASSURANCE COMPANY (together with its successors and assigns, the “Lender”), in the maximum committed principal amount of up to

$150,000,000 (the “Loan”) to finance a portion of the redevelopment of the Property by Tenant contemplated under the Lease, which Loan is evidenced, secured and governed by the Loan Agreement dated as of the date hereof between Lender and Tenant and the other Loan Documents (as defined in the Loan Agreement), including without limitation the Security Instrument (as defined in the Loan Agreement);

 

WHEREAS, it is a condition to Lender’s willingness to make the Loan to Tenant that Landlord and Tenant amend the Lease pursuant to the terms of this Amendment; and

 

WHEREAS, Landlord and Tenant will each receive economic benefit from the redevelopment of the Property with the proceeds of the Loan.

 

NOW, THEREFORE, for good and valuable consideration, the mutual receipt and legal sufficiency of which are hereby acknowledged, the Landlord and Tenant agree that the Lease is hereby modified, amended and supplemented as follows:

 

1.Landlord hereby acknowledges that Lender is a “Leasehold Mortgagee” and the Security Instrument is a “Leasehold Mortgage”, in each case for all purposes of the Lease, and shall be entitled to all of the rights and remedies of a “Leasehold Mortgagee” thereunder.

 

2.In addition to the rights of Lender as a “Leasehold Mortgagee” under the Lease (including, without limitation, Section 14 of the Lease), until such time as all amounts secured by the Leasehold Mortgage have been paid in full, anything contained in the Lease to the contrary notwithstanding, the following shall apply:

 

A.Landlord, upon serving Tenant with any notice of default hereunder or under the provisions of, or with respect to, the Lease, shall also serve a copy of such notice upon Lender in the same manner as required by the Lease for notices to Tenant at the following address:

 

 

Exhibit 10.2

 

Athene Annuity & Life Assurance Company c/o Apollo Insurance Solutions Group LP 2121 Rosecrans Ave, Suite 5300

El Segundo, CA 90245 Attention: Daniel Brown

 

With copies to:

 

 

Apollo Insurance Solutions Group LP 2121 Rosecrans Ave, Suite 5300

El Segundo, CA 90245

Attention: Angelo Lombardo, Esq.

 

Apollo Insurance Solutions Group LP 9 West 57th Street, Floor 15

New York, New York 10019 Attention: Jay A. Jablonski Email: jjablonski@apollo.com

 

Apollo Global Management – Real Estates Team 9 West 57th Street

New York, New York 10019 Attention: Ben Gray and Tyler Fenton

Email: bgray@apollo.com and tfenton@apollo.com

 

Gibson, Dunn & Crutcher LLP 200 Park Avenue

New York, New York 10166 Attention: Noam I. Haberman, Esq. Email: NHaberman@gibsondunn.com

 

B.In the event that Tenant shall be in default under the Lease, other than a Personal Default (as defined herein), Lender shall have the right, but not the obligation, to remedy such default, or cause the same to be remedied, within sixty (60) days after the expiration of all applicable grace or cure periods as provided to Tenant in the Lease. If such default cannot be remedied during such sixty (60) day period, then Lender shall have such period of time as is reasonably necessary to remedy such default (not to exceed ninety

(90) days in the aggregate unless possession by Lender is required to cure the default), provided Lender has commenced to cure such default (and the commencement of enforcement of remedies under the Security Instrument or the Pledge Agreement (as defined in the Loan Agreement) shall be deemed to be a commencement of a cure) within such sixty (60) day period, subject to any limitations on Lender’s ability to do so as a result of any government restrictions on foreclosures, force majeure events, bankruptcy or other insolvency proceedings, or other matters outside the control of Lender which prevent (or, based on advice of counsel, are inadvisable as a result of potential lender liability) Lender

 

 

Exhibit 10.2

 

from commencing an exercise of remedies (individual and/or collectively, as the context may require, a “Tolling Event”), in which case such sixty (60) day period shall be tolled for the duration of any such Tolling Event, (or, if possession of the Property is required to cure, Lender is, subject to any delays resulting from a Tolling Event, diligently pursuing its remedies to obtain possession and thereafter cures such default within sixty (60) days from obtaining possession) and continues to diligently prosecute the same. Any Personal Default or monetary default relating to the payment of rent shall be deemed cured whether or not such default is cured, but as to Lender only and not as to Tenant. Landlord shall accept such performance by or at the instance of Lender as if the same had been made by Tenant. A “Personal Default” is a default that (a) cannot be cured by the payment of money or performance of maintenance, repair, or construction work or (b) is otherwise not readily susceptible to cure by a party other than Tenant.

 

C.Notwithstanding anything in the Lease to the contrary, if, pursuant to the provisions of the Lease or as a matter of law, Landlord shall have the right to terminate the Lease, then Landlord shall take no action to terminate the Lease without first giving to Lender written notice of such right and an opportunity to cure as set forth in subsection (B) above. The time of the Lender to cure any default by Tenant which reasonably requires that Lender be in possession of the Property to do so (and it shall be deemed reasonably necessary to acquire possession of the Property if Lender is advised by counsel that it is prudent to do so to avoid lender liability claims), or the time for Lender to obtain Tenant’s interest in the Property in order to elect to enter into a new lease with Landlord as provided in subsection (D) below, shall be deemed extended to include the period of time required by Lender to obtain such possession or obtain Tenant’s interest in the Property (by foreclosure or otherwise) with due diligence (and in each case, such period of time shall be tolled for the duration of any Tolling Event); provided, that Lender shall have delivered to Landlord within sixty (60) days of Lender’s receipt of notice from Landlord of its right to terminate the Lease as set forth in this section, notice of Lender’s intent to cure outstanding defaults reasonably requiring possession of the Property and which are reasonably susceptible of being cured by Lender (excluding, for the avoidance of doubt, any Personal Defaults or monetary default relating to the payment of rent).

 

D.If the Lease is terminated in accordance with the terms of the Lease and the terms of this Amendment, Landlord shall give prompt written notice thereof to Lender. On written request of Lender made at any time within ninety (90) days after the receipt of such termination notice, Landlord shall, within ninety (90) days thereof, enter into a new lease ("New Lease") of the Property including all improvements thereon with Lender, its designee, or any Subsequent Owner (as defined below), for the remainder of the term of the Lease upon all of the covenants, conditions, limitations and agreements contained in the Lease solely to the extent arising from and after the date of such New Lease. “Subsequent Owner” means any individual or entity that acquires title to or control or possession of the Property or Tenant (or any part thereof) as a result of an exercise of remedies under the Loan Documents (including, without limitation, through a foreclosure of the Security Instrument or the Pledge Agreement or an assignment in lieu thereof (together with any successors or assigns thereof), including, without limitation, (i) Lender,

	
 
	
(ii)
	
any purchaser of the Property (or any part thereof) or the interest in Tenant from Lender,

	
 
	
(iii)
	
any purchaser of the Property (or any part thereof) or the interest in Tenant at a

 

 

Exhibit 10.2

 

foreclosure on the Security Instrument or at a UCC sale, or (iv) any court appointed receiver of the Property (or any part thereof).

 

E.In the event of any proceeding involving Landlord or Tenant under the United States Bankruptcy Code (Title 11 U.S.C.) as now or hereafter in effect:

(a)If the Lease is rejected in connection with a bankruptcy proceeding by Tenant or a trustee in bankruptcy (or other party to such proceeding) for Tenant, such rejection shall be deemed an assignment by Tenant to the Lender of the Property and all of Tenant’s interest under this Lease, and this Lease shall not terminate and the Lender shall have all rights of the Tenant as if such bankruptcy proceeding had not occurred, unless Lender shall reject such deemed assignment by notice in writing to Landlord within ninety (90) days following rejection of this Lease by Tenant or Tenant’s trustee in bankruptcy. If any court of competent jurisdiction shall determine that this Lease shall have been terminated notwithstanding the terms of the preceding sentence as a result of rejection by Tenant or the trustee in connection with any such proceeding, the rights of Lender to a new lease from Landlord pursuant to Section 2(D) hereof shall not be affected thereby.

(b)In the event of a proceeding involving Landlord under the Bankruptcy Code:

(i)In the event the bankruptcy trustee, Landlord (as debtor-in- possession) or any party to such proceeding seeks to reject the Lease pursuant to United States Bankruptcy Code §365(h)(1), Tenant shall not have the right to treat this Lease as terminated except with the prior written consent of Lender and the right to treat this Lease as terminated in such event shall be deemed assigned to Lender, whether or not specifically set forth in the Leasehold Mortgage, so that the concurrence in writing of Tenant and the Lender shall be required as a condition to treating this Lease as terminated in connection with such proceeding.

(ii)Unless this Lease is treated as terminated in accordance with subsection 2.E.(b)(i) above, then this Lease shall continue in effect upon all the terms and conditions set forth herein, including rent, but excluding requirements that are not then applicable or pertinent to the remainder of the term of this Lease. The lien of the Leasehold Mortgage shall extend to the continuing possessory rights of Tenant following such rejection with the same priority as it would have enjoyed had such rejection not taken place.

F.In the event that Lender (or its designee) or a Subsequent Owner succeeds to (y) the interests of the Tenant under the Lease by reason of a foreclosure of the Security Instrument or a conveyance in lieu thereof (whether voluntary or by operation of law) or

(z) the interests in Tenant by reason of a foreclosure of the Pledge Agreement or a conveyance in lieu thereof (whether voluntary or by operation of law) (either event describe in the foregoing clauses (y) and (z) shall be referred to hereinafter as a “Foreclosure Event”), then (a) Lender (or its designee) or such Subsequent Owner shall be bound to Landlord under all of the terms, covenants and conditions of the Lease for the balance of

 

 

Exhibit 10.2

 

the term thereof remaining, but shall not be required to cure any defaults of Tenant under the Lease arising prior to the date of such Foreclosure Event (and Landlord agrees to look solely to the constituent members of Tenant and their respective Affiliates (as Tenant was constituted prior to the date of such Foreclosure Event) for the payment or performance of any defaults or other obligations (including, without limitation, any indemnification obligation) arising under the Lease prior to such date, (b) Lender (or its designee) or such Subsequent Owner shall attorn to Landlord, as its landlord, (c) Landlord shall recognize and accept such attornment and the Lease shall continue as a direct lease between Landlord and Lender (or its designee) or such Subsequent Owner, subject to and in accordance with the terms thereof and hereof, and (d) all restrictions on transfers and assignments by the “Tenant” under the Lease shall become void and without further force or effect. The foregoing attornment and recognition shall be effective and self-operative without the execution of any further instruments by Landlord, provided that neither Lender (or its designee) nor any Subsequent Owner shall be obligated to pay any rent to Landlord until Lender (or its designee) or such Subsequent Owner has succeeded to Tenant’s interest under the Lease.

 

G.Any notice or other communication which Landlord shall desire or is required to give to or serve upon Lender shall be in writing and shall be served by certified mail, return receipt requested, except that such notice shall be delivered to Lender at the address set forth above or as otherwise designated by Lender in writing to Landlord. Any notice or other communication which the Lender shall desire or is required to give to or serve upon Landlord shall be deemed to have been duly given or served if sent to Landlord in accordance with the provisions of the Lease at the address set forth therein.

 

H.No union of the interests of Landlord and Tenant shall result in a merger of the Lease into any superior leasehold interest or the fee interest in the Property.

 

I.Landlord and Tenant acknowledge and agree that (a) for so long as the Lease or any New Lease shall be in effect, Tenant (or the holder of Tenant’s interest in the Lease or any New Lease) shall own any and all improvements, buildings and equipment on the Property, and (b) from and after a Foreclosure Event, Lender (or its designee) shall own any and all improvements, buildings and equipment on the Property.

 

J.Landlord hereby consents to Tenant’s grant, if any, to Lender of a security interest in the personal property owned by Tenant and located at the Property and a collateral assignment of subleases by Tenant of all or any portion of the Property and the rents, issues and profits therefrom, if any. Landlord agrees that (y) unless and until the Lease is terminated, and in the absence of a New Lease, and (z) from and after a Foreclosure Event, Landlord shall have no interest in such personal property or subleases, as the case may be, whether granted pursuant to the Lease or by statute.

 

K.Landlord shall not assign or transfer to an unaffiliated third party, or encumber or hypothecate, its interest in the Lease or the fee estate in the Property, without the prior written consent of the Lender.

 

 

Exhibit 10.2

 

L.Except as otherwise expressly set forth herein (including without limitation the provisions of Section 2(D) of this Amendment), no cancellation, termination, surrender, acceptance of surrender, amendment, or modification of the Lease shall be made by Landlord or Tenant and no consent by Tenant under the Lease shall be issued, in each case without Lender’s prior written consent, and unless such prior written consent is obtained, any such action shall be null and void and of no force or effect. The foregoing shall not be deemed to limit the rights of Landlord to terminate the Lease if Tenant shall be in default under the Lease beyond any applicable notice and cure period (excluding, for the avoidance of doubt, with respect to defaults which are deemed cured hereunder) and Lender shall not have proceeded to cure such default pursuant to the terms of Section 2(B) and Section 2(C) of this Amendment; provided, that any such termination of the Lease shall not vitiate Lender’s right to a New Lease pursuant to the terms of Section 2(D) of this Amendment.

 

M.Notwithstanding anything set forth in the Lease, in the event of casualty or condemnation of any portion of the Property, (a) the provisions of the Leasehold Mortgage shall control over the Lease with respect to the application of any insurance proceeds and condemnation awards and all such amounts, whether payable to Landlord or Tenant, shall be delivered to Lender for application in accordance with the Loan Documents, and (b) neither Lender (or its designee) nor any Subsequent Owner shall be obligated to repair or restore improvements (whether prior to or following a Foreclosure Event).

 

N.Landlord acknowledges and agrees that (a) in accordance with the Loan Documents, one or more mezzanine loans may be made to indirect owners of Tenant and secured by a pledge encumbering certain equity interests in indirect parent entities of Tenant, (b) neither the making or securing of any such mezzanine loan, nor the transfer of any such indirect equity interest in connection with such security interests granted thereon shall be deemed a violation of any restrictions on transfers imposed on the Tenant under the Lease, and (c) upon notice to Landlord by any such mezzanine lender of the existence of its mezzanine loan, and provided that such mezzanine lender (collectively with each affiliate of such mezzanine lender that is controlled by or under common control with such mezzanine lender) satisfies the net worth requirements set forth in Section 14(g) of the Lease, such mezzanine lender shall have all the rights and protections of a “Leasehold Mortgagee” under the Lease subject, in each case however, to the rights of Lender as a “Leasehold Mortgagee” under this Amendment.

 

O.Anything contained in Section 13(b)(iii) of the Lease to the contrary notwithstanding, in addition to causing the lease-up of the Property in connection with the Redevelopment Plan, Tenant is also permitted, without Landlord’s consent, to enter into leases generally with respect to the Property in connection with Tenant’s operation of the Property.

 

P.Anything contained in Section 14(a) of the Lease to the contrary notwithstanding, the Tenant may obtain financing secured by a Leasehold Mortgage in connection with the Redevelopment (as defined in the Lease), following the completion of the Redevelopment or for any other lawful purpose.

 

 

Exhibit 10.2

 

Q.For purposes of calculating minimum net worth of a Leasehold Mortgagee for purposes of Section 14(g) of the Lease, such Leasehold Mortgagee’s net worth shall be deemed to include the net worth of each affiliate of such Leasehold Mortgagee that is controlled by or under common control with Leasehold Mortgagee, together with such Leasehold Mortgagee’s individual net worth.

 

R.Landlord hereby appoints Tenant as Landlord’s attorney-in-fact (which appointment is coupled with an interest) empowered to exercise all rights and remedies in the name of Landlord under the (a) Reciprocal Maintenance, Use and Easement Agreement dated as of February 17, 2006, recorded at Book 24259, Page 0455 with the Clerk of Court for Miami-Dad County, Florida (as amended, and as the same may be further amended, modified or supplemented from time to time, the “REA”) (b) the Health Club Use Agreement (as defined in the REA) and (c) any other documents entered into by and among any of the “Parties” to the REA in connection with larger development of which the Property is a part (collectively, the “Property Documents”). Neither Landlord nor Tenant shall amend, modify, terminate, accept a surrender of, or grant a waiver of any provision or right of Landlord under any of the Property Documents without the prior written consent of Lender, Landlord and Tenant.

 

S.Anything contained in the Lease and this Amendment to the contrary notwithstanding,

 

(a)in the event Lender shall notify Landlord and Tenant in writing that an Event of Default under (and as defined in) the Loan Agreement has occurred, then during the period that such Event of Default shall exist, Tenant shall not pay and Landlord shall not accept payment of Base Rent, Additional Rent or any other amounts that become payable by Tenant to Landlord under the Lease during such period, which amounts shall continue to accrue as and when due in accordance with the Lease and shall be payable in full at such time as such Event of Default no longer exists; provided, that if such Event of Default is not cured, then Landlord agrees to look solely to the constituent members of Tenant and their respective Affiliates (as constituted prior to the date of such Foreclosure Event) for payment of all such amounts accruing from the commencement of such Event of Default through the date of any Foreclosure Event, and none of Lender, its designee or any Subsequent Owner shall have any liability or responsibility for any such amount;

 

(b)any amounts payable by Landlord to Tenant under the Lease, including, without limitation, any Added Improvement Value Payment (as defined in the Lease), shall be delivered by Landlord to Lender and applied by Lender to repay the outstanding principal balance of the Loan in accordance with the Loan Agreement; and

 

(c)within thirty (30) days after a Foreclosure Event, at Lender’s request, and upon payment to Landlord of $10.00, Landlord shall, at Landlord’s sole cost and expense (other than payment of Lender’s attorneys’ fees), convey to Tenant or its designee, by general warranty deed and other customary transfer

 

 

Exhibit 10.2

 

documents for such an interest in real property, Landlord’s fee interest in the Property, subject to the Lease; provided that if the Foreclosure Event resulted in the payment by a successful third party bidder of a sum that exceeds the outstanding “Debt” (as defined in the Loan Agreement), then concurrently with (or prior to) such conveyance of Landlord’s fee interest in the Property and as a condition precedent thereto, such excess proceeds shall be paid to Landlord.

 

3.Lender, upon serving Tenant with any notice of default under any of the Loan Documents shall also serve a copy of such notice upon Landlord in the same manner as required by the Loan Documents for notices to Tenant at the following address:

 

MCZ/Centrum Flamingo II, L.L.C. c/o AIR Communities

4582 S. Ulster Street, Suite 1700

Denver, Co. 80237 Attention: Lisa Cohn

Email: lisacohn@aircommunities.com With copies to:

MCZ/Centrum Flamingo II, L.L.C. c/o AIR Communities

4582 S. Ulster Street, Suite 1700

Denver, Co. 80237 Attention: Paul Beldin

Email: paul beldin@aircommunities.com

 

MCZ/Centrum Flamingo II, L.L.C. c/o AIR Communities

4582 S. Ulster Street, Suite 1700

Denver, Co. 80237

Attention: Ken Diamond, Esq.

Email: ken.diamond @aircommunities.com

 

In the event that Tenant shall be in default under the Loan, Landlord shall have the right, but not the obligation, to remedy such default, or cause the same to be remedied, provided that (a) such remedy occurs prior to the expiration of all applicable grace or cure periods provided to Tenant under the Loan Documents and (b) Landlord shall not have the right to cure a default under the Loan more than six (6) times in the aggregate over the entire term of the Loan. Lender shall accept such performance by or at the instance of Landlord (including the tender by Landlord of any sums necessary to cure a monetary default) as if the same had been made by Tenant under the Loan Documents.

 

4.Following the delivery of a notice of an event of default under the Loan by Lender to Tenant and Landlord, Landlord shall have the right, but not the obligation, exercisable at any

 

 

Exhibit 10.2

 

time prior to the date on which a Foreclosure Event is completed (the “Expiration Date”), to purchase the Loan and other obligations (with no representations or warranties from Lender) secured by the Leasehold Mortgage and the Pledge Agreement (the “Landlord Loan Acquisition Option”). In order to exercise the Landlord Loan Acquisition Option, Landlord shall give Lender written notice of its election to exercise such option on or before the Expiration Date. Upon delivery of such exercise notice by Landlord to Lender, Landlord and Lender will execute and deliver customary documents (in form and substance reasonably acceptable to Lender and Landlord) for the transfer and assignment of the Loan and other obligations secured by the Leasehold Mortgage, the Pledge Agreement and the documents and instruments evidencing, securing and governing the same and Landlord shall pay to Lender as the purchase price for the Landlord Loan Acquisition Option the sum of (a) the outstanding principal balance of the Loan, and (b) any accrued interest (including interest accrued at the “Default Rate” (as defined in the Loan Agreement)), fees, costs and all other sums due under the Leasehold Mortgage and the Pledge Agreement or the obligations secured thereby, which shall include any prepayment fees or yield maintenance fees or premiums.

 

	
 
	
5.
	
[Intentionally Omitted] .

 

	
 
	
6.
	
Landlord hereby represents and warrants to Lender as follows:

 

A.The Lease is in full force and effect, and all rental and/or other payments due pursuant to the Lease are current.

 

B.Landlord has no claims, defenses, or offsets of any kind or character with respect to the Lease and all provisions of the Lease are in full force and effect.

 

C.Landlord has not executed any contract or agreement for the sale of the Property or granted to any person or entity an option to purchase all or any portion of the Property.

 

D.There is no action, proceeding, or investigation at law or in equity before or by any court, public board, or body, nor does Landlord have actual knowledge of any basis for such action, proceeding, or investigation which calls into question the ability of the Landlord to perform its obligations under the Lease or this Amendment.

 

E.Lender assumes no liability or obligations under the Lease, or any extension or renewal thereof, unless or until it succeeds to the interest of Tenant thereunder and then subject to and in accordance with the terms of the Lease and this Amendment.

 

 

F.Tenant took possession of the Premises on or about 20 21 , and has paid rent through the term, as defined in the Lease.

    January1 ,

 

 

G.The term of the Lease commenced on December 15, 2020 and, subject to the terms of this Amendment, if not sooner terminated in accordance with Section 2(b) of the Lease, terminates on December 31, 2045. At the end of the term of the Lease, the Landlord shall become the owner of the improvements located on the Property free and clear of any encumbrances pursuant to the terms of the Lease.

 

 

Exhibit 10.2

 

 

	
 
	
H.
	
The Lease is unmodified except as indicated herein.

 

I.No act event, omission or condition has occurred or exists which, together with notice and/or the passage of time, would constitute a default by any party under the Lease.

 

7.This Amendment may be executed in any number of separate counterparts, each of which, when so executed and delivered, shall be deemed an original, but all of which, collectively and separately, shall constitute one and the same agreement. All signatures need not be on the same counterpart. Concurrently with the execution of this Amendment, Landlord and Tenant will execute a memorandum of this Amendment and record such memorandum in the official records of the Miami-Dade County Clerk of the Courts. Upon the request of Landlord or Tenant, and provided that the Loan has been paid in full, Landlord and Tenant shall execute such documents as may be necessary to terminate such memorandum of record.

 

8.In the event of inconsistency between Lease and this Amendment as to the rights, benefits and obligations of Lender, the terms of this Amendment shall govern.

 

9.Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to them in the Lease.

 

10.Landlord agrees that this Amendment may be relied upon by Lender, any Subsequent Owner and their respective successors and assigns. This Amendment shall inure to the benefit of Tenant, Landlord, Lender any Subsequent Owner, and their respective successors and assigns (including, without limitation, with respect to Lender, each and every owner and holder of the Loan and each person who may succeed to Tenant’s interest under the Lease) and shall be binding on each such party and its respective successors and assigns; provided, that this Amendment shall automatically terminate and be without further force or effect upon payment in full of all amounts payable to Lender under the Leasehold Mortgage and the other Loan Documents.

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the day and year first above written.

 

 

 

 

 

 

[signature pages follow]

 

 

Exhibit 10.2

 

 

LANDLORD:

 

MCZ/CENTRUM FLAMINGO II, L.L.C., a Delaware limited liability company

 

By: Morton Towers Apartments, L.P., a Delaware limited partnership, its member

 

By: AIMCO Holdings, L.P., a Delaware limited partnership, its general partner

 

By: AIMCO Holdings QRS, Inc., a Delaware

corporation, i1⁄2tenl partner

By:/;J.J!)_

Paul Beldin, Executive Vice President and Chief Financial Officer

 

 

 

 

TENANT:

 

FLAMINGO NORTH LESSEE, LLC, a Delaware limited liability company

 

By: Flamingo North Lessee Holdco, LLC, a Delaware limited liability company, its sole member

 

By: Aimco Development Company, LLC, a Delaware limited liability company, its sole member

 

By: Aimco OP L.P., a Delaware limited pai1nership, its sole member

 

By: Aimco OP GP, LLC, a Delaware limited liability company, its general partner

 

By: Apartment Investment and Management Company, a Maryland corporation, its sole member

 

 

By://(c:::::==

John icholson,Vice President and Treasurer

 

 

Exhibit 10.2

 

Joining solely for the purpose of binding itself to the terms and conditions of Sections 3 and 4 hereof.

 

ATHENE ANNUITY & LIFE ASSURANCE COMPANY

 

By: Apollo Insurance Solutions Group LP, its investment adviser

 

	
 
	
By:
	
Apollo Global Real Estate Management, L.P., its sub-adviser
	
 

 

By: Apollo Global Real Estate Management GP, LLC, its General Partner

 

 

               

By: Name: Title:

      

Joseph D. Glatt

Vice President
Joseph D. Glatt VP esidExecution Version

 

 

LEASE

 

THIS LEASE
(this “Lease”), is made as of the 5th day of June, 2020 (the “Effective Date”), by and
between ARKHOS PROPERTY GROUP HOLDINGS LLC, a Florida limited liability company (hereinafter referred to as “Landlord”),
and ATL DATA CENTERS LLC, a Georgia limited liability company (hereinafter referred to as “Tenant”).

 

WITNESSETH THAT:

 

		1.00	PREMISES.

 

1.01         
Premises. For and in consideration of Ten and No/100 Dollars ($10.00) paid by Tenant to Landlord (receipt whereof is hereby
acknowledged by Landlord) and in further consideration of the rentals herein reserved and agreed to be paid and of the covenants herein
contained and provided, Landlord hereby leases unto Tenant, and Tenant hereby leases from Landlord, that certain tract or parcel of real
property, together with all easement, covenants and other rights if any, appurtenant thereto (collectively, the “Property”),
located at 2380 Godby Road, College Park, Georgia and being more particularly described in Exhibit A attached hereto and incorporated
herein by reference, together with all buildings and improvements now or hereafter located thereon, which include but are not limited
to, an approximately 41,387 square foot office/warehouse building, driveways and parking areas (collectively, the “Improvements”)
(the Property, together with the Improvements, is hereinafter referred to as the “Demised Premises”).

 

1.02         
Permitted Use. Tenant shall have the right to use the Demised Premises in compliance with all applicable governmental laws,
rules and regulations and the provisions of this Lease.

 

1.03         
Condition of Demised Premises. Tenant shall accept the Demised Premises in “AS IS” condition. Tenant agrees
that no representations respecting the condition of the Demised Premises, and no promises to decorate, alter, repair or improve the Demised
Premises, either before or after the execution hereof, have been made by Landlord or its agents to Tenant.

 

2.00 TERM.
Upon all the terms and conditions of this Lease, Tenant shall have and hold the Demised Premises for a term (the “Initial Term”)
beginning on the Effective Date (hereinafter referred to as the “Commencement Date”) and ending at midnight on that
certain calendar day one (1) day prior to the second (2nd) anniversary of said Commencement Date, unless said Initial Term
of this Lease is sooner terminated as specifically hereinafter provided. This Lease shall automatically renew for successive one

(1) year terms (each, an “Extension
Term”), unless either party provides written notice of non-renewal to the other party at least ninety (90) days prior to expiration
of the then current term. The Initial Term and each Extension Term shall be referred to hereinafter collectively as the “Term”.

 

3.00  
RENTAL. As consideration for this Lease, Tenant shall pay Landlord, without any setoff or deduction, the total amount of
Monthly Rent (as defined below) and Additional Rent due for the Term. “Additional Rent” means all sums (exclusive of
Monthly Rent) that Tenant is required to pay Landlord hereunder. Additional Rent and Monthly Rent are sometimes collectively referred
to as “Rent”. Tenant shall pay and be liable for all rental, sales and use taxes (but excluding income taxes), if any,
imposed upon or measured by Rent under applicable Law. Tenant’s covenant to pay Rent is independent of every other covenant in this
Lease. If this Lease commences or terminates on a date other than the first or last day of a month, Rent shall be prorated for such month.

 

3.01     Monthly
Rent. Minimum rent shall be payable, in advance, without demand, in good funds, in equal monthly installments of $52,958.07 (the
“Monthly Rent”), on the first (1st) day of each and every calendar month during the Term, commencing on the
Commencement Date, in accordance with the following schedule:

 

    	 		 

    	 

    

 

Landlord hereby directs Tenant to make all Rent
payments to Landlord at the following address:

Arkhos Property Group Holdings LLC

848 Brickell Ave., Suite 203

Miami, Florida, 33131

Attention: Barbara Elisabeth Laffranchi

 

3.02   
Additional Rent. Tenant shall pay, as Additional Rent for the Demised Premises during the Term, to Landlord, or at Landlord’s
election, directly to the public officer charged with the collection thereof, at least thirty (30) days before the same become delinquent,
all ad valorem taxes (including sanitary taxes) assessed upon the Demised Premises; all assessments and levies, general or special, ordinary
or extraordinary, of every nature or kind whatsoever which may be fixed, charged, levied, assessed or otherwise imposed upon the Demised
Premises as it presently exists or as the Demised Premises may be hereafter improved by Tenant under the terms of this Lease; provided,
however, that in the event any general or special assessments are levied against the Demised Premises which may be paid in installments,
Tenant shall be obligated to pay only those installments which become due during the Term. In the event the State of Georgia or any taxing
authority thereunder should, subsequent to the execution of this Lease, change or modify the present system of taxing real estate so as
to tax the rental income from real estate in lieu of real estate taxes so as to impose a liability upon Landlord for the amount of such
tax, then Tenant shall be liable under this Lease for the payment of the taxes so imposed during the term of this Lease to the same extent
as though such an alternative tax was a tax upon the value of the Demised Premises. In order to determine the amount of such alternative
tax for which Tenant shall be liable, the Demised Premises shall be considered as if it were the only asset of Landlord, and the Monthly
Rent paid under this Lease shall be considered as if it were the only income of Landlord.

 

If Landlord elects
to have Tenant pay taxes directly to the taxing authority rather than to Landlord, Tenant shall return, in Landlord’s name, all
taxes which Tenant is required to pay hereunder and shall furnish to Landlord satisfactory proof of payment of such taxes, assessments
and levies not later than thirty (30) days prior to the date such taxes become past due.

 

3.03  
Net Rental. Monthly Rent hereunder and said Additional Rent shall be completely net rent to Landlord, and during the entire
term of this Lease Landlord shall have no cost, obligation, responsibility or liability whatsoever for repairing, maintaining, operating
or owning the Demised Premises, except as set forth in Section 6.01 below; provided, however, that any estate, inheritance, succession,
legacy, gift, capital gains or other tax imposed on any transfer of the interest of Landlord hereunder shall not be chargeable to Tenant.
Except as otherwise expressly provided herein, Monthly Rent and any Additional Rent shall be paid by Tenant to Landlord without notice,
demand, counterclaim, setoff, deduction or defense and without abatement, suspension, deferment, diminution or reduction whatsoever.

 

3.04     
Late Charge. If Tenant shall default in the payment of any Monthly Rent or Additional Rent as and when due hereunder and
such default shall continue for a period of ten (10) calendar days after the date due, then a late charge of five percent (5%) of the
amount due shall be immediately due and payable by Tenant to compensate Landlord for its costs and expenses incurred as a result of such
late payment. In addition, all such past due amounts shall bear interest at the lesser of (a) the rate of twelve percent (12%) per annum
or (b) the maximum rate permissible under applicable law, from the date such amount was due until paid in full.

 

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		4.00	ALTERATIONS TO THE DEMISED PREMISES.

 

4.01         
Alterations. Tenant shall have the right, but not the obligation, to make any and all interior improvements to the Demised
Premises that Tenant desires, so long as the same do not affect the structure or systems of the Improvements and the value of the Improvements
is not reduced. All such improvements shall be constructed in Tenant’s name in a good and workmanlike manner using good quality
materials and the cost of all such improvements shall be borne solely by Tenant and shall in no event result in any expense to Landlord
or in any liens or charges against the Demised Premises whatsoever. Notwithstanding the foregoing, Landlord shall have the prior right
to approve or disapprove in writing Tenant’s written plans and specifications and drawings and the proposed contractors for any
proposed improvements which will materially affect the mechanical, electrical, or plumbing systems or the structure of the Improvements
or will be visible from the exterior of the Improvements. Tenant shall not commence construction of any improvements requiring Landlord’s
approval until such written approval of Tenant’s said plans, specifications and drawings have been obtained from Landlord.

 

4.02         
Liens. Tenant will not create or permit to be created or to remain, and will discharge (or bond, as provided below), any
lien (including, but not limited to, the liens of mechanics, laborers or materialmen for work or materials alleged to be done or furnished
in connection with the Demised Premises at Tenant’s behest), encumbrance or other charge upon the Demised Premises or any part thereof
or the Property or any part thereof, provided, that Tenant shall not be required to discharge any such liens, encumbrances or charges
as may be placed upon the Demised Premises directly resulting from the acts or omissions of Landlord.

 

Tenant shall have the
right to contest, in good faith and by appropriate legal proceedings, the validity or amount of any mechanics’, laborers’
or materialmen’s lien or claimed lien. In the event of such contest, Tenant shall give to Landlord such security (e.g. a legally
sufficient bond) as may be required by Landlord to insure payment thereof and to prevent any sale, foreclosure or forfeiture of the Demised
Premises or any part thereof by reason of non-payment of any such lien. In the event that a final determination is made against Tenant
with regard to any such lien, Tenant will immediately pay any judgment rendered, with all proper costs and charges, and shall have such
lien released or judgment satisfied, at Tenant’s expense, and upon such payment and release of satisfaction, Landlord will promptly
return to Tenant such security as Landlord shall have received in connection with such lien. Landlord reserves the right to enter the
Demised Premises to post and keep posted notices of non-responsibility for any such lien. In the event that Tenant fails to remove or
bond as provided in this Section 4.02, any lien within ten (10) business days after the filing of any such lien or a final determination
as to such lien, as the case may be, Landlord may, but shall not be obligated to, satisfy any such lien for the purpose of protecting
Landlord’s interest in the Demised Premises. Tenant agrees to defend, pay, protect and indemnify Landlord from and against all liabilities,
losses, claims, damages, costs and expenses, including reasonable attorneys’ fees, incurred by Landlord by reason of the filing
of any lien and/or the removal of the same.

 

 

		5.00	INSURANCE, CASUALTY, CONDEMNATION AND INDEMNITIES.

 

5.01         
Insurance. Tenant covenants and agrees that from and after the Commencement Date or any earlier date upon which Tenant enters
or occupies the Demised Premises or any portion thereof, Tenant will carry and maintain, at its sole cost and expense, the following types
of insurance, in the amounts specified and in the form hereinafter provided for:

 

(a)                Liability
insurance in the Commercial General Liability form (or reasonable equivalent thereto) covering the Demised Premises and
Tenant’s use thereof against claims for bodily injury or death, property damage and product liability occurring upon, in or
about the Demised Premises, such insurance to be written on an occurrence basis (not a claims made basis), in coverage amounts
reasonably acceptable to Landlord. The insurance coverage required under this Section 5.01(a) shall, in addition, extend to any
liability of Tenant arising out of the indemnities provided for herein and, if necessary, the policy shall contain a contractual
endorsement to that effect.

 

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(b)              
(i) Insurance on the “All-Risk” or equivalent form on a Replacement Cost Basis against loss or damage to the Improvements
now or hereafter located on the Demised Premises (including, without in any manner limiting the generality of the foregoing, flood insurance
if the Demised Premises are located in a flood hazard area); and in an amount sufficient to prevent Landlord or Tenant from becoming a
co-insurer of any loss, but in any event in amounts not less than 100% of the actual replacement value of such Improvements. Landlord
shall have the right to require from Tenant, not more often than once every twenty-four (24) months, reasonable evidence of the value
of the Improvements.

 

(ii)              
insurance on the “All-Risk” or equivalent form against abatement or loss of rental by reason of the occurrences
covered by the insurance described in clause (A) above and by reason of any service interruptions in an amount equal to Monthly Rent and
all Additional Rent for at least twelve (12) months following the occurrence of such casualty;

 

(iii)            
boiler and machinery insurance covering losses to or from any steam boilers, pressure vessels or similar apparatus requiring
inspection under applicable state or municipal laws or regulations which are located at the Demised Premises or on any other building
systems for which such coverage is available, in amounts determined by Tenant to be appropriate or for such higher amounts as may at any
time be reasonably required by Landlord; coverage shall be on a broad form comprehensive basis including loss of income with a limit of
at least an amount which is reasonably acceptable to Landlord, to the extent such equipment is located at the Demised Premises; and

 

(iv)            
worker’s compensation insurance to the extent required by the laws of the state in which the Demised Premises are
located and employer’s liability insurance in coverage amounts reasonably acceptable to Landlord.

 

(c)               
All policies of the insurance provided for in this Section 5.01 shall be issued in form acceptable to Landlord by insurance companies
with a rating of not less than “A+,” and financial size of not less than Class XII, in the most current available “Best’s
Insurance Reports”, and licensed to do business in the state in which the Demised Premises are located. Each and every such policy:

 

(i)                
shall name Landlord as well as Landlord’s lender, if any, and any other party reasonably designated by Landlord, as an additional
insured. In addition, the coverage described in Section 5.01(b) shall also name Landlord as “loss payee”;

 

(ii)              
shall be delivered to Landlord, in the form of an insurance certificate acceptable to Landlord as evidence of such policy, prior
to delivery of possession of the Demised Premises to Tenant and thereafter within thirty (30) days prior to the expiration of each such
policy, and, as often as any such policy shall expire or terminate. Renewal or additional policies shall be procured and maintained by
Tenant in like manner and to like extent;

 

(iii)            
shall contain a provision that the insurer waives any right of subrogation against Landlord on account of any loss or damage occasioned
to Tenant, its property, the Demised Premises or its contents arising from any risk covered by all risks fire and extended coverage insurance
of the type and amount required to be carried hereunder;

 

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(iv)            
shall contain a provision that the insurer will give to Landlord and such other parties in interest at least thirty (30) days’
notice in writing in advance of any material change, cancellation, termination or lapse, or the effective date of any reduction in the
amounts of insurance; and

 

(v)              
shall be written as a primary policy which does not contribute to and is not in excess of coverage which Landlord may carry.

 

(c)               
Any insurance provided for in Section 5.01 may be maintained by means of a policy or policies of blanket insurance, covering additional
items or locations or insureds; provided, however, that:

 

(i)                
Landlord and any other parties in interest from time to time designated by Landlord to Tenant shall be named as an additional insured
thereunder as its interest may appear;

 

(ii)              
the coverage afforded Landlord and any such other parties in interest will not be reduced or diminished by reason of the use of
such blanket policy of insurance;

 

(iii)            
any such policy or policies shall specify therein the amount of the total insurance allocated to the Tenant’s improvements
and property; and

 

		(iv)	the requirements set forth in this Section 5.01 are otherwise satisfied.

 

(d)              
In the event that Tenant shall fail to carry and maintain the insurance coverages set forth in this Section 5.01, Landlord may
upon thirty (30) days’ notice to Tenant (unless such coverages will lapse in which event no such notice shall be necessary) procure
such policies of insurance and Tenant shall promptly reimburse Landlord therefor as additional rent hereunder.

 

(e)               
Landlord may, at any time, but not more than one (1) time in any twelve (12) month period, require a review of the insurance coverage
and limits of liability set forth in this Section

5.01 to determine whether the coverage and the limits are
reasonable and adequate in the then existing circumstances.

 

5.02         
Fire Insurance. Tenant shall not keep, use, sell or offer for sale in or upon the Demised Premises any article which may
be prohibited by the standard form of fire insurance policy.

 

5.03         
Indemnification. Except for any claims, damages, liabilities or expenses directly arising from or out of the Landlord’s
gross negligence or willful misconduct, Tenant hereby agrees to indemnify and hold Landlord wholly harmless from any and all claims, damages,
liabilities or expenses (including, without limitation, reasonable attorneys’ fees and the costs of defending any action) arising
out of or relating to: (a) Tenant’s use of the Demised Premises, (b) any act or omission of Tenant, (c) negligence of Tenant, its
agents or employees, regardless of whether such negligence, acts or omissions occurred, (d) the injury to, or death of, any persons or
damage to, or destruction of any property occurring in the Demised Premises, or (e) any and all claims by third parties arising from any
breach or default in the performance of any obligation of Tenant under this Lease or any agreement made by Tenant with respect to the
Demised Premises.

 

5.04          Release.
Tenant agrees to release Landlord from liability for any damages sustained by Tenant, or any other person claiming by, through or
under Tenant, due to the Property, the Demised Premises or the Improvements, or any part thereof, or any appurtenances thereto,
becoming out of repair, or due to the happening of any accident, including, but not limited to, any damage caused by water, snow,
windstorm, tornado, gas, steam, electrical wiring, sprinkler system, plumbing, heating and air conditioning apparatus and from any
acts or omissions of co-tenants or other occupants of the Improvements. Landlord shall not be liable for any damage to, or loss of,
Tenant’s personal property, inventory, fixtures or improvements, from any cause whatsoever except for the gross negligence of
Landlord, and then only to the extent not covered by insurance required under this Section 5.

 

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5.05          Casualty.
In the event of any casualty to the Demised Premises, except as specifically provided hereinbelow, Tenant shall replace, repair and
restore the Improvements and the Demised Premises to substantially the same condition and quality as existed prior to the casualty
and shall do so in as prompt a manner as is possible under the circumstances, which period shall not exceed twelve (12) months after
the date of such casualty. Landlord shall have no obligation whatsoever to restore the Demised Premises or any portion of the
Improvements following a casualty. The foregoing notwithstanding, if the casualty occurs during the last twenty-four (24) months of
the Term, renders the Demised Premise unusable, and was not caused by the acts or omissions of Tenant, its employees, agents or
invitees, Tenant shall have the option to elect by notice to Landlord within thirty (30) days after the date of the casualty to
terminate this Lease, in which event possession of the Demised Premises shall be returned to Landlord, and at Landlord’s
option, with the Improvements removed from the surface of the Demised Premises, provided, that, in the event that Tenant terminates
this Lease, Tenant shall forfeit all insurance proceeds received (or the right to receive any such proceeds) in connection with such
casualty plus an amount equal to any deductible applicable thereto.

 

5.06         
Condemnation. If at any time during the term of this Lease the entire Demised Premises is acquired by condemnation or the
exercise of power of eminent domain or sale under threat thereof (such condemnation, power or sale being hereinafter collectively referred
to as “condemnation”), this Lease shall terminate at the time possession of the entire Demised Premises is surrendered, and
Tenant shall then be relieved of all future payments of Monthly and Additional Rent, and Landlord and Tenant shall be relieved of all
other obligations provided for in this Lease. Should at any time during the term of this Lease twenty percent (20%) or more of the land
area of the Demised Premises or any material portion of the Improvements be acquired by a condemnation, then Tenant shall have the right
to either (i) terminate this Lease on the date possession thereof is surrendered by providing written notice to Landlord thirty days (30)
or more prior to the date on which possession shall be so surrendered informing Landlord of such termination, or (ii) to the extent practicable,
restore any portion of the Improvements so taken; if Tenant does not so terminate this Lease or restore the Improvements or if a portion
of less than twenty percent (20%) of the land area of the Demised Premises or any non-material portion of the Improvements is so surrendered,
the Monthly and Additional Rent described in Paragraph 3 hereof, shall, by virtue of a condemnation, be equitably reduced proportionately
to the percentage of said land area or Improvements so surrendered.

 

Any condemnation
award received by Landlord hereunder shall be the sole property of Landlord; provided, however, that if Tenant does not terminate this
Lease as provided above, Landlord hereby agrees to make such condemnation award available to Tenant for the restoration of the Improvements
on the Demised Premises to the extent practicable.

 

		6.00	MAINTENANCE OF THE DEMISED PREMISES.

 

6.01  
Landlord’s Repair Obligations. Landlord shall, at all times during the term of this Lease, at Landlord’s sole
expense, maintain in good condition and repair the roof, exterior walls, foundation, and structural portions of the Improvements and all
portions of the electrical and plumbing systems lying outside the Improvements but serving the Improvements.

 

6.02    Tenant’s
Repair Obligations. Except as set forth in Paragraph 6.01 above, Tenant shall, at all times during the term of this Lease, at
Tenant’s sole expense, maintain the Demised Premises in a good, clean, safe and orderly condition and repair and in compliance
with all applicable governmental ordinances. In the event Tenant fails to perform any of its obligations as required hereunder
within fifteen (15) days after receipt of written notice, Landlord may, but shall not be required to, perform and satisfy same with
Tenant hereby agreeing to reimburse Landlord, as Additional Rent, for the cost thereof promptly upon demand.

 

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6.03  
Surrender of the Demised Premises. Tenant shall surrender to Landlord on the last day of the final term of this Lease possession
of the Demised Premises and the Improvements in good, clean and orderly condition, except for normal wear and tear and damage due to casualty,
condemnation or Landlord’s gross negligence, willful misconduct or failure to repair or required by Paragraph 6.01.

 

6.04  
Personalty. At the time possession of the Demised Premises is surrendered, Tenant shall remove all of Tenant’s personalty
from the Demised Premises, and Landlord shall have the right to enter the Demised Premises and be repossessed thereof, removing all persons
and effects therefrom by the use of such force as may be necessary without being guilty of trespass, forcible entry or detainer or other
tort.

 

6.04 Utilities.
During the term of this Lease, Tenant shall pay for all charges for water, sanitation, sewer, light, heat, gas, electricity, power, fuel,
janitorial and all other utilities and services rendered or delivered to the Demised Premises whatsoever.

 

7.00 QUIET ENJOYMENT.
Landlord represents and warrants to Tenant that so long as Tenant performs all the obligations of Tenant under this Lease, Tenant shall
have quiet and peaceful possession of the Demised Premises during the entire term of this Lease and Landlord shall defend Tenant’s
right to possession against the claims of all parties.

 

8.00 TENANT’S
TRADE FIXTURES. Landlord recognizes that from time to time throughout the term hereof Tenant (or its sublessees or assigns) will place
upon the Demised Premises and within the Improvements located thereon certain machinery, equipment, fixtures and trade fixtures (hereinafter
collectively referred to as “trade fixtures”). Landlord further covenants that such trade fixtures shall be and remain personal
property regardless of the manner in which said trade fixtures are attached or secured to the Demised Premises, that such trade fixtures
shall not at any time be deemed a part of the realty, and that such trade fixtures may be removed from the Demised Premises by Tenant
(or its sublessees or assigns) at any time at or prior to the termination of the term of this Lease; provided, however, that Tenant (or
its sublessees or assigns) shall not have the right to remove any trade fixtures from the Demised Premises if Tenant is then in default
of any of the terms and conditions hereof and provided further that the party removing said fixtures shall at its expense repair simultaneously
with the removal of such trade fixtures any damage caused by such removal.

 

9.00   
DEFAULT AND REMEDIES. If Tenant shall default in the payment of Monthly Rent or Additional Rent hereunder when due and such
default shall remain uncured for more than ten (10) days after written notice from Landlord of such default (provided Landlord shall only
be obligated to provide such notice one time during any twelve (12) month period during the Lease Term and thereafter a default shall
occur if any sum is not paid when due without notice); or if Tenant shall fail to cure any default of Tenant of any obligation set forth
in this Lease other than such nonpayment of Monthly Rent or Additional Rent and satisfaction or bonding of liens within thirty (30) calendar
days after written notice thereof from Landlord but if such default is not susceptible to cure within such thirty (30) day period, Tenant
shall not be in default if Tenant promptly commences such cure and diligently and continuously pursues the cure to completion within an
additional sixty (60) days; or if Tenant shall permit any liens to remain unbonded or otherwise outstanding of record against the Demised
Premises for a period of more than ten (10) days after the filing thereof; or if Tenant is adjudicated bankrupt or a permanent receiver
is

 

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appointed for Tenant’s property;
or if, Tenant takes advantage of any debtor relief proceedings under any present or future law whereby any rental hereunder is, or is
proposed to be, reduced or payment thereof deferred; or if Tenant makes an assignment for the benefit of creditors; or if Tenant’s
effects should be levied upon or attached under process against Tenant, not satisfied or dissolved or stayed by bond within ten (10) days
after written notice from Landlord to Tenant to obtain satisfaction thereof; then and in any such event, Landlord, at Landlord’s
option, shall have the right at once either (a) to terminate this Lease by written notice to Tenant, whereupon this Lease shall end and
Landlord shall be entitled to pursue and recover all damages provided by Georgia law to Landlord upon the occurrence of such default,
or (b) to enter upon the Demised Premises, as Tenant’s agent and without terminating this Lease, and attempt to relet the Demised
Premises at the best price obtainable by reasonable effort and Tenant shall be liable to Landlord for, and shall pay to Landlord monthly,
any deficiency between the amount of Monthly Rent and Additional Rent payable by Tenant hereunder and the price obtained by Landlord on
reletting.

 

9.01  
Cure Rights. If Tenant fails to pay any amount due hereunder within ten (10) days of the date such payment is due, Landlord
shall have the further right to make any payment of overdue amounts of taxes, assessments, levies, utilities, bonding of liens, insurance
premiums, maintenance of the improvements on the Demised Premises, or any other amounts directly or indirectly provided to be paid by
Tenant under this Lease (together with any amount of late charges, penalty and interest accrued thereon) for Tenant’s account and
to immediately add such total amount paid, with interest thereon at until paid at the highest legal rate which shall in no event exceed
twelve percent (12%) per annum from date of disbursement by Landlord to date of reimbursement of Landlord, to the next installment of
Monthly Rent due hereunder or to otherwise demand immediate reimbursement thereon, with such interest, from Tenant.

 

10.00 SUBLETTING
AND ASSIGNMENT. Tenant shall not assign, transfer or encumber any interest in this Lease or sublease or allow any third party to use
any portion of the Demised Premises (collectively or individually, a “Transfer”) without the prior written consent
of Landlord. In no event shall any Transfer release or relieve Tenant from any obligation under this Lease, nor shall the acceptance of
Rent from any assignee, subtenant or occupant constitute a waiver or release of Tenant from any of its obligations or liabilities under
this Lease. Notwithstanding the foregoing to the contrary, any assignment or transfer of any interest in this Lease, or any sublease or
occupancy of the Demised Premises, to or by any affiliate of Tenant shall not be deemed a Transfer and shall be permitted without the
consent of Landlord.

 

11.00 SIGNS.
Tenant (or its sublessees or assigns) shall have the right to install interior and exterior signs in the Improvements without the consent
of Landlord; provided, however, that said signs shall not violate any applicable law or ordinance and that said signs shall, at the request
of Landlord, be removed by Tenant on the termination of this Lease and any damage to the Demised Premises caused thereby will be repaired
by Tenant at Tenant’s expense simultaneously with such removal.

 

12.00 HOLDING
OVER. If Tenant remains in possession of the Demised Premises after expiration of the term hereof without any express agreement of
Landlord and Tenant, Tenant shall then be a tenant at will of Landlord at one and one-half times the Monthly Rent in effect at the end
of the term hereof plus the payment of all Additional Rent as provided herein, and there shall be no extension or renewal of this Lease
by operation of law.

 

13.00 NO RECORDATION.
Tenant shall not record this Lease or any memorandum without Landlord’s prior written consent

 

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14.00 NOTICES.
All notices required or permitted to be given to Landlord under this Lease shall be sent to the following addresses, unless either party
notifies the other in writing of a change of address:

 

If to Landlord:

848 Brickell Ave., Suite 203

Miami, Florida, 33131

Attention: Barbara Elisabeth Laffranchi

 

If to Tenant:

ATL
Data Centers LLC 2380 Godby Road

Atlanta, GA, 30349

Attention: Bernardo Schucman

 

All notices given hereunder may
be given by certified mail, hand delivery or by surface or air-express courier service and shall be deemed given when deposited for delivery
by an approved method; provided, however, that the time period for any response to such notice shall begin to run only upon actual receipt
or when delivery is refused or cannot be accomplished because the party has moved and has not provided the other party with notice of
its new address by notice as provided herein.

 

15.00 ESTOPPEL
CERTIFICATE. Tenant shall, without charge, at any time and from time to time, within ten (10) days after a reasonable request therefor
from Landlord, deliver a written instrument to Landlord or any other person, firm or corporation reasonably designated by Landlord, which
written instrument shall be duly executed and acknowledged and which shall certify: that this Lease is unmodified and in full force and
effect, or if there have been any modifications, that the same is in full force and effect as modified; whether or not Tenant claims that
there are any defaults by Landlord of its obligations under this Lease or any rights of setoff or defense which Tenant has to the performance
of its obligations under the Lease, or whether Tenant’s obligations as stated in the Lease have been modified in any way; the dates
to which Monthly Rent, Additional Rent and other charges due under this Lease have been paid; and any other information reasonably requested
by Landlord to be inserted to such instrument.

 

16.00 SUBORDINATION
TO MORTGAGES. Tenant accepts this Lease subject and subordinate to any mortgage(s), deed(s) of trust, ground lease(s) or other lien(s)
now or subsequently arising upon the Demised Premises, the Improvements or the Property, and to renewals, modifications, refinancings
and extensions thereof (collectively referred to as a “Mortgage”). The party having the benefit of a Mortgage shall
be referred to as a “Mortgagee”. This clause shall be self-operative, but upon request from a Mortgagee, Tenant shall
execute a commercially reasonable subordination agreement in favor of the Mortgagee. In lieu of having the Mortgage be superior to this
Lease, a Mortgagee shall have the right at any time to subordinate its Mortgage to this Lease.

 

17.00 BROKERAGE.
Landlord and Tenant each represent and warrant to the other that it has not been represented by a broker or agent in connection with the
negotiation or execution of this Lease and Landlord and Tenant each agree to indemnify the other against all costs, expenses, attorneys’
fees or other liability for commissions or other compensation or charges claimed by any broker or agent claiming the same by, through
or under Landlord or Tenant respectively.

 

18.00    
PURCHASE OPTION. Following the Commencement Date and thereafter during the Term (excluding any holdover period), Landlord
hereby grants to Tenant the exclusive option and right (the “Purchase Option”) to purchase the Property from Landlord
upon the terms and conditions set forth herein.

 

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(a)   
The Purchase Option may not be exercised by Tenant if a default has occurred and continued beyond the expiration of any notice
and cure period or if any facts or circumstances then exist which, with the giving of notice or the passage of time, or both, would constitute
a default either at the time of exercise of the Purchase Option or at the Closing (as hereinafter defined).

 

(b)  
Subject to the terms and conditions set forth in this Section 18, the Purchase Option shall be exercisable at any time following
the Commencement Date upon written notice (the “Option Notice”) from Tenant to Landlord. In the event Tenant properly
exercises the Purchase Option, Landlord and Tenant shall thereafter negotiate in good faith a purchase and sale agreement (the “Purchase
Agreement”), which Purchase Agreement shall be acceptable to both parties.

 

(c)      
The purchase price (the “Purchase Price”) of the Property in the event the Purchase Option is properly exercised
shall be equal to $5,295,807.52 minus the aggregate amount of all Rent paid by Tenant. The Purchase Price shall be payable in cash or
immediately available funds at Closing (as hereinafter defined).

 

(d)  
The closing or settlement (“Closing”) of the sale of the Property contemplated hereby shall be held at the offices
of Landlord’s attorney, during regular business hours on or before the date which is thirty (30) calendar days following the delivery
of the Option Notice (or such other date as may be set forth in the Purchase Agreement). The exact time and date of Closing shall be mutually
agreed by Tenant and Landlord.

 

(e)   
At Closing, Landlord shall convey fee simple title to the Property to Tenant by limited warranty deed, which shall expressly be
made subject to all matters of record except for past due monetary liens created by Landlord and any security deeds, mortgages, deeds
of trust or other financing created by Landlord, which Landlord shall be obligated to pay off and discharge at Closing. Landlord shall
execute and deliver reasonable evidence of authority and existence, evidence of non-foreign status required by the Internal Revenue Code
(without which tax will be withheld as required by law), a closing statement, an owner’s affidavit of title (in substantially the
form required by Fidelity National Title Insurance Company, Chicago Title Insurance Company or another national title insurance company
reasonably approved by Landlord (the “Title Company”) as of the date of this Lease), a state transfer tax declaration
and other documents which are customarily required by the Title Company at the time of Closing to issue its owner’s title insurance
policy. Landlord shall pay the State transfer tax payable in connection with conveyance of the Property. All other costs of Closing, including,
without limitation, all title insurance costs, survey, recording and other due diligence expenses shall be paid by Tenant. Ad valorem
taxes assessed against the Property for the year in which the Closing occurs, and the income and expenses of the Building shall be prorated
as of the day of Closing.

 

(f)   
At Closing, the Property shall be conveyed to Tenant in an “as is” condition, without warranty of any kind.

 

(g)   
As of the Effective Date, Landlord and Tenant each warrant and represent to the other that neither has employed or otherwise engaged
a real estate broker or agent in connection with the sale of the Property pursuant to the Purchase Option. Landlord and Tenant covenant
and agree, each to the other, to indemnify the other against any loss, liability, costs (including reasonable attorneys’ fees),
claims, demands, causes of action and suits arising out of the alleged employment or engagement by the indemnifying party of any real
estate broker or agent in connection with the Purchase Option. The indemnities contained in this subsection (g) shall survive Closing
and any termination of this Lease.

 

(h)  
Notwithstanding anything contained in this Section 18 to the contrary, in the event the Lease is terminated prior to the exercise
of the Purchase Option by Tenant, then the Purchase Option shall

 

    	 	10	 

    	 

    

 

terminate. This Purchase Option is personal
to ATL Data Centers LLC, a Georgia limited liability company, may not be exercised by any party other than ATL Data Centers LLC, a Georgia
limited liability company, and shall automatically terminate and be of no further force and effect upon any assignment of this Lease or
sublet of any portion of the Premises; provided however, Tenant may assign the Purchase Option to an affiliate of Tenant without the consent
of Landlord.

 

		19.00	MISCELLANEOUS.

 

		19.01	Governing Law. This Lease shall be construed under the laws of the State of

Georgia.

 

19.02   
Relationship of Parties. Nothing herein shall be construed so as to constitute a joint venture or partnership between Landlord
and Tenant.

 

19.03     
Time of the Essence. The time of the performance of all of the covenants, conditions, and agreements of this Lease is of
the essence of this Lease.

 

19.04  
Entire Agreement. This Lease and the Exhibits attached hereto contain the entire agreement of the parties hereto, and no
modification of this Lease shall be binding unless in writing, duly executed by all the parties hereto.

 

19.05   
Partial Invalidity. If any provision hereof shall be declared invalid as offending any applicable law, the remaining provisions
of this Lease shall continue in full force and effect.

 

19.06    
Successors and Assigns. Subject to the restrictions upon assignment set forth hereinabove in this Lease, the terms, conditions
and provisions of this Lease shall be binding upon Landlord and Tenant and their respective heirs, executors, administrators, legal representatives,
successors and assigns.

 

19.07   
Interpretation. In interpreting this Lease in its entirety, the printed provisions of this Lease and any additions written
or typed thereon shall be given equal weight, and there shall be no inference, by operation of law or otherwise, that any provision of
this Lease shall be construed against either party hereto.

 

19.08    
Recourse to Party. Each party agrees to look solely to the other party for the fulfillment of the other party’s obligations
hereunder and shall not, under any theory, seek any recovery against the other party’s parent or affiliates except pursuant to written
agreement executed by the person or entity against whom such recovery is sought.

 

19.09    
Submission of Lease. The submission of this Lease for examination does not constitute an offer to lease, or a reservation
of or option for the Demised Premises, and this Lease shall be effective only upon execution and delivery thereof by Landlord and Tenant.

 

 

 

[SIGNATURES ON FOLLOWING PAGE]

 

    	 	11	 

    	 

    

 

IN WITNESS WHEREOF,
Landlord and Tenant have set their hands and seals hereunto and have caused this Lease to be executed on their behalf in their names and
their corporate seals to be affixed by duly authorized officials thereof, the day and year first above written.

 

LANDLORD:

 

ARKHOS PROPERTY GROUP HOLDINGS

LLC, a Florida limited liability
company

 

By:
/s/ Barbara Laffranchi

Barbara Laffranchi, its Manager

 

 

TENANT:

 

ATL DATA CENTERS LLC, a Georgia

limited liability company

 

 By: /s/
Gustavo Lima Caldeira de Andrada

Gustavo Lima Caldeira de Andrada,

its Manager

 

    	 	12	 

    	 

    

 

EXHIBIT A

 

Legal Description of Premises

 

Tract 1:

 

All that tract or parcel of land lying
and being in Land Lot 69 of the 13th Land District, City of College Park, Fulton County, Georgia, said tract or parcel of land being more
fully shown and designated as Tract 1 on a plat of survey prepared by Valentino & Associates, Inc. (Job # 15-060; Drawing/File# 15-
060), bearing the seal of Glenn A. Valentino, Ga. Registered Land Surveyor #2528, and being more particularly described, with bearings
relative to Grid North, Georgia West Zone, as follows:

 

Beginning at a 1/2” iron pin set
at the intersection of the Southerly right-of-way line of Godby Road (70’ public R/W) and
the line which divides Land Lots 68 and 69.

 

Thence proceeding along said Southerly
right-of-way line of Godby Road South 88 degrees 59 minutes 04 seconds East for a distance of 215.59 feet to a disturbed 3/4” open-top
pipe found;

 

Thence departing said Southerly right-of-way line of Godby Road
South 00 degrees 17 minutes 58 seconds West for a distance of 401.25 feet to a disturbed 3/4” crimp-top pipe found;

 

Thence South 89 degrees 30 minutes 28 seconds East for a distance
of 216.16 feet to a 3/8” rebar found;

 

Thence South 00 degrees 33 minutes 10
seconds West for a distance of 300.02 feet to a bent 1” open-top pipe found; Thence North 89 degrees 12 minutes 29 seconds West
for a distance of 436.02 feet to a 1/2” iron pin set on the line which divides Land Lots 68 and 69;

 

Thence proceeding along said line which divides Land Lots 68 and
69; the following courses and distances: North 00 degrees 57 minutes 17 seconds East for a distance of 130.93 feet to a rock found;

 

Thence North 00 degrees 28 minutes 46 seconds
East for a distance of 395.76 feet to a rock found;

 

Thence North 01 degrees 14 minutes
28 seconds East for a distance of 174.28 feet to a 1/2” iron pin set at the intersection of the Southerly right-of-way line of Godby
Road and the line which divides Land Lots 68 and 69, said 1/2” iron pin set being the Point of Beginning.

 

Said tract or parcel of land contains 5.001
acres or 217,822 square feet.

 

Tract 2:

 

All
that tract or Parcel of land lying and being in Land Lot 69 of the 13th Land District, City of College Park, Fulton County, Georgia,
said tract or parcel of land being more fully shown and designated as Tract 2 on a plat of survey prepared by Valentino & Associates,
Inc. (Job # 15-060; Drawing/File# 15- 060), bearing the seal of Glenn A. Valentino, Ga. Registered Land Surveyor #2528, and being more
particularly described, with bearings relative to Grid North, Georgia West Zone, as follows:

 

To find the Point of Beginning, Commence at a 1/2”
iron pin set at the intersection of the Southerly right- of-way line of Godby Road (70’
public R/W) and the line which divides Land Lots 68 and 69;

 

Thence proceeding along said line
which divides Land Lots 68 and 69 the following courses and distances: South 01 degrees 14 minutes 28 seconds West for a distance of 174.28
feet to a rock found;

 

    	 	13	 

    	 

    

Thence South 00 degrees 28 minutes 46 seconds West for a
distance of 395.76 feet to a rock found;

 

Thence South 00 degrees 57 minutes 17 seconds West for a
distance of 130.93 feet to a 1/2” iron pin set, said 1/2” iron pin set being the Point of Beginning.

 

Thence departing said line which divides Land Lots 68 and
69 South 89 degrees 12 minutes 29 seconds East for a distance of 436.02 feet to a Bent 1 open-top pipe found;

 

Thence South 00 degrees 33 minutes 10 seconds West for a
distance of 10.28 feet to a 1/2” iron pin set;

Thence North 89 degrees 12 minutes 29 seconds West for
a distance of 436.10 feet to a 1/2” iron pin set on the line which divides Land Lots 68 and 69;

 

Thence Proceeding along said line which
divides Land Lots 68 and 69 North 00 degrees 57 minutes 17 seconds East for a distance of 10.28 feet to a 1/2” iron pin set, said
1/2” iron pin set being the Point of Beginning.

 

Said tract or parcel of land contains 0.103
acres or 4485 square feet.

 

Tract 3:

 

All that tract or parcel of land lying
and being in Land Lot 69 of the 13th Land District, City of College Park, Fulton County, Georgia, said tract or parcel of land being more
fully shown and designated as Tract 3 on a plat of survey prepared by Valentino & Associates, Inc. (Job #15-060; Drawing/File #15-
060), bearing the seal of Glenn A. Valentino, Ga. Registered Land Surveyor #2528, and being more particularly
described, with bearings relative to Grid North, Georgia West Zone, as follows:

 

To find the Point of Beginning, Commence
at a computed point located at the intersection of the Southerly right-of-way line of Godby Road (70’ public R/W) and Westerly right-of-way
line of Cater Pond Road (apparent 80’ public R/W; currently unused/barricaded);

 

Thence proceeding along said Westerly
right-of-way line of Cater Pond Road South 00 degrees 28 minutes 43 seconds West for a distance of 398.19 feet to a 1/2” iron pin
set, said 1/2” iron pin set being the Point of Beginning.

 

Thence continuing along said Westerly
right-of-way line of Cater Pond Road the following courses and distances: South 00 degrees 28 minutes 43 seconds West for a distance of
246.14 feet to a 1/2” iron pin set;

 

Thence along a curve to the left having
a radius of 540.00 feet for an arc distance of 64.61 feet (said arc being subtended by a chord of South 02 degrees 56 minutes 56 seconds
East for a distance of

64.57 feet) to a 1/2” iron pin set;

 

Thence departing said Westerly right-of-way
line of Cater Pond Road North 89 degrees 25 minutes 45 seconds West for a distance of 119.76 feet to a 1/2” iron pin set;

 

Thence North 00 degrees 33 minutes 10 seconds East for a
distance of 10.28 feet to a bent 1” open-top pipe found; Thence North 00 degrees 33 minutes 10 seconds East for a distance of

300.02 feet to a 3/8” rebar found;

 

Thence South 89 degrees 34 minutes
03 seconds East for a distance of 115.50 feet to a 1/2” iron pin set on the Westerly right-of-way line of Cater Pond Road, said
1/2” iron pin set being the Point of Beginning.

 

Said tract or parcel of land contains 0.826
acres or 36,002 square feet.

 

    	 	14

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