Document:

EX-10.40

 Exhibit 10.40 

PURCHASE AND SALE AGREEMENT 

THIS PURCHASE AND SALE AGREEMENT(“Agreement”) is made and entered into as of the Effective Date (hereinafter defined) by and between
GIPFL JV 1106 Clearlake Road, LLC, a Delaware limited liability company (“Seller”), with an address of 401 East Jackson Street, Suite 3300, Tampa, Florida 33602, Attn: David Sobelman;, with a required copy to Trenam Law, 200 Central
Avenue, Suite 1600, St. Petersburg, Florida 33702, Attn: Timothy M. Hughes, Esq., and The Kissling Interests, LLC (“Purchaser”), with an address of 350 Fifth Avenue, Suite 4304, New York, New York 10118, Attn: Anthony M.
Kissling, with a required copy to Gaboriault & Pearsall, P.C., 237 Post Road West, Westport, Connecticut 06880, Attn: Steven W. Pearsall, Esq. 

RECITALS 
  

	A.	 Seller is the owner in fee simple of certain real property situated in the City of Cocoa, County of Brevard,
State of Florida, said real property being identified as approximately 1.518 acres with an approximately 14,931 sf retail building, being further identified as 1106 Clearlake Road, Cocoa, FL 32922; Parcel ID Number #
24-3629-27-A-1, and legally described as set forth on Exhibit “A”
attached hereto, together with all building, fixtures and other improvements located thereon, and together with all easements, tenements, hereditaments, and appurtenances belonging thereto, the foregoing being hereinafter referred to as the
“Premises” or the “Property”. 

  

	B.	 Seller has agreed to convey the Premises to Purchaser and Purchaser is desirous of purchasing the same.

 NOW, THEREFORE, in consideration of the sum of One ($1.00) Dollars and other covenants and agreements herein contained,
the parties hereto agree as follows: 
 AGREEMENT 
  

	1.0	 Premises To Be Purchased. Subject to compliance with the terms and conditions of this Agreement, the
Seller shall sell to Purchaser and Purchaser shall purchase from Seller the Premises. 

  

	2.0	 Purchase Price. The purchase price (“Purchase Price”) shall be the sum of Five Million
Three Hundred Fifty-Eight Thousand Six Hundred Thirty-Three and 00/100Doliars ($5,358,633.00), payable as follows: 

  

	 	2.1	 The sum of One Hundred Thousand Dollars ($100,000.00) (“Initial Earnest Money”) paid in cash
within two (2) business days of the full execution of this Agreement, to be held in a non-interest bearing attorney trust account or IOLTA of Gaboriault & Pearsall, P.C., as escrow agent
(“Escrow Agent”), with an address of 237 Post Road West, Westport, Connecticut 06880 and applied to the Purchase Price on the date of the Closing (as such term is defined in Section 9.0 below). 

 

	 	2.2	 An additional sum of One Hundred Thousand Dollars ($100,000.00) (“Additional Earnest Money”)
paid in cash within two (2) business days after the expiration of the Due Diligence Period (as such term is. defined in Section 7.0 below), to be held in the same account as the Initial Earnest Money by the Escrow Agent and applied to
the Purchase Price on the date of the Closing. The Initial Earnest Money and the Additional Earnest Money are hereinafter, collectively, referred to as the “Earnest Money”. 

 

	 	2.3	 The balance of the Purchase Price shall be paid, either by cash or Federal Reserve wire transfer of immediately
available funds to the account of the Title Company (defined below) on the date of the Closing. 

	3.0	 Title to Be Delivered. Seller agrees to convey marketable and insurable fee simple title in the Premises
to Purchaser through delivery of a Special Warranty Deed (“Deed”) free and clear of all liens and encumbrances except for the Permitted Exceptions (as such term is defined in Section 4.1 below). 

 

	4.0    Title	 Objections. 

  

	 	4.1	 Title Policy, Title Review. Purchaser’s obligation to consummate the transaction contemplated
hereby is conditioned upon Purchaser’s ability to obtain, at Purchaser’s expense and at standard rates, an owner’s policy of title insurance in an amount no less than the Purchase Price (the “Title Policy”). Within
twenty (20) days of the Effective Date, Purchaser shall, at its own expense, cause a national title insurance company (the “Title Company”) to issue and deliver to Purchaser an ALTA Form 2012 (Florida) title insurance
commitment (the “Title Commitment”) for the Title Policy. The Title Commitment shall evidence that upon the execution, delivery and recordation of the Deed (which shall be delivered by Seller at the Closing provided for hereunder)
and the satisfaction of all requirements specified in Schedule B, Section 1 of the Title Commitment, Purchaser shall acquire fee simple title to the Property, subject only to the “Permitted Exceptions.” For purposes of this Agreement,
the term “Permitted Exceptions” shall mean: (i) applicable zoning and building ordinances and land use regulations; (ii) the lien of any and all taxes and assessments not yet due and payable; (iii) easements,
licenses, covenants, conditions, restrictions, leases, reservations, exceptions and other encumbrances referenced in the Title Commitment and not specifically objected to by Purchaser in the Notice of Title Objections (defined below); (iv) any
matters that would be disclosed by an accurate survey of the Property; (v) any exceptions caused by Purchaser, his agents, representatives or employees; (vi) any matters accepted or deemed accepted by Purchaser pursuant to the terms and
conditions of this Agreement, (vii) any matters agreed to by the parties in writing, and (viii) that certain Lease with Walgreen Co. (“Tenant”) dated May 27, 1997, as amended and assigned from time to time, which
lease is evidenced by that certain Memorandum of Lease recorded on June 2, 1997, in Official Records Book 3677, Page 2300 and that certain Memorandum of Assignment of Lease recorded on September 12, 2019, in Official Records Book 8535,
Page 2628, each of the public records of Brevard County, Florida (collectively, the “Lease”). 

 Within
fifteen (15) days after Purchaser’s receipt of the Title Commitment, Purchaser shall give written notice to Seller of any matters that are objectionable to, or deemed a title defect, by Purchaser (“Notice of Title
Objections”). Any title defect to which Purchaser does not timely object shall be deemed a Permitted Exception hereunder. Notwithstanding anything in this Agreement to the contrary, Seller shall be obligated to cure the following defects to
the extent that and only to the extent that the same are specified in the Title Commitment and in Purchaser’s Notice of Title Objections (collectively, the “Mandatory Cure Defects”): (a) mortgages arising through Seller,
(b) construction liens arising through Seller, (c) back taxes on the Property that are due and payable, (d) judgment liens arising through Seller, and (e) other liens or encumbrances arising through Seller and securing a specific
dollar amount. As to any defects other than Mandatory Cure Defects, Seller shall have fifteen (15) days from receipt of the Notice of Title Objections in which to elect either to (i) notify Purchaser that it intends to cure the identified
objections and defects on or before the Closing Date (the “Title Cure Period”) and Seller shall use reasonable efforts to cure such objections and defects; or (ii) notify Purchaser that Seller elects not to cure the objections
or alleged defects. In the event Seller fails to deliver a response within fifteen (15) days after receipt from Purchaser of the Notice of Title Objections, Seller shall be deemed to have elected not to cure or eliminate said objections and
alleged title defects. Purchaser shall have until the later of the expiration of the Due Diligence Period or ten (10) days from receipt of Seller’s notice, or Seller’s deemed notice, of its election not to cure Purchaser’s
objections and alleged title defects (whichever is later), in which to elect either (x) to terminate the Agreement, or (y) to require Seller to deliver title in its then existing condition (with no reduction in the Purchase Price) and to
proceed to Closing notwithstanding the objections to title raised by Purchaser, yet still subject to Seller’s obligation to cure the Mandatory Cure Defects. The foregoing remedies shall constitute the exclusive remedies of Purchaser for such
failure to deliver title as herein specified. 

	 	4.2	 Survey. Purchaser may, on before the expiration of the Due Diligence Period, cause an ALTA/NSPS land
title survey (the “Survey”) of the Property to be prepared by a professional surveyor registered and licensed in the State of Florida (the “Surveyor”). Such Survey, if any, shall depict the Property by metes and
bounds description. The Survey shall be certified by the Surveyor to Purchaser, Seller and the Title Company and shall otherwise be in a form satisfactory to the Title Company to eliminate the standard survey exceptions from the Title Policy to be
issued at Closing. Upon completion of the Survey, Purchaser shall furnish Seller with two (2) signed and sealed original prints thereof. Purchaser shall notify Seller in writing within the Due Diligence Period of any matters shown on the Survey
which adversely affect the title to the Property and the same shall be deemed to be Title Defects which shall be dealt with within the same time, manner, and subject to the limitations provided in Section 4.1 above. Any matters shown on the
Survey which Purchaser does not timely object shall be deemed a Permitted Exception hereunder. 

  

	5.0	 Control Of Premises. If, prior to the Closing, the Premises shall be the subject of (i) an action
in eminent domain or a proposed taking by a governmental authority, whether temporary or permanent (“Taking”) or (ii) a material casualty in which the cost of restoration exceeds five percent (5%) of the Purchase Price
(“Casualty”), Purchaser, at its sole election, shall have the right to terminate this Agreement on notice to Seller without liability on its part by so notifying Seller, and Earnest Money paid by Purchaser shall be refunded to
Purchaser. If the Purchaser does not exercise its right of termination, any and all proceeds (including all insurance proceeds and any deductible under Seller’s policy) arising out of any such Taking or Casualty shall be held in trust by Seller
for Purchaser’s benefit and shall be credited against the Purchase Price. In no event shall the Purchase Price of the Premises be increased by the amount of any such proceeds. 

 

	6.0	 Representations and Warranties of Seller. As an essential part of this Agreement, Seller hereby
represents and warrants to Purchaser that, to the best of Seller’s knowledge: 

  

	 	6.1	 Seller has not received any written notices of or violations of law or municipal ordinances, orders from any
governmental authority having jurisdiction over the Premises. 

  

	 	6.2	 No actions, suits or proceedings at law or in equity, administratively or otherwise, have been instituted or
threatened against or affect Seller or the Premises. 

  

	 	6.3	 No condemnation or eminent domain proceedings are now pending nor is Seller aware of any such proceedings being
contemplated against the Premises. 

  

	 	6.4	 Seller is the sole owner of the Premises with full power and authority to sell same, and the person executing
this contract on behalf of the Seller is authorized to do so and has the power to bind Seller. 

  

	 	6.5	 Seller has good, insurable and marketable fee simple title interest to the Premises, subject to the Permitted
Exceptions. 

  

	 	6.6	 That on the date of Closing, the Premises will be free and clear of all liens, security interests,
encumbrances, leases, except for the Permitted Exceptions. 

	 	6.7	 (i) The Lease is in full force and effect and has not been modified, amended or extended except as set
disclosed by Seller to Purchaser; (ii) the rents set forth on the Rent Schedule attached hereto as Exhibit “B” (the “Rent Schedule”) are being collected on a current basis and there are no arrearages in excess
of one (1) month; (iv) Tenant is not entitled to any rental concessions or abatements for any period subsequent to the schedule date of Closing; (v) Seller has not sent written notice to the Tenant claiming that Tenant is in default, which default
remains uncured; (vi) no action or proceeding instituted against Seller by Tenant of the Premises is presently pending in any court; (vii) there is no security deposits under the Lease other than as set forth in the Rent Schedule; (viii) there are
no current unpaid leasing commissions required to be paid by the landlord under the Lease for which Purchaser shall become liable; and (ix) Seller has not consented to any assignment or subletting of Lease by Tenant. 

 

	 	6.8	 Except as may be disclosed in the Due Diligence Materials (as such term is defined in Section 7.0 below),
Seller has not received any written notice of any claim, demand, action or proceeding of any kind relating to any past or present Release of any Hazardous Substances in, on or under the Property. 

As used in the Agreement, the following definitions shall apply: “Environmental Laws” shall mean all federal, state and
local laws, ordinances, rules and regulation snow or hereinafter in force, as amended from time to time, and all federal and state court decision, consent decrees and orders interpreting or enforcing any of the foregoing, in any way relating
to or regulating human health or safety, or industrial hygiene or environmental conditions, or protection of the environment, or pollution or contamination of the air, soil, surface water or groundwater, and includes, without limitation, the
Comprehensive Environmental Response, Compensaton and Liability Act of 1980, 42 U.S.C. §9601, et seq., the Resource Conservation and Recovery Act 42 U.S.C. §6901, et seq., and the Clean Water Act, 33 U.S.C. §1251, et seq. For purposes
of the Acreement, the term “Hazardous Substances” shall mean any substance or material that is described as a toxic or hazardous of substance, waste or material or a pollutant or contaminant, or wordsimilar import, in any of
the ude Environmental Laws, and includes asbestos, petroleum (including crude oil or any fraction thereof, natural gas, natural gas liquids, liquefied natural gas, or synthetic gausable for fuel, or any mixture thereof), petroleum products,
polychlorinated biphenyls, urea formalehyde, radon gas, radioactive matter, medical waste, and chemicals which may cause cancer or r shallproductive toxicity. “Release” mean any spilling, pumping, pouring, emitting, emptying, di
dumping orcharging, injecting, leaching, s disposing into the environment of Hazardous Substance water oronto or through soil, surface groundwater. 
  

	 	6.9	 Seller is not a “foreign person” within the meaning of Section 1445 of the Internal Revenue Code of
1986, as amended. 

 Any representation made to Seller’s “knowledge” will not be deemed to imply any duty of
inquiry or investigation. For purposes of the Agreement, the term “Seller’s knowledge” means the current, actual knowledge of David Sobelman without any independent investigation or inquiry whatsoever and willgot be construed
to refer to the knowledge of any other officer, director, agent, employee or representative of Seller, or any affiliate of Seller, or to impose upon such party any duty to investigate the matter to which such actual knovledge or the absence thereof
pertains, or to impose upon such party any individual personal liability. David Sobelmin shall not be deemed to be a party to the Agreement nor to have made any representations or warranties hereunderand no recourse shall be had to such individual
for any of Seller’s representations and warranties hereunder (andPurchaser hereby waives any liability of or recourse against such individuals). 

All of Seller’s representations and warranties shall be deemed remade as of the date of the Closing and shall survive the Closing for a
period of one (1) year. 

	7.0	 Representations and Warranties of Purchaser. As an essential part of this greement, Purchaser hereby
represents and warrants to Seller that: 

  

	 	7.1	 Purchaser has the right, power and authority to enter into the Agreement and to purchase the Property in
accordance with the terms and conditions of the Agreement, to engage in the transactions contemplated in the Agreement and to perform and observe the terms and provisions hereof. 

 

	 	7.2	 Purchaser has taken, or by the time of Closing will have taken, all necessary action to authorize the
execution, delivery and performance of the Agreement, and upon the execution and delivery of any document to be delivered by Purchaser on or prior to the Closing, the Agreement and such document shall constitute the valid and binding obligation and
agreement of Purchaser, enforceable against Purchaser in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws of general application affecting the rights and
remedies of creditors. 

  

	 	7.3	 Neither the execution, delivery or performance of the Agreement by Purchaser, nor compliance with the terms and
provisions hereof, will result in any breach of the terms, conditions or provisions of, or conflict with or constitute a default under the terms of any indenture, deed to secure debt, mortgage, deed of trust, note, evidence of indebtedness or any
other agreement or instrument by which Purchaser is bound. 

  

	 	7.4	 No petition in bankruptcy (voluntary or, to the best of Purchaser’s knowledge, otherwise), assignment for
the benefit of creditors or petition seeking reorganization or arrangement or other action under federal or state bankruptcy or insolvency laws is pending against or contemplated by Purchaser. 

 

	 	7.5	 None of the funds to be used for payment by Purchaser of the Purchase Price will be subject to 18 U.S.C.
§§ 1956-1957 (Laundering of Money Instruments), 18 U.S.C. §§ 981-986 (Federal Asset Forfeiture), 18 U.S.C. §§ 881 (Drug Property Seizure), Executive Order Number 13224 on
Terrorism Financing, effective September 24, 2001, or the United and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, H.R. 3162, Public Law
107-56 (the “USA Patriot Act”). In addition, Purchaser is not, and will not become, a person or entity with whom U.S. persons are restricted from doing business with under the regulations of
the Office of Foreign Asset Control (“OFAC”) of the Department of Treasury (including those named on OFAC’s Specially Designated and Blocked Persons list) or under any statute, executive order (including the September 24,
2001 Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit, or Support Terrorism), the USA Patriot Act, or other governmental action. 

All of Purchaser’s representations and warranties shall be deemed remade as of the date of the Closing and shall survive the Closing. 

 

	8.0	 Purchaser Inspection Rights: Evidence of Title; Information in Seller’s Possession.

  

	 	8.1	 Purchaser shall have the latter of thirty (30) days to inspect the Property (the “Due Diligence
Period”) from the Effective Date of the Purchase Agreement or the date of Seller’s delivery to Purchaser of the last of the Due Diligence Materials (defined below), which delivery shall be confirmed by Seller providing written notice
to Purchaser to that effect, whichever occurs later. Purchaser shall undertake an inspection and examination of all aspects of the Property, including but not limited to: review of economic, legal, environmental, future development, zoning and
physical matters relating to the Property as Purchaser may deem appropriate, including but not limited to curb cut, roadway improvement, and permitting matters. Purchaser or Purchaser’s agents may enter upon the Property during normal business
hours (or otherwise with a minimum of 24 hours’ advance written notice) for the purpose of conducting any tests and examinations as they may deem appropriate, both during the Due Diligence Period and subsequent thereto so long as this Agreement

	 	
remains in full force and effect. All such inspections shall be performed in compliance with Seller’s rights and obligations as landlord under the Lease. Further, Purchaser shall use
commercially reasonable efforts to not affect, interrupt or interfere with Tenant’s use, business or operations on the Premises. Seller or its representatives shall have the right to accompany Purchaser and Purchaser representatives in
connection with any inspections and other activities on the Property. In the event the Property is disturbed or damaged in any manner by Purchaser or Purchaser’s agents in the accomplishment of such tests, Purchaser agrees to immediately
thereafter restore the Premises to its prior existing condition. Purchaser shall indemnify, defend and hold Seller harmless from and against any and all expense, loss or damage which Seller may incur (including, without limitation, reasonable
attorney’s fees actually incurred) as a result of any act or omission of Purchaser or its representatives, agents or contractors, including all claims for death of or injury to persons or damage of property arising out of or as a result of the
activities of Purchaser or Purchaser’s agents. In no event shall Purchaser conduct any invasive testing on the Premises without the advance written consent of Seller, which consent shall not be unreasonably withheld, conditioned or denied.

  

	 	8.2	 Purchaser shall not permit any construction, mechanic’s, materialman’s or other lien to be filed
against any of the Property as the result of any work, labor, service or materials performed or furnished, by, for or to Purchaser, its employees, agents and/or contractors. If any such lien shall at any time be filed against the Property, Purchaser
shall, without expense to Seller, cause the same to be discharged of record by payment, bonds, order of a court of competent jurisdiction or otherwise, within thirty (30) days of the filing thereof. Purchaser shall indemnify, defend and hold
harmless Seller against any and all claims, losses, damages, costs and expenses (including, but not limited to, attorneys’ fees and costs), arising out of the filing of any such liens and/or the failure of Purchaser to cause the discharge
thereof as same is provided herein. 

  

	 	8.3	 Purchaser shall procure (or shall cause its agents or representatives entering the Property to procure) and
continue in force and effect from and after the date Purchaser first desires to enter the Property, and continuing throughout the term of this Agreement, the following insurance coverages placed with a responsible insurance company licensed to do
business in the State of Florida having an A.M. Best’s rating of “A-IX” or better: comprehensive general liability insurance with a combined single limit of not less than $1,000,000.00 per
occurrence or commercial general liability insurance with limits of not less than $1,000,000.00 per occurrence and in the aggregate. To the extent such $1,000,000.00 limit of liability is shared with multiple properties, a per location aggregate
shall be included. Seller and/or its designees shall be included as additional insureds under such comprehensive general liability or commercial general liability coverage. Purchaser shall deliver to Seller a certificate of such insurance evidencing
such coverage prior to the date Purchaser is permitted to enter the Property. Such insurance may not be cancelled or amended except upon thirty (30) days’ prior written notice to Seller. The minimum levels of insurance coverage to be
maintained by Purchaser hereunder shall not limit Purchaser’s liability under this Section 7. 

  

	 	8.4	 Purchaser, at its option, shall have the right to terminate this Agreement for any reason whatsoever or for no
reason during the Due Diligence Period, whereupon the Earnest Money will immediately be returned to Purchaser and neither party will have any further rights, remedies or obligations hereunder, except those that expressly survive termination of this
Agreement. 

  

	 	8.5	 Within five (5) business days of the Effective Date, Seller shall deliver to Purchaser, or make available
to Purchaser through an the use of an electronic data room, copies of the documents and materials described on Exhibit C attached hereto (collectively, the “Due Diligence Materials”), each to the extent they exist and are in
Seller’s possession or reasonable control. Purchaser hereby acknowledges, covenants, and agrees that any information provided by Seller to Purchaser based 

 upon any reports, surveys, permits, plans, approvals, and all other information and
documentation obtained by or for Seller and delivered to Purchaser either before the Effective Date or pursuant to this Section 7.5 are provided to Purchaser for informational purposes only and are without representation or warranty of any kind
whatsoever, either express or implied and is without recourse to Seller with respect to the accuracy of any information or statements contained therein. Purchaser further acknowledges that Purchaser has been advised not to rely upon such documents
without making an independent investigation or inquiry as to the accuracy of the information or statements contained in the information provided by Seller. Purchaser hereby releases Seller from any and all claims Purchaser might otherwise have based
upon any reports, surveys, permits, plans, approvals, and all other information and documentation obtained by or for Seller and delivered to Purchaser, except for claims arising from or related to fraud committed by Seller or a willful and
intentional misrepresentation made by Seller. 
 The foregoing provisions of Section 8 shall survive the termination of this Agreement.

  

	9.0    Seller’s	 Covenants. Seller covenants that between the Effective Date and the date of the Closing:

  

	 	9.1    Seller	 shall not amend, renew, extend or terminate the Lease. 

 

	 	9.2	 Seller shall not permit the occupancy of the Premises, or any part thereof, by anyone other than Tenant.

  

	 	9.3	 Seller shall continue to perform in all material respects all of its obligations under the Lease consistent
with the terms and conditions of the Lease. 

  

	 	9.4	 Seller shall not enter into, modify or amend any service contract affecting the Premises that will be an
obligation on or otherwise affect the Property or any part thereof subsequent to the Closing without Purchaser’s prior written consent in each instance, which consent shall not be unreasonably withheld, conditioned or delayed, except contracts
entered into in the ordinary course of business that shall be terminated at Closing without penalty or premium to Purchaser. 

  

	 	9.5	 Seller shall maintain in full force and effect until the Closing all insurance policies that Seller presently
has in effect. 

  

	 	9.6	 No fixtures, equipment or personal property owned by Seller, if any, and included in this sale shall be removed
from the Premises unless the same are replaced with items of at least equal quality prior to the Closing. 

  

	 	9.7	 Seller shall not withdraw, settle or otherwise compromise any protest or reduction proceeding affecting real
estate taxes assessed against the Premises for any fiscal period in which the Closing is to occur or any subsequent fiscal period without the prior written consent of Purchaser, which consent shall not be unreasonably withheld, conditioned or
delayed. 

  

	 	9.8	 Waiver of Right of First Refusal. Purchaser acknowledges and agrees that the Lease contains a right of
first refusal in favor of the Tenant (the “ROFR”). Seller shall forthwith, but in any event no later than within three (3) business days after the date Purchaser deposits the Initial Earnest Money with Escrow Agent, Seller
shall provide written notice to Tenant of the transaction represented in this Agreement consistent with the terms and conditions of the Lease (the “ROFR Notice”), and Seller shall provide a copy of same to Purchaser when made.
Pursuant to the Lease, the ROFR must be exercised by the Tenant within forty-five (45) days of the Tenant’s receipt of the ROFR Notice. If the Tenant (i) responds to the ROFR Notice by informing Seller that it does not elect to
exercise the 

	 	
ROFR as it pertains to this transaction, or (ii) fails to respond in writing to the ROFR Notice within the required time frame set forth in the Lease in order to exercise the ROFR, then, as
a condition precedent to Purchaser’s obligation to close on the sale and purchase of the Property pursuant to this Agreement, Seller shall execute and deliver to Purchaser, on or before Closing an original, executed affidavit in form reasonably
acceptable to the Title Company attesting to Seller’s delivery of the ROFR Notice pursuant to the Lease and either the Tenant’s election not to exercise the ROFR or the Tenant’s failure to timely respond to same so as to allow the
Title Company to issue the Title Policy without exception for the ROFR (“Seller’s ROFR Affidavit”). In the event Seller is unable to deliver the Seller’s ROFR Affidavit, or if the Tenant has elected in writing to exercise
its ROFR, then either Seller or Purchaser shall have the right to terminate this Agreement by providing written notice to the other party, in which case the portion of the Earnest Money Deposit paid by Purchaser shall be immediately returned to
Purchaser and the parties hereto shall have no further rights or obligations, other than those that by their terms survive the termination of this Agreement. Notwithstanding anything in this Agreement to the contrary, Seller’s inability to
deliver the Seller’s ROFR Affidavit due to Tenant’s election to exercise the ROFR shall not constitute a default by Seller hereunder. 

  

	10.0	 Closing. The consummation of the transaction contemplated by this Agreement (“Closing”)
shall take place on or before the sixtieth (60th) day after the expiration of the Due Diligence Period (the “Closing Date”). The Closing shall take place at, by and through the offices of the Title Company and may be conducted
as a “mail-away” closing through the use of escrow instruction letters. 

  

	11.0	 Seller’s Closing Obligations and Closing Costs. Seller and Purchaser shall deliver the following to
the Title Company or Purchaser, as applicable, at the Closing and the following closing costs and expenses shall be paid as follows in connection with the Closing: 

 

	 	11.1    Seller	 shall deliver the following to the Title Company at the Closing: 

 

	 	A.	 Deed. 

  

	 	B.	 A settlement statement setting forth the amounts paid by or on behalf of and/or credited to each of Purchaser
and Seller pursuant to this Agreement. 

  

	 	C.	 An assignment and assumption of Lease in the form attached hereto as SCHEDULE 1 (the “Assignment
and Assumption of Lease”). 

  

	 	D.	 A schedule of all security deposits under the Lease and a check or credit to Purchaser in the amount of such
security deposits, including any interest thereon, held by Seller on the date of the Closing under the Lease. 

  

	 	E.	 A schedule updating the Rent Schedule and setting forth all arrears in rents and all prepayments of rents under
the Lease. 

  

	 	F.	 A memorandum of assignment of Lease in form acceptable to Seller and Purchaser (the “Memorandum of
Assignment of Lease”). 

  

	 	G.	 An assignment of all intangible property to the extent assignable and owned by Seller, in the form attached
hereto as SCHEDULE 2 (the “General Assignment”). 

	 	H.	 All certificates, licenses, permits, authorizations and approvals issued for or which are required with respect
to the Premises by governmental and quasi-governmental authorities having jurisdiction that are in Sellers possession. 

  

	 	I.	 Such affidavits as Purchaser’s title company shall reasonably require in order to omit from its title
insurance policy all exceptions for judgments, bankruptcies or other returns against persons or entities whose names are the same as or similar to Seller’s name. 

 

	 	J.	 Seller shall deliver all other non-confidential Property, building and
tenant files and records to Purchaser, to the extent they exist and are in Seller’s possession or control. 

  

	 	K.	 A letter, executed by Seller or by its agent, advising the Tenant of the sale of the Premises to Purchaser and
directing that rents and other payments thereafter be sent to Purchaser or as Purchaser may direct. 

  

	 	L.	 Possession of the Premises in the condition required by this Agreement, subject to the Lease, and keys
therefor. 

  

	 	M.	 A Certification of Non-Foreign status of Transferor to comply with the
provisions of Section 1445 of the Internal Revenue Code. 

  

	 	N.	 A tenant estoppel from the Tenant (“Tenant Estoppel”) and, if requested by Purchaser’s
lender, a subordination, non-disturbance and attornment agreement executed by Tenant only (“SNDA”), each in the form required by the Lease, if any; provided, however, that Seller’s
failure to deliver the Tenant Estoppel or the SNDA shall not constitute a default by Seller under this Agreement. 

  

	 	0.	 Such other documents as shall be reasonably requested by Purchaser’s counsel or the Title Company to
effectuate the purposes and intent of this Agreement. 

  

	 	11.2    Seller	 shall pay: 

  

	 	A.	 Transfer or conveyance taxes and documentary stamp taxes, if any. 

 

	 	B.	 Deed preparation. 

  

	 	C.	 Seller’s attorneys’ fees, and any other costs and expenses actually incurred by Seller in connection
with selling the Premises. 

  

	 	D.	 A commission equal to one (1.0%) percent of the Purchase Price to be paid to Purchaser’s broker, Carolina
Commercial, LLC (the “Broker”). 

  

	 	E.	 An acquisition fee equal to one (1.0%) percent of the Purchase Price to be to paid to Generation Income
Properties, L.P. 

  

	 	11.3    Purchaser	 shall pay the following costs in connection with the Closing: 

 

	 	A.	 Any mortgage recording or registry tax necessary to record any mortgages of the Purchaser, if any;

  

	 	B.	 Title search and insurance costs. 

	 	C.	 Due diligence expenses. 

 

	 	D.	 Purchaser’s attorneys’ fees, and any other costs and expenses actually incurred by Purchaser in
connection with buying the Premises. 

  

	 	11.4    Purchaser	 shall deliver the following to the Title Company at the Closing: 

 

	 	A.	 The Assignment and Assumption of Lease; 

 

	 	B.	 The General Assignment; 

 

	 	C.	 A settlement statement setting forth the amounts paid by or on behalf of and/or credited to each of Purchaser
and Seller pursuant to this Agreement. 

  

	 	D.	 Such other documents as shall be reasonably requested by Seller’s counsel or the Title Company to
effectuate the purposes and intent of this Agreement. 

  

	12.0	 Prorations. At Closing, the net rent under the Lease and any other income and expenses due and payable
in the year of Closing by Seller shall be prorated as of the Closing Date. If not paid or payable by Tenant, any real estate taxes and special assessments shall be prorated as of the Closing Date. Purchaser shall be responsible for collecting and
remitting all sales and use taxes that become due on rent payments under the Lease received by Purchaser after Closing. The provisions of this Section shall survive the Closing. 

 

	13.0	 Seller’s Default. If Seller fails to perform any of its obligations under this Agreement for any
reason other than Purchaser’s default or the permitted termination of this Agreement by Purchaser as expressly provided herein, Purchaser shall be entitled, as its remedy, either (a) to terminate this Agreement and receive the return of
the Earnest Money from Escrow Agent, together with Purchaser’s actual out-of-pocket costs and expenses incurred with respect to this transaction (not to exceed
$25,000) which shall be reimbursed by Seller to Purchaser within ten (10) business days after Purchaser’s delivery of commercially reasonable documentation supporting such costs and expenses (in such event, the right to retain the Earnest
Money plus costs shall be full liquidated damages and, except as set forth herein, shall be Purchaser’s sole and exclusive remedy in the event of a default hereunder by Seller, and Purchaser hereby waives and releases any right to sue Seller
for damages), or (b) to enforce specific performance of Seller’s obligation to execute and deliver the documents required to convey the Property to Purchaser in accordance with this Agreement. If specific performance is not available to
Purchaser as a result of Seller having sold the Property or any portion thereof to another party, or as a result of a willful and intentional act or omission of Seller, then, in addition to Purchaser’s termination right and reimbursement
referenced, Purchaser shall have all remedies available at law or in equity. 

  

	14.0	 Purchaser’s Default. Should Purchaser default, Seller shall be entitled to terminate this Agreement
by giving Purchaser written notice thereof, and Seller shall retain, as liquidated damages, the Earnest Money Deposit; the parties hereto acknowledging that it is impossible to estimate more precisely the damages which might be suffered by Seller
upon Purchaser’s default, and that said Earnest Money Deposit is a reasonable estimate of Seller’s probable loss in the event of default by Purchaser. Seller’s retention of said Earnest Money Deposit is intended not as a penalty, but
as full liquidated damages. In addition, notwithstanding anything to the contrary stated herein, nothing in this Section 13 is intended to nor shall limit the remedies available to Seller at law or in equity relating to a default of any repair,
indemnification, hold harmless and defend obligations of Purchaser set forth in Section 7 of this Agreement or any other provisions which are intended to survive termination or Closing of this Agreement. The provisions of this Section 13
shall survive the Closing or the earlier termination of this Agreement. 

	15.0	 Attorney’s Fees; Costs. Should either party employ an attorney or attorneys to enforce any of the
provisions hereof or to protect its interest in any manner arising under this Agreement or to establish breach of this Agreement, the non-prevailing party shall pay to the other party all reasonable costs,
charges, expenses, including attorney’s fees, expended or incurred in connection therewith. This provision is separate and several and shall survive the termination of this Agreement. 

 

	16.0	 Tax-Free Exchange. Seller acknowledges having been advised that
Purchaser may elect to treat the within transaction as part of a tax-free exchange transaction under Internal Revenue Code Section 1031. Seller agrees that it will make and execute any and all additional
documents that may be required in connection with Purchaser’s tax-free exchange transaction provided that the Seller does not assume any additional burdens or obligations and further provided that Seller
does not incur any additional cost or expense. 

  

	17.0	 Brokers. Seller and Purchaser mutually represent and warrant that Broker is the only broker with whom they have
dealt in connection with this Agreement and that neither Seller nor Purchaser knows of any other broker who has claimed or may have the right to claim a commission in connection with this transaction. The commission of the Broker shall be paid
pursuant to separate agreement by Seller. Seller and Purchaser shall indemnify and defend each other against any costs, claims or expenses, including attorneys’ fees, arising out of the breach on their respective parts of any representations,
warranties or agreements contained in this Section. Seller hereby discloses to Purchaser and Purchaser hereby acknowledges that David Sobelman, the President of Generation Income Properties, Inc., GIPLP’s general partner, is a licensed real
estate broker. The representations and obligations under this Section shall survive the Closing or, if the Closing does not occur, the termination of this Agreement. 

 

	18.0    Escrow	 Agent. 

  

	 	18.1	 The tax identification numbers of the parties shall be furnished to Escrow Agent upon request of Escrow Agent.
At the Closing, proceeds of the Earnest Money shall be paid by Escrow Agent to Seller. If for any reason the Closing does not occur and either party makes a written demand upon Escrow Agent for payment of such amount, Escrow Agent shall give written
notice to the other party of such demand. If Escrow Agent does not receive a written objection from the other party to the proposed payment within ten (10) days after the giving of such notice, Escrow Agent is hereby authorized to make such
payment. If Escrow Agent does receive such written objection within such ten (10) day period or if for any other reason Escrow Agent in good faith shall elect not to make such payment, Escrow Agent shall continue to hold such amount until
otherwise directed by written instructions from the parties to this contract or a final judgment of a court. However, Escrow Agent shall have the right, only after dispute of the parties or this contract fails due to its terms, to deposit the
escrowed proceeds with the clerk of any applicable court of the county in which the Premises is located. Escrow Agent shall give written notice of such deposit to Seller and Purchaser. Upon such deposit Escrow Agent shall be relieved and discharged
of all further obligations and responsibilities hereunder. 

  

	 	18.2	 The parties acknowledge that Escrow Agent is acting solely as a stakeholder at their request and for their
convenience, that Escrow Agent shall not be deemed to be the agent of either of the parties, and that Escrow Agent shall not be liable to either of the parties for any act or omission on its part unless taken or suffered, in bad faith, in willful
disregard of this contract or involving gross negligence. Seller and Purchaser shall jointly and severally indemnify and hold Escrow Agent harmless from and against all costs, claims and expenses, including reasonable attorneys’ fees, incurred
in connection with the performance of Escrow Agent’s duties hereunder, except with respect to actions or omissions taken or suffered by Escrow Agent in bad faith, in willful disregard of this contract or involving gross negligence on the part
of Escrow Agent. 

	19.0    Miscellaneous.	 The following general provisions govern this Agreement. 

 

	 	19.1	 Governing Law. This Agreement is made and executed under and in all respects to be governed and
construed by the laws of the State of Florida. 

  

	 	19.2	 Notices. Whenever any notice, demand or request is required or permitted under this Agreement, such
notice, demand or request shall be in writing and shall be (i) delivered by hand, (ii) sent by registered or certified mail, postage prepaid, return receipt requested, (iii) sent by nationally recognized commercial courier for next
business day delivery, in each such case described in (i), (ii) and (iii) to the addresses set forth in the preamble of this Agreement or to such other addresses as are specified by written notice given in accordance herewith,
(iv) transmitted by facsimile to the number for each party set forth below or to such other facsimile number as is specified by written notice given in accordance herewith or (v) sent by electronic mail (email) to the electronic mail
(email) address for each party set forth below or to such other electronic mail (email) address as is specified by written notice given in accordance herewith. Any notice or other communication (i) mailed as hereinabove provided shall be deemed
effectively given or received on the third (3rd) business day following the postmark date of such notice or other communication, (ii) sent by overnight courier or by hand shall be deemed effectively given or received upon receipt, and
(iii) sent by facsimile or email transmission shall be deemed effectively given or received on the day of transmission of such notice and electronic confirmation of such transmission is received by the transmitting party (such as “Delivery
Receipt” generated by Microsoft Outlook). Any notice or other communication given in the manner provided above by counsel for either party shall be deemed to be notice or such other communication from the party represented by such counsel. Any
notice sent as required hereby and refused by recipient shall be deemed delivered as of the date of such refusal. 

  

	 	19.3	 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the successors
and permitted assigns of each of the parties hereto. 

  

	 	19.4	 Assignment. Purchaser may not assign this Agreement without Seller’s prior written consent, which
consent may be withheld or granted in Seller’s reasonable discretion, provided, however, that Purchaser may assign this Agreement to an entity owned (in whole or in part), controlled, or under common control with Purchaser and formed by
Purchaser for the purpose of taking title to the Property without Seller’s prior written consent, provided that written notice of such assignment shall be given by Purchaser to Seller no later than 5 (five) business days prior to the Closing
Date, and no such assignment shall relieve Purchaser of any obligations hereunder. 

  

	 	19.5    Intentionally	 deleted. 

  

	 	19.6	 Counterparts. This Agreement and any agreement or document described herein may be executed in several
counterparts, each of which shall be deemed an original, and all of such counterparts together shall constitute one and the same instrument. Handwritten signatures to this Agreement or any agreement or document described herein transmitted by
facsimile, email or other similar electronic transmission (for example, through the use of a Portable Document Format or “PDF” file), shall be valid and effective to bind the party so signing. 

 

	 	19.7	 Severability. The provisions of this Agreement are severable, and the enforceability or invalidity of any term
or provision of this Agreement shall not affect the enforceability and validity of the remaining terms and provisions of this Agreement. If any provision of this Agreement or the application thereof to any person or circumstance shall be determined
by any Court of competent jurisdiction to be invalid or unenforceable to any extent, the remainder of this Agreement or the application of such provision to such person or circumstance, other than those as to which it is so determined to be invalid
or unenforceable, shall not be affected thereby. 

	 	19.8	 Further Assurances. In addition to the foregoing, the Parties hereto, at the time and from time to time
at or after Closing, upon the reasonable request of Purchaser or of Seller, as the case may be, agree to do, execute, acknowledge and deliver all such further reasonable deeds, assignments, transfers, conveyances, authorizations, filings, consents,
and assurances, as may be reasonably required for the better assigning, transferring, granting, conveying, assuring and confirming unto Purchaser all of the applicable Seller’s right, title and interest in and to the Property, to be conveyed
hereunder; and to the more effective consummation of the other transactions referred to in this Agreement. 

  

	 	19.9	 Headings. The use of headings, captions and numbers in this Agreement is solely for the convenience of
identifying and indexing the various provisions in this Agreement and shall in no event be considered otherwise in construing or interpreting any provision in this Agreement. 

 

	 	19.10	 Exhibits. Each and every exhibit referred to or otherwise mentioned in this Agreement is attached to
this Agreement and is and shall be construed to be made a part of this Agreement by such reference or other mention at each point at which such reference or other mention occurs, in the same manner and with the same effect as if each exhibit were
set forth in full and at length every time it is referred to or otherwise mentioned. 

  

	 	19.11	 Defined Terms. Capitalized terms used in this Agreement shall have the meanings ascribed to them at the
point where first defined, irrespective of where their use occurs, with the same effect as if the definitions of such terms were set forth in full and at length every time such terms are used. 

 

	 	19.12	 Pronouns. Wherever appropriate in this Agreement, personal pronouns shall be deemed to include the other
genders and the singular to include the plural. 

  

	 	19,13	 Non-Waiver. Failure by any party to complain of any action, non-action or breach of any other party shall not constitute a waiver of any aggrieved party’s rights hereunder. Waiver by any party of any right arising from any breach by any other party shall not constitute
a waiver of any other right arising from a subsequent breach of the same obligation or for any other default, past, present or future. 

  

	 	19.14	 Dates and Times. If any date set forth in this Agreement shall fall on, or any time period set forth in
this Agreement shall expire on, a day which is a Saturday, Sunday, federal or state holiday, or other non-business day, such date shall automatically be extended to, and the expiration of such time period
shall automatically to be extended to, the next day which is not a Saturday, Sunday, federal or state holiday or other non-business day. The final day of any time period under this Agreement or any deadline
under this Agreement shall be the specified day or date, and shall include the period of time through and including such specified day or date. All references to the “Effective Date” shall be deemed to refer to the later of the date
of Purchaser’s or Seller’s execution of this Agreement, as indicated below their executions hereon. Any action required to be taken by a specified date may be taken at or before 11:59 p.m., daylight or standard time (as applicable) in the
time zone where the Land is located. 

  

	 	19.15	 Radon Gas: Radon is a naturally occurring radioactive gas that, when it has accumulated in a building in
sufficient quantities, may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings in Florida. Additional information regarding radon and radon testing
may be obtained from your county health department. This Agreement is not contingent upon Purchaser’s approval of any testing relating to radon. 

	 	19.16	 Exculpation. Purchaser agrees that it does not have and will not have any claims or causes of action
against any disclosed or undisclosed officer, director, employee, trustee, shareholder, member, manager, partner, principal, parent, subsidiary or other affiliate of Seller, or any officer, director, employee, trustee, shareholder, partner or
principal of any such parent, subsidiary or other affiliate (collectively, “Seller’s Affiliates”), arising out of or in connection with this Agreement or the transactions contemplated hereby. Purchaser agrees to look solely to
Seller and its assets for the satisfaction of any liability or obligation arising under this Agreement or the transactions contemplated hereby, or for the performance of any of the covenants, warranties or other agreements contained herein, and
further agrees not to sue or otherwise seek to enforce any personal obligation against any of Sellers Affiliates with respect to any matters arising out of or in connection with this Agreement or the transactions contemplated hereby. The provisions
of this paragraph shall survive the termination of this Agreement and the Closing. 

  

	 	19.17	 No Recording. Neither this Agreement nor any memorandum thereof may be recorded by Purchaser in the
Public Records of any County of any State. 

  

	 	19.18	 WAIVER OF JURY TRIAL. PURCHASER AND SELLER WAIVE THE RIGHT TO A TRIAL BY JURY IN ANY ACTION OR
PROCEEDING BASED UPON, OR RELATED TO, THE SUBJECT MATTER OF THIS AGREEMENT. THIS WAIVER IS KNOWINGLY, INTENTIONALLY, AND VOLUNTARILY MADE BY EACH PARTY AND EACH PARTY EXPRESSLY ACKNOWLEDGES THAT NEITHER THE OTHER PARTY NOR ANY PERSON ACTING ON
BEHALF OF THE OTHER PARTY HAS MADE ANY REPRESENTATIONS OF FACT TO INDUCE THIS WAIVER OF TRIAL BY JURY OR IN ANY WAY TO MODIFY OR NULLIFY ITS EFFECT. EACH PARTY ACKNOWLEDGES TO THE OTHER THAT IT HAS READ AND UNDERSTANDS THE MEANING AND EFFECT OF THIS
WAIVER PROVISION. 

  

	20.0	 Contingencies. This Agreement is specifically contingent upon satisfaction or waiver by Purchaser of the
following matters prior to the Closing: 

  

	 	A.	 Receipt by Purchaser of the Tenant Estoppel and SNDA, if requested by Purchaser’s lender, each in
form required by the Lease. 

  

	 	B.	 Tenant not being in default under the Lease. 

 

	 	C.	 Seller’s delivery of the Seller’s ROFR Affidavit. 

 

	 	D.	 Seller delivering marketable and insurable title to the Property at Closing subject only to the Permitted
Exceptions. 

 These Contingencies shall run through Closing and in the event that Purchaser notifies Seller or Seller’s agent on or
before the Closing Date that any of these contingencies has not been satisfied, Purchaser shall have the contemporaneous right to terminate this Agreement with respect to all of the Premises and the Earnest Money previously paid shall be refunded to
Purchaser. 
  

	21.0	 AS-IS Condition. PURCHASER ACKNOWLEDGES AND AGREES THAT EXCEPT
AS EXPRESSLY SET FORTH IN THE AGREEMENT OR IN ANY CLOSING DOCUMENT EXECUTED BY SELLER AND DELIVERED TO PURCHASER AT OR PRIOR TO CLOSING, SELLER IS TRANSFERRING THE PROPERTY IN “AS IS, WHERE IS CONDITION AND WITH ALL FAULTS” AS OF THE
CLOSING DATE AND SPECIFICALLY AND EXPRESSLY WITHOUT ANY WARRANTIES, REPRESENTATIONS OR GUARANTEES, EITHER EXPRESS OR IMPLIED, AS TO ITS CONDITION, FITNESS FOR ANY. PARTICULAR PURPOSE, MERCHANTABILITY, OR ANY OTHER WARRANTY OF ANY KIND, NATURE,

	 	
OR TYPE WHATSOEVER FROM OR ON BEHALF OF SELLER. PURCHASER AGREES THAT IT WILL PERFORM SUCH EXAMINATIONS AND INVESTIGATIONS OF THE PROPERTY AND THE FINANCIAL AND PHYSICAL CONDITION THEREOF AS
NEEDED AND NECESSARY. EXCEPT AS EXPRESSLY SET FORTH IN THE AGREEMENT OR IN ANY CLOSING DOCUMENT EXECUTED BY SELLER AND DELIVERED TO PURCHASER AT OR PRIOR TO CLOSING, SELLER SPECIFICALLY DISCLAIMS, AND PURCHASER IS NOT RELYING ON ANY WARRANTY,
GUARANTY OR REPRESENTATION, ORAL OR WRITTEN, PAST OR PRESENT, OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, MADE BY SELLER, OR ANY AGENT, AFFILIATE, REPRESENTATIVE, EMPLOYEE OR PRINCIPAL OF SELLER WITH RESPECT TO
THE PROPERTY, INCLUDING, BUT NOT LIMITED TO, THE PRESENCE OF ANY HAZARDOUS SUBSTANCES (AS SUCH TERM IS DEFINED BY APPLICABLE LAW) AT, ON, UPON OR UNDER THE PROPERTY. EXCEPT AS EXPRESSLY SET FORTH IN THE AGREEMENT OR IN ANY CLOSING DOCUMENT EXECUTED
BY SELLER AND DELIVERED TO PURCHASER AT OR PRIOR TO CLOSING, SELLER SHALL HAVE NO LIABILITY TO PURCHASER WITH RESPECT TO THE CONDITION OF THE PROPERTY UNDER COMMON LAW, OR ANY FEDERAL, STATE, OR LOCAL LAW OR REGULATION. 

PURCHASER REPRESENTS TO SELLER THAT PURCHASER WILL CONDUCT PRIOR TO CLOSING, SUCH INVESTIGATIONS OF THE PROPERTY AS PURCHASER DEEMS NECESSARY
OR DESIRABLE TO SATISFY HIMSELF/ITSELF AS TO ANY MATTER RELATING TO THE PROPERTY AND WILL RELY SOLELY UPON SAME AND NOT UPON ANY INFORMATION PROVIDED BY OR ON BEHALF OF SELLER, SELLER’S AGENTS, EMPLOYEES OR THIRD PARTIES REPRESENTING, OR
PURPORTING TO REPRESENT SELLER, WITH RESPECT THERETO OTHER THAN THE REPRESENTATIONS OR WARRANTIES OF SELLER SET FORTH IN THE AGREEMENT OR IN ANY CLOSING DOCUMENT EXECUTED BY SELLER AND DELIVERED TO PURCHASER AT OR PRIOR TO CLOSING. EXCEPT AS
EXPRESSLY SET FORTH IN THE AGREEMENT OR IN ANY CLOSING DOCUMENT EXECUTED BY SELLER AND DELIVERED TO PURCHASER AT OR PRIOR TO CLOSING, UPON CLOSING, PURCHASER SHALL ASSUME THE RISK THAT ADVERSE MATTERS REGARDING THE PROPERTY MAY NOT HAVE BEEN
REVEALED BY PURCHASER’S INVESTIGATIONS, AND PURCHASER, UPON CLOSING, SHALL BE DEEMED, ON BEHALF OF ITSELF AND ON BEHALF OF ITS TRANSFEREES AND THEIR RESPECTIVE SUCCESSORS AND ASSIGNS, TO WAIVE, RELINQUISH, RELEASE AND FOREVER DISCHARGE SELLER
AND SELLER’S AFFILIATES FROM AND AGAINST ANY AND ALL CLAIMS, DEMANDS, CAUSES OF ACTION, LOSSES, DAMAGES, LIABILITIES, COSTS AND EXPENSES (INCLUDING ATTORNEYS’ FEES) OF ANY AND EVERY KIND OR CHARACTER, KNOWN OR UNKNOWN, BY REASON OF OR
ARISING OUT OF THE PROPERTY, INCLUDING, WITHOUT LIMITATION, BY REASON OF OR ARISING OUT OF ANY LATENT OR PATENT DEFECT OR OTHER PHYSICAL CONDITION WHETHER PURSUANT TO STATUTES IN EFFECT IN THE STATE OF FLORIDA OR ANY FEDERAL OR LOCAL ENVIRONMENTAL
OR HEALTH AND SAFETY LAW OR REGULATION, THE EXISTENCE OF ANY HAZARDOUS SUBSTANCES WHATSOEVER, ON, AT, TO, IN, ABOVE, ABOUT, UNDER, FROM OR IN THE VICINITY OF THE PROPERTY, OR BY REASON OF ANY VIOLATION OF ANY SUBDIVISION LAW, RULE OR REGULATION
APPLICABLE TO THE PROPERTY WHETHER ARISING PURSUANT TO STATUTES IN EFFECT IN THE STATE OF FLORIDA OR ANY LOCAL ORDINANCE, LAW, RULE OR REGULATION. PURCHASER’S RELEASE OF SELLER AS SET FORTH IN THIS SECTION 17 SHALL NOT PERTAIN TO ANY CLAIM OR
CAUSE OF ACTION BY PURCHASER AGAINST SELLER FOR A BREACH BY SELLER OF THE WARRANTY OF TITLE INCLUDED IN THE DEED OR THE BREACH BY SELLER OF ANY REPRESENTATION OR WARRANTY EXPRESSLY SET FORTH IN THE AGREEMENT OR IN ANY CLOSING DOCUMENT EXECUTED BY
SELLER AND DELIVERED TO PURCHASER AT OR PRIOR TO CLOSING. 
 The provisions of this Section 20 shall survive the Closing. Purchaser and
Seller acknowledge and agree that the disclaimers and other agreements set forth herein are an integral part of the Agreement and that Seller would not have agreed to sell the Property to Purchaser for the Purchase Price and Purchaser would not have
agreed to enter into the transaction contemplated by the Agreement without such disclaimers and other agreements set forth above. 

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

			
	PURCHASER:
	
	The Kissling Interest, LLC
		
	By:	 	 /s/ Anthony M Kissling

	Anthony M. Kissling
	Its Sole Manager
	Execution Date: 6-7-21
	
	SELLER
	
	GIPFL JV 1106 Clearlake Road, LLC, a Delaware limited liability company
	
	By: Generation Income Properties, LP, a Delaware limited partnership
	Its manager
	
	By: Generation Income Properties, Inc., a Maryland corporation, its General Partner
		
	By:	 	 /s/ David Sobelman

	David Sobelman
	Its President
	
	Execution Date: 6-8-21samg-ex41_6.htm

Exhibit 4.1

EXECUTION VERSION

NINTH AMENDMENT TO CREDIT AGREEMENT

This Ninth Amendment to Credit Agreement (this “Amendment”) is entered into as of June 17, 2021, by and among SILVERCREST ASSET MANAGEMENT GROUP LLC, a Delaware limited liability company (“Silvercrest”), SILVERCREST INVESTORS LLC, a Delaware limited liability company (“Silvercrest Investors”), SILVERCREST INVESTORS II LLC, a Delaware limited liability company (“Silvercrest Investors II”), SILVERCREST FINANCIAL SERVICES, INC., a New York corporation (“Silvercrest Financial”, and together with Silvercrest, Silvercrest Investors, and Silvercrest Investors II, each, a “Borrower”, and collectively, “Borrowers”), and CITY NATIONAL BANK, a national banking association (“Lender”).  

RECITALS

	
A.
	
Borrowers and Lender are parties to that certain Credit Agreement, dated as of June 24, 2013 (as heretofore amended, supplemented or otherwise modified, the “Credit Agreement”). 

	
B.
	
As of the date hereof, the aggregate principal amount of all Revolving Loans outstanding under the Credit Agreement is $0, the amount of Letter of Credit Usage is $585,667 and the aggregate principal amount of all Term Loans outstanding under the Credit Agreement is $11,700,000.  

	
C.
	
Borrowers have requested that the Credit Agreement be amended, and Lender is willing to agree to such amendment on the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the premises and the other mutual covenants contained herein, the receipt and sufficiency of which hereby are acknowledged, the parties hereto agree as follows:

	
1.
	
Definitions.  Capitalized terms used in this Amendment without definition shall have the meanings set forth in the Credit Agreement.

	
2.
	
Amendments to Credit Agreement.  

	
 
	
(a)
	
A following new terms are hereby added to Section 1.1 of the Credit Agreement in the appropriate alphabetical positions:

““Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, any tenor for such Benchmark or payment period for interest calculated with reference to such Benchmark, as applicable, that is or may be used for determining the length of an Interest Period pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to Section 2.15(e).”

DB2/ 41002530.3

 
 

 

““Benchmark” means, initially, USD LIBOR; provided that if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to USD LIBOR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 2.15(b).”

““Benchmark Replacement” means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Lender for the applicable Benchmark Replacement Date: 

(1)the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment; 

(2)the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment; 

(3)the sum of: (a) the alternate benchmark rate that has been selected by the Lender as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for Dollar -denominated syndicated or bilateral credit facilities at such time and (b) the related Benchmark Replacement Adjustment; 

provided that, in the case of clause (1), such Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from time to time as selected by the Lender in its reasonable discretion.  If the Benchmark Replacement as determined pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents.”

““Benchmark Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement: 

(1)for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first alternative set forth in the order below that can be determined by the Lender: 

	
(a)
	
the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended by the Relevant 

2

DB2/ 41002530.3

 
 

 

		
Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable Corresponding Tenor; 

	
(b)
	
the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be effective upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor; and 

(2)for purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Lender for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated or bilateral credit facilities; 

provided that, in the case of clause (1) above, such adjustment is displayed on a screen or other information service that publishes such Benchmark Replacement Adjustment from time to time as selected by the Lender in its reasonable discretion.”

““Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions and other technical, administrative or operational matters) that the Lender decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Lender in a manner substantially consistent with market practice (or, if the Lender decides that adoption of any portion of such market practice is not administratively feasible or if the Lender determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Lender decides is reasonably necessary in connection with the administration of this Agreement and the other Loan Documents).”

3

DB2/ 41002530.3

 
 

 

““Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark: 

(1)in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); 

(2)in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein; or 

(3)in the case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to Administrative Borrower, so long as the Lender has not received, by 5:00 p.m. (Los Angeles time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided to Administrative Borrower, written notice of objection to such Early Opt-in Election from Administrative Borrower. 

For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).”

““Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark: 

(1)a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); 

(2)a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a 

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resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the of such Benchmark (or such component) administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or 

(3)a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer representative. 

For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).”

““Benchmark Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.15 and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 2.15.”

““Corresponding Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.”

““Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Lender in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for business loans; provided, that if the Lender decides that any such convention is not administratively feasible for the Lender, then the Lender may establish another convention in its reasonable discretion.”

““Early Opt-in Election” means, if the then-current Benchmark is USD LIBOR, the occurrence of: 

(1)a determination by the Lender that at least five currently outstanding Dollar-denominated syndicated or bilateral credit facilities at such 

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time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such credit facilities are identified in the notice to Administrative Borrower described in clause (2) below and are publicly available for review), and 

(2)the election by the Lender to trigger a fallback from USD LIBOR and the provision by the Lender of written notice of such election to Administrative Borrower.”

““Floor” means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to USD LIBOR.”

““ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.”

““Reference Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is USD LIBOR, 11:00 a.m. (London time) on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not USD LIBOR, the time determined by the Lender in its reasonable discretion.”

““Relevant Governmental Body” means the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor thereto.”

““SOFR” means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day.”

““SOFR Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).”

““SOFR Administrator’s Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.”

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““Term SOFR” means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.”

““Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.”

““USD LIBOR” means the London interbank offered rate for Dollars.”

	
 
	
(b)
	
The terms “ISDA Alternative Rate”, “LIBOR Successor Rate”, “LIBOR Successor Rate Conforming Changes”, “LIBOR Suspension Date”, “LIBOR Suspension Events”, and “Scheduled Unavailability Date” set forth in Section 1.1 of the Credit Agreement are hereby deleted in their entirety.  

	
 
	
(c)
	
The term “Revolving Credit Maturity Date” set forth in Section 1.1 of the Credit Agreement is hereby amended in its entirety to read as follows:

““Revolving Credit Maturity Date” means the earlier of (a) June 18, 2022 and (b) such earlier date on which the Obligations shall become due and payable in accordance with the terms of this Agreement and the other Loan Documents.”

	
 
	
(d)
	
Section 2.15 of the Credit Agreement is hereby amended in its entirety to read as follows:

“2.15Inability to Determine Rates.  

(a)Subject to clauses (b) through (f) of this Section 2.15, if Lender, on any Eurodollar Business Day, is unable to determine the Base LIBOR Rate applicable for a new, continued, or converted LIBOR Rate Loan for any reason, or any law, regulation, or governmental order, rule or determination, makes it unlawful for Lender to make a LIBOR Rate Loan, Borrowers’ right to select LIBOR Rate Loans will be suspended until Lender is again able to determine the Base LIBOR Rate or make LIBOR Rate Loans, as the case may be.  During such suspension, new Loans, outstanding Base Rate Loans, and LIBOR Rate Loans whose Interest Periods terminate may only be Base Rate Loans; provided that, if Lender is unable to determine the Base LIBOR Rate for a Term Loan subject to an Interest Hedging Instrument, then during such period of inability, the Term Loan shall bear interest at the alternative rate provided for in the Interest Hedging Instrument.  Any such determination shall, in the absence of manifest error, be conclusive and binding for all purposes.

(b)Notwithstanding anything to the contrary herein or in any other Loan Document if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then,

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(x)if a Benchmark Replacement is determined in accordance with clause (1) or (2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, in connection with a Benchmark Transition Event, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and

(y)if a Benchmark Replacement is determined in accordance with clause (3) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, or in connection with an Early Opt-in Election, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00 p.m. (Los Angeles time) on the tenth (10th) Business Day after the date notice of such Benchmark Replacement is provided to Administrative Borrower without any amendment to this Agreement or any other Loan Document, or further action or consent of Borrowers, so long as the Lender has not received, by such time, written notice of objection to such Benchmark Replacement from Administrative Borrower.

(c)In connection with the implementation of a Benchmark Replacement, the Lender will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of Borrowers.

(d)The Lender will promptly notify Administrative Borrower of (i) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (e) below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Lender pursuant to this Section 2.15 including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its sole discretion and without consent from Borrowers, except, in each case, as expressly required pursuant to this Section 2.15.

(e) Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR or USD LIBOR) and either (A) any tenor for such 

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Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Lender in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Lender may modify the definition of “Interest Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Lender may modify the definition of “Interest Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor.

(f)Upon Administrative Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, Borrowers may revoke any request for a Borrowing of, conversion to or continuation of LIBOR Rate Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, Borrowers will be deemed to have converted any such request into a request for a Borrowing of or conversion to Base Rate Loans.  During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of Base Rate, if any, based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Base Rate.”

	
3.
	
Costs and Expenses.  Borrowers shall pay to Lender the costs and expenses incurred by Lender in connection with this Amendment, including but not limited to, attorney’s fees and costs.  

	
4.
	
Amendment Fee.  In consideration of the agreements set forth herein, Borrowers shall pay to Lender an amendment fee in the amount of $10,000 (the “Amendment Fee”), which fee is non-refundable when paid and is fully-earned as of the date of this Amendment.  The Amendment Fee shall be paid in full on the date of this Amendment.

	
5.
	
Conditions Precedent.  This Amendment shall become effective upon the fulfillment of all of the following conditions to Lender’s satisfaction:

	
 
	
(a)
	
Lender shall have received this Amendment duly executed by Borrowers.

	
 
	
(b)
	
Lender shall have received an Acknowledgment and Agreement of Guarantor and Obligor set forth at the end of this Amendment duly executed by the Person set forth in the signature page thereof.

	
 
	
(c)
	
Lender shall have received the Amendment Fee.

	
 
	
(d)
	
The representations and warranties set forth herein shall be true and correct in all material respects.

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(e)
	
All other documents and legal matters reasonably required in connection with this Amendment shall be reasonably satisfactory in form and substance to Lender and its counsel.

	
6.
	
Reference to and Effect on the Loan Documents.

	
 
	
(a)
	
Upon and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to “the Credit Agreement”, “thereof” or words of like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement as modified and amended hereby.  

	
 
	
(b)
	
The Credit Agreement and all other Loan Documents, are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed and shall constitute the legal, valid, binding and enforceable obligations of each Borrower to Lender without defense, offset, claim or contribution, except as enforcement may be affected by: (a) bankruptcy, insolvency, reorganization, moratorium, or other similar laws affecting the enforcement of creditors’ rights generally, and (b) the limitation of certain remedies by certain equitable principles of general applicability.

	
 
	
(c)
	
The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of Lender under any of the Loan Documents, nor constitute a waiver of any provision of any of the Loan Documents.

	
7.
	
Ratification.  Each Borrower hereby restates, ratifies and reaffirms each and every term and condition set forth in each Loan Document to which it is a party, in each case as amended hereby, effective as of the date hereof.

	
8.
	
Representations and Warranties.  Each Borrower represents and warrants as follows:

	
 
	
(a)
	
Requisite Power and Authorization.  Each Borrower has all requisite power to execute and deliver this Amendment.  The execution, delivery, and performance by each Borrower of this Amendment have been duly authorized by each Borrower and all necessary action in respect thereof has been taken, and the execution, delivery, and performance thereof do not require any consent or approval of any other Person that has not been obtained.  

	
 
	
(b)
	
Binding Agreement.  This Amendment, when executed and delivered by Borrowers, will constitute, the legal, valid, and binding obligations of Borrowers, enforceable against Borrowers in accordance with its terms, except as the enforceability hereof may be affected by: (a) bankruptcy, insolvency, reorganization, moratorium, or other similar laws affecting the enforcement of creditors’ rights generally, and (b) the limitation of certain remedies by certain equitable principles of general applicability.

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(c)
	
Representations and Warranties.  The representations and warranties contained in the Loan Documents are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representation or warranty already qualified by materiality in the text thereof) on and as of the date of the date hereof as though made on and as of the date hereof, except to the extent that such representations and warranties expressly relate to an earlier date, in which case they are true and correct in all material respects (except that such materiality qualifier shall not be applicable to any representation or warranty already qualified by materiality in the text thereof) as of such earlier date.  

	
 
	
(d)
	
No Default.  Immediately after giving effect to the terms of this Amendment, no event has occurred and is continuing that constitutes an Unmatured Event of Default or Event of Default.

	
9.
	
Counterparts.  This Amendment may be executed by means of (a) an electronic signature that complies with the federal Electronic Signatures in Global and National Commerce Act, state enactments of the Uniform Electronic Transactions Act, or any other relevant and applicable electronic signatures law; (b) an original manual signature; or (c) a faxed, scanned, or photocopied manual signature.  Each electronic signature or faxed, scanned, or photocopied manual signature shall for all purposes have the same validity, legal effect, and admissibility in evidence as an original manual signature.  Lender reserves the right, in its sole discretion, to accept, deny, or condition acceptance of any electronic signature on this Amendment.  This Amendment may be executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute only one instrument.  Delivery of an executed electronic counterpart of a signature page to this Amendment will be as effective as delivery of a manually executed counterpart of this Amendment.

	
10.
	
Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE CHOICE OF LAW PROVISIONS SET FORTH IN, AND SHALL BE SUBJECT TO THE DISPUTE RESOLUTION PROVISIONS OF, THE CREDIT AGREEMENT.

[Signatures follow]

 

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

 

BORROWERS:  

SILVERCREST ASSET MANAGEMENT GROUP LLC,
a Delaware limited liability company

SILVERCREST INVESTORS LLC, 
a Delaware limited liability company 

SILVERCREST INVESTORS II LLC, 
a Delaware limited liability company

By:SILVERCREST L.P., 
a Delaware limited partnership, 
its Managing Member

 

By:SILVERCREST ASSET
MANAGEMENT GROUP INC., 
a Delaware corporation,
its General Partner

 

 

By:/s/ Scott A. Gerard

Name:Scott Gerard

Title:Chief Financial Officer

SILVERCREST FINANCIAL SERVICES, INC., a New York corporation

By:/s/ Scott A. Gerard

Name:Scott Gerard
Title:Chief Financial Officer

 

 

 

[Ninth Amendment to Credit Agreement]

 

 

		
	
 
	
LENDER:

CITY NATIONAL BANK

By: /s/ Jennifer Velez

Name:Jennifer Velez
Title:Senior Vice President

	
 
	
 

 

[Ninth Amendment to Credit Agreement]

 

 

ACKNOWLEDGMENT AND AGREEMENT OF GUARANTOR 
AND OBLIGOR

 

The undersigned, being a Guarantor pursuant to a General Continuing Guaranty, dated as of June 24, 2013 (the “Guaranty”), executed by the undersigned in favor of City National Bank (“Lender”), and an Obligor pursuant to an Intercompany Subordination Agreement, dated as of June 24, 2013 (the “Subordination Agreement”), hereby (i) acknowledges receipt of the foregoing Amendment; (ii) consents to the terms and execution, delivery and performance thereof; (iii) reaffirms all obligations to Lender pursuant to the terms of the Guaranty and Subordination Agreement; and (iv) acknowledges that Lender may amend, restate, extend, renew or otherwise modify the Loan Documents and any indebtedness or agreement of the Borrowers, or enter into any agreement or extend additional or other credit accommodations, without notifying or obtaining the consent of the undersigned and without impairing the obligations of the undersigned under the Guaranty or Subordination Agreement.

 

SILVERCREST L.P.,

a Delaware limited partnership

 

By:SILVERCREST ASSET MANAGEMENT 
GROUP INC., 
a Delaware corporation,
its General Partner

 

 

By:/s/ Scott A. Gerard

Name:Scott Gerard

Title:Chief Financial Officer

 

[Ninth Amendment to Credit Agreement]

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