Document:

Exhibit
10.10

 

PLEDGE
AND SECURITY AGREEMENT

 

PLEDGE
AND SECURITY AGREEMENT (as amended, amended and restated, supplemented or otherwise modified from time to time, this “Agreement”)
dated as of November[ ], 2015, between 32ND ST. LANDIS FAMILY HOLDINGS LLC, a Delaware limited liability company
(the “Pledgor”), and LANDWIN PARTNERS FUND I, LLC, a Delaware limited liability company (the “Secured
Party”).

 

W
I T N E S S E T H:

 

A.32nd
Street Landis Family LLC, a Delaware limited liability company (the “Company”) and 32nd Street LLC, a Delaware
limited liability company (“32nd Street”), as tenants in common (collectively, “Property Owner”),
are the fee owners of a certain parcel of real property located at 3165 East Lincoln Drive, Phoenix Arizona (the “Property”),
and are in the process of owning, operating and managing the Property (the “Project”).

 

B.The
Pledgor is the legal and beneficial owner of 100% of the issued and outstanding limited liability company interests in the Company.

 

C.The
Pledgor has requested that the Secured Party provide mezzanine financing to the Pledgor.

 

D.Subject
to the terms and conditions of that certain Mezzanine Loan Agreement, dated as of the date hereof, by and between Secured Party
and the Pledgor (as the same may be amended, amended and restated, supplemented or otherwise modified from time to time, the “Loan
Agreement”), Secured Party has agreed to make a mezzanine loan to the Pledgor in an amount of up to $2,044,000.00 (the
“Loan”).

 

The
obligations of the Secured Party under the Loan Agreement are conditioned upon, among other things, the execution and delivery
by the Pledgor of an agreement in the form hereof to secure the due and punctual payment by the Pledgor of (i) the principal of
and premium, if any, and interest (including interest accruing under the terms of the Loan Agreement during the pendency of any
bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding)
on the Loan, when and as due, whether at maturity, by acceleration, upon one or more dates set for prepayment or otherwise, and
(ii) all other monetary obligations, including, without limitation, fees, costs, expenses and indemnities, whether primary, secondary,
direct, contingent, fixed or otherwise (including monetary obligations incurred during the pendency of any bankruptcy, insolvency,
receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding), of the Pledgor to the
Secured Party under the Loan Agreement and the other Loan Documents (as defined in the Loan Agreement) (all the monetary and other
obligations described above, whether now or hereafter existing, being collectively called the “Obligations”).
Capitalized terms used herein and not defined herein shall have the meanings assigned to such terms in the Loan Agreement.

 

NOW,
THEREFORE, in consideration of the premises and for other valuable consideration, the receipt and sufficiency of which the
parties hereto hereby acknowledge, the Pledgor and the Secured Party (for themselves, and for each of their respective successors
or assigns), hereby agree as follows:

 

    	 

     

    

 

SECTION
1.Pledge. As security for the payment and performance, as the case may be, in full of the Obligations, the Pledgor
hereby pledges, sets over and delivers unto the Secured Party, its successors and assigns, and hereby grants to the Secured Party,
its successors and assigns, a security interest in all of the Pledgor’s right, title and interest in and to (i) the limited
liability company interests described on Schedule I hereto, all additional or substitute interests, and any certificates
(i.e., Certificate 1) representing such equity interests (being hereinafter the “Pledged Interests”); (ii)
all other property that may be delivered to and held by the Secured Party pursuant to the terms of Section 5(b) hereof;
(iii) all rights of the Pledgor to receive dividends, distributions and similar payments, whether in cash or otherwise, on account
of the Pledged Interests and/or, if any, as a creditor of the Company (collectively, the “Pledgor’s Economic Interests”),
(iv) any and all now existing and hereafter acquired management and voting rights of Pledgor in, or with respect to, its membership,
equity or ownership interests in Company, whether provided for under the Company’s organizational documents or applicable
law, (v) all interest, dividends, cash, instruments, securities entitlements and other property from time to time received, receivable
or otherwise payable in respect of, or in exchange for, any or all of the foregoing, and (vi) any and all proceeds of the foregoing
(all of the items referred to in clauses (i) through (vi) in this Section 1 being collectively referred to as the “Collateral”).

 

SECTION
2.Perfection of Security Interest. (a) Upon the written request of the Secured Party, the Pledgor will take any and
all additional actions reasonably required to perfect the security interest granted hereunder in each and every item of Collateral.
If any or all of the Collateral is represented by certificates or instruments, then all such certificates and instruments representing
or evidencing the Collateral shall be delivered to and held by or on behalf of the Secured Party pursuant to this Agreement, and
shall be in suitable form for transfer and delivery. The Secured Party has the right (where applicable), at any time following
an Event of Default, in its discretion, to exchange certificates or instruments representing or evidencing Collateral for certificates
or instruments of smaller or larger denominations. If any or all of the Collateral is an uncertificated security, then the Pledgor
will take all actions reasonably required by the Secured Party, in its sole reasonable discretion, to cause the Company to agree
in writing that following receipt of notice from the Secured Party, the Company will comply with the instructions from the Secured
Party without further consent of the Pledgor. The Pledgor hereby authorizes the Secured Party to file one or more financing or
continuation statements, and amendments thereto, as may be necessary or reasonably desirable for the purpose of perfecting, protecting
or continuing the security interest granted or purported to be granted under this Agreement in all or any part of the Collateral.

 

(b)Immediately
upon its acquisition of any and all new or additional Collateral, the Pledgor will promptly (1) notify the Secured Party of the
acquisition of such Collateral, (2) take all steps required to pledge such Collateral under this Agreement, and (3) take all actions
required to perfect the security interest of the Secured Party in such Collateral. If delivery of such new or additional Collateral
is required under the prior sentence, then prior to such delivery, the Pledgor agrees that all such Collateral will be held separate
and apart from its other property and in express trust for the Secured Party.

 

(c)The
Pledgor will not take any actions or fail to perform any of its duties or obligations under this Agreement so that after giving
effect to such action or inaction the Secured Party will then, or with the passage of time, cease to have a perfected first priority
security interest in any of the Collateral. The Pledgor agrees that, from time to time, the Pledgor will promptly execute and
deliver all further instruments and documents, and take all further action, including but not limited to any and all of the actions
specified above in this Section that is necessary, or that the Secured Party may reasonably request, in order to perfect and protect
any security interest granted or purported to be granted under this Agreement (and the first priority thereof, except to the extent
that loss of such priority is caused by the Secured Party’s failure to hold collateral delivered to it) or to enable the
Secured Party to exercise any of its remedies in accordance with the terms of this Agreement.

 

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(d)The
Pledgor acknowledges and agrees that (1) the Pledged Interests are “securities” for purposes of Article 8 of the UCC
and “investment property” for purposes of Article 9 of the UCC, and the terms of the Amended and Restated Operating
Agreement of the Company, dated as November [ ], 2015, by the Pledgor as the sole member (as amended, amended and restated, supplemented
or otherwise modified from time to time, the “Company Operating Agreement”) so provide, and (2) it will not
permit the terms of such Company Operating Agreement to be amended to change the status of any Pledged Interests as aforesaid,
without the express written consent of the Secured Party. As of the date hereof, all of the Pledged Interests are represented
by the certificate delivered to the Secured Party on the date hereof and as set forth on Schedule 1, and by no other certificate,
instrument or similar writing.

 

(e)Without
the prior written consent of the Secured Party, neither the Pledgor nor the Company will, and the Pledgor will not permit the
Company to, (1) change its name or chief executive office, without providing the Secured Party with thirty (30) days’ prior
written notice thereof, (2) change its name, identity or legal status as a limited liability company, (3) reorganize under the
laws of another jurisdiction, or (4) issue any new Equity Interests. “Equity Interests” means shares of capital
stock, membership interests in a limited liability company, beneficial interests in a trust or other equity ownership interests
in a person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such shares or
interests, and any other interest or participation that confers on a person the right to receive a share of the profits and losses
of, or distributions of property of, the issuing person.

 

SECTION
3.Representations, Warranties and Covenants. The Pledgor hereby represents, warrants and covenants, as to itself and
the Collateral pledged by it hereunder, to and with the Secured Party that:

 

(a)the
Pledged Interests represent that percentage as set forth on Schedule I of the total issued and outstanding Equity Interests
in the Company;

 

(b)except
for the security interest granted hereunder, the Pledgor (i) is and will at all times continue to be the direct owner, beneficially
and of record, of the Pledged Interests; (ii) holds the same free and clear of all liens, (iii) will make no assignment, pledge,
hypothecation or transfer of, or create or permit to exist any security interest in or other lien on, the Collateral or any portion
thereof, and (iv) subject to Section 5, will cause any and all Collateral which is represented by an instrument or certificated
security, whether for value paid by the Pledgor or otherwise, to be forthwith deposited with the Secured Party and pledged and
assigned hereunder;

 

(c)the
Pledgor (i) has the power and authority to pledge the Collateral in the manner hereby done or contemplated and (ii) will defend
its title or interest thereto or therein against any and all liens, however arising, of all persons whomsoever;

 

(d)except
for consents and approvals as have been obtained and are in full force and effect, no consent of any governmental authority or
any other person (including the consent of the Company or any creditor of the Pledgor or the Company) was or is necessary to the
validity of the pledge effected hereby;

 

(e)the
provisions of this Agreement are effective to grant to the Secured Party a security interest in the Collateral as set forth herein;

 

(f)all
of the Pledged Interests have been duly authorized and validly issued and are fully paid and nonassessable (except as provided
in the Company Operating Agreement), and none of the Pledged Interests is subject to any operating agreement, voting trust agreement
or other contractual arrangement affecting the ownership, sale, pledge or voting thereof, other than the Company Operating Agreement,
which agreement permits the execution, delivery and performance of this Agreement by the Pledgor, and the exercise of all rights
and remedies by the Secured Party hereunder;

 

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(g)all
information set forth herein relating to the Pledged Interests is accurate and complete in all material respects as of the date
hereof;

 

(h)set
forth on Schedule II is the following information with respect to the Pledgor: (1) legal name, as such name appears in
its articles of organization or any other organizational document; (2) the type of entity; (3) jurisdiction of formation; (4)
whether it is a registered organization; (5) organizational identification number, if any; (6) Federal Taxpayer Identification
Number; (7) chief executive office, all locations where it maintains any books or records relating to any Collateral, all other
places of business, mailing address, and each location or place of business maintained by the Pledgor at any time during the past
four (4) months; (8) any other corporate or organizational names the Pledgor has had in the past five (5) years, together with
the date of the relevant change; and (9) a list of all other names used by the Pledgor, or any other business or organization
to which the Pledgor became the successor by merger, consolidation, acquisition, change in form, nature or jurisdiction of organization
or otherwise, on any filings with the Internal Revenue Service at any time within the previous five (5) years; and

 

(i)to
Pledgor’s knowledge, the pledge of the Pledged Interests pursuant to this Agreement does not violate Regulation T, U or
X of the Federal Reserve Board or any successor thereto as of the date hereof.

 

SECTION
4.Registration in Nominee Name; Denominations. Upon the occurrence and during the continuance of any Event of Default,
the Secured Party shall have the right to hold the Pledged Interests in its own name as pledgee or the name of its nominee (as
pledgee or as sub-agent). The Pledgor will promptly give to the Secured Party copies of any notices or other material communications
received by it with respect to the Pledged Interests.

 

SECTION
5. Voting Rights; Distributions, etc.

 

(a)Except
as set forth in Section 9(b) below, and otherwise unless and until an Event of Default shall have occurred and be continuing,
the Pledgor shall be entitled to exercise any and all voting and/or other rights and powers inuring to an owner of the Pledged
Interests or any part thereof for any purpose consistent with the terms of this Agreement, the Loan Agreement and the other Loan
Documents; provided, however, that no vote shall be cast or right exercised or other action taken which would encumber
the Collateral, or which would result in any violation of any provision of the Loan Agreement, this Agreement or any of the other
Loan Documents, without Secured Party’s prior written approval, such approval not to be unreasonably withheld, delayed or
conditioned.

 

(b)The
Pledgor shall not be entitled to receive and retain (and the Pledgor hereby irrevocably directs the Company to pay directly to
the Secured Party) any cash or other distribution of any kind paid on account the Pledged Interests or the Pledgor’s Economic
Interests. All non-cash distributions, paid or payable in connection with a partial or total liquidation or dissolution, return
of capital, capital surplus or paid-in surplus, or otherwise, if made on or in respect of the Pledged Interests, whether resulting
from a subdivision, combination or reclassification of the outstanding Equity Interests in the Company or received in exchange
for Pledged Interests or any part thereof, or in redemption thereof, or as a result of any merger, consolidation, acquisition
or other exchange of assets to which the Company may be a party or otherwise, shall be and become part of the Collateral and,
if received by the Pledgor, shall not be commingled by the Pledgor with any of its other funds or property but shall be held separate
and apart therefrom, shall be held in trust for the benefit of the Secured Party and shall be forthwith delivered to the Secured
Party in the same form as so received (with any endorsement deemed necessary by the Secured Party).

 

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(c)Upon
the occurrence and during the continuance of an Event of Default, all rights of the Pledgor to exercise the voting and consensual
rights and powers it is entitled to exercise pursuant to paragraph (a) of this Section 5 shall cease, and all such rights
shall thereupon become vested in the Secured Party, which shall have the sole and exclusive right and authority to exercise such
voting and consensual rights and powers in a manner not inconsistent with the terms of this Agreement, provided that the Secured
Party shall have the right (but not the obligation) from time to time following and during the continuance of an Event of Default
to permit the Pledgor to exercise such rights.

 

SECTION
6. Remedies upon Default.

 

(a)In
addition to any other rights and remedies set forth in the Note, in the Loan Agreement, or in any other Loan Document, upon the
occurrence and during the continuance of an Event of Default, the Secured Party may exercise the rights and remedies set forth
in this Section 6.

 

(b)Subject
to paragraphs (c), (d) and (e) of this Section 6, upon the occurrence and during the continuance of an Event of Default,
the Secured Party may sell, in a commercially reasonable manner under the UCC, the Collateral, or any part thereof, at public
or private sale, for cash, upon credit or for future delivery as the Secured Party shall deem appropriate subject to applicable
law (including the requirement of commercial reasonableness). The Secured Party shall be authorized at any such sale (if it deems
it necessary to do so in accordance with applicable law) to restrict the prospective bidders or purchasers to persons who will
represent and agree that they are purchasing the Collateral for their own account for investment and not with a view to the distribution
or sale thereof, and upon consummation of any such sale the Secured Party shall have the right to assign, transfer and deliver
to the purchaser or purchasers thereof the Collateral so sold. Each such purchaser at any such sale shall hold the property sold
absolutely free from any claim or right on the part of the Pledgor, and, to the extent permitted by applicable law, the Pledgor
hereby waives all rights of redemption, stay, valuation and appraisal the Pledgor now has or may at any time in the future have
under any rule of law or statute now existing or hereafter enacted.

 

(c)The
Secured Party shall give the Pledgor fifteen (15) days’ prior written notice (which the Pledgor agrees is reasonable notice
within the meaning of Section 9-612(b) of the UCC) of the Secured Party’s intention to make any sale of any of the Collateral.
Such notice shall state the time and place for such sale. Any such public sale shall be held at such time or times within ordinary
business hours and at such place or places as the Secured Party may fix and state in the notice of such sale.

 

(d)At
any sale (public or private), the Collateral, or portion thereof, to be sold may be sold in one lot as an entirety or in separate
parcels, as the Secured Party may (in its sole and absolute discretion) determine. The Secured Party shall not be obligated to
make any sale of any Collateral if it shall determine not to do so, regardless of the fact that notice of sale of such Collateral
shall have been given. The Secured Party may, without notice or publication, adjourn any public or private sale or cause the same
to be adjourned from time to time by announcement at the time and place fixed for sale, and such sale may, without further notice,
be made at the time and place to which the same was so adjourned. In case any sale of all or any part of the Collateral is made
on credit or for future delivery, the Collateral so sold may be retained by the Secured Party until the sale price is paid in
full by the purchaser or purchasers thereof, but the Secured Party shall not incur any liability in case any such purchaser or
purchasers shall fail to take up and pay for the Collateral so sold and, in case of any such failure, such Collateral may be sold
again upon like notice. For purposes of this Section 6, (i) a written agreement to purchase the Collateral or any portion
thereof may be treated as a sale thereof (however, a reference to the closing of a sale, or words to similar effect, shall mean
the closing of a sale whether or not pursuant to such an agreement), (ii) the Secured Party shall be free to carry out such sale
pursuant to such agreement and (iii) the Pledgor shall not be entitled to the return of the Collateral
or any portion thereof subject thereto, notwithstanding the fact that after the Secured Party shall have entered into such an
agreement, all Events of Default shall have been remedied, all Obligations shall have been paid in full and the commitment of
the Secured Party to make advances of the Loan under the Loan Agreement shall have terminated or expired. As an alternative to
exercising the power of sale herein conferred upon it, the Secured Party may proceed by a suit or suits at law or in equity to
foreclose upon the Collateral and to sell the Collateral or any portion thereof pursuant to a judgment or decree of a court or
courts having competent jurisdiction or pursuant to a proceeding by a court-appointed receiver.

 

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(e)The
Pledgor and the Company agree and acknowledge that the Secured Party, and/or any assignee of the Secured Party or other purchaser
of the Collateral shall, upon consummation of any sale, transfer or conveyance of a Pledged Interest, be admitted as a member
in the Company and without the need for any additional consent or satisfaction of any additional condition.

 

SECTION
7.Application of Proceeds of Sale. The proceeds of any sale of Collateral pursuant to Section 6, as well as
any Collateral consisting of cash, shall be applied promptly by the Secured Party after receipt thereof as follows:

 

FIRST,
to the payment of all reasonable out-of-pocket costs and expenses incurred by the Secured Party in connection with such sale or
otherwise in connection with the enforcement of this Agreement, any other Loan Document or any of the Obligations including, without
duplication, all court costs and the reasonable fees and expenses of its agents and legal counsel, the repayment of all advances
made by the Secured Party under any other Loan Document and any other reasonable costs or expenses incurred in connection with
the exercise of any right or remedy hereunder or thereunder;

 

SECOND,
to the payment in full of the other Obligations; and

 

THIRD,
to the Pledgor, its successors or assigns, or such other party legally entitled thereto as a court of competent jurisdiction may
otherwise direct.

 

The
Secured Party shall have no duty to marshal assets. Upon any sale of the Collateral by the Secured Party (including pursuant to
a power of sale granted by statute or under a judicial proceeding), the receipt of the purchase money by the Secured Party or
of the officer making the sale shall be a sufficient discharge to the purchaser or purchasers of the Collateral so sold and such
purchaser or purchasers shall not be obligated to see to the application of any part of the purchase money paid over to the Secured
Party or such officer or be answerable in any way for the misapplication thereof.

 

SECTION
8. Reimbursement of Secured Party.

 

(a)The
Pledgor agrees to pay upon demand to the Secured Party the amount of any and all reasonable out-of-pocket expenses, including
the reasonable fees, other charges and disbursements of its counsel and of any experts or agents, that the Secured Party may incur
in connection with (i) the administration of this Agreement, (ii) the custody or preservation of, or the sale of, collection from,
or other realization upon, any of the Collateral (and including, without limitation, any transfer, gains or other taxes payable
in connection with a transfer of the Pledged Interests (individually or collectively)) or (iii) the enforcement of any of the
rights of the Secured Party hereunder; provided, however, that Pledgor shall not be liable for the payment of any such costs and
expenses to the extent the same arise by reason of the gross negligence, illegal acts, fraud or willful misconduct of the Secured
Party.

 

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(b)Without
limitation of its indemnification obligations under the other Loan Documents, the Pledgor agrees to indemnify the Secured Party,
its respective owners, partners, members, managers, directors, officers and employees (collectively, the “Indemnified
Parties”) against, and hold the Secured Party and each other Indemnified Party harmless from, any and all losses, claims,
damages, liabilities and related expenses, including reasonable counsel fees and other reasonable out-of-pocket charges and disbursements
of counsel, incurred by or asserted against the Secured Party or any other Indemnified Party arising out of, in any way connected
with, or as a result of (i) the execution or delivery or performance of this Agreement or any agreement or instrument contemplated
hereby, the performance by the parties hereto of their respective obligations hereunder or the other transactions contemplated
hereby, or (ii) any claim, litigation, investigation or proceeding relating hereto or to any of the foregoing, whether or not
the Secured Party or any other Indemnified Party is a party thereto, provided that such indemnity shall not, as to the Secured
Party or any other Indemnified Party, be available to the extent that such losses, claims, damages, liabilities or related expenses
are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence
or willful misconduct of the Secured Party or such other Indemnified Party.

 

(c)The
provisions of this Section 8(b) shall remain operative and in full force and effect regardless of the termination of this
Agreement, the consummation of the transactions contemplated hereby, the repayment of any of the Obligations, the invalidity or
unenforceability of any term or provision of this Agreement or any other Loan Document or any investigation made by or on behalf
of the Secured Party. All amounts due under this Section 8(b) shall be payable on written demand therefor and shall bear
interest, if not paid within ten (10) days of demand, at a rate equal to the default interest rate provided under the Note.

 

SECTION
9. Secured Party Appointed Attorney-in-Fact; Article 8.

 

(a)The
Pledgor hereby appoints the Secured Party, effective during the continuance of any Event of Default, the attorney-in-fact of the
Pledgor for the purpose of carrying out the provisions of this Agreement and taking any action and executing any instrument that
is necessary (or as the Secured Party may deem reasonably advisable) to accomplish the purposes hereof, which appointment is irrevocable
and coupled with an interest. Without limiting the generality of the foregoing, the Secured Party shall have the right, upon the
occurrence and during the continuance of an Event of Default, with full power of substitution either in the Secured Party’s
name or in the name of the Pledgor, to ask for, demand, sue for, collect, receive and give acquittance for any and all moneys
due or to become due under and by virtue of any Collateral, to endorse checks, drafts, orders and other instruments for the payment
of money payable to the Pledgor representing any distribution payable in respect of the Collateral or any part thereof or on account
thereof and to give full discharge for the same, to settle, compromise, prosecute or defend any action, claim or proceeding with
respect thereto, and to sell, assign, endorse, pledge, transfer and to make any agreement respecting, or otherwise deal with,
the same, in each case in a manner not inconsistent with the terms of this Agreement; provided, however, that nothing
herein contained shall be construed as requiring or obligating the Secured Party to make any inquiry as to the nature or sufficiency
of any payment received by the Secured Party, or to present or file any claim or notice, or to take any action with respect to
the Collateral or any part thereof or the moneys due or to become due in respect thereof or any property covered thereby and no
action taken or omitted to be taken by the Secured Party with respect to the Collateral or any part thereof shall give rise to
any defense, counterclaim or offset in favor of the Pledgor or to any claim or action against the Secured Party other than for
gross negligence or willful misconduct. It is understood and agreed that the appointment of the Secured Party as the agent and
attorney-in-fact of the Pledgor for the purposes set forth above is coupled with an interest and is irrevocable. The provisions
of this Section shall in no event relieve the Pledgor of any of its obligations hereunder or under any other Loan Document, with
respect to the Collateral or any part thereof, or impose any obligation on the Secured Party to proceed in any particular manner
with respect to the Collateral or any part thereof, or in any way limit the exercise by the Secured Party of any other or further
right which it may have on the date of this Agreement or hereafter, whether hereunder, under any other Loan Document, by law or
otherwise.

 

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(b)Solely
with respect to Article 8 Matters (as hereinafter defined), the Pledgor hereby irrevocably grants and appoints the Secured Party,
for the benefit of the Lenders, from the date of this Agreement until the termination of this Agreement in accordance with its
terms, as the Pledgor’s true and lawful proxy, for and in the Pledgor’s name, place and stead to vote the Pledged
Interests, whether directly or indirectly, beneficially or of record, now owned or hereafter acquired, with respect to all Article
8 Matters. The proxy granted and appointed in this Section 9(b) shall include the right to sign the Pledgor’s name (as the
sole member of the Company) to any consent, certificate or other document relating to an Article 8 Matter and the Pledged Interests,
that applicable law may permit or require to cause the Pledged Interests to be voted in accordance with the preceding sentence.
The Pledgor hereby represents and warrants that there are no proxies and powers of attorney with respect to any Article 8 Matter
and the Pledged Interests that the Pledgor may have granted or appointed (other than to the Secured Party). The Pledgor will not
give a subsequent proxy or power of attorney, or enter into any other voting agreement with respect to the Pledged Interests concerning
any Article 8 Matter; and any attempt to do so shall be void and of no effect. The proxies and powers granted by the Pledgor pursuant
to this Agreement are coupled with an interest and are given to secure the payment and performance of the Obligations. As used
herein, an “Article 8 Matter” means any action, decision, determination or election by the Company or its members
that any of its membership interests or other equity interests, be or cease to be, a “security” as defined in and
governed by Article 8 of the UCC, and all other matters related to any such action, decision, determination or election.

 

SECTION
10. Waivers; Amendment.

 

(a)No
failure or delay of the Secured Party in exercising any power or right hereunder shall operate as a waiver thereof, nor shall
any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right
or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies
of the Secured Party under the other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would
otherwise have. No waiver of any provisions of this Agreement or consent to any departure by the Pledgor therefrom shall in any
event be effective unless the same shall be permitted by paragraph (b) below, and then such waiver or consent shall be effective
only in the specific instance and for the purpose for which given. No notice or demand on the Pledgor in any case shall entitle
the Pledgor to any other or further notice or demand in similar or other circumstances.

 

(b)Neither
this Agreement nor any provision hereof may be waived, amended or modified except pursuant to a written agreement entered into
between the Secured Party and the Pledgor.

 

SECTION
11.Securities Act, etc. In view of the position of the Pledgor in relation to the Pledged Interests, or because of
other current or future circumstances, a question may arise under the Securities Act of 1933, as now or hereafter in effect, (such
Act, and any such similar statute as from time to time in effect being called the “Federal Securities Laws”)
with respect to any disposition of the Pledged Interests permitted hereunder. The Pledgor understands that compliance with the
Federal Securities Laws might very strictly limit the course of conduct of the Secured Party if the Secured Party were to attempt
to dispose of all or any part of the Pledged Interests, and might also limit the extent to which or the manner in which any subsequent
transferee of any Pledged Interests could dispose of the same. Similarly, there may be other legal restrictions or limitations
affecting the Secured Party in any attempt to dispose of all or part of the Pledged Interests under applicable Blue Sky or other
state securities laws or similar laws analogous in purpose or effect. The Pledgor recognizes that in light of such restrictions
and limitations the Secured Party may, with respect to any sale of the Pledged Interests, limit the purchasers to those who will
agree, among other things, to acquire such Pledged Interests for their own account, for investment, and not with a view to the
distribution or resale thereof. The Pledgor acknowledges and agrees that in light of such restrictions and limitations, the Secured
Party, in its sole and absolute discretion exercised in good faith, (a) may proceed to make such a sale whether or not a registration
statement for the purpose of registering such Pledged Interests or part thereof shall have been filed under the Federal Securities
Laws and (b) may approach and negotiate with a single potential purchaser to effect such sale, provided that the Pledgor sells
the Collateral in a commercially reasonable manner under the UCC. The Pledgor acknowledges and agrees that any such sale might
result in prices and other terms less favorable to the seller than if such sale were a public sale without such restrictions.
In the event of any such sale, the Secured Party shall incur no responsibility or liability for selling all or any part of the
Pledged Interests at any price that the Secured Party may elect, provided that the Collateral is sold in a commercially reasonable
manner under the UCC, the foregoing being so notwithstanding the possibility that a substantially higher price might have been
realized if the sale were deferred until after registration as aforesaid or if more than a single purchaser were approached. The
provisions of this Section 11 will apply notwithstanding the existence of a public or private market upon which the quotations
or sales prices may exceed substantially the price at which the Secured Party sells.

 

    	8

     

    

 

SECTION
12.Intentionally Omitted.

 

SECTION
13.Termination or Release. (a) This Agreement and the security interests granted hereby shall terminate when all of
the Obligations (other than contingent indemnity obligations under the Loan Documents for which no claim has been asserted) have
been indefeasibly paid in full and the commitment of the Secured Party to make advances of the Loan under the Loan Agreement has
expired or terminated, and upon such payment expiration and Termination, Secured Party shall promptly (but in no event more than
twenty (20) days after such payment in full) (1) execute and deliver to Pledgor (or authorize Pledgor to file) UCC-3 termination
statements or similar documents and agreements to terminate all of Secured Party’s rights under this Agreement and the other
Loan Documents (other than those rights expressly surviving the repayment of the Debt), and (2) deliver to Pledgor all Pledged
Interests. If Secured Party cannot locate one or more of the original Pledged Interests, Secured Party shall deliver to Pledgor
(within such thirty (30) day period) an affidavit from a duly authorized officer of Secured Party, in form and substance reasonably
satisfactory to Pledgor and Secured Party, (a) stating, inter alia, that (i) Secured Party has made diligent search for such original
Pledged Interests and cannot locate the same, (ii) loss of custody of the original Pledged Interests was not the result of a transfer
by Pledgor or a lawful seizure (iii) Secured Party has not sold, assigned or transferred any of such Pledged Interests nor pledged,
hypothecated or encumbered the same, (iv) if Secured Party subsequently finds such original Pledged Interests, it shall promptly
return the same to Pledgor and (b) indemnifying Pledgor and holding Pledgor harmless from and against all loss, liability, cost
and expense incurred by Pledgor related to, arising from or occasioned by, any third party holding the original Pledged Interests
of the Secured Party.

 

SECTION
14.Notices. All communications and notices hereunder shall be in writing and given as provided in Section 7.3
of the Loan Agreement.

 

SECTION
15.Further Assurances. The Pledgor agrees to do such further acts and things, and to execute and deliver such additional
conveyances, assignments, agreements and instruments, as the Secured Party may, in its reasonable discretion, at any time request
in connection with the administration and enforcement of this Agreement or with respect to the Collateral or any part thereof,
in order to better to assure and confirm unto the Secured Party its rights and remedies hereunder.

 

    	9

     

    

 

SECTION
16.Binding Effect; Several Agreement; Assignments. This Agreement shall become effective as to the Pledgor when a counterpart
hereof executed on behalf of the Pledgor shall have been delivered to the Secured Party and a counterpart hereof shall have been
executed on behalf of the Secured Party, and thereafter shall be binding upon the Pledgor and the Secured Party and their respective
successors and assigns, and shall inure to the benefit of the Pledgor, the Secured Party, and their respective successors and
assigns, except that the Pledgor shall not have the right to assign, delegate or transfer its rights hereunder or any interest
herein or in the Collateral (and any such attempted assignment, delegation or transfer shall be void).

 

SECTION
17.Survival of Representations; Severability.

 

(a)All
covenants, agreements, representations and warranties made by the Pledgor herein and in the certificates or other instruments
prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have
been relied upon by the Secured Party and shall survive the making by the Secured Party of the Loan, regardless of any investigation
made by the Secured Party or on its behalf, and shall continue in full force and effect until the all of the Obligations have
been indefeasibly paid in fully and the commitment of the Secured Party to make advances of the Loan under the Loan Agreement
has terminated or expired.

 

(b)In
the event any one or more of the provisions contained in this Agreement should be held invalid, illegal or unenforceable in any
respect, the validity, legality and enforceability of the remaining provisions contained herein shall not in any way be affected
or impaired thereby (it being understood that the invalidity of a particular provision in a particular jurisdiction shall not
in and of itself affect the validity of such provision in any other jurisdiction).

 

SECTION
18.GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS, EXCEPT AS SET FORTH IN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS
LAW.

 

SECTION
19.Counterparts. This Agreement may be executed in two or more counterparts, each of which shall constitute an original,
but all of which, when taken together, shall constitute a single contract, and shall become effective as provided in Section
16. Delivery of an executed counterpart of a signature page to this Agreement by facsimile transmission shall be as effective
as delivery of a manually executed counterpart of this Agreement.

 

SECTION
20.Section Headings. Section headings used herein are for convenience of reference only, are not part of this Agreement
and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement.

 

SECTION
21.Jurisdiction; Consent to Service of Process.

 

(a)The
Pledgor hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any New
York State court sitting in New York County and of the United States District Court of the Southern District of New York, and
any appellate court from any thereof, in any action or proceeding arising out of or relating to any Loan Document, or for recognition
or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that, all claims
in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by
law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be
conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing
in this Agreement or any other Loan Document shall affect any right that the Secured Party may otherwise have to bring any action
or proceeding relating to this Agreement or any other Loan Document against the Pledgor or its properties in the courts of any
jurisdiction.

 

    	10

     

    

 

(b)The
Pledgor hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection
that it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this
Agreement or the other Loan Documents in any New York State or Federal court. Each of the parties hereto hereby irrevocably waives,
to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in
any such court.

 

(c)Each
party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 14. Nothing
in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

 

SECTION
22.WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION
WITH THIS AGREEMENT. EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

 

SECTION
23.Terms, Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms
defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The
words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without
limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”.
Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein
shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or
otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference
herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”,
“hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in
its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules
shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset”
and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible
assets and properties, including cash, securities, accounts and contract rights.

 

[Signatures
follow on next page]

 

    	11

     

    

 

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

 

	 	32ND
    ST. LANDIS FAMILY HOLDINGS LLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature
Page to Pledge and Security Agreement]

 

    	 

     

    

 

	 	LANDWIN PARTNERS FUND I, LLC
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature
Page to Pledge and Security Agreement]

 

    	 

     

    

 

The
Company is executing below solely for the purposes of (a) acknowledging receipt of an executed copy of this Agreement, (b) consenting,
to the extent required by the Company Operating Agreement to this Agreement and the other Loan Documents to the Company is a party,
and (c) agreeing (i) to comply with the terms and provisions of Section 2(e) hereof and confirming the Pledgor’s
direction of payment to the Secured Party set forth in Section 5(b) hereof, and (ii) to record the Secured Party’s
interest in the Collateral (as applicable) in the books and records of the Company.

 

	32ND
    ST. LANDIS FAMILY LLC	 
	 	 	 
	By:
    	 	 
	Name:	 	 
	Title:	 	 

 

[Signature
Page to Pledge and Security Agreement]

 

    	 

     

    

 

Schedule
I to the

Pledge Agreement

 

PLEDGED
INTERESTS

 

	Issuer	 	Owner	 	Form
    of Equity	 	Percentage
    of 

    Equity Interests
	 	 	 	 	 	 	 
	32nd
    St. Landis Family LLC	 	Pledgor	 	LLC Membership
    Interest (only one class)	 	100%

 

    	 

     

    

 

Schedule
II to the

Pledge Agreement

 

INFORMATION
REGARDING THE PLEDGOR

 

(a)
Legal Name (as per articles of organization):

 

32ND
ST. LANDIS FAMILY HOLDINGS LLC

 

(b)
Type of Organization: LIMITED LIABILITY COMPANY

 

(c)
Jurisdiction of Formation: DELAWARE

 

(d)
Is Pledgor a Registered Organization? No.

 

(e)
Pledgor’s Organizational Number: N/A

 

(f)
Pledgor’s Federal Tax Identification Number: [________]

 

(g)
Pledgor’s chief executive office, and location where it maintains any books or records relating to any Collateral, and the
only place of business and mailing address for Pledgor is as follows: c/o Landwin Management, LLC, 17200 Ventura Boulevard, Suite
206, Encino, California 91316

 

(h)
any other corporate or organizational names the Pledgor has had in the past five (5) years, together with the date of the relevant
change: None.

 

(i)
List of all other names used by the Pledgor, or any other business or organization to which the Pledgor became the successor by
merger, consolidation, acquisition, change in form, nature or jurisdiction of organization or otherwise, on any filings with the
Internal Revenue Service at any time within the previous five (5) years: None.Exhibit
10.11

 

AMENDED
AND RESTATED MANAGEMENT AGREEMENT

 

THIS
AMENDED AND RESTATED MANAGEMENT AGREEMENT (this “Agreement”) is entered into as of the Effective Date (as
defined below) by and between LANDWIN REALTY INVESTMENTS HOLDINGS LLC, a Delaware limited liability company, (“Landwin
Holdings”) and LANDWIN MANAGEMENT, LLC, a Delaware limited liability company (“Manager”, each
a “Party” and, collectively, the “Parties”).

 

RECITALS

 

WHEREAS,
Landwin Realty Investments I, LLC, a Delaware limited liability company (“Landwin Investments”), is a wholly-owned
subsidiary of Landwin Holdings and Landwin Holdings is, indirectly, a wholly owned subsidiary of Landwin Realty Trust, Inc., a
Maryland corporation (“Landwin REIT”, and, together with Landwin Holdings and Landwin Investments and any direct
or indirect subsidiary of Landwin Investments, collectively, “our”, “us”, “we” or any similar
word or phrase; a reference to “Landwin Entity” is a reference to any such company, individually);

 

WHEREAS,
Landwin REIT has filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities
Act”) a registration statement on Form S-4 with respect to the merger described therein and the issuance of shares of
its common stock, par value $0.01 per share, all as described in such registration statement, as amended (the “Registration
Statement”);

 

WHEREAS,
Manager is engaged in the general business of real estate investment asset management and property management and as of the date
of this Agreement, an “affiliate” (as defined under the Securities Act);

 

WHEREAS,
on the effective date of the Registration Statement and pursuant to the assignment and assumption of this Agreement in accordance
with the terms of that certain Agreement and Plan of Merger, by and among Landwin Partners Fund I, LLC, a Delaware limited liability
company, Landwin Partners Fund II, LLC, a Delaware limited liability company, Landwin REIT, Landwin Holdings, Landwin TRS, LLC,
a Delaware limited liability company, Landwin Investments, and Manager (the “Merger Agreement”), whereby Landwin
Investments assumed this Agreement and assigned the same to Landwin Holdings, Landwin Holdings desires to engage the general business
management services of Manager (the “Services”);

 

WHEREAS,
this Agreement reflects the substantive material terms of the management agreement with the Manager and Landwin Partners Fund
I, LLC and the Manager desires to be engaged to provide Services under the terms and conditions set forth herein;

 

WHEREAS,
the Parties hereto desire to amend and restate this Agreement under the terms and conditions set forth herein.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree
as follows:

 

Section
1. Term. The Agreement shall commence upon the date that the Merger is effective under applicable state law and the
Registration Statement is declared effective under the Securities Act (the “Effective Date”). The term of the
Agreement shall be for five (5) years from the Effective Date (the “Initial Term”), unless sooner terminated
in accordance with the terms of this Agreement. Manager has the right, at is option, to renew this Agreement for successive two-year
terms upon the expiration of the Initial Term upon notice to Landwin REIT that is provided not less than 60 days prior to the
expiration of then effective term.

 

    	1

     

    

 

Section
2. Services. Manager shall have the general responsibility to manage and oversee our operations. More specifically,
Manager’s Services will include the following services:

 

(a)
Source, evaluate, select, negotiate, secure financing for and oversee acquisitions, property management, tenant leasing, dispositions
and replacement acquisitions of diverse existing and/or to-be-developed, income-producing real property assets and development/redevelopment
projects on our behalf;

 

(b)
General real estate investment asset management and property management services; including using commercially reasonable efforts
to recommend transactions and actions that (i) enable us to qualify as a real estate investment trust, or REIT, for U.S. Federal
income tax purposes and qualify for an exemption or exclusion from the registration requirements under the Investment Company
Act of 1940, as amended (the “Investment Company Act”), (ii) are consistent with our investment guidelines,
and (iii) enable us to comply with our charter and bylaws or certificates of formation and limited liability company agreements,
as applicable, and with the applicable laws, rules and regulations of any governmental body or agency having jurisdiction over
us or of any securities exchange on which our securities may become listed;

 

(c)
Oversight of preparation and revision of annual budgets and pro forma statements;

 

(d)
Advise us regarding the ability to qualify for an exemption or exclusion from the status of an investment company required to
register under the Investment Company Act, and monitor compliance with the requirements for maintaining such exemption or exclusion
and, in addition to the foregoing, use commercially reasonable efforts to cause us to maintain such exemption or exclusion from
such status; and

 

(e)
Advise us regarding the ability to qualify as a REIT for U.S. Federal income tax purposes and monitor compliance with the various
REIT qualification tests and other rules and regulations pertaining thereto, and, in addition to the foregoing, use commercially
reasonable efforts to cause us to continue to qualify as a REIT for U.S. federal tax purposes.

 

Section
3. Right of Manager to Provide Services to Any Party. The parties acknowledge that important considerations for this
Agreement are the obligation of Manager to provide Services hereunder and that Manager and its managers and principal officers
may provide services similar to the Services to other existing and future fund entities and other parties.

 

Section
4. Manager’s Fees-for-Services and Performance-based Distribution-Sharing Income. During the term of this Agreement,
in consideration for Services, Landwin Holdings shall pay to Manager the following Fees-for-Services and performance-based Distribution-Sharing
Income:

 

(a)
Acquisition Fees: 2.5% of the total purchase price (equity plus debt) of any real property acquired by the Manager for
our benefit, paid in cash at closing;

 

(b)
Property Management Fees: 5.5% of actual gross monthly receipts from any real property acquired and taken under management
by the Manager for our benefit;

 

(c)
Leasing Fees: Negotiated on a case-by-case basis subject to factors including, but not limited to, term lengths of leases,
creditability of tenants, location of space within properties, competition, market rates, etc.;

 

    	2

     

    

 

(d)
Financing and Refinancing Fees: Not to exceed one hundred and twenty five basis points (11/4%) of the amount
of new and refinanced loans secured by the Manager for our benefit;

 

(e)
Development, Redevelopment and/or Construction Management Fees: Negotiated on a case-by-case basis subject to factors related
to specific projects, typically a minimum of 7% of the amounts expended;

 

(f) Disposition
Fees: 2.5% of the total sales price of any real property sold by the Manager for our benefit, paid in cash at closing,
and;

 

(g) Distribution-Sharing
Income: 30% of all distributions after each of the members in Landwin Holdings has received total distributions from all
sources equal to their capital contribution plus a 7% preferential return, per annum, on their capital contribution, which
amount as of the Effective Date shall be as specified by the parties; provided, that for the purposes of this Agreement,
capital contributions shall include capital contributions made by any member in Landwin Partners Fund I, LLC or Landwin
Partners Fund II, LLC, prior to the Effective Date and the preferred return shall accrue on the date of such
contributions;

 

(h) Base
Fee: In an annual amount to be determined, as of the end of each fiscal quarter, by Manager and Landwin REIT, which
amount shall remain in effect until changed by the Parties by mutual agreement and shall be paid monthly in advance, which
shall include 100% of the Manager’s out-of-pocket expenses for compensation, including tax obligations, for employees
of the Manager whose employment is dedicated exclusively to our business.

 

(i) Other
Fees: For additional activities and services that we request from time to time to be performed by the Manager and which
are accepted by the Manager, which would be services that are not in the ordinary course of administering Landwin Holdings
and which are not activities noted above in items (a) - (h). These additional activities may include diligence and analysis
of an acquisition of a company and appearances in court and may include providing Services with respect to any assets that
are not Predecessor Fund Assets. Any fee would be proposed by the Manager as the amount that would be charged for a similar
service by a non-affiliated firm and subject to our acceptance including acceptance by our independent directors;
and

 

(j) Reimbursement
Expenses: Reimbursement for reasonable direct out-of-pocket expenses that are incurred for our benefit and are
consistent with guidelines by the Internal Revenue Service for expenses that qualify as a deduction.

 

(k) Termination
Fee. To be determined on terms that are acceptable to us, but in no event less than $7,000,000 and payable only if there
is any termination for a reason not specified as “cause” in Section 5.

 

Section
5. Termination. Landwin Holdings may terminate this Agreement for cause, which shall be limited to the final adjudication
of intentional wrongdoing to the substantial detriment of Landwin Holdings. Manager may terminate this Agreement in the event
that we undertake an investment that requires any Landwin Entity to register as an investment company under the Investment Company
Act and such investment was made contrary to the investment recommendation by Manager. Such termination shall be deemed to occur
immediately before such event, and, after the occurrence of such event, Landwin Holdings shall pay the termination fee to Manager.

 

    	3

     

    

 

Section
6. Indemnification. Landwin Holdings shall indemnify and hold harmless Manager and its managers, principals, associates,
consultants, employees, officers, directors, agents, brokers, contractors, parent and/or subsidiary entities (collectively, the
“Manager and Associates”) from any and all claims, demands, losses, damages, injuries, liabilities, costs, including
court costs, attorney fees and expert witnesses, expenses judgments, liens, encumbrances, orders and awards, known or unknown,
suspected or unsuspected, fixed or contingent, arising out of or relating to any statements, representations, acts or omissions
by Manager and Associates, whether occurring prior to or after Effective Date and in any way connected with, relating to, or affecting,
directly or indirectly, the Services to be rendered hereunder, except for the final adjudication of intentional wrongdoing to
the substantial detriment of Landwin Holdings, and in any litigation regarding Manager and Associates, same shall have the right
to choose its attorney(s) and use Landwin Holdings assets in its defense.

 

Section
7. During a Dispute. If there exists a dispute between Manager and Landwin Holdings, and Manager has not received all
funds which it claims are due it hereunder, then Landwin Holdings shall pay for and provide Manager with monthly reports prepared
by a reputable accountant selected by Manager, showing the operations of Landwin Holdings for each quarter including rents, sales,
purchases, expenses, receivables, payables, and all other information regarding the operations of Landwin Holdings. Upon request
by Manager, Landwin Holdings shall provide Manager with detailed quarterly income statements and balance sheets resulting from
a certified audit with a full opinion (no exceptions) ordered by Landwin Holdings. The above shall continue until Manager has
received all funds due Manager.

 

Section
8. Assignment; Delegation. This Agreement shall be binding on, and shall inure to the benefit of, the undersigned and
its or their respective heirs, legal representatives, successors, and assigns. Except as set forth in this Section 8, neither
this Agreement, nor any part hereof, nor any monies due or to become due hereunder or any rights or obligations hereunder, may
be assigned or transferred by either party without the express written consent of Landwin Holdings. Notwithstanding the foregoing,
Manager may: (i) assign this Agreement, and the rights and obligations hereunder, to any “affiliate” (as defined in
the Securities Act) so long as such affiliate is registered as investment adviser under the Investment Advisers Act of 1940, as
amended, and (ii) delegate to one or more of its “affiliates” (as defined in the Securities Act) the performance of
any of its responsibilities hereunder so long as Manager remains liable for any such affiliate’s performance to the same
extent had such delegation not occurred. Any purported transfer or assignment in violation of this section shall be void ab
initio and of no effect.

 

Section
9. Authority of Landwin Holdings. This Agreement has been duly authorized, executed and delivered on behalf of the
Landwin Holdings and is a valid and enforceable Agreement in accordance with its terms and conditions. Landwin Holdings has full
power and lawful authority to appoint Manager as “Manager” under terms and conditions herein contained.

 

Section
10. Certain Affiliated Transactions.

 

(a)
With respect to any indirect interest in real estate (“Affiliated Real Property Interests”) that is held by
us through an investment in any affiliate that the Manager controls (as such term is defined under the Securities Act, “Controls”),
then in addition to the covenants and agreements in this Agreement or any agreement, document or instrument that is related to
any such investment, the Manager shall accord rights (“Qualifying Real Estate Rights”) to us that are not less
than the rights of a holder of “Qualifying Interests” as such term is used in the various No-Action Letters issued
by the Staff of the Securities and Exchange Commission related to Section 3(c)(5) of the Investment Company Act of 1940, as amended
(the “Investment Company Act”). Such Qualifying Real Estate Rights shall be provided for so long as we have
any interest in such affiliate. The Manager shall confirm in writing such specific rights as may be from time to time reasonably
requested by us.

 

    	4

     

    

 

(b)
In furtherance thereof,

 

(i)
Manager shall undertake (A) any and all actions such that we will have rights in respect of any Affiliated Real Property Interests
that are not less favorable than those that a mezzanine lender would have in respect of a mezzanine loan, or (B) any other action
such that we will have rights that are not less favorable than the holder of “mortgages and other liens on and interests
in real estate” as interpreted within the meaning of Section 3(c)(5) of the Investment Company Act; and

 

(ii)
during an event of default under any of the mortgages securing the underlying real property interest held by any such affiliate
in which we have an Affiliated Real Property Interest, we shall have the option to purchase the mortgage loan then in default
or to cure such default with additional financing provided by us and, upon any such cure by us, we will have full subrogation
of the rights of such mortgage lender until such additional financing is repaid in full together with interest thereon.

 

(c)
With respect to any guaranty that is provided by us for the benefit of any affiliate that the Manager Controls, the Manager shall
use its commercially reasonable efforts so that the conditions or events that cause a payment obligation of any of us are not
satisfied without our prior written consent. Manager shall take such actions to confirm our rights under this paragraph as from
time to time reasonably requested by us.

 

Section
11. Application of the Agreement. This Agreement applies to the assets that we acquire as part of the Merger Agreement,
and the proceeds and reinvestment thereof (collectively, the “Predecessor Fund Assets”), and may not be terminated
by us other than in accordance with Section 5 of this Agreement. This Agreement may apply to any assets other than the Predecessor
Fund Assets that are directly or indirectly acquired by us on terms and conditions determined with the approval of the independent
directors of Landwin REIT.

 

Section
12. Notices. Any notice, request, demand, instruction or other document to be given hereunder to any Party shall be
in writing and shall either be personally delivered to the person with signature of receipt set forth below (in which event, such
notice shall be deemed effective only upon such delivery) or delivered by United Parcel Service (UPS) Next Day with tracking number
and/or signature of receipt, as follows:

 

If
to Manager, at:

 

Landwin
Management, LLC

17200
Ventura Boulevard, Suite 206

Encino,
California 91316

Attn:
Martin Landis

 

If
to Landwin Holdings, at:

 

Landwin
Realty Holdings Investments LLC

c/o
Landwin Realty Trust, Inc.

17200
Ventura Boulevard, Suite 206

Encino
California, 91316

Attn:
Chief Executive Officer

 

    	5

     

    

 

Section
13. Entire Agreement. This Agreement constitutes the entire agreement between the Parties pertaining to the subject
matter contained herein and supersedes all prior and contemporaneous agreements, representations and understandings of the Parties.
There are no representations, warranties, or agreements between the Parties, relating hereto except as specifically set forth
in this Agreement.

 

Section
14. Attorneys’ Fees. In the event any legal action is brought for the violation of this Agreement, the successful
or prevailing party shall be entitled to recover attorneys’ fees and all other costs in connection therewith.

 

Section
15. Waiver or Amendment. No supplement, modification or amendment of this Agreement shall be binding unless executed
in writing by the Parties. No action or conduct shall operate to waive any right or benefit under this Agreement unless such is
expressly set forth in writing (which for the purposes of this provision shall not include an email message) and is signed by
the party to be charged and then shall only be effective to the extent expressly provided.

 

Section
16. Governing Law. This Agreement shall be governed and controlled as to validity, enforcement, interpretation, construction,
effect and in all other respects by the law of State of California. This Agreement has been entered into by good faith negotiations
and shall therefore not be construed against the author of any provision.

 

Section
17. Arbitration.

 

(a)
Any dispute, claim or controversy arising out of or relating to this Agreement or the breach, termination, enforcement, interpretation
or validity thereof, including the determination of the scope or applicability of this agreement to arbitrate, shall be determined
by arbitration in Los Angeles County, California before one arbitrator. The arbitration shall be administered by JAMS pursuant
to its Streamlined Arbitration Rules and Procedures. Judgment on the Award may be entered in any court having jurisdiction. This
clause shall not preclude parties from seeking provisional remedies in aid of arbitration from a court of appropriate jurisdiction
or seeking injunctive relief.

 

(b)
The arbitrator may, in the Award, allocate all or part of the costs of the arbitration, including the fees of the arbitrator and
the reasonable attorneys’ fees of the prevailing party.

 

Section
18. Jurisdiction; Venue. Subject to the provisions of Section 17, all actions and proceedings arising out of, or relating
to, this Agreement shall be heard and determined in any state or federal court sitting in the West Los Angeles Branch in Santa
Monica, California. Each of Parties, by execution and delivery of this Agreement: (i) expressly and irrevocably consent and submit
to the personal jurisdiction of any of such courts in any such action or proceeding; (ii) consent to the service of any complaint,
summons, notice or other process relating to any such action or proceeding by delivery thereof to such party by hand or by U.S.
certified mail without return receipt requested, delivered or addressed as set forth in Section 12 of this Agreement; and (iii)
waive any claim or defense in any such action or proceeding based on any alleged lack of personal jurisdiction, improper venue
or forum non conveniens or any similar basis.

 

Section
19. Interpretation.

 

(a)
Section titles and headings to sections herein are inserted for convenience of reference only and are not intended to be a part
of or to affect the meaning or interpretation of this Agreement.

 

(b)
Any word or term used in this Agreement in any form shall be masculine, feminine, neuter, singular or plural, as proper reading
requires.

 

    	6

     

    

 

(c)
The words “herein”, “hereof”, “hereby” or “hereto” shall refer to this Agreement
unless otherwise expressly provided.

 

(d)
Any reference herein to a Section or any exhibit or schedule shall be a reference to a Section of, and an exhibit or schedule
to, this Agreement unless the context otherwise requires.

 

(e)
Any reference to a writing or written shall not include an email message unless otherwise expressly provided and shall, however,
include a signed attachment to an email or an electronic signature through docusign or similar application.

 

Section
20. Counsel. The Parties hereto, and each of them, further represent and declare that they have carefully read
this Agreement and understand all the contents hereof and that they sign the Agreement freely and voluntarily and have been given
the opportunity to receive counsel and advice of their respective attorneys.

 

Section
21. Time is of the Essence. Time is of the essence in the performance of each and every provision of this Agreement.

 

Section
22. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original
and all of which shall constitute one Agreement. The facsimile signatures of the parties shall be deemed to constitute original
signatures, and facsimile copies hereof shall be deemed to constitute duplicate original counterparts.

 

[SIGNATURES
ON NEXT PAGE]

 

    	7

     

    

 

IN
WITNESS WHEREOF, this Agreement has been executed by duly authorized officers of each of the parties hereto as of the date
first above written.

 

	 	LANDWIN
    MANAGEMENT, LLC
	 	 	 
	 	By:
    Sylvia Inc., its Authorized Signatory
	 	 	 
	 	By:	 
	 	Name:
    	Martin
    Landis
	 	Title:
    	Manager

 

	 	LANDWIN
    REALTY INVESTMENTS HOLDINGS LLC
	 	 	 
	 	By:	 
	 	Name:	John
    E. Hartman
	 	Title:	Chief
    Executive Officer

 

    	8

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