Document:

EX-10.3

 Exhibit 10.3 

Freddie Mac Loan Number: 708346561 

Property Name: Berkshire Square 

GUARANTY 
 (CME AND
PORTFOLIO) 
 MULTISTATE 

(Revised 10-1-2013) 
 THIS GUARANTY
(“Guaranty”) is entered into to be effective as of December 27, 2013, by INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP, a Delaware limited partnership (“Guarantor”, collectively if more than one), for
the benefit of GRANDBRIDGE REAL ESTATE CAPITAL LLC, a North Carolina limited liability company (“Lender”). 

RECITALS 
  

	A.	Pursuant to the terms of a Multifamily Loan and Security Agreement dated the same date as this Guaranty (as amended, modified or supplemented from time to time, the “Loan Agreement”), BERKSHIRE
SQUARE LLC, an Indiana limited liability company, and BERKSHIRE II CUMBERLAND, LLC, an Indiana limited liability company, jointly and severally, as co-borrowers (individually and collectively, “Borrower”) have requested
that Lender make a loan to Borrower in the amount of $8,612,000.00 (“Loan”). The Loan will be evidenced by a Multifamily Note from Borrower to Lender dated effective as of the effective date of this Guaranty (as amended,
modified or supplemented from time to time, the “Note”). The Note will be secured by a Multifamily Mortgage, Deed of Trust, or Deed to Secure Debt dated effective as of the effective date of the Note (as amended, modified or
supplemented from time to time, the “Security Instrument”), encumbering the Mortgaged Property described in the Loan Agreement. 

  

	B.	As a condition to making the Loan to Borrower, Lender requires that Guarantor execute this Guaranty. 

  

	C.	Guarantor has a direct or indirect ownership or other financial interest in Borrower and/or will otherwise derive a material benefit from the making of the Loan. 

AGREEMENT 
 NOW, THEREFORE, in order to
induce Lender to make the Loan to Borrower, and in consideration thereof and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Guarantor agrees as follows: 

 

	1.	Defined Terms. The terms “Indebtedness”, “Loan Documents”, and “Property Jurisdiction”, and other capitalized terms used but not defined in this Guaranty, will have the meanings
assigned to them in the Loan Agreement. 

  

			
	Guaranty - Multistate (CME and Portfolio)	  	

	2.	Scope of Guaranty. 

  

	 	(a)	Guarantor hereby absolutely, unconditionally and irrevocably guarantees to Lender each of the following: 

  

	 	(i)	Guarantor guarantees the full and prompt payment when due, whether at the Maturity Date or earlier, by reason of acceleration or otherwise, and at all times thereafter, of each of the following: 

 

	 	(A)	Guarantor guarantees a portion of the Indebtedness equal to 0% of the original principal balance of the Note (“Base Guaranty”). 

 

	 	(B)	In addition to the Base Guaranty, Guarantor guarantees all other amounts for which Borrower is personally liable under Sections 9(c), 9(d) and 9(f) of the Note (provided, however, that Guarantor will have no
liability for failure of Borrower or SPE Equity Owner to comply with (I) Section 6.13(a)(xviii) of the Loan Agreement, and (II) the requirement in Section 6.13(a)(x)(B) of the Loan Agreement as to payment of trade payables within 60
days of the date incurred). (CME loans only) 

  

	 	(C)	Guarantor guarantees all costs and expenses, including reasonable Attorneys’ Fees and Costs incurred by Lender in enforcing its rights under this Guaranty. 

 

	 	(ii)	Guarantor guarantees the full and prompt payment and performance of and/or compliance with all of Borrower’s obligations under Sections 6.12, 10.02(b) and 10.02(d) of the Loan Agreement when due and the accuracy of
Borrower’s representations and warranties under Section 5.05 of the Loan Agreement. 

  

	 	(b)	If the Base Guaranty stated in Section 2(a)(i)(A) is 100% of the original principal balance of the Note, then the following will be applicable: 

 

	 	(i)	The Base Guaranty will mean and include, and Guarantor hereby absolutely, unconditionally and irrevocably guarantees to Lender, the full and complete prompt payment of the entire Indebtedness, the performance of and/or
compliance with all of Borrower’s obligations under the Loan Documents when due, and the accuracy of Borrower’s representations and warranties contained in the Loan Documents. 

 

	 	(ii)	For so long as the Base Guaranty remains in effect (there being no limit to the duration of the Base Guaranty unless otherwise expressly provided in this Guaranty), the obligations guaranteed pursuant to
Sections 2(a)(i)(B) and 2(a)(i)(C) will be part of, and not in addition to or in limitation of, the Base Guaranty. 

  

			
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	 	(c)	If the Base Guaranty stated in Section 2(a)(i)(A) is less than 100% of the original principal balance of the Note, then Section 2(b) will be completely inapplicable. 

 

	 	(d)	If Guarantor is not liable for the entire Indebtedness, then all payments made by Borrower with respect to the Indebtedness and all amounts received by Lender from the enforcement of its rights under the Loan Agreement
and the other Loan Documents (except this Guaranty) will be applied first to the portion of the Indebtedness for which neither Borrower nor Guarantor has personal liability. 

 

	3.	Additional Guaranty Relating to Bankruptcy. 

  

	 	(a)	Notwithstanding any limitation on liability provided for elsewhere in this Guaranty, Guarantor hereby absolutely, unconditionally and irrevocably guarantees to Lender the full and prompt payment when due, whether at the
Maturity Date or earlier, by reason of acceleration or otherwise, and at all times thereafter, the entire Indebtedness, in the event that: 

  

	 	(i)	Borrower or any SPE Equity Owner voluntarily files for bankruptcy protection under the Bankruptcy Code. 

  

	 	(ii)	Borrower or any SPE Equity Owner voluntarily becomes subject to any reorganization, receivership, insolvency proceeding, or other similar proceeding pursuant to any other federal or state law affecting debtor and
creditor rights. 

  

	 	(iii)	The Mortgaged Property or any part of the Mortgaged Property becomes an asset in a voluntary bankruptcy or becomes subject to any voluntary reorganization, receivership, insolvency proceeding, or other similar voluntary
proceeding pursuant to any other federal or state law affecting debtor and creditor rights. 

  

	 	(iv)	An order of relief is entered against Borrower or any SPE Equity Owner pursuant to the Bankruptcy Code or other federal or state law affecting debtor and creditor rights in any involuntary bankruptcy proceeding
initiated or joined in by a Related Party. 

  

	 	(v)	An involuntary bankruptcy or other involuntary insolvency proceeding is commenced against Borrower or any SPE Equity Owner (by a party other than Lender) but only if Borrower or such SPE Equity Owner has failed to use
commercially reasonable efforts to dismiss such proceeding or has consented to such proceeding. “Commercially reasonable efforts” will not require any direct or indirect interest holders in Borrower or any SPE Equity Owner to contribute or
cause the contribution of additional capital to Borrower or any SPE Equity Owner. 

  

			
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	 	(b)	For purposes of Section 3(a) the term “Related Party” will include all of the following: 

  

	 	(i)	Borrower, any Guarantor or any SPE Equity Owner. 

  

	 	(ii)	Any Person that holds, directly or indirectly, any ownership interest (including any shareholder, member or partner) in Borrower, any Guarantor or any SPE Equity Owner or any Person that has a right to manage Borrower,
any Guarantor or any SPE Equity Owner. 

  

	 	(iii)	Any Person in which Borrower, any Guarantor or any SPE Equity Owner has any ownership interest (direct or indirect) or right to manage. 

 

	 	(iv)	Any Person in which any partner, shareholder or member of Borrower, any Guarantor or any SPE Equity Owner has an ownership interest or right to manage. 

 

	 	(v)	Any Person in which any Person holding an interest in Borrower, any Guarantor or any SPE Equity Owner also has any ownership interest. 

 

	 	(vi)	Any creditor of Borrower that is related by blood, marriage or adoption to Borrower, any Guarantor or any SPE Equity Owner. 

  

	 	(vii)	Any creditor of Borrower that is related to any partner, shareholder or member of, or any other Person holding an interest in, Borrower, any Guarantor or any SPE Equity Owner. 

 

	 	(c)	If Borrower, any Guarantor, any SPE Equity Owner or any Related Party has solicited creditors to initiate or participate in any proceeding referred to in Section 3(a), regardless of whether any of the creditors
solicited actually initiates or participates in the proceeding, then such proceeding will be considered as having been initiated by a Related Party. 

  

	4.	Guarantor’s Obligations Survive Foreclosure. The obligations of Guarantor under this Guaranty will survive any foreclosure proceeding, any foreclosure sale, any delivery of any deed in lieu of foreclosure,
and any release of record of the Security Instrument, and, in addition, the obligations of Guarantor relating to Borrower’s representations and warranties under Section 5.05 of the Loan Agreement, and Borrower’s obligations under
Sections 6.12 and 10.02(b) of the Loan Agreement will survive any repayment or discharge of the Indebtedness. Notwithstanding the foregoing, if Lender has never been a mortgagee-in-possession of or held title to the Mortgaged Property,
Guarantor will have no obligation under this Guaranty relating to Borrower’s representations and warranties under Section 5.05 of the Loan Agreement or Borrower’s obligations relating to environmental matters under Sections 6.12 and
10.02(b) of the Loan Agreement after the date of the release of record of the lien of the Security Instrument as a result of the payment in full of the Indebtedness on the Maturity Date or by voluntary prepayment in full. 

  

			
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	5.	Guaranty of Payment and Performance. Guarantor’s obligations under this Guaranty constitute an unconditional guaranty of payment and performance and not merely a guaranty of collection. 

 

	6.	No Demand by Lender Necessary; Waivers by Guarantor – All States Except California. The obligations of Guarantor under this Guaranty must be performed without demand by Lender and will be unconditional
regardless of the genuineness, validity, regularity or enforceability of the Note, the Loan Agreement, or any other Loan Document, and without regard to any other circumstance which might otherwise constitute a legal or equitable discharge of a
surety, a guarantor, a borrower or a mortgagor. Guarantor hereby waives, to the fullest extent permitted by applicable law, all of the following: 

  

	 	(a)	The benefit of all principles or provisions of law, statutory or otherwise, which are or might be in conflict with the terms of this Guaranty and agrees that Guarantor’s obligations will not be affected by any
circumstances, whether or not referred to in this Guaranty, which might otherwise constitute a legal or equitable discharge of a surety, a guarantor, a borrower or a mortgagor. 

 

	 	(b)	The benefits of any right of discharge under any and all statutes or other laws relating to a guarantor, a surety, a borrower or a mortgagor, and any other rights of a surety, a guarantor, a borrower or a mortgagor
under such statutes or laws. 

  

	 	(c)	Diligence in collecting the Indebtedness, presentment, demand for payment, protest, all notices with respect to the Note and this Guaranty which may be required by statute, rule of law or otherwise to preserve
Lender’s rights against Guarantor under this Guaranty, including notice of acceptance, notice of any amendment of the Loan Documents, notice of the occurrence of any default or Event of Default, notice of intent to accelerate, notice of
acceleration, notice of dishonor, notice of foreclosure, notice of protest, and notice of the incurring by Borrower of any obligation or indebtedness. 

  

	 	(d)	All rights to cause a marshalling of the Borrower’s assets or to require Lender to do any of the following: 

  

	 	(i)	Proceed against Borrower or any other guarantor of Borrower’s payment or performance under the Loan Documents (an “Other Guarantor”). 

 

	 	(ii)	Proceed against any general partner of Borrower or any Other Guarantor if Borrower or any Other Guarantor is a partnership. 

  

	 	(iii)	Proceed against or exhaust any collateral held by Lender to secure the repayment of the Indebtedness. 

  

			
	Guaranty - Multistate (CME and Portfolio)	  	Page 5

	 	(iv)	Pursue any other remedy it may now or hereafter have against Borrower, or, if Borrower is a partnership, any general partner of Borrower. 

 

	 	(e)	Any right to object to the timing, manner or conduct of Lender’s enforcement of its rights under any of the Loan Documents. 

  

	 	(f)	Any right to revoke this Guaranty as to any future advances by Lender under the terms of the Loan Agreement to protect Lender’s interest in the Mortgaged Property. 

 

	7.	Modification of Loan Documents. At any time or from time to time and any number of times, without notice to Guarantor and without affecting the liability of Guarantor, all of the following will apply:

  

	 	(a)	Lender may extend the time for payment of the principal of or interest on the Indebtedness or renew the Indebtedness in whole or in part. 

 

	 	(b)	Lender may extend the time for Borrower’s performance of or compliance with any covenant or agreement contained in the Note, the Loan Agreement or any other Loan Document, whether presently existing or entered into
after the date of this Guaranty, or waive such performance or compliance. 

  

	 	(c)	Lender may accelerate the Maturity Date of the Indebtedness as provided in the Note, the Loan Agreement, or any other Loan Document. 

 

	 	(d)	Lender and Borrower may modify or amend the Note, the Loan Agreement, or any other Loan Document in any respect, including an increase in the principal amount. 

 

	 	(e)	Lender may modify, exchange, surrender or otherwise deal with any security for the Indebtedness or accept additional security that is pledged or mortgaged for the Indebtedness. 

 

	8.	Joint and Several Liability. The obligations of Guarantor (and each party named as a Guarantor in this Guaranty) and any Other Guarantor will be joint and several. Lender, in its sole and absolute discretion, may
take any of the following actions: 

  

	 	(a)	Lender may bring suit against Guarantor, or any one or more of the parties named as a Guarantor in this Guaranty, and any Other Guarantor, jointly and severally, or against any one or more of them. 

 

	 	(b)	Lender may compromise or settle with Guarantor, any one or more of the parties named as a Guarantor in this Guaranty, or any Other Guarantor, for such consideration as Lender may deem proper. 

  

			
	Guaranty - Multistate (CME and Portfolio)	  	Page 6

	 	(c)	Lender may release one or more of the parties named as a Guarantor in this Guaranty, or any Other Guarantor, from liability. 

  

	 	(d)	Lender may otherwise deal with Guarantor and any Other Guarantor, or any one or more of them, in any manner. 

No action of Lender described in this Section 8 will affect or impair the rights of Lender to collect from any one or more of the parties
named as a Guarantor under this Guaranty any amount guaranteed by Guarantor under this Guaranty. 
  

	9.	Limited Release of Guarantor Upon Transfer of Mortgaged Property. If Guarantor requests a release of its liability under this Guaranty in connection with a Transfer which Lender has approved pursuant to
Section 7.05(a) of the Loan Agreement, and Borrower has provided a replacement Guarantor acceptable to Lender, then one of the following will apply: 

  

	 	(a)	If Borrower delivers to Lender a Clean Site Assessment, then Lender will release Guarantor from all of Guarantor’s obligations except Guarantor’s obligation to guaranty Borrower’s liability under
Section 6.12 (Environmental Hazards) or Section 10.02(b) (Environmental Indemnification) of the Loan Agreement with respect to any loss, liability, damage, claim, cost or expense which directly or indirectly arises from or relates to any
Prohibited Activities or Conditions existing prior to the date of the Transfer. 

  

	 	(b)	If Borrower does not deliver a Clean Site Assessment as described in Section 7.05(b)(i) of the Loan Agreement, then Lender will release Guarantor from all of Guarantor’s obligations except for Guarantor’s
obligation to guaranty Borrower’s liability under Section 6.12 (Environmental Hazards) or Section 10.02(b) (Environmental Indemnification). 

  

	10.	Subordination of Borrower’s Indebtedness to Guarantor. Any indebtedness of Borrower held by Guarantor now or in the future is and will be subordinated to the Indebtedness and Guarantor will collect, enforce
and receive any such indebtedness of Borrower as trustee for Lender, but without reducing or affecting in any manner the liability of Guarantor under the other provisions of this Guaranty. 

 

	11.	Waiver of Subrogation. Guarantor will have no right of, and hereby waives any claim for, subrogation or reimbursement against Borrower or any general partner of Borrower by reason of any payment by Guarantor
under this Guaranty, whether such right or claim arises at law or in equity or under any contract or statute, until the Indebtedness has been paid in full and there has expired the maximum possible period thereafter during which any payment made by
Borrower to Lender with respect to the Indebtedness could be deemed a preference under the United States Bankruptcy Code. 

  

			
	Guaranty - Multistate (CME and Portfolio)	  	Page 7

	12.	Preference. If any payment by Borrower is held to constitute a preference under any applicable bankruptcy, insolvency, or similar laws, or if for any other reason Lender is required to refund any sums to
Borrower, such refund will not constitute a release of any liability of Guarantor under this Guaranty. It is the intention of Lender and Guarantor that Guarantor’s obligations under this Guaranty will not be discharged except by
Guarantor’s performance of such obligations and then only to the extent of such performance. 

  

	13.	Financial Information. Guarantor, from time to time upon written request by Lender, will deliver to Lender such financial statements as Lender may reasonably require. If an Event of Default has occurred and is
continuing, Guarantor will deliver to Lender upon written request copies of its state and federal tax returns. 

  

	14.	Assignment. Lender may assign its rights under this Guaranty in whole or in part and upon any such assignment, all the terms and provisions of this Guaranty will inure to the benefit of such assignee to the
extent so assigned. The terms used to designate any of the parties in this Guaranty will be deemed to include the heirs, legal representatives, successors and assigns of such parties, and the term “Lender” will also include any lawful
owner, holder or pledgee of the Note. 

  

	15.	Complete and Final Agreement. This Guaranty and the other Loan Documents represent the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous or subsequent oral
agreements. There are no unwritten oral agreements between the parties. All prior or contemporaneous agreements, understandings, representations, and statements, oral or written, are merged into this Guaranty and the other Loan Documents. Guarantor
acknowledges that Guarantor has received a copy of the Note and all other Loan Documents. Neither this Guaranty nor any of its provisions may be waived, modified, amended, discharged, or terminated except by a writing signed by the party against
which the enforcement of the waiver, modification, amendment, discharge, or termination is sought, and then only to the extent set forth in that writing. 

  

	16.	Governing Law. This Guaranty will be governed by and enforced in accordance with the laws of the Property Jurisdiction, without giving effect to the choice of law principles of the Property Jurisdiction that
would require the application of the laws of a jurisdiction other than the Property Jurisdiction. 

  

	17.	Jurisdiction; Venue. Guarantor agrees that any controversy arising under or in relation to this Guaranty may be litigated in the Property Jurisdiction, and that the state and federal courts and authorities with
jurisdiction in the Property Jurisdiction will have jurisdiction over all controversies which will arise under or in relation to this Guaranty. Guarantor irrevocably consents to service, jurisdiction and venue of such courts for any such litigation
and waives any other venue to which it might be entitled by virtue of domicile, habitual residence or otherwise. However, nothing in this Guaranty is intended to limit Lender’s right to bring any suit, action or proceeding relating to matters
arising under this Guaranty against Guarantor or any of Guarantor’s assets in any court of any other jurisdiction. 

  

			
	Guaranty - Multistate (CME and Portfolio)	  	Page 8

	18.	Guarantor’s Interest in Borrower. Guarantor represents to Lender that Guarantor has a direct or indirect ownership or other financial interest in Borrower and/or will otherwise derive a material financial
benefit from the making of the Loan. 

  

	19.	State-Specific Provisions. As used in this Guaranty, “Attorneys’ Fees and Costs” will mean (i) fees and
out-of-pocket costs of Lender’s and Loan Servicer’s attorneys, as applicable, including costs of Lender’s and Loan Servicer’s in-house counsel,
support staff costs, costs of preparing for litigation, computerized research, telephone and facsimile transmission expenses, mileage, deposition costs, postage, duplicating, process service, videotaping and similar costs and expenses;
(ii) costs and fees of expert witnesses, including appraisers; and (iii) investigatory fees. Nothing in this clause is intended to limit the nature or extent of any costs or expenses that may be recovered by Lender from Guarantor.

  

	20.	Community Property Provision. 

 Not applicable. 

 

	21.	WAIVER OF TRIAL BY JURY. 

  

	 	(a)	GUARANTOR AND LENDER EACH COVENANTS AND AGREES NOT TO ELECT A TRIAL BY JURY WITH RESPECT TO ANY ISSUE ARISING OUT OF THIS GUARANTY OR THE RELATIONSHIP BETWEEN THE PARTIES AS GUARANTOR AND LENDER THAT IS TRIABLE OF
RIGHT BY A JURY. 

  

	 	(b)	GUARANTOR AND LENDER EACH WAIVES ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO SUCH ISSUE TO THE EXTENT THAT ANY SUCH RIGHT EXISTS NOW OR IN THE FUTURE. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS SEPARATELY GIVEN BY EACH
PARTY, KNOWINGLY AND VOLUNTARILY WITH THE BENEFIT OF COMPETENT LEGAL COUNSEL. 

  

	22.	Attached Riders. The following Riders, if marked with an “X” in the space provided, are attached to this Guaranty: 

  

	 	 ̈	None 

  

	 	 ̈	Material Adverse Change Rider 

  

	 	x	Minimum Net Worth/Liquidity Requirements Rider 

  

	 	 ̈	Other
                                         
    

  

			
	Guaranty - Multistate (CME and Portfolio)	  	Page 9

	23.	Attached Exhibit. The following Exhibit, if marked with an “X” in the space provided, is attached to this Guaranty: 

 

	 	x	Exhibit A         Modifications to Guaranty 

(Remainder of page intentionally left blank; signature pages follow.) 

  

			
	Guaranty - Multistate (CME and Portfolio)	  	Page 10

 IN WITNESS WHEREOF, Guarantor has signed and delivered this Guaranty under seal or has
caused this Guaranty to be signed and delivered under seal by its duly authorized representative. 
  

							
	GUARANTOR:
	
	INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP, a
	  Delaware limited partnership, its Sole Member and Manager
		
	By:	 	INDEPENDENCE REALTY TRUST, INC., a
		 	  Maryland corporation, its General Partner
			
		 	By:	 	INDEPENDENCE REALTY ADVISORS, LLC, a
		 		 	  Delaware limited liability company, its Authorized Agent
				
		 		 	By:	 	 /s/ Farrell Ender

		 		 	Name:	 	Farrell Ender
		 		 	Title:	 	President

  

					
	COMMONWEALTH OF PENNSYLVANIA      	 	)	 	
		 	:	 	ss.:
	COUNTY OF PHILADELPHIA	 	)	 	

 Before me, the undersigned, a Notary Public, in and for said County and State, this 19th day of
December, 2013, personally appeared Farrell Ender, the President of INDEPENDENCE REALTY ADVISORS, LLC, a Delaware limited liability company, AUTHORIZED AGENT for INDEPENDENCE REALTY TRUST, INC., a Maryland corporation,
GENERAL PARTNER of INDEPENDENCE REALTY OPERATING PARTNERSHIP, LP, a Delaware limited partnership, and acknowledged the execution of the foregoing instrument. 

 

	
	/s/ Courtney J. Everngham
	 Notary Public
 Print Name: Courtney J.
Everngham

 My commission expires: 
  

			
	3/14/2017	  	[SEAL]

  

			
	Guaranty - Multistate (CME and Portfolio)	  	Page 11

	(a)	Name and Address of Guarantor 

  

					
		 	Name:	  	INDEPENDENCE REALTY OPERATING
		 		  	PARTNERSHIP, LP, a Delaware limited partnership
		 	Address:    	  	2929 Arch Street, 17th Floor
		 		  	Philadelphia, Pennsylvania 19104

  

	(b)	Guarantor represents and warrants that Guarantor is: 

  

	 	 ̈	single 

  

	 	 ̈	married 

  

	 	x	an entity 

  

	(c)	Guarantor represents and warrants that Guarantor’s state of residence is N/A.  

  

			
	Guaranty - Multistate (CME and Portfolio)	  	Page 12

 EXHIBIT A 

MODIFICATIONS TO GUARANTY 
 The following
modifications are made to the text of the Guaranty that precedes this Exhibit: 
  

	1.	Section 3(b) shall be modified by adding a new sub-section (viii) as follows: 

  

	 	(viii)	Notwithstanding the foregoing, the term “Related Party” shall not include (x) shareholders of Independence Realty Trust, Inc. (“IRT”) owning less than 9.8%, so long as IRT remains a
publically traded company, or (y) any limited partners of Independence Realty Operating Partnership, LP, that are not affiliated with RAIT Financial Trust or IRT. 

  

			
	Guaranty - Multistate (CME and Portfolio)	  	Exhibit A - 1

 RIDER TO GUARANTY 

(CME AND PORTFOLIO) 

MINIMUM NET WORTH/LIQUIDITY 

(Revised 10-1-2013) 
 The following
changes are made to the Guaranty which precedes this Rider: 
  

	A.	The following is added as a new Section: 

  

	24.	Minimum Net Worth/Liquidity Requirements. 

  

	 	(a)	Guarantor must maintain a minimum net worth of $5,000,000 with liquid assets of at least $861,200 (collectively, “Minimum Net Worth Requirement”). 

 

	 	(b)	In addition to the financial information that Guarantor is required to provide pursuant to Section 13 of this Guaranty, annually within 120 days after the end of each fiscal year of Guarantor, Guarantor must
provide Lender with a written certification (“Guarantor Certification”) of the net worth and liquid assets of Guarantor, derived in accordance with customarily acceptable accounting practices. The Guarantor must certify the
Guarantor Certification under penalty of perjury as true and complete. 

  

	 	(c)	Within 30 days of receipt of Notice from Lender that Guarantor has failed to maintain the Minimum Net Worth Requirement, Guarantor must either: 

 

	 	(i)	cause one or more natural persons or entities who individually or collectively, as applicable, meet the Minimum Net Worth Requirement and is/are acceptable to Lender, in its sole discretion, to execute and deliver to
Lender a guaranty in the same form as this Guaranty, without any cost or expense to Lender; or 

  

	 	(ii)	deliver to Lender a letter of credit or other collateral acceptable to Lender in its discretion meeting the following conditions, as applicable: 

 

	 	(A)	If Guarantor supplies a letter of credit, the letter of credit must be in the form required by Lender. The letter of credit must name Lender as the sole beneficiary, have an initial term of not less than 12 months and
be issued by a bank acceptable to Lender in its sole discretion. 

  

	 	(B)	The letter of credit or other collateral must be in an amount equal to the greatest of: 

  
 Rider To Guaranty (CME and Portfolio)

 Minimum Net Worth/Liquidity 

	 	(X)	the positive difference, if any, obtained by subtracting the net worth identified in the Guarantor Certification from the minimum net worth required under the Minimum Net Worth Requirement, 

 

	 	(Y)	the positive difference, if any, obtained by subtracting the liquid assets identified in the Guarantor Certification from the minimum liquid assets required under the Minimum Net Worth Requirement, and

  

	 	(Z)	$100,000. 

  

	 	(d)	Lender will hold the letter of credit or other collateral until one of the following occurs: 

  

	 	(i)	Lender has a claim against the Guarantor, in which case Lender will be entitled to draw on the letter of credit and apply the proceeds or the other collateral to such claim(s), in Lender’s sole discretion.

  

	 	(ii)	Lender returns the letter of credit or other collateral to Guarantor pursuant to Section (e). 

  

	 	(e)	Provided no Event of Default then exists, Guarantor will be entitled to request a return of the unused portion, if any, of the letter of credit or other collateral in the event it delivers to Lender evidence in form and
substance satisfactory to Lender, including a Guarantor Certification, that Guarantor has satisfied the Minimum Net Worth Requirement. 

  

 

  

			
	 Rider To Guaranty (CME and Portfolio)

Minimum Net Worth/Liquidity
	  	Page 3EX-10.1

 Exhibit 10.1 

AGREEMENT OF PURCHASE AND SALE 

PATERSON FARM 
 THIS
AGREEMENT (the “Agreement”) is made as of the 10th day of December, 2013 (the “Effective Date”), between Hale Farms, L.L.C., an Oregon limited liability
company (the “Seller”), and Gladstone Land Corporation, a Maryland corporation, or its designee (the “Purchaser”). 

WHEREAS, Seller has agreed to sell and Purchaser has agreed to purchase the Property (as hereinafter defined); 

NOW, THEREFORE, in consideration of the agreements contained herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties agree as follows: 
 1. Certain Definitions. For purposes of this Agreement, the following
terms shall have the following definitions: 
 “Affiliate” shall mean, as to any person or entity, any other person or entity that
directly or indirectly controls, is controlled by, or is under common control with such person or entity. For purposes of this definition, “control” means de facto effective control over the management of the applicable entity (by
contract, state law, or otherwise), even though the party exercising “control” may own less than 50% of the voting equity interest of such entity. 

“Closing Date” shall mean December 20, 2013. 

“Contracts” shall mean, collectively, any and all service, maintenance, management or other contracts or agreements with third
parties relating to or affecting the Property. 
 “Crops” shall mean any and all unharvested crops at the Property as of the
Effective Date. 
 “Due Diligence Materials” shall mean those materials and information more particularly described on Exhibit
C attached hereto and incorporated by reference herein. 
 “Earnest Money” shall mean the sum of One Hundred Thousand and
No/100 Dollars ($100,000.00), together with all interest accrued thereon. 
 “Escrow Agent” shall mean: Gary R. Cortellessa,
Stewart Title Guaranty Company. 
 “Excluded Items” means the items on the attached Exhibit B-2, which are not part of the
Irrigation Equipment or the Personal Property, Improvements or Property being sold to Purchaser. 
 “GAP” shall mean good
agricultural practices. 

 “Government Payments” shall mean all federal, state and local government payments,
benefits and entitlements associated with or applicable to the Property or any crops grown thereon, including without limitation any applicable direct payments or counter-cyclical payments under the Farm Security and Rural Investment Act of 2002, as
amended. 
 “Inspection Period” shall mean the period beginning on the Effective Date and ending at 5:00 p.m. Pacific time at the
Property on December 16, 2013. 
 “Improvements” shall mean all buildings, structures, gates, fences, roads, levees, ditches,
appurtenances or other facilities currently existing on the Property, including without limitation all Irrigation Equipment. 

“Irrigation Equipment” shall mean all below ground, surface and above ground irrigation equipment at the Property, including without
limitation water wells, pumps, lower flow nozzles, casings, risers, above and below ground pipes and pipelines, culverts, and pivot irrigation equipment, and all related power units, as applicable, installed at the Property as of the Effective Date
and as of the Closing Date. All the Irrigation Equipment shall be deemed to be part of the Improvements to be conveyed to Purchaser. 

“Land” shall mean that certain real property situated approximately four (4) miles southeast of Boardman, in Morrow County,
State of Oregon, comprising approximately 1,975 acres of gross land area, as more particularly described on Exhibit A attached hereto and incorporated herein by reference, together with all rights, easements, hereditaments and appurtenances
thereunto belonging. 
 “Lease” shall mean that certain lease to be effective as of the Closing Date by and between Purchaser or
its permitted assignee, as landlord, and Hale Farms, L.L.C., a Oregon limited liability company, as tenant, and substantially in the form attached hereto as Exhibit D and incorporated herein by reference. The parties shall use diligent, good
faith efforts to agree on the form of the Lease prior to expiration of the Inspection Period. 
 “Personal Property” shall mean
(i) the Irrigation Equipment, and (ii) any personal property used by Seller in conducting farming operations at the Property that will be conveyed to Purchaser as part of this transaction, if any, as more particularly described on
Exhibit B attached hereto and incorporated by reference herein. 
 “Property” shall mean the Land, Improvements, and any
Personal Property. 
 “Purchase Price” shall mean the total amount of Thirteen Million Eight Hundred Fifty-Five Thousand and
No/100 Dollars ($13,855,000.00), subject to adjustment as set forth in this Agreement. If the Land is determined to include more or less than 1,640 acres of irrigated land area pursuant to the Survey, defined below, then the Purchase Price shall be
increased or reduced by $8,448.17 per acre for each acre less than 1,640 acres of irrigated land that is included in the Land. 

  
 2 

 “Purchaser’s Address” shall mean: 

Gladstone Land Corporation 

Attention: Bill Frisbie 
 1521
Westbranch Drive, Suite 200 
 McLean, VA 22102 

(703) 287-5839 (T) 
 (703)
287-5801 (F) 
 Email: Bill.Frisbie@gladstonecompanies.com 

With copy to: 
 Bass
Berry & Sims PLC 
 Attention: Richard R. Spore 

100 Peabody Place, Suite 900 

Memphis, TN 38103 
 (901) 543-5902
(T) 
 (888) 543-4346 (F) 

Email: rspore@bassberry.com. 

“Pursuit Costs” shall mean all of Purchaser’s reasonable third party, out of pocket expenditures in connection with the
transaction contemplated hereby, including without limitation legal, engineering, loan, appraisal, survey and title fees and expenses; provided, however, that for purposes of this Agreement, the Pursuit Costs shall not exceed Thirty Thousand and
No/100 Dollars ($30,000.00) in the aggregate. 
 “Seller’s Address” shall mean: 

Hale Farms, L.L.C. 
 73120 Hwy 207

 Echo, OR 97826 
 Attention:
Craig Reeder or Todd Longgood 
 Fax: 541 567 6753 

Email: creeder@hale-co.com or tlonggood@hale-co.com 

With a copy sent to: 

Stoel Rives LLP 
 900 SW Fifth
Ave., Suite 2600 
 Portland, OR 97204 

Attention: Dave Filippi or Dave Green 

Facsimile No.: 503 220 2480 

Email: DEFILIPPI@stoel.com or dwgreen@stoel.com 

“Tenant” shall mean the tenant (or, if more than one, the tenants) under the Lease, individually or collectively as the context may
require. 

  
 3 

 “Title Company” shall mean: Stewart Title Guaranty Company — National Title
Services, 401 East Pratt Street, Suite 611, Baltimore, MD 21202. Office Phone: (202) 349-0217. 
 “Water Rights” shall mean a
portion of all rights to use wells and other water sources that exist on the Effective Date that benefit or are appurtenant to the Property and that may be reasonably necessary to conduct farming operations at the Property as currently conducted and
in accordance with GAP, with the portion equal to 8.0 gallons per minute per acre and 3.5 acre-feet per acre for the 1,640 acres that make up the irrigated portion of the Property, and further subject to the provisions of Section 11(h)
of this Agreement. As such, Seller is retaining the remaining portion of the rights to use wells and other water sources that would otherwise benefit or be appurtenant to the Property (i.e., 3.3 gallons per minute per acre and 1.0 acre-feet per acre
of water), and is further retaining all rights to use wells and other water sources on those irrigated lands (109 acres) that lie outside the Property, but which may be evidenced in the same water right documentation from the State of Oregon. 

2. Property. Seller hereby agrees to sell and Purchaser, or its designee, hereby agrees to purchase from Seller the Property. 

3. Earnest Money. Within three (3) business days after the later of (x) the Effective Date or (y) the date of full
execution of this Agreement by both Seller and Purchaser, Purchaser shall deposit the Earnest Money with the Escrow Agent by wire transfer or certified or cashier’s check. The Earnest Money will be invested by Escrow Agent in an
interest-bearing account reasonably acceptable to both parties. All interest earned upon the Earnest Money shall become part of the Earnest Money. Said Earnest Money shall be refundable to Purchaser in accordance with this Agreement. 

4. Purchase Price. At the Closing, defined below, all Earnest Money shall be applied to the Purchase Price, and the balance of the
Purchase Price, subject to adjustments for credits and debits as set forth in this Agreement, shall be paid in good funds by wire transfer, except that $100,000 of the total Purchase Price will be withheld, at Purchaser’s option, from the
amount to be paid by Purchaser to Seller at Closing (the “Holdback”). The amount of the Holdback will bear interest after the Closing at the rate of three percent (3%) per annum until paid, and will be due and payable when
Seller has obtained and delivered to Purchaser evidence reasonably satisfactory to Purchaser of the issuance for the benefit of the Property of the amount of Water Rights referenced in Section 1 (definition of Water Rights) and
Section 11(h) below that is (a) separate from other property of Seller that is benefitted by the existing water rights and (b) subject to the applications for allocations of conserved water that have been or will be filed with
the Oregon Water Resources Department, pursuant to ORS 537.455 et seq. Seller will promptly and diligently pursue the steps necessary for issuance for the benefit of the Property the amount of Water Rights required under this Agreement. The existing
applications for allocations of conserved water are subject to Purchaser’s reasonable approval during the Inspection Period. After the Closing, if there are changes in or conditions for issuance of the Water Rights that were different from
those in the original applications approved by Purchaser, then Purchaser’s prior written approval will be required for such changes or conditions, which approval will not be unreasonably withheld, conditioned or delayed. 

  
 4 

 5. Inspection Period; Refund of Earnest Money; Due Diligence Materials. 

(a) Purchaser shall have until the expiration of the Inspection Period to make such determinations with respect to the Property as Purchaser
deems appropriate and to elect to either continue or terminate this Agreement, in Purchaser’s sole and absolute discretion, for any reason or no reason. Purchaser may terminate this Agreement, and receive a full refund of the Earnest Money,
less $10.00 to be retained by Seller as consideration for entering into this Agreement, by delivering written termination notice to Seller at any time prior to expiration of the Inspection Period. If Purchaser does not so terminate this Agreement,
the Earnest Money shall become nonrefundable (except only as expressly otherwise set forth in this Agreement) and will be applied to reduce the cash to be delivered at Closing of the transaction closes, and this Agreement shall remain in effect.

 (b) Within five (5) days after the Effective Date, Seller shall deliver to Purchaser at Seller’s sole expense the Due Diligence
Materials that are in Seller’s possession or control (or if Seller does not have possession or control of any such Due Diligence Materials, then Seller must certify in writing to Purchaser within that 5 day period that, after due inquiry, it
does not have possession or control of such listed Due Diligence Materials, and that certification shall satisfy Seller’s obligations under this Section 5(b) as to the specifically listed Due Diligence Materials). For each day of
Seller’s delay in delivering all of the Due Diligence Materials beyond five (5) days after the Effective Date, the Inspection Period and Closing Date shall (at Purchaser’s option) be extended by one (1) day. Seller shall also
promptly provide any other documents or information in Seller’s possession or control relating to the Property, or any Contract that is reasonably requested by Purchaser. 

(c) If Purchaser or its agents, independent contractors or representatives desire to enter the Property to conduct inspections or testing,
Purchaser will provide reasonable advance notice (at least 24 hours) to Seller as to the timing and nature of the entry and the person(s) that may be performing the study, investigation, or inspection. Access and entry will be (a) at reasonable
times and hours; (b) coordinated with Seller so that Seller may have a representative present during the entry, and (c) performed in a good and workmanlike manner that does not cause any interference with farming operations on the
Property. 
 6. Costs and Prorations. 

(a) Purchaser shall pay the costs of any Survey obtained by Purchaser pursuant to Section 9 hereof and the costs of any Phase I
environmental report obtained by Purchaser. Seller shall pay for preparation of the deed of transfer, all transfer taxes, document stamps and recording costs applicable to the deed of transfer. Purchaser will pay the premium for Purchaser’s
Title Policy, as defined below, and any costs of production of the title search or abstract for the Property. Purchaser shall pay all expenses incident to any financing obtained for the purchase of the Property. All other closing costs shall be
borne in accordance with the custom in Morrow County, Oregon. 
 (b) The following shall be prorated between the parties as of the Closing
Date: (i) ad valorem property taxes constituting a lien against the Property for the year in which the Closing occurs and all other unpaid assessments with respect thereto, and (ii) utilities and

  
 5 

 
operating expenses for the Property for the calendar month (or other applicable period if such rents or other tenant charges are not paid monthly) in which Closing occurs. In the event such
proration is based upon a previous year’s taxes or assessment, after Closing, at such time as any of the taxes or assessments are capable of exact determination, the party having the information permitting the exact determination shall send to
the other party a detailed report of the exact determination so made. Within thirty (30) days after both Seller and Purchaser shall have received such report, Seller and Purchaser shall adjust the amounts apportioned pursuant to the estimates
made at Closing to reflect the exact determinations contained in the report, and Seller or Purchaser, as the case may be, shall pay to the other whatever amount shall be necessary to compensate for the difference. Purchaser shall receive a credit
against the Purchase Price in the amount of all security deposits (together with interest required to be paid thereon) held or required to be held by Seller under the Lease. 

7. Conditions Precedent To Purchaser’s Obligations. Seller acknowledges that as a condition precedent to Purchaser’s
obligations hereunder, the following shall occur on or before the Closing Date (or any earlier date indicated below), any of which conditions may be waived by Purchaser in its sole discretion: 

(a) Purchaser shall have received a current Phase I environmental assessment satisfactory to Purchaser prepared by a competent licensed
environmental engineer satisfactory to Purchaser that does not recommend a Phase II environmental assessment and reflecting that there are no hazardous wastes, hazardous materials or fuel (or other storage) tanks located above, on or below the
surface of the Property, and that the Property is in compliance with all applicable environmental laws, ordinances, rules and regulations. 

(b) At or prior to Closing, the Tenant shall have executed and delivered the Lease to Purchaser, and such Lease shall be in full force and
effect in accordance with its terms and conditions. 
 (c) The Title Company shall be irrevocably committed to issue upon Closing a 2006
ALTA Owner’s Policy of Title Insurance (the “Title Policy”), from Stewart Title Guaranty Company, as evidenced by a “marked up” Title Commitment, defined below, insuring Purchaser as owner of fee simple title to the
Property, subject only to Permitted Exceptions (defined below), in the amount of the Purchase Price, and containing such endorsements as Purchaser shall have requested. The Title Policy shall a standard coverage ALTA owner’s policy of title
insurance (subject to Purchaser’s right to require that Title Company issue to Purchaser an ALTA “extended coverage” owner’s policy of title insurance, provided that Title Company is able to do so based on the Survey and
Purchaser pays the incremental premium difference between standard coverage and extended coverage). 
 (d) Subject to Sections 14 and
15 below, there shall have been no material adverse change in the condition of any of the Property (including without limitation any Improvements) after expiration of the Inspection Period and prior to the Closing Date. 

(e) Each and every representation and warranty of Seller set forth in Section 11 shall be true and correct in all material
respects, and Seller shall not be in default under any of its other obligations under this Agreement, as of Closing. 

  
 6 

 8. Closing; Deed. 

(a) Subject to all preconditions set forth herein, the closing or settlement (“Closing”) of the transaction contemplated
hereby, unless terminated in accordance with this Agreement or as otherwise agreed upon by Purchaser and Seller, shall be held via the mails, through the Escrow Agent at 10:00 a.m. on the Closing Date or such other place and time as the parties may
agree in writing. If required by Purchaser, Title Company will provide Purchaser with an insured closing letter from Stewart Title Guaranty Company, in form and substance acceptable to Purchaser, insuring the handling of the Closing by Title Company
as its agent. 
 (b) At Closing, Seller shall convey to Purchaser good, marketable and insurable title to the Property by special warranty
deed acceptable to Purchaser and the Title Company (the “Deed”), subject to (i) standard exceptions for real property taxes not yet due and payable, and (ii) any other matters which are waived by, or acceptable to,
Purchaser pursuant to Section 10 below (the “Permitted Exceptions”). The Land description in the Deed shall be the property description from Seller’s vesting deed(s); provided, that if Purchaser obtains a Survey of
the Property, Seller also agrees to execute and deliver a recordable Quit Claim Deed to Purchaser at Closing using the Survey description. 

9. Survey. During the Inspection Period, Purchaser, at Purchaser’s expense, may cause a survey of the Property to be prepared by a
surveyor selected by Purchaser (“Survey”). A copy of the Survey will be provided to Seller after Closing. 
 10.
Title. Purchaser shall procure a title insurance commitment in the amount of the Purchase Price covering the Property issued by the Title Company (the “Title Commitment”) and furnish a copy thereof to Seller by
December 11, 2013. Purchaser shall have until December 13, 2013 to object to any matters shown on the Title Commitment or Survey by written notice to Seller (“Title Objection Notice”). Purchaser may also object to any new
matters thereafter revealed by a title update by subsequent Title Objection Notice to Seller. Within two (2) business days after receipt of Purchaser’s Title Objection Notice, Seller shall either (i) deliver written notice to
Purchaser of any title or Survey objections which Seller elects not to cure, or (ii) cure or satisfy such objections (or commence to cure or satisfy such objections as long as Seller reasonably believes such objections may be cured or satisfied
prior to Closing). Within two (2) business days after receipt of Seller’s written notification that Seller elects not to cure a title or Survey objection, Purchaser may terminate this Agreement and receive a full refund of the Earnest
Money by delivering written notice thereof to Seller. If Purchaser does not so terminate this Agreement, then any such title or Survey objection which Seller elects not to cure shall be deemed waived by Purchaser and shall be an additional Permitted
Exception. If any objection which Seller elects to cure is not satisfied by Seller at least one (1) business day before the scheduled date of Closing (except that Seller does not need to “cure” prior to Closing any mortgage or other
lien that Seller is causing to be paid from the Purchase Price for the Property), Purchaser shall have the right to terminate this Agreement, in which case the Earnest Money shall be returned to Purchaser and neither party shall have any further
rights, obligations or duties under this Agreement. If Seller does cure or satisfy the objections at least one (1) business day prior to Closing, then this Agreement shall continue in effect. Any exception to or defect in title which Purchaser
shall elect to waive, or which is otherwise acceptable to Purchaser, shall be deemed an additional Permitted Exception to title at Closing. Seller covenants and agrees not to 

  
 7 

 
alter or encumber in any way Seller’s title to the Property after the date hereof. Notwithstanding anything in this Agreement to the contrary, Seller shall cause any deed of trust, mortgage,
deed to secure debt, judgment or other lien for a liquidated sum encumbering the Property to be released at or before Closing. 
 11.
Seller’s Representations and Warranties. As of the date hereof and as of the Closing Date (as evidenced by Seller’s downdate certificate to be provided at Closing), Seller represents, warrants and covenants to Purchaser that: 

(a) Other than the Tenant under the Lease, there are and there will be no parties in possession of any portion of the Property as lessees, and
no other party has been granted an oral or written license, lease, option, purchase agreement or other right pertaining to the use, purchase or possession of any portion of the Property. A true, complete and correct copy of any Contracts affecting
the Property and any amendments thereto have been or will be furnished to Purchaser no later than December 11, 2013 as part of the Due Diligence Materials. Any Contracts are valid and binding in accordance with their respective terms and
conditions, are in full force and effect, and have no uncured breach or default by any party. No off-sets or defenses are available to any party under any Contract. All Contracts are cancellable upon not more than thirty (30) days prior written
notice. There are no leasing brokerage agreements, leasing commission agreements or other agreements providing for the payment of any amounts, and no commissions due, for leasing activities with respect to the Property except as set forth in the
Lease. 
 (b) The Seller has not received notice of any default (nor is there any default) under any note or deed of trust related to or
secured by the Property. The execution and delivery of this Agreement, the consummation of the transaction herein contemplated and the compliance with the terms and provisions hereof will not conflict with or (with or without notice or the passage
of time or both) result in a breach of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, loan agreement or instrument to which the Seller is a party or by which the Seller or the Property is bound (provided,
in the case of the existing mortgage financing on the Property, the indebtedness secured thereby is paid from the payment of the Purchase Price), any applicable regulation or any judgment, order or decree of any court having jurisdiction over the
Seller or the Property. 
 (c) The Seller has not received any notice, nor is the Seller aware, of any violation of any ordinance,
regulation, law, statute, rule or restriction relating to the Property. 
 (d) There are no attachments, executions, assignments for the
benefit of creditors, or voluntary or involuntary proceedings in bankruptcy or under any applicable debtor relief laws or any other litigation contemplated by or pending or threatened against the Seller or the Property. 

(e) Seller has been duly organized and is validly existing under the laws of the State of Oregon. Seller has the full right and authority to
enter into this Agreement and to transfer all of the Property to be conveyed by Seller pursuant hereto and to consummate or cause to be consummated the transactions contemplated herein to be made by Seller. The person signing this Agreement on
behalf of Seller is authorized to do so. This Agreement constitutes, 

  
 8 

 
and all agreements and documents contemplated hereby (when executed and delivered pursuant hereto) will constitute, the valid and legally binding obligations of Seller, enforceable in accordance
with their respective terms. No other signatures or approvals are required to make this Agreement fully enforceable by the Purchaser with respect to the Seller or the Property. This Agreement constitutes, and all agreements and documents
contemplated hereby (when executed and delivered pursuant hereto) will constitute, the valid and legally binding obligations of Seller, enforceable in accordance with their respective terms. 

(f) The Seller has and will convey to the Purchaser good, marketable and indefeasible title in fee simple to the Property, subject only to the
Permitted Exceptions. Without limiting the foregoing, Seller has and will convey to Purchaser good and marketable title to all Irrigation Equipment, free and clear of any claims, liens, security interests or other encumbrances of any kind
whatsoever. 
 (g) There is no known pending or threatened condemnation or similar proceeding or assessment affecting the Property or any
part thereof, nor to Seller’s knowledge is any such proceeding or assessment contemplated by any governmental authority. There will be no claim against the Property or Purchaser for or on account of work done, materials furnished, and utilities
supplied to the Property prior to the Closing Date. To Seller’s knowledge, there are no known public plans or proposals for changes in road grade, access, or other municipal improvements which would adversely affect the Property or result in
any assessment; and no ordinance authorizing improvements, the cost of which might be assessed against Purchaser or the Property, is pending. 

(h) Seller has not entered into any agreement to dispose of its interest in the Property or any part thereof, except for this Agreement, and
except with respect to one or more applications for allocations of conserved water that have been or will be filed with the Oregon Water Resources Department, pursuant to ORS 537.455 et seq. While these applications may result in alterations in the
total amount of water under the Water Rights otherwise available for use on the Property, Seller (as tenant under the Lease) will cause at least 8.0 gallons per minute per acre and 3.5 acre-feet per acre of water available for delivery to be
allocated to the Property for irrigation purposes. In the event that the applications for allocations of conserved water are not approved by the Oregon Water Resources Department within 2 years of the Closing Date, then the additional 3.3 gallons
per minute per acre and the 1.0 acre-feet per acre of water otherwise retained by Seller will become part of the Water Rights available for use on the Property, and Seller shall execute and deliver any applications to the Oregon Water Resources
Department or any other documentation reasonably requested by Purchaser in confirmation thereof. Notwithstanding anything in this Agreement to the contrary, the Water Rights being conveyed to Purchaser hereunder are reasonably sufficient to utilize
the Property consistent with past practices and GAP, in light of the Irrigation Equipment being conveyed to Purchaser at Closing. 
 (i)
Seller is not a party to any litigation which is still pending, and knows of no threatened litigation, affecting or relating to the Property. 

(j) Neither the Seller, nor to Seller’s knowledge, any other party has ever caused or permitted any “hazardous material” (as
hereinafter defined) to be placed, held, located, 

  
 9 

 
or disposed of on, under, or at the Property or any part thereof in forms or concentrations which violate applicable laws and regulations, and, to Seller’s knowledge, neither the Property
nor any part thereof has ever been used as a dump or storage site (whether permanent or temporary) for any hazardous material. As used herein, “hazardous material” means and includes any hazardous, toxic, or dangerous waste, substance, or
material defined as such in, or for purposes of, the Comprehensive Environmental Response, Compensation Liability Act (42 U.S.C. Section 9601, et seq., as amended) or any other “super fund” or “super lien” law or any other
Federal, State, or local statute, or law, ordinance, code, rule, regulation, order or decree regulating, relating to, or imposing liability for standards of conduct concerning any substance or material, as presently in effect (collectively,
“Environmental Laws”). The Property does not currently contain any underground or aboveground storage tanks and any storage tanks previously located on the Property (whether above ground or below ground) have been removed in
accordance with the requirements of all applicable laws with “clean closure” or “no further action” letter(s), or comparable letters, issued by the State of Oregon in connection therewith. Without limiting the other provisions of
this Section 11(j), there has never been any release or spill of oil, fuel or any other substance stored in storage tanks of any kind on the Property. The term “hazardous material” (as used in this Agreement) will not include
fertilizer and other material which may be deemed to be “hazardous material” under applicable Environmental Laws but that is used in the ordinary course of business for agricultural property and used in strict accordance with applicable
Environmental Laws. 
 For purposes of this Section 11, references to “Seller’s knowledge” or to matters
“known” to Seller shall mean the actual knowledge of Craig Reeder, Bob Hale and Todd Longgood, who are the persons who have direct management responsibility for the Property. 

Seller hereby indemnifies and holds harmless Purchaser from and against any and all loss, expense (including without limitation reasonable
attorney fees), liability, cost, claim, demand, action, cause of action and suit arising out of or in any way related to any breach of any representation, warranty, covenant or agreement of Seller in this Agreement. 

As to any reports or other materials provided to Purchaser that were prepared by third parties (such as environmental studies), Seller is not
warranting (and will not be liable or responsible for) the accuracy, fitness or usability of such reports or materials or any recommendations or conclusions stated therein. 

If Seller obtains actual knowledge prior to the Closing of a fact which would make any of the representations and warranties of Seller in this
Agreement false or inaccurate in any material respect, Seller will notify Purchaser of such fact. As to representations made to Seller‘s knowledge or that refer to matters that are “known” to Seller (as such term is used in this
Section 11), Seller will not be liable to Purchaser for the inaccuracy of any such representations and warranties after the Closing Date unless Seller had actual knowledge on the Closing Date that such representation or warranty by Seller was
false and Seller failed to disclose to Purchaser the fact known to Seller which made the representation or warranty false. 
 12. Broker
and Broker’s Commission. If Closing occurs hereunder but not otherwise, Purchaser shall pay a commission to the Broker all payable in cash at Closing, all as set forth in a separate agreement between Purchaser and Broker. 

  
 10 

 13. Survey and Inspection. Purchaser and Purchaser’s agents, employees and
independent contractors shall have the right and privilege to enter upon the Property during the Inspection Period to survey and inspect the Property and to conduct soil borings, environmental assessment and toxic waste studies and other geological,
engineering, water or landscaping tests or studies or building inspections, all at Purchaser’s sole cost and expense. Purchaser hereby covenants and agrees to indemnify and hold harmless Seller from any and all loss, liability, cost, claim,
demand, damage, action, cause of action and suit arising out of or in any manner related to the exercise by Purchaser of Purchaser’s rights under this section or any entry onto the Property by or on behalf of Purchaser pursuant to this
Agreement (but not the existence of any condition discovered in the course of Purchaser’s inspections and testing). 
 14. Eminent
Domain. If, after the Effective Date and prior to Closing, Seller shall receive notice of the commencement or threatened commencement of eminent domain or other like proceedings against the Property or any portion thereof, Seller shall
immediately notify Purchaser in writing, and Purchaser shall elect within thirty (30) days from and after such notice, by written notice to Seller, one of the following: (a) not to close the transaction contemplated hereby, in which event
all Earnest Money shall be refunded to Purchaser and this Agreement shall be void and of no further force and effect; or (b) to close the purchase of the Property contemplated hereby in accordance with its terms but subject to such proceedings,
in which event the Purchase Price shall remain the same and Seller shall transfer and assign to Purchaser at Closing all condemnation proceeds and rights to additional condemnation proceeds, if any. If Purchaser elects to purchase after receipt of
such a notice, all actions taken by Seller with regard to such eminent domain proceedings, including but not limited to, negotiations, litigation, settlement, appraisals and appeals, shall be subject to the approval of Purchaser, which approval
shall not be unreasonably withheld. If Purchaser does not make such election within the aforesaid time period, Purchaser shall be deemed to have elected to close the transactions contemplated hereby in accordance with clause (b) above. 

15. Property Damage. If, after the Effective Date and prior to Closing, the Property shall suffer significant damage as the result of
fire or other casualty, Seller shall immediately notify Purchaser in writing. In the event said damage results in damage of the improvements situated on the Property in the amount of Ten Thousand and No/100 Dollars ($10,000.00) or greater, Purchaser
shall have the right to elect within fifteen (15) days from and after such notice, by written notice, one of the following: (a) not to close the transaction contemplated hereby, in which event all Earnest Money shall be refunded to
Purchaser and this Agreement shall be void and of no further force and effect; or (b) to close the purchase of the Property contemplated hereby in accordance with its terms but subject to such damage, in which event the Purchase Price shall
remain the same and Seller shall transfer and assign to Purchaser at Closing all insurance proceeds received or to be received as a result of such damage, and Purchaser shall receive a credit against the Purchase Price for any insurance deductible
or uninsured loss. If Purchaser does not make such election within the aforesaid time period, Purchaser shall be deemed to have elected to close the transactions contemplated hereby in accordance with clause (b) above. In the event less than
Ten Thousand and No/100 Dollars ($10,000.00) of damage to the improvements situated on the Property exists, this Agreement shall remain in full force and effect, but, at Closing, Seller shall transfer and assign to Purchaser all insurance proceeds
received or to be received as a result of such damage, and Purchaser shall receive a credit against the Purchase Price for any insurance deductible or uninsured loss. 

  
 11 

 16. Condition of Property. Subsequent to the Effective Date and prior to Closing, Seller
shall maintain the Property in accordance with its past practices and ordinary maintenance, but shall not be required to provide any extraordinary maintenance. 

17. Operations. After the Effective Date and prior to the Closing Date, Seller shall neither enter into any new, nor terminate, modify,
extend, amend or renew any existing, lease or service, management, maintenance, repair, employment, union, construction, leasing or other contract or agreement affecting the Property (each, a “New Agreement”) without providing at
least five (5) business days prior notice (and opportunity to review and approve the New Agreement) to Purchaser. Purchaser shall have five (5) business days after Purchaser’s actual receipt (notwithstanding the notice provisions in
Section 18 below) of a true, correct and complete copy of a New Agreement to approve the same. If Purchaser does not approve any such New Agreement that Seller will enter into prior to expiration of the Inspection Period, then
Purchaser’s sole and exclusive remedy will be to terminate this Agreement by delivering written notice to Seller no later than five (5) business days after receiving the New Agreement, and in such event Purchaser shall receive a full
refund of the Earnest Money. If Purchaser fails to terminate this Agreement as set forth in the preceding sentence, it shall be deemed to have approved the New Agreement that Seller will enter into prior to expiration of the Inspection Period in the
form provided. Seller may not enter into New Agreement after expiration of the Inspection Period unless Purchaser has approved the same in writing. Seller shall cause any Contracts which Purchaser elects in its discretion not to assume to be
cancelled at or before Closing. 
 18. Notice. Notices provided for in this Agreement must be (i) delivered personally,
(ii) sent by registered or certified mail, postage prepaid, return receipt requested, (iii) sent via a reputable express courier, (iv) sent by facsimile during normal business hours with a confirmation copy delivered by another method
permitted by this Section 18 other than electronic mail, or (v) sent by electronic mail during normal business hours with a confirmation copy delivered by another method permitted by this Section 18 other than facsimile,
addressed as set forth below. Notice sent by U.S. mail is deemed delivered three days after deposit with the U.S. Postal Service. Notice sent by a reputable express carrier is deemed received on the day receipted for by the express carrier or its
agent. Notice sent via facsimile is deemed delivered upon the transmission to the phone number designated as the recipient’s facsimile phone number below. Notice sent via electronic mail is deemed delivered upon the entrance of such electronic
mail into the information processing system designated by the recipient’s electronic mail address set forth below. The addresses of the parties to which notices are to be sent shall be Purchaser’s Address or Seller’s Address, as
applicable, as set forth in Section 1 above. Any party shall have the right from time to time to change the address to which notices to it shall be sent to another address, and to specify two additional addresses to which copies of
notices to it shall be mailed, by giving to the other party at least ten (10) days prior notice of the changed address or additional addresses. 

19. Remedies. If this transaction fails to close by reason of Purchaser’s wrongful failure to perform its obligations under this
Agreement, THE EARNEST MONEY SHALL BE RETAINED BY SELLER AS LIQUIDATED DAMAGES THE PARTIES HEREBY ACKNOWLEDGING THAT SELLER’S ACTUAL DAMAGES IN SUCH CIRCUMSTANCES WOULD BE DIFFICULT, IF NOT IMPOSSIBLE, TO DETERMINE.

  
 12 

 
SELLER EXPRESSLY ACKNOWLEDGES AND AGREES THAT RETENTION OF THE EARNEST MONEY AS PROVIDED FOR HEREIN SHALL BE SELLER’S SOLE AND EXCLUSIVE REMEDY IN THE EVENT OF PURCHASER’S FAILURE TO
PERFORM ITS OBLIGATIONS HEREUNDER. If this transaction fails to close for any reason other than Purchaser’s wrongful failure to perform his obligations hereunder, the Earnest Money shall promptly be refunded to Purchaser. In the event Seller
fails or refuses to convey the Property in accordance with the terms hereof or otherwise fails to perform its obligations hereunder, Purchaser’s sole and exclusive remedy for Seller’s breach shall be either to (i) terminate this
Agreement by written notice to Seller and Escrow Agent and receive a full refund of the Earnest Money by the party in possession thereof and reimbursement from Seller of Purchaser’s Pursuit Costs, all within ten (10) days after
Purchaser’s termination of this Agreement, or (ii) obtain specific performance of this Agreement. Notwithstanding the foregoing, Purchaser shall also be entitled to obtain its attorneys’ fees and costs in connection with enforcing its
rights and remedies under this Agreement. 
 20. Time of Essence. Time is of the essence of this Agreement. 

21. Closing Documents. At or prior to Closing, each party shall deliver to the other party appropriate evidence to establish the
authority of such party to enter into and close the transaction contemplated hereby. Seller also shall execute and deliver to the Title Company at Closing, for it to hold in escrow pending Purchaser’s payment of the Purchase Price: (i) the
Deed; (ii) a certificate with respect to Section 1445 of the Internal Revenue Code stating, among other things, that Seller is not a foreign corporation as defined in the Internal Revenue Code and I.R.S. Regulations; (iii) the General
Assignment substantially in the form attached hereto as Exhibit E; (iv) Seller’s representation and warranty downdate certificate under Section 11; and (v) such other documents reasonably necessary or
appropriate to complete and evidence the transaction contemplated hereby, as reasonably requested by the Purchaser or Title Company, including without limitation a standard title company owner’s affidavit. 

22. Entire Agreement. This Agreement constitutes the entire agreement of the parties and may not be amended except by written
instrument executed by Purchaser and Seller. All prior understandings and agreements between the parties are deemed merged herein. 
 23.
Headings. The section headings are inserted for convenience only and are in no way intended to describe, interpret, define or limit the scope or content of this Agreement or any provision hereof. 

24. Possession. Seller shall deliver actual possession of the Property at Closing, subject to its continued right of possession as
tenant under the Lease. 
 25. Applicable Law. This Agreement shall be construed and interpreted in accordance with the laws of the
State of Oregon. 
 26. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties hereto
and their respective heirs, successors and permitted assigns as the case may be, and Purchaser shall have the right to assign its rights hereunder to any Affiliate of Purchaser for purposes of taking title to the Property at Closing, without the
need for further 

  
 13 

 
consent from Seller, but subject to Seller’s reasonable approval of the financial capability of the Affiliate, if Purchaser is to be released from any further liability hereunder. Any other
transfer by Purchaser of its interest under this Agreement prior to Closing will be subject to Seller’s prior written consent, which will not be unreasonably withheld as to qualified transferees. 

27. Surviving Clauses. The provisions of this Agreement relating to tax prorations after Closing, Purchaser’s indemnification with
respect to its entering upon the Property prior to Closing, Seller’s representations, covenants, warranties and indemnity agreement in Section 11, Seller’s covenant not to encumber the Property subsequent to the date hereof,
the mutual covenants of Seller and Purchaser to indemnify each other, as the case may be, as set forth in Section 12, shall not merge into the Deed but instead shall survive any Closing pursuant to this Agreement. Except as set forth in
the preceding sentence or as otherwise expressly set forth herein, no other provision of this Agreement shall survive the Closing of this transaction. 

28. Tax Deferred Exchange. Notwithstanding any other provision of this Agreement, either party may elect to arrange to have the
conveyance of the Property to be handled as an exchange transaction (“Exchange”) pursuant to Section 1031 of the Internal Revenue Code. Each party shall cooperate with each other in accomplishing the Exchange, but neither party
is required to acquire or hold any exchange property or incur any liability or take any action to effect the Exchange, other than execution or approval of use of an exchange accommodator and any assignment or and escrow instructions that may be
required by a party to effectuate the Exchange. Closing is not conditioned or contingent upon either party’s ability to arrange or complete an Exchange, nor will the Closing Date be delayed or extended in order to permit an Exchange to be
completed. References in this Agreement to “Seller” and “Purchaser” are solely for purposes of naming the parties. Such terms of reference to the parties, or to this transaction as a “sale” or “purchase”
transaction, shall not be construed to affect the transaction as a property exchange transaction if a party effects a property Exchange. 

29. Non-Solicitation. From and after the Effective Date, Seller shall not market the Property for sale, or solicit or accept any
back-up offers with respect to the sale of the Property. If Closing does not occur and the transaction is terminated, this provision is voided. 

30. Offer and Acceptance. This Agreement, as executed by the party first executing it, shall constitute an offer to the other party.
The offeree shall accept the same, if at all, by delivering a fully executed copy of this Agreement to the offeror on or before 5:00 p.m., Eastern time, December 10, 2013. The notice provisions hereof hereinabove notwithstanding, acceptance of
this offer shall be effective only upon the actual receipt by the offeror of a faxed or emailed copy of the fully executed Agreement by such date and time, followed by the offeror’s receipt on the next business day of the fully executed
original. The offer, if not timely accepted as aforesaid, shall expire and be of no further force and effect at the time and date set forth in this Section. 

31. Counterparts. This Agreement may be executed in any number of counterparts, all of which when taken together will constitute
one agreement binding on both Parties. 
 32. Electronic Signatures. In order to expedite the transaction contemplated herein,
telefaxed and PDF signatures may be used in place of original signatures on this Agreement or 

  
 14 

 
any document delivered pursuant hereto. The Parties intend to be bound by the signatures on the telefaxed document or such PDF copies, and are aware that the other Party will rely on the telefax
or PDF signatures, and hereby waive any defenses to the enforcement of the terms of this Agreement based on such telefaxed or PDF signature. 

33. No Financing Contingency. This transaction is not subject to or contingent upon the availability of financing. 

34. No Representation on Tax Aspects of Transaction. Seller is not representing any tax aspects of this transaction. 

35. Nature of Transaction as Sale-Leaseback and not Financing. Each party has determined and intends that this transaction
should be treated as a sale-leaseback transaction. The sale to Purchaser is a “true sale” and the Lease is a “true lease” (and not a financing transaction) and should be treated as an “operating lease” for accounting
purposes. After the Closing, each party shall reflect the transactions represented hereby in all applicable books, records, reports, and tax filings in a manner consistent with such “true sale” and “true lease” treatment rather
than as a “financing” lease. 
 36. Confidential Information; Publicity by Purchaser. Purchaser shall respect and
observe the confidential nature of financial, environmental and other reports and information supplied by Seller or obtained by Purchaser concerning the Properties and (if this transaction does not close) return or deliver such written reports
(including any copies thereof) to Seller. Purchaser will not disclose publicly (except as required by law) any confidential information of Seller, and the parties will reasonably cooperate prior to termination of this Contract or Closing Date
concerning press release by Purchaser or other public disclosure by Purchaser of the pendency of this transaction. 
 37. “AS
IS” Sale. Seller is granting to Purchaser the right to inspect and make investigations of the condition of the Properties and shall continue to permit Purchaser to make its independent inspection and investigation of the Properties
prior to the Closing, in accordance with this Contract. Except as otherwise set forth in this Agreement or in the Lease, the Deed, or other documents executed and delivered by Seller to Purchaser at the Closing, no warranties, guaranties or
representations have been or are being made by Seller. 
 38. Oregon Statutory Disclaimers. THE PROPERTY DESCRIBED IN THIS
INSTRUMENT MAY NOT BE WITHIN A FIRE PROTECTION DISTRICT PROTECTING STRUCTURES. THE PROPERTY IS SUBJECT TO LAND USE LAWS AND REGULATIONS THAT, IN FARM OR FOREST ZONES, MAY NOT AUTHORIZE CONSTRUCTION OR SITING OF A RESIDENCE AND THAT LIMIT LAWSUITS
AGAINST FARMING OR FOREST PRACTICES, AS DEFINED IN ORS 30.930, IN ALL ZONES. BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT, THE PERSON TRANSFERRING FEE TITLE SHOULD INQUIRE ABOUT THE PERSON’S RIGHTS, IF ANY, UNDER ORS 195.300, 195.301 AND 195.305
TO 195.336 AND SECTIONS 5 TO 11, CHAPTER 424, OREGON LAWS 2007, SECTIONS 2 TO 9 AND 17, CHAPTER 855, OREGON LAWS 2009, AND SECTIONS 2 TO 7, CHAPTER 8, OREGON LAWS 2010. BEFORE SIGNING OR ACCEPTING THIS INSTRUMENT, THE PERSON ACQUIRING

  
 15 

 
FEE TITLE TO THE PROPERTY SHOULD CHECK WITH THE APPROPRIATE CITY OR COUNTY PLANNING DEPARTMENT TO VERIFY THAT THE UNIT OF LAND BEING TRANSFERRED IS A LAWFULLY ESTABLISHED LOT OR PARCEL, AS
DEFINED IN ORS 92.010 OR 215.010, TO VERIFY THE APPROVED USES OF THE LOT OR PARCEL, TO VERIFY THE EXISTENCE OF FIRE PROTECTION FOR STRUCTURES AND TO INQUIRE ABOUT THE RIGHTS OF NEIGHBORING PROPERTY OWNERS, IF ANY, UNDER ORS 195.300, 195.301 AND
195.305 TO 195.336 AND SECTIONS 5 TO 11, CHAPTER 424, OREGON LAWS 2007, SECTIONS 2 TO 9 AND 17, CHAPTER 855, OREGON LAWS 2009, AND SECTIONS 2 TO 7, CHAPTER 8, OREGON LAWS 2010. 

  
 16 

 IN WITNESS WHEREOF, this Agreement has been duly executed on the day and year first above
written. 
  

			
	PURCHASER:
	
	GLADSTONE LAND CORPORATION, a Maryland corporation
		
	By:	 	  

		
	Title:	 	  

	
	SELLER:
	
	HALE FARMS, L.L.C., an Oregon limited liability company
		
	By:	 	  

		
	Title:	 	  

  
 17 

 EXHIBIT A 

LAND 
 Parcel 2 of PARTITION PLAT
NO. 2005-3, being portions of Sections 18, 19, 29, 30, 31 and 32, Township 4 North, Range 26 East of the Willamette Meridian, in the County of Morrow and State of Oregon. 

 EXHIBIT B 

PERSONAL PROPERTY 

The Irrigation Equipment, and other personal property used by Seller in conducting farming operations at the Property. 

 EXHIBIT B-2 

EXCLUDED ITEMS 
 The following
items are the “Excluded Items” that are not being sold to Purchaser: 
 1. The Crops, and any future crops that may be cultivated by Seller as
tenant under the Lease, which will remain solely the property owned by Seller (and by it, as tenant under the Lease, as to future crops). 
 2. Subject to
the terms and conditions of this Agreement, that portion of the Water Delivery Agreement with Greenwood, such that Seller will maintain the right to receive water under the agreement for that portion of the rights to use wells and other water
sources in excess of 8.0 gallons per minute per acre and 3.5 acre-feet per acre for the 1,640 acres that make up the irrigated portion of the Property, as well as the rights to use wells and other water sources on those irrigated lands (109 acres)
that lie outside the Property, but which may be evidenced in the same water right documentation from the State of Oregon. 

  
 20 

 EXHIBIT C 

DUE DILIGENCE MATERIALS 

(a) Plans, drawings, specifications and engineering and architectural studies and work (including “as built” plans and drawings, if
any) with regard to the Property that are in Seller’s possession; 
 (b) Any appraisals and surveys of the Property obtained during the
period during which Seller has owned the Property or otherwise in Seller’s possession; 
 (c) Copies of all correspondence in
Seller’s possession relating to any Government Payments; 
 (d) Real estate tax bills and statements for the current year and the
previous two (2) years with respect to the Property; 
 (e) Utility bills for the Property for the two (2) most recent complete
calendar years and the current year-to-date; 
 (f) Copies of insurance certificates with respect to the Property; 

(g) Copies of all of the Contracts and any amendments or proposed amendments thereto; 

(h) Copies of any soil boring or other similar engineering reports with respect to the Property obtained during the period during which Seller
has owned the Property; 
 (i) Any environmental assessment report or study with respect to the Property in Seller’s possession; 

(j) Copies of any warranties relating to any Improvements or Personal Property (including without limitation Irrigation Equipment) included in
the Property; 
 (k) Any information in Seller’s possession or control from any governmental agency or authority regarding the Property
or adjacent properties; 
 (l) Copies of all notices and correspondence received from any governmental agency of authority regarding the
Property or adjacent properties; 
 (m) Copies of all notices and correspondence received from third-parties claiming an interest or right
in and to the Property, or any portion thereof; 
 (n) Copies of all certificates, applications, permits or other documents related to or
evidencing Water Rights associated with the Property or any portion thereof; and 
 (o) Copies of financial statements for the Tenant for
the following years: 2010, 2011 and 2012. 

  
 21 

 EXHIBIT D 

LEASE 
 [The
Lease will be negotiated and approved during the Inspection Period, and, when mutually approved, attached as this Exhibit. 

  
 22 

 EXHIBIT E 

GENERAL ASSIGNMENT 

THIS GENERAL ASSIGNMENT (this “Assignment”) is entered into as of the          of
            , 20    , between                     
(“Assignor”), whose address is                     , and
                     (“Assignee”), a
                     whose address is
                                        . 

1. Purchase Agreement; Defined Terms. This Assignment is being executed and delivered pursuant to that certain Agreement of Purchase and Sale
between         , as Purchaser, and                     , as Seller, dated as of
            , 201     (the “Purchase Agreement”). Any capitalized term used but not otherwise defined herein shall have the meaning set forth in the Purchase
Agreement. 
 2. Assignment and Conveyance. For good and valuable consideration received by Assignor, the receipt and sufficiency of
which are hereby acknowledged, Assignor hereby bargains, sells, conveys, grants, transfers and assigns to Assignee the entire right, title and interest of Assignor in and to the following in accordance with the terms and conditions of the Purchase
Agreement: 
  

	 	i.	All Contracts not previously terminated at Assignee’s request; 

  

	 	ii.	All Personal Property; 

  

	 	iii.	All warranties, guarantees, bonds, licenses, building permits, certificates of occupancy, zoning certificates, and other governmental permits and licenses to and in connection with the construction, development,
ownership, use, operation or maintenance of the Property or any part thereof, to the extent the same are assignable; and 

  

	 	iv.	All Water Rights. 

 5. Assumption. Assignee hereby assumes the obligations of Assignor
under the Contracts, in each and every case only to the extent first arising from and after the date hereof. Assignor shall promptly notify Assignee in writing if any claim is made against Assignor with respect to any matter which Assignee has
agreed to assume in this Assignment, specifying the nature and details of such claim. Assignor shall cooperate fully with Assignee and its counsel and attorneys in the defense against such claim in accordance with their judgment and discretion, and
Assignor shall not pay or settle any such claim without Assignee’s prior written consent. No person or entity, other than Assignor, shall be deemed a beneficiary of the provisions of this Section 5. 

6. Indemnity. Assignee agrees to indemnify, defend and hold Assignor harmless from and against any and all claims, damages, demands,
causes of action, liabilities, judgments, losses, costs and expenses (including but not limited to reasonable attorneys’ fees) asserted against or incurred by Assignor caused by the failure of Assignee to perform any obligation

 
under the Contracts which obligation was assumed by Assignee hereunder. Assignor agrees to indemnify, defend and hold Assignee harmless from and against any and all claims, damages, demands,
causes of action, liabilities, judgments, losses, costs and expenses (including but not limited to reasonable attorneys’ fees) asserted against or incurred by Assignee caused by the failure of Assignor to perform any obligation under any of the
Contracts, or the Lease first arising prior to the date hereof. 
 7. Power and Authority. Assignor represents and warrants to
Assignee that it is fully empowered and authorized to execute and deliver this Assignment, and the individual signing this Assignment on behalf of Assignor represents and warrants to Assignee that he or she is fully empowered and authorized to do
so. 
 8. Attorneys’ Fees. If either Assignee or Assignor or their respective successors or assigns file suit to enforce the
obligations of the other party under this Assignment, the prevailing party shall be entitled to recover the reasonable fees and expenses of its attorneys. 

9. Successors and Assigns. This Assignment shall be binding upon and inure to the benefit of Assignor and Assignee and their respective
successors and assigns. 
 10. Counterparts. This Agreement may be executed in any number of identical counterparts, any or all of
which may contain the signatures of fewer than all of the parties but all of which shall be taken together as a single instrument. 
 11.
Governing Law. This Agreement shall be governed and interpreted in accordance with the laws of the State of Oregon. 
 IN WITNESS
WHEREOF, Assignor and Assignee have executed and delivered this Assignment the day and year first above written. 
  

			
	ASSIGNOR
	
	  

	  

		
	By:	 	  

	Title:	 	  

	
	ASSIGNEE
	
	  

	  

  
 24

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