Document:

Exhibit 10.2 

 

OWNERSHIP LIMIT WAIVER AGREEMENT 

 

 

THIS OWNERSHIP LIMIT WAIVER
AGREEMENT (this “Agreement”), dated as of February 4, 2022, is between New York City REIT, Inc., a Maryland corporation
(the “Company”), and Edward M. Weil, Jr.(“Mr. Weil”). Capitalized
terms used but not defined herein shall have the meanings ascribed to them in the Company’s charter, as amended and restated through
the date hereof and as presently in effect (the “Charter”).

 

RECITALS

 

WHEREAS, as of the date hereof,
13,282,930 shares of the Company’s Class A common stock (the “Common Stock”) are issued and outstanding.

 

WHEREAS, Section 5.7 of the
Charter contains a limitation on the ownership of Shares, which prohibits any Person from Beneficially Owning or Constructively Owning
more than 9.8% in value of the aggregate of the outstanding Shares (the “Overall Limit”) and not more than 9.8% (in
value or in number of shares, whichever is more restrictive) of any class or series of Shares (the “Series Limit,”
and collectively with the Overall Limit, the “Aggregate Share Ownership Limit”), except as otherwise waived by the
Company. These restrictions are designed to ensure the Company’s continued qualification as a real estate investment trust under
the Internal Revenue Code of 1986, as amended (the “Code”).

 

WHEREAS, concurrently with
the execution of this Agreement the Company is filing a “Certificate of Notice” that will reduce each of the Overall Limit
and the Series Limit to 7%.

 

WHEREAS, concurrently with
the execution of this Agreement, Bellevue Capital Partners, LLC (“Bellevue”) has entered into an “Ownership Limit
Waiver Agreement” as of the date hereof that provides Bellevue with an ownership limit waiver effective as of the Determination
Date (as defined below), allowing Bellevue to be an Excepted Holder (the “Bellevue Waiver”).

 

WHEREAS, concurrently with
the execution of this Agreement, New York City Advisors, LLC (the “Advisor”) has entered into an “Ownership Limit
Waiver Agreement” as of the date hereof that provides Advisor with an ownership limit waiver effective as of the Determination Date
(as defined below), allowing Advisor to be an Excepted Holder (the “Advisor Waiver” and together with the Bellevue
Waiver, the “Bellevue and Advisor Waivers”).

 

WHEREAS, as of the Determination
Date (as defined below), Mr. Weil will be treated as Beneficially Owning or Constructively Owning Shares held by each of Bellevue and
the Advisor.

WHEREAS, as of the day immediately
prior to the Determination Date (as defined below), Mr. Weil actually owns 12,210 shares of the Common Stock;

 

WHEREAS,
Mr. Weil has requested a waiver of the Aggregate Share Ownership Limit with respect to the Bellevue and Advisor Waivers;

 

WHEREAS, this Ownership Limit
Waiver (as defined below) shall be effective as of the date of this Agreement (the “Determination Date”).

 

WHEREAS, pursuant to Section
5.7(ii)(g)(I) of the Charter, the Company has adopted resolutions approving Mr. Weil’s exemption from the Aggregate Share Ownership
Limit on the terms and conditions hereinafter set forth.

 

NOW, THEREFORE, the parties,
intending to be legally bound, in reliance on the representations set forth in the Certificate (as defined below), hereby agree as follow:

 

     

     

    

 

AGREEMENT 

1. WAIVER OF OWNERSHIP LIMIT 

 

1.1      The
Company hereby waives the application of the Aggregate Share Ownership Limit contained in Section 5.7(ii)(a)(I)(A)(1) of the Charter to
permit Mr. Weil to Beneficially Own or Constructively Own shares of Common Stock (collectively, the “Exempt Stock”),
subject to an increased Series Limit for the Common Stock of 20% and an increased Overall Limit of 20% (the “Excepted Holder
Limit”) from and after the Determination Date (collectively the “Ownership Limit Waiver”), solely as a result
of the Bellevue and Advisor Waivers.

 

1.2      The
Ownership Limit Waiver and Excepted Holder Limit granted by this Section 1 is granted solely to Mr. Weil. Any Transfer of the Exempt
Stock held by Mr. Weil shall cause any such shares to no longer be subject to this Ownership Limit Waiver and any such Shares shall be
subject to the Aggregate Share Ownership Limit as of the date of such Transfer.

 

1.3       The
Ownership Limit Waiver and Excepted Holder Limit granted by this Section 1 only grant Mr. Weil the right to Beneficially Own or Constructively
Own Shares up to the Excepted Holder Limit. As of the day immediately prior to Determination Date, Mr. Weil actually owns 12,210 shares
of Common Stock, and shall not, so long as this Agreement remains in place, acquire, directly or indirectly, any additional Shares, or
Beneficially Own or Constructively Own Shares, other than by reason of the actual ownership of Shares by Bellevue or the Advisor and the
actual ownership of 12,210 shares of Common Stock by Mr. Weil as of the day immediately prior to the Determination Date.

 

1.4       Except
as specifically provided in Section 1.1, this Agreement does not waive any restrictions or limitations set forth in Section 5.7
of the Charter as they apply to Mr. Weil or other Shares Beneficially Owned or Constructively Owned by any person, other than Mr. Weil.
For the avoidance of doubt, this Agreement also does not modify Section 5.7(ii)(a)(I)(B) and (II) of the Charter in any respect.

 

2. LIMITATIONS AND OTHER MATTERS 

 

2.1       In
no event shall the Ownership Limit Waiver permit any Individual’s Beneficial Ownership or Constructive Ownership of Shares to exceed,
at any time, the Aggregate Share Ownership Limit of Section 5.7(i) of the Charter as determined without regard to any provisions of this
Agreement, unless and to the extent such Individual is an Excepted Holder. For the purpose of this Agreement, “Individual”
has the meaning provided in Section 542(a)(2) of the Code, as modified by Section 856(h)(3) of the Code.

 

2.2       
For the Ownership Limit Waiver to be effective, Mr. Weil must execute a counterpart signature page to this Agreement and complete and
make the representations and covenants set forth in the Certificate of Representations and Covenants, the form of which is attached hereto
as Exhibit A (the “Certificate”), and must deliver such Certificate to the Company. Except as otherwise
determined by the Company, the Ownership Limit Waiver shall cease to be effective upon any breach of the representations or covenants
set forth herein or in the Certificate. In addition, if the Ownership Limit Waiver ceases to be effective as a result of the operation
of the preceding sentence, the Shares of the Company that would otherwise be in excess of the Aggregate Share Ownership Limit shall be
deemed to have been transferred to a Trust in accordance with 5.7(ii)(a)(II) of the Charter.

 

2.3       Mr.
Weil shall deliver to the Company, at such times as may reasonably be requested by the Company (it being acknowledged that the Company
may reasonably make such request on at least a calendar quarterly basis), a certificate signed by Mr. Weil to the effect that Mr. Weil
has complied and expects to continue to comply with its representations and covenants set forth in this Agreement and the Certificate.
If so requested by the Company, Mr. Weil will reasonably cooperate with the Company in investigating any direct or indirect relationship
that Mr. Weil may have with the Company’s tenants or “independent contractors” (within the meaning of Section 856(d)(3)
of the Code).

 

     

     

    

 

2.4       This
Ownership Limit Waiver shall automatically be deemed to have been revoked (prospectively or, as necessary in order to protect the Company’s
qualification as a real estate investment trust under the Code, retroactively) without any further action if the Company determines, in
its sole discretion, that the Company’s ability to qualify and maintain its qualification as a real estate investment trust pursuant
to Section 856 et seq. of the Code is reasonably likely to be jeopardized by the Ownership Limit Waiver, or in fact the Ownership Limit
Waiver would jeopardize such qualification. The Company shall promptly notify Mr. Weil in the event that it has been determined that the
Ownership Limit Waiver has been revoked pursuant to this Section 2.4.

 

3. TERM

 

3.1       The
term of this Agreement shall commence as of the Determination Date, and shall terminate on the earliest of (i) the earliest date on which
Mr. Weil neither Beneficially Owns nor Constructively Owns Shares in excess of the Aggregate Share Ownership Limit; (ii) the earliest
date on which any of the conditions set forth in Sections 1 or 2 of this Agreement are no longer true or accurate, or otherwise
have been violated; (iii) the earliest date on which any of the representations, warranties, agreements, or undertakings made by Mr. Weil
in the Certificate (without giving effect to any qualifications as to knowledge) are no longer true, as of such date; (iv) the earliest
date on which the Company makes the determination set forth in Section 2.4 of this Agreement; (v) the earliest date on which Mr.
Weil acquires actual ownership of any additional Shares in excess of the number of Shares that Mr. Weil actually owns as of the day immediately
prior to the Determination Date; or (vi) the earliest date on which either of the Bellevue Waiver or Advisor Waiver has been terminated.

 

4. MISCELLANEOUS

 

4.1       All
questions concerning the construction, validity and interpretation of this Agreement shall be governed by and construed in accordance
with the domestic laws of the State of Maryland, without giving effect to any choice of law or conflict of law provision (whether of the
State of Maryland or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of
Maryland.

 

4.2       This
Agreement may be signed by the parties in separate counterparts, each of which when so signed and delivered shall be an original, but
all such counterparts shall together constitute one and the same instrument.

 

4.3       All
references to any Code provision shall be deemed to include any successor provisions of the Code and any regulatory, judicial or administrative
amendment or interpretation of such statutory provisions.

 

4.4       The
Recitals to this Agreement are incorporated into and are deemed a part of this Agreement.

 

[Signature Page Follows]

 

     

     

    

 

Each of the parties has, to the extent it is an entity, caused this
Agreement to be signed by its duly authorized officers as of the date set forth in the introductory paragraph hereof.

 

	THE COMPANY	 
	 	 
		 
	New York City REIT, Inc.	 
	 	 
	By: 	/s/ Christopher J. Masterson	 
	Name: Christopher J. Masterson	 
	Title:   Chief Financial Officer and Treasurer	 
	Date:   February 4, 2022	 

 

	Mr. Weil	 
	 	 
	By:	/s/ Edward M. Weil, Jr.	 
	Name: Edward M. Weil, Jr.	 
	Date: February 4, 2022	 

 

[Signature Page to Ownership Limit Waiver Agreement]Exhibit 10.3
 

OWNERSHIP LIMIT WAIVER
AGREEMENT 

  

THIS OWNERSHIP LIMIT WAIVER
AGREEMENT (this “Agreement”), dated as of February 4, 2022, is between New York City REIT, Inc., a Maryland corporation
(the “Company”), and New York City Advisors, LLC (the “Advisor”). Capitalized terms used but not
defined herein shall have the meanings ascribed to them in the Company’s charter, as amended and restated through the date hereof
and as presently in effect (the “Charter”).

 

RECITALS

 

WHEREAS, as of the date hereof,
13,282,930 shares of the Company’s Class A common stock (the “Common Stock”) are issued and outstanding.

 

WHEREAS, Section 5.7 of the
Charter contains a limitation on the ownership of Shares, which prohibits any Person from Beneficially Owning or Constructively Owning
more than 9.8% in value of the aggregate of the outstanding Shares (the “Overall Limit”) and not more than 9.8% (in
value or in number of shares, whichever is more restrictive) of any class or series of Shares (the “Series Limit,”
and collectively with the Overall Limit, the “Aggregate Share Ownership Limit”), except as otherwise waived by the
Company. These restrictions are designed to ensure the Company’s continued qualification as a real estate investment trust under
the Internal Revenue Code of 1986, as amended (the “Code”).

 

WHEREAS, concurrently with
the execution of this Agreement the Company is filing a “Certificate of Notice” that will reduce each of the Overall Limit
and the Series Limit to 7%.

 

WHEREAS,
the Advisor has requested a waiver of the Aggregate Share Ownership Limit.

 

WHEREAS, this Ownership Limit
Waiver (as defined below) shall be effective as of the date of this Agreement (the “Determination Date”).

 

WHEREAS, pursuant to Section
5.7(ii)(g)(I) of the Charter, the Company has adopted resolutions approving the Advisor’s exemption from the Aggregate Share Ownership
Limit on the terms and conditions hereinafter set forth.

 

NOW, THEREFORE, the parties,
intending to be legally bound, in reliance on the representations set forth in the Certificate (as defined below), hereby agree as follow: 

 

AGREEMENT 

 

1. WAIVER OF OWNERSHIP LIMIT 

 

1.1       The
Company hereby waives the application of the Aggregate Share Ownership Limit contained in Section 5.7(ii)(a)(I)(A)(1) of the Charter to
permit the Advisor to Beneficially Own or Constructively Own shares of Common Stock (collectively, the “Exempt Stock”),
subject to an increased Series Limit for the Common Stock of 20% and an increased Overall Limit of 20% (the “Excepted Holder
Limit”) from and after the Determination Date, and provided that the Advisor may only itself purchase and itself actually own
up to 2.5% of Common Stock (the “Advisor Actual Ownership Limit”) (collectively the “Ownership Limit Waiver”).

 

1.2        The
Ownership Limit Waiver and Excepted Holder Limit granted by this Section 1 is granted solely to the Advisor. Any Transfer
of the Exempt Stock held by the Advisor shall cause any such shares to no longer be subject to this Ownership Limit Waiver and any such
Shares shall be subject to the Aggregate Share Ownership Limit as of the date of such Transfer.

 

     

     

    

 

1.3       The
Ownership Limit Waiver and Excepted Holder Limit granted by this Section 1 only grant the Advisor the right to Beneficially Own
or Constructively Own Shares up to the Excepted Holder Limit. The Advisor shall not directly or indirectly acquire Shares in excess
of the Excepted Holder Limit.

 

1.4       Except
as specifically provided in Section 1.1, this Agreement does not waive any restrictions or limitations set forth in Section 5.7
of the Charter as they apply to the Advisor or other Shares Beneficially Owned or Constructively Owned by any person, other than the Advisor.
For the avoidance of doubt, this Agreement also does not modify Section 5.7(ii)(a)(I)(B) and (II) of the Charter in any respect.

 

2. LIMITATIONS AND OTHER MATTERS 

 

2.1       In
no event shall the Ownership Limit Waiver permit any Individual’s Beneficial Ownership or Constructive Ownership of Shares to exceed,
at any time, the Aggregate Share Ownership Limit of Section 5.7(i) of the Charter as determined without regard to any provisions of this
Agreement, unless and to the extent such Individual is an Excepted Holder. For the purpose of this Agreement, “Individual”
has the meaning provided in Section 542(a)(2) of the Code, as modified by Section 856(h)(3) of the Code.

 

2.2       
For the Ownership Limit Waiver to be effective, the Advisor must execute a counterpart signature page to this Agreement and complete and
make the representations and covenants set forth in the Certificate of Representations and Covenants, the form of which is attached hereto
as Exhibit A (the “Certificate”), and must deliver such Certificate to the Company. Except as otherwise
determined by the Company, the Ownership Limit Waiver shall cease to be effective upon any breach of the representations or covenants
set forth herein or in the Certificate. In addition, if the Ownership Limit Waiver ceases to be effective as a result of the operation
of the preceding sentence, the Shares of the Company that would otherwise be in excess of the Aggregate Share Ownership Limit shall be
deemed to have been transferred to a Trust in accordance with 5.7(ii)(a)(II) of the Charter.

 

2.3       The
Advisor shall deliver to the Company, at such times as may reasonably be requested by the Company (it being acknowledged that the Company
may reasonably make such request on at least a calendar quarterly basis), a certificate signed by an authorized officer of the Advisor
to the effect that the Advisor has complied and expects to continue to comply with its representations and covenants set forth in this
Agreement and the Certificate. If so requested by the Company, the Advisor will reasonably cooperate with the Company in investigating
any direct or indirect relationship that the Advisor may have with the Company’s tenants or “independent contractors”
(within the meaning of Section 856(d)(3) of the Code).

  

2.4       This
Ownership Limit Waiver shall automatically be deemed to have been revoked (prospectively or, as necessary in order to protect the Company’s
qualification as a real estate investment trust under the Code, retroactively) without any further action if the Company determines, in
its sole discretion, that the Company’s ability to qualify and maintain its qualification as a real estate investment trust pursuant
to Section 856 et seq. of the Code is reasonably likely to be jeopardized by the Ownership Limit Waiver, or in fact the Ownership Limit
Waiver would jeopardize such qualification. The Company shall promptly notify the Advisor in the event that it has been determined that
the Ownership Limit Waiver has been revoked pursuant to this Section 2.4.

 

2.5       In
no event shall the Advisor actually purchase or own Shares in excess of the Advisor Actual Ownership Limit.

 

3. TERM

 

3.1       The
term of this Agreement shall commence as of the Determination Date, and shall terminate on the earliest of (i) the earliest date on which
the Advisor neither Beneficially Owns nor Constructively Owns Shares in excess of the Aggregate Share Ownership Limit due to the Advisor’s
sale or other disposition of Exempt Stock; (ii) the earliest date on which any of the conditions set forth in Sections 1 or 2
of this Agreement are no longer true or accurate, or otherwise have been violated; (iii) the earliest date on which any of the representations,
warranties, agreements, or undertakings made by the Advisor in the Certificate (without giving effect to any qualifications as to knowledge)
are no longer true, as of such date; (iv) the earliest date on which the Company makes the determination set forth in Section 2.4
of this Agreement; or (v) Bellevue Capital Partners, LLC is no longer the beneficial owner of 100% of the outstanding interests of the
Advisor.

 

     

     

    

 

4. MISCELLANEOUS 

 

4.1       All
questions concerning the construction, validity and interpretation of this Agreement shall be governed by and construed in accordance
with the domestic laws of the State of Maryland, without giving effect to any choice of law or conflict of law provision (whether of the
State of Maryland or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of
Maryland.

 

4.2       This
Agreement may be signed by the parties in separate counterparts, each of which when so signed and delivered shall be an original, but
all such counterparts shall together constitute one and the same instrument.

 

4.3       All
references to any Code provision shall be deemed to include any successor provisions of the Code and any regulatory, judicial or administrative
amendment or interpretation of such statutory provisions.

 

4.4       The
Recitals to this Agreement are incorporated into and are deemed a part of this Agreement.

 

[Signature Page Follows]

 

     

     

    

  

Each of the parties has caused this Agreement to be signed by its duly
authorized officers as of the date set forth in the introductory paragraph hereof.

 

THE COMPANY 

 

New York City REIT, Inc.

 

 

	By:	/s/ Christopher J. Masterson	 

Name: Christopher J. Masterson

Title: Chief Financial Officer and Treasurer

  

 

THE ADVISOR

 

New York City Advisors, LLC

 

	By:	/s/ Michael Anderson	 

Name: Michael Anderson

Title: Authorized Signatory

  

 

Signature Page to Ownership Limit Waiver Agreement]

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