Document:

EX-10.11

 Exhibit 10.11 
 PURCHASE AGREEMENT AND ESCROW INSTRUCTIONS 
 Between 

DEBORAH MAY-BUFFUM, Trustee of 
 THE BETTY UPHAM GOURAUD TRUST dated May 28, 1980 
 as Seller 

and 
 ARCTRUST
EQUITIES, LLC, a New Jersey limited liability company, or its assignee 
 as· Buyer 

February 29, 2012 

  
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 PURCHASE AGREEMENT AND ESCROW INSTRUCTIONS 

 

			
	DATED:	  	Dated to be effective as of February 29, 2012 (the “Effective Date”).
		
	PARTIES:	  	This Purchase Agreement and Escrow Instructions is between DEBORAH MAY-BUFFUM, as Trustee of the Betty Upham Gouraud Trust dated May 28, 1980, as “Seller”,
and ARCTRUST EQUITIES, LLC, a New Jersey limited liability company, or its assignee, as “Buyer”.

 WHEREAS, as of the Effective Date, Seller is the fee title owner of that certain improved property
located at premises situated at 4801 South Alameda, Corpus Christi, TX (“Premises”); CVS No. 6992, as legally described on Exhibit A attached hereto (the “Real Property”); and 

WHEREAS, as of the Effective Date, the Real Property is improved with a building containing approximately 11,344 square feet (the
“Building”) which Real Property and Building are leased to CVS PHARMACY, INC., a Rhode Island corporation, as successor by merger to CVS EGL SOUTH ALAMEDA TX, L.P. (as successor to ECKERD CORPORATION) (“Tenant”) in accordance
with a written lease dated September 12, 1997, as amended by that Lease Amendment #1, dated September 12, 1997, and that Lease Amendment #2, executed on March 20, 1998 (collectively, the “Lease”). The Real Property, the
Building, the improvements to the Real Property (the “Improvements”), the personal property, if any, of Seller located on the Real Property and Seller’s interest in the Lease and rents and profits to become due thereunder are
hereinafter collectively referred to as the “Property”; and 
 WHEREAS, Buyer desires to purchase the Property
from Seller and Seller desires to sell the Property to Buyer, as more particularly set forth in this Purchase Agree1Jfent and Escrow Instructions (the “Agreement”); and 

NOW THEREFORE, in consideration of the promises set forth in this Agreement a. d other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, Seller and Buyer (each, a “Party” and, collectively, the “P arties”) hereby agree as follows: 
 1. INCORPORATION OF RECITALS. All of the foregoing Recitals are hereby incorporated as agreements of the Parties. 
 2. BINDING AGREEMENT. This Agreement constitutes a binding agreement between Seller and Buyer for the sale and purchase of the Property subject to the terms set forth in this Agreement. Subject to
the limitations set forth in this Agreement, this Agreement shall bind and inure to the benefit of the Parties and their respective successors and assigns. This Agreement supersedes all other written or verbal agreements between the Parties
concerning any transaction embodied in this Agreement. No claim of waiver or modification concerning the provision of this Agreement shall be made against a Party unless based upon a written instrument signed by such Party. 

  
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 3. INCLUSIONS IN PROPERTY. 

(a) The Property. The term “Property” shall also include the following: 

(1) all tenements, hereditaments and appurtenances (but without warranty whether statutory, express or implied) pertaining to the Real
Property; 
 (2) all mineral, water and irrigation rights of Seller (but without warranty whether statutory, express or
implied), if any, running with or otherwise pertaining to the Real Property; 
 (3) all interest, if any; of Seller (but
without warranty whether statutory, express or implied) in any road adjoining the Real Property; 
 (4) all interest, if any,
of Seller (but without warranty whether statutory, express or implied) in any award made or to be made or settlement in lieu thereof for damage to the Property by reason of condemnation, eminent domain or exercise of police power; 

(5) all of Seller’s interest in the Building, the Improvements and any other improvements and fixtures on the Real Property;

 (6) all of Seller’s interest, if any, in (but without warranty whether statutory, express or implied) any equipment,
machinery and personal property on or used in · connection with the Real Property (the “Personalty”); thereunder; and, 
 (7) the Lease and security deposit, if any, now or hereafter due 
 (8) all of
Seller’s interest, to the extent transferable, in all permits and licenses (the “Permits”), contractual rights and intangibles (including rights to the name of the Improvements as well as all construction contracts, subcontracts,
architectural/engineering plans and/or agreements and similar agreements) with respect to the design, development, construction, operation, maintenance, repair and/or improvement of the Property (collectively, the “Intangibl.es”).

 (b) The Transfer Documents. The Personalty shall be transferred by that certain bill of sale from Seller to Buyer, the agreed
upon form of which is attached hereto as Exhibit B (the “Bill of Sale”); the Lease shall be transferred by that certain assignment and assumption of lease, the agreed upon form of which is attached hereto as
Exhibit C (the “Assignment of Lease”); the Permits and Intangibles shall be transferred by that certain assignment and assumption agreement, the agreed upon form of which is attached hereto as Exhibit D
(the “Assignment Agreement”); and the Real Property, the Building and the Improvements shall be transferred and conveyed by execution and delivery of Seller’s special warranty deed, the agreed upon form of which is attached
hereto as Exhibit F (the “Deed”). The Bill of Sale, the Assignment of Lease, the Assignment Agreement and the Deed are hereinafter collectively referred to as the “Transfer Documents”. Seller and Buyer (as
appropriate) shall duly execute the Transfer Documents and deposit such with the Escrow Agent (defined below) prior to the COE (defined below). 

  
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 4. PURCHASE PRICE. The price to be paid by Buyer to Seller for the Property is Three
Million One Hundred Sixty-two Thousand and No/100 Dollars ($3,162,000.00) (the “Purchase Price”), payable as follows: 
 (a) Fifty Thousand and Noll 00 Dollars ($50,000.00) earnest money (said deposit, together with all interest earned or accrued thereon, the “Earnest Money Deposit”) to be deposited
in escrow with First American Title National Commercial Services (“Title Company”), The Esplanade Commercial Center, 2425 E. Camelback Road, Suite 300, Phoenix, Arizona 85016, Attention: Brandon Grajewski (“Escrow Agent”)
not later than three (3) business days· following the receipt by Escrow Agent of a fully-executed original of this Agreement (said—receipt by Escrow Agent of both a fully-executed original of this Agreement and the Earnest Money
Deposit, the “Opening of Escrow”), which Earnest Money Deposit is to be held by Escrow Agent until released to Seller or Buyer as provided herein or paid to Seller at close of escrow (“COE”); . 

(b) Three Million One Hundred Twelve Thousand and No/100 Dollars ($3,112,000.00) in additional cash, or other immediately available funds
(as may be increased or decreased by such sums as are required to take into account any additional deposits, prorations, credits, or other adjustments required by this Agreement), to be deposited in escrow with Escrow Agent on or before COE, which
sum is to be held by Escrow Agent until cancellation of this Agreement as provided herein or paid to Seller at COE. 
 5.
DISPOSITION OF EARNEST MONEY DEPOSIT. Seller and Buyer hereby instruct Escrow Agent to place the Earnest Money Deposit in a federally insured interest-bearing passbook account on behalf of Seller and Buyer. The Earnest Money Deposit shall be applied
as follows: 
 (a) if Buyer cancels this Agreement as Buyer is so entitled to do as provided in this Agreement, the Earnest
Money Deposit shall be paid immediately to Buyer; 
 (b) if the Earnest Money Deposit is forfeited by Buyer pursuant to this
Agreement, such Earnest Money Deposit shall be paid to Seller as Seller’s agreed and total liquidated damages, in accordance with Section 22(b); and 
 (c) if escrow closes, the Earnest Money Deposit shall be credited to Buyer, automatically applied against the Purchase Price and paid to Seller at COE. 

  
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 6. PRELIMINARY TITLE REPORT AND OBJECTIONS. (a) Within ten (10) days after
the Opening of Escrow, Escrow Agent shall deliver a current Preliminary Title Report (the “Report”) for a standard Texas form of Owner Policy of Title Insurance (the “Owner’s Policy”) on the Property to Buyer
and Seller. The Report shall show the status of title to the Property as of the date of the Report and shall also describe the requirements of Escrow Agent for the issuance of the Owner’s Policy as described herein. The cost of the Owner’s
Policy shall be paid by the Seller; provided, however, that any additional costs for an extended coverage policy, endorsements thereto (excluding, however, those endorsements required to cure one or more Objectionable Matters (as hereinafter
defined), which endorsements shall be issued at Seller’s sole cost and expense), or any lender’s title policy shall be paid by Buyer. In addition to the Report, Escrow Agent shall simultaneously deliver to Buyer legible copies of all
documents identified in Part Two of Schedule B of the Report. 
 (b) If Buyer is dissatisfied with any exception to title as
shown in the Report and/or any matter disclosed by the Survey (defined below) (collectively, the “Objectionable Matters”), then Buyer may either, by giving written notice thereof to Escrow Agent and Seller (i) by 6:00 p.m.
(PDST) twenty (20) days after the Opening of Escrow, or (ii) ten (10) days from Buyer’s receipt of the Report and the Survey, whichever is later, (a) cancel this Agreement, whereupon the Earnest Money Deposit shall be
returned to Buyer together with all documents deposited in escrow by Buyer, or (b) notify Seller in writing of such Objectionable Matters. If Buyer timely has raised any Objectionable Matters, Seller shall have the right (but not the
obligation), to be exercised within five (5) business days of receipt of Buyer’s Objectionable Matters, to notify Buyer in writing that it intends to cure any such Objectionable Matters. Failure of Seller to deliver a written notice to
Buyer that it intends to cure any Objectionable Matters within such five (5) business day period shall constitute Seller’s refusal to cure such matter(s). Buyer shall have five (5) business days from the earlier of receipt of notice
from Seller regarding which Objectionable Matters that Seller will not cure or the expiration of the five (5) business day period described in the preceding sentence to either terminate this Agreement by written notice to Escrow Agent and
Seller or waive the applicable Objectionable Matters. Failure of Buyer to deliver a written notice to Seller within such five (5) business day period that Buyer .is waiving the Objectionable Matters that Seller will not cure shall constitute
Buyer’s election to terminate this Agreement. 
 (c) In the event that after the date of the Report any new title matters
or exceptions affect title to the Property, or the Title Company issues any amendment or supplement to the Report evidencing any title matter or exception that was not previously revealed on the Report (or an amendment to an existing matter or
exception that was not previously revealed in the Report) (as applicable, a “Supplemental Title Exception”), then Buyer may give Seller and Escrow Agent written notice (“Supplemental Title Objection”) of
Buyer’s disapproval or conditional approval of any such Supplemental Title Exception on or prior to the date which is five (5) business days after Buyer’s receipt of the applicable title documents evidencing the Supplemental Title
Exception. Seller may elect to eliminate or cure any disapproved or conditionally approved matters relating to such Supplemental Title Exception by delivering written notice to Buyer within five (5) business days of receipt of the applicable
Supplemental Title Objection. Failure of Seller to deliver a written notice to Buyer that it intends to cure any Supplemental Title Objection(s) within such five (5) business day period shall constitute Seller’s refusal to cure such
matter(s). Buyer shall have five (5) business days from the earlier of receipt of notice from Seller regarding whether Seller intends to cure any Supplemental Title Objections or the expiration of the five (5) business day period described
in the preceding sentence to either terminate this Agreement by written notice to Escrow Agent and Seller or waive the applicable Supplemental Title Objections. Failure of Buyer to deliver a written notice to Seller within such five
(5) business day period that Buyer is waiving the Supplemental Title Objections that Seller will not cure shall constitute Buyer’s election to terminate this Agreement. 

  
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 (d) If Seller has elected to cure any Objectionable Matter or Supplemental Title Objection,
as the case may be, Seller shall thereupon commence to use commercially reasonable efforts to cure such matter, and shall have until the COE to cure any Objectionable Matters, and a period of thirty (30) days to cure any Supplemental Title
Objection, to Buyer’s reasonable satisfaction. In the event that Seller provides written notice stating Seller’s intention to cure any Objectionable Matter or any Supplemental Title Objections, as the case may be, and, if despite using
commercially reasonable efforts, Seller is unable to cure such matter within the applicable time period provided in the preceding sentence, Seller shall not be liable therefor; provided, however, that Buyer shall have the right by providing written
notice to Escrow Agent and Seller within three (3) business days after the scheduled COE (or in the case of a Supplemental Title Objection, within three (3) business days after expiration of the thirty (30) day cure period) to either
(a) waive such Objectionable Matters (or Supplemental Title Objection, as applicable), or (b) terminate this Agreement. In the event that Buyer fails to provide such written notice of termination or waiver within the applicable time
period, then Buyer ·shall be deemed to have elected to terminate this Agreement. 
 (e) If this Agreement is terminated
pursuant to this Section 6, then (i) the Deposit shall be returned to· Buyer by Escrow Agent without further instruction; (ii) Buyer shall deliver all documents received by Buyer from Seller to Seller; and (iii) the Escrow
shall thereupon be cancelled, and, except as otherwise provided in this Agreement, neither party shall have any further obligation to the other. 
 (f) Notwithstanding anything to the contrary contained in this Agreement, Seller shall be obligated to satisfy at or prior to COE, (i) any monetary liens, encumbrances or security interests
voluntarily placed against Seller’s interest in the Property, (ii) encumbrances that have been voluntarily placed against the Property by Seller after the Effective Date without Buyer’s prior written consent and that will not
otherwise be satisfied on or before the COE, and (iii) exceptions that can be removed from the Report by Seller’s delivery of a customary owner’s title affidavit or gap indemnity. 

7. BUYER’S STUDY PERIOD. 
 (a) The Study Period. Buyer shall have until 6:00 p.m. (PDST) on the thirtieth (30th) day after the later of the Opening of Escrow or Buyer’s receipt of Seller’s Diligence Materials
(the “Study Period”), at Buyer’s sole cost, within which to conduct and approve any investigations, studies or tests deemed necessary by Buyer, in Buyer’s sole discretion and to determine the feasibility of acquiring the Property
(collectively, “Buyer’s Diligence”). 

  
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 (b) Inspection. 
 (i) Subject to the prior rights of the Tenant in the Property, Seller hereby grants to Buyer and Buyer’s agents, employees and contractors the right to enter upon the Property prior to COE to conduct
Buyer’s Diligence. Any entry on the Property shall be conducted in a manner so as to not unreasonably interfere with the Tenant’s business operations on the Property. Buyer shall not perform any invasive or destructive testing or
examination without advance written permission of the Seller, which permission shall be given in Seller’s sole and absolute discretion, and Buyer shall promptly thereafter restore the Property to its condition immediately preceding such testing
or examinations. Buyer may not meet with the Tenant at the Property without Seller’s prior written consent, which shall not be unreasonably withheld. Seller hereby reserves the right to have a representative present at the time of making any
such inspection or interviews. Buyer shall notify Seller not less than one (I) business day in advance of making any such inspection or interviews. In making any inspection or interviews hereunder, Buyer will treat, and will cause any
representative of Buyer to treat, all non-public information obtained by Buyer pursuant to the terms of this Agreement as confidential using the same degree of care as Buyer employs with respect to its own proprietary or confidential information of
like importance, provided that Buyer shall be permitted to disclose such information to its consultants, attorneys, lenders, transferees, investors, appraisers, accountants, advisors and affiliates or to the extent required by law. In consideration
therefor, Buyer shall and does hereby agree to defend, indemnify and hold Seller, its Tenant, contractors and employees, harmless from and against any and all claims for expenses, costs, losses, liabilities and/or damages asserted against Seller,
its Tenant, contractors and employees, including, but not limited to, court costs and attorneys’ fees, which may be sustained or threatened against Seller as a result of Buyer’s Diligence provided that Buyer shall not be responsible for
any damages resulting from a mere discovery of a pre-existing condition at the Real Property or for damages resulting from Seller’s or Tenant’s negligence or willful misconduct. Buyer’s indemnity and hold harmless obligation shall
survive cancellation of this Agreement or COE. 

  
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 (ii) NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENTIT IS UNDERSTOOD
AND AGREED THAT WITH RESPECT TO THE LEGAL, PHYSICAL, FINANCIAL AND ENVIRONMENTAL CONDITION OF THE PROPERTY, THE PROPERTY IS BEING SOLD AND CONVEYED HEREUNDER AND, UNLESS BUYER TERMINATES THIS AGREEMENT IN ACCORDANCE WITH THE TERMS OF THIS AGREEMENT,
BUYER AGREES TO ACCEPT THE PROPERTY “AS IS,” “WHERE IS” AND “WITH ALL FAULTS” AND SUBJECT TO ANY CONDITION WHICH MAY EXIST, WITHOUT ANY REPRESENTATION OR WARRANTY BY SELLER EXCEPT AS EXPRESSLY SET FORTH IN SECTION 13 OF
THIS AGREEMENT. BUYER HEREBY EXPRESSLY ACKNOWLEDGES AND AGREES THAT(A) BUYER SHALL BE SOLELY RESPONSIBLE FOR DETERMINING THE STATUS AND CONDITION OF THE PROPERTY, INCLUDING, WITHOUT LIMITATION, EXISTING ZONJNG DESIGNATIONS, BUILDING REGULATIONS AND
GOVERNMENTAL ENTITLEMENT AND DEVELOPMENT REQUIREMENTS APPLICABLE TO THE PROPERTY, AND (B) BUYER IS RELYING SOLELY UPON SUCH INSPECTIONS, EXAMINATION, AND EVALUATION OF THE PROPERTY BY BUYER IN PURCHASING THE PROPERTY ON AN “AS IS,”
“WHERE IS” AND “WI1H ALL FAULTS” BASIS, WITHOUT REPRESENTATIONS (OTHER THAN THE LIMITED REPRESENTATIONS AND WARRANTIES SET FORTH IN SECTION 13 OF THIS AGREEMENT), WARRANTIES OR COVENANTS, EXPRESS OR IMPLIED, OF ANY KIND OR
NATURE. EXCEPT FOR A BREACH OF A REPRESENTATION OR WARRANTY CONTAINED IN SECTION 13 OF THIS AGREEMENT, BUYER HEREBY ASSUMES THE RISK OF ALL CONDITIONS, INCLUDING WITHOUT LIMITATION, ENVIRONMENTAL CONDITIONS THAT MAY EXIST ON THE PROPERTY AND
HEREBY FULLY AND IRREVOCABLY RELEASES SELLER AND ALL PERSONS, FIRMS, CORPORATIONS AND ORGANIZATIONS ACTING ON ITS BEHALF FROM ANY AND ALL CLAIMS THAT IT MAY NOW HAVB OR HEREAFTER ACQUIRE AGAINST SELLER AND ALL PERSONS, FIRMS, CORPORATIONS AND
ORGANIZATIONS ACTING ON ITS BEHALF FOR ANY COSTS, LOSSES, LIABILITIES, DAMAGES, EXPENSES, CONTRIBUTION OBLIGATIONS, DEMANDS, ACTIONS OR CAUSES OF ACTION ARISING FROM OR RELATED TO ANY CONSTRUCTION DEFECTS, ERRORS, OMISSIONS OR OTHER CONDITIONS,
LATENT OR OTHERWISE, GEOTECHNICAL AND SEISMIC, AFFECTING THE PROPERTY OR ANY PORTION THEREOF. SUBJECT TO THE FOREGOING PROVISO, THIS RELEASE INCLUDES CLAIMS OF WHICH BUYER IS PRESENTLY UNAWARE OR WHICH BUYER DOES NOT PRESENTLY SUSPECT TO EXIST
WHICH, IF KNOWN BY BUYER, WOULD MATERIALLY AFFECT BUYER’S RELEASE OF SELLER. 
 (iii) Buyer agrees to maintain or cause
its contractors, property inspectors and subcontractors to maintain, worker’s compensation and commercial general liability insurance policies having a combined liability limit of at least Two Million and 00/100 Dollars ($2,000,000.00) and
property damage limits of at least One Million and 00/100 Dollars ($1,000,000.00) to cover its activities on the Property and to keep the Property free and clear of all mechanics’ and materialmen’s liens or other liens arising out of any
of its activities or those of its representatives, agents or contractors. At least five (5) days prior to entering the Property, Buyer shall deliver to Seller a certificate of insurance—evidencing insurance coverage in compliance with the
terms of this Section 5(b)(3). The commercial general insurance policy shall be primary and noncontributing with any insurance which may be carried by Seller, and shall designate Seller as an additional insured. The insurance policy shall also
provide that it may not be canceled or modified without at least thirty (30) days prior written notice to Seller. 
 (c)
Cancellation. Unless Buyer so notifies Seller or Escrow Agent, in writing, on or before the end of the Study Period of Buyer’s acceptance of Buyer’s Diligence and waiver of the contingencies as set forth in this
Section 7, for any or no reason, this Agreement shall be canceled and the Earnest Money Deposit shall be returned immediately to Buyer and, except as otherwise provided in this Agreement, neither of the Parties shall have any further
liability or obligation under this Agreement. In addition, Buyer shall have the right at any time during the Study Period to send written notice to Seller terminating this Agreement tor any or no reason and the Earnest Money Deposit shall be
returned immediately to Buyer and, except as otherwise provided in this Agreement, neither of the Parties shall have any further liability or obligation under this Agreement. 

  
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 8. DELIVERY OF SELLER’S DILIGENCE MATERIALS. 

(a) Deliveries to Buyer. Seller agrees to deliver to Buyer contemporaneously with the Opening of Escrow all information in
Seller’s possession ot control relating to the leasing, operating, maintenance, construction (including any Certificate of Occupancy for the Property), repair, zoning (including any zoning verification letters), platting, engineering, soil
tests, water tests, environmental tests, market studies, master planning, architectural drawings and like matters regarding the Property and/or the Tenant (collectively, “Seller’s Diligence Materials”), all at no cost to Buyer.
The foregoing deliveries, to the extent in Seller’s possession or control, shall include, but not be limited to, copies (in digital or hard copy) of all: (i) the Lease, including all amendments thereto, guaranties thereof and assignments
thereof and, to the extent the landlord is obligated to deliver such a policy to Tenant under the Lease, a copy of the leasehold title insurance policy; (ii) all claims or suits by Tenant or third parties involving the Property or the Lease or
any Contracts (whether or not covered by insurance); (iii) any appraisals of the Property; (iv) the site plan with respect to, and survey of the Property; (v) copies of all Contracts and Permits; (vi) Phase I Reports, Phase II
Reports and any other environmental reports in Seller’s possession and control concerning the Property; and (vii) any other documents or other materials in the possession of Seller or its agents pertaining to the Property. Should Seller
receive new or updated documents or materials regarding any of the matters set forth in this Section 8(a) after the Effective Date and prior to COE, Seller shall immediately deliver a copy of such document or material to Buyer. EXCEPT AS
EXPRESSLY SET FORTH IN SECTION 13 OF THIS AGREEMENT, SELLER MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND WHATSOEVER TO BUYER AS TO THE ACCURACY OR CO:MPLETENESS OF THE CONTENT OF ANY DOCUMENTS OR OTHER INFORMATION DELIVERED TO BUYER
PURSUANT TO THIS AGREEMENT, INCLUDING, WITHOUT LIMITATION, THE ACCURACY OR COMPLETENESS OF THE CONTENT OF SELLER’S DILIGENCE MATERIALS. 
 (b) Delivery by Buyer. If this Agreement is canceled for any reason, except Seller’s willful default hereunder, Buyer agrees to deliver to Seller upon payment by Seller to Buyer of
Buyer’s cost thereof, copies of those investigations, studies and/or tests which Buyer may have elected to obtain. 
 9.
THE SURVEY. Promptly after the Opening of Escrow, Buyer, at its sole cost and expense, may cause a surveyor licensed in the State of Texas to complete and deliver to Escrow Agent and Buyer a current, certified ALTA As-Built survey of the Real
Property, Building and Improvements (the “Survey”). The Survey shall set forth the legal description and boundaries of the Property and all easements, encroachments and improvements thereon. 

10. IRS SECTION 1445. Seller shall furnish to Buyer in escrow by COE a sworn affidavit (the “Non-Foreign Affidavit”)
stating under penalty of perjury that Seller is not a “foreign person” as such term is defined in Section 1445(f)(3) of the Internal Revenue Code of 1986, as amended (the “Tax Code”). If Seller does not timely furnish
the Non-Foreign Affidavit, Buyer may withhold (or direct Escrow Agent to withhold) from the Purchase Price, an amount equal to the amount required to be so withheld pursuant to Section 1445(a) of the Tax Code, and such withheld funds shall be
deposited with the Internal Revenue Service as required by such Section 1445(a) and the regulations promulgated thereunder. The amount withheld, if any, shall nevertheless be deemed to be part of the Purchase Price paid to Seller. ·

  
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 11. DELIVERY OF POSSESSION. Seller shall deliver possession of the Property to Buyer at COE
subject only to the rights of Tenant under the Lease as approved by Buyer as part of Buyer’s Diligence. 
 12.
BUYER’S CONDITIONS PRECEDENT. In addition to all other conditions precedent set forth in this Agreement, Buyer’s obligations to perform under this Agreement and to close escrow are expressly subject to the following: 

(a) the deposit by Seller to Escrow Agent, for delivery to Buyer at COE, of the original Transfer Documents du1y executed by Seller;

 (b) the issuance of the Owner’s Policy (or a written commitment therefor) subject only to those matters approved or
deemed approved by Buyer pursuant to Section 6 of this Agreement; 
 (c) the delivery by Seller to Buyer at COE of
all security deposits and pre- paid/abated rents under the Lease, if any, in the form of a credit in favor of Buyer against the Purchase Price; 
 (d) the deposit by Seller with Escrow Agent (for delivery to Buyer at COE) not later than ten (10) business days prior to COE of an original estoppel certificate, in a form reasonably acceptable to
Buyer, dated not more than thirty (30) days prior to COE, executed by Tenant and naming Buyer (or its designee) and such lender of which Buyer provides written notice to Seller pursuant to the notice provisions hereof (“Lender”) as
addressees and (x) verifying the basic facts of the Lease (term, rental, expiration date, options, if any exist), (y) confirming that there are no defaults by the landlord under the Lease, no unperformed or “punchlist”
construction items and no unpaid tenant improvement allowances or leasing commissions, (ii) a subordination, non-disturbance and attornment agreement executed by Tenant, in form and substance reasonably acceptable to Tenant, for the benefit of
Lender, and (iii) an original estoppel certificate executed by all other parties (“Counter Parties”) to any applicable reciprocal easement agreement or declaration of covenants, conditions and/or restrictions (the
“REA’s”) and addressed or certified to Buyer and Lender stating that such instrument is in full force and effect and is not modified (except as disclosed in such estoppel certificate) and, to the actual knowledge of the party
giving the estoppel, the other party or parties thereto is/are not in default under the applicable instrument and all amounts, if any, owing under the applicable agreement have been paid in full; provided that if Counter Parties demand payment of
any fees or expenses (including attorney’s fees) in connection with the negotiation and preparation of an estoppel certificate in connection with any REA, Buyer shall bear the cost of such fees and costs; 

(e) the deposit with Escrow Agent of an executed affidavit of Seller and such other documentation as may be reasonably required by Escrow
Agent to allow for the deletion of any mechanics’ lien exception from the Owner’s Policy and any Gap affidavits or undertakings required by the Title Company; 

  
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 (f) the deposit with Escrow Agent, for delivery to Buyer at COE, of a letter from Seller to
Tenant requesting that future rent under the Lease be paid to Buyer; 
 (g) there has been no “Insolvency Event” with
respect to the Tenant. As used in this subsection (g), an “Insolvency Event” shall have occurred if the Tenant becomes insolvent within the meaning of the United States Bankruptcy Code, 11 U.S.C. Sec. 101 et seq., as amended (the
“Bankruptcy Code”), files or notifies Seller or any affiliate of Seller that it intends to file a petition under the Bankruptcy Code, initiates a proceeding under any similar law or statute relating to bankruptcy, insolvency,
reorganization, winding up or adjustment of debts (collectively, hereinafter, an “Action”), becomes the subject of either a petition under the Bankruptcy Code or an Action, or is not generally paying its debts as the same become due;

 (h) Seller shall have performed, observed and complied with all covenants, agreements and conditions required by this
Agreement to be performed, observed and/or complied with by Seller prior to, or as of, the COE; and 
 (i) delivery to Buyer of
a copy of the fully executed Lease together with all guaranties thereof, all exhibits, amendments and other modifications thereto, and all assignments necessary to establish that Seller is the successor-in-interest to the landlord’s rights
under the Lease. 
 If the foregoing conditions have not been satisfied by the specified date 0r COE as the case may be, then Buyer shall have
the right, at Buyer’s sole option, by giving written notice to Seller and Escrow Agent, to (i) cancel this Agreement, whereupon the Earnest Money Deposit shall be paid immediately by Escrow Agent to Buyer and, except as otherwise provided
in this Agreement, neither of the Parties shall have any further liability or obligation under this Agreement, or (ii) extend such specified date or COE, as applicable, for such amount of time as Buyer deems reasonably necessary to allow Seller
to satisfy such conditions. 
 12A. SELLER’S CONDITIONS PRECEDENT. In addition to all other conditions precedent set
forth in this Agreement, Seller’s obligations to perform under this Agreement and to close escrow are expressly subject to the following: 
 (a) the deposit of the Purchase Price by Buyer to Escrow Agent, for delivery to Seller at COE; and 
 (b) Buyer shall have materially performed, observed and complied with all covenants, agreements and conditions required by this Agreement to be performed, observed and/or complied with by Buyer prior to,
or as of, the COE. 
 If the foregoing conditions have not been satisfied by the specified date or COE as the case may be, then
Seller shall have the right, at Seller’s sole option, by giving written notice to Buyer and Escrow Agent, to (i) cancel this Agreement, whereupon the Earnest Money Deposit shall be paid immediately by Escrow Agent to Seller and, except as
otherwise provided in this Agreement, neither of the Parties shall have any further liability or obligation under this Agreement, or (ii) extend such specified date or COE, as applicable, for such amount of time as Seller deems reasonably
necessary to allow Buyer to satisfy such conditions. 

  
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 13. SELLER’S REPRESENTATIONS WARRANTIES AND COVENANTS. 

(a) Seller hereby represents and warrants to Buyer as of the Effective Date and again as of COE that: 

(i) Seller has not entered into and there is not existing any other agreement, written or oral, under which Seller is or could become
obligated to sell the Property, or any portion thereof, to a third party; 
 (ii) to Seller’s knowledge, no notice of
violation has been issued with regard to any applicable regulation, ordinance, requirement, covenant, condition or restriction relating to the present use or occupancy of the Property by any person, authority or agency having jurisdiction;

 (iii) to Seller’s knowledge, there is no impending or contemplated condemnation or taking by inverse condemnation of
the Property, or any portion thereof, by any governmental authorities; 
 (iv) there are no suits or claims pending or to
Seller’s knowledge, threatened with respect to or in any manner affecting the Property, nor does Seller know of any circumstances which should or could reasonably form the basis for any such suits or claims which have not been disclosed in
writing to Buyer by Seller; 
 (v) the Seller’s Diligence Materials provided to Buyer are and will be correct and complete
copies of the corresponding documents in Seller’s possession; 
 (vi) Seller has full power and authority to execute,
deliver and perform under this Agreement as well as’ under the Transfer Documents, the agreed upon forms of which are attached hereto as Exhibits; 
 (vii) Seller is duly authorized and has all requisite power and authority to enter into this Agreement and to carry out Seller’s obligations and this transaction will not violate any agreements to
which Seller is a party; 
 (viii) to Seller’s knowledge, the execution, delivery and performance of this Agreement and
the Transfer Documents, the agreed upon forms of which are attached hereto as Exhibits, have not and will not constitute a breach or default under any other agreement, law or court order under which Seller is a party or may be bound; 

(ix) there are no sale, listing or leasing commission obligations affecting the Lease or the Property as of the date hereof, except with
regard to the sale commission of the Broker which shall be paid by Seller at COE, and no such agreements shall affect the Lease or the Property as of the date of the COE; 

  
 12 

 (x) Seller has sent no written notice of default to Tenant and, to Seller’s knowledge,
no default of Tenant exists under the Lease; Seller has not received any written notice of default from Tenant that is still outstanding; Seller has not received any written notice or correspondence from Tenant or Tenant’s agents indicating
Tenant’s desire, willingness or intent to amend, modify, assign or terminate the Lease nor any notice or correspondence requesting the consent of Seller to any of the foregoing; 

(xi) Seller does not have any defeasance, lender approval or prepayment obligations with respect to any existing financing which will
delay the COE; 
 (xii) Tenant has no right of first offer or first refusal to purchase the Property or any portion thereof.
Seller has performed and will continue to perform all of the obligations, and has observed and will observe all of the covenants, required of the landlord under the Lease arising prior to the date of the COB. Except as specifically set forth in the
Lease, there are no agreements with Tenant for the performance of any work by Seller, as landlord, at the Property. 
 (b)
Further, Seller hereby covenants to Buyer as of the Effective Date that: 
 (i) Seller will not enter into nor execute any
agreement, written or oral, under which Seller is or could become obligated to sell the Property, or any portion thereof, to a third party, without Buyer’s prior written consent; 

(ii) Seller will not, without the prior written consent of Buyer, take any action before any governmental authority having jurisdiction
thereover, the object of which would be to change the present zoning of or other land-use limitations, upon the Property, or any portion thereof, or its potential use; 
 (iii) except for any item to be prorated at COE in accordance with this Agreement, all bills or other charges, costs or expenses arising out of or in connection with or resulting from Seller’s use,
ownership, or operation of the Property up to COE shall be paid in full by Seller; 
 (iv) all general real estate taxes,
assessments and personal property taxes that have become due with respect to the Property (except for those that will be prorated at COE) have been paid or will be so paid by Seller prior to COE; 

(v) between the Effective Date and COE or any earlier termination of this Agreement, Seller shall not execute or enter into any lease
with respect to the Property or any part thereof, or terminate, amend, modify, extend or waive any rights under the Lease without Buyer’s prior written consent, which consent may be withheld at Buyer’s reasonable discretion; 

  
 13 

 (vi) between the Effective Date and COE or any earlier termination of this Agreement,
Seller shall, at its sole cost: 
 (1) continue to operate the Property as heretofore operated by Seller subject to
Buyer’s rights under this Agreement to direct specific activities of Seller; 
 (2) maintain or cause Tenant to maintain
the Property in its current condition and perform required and routine maintenance and make replacements of each part of the Property that is tangible property (whether real or personal) and perform repairs or make replacements to any broken,
defective or malfunctioning portion the Property that is tangible property (whether real or personal) as the relevant conditions require; 
 (3) except as required by a governmental agency, not place or permit to be placed on any portion of the Property any new improvements of any kind or remove or permit any improvements to be removed from
the Property without the prior written consent of Buyer; · 
 (4) without Buyer’s prior written consent, Seller
shall not, by voluntary or intentional act or omission to act, further cause or create any easement, encumbrance, or mechanic’s or materialmen’s liens, and/or similar liens or encumbrances to arise or to be imposed upon the Premises or any
portion thereof that affects title thereto, or to allow any amendment or modification to any existing easements or encumbrances; and 
 (5) cause Tenant to comply in all material respects with the terms, covenants and conditions of the Lease; 
 (vii) Seller shall and hereby does assign to Buyer, effective as of COE, all claims, counterclaims, defenses, or actions, whether at common law, or pursuant to any other applicable federal or state or
other laws which Seller may have against any third parties relating to the existence of any Hazardous Materials in, at, on, under or about the Property (including Hazardous Materials released on the Property prior to COE and continuing in existence
on the Property at COE); 
 (viii) Seller shall not, without the prior written consent of Buyer, provide a copy of, nor
disclose any of the terms of, this Agreement to any appraiser; and 
 (c) As used in this Section 13, the term “to
Seller’s knowledge” (i) shall mean and apply to the actual knowledge of Deborah May Buffum (“Involved Party”), who was directly engaged in the acquisition of the Property, the management of the Property and/or the
sale and purchase transaction described in this Agreement, and not to any other parties, (ii) shall mean the current actual knowledge of such Involved Party, without any investigation or inquiry of any kind, it being understood and acknowledged
that such Involved Party, in many instances, may not have been involved in all day-to-day operations of the Property; (iii) shall not mean that such Involved Party is charged with knowledge of the acts, omissions and/or knowledge of the
predecessors in interest in and to the Property or with knowledge of the acts, omissions and/or knowledge of Seller’s agents; and (iv) shall not apply to or be construed to apply to information or material which may generally or
incidentally be in the possession of Seller, but which is not actually known to the Involved Party. 

  
 14 

 (d) If Seller becomes aware of any fact or circumstance which would change or render
incorrect, in whole or in part, any representation made by Seller under this Agreement, whether as of the date given or at any time thereafter through and including the Closing Date and whether or not such representation was based on Seller’s
knowledge and/or belief as of a certain date, Seller shall give prompt written notice of such change, fact or circumstance to Buyer. If Buyer elects to close the transactions contemplated hereby, Seller’s liability for misrepresentation or a
breach of warranty, representation or covenant wherever contained in this Agreement shall exclude any fact or circumstance of which (i) Seller learns after the date of this Agreement and notifies Buyer under this Section 13(e) prior to COE
or (ii) Buyer learns prior to the COE, and Buyer shall be deemed to have waived and shall have no recourse against Seller for any liability for any misrepresentation, breach of warranty, representation or covenant by reason of the failure of
any such fact or circumstance to have been disclosed to Buyer on the date of this Agreement. If such new information results in the failure to satisfy a contingency as set forth in Section 12 above, then Buyer may elect to terminate this
Agreement under and subject to the terms and conditions of Section 12, but Seller shall not be liable to Buyer for having updated or modified such representation, unless Seller knew on the Effective Date that the representation was untrue or
incorrect or if the representation became untrue or incorrect as a result of Seller’s acts or omissions after the Effective Date. 
 (e) All representations, warranties and covenants made in this Agreement by Seller shall survive the execution and delivery of this Agreement and COE for nine (9) months after COE. Seller shall and
does hereby indemnify against and hold Buyer harmless from any loss, damage, liability and expense, together with all court costs and attorneys’ fees which Buyer may incur, by reason of any material misrepresentation by Seller or any material
breach of any of Seller’s warranties or covenants. Seller’s indemnity and hold harmless obligations shall survive COE for a period of nine (9) months. After COE, the liability of Seller in connection with any express representation of
Seller provided in this Agreement shall not exceed the sum of One Hundred Thousand and No/100 Dollars ($100,000). 
 14.
BUYER’S REPRESENTATIONS WARRANTIES AND COVENANTS. 
 (a) Buyer hereby represents and warrants to Seller as of the
Effective Date and again as of COE that: 
 (i) which Buyer is a party; this transaction will not in any way violate any other
agreement to 
 (ii) Buyer has full power and authority to execute, deliver and perform under this Agreement as well as under
the Transfer Documents, the agreed upon forms of which are attached hereto as Exhibits; 
 (iii) no consent of any third party
is required in order for Buyer to enter into this Agreement and perform Buyer’s obligations hereunder; 

  
 15 

 (iv) there are no actions or proceedings pending or to Buyer’s knowledge, threatened
against Buyer which may in any manner whatsoever affect the validity or enforceability of this Agreement or any of the documents, the agreed upon forms of which are attached hereto as Exhibits; and 

(v) the exec1;1tion, delivery and performance of this Agreement and the Transfer Documents, the agreed upon forms of which are attached
hereto as Exhibits, have not and will not constitute a breach or default under any other agreement, law or court order under which Buyer is a party or may be bound. 
 (b) Further, Buyer hereby covenants to Seller as of the Effective Date that: 

(i) should Buyer receive notice or knowledge of any information regarding any of the matters set forth in this Section 14 after
the Effective Date and prior to COE, Buyer will promptly notify Seller of the same in writing. 
 All representations,
warranties and covenants made in this Agreement by Buyer shall survive the execution and delivery of this Agreement and COE for nine (9) months after COE. Buyer shall and does hereby indemnify against and hold Seller harmless from any loss,
damage, liability and expense, together with all court costs and attorneys’ fees, if awarded by a court of law, which Seller may incur, by reason of any material misrepresentation by Buyer or any material breach of any of Buyer’s
warranties or covenants. Buyer’s indemnity and hold harmless obligations shall survive COE for a period of nine (9) months. After COE, the liability of Buyer in connection with any express representation of Buyer provided in this Agreement
shall not exceed the sum of One Hundred Thousand and No/100 Dollars ($100,000). 
 15. “AS IS” SALE. Except for the
representations of Seller expressly set forth in this Agreement, Buyer agrees that Buyer is purchasing the Property in its “as is” condition, that neither Seller nor any real estate broker, agent officer, employee, servant, attorney or
other representative of Seller have made any warranties, representations or guarantees, whether express or implied, with regard to the value, nature, quality or condition of the Property, the water; soil, subsurface conditions or geology of the
Property, the suitability of the Property for any specific uses, any land use control, governmental limitation or restriction or the absence thereof, or compliance or noncompliance with, or the applicability or non-applicability of any applicable
law, rule, ordinance, regulation, order or requirement of any governmental entity or subdivision thereof relating to the Property. 
 16. Intentionally omitted. 
 17. RENTS AND DEPOSITS. Seller and Buyer agree that,
in addition to all other conditions and covenants contained herein, Seller shall deliver to Buyer and Escrow Agent not later than the day immediately prior to COE information, certified by Seller to be true and accurate as of the date thereof and as
of the date of COE, with respect to (i) the amount of Tenant’s security deposit under the Lease, if any, and (ii) prepaid and/or abated rents, including, without limitation, the amount thereof and the date to which such rents have
been paid. 

  
 16 

 18. BROKER’S COMMISSION. Concerning any brokerage commission, the Parties agree
as follows: 
 (a) the Parties warrant to one another that they have not dealt with any finder, broker or realtor in connection
with this Agreement except CBRE, Inc. (the “Broker”); 
 (b) if any person shall assert a claim to a finder’s fee
or brokerage commission on account of alleged employment as a finder or broker in connection with this Agreement (including the Broker), the Party under whom the finder or broker is claiming shall indemnify and hold the other Party harmless from and
against any such claim and all costs, expenses and liabilities incurred in connection with such claim or any action or proceeding brought on such claim, including, but not limited to, counsel and witness fees and court costs in defending against
such claim. The provisions of this subsection shall survive cancellation of this Agreement or COE; and 
 (c) Seller shall be
responsible for the payment of the commission to the Broker pursuant to a separate written agreement between Seller and the Broker, which commissions shall be paid at COE. 
 19. CLOSE OF ESCROW. COE shall be on or before 5:00p.m. ET on the fifteenth (15th) day after the expiration of the Study Period or such earlier date as Buyer may choose by giving not less than five
(5) days prior written notice to Seller and Escrow Agent (the “Closing Date”). 
 20. BINDING VALIDITY.
This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs,. personal representatives, successors and assigns. Buyer may designate someone other than Buyer, as grantee and/or an assignee,
under the Transfer Documents by providing written notice of such designation prior to COE. No such designation or assignment will release or relieve Buyer of its obligations under this Agreement. 

21. RISK OF LOSS. Seller shall bear all risk of loss resulting from or related to damage of or to the Property or any part thereof which
may occur prior to COE. Seller shall also bear all risk of loss resulting from or related to a taking or condemnation of the Property or any part thereof with respect to which written notice of a proposed condemnation or taking is received, a
condemnation proceeding is commenced, a condemnation proceeding is concluded or all or any part of the Property is conveyed in lieu of condemnation prior to COE (any such damage, taking or condemnation event a “Risk of Loss Event”). In the
event of any Risk of Loss Event prior to COE, Buyer may, at Buyer’s sole option, by written notice to Seller and Escrow Agent, cancel this Agreement whereupon the Earnest Money Deposit shall be paid immediately by Escrow Agent to Buyer and,
except as otherwise provided in this Agreement, neither of the Parties shall have any further liability or obligation hereunder. In the alternative, Buyer may attempt to negotiate an appropriate downward adjustment of the Purchase Price. If Seller
and Buyer cannot agree upon such a downward adjustment within a reasonable period (not to exceed ten (10) days from the date Buyer receives notice of the loss) Buyer may cancel this Agreement as provided above. In the event of any Risk of Loss
Event which does not result in a termination of this Agreement, Seller shall at COE and as a condition precedent thereto, pay Buyer or credit Buyer against the Purchase Price the amount of any insurance or condemnation proceeds, or assign to Buyer,
as of COE and in a form acceptable to Buyer, all rights or claims for relief to the same, and credit to Buyer an amount equal to the deductible (if any) under the insurance policy. 

  
 17 

 22. REMEDIES. 
 (a) Seller’s Breach. If Seller breaches this Agreement, including, without limitation, a breach of any representation or warranty of Seller set forth herein and/or the failure of Seller to satisfy
any conditions precedent to COE specified in Section 12 above that are within Seller’s control, Buyer may, at Buyer’s sole option, either: (i) by written notice to Seller and Escrow Agent, cancel this Agreement whereupon
the Earnest Money Deposit shall be paid immediately by Escrow Agent to Buyer, Seller shall promptly reimburse to Buyer its reasonable out-of-pocket and third-party property diligence expenses and, except as otherwise provided in this Agreement,
neither of the Parties shall have any further liability or obligation hereunder; or, (ii) extend the date scheduled for COE for such reasonable period of time as may be required to permit Seller to cure or remedy such breach (provided such
period of time shall not exceed thirty (30) days unless such greater period of time is agreed to in writing by Seller); or (iii) seek specific performance against Seller (including the recovery of all court costs and reasonable attorney
fee ) in which event COE shall be automatically extended as necessary. Notwithstanding the foregoing, if specific performance is unavailable as a remedy to Buyer because of Seller’s affirmative act or intentional omission, Buyer shall be
entitled to pursue all rights and remedies available at law or in equity; provided however, Seller shall not be liable to Buyer for any punitive or speculative damages .and in no event shall Buyer be entitled to a recovery or claim against Seller
for actual or consequential damages in excess of an amount equal to One Hundred Thousand and No/100 Dollars ($100,000) (in addition to the return of the Earnest Money Deposit). Seller hereby acknowledges and agrees that the provisions of this
Section 22(a) shall not limit any rights or remedies Buyer may have against Seller after COB for any misrepresentation, breach of warranty or default by Seller in any of its obligations under this Agreement, the Transfer Documents or any
other documents to be entered into pursuant to this Agreement. 
 (b) Buyer’s Breach. If Buyer breaches this Agreement, as
its sole remedy Seller shall be entitled to retain the Earnest Money Deposit in accordance with subsection 5(b) as Seller’s agreed and total liquidated damages. Seller hereby waives any right to seek any equitable or legal remedies
against Buyer. 
 23. Intentionally omitted. 

  
 18 

 24. NOTICES. 
 (a) Addresses. Except as otherwise required by law, any notice required or permitted hereunder shall be in writing and shall be given by personal delivery, or by deposit in the U.S. Mail, certified
or registered, return receipt requested, postage prepaid, addressed to the Parties at the addresses set forth below, or at such other address as a Party may designate in writing pursuant hereto, or telecopy (fax), or any express or overnight
delivery service Federal Express), delivery charges prepaid: 
  

			
	if to Seller:	  	 DEBORAH MAY-BUFFUM
 c/o
GORDON & REES, LLP
 101 W. Broadway, Suite 2000
 San Diego, CA 92101
 Attention Richard T. Clampitt

Tel: (619)230-7753
 Fax:
(619)696-6700

		
	if to Buyer:	  	 ARCTRUST EQUITIES, LLC
 1401
Broad Street
 Clifton, New Jersey 07013

Attention: Marc A. Perel
 Tel:
(973)249-1000
 Fax: (97.3)249-1001

		
	with copies to:	  	 Ansell Grimm & Aaron, P.C.
 341 Broad Street
 Clifton, New Jersey 07013
 Attention: David B. Zolotorofe, Esq.
 Tel: (973) 247-9000

Fax: (973) 247-9199

		
	If to Escrow Agent:	  	 First American Title Insurance Company
 2425 E. Camelback Road, Suite 400
 Phoenix, AZ 85016

Attn: Mr. Brandon Grajewski
 Tel.: (602)
567-8145
 Fax: (602) 567-8101

 (b) Effective Date of Notices. Notice shall be deemed to have been given on the date on which notice is
delivered, if notice is given by personal delivery or telecopy, and on the date of deposit in the mail, if mailed or deposited with the overnight carrier, if used. Notice shall be deemed to have been received (i) on the date on which the notice
is received, if notice is given by telecopy or personal delivery, (ii) on the first business day following deposit with an overnight carrier, if used, and (iii) on the second (2nd) day following deposit in the U.S. Mail, if notice is
mailed. If escrow has opened, a copy of any notice given to a party shall also be given to Escrow Agent by regular U.S. Mail or by any other method provided for herein. 

  
 19 

 25. CLOSING COSTS. 

(a) Closing Costs. Seller and Buyer agree to pay closing costs as indicated in this Agreement and in the escrow instructions
attached hereto as Exhibit E, and by this reference incorporated herein (the “Escrow Instructions”). At COE, Seller shall pay (i) the costs of releasing all liens, judgments, and other encumbrances that are to be released and
of recording such releases (ii) one-half the fees and costs due Escrow Agent for its closing services, (iii) the transfer tax associated with the sale of the Property, if any, and (iv) all other costs to be paid by Seller under this
Agreement. At COE, Buyer shall pay (i) one-half the fees and costs due Escrow Agent for its services, (ii) all other costs to be paid by Buyer under this Agreement. Except as otherwise provided for in this Agreement, Seller and Buyer will
each be solely responsible for and bear all of their own respective expenses, including; without limitation, expenses of legal counsel, accountants, and other advisors incurred at any time in connection with pursuing or consummating the transaction
contemplated herein. If not paid in full by the Tenant as of the date of COE, real estate taxes shall be prorated based upon the current valuation and latest available tax rates. The rent proration shall be calculated through escrow as of COE based
upon the latest available information, including, without limitation, a credit to Buyer for any rent prepaid by Tenant for the period beginning with and including the date on which the closing occurs through and including the last day of the month
in which the closing occurs. All other credits to Buyer shall be similarly prorated. Any other closing costs not specifically designated as the responsibility of either Party in the Escrow Instructions or in this Agreement shall be paid by Seller
and Buyer according to the usual and customary allocation of the same by Escrow Agent. Seller agrees that all closing costs payable by Seller ·shall be deducted from Seller’s proceeds otherwise payable to Seller at COE. Buyer shall
deposit with Escrow Agent sufficient cash to pay all of Buyer’s closing costs. Except as provided in this Section 25(a), Seller and Buyer shall each bear their own costs in regard to this Agreement. 

(b) Post-Closing Adjustment. If after COE, the parties discover any errors in adjustments and apportionments or additional information
becomes available which would render the closing prorations inaccurate, the same shall be corrected as soon after their discovery as possible. The provision of this Section 25(b) shall survive COE except that no adjustment shall be made later than
eighteen (18) months after COE unless prior to such date the Party seeking the adjustment shall have delivered a written notice to the other Party specifying the nature and basis for such claim; provided, however, in the event an adjustment is
sought due to the fact that current tax bills with respect to the Property had not yet been issued as of COE, the provisions of this Section 25(b) shall survive with respect to any closing proration of real property taxes until thirty (30) days
after Buyer’s receipt of tax bills for the period of time during which COE occurred. In the event that such claim is valid, the Party against whom the claim is sought shall have ten (10) days in which to remit any adjustment due.

 (c) Instructions. This Agreement, together with the Escrow Instructions, shall constitute escrow instructions for the
transaction contemplated herein. Such escrow instructions shall be construed as applying principally to Escrow Agent’s employment. 
 26. ESCROW CANCELLATION CHARGES. If escrow fails to close because of Seller’s default, Seller shall be liable for any cancellation charges of Escrow Agent. If escrow fails to close because of
Buyer’s default, Buyer shall be liable for any cancellation charges of Escrow Agent. If escrow fails to close for any other reason, Seller and Buyer shall each be liable for one-half of any cancellation charges of Escrow Agent. The provisions
of this Section 26 shall survive cancellation of this Agreement. 

  
 20 

 27. APPROVALS. Concerning all matters in this Agreement requiring the consent or approval of
any Party, the Parties agree that any such consent or approval shall not be unreasonably withheld unless otherwise provided in this Agreement. 
 26. ADDITIONAL ACTS. The Parties agree to execute promptly such other documents and to perform such other acts as may be reasonably necessary to carry out the purpose and intent of this Agreement.

 29. GOVERNING LAW. This Agreement shall be governed by and construed or enforced in accordance with the laws of the district
where the Property is located. 
 30. CONSTRUCTION. The terms and provisions of this Agreement represent the results of
negotiations among the Parties, each of which has been represented by counsel of its own choosing, and neither of which has acted under any duress or compulsion, whether legal, economic or otherwise. Consequently, the terms and provisions of this
Agreement shall be interpreted and construed in accordance with their usual and customary meanings, and the Parties each hereby waive the application of any rule of law which would otherwise be applicable in connection with the interpretation and
construction of this Agreement that ambiguous or conflicting terms or provisions contained in this Agreement shall be interpreted or construed against the Party whose attorney prepared the executed Agreement or any earlier draft of the same.

 31. TIME OF ESSENCE. Time is of the essence of this Agreement. However, if this Agreement requires any act to be done or
action to be taken on a date which is a Saturday, Sunday or legal holiday, such act or action shall be deemed to have been validly done or taken if done or taken on the next succeeding day which is not a Saturday, Sunday or legal holiday, and the
successive periods shall be deemed extended accordingly. 
 32. INTERPRETATION. If there is any specific and direct conflict
between, or any ambiguity resulting from, the terms and provisions of this Agreement and the terms and provisions of any document, instrument or other agreement executed in connection herewith or in furtherance hereof, including any Exhibits hereto,
the same shall be consistently interpreted in such manner as to give effect to the general purposes and intention as expressed in this Agreement which shall be deemed to prevail and control. 

33. HEADINGS. The headings of this Agreement are for reference only and shall not limit or define the meaning of any provision of this
Agreement. 
 34. FAX AND COUNTERPARTS. This Agreement may be executed by facsimile and/or in any number of counterparts.
Each party may rely upon any facsimile or counterpart copy as if it were one original document. 

  
 21 

 35. INCORPORATION OF EXHIBITS BY REFERENCE. All Exhibits to this Agreement are fully
incorporated herein as though set forth at length herein. 
 36. SEVERABILITY. If any provision of this Agreement is
unenforceable, the remaining provisions shall nevertheless be kept in effect. 
 37. ENTIRE AGREEMENT. This Agreement contains
the entire agreement between the Parties and supersedes all prior agreements, oral or written, with respect to the subject matter hereof. The provisions of this Agreement shall be construed as a whole and not strictly for or against any Party.

  
 22 

 IN WITNESS WHEREOF, Seller and Buyer have executed this Agreement as of the Effective Date.

  

							
	SELLER:	 		 	DEBORAH MAY-BUFFUM, TRUSTEE OF THE BETTY UPHAM GOURAUD TRUST
				
		 		 	By:	 	 /s/ Deborah May-Buffum, Trustee

		 		 	Deborah May- Buffum, Trustee
			
	BUYER:	 		 	 ARCTRUST EQUITIES, LLC, a New Jersey
 limited liability company

				
		 		 	By:	 	 /s/ Marc A. Perel

		 		 	Marc A. Perel, Manager

  
 23EX-10.12

 Exhibit 10.12 
 MASTER PURCHASE AGREEMENT 
 AND ESCROW INSTRUCTIONS 

Between 
 SC
GREENVILLE INVESTORS I, LLC, a Delaware limited liability company 
 SC CHARLESTON INVESTORS I, LLC, a Delaware limited liability
company 
 SC MOONVILLE INVESTORS I, LLC, a Delaware limited liability company 

ANDERSON INVESTORS I, LLC, a Delaware limited liability company 
 NC GARNER INVESTORS I, LLC, a Delaware limited liability company 
 NC KERNERSVILLE
INVESTORS I, LLC, a Delaware limited liability company 
 NC EDEN INVESTORS I, LLC, a Delaware limited liability company

 NC MADISON INVESTORS I, LLC, a Delaware limited liability company 

NC HUNTERSVILLE INVESTORS I, LLC, a Delaware limited liability company 

NC ASHEVILLE INVESTORS I, LLC, a Delaware limited liability company 

as Seller 
 and

 ARCTRUST EQUITIES, LLC, a New Jersey limited liability company, or its assignee 

as Buyer 

February 3, 2012 

 MASTER PURCHASE AGREEMENT AND ESCROW INSTRUCTIONS 

 

			
	DATED:	  	Dated to be effective as of February 3, 2012 (the “Effective Date”).
		
	PARTIES:	  	This Purchase Agreement and Escrow Instructions is between SC GREENVILLE INVESTORS I, LLC, a Delaware limited liability company, SC CHARLESTON INVESTORS I, LLC, a Delaware limited
liability company, SC MOONVILLE INVESTORS . I, LLC, a Delaware limited liability company, ANDERSON INVESTORS I, LLC, a Delaware limited liability company, NC GARNER INVESTORS I, LLC, a Delaware limited liability company, NC KERNERSVILLE INVESTORS I,
LLC, a Delaware limited liability company, NC EDEN·INVESTORS I, LLC, a Delaware limited liability company, NC MADISON INVESTORS I, LLC, a Delaware limited liability company, NC HUNTERSVILLE INVESTORS I, LLC, a Delaware limited liability
company, and NC ASHEVILLE INVESTORS I, LLC, a Delaware limited liability company, individually or collectively as the context may require, as “Seller”, and ARCTRUST EQUITIES, LLC, a New Jersey limited liability company, or its
assignee, as “Buyer”.

 WHEREAS, as of the Effective Date, Seller is the fee title owner of those certain ten (10) lots
containing improved property located at premises situated at the following addresses (each a “Parcel” and collectively, the “Premises”): 

 

							
	 Parcel
	  	 Address
	  	 City, State
	  	 Seller

	 A1
	  	 820 Mills Avenue
	  	 Greenville, SC
	  	 SC Greenville Investors I, LLC

	 A2
	  	 2566 Ashley River Road
	  	 Charleston SC
	  	 SC Charleston Investors I, LLC

	 A3
	  	 7401 Augusta Road
	  	 Moonville, SC
	  	 SC Moonville Investors I, LLC

	 A4
	  	 1405 East Greenville Street
	  	 Anderson, SC
	  	 Anderson Investors I, LLC

	 A5
	  	 790 Timber Drive
	  	 Garner, NC
	  	 NC Garner Investors I, LLC

	 A6
	  	 1101 South Main Street
	  	 Kernersville, NC NCNCNC
	  	 NC Kernersville Investors I, LLC

	 A7
	  	 625 South Van Buren Road
	  	 Eden, NC
	  	 NC Eden Investors I, LLC

	 A8
	  	 717 North Highway Street
	  	 Madison NC
	  	 NC Madison Investors I, LLC

	 A9
	  	 7920 Sam Furr Road
	  	 Huntersville, NC
	  	 NC Huntersville Investors I, LLC

	 A10
	  	 1088 Hendersonville Road
	  	 Asheville NC
	  	 NC Asheville Investors I, LLC

 as legally described on Exhibits A-1 through A-10 attached hereto (collectively, the
“Real Property”); and 

  
 2 

 WHEREAS, as of the Effective Date, each Parcel is improved with a building (each a
“Building” and collectively, the “Buildings”) which Real Property and Buildings are leased to CVS Pharmacy, or its affiliate (“Tenant”) in accordance with written leases as further described in the Lease Summary (the
“Lease Summary”) attached hereto as Exhibit B (each a “Lease” and collectively the “Leases”), and which are guaranteed by those certain Guaranties from CVS Caremark Corporation to the extent set forth in
the Lease Summary attached hereto (each a “Guaranty” and collectively, the “Guaranties”). The Real Property, the Buildings, the improvements to the Real Property (the “Improvements”), the personal property, if any, of
Seller located on the Real Property and Seller’s interest in the Leases and all rents issued and profits due or to become due thereunder and the Guaranties are hereinafter collectively referred to as the “Property”; and 

WHEREAS, Buyer desires to purchase the Property from the Seller and Seller desires to sell the Property to Buyer free and clear of all
liens, except as noted herein, all as more particularly set forth in this Purchase Agreement and Escrow Instructions (the “Agreement”). 
 NOW THEREFORE, in consideration of the promises set forth in this Agreement and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, Seller and Buyer (each,
a “Party” and, collectively, the “Parties”) hereby agree as follows: 
 1. INCORPORATION OF RECITALS.
All of the foregoing Recitals are hereby incorporated as agreements of the Parties. 
 2. BINDING AGREEMENT. This
Agreement constitutes a binding agreement between Seller and Buyer for the sale and purchase of the Property subject to the terms set forth in this Agreement. Subject to the limitations set forth in this Agreement, this Agreement shall bind and
inure to the benefit of the Parties and their respective successors and assigns. This Agreement supersedes all other written or verbal agreements between the Parties concerning any transaction embodied in this Agreement. No claim of waiver or
modification concerning the provision of this Agreement shall be made against a Party unless based upon a written instrument signed by such Party. 
 3. INCLUSIONS IN PROPERTY. 
 (a) The Property. The term
“Property” shall also include the following: Real Property; 
 (1) all tenements, hereditaments and appurtenances
pertaining to the 
 (2) all mineral, water and irrigation rights of Seller, if any, running with or otherwise pertaining to
the Real Property; 
 (3) all interest, if any, of Seller m any road adjoining the Real Property; 

  
 3 

 4) all interest, if any, of Seller in any award made or to be made or settlement in lieu
thereof for damage to the Property by reason of condemnation, eminent domain or exercise of police power; · 
 (5) all
of Seller’s interest in the Buildings, the Improvements and any other improvements and fixtures on the Real Property; · 
 (6) all of Seller’s interest, if any, in any equipment, machinery and personal property on or used in connection with the Real Property (the “Personalty”); 

(7) the Leases, the Guaranties and security deposit, if any; and, 

(8) all of Seller’s interest, to the extent transferable, in all permits and licenses (the “Permits”), warranties
(the “Warranties”), contractual rights and intangibles (including rights to the name of the Improvements as well as all construction contracts, subcontracts, architectural/engineering plans and/or agreements and similar agreements) with
respect to the design, development, construction, operation, maintenance, repair and/or improvement of the Property (collectively, the “Contracts”). 
 (b) The Transfer Documents. The Personalty shall be transferred by that certain bill of sale from Seller to Buyer, the agreed upon form of which is attached hereto as Exhibit C (the
“Bill of Sale”); the Leases and Guaranties shall be transferred by that certain assignment and assumption of lease and guaranty, the agreed upon form of which is attached hereto as Exhibit D (the “Assignment of
Lease”); the Permits, Warranties and Contracts shall be transferred by that certain assignment and. assumption agreement, the agreed upon form of which is attached hereto as Exhibit E (the “Assignment Agreement”); and
the Real Property, the Buildings and the Improvements shall be transferred and conveyed by execution and delivery of Seller’s special warranty deed, the agreed upon form of which is attached’ hereto as Exhibit F (the
“Deed”). The Bill of Sale, the Assignment of Lease, the Assignment Agreement and the Deed are hereinafter collectively referred to as the “Transfer Documents”. Seller shall deliver a set of Transfer Documents for
each Parcel being conveyed. Notwithstanding the foregoing, in the event any Warranty transfer requires the approval of the applicable warrantor and/or satisfaction of any other conditions to such transfer, Seller shall obtain such approval and
satisfy all such conditions no later than COE (as defined below), including, without limitation, payment of any fees relating thereto. Seller and Buyer (as appropriate) shall duly execute the Transfer Documents and deposit such with the Escrow
Officer (defined below) prior to the COE (defined below). 
 4. PURCHASE PRICE. The price to be paid by Buyer to Seller
for the Property is Twenty-Two Million Four Hundred and Seven Thousand Three Hundred Four and No/100 Dollars ($22,407,304.00) (the “Purchase Price”), which Purchase Price shall be allocated among the Parcels as set forth on Schedule
4 attached hereto, and is payable as follows: 
 (a) One Hundred Thousand Dollars ($100,000.00) earnest money (said deposit,
together with all interest earned or accrued thereon, the “Earnest Money Deposit”) to be deposited in escrow with First American Title National Commercial Services, The Esplanade Commercial Center, 2425 E. Camelback Road, Suite 300,
Phoenix, Arizona 85016, Attention: Brandon Grajewski (“Escrow Agent”) not later than four (4) business days following the receipt by Escrow Agent of a fully-executed original of this Agreement (said receipt by Escrow Agent of both a
fully-executed original of this Agreement and the Earnest Money Deposit, the “Opening of Escrow”), which Earnest Money Deposit is to be held by Escrow Agent until released to Seller or Buyer as provided herein or paid to Seller at close of
escrow (“COE”); 

  
 4 

 (b) Subject to all conditions precedent herein, Twenty-Two Million Three Hundred Seven
Thousand Three Hundred Four and No/100 Dollars ($22,307,304.00) in additional cash, or other immediately available funds (as may be increased or decreased by such sums as are required to take into account any additional deposits, prorations,
credits, or other adjustments required by this Agreement), to be deposited in escrow with Escrow Agent on or before COE, which sum is to be held by Escrow Agent until cancellation of this Agreement as provided herein or paid to Seller at COE.

 5. DISPOSITION OF EARNEST MONEY DEPOSIT. Seller and Buyer hereby instruct Escrow Agent to place the Earnest Money
Deposit in a federally insured interest-bearing passbook account on behalf of Seller and Buyer. If escrow closes, the Earnest Money Deposit shall be credited to Buyer, automatically applied against the Purchase Price and paid to Seller at COB. If
escrow does not close, the Earnest Money Deposit shall be applied as set forth in this Agreement. 
 6. PRELIMINARY TITLE
REPORT AND OBJECTIONS. (a) Within ten (10) days after the Opening of Escrow, Escrow Agent shall deliver a current Preliminary Title Report (each, a “Report”) for an ALTA extended coverage title insurance policy (each, an
“Owner’s Policy”) for each Parcel to Buyer and Seller. Each Report shall show the status of title to the corresponding Parcel as of the date of such Report and shall also describe the requirements of Escrow Agent for the issuance of
the Owner’s Policy as described herein. The cost of each Owner’s Policy shall be paid by the Buyer. In addition to the Report, Escrow Agent shall simultaneously deliver to Buyer legible copies of all documents identified in Part Two of
Schedule B of each Report. 
 (b) If Buyer is dissatisfied with any exception to title as shown in any Report and/or any matter
disclosed by any Survey (defined below) (collectively, the “Objectionable Matters”), then Buyer may either, by giving written notice thereof to Escrow Agent and Seller (i) on or before expiration of the Study Period (as defined
below) or (ii) five (5) business days from Buyer’s receipt of such Report and Survey, whichever is later, (x) cancel this Agreement, whereupon the Earnest Money Deposit shall be returned to Buyer together with all documents
deposited in escrow by Buyer, or (y) provisionally accept the title subject to Seller’s agreement to cause the removal of or otherwise cure the Objectionable Matters, in which case Seller shall (at its sole cost) remove or otherwise cure
the Objectionable Matters before COB. Seller shall notify Buyer in writing within five (5) days after receiving Buyer’s written notice of disapproval or objection, if Seller does not intend to remove (or cause the Escrow Agent to endorse
over, to Buyer’s satisfaction) or otherwise cure any such Objectionable Matters. Seller’s lack of response shall be deemed as Seller’s refusal to remove or otherwise cure the Objectionable Matters prior to COB. If written notice of
dissatisfaction is not timely given by Buyer to Seller pursuant to this Section 6, then Buyer shall be deemed to have disapproved of the condition of the title of the Property as shown by the Report, and shall have elected to terminate this
Agreement in accordance with clause (x) of this paragraph (b). 

  
 5 

 (c) In the event any Report is amended to include new exceptions that are not set forth in
a prior Report, Buyer shall have until the later of (i) the expiration of the Study Period, or (ii) the date that is five (5) business days after Buyer’s receipt of the amended Report and copies of the documents identified in the
new exceptions or new requirements, within which to (x) cancel this Agreement and receive a refund of the Earnest Money Deposit, or (y) provisionally accept the title subject to Seller’s agreement to cause the removal of or otherwise
cure the Objectionable Matters. Seller shall notify Buyer in writing within five (5) days after receiving Buyer’s written notice of disapproval or objection, if Seller does not intend to remove (or cause the Escrow Agent to .endorse over,
to Buyer’s satisfaction) or otherwise cure any such Objectionable Matters. Seller’s lack of response shall be deemed as Seller’s refusal to satisfy the Objectionable Matters prior to COE. 

(d) If Seller serves notice to Buyer that Seller does not intend to remove or otherwise cure the Objectionable Matters before COE
pursuant to · section 6(b) or 6(c) above, or does not otherwise respond to Buyer’s objections, Buyer shall, within ten (10) days thereafter, notify Seller and Escrow Agent in writing of Buyer’s election to either
(i) terminate this Agreement, whereupon the Earnest Money Deposit shall be returned to Buyer and all other obligations under this Agreement shall terminate, or (ii) Buyer may waive such Objectionable Matters and the transaction shall close
as scheduled. If written notice of such election is not timely given by Buyer pursuant to the foregoing sentence, then Buyer shall be deemed to have elected to terminate this Agreement in accordance with clause (i) of the preceding sentence. If
Seller agrees to remove or otherwise cure the Objectionable Matters but fails or is unable to do so by the scheduled COE date, or if Buyer otherwise receives notice that Seller has failed or refused to remove or otherwise cure the Objectionable
Matters, Buyer shall, within ten (10) days of either said COE date or its receipt of notice of such failure or inability, notify Seller and Escrow Agent in writing of Buyer’s election to either (i) declare Seller to be in default
under this Agreement and terminate this Agreement, whereupon the Earnest Money Deposit shall be returned to the Buyer, Seller shall promptly reimburse Buyer for all out-of-pocket cost incurred by Buyer and all other obligations under this Agreement
shall terminate, or (iii) waive such Objectionable Matters whereupon the transaction shall close five (5) business days after Buyer notifies Seller of such election. If written notice of such election is not timely given by Buyer pursuant
to the foregoing sentence, then Buyer shall be deemed to have elected to terminate this Agreement in accordance with clause (i) of the preceding sentence. 
 7. BUYER’S STUDY PERIOD. 
 (a) The Study Period. Buyer shall have until
11:59- p.m. ET on the thirtieth (30th) day after the Buyer’s receipt of written notice from Seller that the Inspection Period under Article V of the AIN Contract (as defined in Section 12.2 below) has been satisfied or waived by the
Buyer under the AIN Contract, within which to conduct and approve any investigations, studies or test deemed necessary by Buyer, in Buyer’s sole discretion and at Buyer’s sole cost, to determine the feasibility of acquiring the Property,
including, without limitation, Buyer’s right to: (i) review and approve the Survey, the Lease, the Guaranty and Seller’s operating statements with respect to each Parcel, and the Contracts; (ii) meet and confer with Tenant; and,
(iii) obtain, review and approve an environmental study of the Real Property and Buildings (collectively, “Buyer’s Diligence”). 

  
 6 

 (b) Right of Entry. Subject to the prior rights of the Tenant in the Property, Seller
hereby grants to Buyer and Buyer’s agents, employees and contractors the right to enter upon the Property, at any time or times prior to COE, upon reasonable advance notice to Seller, to conduct Buyer’s Diligence. Any entry on the Property
shall be conducted in a manner so as to not unreasonably interfere with the Tenants’ business operations on the Property,· Buyer shall not perform ·any invasive or destructive testing or examination without advance written
permission of the Seller, which permission shall not be Unreasonably withheld, and Buyer shall promptly thereafter restore the Property to its condition immediately preceding such testing or examinations. In consideration therefor, Buyer shall and
does hereby agree to indemnify and hold Seller harmless from and against any and all claims for expenses, costs, losses, liabilities and/or damages asserted against Seller, including, but not limited to, court costs and reasonable attorneys’
fees; which may be incurred by Seller solely as a direct result of Buyer’s Diligence provided that Buyer shall not be responsible for any damages resulting from a mere discovery of a pre-existing condition at the Real Property. Buyer’s
indemnity and hold harmless obligation shall survive cancellation of this Agreement or COE. 
 (c) Cancellation. Unless Buyer so
notifies Seller or Escrow Agent, in w1iting, on or before the end of the Study Period of Buyer’s acceptance of Buyer’s Diligence as to the Parcels and waiver of the contingencies as set forth in this Section 7, for any or no
reason, this Agreement shall be canceled and the Earnest Money Deposit shall be returned immediately to Buyer and, except as otherwise provided in this Agreement, neither of the Parties shall have any further liability or obligation under this
Agreement. In addition, Buyer shall have the right at any time during the Study Period to send written notice to Seller terminating this Agreement for any or no reason for the entire Property and the ·Earnest Money Deposit shall be returned
immediately to Buyer and, except as otherwise provided in this Agreement, neither of the Parties shall have any further liability or obligation under this Agreement. 
 (d) Tenant Right of First Refusal or Right of First Offer. If any Lease contains a tenant right of first refusal or right of first offer (either such right, a “ROFR”), the parties hereby agree
that the Study Period shall commence and run as set forth in Section 7(a) above, and commencement thereof shall not be tolled pending receipt of a written waiver of such ROFR by Tenant; provided, however, that in return therefor, Seller
hereby agrees that, in the event Tenant does give notice of its intent to exercise an ROFR or does· actually exercise the ROFR, Seller shall promptly reimburse to Buyer all reasonable out-of-pocket and third-party property diligence expenses
incurred by Buyer, including, without limitation, reasonable attorneys’ fees and costs. 

  
 7 

 8. DELIVERY OF SELLER’S DILIGENCE MATERIALS. 

(a) Deliveries to Buyer. Seller agrees to deliver to Buyer within five (5) days of the Opening of Escrow the information in
Seller’s possession or control relating to the leasing, operating, maintenance, construction (including any Certificate of Occupancy for the Property), repair, zoning (including any zoning verification letters), platting, engineering, soil
tests, water tests, environmental tests, market studies, master planning, architectural drawings and like matters regarding each Parcel and/or the Tenant (collectively, “Seller’s Diligence Materials”), all at no cost to Buyer. The
information may be provided in electronic format. The foregoing deliveries shall inch,1de, but· not be limited to, copies of: (i) the Leases, including all amendments thereto, guaranties thereof and assignments thereof; (ii) the
site plan with respect to, and survey of the Property; (iii) copies of all Contracts, Warranties and Permits; and (iv) Phase I Reports, Phase II Reports and any other environmental reports in Seller’s possession or control concerning
the Property. Should Seller receive new or updated information regarding any of the matters set forth in this Section 8(a) after the· Effective Date and prior to COE, Seller will immediately notify Buyer of such fact and will promptly
deliver complete copies thereof to Buyer. Any documents furnished to Buyer by Seller relating to the Property including, without limitation, rent rolls, service agreements, management contracts, maps, surveys, studies, pro­ formas, reports and
other information, including but not limited to the Seller’s Diligence Materials, shall be deemed furnished as a courtesy to Buyer but without warranty from Seller, except that Seller represents and warrants that such documents furnished to
Buyer shall be complete copies of the documents in Seller’s possession. 
 (b) Delivery by Buyer. If this Agreement
is canceled for any reason, except Seller’s willful default hereunder, Buyer agrees to deliver to Seller upon payment by Seller to Buyer of Buyer’s cost thereof, copies of those investigations, studies and/or tests which Buyer may have
elected to obtain. 
 9. THE SURVEY. Promptly after the Opening of Escrow, Buyer shall order from a surveyor licensed in
the State where the Parcel is located a current, certified ALTA As-Built survey of the Real Property, Building and Improvements for each Parcel (each a “Survey”), whereupon the legal description in the Survey shall control over the
description in Exhibit A attached hereto to the extent they may be inconsistent. The Survey shall set forth the legal description and boundaries of the Property and all easements, encroachments and improvements thereon. Buyer shall pay for the cost
of the Survey. 
 10. IRS SECTION 1445. Seller shall furnish to Buyer in escrow by COE a sworn affidavit (the
“Non-Foreign Affidavit”) stating under penalty of perjury that Seller is not a “foreign person” as such term is defined in Section 1445(f)(3) of the Internal Revenue Code of 1986, as amended (the “Tax
Code”). If Seller does not timely furnish the Non-Foreign Affidavit, Buyer may withhold (or direct Escrow Agent to withhold) from the Purchase Price, an amount equal to the amount required to be so withheld pursuant to Section 1445(a)
of the Tax Code, and such withheld funds shall be deposited with the Internal Revenue Service as required by such Section 1445(a) and the regulations promulgated thereunder. The amount withheld, if any, shall nevertheless be deemed to be part
of the Purchase Price paid to Seller. 
 11. DELIVERY OF POSSESSION. Seller shall deliver possession of the Property to
Buyer at COE subject only to the rights of Tenant under the Leases as approved by Buyer as part of Buyer’s Diligence. 

  
 8 

 12. CONDITIONS PRECEDENT. 

12.1 BUYER’S CONDITIONS PRECEDENT. In addition to all other conditions precedent set forth in this Agreement, Buyer’s
obligations to perform under this Agreement and . to close escrow are expressly subject to the following: · 
 (a) the
deposit by Seller to Escrow Agent, for delivery to Buyer at COE, of the original Transfer Documents duly executed by Seller for each Parcel; 
 (b) the issuance of the Owner’s Policy (or a written commitment therefor) subject only to those matters approved or deemed approved by Buyer pursuant to Section 6(e) of this Agreement for
each Parcel; 
 (c) the delivery by Seller to Buyer at COE of all security deposits and pre- paid/abated rents under the Leases
for such Property, if any, in the form of a credit in favor of Buyer against the Purchase Price for each Parcel; 
 (d) the
deposit by Seller with Escrow Agent (for delivery to Buyer at COE) not later than five (5) business days prior to COE of an original estoppel certificate for each Parcel in substantially the form attached hereto at Exhibit G,
dated not more than forty-five (45) days prior to COE, (ii) if required by Buyer, a subordination, non-disturbance and attornment agreement executed by Tenant, in form attached to the Lease (or if no form is attached to the Lease in the
form and substance reasonably acceptable to Tenant), for the benefit of Buyer’s lender, if any for each Parcel (Buyer agrees to make such application and be responsible for the cost of the same, if any), and (iii) to the extent such
REA’s require the delivery of the same by the parties therein, Seller will apply for. and use commercially reasonable efforts to obtain an original estoppel certificate executed by all other parties to any applicable reciprocal easement
agreement or declaration of covenants, conditions and/or restrictions on each Parcel (the “REA’s”) and addressed or certified to Buyer and its Lender, if any, stating that such instrument is ip full force and effect and is not
modified (except as disclosed in such estoppel certificate) and, to the best knowledge of the party giving the estoppel, the other party or parties thereto is/are not in default under the applicable instrument and all amounts, if any, owing under
the applicable agreement have been paid in full; 
 (e) the deposit with Escrow Agent and Buyer prior to the expiration of the
Study Period of an executed waiver by Tenant of any right of first refusal under the Leases, if applicable; 
 (f) the deposit
with Escrow Agent of an executed affidavit of Seller and such other documentation as may be reasonably required by Escrow Agent to allow for the deletion of any mechanics’ lien exception from the Owner’s Policy and any Gap affidavits or
undertakings required by the Title Company for each Parcel; 
 (g) intentionally deleted; 

(h) the deposit with Escrow Agent, for delivery to Buyer at COE, of a letter from Seller to Tenant requesting that future rent under the
Leases be paid to Buyer; 

  
 9 

 (i) intentionally deleted; 

(j) there has been no “Insolvency Event” with respect to the Tenant. As used in this subsection (j), an “Insolvency
Event” shall have occurred if the Tenant becomes insolvent within the meaning of the United States Bankruptcy Code, 11 U.S.C. Sec. 101 et seq., as amended (the “Bankruptcy Code”), files or notifies Seller or any affiliate of
Seller that it intends to file a petition under the Bankruptcy Code, initiates a proceeding under any similar law or statute relating to bankruptcy, insolvency, reorganization, winding up or adjustment of debts (collectively, hereinafter, an
“Action”), becomes the subject of either a petition under the Bankruptcy Code or an Action, or is not generally paying its debts as the same become due; · 
 (k) intentionally deleted; 
 (1) to the extent in Seller’s possession,
delivery to Buyer of copies of the original, fully-executed Leases, and a copy of all guaranties thereof, all exhibits, amendments and other modifications thereto, and, if seller is not the original landlord under the Leases, all assignments
necessary to establish that Seller is the successor-in-interest to the landlord’s rights under the Leases; and 
 (m) to
the extent in Seller’s possession or control, the deposit by Seller with Escrow Agent, for delivery to Buyer at COE, of originals of the Contracts,· Warranties and Permits, if any, in the possession of Seller or Seller’s agents,
including, without limitation, any warranties covering the roof or any other part of the Improvements, and any correspondence with respect thereto, together with such non-proprietary leasing and property manuals, files and records which are material
in connection with the continued operation, leasing and maintenance of the Property. 
 If the foregoing conditions have not been satisfied by
the specified date or COE as the case may be, then Buyer shall have the right, at Buyer’s sole option, by giving written notice to Seller and Escrow Agent, to (i) cancel this Agreement, whereupon the Earnest Money Deposit shall be paid
immediately by Escrow Agent to Buyer and, except as otherwise provided in this Agreement, neither of the Parties shall have any further liability or obligation under this Agreement, or (ii) extend such specified date or COE, as applicable, for
such amount of time as Buyer deems reasonably necessary to allow Seller to satisfy such conditions. 
 The satisfaction of the
closing obligations and the closing of any Parcel is contingent upon the satisfaction of the closing obligations and the closing of any other Parcel. 
 12.2 SELLER’S CONDITIONS PRECEDENT. In addition to all other conditions precedent set forth in this Agreement, Seller’s obligations to perform under this Agreement and to close escrow are
expressly subject to the following: 
 (a) Seller (or its affiliates) are the Purchaser, and AIN Partners LP, a Delaware limited
partnership (“AIN”), is the Seller under a Contract of Sale dated                    2012, for the sale and purchase of 23 CVS zero
coupon stores (the “AJN Contract”). In the event the AIN Contract is terminated for any reason other than breach by Buyer, this Agreement shall terminate automatically whereupon the Earnest Money shall be returned to Buyer and the
parties shall have no further rights, duties or obligations hereunder except with respect to the provisions of this Agreement which expressly survive the termination of this Agreement. Seller shall not be required to close as to the Property under
this Agreement until all open contingencies of AIN under the AIN Contract have been satisfied or waived in writing by AIN. 

  
 10 

 If the foregoing conditions have not been satisfied or waived by Seller by COE, then Seller
shall have the right, at Seller’s sole option, by giving written notice to Buyer and Escrow Agent prior to COE, to cancel this Agreement, whereupon the Earnest Money Deposit shall be returned immediately by Escrow Agent to Buyer and, except as
otherwise provided in this Agreement, neither of the Parties shall have any further liability or obligation under this Agreement. 
 13. SELLER’S REPRESENTATIONS WARRANTIES AND COVENANTS. 
 (a) Seller
hereby represents and warrants to Buyer as of the Effective Date and again as of COE for each Parcel that: 
 (i) to
Seller’s knowledge, there are no unrecorded leases (other than the Lease), liens or encumbrances which may affect title to the Property; any existing financing secured by the Property or any part thereof shall be satisfied and discharged in
full at or prior to · COE and any liens or encumbrances relating thereto shall be terminated and released of record at or prior to COE; 
 (ii) to Seller’s knowledge, no notice of violation has been issued with regard to any applicable regulation, ordinance, requirement, covenant, condition or restriction relating to the present use or
occupancy of the Property by any person, authority or agency having jurisdiction; 
 (iii) to Seller’s knowledge, there are
no intended public improvements which will or could result in any charges being assessed against the Property which will result in a lien upon the Property; 
 (iv) to Seller’s knowledge, there is no impending or contemplated condemnation or taking by inverse condemnation of the Property, or any portion thereof, by any governmental authorities; 

(v) there are no suits .or claims pending or to Seller’s knowledge, threatened with respect to or in any manner affecting the
Property or the Tenant, nor does Seller know of any circumstances which should or could reasonably form the basis for any such suits or claims which have not been disclosed in writing to Buyer by Seller; 

(vi) Seller has not entered into and there is not existing any other agreement, written or oral, under which Seller is or could become
obligated to sell the Property, or any portion thereof, to a third party, except for any right of first refusal under the Leases; 

  
 11 

 (vii) Seller has not taken any action before any governmental authority having jurisdiction
there over, the object of which would be to change the present zoning of or other land-use limitations, upon the Property, or any portion thereof, or its potential use, and, to Seller’s knowledge after due inquiry, there are no pending
proceedings, the object of which would be to change the present zoning or other land-use limitations; 
 (viii) to Seller’s
knowledge, this transaction will not in any way violate any other agreements to which Seller is a party; 
 (ix) Seller has full
power and authority to execute, deliver and perform under this Agreement as well as under the Transfer Documents, the agreed upon forms of which are attached hereto as Exhibits; 

(x) to Seller’s knowledge, no default of Seller exists under the Lease; Seller has not sent any written notice of default to Tenant
and, to Seller’s knowledge, no default of Tenant exists under the Lease; Seller has not received any notice or correspondence from Tenant or Tenant’s agents indicating Tenant’s desire, willingness or intent to amend, modify, assign or
terminate the Lease nor any notice or correspondence requesting the consent of Seller to any of the foregoing; the Guaranty is in full force and effect; 
 (xi) except as set forth in the Leases, Tenant is not entitled to any free rent periods or rental abatements, concessions or other inducements for any period subsequent to COB; 

(xii) Intentionally deleted; 
 (xiii) to Seller’s knowledge, all amounts due and payable by Seller under the Contracts and the REA’s have been paid in full and no default of Seller exists under any of the Contracts or any of
the REA’s and, to Seller’s knowledge, no default of any other party exists under any of the Contracts or any of the REA’s; 
 (xiv) no consent of any third party is required in order for Seller to enter into this Agreement and perform Seller’s obligations hereunder, except to the extent a Tenant has a right of first refusal
under a Lease; 
 (xv) except as set forth in Seller’s Diligence Materials, Seller has no actual knowledge that there
exists or has existed, and Seller itself has not caused any generation, production, location, transportation, storage, treatment, discharge, disposal, release or threatened release upon, under or about the Property of any” Hazardous Materials.
“Hazardous Materials” shall mean any flammables, explosives, radioactive materials, hazardous wastes, hazardous and toxic substances or related materials, asbestos or any material containing asbestos (including, without limitation, vinyl
asbestos tile), or any other substance or material, defined as a “hazardous substance” by any federal, state, or local environmental law, ordinance, rule or regulation including, without limitation, the Federal Comprehensive Environmental
Response Compensation and Liability Act of 1980, as amended, the Federal Hazardous Materials Transportation Act, as amended, the Federal Resource Conservation and Recovery Act, as amended, and the rules and regulations adopted and promulgated
pursuant to each of the foregoing; 

  
 12 

 (xvi) except as set forth in Seller’s Diligence Materials, to Seller’s actual
knowledge, there is not now, nor has there ever been, on or in the Property underground storage tanks, any asbestos-containing materials or any polychlorinated biphenyls, including those used in hydraulic oils, electric transformers, or other
equipment; 
 (xvii) to Seller’s knowledge, there are no proceedings pending· for the increase of the assessed
valuation of the Real Property; 
 (xviii) the execution, delivery and performance of this Agreement and the Transfer Documents,
the agreed upon forms of which are attached hereto as Exhibits; have not and will not constitute a breach or default under any other agreement, law or court order under which Seller is a party or may be bound; 

(xix) to Seller’s knowledge, Seller has not withheld any information within its possession or of which it is actually aware
regarding the Property or any part thereof that would reasonably be considered by an experienced purchaser to be material to that purchaser’s decision to acquire the Property; 

(xx) except as specifically set forth in the Leases or Seller’s Due Diligence Materials, Tenant has no right of first offer or first
refusal to purchase the Property or any portion thereof. Seller has performed and will continue to perform all of the obligations, and has observed and will observe all of the covenants, required of the landlord under the Leases arising prior to the
date of the Closing. Except as specifically set forth ·in the Leases, there are no agreements with either Tenant for the performance of any work by Seller, as landlord, at the Property; and, 

(xxi) to Seller’s knowledge, there are no sale, listing or leasing commission obligations affecting the Leases or the Property as of
the date hereof, except .with regard to the sale commission of the Broker which shall be paid by Seller at COE, and no such agreements shall affect the Leases or the Property as of the date of the COE. 

(b) Further, Seller hereby covenants to Buyer as of the Effective Date as to each Parcel that: 

(i) Seller will not enter into nor execute any agreement, written or oral, under which Seller is or could become obligated to sell the
Property, or any portion thereof, to a third party, without Buyer’s prior written consent; 
 (ii) Seller will not, without
the prior written consent of Buyer, take any action before any governmental authority having jurisdiction thereover, the object of which would be to change the present zoning of or other land-use limitations, upon the Property, or any portion
thereof, or its potential use; 

  
 13 

 (iii) except for any item to be prorated at COE in accordance with this Agreement, all
bills or other charges, costs or expenses arising out of or in connection with or resulting from Seller’s use, ownership, or operation of the Property up to COE, unless the Tenant’s responsibility under any Lease, shall be caused by Seller
to be paid in full; 
 (iv) all general real estate taxes, assessments and personal property taxes that have become due with
respect to the Property (except for those that will be prorated at COE) have been paid or will be so paid pursuant to the terms of each Lease; 
 (v) between the Effective Date and COE or any earlier termination of this Agreement, Seller shall not execute or enter into· any lease with respect to the Property or any part thereof, or
terminate, amend, modify, extend or waive any rights under the Lease or the Guaranty without Buyer’s prior written consent, which consent may be withheld at Buyer’s sole discretion; 

(vi) between the Effective Date and COE or any earlier termination of this Agreement, Seller shall, at its sole cost: 

(1) continue to operate the Property as heretofore operated by Seller subject to Buyer’s rights under this Agreement to direct
specific activities of Seller; 
 (2) maintain or cause Tenant to maintain the Property in its . current condition and perform
required and routine maintenance and make replacements of each part of the Property that is tangible property (whether real or personal) and perform repairs or make replacements to any broken, defective or malfunctioning portion the Property that is
tangible property (whether real or personal) as the relevant conditions require; 
 (3) pay or cause Tenant to pay (as
applicable) prior to COE, all sums due for work, materials or services furnished or otherwise incurred in the ownership, use or operation of the Property up to COE; 
 (4) comply or cause Tenant to comply with all governmental requirements applicable to the Property; 
 (5) except as required by a governmental agency, not place or permit to be placed on any portion of the Property any new improvements of any kind or remove or permit any improvements to be removed from
the Property without the prior Written consent of Buyer; 
 (6) without Buyer’s prior written consent, Seller shall not,
by voluntary or intentional act or omission to act, further cause or create any easement, encumbrance, or mechanic’s or materialmen’s liens, and/or similar liens or encumbrances to arise or to be imposed upon the Premises or any portion
thereof that affects title thereto, or to allow any amendment or modification to any existing easements or encumbrances; and 

(7) cause Tenant to comply in all respects with the terms, covenants and conditions of the Lease; 

  
 14 

 (vii) Seller shall and hereby does assign to Buyer, effective as of COE, all claims,
counterclaims, defenses, or actions, whether at common law, or pursuant to any other applicable federal or state or other laws which Seller may have against any third parties relating to the existence of any Hazardous Materials in, at, on, under or
about the Property (including Hazardous Materials released on the Property prior to COE and continuing in existence on the Property at COE); 
 (viii) Seller shall not, without the prior written consent of Buyer, provide a copy of, nor disclose any of the terms of, this Agreement to any appraiser; and 

(c) Should Seller receive notice or knowledge of any information that qualifies any of the matters set forth in this Section 13
after the Effective Date and prior to COE, Seller will immediately notify Buyer of the same in writing. 
 All representations,
warranties and covenants made in this Agreement by Seller shall survive the execution and delivery of this Agreement and COE for one (1) year after COE. Seller shall and does hereby indemnify against and hold Buyer harmless from any loss,
damage, liability and expense, together with all court costs and attorneys’ fees which Buyer may incur, by reason of any material misrepresentation by Seller or any material breach of any of Seller’s warranties or covenants. Seller’s
indemnity and hold. harmless obligations shall survive COE for a period of one (1) year. After COE, the aggregate liability of Seller with respect to all claims hereunder shall not exceed $100,000 per Parcel Notwithstanding the foregoing, no
representation, warranty, covenap.t or agreement made in this Agreement by Seller shall survive the Closing relative to any matters disclosed in the Seller’s Diligence Materials or known to Buyer to be untrue or incorrect and of which Seller is
not notified by Buyer prior to or at Closing. Buyer further acknowledges that Seller has no duty of investigation and inquiry in determining whether or not the Property is suitable for Buyer’s purpose. Buyer is deemed to have constructive
knowledge of all information contained in the Seller’s Diligence Materials and information that could be reasonably inferred from such Seller’s Diligence Materials. 
 14. BUYER’S REPRESENTATIONS WARRANTIES AND COVENANTS. 
 (a) Buyer
hereby represents and warrants to Seller as of the Effective Date and again as of COE that: 
 (i) this transaction will not in
any way violate any other agreement to which Buyer is a party; 
 (ii) Buyer has full power and authority to execute, deliver
and perform under this Agreement as well as under the Transfer Documents, the agreed upon forms of which are attached hereto as Exhibits; 
 (iii) no consent of any third party is required in order for Buyer to enter into this Agreement and perform Buyer’s obligations hereunder; 

  
 15 

 (iv) there are no actions or proceedings pending or to Buyer’s knowledge, threatened
against Buyer which may in any manner whatsoever affect the validity or enforceability of this Agreement or any of the documents, the agreed upon forms of which are attached hereto as Exhibits; · 

. (v) Buyer is a sophisticated investor with substantial experience investing in assets as the same type as the Property and Buyer
has the financial capacity to make the investment described herein; and 
 (vi) the execution, delivery and performance of this
Agreement and the Transfer Documents, the agreed upon forms of which are attached hereto as Exhibits, have not and will not constitute a breach or default under any other agreement, law or court order under which Buyer is a party or may be bound.

 (b) Further, Buyer hereby covenants to Seller as of the Effective Date that: 

(i) should Buyer receive notice or knowledge of any information regarding any of the matters set forth in this Section 14 after the
Effective Date and prior to COE, Buyer will promptly notify Seller of the same in writing. 
 All representations, warranties
and covenants made in this Agreement by Buyer shall survive the execution and delivery of this Agreement and COE for one (1) year after COE. Buyer shall and does hereby indemnify against and hold Seller harmless from any loss, damage, liability
and expense, together with all court costs and attorneys’ fees, if awarded by a court of law, which Seller may incur, by reason of any material misrepresentation by Buyer or any material breach of any of Buyer’s warranties or covenants.
Buyer’s indemnity and hold harmless obligations shall survive COE for a period of one (1) year. After COE, the aggregate liability of Buyer with respect to all claims hereunder shall not exceed $100,000 per Parcel. 

15. “AS IS” SALE — NO ADDITIONAL REPRESENTATIONS OR WARRANTIES OF SELLER. BUYER ACKNOWLEDGES AND AGREES
THAT, EXCEPT AS EXPRESSLY SPECIFIED IN SECTION 13 OF THIS AGREEMENT OR ANY OF THE TRANSFER DOCUMENTS EXECUTED IN CONNECTION THEREWITH, SELLER HAS NOT MADE, AND SELLER HEREBY SPECIFICALLY DISCLAIMS, ANY REPRESENTATION OR WARRANTY OF ANY KIND, ORAL OR
WRITTEN, EXPRESS OR IMPLIED, OR ARISING BY OPERATION OF LAW, WITH RESPECT TO THE PROPERTY, TENANTS OR GUARANTOR, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OR REPRESENTATIONS AS TO HABITABILITY, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
TITLE, ZONING, TAX CONSEQUENCES, PHYSICAL OR ENVIRONMENTAL CONDITION, UTILITIES, OPERATING HISTORY OR PROJECTIONS, VALUATION, GOVERNMENTAL APPROVALS·, THE COMPLIANCE OF THE PARCELS OR IMPROVEMENTS WITH GOVERNMENTAL LAWS, THE TRUTH OR ACCURACY
OF ANY INFORMATION PROVIDED BY OR ON BEHALF OF SELLER TO BUYER, THE FINANCIAL CONDITION OF THE GUARANTOR OR TENANTS, OR ANY OTHER MATTER OR THING REGARDING GUARANTOR, THE PARCELS, IMPROVEMENTS OR TENANTS. BUYER AGREES TO ACCEPT THE PARCELS,
IMPROVEMENTS AND ACKNOWLEDGES THAT THE SALE OF THE PROPERTY AS PROVIDED FOR HEREIN IS MADE BY SELLER ON AN “AS IS, WHERE IS, AND WITH ALL FAULTS” BASIS. BUYER IS AN EXPERIENCED BUYER OF PROPERTIES SUCH AS THE PROPERTY AND BUYER HAS MADE OR
WILL MAKE BUYER’S OWN INDEPENDENT INVESTIGATION OF THE PARCELS OR IMPROVEMENTS. THE PROVISIONS OF THIS SECTION SHALL SURVIVE THE CLOSING HEREUNDER. 

  
 16 

 16. Intentionally deleted. 

17. RENTS AND DEPOSITS. Seller and Buyer agree that, in addition to all other conditions and covenants contained herein, Seller shall
deliver to Buyer and Escrow Agent not later than the day immediately prior to COE information, certified by Seller to be true and accurate as of the date thereof and as of the date of COE, for each Parcel, with respect to (i) the amount of
Tenant’s security deposit under the Lease, if any, and (ii) prepaid and/or abated rents, including, without limitation, the amount thereof and the date to which such rents have been paid. 

18. BROKER’S COMMISSION. Concerning any brokerage commission, the Parties agree as follows: 

(a) the Parties warrant to one another that they have not dealt with any finder, broker or realtor in connection with this Agreement
except for Sean O’Shea at BCR Advisors (the “Broker”); and 
 (b) if any person shall assert a claim to a
finder’s fee or brokerage commission on account of alleged employment as a finder or broker in connection with this Agreement, including the Broker, the Party under whom the finder or broker is claiming shall indemnify and hold the other Patty
harmless from and against any such claim and all costs, expenses and liabilities incurred in connection with such claim or any action or proceeding brought on such claim, including, but not limited to, counsel and witness fees and court costs in
defending against such claim. The provisions of this subsection shall survive cancellation of this Agreement or COE; and 
 (c)
Seller shall be responsible for the payment of the commission to the Broker pursuant to a separate written agreement between Seller and the Broker, which commissions shall only be paid upon COE and Seller’s receipt of the Purchase Price.

 19. CLOSE OF ESCROW. COE shall be on or before 5:00p.m. ET on the later of the thirtieth (30tl) day after the expiration
of the Study Period or the first (1st) business day after satisfaction of all contingencies to COE, but in no event later than the ninetieth day after the expiration of the Study Period (the “Closing Date”). 

20. BINDING VALIDITY. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
heirs, personal representatives, successors and assigns. Buyer may designate someone other than Buyer, as grantee and/or an assignee, under the Transfer Documents for each Parcel by providing written notice of such designations prior to COE. No such
designation or assignment will release or relieve Buyer of its obligations under this Agreement. 

  
 17 

 21. RISK OF LOSS. Seller shall bear all risk of loss resulting from or related to
damage of or to the Property or any part thereof which may occur prior to COE. Seller shall also bear all risk of loss resulting from or related to a taking or condemnation of the Prope1ty or any part thereof with respect to which written notice of
a proposed condemnation or taking is received, a condemnation proceeding is commenced, a condemnation proceeding is concluded or all or any part of the Property is conveyed in lieu of condemnation prior to COE (any such damage, taking or
condemnation event a “Risk of Loss Event”). In the event of any Risk of Loss Event prior to COE, Buyer may, at Buyer’s sole option, by written notice to Seller and Escrow Agent, cancel this Agreement whereupon the Earnest Money
Deposit shall be paid immediately by Escrow Agent to Buyer and, except as otherwise provided in this Agreement, neither of the Parties shall have any further liability or obligation hereunder. In the alternative, Buyer may attempt to negotiate an
appropriate downward adjustment of the Purchase Price. If Seller and Buyer cannot agree upon such a downward adjustment within a reasonable period (not to exceed ten (10) days from the date Buyer receives notice of the loss) Buyer may cancel or
terminate this Agreement as provided above. In the event of any Risk of Loss Event which does not result in a Cancellation of this Agreement or termination of this Agreement, Seller shall at COE and as a condition precedent thereto, pay Buyer or
credit Buyer against the Purchase Price the amount of any insurance or condemnation proceeds actually received, or assign. to Buyer, as of COE and in a form acceptable to Buyer, all rights or claims for relief to the same, and credit to Buyer an
amount equal to the deductible (if any) under the insurance policy. 
 22. REMEDIES. 

(a) Seller’s Breach. If Seller breaches· this Agreement, including, without limitation, a breach of any representation or
warranty of Seller set forth herein and/or the failure of Seller to satisfy any conditions precedent to COE specified in Section 12 above that are within Seller’s control, Buyer may, at Buyer’s sole option, either: (i) by written
notice to Seller and Escrow Agent, cancel this Agreement whereupon the Earnest Money Deposit shall be paid immediately by Escrow Agent to Buyer, Seller shall promptly reimburse to Buyer its reasonable out-of-pocket and third-party property diligence
expenses (not to exceed $100,000.00) and, except as otherwise provided in this Agreement, neither of the Parties shall have any further liability or obligation hereunder; (ii) extend the date scheduled for COE for such reasonable period of time
as may be required to permit Seller to cure or remedy such breach, provided such period of time shall not exceed thirty (30) days unless such greater period of time is agreed to in writing by Seller; or (iii) seek specific performance
against Seller (including the recovery of court costs and reasonable attorney fees) in which event COE shall be automatically extended as necessary. Notwithstanding the foregoing, if specific performance is unavailable as a remedy to Buyer because
of Seller’s affirmative act, Buyer shall be entitled to pursue all—rights and remedies available at law or in equity. Seller hereby acknowledges and agrees that the provisions of this Section 22(a) shall not limit any rights or
remedies Buyer may have against Seller after COE for any misrepresentation,- breach of warranty or default by Seller in any of its obligations under this Agreement, the Transfer Documents or any other documents to be entered into pursuant to this
Agreement. 

  
 18 

 (b) Buyer’s Breach. If Buyer breaches this Agreement, as its sole remedy Seller shall
be entitled to reimbursement from Buyer of Seller’s reasonable out-of-pocket and third-party property diligence expenses (not to exceed $100,000.00) and to retain the Earnest Money Deposit in accordance with Section 5(b) as Seller’s
agreed and total liquidated damages. Seller hereby waives any right to seek any equitable or legal remedies against Buyer. 

23. Intentionally deleted. 
 24. NOTICES. 
 (a) Addresses. Except as otherwise required by law, any notice
required or permitted hereunder shall be in writing and shall be given by personal delivery, or by deposit in the U.S. Mail, certified registered, return receipt requested, postage prepaid, addressed to the Parties at the addresses set forth below,
or at such other address as a Party may designate in writing pursuant hereto, or telecopy (fax), or any express or overnight delivery service (e.g., Federal Express), delivery charges prepaid: 

 

			
		
	if to Seller:	  	 HILL DEVELOPMENT COMPANY
 31194
Napa Valley Crest
 Waukee, Iowa 50263

Attention: David Hill, President

		
	with copies to:	  	 Belin McCormick, P.C.
 666
Walnut Street, Ste. 2000
 Des Moines, Iowa 50309
 Attention: Steven E. Zumbach, Esq.
 Tel: (515) 283-4676

		
	if to Buyer:	  	 ARCTRUST EQUITIES, LLC
 1401
Broad Street
 Clifton, New Jersey 07013

Attention: Marc A. Perel
 Tel:
(973) 249-1000
 Fax: (973) 249-1001

		
	with copies to:	  	 Ansell Grimm & Aaron, P.C.
 341 Broad Street
 Clifton, New Jersey 07013
 Attention: David B. Zolotorofe, Esq.
 Tel: (973) 247-9000

Fax: (973) 247-9199

		
	If to Escrow Agent:	  	 First American Title Insurance Company
 2425 E. Camelback Road, Suite 400

  
 19 

			
		  	 Phoenix, AZ 85016
 Attention:
Mr.Brandon Grajewski
 Tel.: (602) 567-8145
 Fax: (602) 567-8101

 (b) Effective Date of Notices. Notice shall be deemed to have been given on the date on which notice is
delivered, if notice is given by personal delivery or telecopy, and on the date of deposit in the mail, if mailed or deposited with the overnight carrier, if used. Notice shall be deemed to have been received (i) on the date on which the notice
is received, if notice is given by telecopy or personal delivery, (ii) on the first business day following deposit with an overnight carrier, if used, and (iii) on the second (2nd) day following deposit in the U.S. Mail, if notice is
mailed. If escrow has opened, a copy of any notice given to a party shall also be given to Escrow Agent by regular U.S. Mail or by any other method provided for herein. 
 25. CLOSING COSTS. 
 (a) Closing Costs. Seller and Buyer agree to
pay closing costs as indicated in this Agreement and in the escrow instructions attached hereto as Exhibit H, and by this reference incorporated herein (the “Escrow Instructions”). At COE, Seller shall pay (i) the costs of releasing
all liens, judgments, and other encumbrances that are to be released and of recording such releases, including any and all defeasance fees, and (ii) all other costs to be paid by Seller under this Agreement. At COE, Buyer shall pay (i) the
fees and costs due Escrow Agent for its services, (ii) the cost of the Title Policy and Survey, (iii) the transfer tax associated with the sale of the Property, if any, and (iv) all other costs to be paid by Buyer under this
Agreement. Except as otherwise provided for in this Agreement, Seller and Buyer will each be solely responsible for and bear all of their own respective expenses, including, without limitation, expenses of legal counsel, accountants, and other
advisors incurred at any time in connection with pursuing or consummating the transaction contemplated herein. Because the real estate taxes are the responsibility of the Tenant, regardless of whether owed or not at time of COE there shall be no
real estate taxes proration or credit of any kind for real estate taxes. The rent proration shall be calculated through escrow as of COE based upon the latest available information, including, without limitation, a credit to Buyer for any rent
prepaid by Tenant for the period beginning with and including the date on which the closing occurs through and including the last day of the month in which the closing occurs. Any other closing costs not specifically designated as the responsibility
of either Party in the Escrow Instructions or in this Agreement shall be paid by Seller and Buyer according to the usual and customary allocation of the same by Escrow Agent. Seller agrees that all closing costs payable by Seller shall be deducted
from Seller’s proceeds otherwise payable to Seller at COE. Buyer shall deposit with Escrow Agent sufficient cash to pay all of Buyer’s closing costs. Except as provided in this Section 25(a), Seller and Buyer shall each bear their own
costs in regard to this Agreement. 
 (b) Post-Closing Adjustment. If after COE, the parties discover any errors in adjustments
and apportionments or additional information becomes available which would render the closing prorations inaccurate in an amount in excess of $2,500.00, the same shall be corrected as soon after their discovery as possible. The provision of this
Section 25(b) shall survive COE except that no adjustment shall be made later than eighteen (18) months after COE unless prior to such date the Party seeking the adjustment shall have delivered a written notice to the other Party
specifying the nature and basis for such claim. In the event that such claim is valid, the Party against whom the claim is sought shall have ten (10) days in which to remit any adjustment due. 

  
 20 

 (c) Instructions. This Agreement, together with the Escrow Instructions, shall constitute
escrow instructions for the transaction contemplated herein. Such escrow instructions shall be construed as applying principally to Escrow Agent’s employment. 
 26. ESCROW CANCELLATION CHARGES. If escrow fails to close because of Seller’s default, Seller shall be liable for any cancellation charges of Escrow Agent. If escrow fails to close because of
Buyer’s default, Buyer shall be liable for any cancellation charges of Escrow Agent. If escrow fails to close for any other reason, Seller and Buyer shall each be liable for one-half of any cancellation charges of Escrow Agent. The provisions
of this Section 26 shall survive cancellation of this Agreement. 
 27. APPROVALS. Concerning all matters in this Agreement
requiring the consent or approval of any Party, the Parties agree that any such consent or approval shall not be unreasonably withheld unless otherwise provided in this Agreement. 

26. ADDITIONAL ACTS. The Parties agree to execute promptly such other documents and to perform such other acts as may be reasonably
necessary to carry out the purpose and intent of this Agreement. 
 29. GOVERNING LAW. This Agreement shall be governed by and
construed or enforced in accordance with the laws of the State of where the Parcel at issue is located, or if the matter .at issue does not relate to a specific Parcel, the laws of the State of North Carolina. 

30. CONSTRUCTION. The terms and provisions of this Agreement represent the results of negotiations among the Parties, each of which has
been represented by counsel of its own choosing, and neither of which has acted under· any duress or compulsion, whether legal, economic or otherwise. Consequently, the terms and provisions of this Agreement shall be interpreted and construed
in accordance with their usual and customary meanings, and the Parties each hereby waive the application of any rule of law which would otherwise be applicable in connection with the interpretation and construction of this Agreement that ambiguous
or conflicting terms or provisions contained in this Agreement shall be interpreted or construed against the Party whose attorney prepared the executed Agreement or any earlier draft of the same. 

31. TIME OF ESSENCE. Time is of the essence of this Agreement. However, if this Agreement requires any act to be done or action to be
taken on a date which is a Saturday, Sunday or legal holiday, such act or action shall be deemed to have been validly done or taken if done or taken on the next succeeding day which is not a Saturday, Sunday or legal holiday, and the successive
periods shall be deemed extended accordingly. 

  
 21 

 32. INTERPRETATION. If there is any specific and direct conflict between, or any ambiguity
resulting from, the te1ms and provisions of this Agreement and the terms and provi­ sions of any document, instrument or other agreement executed in connection herewith or in furtherance hereof, including any Exhibits hereto, the same shall be
consistently interpreted in such manner as to give effect to the general purposes and intention as expressed in this Agreement which shall be deemed to prevail and control. 
 33. HEADINGS. The headings of this Agreement are for reference only and shall not limit or define the meaning of any provision of this Agreement 

34. FAX AND COUNTERPARTS. This Agreement may be executed by facsimile and/or in any number of counterparts. Each party may rely upon any
facsimile or counterpart copy as if it were one original document 
 35. INCORPORATION OF EXHIBITS BY REFERENCE. All Exhibits to
this Agreement are fully incorporated herein as though set forth at length herein. 
 36. SEVERABILITY. If any provision
of this Agreement is unenforceable, the remaining provisions shall nevertheless be kept in effect. 
 37. ENTIRE
AGREEMENT. This Agreement contains the entire agreement between the Parties and supersedes all prior agreements, oral or written, with respect to the subject matter hereof. The provisions of this Agreement shall be construed as a whole and not
strictly for or against any Party. 
 38. INDEMNITY. Seller shall indemnify, hold harmless and defend Buyer, Buyer’s
affiliates, the· partners, trustees, shareholders, directors, officers, attorneys, employees and agents of each of them, and their respective heirs, successors, personal representatives and assigns (collectively, the “Indemnified
Parties”) from any and all demands, claims (including, without limitation, causes of action in tort), legal or administrative proceedings, losses, liabilities, damages, penalties, fines, liens, judgments, costs or expenses whatsoever
(including, without limitation, attorneys’ fees and costs), whether direct or indirect, known or unknown, foreseen or unforeseen (collectively, “Claims”) that may arise on account of or in any way be connected with any actions, suits,
proceedings or claims brought by third parties against Buyer (a) relating to any actual or alleged events, acts or omissions occurring with respect to the Property prior to COB, and/or (b) based upon Buyer’s ownership of the Property
but with respect to which the claimed loss, damage or injury occurred prior to COB. Buyer shall indemnify, hold harmless and defend Seller, Seller’s affiliates, the partners, trustees, shareholders, directors, officers, attorneys, employees and
agents of each of them, and their respective heirs, successors, personal representatives and assigns from any and all Claims that may arise on account of or in any way be connected with any actions, suits, proceedings or claims brought by third
parties against Seller (y) relating to any actual or alleged events, acts or omissions occurring with respect to the Property from and after COE, and/or (z) based upon Seller’s ownership of the Property but with respect to which the
claimed loss, damage or injury occurred from and after COE. The provisions of this Section 38 shall survive COE for a period of two (2) years thereafter. 

  
 22 

 39. PRIVILEGE TAXES. Seller represents, warrants and covenants to Buyer that all state and
local transaction privilege, sales, excise, use or similar taxes relating to the development, sale or rental of the :property (including, without limitation any speculative builder tax, owner-builder tax, or construction contractor tax) have been
paid and Seller shall pay any such taxes that may arise as a result of the sale of the Property to Buyer as and when due. Seller shall indemnify, hold harmless and defend the Indemnified Parties from any and all Claims relating to a breach of the
preceding sentence. The provisions of this Section shall survive COE. 
 40. Intentionally deleted. 

41. TENANT AUDIT RIGHT. In the event that Tenant has the right to inspect and audit the books, records and other documents of the
landlord under the Lease which evidence the purchase price of the Real Property, the development and construction costs of the Improvements, and/or common area maintenance costs and expenses, Seller hereby covenants and agrees that it shall retain
such books, records and other documents which will enable Tenant to conduct a full and complete audit thereof until the date that is six (6) months after the latest date that Tenant could demand an inspection and/or audit thereof pursuant to
the Lease and, upon written request therefore from Buyer, or any successor or assign, thereof, shall provide both Buyer and Tenant with reasonable access thereto and otherwise reasonably cooperate with both Buyer and Tenant with respect to such
inspection and/or audit by Tenant. In the event Tenant claims any right to a credit, refund or other reimbursement as a result of such audit, Seller shall indemnify, hold harmless and defend the Indemnified Parties from any and all Claims relating
thereto or arising therefrom. The provisions of this Section 41 shall survive COE. 
 42. IRS 1031 EXCHANGE. Either party
may elect to consummate the purchase/sale of the Property as part of a like kind exchange (an “Exchange”) pursuant to Section 1031 of the Internal Revenue Code of 1986, as amended and the regulations promulgated thereunder. Seller and
Buyer agree to cooperate with the other in all reasonable respects, at the exchanging party’s sole cost and expense, in effecting an Exchange, and each agrees to execute any and all documents (subject to reasonable approval of counsel) as
are reasonably necessary in connection therewith. Either party may effect an Exchange through an assignment of this Agreement or its rights under this Agreement to a “qualified intermediary” (as defined in Treasury Regulation
Section 1.103(i)-l(g)(iii)). Upon an assignment to a qualified intermediary, all references herein to that party shall be deemed to refer to that party and the qualified intermediary, as the case may be; provided, however, that such assignment
shall in no way affect or limit any of the exchanging party’s representations, warranties or covenants contained herein, including such party’s obligations hereunder, as if such assignment shall not have taken place. The exchanging party
shall provide the necessary instructions, documents, agreements, or instruments in connection therewith, provided that such party shall reimburse the other party for any expenses incurred as a result of or connected with an Exchange. 

  
 23 

 43. DEFEASANCE. Upon receipt by Seller of the Buyer’s acceptance of
Buyer’s Due Diligence pursuant to Section 7(c), Seller shall engage a defeasance coordinator and shall provide Buyer with a summary of the three-day closing process required by the documents evidencing Seller’s underlying mortgage
financing. Notwithstanding anything to the contrary in this Agreement, COE shall be Day Three (as defined below), which shall be the date of possession of the Property. 
 (a) Day One. Seller should cause its defeasance coordinator to set up a conference call involving Seller, Seller’s attorney, Buyer, Buyer’s Lender (if any), Buyer’s attorney, and Escrow
Agent to confirm that all conditions for funding the purchase of the Property on Day Two other than Seller’s performance have been satisfied. Buyer shall be in material breach if Buyer and its lender do not provide to Seller irrevocable
assurance that Buyer will fund on Day Two if Seller’s performance has been satisfied. 
 (b) Day Two. Buyer and Seller
shall execute and deliver to Escrow Agent all documents and funds necessary to close the sale of the Property including documents necessary to release the Property from the lien securing the underlying mortgage financing, and the balance of the
Purchase Price. Buyer agrees to arrange with its lender to fund the loan .on the day before the lien of the underlying financing is released. 
 (c) Day Three. After receiving confirmation of being able to defease the Property, Escrow Agent shall deliver that portion of the funds which are necessary to purchase the securities. After receiving
confirmation of the purchase of securities, Escrow Agent will record the deed and other conveyance documents. 
 [Remainder of
Page Intentionally Left Blank] 

  
 24 

 IN WITNESS WHEREOF, Seller and Buyer have executed this Agreement as of the
Effective Date. 
  

							
	 SELLER:
	 	 SC GREENVILLE INVESTORS I, LLC, a
 Delaware limited liability company

			
		 	By:	 	Hill Development Company, an Iowa corporation, its Sole Member
		 		 		 	
				
		 		 	By:	 	/s/ David H. Hill
		 		 		 	David H. Hill, President
		
		 	 SC CHARLESTON INVESTORS I, LLC, a
 Delaware limited liability company

			
		 	By:	 	Hill Development Company, an Iowa corporation, its Sole Member
				
		 		 	By:	 	/s/ David H. Hill
		 		 		 	David H. Hill, President
		
		 	 SC MOONVILLE INVESTORS I, LLC, a
 Delaware limited liability company

			
		 	By:	 	Hill Development Company, an Iowa corporation, its Sole Member
				
		 		 	By:	 	/s/ David H. Hill
		 		 		 	David H. Hill, President

  
 25 

 
			
	ANDERSON INVESTORS I, LLC, a Delaware limited liability company
		
	By:	 	Hill Development Company, an Iowa corporation, its Sole Member

  

					
		 	By:	 	/s/ David H. Hill
		 		 	David H. Hill, President

  

			
	NC GARNER INVESTORS I, LLC, a Delaware limited liability company
		
	By:	 	Hill Development Company, an lowa corporation, its Sole Member

  

					
		 	By:	 	/s/ David H. Hill
		 		 	David H. Hill, President

  

			
	 NC KERNERSVILLE INVESTORS I, LLC, a
 Delaware limited liability company

		
	By:	 	Hill Development Company, an Iowa corporation, its Sole Member

  

					
		 	By:	 	/s/ David H. Hill
		 		 	David H. Hill, President

  

			
	NC EDEN INVESTORS I, LLC, a Delaware limited liability company
		
	By:	 	Hill Development Company, an Iowa corporation, its Sole Member

  

					
		 	By:	 	/s/ David H. Hill
		 		 	David H. Hill, President

  
 26 

 
			
	NC MADISON INVESTORS I, LLC, a Delaware limited liability company
		
	By:	 	Hill Development Company, an Iowa corporation, its Sole Member

  

					
		 	By:	 	/s/ David H. Hill
		 		 	David H. Hill, President

  
 27 

 
			
	NC HUNTERSVILLE INVESTORS I, LLC, a · Delaware limited liability company
		
	By:	 	Hill Development Company, an Iowa corporation, its Sole Member

  

					
		 	
		 	By:	 	/s/ David H. Hill
		 	David H. Hill, President

  

			
	NC ASHEVILLE INVESTORS I, LLC, a Delaware limited liability company
		
	By:	 	Hill Development Company, an Iowa corporation, it Sole Member

  

					
		 	By:	 	/s/ David H. Hill
		 	David H. Hill, President

  
 28 

							
	BUYER:	 		 	ARCTRUST EQUITIES, LLC, a New Jersey limited liability company
				
		 		 	By:	 	/s/ Marc A. Perel
		 		 		 	Marc A. Perel, Manager

  
 29

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00204-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00204-of-00352.parquet"}]]