Document:

Exhibit 10.1

 

PURCHASE AND
SALE AGREEMENT

 

THIS PURCHASE AND SALE
AGREEMENT (this “Agreement”) is made and entered into as of November 11, 2016 (“Effective Date”),
by and between EBF TILDEN AVENUE, LLC, a Delaware limited liability company (“Purchaser”), and 2520
TILDEN FEE, LLC, a Delaware limited liability company (“Seller”). Except as otherwise expressly defined
herein, capitalized terms will have the meanings set forth in Article I below.

 

Witnesseth:

 

For and in consideration
of the mutual covenants and promises hereinafter set forth, the parties hereby mutually covenant and agree as follows:

 

ARTICLE
I

DEFINED TERMS

 

The following terms shall
have the following meanings for all purposes of this Agreement:

 

“Additional Title
Objection” has the meaning set forth in Section 3.01(d)(ii).

 

“Affiliate”
or any derivation thereof, means any Person which directly or indirectly controls, is under common control with, or is controlled
by any other Person. For purposes of this definition, “controls”, “under common control with” and “controlled
by” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies
of such Person, whether through ownership of voting securities or otherwise.

 

“Assignment and
Assumption” shall have the meaning set forth in Section 6.01(a)(iii)(D).

 

“Assignment of
Warranties” has the meaning set forth in Section 6.01(a)(iii)(B).

 

“Bill of Sale”
has the meaning set forth in Section 6.01(a)(iii)(C).

 

“Business Day”
means a day on which banks located in New York, New York are not required or authorized to remain closed.

 

“Closing”
shall have the meaning set forth in Section 4.01.

 

“Closing Date”
means the date specified as the closing date in Section 4.01.

 

“Deed”
means that certain special or limited warranty deed, as agreed to by Seller and Purchaser, whereby Seller conveys to Purchaser
all of Seller’s right, title and interest in and to the Property owned by Seller, free and clear of all Liens, restrictions,
encroachments and easements, except the Permitted Encumbrances, in the form attached hereto as Exhibit I.

 

     

     

    

 

“Earnest Money
Deposit” has the meaning set forth in Section 2.02(b) and shall include any interest earned.

 

“Effective Date”
has the meaning set forth in the introductory paragraph of this Agreement.

 

“Environmental
Insurance” has the meaning set forth in Section 3.04.

 

“Environmental
Liens” means all liens and other encumbrances imposed pursuant to any Hazardous Materials law.

 

“Environmental
Proof of Insurance” has the meaning set forth in Section 6.01(i).

 

“Environmental
Report” has the meaning set forth in Section 3.04.

 

“Existing Lease”
means a lease in effect on the date hereof encumbering the Property pursuant to which Tenant is the tenant and Seller is the landlord.
Seller represents to Purchaser that the Existing Lease is described on Exhibit F.

 

“Extension Fee”
has the meaning set forth in Section 4.01.

 

“Facilities”
means the general description of the improvements and uses for the Real Property described on Exhibit E attached hereto and uses
incidental thereto.

 

“Governmental
Authority” means the United States of America, any state or other political subdivision thereof, any other entity exercising
executive, judicial, regulatory or administrative functions of or pertaining to government and any corporation or other entity
owned or controlled (through stock or capital ownership or otherwise) by any of the foregoing.

 

“Hazardous Materials”
includes: (a) oil, petroleum products (including any and all constituents and additives), flammable substances, explosives, radioactive
materials, hazardous wastes or substances, toxic wastes or substances or any other materials, contaminants or pollutants which
pose a hazard to the Property or to Persons on or about the Property, cause the Property to be in violation of any local, state
or federal law or regulation, (including without limitation, any Hazardous Materials Law), or are defined as or included in the
definition of “hazardous substances”, “hazardous wastes”, “hazardous materials”, “toxic
substances”, “contaminants”, “pollutants”, “regulated substances” or words of similar
import under any applicable local, state or federal law or under the regulations adopted, orders issued, or publications promulgated
pursuant thereto, including, but not limited to: (i) the Comprehensive Environmental Response, Compensation and Liability
Act of 1980, as amended, 42 U.S.C. §9601, et seq.; (ii) the Hazardous Materials Transportation Act, as
amended, 49 U.S.C. §1801, et seq.; (iii) the Resource Conservation and Recovery Act, as amended, 42 U.S.C.
§6901, et seq.; (iv) the Toxic Substances Control Act, as amended, 15 U.S.C. § 2601, et seq.;
and (v) regulations adopted and publications promulgated pursuant to the aforesaid laws; (b) asbestos in any form which is
or could become friable, urea formaldehyde foam insulation, transformers or other equipment which contain dielectric fluid containing
levels of polychlorinated biphenyls in excess of fifty (50) parts per million contained in transformers or other equipment; and
(c) any other chemical, material or substance, exposure to which is prohibited, limited or regulated by any Governmental Authority
or which may or could pose a hazard to the health and safety of the occupants of the Property or the owners and/or occupants of
any property adjoining the Property.

 

    2 

     

    

 

“Hazardous Materials
Laws” includes any and all federal, state and local laws, rules, regulations, statutes, and requirements pertaining or
relating to the environmental condition of the Property or to Hazardous Materials.

 

“Initial Documents”
has the meaning set forth in Section 3.02.

 

“Insolvency Event”
means (a) a Person’s (i) failure to generally pay its debts as such debts become due; (ii) admitting in writing
its inability to pay its debts generally; or (iii) making a general assignment for the benefit of creditors; (b) any
proceeding being instituted by or against any Person (i) seeking to adjudicate it a bankrupt or insolvent; (ii) seeking
liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any
law relating to bankruptcy, insolvency, or reorganization or relief of debtors; or (iii) seeking the entry of an order for
relief or the appointment of a receiver, trustee, or other similar official for it or for any substantial part of its property,
and in the case of any such proceeding instituted against any such Person, either such proceeding shall remain undismissed for
a period of 120 days or any of the actions sought in such proceeding shall occur; or (c) any Person taking any corporate
or other formal action to authorize any of the actions set forth above in this definition.

 

“Inspection Period”
has the meaning set forth in Section 3.09.

 

“Inspections”
has the meaning set forth in Section 3.09(a).

 

“Lease Proof of
Insurance” has the meaning set forth in Section 3.08(b).

 

“Legal Requirements”
has the meaning set forth in Section 5.01(a)(v)(A).

 

“Letter of Intent”
means that certain Letter of Intent dated October 26, 2016 between Purchaser and Seller with respect to the Transaction, and any
amendments or supplements thereto.

 

“Lien”
means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), preference,
priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including without limitation,
any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any
of the foregoing, and the filing of any financing statement under the Uniform Commercial Code or comparable law of any jurisdiction).

 

    3 

     

    

 

“Losses”
means any and all claims, lawsuits, suits, liabilities (including, without limitation, strict liabilities), actions, causes of
action, proceedings, obligations, debts, damages, losses, costs, expenses, fines, penalties, interest, charges, fees, expenses,
judgments, decrees, awards, amounts paid in settlement and damages of whatever kind or nature actually incurred (including, without
limitation, attorneys’ fees, court costs and costs incurred in the investigation, defense and settlement of claims).

 

“Memorandum of
Lease” has the meaning set forth in Section 6.01(a)(iii).

 

“Non-Foreign Seller
Certificate” has the meaning set forth in Section 6.01(a)(viii).

 

“Notices”
has the meaning set forth in Section 8.03.

 

“OFAC List”
means the list of specially designated nationals and blocked Persons subject to financial sanctions that is maintained by the U.S.
Treasury Department, Office of Foreign Assets Control and any other similar list maintained by the U.S. Treasury Department, Office
of Foreign Assets Control pursuant to any Legal Requirements, including, without limitation, trade embargo, economic sanctions,
or other prohibitions imposed by Executive Order of the President of the United States. The OFAC List currently is accessible through
the internet website https://www.treasury.gov/ofac/downloads/sdnlist.pdf.

 

“Permitted Amounts”
means, with respect to any given level of Hazardous Materials or Regulated Substances, that level or quantity of Hazardous Materials
or Regulated Substances in any form or combination of forms, the use, storage or release of which does not constitute a violation
of or require remediation under any Hazardous Materials Laws and is customarily employed in the ordinary course of business of,
or associated with, similar businesses located in the state or states in which the Property is located.

 

“Permitted Encumbrances”
means (a) the lien of any real estate taxes, assessments, supplemental taxes, water and sewer charges, not delinquent; (b) those
recorded easements, restrictions, liens and encumbrances as of the date hereof set forth as exceptions in the Title Commitment
and approved in writing by Purchaser in its sole discretion in connection with this Agreement; (c) all other title matters affecting
the Property created by or with the written consent of Purchaser; and (c) the Existing Lease.

 

“Person”
means any natural person, firm, corporation, partnership, limited liability company, other entity, state, political subdivision
of any state, the United States of America, any agency or instrumentality of the United States of America, any other public body
or other organization or association.

 

“Property”
has the meaning set forth in Section 2.01.

 

“Property Condition
Report” has the meaning set forth in Section 3.06.

 

“Purchase Price”
means the amount specified in Section 2.02.

 

“Purchaser Event
of Default” has the meaning set forth in Section 7.04.

 

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“Questionnaire”
means that certain Questionnaire in the form attached hereto as Exhibit D.

 

“Real Property”
has the meaning set forth in Section 2.01.

 

“Regulated Substances”
means “petroleum” and “petroleum-based substances” or any similar terms described or defined in any Hazardous
Materials Laws and any applicable federal, state, county or local laws applicable to or regulating USTs.

 

“Seller Documents”
has the meaning set forth in Section 3.02.

 

“Seller Entity”
or “Seller Entities” means individually or collectively, as the context may require, Seller and any Affiliate
of Seller.

 

“Seller Event
of Default” has the meaning set forth in Section 7.01.

 

“Survey”
has the meaning set forth in Section 3.03.

 

“Tenant”
means Highland Park Community Services, which Seller represents to Purchaser is not an Affiliate of Seller and is an entity
separate and distinct from Seller.

 

“Tenant Estoppel
Certificate” has the meaning assigned to such term in Section 3.08.

 

“Title Commitment”
has the meaning set forth in Section 3.01(a).

 

“Title Company”
means Chicago Title Comany (Attention: ____________) or an alternative title insurance company or agency selected by Purchaser.

 

“Title Objection”
has the meaning set forth in Section 3.01(d)(i)

 

“Title Policy”
has the meaning set forth in Section 3.01(a).

 

“Transaction”
has the meaning set forth in Section 2.01.

 

“Transaction Costs”
means all out-of-pocket costs and expenses incurred in connection with the Transaction (whether or not the Transaction closes),
including, but not limited to (a) the procurement, or if the same is provided by Seller, the update, of any Property Condition
Report, Environmental Report, Survey, Title Commitment and Title Policy, (b) the Valuation and (c) all real estate transfer
taxes, documentary stamp taxes, intangible taxes, and privilege taxes (but excluding any taxes imposed on the gross income of a
party), and all escrow, closing, transfer and recording fees.

 

“Transaction Documents”
means this Agreement, the Existing Lease, the Memorandum of Lease, the Deed, the Bill of Sale, the Lease Proof of
Insurance, the Environmental Proof of Insurance, if any, the Non-Foreign Seller Certificate, the Assignment of Warranties, any
and all documents referenced herein and therein, and such other documents, payments, instruments and certificates as are reasonably
required by Purchaser and/or the Title Company.

 

    5 

     

    

 

“UST Regulations”
means 40 C.F.R. § 298 Subpart H – Financial Responsibility, or any equivalent state law, with respect to petroleum
underground storage tanks (as such term is defined under 40 C.F.R. § 290.12 or any equivalent state law).

 

“USTs”
means any one or combination of tanks and associated product piping systems used in connection with storage, dispensing and general
use of Regulated Substances.

 

“Valuation”
has the meaning set forth in Section 3.05.

 

“Zoning Evidence”
has the meaning set forth in Section 3.07.

 

ARTICLE
II

purchase of PROPERTY

 

Section 2.01         Agreement
to Purchase. Purchaser agrees to purchase, and Seller agrees to sell, in accordance with the terms, conditions and stipulations
set forth in this Agreement (the “Transaction”), all of Seller’s right, title and interest in and to:

 

(a)          the
parcel or parcels of real property, as more particularly described on Exhibit A attached hereto, and any and all improvements
thereon and appurtenances thereto (collectively, the “Real Property”), it being understood that Seller represents
to Purchaser that Exhibit A sets forth the Real Property owned by Seller which is to be acquired by Purchaser;

 

(b)          all
fixtures chattels, equipment and articles of personal property owned by Seller affixed thereto;

 

(c)          all
plans, specifications and studies pertaining to the Real Property in Seller’s possession or under its control;

 

(d)          all
mineral, oil and gas rights, water rights, sewer rights, easements, tenements, hereditaments, privileges, appurtenances, rights
of way, appendages, sidewalks, alleys, gores or strips of land adjoining or appurtenant and other utility rights allocated to the
Real Property, only to the extent Seller has an interest in any such rights;

 

(e)          all
leases and rental agreements relating to the Real Property or any portion thereof, including without limitation, all rent, prepaid
rent (subject to proration pursuant to Section 2.04), security deposits and other payments and deposits; and

 

(f)          all
warranties, guarantees, permits, appurtenances, easements, licenses, privileges and other property interests belonging or appurtenant
to a Real Property (all of the foregoing items in clauses (a) through (f) above, now or hereafter existing, a “Property”).

 

    6 

     

    

 

Section 2.02         Purchase
Price. (a)          The aggregate purchase price to be paid by Purchaser
to Seller for the Property is Thirty One Million and 00/100 Dollars ($31,000,000.00) (the “Purchase Price”).
The Purchase Price, as adjusted pursuant to requirements of this Agreement, shall be paid by Purchaser in immediately available
federal funds at Closing. Any Earnest Money Deposit shall be credited against the Purchase Price at Closing.

 

(b)          The Purchase Price will be paid as follows: On or before the date
which is three (3) Business Days following the Effective Date, Purchaser shall deposit in escrow with Title Company by wire transfer
of immediately available funds the amount of One Million Five Hundred Fifty Thousand and No/100 Dollars ($1,550,000.00) (the “Earnest
Money Deposit”) to be held in accordance with this Agreement. The date such Earnest Money Deposit is made is hereinafter
referred to as the “Deposit Date.” The Earnest Money Deposit shall be held in an interest bearing account, and
all interest thereon shall be deemed a part of the Earnest Money Deposit. At Closing, Purchaser shall cause the Title Company to
deliver the Earnest Money Deposit to Seller. The Earnest Money Deposit shall be credited in partial payment of the Purchase Price.
Subject to the terms and conditions of this Agreement, the Earnest Money Deposit shall be non-refundable. In the event Purchaser
elects to cancel and terminate this Agreement only as permitted under this Agreement, the Earnest Money Deposit will be returned
to Purchaser. Purchaser’s failure to pay the Earnest Money Deposit on the third (3rd) Business Day after the Effective
Date shall entitle Seller, at Seller’s sole option, to terminate this Agreement immediately and thereafter neither party
shall have any further rights or obligations hereunder to the other except that Purchaser will return to Seller all of Seller Documents
(as defined herein), and Purchaser will continue to be liable for those obligations that expressly survive the cancellation or
termination of this Agreement.

 

Section 2.03         Lease
of Property. The Property is subject to the Existing Lease, the landlord’s interest in which will be assigned to Purchaser
at Closing.

 

Section 2.04         Prorations.
Insurance, taxes, special assessments, utilities or any other costs related to the Property shall be prorated between Seller and
Purchaser at Closing only if and to the extent such costs are not borne by Tenant pursuant to the Existing Lease (subject to Section
6.01(h)). Any such costs that are not borne by Tenant pursuant to the Existing Lease shall be prorated as of the Closing. All rents
pursuant to the Existing Lease shall be prorated as of the Closing Date. For all periods prior to the actual date of Closing, Seller
represents to Purchaser that such Seller has paid (or will pay, to the extent payment is not yet due) all state and local income,
franchise, and other taxes (and any applicable interest or penalties) imposed upon, or payable by, Seller in the state where the
Property is located. Seller shall be responsible for delivering to the Title Company such affidavits as may be required by the
Title Company to insure title to the Property free and clear of any and all such taxes.

 

Section 2.05         Transaction
Costs. Seller and Purchaser shall be responsible for the payment of Transaction Costs incurred by Seller and Purchaser in connection
with the Transaction as follows:

 

(a)          Seller
and Purchaser shall each be responsible for the payment of the fees and expenses of their respective legal counsel, accountants
and other professional advisers, unless Seller requests in writing that Purchaser cause any such documents to be provided, in which
event, Seller shall pay Purchaser’s attorney’s fees and costs for the production of same, such fees to be paid to Purchaser
at Closing;

 

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(b)          Seller
shall pay for all costs of any broker retained by Seller or Purchaser;

 

(c)          Seller
shall pay for all the fees and costs for title escrow charges;

 

(d)          Purchaser
shall pay for the cost of the Survey, Zoning Evidence, Valuation, Property Condition Report and Environmental Report;

 

(e)          Purchaser
shall pay for all title costs, including the cost of all title searches, title commitments, and Title Policy (and endorsements
thereto) to be obtained by Purchaser, and the cost of any lenders’ title policies, if any, and endorsements thereto;

 

(f)          Seller
shall pay all recording costs, including, without limitation, the cost of releasing all Liens, leasehold taxes, Bulk Sales Tax,
and transfer taxes; and

 

(g)          Any
and all other Transaction Costs shall be prorated and paid in accordance with custom in the county in which the Property is located.

 

The provisions of this
Section 2.05 shall survive Closing or termination or expiration of this Agreement for any reason.

 

Section 2.06         Intentionally
Omitted.

 

ARTICLE
III

DUE DILIGENCE

 

Section 3.01         Title
Insurance.

 

(a)          Title
Commitment and Title Policy. Within five (5) Business Days of the Effective Date, Purchaser shall order an owner’s
title insurance commitment (the “Title Commitment”) with respect to the Property issued by the Title Company,
for such ALTA Owner’s Extended Coverage Title Insurance Policy, together with any endorsements, that Purchaser may require
(collectively, the “Title Policy”). Purchaser shall cause a copy of the Title Commitment to be delivered to
Seller.

 

(b)          Title
Company. The Title Company is hereby employed by the parties to act as escrow closing agent in connection with this Transaction.
This Agreement shall be used as instructions to the Title Company, as escrow agent, which may provide its standard conditions of
acceptance of escrow; provided, however, that in the event of any inconsistency between such standard conditions of acceptance
and the terms of this Agreement, the terms of this Agreement shall prevail.

 

    8 

     

    

 

(c)          Title
Company Actions. The Title Company is authorized to pay, at Closing, from any funds held by it for each party’s respective
credit, all amounts necessary to procure the delivery of any documents and to pay, on behalf of Purchaser and Seller, all charges
and obligations payable by them hereunder, respectively. Seller and Purchaser will pay all charges payable by them to the Title
Company. The Title Company shall not cause the Transaction to close unless and until it has received written instructions from
Purchaser and Seller to do so. The Title Company is authorized, in the event any conflicting demand is made upon it concerning
these instructions or the escrow, at its election, to hold any documents and/or funds deposited hereunder until an action shall
be brought in a court of competent jurisdiction to determine the rights of Seller and Purchaser or to interplead such documents
and/or funds in an action brought in any such court.

 

(d)          Title
Objections.

 

(i)          Within
five (5) Business Days after Purchaser’s receipt of all of the following: a Title Commitment (including legible copies of
all title exceptions listed therein), the Zoning Evidence and the Survey for the Property, but in no event beyond thirty
(30) days after the Effective Date, Purchaser shall notify Seller and Title Company in writing (E-Mail is acceptable) of Purchaser’s
objection to any exceptions or other title matters shown on a Title Commitment or the related Survey (each, a “Title Objection”).
If any Title Objection with respect to the Property that is not a Permitted Encumbrance is not removed or resolved by Seller or
Title Company to Purchaser’s satisfaction by at least five (5) days prior to the Closing Date, then Purchaser shall have
the option, as its sole remedy, upon written notice to Seller on or before Closing Date, to terminate this Agreement, in which
event the Earnest Money Deposit shall be refunded immediately to Purchaser and neither Purchaser nor Seller shall have any further
duties or obligations under this Agreement, except as otherwise provided herein. Notwithstanding the foregoing, the definition
of “Permitted Exceptions” shall not include and Seller shall (i) satisfy any mortgage or secured monetary lien against
the Property voluntarily created by Seller or any judgments recorded against the Property arising from any claim and related court
action adversely decided against Seller (including the preparation or filing of appropriate satisfaction instruments in connection
therewith) and (ii) pay and/or otherwise cure all (a) open real estate taxes, water (meter) charges and municipal assessments which
are due and payable prior to the date of Closing (subject to adjustment, as provided for herein); (b) any other voluntary liens
or encumbrances against Seller which are filed against the Property based upon Seller’s written agreement and which have
not expired (the foregoing items set forth in (i) and (ii) being hereinafter referred to collectively as “Seller Encumbrance”)
by at least one (1) Business Day prior to the Closing Date, and in the event any such Seller Encumbrance is not removed from title
to the Real Property within such time period, Purchaser shall have the option, as its sole remedy, to terminate this Agreement
upon written notice to Seller on or before the Closing Date, in which event the Earnest Money Deposit will be returned to Purchaser,
Seller shall reimburse to Purchaser any and all reasonable and actual costs incurred by Purchaser through its due diligence investigation
of the Property during the Inspection Period, and neither Purchaser nor Seller shall have any further duties or obligations under
this Agreement, except as otherwise provided herein.

 

    9 

     

    

 

(ii)         If
any supplement to a Title Commitment or the Survey discloses any additional title defects which were not created by or with the
consent of Purchaser, and which are not acceptable to Purchaser, Purchaser shall notify Seller in writing of Purchaser’s
objection thereto (each, an “Additional Title Objection”) within five (5) Business Days following receipt of
such supplement or revision. If any Additional Title Objection that is not a Permitted Encumbrance is not removed or resolved by
Seller to Purchaser’s satisfaction at least five (5) days prior to the Closing Date, then Purchaser shall have the option,
as its sole remedy, to terminate this Agreement upon written notice to Seller on or before the Closing Date, in which event neither
Purchaser nor Seller shall have any further duties or obligations under this Agreement, except as otherwise provided herein. Notwithstanding
the foregoing, Seller shall remove any Seller Encumbrance by at least one (1) Business Day prior to the Closing Date, and in the
event any such Seller Encumbrance is not removed from title to the Real Property within such time period, Purchaser shall have
the option, as its sole remedy, to terminate this Agreement upon written notice to Seller on or before the Closing Date, in which
event the Earnest Money Deposit will be returned to Purchaser, Seller shall reimburse to Purchaser any and all reasonable and actual
costs incurred by Purchaser through its due diligence investigation of the Property during the Inspection Period, and neither Purchaser
nor Seller shall have any further duties or obligations under this Agreement, except as otherwise provided herein.

 

(iii)        Purchaser’s
failure to timely deliver a Title Objection or an Additional Title Objection shall be deemed Purchaser’s disapproval of the
matters disclosed by the Title Commitment and related Survey. If Purchaser does not terminate this Agreement by reason of any Title
Objection or Additional Title Objection, as provided in this Section 3.01, then such Title Objection or Additional Title Objection
shall be deemed waived and approved by Purchaser and shall thereafter be deemed a Permitted Encumbrance.

 

(iv)        Notwithstanding
anything to the contrary set forth in this agreement, any Seller Encumbrance affecting the Property must be paid and satisfied
by Seller at Closing, in each case whether or not Purchaser objects thereto, and such items shall be deemed to be included in all
Title Objections and Additional Title Objections even if not specifically so included by Purchaser.

 

(v)         
If Seller is unable to convey title to the Real Property free and clear of the lien of any state or local tax, Seller shall be
responsible for either paying such tax or providing to the Title Company security (such as a cash deposit) so that the Title Company
can issue a Title Policy with respect to the Property to Purchaser free and clear of such liens, whether or not Purchaser includes
such liens as a Title Objection or Additional Title Objection.

 

    10 

     

    

 

Section 3.02         
Seller Documents. With reasonable promptness, but in no event later than three (3) Business Days following the Effective Date,
Seller shall make available to Purchaser the following items to the extent the same exist and are in Seller’s possession
(collectively, the “Initial Documents”):

 

(a)          “as-built”
plans and specifications for the Real Property;

 

(b)          a
certificate of occupancy (or its jurisdictional equivalent) for the Property;

 

(c)          all
surveys related to the Real Property;

 

(d)          all
environmental reports related to the Real Property (including without limitation, Phase I and Phase II environmental investigation
reports);

 

(e)          all
guaranties and warranties in effect with respect to all or any portion of the Property;

 

(f)          full
and complete copies of Existing Lease, any guaranties related thereto, and current rent rolls related thereto and all other agreements
related to the Property, together with all amendments and modifications thereof;

 

(g)          Seller’s
and Tenant’s financial statements for the previous three years;

 

(h)          the
completed and executed Questionnaire;

 

(i)          all
property condition reports related to the Real Property;

 

(j)          a
copy of the most current tax bills for each of the Real Property; and

 

(k)          copies
of all material correspondence to and from Seller and Tenant.

 

In addition to the Initial
Documents, Seller shall make available to Purchaser, within a reasonable time after Purchaser’s request, all other documents
reasonably related to the ownership, lease and operation of the Property that are under Seller’s reasonable control. The
Initial Documents, together with any and all documents actually made available to Purchaser as set forth immediately above, shall
be collectively referred to herein as the “Seller Documents.”

 

Purchaser acknowledges
that any and all Seller Documents are provided to Purchaser solely as an accommodation. Purchaser acknowledges that any financial
statements and data made available by Seller to Purchaser have been and will be unaudited financial statements and data or abstracts
not prepared or reviewed by independent public accountants, and that except to the extent expressly provided herein, with respect
to the entirety of the Seller Documents, including, but not limited to any such financial statements and data, Seller makes no
representation as to the accuracy or completeness thereof. Purchaser acknowledges that neither Seller nor any Seller Entity or
agent thereof has made any representation or warranty as to the accuracy or completeness of the Seller Documents, and shall not
be liable for any Losses resulting from Purchaser’s use of, or reliance on, the Seller Documents.

 

    11 

     

    

 

From the date hereof through
the Closing Date, Seller shall cooperate, without cost, expense or liability to it, with licensed consultants and professionals
selected by Purchaser (collectively, "Purchaser’s Consultants") in the conducting of such tests and investigations
as Purchaser shall deem necessary or helpful and cause Seller's employees, agents and representatives to cooperate with Purchaser
and Purchaser’s Consultants and Seller shall make said employees, agents and representatives reasonably available for discussions
with Purchaser and Purchaser’s Consultants.

 

Section 3.03         Survey.
If Seller does not have possession or control of, or fails to deliver, the surveys referenced in Section 3.02(c) or if such surveys
are delivered and either such surveys are not “as built” surveys or are more than two (2) years old, or the Title Company
or Purchaser requires updates thereof or revisions thereto, Purchaser may (at its expense) order a survey as required for the Real
Property from one or more surveyors selected by Purchaser (collectively, the “Survey”).

 

Section 3.04         Environmental.
If Seller does not have possession or control of, or fails to deliver, the environmental reports referenced in Section 3.02(d),
or if such environmental reports are delivered and Purchaser, in its sole discretion, requires updates thereof, Purchaser may (at
Purchaser’s expense) order a current complete Phase I environmental investigation report for the Property (and Purchaser
shall be responsible for paying for the cost of any damage to the Property caused by any environmental investigation), and, if
any environmental investigation report recommends additional subsurface investigation of the Property:

 

(a)          Seller
shall permit Purchaser to perform such additional subsurface investigation (each Phase I environmental investigation report and
each additional subsurface investigation report, an “Environmental Report”), from one or more environmental
inspection companies selected by Purchaser, detailing and analyzing certain aspects of the Property; or

 

(b)          if
available, and only if Seller agrees to do so in its sole discretion, Seller shall procure environmental insurance, in form and
substance and with coverage and endorsements acceptable to Purchaser, in lieu of any such additional subsurface investigation (“Environmental
Insurance”); provided, however, that, notwithstanding the foregoing, if Seller fails or refuses to permit any
such additional subsurface investigation or to procure any such Environmental Insurance, Seller shall be deemed to have elected
to terminate this Agreement, whereupon, except for those provisions expressly stated to survive termination hereof, the parties’
obligations hereunder shall terminate. The costs of the Environmental Insurance shall be paid by Seller and shall be included as
Transaction Costs.

 

    12 

     

    

 

Section 3.05         Valuation.
Purchaser may order current site inspections and valuations of the Property from one or more parties selected by Purchaser (the
“Valuation”), and Seller shall cooperate with Purchaser by promptly providing to Purchaser Seller Documents
and, if required, providing access to the Property to Purchaser or its designee. Purchaser is not obligated to furnish Seller with
copies of any Valuation that Purchaser may obtain. Purchaser shall provide Seller with at least two Business Days’ prior
notice of the Property inspection by an appraiser so that Seller can coordinate with Tenant.

 

Section 3.06         Property
Condition Reports. With respect to the Property, Purchaser may order current property condition assessments and limited compliance
audits as required for the Property from one or more inspection companies selected by Purchaser (collectively, the “Property
Condition Report”). The Property Condition Report shall be in form and substance acceptable to Purchaser, and shall be
certified to Purchaser and any requested Affiliate of Purchaser. Purchaser is not obligated to furnish Seller with copies of any
Property Condition Report that Purchaser may obtain. Purchaser shall provide Seller with at least two Business Days’ prior
notice of the Property inspection by an inspector so that Seller can coordinate with Tenant.

 

Section 3.07         Zoning.
Purchaser may order a zoning report stating that the Property fully complies with all zoning ordinances of the Governmental
Authority having jurisdiction over the Property (“Zoning Evidence”).

 

Section 3.08         Tenant
Estoppels; Insurance.

 

(a)          
Within five (5) Business Days of the Effective Date, Seller shall request from Tenant an estoppel certificate pursuant to the Existing
Lease, in the form required by the Existing Lease or, if no form is prescribed by such Existing Lease, in substantially the form
attached hereto as Exhibit G attached hereto (or in such form as reasonably requested by Purchaser’s lender), and
which sets forth no matter which is not approved by Purchaser (each such executed estoppel certificate is refer to herein as a
“Tenant Estoppel Certificate”) and a Subordination and Non-Disturbance Agreement (“SNDA”)
from Tenant, in form reasonably requested form Purchaser’s lender, except that any such SNDA shall not material increase
any obligation or materially decrease any rights or benefits of either Landlord or Tenant; and

 

(b)          At
least ten (10) days prior to the scheduled Closing Date, Purchaser shall have received insurance certificates in form satisfactory
to Purchaser evidencing that the insurance coverage, limits and policies required to be carried by Tenant under and pursuant to
the terms of the Existing Lease are in effect (“Lease Proof of Insurance”).

 

    13 

     

    

 

Section 3.09         Inspections.
From the Effective Date and for a period of thirty (30) days thereafter (the “Inspection Period”):

 

(a)          Purchaser,
at Purchaser’s sole cost and expense, may perform whatever investigations, tests and inspections (collectively, the “Inspections”)
with respect to any one or more of the Property that Purchaser deems reasonably appropriate. Notwithstanding the foregoing, Purchaser
may perform intrusive or invasive testing or destructive sampling only upon the prior written consent of Seller in its sole discretion.
In the event of such consent, Purchaser shall perform such testing or sampling in as inconspicuous a manner as reasonably possible,
and shall return the portion of the Property damaged to substantially the same condition as existed immediately prior to Purchaser’s
entry thereon to the extent reasonably practicable. Purchaser shall deliver to Seller, within five (5) days after written request
from Seller, copies of all testing and sampling results, analyses and reports generated as a result of Purchaser’s inspections.
Purchaser shall maintain in effect commercial general liability insurance fully insuring the activities of Purchaser and its agents
on and upon the Property pursuant to this subsection; and

 

(b)          Seller
shall, at all reasonable times:

 

(i)          upon
twenty-four (24) hour prior notice from Purchaser, exercise best efforts to provide, and in no event longer than forty-eight (48)
hours from such prior notice actually provide, Purchaser and Purchaser’s officers, employees, agents, advisors, attorneys,
accountants, architects, and engineers, with access to the Property, all drawings, plans, specifications and all engineering reports
for and relating to the Property in the possession or under the control of Seller, the files and correspondence relating to the
Property, and the financial books and records relating to the ownership, lease (if applicable), operation, and maintenance of the
Property; and

 

(ii)         allow
such Persons to make such inspections, tests, copies, and verifications as Purchaser considers reasonably necessary (it being understood
that Purchaser shall provide Seller with at least two Business Days’ prior notice of any such inspection desired by Purchaser
or its agents or designees).

 

Purchaser shall indemnify,
defend and hold harmless Seller from and against any third party claims against Seller arising out of Purchaser’s inspection
(other than as to any pre-existing matters discovered and in no way contributed to by a Purchaser during its inspection) and shall
repair damage to any of the Property caused by Purchaser’s inspection. This indemnification shall survive the Closing for
a period of twelve (12) months, provided that any action to enforce such indemnification obligations is brought within twelve (12)
months from the Closing Date.

 

Section 3.10         Purchaser’s
Right to Terminate. Notwithstanding any provision contained herein, in addition to its right to terminate this Agreement as
set forth in Section 3.01(d) and Section 3.04, Purchaser may elect, for any reason or for no reason, so long as Purchaser provides
written notice thereof to Seller on or before expiration of the Inspection Period, to terminate this Agreement and receive a refund
of the Earnest Money Deposit, in which event neither Seller nor Purchaser shall have any further duties or obligations under this
Agreement except as otherwise provided herein.

 

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ARTICLE
IV

CLOSING

 

Section 4.01         Closing
Date. Subject to the provisions of Article V of this Agreement, the closing date of the Transaction contemplated by this Agreement
(the “Closing”) shall occur thirty (30) days after the expiration of the Inspection Period, but in no event
beyond December 30, 2016 (the “Closing Date”); provided, however, Purchaser shall have the right, at
its sole discretion, to elect to extend the Closing Date or the Closing until January 16, 2017 upon written notice to Seller and
Title Company and delivery of Two Hundred Thousand and No/100 Dollars (“Extension Fee”) to Seller (through Title
Company) not less than five (5) Business Days prior to the initial scheduled Closing Date. Upon receipt, Title Company shall immediately
disburse the Extension Fee to Seller, which shall be non-refundable to Seller and shall not apply to or otherwise reduce the Purchase
Price. The parties shall deposit with the Title Company all documents (including without limitation, the executed Transaction Documents)
as necessary to comply with the parties’ respective obligations hereunder on or before the Closing Date or as otherwise mutually
agreed upon by the parties. The parties shall deposit all funds required hereunder with the Title Company on or before the Closing
Date.

 

Section 4.02         Funding.
Notwithstanding any provision contained in this Agreement, funding of the Transaction (other than Purchaser’s funding to
Title Company of the Earnest Money Deposit) by Purchaser shall be contingent upon the delivery by Seller of the executed Transaction
Documents, satisfaction of the conditions precedent to Purchaser’s obligation to close set forth herein and in the other
Transaction Documents, and confirmation by Purchaser’s counsel that it or the Title Company has possession of all Transaction
Documents required by Purchaser.

 

Section 4.03         Possession.
Possession of the Real Property, free and clear of all tenants or other parties in possession (except for Tenant in possession
pursuant to the Existing Lease), shall be delivered to Purchaser on the Closing Date.

 

ARTICLE
V

REPRESENTATIONS, WARRANTIES AND COVENANTS

 

Section 5.01         Seller.

 

(a)          Seller
represents and warrants to, and covenants with, Purchaser as follows, which representations shall be true and correct as of the
Closing Date:

 

(i)          Organization
and Authority. Seller is duly organized or formed, validly existing and in good standing under the laws of the state of
Delaware, and is qualified to do business in any jurisdiction where such qualification is required. Seller has all requisite power
and authority to own and operate the Property purportedly owned by it as set forth on Exhibit A to this Agreement, to execute,
deliver and perform its obligations under this Agreement and all of the other Transaction Documents, and to carry out the Transaction.
The Person who has executed this Agreement on behalf of Seller has been duly authorized to do so.

 

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(ii)         Enforceability
of Documents. Upon execution by Seller of this Agreement and the other Transaction Documents to which Seller is a party,
this Agreement and such other Transaction Documents shall constitute the legal, valid and binding obligations of Seller, enforceable
against Seller in accordance with their respective terms, except as such enforcement may be limited by bankruptcy, insolvency,
reorganization, arrangement, moratorium, or other similar laws relating to or affecting the rights of creditors generally, or by
general equitable principles.

 

(iii)        No
Other Agreements and Options. Neither Seller nor any Property is subject to any commitment, obligation, or agreement, including,
without limitation, any right of first refusal or offer or similar right to purchase or lease or option to purchase or lease granted
to a third party, other than the Existing Lease, which will:

 

(A)         prevent
Seller from completing, or impair Seller’s ability to complete, the sale of the Property under this Agreement; or

 

(B)         bind
Purchaser subsequent to consummation of the Transaction.

 

(iv)        No
Violations. The authorization, execution, delivery and performance of this Agreement and the other Transaction Documents
will not:

 

(A)         violate
any provisions of the charter documents of Seller;

 

(B)         to
Seller’s actual knowledge, result in a violation of or a conflict with, or constitute a default (or an event which, with
or without due notice or lapse of time, or both, would constitute a default) under any other document, instrument or agreement
to which Seller is a party or by which Seller or the Property is subject or bound, or result in a violation or conflict with, or
constitute a default (or an event which, with or without due notice or lapse of time, or both, would constitute a default) pursuant
to the Existing Lease;

 

(C)         to
Seller’s actual knowledge, result in the creation or imposition of any Lien, restriction, charge or limitation of any kind,
upon Seller, Tenant or the Property; or

 

(D)         to
Seller’s actual knowledge, violate any law, statute, regulation, rule, ordinance, code, rule or order of any court or Governmental
Authority applicable to Seller or the Property.

 

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(v)         Compliance.
Seller has not received written notice, or is in receipt of written materials, stating that the Real Property or the use
thereof is not in compliance with:

 

(A)         all
applicable statutes, regulations, rules, ordinances, codes, licenses, permits, orders and approvals of each Governmental Authority
having jurisdiction over the Property, including, without limitation, all health, building, fire, safety and other codes, ordinances
and requirements, the Americans With Disabilities Act of 1990, and all policies or rules of common law, in each case, as amended,
and any judicial or administrative interpretation thereof, including any judicial order, consent, decree or judgment applicable
to the Property, Tenant or Seller (collectively, the “Legal Requirements”):

 

(B)         all
restrictions, covenants and encumbrances of record with respect to the Property; and

 

(C)         all
agreements, contracts, insurance policies (including, without limitation, to the extent necessary to prevent cancellation thereof
and to insure full payment of any claims made under such policies), agreements and conditions applicable to the Property or the
ownership, operation, use or possession thereof.

 

(vi)        Compliance
with Anti-Terrorism, Embargo, Sanctions and Anti-Money Laundering Laws. Without in any way limiting the provisions of Section
5.01(a)(v), Seller is not, and to the best of Seller’s knowledge, no Seller Entity is, currently identified on the OFAC List
or is a Person with whom a citizen of the United States is prohibited from engaging in transactions by any trade embargo, economic
sanction, or other prohibition of United States law, regulation, or executive order of the President of the United States; provided
that the foregoing shall not include any of the foregoing Persons or any Person if such Person is a shareholder of a publicly traded
company.

 

(vii)       Litigation.
To Seller’s actual knowledge, there is no legal, administrative, arbitration or other proceeding, claim or action of any
nature or investigation pending or involving or, to the best of Seller’s knowledge, threatened against, Seller, any Seller
Entity or any Property.

 

(viii)      Condition
of Real Property. Seller has not received any written correspondence from either Tenant or from a Governmental Authority
stating that any part or all of the Real Property is in violation of applicable Legal Requirement or require any repairs or improvements.

 

(ix)         Intended
Use. To Seller’s actual knowledge, the Real Property is used solely for the operation of the Facilities.

 

    17 

     

    

 

(x)          Utilities.
To the best of Seller’s actual knowledge, the Real Property is served by sufficient public utilities to permit full utilization
of the Property for its intended purposes and all utility connection fees and use charges will have been paid in full.

 

(xi)         Condemnation;
Blighted Areas; Wetlands. Seller has not received notice of condemnation or eminent domain proceedings affecting the Real
Property and Seller has no actual knowledge that any such proceedings are contemplated. To the best of Seller’s actual knowledge,
the areas where the Real Property is located have not been declared blighted by any Governmental Authority, and no part of the
Real Property has been designated by any Governmental Authority as wetlands.

 

(xii)        Environmental.
No Seller Entity has received any written or oral notice or other communication from any Person (including but not limited
to a Governmental Authority) relating to Hazardous Materials, Regulated Substances or USTs, or remediation thereof, or possible
liability of any Person (including without limitation, Tenant) pursuant to any Hazardous Materials law, other environmental conditions
in connection with the Real Property, or any actual or potential administrative or judicial proceedings in connection with any
of the foregoing.

 

(xiii)       Existing
Lease. With respect to the Existing Lease:

 

(A)             To Seller’s
actual knowledge, the Existing Lease is in full force and effect and no default by Tenant or Seller has occurred and is continuing
(and no event which, with the giving of notice and/or the passage of time, would constitute such a default has occurred and is
continuing) pursuant to the Existing Lease. To Seller’s actual knowledge, the Tenant has in place and in force all insurance
with the coverages and in the amounts required pursuant to the Existing Lease. To Seller’s actual knowledge, except as disclosed
in the Existing Lease or as otherwise disclosed in writing to Purchaser, there are no other agreements, oral or written, relating
to or affecting the Property.

 

(B)             To
Seller’s actual knowledge, the information concerning Tenant delivered by or on behalf of Seller to Purchaser is true,
correct and complete in all respects.

 

(C)             To
Seller’s actual knowledge, no Insolvency Event has occurred with respect to Seller or Tenant.

 

(D)             The
Existing Lease is more particularly described on Exhibit F.

 

(E)             There
are no leases or written or verbal agreements regarding occupancy, other than the Existing Lease.

 

    18 

     

    

 

(xiv)      Questionnaire,
Information and Financial Statements.

 

(A)         To
Seller’s actual knowledge and subject to Section 5.01(c), the Questionnaire and other information concerning Seller Entities
delivered by or on behalf of Seller to Purchaser are true, correct and complete in all material respects, and no adverse change
has occurred with respect to the information provided in the Questionnaire or other information provided to Purchaser since the
date such Questionnaire, financial statements and other information were prepared or delivered to Purchaser. Seller has no actual
knowledge that any information contained in such Questionnaire and information is false or inaccurate in any material respect.

 

(xv)       Solvency.
To Seller’s actual knowledge, there is no contemplated, pending or threatened Insolvency Event or similar proceedings, whether
voluntary or involuntary, affecting Tenant or a Seller Entity.

 

(xvi)     RPIES. Seller shall file
all Real Property Income and Expense  Statements as may be required under applicable law.

 

(xvi)      Satisfaction
of Conditions Precedent. From the Effective Date through the Closing Date, Seller shall use its best efforts to satisfy
all conditions set forth in Section 6.01 of this Agreement on or prior to the Closing Date.

 

(b)          All
representations and warranties of Seller made in this Agreement shall be true as of the date of this Agreement, shall be deemed
to have been made again at and as of the Closing Date, shall be true at and as of the Closing Date, and shall survive Closing for
twelve (12) months following the Closing Date, provided that any action to enforce such representation and/or warranty is brought
within twelve (12) months from the Closing Date.

 

(c)          Except
for Seller’s representations and warranties expressly set forth in this Agreement, Purchaser hereby acknowledges and agrees
that it is acquiring the Property in its present “AS IS/WHERE IS WITH ALL FAULTS” condition and with all defects and,
unless otherwise expressly provided in this Agreement, neither Seller nor any employee or agent of Seller has made or will make,
either expressly or impliedly, and Seller specifically negates and disclaims, any representations, guaranties, promises, statements,
assurances or warranties of any kind concerning the Property. Purchaser acknowledges and agrees that it will have had ample time
to investigate the Property prior to the Closing and to perform any and all reasonable tests on the Property to determine the feasibility
of the Property for Purchaser’s intended use thereof and any other past, present or future matter relating to the Property
which may affect the Property or its current or future use, habitability, value or desirability. At Closing, Purchaser shall assume
the risk that any adverse matters concerning the Property may not have been revealed by Purchaser’s investigations, and Purchaser,
upon Closing, shall be deemed to have waived, relinquished and released Seller, Seller Entity or any agent thereof from and against
any and all Losses arising out of any latent or patent defects or physical conditions, violations of any applicable laws and any
and all other acts, omissions, events, circumstances or matters regarding the Property, except for the executory obligations under
this Agreement and representations and warranties expressed herein; provided, however, the foregoing provisions shall not apply
to any violation of Hazardous Materials Law caused by Seller prior to the Closing or any claims relating to any defects relative
to the Property and pertaining to the period prior to the Closing. The terms and provisions of this paragraph shall survive Closing
or any termination of this Agreement and shall not merge into any closing documents.

 

    19 

     

    

 

(d)          No
claim for a breach of any representation or warranty of Seller, Seller Entity or agent thereof shall be actionable or payable (i)
if the breach in question results from or is based on a condition, state of facts or other matter which was actually known to and
acknowledged by Purchaser prior to the Closing or was disclosed to Purchaser in the Seller Documents, (ii) except to the extent
valid claims for all such breaches collectively aggregate to more than One Hundred Thousand and No/100 Dollars ($100,000.00), or
(iii) unless written notice containing a description of the specific nature of such breach shall have been given by Purchaser to
Seller prior to the expiration of the survival period referenced above in Section 5.01(b) and an action shall have been commenced
by Purchaser against Seller prior to the termination of such survival period. In no event shall (i) the aggregate liability of
Seller to Purchaser with respect to (A) any breach of any representation or warranty of any Seller in this Agreement, and (B) any
other claim whatsoever by Purchaser against Seller in connection with this Agreement exceed the Cap (as defined below in this section),
or (ii) Seller be liable for consequential, speculative or punitive damages; provided, however, that the foregoing provisions and
limitations shall not apply to any claims based upon fraud or intentional misrepresentation. As used herein, except as otherwise
expressly set forth immediately above, the term “Cap” shall mean an amount equal to One Million and No/100 Dollars
($1,000,000.00) in the aggregate, except with respect to any claim based upon the gross negligence or willful misconduct of Seller,
in which event “Cap” shall mean an amount equal to One Million Five Hundred Thousand and No/100 Dollars ($1,500,000.00).

 

Section 5.02         Purchaser.
Purchaser represents and warrants to, and covenants with, Seller as follows:

 

(a)          Organization
and Authority. Purchaser is duly organized, validly existing and in good standing under the laws of its state of formation.
Purchaser has all requisite power and authority to execute, deliver and perform its obligations under this Agreement and all of
the other Transaction Documents to which it is a party and to carry out the Transaction. The Person who has executed this Agreement
on behalf of Purchaser has been duly authorized to do so.

 

    20 

     

    

 

(b)          Enforceability
of Documents. Upon execution by Purchaser, this Agreement and the other Transaction Documents to which it is a party, shall
constitute the legal, valid and binding obligations of Purchaser, enforceable against Purchaser in accordance with their respective
terms, except as such enforcement may be limited by bankruptcy, insolvency, reorganization, arrangement, moratorium, or other similar
laws relating to or affecting the rights of creditors generally, or by general equitable principles.

 

(c)          Litigation.
To the best of Purchaser’s actual knowledge, there are no actions or proceedings pending against or involving Purchaser before
any Governmental Authority which in any way adversely affect or may adversely affect Purchaser or Purchaser’s ability to
perform under this Agreement and the other Transaction Documents to which it is a party.

 

(d)          No
Violations. To Purchaser’s actual knowledge, the authorization, execution, delivery and performance of this Agreement
and the other Transaction Documents will not:

 

(i)          violate
any provisions of the charter documents of Purchaser;

 

(ii)         result
in a violation of or a conflict with, or constitute a default (or an event which, with or without due notice or lapse of time,
or both, would constitute a default) under any other document, instrument or agreement to which Purchaser is a party or by which
Seller is subject or bound, or result in a violation or conflict with, or constitute a default; or

 

(iii)        violate
any law, statute, regulation, rule, ordinance, code, rule or order of any court or Governmental Authority applicable to Purchaser.

 

(e)          Satisfaction
of Conditions Precedent. From the Effective Date through the Closing Date, Purchaser agrees to use its best efforts to
satisfy all conditions set forth in Section 6.02 of this Agreement on or prior to the Closing Date.

 

(f)          Compliance
with Anti-Terrorism, Embargo, Sanctions and Anti-Money Laundering Laws. Purchaser is not currently identified on the OFAC
List or is a Person with whom a citizen of the United States is prohibited from engaging in transactions by any trade embargo,
economic sanction, or other prohibition of United States law, regulation, or executive order of the President of the United States;
provided that the foregoing shall not include any of the foregoing Persons or any Person if such Person is a shareholder of a publicly
traded company.

 

All representations and
warranties of Purchaser made in this Agreement shall be true as of the date of this Agreement, shall be deemed to have been made
again at and as of the Closing Date, shall be true at and as of the Closing Date, and shall survive Closing for twelve (12) months
following the Closing Date, provided that any action related to a material breach of any such representations and warranties is
brought within twelve (12) months from the Closing Date.

 

    21 

     

    

 

ARTICLE
VI

CONDITIONS PRECEDENT TO CLOSING

 

Section 6.01         Purchaser’s
Conditions to Closing. Purchaser shall not be obligated to close and fund the Transaction until the fulfillment (or written
waiver by Purchaser) of all of the following conditions:

 

(a)          Seller
shall have delivered to Purchaser or the Title Company, as applicable, the following items at least two (2) Business Days prior
to the Closing Date (unless an earlier delivery is required as set forth below):

 

(i)          The
Deed, pursuant to which fee simple interest in the Property is conveyed to Purchaser, free of all Liens, restrictions encroachments
and easements, except the Permitted Encumbrances;

 

(ii)         Such
documents evidencing the legal status and good standing of Seller that may be required by Purchaser and/or the Title Company for
issuance of the Title Policy, including, without limitation, certificates of good standing;

 

(iii)        Fully
executed originals of:

 

(A)         The
Existing Lease and any memoranda thereof (the “Memorandum of Lease”) and the existing guaranty, if any, of the
Existing Lease;

 

(B)         an
Assignment of Warranties executed by Seller in the form of Exhibit C attached hereto, or if not assignable, evidence satisfactory
to Purchaser that it will receive coverage or protection acceptable for the matters covered by such warranties, in either case,
to the extent required by Purchaser (the “Assignment of Warranties”);

 

(C)         a
Bill of Sale executed by Seller in form attached hereto as Exhibit B (“Bill of Sale”);

 

(D)         
as to the Existing Lease, an Assignment and Assumption of Lease substantially in the form attached as Exhibit H to this
Agreement (the “Assignment and Assumption”), with modifications as may be required by or customary under applicable
state law and necessary to conform to the particular facts of the specific Property; and

 

(E)         all
of the other Transaction Documents;

 

(iv)        the
Lease Proof of Insurance (which shall be delivered to Purchaser at least 10 days prior to Closing);

 

    22 

     

    

 

(v)         if
a Survey indicates that the Property is within the 100-year flood plain or identified as a “Special Flood Hazard Area”
by the Federal Emergency Management Agency, evidence of flood insurance maintained on the Property by Tenant in amounts and on
terms and conditions satisfactory to Purchaser;

 

(vi)        such
resolutions of Seller as necessary or reasonably requested by Buyer or Title Company approving the transaction contemplated hereby;

 

(vii)       Tenant
Estoppel Certificate and SNDA as described in Section 3.08(a) of this Agreement, executed by Tenant, in form satisfactory to Purchaser
(with regards to this subsection, same shall be delivered no later than ten (10) Business Days prior to Closing);

 

(viii)      A
duly executed “non-foreign” tax affidavit from Seller, in form reasonably acceptable to Purchaser (collectively, the
“Non-Foreign Seller Certificate”);

 

(ix)         Closing
settlement statements approved by Seller and Purchaser to reflect the credits, prorations, and adjustments contemplated by or specifically
provided for in this Agreement;

 

(x)          All
documents required to be delivered by this Agreement and the other Transaction Documents;

 

(xi)         
A duly executed letter addressed to Tenant with respect to the Existing Lease, in form and substance satisfactory to Purchaser,
notifying Tenant of the change in ownership and providing an address for future rent payments;

 

(xii)        An
assignment (in recordable form) from Seller to Purchaser of any recorded Memorandum of Lease;

 

(xiii)       Such
further documents as reasonably may be required in order to fully and legally close this Transaction.

 

(b)          Purchaser
shall have received the Title Commitment and the Title Company’s irrevocable commitment to insure title by means of the Title
Policy which shall:

 

(i)          subject
to Section 6.01(a)(i), show good and marketable fee simple title in Seller;

 

(ii)         be
in an aggregate amount equal to the Purchase Price;

 

(iii)        commit
to insure Purchaser’s fee simple ownership in the Property subject only to Permitted Encumbrances; and

 

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(iv)        contain
such endorsements as Purchaser may require.

 

(c)          Intentionally
Omitted.

 

(d)          There
shall be in full force and effect a valid certificate of occupancy in effect permitting Tenant’s current use and occupancy
of the Real Property.

 

(e)          There
shall have been no adverse change in the financial condition of Seller, Tenant, a lease guarantor or the Property from the Effective
Date.

 

(f)          All
(i) representations and warranties of Seller set forth herein shall have been true and correct in all material respects when made,
and (ii) all covenants, agreements and conditions required to be performed or complied with by Seller prior to or at the time of
Closing in connection with the Transaction shall have been duly performed or complied with by Seller prior to or at such time or
waived in writing by Purchaser.

 

(g)          No
event shall have occurred or condition shall exist which would, upon the Closing Date, or, upon the giving of notice and/or passage
of time, constitute a breach or default hereunder or under any other Transaction Document by Seller.

 

(h)          All
real estate taxes due and payable with respect to the Real Property (whether payable by Tenant or Seller) shall be paid in full.

 

(i)          At
least ten (10) days prior to Closing, Purchaser shall have received evidence of the coverage, limits and policies of Environmental
Insurance, if any, to be carried by Tenant under and pursuant to the terms of the Existing Lease, on the forms and containing the
information required by Purchaser, as landlord (“Environmental Proof of Insurance”).

 

Unless otherwise agreed,
all of the documents to be delivered at Closing shall be dated as of the Closing Date.

 

Section 6.02         Seller’s
Conditions Precedent to Closing. Seller shall not be obligated to close the Transaction until the fulfillment (or written waiver
by Seller) of all of the following conditions:

 

(a)          Purchaser
shall have delivered to the Title Company the Purchase Price, as adjusted pursuant to the requirements of this Agreement;

 

(b)          Purchaser
shall have caused to be executed and delivered to the appropriate Persons fully executed originals of all Transaction Documents;

 

(c)          Purchaser
shall have delivered to the Title Company Closing settlement statements approved by Seller and Purchaser to reflect the credits,
prorations, and adjustments contemplated by or specifically provided for in this Agreement;

 

    24 

     

    

 

(d)          Purchaser
shall have delivered to Seller and/or the Title Company such further documents as may reasonably be required in order to fully
and legally close this Transaction;

 

(e)          No
event shall have occurred or condition shall exist which would, upon the Closing Date, or, upon the giving of notice and/or passage
of time, constitute a breach or default hereunder or under any other Transaction Document by Purchaser; and

 

(f)          Seller
shall have obtained approval of this Agreement from the Board of Directors of First Capital Real Estate Trust Incorporated
(“FCRE”) within two (2) Business Days from the Effective Date.

 

(f)          All
(i) representations and warranties of Purchaser set forth herein shall have been true and correct in all material respects when
made, and (ii) all covenants, agreements and conditions required to be performed or complied with by Purchaser prior to or at the
time of Closing in connection with the Transaction shall have been duly performed or complied with by Purchaser or waived in writing
by Seller prior to or at such time.

 

ARTICLE
VII

DEFAULTS; REMEDIES

 

Section 7.01        Seller
Default. Each of the following shall be deemed an event of default by Seller (each, a “Seller Event of Default”):

 

(a)          If
any representation or warranty of Seller set forth in this Agreement or any other Transaction Document is false in any material
respect or if Seller renders any false statement;

 

(b)          If
Seller fails to perform any of its obligations under this Agreement and fails to cure such failure within five (5) Business Days
from receipt of Purchaser’s written notice of such failure; or

 

(c)          If
any Insolvency Event shall occur with respect to Seller Entity.

 

Section 7.02       Purchaser’s
Remedies. In the event of Seller Event of Default, Purchaser shall be entitled to exercise either one of the following exclusive
remedies which shall be Purchaser’s exclusive remedies prior to Closing:

 

(a)          Purchaser
may terminate this Agreement and receive a refund of the Earnest Money Deposit by giving written notice to Seller, in which case
neither party shall have any further obligation or liability, except for the obligations set forth herein (including without limitation,
those set forth in Section 2.05, Section 8.05 and Section 8.06), the provisions which are expressly stated to survive termination
of this Agreement and such liabilities as Seller may have for such breach or default; or

 

    25 

     

    

 

(b)          Purchaser
may bring an action to require Seller to specifically perform its obligations hereunder. Notwithstanding the foregoing, as a condition
precedent to Purchaser exercising any right it may have to bring an action for specific performance hereunder, Purchaser must commence
such an action within one hundred eighty (180) days after Purchaser obtains actual knowledge of the occurrence of Seller’s
default. Purchaser agrees that its failure to timely commence such an action for specific performance within such 180-day period
shall be deemed a waiver by it of its right to commence an action for specific performance as well as a waiver by it of any right
it may have to file or record a notice of lis pendens or notice of pendency of action or similar notice against any portion
of the Property, any such action by Purchaser being deemed to be a slander of title and entitle Seller to damages.

 

In the event of exercise
by Purchaser of either of the remedies set forth in this Section 7.02, Purchaser may recover from Seller all of Purchaser’s
out-of-pocket costs and expenses incurred hereunder (including without limitation, the Transaction Costs and any other due diligence
costs and reasonable attorneys’ fees and costs), and all other Losses paid or incurred by Purchaser as a result of such breach
or default.

 

Section 7.03         Purchaser’s
Remedies Cumulative. Notwithstanding any provision contained herein, Purchaser’s remedies set forth in Article VII are
exclusive, cumulative and shall survive termination of this Agreement and the exercise of any one or more of the remedies provided
for herein.

 

Section 7.04         Purchaser
Default. Each of the following shall be deemed an event of default by Purchaser (each, a “Purchaser Event of Default”):

 

(a)          If
any representation or warranty of Purchaser set forth in this Agreement or any other Transaction Document is false in any material
respect or if Purchaser renders any false statement;

 

(b)          If
Purchaser fails to perform any of its obligations under Section 6.02 of this Agreement and fails to cure such failure within five
(5) Business Days from receipt of Seller’s written notice of such failure; or

 

(c)          if
any Insolvency Event shall occur with respect to Purchaser.

 

Section 7.05       Seller’s
Sole Remedy. In the event of any Purchaser Event of Default, Seller’s sole remedy shall be to terminate this Agreement
by giving written notice to Purchaser, in which event Seller shall retain the Earnest Money Deposit as liquidated damages (and
not as a penalty).

 

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ARTICLE
VIII

MISCELLANEOUS

 

Section 8.01        Transaction
Characterization.

 

(a)          The
parties intend that all components of the Transaction shall be considered a single integrated transaction and shall not be severable.

 

(b)          The
parties intend that the conveyance of the Property to Purchaser be an absolute conveyance in effect as well as form, and that the
instruments of conveyance to be delivered at Closing shall not serve or operate as a mortgage, equitable mortgage, deed of trust,
security agreement, trust conveyance or financing or trust arrangement of any kind, nor as a preference or fraudulent conveyance
against any creditors of Seller. After the execution and delivery of the Deed, Seller will have no legal or equitable interest
or any other claim or interest in any Property. The parties also intend for the Existing Lease to be a true lease and not a transaction
creating a financing lease, capital lease, equitable mortgage, mortgage, deed of trust, security interest or other financing arrangement,
and the economic realities of the Existing Lease are those of a true lease. Neither party shall contest the validity, enforceability
or characterization of the sale and purchase of the Property by Purchaser pursuant to this Agreement as an absolute conveyance,
and both parties shall support the intent expressed herein that the purchase of the Property by Purchaser pursuant to this Agreement
provides for an absolute conveyance and does not create a joint venture, partnership, equitable mortgage, trust, financing device
or arrangement, security interest or the like, if, and to the extent that, any challenge occurs.

 

(c)          Each
of the parties hereto agrees that it will not, nor will it permit any Affiliate to, at any time, take any action or fail to take
any action with respect to the preparation or filing of any statement or disclosure to Governmental Authority, including without
limitation, any income tax return (including an amended income tax return), to the extent that such action or such failure to take
action would be inconsistent with the intention of the parties expressed in this Section 8.01.

 

Section 8.02         Risk
of Loss.

 

(a)          Condemnation.
If, prior to Closing, action is initiated to take any of the Property, or any portion thereof, by eminent domain proceedings or
by deed in lieu thereof, Seller shall giver Purchaser prompt written notice of the commencement of such action and Purchaser may
elect at or prior to Closing, to:

 

(i)          terminate
this Agreement and receive a refund of the Earnest Money Deposit, in which event Seller and Purchaser shall be relieved and discharged
of any further liability or obligation under this Agreement, except as otherwise expressly set forth herein (including without
limitation, the payment of Transaction Costs and the other expenses as set forth in Section 2.05); or

 

    27 

     

    

 

(ii)         proceed
to close, in which event all of Seller’s assignable right, title and interest in and to the award of the condemning authority
shall be assigned to Purchaser at the Closing and there shall be no reduction in the Purchase Price.

 

(b)          Casualty.
Seller shall give Purchaser prompt written notice of any Casualty. Seller assumes all risks and liability for damage to or injury
occurring to the Property by fire, storm, accident, or any other casualty or cause until the Closing has been consummated. If the
Property, or any part thereof, suffers any damage prior to the Closing from fire or other casualty, which Seller, at its sole option,
do not elect to fully repair, Purchaser may elect at or prior to Closing, to:

 

(i)          terminate
this Agreement and receive a refund of the Earnest Money Deposit, in which event Seller and Purchaser shall be relieved and discharged
of any further liability or obligation under this Agreement, except as otherwise expressly set forth herein (including without
limitation, the payment of Transaction Costs and the other expenses as set forth in Section 2.05); or

 

(ii)         consummate
the Closing, in which event all of Seller’s right, title and interest in and to the proceeds of any insurance covering such
damage (less an amount equal to any expense and costs reasonably incurred by such Seller to repair or restore the Property, which
shall be payable to such Seller upon such Seller’s delivery to Purchaser of satisfactory evidence thereof) shall be assigned
to Purchaser at Closing, and Purchaser shall be entitled to a credit in the amount of Tenant’s (or Seller’s, as the
case may be) deductible at Closing.

 

(c)          Maintenance
of Property and Insurance. From the Effective Date until Closing, Seller shall take such reasonable and necessary action
to continue to cause Tenant to (A) maintain the Property or cause the Property to be maintained in good condition and repair, all
in accordance with the Existing Lease, (B) maintain all insurance for the Property in accordance with the Existing Lease, and (C)
comply in all respects with all other provisions of the Existing Lease which are required to be complied with by Landlord.

 

Section 8.03       Notices.
All notices, demands, designations, certificates, requests, offers, consents, approvals, appointments and other instruments given
pursuant to this Agreement (collectively called “Notices”) shall be in writing and given by (a) hand delivery,
(b) express overnight delivery service, (c) facsimile transmission, (d) E-Mail or (e) certified or registered mail, return receipt
requested, and shall be deemed to have been delivered upon (i) receipt, if hand delivered, (ii) the next Business Day, if delivered
by a reputable express overnight delivery service, (iii) receipt of confirmation of facsimile or E-Mail transmission, if delivered
by facsimile or E-Mail, or (iv) the third Business Day following the day of deposit of such notice with the United States Postal
Service, if sent by certified or registered mail, return receipt requested. Notices shall be provided to the parties and addresses
(or facsimile numbers, as applicable) specified below:

 

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	If to Seller:	
        First Capital Real Estate Trust, Inc.

        60 Broad St. 34th Floor

        New York City, New York

        Attn: Suneet Singal

        Telephone: (800) 489-4465

        Facsimile: (212) 202-5063

        E-Mail: s@firstcapitalre.com

         

	With a copy to:	
        Downey Brand LLP

        621 Capitol Mall, 18th Floor

        Sacramento, CA 95814

        Attn: Anthony A. Arostegui

        Telephone: (916) 520-5504

        Facsimile: (916) 520-5904

        E-Mail: aarostegui@DowneyBrand.com

         

	If to Purchaser:	
        EBF Tilden Avenue,
LLC

111 Broadway, 20th Floor

        New York, NY 10006

        Attention: Neil Simon, Esq

        Telephone: (212) 266-8240

        Facsimile: _____________________

        E-Mail: nsimon@fbelimited.com

        

	 	 
	With a copy to:	
        Jeffrey Zwick &
Associates, P.C.

266 Broadway, Suite 403

        Brooklyn, New York 11211

        Attention: Jeffrey Zwick, Esq.

        Telephone: (718) 513-2050 ext 123

        Facsimile: (718) 513-2060

        E-Mail: jeffrey@jzlegal.com

 

or to such other address or such other Person
as either party may from time to time hereafter specify to the other party in a written notice delivered in the manner provided
above. Whenever in this Agreement the giving of Notice is required, the giving thereof may be waived in writing at any time by
the Person or Persons entitled to receive such Notice.

 

A copy of any Notice delivered
pursuant to this Section shall also contemporaneously be delivered in the manner herein specified to any mortgagee or assignee
of Purchaser’s interest which shall have duly notified Seller in writing of its name and address.

 

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Section 8.04         Assignment.
Purchaser may assign its rights under this Agreement in whole or in part at any time to any an Affiliate without notice to,
or consent of, Seller. Seller shall not, without the prior written consent of Purchaser, which consent may be withheld in Purchaser’s
sole discretion, sell, assign, transfer, mortgage, convey, encumber or grant any easements or other rights or interests of any
kind in the Property, any of Seller’s rights under this Agreement or any interest in Seller, whether voluntarily, involuntarily
or by operation of law or otherwise, including, without limitation, by merger, consolidation, dissolution or otherwise. Upon any
unconditional assignment of Purchaser’s entire right and interest hereunder, Purchaser shall remain liable hereunder.

 

Section 8.05         Intentionally
Omitted.  

 

Section 8.06         Brokerage
Commission. Each of the parties represents and warrants to the other that neither party has dealt with, negotiated through
or communicated with any broker in connection with this Transaction, except that Seller represents to Purchaser that Seller has
retained Elli Klapper, CBRE as Seller’s broker, whose commission shall be paid by Seller at Closing pursuant to a separate
agreement between Seller and such broker. Each party shall indemnify, defend and hold harmless the other party from and against
any and all claims, loss, costs and expenses, including reasonable attorneys’ fees, resulting from any claims that may be
made against the indemnified party by any broker claiming a commission or fee by, through or under such indemnifying party. The
parties’ respective obligations under this Section 8.06 shall survive Closing or termination of this Agreement.

 

Section 8.07         Reporting
Requirements. The parties agree to comply with any and all reporting requirements applicable to the Transaction which are set
forth in any law, statute, ordinance, rule, regulation, order or determination of any Governmental Authority, and further agree
upon request, to furnish the other party with evidence of such compliance.

 

Section 8.08         Disclosures.
Except as expressly set forth in Section 8.07 and Section 8.16 and this Section 8.08 and as required by law or judicial action,
prior to Closing neither Seller nor Purchaser will make any public disclosure of this Agreement or the other Transaction Documents,
the Transaction or the provisions of the Transaction Documents without the prior consent of the other party hereto. The parties
further agree that, notwithstanding any provision contained in this Agreement, any party (and each employee, representative or
other agent of any party) may disclose to any and all Persons, without limitation of any kind, any matter required under the Securities
Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

 

Section 8.09         Time
is of the Essence. Subject to any provision herein requiring specific timing of performance or satisfaction thereof, the parties
hereto expressly agree that time is of the essence with respect to this Agreement

 

Section 8.10         Non-Business
Days. If the Closing Date or the date for delivery of a notice or performance of some other obligation of a party falls on
a Saturday, Sunday or legal holiday in the state in which the Property is located, then the Closing Date or such notice or performance
shall be postponed until the next Business Day.

 

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Section 8.11         Waiver
and Amendment. No provision of this Agreement shall be deemed waived or amended except by a written instrument unambiguously
setting forth the matter waived or amended and signed by the party against which enforcement of such waiver or amendment is sought.
Waiver of any matter shall not be deemed a waiver of the same or any other matter on any prior or future occasion.

 

Section 8.12         Purchaser’s
and Seller’s Liability.

 

(a)          Notwithstanding
anything to the contrary provided in this Agreement, it is specifically understood and agreed, such agreement being a primary consideration
for the execution of this Agreement by Purchaser, that:

 

(i)          there
shall be absolutely no personal liability on the part of any director, officer, manager, partner, member, employee or agent of
Purchaser with respect to any of the terms, covenants and conditions of this Agreement;

 

(ii)         Seller
waives all claims, demands and causes of action against Purchaser’s directors, officers, managers, members, partners, employees
and agents in the event of any breach by Purchaser of any of the terms, covenants and conditions of this Agreement to be performed
by Purchaser; and

 

(iii)        Seller
shall look solely to the assets of Purchaser and/or any assignee of Purchaser for the satisfaction of each and every remedy of
Seller in the event of any breach by Purchaser of any of the terms, covenants and conditions of this Agreement to be performed
by Purchaser, such exculpation of liability to be absolute and without any exception whatsoever, subject to the other provisions
of this Agreement which may limit recourse of Seller against Purchaser to the Earnest Money Deposit.

 

(b)          Notwithstanding
anything to the contrary provided in this Agreement, it is specifically understood and agreed, such agreement being a primary consideration
for the execution of this Agreement, that:

 

(i)          there
shall be absolutely no personal liability on the part of any director, officer, manager, member, employee or agent of Seller with
respect to any of the terms, covenants and conditions of this Agreement;

 

(ii)         Purchaser
waives all claims, demands and causes of action against Seller’s directors, officers, managers, members, partners, employees
and agents in the event of any breach by Seller of any of the terms, covenants and conditions of this Agreement to be performed
by Seller; and

 

(iii)        Purchaser
shall look solely to the assets of Seller for the satisfaction of each and every remedy of Purchaser in the event of any breach
by Seller of any of the terms, covenants and conditions of this Agreement to be performed by Seller, such exculpation of liability
to be absolute and without any exception whatsoever.

 

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Section 8.13         Headings;
Internal References. The headings of the various sections and exhibits of this Agreement have been inserted for reference only
and shall not to any extent have the effect of modifying the express terms and provisions of this Agreement. Unless stated to the
contrary, any references to any section, subsection, exhibit and the like contained herein are to the respective section, subsection,
exhibit and the like of this Agreement.

 

Section 8.14         Construction
Generally. This is an agreement between parties who are experienced in sophisticated and complex matters similar to the Transaction,
and this Agreement and the other Transaction Documents, are entered into by both parties in reliance upon the economic and legal
bargains contained herein and therein, and shall be interpreted and construed in a fair and impartial manner without regard to
such factors as the party which prepared the instrument, the relative bargaining powers of the parties or the domicile of any party.
Each of Seller and Purchaser was represented by legal counsel competent in advising them of their obligations and liabilities hereunder.

 

Section 8.15         Further
Assurances. Each of the parties agrees, whenever and as often as reasonably requested so to do by the other party or the Title
Company, to execute, acknowledge, and deliver, or cause to be executed, acknowledged, or delivered, any and all such further conveyances,
assignments, confirmations, satisfactions, releases, instruments, or other documents as may be necessary, expedient or proper,
in order to complete any and all conveyances, transfers, sales and assignments herein provided and to do any and all other acts
and to execute, acknowledge and deliver any and all documents as so requested in order to carry out the intent and purpose of this
Agreement.

 

Section 8.16         Securitizations
and Other Transactions. As a material inducement to Purchaser’s willingness to complete the Transaction, Seller hereby
acknowledges and agrees that Purchaser may, from time to time and at any time:

 

(a)          advertise,
issue press releases, send direct mail or otherwise disclose information regarding the Transaction for marketing purposes; and

 

(b)          engage
in all or any combination of the following, or enter into agreements in connection with any of the following or in accordance with
requirements that may be imposed by applicable securities, tax or other laws:

 

(i)          the
sale, assignment, grant, conveyance, transfer, financing, re-financing, purchase or re-acquisition of any Property, the Existing
Lease or any other Transaction Document, Purchaser’s right, title and interest in any Property, any Existing Lease or any
other Transaction Document, the servicing rights with respect to any of the foregoing, or participations in any of the foregoing;
or

 

(ii)         a
securitization and related transactions.

 

Section 8.17         Attorneys’
Fees. In the event of any controversy, claim, dispute or proceeding between the parties concerning this Agreement, the prevailing
party shall be entitled to recover all of its reasonable attorneys’ fees and other costs in addition to any other relief
to which it may be entitled. The provisions of this Section 8.17 shall survive Closing.

 

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Section 8.18         Entire
Agreement. This Agreement and all other Transaction Documents, and all other certificates, instruments or agreements to be
delivered hereunder and thereunder constitute the entire agreement between the parties with respect to the subject matter hereof,
and there are no other representations, warranties or agreements, written or oral, between Seller and Purchaser with respect to
the subject matter of this Agreement. Notwithstanding anything in this Agreement to the contrary, upon the execution and delivery
of this Agreement by Seller and Purchaser:

 

(a)          this
Agreement shall supersede any previous discussions, letters of intent, agreements and/or term or commitment letters relating to
the Transaction, including without limitation, the Letter of Intent. Seller shall not issue any press release or other public disclosure
using the name, logo or otherwise referring to Purchaser any of its affiliates or the Transaction without the prior written consent
of Purchaser, in Purchaser’s sole and absolute discretion. During the term of this Agreement, Seller and Seller’s agents
and representatives shall not show, offer, market or negotiate to sell the Property or any portion thereof or any interest therein
to any party other than Purchaser, nor will Seller conduct discussion with any other party with respect to same. Seller and Seller’s
agents and representatives shall keep this Agreement confidential, and shall not, without the prior written consent of Purchaser,
which consent may be withheld in Purchaser’s sole and absolute discretion, disclose the existence or terms of this Agreement
to any other Person (other than to Seller’s accountants, attorneys, or agents who need to know and whom Seller has directed
to treat such information as confidential). The terms of this Section shall survive Closing under this Agreement.

 

(b)          the
terms and conditions of this Agreement shall control notwithstanding that such terms are inconsistent with or vary from those set
forth in any of the foregoing agreements; and

 

(c)          this
Agreement may only be amended by a written agreement executed by Purchaser and Seller.

 

The provisions
of this Section 8.18 shall survive the Closing.

 

Section 8.19         Forum
Selection; Jurisdiction; Venue. For purposes of any action or proceeding arising out of this Agreement, the parties hereto
expressly submit to the jurisdiction of all federal and state courts located in the State of New York. Seller consents that it
may be served with any process or paper by registered mail or by personal service within or without the State where the Property
is located in accordance with applicable law. Furthermore, Seller waives and agrees not to assert in any such action, suit or proceeding
that it is not personally subject to the jurisdiction of such courts, that the action, suit or proceeding is brought in an inconvenient
forum or that venue of the action, suit or proceeding is improper. Nothing contained in this Section shall limit or restrict the
right of Seller or Purchaser to commence any proceeding in the federal or state courts located in the state or states in which
the Property is located to the extent Seller or Purchaser deems such proceeding necessary or advisable to exercise remedies available
under this Agreement.

 

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Section 8.20         Separability;
Binding Effect; Governing law. Each provision hereof shall be separate and independent, and the breach of any provision by
Purchaser shall not discharge or relieve Seller from any of its obligations hereunder. Each provision hereof shall be valid and
shall be enforceable to the extent not prohibited by law. If any provision hereof or the application thereof to any Person or circumstance
shall to any extent be invalid or unenforceable, the remaining provisions hereof, or the application of such provision to Persons
or circumstances other than those as to which it is invalid or unenforceable, shall not be affected thereby. Subject to the provisions
of Section 8.04, all provisions contained in this Agreement shall be binding upon, inure to the benefit of and be enforceable by
the successors and assigns of each party hereto, including, without limitation, any United States trustee, any debtor-in-possession
or any trustee appointed from a private panel, in each case to the same extent as if each successor and assign were named as a
party hereto.  This Agreement shall be governed by, and construed with, the laws of the State of New York, without giving
effect to any state’s conflict of laws principles.

 

Section 8.21         TO
THE EXTENT PERMITTED BY APPLICABLE LAW, THE PARTIES HERETO SHALL AND THEY HEREBY DO INTENTIONALLY WAIVE ANY AND ALL
RIGHTS TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM BROUGHT BY EITHER OF THE PARTIES HERETO AGAINST THE OTHER ON
ANY MATTERS WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT AND/OR ANY CLAIM OR INJURY OR DAMAGE RELATED
THERETO. SELLER FURTHER WAIVES THE RIGHT IT MAY HAVE TO SEEK PUNITIVE, CONSEQUENTIAL, SPECIAL AND INDIRECT DAMAGES FROM PURCHASER
IN ANY ACTION, PROCEEDING OR COUNTERCLAIM WITH RESPECT TO ANY MATTER ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT AND/OR
ANY DOCUMENT CONTEMPLATED HEREIN OR RELATED HERETO.

 

Section 8.22         Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, and all such counterparts
shall be deemed to constitute one and the same instrument.

 

Section
8.23         Local Law Provisions. Seller shall be responsible for complying
(at its expense) with any local law requirements (such as required inspections) which are conditions for the conveyance of
the Property. In addition, the following local law provisions shall apply:

 

(a)          If any local law requires an inspection of the Real
Property or a certificate from a local municipality, Seller shall be required to undertake and pay for such inspection and/or
shall obtain such certificate and pay for the same.

 

Section 8.24         Bulk
Sales Compliance.

 

(a)          Purchaser
shall comply with all applicable bulk sales laws and Seller shall reasonably cooperate in connection with such compliance 

 

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(b)          Intentionally
Omitted.

 

(c)          Intentionally
Omitted.

 

Section 8.25         1031
Exchange. Seller and/or Purchaser may close this transaction as part of a like-kind exchange of properties under Section 1031
of the Internal Revenue Code of 1986, as amended, and applicable rules and regulations.  The exchanging party shall bear all
costs of its exchange.  The other party shall cooperate with the exchanging party and do all things reasonably required and
requested by the exchanging party (provided that such actions do not increase the other party’s obligations or liabilities
under this Agreement) to effect and facilitate such an exchange.  The exchanging party shall and does hereby indemnify, defend
and hold the other party harmless for and from all liabilities arising as a result of the exchange that would not have arisen
had the exchanging party not closed this Transaction as part of a like-kind exchange.  Anything in this section to the contrary
notwithstanding: (a) no party makes any representation or warranty to the other as to the effectiveness or tax impact of any proposed
exchange; (b) in no event shall any party be required to take title to any exchange or replacement property; (c) in no event
shall completion of any such exchange be a cause or excuse for any delay in the Closing; and (d) no party shall be required to
incur any costs or expenses or incur any additional liabilities or obligations in order to accommodate any exchange requested by
the other party or any exchange intermediary or facilitator.

 

Section 8.26         Seller’s
Knowledge. As used in this Agreement, the phrase “Seller’s actual knowledge” or similar phrases means the
actual, present, conscious knowledge of those persons currently employed by Seller that have performed services involving or matters
relative to the Property, without any duty of investigation or inquiry, and shall not include any constructive, imputed or implied
knowledge; provided, however, under no circumstances shall any such individual have any personal liability whatsoever in connection
with any representation or warranty set forth herein. Without limiting the foregoing, Purchaser acknowledges that the individuals
to which this Section applies have not performed and are not obligated to perform any review or investigation of any files or other
information in Seller’s possession, or to make any inquiry of any individuals or entities, or to take any other actions in
connection with the representations and warranties set forth in this Agreement. Neither the actual, present, conscious knowledge
of any other individual or entity, nor the constructive knowledge of any of the individuals to which this Section applies or of
any other individual or entity shall be imputed to the individuals to which this Section applies.

 

Section 8.27         Assignment
of Mortgage.  Purchaser may, at Purchaser’s discretion, seek an assignment of existing mortgage with respect to the transaction
contemplated by this Agreement at Purchaser’s sole cost and expense. If Purchaser requests Seller’s assistance in arranging
for an assignment of the existing mortgage to Purchaser’s lender, then Seller shall ask the existing mortgagee to assign
the mortgage, to the Purchaser’s lender designated by the Purchaser. Seller makes no representation or warranty that an assignment
of existing mortgage is or will be available to Purchaser and in no event shall Purchaser’s ability (or inability) to obtain
an assignment of existing mortgage be a condition precedent to Closing. In the event that Purchaser seeks an assignment of existing
mortgage, Purchaser shall satisfy any and all obligations with respect to an assignment of existing mortgage on or before the date
that is five (5) Business Days prior to the expiration of the Inspection Period. Purchaser shall indemnify, defend and hold Seller
harmless from and against any and all Losses of Seller arising from any assignment of existing mortgage sought or procured by Purchaser.

 

[Remainder of page intentionally left
blank; signature pages to follow]

 

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IN WITNESS WHEREOF, the
parties hereto have caused this Agreement to be executed and delivered as of the date first set forth above.

 

PURCHASER:

 

EBF TILDEN AVENUE, LLC,

a Delaware limited liability company

 

	By: 	/s/ Yehoshua Fruchthandler	 
	Name:	Yehoshua Fruchthandler	 
	Title: 	Authorized Signatory	 

 

[Remainder of page intentionally left
blank; signature page to follow]

 

    36 

     

    

 

SELLER:

 

2520 TILDEN FEE, LLC,

a Delaware limited liability company

 

	By: 	/s/ Suneet Singal	 
	Name:	Suneet Singal	 
	Title: 	Authorized Signatory	 

 

Exhibits:

		A:	Legal Description / Property Address

		B:	Form of Bill of Sale

		C:	Form of Assignment of Warranties

		D:	Questionnaire

		E:	Description of Facilities

		F:	Existing Lease

		G:	Form of Estoppel Certificate

		H:	Assignment and Assumption of Lease

		I:	Form of Deed

  

    37 

     

    

 

EXHIBIT A

 

LEGAL DESCRIPTION

 

 

    A-1 

     

    

 

EXHIBIT B

 

BILL OF SALE

 

For and in consideration
of the sum of Ten Dollars ($10.00) and other good and valuable consideration (including the Purchase Price), the receipt and sufficiency
of which are hereby acknowledged, 2520 TILDEN FEE, LLC, a Delaware limited liability company (“Seller”),
does hereby assign, grant, bargain, sell, transfer, convey, and deliver to _______________________ (“Purchaser”),
all of Seller’s right, title and interest in and to the assets of Seller (collectively, the “Assets”)
described on Exhibit A attached hereto and incorporated herein by reference, to have and to hold the same by Purchaser and
its successors and assigns.

 

Seller represents and warrants
that it holds title to the Assets free and clear of any and all Liens. Except for the foregoing representation and warranty, Seller
transfer the Assets, “As Is”, “Where Is” and “With All Faults” and without recourse.

 

Capitalized terms used
in this Bill of Sale and in Exhibit A attached hereto and not otherwise defined herein or therein shall have the meaning
ascribed thereto in that certain Purchase and Sale Agreement, dated as of November __, 2016, as amended, between Seller and Purchaser
(the “Purchase Agreement”).

 

[Remainder of page intentionally left
blank; signature page to follow]

 

    B-1 

     

    

 

Executed as of _____________,
2016.

 

SELLER:

 

2520 TILDEN FEE, LLC,

a Delaware limited liability company

 

	By:	 	 
	Name:	 	 
	Title:	 	 

  

    B-2 

     

    

 

Exhibit A

to Bill of Sale

 

Assets

 

All of Seller’s right,
title and interest in and to all fixtures, machinery, apparatus, equipment, fittings and appliances of every kind and nature whatsoever
now or hereafter affixed or attached to or installed in or on any of the land or improvements with respect to the Real Property
(as defined in the Purchase Agreement), including all electrical, anti-pollution, heating, lighting (including hanging fluorescent
lighting), light poles, incinerating, power, air cooling, air conditioning, humidification, sprinkling, plumbing, lifting (including
any hydraulic lifts), cleaning, fire prevention, fire extinguishing and ventilating systems, devices and machinery and all engines,
pipes, pumps, tanks (including exchange tanks and above-ground fuel storage tanks), signs, canopies, motors, conduits, ducts, steam
circulation coils, blowers, steam lines, compressors, oil burners, boilers, doors, windows, loading platforms, lavatory facilities,
stairwells, fencing (including cyclone fencing), passenger and freight elevators, overhead cranes and garage units, but excluding
all USTs, sinks, fire extinguishers and furniture presently located on the Real Property.

 

    B-3 

     

    

 

EXHIBIT C

 

ASSIGNMENT OF
WARRANTIES

 

THIS ASSIGNMENT OF WARRANTIES
(this “Assignment”), is made as of _______________________________, 2016 by and between 2520 TILDEN FEE, LLC,
a Delaware limited liability company (“Assignor”) and _________________________ (“Assignee”).

 

WITNESSETH:

 

WHEREAS, pursuant
to the terms of that certain Purchase and Sale Agreement, dated as of October __, 2016, as amended, by and between Assignor and
Assignee (the “Purchase Agreement”), Assignor agreed to sell to Assignee, inter alia, certain real property,
the improvements located thereon and certain rights appurtenant thereto owned by Assignor, all as more particularly described in
the Purchase Agreement (collectively, the “Property”). Initially capitalized terms not otherwise defined herein
shall have the respective meanings ascribed to such terms in the Purchase Agreement; and

 

WHEREAS, the Purchase
Agreement provides, inter alia, that Assignor shall assign to Assignee rights to all guaranties and warranties relating
to the Property and that Assignor and Assignee shall enter into this Assignment.

 

NOW, THEREFORE,
in consideration of the premises and the mutual covenants herein contained, the parties hereto hereby agree as follows:

 

1.          Assignment
of Warranties. Assignor hereby assigns, sets over and transfers to Assignee all of Assignor’s right, title and interest
in, to and under any and all guaranties and warranties in effect with respect to all or any portion of the Property as of the date
hereof. Assignee hereby accepts the foregoing assignment of guaranties and warranties.

 

2.          Miscellaneous.
This Assignment and the obligations of the parties hereunder shall survive the closing of the transaction referred to in the Purchase
Agreement and shall not be merged therein, shall be binding upon and inure to the benefit of the parties hereto, their respective
legal representatives, successors and assigns and may not be modified or amended in any manner other than by a written agreement
signed by the party to be charged therewith.

 

3.          Severability.
If any term or provision of this Assignment or the application thereof to any persons or circumstances shall, to any extent, be
invalid or unenforceable, the remainder of this Assignment or the application of such term or provision to persons or circumstances
other than those as to which it is held invalid or unenforceable shall not be affected thereby, and each term and provision of
this Assignment shall be valid and enforced to the fullest extent permitted by law.

 

    C-1 

     

    

 

4.          Counterparts.
This Assignment may be executed in counterparts, each of which shall be an original and all of which counterparts taken together
shall constitute one and the same agreement.

 

IN WITNESS WHEREOF,
the undersigned have executed this Assignment as of the date first set forth hereinabove.

 

ASSIGNOR:

 

2520
TILDEN FEE, LLC,

a Delaware limited liability company

 

	By:	 	 
	Name:	 	 
	Title:	 	 
	 	 
	ASSIGNEE:	 
	 	 	 
	By:	 	 
	Name:	 	 
	Title:	 	 

  

    C-2 

     

    

 

EXHIBIT D

 

EBF TILDEN AVENUE, LLC

 

QUESTIONNAIRE

 

Please complete this Questionnaire promptly
and return it to:

 

EBF Tilden Avenue, LLC

111 Broadway, 20th Floor

New York, NY 10006

Attention: Yehoshua Fruchthandler

 

________________________ (“Purchaser”)
cannot complete its underwriting and credit analysis in connection with the contemplated transaction until it has received a completed
and executed copy of this Questionnaire from you.

 

SELLER

 

	Name:	 

	Principal Place of Business:	 

	 	 

	Type of Entity:	 

	State of Formation or Country of Citizenship:	 

	Tax ID or Social Security Number:	 

 

ALL TENANTS LOCATED AT SUBJECT PROPERTY OR
PROPERTIES

(Attach additional sheets if necessary)

 

	Name:	 

	Principal Place of Business:	 

	 	 

	Type of Entity:	 

	State of Formation or Country of Citizenship:	 

	Tax ID or Social Security Number:	 

 

GUARANTORS

 

	Name:	 

	Principal Place of Business:	 

		

	Type of Entity:	 

	State of Formation or Country of Citizenship:	 

	Tax ID or Social Security Number:	 

 

    D-1 

     

    

 

EQUITY OWNERS1
(Attach additional sheets if necessary) Complete this Equity Owners section for all Equity Owners of Seller,
a lease guarantor and Tenant.

 

	Name:	 

	Principal Place of Business:	 

	Type of Entity:	 

	State of Formation or Country of Citizenship:	 

	Tax ID or Social Security Number:	 

 

	Name:	 

	Principal Place of Business:	 

	Type of Entity:	 

	State of Formation or Country of Citizenship:	 

	Tax ID or Social Security Number:	 

 

	Name:	 

	Principal Place of Business:	 

	Type of Entity:	 

	State of Formation or Country of Citizenship:	 

	Tax ID or Social Security Number:	 

 

 

1 “Equity
Owners” are defined as:

		·	Each person or entity having an equity
interest of 10% or more in Seller, a lease guarantor or a Tenant;

		·	Each general partner (regardless of equity
interest percent) of a general partnership or limited partnership and each person or entity having an equity interest of
10% or more in the general partner of the general partnership;

		·	Each managing member of a limited liability
company (regardless of equity interest percent) and each person or entity having an equity interest of 10% or more in the
managing member of the limited liability company;

		·	Individual or entity who signs a promissory
note, loan guaranty or similar instrument;

		·	If a trust, please contact Purchaser for
instructions on ownership information to be supplied on this form.

 

    D-2 

     

    

 

The undersigned represents to Purchaser and
its affiliates that the foregoing information is complete and accurate.

 

The undersigned hereby acknowledges that Purchaser
and its affiliates may obtain credit reports on any of the companies or individuals listed above and by its signature below acknowledges
and consents to the acquisition and use of such information as part of its credit decision.

 

	 	Signature:	 
	 	 	 
	 	Printed Name:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	Entity:	 
	 	 	 
	 	Date:	 

 

    D-3 

     

    

 

EXHIBIT E

 

DESCRIPTION
OF faCILITIES

 

    E-1 

     

    

 

EXHIBIT F

 

EXISTING LEASE

 

    F-1 

     

    

 

EXHIBIT G

 

EBF Tilden Avenue, LLC

111 Broadway, 20th Floor

New York, NY 10006

Attention: Yehoshua Fruchthandler

 

TENANT ESTOPPEL CERTIFICATE

 

		Lease:	Lease dated as of _______________ between ________________ (“Landlord”) and __________________.

 

Tenant:______________________________

 

Property:2520
Tilden Avenue, Brooklyn, New York (the “Demised Premises”).

 

The undersigned, ______________________________
(“Tenant”), the tenant pursuant to the lease described above, a copy of which, along with all assignments thereof,
if any, is attached hereto as Exhibit A (the “Lease”), hereby certifies to __________________, its successors and assigns
(“Purchaser”), and any lender providing financing for the Demised Premises, that as of the date hereof:

 

1.          The
Lease represents the entire agreement between Landlord and Tenant relating to the Demised Premises, and the Lease is in full force
and effect and is a valid and binding obligation of Tenant.

 

2.          Neither
the Lease nor any interest thereunder has been assigned or mortgaged by Tenant.

 

3.          The
primary term of the Lease commenced on ____________ and continues through ______________. The Lease contains __________ (__) renewal
options of ______ (__) years each. Tenant has no early termination rights [except as specifically set forth in Section __ of the
Lease].

 

4.          The
current monthly base rent (exclusive of Tenant’s share of taxes and insurance payments), [which is defined in the Lease as
“_________,”] is $___________. The last payment of [monthly rent] in the amount of $__________ was paid to Landlord
(for the month of ______ 2016) and there is no unpaid [rent] for any prior period. [If there is any other “rent” payable,
add a description]

 

5.          Tenant
has agreed to pay ____% of all real estate taxes for the Demised Premises. Tenant [is/is not] required to pay monthly real estate
tax installment payment to Landlord. [For the calendar year 2016 such monthly real estate tax payment is $___________; the last
monthly payment was made to Landlord on ___________, 2016 which was the payment due on ________, 2016; and Tenant in not in default
of its obligation to make such monthly payments.]

 

    G-1 

     

    

 

6.          Tenant
has in place and in force all insurance with the coverages and in the amounts required to be maintained by Tenant pursuant to the
Lease.

 

7.          Tenant
has paid to Landlord a security deposit in the amount of $_____________ and Tenant has not received any return of all or a portion
of such security deposit.

 

8.          As
of this date, Tenant has not given Landlord notice of any uncured violation by Landlord of the Lease or notice of Tenant’s
intent to vacate the Demised Premises, and Tenant is not, and to Tenant’s knowledge Landlord is not, in default under any
of the terms, conditions, provisions or agreements of the Lease. Tenant has no offsets, claims or defenses (a) against Landlord
or (b) to the enforcement of the Lease. Landlord has paid any and all tenant improvement costs and/or obligations due or to become
due under the Lease. No sums are due by Landlord to Tenant.

 

9.          Tenant
has no purchase options or rights of first refusal to purchase the Demised Premises or any part thereof [except pursuant to section
__ of the Lease].

 

10.        The
only interest of Tenant in the Demised Premises is that of a tenant pursuant to the terms of the Lease.

 

11.      Tenant is the sole
owner and holder of the leasehold estate created by the Lease. Tenant has not subleased any portion of the Demised Premises.

 

12.       There
are no actions, whether voluntary or otherwise, pending against Tenant under any insolvency, bankruptcy or other debtor relief
laws.

 

13.       Tenant
has executed this Certificate with the understanding that Purchaser is contemplating acquiring the Demised Premises and that if
Purchaser acquires the Demised Premises, Purchaser (and its successors and assigns) and any lender financing or refinancing the
Demised Premises will do so in a material reliance on this Certificate. This Certificate may not be amended or revoked without
Purchaser’s written consent.

 

	 	 
	 	 
	 	By	 
	 	Name:	 
	 	Title:	 

 

Dated: _____________, 2016

 

    G-2 

     

    

 

EXHIBIT H

 

ASSIGNMENT AND ASSUMPTION OF LEASES 

 

THIS ASSIGNMENT AND
ASSUMPTION OF LEASES (this “Assignment”), is made as of ____________, 2016 by and between 2520 TILDEN FEE, LLC,
a Delaware limited liability company (“Assignor”) and _____________________ (“Assignee”).

 

WITNESSETH:

 

WHEREAS, pursuant
to the terms of that certain Purchase and Sale Agreement, dated as of October __ 2016, by and between Assignor and Assignee (the
“Purchase Agreement”), Assignor agreed to sell to Assignee, inter alia, certain real property, the improvements
located thereon and certain rights appurtenant thereto owned by Assignor, all as more particularly described in the Purchase Agreement
(collectively, the “Property”). Initially capitalized terms not otherwise defined herein shall have the respective
meanings ascribed to such terms in the Purchase Agreement; and

 

WHEREAS, the Purchase
Agreement provides, inter alia, that Assignor shall assign to Assignee the Assignor’s/landlord’s interest in
the lease (and associated guaranties, if any) affecting the Property described on Exhibit A attached hereto (collectively, the
"Lease Agreement"), and that Assignor and Assignee shall enter into this Assignment.

 

NOW, THEREFORE,
in consideration of the premises and the mutual covenants herein contained, the parties hereto hereby agree as follows:

 

1.          Assignment.
 Assignor hereby assigns, transfers and conveys to Assignee, all right, title and interest of Assignor as landlord under the
Lease Agreements. Assignor shall remain liable for the performance of any obligation required to be performed by the landlord under
the lease for all periods prior to the date hereof. The original signed counterpart of the Lease Agreement, or copies thereof,
if no originals are available, together with any and all supplements and amendments thereto, have been delivered to Assignee herewith.

 

2.          Assumption.
Assignee, by acceptance of this Assignment and the Lease Agreement, hereby assumes and agrees to keep, observe and perform all
of the covenants, conditions, terms and provisions under the Lease Agreement to be kept, observed and performed by the landlord
thereunder from and after the date hereof.

 

3.          Miscellaneous.
This Assignment and the obligations of the parties hereunder shall survive the closing of the transaction referred to in the Purchase
Agreement and shall not be merged therein, shall be binding upon and inure to the benefit of the parties hereto, their respective
legal representatives, successors and assigns and may not be modified or amended in any manner other than by a written agreement
signed by the party to be charged therewith.

 

4.          Severability.
If any term or provision of this Assignment or the application thereof to any persons or circumstances shall, to any extent, be
invalid or unenforceable, the remainder of this Assignment or the application of such term or provision to persons or circumstances
other than those as to which it is held invalid or unenforceable shall not be affected thereby, and each term and provision of
this Assignment shall be valid and enforced to the fullest extent permitted by law.

 

    H-1 

     

    

 

5.          Counterparts.
This Assignment may be executed in counterparts, each of which shall be an original and all of which counterparts taken together
shall constitute one and the same agreement.

 

[REMAINDER OF THIS PAGE
INTENTIONALLY LEFT BLANK]

 

    H-2 

     

    

 

IN WITNESS WHEREOF,
the undersigned have executed this Assignment as of the date first set forth hereinabove.

 

	ASSIGNOR:
	 	 
	

                                                2520 TILDEN FEE, LLC,

	a Delaware limited liability company
	 	 	 
	By: 	 	 
	Name:	 	 
	Title: 	 	 
	 	 
	ASSIGNEE:	 
	 	 
	 	 
	 	 	 
	By: 	 	 
	Name:	 	 
	Title: 	 	 

 

    H-3 

     

    

 

Exhibit A

 

 

    H-4 

     

    

 

EXHIBIT I

 

Form of Deed

 

	
         

        DEED
	
         

        Dated: [_______________ ____], 20__

	
         

        2520 TILDEN FEE, LLC, a Delaware
        limited liability company,

         
	
         

        Record and return to:

         

        _________________________

        _________________________

        _________________________

        Attention: ________________

         

	
        Grantor,

         

        TO
	 
	
        __________________, a ______________________,

         
	 
	 	 
	Grantee.	 

 

    I-1 

     

    

 

Form of Deed

 

	 	Prepared By:
	 	 
	 	Downey Brand LLP
	 	621 Capitol Mall, 18th Floor
	 	Sacramento, CA  95814 
	 	Attn: Anthony Arostegui

 

THIS DEED is made on [__________________] [____],
20__, between:

 

2520 TILDEN FEE, LLC, a Delaware
limited liability company, having an address at c/o First Capital Real Estate Trust, Inc., 60 Broad St. 34th Floor, New York City,
New York (hereinafter referred to as the “Grantor”), and

 

______________________, a
___________ limited liability company, having an address at __________________________ (hereafter referred to as the “Grantee”).

 

The words “Grantor” and “Grantee”
shall mean all Grantors and all Grantees listed above.

 

Transfer of Ownership.
The Grantor grants and conveys (transfers ownership of) the property described below to the Grantee. This transfer is made for
the sum of TWELVE MILLION AND 00/100 DOLLARS ($31,000,000.00). The Grantor acknowledges receipt of this money.

 

Property. The property
consists of the land and all the buildings and structures on the land in the borough of Brooklyn in the City of New York, County
of Kings and State of New York. The legal description is attached hereto as Schedule “A” and is incorporated
herein by this reference.

 

BEING the same premises
conveyed to Grantor by Deed from [___________________ dated _________________, and recorded on _____________ in Deed Book __________,
Page ___________] in the Office of the Clerk of Kings County, New York.

 

TO HAVE AND TO HOLD the
premises herein granted upon the party of the second part, together with its successors and assigns forever.

 

SUBJECT to land use laws,
easements, conditions and restrictions of record set forth on Schedule “B” attached hereto and made a part hereof.

 

[The remainder of this page is intentionally
left blank; signatures contained on the following page]

 

    I-2 

     

    

 

IN WITNESS WHEREOF, the
Grantor signs this Deed as of the date at the top of the first page.

 

	ATTEST:	 	2520 TILDEN FEE, LLC,
	 	 	a Delaware limited liability company
	 	 	 	 	 
	By:	 	 	By:	 
	Name:	 	 	Name:	 
	Title:	 	 	Title:	 

 

[The remainder of this page is intentionally
left blank; acknowledgement contained on the following page]

 

    I-3 

     

    

 

	STATE OF __________________	)
	 	)ss.
	County of ________________	)

                                                                                                                                        
 

On this _________ day of
___________, 20__, before me, the undersigned, a Notary Public in and for said County and State, personally appeared _________________,
personally known to me (or proved to me on the basis of satisfactory evidence) to be the person whose name is subscribed to the
foregoing instrument, and acknowledged to me that he (she) executed the same in his (her) authorized capacity, and that by his
(her) signature on the instrument, the person or the entity upon behalf of which the person acted, executed the instrument.

 

_________________________________

Name Printed: _____________________

Notary Public in and for said County and State

 

My Commission expires: ______________________

 

(SEAL)

 

[NOTE TO SELLER: TITLE COMPANY TO CONFIRM
THE FORM OF DEED AND ACKNOWLEDGMENT ARE ACCEPTABLE]

 

    I-4 

     

    

 

SCHEDULE “A”

 

Legal Description

 

 

     

     

    

 

SCHEDULE “B”EXHIBIT 4.15

 

NEITHER THE ISSUANCE AND SALE OF THE SECURITIES
REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE HAVE BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED
OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), OR (B) AN OPINION OF COUNSEL TO THE HOLDER (IF REQUESTED BY THE COMPANY), IN
A FORM REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE TO
BE SOLD PURSUANT TO RULE 144 UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A
BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

WARRANT TO PURCHASE STOCK

 

	Company:	Amyris, Inc., a Delaware corporation
	Warrant Certificate:    	W-11
	Number of Shares:	10,000,000
	Class of Stock:	Common Stock, par value $0.0001
per share
	Warrant Price:	$0.50 per share
	Issue Date:	November 16, 2016
	Expiration Date:	December 31, 2016

 

THIS WARRANT CERTIFIES THAT, for good
and valuable consideration, NENTER & CO., INC. (together with any registered holder from time to time of this Warrant
or any holder of the shares issuable or issued upon exercise of this Warrant, “Holder”) is entitled to purchase
the number of fully paid and nonassessable shares of the class of securities of the Company at the Warrant Price, all as set forth
above and as adjusted pursuant to Article 2 of this Warrant, subject to the provisions and upon the terms and conditions set forth
in this Warrant.

 

ARTICLE
1 EXERCISE.

 

1.1.           
Exercise. This Warrant shall be exercisable for 10,000,000 shares of the Company’s Common Stock
(the “Shares”) at the Warrant Price set forth above. The number of Shares and the Warrant Price are subject
to adjustment as provided herein, and all references to “Shares” and “Warrant Price” herein shall be deemed
to include any such adjustment or series of adjustments.

 

1.2.           
Method of Exercise.

 

     

     

    

(a)              
Mechanics. This Warrant may be exercised by the Holder at any time on or after the Issue Date (an “Exercise
Date”), in whole or in part, by delivery (whether via facsimile or otherwise) of a written notice, in the form attached
hereto as Exhibit A (the “Exercise Notice”), of the Holder’s election to exercise this Warrant. Within
one (1) Trading Day following an exercise of this Warrant as aforesaid, the Holder shall deliver payment to the Company of an amount
equal to the Warrant Price in effect on the date of such exercise multiplied by the number of Shares as to which this Warrant was
so exercised (the “Aggregate Warrant Price”) in cash or via wire transfer of immediately available funds if
the Holder did not notify the Company in such Exercise Notice that such exercise was made pursuant to a Cashless Exercise (as defined
in Article 1.3). The Holder shall not be required to deliver the original of this Warrant in order to effect an exercise hereunder.
Execution and delivery of an Exercise Notice with respect to less than all of the Shares shall have the same effect as cancellation
of the original of this Warrant and issuance of a new Warrant evidencing the right to purchase the remaining number of Shares.
Execution and delivery of an Exercise Notice for all of the then-remaining Shares shall have the same effect as cancellation of
the original of this Warrant after delivery of the Shares in accordance with the terms hereof. On or before the later of the third
(3rd) Trading Day following the date on which the Company has received such Exercise Notice and one (1) Trading Day after the Company’s
receipt of the Aggregate Exercise Warrant Price (or valid notice of a Cashless Exercise) (such later date, the “Share
Delivery Deadline”), the Company shall (X) provided that the Transfer Agent is participating in The Depository Trust
Company (“DTC”) Fast Automated Securities Transfer Program, upon the request of the Holder, credit such aggregate
number of shares of Common Stock to which the Holder is entitled pursuant to such exercise to the Holder’s or its designee’s
balance account with DTC through its Deposit/Withdrawal at Custodian system, or (Y) if the Transfer Agent is not participating
in the DTC Fast Automated Securities Transfer Program, upon the request of the Holder, issue and deliver (via reputable overnight
courier) to the address as specified in the Exercise Notice, a certificate, registered in the name of the Holder or its designee,
for the number of shares of Common Stock to which the Holder shall be entitled pursuant to such exercise. Upon delivery of an Exercise
Notice, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Shares with respect to
which this Warrant has been exercised, irrespective of the date such Shares are credited to the Holder’s DTC account or the
date of delivery of the certificates evidencing such Shares (as the case may be). If this Warrant is submitted in connection with
any exercise pursuant to this Article 1 and the number of Shares represented by this Warrant submitted for exercise is greater
than the number of Shares being acquired upon an exercise and upon surrender of this Warrant to the Company by the Holder, then,
at the request of the Holder, the Company shall as soon as practicable and in no event later than three (3) Business Days after
any exercise and at its own expense, issue and deliver to the Holder (or its designee) a new Warrant representing the right to
purchase the number of Shares purchasable immediately prior to such exercise under this Warrant, less the number of Shares with
respect to which this Warrant is exercised. No fractional shares of Common Stock are to be issued upon the exercise of this Warrant,
but rather the number of shares of Common Stock to be issued shall be rounded down to the nearest whole number. The Company shall
pay any and all transfer, stamp, issuance and similar taxes, costs and expenses (including, without limitation, fees and expenses
of the Transfer Agent) that may be payable with respect to the issuance and delivery of Shares upon exercise of this Warrant. Notwithstanding
the foregoing, the Company’s failure to deliver Shares to the Holder on or prior to the Share Delivery Deadline shall not
be deemed to be a breach of this Warrant.

 

    	2

     

    

(b)              
Company’s Failure to Timely Deliver Securities. If the Company shall fail, for any reason or for
no reason, on or prior to the Share Delivery Deadline, if the Transfer Agent is not participating in the DTC Fast Automated Securities
Transfer Program, to issue and deliver to the Holder (or its designee) a certificate for the number of Shares to which the Holder
is entitled and register such Shares on the Company’s share register or, if the Transfer Agent is participating in the DTC
Fast Automated Securities Transfer Program, to credit the balance account of the Holder or the Holder’s designee with DTC
for such number of Shares to which the Holder is entitled upon the Holder’s exercise of this Warrant (as the case may be),
and if on or after such Share Delivery Deadline the Holder purchases (in an open market transaction or otherwise) shares of Common
Stock to deliver in satisfaction of a sale by the Holder of all or any portion of the number of shares of Common Stock issuable
upon such exercise that the Holder anticipated receiving from the Company (a “Buy-In”), then, in addition to
all other remedies available to the Holder, the Company shall, within three (3) Business Days after the Holder’s request
and in the Holder’s discretion, either (i) pay cash to the Holder in an amount equal to the Holder’s total purchase
price (including brokerage commissions and other out-of-pocket expenses, if any) for the shares of Common Stock so purchased (including,
without limitation, by any other Person in respect, or on behalf, of the Holder) (the “Buy-In Price”), at which
point the Company’s obligation to so issue and deliver such certificate (and to issue such shares of Common Stock) or credit
the balance account of such Holder or such Holder’s designee, as applicable, with DTC for the number of Shares to which the
Holder is entitled upon the Holder’s exercise hereunder (as the case may be) (and to issue such Shares) shall terminate and
the applicable Exercise Notice shall be disregarded as if never submitted by the Holder, or (ii) promptly honor its obligation
to so issue and deliver to the Holder a certificate or certificates representing such Shares or credit the balance account of such
Holder or such Holder’s designee, as applicable, with DTC for the number of Shares to which the Holder is entitled upon the
Holder’s exercise hereunder (as the case may be) and pay cash to the Holder in an amount equal to the excess (if any) of
the Buy-In Price over the product of (A) such number of Shares multiplied by (B) the average closing price of the Common Stock
across all Trading Days during the period commencing on the date of the applicable Exercise Notice and ending on the date of such
issuance and payment under this clause (ii). Nothing shall limit the Holder’s right to pursue any other remedies available
to it hereunder, at law or in equity, including, without limitation, a decree of specific performance and/or injunctive relief
with respect to the Company’s failure to timely deliver certificates representing shares of Common Stock (or to electronically
deliver such shares of Common Stock) upon the exercise of this Warrant as required pursuant to the terms hereof.

 

1.3.           
Cashless Exercise Right. In lieu of exercising this Warrant by making the cash payment otherwise contemplated
to be made to the Company upon such exercise in payment of the Aggregate Warrant Price pursuant to Article 1.2,
Holder may elect instead to receive upon such exercise the “Net Number” of shares
of Common Stock determined according to the following formula (a “Cashless Exercise”):

 

	 	Net Number = (A x B) - (A x C)

                                               B
	 
	 		 

 

    	3

     

    

For purposes of the foregoing formula:

 

A = the total number of shares with respect to which this Warrant
is then being exercised.

 

B = the fair market value of each Share,
which shall be (i) the average for the five Trading Days immediately prior to the date of determination thereof of the last reported
sale price regular way on each such day, or (ii) in the case no such sale takes place on any such day, the average of the reported
closing bid and asked prices regular way of the shares of Common Stock on such day, in each case as quoted on the Principal Market,
as reported by Bloomberg or such other principal securities exchange or inter-dealer quotation system on which the shares of Common
Stock are then traded, or (iii) in the case the shares of Common Stock are not traded publically on the Principal Market, the value
mutually agreed up by the Company and the Holder.

 

C= the Warrant Price then in effect for the applicable Shares at the time
of such exercise.

 

1.4.           
Delivery of Certificate and New Warrant. Promptly after Holder exercises or converts this Warrant, and,
if applicable, the Company receives payment of the aggregate Warrant Price, the Company shall deliver to Holder certificates for
the Shares acquired and, if this Warrant has not been fully exercised or converted and has not expired, a new Warrant representing
the Shares not so acquired. Holder shall be deemed to own and have all of the rights associated with any Shares or other securities
or property to which it is entitled pursuant to this Warrant upon the exercise or conversion of the Warrant in accordance with
this Article 1.

 

1.5.           
Replacement of Warrants. On receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Warrant and in the case of loss, theft or destruction, on delivery of an indemnity agreement
reasonably satisfactory in form and amount to the Company or, in the case of mutilation on surrender and cancellation of this Warrant,
the Company shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor.

 

1.6.           
Treatment of Warrant Upon Acquisition of Company.

 

1.6.1       
“Acquisition”. For the purpose of this Warrant, “Acquisition” shall mean the occurrence
of any of the following: (i) the consolidation of the Company with, or the merger of the Company with or into, another “person”
(as such term is used in Rule 13d-3 and Rule 13d-5 of the Exchange Act), or the sale, lease, transfer, conveyance or other disposition,
in one or a series of related transactions, of all or substantially all of the assets of the Company and its Subsidiaries taken
as a whole, or the consolidation of another “person” with, or the merger of another “person” into, the
Company, other than in each case pursuant to a transaction in which the “persons” that “beneficially owned”
(as such term is defined in Rule 13d-3 and Rule 13d-5 under the Exchange Act), directly or indirectly, the Voting Shares (as defined
below) of the Company immediately prior to the transaction “beneficially own”, directly or indirectly, Voting Shares
representing at least a majority of the total voting power of all outstanding classes of voting stock of the surviving or transferee
person; (ii) the adoption by the Company of a plan relating to the liquidation or dissolution of the Company; (iii) the
consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person”
becomes the “beneficial owner” directly or indirectly, of more than 50% of the Voting Shares of the Company (measured
by voting power rather than number of shares); or (iv) the first day on which a majority of the members of the Company’s
Board of Directors (the “Board”) does not consist of Continuing Directors (as defined below). For the purposes of this
Article 1.6.1, (i) “Voting Shares” of any person shall mean capital shares or capital stock of such person which ordinarily
has voting power for the election of directors (or persons performing similar functions) of such person, whether at all times or
only so long as no senior class of securities has such voting power by reason of any contingency, and (ii) “Continuing Director”
shall mean, as of any date of determination, any member of the Board who (i) was a member of the Board on the Issue Date or (ii)
was nominated for election or elected to the Board with the approval of a majority of the Continuing Directors who were members
of the Board at the time of such nomination or election and who voted with respect to such nomination or election; provided that
a majority of the members of the Board voting with respect thereto shall at the time have been Continuing Directors.

 

    	4

     

    

1.6.2       
Treatment of Warrant at Acquisition. In the event of an Acquisition, either (a) Holder shall exercise
or convert his Warrant in full with respect to all remaining Shares for which the Warrant is then exercisable and such exercise
or conversion will be deemed effective immediately prior to the consummation of such Acquisition or (b) if Holder elects not to
exercise or convert the Warrant, this Warrant will expire upon the consummation of such Acquisition. The Company shall provide
Holder with written notice of the foregoing (together with such reasonable information as Holder may request in connection with
such contemplated Acquisition giving rise to such notice), which is to be delivered to Holder not less than ten (10) days prior
to the closing of the proposed Acquisition.

 

1.7.           
Insufficient Authorized Shares. If at any time while the Warrant remains outstanding the Company does
not have a sufficient number of authorized and unreserved shares of Common Stock to satisfy its obligation to reserve for issuance
upon exercise of the Warrant at least a number of shares of Common Stock equal to 100% (the “Required Reserve Amount”)
of the number of shares of Common Stock as shall from time to time be necessary to effect the exercise of the Warrant then outstanding,
then the Company shall immediately take all action necessary to increase the Company’s authorized shares of Common Stock
to an amount sufficient to allow the Company to reserve the Required Reserve Amount for the Warrant then outstanding.

 

ARTICLE
2 ADJUSTMENTS TO THE SHARES.

 

2.1.           
Stock Dividends, Splits, Etc. If the Company declares or pays a dividend on the Shares payable in common
stock of the Company, or other securities, then upon exercise of this Warrant, for each Share acquired, Holder shall receive, without
cost to Holder, the total number and kind of shares of common stock of the Company to which Holder would have been entitled had
Holder owned the Shares of record as of the date the dividend occurred. If the Company subdivides the Shares by reclassification
or otherwise into a greater number of shares or takes any other action which increases the amount of stock for which this Warrant
is exercisable, the number of Shares subject to the Warrant shall be proportionately increased and the Warrant Price shall be proportionately
decreased. If the outstanding shares are combined or consolidated, by reclassification or otherwise, into a lesser number of shares,
the Warrant Price shall be proportionately increased and the number of Shares subject to the Warrant shall be proportionately decreased.

 

    	5

     

    

2.2.           
Reclassification, Exchange, Combinations or Substitution. Upon any reclassification, exchange, substitution,
or other event that results in a change of the number and/or class of the securities issuable upon exercise or conversion of this
Warrant (other than an Acquisition which is subject to the provisions of Article 1.6), Holder shall be entitled to receive, upon
exercise or conversion of this Warrant the number and kind of securities and property that Holder would have received for the Shares
if this Warrant had been exercised immediately before such reclassification, exchange, substitution, or other event. The Company
or its successor shall promptly issue to Holder an amendment to this Warrant setting forth the number and kind of such new securities
or other property issuable upon exercise or conversion of this Warrant as a result of such reclassification, exchange, substitution
or other event that results in a change of the number and/or class of securities issuable upon exercise or conversion of this Warrant.
The amendment to this Warrant shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments
provided for in this Article 2 including, without limitation, adjustments to the Warrant Price and to the number of securities
or property issuable upon exercise of the new Warrant. The provisions of this Article 2.2 shall similarly apply to successive reclassifications,
exchanges, substitutions, or other events.

 

2.3.           
Rights Upon Distribution of Assets. If the Company shall declare or make any dividend or other distribution
of its assets (or rights to acquire its assets) to holders of shares of Common Stock (which dividend or other distribution has
not already been given to the Holder of the Warrant), by way of return of capital or otherwise (including, without limitation,
any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate
rearrangement, scheme of arrangement or other similar transaction) (a “Distribution”), at any time after the issuance
of this Warrant and prior to the Expiration Date, then, in each such case:

 

(a)              
any Warrant Price in effect immediately prior to the close of business on the record date fixed for the determination
of holders of shares of Common Stock entitled to receive the Distribution shall be reduced, effective as of the close of business
on such record date, to a price determined by multiplying such Warrant Price by a fraction of which (i) the numerator shall
be the Closing Bid Price of the shares of Common Stock on the Trading Day immediately preceding such record date minus the value
of the Distribution (as determined in good faith by the Company’s Board of Directors) applicable to one share of Common Stock,
and (ii) the denominator shall be the Closing Bid Price of the shares of Common Stock on the Trading Day immediately preceding
such record date; and

 

(b)              
the number of Shares shall be increased to a number of shares equal to the number of shares of Common Stock obtainable
immediately prior to the close of business on the record date fixed for the determination of holders of shares of Common Stock
entitled to receive the Distribution multiplied by the reciprocal of the fraction set forth in the immediately preceding paragraph
(a);

 

    	6

     

    

provided that in the event that the Distribution is of shares of
Common Stock(“Other Shares of Common Stock”) of a company whose common shares are traded on a national securities exchange
or a national automated quotation system, then the Holder may elect to receive a warrant to purchase Other Shares of Common Stock
in lieu of an increase in the number of Shares, the terms of which shall be identical to those of this Warrant, except that such
warrant shall be exercisable into the number of shares of Other Shares of Common Stock that would have been payable to the Holder
pursuant to the Distribution had the Holder exercised this Warrant immediately prior to such record date and with an aggregate
warrant price equal to the product of the amount by which the warrant price of this Warrant was decreased with respect to the Distribution
pursuant to the terms of the immediately preceding paragraph (a) and the number of Shares calculated in accordance with the first
part of this paragraph (b).

 

2.4.           
Other Adjustment Events. If any event occurs of the type contemplated by the provisions of this Article
2 but not expressly provided for by such provisions, then the Company’s Board of Directors will make an appropriate adjustment
in the Warrant Price and the number of Warrant Shares so as to protect the rights of the Holder; provided that no such adjustment
pursuant to this Article 2.4 will increase the Warrant Price or decrease the number of Shares as otherwise determined pursuant
to this Article 2.

 

2.5.           
No Impairment. Without the consent of the Holder, the Company shall not by amendment of its Certificate
of Incorporation or through a reorganization, transfer of assets, consolidation, merger, dissolution, issue, or sale of securities
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed
under this Warrant by the Company, but shall at all times in good faith assist in carrying out of all the provisions of this Article
2 and in taking all such action as may be necessary or appropriate to protect Holder’s rights under this Article against
impairment.

 

2.6.           
Fractional Shares. No fractional Shares shall be issuable upon exercise or conversion of this Warrant
and the number of Shares to be issued shall be rounded down to the nearest whole Share. If a fractional share interest arises upon
any exercise or conversion of the Warrant, the Company shall eliminate such fractional share interest by paying Holder in cash
equivalent to the amount computed by multiplying the fractional interest by the fair market value of a full Share (as determined
pursuant to Article 1.3 of this Warrant).

 

2.7.           
Certificate as to Adjustments. Upon each adjustment of the Warrant Price and Shares, the Company shall
promptly notify Holder in writing, and, at the Company’s expense, promptly compute such adjustment, and furnish Holder with
a certificate of its Chief Financial Officer, Corporate Secretary or a senior financial officer setting forth such adjustment and
the facts upon which such adjustment is based. The Company shall, upon written request, furnish Holder a certificate setting forth
the Warrant Price and Shares in effect upon the date thereof and the series of adjustments leading to such Warrant Price and Shares.

 

    	7

     

    

ARTICLE
3 REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY.

 

3.1.           
Representations and Warranties. The Company represents and warrants and covenants to the Holder as follows:
all Shares which may be issued upon the exercise of the purchase right represented by this Warrant shall, upon issuance, be duly
authorized, validly issued, fully paid and nonassessable, and free of any liens and encumbrances except for restrictions on transfer
provided for herein or under applicable federal and state securities laws. The Company will at all times reserve and keep available,
out of its authorized but unissued share of Common Stock, solely for the purpose of providing the exercise or conversion of this
Warrant, the aggregate number of Shares issuable upon exercise or conversion of this Warrant. The Company will use its reasonable
best efforts to ensure that the Shares may be issued without violation of any law or regulation applicable to the Company or of
any requirement of any securities exchange applicable to the Company on which the Shares are listed or traded.

 

3.2.           
No Stockholder Rights. Except as provided in this Warrant, and other than with regard to shares of the
Company’s Common Stock acquired by Holder other than pursuant to the exercise of this Warrant, the Holder will not have any
rights as a stockholder of the Company until the exercise of this Warrant.

 

3.3.           
Charges, Taxes and Expenses. Issuance of certificates for Shares to the Holder or the credit of the Shares
to the Holder or the Holder’s designee with DTC upon the exercise or conversion of this Warrant shall be made without charge
to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such certificates, all of
which taxes and expenses shall be paid by the Company.

 

3.4.           
Removal of Restrictive Legends. Upon the expiration of any applicable holding period pursuant to Rule
144 promulgated under the Securities Act for the Shares issuable upon exercise of this Warrant, the Company agrees, at its sole
cost and expense to cause its legal counsel to issue an opinion letter in favor of the Company’s transfer agent instructing
the transfer agent to remove any restrictive legend on the Shares restricting the transfer of such Shares.

 

3.5.       Share
Registration. On Holder’s request, the Company agrees to use best efforts to cause the Shares issued upon exercise of
the Warrant to be registered under the Securities Act of 1933 (the “Securities Act”) within 90 days of exercise of
the Warrant.

 

ARTICLE
4 REPRESENTATIONS AND WARRANTIES OF THE HOLDER. The Holder represents
and warrants to the Company as follows:

 

4.1.           
Purchase for Own Account. This Warrant and the securities to be acquired upon exercise or conversion of
this Warrant by the Holder will be acquired for investment for the Holders account, not as a nominee or agent, and not with a view
to the public resale or distribution within the meaning of the Securities Act of 1933 (the “Securities Act”)
and the Holder has no present intention, and upon exercise or conversion will have no intention, of selling or engaging in any
public distribution of the same except pursuant to a registration or exemption. Holder also represents that the Holder has not
been formed for the specific purpose of acquiring this Warrant or the Shares.

 

    	8

     

    

4.2.           
Disclosure of Information. The Holder has received or has had full access to all the information it considers
necessary or appropriate to make an informed investment decision with respect to the acquisition of this Warrant and its underlying
securities. The Holder further has had an opportunity to ask questions and receive answers from the Company regarding the terms
and conditions of the offering of this Warrant and its underlying securities and to obtain additional information (to the extent
the Company possessed such information or could acquire it without unreasonable effort or expense) necessary to verify any information
furnished to the Holder or to which the Holder has access.

 

4.3.           
Investment Experience. The Holder understands that the purchase of this Warrant and its underlying securities
involves substantial risk. The Holder has experience as an investor in securities of companies in the development stage and acknowledges
that the Holder can bear the economic risk of such Holder’s investment in this Warrant and its underlying securities and
has such knowledge and experience in financial or business matters that the Holder is capable of evaluating the merits and risks
of its investment in this Warrant and its underlying securities and/or has a preexisting personal or business relationship with
the Company and certain of its officers, directors or controlling persons of a nature and duration that enables the Holder to be
aware of the character, business acumen and financial circumstances of such persons.

 

4.4.           
Accredited Investor Status. The Holder is an “accredited investor” within the meaning of Regulation
D promulgated under the Securities Act.

 

4.5.           
The Securities Act. The Holder understands that this Warrant and the Shares issuable upon exercise or
conversion hereof have not been registered under the Securities Act in reliance upon a specific exemption therefrom, which exemption
depends upon, among other things, the bona fide nature of the Holder’s investment intent as expressed herein. The Holder
understands that this Warrant and the Shares issued upon any exercise or conversion hereof must be held indefinitely unless subsequently
registered under the Securities Act and qualified under applicable state securities laws, or unless exemption from such registration
and qualification are otherwise available. The Holder further understands that settlement of this Warrant is to be made in Shares
and, for the elimination of doubt, the fact that the Shares delivered on exercise of this Warrant will not be registered under
the Securities Act (as defined below) will not in any way require the Company to settle this Warrant otherwise than in Shares,
including without limitation, that there is no circumstance that would require the Company to settle this Warrant in cash.

 

ARTICLE
5 MISCELLANEOUS.

 

5.1.           
Term. This Warrant will be exercisable in whole or in part at any time and from time to time on or before
the Expiration Date.

 

    	9

     

    

5.2.           
Legends. This Warrant and the Shares shall be imprinted with a legend in substantially the following form:

 

NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE EXERCISABLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT
BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL TO THE HOLDER (IF REQUESTED BY THE COMPANY), IN A FORM
REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE TO BE SOLD
PURSUANT TO RULE 144 UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE
MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

 

5.3.           
Compliance with Securities Laws on Transfer. This Warrant and the Shares issuable upon exercise of this
Warrant may not be transferred or assigned in whole or in part without compliance with applicable federal and state securities
laws by the transferor and the transferee (including, without limitation, the delivery of investment representation letters and
legal opinions reasonably satisfactory to the Company, as reasonably requested by the Company). The Company shall not require Holder
to provide an opinion of counsel if the transfer is to any affiliate of the Holder, provided that any such transferee is an “accredited
investor” as defined in Regulation D under the Securities Act; provided, however, in any such transfer the transferee shall
agree to be bound by the terms of this Warrant as if an original holder hereof.

 

5.4.           
Notices. All notices and other communications from the Company to the Holder, or vice versa, shall be
deemed delivered and effective when given personally or mailed by first-class registered or certified mail, postage prepaid (or
on the first business day after transmission by facsimile), at such address as may have been furnished to the Company or the Holder,
as the case may be, in writing by the Company or such Holder from time to time. Effective upon receipt of the fully executed Warrant,
all notices to the Holder shall be addressed as follows until the Company receives notice of a change of address in connection
with a transfer or otherwise:

 

Nenter & Co., Inc.

197 Oriental Road, High Tech Development
Zone

Jingzhou City, Hubei Province

People’s Republic of China

Attn: Chairman of the Board of Directors

Facsimile: (86) 0716-8303176

 

    	10

     

    

Notice to the Company shall be addressed as follows until the Holder receives notice
of a change in address:

 

Amyris, Inc.

5885 Hollis Street, Suite 100

Emeryville, CA 94608

USA

Attn: General Counsel

Facsimile: (510) 740-7416

 

With a copy (which shall not constitute notice) to:

 

Fenwick & West LLP

801 California Street

Mountain View, CA 94041

USA

Attn: Dan Winnike, Esq.

Facsimile: (650) 938-5200

 

5.5.           
Waiver. This Warrant and any term hereof may be changed, waived, discharged or terminated only by an instrument
in writing signed by the parties against which enforcement of such change, waiver, discharge or termination is sought.

 

5.6.           
Automatic Conversion upon Expiration. In the event that, upon the Expiration Date, the fair market value
of one Share as determined in accordance with Article 1.3 above is greater than the Warrant Price in effect on such date, then
this Warrant shall automatically be deemed on and as of such date to be exercised pursuant to Article 1.3 above as to all Shares
for which it shall not previously have been exercised, and the Company shall promptly deliver a certificate representing the Shares
issued upon such exercise to the Holder.

 

5.7.           
Counterparts. This Warrant may be executed in counterparts, all of which together shall constitute one
and the same agreement.

 

5.8.           
Amendment. This Warrant may be amended and the observance of any term of this Warrant may be waived only
with the written consent of the Company and the Holder.

 

5.9.           
Binding Effect. This Warrant shall be binding upon any successors or assigns of the Company.

 

5.10.       
Governing Law. This Warrant, and the provisions, rights, obligations, and conditions set forth herein,
and the legal relations between the parties hereto, including all disputes and claims, whether arising in contract, tort, or under
statute, shall be governed by and construed in accordance with the laws of the State of Delaware without giving effect to its conflict
of law provisions.

 

    	11

     

    

ARTICLE
6 CERTAIN DEFINITIONS.

 

“Bloomberg” means Bloomberg
Financial Markets.

 

“Closing Bid Price” and “Closing
Sale Price” means, for any security as of any date, the last closing bid price and last closing trade price, respectively,
for such security on the Principal Market, as reported by Bloomberg, or, if the Principal Market begins to operate on an extended
hours basis and does not designate the closing bid price or the closing trade price, as the case may be, then the last bid price
or last trade price, respectively, of such security prior to 4:00 p.m., New York time, as reported by Bloomberg, or, if the Principal
Market is not the principal securities exchange or trading market for such security, the last closing bid price or last trade price,
respectively, of such security on the principal securities exchange or trading market where such security is listed or traded as
reported by Bloomberg, or if the foregoing do not apply, the last closing bid price or last trade price, respectively, of such
security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg, or, if no
closing bid price or last trade price, respectively, is reported for such security by Bloomberg, the average of the bid prices,
or the ask prices, respectively, of any market makers for such security as reported in the “pink sheets” by OTC Markets
Group Inc. (formerly Pink Sheets LLC). If the Closing Bid Price or the Closing Sale Price cannot be calculated for a security on
a particular date on any of the foregoing bases, the Closing Bid Price or the Closing Sale Price, as the case may be, of such security
on such date shall be the fair market value as mutually determined by the Company and the Holder. All such determinations to be
appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during the applicable
calculation period.

 

“Principal Market” means
The NASDAQ Stock Market.

 

“Trading Day” means any day
on which the Common Stock is traded on the Principal Market, or, if the Principal Market is not the principal trading market for
the Common Stock, then on the principal securities exchange or securities market on which the Common Stock is then traded; provided
that “Trading Day” shall not include any day on which the Common Stock is scheduled to trade on such exchange or market
for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of trading on such exchange
or market (or if such exchange or market does not designate in advance the closing time of trading on such exchange or market,
then during the hour ending at 4:00 p.m., New York time).

 

[Balance of Page Intentionally Left Blank]

 

 

    	12

     

    

 

	 	 	“COMPANY”
	 	 	 
	 	 	Amyris, Inc.
	 	 	 
	 	 	By: 	/s/ Raffi Asadorian
	 	 	 	Raffi Asadorian, Chief Financial Officer
	 	 	 	 
	AGREED AND ACKNOWLEDGED:	 	 	 
	“HOLDER” 	 	 	 
	 	 	 	 
	Nenter & Co., Inc.	 	 	 
	 	 	 	 
	/s/ Chi Zhan	 	 	 
	(Signature)	 	 	 
	 	 	 	 
	Chi Zhan	 	 	 
	(Print Name)	 	 	 
	 	 	 	 
	Chief Financial Officer	 	 	 
	(Title)	 	 	 

 

 

 

 

[Signature Page to Warrant]

    	13

     

    

Exhibit A

 

EXERCISE NOTICE

 

TO BE EXECUTED BY THE
REGISTERED HOLDER TO EXERCISE THIS

WARRANT TO PURCHASE STOCK

 

AMYRIS,
INC.

 

The undersigned holder hereby exercises the
right to purchase _________________ of the shares of Common Stock (“Shares”) of Amyris, Inc. a Delaware corporation
(the “Company”), evidenced by Warrant to Purchase Stock No. W-11 (the “Warrant”). Capitalized
terms used herein and not otherwise defined shall have the respective meanings set forth in the Warrant.

 

1.       Form
of Warrant Price. The Holder intends that payment of the Aggregate Warrant Price shall be made as:

 

		____________	a “Cash Exercise” with respect to _________________ Shares; and/or

		____________	a “Cashless Exercise” with respect to _______________ Shares.

 

2.       Payment
of Warrant Price. In the event that the Holder has elected a Cash Exercise with respect to some or all of the Shares to be
issued pursuant hereto, the Holder shall pay the Aggregate Warrant Price in the sum of $___________________ to the Company in accordance
with the terms of the Warrant.

 

3.       Delivery
of Shares. The Company shall deliver to Holder, or its designee or agent as specified below, __________ Shares in accordance
with the terms of the Warrant. Delivery shall be made to Holder, or for its benefit, as follows:

 

[_]       Check
here if requesting delivery as a certificate to the following name and to the following address:

 

	Issue to:	 
	 	 
	 	 

 

		[_]	Check here if requesting delivery by Deposit/Withdrawal at Custodian as follows:
	 	 	 

	DTC Participant:	 
	DTC Number:	 
	Account Number:	 
	 	 
	 	 	 

 

     

     

    

 

	Date: _____________ __,       	 	 	 
	 	 	 	 
	 	 	 	 
	Name of Registered Holder	 	 	 
	 	 	 	 
	 	 	 	 
	By:  	 	 	 	 
	Name:	 	 	 	 
	Title:	 	 	 	 
	 	 	 	 	 
	Tax ID:	 	 	 	 
	Facsimile:	 	 	 	 
	E-mail Address:

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