Document:

FIRST
AMENDMENT TO REAL
ESTATE SALE AGREEMENT

THIS
FIRST AMENDMENT TO REAL ESTATE SALE AGREEMENT (the “Amendment”) is made as of
this 12th day of October, 2012, between MCW-RC III MURRAY LANDING, LLC,
a Delaware limited liability company (“Murray Landing”), MCW-RC III
KLEINWOOD CENTER, L.P., a Texas limited partnership (“Kleinwood”), MCW-RC
III VINEYARD SHOPPING CENTER, LLC, a Delaware limited liability company
(“Vineyard”), REGENCY REALTY GROUP, INC., a Florida corporation
(“Regency”) (collectively referred to herein as “Seller”), and THE PHILLIPS
EDISON GROUP LLC, an Ohio limited liability company (referred to herein as
“Buyer”).

RECITALS:

A.               
Buyer, Murray Landing, Kleinwood, and Vineyard previously executed that
certain Real Estate Sale Agreement dated October 4, 2012 (the “Agreement”), for
the purchase and sale of certain improved property more particularly described
in the Agreement.

B.                
Murray Landing, Kleinwood, and Vineyard are the owners of the Real Property
as defined in the Agreement.

C.                
During the due diligence review of the Property, it was determined that
an outparcel more particularly described in Exhibit “A”, which is owned
by Regency, was unintentionally left out of the legal description of the Real
Property (the “Regency Outparcel”).

D.               
Buyer and Seller wish to amend the Agreement so that the Regency
Outparcel is included in the legal description of the Real Property.

E.                
Buyer and Seller have reached an agreement to amend the terms of the
Agreement as hereinafter set forth.

F.                 
Except as otherwise expressly provided for herein, capitalized terms
used herein shall have the same meaning as set forth in the Agreement.

NOW,
THEREFORE, in consideration of the premises and for good and valuable
consideration, the receipt of which is hereby acknowledged, Buyer and Seller
acknowledge and agree as follows: 

1.                 
The Agreement is hereby amended so that the term “Real Property”, as
defined in the Agreement, shall include the Regency Outparcel.

2.                 
The Agreement is hereby amended so that the term “Seller”, as defined in
the Agreement, shall mean Murray Landing, Kleinwood, Vineyard and Regency,
respectively, solely with respect to the portion of the Real Property to which
such Seller holds fee simple title.

3.                 
Each of the Seller’s covenants, warranties and representations set forth
in the Agreement shall be deemed made by Murray Landing, Kleinwood, Vineyard,
and Regency, respectively, solely with respect to the portion of the Overall
Property to which such Seller holds fee simple title.

4.                 
Regency joins in the execution of this Agreement in order to evidence
its ratification of the Agreement as “Seller”, and Regency agrees to be bound
by the Seller obligations under the Agreement as contemplated herein.

1

 

 

 

 

5.                 
The remaining terms and conditions of the Agreement remain in full force
and effect.

6.                 
This Agreement may be executed by the parties hereto individually or in
combination, in one or more counterparts, each of which shall be an original
and all of which will constitute one and the same Agreement.

7.                 
The parties hereby agree that an executed facsimile or pdf copy of this
Agreement may be transmitted to either party and be deemed an original for
purposes hereof.

 

SIGNATURES
BEGIN ON FOLLOWING PAGE

 

2

 

 

 

 

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

 

“MURRAY LANDING”

 

MCW-RC III MURRAY LANDING,
LLC, a Delaware limited liability company

 

By:  Macquarie
CountryWide-Regency III, LLC, a

       Delaware limited
liability company

Its:  Sole Member

 

       By:  Macquarie-Regency
Management, LLC, a 

       Delaware limited
liability company

       Its:  Managing Member 

 

              By:  Regency
Centers, L.P., a Delaware 

              limited
partnership

              Its:  Managing
Member

 

                     By: 
Regency Centers Corporation, a 

                     Florida
corporation

                     Its:  
General Partner

             By:  /s/ Barry Argalas__________________

             Name:  Barry Argalas

             Its:        Senior Vice President

3

 

 

 

 

“KLEINWOOD”

 

MCW-RC III KLEINWOOD CENTER,
L.P., a Texas limited partnership

 

By:  MCW-RC III Kleinwood GP,
LLC, a  Delaware limited liability company

Its:   General Partner

 

        By:  Macquarie
CountryWide-Regency III, 

               LLC, a Delaware
limited liability

               company

        Its:  Sole Member

 

               By: 
Macquarie-Regency Management, 

                      LLC, a
Delaware limited liability                    

                      company 

               Its:  Managing
Member 

 

                      By: 
Regency Centers, L.P., a 

                            
Delaware limited partnership

                      Its:  
Managing Member

 

                              By: 
Regency Centers Corporation, 

                                     
a Florida corporation

                             
Its:  General Partner

 

                      By:
/s/ Barry Argalas

                      Name: 
Barry Argalas

                      Its:        Senior Vice President

4

 

 

 

 

“VINEYARD”

 

MCW-RC III VINEYARD SHOPPING
CENTER, LLC., a Delaware limited liability company

 

By:  Macquarie
CountryWide-Regency III, LLC, a     

       Delaware limited
liability company

Its:  Member

 

       By:  Macquarie-Regency
Management, LLC, a 

              Delaware limited
liability company

        Its:  Managing Member 

 

              By:  Regency
Centers, L.P., a Delaware 

                      limited
partnership

              Its:   Managing
Member

 

                     By:  Regency
Centers Corporation, 

                            a
Florida corporation

                     Its: 
General Partner

                     By:  /s/ Barry Argalas 

                     Name: Barry Argalas

                     Its:       Senior Vice President

 

5

 

 

 

 

“REGENCY

 

REGENCY REALTY GROUP, INC.,
a Florida corporation

 

 

 

By:__/s/ Barry Argalas__________________ 

Name: Barry Argalas

Its:       Senior Vice
President

 

 

 

6

 

 

 

 

	
   

  	
  “BUYER”

  

  

   

  THE PHILLIPS EDISON GROUP LLC, 

  an Ohio limited liability company

  By:     Phillips Edison Limited Partnership,

             a Delaware limited partnership,

  Its:       Managing
  Member

        By:          Phillips Edison & Company, Inc.,

                        a Maryland corporation,

              Its:     
  General Partner

                    By:        /s/ Robert F. Myers  

                       Name:________________

                       Its:___________________

   

   

  

 

 

 

 

 

 

 

 

 

 

 

 

7

 

 

 

 

Exhibit “A”

 

Regency
Outparcel as shown on the attached Exhibit “B”

 

Tax
Parcel #:001800-01-051

 

8SECOND
AMENDMENT TO REAL
ESTATE SALE AGREEMENT

THIS
SECOND AMENDMENT TO REAL ESTATE SALE AGREEMENT (the “Amendment”) is made as of
this _____ day of November, 2012, between MCW-RC III MURRAY LANDING, LLC,
a Delaware limited liability company (“MCW Murray”), MCW-RC III KLEINWOOD
CENTER, L.P., a Texas limited partnership (“MCW Kleinwood”), MCW-RC III
VINEYARD SHOPPING CENTER, LLC, a Delaware limited liability company (“MCW
Vineyard”), REGENCY REALTY GROUP, INC., a Florida corporation
(“Regency”), and REGENCY CENTERS, L.P., successor by merger to KLEINWOOD
CENTER, LLC, a Delaware limited liability company (“Kleinwood Center”)
(collectively referred to herein as “Seller”), and THE PHILLIPS EDISON GROUP
LLC, an Ohio limited liability company (referred to herein as “Buyer”).

RECITALS:

A.               
Buyer, MCW Murray, MCW Kleinwood, MCW Vineyard, and Regency previously
executed that certain Real Estate Sale Agreement dated October 4, 2012, as
amended by that certain First Amendment to Real Estate Sale Agreement dated
October 12, 2012 (collectively, the “Agreement”), for the purchase and sale of
certain improved property more particularly described in the Agreement.

B.                
The Inspection Period, as defined in the Agreement, is scheduled to
expire on November 5, 2012.

C.                
During the due diligence review of the Property, it was determined that
a parcel more particularly described in Exhibit “A” (the “Kleinwood
Center Parcel”), is actually owned by Kleinwood Center and not MCW Kleinwood as
previously thought.

D.               
During the due diligence review of the Property, it was determined that
a parcel more particularly described in Exhibit “B” (the “Regency
Parcel”), is actually owned by Regency and not MCW Kleinwood as previously
thought.

E.                
Buyer and Seller wish to amend the Agreement so as to (i) extend the
Inspection Period, (ii) add Kleinwood Center as a party, (iii) identify
Kleinwood Center as Seller with respect to the Kleinwood Center Parcel, and
(iv) identify Regency as Seller with respect to the Regency Parcel.

F.                 
Buyer and Seller have reached an agreement to amend the terms of the
Agreement as hereinafter set forth.

G.               
Except as otherwise expressly provided for herein, capitalized terms
used herein shall have the same meaning as set forth in the Agreement.

NOW,
THEREFORE, in consideration of the premises and for good and valuable
consideration, the receipt of which is hereby acknowledged, Buyer and Seller
acknowledge and agree as follows: 

1.                 
Section 1.17 of the Agreement is hereby amended to state that the Inspection
Period shall end at 6:00 p.m. local Jacksonville, Florida time on November 6,
2012.

2.                 
The Agreement is hereby amended so that the term “Seller”, as defined in
the Agreement, shall mean MCW Murray, MCW Kleinwood, MCW Vineyard, Regency, and
Kleinwood Center respectively, solely with respect to the portion of the Real
Property to which such Seller holds fee simple title.

1

 

 

 

 

3.                 
Each of the Seller’s covenants, warranties and representations set forth
in the Agreement shall be deemed made by MCW Murray, MCW Kleinwood, MCW
Vineyard, Regency, and Kleinwood Center respectively, solely with respect to
the portion of the Real Property to which such Seller holds fee simple title.

4.                 
Kleinwood Center joins in the execution of this Amendment in order to
evidence its ratification of the Agreement as “Seller” with respect to the
Kleinwood Center Parcel, and Kleinwood Center agrees to be bound by the Seller
obligations under the Agreement as contemplated therein.

5.                 
Regency joins in the execution of this Amendment in order to evidence
its ratification of the Agreement as “Seller” with respect to the Regency
Parcel, and Regency agrees to be bound by the Seller obligations under the
Agreement as contemplated therein.

6.                 
The remaining terms and conditions of the Agreement remain in full force
and effect.

7.                 
This Amendment may be executed by the parties hereto individually or in
combination, in one or more counterparts, each of which shall be an original
and all of which will constitute one and the same Agreement.

8.                 
The parties hereby agree that an executed facsimile or pdf copy of this
Amendment may be transmitted to either party and be deemed an original for
purposes hereof.

 

SIGNATURES
BEGIN ON FOLLOWING PAGE

 

2

 

 

 

 

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

 

“MCW MURRAY”

 

MCW-RC III MURRAY LANDING, LLC,
a Delaware limited liability company

 

By:  Macquarie
CountryWide-Regency III, LLC, a       

       Delaware limited liability
company

Its:   Sole Member

 

       By:  Macquarie-Regency
Management, LLC, a

              Delaware limited
liability company

       Its:  Managing Member 

 

              By:  Regency
Centers, L.P., a Delaware 

                      limited
partnership

              Its:  Managing Member

 

                     By:  Regency
Centers Corporation, a 

                           
Florida corporation

                     Its: 
General Partner

              By: /s/ Barry Argalas__________________

              Name: Barry Argalas

               Its:      Senior Vice President

3

 

 

 

 

“MCW
KLEINWOOD”

 

MCW-RC III KLEINWOOD CENTER,
L.P., a Texas limited partnership

 

By:  MCW-RC III Kleinwood GP,
LLC, a Delaware           

        limited liability company

Its:   General Partner

 

        By:  Macquarie
CountryWide-Regency III, 

               LLC, a Delaware
limited liability

               company

        Its:  Sole Member

 

               By: 
Macquarie-Regency Management, LLC, 

                      a Delaware
limited liability company

               Its:  Managing
Member 

 

                      By: 
Regency Centers, L.P., a Delaware 

                             
limited partnership

                       Its:  
Managing Member

 

                             By: 
Regency Centers Corporation, 

                                   
a Florida corporation

                            
Its:  General Partner

 

                       By: 
/s/ Barry Argalas_____________  

                       Name:Barry
Argalas

                       Its:  Senior Vice President

4

 

 

 

 

“MCW
VINEYARD”

 

MCW-RC III VINEYARD SHOPPING
CENTER, LLC., a Delaware limited liability company

 

By:  Macquarie
CountryWide-Regency III, LLC, a        

       Delaware limited liability
company

Its:  Member

 

       By:  Macquarie-Regency
Management, LLC, a 

              Delaware limited
liability company

        Its:  Managing Member 

 

               By:  Regency
Centers, L.P., a Delaware 

                       limited
partnership

               Its:   Managing
Member

 

               By:  Regency
Centers Corporation,

                      a Florida
corporation

               Its:  General
Partner

                      By:  /s/ Barry Argalas____________

                      Name:Barry Argalas

                      Its:  Senior Vice President

 

5

 

 

 

 

“REGENCY

 

REGENCY REALTY GROUP, INC.,
a Florida corporation

 

 

 

By:     /s/ Barry Argalas_________________ 

Name:  Barry Argalas

Its:        Senior Vice President

 

 

6

 

 

 

 

“KLEINWOOD
CENTER”

 

REGENCY CENTERS, L.P., a
Delaware limited partnership

 

By:  Regency Centers Corporation

Its:  General Partner

 

       By:  /s/ Barry Argalas________________ 

       Name: Barry Argalas

       Title:    Senior Vice President

 

 

 

7

 

 

 

 

	
   

  	
  “BUYER”

  

  

   

  THE PHILLIPS EDISON GROUP LLC, 

  an Ohio limited liability company

   

  By:     Phillips Edison Limited Partnership,

            a Delaware limited partnership,

  Its:     Managing
  Member

            By:     Phillips Edison & Company, Inc.,

                      a Maryland corporation,

            Its:     General
  Partner

                     By: /s/ Robert F. Myers  

                     Name:Robert F. Myers

                     Its: President________ 

   

   

  

 

 

 

 

 

 

 

 

 

 

 

 

8

 

 

 

 

Exhibit “A”

 

  

9

 

 

 

 

Exhibit “B”

 

10

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