Document:

Exhibit 10.2

 

 

COMMERCIAL

earnest
money conTract

(Real Estate Purchase Agreement)

 

THIS DOCUMENT IS MORE THAN A RECEIPT
FOR MONEY. THIS DOCUMENT IS INTENDED TO BE A LEGALLY BINDING CONTRACT. READ IT CAREFULLY.

 

This Earnest Money Contract ("Agreement")
concerns the purchase by Rich Uncles NNN Operating Partnership, LP and/or assigns (hereinafter referred to as "Buyer")
and sale by ANS Real Estate Ltd. (hereinafter referred to as "Seller") of that certain real property and improvements
referred to as Texas Harley-Davidson generally located at 1 Texas Harley Way in the City of Bedford, County
of Tarrant, State of Texas, and more particularly described on attached Addendum A, (“Property”).

 

The Property
shall also include Seller’s interests in:

		1)	Any and all privileges and appurtenances pertaining to
the Property, including any right, title and interest of Seller in or to adjacent streets, alleys or right(s)-of-way;

		2)	Any and all leases, occupancy agreements, permits, rents, warranties, guarantees, wastewater capacity
and/or security deposits with respect to the Property, or any portion thereof;

 

TERMS AND CONDITIONS

 

For the mutual covenants contained in this
Agreement, Seller agrees to convey the Property to Buyer, and Buyer agrees to purchase the Property from Seller, on the following
terms and conditions:

 

		1)	PURCHASE PRICE: The total purchase price for the Property is Twelve Million Seven Hundred
Fifty Thousand Dollars ($12,750,000) (the “Purchase Price”).

 

The Purchase
Price will be paid with ALL CASH

 

		2)	EARNEST MONEY DEPOSIT: Within three (3) business days after the Effective Date of this Agreement
(as defined below in paragraph 25 below), Buyer shall deposit with Title Company Five Hundred Thousand Dollars ($500,000)
in the form of a certified check, cashier’s check or wire transfer as the earnest money deposit ("Deposit") to
be held in trust for the benefit of the parties by Rattikin Title, 201 Main Street, Suite 800, Fort Worth, TX, 76102, attn.:
Megan Newburn, mnewburn@rattikintitle.com ("Title Company”) in its capacity as escrow agent in one or more fully
insured and interest bearing accounts of Federally insured banking or savings institution(s), pursuant to the terms of this Agreement.
This sum, any additions thereto, and any interest earned thereon is the Deposit to be applied to the Purchase Price.

 

		3)	CLOSING DATE: The closing of the sale will be thirty (30) calendar days following expiration
of the Feasibility Period (as defined below) or within 7 days after objections to title have been cured, whichever date is later
(the “Closing Date”). If either party fails to close by the Closing Date, the non-defaulting party may exercise the
remedies in Paragraph 13.

 

		A.	At closing, Seller will execute and deliver, at Seller's expense, a special warranty deed (in form
reasonably approved by Buyer). The deed must include a vendor's lien if any part of the Purchase Price is financed. The deed must
convey good and indefeasible title to the Property and show no exceptions other than those permitted under Paragraph 4 or other
provisions of the Agreement. Seller must convey the Property at closing:

		(1)	with no liens, assessments, or Uniform Commercial Code
or other security interest against the Property which will not be satisfied out of the Purchase Price, unless the Buyer is assuming
existing loans;

		(2)	without any assumed loans in default; and

		(3)	with no persons in possession of any part of the Property as lessees, tenants at sufferance, or
trespassers except tenants under the written leases assigned to Buyer under this Agreement.

 

		B.	At closing, Seller, at Seller's expense, will also deliver:

		(1)	tax statements showing no delinquent taxes on the Property;

 

    
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		(2)	a bill of sale with warranties to title conveying title, free and clear of all liens, to any personal
property defined as part of the Property above, or sold under this Agreement;

		(3)	to the extent that the following items are assignable, an assignment to Buyer of the following
items as they relate to the Property or its operations (all of which shall be approved by Buyer during the Feasibility Period);

		(a)	licenses and permits (not including the Harley-Davidson
Franchise Agreement);

		(b)	maintenance, management, and other agreements; and

		(c)	warranties and guaranties, including without limitation,
all construction and roof warranties;

 

		(4)	evidence that the person executing this Agreement is
legally capable and authorized to bind Seller; and

		(5)	any notices, statements, certificates, affidavits, releases, and other documents required by this
Agreement, the title commitment, or applicable law that is necessary for the closing of the sale and the issuance of the title
policy;

		(6)	an Owner's Policy of Title Insurance issued by the Title Company (and underwritten by Chicago Title
Insurance Company) in the amount of the Purchase Price dated at or after the Closing Date, insuring Buyer against all loss under
the Title Policy, subject only to: (1) those title exceptions permitted by this Agreement or as may be approved by Buyer in writing;
and (2) the standard printed exceptions contained in the promulgated form of title policy. The standard printed exception as to
discrepancies, conflicts, or shortages in area and boundary lines may be deleted by Buyer at Buyer's sole cost and expense and
at Buyer's sole option.

		(7)	possession of the Property to Buyer upon closing and funding of the sale in its present condition
with any repairs Seller is obligated to complete under this Agreement, ordinary wear and tear excepted.

		(8)	If required by Buyer’s lender, a subordination, non-disturbance and attornment agreement
(SNDA and an Estoppel Certificate) executed by Tenant, each in a form reasonably acceptable to Buyer’s lender

 

Until Closing
Date, Seller will operate the Property in the same manner as on the Effective Date and will not transfer or dispose of any of the
personal property described in this Agreement or to be sold under this Agreement before closing that is not authorized by separate
agreement.

 

		C.	At closing, Buyer will:

		(1)	pay the Purchase Price in good funds acceptable to the
escrow agent;

		(2)	deliver evidence that the person executing this Agreement is legally capable and authorized to
bind Buyer;

		(3)	execute and deliver any notices, statements, certificates, or other documents required by this
Agreement or law necessary to close the sale.

 

		D.	SALES EXPENSES:

		(1)	Seller’s Expenses: Seller will pay for the following
at or before closing:

		(a)	releases of existing liens, other than those liens assumed
by Buyer, including prepayment penalties and recording fees:

		(b)	release of Seller’s loan liability, if applicable;

		(c)	tax statements or certificates;

		(d)	preparation of the deed and any bill of sale;

		(e)	one-half of any escrow fee;

		(f)	costs to record any documents to cure title objections
that Seller must cure; and

		(g)	other expenses that Seller will pay under other provisions
of this Agreement.

		(2)	Buyer’s Expenses: Buyer will pay for the following
at or before closing:

		(a)	all loan expenses (for example, application fees, origination
fees, discount fees, buy-down fees, commitment fees, appraisal fees, assumption fees, recording fees, tax service fees, mortgage
title policy expenses, credit report fees, document preparation fees, interest expense that Buyer’s lender requires Buyer
to pay at closing, loan related inspection fees, amortization schedule fees, courier fees, underwriting fees, wire transfer fees,
and other fees required by Buyer’s lender);

		(b)	preparation fees of any deed of trust;

		(c)	recording fees for the deed and any deed of trust;

		(d)	premiums for flood and hazard insurance as may be required
by Buyer’s lender;

		(e)	one-half of any escrow fee;

		(f)	copy and delivery fees for delivery of the title commitment
and related documents; and

		(g)	other expenses that Buyer will pay under other provisions
of this Agreement.

 

		4)	TITLE:

 

		A.	TITLE INSURANCE POLICY: Within Ten (10)
calendar days after the Effective Date of this Agreement, Seller shall furnish or cause to be furnished to Buyer a commitment
for a standard Texas owner’s policy of title insurance (“Commitment”) to be issued at the Closing Date by the
Title Company for the Property. Seller authorizes the company to deliver the commitment and related documents to Buyer at Buyer's
address.

 

		B.	SURVEY: Survey must be made by a registered
professional land surveyor acceptable to the Title Company and Buyer’s lender:

 

    
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		X	Within 2 days after the Effective Date of this
Agreement, Seller shall furnish Seller's existing Survey of the Property to Buyer and the Title Company, along with Seller's Affidavit
acceptable to the Title Company for approval of the Survey. If the Survey is not approved by the Title Company or Buyer's Lender,
a new Survey will be obtained by Buyer at Buyer’s expense, no later than three (3) days prior to Closing Date.

 

The survey
must identify the Property by metes and bounds or platted lot description; show that the survey was made and staked on the ground
with the corners permanently marked; set forth the dimensions and total area of the Property; show the locations of all improvements,
highways, streets, roads, railroads, rivers, creeks or other waterways, fences, easements, and rights of way on the Property with
all easements and rights of way referenced to the recording information; show any discrepancies or conflicts in boundaries, any
visible encroachments, and any portion of the Property lying in a special flood hazard area as shown on the current Federal Emergency
Management Agency Flood Insurance Rate Map; and contain the Surveyors Certificates that the survey is true and correct.

 

		C.	UCC SEARCH: N/A

 

		5)	NOTICES:

 

		A.	SPECIAL ASSESSMENT DISTRICTS: If the Property
is determined to be situated within a utility district or other statutorily created district providing water, sewer, drainage,
or flood control facilities and services, Chapter 49 of the Texas Water Code requires Seller to deliver to Buyer as part of the
title documents the required written notice ("MUD Notice") and Buyer agrees to acknowledge receipt of the MUD Notice
in writing prior to the Closing Date. The MUD Notice shall set forth the current tax rate, the current bonded indebtedness and
the authorized indebtedness of the district, and must comply with all other applicable requirements of the Texas Water Code. If
the Property is subject to mandatory membership in a property owner's association, Seller shall notify Buyer of the current annual
budget of the property owners' association, and the current authorized fees, dues and/or assessments relating to the Property.
Buyer and Seller hereby agree and acknowledge that Agent shall have no responsibility for determining whether the Property is
in any such district, nor the compliance by any party with the requirements applicable to such property. If applicable, Buyer,
Seller and their respective legal advisors shall prepare and execute an appropriate Addendum to this Agreement as they deem necessary.

 

		B.	TIDALLY INFLUENCED PROPERTY: If the Property abuts
the tidally influenced waters of the state, Section 33.135 of the Texas Natural Resources Code requires a notice regarding coastal
area property to be included in this Agreement. Buyer and Seller hereby agree and acknowledge that Agent shall have no responsibility
for determining whether the Property is a tidally influenced property, nor the compliance by any party with the requirements applicable
to such property. If applicable, Buyer, Seller, and their respective legal advisors shall prepare and execute an appropriate Addendum
to this Agreement as they deem necessary.

 

		C.	ABSTRACT: At the time of the execution of this
Agreement, Buyer acknowledges that Agent has advised and hereby advises Buyer, by this writing, that Buyer should have the abstract
covering the Property examined by an attorney of Buyer's own selection or that Buyer should be furnished with or obtain a policy
of title insurance.

 

		D.	DISCLOSURE OF REAL ESTATE LICENSURE:

 

The    
    in this transaction is a licensed real estate agent acting as a principal, and is associated with    
   , a licensed real estate broker.

 

The    
    in this transaction is a licensed real estate agent acting as a principal, and is associated with    
   , a licensed real estate broker.

 

		E.	INTRACOASTAL WATERWAY: If the Property is located
seaward of the Gulf Intracoastal Waterway, Section 61.025, Texas Natural Resources Code, requires a notice regarding the seaward
location of the Property to be included as part of this Agreement.

 

    
	Purchase Agreement	 3 of 13	Seller's Initials____________ Buyer’s Initials____________
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		F.	MOLD/ALLERGEN ADVISORY: Buyer is advised of the
possible presence within properties of toxic (or otherwise illness-causing) molds, fungi, spores, pollens and/or other botanical
substances and/or allergens (e.g. dust, pet dander, insect material, etc.). These substances may be either visible or invisible,
may adhere to walls and other accessible and inaccessible surfaces, may be embedded in carpets or other fabrics, may become airborne,
and may be mistaken for other household substances and conditions. Exposure carries the potential of possible health consequences.
Agent strongly recommends that Buyer contact the Texas Department of Health for further information on this topic. Buyer is advised
to consider engaging the services of an environmental or industrial hygienist (or similar, qualified professional) to inspect
and test for the presence of harmful mold, fungi, and botanical allergens and substances as part of Buyer's physical condition
inspection of the Property, and Buyer is further advised to obtain from such qualified professionals information regarding the
level of health-related risk involved and the advisability and feasibility of eradication and abatement. Buyer is expressly cautioned
that Agent has no expertise in this area and is, therefore, incapable of conducting any level of inspection of the Property for
the possible presence of mold and botanical allergens. Buyer acknowledges that Agent has not made any investigation, determination,
warranty or representation with respect to the possible presence of mold or other botanical allergens, and Buyer agrees that the
investigation and analysis of the foregoing matters is Buyer's sole responsibility and that Buyer shall not hold Agent responsible
therefore.

 

    
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		6)	MATERIAL FACTS:

 

To the best of Seller's knowledge
and belief: (Check (A) or (B) only)

 

	____	(A)	Seller is not aware of any material defects to the Property except as stated in the attached Property Condition Statement (Addendum
F).

 

	X	(B)	Seller is not aware of any of the following, except as described otherwise in this Agreement:

		(1)	any subsurface: structures, pits, waste, springs, or
improvements;

		(2)	any pending or threatened litigation, condemnation, or
assessment affecting the Property;

		(3)	any environmental hazards or conditions that affect the
Property;

		(4)	whether the Property is or has been used for the storage
or disposal of hazardous materials or toxic waste, a dump site or landfill, or any underground tanks or containers (other than
oil and gas and other possible hazardous materials for use at dealership);

		(5)	whether radon, asbestos insulation or fireproofing, urea-formaldehyde
foam insulation, lead-based paint, toxic mold (to the extent that it adversely affects the health of ordinary occupants), or other
pollutants or contaminants of any nature now exist or ever existed on the Property;

		(6)	whether wetlands, as defined by federal or state law
or regulation, are on the Property;

		(7)	whether threatened or endangered species or their habitat
are on the Property; and

		(8)	any material physical defects in the improvements on
the Property.

 

(describe any exceptions to
(1)-(8) in an addendum.)

 

    
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		7)	INSPECTION CONTINGENCIES:

 

		7.1)	FEASIBILITY: Within 3 days after the Effective
Date, Seller will deliver to Buyer the following items, as well as any additional items reasonably requested by Buyer (which shall
be delivered 3 days after request), to the extent that the items are in Seller's possession or readily available to Seller (“Seller’s
Property Information”). Any item not delivered is deemed not to be in Seller's possession or readily available to Seller.
The items Seller will deliver are:

 

		A.	Any leases or other occupancy agreements pertaining to
the Property, including without limitation the Lease (as defined below)

		B.	Any service contracts pertaining to the Property

		C.	All title insurance policies and underlying title documents

		D.	All plans including “as built” plans, drawings
and specifications

		E.	All structural, seismic, geotechnical, engineering, and
soils assessments or reports

		F.	All Phase I and Phase II environmental reports

		G.	Current certificate of occupancy and all licenses, permits
and approvals

		H.	All recent tax bills or estimates

		I.	Any applicable Seller Disclosures required by law

		J.	All prior ALTA surveys

		K.	All inspection reports regarding the Property including
roof, HVAC, plumbing, sewer and electrical systems

		L.	All governmental and insurance notices received regarding
the Property

		M.	Financial statements for Seller for the prior three calendar
years, including but not limited to balance sheet, income statement and operating statement, in the form required under the Lease

		N.	Annual gross sales reports for Seller for the past three
calendar years

		O.	Current financial statements for Guarantor (as defined
below) dated no earlier than February 1, 2017, including but not limited to balance sheet, income statement and cash flow statement
in form required under the Guaranty.

 

		7.2)	INSPECTIONS, STUDIES, OR ASSESSMENTS:

 

		(A)	During the term of this Agreement, Buyer shall have a
license to enter the Property during which Buyer, at Buyer's expense, may complete or cause to be completed inspections, studies,
or assessments of the Property, including all improvements and fixtures. Inspections, studies, or assessments may include, but
are not limited to:

		(1)	physical property inspections (for example, structural
pest control, mechanical, structural, electrical, and plumbing inspections);

		(2)	economic feasibility studies;

		(3)	environmental assessments (for example, soil tests, air
sampling, and paint sampling);

		(4)	engineering studies; and

		(5)	compliance inspections (for example, compliance determination
with zoning ordinances, restrictions, building codes, and statutes).

		(6)	profit and loss statements for the last 2 years.

 

		(B)	Seller, at Seller's expense, will turn on all utilities
necessary for Buyer to make inspections, studies, or assessments.

 

		(C)	Buyer must:

		(1)	employ only trained and qualified inspectors and assessors;

		(2)	notify Seller, in advance, of when the inspectors or
assessors will be on the Property;

		(3)	abide by any reasonable entry rules or requirements that
Seller may require;

		(4)	not interfere with existing operations or occupants of
the Property; and

		(5)	restore the Property to its original condition if altered
due to inspections, studies, or assessments that Buyer completes or causes to be completed.

 

		(D)	Except for those matters that arise from the negligence
or wrongful conduct of Seller or Seller's agents or from the discovery of any conditions on or under the Property, Buyer is responsible
for any claim, liability, encumbrance, cause of action, and expense resulting from Buyer's inspections, studies, or assessments
conducted by Buyer or Buyer’s agents on the Property, including any property damage or personal injury. Buyer will indemnify,
hold harmless, and defend Seller and Seller's agents against any claim involving a matter for which Buyer is responsible under
this paragraph. This paragraph survives termination of this Agreement.

 

		7.3)	FEASIBILITY PERIOD AND RIGHT TO TERMINATE: Buyer
may terminate this Agreement for any reason on or before 5:00 p.m. (California time zone) on the thirtieth (30th) calendar day
following the Effective Date (the “Feasibility Period”) by providing Seller with written notice of termination. If
Buyer elects not to terminate before this time, Buyer shall deliver its written Notice of Approval to Seller in which event Buyer's
objections for inspections shall be deemed to be waived. If Buyer does not deliver its Notice of Approval before the end of the
Feasibility Period, this Agreement shall be deemed terminated. Notwithstanding anything herein to the contrary, $100 of
the Deposit will be non-refundable and will be distributed to Seller upon any termination of this Agreement as full payment and
independent consideration for Seller’s performance under this Agreement. If this Agreement terminates as provided above
in this Section 7.3, the Deposit less the non-refundable portion will be promptly returned to Buyer and the parties will have
no further rights or obligations under this agreement except for any that expressly survive the termination of this Agreement.

 

    
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		7.4)	CURRENT OPERATIONS: If Buyer has timely delivered
to Seller its Notice of Approval under Section 7.3, Seller may not thereafter enter into, amend, or terminate any lease or other
agreement that affects the operations of the Property without Buyer's prior written approval. Seller will continue to operate
the Property in its normal course of business, including routine maintenance, payment of insurance premiums, and other day-to-day
obligations.

 

		7.5)	NONCONFORMANCE: Buyer has or will independently
investigate and verify to Buyer's satisfaction the extent of any limitations of uses of the Property. Buyer acknowledges that
the current use of the Property or the improvements located on the Property (or both) may not conform to applicable Federal, State
or municipal laws, ordinances, codes or regulations. Zoning, permitted uses, height limitations, setback requirements, minimum
parking requirements, limitations on coverage of improvements to total area of land, Americans with Disabilities Act requirements,
wetlands restrictions and other matters may have a significant economic impact upon the intended use of the Property by Buyer.
However, if Seller is aware of pending zoning changes and/or current nonconformance with any Federal, State or local laws, ordinances,
codes or regulations, Seller shall disclose same to Buyer in writing within 3 days after the Effective Date, or if later, as soon
as Seller becomes aware of such pending zoning change or nonconformance.

 

		7.6)	OTHER INSPECTION:

 

		8)	SELLER EXCHANGE: Buyer agrees to cooperate should
Seller elect to sell the Property as part of a like-kind exchange under IRC Section 1031. Seller's contemplated exchange shall
not impose upon Buyer any additional liability or financial obligation, and Seller agrees to hold Buyer harmless from any liability
that might arise from such exchange. This Agreement is not subject to or contingent upon Seller's ability to acquire a suitable
exchange property or effectuate an exchange. In the event any exchange contemplated by Seller should fail to occur, for whatever
reason, the sale of the Property shall nonetheless be consummated as provided herein.

 

		9)	BUYER EXCHANGE: Seller agrees to cooperate should
Buyer elect to purchase the Property as part of a like-kind exchange under IRC Section 1031. Buyer's contemplated exchange shall
not impose upon Seller any additional liability or financial obligation, and Buyer agrees to hold Seller harmless from any liability
that might arise from such exchange. This Agreement is not subject to or contingent upon Buyer's ability to dispose of its exchange
property or effectuate an exchange. In the event any exchange contemplated by Buyer should fail to occur, for whatever reason,
the sale of the Property shall nonetheless be consummated as provided herein.

 

		10)	“AS IS” CONDITION OF PROPERTY: AS
A MATERIAL PART OF THE CONSIDERATION FOR THIS AGREEMENT, SELLER AND BUYER AGREE THAT EXCEPT FOR THE EXPRESS REPRESENTATIONS IN
THIS AGREEMENT, BUYER IS TAKING THE PROPERTY “AS IS” WITH ANY AND ALL LATENT AND PATENT DEFECTS AND THAT THERE IS
NO WARRANTY BY SELLER THAT THE PROPERTY IS FIT FOR A PARTICULAR PURPOSE. EXCEPT FOR THE EXPRESS REPRESENTATIONS IN THIS AGREEMENT,
BUYER ACKNOWLEDGES THAT IT IS NOT RELYING UPON ANY REPRESENTATION, STATEMENT, ASSERTION OR NONASSERTION BY SELLER OR SELLER’S
AGENTS WITH RESPECT TO THE PROPERTY CONDITION, BUT IS RELYING SOLELY UPON ITS OWN EXAMINATION OF THE PROPERTY. BUYER TAKES THE
PROPERTY UNDER THE EXPRESS UNDERSTANDING THERE ARE NO EXPRESS OR IMPLIED WARRANTIES (EXCEPT FOR LIMITED WARRANTIES OF TITLE SET
FORTH IN THE CLOSING DOCUMENTS). THIS PROVISION WILL SURVIVE THE CLOSING.

 

Seller’s
Initials: _________ Buyer’s Initials:__________ 

 

		11)	RISK OF LOSS: Risk of loss to the Property shall
be borne by Seller until title has been conveyed to Buyer or Buyer’s designee. In the event that the improvements on the
Property are destroyed or materially damaged between the Effective Date of this Agreement and the Closing Date, Buyer shall have
the option of terminating this Agreement and demanding and receiving back the Deposit, with the parties being released from all
obligations of this Agreement, or, alternatively, electing to purchase the Property and taking such improvements as Seller can
deliver. If Buyer elects to purchase the Property, Seller shall pay all deductible amounts that are due under the insurance policy
and assign all insurance proceeds to Buyer and credit the amount of the deductible due under the insurance policy or will give
Buyer a credit against the Purchase Price at closing. Upon Buyer’s removal of all inspection contingencies set forth in
this Agreement relating to the condition of the Property, Seller shall maintain the Property through the Closing Date in substantially
the same condition and repair as approved by Buyer, reasonable wear and tear excepted.

 

		12)	CONDEMNATION: If before closing, condemnation
proceedings are commenced against any part of the Property, Buyer may:

 

    
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		(A)	terminate this Agreement by providing written notice
to Seller within 15 days after Buyer is advised of the condemnation proceedings and the Deposit, less any independent consideration
under Paragraph 7.3, will be refunded to Buyer; or

 

		(B)	appear and defend the condemnation proceedings and any
award will, at Buyer’s election, belong to:

		(1)	Seller and the Purchase Price will be reduced by the
same amount; or

		(2)	Buyer and the Purchase Price will not be reduced.

 

		13)	DEFAULT:

 

		(A)	If Buyer fails to comply with this Agreement, Buyer is
in default and Seller may terminate
this Agreement and receive the Deposit as liquidated damages, thereby releasing the parties from this Agreement.

 

		(B)	If, without fault, Seller is unable within the time allowed
to deliver the estoppel certificates or the commitment, Buyer may:

		(1)	terminate this Agreement and receive the Deposit, less
any independent consideration under Paragraph 7.3, as the sole remedy; or

		(2)	extend the time for performance up to 14 days
and the closing will be extended as necessary.

 

		(C)	Except as provided in Paragraph 13B, if Seller fails
to comply with this Agreement, Seller is in default and Buyer may:

		(1)	terminate this Agreement and receive the Deposit, less
any independent consideration under Paragraph 7.3, as liquidated damages, and Seller shall reimburse Buyer for its documented,
actual and reasonable out-of-pocket costs and expenses in connection with its investigation of the Property and the transactions
contemplated by this Agreement and incurred following the Effective Date, up to $50,000.00 (“Pursuit Costs”)
thereby releasing the parties from this Agreement; or

		(2)	enforce specific performance, or seek such other relief
as may be provided by law, or both.

 

		14)	ESCROW:

 

		(A)	At closing, the Deposit will be applied first to any
cash down payment, then to 'Buyer's closing costs, and any excess will be refunded to Buyer.

 

		(B)	If both parties make written demand for the Deposit,
escrow agent may require payment of unpaid expenses incurred on behalf of the parties and a written release of liability of escrow
agent from all parties.

 

		(C)	If one party makes written demand for the Deposit, escrow
agent will give notice of the demand by providing to the other party a copy of the demand. If escrow agent does not receive written
objection to the demand from the other party within 30 days after the date escrow agent sent the demand to the other party, escrow
agent may disburse the Deposit to the party making demand, reduced by the amount of unpaid expenses incurred on behalf of the
party receiving the Deposit and escrow agent may pay the same to the creditors.

 

		(D)	Escrow agent will deduct any independent consideration
under Paragraph 7.3 before disbursing any Deposit to Buyer and will pay the independent consideration to Seller.

 

		(E)	If escrow agent complies with this Paragraph 14, each
party hereby releases escrow agent from all claims related to the disbursal of the Deposit.

 

		(F)	Notices under this Paragraph 14 must be sent by certified
mail, return receipt requested, or by fax. Notices to escrow agent are effective upon receipt by escrow agent.

 

		15)	ROLLBACK TAXES: If Seller changes the use of the
Property before closing or if a denial of the special evaluation of the Property claimed by Seller results in the assessment of
additional taxes, penalties, or interest for periods before closing, the assessments will be the obligation of the Seller. This
Paragraph 15 survives the Closing Date.

 

		16)	AUTHORIZATION: Seller does not authorize Agent
to disseminate sales information regarding this transaction, including the Purchase Price of the Property.

 

		17)	OTHER BROKERS: Buyer and Seller agree that, in
the event any broker, other than Agent or a broker affiliated with Agent, is involved in the disposition of the Property, Agent
shall have no liability to Buyer, Seller or other person or entity, for the acts or omissions of such other broker, who shall
not be deemed to be a subagent of Agent.

 

    
	Purchase Agreement	 8 of 13	Seller's Initials____________ Buyer’s Initials____________
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		18)	AGENT’S DISCLAIMER: Buyer and Seller acknowledge
that Agent has not made any investigation, determination, warranty or representation with respect to, without limitation, any
of the following: (a) the financial condition or business prospects of the Property, or of any occupant of the Property, or any
occupant’s intent to continue or renew its occupancy in the Property; (b) the legality of the present or any possible future
use of the Property under any federal, state or local law or ordinance; (c) pending or possible future action by any third party
or governmental entity or agency which may affect the Property; (d) the condition of the Property, including but not limited to,
its physical condition, soil conditions, the integrity and quality of any improvements, and the presence or absence of fungi or
wood destroying organisms or pests; (e) the accuracy or completeness of financial information concerning the Property including,
without limitation, any income and expense information, projections of square footage, leases, licenses, options and other agreements
affecting the Property; (f) the possibility that leases, options, or other agreements, matters or documents exist which affect
or encumber the Property and which have not been provided or disclosed by Seller; (g) the presence or location of any hazardous
materials on or about the Property, including but not limited to, asbestos, PCB's, lead paint, underground storage tanks or other
toxic, hazardous or contaminated substances; (h) the accuracy of any information contained in any estoppel certificate or similar
letter from any occupant of the Property; (j) whether the Property is in any special assessment district or is a tidally influenced
property; or, (j) the number of legal parcels or units within the Property. When involved, Agent has acted solely as a conduit
for the exchange of such information between Buyer and Seller and makes no representation or warranty whatsoever concerning the
accuracy or reliability of such information. The Agents do not warrant that Seller will disclose any or all property defects or
other matters pertaining to the Property or its condition.

 

Buyer
agrees that investigation and analysis of the Property, including but not limited to the foregoing matters, are Buyer's sole, independent
responsibility and that Buyer shall not hold Agent responsible therefore. Buyer agrees and acknowledges that Buyer has not relied
upon any representation of Agent in connection with Buyer’s Purchase of the Property. 

 

		19)	AGENT’S LIMITED AUTHORITY AND RESPONSIBILITY:
Agent shall have no authority to bind either Buyer or Seller to any modification or amendment of this Agreement. Agent shall
not be responsible for performing any due diligence or other investigation of the Property on behalf of either Buyer or Seller,
or for providing either party with professional advice with respect to, without limitation, any legal, tax, engineering, construction
or hazardous materials issues.

 

		20)	LIMITATION OF AGENT’S LIABILITY: Except
for Agent’s sole gross negligence or sole willful misconduct, Seller agrees to hold the Agents harmless from any damages,
claims, costs and expenses resulting from or related to any party furnishing to the Agents or Buyer any false, incorrect or inaccurate
information with respect to the Property or Seller's concealing any material information with respect to the condition of the
Property. To the extent permitted by applicable law, the Agents’ liability for errors or omissions, negligence, or otherwise,
is limited to the return of the Fee, if any, paid to the responsible Agent pursuant to this Contract. In addition, Seller agree
to defend and hold the Agents participating in this transaction harmless from and against any and all liabilities, claims, debts,
damages, costs, and expenses including, but not limited to, reasonable attorneys fees and court costs, related to or arising out
of or in any way connected to representations about the Property or matters that should be analyzed by experts.

 

		21)	ARBITRATION OF DISPUTES AND WAIVER OF JURY TRIAL:
All disputes arising between the Parties with respect to the subject matter of this Purchase Agreement or the transaction contemplated
herein (including but not limited to the parties’ rights to the Deposit or the payment of commissions as provided herein)
shall be settled exclusively by final, binding arbitration. The judgment upon the award rendered by the arbitrator may be entered
in any court having jurisdiction.

 

The arbitration
will proceed in Tarrant County and be conducted by the American Arbitration Association (“AAA”). Any party who fails
or refuses to submit to arbitration following a demand by the other party shall bear all costs and expenses, including attorneys’
fees, incurred by such other party in compelling arbitration.

 

Any arbitration
will be decided by a single arbitrator selected according to the Rules. The arbitrator will decide any pre-hearing motions which
are similar to motions to dismiss for failure to state a claim or motions for summary adjudication and may grant any remedy or
relief that a court could order or grant on similar motions. The arbitrator shall apply the provisions of this Purchase Agreement
without varying therefrom, and shall not have the power to add to, modify, or change any of the provisions hereof.

 

In any arbitration
proceeding discovery will be permitted only in accordance with the terms of this paragraph. Discovery by each party shall be limited
to: (i) a maximum number of five (5) depositions limited to four hours each; (ii) requests for production of documents; (iii) ten
interrogatories: inquiring into the facts and amount of damages sought by the other party and another into the calculation of those
damages; and (iv) subpoenas upon third parties for production of documents, depositions, and to appear at a hearing. The scope
of discovery may be expanded only upon the mutual consent of the parties.

 

The Parties
understand and agree that they are entering into this arbitration agreement voluntarily, and that by doing so they are waiving
their rights to a jury trial or to have their claims otherwise litigated in court. 

 

Notwithstanding
the foregoing, if necessary to record a lis pendens or similar instrument as to the Property, Buyer may initiate a judicial proceeding.

 

    
	Purchase Agreement	 9 of 13	Seller's Initials____________ Buyer’s Initials____________
	 	 	Copyright Marcus & Millichap 2015

     

    

 

		22)	SUCCESSORS & ASSIGNS: This Agreement and any
addenda hereto shall be binding upon and inure to the benefit of the heirs, successors, agents, representatives and assigns of
the parties hereto.

 

		23)	TIME: Time is of the essence of this Agreement.
The parties require strict compliance with the times for performance. If the last date to perform under a provision of this Agreement
falls on a Saturday, Sunday or legal holiday, the time for performance is extended until 5:00 p.m. the next day which is not a
Saturday, Sunday or legal holiday.

 

		24)	FOREIGN INVESTOR DISCLOSURE: Seller and Buyer
agree to execute and deliver any instrument, affidavit or statement, and to perform any act reasonably necessary to carry out
the provisions of the Foreign Investment in Real Property Tax Act (FIRPTA) and regulations promulgated there under. Buyer and
Seller both agree to provide a signed FIRPTA form to Agent on or before the closing date.

 

		25)	ACCEPTANCE AND EFFECTIVE DATE: The "Effective
Date" of this Agreement for the purpose of performance of all obligations is the date the escrow agent receives this Agreement
after all parties execute this Agreement.

 

This Agreement
may be executed in counterparts, and transmitted by facsimile by and to the parties, and each such counterpart shall be deemed
an original, and all of them together shall constitute a single instrument.

 

		26)	GOVERNING LAW: This Agreement shall be construed
under and governed by the laws of the State of Texas and, unless otherwise provided herein, all obligations of the parties hereunder
are to be performed in the county where the Property is located.

 

		27)	NON-DISCRIMINATION: Buyer and Seller acknowledge
that it is illegal for either Seller, Buyer or Agent to refuse to lease or sell to any person on the basis of, without limitation,
race, color, religion, national origin, sex, age, marital status or physical disability.

 

		28)	INTEGRATION AND SURVIVAL: This Agreement contains
the entire understanding and agreement between Buyer and Seller concerning the subject matter herein, and supersedes any and all
prior agreements, understandings, promises and representations, whether written or oral, between the Buyer and Seller, concerning
the subject matter hereof. There are no other understandings, oral or written, which in any way alter or enlarge the terms of
this Agreement, and there are no warranties or representations with respect to the Property or this Agreement of any nature whatsoever,
either express or implied, except as set forth herein. Should any provision of this Agreement or portion thereof be deemed illegal,
invalid or otherwise unenforceable, then to the maximum extent permitted by law, the remainder of the Agreement shall remain valid
and binding as between the parties.

 

		29)	NOTICES:  All notices required or permitted hereunder
shall be given to the parties in writing (with a copy to Agent) at their respective addresses as set forth below, unless otherwise
agreed by the parties. Should the date upon which any act required to be performed by this Agreement fall on a Saturday, Sunday
or holiday, the time for performance shall be extended to 5:00 p.m. the next business day. All notices between Buyer and Seller
must be in writing and are effective when hand-delivered, mailed by certified mail return receipt requested, sent via a nationally
recognized overnight carrier, or sent by facsimile transmission to the parties' addresses set out as follows:

 

	Seller:	ANS Real Estate Ltd.	 	Buyer:	Rich Uncles NNN Operating Partnership, LP
	c/o:	Adam Smith	 	c/o:	David Perduk
	Address:	PO Box 586	 	Address:	3080 Bristol Street, Suite 550
	 	Roanoke, TX  76262	 	 	Costa Mesa, CA 92626
	Telephone No.:	(817) 312-2897	 	Telephone No.:	(949) 873-6535
	Fax No.:	 	 	Fax No.:	 
	Email:	adam@texasharley.com	 	Email:	david@richuncles.com

 

	Seller’s Attorney:	Griffith, Jay & Michel, LLP	 	Buyer’s Attorney:	Dan K. Winton
	c/o:	Richard L. Bourland	 	c/o:	Daniel K. Winton
	Address:	2200 Forest Park Boulevard	 	Address:	4685 MacArthur Court, Suite 450
	 	Fort Worth, Texas  76110	 	 	Newport Beach, CA 92660
	Telephone No.:	(817) 926.2500	 	Telephone No.:	(949) 252-0516
	Email:	richardb@lawgjm.com	 	
        Fax No:

        Email:
	(949) 476-2477

dwinton@wintonlaw.com

 

    
	Purchase Agreement	 10 of 13	Seller's Initials____________ Buyer’s Initials____________
	 	 	Copyright Marcus & Millichap 2015

     

    

 

 

		30)	ATTACHED ADDENDA:	þInformation About
Brokerage Services

 þ Addendum A - Legal Description

  ̈ Addendum B - Third Party Financing

  ̈ Addendum C - Lead Based Paint (required for residential dwellings constructed prior to 1978)

 þ Addendum D - Estoppel Certificates

  ̈ Addendum E - Intermediary Relationship Notice

  ̈ Addendum F - Disclosure Notice

  ̈ Addendum G - MUD Notice

 þ Lease

  ̈ SNDA Agreement (to be prepared by Buyer and approved by Seller during the Feasibility Period)

 þ Purchase Addendum

 

		31)	AGENCY: The Term “Agent” refers to
Marcus & Millichap Real Estate Investment Services and/or Other Broker, if applicable as set forth below. Each Agent only
has duties to the party they represent as identified below. If either Agent is acting as an Intermediary, then that Agent will
only have the duties of an Intermediary and both Buyer and Seller consent by their signature below that Agent has provided all
proper notices and disclosures to this sale:

 

	
        Marcus & Millichap Real Estate

        Investment Services:
	 
	 	 
	c/o:	Philip Levy	 
	Address:	300 Throckmorton St, Ste 1500	 
	 	Fort Worth, TX  76262	 
	Telephone No.:	(817) 932-6123	 
	Fax No.:	(817) 380-1153	 
	Email:	plevy@marcusmillichap.com	 

 

Buyer and Seller both acknowledge
that they have been presented with the Information About Brokerage Services form prior to execution of this contract and have been
advised of the below agency status.

 

Marcus
& Millichap Real Estate Investment Services:

 

		X	Represents Seller only

 

Buyer is
not represented by a Real Estate Agent.

  

Seller will
pay Marcus & Millichap the Commission specified by separate written Representation Agreement. Payment of the Commission will
not alter the fiduciary relationships between the parties and the Agents.

 

		32)	CONSENT REQUIRED:Buyer, Seller, and Title
Company agree that the Agents are third party beneficiaries of this Agreement with respect to the Commission established in the
separate Representation Agreement, and that no changes may be made by Buyer, Seller, or Title Company as to the time of payment,
amount of payment or the conditions for payment of the Commission without the written consent of the Agents.

 

		33)	RIGHT TO CLAIM A LIEN:Pursuant to Chapter
62 of the Texas Property Code, the Agents hereby disclose their right to claim a lien based on the separate Representation Agreement
and any other commission agreements referenced in this Agreement or applicable to the transaction contemplated by this Agreement.
This disclosure is hereby incorporated in any such commission agreements.

 

    
	Purchase Agreement	 11 of 13	Seller's Initials____________ Buyer’s Initials____________
	 	 	Copyright Marcus & Millichap 2015

     

    

 

		34)	AGREEMENT AS OFFER. The execution of this Agreement
by the first party constitutes an offer to purchase or sell the Property. Unless, within two (2) business days after the date
of execution of this Agreement by the first party, this Agreement is accepted by the other party by signing the offer and delivering
a fully executed copy to the first party or Title Company, the offer of this Agreement will be deemed automatically withdrawn,
and the Deposit, if any, will be promptly returned to Buyer.

 

		35)	OTHER TERMS AND CONDITIONS:

 

The closing of the sale of
the Property as set forth in this Agreement is contingent upon the delivery at the closing of a new Commercial Lease Agreement
(the form of which is attached hereto as Addendum H) (the “Lease”) executed by Calculated Risk Bedford, LP d/b/a Texas
Harley-Davidson (“Tenant”), as Tenant, and by Buyer, as Landlord. The Lease shall contain the following terms (if there
are any conflicts between the provisions of the Lease and of this Agreement, the provisions of the Lease shall control):

 

		·	Absolute
Triple Net Lease – Tenant is responsible for paying all Taxes, Insurance, and Common Area Maintenance, and shall maintain,
repair, and if necessary, replace the roof, structure and parking lot

		·	15-year
Primary Term with Two, Five Year Option Periods

		·	Initial
Annual Base Rent shall be $900,000

		·	Rent
shall increase by 10%, every 5 Years

		·	The
Lease shall contain a Personal Guaranty (in the form of the Lease Guaranty Agreement attached to the Lease)(the “Guaranty”)
from Adam Smith (“Guarantor”), which shall terminate seven (7) years after the closing.

		·	Tenant
shall have a Right of First Offer to purchase the Property, the form of which is attached to the Lease

		·	Tenant
shall be able to assign the entire Guaranty to an entity approved by Harley-Davidson, with a minimum net worth of $10,000,000,
which purchases the dealership operated by Tenant

		·	In
the event Tenant assigns the lease, the Guaranty shall continue in effect for the first seven years from the Lease Commencement
Date of the Lease

 

BUYER AND SELLER HEREBY ACKNOWLEDGE
THAT AGENT HAS ADVISED THE PARTIES TO CONSULT WITH THEIR RESPECTIVE LEGAL COUNSEL CONCERNING THE LEGAL EFFECT AND VALIDITY OF THIS
AGREEMENT PRIOR TO ITS EXECUTION. 

  

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blank

 

    
	Purchase Agreement	 12 of 13	Seller's Initials____________ Buyer’s Initials____________
	 	 	Copyright Marcus & Millichap 2015

     

    

 

Executed below and to be effective as
of the Effective Date.

 

	 	 	 	BUYER:
	 	 	 	 	 
	DATE:	February __, 2017	 	RICH UNCLES NNN OPERATING
	 	 	 	PARTNERSHIP, LP, a Delaware limited
	 	 	 	partnership
	 	 	 	 	 
	Telephone:	Attn: David Perduk (949) 873-6535	 	By:	Rich Uncles NNN REIT, Inc. a Maryland
	 	 	 	 	corporation, its General Partner
	 	 	 	 	 
	Facsimile:	N/A	 	By:	 
	 	 	 	 	Harold Hofer
	 	 	 	 	Chief Executive Officer
	 	 	 	 	 
	 	 	 	SELLER:
	 	 	 	 	 
	DATE:	February ___, 2017	 	ANS REAL ESTATE LTD.
	 	 	 	 	 
	Telephone:	(817) 312-2897	 	By:	 
	 	 	 	 	 
	Facsimile:	 	 	Name:	Adam Smith
	 	 	 	 	 
	 	 	 	Title:	 

   

TITLE COMPANY RECEIPT: The title
company acknowledges receipt of this contract on February __, 2017________ (the “Effective Date”) and, upon receipt
of the Deposit, accepts the Deposit subject to the terms and conditions in this Agreement.

 

	 	 	 	TITLE COMPANY:
	 	 	 	 	 
	DATE:	February ___, 2017	 	RATTIKIN TITLE
	 	 	 	 	 
	Telephone:	 	 	By:	 
	 	 	 	 	 
	Facsimile:	 	 	Name:	 
	 	 	 	 	 
	 	 	 	Title:	 

 

	PARTIES UNDERSTAND AND ACKNOWLEDGE THAT BROKER IS NOT QUALIFIED TO PROVIDE, AND HAS NOT BEEN CONTRACTED TO PROVIDE, LEGAL, FINANCIAL OR TAX ADVICE, AND THAT ANY SUCH ADVICE MUST BE OBTAINED FROM PARTIES’ ATTORNEY, ACCOUNTANT OR TAX PROFESSIONAL.

 

    
	Purchase Agreement	 13 of 13	Seller's Initials____________ Buyer’s Initials____________
	 	 	Copyright Marcus & Millichap 2015

     

    

 

Addendum
A

Legal
Description

 

5.943 ACRES DESCRIPTION

STATE OF TEXAS

COUNTY OF TARRANT

 

WHEREAS ANS Real Estate,
Ltd., a Texas limited partnership, is the sole owner of a tract of land situated in the City of Bedford, Tarrant County, Texas,
out of the T. W. Williams Survey, Abstract Number 1735, and being part of Lot 1-R, Block 1 of the First State Bank Addition to
the City of Bedford, Tarrant County, Texas, as per plat recorded in Tarrant County Document Number D215149020 of the Plat Records
of Tarrant County, Texas, the same being part of that called 5.822 acres of land described in a deed to ANS Real Estate, Ltd, recorded
in Tarrant County Clerk's Document Number D212289619, and part of that called 1.00 acres of land described in a deed to ANS Real
Estate, Ltd, recorded in Tarrant County Document Number D215007238, and being further described by metes and bounds as follows:

 

BEGINNING at a 1/2 inch
steel rod found at the Northwest corner of said 5.822 acres, being the Northwest corner of said Lot 1-R;

 

THENCE North 89 degrees
21 minutes 15 seconds East, 417.55 feet to a 5/8 inch steel rod found at the Northeast corner of said 5.822 acres, being the Northeast
corner of said Lot 1-R;

 

THENCE South 01 degrees
01 minutes 50 seconds East, 627.94 feet to a 1/2 inch steel rod found in the North line of Shoalmont Road, at the Southeast corner
of said 5.822 acres, being the Southeast corner of said Lot 1-R;

 

THENCE North 89 degrees
45 minutes 36 seconds West, 401.39 feet to a 1/2 inch steel rod set capped “1519 Surveying” in the North line of Shoalmont
Road;

 

THENCE North 00 degrees
19 minutes 00 seconds West, 182.35 feet to a 1/2 inch steel rod set capped “1519 Surveying”;

 

THENCE South 89 degrees
35 minutes 38 seconds West, 24.00 feet to a 5/8 inch steel rod found at an inside ell corner of said 5.822 acres, being the inside
ell corner of said Lot 1-R;

 

THENCE North 00 degrees
19 minutes 00 seconds West, 439.27 feet to the Point of Beginning, containing 5.943 acres of land.

 

Bearings based on Grid
North, State Plane Coordinate System, NAD83, Texas North Central Zone 4202.

 

     

     

    

 

	PARTIES UNDERSTAND AND ACKNOWLEDGE THAT BROKER IS NOT QUALIFIED TO PROVIDE, AND HAS NOT BEEN CONTRACTED TO PROVIDE, LEGAL, FINANCIAL OR TAX ADVICE, AND THAT ANY SUCH ADVICE MUST BE OBTAINED FROM PARTIES’ ATTORNEY, ACCOUNTANT OR TAX PROFESSIONAL.

  

     

     

    

		11-2-2015

 

Information About Brokerage Services

Texas law requires all real estate license
holders to give the following information about

Brokerage services to prospective buyers,
tenants, seller and landlords.

 

TYPES OF REAL ESTATE LICENSE HOLDERS:

		·	A BROKER is responsible for all brokerage activities including
acts performed by sales agents sponsored by the broker.

		·	A SALES AGENT must be sponsored by a broker and works with
clients on behalf of the broker.

 

A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client
is the person or party that the broker represents):

		·	Put the interests of the client above all others, including the broker’s
own interests;

		·	Inform the client of any material information about the property or
transaction received by the broker;

		·	Answer the client’s questions and present any offer to or counter-offer
from the client; and

		·	Treat all parties to a real estate transaction honestly and fairly.

 

A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION:

 

AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes
the property owner’s agent through an agreement with the owner, usually in a written listing to sell or property management
agreement. An owner’s agent must perform the broker’s minimum duties above and must inform the owner of any material
information about the property or transaction known by the agent, including information disclosed to the agent or subagent by the
buyer or buyer’s agent.

 

AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant’s
agent by agreeing to represent the buyer, usually through a written representation agreement. A buyer’s agent must perform
the broker’s minimum duties above and must inform the buyer of any material information about the property or transaction
known by the agent, including information disclosed to the agent by the seller or seller’s agent.

 

AS AGENT FOR BOTH – INTERMEDIARY: To act as an
intermediary between the parties the broker must first obtain the written agreement of each party to the transaction. The
written agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s
obligations as an intermediary. A broker who acts as an intermediary:

		·	Must treat all parties to the transaction impartially and fairly;

		·	May, with the parties’ written consent, appoint a different
license holder associated with the broker to each party (owner and buyer) to communicate with provide opinions and advice to, and
carry out the instructions of each party to the transaction;

		·	Must not, unless specifically authorized in writing to do so by the
party, disclose:

		o	That the owner will accept a price less than the written asking price;

		o	That the buyer/tenant will pay a price greater than the price submitted in a written offer; and

		o	Any confidential information or any other information that a party specifically instructs the broker in writing not to disclose,
unless required to do so by law.

 

AS SUBAGENT: A license holder acts as a subagent when
aiding a buyer in a transaction without an agreement to represent the buyer. A subagent can assist the buyer but does not represent
the buyer and must place the interest of the owner first.

 

TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER
SHOULD BE IN WRITING AND CLEARY ESTABLISH:

		·	The broker’s duties and responsibilities to you, and your obligations
under the representation agreement.

		·	Who will pay the broker for services provided to you, when payment
will be made and how the payment will be calculated.

 

LICENSE HOLDER CONTACT INFORMATION: This notice is being
provided for information purposes. It does not create an obligation for you to use the broker’s services. Please acknowledge
receipt of this notice below and retain a copy for your records.

 

	Marcus & Millichap	 	9002994	 	tim.speck@marcusmillichap.com	 	972-755-5200
	Licensed Broker/Broker Firm Name or	 	License No.	 	Email Address	 	Phone
	Primary Assumed Business Name	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Tim A. Speck	 	432723	 	tim.speck@marcusmillichap.com	 	972-755-5200
	Designated Broker or Firm 	 	License No.	 	Email Address	 	Phone
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Licensed Supervisor of Sales Agent/	 	License No.	 	Email Address	 	Phone
	Associate	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Sales Agent/Associate’s Name	 	License No.	 	Email Address	 	Phone
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Buyer/Tenant/Seller/Landlord Initials	 	Date	 	 	 	 

 

	Regulated by the Texas Real Estate Commission	Information available at www.trec.texas.go

 

     

     

    

 

ADDENDUM D

 

ESTOPPEL CERTIFICATE

 

[See Attached]

 

     

     

    

 

ADDENDUM H

 

LEASE

 

[See Attached]Exhibit 10.3

INDEMNIFICATION AGREEMENT

 

THIS INDEMNIFICATION
AGREEMENT (“Agreement”) is made and entered into as of July 15, 2016, by and between Rich Uncles NNN REIT, Inc.,
a Maryland corporation (the “Company”); and Ray Wirta, Harold Hofer, Jeffrey Randolph, John Wang, Vipe Desai, David
Feinleib, Jonathan Platt, Howard Makler, Jean Ho, Rich Uncles LLC, a Delaware limited liability company, and Rich Uncles NNN REIT
Operator, LLC, a Delaware limited liability company (each, an “Indemnitee”).

 

RECITALS:

 

WHEREAS, at
the request of the Company, Indemnitee currently serves as a director, officer or service provider of the Company and may, therefore,
be subjected to claims, suits or proceedings arising as a result of his, her or its service; and

 

WHEREAS, as
an inducement to Indemnitee to continue to serve as such director, officer or service provider, the Company has agreed to indemnify
and to advance expenses and costs incurred by Indemnitee in connection with any such claims, suits or proceedings; and

 

WHEREAS, the
parties to this Agreement desire to set forth their understanding and agreement regarding indemnification and the advance of expenses.

 

NOW, THEREFORE,
in consideration of the foregoing recitals and the covenants contained herein, the Company and Indemnitee do hereby covenant and
agree as follows:

 

AGREEMENT:

 

Section 1. Definitions. 

 

For purposes of this
Agreement:

 

(a)        “Applicable
Legal Rate” means a fixed rate of interest equal to the applicable federal rate for mid-term debt instruments as of the
day that it is determined that Indemnitee must repay any advanced expenses.

 

(b)       
“Change in Control” means a change in control of the Company occurring after the Effective Date of a nature
that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar
item on any similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), whether or not the Company is then subject to such reporting requirement; provided, however, that, without limitation,
such a Change in Control shall be deemed to have occurred if, after the Effective Date (i) any “person” (as such
term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule
13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 15% or more of the combined voting
power of all of the Company’s then-outstanding securities entitled to vote generally in the election of directors without
the prior approval of at least two-thirds of the members of the Board of Directors in office immediately prior to such person’s
attaining such percentage interest; (ii) the Company is a party to a merger, consolidation, sale of assets, plan of liquidation
or other reorganization not approved by at least two-thirds of the members of the Board of Directors then in office, as a consequence
of which members of the Board of Directors in office immediately prior to such transaction or event constitute less than a majority
of the Board of Directors thereafter; or (iii) at any time, a majority of the members of the Board of Directors are not individuals
(A) who were directors as of the Effective Date or (B) whose election by the Board of Directors or nomination for election by the
Company’s stockholders was approved by the affirmative vote of at least two-thirds of the directors then in office who were
directors as of the Effective Date or whose election for nomination for election was previously so approved.

 

    1 

     

    

 

(c)        “Corporate
Status” means the status of a person as a present or former director, officer, employee or agent of the Company or as
a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic
corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such
person is or was serving in such capacity at the request of the Company. As a clarification and without limiting the circumstances
in which Indemnitee may be serving at the request of the Company, service by Indemnitee shall be deemed to be at the request of
the Company if Indemnitee serves or served as a director, trustee, officer, partner, manager, managing member, fiduciary, employee
or agent of any corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise
(i) of which a majority of the voting power or equity interest is owned directly or indirectly by the Company; or (ii) the management
of which is controlled directly or indirectly by the Company.

 

(d)        “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
and/or advance of Expenses is sought by Indemnitee.

 

(e)        “Effective
Date” means the date set forth in the first paragraph of this Agreement.

 

    2 

     

    

 

(f)        “Expenses”
means any and all reasonable and out-of-pocket attorneys’ fees and costs, retainers, court costs, transcript costs, fees
of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery
service fees, federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments
under this Agreement, ERISA excise taxes and penalties and any other disbursements or expenses incurred in connection with prosecuting,
defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in or otherwise participating in
a Proceeding. Expenses shall also include Expenses incurred in connection with any appeal resulting from any Proceeding including,
without limitation, the premium for, security for and other costs relating to any cost bond supersedeas bond or other appeal bond
or its equivalent.

 

(g)        “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither is,
nor in the past five (5) years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either
such party (other than with respect to matters concerning Indemnitee under this Agreement or of other indemnitees under similar
indemnification agreements); or (ii) any other party to or participant or witness in the Proceeding giving rise to a claim
for indemnification or advance of Expenses hereunder. Notwithstanding the foregoing, the term “Independent Counsel”
shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict
of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

 

(h)        “Proceeding”
means any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry,
administrative hearing or any other proceeding, whether brought by or in the right of the Company or otherwise and whether of a
civil (including intentional or unintentional tort claims), criminal, administrative or investigative (formal or informal) nature,
including any appeal therefrom, except one pending or completed on or before the Effective Date, unless otherwise specifically
agreed in writing by the Company and Indemnitee. If Indemnitee reasonably believes that a given situation may lead to or culminate
in the institution of a Proceeding, such situation shall also be considered a Proceeding.

 

Section 2. Services by Indemnitee.

 

Indemnitee will serve
as a director, officer or service provider of the Company; however, this Agreement shall not impose any independent obligation
on Indemnitee or the Company to continue Indemnitee’s service to the Company. This Agreement shall not be deemed an employment
contract between the Company (or any other entity) and Indemnitee.

 

    3 

     

    

 

Section 3. General. 

 

Subject to the limitations
in Section 5, the Company shall indemnify, and advance Expenses to, Indemnitee (a) as provided in this Agreement; and (b)
as otherwise permitted by Maryland law in effect on the Effective Date and as amended from time to time; provided, however, that
no change in Maryland law shall have the effect of reducing the benefits available to Indemnitee hereunder based on Maryland law
as in effect on the Effective Date. Subject to the limitations in Section 5, the rights of Indemnitee provided in this Section
3 shall include, without limitation, the rights set forth in the other sections of this Agreement, including any additional indemnification
permitted by Section 2-418(g) of the Maryland General Corporation Law (the “MGCL”).

 

Section 4. Standard for Indemnification.

 

Subject to the limitations
in Section 5, if, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be, made a party to any
Proceeding, the Company shall indemnify Indemnitee against all judgments, penalties, fines and amounts paid in settlement and all
Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with any such Proceeding
unless it is established by clear and convincing evidence that (a) the act or omission of Indemnitee was material to the matter
giving rise to the Proceeding and (i) was committed in bad faith, or (ii) was the result of active and deliberate dishonesty;
(b) Indemnitee actually received an improper personal benefit in money, property or services; or (c) in the case of any
criminal Proceeding, Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

 

Section 5. Certain Limits on
Indemnification. 

 

Notwithstanding any
other provision of this Agreement (other than Section 6), Indemnitee shall not be entitled to:

 

(a)        indemnification
for any loss or liability unless all of the following conditions are met: (i) Indemnitee has determined, in good faith, that the
course of conduct that caused the loss or liability was in the best interests of the Company, (ii) Indemnitee was acting on behalf
of or performing services for the Company, (iii) such loss or liability was not the result of (A) gross negligence or willful misconduct,
in the case that the Indemnitee is an independent director of the Company or (B) negligence or misconduct, in the case that the
Indemnitee is not an independent director of the Company, and (iv) such indemnification is recoverable only out of the Company’s
net assets and not from the Company’s stockholders;

 

    4 

     

    

 

(b)        indemnification
for any loss or liability arising from an alleged violation of federal or state securities laws unless one or more of the following
conditions are met: (i) there has been a successful adjudication on the merits of each count involving alleged material securities
law violations as to Indemnitee, (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction
as to Indemnitee, or (iii) a court of competent jurisdiction approves a settlement of the claims against Indemnitee and finds that
indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification
has been advised of the position of the Securities and Exchange Commission and of the published position of any state securities
regulatory authority in which securities of the Company were offered or sold as to indemnification for violations of securities
laws;

 

(c)        indemnification
hereunder if the Proceeding was one by or in the right of the Company and Indemnitee is adjudged to be liable to the Company;

 

(d)        indemnification
hereunder if Indemnitee is adjudged to be liable on the basis that personal benefit was improperly received in any Proceeding charging
improper personal benefit to Indemnitee, whether or not involving action in the Indemnitee’s Corporate Status; or

 

(e)        indemnification
or advance of Expenses hereunder if the Proceeding was brought by Indemnitee, unless: (i) the Proceeding was brought to enforce
indemnification under this Agreement, and then only to the extent in accordance with and as authorized by Section 12 of this Agreement,
or (ii) the Company’s charter or Bylaws, a resolution of the stockholders entitled to vote generally in the election of directors
or of the Board of Directors or an agreement approved by the Board of Directors to which the Company is a party expressly provide
otherwise.

 

Section 6. Court-Ordered Indemnification.

 

Subject to the limitations
in Section 5(a) and (b), a court of appropriate jurisdiction, upon application of Indemnitee and such notice as the court shall
require, may order indemnification of Indemnitee by the Company in the following circumstances:

 

(a)        if
such determines that Indemnitee is entitled to reimbursement under Section 2-418(d)(1) of the MGCL, the court shall order indemnification,
in which case Indemnitee shall be entitled to recover the Expenses of securing such reimbursement; or

 

(b)        if
such court determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant circumstances,
whether or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL, or (ii) has
been adjudged liable for receipt of an improper personal benefit under Section 2-418(c) of the MGCL, the court may order such indemnification
as the court shall deem proper. However, indemnification with respect to any Proceeding by or in the right of the Company or in
which liability shall have been adjudged in the circumstances described in Section 2-418(c) of the MGCL shall be limited to
Expenses.

 

    5 

     

    

 

Section 7. Indemnification for
Expenses of an Indemnitee Who is Wholly or Partly Successful.

 

Subject to the limitations
in Section 5, to the extent that Indemnitee was or is, by reason of his or her Corporate Status, made a party to (or otherwise
becomes a participant in) any Proceeding and is successful, on the merits or otherwise, in the defense of such Proceeding, Indemnitee
shall be indemnified for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection
therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or
more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee under this Section
7 for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each such
claim, issue or matter, allocated on a reasonable and proportionate basis. For purposes of this Section 7, and without limitation,
the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to
be a successful result as to such claim, issue or matter.

 

Section 8. Advance of Expenses
for an Indemnitee. 

 

If, by reason of Indemnitee’s
Corporate Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the Company shall, without requiring a
preliminary determination of Indemnitee’s ultimate entitlement to indemnification hereunder, advance all reasonable Expenses
incurred by or on behalf of Indemnitee in connection with (a) such Proceeding which is initiated by a third party who is not a
stockholder of the Company; or (b) such Proceeding which is initiated by a stockholder of the Company acting in his, her or its
capacity as such and for which a court of competent jurisdiction specifically approves such advancement, and which relates to acts
or omissions with respect to the performance of duties or services on behalf of the Company, within ten (10) days after the receipt
by the Company of a statement or statements requesting such advance or advances from time to time, whether prior to or after final
disposition of such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and
shall include or be preceded or accompanied by a written affirmation by Indemnitee of Indemnitee’s good faith belief that
the standard of conduct necessary for indemnification by the Company as authorized by law and by this Agreement has been met and
a written undertaking by or on behalf of Indemnitee, in substantially the form attached hereto as Exhibit A or in such form
as may be required under applicable law as in effect at the time of the execution thereof, to reimburse the portion of any Expenses
advanced to Indemnitee, together with the Applicable Legal Rate of interest thereon, relating to claims, issues or matters in the
Proceeding as to which it shall ultimately be established, by clear and convincing evidence, that the standard of conduct has not
been met by Indemnitee and which have not been successfully resolved as described in Section 7 of this Agreement. To the extent
that Expenses advanced to Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses shall
be allocated on a reasonable and proportionate basis. The undertaking required by this Section 8 shall be an unlimited general
obligation by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee’s financial ability to repay
such advanced Expenses and without any requirement to post security therefor.

 

    6 

     

    

 

Section 9. Indemnification and
Advance of Expenses as a Witness or Other Participant. 

 

Subject to the limitations
in Section 5, to the extent that Indemnitee is or may be, by reason of Indemnitee’s Corporate Status, made a witness or otherwise
asked to participate in any Proceeding, whether instituted by the Company or any other party, and to which Indemnitee is not a
party, Indemnitee shall be advanced all reasonable Expenses and indemnified against all Expenses actually and reasonably incurred
by Indemnitee or on Indemnitee’s behalf in connection therewith within ten days after the receipt by the Company of a statement
or statements requesting any such advance or indemnification from time to time, whether prior to or after final disposition of
such Proceeding. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee.

 

Section 10. Procedure for Determination
of Entitlement to Indemnification.

 

(a)        To
obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith
such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and
to what extent Indemnitee is entitled to indemnification. Indemnitee may submit one or more such requests from time to time and
at such time(s) as Indemnitee deems appropriate in Indemnitee’s sole discretion. The officer of the Company receiving any
such request from Indemnitee shall, promptly upon receipt of such a request for indemnification, advise the Board of Directors
in writing that Indemnitee has requested indemnification.

 

(b)        Upon
written request by Indemnitee for indemnification pursuant to Section 10(a) above, a determination, if required by applicable law,
with respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case: (i) if a Change in Control
shall have occurred, by Independent Counsel, in a written opinion to the Board of Directors, a copy of which shall be delivered
to Indemnitee, which Independent Counsel shall be selected by Indemnitee and approved by the Board of Directors in accordance with
Section 2-418(e)(2)(ii) of the MGCL, which approval shall not be unreasonably withheld; or (ii) if a Change in Control shall
not have occurred (A) by the Board of Directors by a majority vote of a quorum consisting of Disinterested Directors or, if such
a quorum cannot be obtained, then by a majority vote of a duly authorized committee of the Board of Directors consisting solely
of one or more Disinterested Directors, (B) if Independent Counsel has been selected by the Board of Directors in accordance with
Section 2-418(e)(2)(ii) of the MGCL and approved by Indemnitee, which approval shall not be unreasonably withheld, by Independent
Counsel, in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, or (C) if so directed
by a majority of the members of the Board of Directors, by the stockholders of the Company. If it is so determined that Indemnitee
is entitled to indemnification, payment to Indemnitee shall be made within ten days after such determination. Indemnitee shall
cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification,
including providing to such person, persons or entity upon reasonable advance request any documentation or information which is
not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary
to such determination in the discretion of the Board of Directors or Independent Counsel if retained pursuant to clause (ii)(B)
of this Section 10(b). Any Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making such determination
shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the
Company shall indemnify and hold Indemnitee harmless therefrom.

 

(c)        The
Company shall pay the reasonable fees and expenses of Independent Counsel, if one is appointed.

 

    7 

     

    

 

Section 11. Presumptions and Effect
of Certain Proceedings.

 

(a)        In
making any determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such
determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request
for indemnification in accordance with Section 10(a) of this Agreement, and the Company shall have the burden of proof to
overcome that presumption in connection with the making of any determination contrary to that presumption.

 

(b)        The
termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, upon a plea
of nolo contendere or its equivalent, or entry of an order of probation prior to judgment, does not create a presumption
that Indemnitee did not meet the requisite standard of conduct described herein for indemnification.

 

(c)        The
knowledge and/or actions, or failure to act, of any other director, officer, employee or agent of the Company or any other director,
trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation,
partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise shall not be imputed to
Indemnitee for purposes of determining any other right to indemnification under this Agreement.

 

    8 

     

    

 

Section 12. Remedies of Indemnitee.

 

(a)        If
(i) a determination is made pursuant to Section 10(b) of this Agreement that Indemnitee is not entitled to indemnification under
this Agreement; (ii) advance of Expenses is not timely made pursuant to Sections 8 or 9 of this Agreement; (iii) no determination
of entitlement to indemnification shall have been made pursuant to Section 10(b) of this Agreement within 60 days after receipt
by the Company of the request for indemnification; (iv) payment of indemnification is not made pursuant to Sections 7 or 9
of this Agreement within ten days after receipt by the Company of a written request therefor; or (v) payment of indemnification
pursuant to any other section of this Agreement or the charter or bylaws of the Company is not made within ten days after a determination
has been made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate
court located in the State of Maryland, or in any other court of competent jurisdiction, of Indemnitee’s entitlement to such
indemnification or advance of Expenses. Alternatively, Indemnitee, at Indemnitee’s option, may seek an award in arbitration
to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee
shall commence a proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee
first has the right to commence such proceeding pursuant to this Section 12(a); provided, however, that the foregoing clause
shall not apply to a proceeding brought by Indemnitee to enforce his or her rights under Section 7 of this Agreement. Except as
set forth herein, the provisions of Maryland law (without regard to its conflicts of laws rules) shall apply to any such arbitration.
The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

 

(b)        In
any judicial proceeding or arbitration commenced pursuant to this Section 12, Indemnitee shall be presumed to be entitled
to indemnification or advance of Expenses, as the case may be, under this Agreement and the Company shall have the burden of proving
that Indemnitee is not entitled to indemnification or advance of Expenses, as the case may be. If Indemnitee commences a judicial
proceeding or arbitration pursuant to this Section 12, Indemnitee shall not be required to reimburse the Company for any advances
pursuant to Section 8 of this Agreement until a final determination is made with respect to Indemnitee’s entitlement to indemnification
(as to which all rights of appeal have been exhausted or lapsed). The Company shall, to the fullest extent not prohibited by law,
be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 12 that the procedures
and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such
arbitrator that the Company is bound by all of the provisions of this Agreement.

 

    9 

     

    

 

(c)        If
a determination shall have been made pursuant to Section 10(b) of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12,
absent a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification.

 

(d)        In
the event that Indemnitee is successful in seeking, pursuant to this Section 12, a judicial adjudication of or an award in arbitration
to enforce Indemnitee’s rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to
recover from the Company, and shall be indemnified by the Company for, any and all Expenses actually and reasonably incurred by
him or her in such judicial adjudication or arbitration. If it shall be determined in such judicial adjudication or arbitration
that Indemnitee is entitled to receive part but not all of the indemnification or advance of Expenses sought, the Expenses incurred
by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated.

 

(e)        Interest
shall be paid by the Company to Indemnitee at the maximum rate allowed to be charged for judgments under the Courts and Judicial
Proceedings Article of the Annotated Code of Maryland for amounts which the Company pays or is obligated to pay for the period
(i) commencing with either the tenth day after the date on which the Company was requested to advance Expenses in accordance with
Sections 8 or 9 of this Agreement or the 60th day after the date on which the Company was requested to make the determination
of entitlement to indemnification under Section 10(b) of this Agreement, as applicable, and (ii) and ending on the date such payment
is made to Indemnitee by the Company.

 

Section 13. Defense of the Underlying
Proceeding.

 

(a)        Indemnitee
shall notify the Company promptly in writing upon being served with any summons, citation, subpoena, complaint, indictment, request
or other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder
and shall include with such notice a description of the nature of the Proceeding and a summary of the facts underlying the Proceeding.
The failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right
of Indemnitee, to indemnification or the advance of Expenses under this Agreement unless the Company’s ability to defend
in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only
to the extent the Company is thereby actually so prejudiced.

 

    10 

     

    

 

(b)        Subject
to the provisions of the last sentence of this Section 13(b) and of Section 13(c) below, the Company shall have the right
to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Company shall
notify Indemnitee of any such decision to defend within 15 calendar days following receipt of notice of any such Proceeding under
Section 13(a) above. The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably
withheld or delayed, consent to the entry of any judgment against Indemnitee or enter into any settlement or compromise which (i) includes
an admission of fault of Indemnitee; (ii) does not include, as an unconditional term thereof, the full release of Indemnitee
from all liability in respect of such Proceeding, which release shall be in form and substance reasonably satisfactory to Indemnitee;
or (iii) would impose any Expense, judgment, fine, penalty or limitation on Indemnitee. This Section 13(b) shall not
apply to a Proceeding brought by Indemnitee under Section 12 of this Agreement.

 

(c)        Notwithstanding
the provisions of Section 13(b) above, if in a Proceeding to which Indemnitee is a party by reason of Indemnitee’s Corporate
Status; (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall
not be unreasonably withheld, that Indemnitee may have separate defenses or counterclaims to assert with respect to any issue which
may not be consistent with other defendants in such Proceeding; (ii) Indemnitee reasonably concludes, based upon an opinion
of counsel approved by the Company, which approval shall not be unreasonably withheld, that an actual or apparent conflict of interest
or potential conflict of interest exists between Indemnitee and the Company; or (iii) if the Company fails to assume the defense
of such Proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s
choice, subject to the prior approval of the Company, which approval shall not be unreasonably withheld, at the expense of the
Company. In addition, if the Company fails to comply with any of its obligations under this Agreement or in the event that the
Company or any other person takes any action to declare this Agreement void or unenforceable, or institutes any Proceeding to deny
or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to
retain counsel of Indemnitee’s choice, subject to the prior approval of the Company, which approval shall not be unreasonably
withheld, at the expense of the Company (subject to Section 12(d) of this Agreement), to represent Indemnitee in connection
with any such matter.

 

    11 

     

    

 

Section 14. Non-Exclusivity;
Survival of Rights; Subrogation.

 

(a)        The
rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights
to which Indemnitee may at any time be entitled under applicable law, the charter or Bylaws of the Company, any agreement or resolution
of the stockholders entitled to vote generally in the election of directors or of the Board of Directors, or otherwise. Unless
consented to in writing by Indemnitee, no amendment, alteration or repeal of this Agreement or of any provision hereof shall limit
or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or
her Corporate Status prior to such amendment, alteration or repeal, regardless of whether a claim with respect to such action or
inaction is raised prior or subsequent to such amendment, alteration or repeal. No right or remedy herein conferred is intended
to be exclusive of any other right or remedy, and every other right or remedy shall be cumulative and in addition to every other
right or remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion of any right or remedy
hereunder, or otherwise, shall not prohibit the concurrent assertion or employment of any other right or remedy.

 

(b)        In
the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including
execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

Section 15. Insurance. 

 

The Company will use
its reasonable best efforts to acquire directors and officers liability insurance, on terms and conditions deemed appropriate by
the Board of Directors, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee by reason of his or
her Corporate Status and covering the Company for any indemnification or advance of Expenses made by the Company to Indemnitee
for any claims made against Indemnitee by reason of his or her Corporate Status. Without in any way limiting any other obligation
under this Agreement, the Company shall indemnify Indemnitee for any payment by Indemnitee arising out of the amount of any deductible
or retention and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and Expenses incurred
by Indemnitee in connection with a Proceeding over the coverage of any insurance referred to in the previous sentence. The purchase,
establishment and maintenance of any such insurance shall not in any way limit or affect the rights or obligations of the Company
or Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the
Company and Indemnitee shall not in any way limit or affect the rights or obligations of the Company under any such insurance policies.
If, at the time the Company receives notice from any source of a Proceeding to which Indemnitee is a party or a participant (as
a witness or otherwise), the Company has director and officer liability insurance in effect, the Company shall give prompt notice
of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies.

 

    12 

     

    

 

Section 16. Coordination of Payments.

 

The Company shall not
be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable as Expenses hereunder
if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement
or otherwise.

 

Section 17. Reports to Stockholders.

 

To the extent required
by the MGCL, the Company shall report in writing to its stockholders the payment of any amounts for indemnification of, or advance
of Expenses to, Indemnitee under this Agreement arising out of a Proceeding by or in the right of the Company with the notice of
the meeting of stockholders of the Company next following the date of the payment of any such indemnification or advance of Expenses
or prior to such meeting.

 

Section 18. Duration of Agreement;
Binding Effect.

 

(a)        This
Agreement shall continue until and terminate on the later of (i) the date that Indemnitee shall have ceased to serve as a director,
officer, employee or agent of the Company or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee
or agent of any other foreign or domestic corporation, real estate investment trust, partnership, limited liability company, joint
venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of
the Company; and (ii) the date that Indemnitee is no longer subject to any actual or possible Proceeding (including any rights
of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement).

 

(b)        The
indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and be enforceable
by the parties hereto and their respective successors and assigns (including any direct or indirect successor by purchase, merger,
consolidation or otherwise to all or substantially all of the business or assets of the Company), shall continue as to an Indemnitee
who has ceased to be a director, officer, employee or agent of the Company or a director, trustee, officer, partner, manager, managing
member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint
venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of
the Company, and shall inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and
administrators and other legal representatives.

 

    13 

     

    

 

(c)        The
Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all,
substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance
satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that
the Company would be required to perform if no such succession had taken place.

 

(d)        The
Company and Indemnitee agree that a monetary remedy for breach of this Agreement, at some later date, may be inadequate, impracticable
and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto
agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific performance hereof, without any necessity
of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall
not be precluded from seeking or obtaining any other relief to which Indemnitee may be entitled. Indemnitee shall further be entitled
to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent
injunctions, without the necessity of posting bonds or other undertakings in connection therewith. The Company acknowledges that,
in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court, and the Company hereby waives any such
requirement of such a bond or undertaking.

 

Section 19. Severability. 

 

If any provision or
provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity,
legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section,
paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not
itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to
the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to
conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent
possible, the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of
this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal
or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

 

    14 

     

    

 

Section 20. Identical Counterparts.

 

This Agreement may
be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together
shall constitute one and the same Agreement. One such counterpart signed by the party against whom enforceability is sought shall
be sufficient to evidence the existence of this Agreement.

 

Section 21. Headings. 

 

The headings of the
paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or
to affect the construction thereof.

 

Section 22. Modification and Waiver.

 

No supplement, modification
or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the
provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar)
nor shall such waiver constitute a continuing waiver.

 

Section 23. Notices. 

 

All notices, requests,
demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered
by hand and receipted for by the party to whom said notice or other communication shall have been directed, on the day of such
delivery, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on
which it is so mailed:

 

(a)        If
to Indemnitee, to the address last reflected in the books and records of the Company.

 

(b)        If
to the Company, to:

Rich Uncles NNN REIT, Inc.

3080 Bristol Street, Suite 550

Costa Mesa, California 92626

Attn: Chief Executive Officer

 

or to such other address as may have been
furnished in writing by any Indemnitee or the Company.

 

    15 

     

    

 

Section 24. Governing Law. 

 

This Agreement shall
be governed by, and construed and enforced in accordance with, the laws of the State of Maryland, without regard to its conflicts
of laws rules.

 

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

 

COMPANY:

 

Rich Uncles NNN REIT, Inc.

 

	By:	/s/
HAROLD HOFER	 	 
	 	Harold Hofer	 	 
	 	Chief Executive Officer	 	 
	 	 	 	 
	By:	/s/ JEAN
HO	 	 
	 	Jean Ho	 	 
	 	Chief Financial Officer	 	 

 

INDEMNITEES:

 

	/s/ RAY WIRTA	 	/s/ JONATHAN PLATT
	Ray Wirta	 	Jonathan Platt
	Chairman of the Board	 	Director
	 	 	 
	/s/ HAROLD HOFER	 	/s/ HOWARD MAKLER
	Harold Hofer	 	Howard Makler
	Chief Executive Officer and Director	 	President
	 	 	 
	/s/ JEFFREY RANDOLPH	 	/s/ JEAN HO
	Jeffrey Randolph	 	Jean Ho
	Director	 	Chief Financial Officer
	 	 	 
	/s/ JOHN WANG	 	/s/ VIPE DESAI
	John Wang	 	Name: Vipe Desai
	Director	 	 

 

	Rich Uncles, LLC	 	/s/ DAVID FEINLEIB
	 	 	 	David Feinleib
	By: 	/s/ HAROLD HOFER	 	Director
	 	Harold Hofer	 	 	 	 
	 	Manager	 	Rich Uncles NNN REIT Operator, LLC
	 	 	 	 	 
	 	 	 	By:	Rich Uncles, LLC
	 	 	 	 	Manager
	 	 	 	 	 	 
	 	 	 	 	By:	/s/ HAROLD HOFER
	 	 	 	 	 	Harold Hofer
	 	 	 	 	 	Manager

 

    16 

     

    

 

EXHIBIT A

 

AFFIRMATION AND UNDERTAKING TO REPAY
EXPENSES ADVANCED

 

To: The Board of Directors of Rich Uncles
NNN REIT, Inc.

 

Re: Affirmation and Undertaking

 

Gentlemen:

 

This Affirmation and
Undertaking is being provided pursuant to that certain Indemnification Agreement, dated as of July 15, 2016 by and between Rich
Uncles NNN REIT, Inc., a Maryland corporation (the “Company”), and the undersigned Indemnitee (the “Indemnification
Agreement”), pursuant to which I am entitled to advance of Expenses in connection with ______________________________________________________________

______________ [Description of Proceeding]
(the “Proceeding”).

 

Terms used herein and
not otherwise defined shall have the meanings specified in the Indemnification Agreement.

 

I am subject to the
Proceeding by reason of my Corporate Status or by reason of alleged actions or omissions by me in such capacity. I hereby affirm
my good faith belief that at all times, insofar as I was involved as a director of the Company, in any of the facts or events giving
rise to the Proceeding, I (1) did not act with bad faith or active or deliberate dishonesty; (2) did not receive any
improper personal benefit in money, property or services; and (3) in the case of any criminal proceeding, had no reasonable
cause to believe that any act or omission by me was unlawful.

 

In consideration of
the advance of Expenses by the Company for reasonable attorneys’ fees and related Expenses incurred by me in connection with
the Proceeding (the “Advanced Expenses”), I hereby agree that if, in connection with the Proceeding, it is established
that (1) an act or omission by me was material to the matter giving rise to the Proceeding and (a) was committed in bad
faith, or (b) was the result of active and deliberate dishonesty; or (2) I actually received an improper personal benefit
in money, property or services or; (3) in the case of any criminal proceeding, I had reasonable cause to believe that the
act or omission was unlawful, then I shall promptly reimburse the portion of the Advanced Expenses, together with the Applicable
Legal Rate of interest thereon, relating to the claims, issues or matters in the Proceeding as to which the foregoing findings
have been established.

 

IN WITNESS WHEREOF,
I have executed this Affirmation and Undertaking on this _____ day of _______________, 20____.

 

	 	 
	 	Name: 	 

 

    17

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