Document:

Exhibit
10.7

 

SECOND
OMNIBUS AMENDment AGREEMENT

 

THIS
SECOND OMNIBUS AMENDMENT AGREEMENT (this “Agreement”) dated as of June 17, 2022 (the “Effective Date”)
by and among Silver Valley Metals Corp. (“Mine Owner”) and Bunker Hill Mining Corp. (“BHMC” and
together with Mine Owner, the “Obligors”), [Redacted - Affiliate of Sprott Private Resource Streaming & Royalty
Corp.] in its own capacity (“SPRSR) and in its capacity as security agent for and on behalf of the Sprott Entities (the
“Security Agent”), [Redacted - Affiliates of Sprott Private Resource Streaming & Royalty Corp.], [Redacted
– Funds managed or sub-managed by Affiliates of Sprott Private Resource Streaming & Royalty Corp.], and [Redacted –
Affiliates of Ninepoint Partners LP].

 

RECITALS:

 

	A.	Mine
                                            Owner, as debtor, and BHMC, as guarantor, issued in favour of SPRSR, as holder, the secured
                                            royalty convertible debenture in the principal amount of US$8,000,000 dated as of January
                                            7, 2022 (as amended by the First Omnibus Amendment, the “Royalty
                                            Convertible Debenture”);

 

	B.	BHMC,
                                            as debtor, and Mine Owner, as guarantor, issued on January 28, 2022 to and in favour of the
                                            Series 1 CD Holders convertible debentures in the aggregate principal amount of US$6,000,000
                                            (the “Series
                                            1 Convertible Debentures”);

 

	C.	BHMC
                                            granted security interest to the Security Agent in all of its present and after acquired
                                            equity securities and related assets (including without limitation the shares in the capital
                                            of Mine Owner) pursuant to the pledge agreement dated as of January 7, 2022 (as amended,
                                            by the First Omnibus Amendment, the “Pledge
                                            Agreement”) between BHMC, as pledgor, and SPRSR,
                                            as secured party, as security for the payment and performance of the PF Obligations; 

 

	D.	BHMC
                                            and Mine Owner granted security interests to the Security Agent in all of its present and
                                            after acquired property pursuant to the security agreement dated as of January 28, 2022 (the
                                            “Security
                                            Agreement”) between BHMC and Mine Owner, as debtors,
                                            and the Security Agent, as secured party, as security for the payment and performance of
                                            the PF Obligations;

 

	E.	Mine
                                            Owner granted security interests in and mortgaged all of its present and after acquired real
                                            and personal property pursuant to the mortgage, assignment of production, assignment of leases
                                            and rents, security agreement, financing statement and fixture filings (the “Mortgage”
                                            and together with the Pledge Agreement and the Security Agreement, the “Security
                                            Documents”) between Mine Owner, as mortgagor,
                                            and the Security Agent, as mortgagee, as security for the payment and performance of the
                                            PF Obligations;

 

	F.	SPRSR,
                                            the Series 1 CD Holders and the Security Agent entered into a security sharing agreement
                                            dated as of January 28, 2022 (the “Security
                                            Sharing Agreement”) which was acknowledged and
                                            agreed to by the Obligors;

 

	G.	the
                                            Obligors granted to SPRSR certain exclusivity and other rights pursuant to the exclusivity
                                            agreement dated as of January 7, 2022 (as amended by the First Omnibus Amendment, the “Exclusivity
                                            Agreement”) between SPRSR and the Obligors;

 

	H.	the
                                            Obligors granted to SPRSR a right of first refusal over certain mineral interests pursuant
                                            to the ROFR agreement dated as of January 7, 2022 (as amended by the First Omnibus Amendment,
                                            the “ROFR
                                            Agreement”) between SPRSR and the Obligors; 

 

	I.	BHMC,
                                            as debtor, and Mine Owner, as guarantor, will issue to and in favour of the Series 2 CD Holders
                                            series 2 convertible debentures in the aggregate principal amount of up to US$20,000,000
                                            (the “Series
                                            2 Convertible Debentures”);

 

	J.	in
                                            connection with the issuance of the Series 2 Convertible Debentures, the Parties to the following
                                            agreements wish to amend the Royalty Convertible Debenture, the Series 1 Convertible Debentures,
                                            the Pledge Agreement, the Security Agreement, the Mortgage, the Exclusivity Agreement, ROFR
                                            Agreement and the Security Sharing Agreement on the terms of this Agreement 

 

    	 

    	- 2 -

    

 

NOW
THEREFORE in consideration of the foregoing premises and for other good and valuable consideration (the receipt and sufficiency of which
are hereby acknowledged by the Parties), the Parties mutually agree as follows:

 

Section
1 Defined Terms.

 

	(1)	As
                                            used in this Agreement and the recitals hereto, the following terms have the following meanings:

 

“Amended
Agreements” means, collectively, the Royalty Convertible Debenture, the Series 1 Convertible Debentures, the Pledge Agreement,
the Security Agreement, the Mortgage, the Exclusivity Agreement, the ROFR Agreement and the Security Sharing Agreement

 

“Guarantees”
means, collectively, the guarantee made by BHMC contained in the Royalty Convertible Debenture and the guarantee made by Mine Owner
contained in each of the Series 1 Convertible Debentures, as each may be amended, amended and restated, modified, supplemented or replaced
from time to time.

 

“First
Omnibus Amendment” means the omnibus amendment agreement dated as of January 28, 2022 among the Obligors and SPRSR.

 

“Parties”
means SPRSR, the Security Agent, the Series 1 CD Holders, the Mine Owner and BHMC and their respective successors and assigns.

 

“Royalty
Debentureholder” means SPRSR, as holder of the Royalty Convertible Debenture, and any assignee or transferee of the rights
and obligations of the holder of the Royalty Convertible Debenture.

 

“Royalty
Put Option” means a royalty put option agreement to be entered into between the Obligors and the holder of the Royalty Convertible
Debenture pursuant to which the Obligors agree that the holder of the Royalty may require the Obligors to repurchase the Royalty upon
the occurrence of any Event of Default under any Series 1 Convertible Debentures or any Series 2 Convertible Debenture for a purchase
price of US$8 million in consideration of the holder of the Royalty Convertible Debenture agreeing to elect to receive the Royalty in
satisfaction of the principal amount owing under the Royalty Convertible Debenture on or before the advance of the deposit under the
Stream Agreement.

 

“Series
1 CD Holders” means [Redacted - Affiliates of Sprott Private Resource Streaming & Royalty Corp.], [Redacted –
Funds managed or sub-managed by Affiliates of Sprott Private Resource Streaming & Royalty Corp.] and [Redacted – Affiliates
of Ninepoint Partners LP] and their respective successors and assigns.

 

“Series
2 CD Holders” means [Redacted - Affiliates of Sprott Private Resource Streaming & Royalty Corp.], as holders of
the Series 2 Convertible Debentures to be issued on the date of this Agreement and their respective successors and assigns.

 

	(2)	Capitalized
                                            terms used in this Agreement that are not defined in it have the meanings given to them in
                                            the Series 1 Convertible Debentures.

 

    	 

    	- 3 -

    

 

Section
2 Amendments to the Royalty Convertible Debenture.

 

SPRSR
and the Obligors agree that the Royalty Convertible Debenture is hereby amended as follows:

 

	(1)	Section
                                            1 of the Royalty Convertible Debenture is hereby amended by deleting the words “shall
                                            become due and payable on the date that is 18 months after the Funding Date (defined below)
                                            (the “Maturity Date”)” in the 9th and 10th
                                            line thereof and replacing them with the words “shall become due and payable on March
                                            31, 2025 (the “Maturity Date”)”.

 

	(2)	Section
                                            12 of the Royalty Convertible Debenture is hereby
                                            amended by as follows:

 

		(a)	by
                                            adding the following sentence at the end of paragraph (m):

 

“For
greater certainty, Guarantor will cause to be delivered all such certificates and legal opinions as may be required to remove the legends
on this Debenture or the Common Shares issued hereunder upon the expiry of the applicable hold periods.”

 

		(b)	by
                                            deleting paragraph (o) in its entirety and replacing it with the following:

 

“(o)
Working Capital. Each Obligor shall maintain positive working capital as at the end of each financial quarter, commencing with
the financial quarter ending June 30, 2022, as determined from Debtor’s most recent annual and quarterly financial statements that
are filed and available on SEDAR and/or EDGAR, where working capital is the current assets less the current liabilities (both as defined
by US GAAP) of Debtor on a consolidated basis, but (i) excluding the outstanding indebtedness under the non-convertible promissory note
issued by the Debtor to Nicolas Grace on September 21, 2021 and any non-cash liabilities included in the calculation of current liabilities,
and (ii) including the net proceeds of any debt or equity financing received between the relevant quarterly or annual filing date and
the applicable reporting date or during the relevant Cure Period.”

 

	 	(c)	By adding the following
words at the end of paragraph (j) thereof and prior to the punctuation mark “.”:

 

“not
to be unreasonably withheld”

 

	 	(d)	By adding the following
words at the end of subparagraph (s)(iii) thereof and prior to the punctuation mark “.”:

 

“not
to be unreasonably withheld”

 

    	 

    	- 4 -

    

 

	 	(e)	By adding the following
words at the end of paragraph (t) thereof and prior to the punctuation mark “.”:

 

“not
to be unreasonably withheld”

 

	(3)	Section
                                            22 of the Royalty Convertible Debenture is hereby amended by adding the following sentence
                                            at the end thereof:

 

“This
Debenture shall not be amended except by the written agreement between Debentureholder and each Obligor.”

 

	(4)	Exhibit
                                            “A” to the Royalty Convertible Debenture is hereby amended as follows:

 

		(a)	the
                                            definition of “Convertible Debentures” in paragraph (k) thereof is deleted in
                                            its entirety and replaced with the following:

 

“Convertible
Debentures” means, collectively, (i) secured convertible debentures in the aggregate principal amount of $6,000,000.00 bearing
interest at 7.5% per annum payable quarterly in arrears, to be issued on January 28, 2022 by the Obligors and convertible at the option
of the holder into Common Shares, and (ii) series 2 secured convertible debentures (the “Series 2 Convertible Debentures”)
in the aggregate principal amount of up to $20,000,000.00 bearing interest at 10.5% per annum payable quarterly in arrears, to be issued
by the Obligors during the period commencing June 17, 2022 and ending on the date that is 45 days thereafter (or such later date as [Redacted
- Affiliate of Sprott Private Resource Streaming & Royalty Corp.] may agree in its sole discretion) and convertible at the option
of the holder into Common Shares.

 

		(b)	the
                                            definition of Permitted Indebtedness in paragraph (bbb) thereof is hereby amended as follows:

 

		(i)	by
                                            deleting subparagraph (vi) in its entirety and replacing it with the following words “(vi)
                                            Intentionally deleted;”

 

		(ii)	by
                                            deleting subparagraph (viii) that immediately follows subparagraph (vii) and replacing it
                                            with the following subparagraph (viii):

 

“(viii)
subject to the prior written consent of Debentureholder, such consent not to be unreasonably withheld or delayed, obligations in respect
of surety or performance bonds and/or letters of credit required to be provided to the EPA in respect of Financial Assurance (under and
as defined in the EPA Settlement Agreement) of up to US$17,000,000, which obligations, in the case of surety or performance bonds, are
permitted to be partially secured by letters of credit (in amounts satisfactory to Debentureholder (or another Sprott Entity, as agent,
on behalf of the relevant Sprott Entities) and otherwise secured by security ranking subordinate to the Security and subject to a subordination
agreement with Debentureholder (or such other Sprott Entity, as agent), in form and substance satisfactory to Debentureholder (or such
other Sprott Entity, as agent), and which obligations, in the case of letters of credit, are permitted to be fully secured by cash collateral
that is not subject to the Security (and Debentureholder (or such other Sprott Entity, as agent) will execute and deliver a no interest
letter in respect of the Security with respect to such cash collateral, in form and substance satisfactory to Debentureholder (or such
other Sprott Entity, as agent), acting reasonably);”

 

    	 

    	- 5 -

    

 

		(c)	the
                                            definition of “Project Finance Documents” in paragraph (kkk) thereof is deleted
                                            in its entirety and replaced with the following:

 

“Project
Finance Documents” means this Debenture, the Convertible Debentures, the Exclusivity Agreement, the ROFR agreement dated as
of January 7, 2022 between SPRSR and the Obligors, the Royalty Put Option (as defined in the Series 2 Convertible Debentures), the Stream,
the Security granted in connection herewith and therewith and all other agreements, instruments and documents from time to time (both
before and after the date of this Debenture) delivered to or in favour of any Sprott Entity in connection with any of the foregoing agreements
and includes any agreement designated from time to time by the Obligors and SPRSR (or another Sprott Entity, as agent on behalf of the
Sprott Entities) as a “Project Finance Document” for purposes of the Security.

 

Section
3 Amendments to the Series 1 Convertible Debentures.

 

Each
Series 1 CD Holder and each Obligor agree to amend the Series 1 Convertible Debenture to which such Series 1 CD Holder is a party as
follows:

 

	(1)	Section
                                            1 of such Series 1 Convertible Debenture is hereby
                                            amended by deleting the words “shall become due and payable on July 7, 2023 (the “Maturity
                                            Date”)” in the 9th and 10th line thereof and replacing them with the words
                                            “shall become due and payable on March 31, 2025 (the “Maturity Date”)”.

 

	(2)	Section
                                            9.2 of such Series 1 Convertible Debenture is hereby amended by deleting the words “the
                                            date that is 30 days following the Funding Date” in the first and second line thereof
                                            and replacing them with the words “October 24, 2022”.

 

	(3)	Section
                                            12 of such Series 1 Convertible Debenture is hereby
                                            amended by as follows:

 

		(a)	by
                                            adding the following sentence at the end of paragraph (m):

 

“For
greater certainty, Debtor will cause to be delivered all such certificates and legal opinions as may be required to remove the legends
on this Debenture or the Common Shares issued hereunder upon the expiry of the applicable hold periods.”

 

		(b)	by
                                            deleting paragraph (o) in its entirety and replacing it with the following:

 

“(o)
Working Capital. Each Obligor shall maintain positive working capital as at the end of each financial quarter, commencing with
the financial quarter ending June 30, 2022, as determined from Debtor’s most recent annual and quarterly financial statements that
are filed and available on SEDAR and/or EDGAR, where working capital is the current assets less the current liabilities (both as defined
by US GAAP) of Debtor on a consolidated basis, but (i) excluding the outstanding indebtedness under the non-convertible promissory note
issued by the Debtor to Nicolas Grace on September 21, 2021 and any non-cash liabilities included in the calculation of current liabilities,
and (ii) including the net proceeds of any debt or equity financing received between the relevant quarterly or annual filing date and
the applicable reporting date or during the relevant Cure Period.”

 

    	 

    	- 6 -

    

 

		(c)	by
                                            adding the following words at the end of paragraph (j) thereof and prior to the punctuation
                                            mark “.”:

 

“not
to be unreasonably withheld”

 

		(d)	by
                                            adding the following words at the end of subparagraph (s)(iii) thereof and prior to the punctuation
                                            mark “.”:

 

“not
to be unreasonably withheld”

 

		(e)	by
                                            adding the following words at the end of paragraph (t) thereof and prior to the punctuation
                                            mark “.”:

 

“not
to be unreasonably withheld”

 

	(4)	Section
                                            22 of such Series 1 Convertible Debenture is hereby amended by adding the following sentence
                                            at the end thereof:

 

“Except
as otherwise provided in Section 10.6(b), this Debenture shall not be amended except by the written agreement between Debentureholder
and each Obligor.”

 

	(5)	Exhibit
                                            “A” to such Series 1 Convertible Debenture is hereby amended as follows:

 

		(a)	the
                                            definition of “CD Holders” in paragraph (k) thereof is deleted in its entirety
                                            and replaced with the following:

 

“CD
Holders” means the holders of the Convertible Debentures from time to time.”

 

		(b)	the
                                            definition of “Convertible Debentures” in paragraph (q) thereof is deleted in
                                            its entirety and replaced with the following:

 

“Convertible
Debentures” means, collectively, (i) secured convertible debentures in the aggregate principal amount of $6,000,000.00 bearing
interest at 7.5% per annum payable quarterly in arrears, issued on January 28, 2022 by the Obligors and convertible at the option of
the holder into Common Shares, and (ii) series 2 secured convertible debentures (the “Series 2 Convertible Debentures”)
in the aggregate principal amount of up to US$20,000,000.00 bearing interest at 10.5% per annum payable quarterly in arrears, to be issued
by the Obligors during the period commencing June 17, 2022 and ending on the date that is 45 days thereafter (or such later date as [Redacted
- Affiliate of Sprott Private Resource Streaming & Royalty Corp.] may agree in its sole discretion) and convertible at the option
of the holder into Common Shares.”

 

    	 

    	- 7 -

    

 

		(c)	the
                                            definition of “Debtor Interest Conversion Price” in paragraph (cc) thereof
                                            is hereby amended by deleting the definition in its entirety and replacing it with the following:

 

“Debtor
Interest Conversion Price” means the greater of the US Dollar Equivalent Amount of (i) 90% of the 10-day volume weighted average
trading price in Canadian dollars of the Common Shares of Debtor on the Stock Exchange, ending as of the sixth Business Day prior to
the Debtor Interest Conversion Date; and (ii) the minimum price permitted by the Stock Exchange.

 

		(d)	the
                                            definition of Permitted Indebtedness in paragraph (kkk) thereof is hereby amended as follows:

 

		(i)	by
                                            deleting subparagraph (vi) of the definition in its entirety and replacing it with the following
                                            subparagraph (vi):

 

“(vi)
Funded Debt of up to the amount of indebtedness required to fund a buy back option in favour of Guarantor of an agreed percentage of
metals subject to, and in accordance with, the terms of the Stream, provided that (A) the proceeds thereof are used solely to fund the
exercise of the buy back option, (B) the terms, and identity of the provider(s) of such Funded Debt are approved by Debentureholder,
acting reasonably, and (iii) if such Funded Debt is secured, such Funded Debt will rank pari passu with the PF Obligations and
such security will rank pari passu with the Security and be subject to an intercreditor agreement with the Security Agent reflecting
such pari passu ranking and otherwise in form and substance satisfactory to the Security Agent;”

 

		(ii)	by
                                            deleting subparagraph (iv) that immediately follows subparagraph (vii) and replacing it with
                                            the following subparagraph (viii):

 

“(viii)
(subject to the prior written consent of Debentureholder, such consent not to be unreasonably withheld or delayed, obligations in respect
of surety or performance bonds and/or letters of credit required to be provided to the EPA in respect of Financial Assurance (under and
as defined in the EPA Settlement Agreement) of up to US$17,000,000, which obligations, in the case of surety or performance bonds, are
permitted to be partially secured by letters of credit (in amounts satisfactory to the Security Agent) and otherwise secured by security
ranking subordinate to the Security and subject to a subordination agreement with Debentureholder (or another Sprott Entity, as Security
Agent), in form and substance satisfactory to Debentureholder (or the Security Agent), and which obligations, in the case of letters
of credit, are permitted to be fully secured by cash collateral that is not subject to the Security (and the Security Agent will execute
and deliver a no interest letter in respect of the Security with respect to such cash collateral, in form and substance satisfactory
to the Security Agent, acting reasonably);”

 

    	 

    	- 8 -

    

 

		(iii)	by
                                            adding the following subparagraph (ix) after subparagraph (viii):

 

“(ix)
Funded Debt in any amount, provided that (i) the Positive CFADS Test is satisfied as of the date of the incurrence of any such Funded
Debt; (ii) as of the date of the incurrence of any such Funded Debt and after giving effect to the incurrence thereof, the Loan Life
Coverage Ratio is at least 1.35:1; (iii) as of the date of the incurrence of any such Funded Debt and after giving effect to the incurrence
thereof, the Total Secured Debt to Total Security Percentage is no more than 50%, (iv) Debtor has delivered to Debentureholder a certificate
of a director or senior officer of Debtor, in form and substance satisfactory to Debentureholder, acting reasonably, certifying detailed
calculations of the Positive CFADS Test, the Loan Life Coverage Ratio and the Total Secured Debt to Total Security Percentage; (v) the
terms, and identity of the provider(s), of such Funded Debt are approved by Debentureholder, acting reasonably, (vi) the proceeds of
such Funded Debt are used only for the exploration or exploitation of the Project Assets or for general corporate purposes of the Obligors,
and (vii) if the Funded Debt is secured, such Funded Debt will rank pari passu with the PF Obligations, such security will rank
pari passu with the Security and any such provider(s) shall have entered into an intercreditor agreement with the Security Agent
in form and substance satisfactory to Security Agent.

 

In
this subparagraph (ix) the following terms have the following meanings:

 

“CFADS”
means, with respect to the term of any proposed Funded Debt payable by, assumed by or guaranteed by any Obligor, an amount equal to (A)
projected revenue (based on consensus metal pricing) reasonably expected to be generated from the sale of production from the Mine during
such term, less (B) the aggregate amount of all deliveries, payments and other obligations of each Obligor under any stream, royalty
or similar transaction with respect to production from the Mine including deliveries under the Stream and the Guarantor’s obligations
under the Royalty, less (C) all operating expenditures of the Obligors, less (D) all sustaining capital expenditures of the Obligors,
less (E) cash Taxes of the Obligors, less (F) all cash reclamation expenses of the Obligors, all calculated on a consolidated basis and
based on reasonable assumptions to be agreed to, during the period commencing on the date the Funded Debt is proposed to be issued to
the maturity date of the proposed Funded Debt.

 

“Hedging
Contracts” means any agreement relating to a transaction of a type commonly considered to be a derivative or hedging transaction
or any combination of such transactions, in each case, whether relating to one or more commodities, currencies, interest, securities
or other matters, including commodity futures trading, forward sale and/or purchase contracts, spot-deferred contracts, option contracts
or trading, metals trading, precious metal loans, fixed price offtake agreements or other exchange, swap, forward, cap, collar, floor,
option or other hedging or similar agreement or any combination thereof, or any other similar transactions.

 

“Hedging
Obligations” means all liabilities and other obligations, present or future, direct or indirect, absolute or contingent, matured
or unmatured, at any time or from time to time due or accruing due and owing by or otherwise payable by an Obligor under, in connection
with or pursuant to any and all Hedging Contracts.

 

    	 

    	- 9 -

    

 

“Loan
Life Coverage Ratio” means, with respect to the incurrence by any Obligor of any proposed Funded Debt, the ratio of A to B,
where:

 

“A”
is the net present value of CFADS over the term to maturity of the proposed Funded Debt (calculated using a discount rate equal to the
interest rate payable on such proposed Funded Debt); and

 

“B”
is the sum of (i) the aggregate principal amount of the proposed Funded Debt, plus (ii) the aggregate principal amount of any outstanding
Funded Debt payable by, assumed by or guaranteed by any Obligor on a consolidated basis that is not being refinanced by the proposed
Funded Debt.

 

For
greater certainty “B” shall exclude the delivery obligations under the Stream and the Obligors’ obligations under the
Royalty.

 

“Positive
CFADS Test” means, as of last day of any calendar quarter, the achievement by the Obligors on a consolidated basis of positive
cumulative CFADS for that calendar quarter and each of the preceding three calendar quarters.

 

“Total
Secured Debt” means, with respect to any date and the incurrence by any Obligor of any proposed Funded Debt, the sum of (i)
an amount equal to the uncredited upfront deposit (under and calculated in accordance with the Stream) multiplied by 1.5; plus (ii) the
aggregate principal amount of the proposed Funded Debt to be secured by a Lien over any Project Asset, if any, plus (iii) the aggregate
principal amount of any outstanding Funded Debt secured by a Lien over any Project Asset and payable by, assumed by or guaranteed by
any Obligor that is not being refinanced by the proposed Funded Debt; plus (iv) the amount of any Hedging Obligations secured by a Lien
over any Project Asset.

 

“Total
Secured Debt to Total Security Percentage” means, with respect to any date and the incurrence by any Obligor of any proposed
Funded Debt on such date, the ratio of Total Secured Debt to Total Security Exposure where (i) current liabilities included in the calculation
of Total Security Exposure excludes any liabilities included in the calculation of Total Secured Debt, and (ii) all such calculations
of Total Secured Debt and Total Security Exposure are made with respect to any Obligor on a consolidated basis.

 

“Total
Security Exposure” means, with respect to any date, the sum of (i) the net present value (calculated using a discount rate
of 8%) of (x) CFADS, plus (y) the delivery obligations under the Stream, plus (z) without duplication, any other cash flow streams of
any Obligor, plus Debtor’s current assets less current liabilities (net working capital).

 

		(iv)	by
                                            renumbering paragraph (v) that immediately follows subparagraph (ix) as subparagraph (x).

 

    	 

    	- 10 -

    

 

		(e)	the
                                            definition of “Project Finance Documents” in paragraph (ttt) thereof is deleted
                                            in its entirety and replaced with the following:

 

“Project
Finance Documents” means the Convertible Debentures (including this Debenture), the Royalty Convertible Debenture, the Exclusivity
Agreement, the ROFR Agreement, the Royalty Put Option (as defined in the Series 2 Convertible Debentures), the Stream, the Security granted
in connection herewith and therewith and all other agreements, instruments and documents from time to time (both before and after the
date of this Debenture) delivered to or in favour of any Sprott Entity in connection with any of the foregoing agreements and includes
any agreement designated from time to time by the Obligors and the Security Agent as a “Project Finance Document” for purposes
of the Security.”

 

Section
4 Amendment to the Pledge Agreement.

 

The
Security Agent and BHMC agree to amend the Pledge Agreement as follows:

 

	(1)	Section
                                            1 of the Pledge Agreement is hereby amended as follows;

 

		(a)	The
                                            definition of “Convertible Debentures” is deleted in its entirety and replaced
                                            with the following:

 

“Convertible
Debentures” means, collectively, (i) secured convertible debentures in the aggregate principal amount of $6,000,000.00 bearing
interest at 7.5% per annum payable quarterly in arrears, issued on January 28, 2022 by the Obligors and convertible at the option of
the holder into Common Shares, as the same may be amended, modified, renewed, replaced, restated, supplemented, assigned or refinanced
from time to time and includes any agreement extending the maturity of, refinancing or restructuring all or any portion of the indebtedness
under such agreement or any successor agreement; and (ii) series 2 secured convertible debentures (the “Series 2 Convertible
Debentures”) in the aggregate principal amount of up to $20,000,000.00 bearing interest at 10.5% per annum payable quarterly
in arrears, to be issued by the Obligors during the period commencing June 17, 2022 and ending on the date that is 45 days thereafter
(or such later date as SPRSR may agree in its sole discretion) and convertible at the option of the holder into Common Shares, as the
same may be amended, modified, renewed, replaced, restated, supplemented, assigned or refinanced from time to time and includes any agreement
extending the maturity of, refinancing or restructuring all or any portion of the indebtedness under such agreement or any successor
agreement.

 

		(b)	The
                                            definition of “Project Finance Documents” is deleted in its entirety and replaced
                                            with the following:

 

“Project
Finance Documents” means the Convertible Debentures, the Royalty Convertible Debenture, the exclusivity agreement dated as
of January 7, 2022 between SPRSR and the Obligors, the ROFR agreement dated as of January 7, 2022 between SPRSR and the Obligors, the
Royalty Put Option (as defined in the Series 2 Convertible Debentures), the Stream, the Security granted in connection herewith and therewith
and all other agreements, instruments and documents from time to time (both before and after the date of this Debenture) delivered to
or in favour of any Sprott Entity in connection with any of the foregoing agreements and includes without limitation any agreement designated
from time to time by the Obligors and SPRSR (or another Sprott Entity as agent on behalf of the Sprott Entities) as a “Project
Finance Document” for purposes of the Security.

 

    	 

    	- 11 -

    

 

Section
5 Amendment to the Security Agreement.

 

The
Security Agent and the Obligors agree to amend the Security Agreement as follows:

 

	(1)	Section
                                            1(b) of the Security Agreement is hereby amended as follows;

 

		(a)	the
                                            definition of “CD Holders” is deleted in its entirety and replaced with the following:

 

“CD
Holders” means the holders of the Convertible Debentures from time to time.”

 

		(b)	the
                                            definition of “Convertible Debentures” is deleted in its entirety and replaced
                                            with the following:

 

“Convertible
Debentures” means, collectively, (i) secured convertible debentures in the aggregate principal amount of $6,000,000.00 bearing
interest at 7.5% per annum payable quarterly in arrears, issued on January 28, 2022 by the Obligors and convertible at the option of
the holder into Common Shares, as each such debenture may be amended, amended and restated, supplemented or modified from time to time;
and (ii) series 2 secured convertible debentures (the “Series 2 Convertible Debentures”) in the aggregate principal
amount of up to $20,000,000.00 bearing interest at 10.5% per annum payable quarterly in arrears, to be issued by the Obligors during
the period commencing June 17, 2022 and ending on the date that is 45 days thereafter (or such later date as SPRSR may agree in its sole
discretion) and convertible at the option of the holder into Common Shares, as each such debenture may be amended, amended and restated,
supplemented or modified from time to time.

 

		(c)	the
                                            definition of “Project Finance Documents” is deleted in its entirety and replaced
                                            with the following:

 

“Project
Finance Documents” means the Convertible Debentures, the Royalty Convertible Debenture, the Exclusivity Agreement, the ROFR
Agreement, the Royalty Put Option (as defined in the Series 2 Convertible Debentures), the Stream Agreement, the Security Documents granted
in connection herewith and therewith and all other agreements, instruments and documents from time to time (both before and after the
date of this Agreement) delivered to or in favour of any Sprott Entity in connection with any of the foregoing agreements and includes
without limitation any agreement designated from time to time by the Obligors and the Secured Party as a “Project Finance Document”
for purposes of the Security.

 

    	 

    	- 12 -

    

 

Section
6 Amendment to the Exclusivity Agreement.

 

SPRSR
and the Obligors agree to amend the Exclusivity Agreement as follows:

 

	(1)	Section
                                            1.1 of the Exclusivity Agreement is hereby amended as follows:

 

		(a)	the
                                            definition of “Convertible Debentures” is deleted in its entirety and replaced
                                            with the following:

 

“Convertible
Debentures” means, collectively, (i) secured convertible debentures in the aggregate principal amount of $6,000,000.00 bearing
interest at 7.5% per annum payable quarterly in arrears, issued on January 28, 2022 by the Obligors and convertible at the option of
the holder into Common Shares, as each such debenture may be amended, amended and restated, supplemented, modified or replaced from time
to time; and (ii) series 2 secured convertible debentures (the “Series 2 Convertible Debentures”) in the aggregate
principal amount of up to $20,000,000.00 bearing interest at 10.5% per annum payable quarterly in arrears, to be issued by the Obligors
during the period commencing June 17, 2022 and ending on the date that is 45 days thereafter (or such later date as SPRSR may agree in
its sole discretion) and convertible at the option of the holder into Common Shares, as each such debenture may be amended, amended and
restated, supplemented, modified or replaced from time to time.”

 

		(b)	the
                                            definition of “Project Finance Documents” is deleted in its entirety and replaced
                                            with the following:

 

“Project
Finance Documents” means the Convertible Debentures, the Royalty Convertible Debenture, this Agreement, the ROFR agreement
dated as of the date hereof between SPRSR and Obligors, the Royalty Put Option (as defined in the Series 2 Convertible Debentures), the
Stream Agreement, all Security Documents granted in connection therewith and all other agreements, instruments and documents from time
to time (both before and after the date of this Agreement) delivered to or in favour of any Sprott Entity in connection with any of the
foregoing agreements and includes any agreement designated from time to time by the Obligors and the Agent as a “Project Finance
Document” for purposes of the Security Documents.”

 

	(2)	Section
                                            3.4 of the Exclusivity Agreement is hereby amended by adding the following sentence at the
                                            end thereof:

 

“This
Agreement shall not be amended except by the written agreement between SPRSR and each Obligor.”

 

    	 

    	- 13 -

    

 

Section
7 Amendment to the ROFR Agreement.

 

SPRSR
and the Obligors hereby agree to amend the ROFR Agreement as follows:

 

	(1)	Section
                                            1.1 of the ROFR Agreement is hereby amended as follows:

 

		(a)	the
                                            definition of “Convertible Debentures” is deleted in its entirety and replaced
                                            with the following:

 

“Convertible
Debentures” means, collectively, (i) secured convertible debentures in the aggregate principal amount of $6,000,000.00 bearing
interest at 7.5% per annum payable quarterly in arrears, to be issued on January 28, 2022 by the Obligors and convertible at the option
of the holder into Common Shares, as such debentures may be amended, amended and restated, supplemented, modified or replaced from time
to time; and (ii) series 2 secured convertible debentures (the “Series 2 Convertible Debentures”) in the aggregate
principal amount of $20,000,000.00 bearing interest at 10.5% per annum payable quarterly in arrears, to be issued by the Obligors during
the period commencing June 17, 2022 and ending on the date that is 45 days thereafter (or such later date as SPRSR may agree in its sole
discretion) and convertible at the option of the holder into Common Shares, as such debentures may be amended, amended and restated,
supplemented, modified or replaced from time to time.”

 

		(b)	the
                                            definition of “Project Finance Documents” is deleted in its entirety and replaced
                                            with the following:

 

“Project
Finance Documents” means the Convertible Debentures, the Royalty Convertible Debenture, this Agreement, the Exclusivity Agreement,
the Royalty Put Option (as defined in the Series 2 Convertible Debentures), the Stream Agreement, all Security granted in connection
therewith and all other agreements, instruments and documents from time to time (both before and after the date of this Agreement) delivered
to or in favour of any Sprott Entity in connection with any of the foregoing agreements and includes any agreement designated from time
to time by the Obligors and the Agent as a “Project Finance Document” for purposes of the Security.”

 

	(2)	Section
                                            3.3 of the ROFR Agreement is hereby amended by adding the following sentence at the end thereof:

 

“This
Agreement shall not be amended except by the written agreement between SPRSR and each Obligor.”

 

Section
8 Amendment to Security Sharing Agreement.

 

Each
of SPRSR, the Series 1 CD Holders and the Series 2 CD Holders agree to amend the Security Sharing Agreement
as follows:

 

	(1)	Section
                                            1.1 of the Security Sharing Agreement is hereby amended as follows:

 

		(a)	the
                                            definition of “CD Holders” is deleted in its entirety and replaced with the following:

 

“CD
Holders” means the holders of the Convertible Debentures from time to time.”

 

    	 

    	- 14 -

    

 

		(b)	the
                                            definition of “Convertible Debentures” is deleted in its entirety and replaced
                                            with the following:

 

“Convertible
Debentures” means, collectively, (i) secured convertible debentures in the aggregate principal amount of $6,000,000.00 bearing
interest at 7.5% per annum payable quarterly in arrears, issued on January 28, 2022 by the Obligors and convertible at the option of
the holder into Common Shares, as such debentures may be amended, amended and restated, supplemented, modified or replaced from time
to time; and (ii) series 2 secured convertible debentures (the “Series 2 Convertible Debentures”) in the aggregate
principal amount of up to $20,000,000.00 bearing interest at 10.5% per annum payable quarterly in arrears, to be issued by the Obligors
during the period commencing June 17, 2022 and ending on the date that is 45 days thereafter (or such later date as SPRSR may agree in
its sole discretion) and convertible at the option of the holder into Common Shares, as such debentures may be amended, amended and restated,
supplemented, modified or replaced from time to time.

 

		(c)	the
                                            definition of “Exposure” is deleted in its entirety and replaced with the following:

 

“Exposure”
means, at any date, (i) with respect to a Creditor party to the Stream Agreement, as purchaser, an amount equal to the uncredited upfront
deposit as at such date (under and calculated in accordance with the Stream Agreement) multiplied by 1.5 (determined by the Creditor
and approved by the Security Agent in accordance with Section 3.1); and (ii) with respect to any other Creditor, the aggregate amount
of the PF Obligations owed to such Creditor by each Obligor at such date, in each case determined by such Creditor and approved by the
Security Agent in accordance with Section 3.1.

 

		(d)	the
                                            definition of “Project Finance Documents” is deleted in its entirety and replaced
                                            with the following:

 

“Project
Finance Documents” means the Convertible Debentures, the Royalty Convertible Debenture, the Exclusivity Agreement, the ROFR
agreement dated as of the date hereof between SPRSR and Obligors, the Royalty Put Option (as defined in the Series 2 Convertible Debentures),
the Stream, the Security granted in connection herewith and therewith and all other agreements, instruments and documents from time to
time (both before and after the date of this Debenture) delivered to or in favour of any Sprott Entity in connection with any of the
foregoing agreements and includes any agreement designated from time to time by the Obligors and SPRSR as a “Project Finance Document”
for purposes of the Security.

 

	(2)	Section
                                            2.2 of the Security Sharing Agreement is hereby amended by deleting the words “Credit
                                            Documents” in the second last line thereof and replacing them with the words “Project
                                            Finance Documents”.

 

	(3)	Section
                                            3.2 of the Security Sharing Agreement is hereby amended by deleting the words “Credit
                                            Document” in the second last and last sentence thereof and replacing them with the
                                            words “Project Finance Document”.

 

    	 

    	- 15 -

    

 

	(4)	Section
                                            3.4(a) of the Security Sharing Agreement is hereby amended by as follows:

 

		(a)	by
                                            deleting the words “Credit Documents” in the second and last line of paragraph
                                            (i) thereof and replacing them with the words “Project Finance Documents”; and

 

		(b)	by
                                            deleting the words “their relative Exposure” in the last line of paragraph (iii)
                                            thereof and replacing them with “the relative amount of the PF Obligations owing to
                                            the Creditors”.

 

Section
9 Additional Series 2 Convertible Debentures.

 

The
Obligors shall not issue any additional Series 2 Convertible Debentures in excess of the Series 2 Convertible Debentures in the aggregate
principal amount of US$15,000,000.00 issued on the date hereof except if the following conditions are satisfied:

 

	(a)	SPRSR
                                            approves, acting reasonably, of the identity of the holder of any such additional Series
                                            2 Convertible Debenture;

 

	(b)	the
                                            holder of any such additional Series 2 Convertible Debentures acknowledges, affirms and accedes
                                            as a Creditor to the Security Sharing Agreement (as amended by this Agreement) pursuant to
                                            an agreement in form and substance satisfactory to the Security Agent;

 

	(c)	the
                                            additional Series 2 Convertible Debenture is issued within 45 days of the date of this Agreement
                                            (or such longer period as SPRSR may agree in its sole discretion); and

 

	(d)	the
                                            aggregate principal amount of all Series 2 Convertible Debentures, after taking into account
                                            all additional Series 2 Convertible Debentures issued after the date of this Agreement, does
                                            not exceed US$20,000,000,00.

 

Section
10 Conversion of Royalty Convertible Debenture.

 

	(1)	SPRSR
                                            and the Obligors agree that on or prior to the Stream Advance Date, the Royalty Debentureholder
                                            will elect to receive the Royalty in lieu of cash payment of the outstanding principal amount
                                            owing under the Royalty Convertible Debenture pursuant to Section 10.3 of the Royalty Convertible
                                            Debenture, provided however that the Royalty Debentureholder and the Obligors enter into
                                            a Royalty Put Option on or prior to July 22, 2022 (or such later date as SPRSR may agree)
                                            in form and substance satisfactory to the Royalty Debentureholder.

 

	(2)	SPRSR
                                            agrees that it will not transfer or assign the Royalty Convertible Debenture to any Person
                                            on or prior to the Stream Advance Date except where any such transferee or assignee acknowledges
                                            and agrees in favour of the Obligors as to the matters in Section 10(1).

 

Section
11 Mortgage Amendment

 

The
Obligors will, as soon as reasonably practicable and in any event prior to July 7, 2022, execute and deliver an amendment to the Mortgage
effecting substantially similar amendments as set forth in Section 5 (with necessary changes in detail) and take all such actions and
execute such further documents and instruments as may be reasonably required by the Security Agent to perfect and record such amendment
against title to the Real Property.

 

    	 

    	- 16 -

    

 

Section
12 Confirmation.

 

Each
Obligor hereby acknowledges, confirms and agrees that:

 

	(a)	each
                                            Project Finance Document to which it is a party remains in full force and effect, and, except
                                            as amended by this Agreement, unamended and constitutes legal, valid and binding obligations
                                            of it enforceable against it in accordance with its respective terms;

 

	(b)	each
                                            Guarantee to which it is a party remains in full force and effect, and except as amended
                                            by this Agreement, unamended, and continues to guarantee the payment and performance of all
                                            Obligations (as defined in each Guarantee) and constitutes legal, valid and binding obligations
                                            of it enforceable against it in accordance with its respective terms;

 

	(c)	each
                                            of the Security Documents to which it is a party remains in full force and effect, and except
                                            as amended by this Agreement, unamended, and constitutes legal, valid and binding obligations
                                            of it enforceable against it in accordance with its respective terms; and

 

	(d)	the
                                            security interests, assignments, mortgages, charges, liens, hypothecations and pledges granted
                                            by it in favour of the Security Agent for and the benefit of the Sprott Entities pursuant
                                            to the Security and constitutes legal, valid and binding obligations of it enforceable against
                                            it in accordance with its respective terms.

 

Section
13 Reference to the Amended Agreements.

 

On
and after the Effective Date, any reference to “this Agreement”, “hereof”,
“hereunder” and words of like effect in any Amended Agreement, and any reference
to any Amended Agreement in any other agreements will mean and be a reference to the such Amended Agreement, as amended by this Agreement,
as applicable.

 

Section
14 Further Assurances.

 

Each
Obligor will execute and deliver to any other Party hereto all such documents, instruments and agreements, and do all such other acts
and things, as may be reasonably required, in the opinion of such other Party, to carry out the amendments and other transactions contemplated
under this Agreement.

 

Section
15 Project Finance Document.

 

The
parties to this Agreement acknowledge and agree that:

 

	(a)	any
                                            failure of the Obligors to perform their obligations under this Agreement shall constitute
                                            an event of default under the Convertible Debentures;

 

	(b)	this
                                            Agreement constitutes a “Project Finance Document” for the purposes of the Security.

 

Section
16 Successors and Assigns.

 

This
Agreement shall be binding upon and enure to the benefit of and be enforceable by each Party and its respective successors and permitted
assigns.

 

Section
17 Severability.

 

If
any provision of this Agreement is determined to be illegal, invalid or unenforceable, by an arbitrator or any court of competent jurisdiction
from which no appeal exists or is taken, that provision will be severed from this Agreement and the remaining provisions will remain
in full force and effect.

 

    	 

    	- 17 -

    

 

Section
18 Governing Law.

 

	(1)	This
                                            Agreement shall be governed by, and construed in accordance with, the laws of the Province
                                            of Ontario and the federal laws of Canada applicable therein (other than the conflict of
                                            laws rules) except that the amendments to the Pledge Agreement set forth shall be governed
                                            by, and construed in accordance with, the laws of the State of Nevada and the amendments
                                            to the Security Agreement set forth in Section 5 shall be governed by, and construed in accordance
                                            with, the laws of the State of Idaho.

 

	(2)	Each
                                            Party agrees that any legal proceeding with respect to this Agreement or to enforce any judgment
                                            obtained against the other Parties, or any of them, may be brought in the courts of the Province
                                            of Ontario, Canada or in the courts of any jurisdiction where a Party may have assets or
                                            carries on business, and each Party hereby irrevocably submits to the non-exclusive jurisdiction
                                            of each such court and acknowledges its competence.

 

Section
19 Counterparts.

 

This
Agreement may be executed in any number of counterparts, each of which is deemed to be an original, and such counterparts together constitute
one and the same instrument. Transmission of an executed signature page by facsimile, email or other electronic means is as effective
as a manually executed counterpart of this Agreement.

 

[Remainder
of this page left intentionally blank. Signature page follows.]

 

    	 

    	 

    

 

The
parties have executed this Agreement as of the date first written above.

 

	 	SILVER VALLEY METALS CORP.
	 	 
	 	By:	[Redacted]
	 	Name:	[Redacted]
	 	Title:	 [Redacted]
	 	 
	 	By:	[Redacted]
	 	Name:	[Redacted]
	 	Title:	[Redacted]

 

	 	BUNKER HILL MINING CORP.
	 	 
	 	By:	[Redacted]
	 	Name:	 [Redacted]
	 	Title:	[Redacted]
	 	 
	 	By:	[Redacted]
	 	Name:	[Redacted]
	 	Title:	 [Redacted]

 

Second Omnibus Amendment Agreement

 

    	 

    	 

    

 

	 	[Redacted - Affiliate of
    Sprott Private Resource Streaming & Royalty Corp.], by its general partner, SPROTT
    RESOURCE STREAMING AND ROYALTY CORP.
	 	 
	 	By:	[Redacted]
	 	Name:	 [Redacted]
	 	Title:	[Redacted]
	 	 
	 	[Redacted
    - Affiliate of Sprott Private Resource Streaming & Royalty Corp.], by its general partner, SPROTT RESOURCE STREAMING AND
    ROYALTY CORP., as Security Agent
	 	 
	 	By:	 [Redacted]
	 	Name:	[Redacted]
	 	Title:	[Redacted]

 

Second Omnibus Amendment Agreement 

 

    	 

    	 

    

 

	 	[Redacted - Affiliate of
    Sprott Private Resource Streaming & Royalty Corp.], by its general partner, SPROTT RESOURCE STREAMING AND ROYALTY CORP.
	 	 
	 	By:	[Redacted]
	 	Name:	 [Redacted]
	 	Title:	[Redacted]
	 	 
	 	[Redacted
    - Affiliate of Sprott Private Resource Streaming & Royalty Corp.], by its general partner, SPROTT RESOURCE STREAMING AND
    ROYALTY CORP.
	 	 
	 	By:	[Redacted]
	 	Name:	 [Redacted]
	 	Title:	 [Redacted]
	 	 
	 	[Redacted
    - Affiliate of Sprott Private Resource Streaming & Royalty Corp.], by its general partner, SPROTT RESOURCE STREAMING AND
    ROYALTY CORP.
	 	 
	 	By:	 [Redacted]
	 	Name:	[Redacted]
	 	Title:	 [Redacted]

 

Second Omnibus Amendment
Agreement

 

    	 

    	 

    

 

	 	[Redacted
    – funds managed or sub-managed by affiliates of sprott private resource streaming & royalty corp.]
	 	 
	 	By:	[Redacted]
	 	Name:	 [Redacted]
	 	Title:	 [Redacted]

 

Second Omnibus Amendment
Agreement

 

    	 

    	 

    

 

	 	[Redacted
    – affiliate of ninepoint partners lp], by its Manager, ninepoint partners lp
	 	 
	 	By:	[Redacted]
	 	Name:	 [Redacted]
	 	Title:	 [Redacted]

 

	 	[redacted
    – affiliate of ninepoint partners lp], by its Manager, ninepoint partners lp
	 	 
	 	By:	[Redacted]
	 	Name:	 [Redacted]
	 	Title: 	 [Redacted]

 
Second
Omnibus Amendment AgreementExhibit 10.1

 

PURCHASE AND SALE AGREEMENT

 

THIS PURCHASE AND SALE AGREEMENT
(this “Agreement”) is entered into as of the Effective Date (hereinafter defined) by and between TRT LEASECO, LLC,
a Delaware limited liability company (“Seller”), and BNSF DAYTON LLC, a Delaware limited liability company (“Purchaser”).

 

ARTICLE 1

PURCHASE AND SALE

 

1.1 Agreement of Purchase
and Sale. In consideration of their covenants set forth in this Agreement, Seller agrees to sell to Purchaser, and Purchaser agrees
to purchase from Seller, for the Purchase Price (hereinafter defined) and on the terms and conditions set forth herein, the following:

 

All that certain land in Liberty County,
Texas consisting of three adjacent parcels totaling approximately one hundred ninety-one and sixty-three one-hundredths (191.63) acres
in Liberty County, Texas more particularly described or depicted in the attached Exhibits “A-1”, “A-2”,
and “A-3”, together with all (a) access rights, easements, rights-of-way, licenses, interests, rights, and appurtenances
appertaining to the land and all rights, titles, and interests of Seller in and to any easements, rights-of-way, or other interests in,
on, or to any alley, highway, or street in, on, across, or adjoining the land, including without limitation all rights in and to the “Access
Area” described in the attached Exhibit “B” in accordance with the “Access Area Easements”
also defined and described in Exhibit “B”; (b) all buildings, fixtures, mechanical systems, utility infrastructure,
transportation infrastructure (including without limitation all rail, ties, ballast, switches, signals, and related appurtenances), and
other improvements, if any, to the extent owned by Seller and not by Railway as Tenant under the Railway Lease (all hereinafter defined);
(c) all leases; (d) personal property; (e) permits, warranties, studies and plans pertaining to the land and improvements owned by Seller;
(f) Seller’s interest in the minerals and water rights pertaining to the land; and (g) any other assignable rights pertaining to
the foregoing (collectively, the “Property”).

 

Seller and Purchaser’s affiliate, BNSF Railway
Company, a Delaware corporation (“Railway”) are Landlord and Tenant under a certain Lease of the land and improvements
described above dated as of June 1, 2014, as amended by a First Amendment dated as of December 30, 2016, and as affected by a Tenant Estoppel
Letter dated May 26, 2021, which is incorporated herein (collectively, as amended, the “Railway Lease”). Seller intends
to assign, and Purchaser intends to assume, the rights and obligations of Landlord under the Railway Lease at the Closing (defined below),
as further described in this Agreement. The transaction contemplated by this Agreement is not intended to trigger any rights or obligations
of Seller, as Landlord, or of Railway, as Tenant, under the Right of First Offer, the Right of First Refusal, or the Purchase Option,
each as defined and described in the Railway Lease.

 

    1

     

    

 

1.2 Purchase Price; Payment
Terms. The purchase price for the Property (the “Purchase Price”) shall be the sum of Forty-Four Million Five Hundred
Thousand No/100 Dollars ($44,500,000.00) (the “Cash Portion”) plus the unpaid principal balance as of the Closing of
the Existing Loans hereinafter described (the “Loan Assumption Portion”). The Purchase Price shall be payable at the
Closing as follows:

 

(a) The Loan Assumption Portion of the
Purchase Price will be payable by Purchaser assuming the obligations for payment of the unpaid principal balance and accrued interest
as of the Closing on all existing loan financing encumbering the Property held by Wells Fargo Trust Company, National Association, as
Trustee of the CTL Pass-Through Trust, Series 2015 (BNSF Dayton, Texas) (the beneficiaries of said Trust being herein referred to collectively
as “Lender”), being a certain $182,666,908.56 4.07% Senior Secured Note dated March 12, 2015, due May 15, 2034, and
that certain $14,956,000.00 3.2% Senior Secured Note dated June 2, 2021, due May 15, 2034 (collectively, the “Existing Loans”).
A list of documents evidencing and securing the Existing Loans, as well as legible, complete, and accurate copies of the Notes evidencing
them are included as part of Exhibit “E” to this Agreement. Subject to verification by Lender, per the Amortization
Schedules attached to the Notes, the unpaid balance of principal on the Existing Loans will be $171,192,344.00 as of the Closing.

 

(b) It shall be a condition of the obligations
of Purchaser to close the transaction contemplated by this Agreement that (i) Lender shall have consented in writing to the assignment
and assumption of the indebtedness evidenced by the Existing Loans by Purchaser upon terms and conditions satisfactory to Purchaser in
its sole discretion (the “Assumption Approval”); (ii) prior to the Closing, Lender shall have delivered appropriate
documentation for the Assumption Approval, including an Assignment, Assumption, and Consent for the Existing Loans in recordable form
and otherwise in form and substance acceptable to Purchaser in its sole discretion, for Purchaser’s review and execution (collectively,
the “Assumption Documents”); and (iii) if required, Lender shall have consented in writing to Seller’s assignment
and Purchaser’s assumption of the Landlord’s rights and obligations under the Railway Lease at the Closing upon terms and
conditions satisfactory to Purchaser in its sole discretion. Purchaser shall make application for Assumption Approval within ten (10)
days after the Effective Date, subject to (i) Purchaser’s right to terminate this Agreement pursuant to Sections 2.4
and 3.3; and (ii) Purchaser’s being satisfied in its sole discretion with the terms of the documents evidencing the Existing
Loans, the Assumption Approval, the Assumption Documents, and Lender’s consent to the assignment of the Railway Lease, as provided
in this Section 1.2. Seller shall cooperate with Purchaser in connection with the approval process. It shall be a condition of
the obligation of Seller to close the transaction contemplated by this Agreement that Lender shall have (i) consented to the assignment
by Seller and assumption by Purchaser of the indebtedness evidenced by the Existing Loans upon terms and conditions acceptable to Seller,
including the release of Terracap Management, Inc. from any continuing obligations arising or accruing on or after the Closing under the
Indemnity and Guaranty Agreement dated March 12, 2015, as affected by Reaffirmation of Indemnitor and Guarantor Obligations dated June
2, 2021; and (ii) agreed to return to Seller promptly after Closing the amounts in any existing reserve accounts attributable to Seller
and held by Lender in connection with the Existing Loans, including a reserve account in the amount of approximately $193,430.00 for payment
of a renewal premium for an existing policy of environmental insurance; provided Seller shall be responsible for any assumption or transfer
fee, Lender’s legal fees, the premiums and fees for any new mortgagee title policies or endorsements required by Lender to its existing
mortgagee title policies covering the Existing Loans, and other expenses. In the event that the Assumption Approval has not been obtained
and the terms of the Assumption Documents finalized by the expiration of the Due Diligence Period, then either party may terminate this
Agreement by giving written notice to the other. Unless Seller or Purchaser delivers notice of termination during the Due Diligence Period,
such party shall be deemed to have approved the terms of the Assumption Documents received from Lender prior to expiration of the Due
Diligence Period.

 

    2

     

    

 

1.3 Earnest Money.
Within five (5) business days after the Effective Date, Purchaser shall deposit with Tarver Abstract Co., as agent for Stewart Title Company
(the “Title Company” or “Escrow Agent”) at its office located at 605 W. Clayton Suite, Dayton Texas
77535, Attn: Charolette Mercer, Senior Escrow Officer, Tel: 936-258-6897, email: cmercer@tarverabstract.com, Two Million and No/100 Dollars
($2,000,000.00) in immediately available funds (such sum, together with all interest accruing thereon, being hereinafter referred to as
the “Earnest Money”). In the event that Purchaser fails to deposit the Earnest Money with the Title Company as herein
provided, then Seller may terminate this Agreement upon written notice to Purchaser at any time prior to the date on which Purchaser deposits
the Earnest Money, and upon such termination neither Seller nor Purchaser shall have any further obligations hereunder. The Earnest Money
shall be held by the Escrow Agent in an interest-bearing account and shall be returned to Purchaser at Closing or applied to the Purchase
Price or, if Closing does not occur, otherwise disbursed as provided in this Agreement. Notwithstanding anything in this Agreement to
the contrary, a portion of the Earnest Money in the amount of $100.00 (the “Independent Consideration”) will be non-refundable
and will be distributed to Seller upon any termination of this Agreement as independent consideration for Seller’s performance under
this Agreement. If this Agreement is terminated other than as described in Section 7.1 below for Purchaser’s uncured default,
the Earnest Money will be promptly returned to Purchaser. Any provision of this Agreement that states that the Earnest Money is to be
returned to Purchaser means that the Earnest Money, less the Independent Consideration, is to be returned to Purchaser.

 

ARTICLE 2

TITLE AND SURVEY

 

2.1 Title Commitment.
Within ten (10) days of the Effective Date, Seller shall cause the Title Company to deliver to Purchaser (a) a title commitment for issuance
of an Owner’s Policy of Title Insurance (“Title Commitment”) which covers the real property rights (including
the Access Area Easement estates) described in Section 1.1, and (b) complete, accurate, and (to the extent available) legible
copies of all documents and instruments referenced in the Title Commitment. Title Company shall concurrently deliver the Title Commitment
to Purchaser and Seller upon Title Company’s issuance thereof.

 

2.2 Survey. Within
one (1) day after the Effective Date (if not previously delivered), Seller shall deliver to Purchaser and to the Title Company, copies
of the most current surveys Seller has in its possession related to the real property rights, Access Area Easement estates and improvements
(the “Existing Survey”). Purchaser, at its sole cost and expense, has obtained a new survey prepared by Juliene Harrod,
R.P.L.S. No. 4379 of Hutchison & Associates, Inc., dated November 7, 2022 (the “New Survey”). Purchaser has delivered
copies of such New Survey to each of Seller and Title Company.

 

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2.3 Review of Title Commitment
and Survey. Provided that Purchaser has timely received the Title Commitment, the New Survey, and all documents referenced therein
during the Due Diligence Period (defined below), Purchaser shall have until the end of the Due Diligence Period to notify Seller in writing
of any objection that Purchaser may have to anything contained in the Title Commitment or the New Survey. Except as otherwise provided
in Section 2.5 below, if Purchaser fails to object in writing to any item contained in the Title Commitment or the New Survey during
the Due Diligence Period, Purchaser shall be deemed to have waived its right to object to such item, and such item shall thereafter be
deemed a “Permitted Exception”. In the event that Purchaser objects to any item contained in the Title Commitment or
the New Survey during the Due Diligence Period (such items being hereinafter referred to as “Title Defects”), Seller
shall notify Purchaser in writing within five (5) days following the date of Purchaser’s notice of such Title Defects (the “Cure
Period”) that either (x) the Title Defects have been, or will be at or prior to Closing, removed from or amended in the Title
Commitment and/or the New Survey, and otherwise cured to Purchaser’s reasonable satisfaction, or (y) Seller has failed to arrange
or otherwise elected not to have the Title Defects removed.

 

2.4 Failure to Cure Title
Defects. If, upon the expiration of the Cure Period, Seller has not notified Purchaser that Seller has arranged to have the Title
Defects removed or cured as provided above, then Purchaser may elect (which election must be made in writing within five (5) days following
expiration of the Cure Period) either: (a) to terminate this Agreement, in which event the Earnest Money shall be returned to Purchaser
as Purchaser’s sole remedy hereunder, or (b) to proceed under this Agreement, in which case the Title Defects which Seller did not
cure or commit to cure shall be deemed Permitted Exceptions. If Purchaser does not, within five (5) days after the expiration of the Cure
Period, send written notice to Seller of its election to terminate this Agreement, Purchaser shall be deemed to have elected to proceed
pursuant to clause (b) of the preceding sentence. If Seller elects to cure or remove any of the Title Defects under clause (x)
of the last sentence of Section 2.3, then notwithstanding anything herein to the contrary, it shall be a condition precedent to
Purchaser’s obligation to acquire the Property that Seller cures such objections prior to Closing to Purchaser’s reasonable
satisfaction. Except as otherwise provided in Section 2.5 below, Seller shall have no affirmative obligation hereunder to expend
any funds or incur any liabilities in order to cause any matters shown in the Title Commitment or the New Survey to be removed, cured
or insured over, except as otherwise expressly provided in this Agreement. If any subsequent revision of the Title Commitment, or the
New Survey discloses exceptions other than the Permitted Exceptions and such exceptions were created at no fault of Purchaser, then Purchaser
shall have an additional ten (10) day review period with respect to such new exceptions, and Seller shall have the same time period and
option to cure as set forth in Section 2.3 above, and Purchaser shall have the same option to accept title subject to such new
matters or to terminate this Agreement as those which apply to any notice of objections made by Purchaser on or before expiration of the
Due Diligence Period.

 

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2.5 Seller’s Obligation
to Cure. Notwithstanding the terms and provisions set forth in Section 2.3 and Section 2.4 above or any other provisions
of this Agreement to the contrary, and regardless of whether Purchaser objects to such matters, Seller shall be obligated at Closing,
at Seller’s sole expense, (i) to discharge, release and satisfy any deed of trust, security interest, vendor’s lien, or lien
existing on the Effective Date or arising after the Effective Date and not created by or resulting from the acts of Purchaser, EXCEPT
those pertaining to the Existing Loans, and (ii) fully satisfy all Title Commitment Schedule C requirements of Seller. In no event whatsoever
shall any of the items described in this Section 2.5 ever constitute Permitted Exceptions. If Seller fails to remove any such items
as of Closing, then Purchaser shall have the right, at Purchaser’s option, to (x) offset the outstanding balance of such items against
the Purchase Price, or (y) terminate this Agreement, receive a prompt refund of the Earnest Money, and/or seek specific performance of
this Agreement.

 

2.6 Owner Title Policy.
On the Closing Date, Seller shall convey and transfer to Purchaser good and indefeasible title to the real property and Access Area Easement
estates described on Exhibits “A” and “B” and the improvements thereon, subject only
to the Permitted Exceptions. It shall be a condition to Purchaser’s obligation to close this transaction that title to the real
property, the Access Area Easement estates and improvements conveyed and transferred to Purchaser shall be as set forth above, and that
the Title Company will, upon payment by Seller of the applicable premium therefor issue to Purchaser at Closing a TLTA T-1 Owner’s
Policy of Title Insurance covering the Property, in the full amount of the Purchase Price, subject only to the Permitted Exceptions and
the standard printed exceptions (to the extent not removable or permissibly modified), and with those modifications and endorsements requested
by and paid for by Purchaser in its sole discretion and agreed to by the Title Company prior to Closing, which modifications and endorsements
shall come at no cost to Seller (the “Title Policy”).

 

ARTICLE 3

DUE DILIGENCE PERIOD

 

3.1 Due Diligence Documents.
Within two (2) days after the Effective Date, Seller shall make available to Purchaser the accurate, complete, and legible copies of all
documents described on Exhibit “E” attached hereto and made a part hereof (the “Due Diligence Documents”)
through an internet “data room”, or as otherwise expressly noted on Exhibit “E”. All such Due Diligence
Documents shall remain posted in the electronic data room and all Due Diligence Documents shall remain accessible by Purchaser at all
times through the Closing, and Seller must promptly notify Purchaser of all updates, additions or changes to information and materials
posted on such site.

 

3.2 Right of Inspection.
Commencing upon the Effective Date and ending December 23, 2022 (the “Due Diligence Period”), and to the extent
that this Agreement has not been terminated and Purchaser is not otherwise in default hereunder, thereafter until Closing, Purchaser and
any of its employees, owners, partners, members, managers, shareholders, agents, representatives, affiliates, contractors and consultants
(collectively, “Purchaser’s Representatives”) shall have the right to review, examine and inspect the Property
and the Due Diligence Documents, and shall have full and complete access to the Property. Such access shall include the right to make
such inspections, engineering, environmental (including related borings), and feasibility studies and investigations as Purchaser may
deem appropriate. Purchaser shall give Seller a minimum of twenty-four (24) hours’ notice of any on-site tour or inspection.

 

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3.3 Right of Termination.
In addition to its termination rights set forth elsewhere in this Agreement, including without limitation in Sections 1.2, 2.4,
and 2.5, Purchaser may, for any reason or no reason in Purchaser’s sole discretion, determine during the Due Diligence Period
that it does not wish to purchase the Property (“Termination Right”). Purchaser’s Termination Right shall be
exercisable by sending written notice of termination (the “Notice of Termination”) to Seller no later than expiration
of the Due Diligence Period (which expiration shall occur, for avoidance of doubt, at midnight on the last day of the Due Diligence Period).
If Purchaser timely delivers a Notice of Termination, this Agreement shall terminate and the Earnest Money shall be promptly returned
to Purchaser. Following any such termination, neither of the parties hereto shall have any further duties, liabilities or obligations
to one another hereunder excepting refund of the Earnest Money to Purchaser and any other obligations which expressly survive the termination
of this Agreement (collectively, the “Surviving Duties”). If Purchaser fails to timely deliver the Notice of Termination,
Purchaser shall be deemed to have waived its Termination Right under this Section 3.3.

 

3.4 “AS IS, WHERE
IS”. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT OR IN THE DOCUMENTS TO BE EXECUTED BY SELLER IN CONNECTION WITH CLOSING
(THE “TRANSACTION DOCUMENTS”), PURCHASER ACKNOWLEDGES AND AGREES THAT SELLER HAS NOT MADE, DOES NOT MAKE AND SPECIFICALLY
NEGATES AND DISCLAIMS ANY REPRESENTATIONS, WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER,
WHETHER EXPRESS OR IMPLIED, ORAL OR WRITTEN, PAST, PRESENT OR FUTURE, OF, AS TO, CONCERNING OR WITH RESPECT TO (A) THE VALUE, NATURE,
QUALITY OR CONDITION OF THE PROPERTY, INCLUDING, WITHOUT LIMITATION, THE WATER, SOIL AND GEOLOGY, (B) THE INCOME TO BE DERIVED FROM THE
PROPERTY, (C) THE SUITABILITY OF THE PROPERTY FOR ANY AND ALL ACTIVITIES AND USES WHICH PURCHASER OR ANY TENANT MAY CONDUCT THEREON, (D)
THE COMPLIANCE OF OR BY THE PROPERTY OR ITS OPERATION WITH ANY LAWS, RULES, ORDINANCES OR REGULATIONS OF ANY APPLICABLE GOVERNMENTAL AUTHORITY
OR BODY, (E) THE HABITABILITY, MERCHANTABILITY, MARKETABILITY, PROFITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF THE PROPERTY, (F)
THE MANNER OR QUALITY OF THE CONSTRUCTION OR MATERIALS, IF ANY, INCORPORATED INTO THE PROPERTY, (G) THE MANNER, QUALITY, STATE OF REPAIR
OR LACK OF REPAIR OF THE PROPERTY, (H) COMPLIANCE WITH ANY ENVIRONMENTAL PROTECTION, POLLUTION OR LAND USE LAWS, RULES, REGULATIONS, ORDERS
OR REQUIREMENTS, INCLUDING THE EXISTENCE IN OR ON THE PROPERTY OF HAZARDOUS MATERIALS, OR (I) ANY OTHER MATTER WITH RESPECT TO THE PROPERTY.
ADDITIONALLY, BY EXECUTION HEREOF PURCHASER ACKNOWLEDGES, EXCEPT AS OTHERWISE SET FORTH IN THIS AGREEMENT OR THE TRANSACTION DOCUMENTS,
THAT NO PERSON HAS MADE ANY REPRESENTATION, AGREEMENT, STATEMENT, WARRANTY, GUARANTY OR PROMISE REGARDING THE PROPERTY OR THE TRANSACTION
CONTEMPLATED HEREIN. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT OR IN THE TRANSACTION DOCUMENTS, PURCHASER FURTHER ACKNOWLEDGES THAT
ANY INFORMATION PROVIDED OR TO BE PROVIDED WITH RESPECT TO THE PROPERTY WAS OBTAINED FROM A VARIETY OF SOURCES AND THAT SELLER HAS NOT
MADE ANY INDEPENDENT INVESTIGATION OR VERIFICATION OF SUCH INFORMATION AND MAKES NO REPRESENTATIONS AS TO THE ACCURACY, TRUTHFULNESS OR
COMPLETENESS OF SUCH INFORMATION. SELLER IS NOT LIABLE OR BOUND IN ANY MANNER BY ANY VERBAL OR WRITTEN STATEMENT, REPRESENTATION OR INFORMATION
PERTAINING TO THE PROPERTY, OR THE OPERATION THEREOF, FURNISHED BY ANY REAL ESTATE BROKER, CONTRACTOR, AGENT, EMPLOYEE, SERVANT OR OTHER
PERSON, EXCEPT AS OTHERWISE SET FORTH IN THIS AGREEMENT OR THE TRANSACTION DOCUMENTS. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT
OR IN THE TRANSACTION DOCUMENTS, PURCHASER FURTHER ACKNOWLEDGES AND AGREES THAT TO THE MAXIMUM EXTENT PERMITTED BY LAW, THE SALE OF THE
REAL ESTATE, improvements and tangible personal property AS PROVIDED FOR HEREIN IS MADE
ON AN "AS IS" CONDITION AND BASIS WITH ALL FAULTS. IT IS UNDERSTOOD AND AGREED THAT THE PURCHASE PRICE HAS BEEN ADJUSTED BY
PRIOR NEGOTIATION TO REFLECT THAT ALL OF THE PROPERTY IS SOLD BY SELLER AND PURCHASED BY PURCHASER SUBJECT TO THE FOREGOING. THE PROVISIONS
OF THIS SUBSECTION SHALL SURVIVE THE CLOSING OR ANY TERMINATION HEREOF.

 

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ARTICLE 4

CLOSING CONDITIONS

 

4.1 Conditions to Obligations
of Seller. In addition to any and all other conditions precedent in favor of Seller hereunder, the obligations of Seller under this
Agreement to sell the Property shall be subject to the satisfaction of the following conditions on or before the Closing Date except to
the extent that any of such conditions may be waived by Seller in writing at Closing:

 

(a) Representations,
Warranties and Covenants of Purchaser. All representations and warranties of Purchaser in this Agreement shall be true and correct
in all material respects as of the Closing Date, with the same force and effect as if such representations and warranties were made anew
as of the Closing Date, and, except as otherwise expressly provided herein, Purchaser shall have performed and complied in all material
respects with all covenants and agreements required by this Agreement to be performed or complied with by Purchaser prior to or on the
Closing Date.

 

(b) No Orders.
No order, writ, injunction or decree directed against Purchaser shall have been entered and be in effect by any court of competent jurisdiction
or any applicable governmental authority, and no statute, rule, regulation or other requirement shall have been promulgated or enacted
and be in effect, that restrains, enjoins or invalidates the transaction contemplated by this Agreement.

 

4.2 Conditions to Obligations
of Purchaser. In addition to any and all other conditions precedent in favor of Purchaser hereunder, including the Assumption Approval
and Assumption Documents condition described above in Section 1.2, the obligations of Purchaser under this Agreement to purchase
the Property and to assume the Existing Loans shall be subject to the satisfaction of the following conditions (the “Conditions
Precedent”) on or before the Closing Date, except to the extent that any of such Conditions Precedent may be waived by Purchaser:

 

(a) Representations,
Warranties and Covenants of Seller. Except as otherwise provided in this Agreement, all representations and warranties of Seller in
this Agreement shall be true and correct in all material respects as of the Closing Date, with the same force and effect as if such representations
and warranties were made anew as of the Closing Date, and except as otherwise expressly provided herein, Seller shall have performed and
complied in all material respects with all covenants and agreements required by this Agreement to be performed or complied with by Seller
prior to or on the Closing Date.

 

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(b) No Orders
or Actions. No order, writ, injunction or decree directed against Seller or any of the Property or proposal to change the permitted
use or zoning of any of the Property shall be pending or threatened, shall have been entered and be in effect, or shall hereafter be enacted
by any court of competent jurisdiction or any applicable governmental authority, and no statute, rule, regulation, ordinance or other
requirement shall be pending or threatened or shall hereafter be enacted that could or does materially affect the operation, use or value
of the Property or Seller’s ability to perform its obligations hereunder.

 

(c) No Suits.
No suit or other proceeding before any court or applicable governmental authority shall be pending or threatened by any third party that
arises out of any acts or omissions of Seller that could or does materially affect the operation, use or value of the Property or Seller’s
ability to perform its obligations hereunder.

 

(d) Seller must
deliver, perform, observe, and comply in all material respects with all of the items, instruments, documents, covenants, agreements, and
conditions required of it by this Agreement, including without limitation the Assumption Documents countersigned and acknowledged by Lender,
and the Railway Lease Assignment (hereinafter defined) countersigned by Lender (to the extent required).

 

(e) Seller must
not be in receivership or dissolution, nor have made any assignment for the benefit of creditors, nor admitted in writing its inability
to pay its debts as they mature, nor have been adjudicated a bankrupt, nor have filed a petition in voluntary bankruptcy, or a petition
or answer seeking reorganization or an arrangement with creditors under state or federal bankruptcy law or any other similar law or statute,
nor may any such petition have been filed against it.

 

(f) There shall
be no material change between the expiration of the Due Diligence Period and the Closing Date in the Property or the Access Area Easements,
in the terms and status of the Existing Loans, or in Seller’s obligations with respect to any of the Property and/or the Existing
Loans.

 

Subject to the provisions
of Section 6.1, if all of the Conditions Precedent contained in this Section 4.2 are not satisfied at the Closing Date (unless
waived by Purchaser), Purchaser may elect to (i) consummate the transaction contemplated in this Agreement, in which case all Conditions
Precedent shall be deemed satisfied, or (ii) receive the return of the Earnest Money following which this Agreement shall terminate and
none of the parties hereto shall have any further duties, obligations or liabilities to one another hereunder other than the Surviving
Duties; provided, however, in the event a failure of a Condition Precedent constitutes a default hereunder, then Purchaser shall have
the remedies set forth in this Agreement.

 

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ARTICLE 5

CLOSING; CLOSING DELIVERIES

 

5.1 Time and Place.
The consummation of the purchase and sale of the Property (“Closing”) shall occur on or before the close of business
on December 30, 2022 (the “Closing Date”). The Closing shall be conducted at the offices of the Escrow Agent (or
such other location mutually agreeable to Seller and Purchaser) and shall occur through escrow in the customary manner for the consummation
of real estate transactions in Tarrant County, Texas. At Closing, Seller and Purchaser shall perform the obligations set forth in, respectively,
Sections 5.2 and 5.3 below.

 

5.2 Seller’s Obligations
at Closing. At Closing, Seller shall:

 

(a) deliver to
Purchaser a duly executed counterpart of a Second Amendment to Railway Lease between Seller, as Landlord, and Railway, as Tenant (the
“Second Railway Lease Amendment”) in form and content reasonably satisfactory to Seller, Railway, and Purchaser, to
be effective immediately before delivery of the Deed and the Railway Lease Assignment (defined below).

 

(b) deliver to
Purchaser a Special Warranty Deed in substantially the form attached hereto as Exhibit “C” and made a part hereof
(the “Deed”), duly executed and notarized by Seller, conveying good and indefeasible title to the Property to Purchaser,
subject only to the Permitted Exceptions and the Existing Loans.

 

(c) deliver to
Purchaser a Bill of Sale and Assignment in substantially the form attached hereto as Exhibit “D” and by this
reference made a part hereof (collectively, the “Bill of Sale and Assignment”), duly executed by Seller.

 

(d) deliver to
Purchaser and Lender the Assumption Documents, duly executed and acknowledged by Seller.

 

(e) deliver to
Purchaser an Assignment and Assumption of the Railway Lease in form and content reasonably satisfactory to Purchaser (the “Railway
Lease Assignment”).

 

(f) deliver to
Purchaser and the Title Company an affidavit duly executed by Seller stating that Seller is not a “foreign person” as defined
in the Federal Foreign Investment in Real Property Tax Act of 1980 and the 1984 Tax Reform Act, in accordance with Treas. Reg. §1.1445-2(b)(2).

 

(g) deliver to
Purchaser and the Title Company such evidence as Purchaser or the Title Company may reasonably require as to the authority of the person
or persons executing documents on behalf of Seller.

 

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(h) deliver to
Purchaser and the Title Company a title insurance affidavit duly executed by Seller or its duly authorized representative, in form and
content reasonably satisfactory to Seller and the Title Company.

 

(i) deliver to
Purchaser possession of the Property, subject, however, to the occupancy of the Railway under the terms of the Railway Lease, and the
Permitted Exceptions.

 

(j) deliver to
the Title Company a closing statement (“Closing Statement”) in form and substance mutually acceptable to Seller and
Purchaser.

 

(k) deliver any
other documents or instruments reasonably required by the Title Company or Purchaser, in order to close the transactions contemplated
herein.

 

5.3 Purchaser’s Obligations
at Closing. At Closing, Purchaser shall:

 

(a) deliver to
Seller a counterpart of the Second Railway Lease Amendment, duly executed by Railway, as Tenant.

 

(b) pay to Seller
the Cash Portion of the Purchase Price in immediately available funds, less the Earnest Money (unless Purchaser elects to have the Earnest
Money returned to Purchaser) and any other credits due and owing Purchaser hereunder, together with any other applicable adjustments required
under the terms of this Agreement, as applicable; and Purchaser shall cause the Earnest Money to be disbursed to Seller (unless Purchaser
elects to have the Earnest Money returned to Purchaser).

 

(c) deliver to
Lender the Assumption Documents, duly executed by Purchaser.

 

(d) deliver to
Seller the Railway Lease Assignment, duly executed by Purchaser and by Railway.

 

(e) deliver to
the Title Company such evidence as the Title Company may reasonably require as to the authority of the person or persons executing documents
on behalf of Purchaser.

 

(f) deliver to
the Title Company the Closing Statement, duly executed by Purchaser.

 

5.4 Prorations. Pursuant
to the Railway Lease, Railway is responsible for all real property taxes. Therefore, such taxes shall not be prorated at Closing, and
Railway shall be responsible for timely payment of such taxes for the year 2022 directly to the taxing jurisdiction. Pursuant to the Railway
Lease, Fixed Rent is payable directly to Lender for application against installments of principal and interest due on the Existing Loans.
Fixed Rent for the month of December 2022 will be applied to the Existing Loan installments due December 15, 2022. Purchaser shall be
obligated to assume the unpaid principal and accrued interest on the Existing Loans as of the Closing in accordance with the terms of
the Assumption Documents. Fixed Rent for the month of Closing will not be prorated.

 

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5.5 Closing Costs.

 

(a) Seller shall
pay: (i) the fees of any counsel representing it in connection with this transaction; (ii) the basic premium for the Title Policy to be
issued to Purchaser by the Title Company at Closing; (iii) one-half (1/2) of any escrow fees which may be charged by the Escrow Agent;
(iv) all costs required to release the Property from the liens and security interests of Seller’s existing monetary encumbrances
on the Property (other than the Existing Loans) and all other costs required to remove any matters that are not Permitted Exceptions;
(v) all recording costs for any Transaction Documents to be recorded in Liberty County; (vi) all assumption or transfer fees, Lender’s
legal fees, and the premiums and fees for any new mortgagee title policies or endorsements in connection with the Assumption Approval
and the Assumption Documents as described above in Section 1.2; and (vii) other costs, fees, or expenses which Seller has agreed
to incur under the terms of this Agreement, or as otherwise allocated to Seller on the Closing Statement.

 

(b) Purchaser shall
pay: (i) the fees of any counsel representing it in connection with this transaction; (ii) the cost of any endorsements to the Title Policy
requested by Purchaser in its sole discretion; (iii) one-half (1/2) of any escrow fees charged by the Escrow Agent; (iv) Purchaser’s
costs incurred in obtaining any New Survey; and (v) any other costs, fees, or expenses which Purchaser has agreed to incur under the terms
of this Agreement, or as otherwise reflected on the Closing Statement.

 

5.6 Cooperation in Tax-Free
Exchange. Seller reserves the right to consummate this transaction as part of a deferred exchange of like-kind property as provided
by Section 1031 of the Internal Revenue Code (the “Seller’s Exchange”). Purchaser agrees to cooperate reasonably
with Seller in this regard at or prior to Closing and to execute necessary documents as appropriate under a customary deferred exchange;
provided that the Seller’s Exchange (if any) will be structured by Seller at its sole cost and expense such that Purchaser will
have no obligation to (i) acquire or enter into the chain of title to any property, or (ii) incur any cost, liability or obligation of
any nature whatsoever as a result of its limited participation in the Seller’s Exchange. The Seller’s Exchange (including
the conveyance of title to the Property to Seller’s designated intermediary) shall not impair, amend, modify, reduce or in any other
manner whatsoever affect the representations, warranties and covenants of Seller to Purchaser under this Agreement or the survival thereof
pursuant to this Agreement. Purchaser also reserves the right to consummate this transaction as part of a deferred exchange of like-kind
property as provided by Section 1031 of the Internal Revenue Code (the “Purchaser’s Exchange”). Seller agrees
to cooperate reasonably with Purchaser in this regard at or prior to Closing and to execute necessary documents as appropriate under a
customary deferred exchange; provided that the Purchaser’s Exchange (if any) will be structured by Purchaser at its sole cost and
expense such that Seller will have no obligation to (a) acquire or enter into the chain of title to any property, or (b) incur
any cost, liability or obligation of any nature whatsoever as a result of its limited participation in the Purchaser’s Exchange.
The Purchaser’s Exchange (including the conveyance of title to the Property to Purchaser’s designated intermediary) shall
not impair, amend, modify, reduce or in any other manner whatsoever affect the representations, warranties and covenants of Purchaser
to Seller under this Agreement or the survival thereof pursuant to this Agreement.

 

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ARTICLE 6

REPRESENTATIONS, WARRANTIES, COVENANTS AND LEGAL NOTICES

 

6.1 Representations and
Warranties of Seller. Seller represents and warrants the following:

 

(a) Seller is a
limited liability company, duly formed, validly existing and in good standing under the laws of the State of Delaware. This Agreement
has been—and all the documents executed by Seller which are to be delivered to Purchaser at the Closing will be—duly authorized,
executed and delivered by and is binding upon Seller in accordance with its terms; Seller has the authority to enter into this Agreement
and nothing prohibits or restricts the right or ability of Seller to enter into this Agreement; this Agreement and the actions contemplated
hereby do not and will not hereafter breach, invalidate, cancel, make inoperative or interfere with, or result in the acceleration or
maturity of, any agreement, document, instrument, right or interest to which Seller is a party; and the individual signing this Agreement
on behalf of Seller has the authority, without the act, signature or consent of any other party which has not been already obtained to
bind Seller in connection with this Agreement.

 

(b) Seller is not
a “foreign person” within the meaning of Section 1445(b)(2) of the Internal Revenue Code of 1986, as amended.

 

(c) Seller is in
compliance with the requirements of Executive Order No. 13224, 66 Fed. Reg. 49079 (Sept. 23, 2001) (the “Order”) and
other similar requirements contained in the rules and regulations of the Office of Foreign Assets Control, Department of the Treasury
(“OFAC”) and in any enabling legislation or other Executive Orders or regulations in respect thereof.

 

(d) There are no
service or management contracts, equipment, labor or material contracts, maintenance or repair contracts, commission agreements, leases,
licenses, other agreements affecting the possession or use of the Property (including, but not limited to, any mineral lease agreements),
or other agreements for the provision of materials or services to the Property (collectively, “Service Contracts”)
in effect with respect to the Property to which Seller is a party which would be binding on Purchaser or the Property after Closing. To
clarify the foregoing, the Railway Lease is not included within the definition of Service Contracts, nor is any mineral lease to which
Seller is not a party but to which its interest in the Property may be bound, nor is any easement or other agreement that is otherwise
disclosed in the Title Commitment.

 

(e) No bankruptcy,
insolvency, reorganization or similar action or proceeding, whether voluntary or involuntary, is pending, or, to the best of Seller’s
knowledge, has been threatened in writing, against Seller.

 

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(f) There is no
existing or pending litigation or claim with respect to the Property other than such as may exist by reason of the acts or omissions of
Railway, its subtenant or its or their affiliates under the Railway Lease (but Seller has received no notice of any such existing or pending
litigation or claim existing by reason of the acts or omissions of Railway, its subtenant, or its or their affiliates under the Railway
Lease). Seller has no knowledge of, and has received no notice of, (i) any threatened litigation or proceeding by any organization, person,
or governmental agency against Seller with respect to the Property or against the Property; (ii) any violation of the Property’s
compliance with applicable fire safety laws, building code ordinances, zoning ordinances, or any other statutes, ordinances, laws, rules,
or regulations affecting the Property; (iii) any proceedings that could cause the change, redefinition, or other modification of the zoning
classifications, the annexation status, or of other legal requirements applicable to the Property or any part thereof; (iv) any pending
or threatened condemnation proceeding that would affect the Property; (v) any proceedings that could impose any requirement that the owner
of the Property pay, directly or indirectly, any special fees or contributions or incur any expenses or obligations in connection with
the development of the Property or any portion thereof, other than any regular and nondiscriminatory local real estate or school taxes
assessed against the Property; (vi) any proceedings that could cause an increase in the assessed value of the Property; (vii) any disputes
regarding the boundary lines of the Property; or (viii) any notice of default or of any other violation of any of the terms of the Existing
Loans, or any notice of intent to accelerate or notice of acceleration, or of Lender’s exercise of a power of sale or foreclosure
or any other Lender remedies under the Existing Loans.

 

(g) Except as may
be disclosed in the Title Commitment and except with regard to the Railway Lease, Seller has no knowledge of, and has not entered into:
(i) any lease, easement, license, or other agreement granting any third party use or occupancy of the Property; (ii) any agreement granting
any right of first refusal, right or option to purchase, right of first offer, or any other agreement granting any legal or equitable
interest in the Property; (iii) any commitment to any governmental authority, utility company, school board, church or other religious
body, owners’ association or any other organization, group or individual relating to the Property that would impose an obligation
upon Seller or its successors or assigns to make any contributions or dedications of money or land, or to construct, install, or maintain
any improvements of a public or private nature as part of the Property or upon separate lands; or (iv) any other agreement or commitment
that could be binding upon Purchaser as Seller’s successor in title. At Closing there will be no Service Contracts affecting the
Property. Seller has not received or given any notice of default under the Railway Lease, and Seller has no knowledge of any fact or circumstance
that with the passage of time or the giving of notice would constitute a default under the Railway Lease.

 

(h) Seller has
received no notice of the assertion by any federal, state, or local taxing authority of any tax deficiency, lien, interest, or penalty,
special assessment or other assessment against the Property or Seller which has not been paid; and Seller has received no notice that
any audit or inquiry from any federal, state, or local tax authority is pending with respect thereto.

 

(i) At Closing,
there will be no unpaid bills or claims in connection with any work performed for, or material purchased by, Seller or its agents in connection
with the Property.

 

    13

     

    

 

(j) Except as may
be disclosed in any report or survey included in the Due Diligence Materials, Seller has received no notice, nor does Seller have knowledge:

 

(1) that the Property is in violation
of any Environmental Laws (defined below) relating to the Property;

 

(2) of any Hazardous Substances (defined
below) having been used, generated, transported, treated, stored, released, discharged, or disposed of in, onto, under, or from the Property
in violation of any Environmental Laws;

 

(3) of the presence on the Property
now or in the past of (i) asbestos-containing materials, PCBs or urea formaldehyde, (ii) “underground storage tanks” (as defined
under applicable Environmental Laws), above-ground storage tanks, or other containers of Hazardous Substances, (iii) wetlands, (iv) any
landfill, (v) any cemetery or burial ground, or (vi) any endangered species habitat; or

 

(4) of any actions, suits, proceedings,
orders, inquiries, or investigations pending or threatened against, involving, or affecting the Property, at law or in equity, or before
or by any federal, state, municipal, or other governmental department, court commission, board, bureau, agency, or instrumentality, regarding
any Environmental Laws or Hazardous Substances.

 

(5) Seller is not in possession of
information or documents relating to any environmental claims, data, or reports related to the Property that would (i) potentially cause
environmental liabilities for Seller or Purchaser; or (ii) indicate that Seller is a responsible party for existing conditions at the
Property and/or in its subsurface, either through Seller’s operations on the Property, development of the Property, or exacerbation
of prior site conditions at the Property.

 

(6) “Environmental Laws”
means all federal, state, and local laws, statutes, ordinances, regulations, standards, rules, policies, common law rule, and other binding
and non-binding governmental requirements in effect on the date hereof or adopted or modified after the date of this Agreement, and any
judicial or administrative interpretation thereof having the force and effect of law, including, without limitation, any applicable judicial
or administrative order, consent decree, judgment, order, or requirement conferring rights or imposing duties at common law (including,
without limitation, the common law respecting nuisance and tortious liability) relating to (i) emissions, discharges, spills, releases,
or threatened releases of Hazardous Substances into ambient air, atmosphere, soils, surface and ground water, wetlands, watercourses,
stream sediments, publicly or privately owned treatment works, drains, sewer systems, storm water runoff or discharge, septic systems
or onto land; (ii) the use, treatment, storage, disposal, handling, manufacturing, transportation, or shipment of Hazardous Substances;
(iii) the regulation of storage tanks; or (iv) otherwise relating to the regulation and protection of the environment, plant or animal
life, and human health or safety to the extent applicable to the Property or the business or operations thereon. “Hazardous Substances”
means all substances, wastes, pollutants, element, compound, chemical mixture, contaminants, and materials regulated, or defined or designated
as hazardous, extremely or imminently hazardous, dangerous, or toxic, or regulated by, the following federal statutes and their state
counterparts, as well as these statutes’ implementing regulations: the Comprehensive Environmental Response, Compensation and Liability
Act, 42 U.S.C. §§9601 et seq.; the Federal Insecticide, Fungicide, and Rodenticide Act, 7 U.S.C. §§136 et seq.; the
Atomic Energy Act, 42 U.S.C. §§2011 et seq.; and the Hazardous Materials Transportation Act, 49 U.S.C. §§5101 et seq.;
petroleum and petroleum products including crude oil and any fractions thereof; asbestos; and natural gas, synthetic gas, and any mixtures
thereof.

 

    14

     

    

 

(k) From and after
the Effective Date until the Closing Date, Seller has complied with the requirements of Section 6.2.

 

(l) To the knowledge
of Seller, no representation, warranty, or statement of Seller in this Agreement or in any document or information furnished to Purchaser
misstates or omits any material fact that would otherwise make the statements or facts contained therein materially misleading, provided
that any third-party reports included in the Due Diligence Documents shall be governed by Section 3.4.

 

(m) Seller has
not received any notices from any insurance company of any defects or inadequacies in the Property or any part thereof which would materially
and adversely affect the insurability of the Property or the premiums for the insurance therefor.

 

(n) To the knowledge
of Seller, the existing water, sewer, gas, communication and electricity lines, storm sewer and any other utility facilities on the Property
are installed and connected in accordance with valid permits. To the knowledge of Seller, except as may be shown by the Existing Survey
or the New Survey or the Title Commitment, all such utilities serving the Property are located within the Property, within lands dedicated
for public use or within recorded easements for such purpose. To the knowledge of Seller, all such utilities are metered or billed independent
of any other property. To the knowledge of Seller, there are no outstanding obligations to install or pay for any improvements on the
Property or otherwise related to such utilities.

 

(o) Except as provided
in the last sentence of this Section 6.1(o), the Access Area Easements are in full force and effect, there are no uncured events
of default thereunder which could result in a termination or material modification thereof, and Seller is entitled to freely assign its
rights under such Access Area Easements without the consent of the other parties thereto to Purchaser at Closing as part of the Deed.
The Easement Agreement for Access from the City of Dayton recorded as Instrument No. 2021023142 in the Real Property Records of Liberty
County, Texas contains an incorrect legal description which Seller agrees to use best efforts to correct before the Closing Date.

 

    15

     

    

 

Except as provided
in this Section, the representations and warranties of Seller herein shall be true and correct in all material respects from and after
the Effective Date and are remade as of (and with respect to) the Closing Date, shall be a condition to Purchaser’s obligation to
close under this Agreement, and shall survive the Closing for a period of eighteen (18) months following the Closing Date. If during the
term of this Agreement, Purchaser learns that any of Seller’s representations and warranties is not true and correct in all material
respects through no fault of Seller, and Seller fails to cure within five (5) days after notice from Purchaser the matter that causes
a representation or warranty to not be true and correct in all material respects, then Purchaser shall be entitled to terminate this Agreement
in which case the Earnest Money shall be refunded to Purchaser, or waive the breach of such representation and proceed to Closing. For
purposes of this Section 6.1, the term “knowledge” or any derivation thereof shall mean the knowledge after reasonable
inquiry of Mr. Leo S. Schwartz, who is the officer, representative, and/or agent of Seller most knowledgeable with respect to Seller’s
acquisition, development, leasing, management, operation, and disposition of the Property.

 

The following shall
control any contrary provisions in this Section 6.1: If a representation or warranty of Seller which was true when made becomes
untrue in any material respect, then Purchaser shall not (i) have the right to terminate this Agreement and receive a return of its Earnest
Money, or (ii) have a cause of action against Seller, if the condition which caused the representation or warranty to become untrue in
any material respect was the result of an act or omission of Railway, Railway’s subtenant, or any of their affiliates which would
constitute a default under the Railway Lease, or would constitute a default under the Railway Lease with the giving of notice or passage
of time, or both. If Purchaser or Seller acquires knowledge after the Effective Date that would cause Seller’s representation and
warranty set forth in clause (iv) of subsection (f) to be inaccurate in any material respect, then the provisions of Section 8.1
shall govern.

 

6.2 Covenants of Seller.
Between the Effective Date and the Closing Date, Seller hereby covenants as follows:

 

(a) Seller shall
(i) carry on its business and activities relating to the Property in the same manner as it did before the Effective Date of this Agreement,
and (ii) continue to comply with, and otherwise satisfy, all requirements of Seller as “Landlord” under the terms of the Railway
Lease.

 

(b) Seller shall
not further encumber the Property in any manner.

 

(c) Seller shall
timely comply with all its obligations as borrower under the Existing Loans. Seller shall not modify or otherwise amend the terms of the
Existing Loans without Purchaser’s prior written consent, which Purchaser may withhold in its sole discretion.

 

(d) Seller will
cause to be paid any trade accounts, costs and expenses of operation of the Property due and payable prior to the Closing to the extent
such matters are Seller’s responsibility.

 

    16

     

    

 

(e) Seller shall
immediately notify Purchaser if Seller acquires knowledge that any of the representations and warranties of Seller contained in this Agreement
was inaccurate when made or becomes inaccurate in any respect.

 

6.3 Representations and
Warranties of Purchaser. Purchaser represents and warrants the following:

 

(a) Purchaser is
a limited liability company duly formed, validly existing and in good standing under the laws of the state of Delaware. This Agreement
has been—and all the documents executed by Purchaser which are to be delivered to Seller at the Closing will be—duly authorized,
executed and delivered by and is binding upon Purchaser in accordance with its terms; Purchaser has the authority to enter into this Agreement
and nothing prohibits or restricts the right or ability of Purchaser to enter into this Agreement; this Agreement and the actions contemplated
hereby do not and will not hereafter breach, invalidate, cancel, make inoperative or interfere with, or result in the acceleration or
maturity of, any agreement, document, instrument, right or interest to which Purchaser is a party; and the individual signing this Agreement
on behalf of Purchaser has the authority, without the act, signature or consent of any other party which has not been already obtained
to bind Purchaser in connection with this Agreement; and

 

(b) The officers
or agents of Purchaser have due authority to take all actions on behalf of Purchaser reasonably necessary to complete the transaction
contemplated by this Agreement.

 

ARTICLE 7

DEFAULT; REMEDIES

 

7.1 Default of Purchaser
Prior to Closing. If Purchaser defaults in any material respect in the performance of any of its obligations under this Agreement
prior to Closing and fails to cure such default within five (5) business days after receipt of written notice from Seller to Purchaser
specifying such default (except in the case of the Closing obligations for which there shall be no period), then Seller shall be entitled,
as its sole and exclusive remedy, to waive such default or to terminate this Agreement and recover the Earnest Money as liquidated damages
and not as a penalty, if the Closing fails to occur on account thereof. Seller and Purchaser agree that Seller’s damages resulting
from Purchaser’s default are difficult, if not impossible, to determine and that the Earnest Money is a fair estimate of those damages,
which have been agreed to in an effort to cause the amount of said damages to be certain, and that the payment of the Earnest Money upon
such uncured default shall constitute full satisfaction of Purchaser’s obligations hereunder.

 

7.2 Default of Seller Prior
to Closing. If Seller defaults in any material respect in the performance of any of its obligations under this Agreement prior to
Closing and fails to cure such default within five (5) business days after receipt of written notice from Purchaser to Seller specifying
such default (except in the case of the Closing obligations for which there shall be no cure period), then Purchaser shall be entitled
either to: (i) waive such default and proceed to Closing; (ii) terminate this Agreement by giving written notice to Seller before or at
the Closing, whereupon (A) neither party will have any further rights or obligations under this Agreement, (B) the Title Company shall
immediately deliver the Earnest Money to Purchaser, free of any claims of any person, including Seller, and (C) Purchaser shall be entitled
to recover from Seller all actual out-of-pocket third party costs and expenses incurred by Purchaser in connection with the purchase of
the Property pursuant to this Agreement; or (iii) force Seller to consummate the transaction contemplated herein by commencing legal action
for specific performance of Seller’s obligations under this Agreement and related attorneys’ fees and costs as further provided
in this Agreement, except that Purchaser shall be entitled to recover its damages and exercise any other right or remedy Purchaser may
have at law or in equity because of such default if specific performance is not available for any reason. If a bankruptcy proceeding by
or against Seller begins before Closing, then Purchaser shall also be entitled to recover rejection damages as awarded by the bankruptcy
court.

 

    17

     

    

 

7.3 Surviving Duties and
Obligations. Seller or Purchaser, as applicable, shall have the right to pursue all legal and equitable remedies with respect to Surviving
Duties. Notwithstanding anything to the contrary contained herein, Surviving Duties shall survive the Closing for a period of two (2)
years following the Closing Date.

 

ARTICLE 8

RISK OF LOSS

 

8.1 Condemnation. If
all or any portion of the Property is taken or threatened to be taken pursuant to the power of eminent domain, or any proceedings with
respect thereto are instituted or commenced prior to the Closing, the provisions of the Railway Lease shall govern. Purchaser shall not
have the right to terminate this Agreement unless Railway has the right to terminate the Railway Lease.

 

8.2 Damage or Destruction.
Seller shall promptly notify Purchaser, in writing, of the occurrence of any damage to or destruction of all or any portion of the Property.
The provisions of the Railway Lease shall govern the rights and obligations of the parties in the event of any such damage or destruction.

 

8.3 Survival. The provisions
of this Article 8 shall survive Closing or the earlier termination of this Agreement.

 

ARTICLE 9

MISCELLANEOUS

 

9.1 No Brokers. Seller
and Purchaser each hereby warrant and represent to the other that no brokers, agents, finder’s fees or commissions, or other similar
fees, are due or arising in connection with the entering into of this Agreement, the sale and purchase of the Property or the consummation
of transactions contemplated herein, and SELLER AND PURCHASER EACH HEREBY AGREE TO INDEMNIFY AND HOLD THE OTHER HARMLESS FROM AND AGAINST
ALL CLAIMS WHICH THE OTHER PARTY SHALL SUFFER OR INCUR BECAUSE OF ANY CLAIM BY ANY BROKER, AGENT OR FINDER CLAIMING BY, THROUGH OR UNDER
SUCH INDEMNIFYING PARTY, WHETHER OR NOT SUCH CLAIM IS MERITORIOUS, FOR ANY COMPENSATION WITH RESPECT TO THE ENTERING INTO OF THIS AGREEMENT,
THE SALE AND PURCHASE OF THE PROPERTY OR THE CONSUMMATION OF TRANSACTIONS CONTEMPLATED HEREIN. The provisions of this Section 9.1
shall survive Closing and the delivery and recordation of the Deed.

 

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9.2 Duties of Escrow Agent.
The duties of the Escrow Agent shall be as follows: (a) to retain and safely keep all funds, documents and instruments deposited with
it; (b) upon the Closing, to deliver to the parties entitled thereto all funds, documents and instruments to be delivered through Closing;
(c) upon the Closing, to cause the recordation of the Deed and the applicable Assumption Documents in the Real Property Records of Liberty
County, Texas; (d) to comply with all applicable federal, state and local reporting and withholding requirements relating to the close
of this transaction (the parties hereby agreeing that Escrow Agent, as the party responsible for closing the Escrow, shall comply with
the reporting requirements of Section 6045(e) of the Internal Revenue Code and the regulations thereunder; and (e) to comply with the
terms of this Agreement and any additional instructions executed by Seller and Purchaser. The Escrow Agent’s rights and obligations
shall be further specified by such additional terms and provisions acceptable to Seller and Purchaser as said Escrow Agent customarily
requires in real property escrows administered by it; provided, however, in no event shall such additional terms and provisions conflict
with the terms of this Agreement.

 

9.3 Assignability.
Neither party may assign this Agreement without first obtaining the other’s written consent, which consent may be withheld in the
non-assigning party’s sole and absolute discretion. Any assignment in contravention of this provision shall be void. Notwithstanding
the foregoing and without Seller’s prior written consent, Purchaser may assign its rights and obligations as Purchaser under this
Agreement on or before Closing to a special-purpose entity to be formed by Purchaser, as may be required by Lender in connection with
the Assumption Approval. No assignment shall release the assigning party herein named from any obligation or liability under this Agreement.

 

9.4 Confidentiality.
Seller and Purchaser agree to keep this Agreement confidential and, unless otherwise required by law or the rules of any applicable securities
authority, not disclose or make any public announcements with respect to the subject matter hereof without the consent of the other party;
provided the parties may make non-public disclosures with respect to the subject matter of this Agreement to their respective accountants,
attorneys, members and partners, and Purchaser may make such disclosures to Lender and to prospective lenders, investors and persons with
whom it proposes to join with in an entity for purposes of purchasing the Property provided such parties agree to be bound by the terms
of this Section and provided Purchaser shall be responsible for any breach of this Section by such parties. In addition, following Closing,
Purchaser shall have the right to make disclosures and press releases relative to the acquisition contemplated hereunder.

 

    19

     

    

 

9.5 Notice. All notices
required or permitted hereunder shall be in writing and shall be served on the parties at the following addresses:

 

	 	If to Seller:	TRT LEASECO, LLC  
	 	 	c/o BNSF-Delpres Investments, Ltd.  
	 	 	Toronto, ON MSN 6N5  
	 	 	Canada  
	 	 	Attn:  Larry Krauss  
	 	 	Telephone:  	416-222-4446 Ext. 1
	 	 	Facsimile:   	416-222-2772
	 	 	Email:  	lkrauss@terracap.ca
	 	 	 	 
	 	 	TRT LEASECO, LLC  
	 	 	c/o BNSF-Delpres Investments, Ltd.  
	 	 	10290 West Atlantic Avenue, #480127  
	 	 	Delray Beach, FL 33448  
	 	 	Attn:  Leo S. Schwartz  
	 	 	Telephone:  	561-330-4998 / Mobile: 914-980-0953
	 	 	Facsimile:  	561-638-9107
	 	 	Email:  	lschwartz@cric2funds.com
	 	 	 	 
	 	With a copy to:	Scheef & Stone, L.L.P.  
	 	 	Attn:  Kevin Flynn  
	 	 	500 North Akard Street, Suite 2700  
	 	 	Dallas, Texas  75201  
	 	 	Telephone:	214-706-4203
	 	 	Facsimile:	214-706-4242
	 	 	Email:	kevin.flynn@solidcounsel.com
	 	 	 	 
	 	If to Purchaser:	BNSF Dayton LLC  
	 	 	2500 Lou Menk Drive MOB-2  
	 	 	Fort Worth, Texas 76131-2828  
	 	 	Attn:  Christopher J. Danos  
	 	 	Telephone:  	(817) 867-6385
	 	 	Facsimile:  	(817) 352-7157
	 	 	Email:  	christopher.danos@bnsf.com
	 	 	 	 
	 	With a copy to:	BNSF Railway Company  
	 	 	2500 Lou Menk Drive AOB-3  
	 	 	Fort Worth, Texas 76131-2828  
	 	 	Attn:  Shanna S. Cargill, Senior General Attorney  
	 	 	Telephone: 	(817) 352-3304
	 	 	Facsimile:  	(817) 352-2398
	 	 	Email:  	shanna.cargill@bnsf.com
	 	 	 	 
	 	With a copy to:	Kelly Hart & Hallman LLP
	 	 	201 Main Street, Suite 2500
	 	 	Fort Worth, Texas 76102
	 	 	Attn:
    Alan D. Hegi
	 	 	Telephone: 	(817) 878-3589
	 	 	Facsimile: 	(817) 878-9280
	 	 	Email: 	alan.hegi@kellyhart.com

 

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Any such notices shall be: (a)
sent by certified mail, return receipt requested, postage prepaid in the U.S. Mail, (b) sent by a nationally recognized overnight courier,
(c) delivered by hand delivery, or (d) by facsimile transmission (with transmission verification) or electronic mail transmission, provided
a copy is also sent by overnight delivery or mailed via regular mail. Any notice is effective upon deposit with the U.S. Postal Service
or with the overnight delivery service, as applicable, provided that a copy is also sent by electronic mail transmission on the day of
deposit with the U.S. Postal Service or overnight delivery service; all other notices are effective when received. The above addresses
may be changed by written notice to the other party, provided, however, that no notice of a change of address shall be effective until
actual receipt of such notice or refusal of receipt by the addressee of such notice. Copies of notices are for informational purposes
only, and a failure to give or receive copies of any notice shall not be deemed a failure to give notice. Notices given by counsel to
the Purchaser shall be deemed given by Purchaser and notices given by counsel to the Seller shall be deemed given by Seller, but a notice
is not effective against a party if sent only to that party’s counsel.

 

9.6 Attorneys’ Fees.
In the event either party hereto employs an attorney for the purpose of enforcing or construing this Agreement, or any judgment based
on this Agreement, in any legal proceeding whatsoever, including insolvency, bankruptcy, arbitration, declaratory relief or other litigation,
including appeals and rehearings, then the prevailing party in such litigation (as evidenced by a final, non-appealable judgment by a
court of competent jurisdiction) shall be entitled to recover from the other party its reasonable attorneys’ and consultants’
fees and expenses incidental to such litigation and all court costs and fees through all trial and appellate levels. In addition to the
foregoing award of attorneys’ fees to the prevailing party, the prevailing party in any lawsuit shall be entitled to its reasonable
attorneys’ fees incurred in any post-judgment proceedings to collect or enforce the judgment. This provision is separate and several
and shall survive the merger of this Agreement into any judgment with respect hereto. The terms and provisions of this Section shall survive
Closing or earlier termination of this Agreement.

 

9.7 Counterparts. This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument. Electronic signatures via facsimile or PDF attachment via email of a counterpart executed by a party hereto
shall be regarded as executed by such party for purposes hereof and shall be deemed original signatures.

 

    21

     

    

 

9.8 Captions; Terms.
The headings and captions in this Agreement are inserted for convenience of reference and in no way define, describe or limit the scope
or intent of this Agreement or any of the provisions hereof. The terms “hereby,” “hereof,” “hereto,”
“herein,” “hereunder” and any similar terms shall refer to this Agreement, and the term “hereafter”
shall mean after, and the term “heretofore” shall mean before, the Effective Date. Words of the masculine, feminine or neuter
gender shall mean and include the correlative words of other genders, and words importing the singular number shall mean and include the
plural number and vice versa. Words importing persons shall include firms, associations, partnerships (including limited partnerships),
trusts, corporations, limited liability companies and other legal entities, including public bodies, as well as natural persons. The terms
“include,” “including” and similar terms shall be construed as if followed by the phrase “without being
limited to.”

 

9.9 Binding Effect.
This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

 

9.10 Entire Agreement;
Modifications; Waiver. This Agreement, including as necessary the Railway Lease, contains the entire agreement between the parties
relating to the transaction contemplated hereby and all prior or contemporaneous agreements, understandings, representations or statements,
oral or written, are superseded hereby. The Exhibits attached to this Agreement are made a part of this Agreement for all purposes. No
waiver, modification, amendment, discharge or change of this Agreement shall be valid unless the same is in writing and signed by the
party against which the enforcement of such modification, waiver, amendment, discharge or change is sought. The waiver of any term or
provision of this Agreement shall not constitute a waiver of any other term or provision of this Agreement, nor shall the right to require
any enforcement of any term or provision of this Agreement be permanently waived, if a continuing breach of any such term or provision
arises.

 

9.11 Partial Invalidity.
Any provision of this Agreement which is unenforceable or invalid or the inclusion of which would affect the validity, legality or enforcement
of this Agreement shall be of no effect, but all the remaining provisions of this Agreement shall remain in full force and effect.

 

9.12 No Third-Party Rights.
Nothing in this Agreement, express or implied, is intended to confer upon any person, other than the parties hereto, Railway, and their
respective successors and assigns, any rights or remedies under or by reason of this Agreement.

 

9.13 No Partnership.
Seller shall not be deemed to be a partner, joint venturer, co-tenant, agent, guarantor or surety of Purchaser in connection with this
Agreement, the Property or any action taken under or pursuant to this Agreement.

 

9.14 Further Assurances.
Both Seller and Purchaser agree that it will without further consideration execute and deliver such other documents and take such other
action, whether prior or subsequent to Closing, as may be reasonably requested by the other party to consummate more effectively the transactions
contemplated hereby.

 

9.15 Construction.
The parties acknowledge that the parties and their counsel have reviewed and revised this Agreement and that the normal rule of construction
to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement
or any exhibits or amendments hereto.

 

    22

     

    

 

9.16 Computation of Time
Periods. Except where business days are expressly referred to, references in this Agreement to days are to calendar days, not business
days. Business day means any calendar day except a Saturday, Sunday or banking holiday in Tarrant County, Texas.

 

9.17 Holidays. If the
final date of any period provided for herein for the performance of an obligation or for the taking of any action falls on a Saturday,
Sunday or banking holiday, then the time of such period shall be deemed extended to the next day which is not a Saturday, Sunday of banking
holiday in Tarrant County, Texas.

 

9.18 Waiver of Jury Trial.
TO THE MAXIMUM EXTENT PERMITTED BY LAW, EACH OF THE PURCHASER AND SELLER IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO ANY OF THE PROVISIONS OF THIS
AGREEMENT.

 

9.19 Applicable Law.
THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE SUBSTANTIVE LAWS OF THE STATE OF TEXAS. Seller and Purchaser
agree that any litigation instituted in connection with this Agreement shall be in a court of competent jurisdiction, state or federal
sitting in Tarrant County, Texas.

 

9.20 Time. Time is
of the essence of this Agreement.

 

[Remainder of page intentionally left blank.]

 

    23

     

    

 

IN WITNESS WHEREOF, the parties
hereto have executed this Agreement to be effective as of the Effective Date.

 

	 	SELLER:
	 	 
	 	TRT LEASECO, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	/s/ Leo S. Schwartz
	 	 	Leo S. Schwartz, Vice President
	 	 	 
	 	Date of Execution:   12/20/2022
	 	 
	 	PURCHASER:
	 	 
	 	BNSF DAYTON LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/ Chris Danos
	 	Name:	Chris Danos
	 	Title:	President and CEO
	 	 	 
	 	Date of Execution:  12/22/2022

 

    S-1

     

    

 

ACCEPTANCE
AND AGREEMENT OF ESCROW AGENT

 

As of the date shown below,
defined as the Effective Date, the Escrow Agent executes this Agreement to acknowledge receipt of a copy of this Agreement executed on
behalf of Seller and Purchaser, and to confirm its agreement that, upon deposit with the Escrow Agent, the Earnest Money will be held
by the Escrow Agent in accordance with the terms of this Agreement and that the Escrow Agent will comply with all reporting requirements
contained herein. Escrow Agent agrees to immediately deliver to Seller, Seller’s counsel, Purchaser, and Purchaser’s counsel
a copy of this Agreement executed by both parties and Escrow Agent.

 

	 	ESCROW AGENT:
	 	 
	 	TARVER ABSTRACT CO.
	 	 
	 	By:	 
	 	 	Charolette Mercer
	 	 	Senior Escrow Officer
	 	 	 
	 	Date: _________ (the “Effective Date”)

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