Document:

Exhibit 10.27 

 

AGREEMENT OF SALE

 

THIS AGREEMENT
made this 17th day of July, 2014, (the "Effective Date") between Centennial Plaza 555, LLC,
a Delaware limited liability company, with an office at c/o Kimco Realty Corporation, 3333 New Hyde Park Road, Suite 100, New Hyde
Park, New York 10018 (hereinafter, "Seller"), and American Realty Capital IV, LLC, a Delaware limited
liability company, with an office at 405 Park Avenue, 15th Floor, New York , New York 10022 (American Realty Capital
IV, LLC or its permitted assignee pursuant to Section 9 below, hereinafter referred to as, "Buyer").

 

WHEREAS, Seller
owns a shopping center located in Oklahoma City, Oklahoma, commonly known as "Centennial Plaza" (the "Shopping
Center"), and Seller wishes to sell and Buyer wishes to buy the Shopping Center;

 

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

 

1.            DEFINITIONS.
The following expressions shall have the meanings set forth below:

 

1.1           "Real
Estate" means the land described on Exhibit 1 and all of the buildings and other improvements constructed thereon.

 

1.2           "Space
Lease(s)" means all lease(s), license(s), concessions or other occupancy or use agreements (other than subleases,
licenses or concession agreements made by Space Lease tenants except to the extent of Seller's interest, if any), including all
modifications, addenda and supplements thereto and guarantees thereof, applicable to any part of the Real Estate. All existing
Space Leases as of the date hereof are listed on attached Exhibit 2.

 

1.3           "Property"
means collectively all of Seller's rights and interests in the Real Estate, the Space Leases and the other assets described in
Article 2 hereof.

 

1.4           "Closing
Date" means the date on which Closing occurs. "Closing" means the event whereby title to the
Property is actually conveyed by Seller to Buyer.

 

1.5           "Service
Contracts" means all written agreements pursuant to which goods, services or supplies are furnished on a recurring
basis for the operation of the Real Estate. A list of such Service Contracts is attached as Exhibit 3.

 

1.6           "Escrow
Agent" means First American Title Insurance Company.

 

1.7           "Due
Diligence Period" means a period of time commencing on Buyer's receipt of all the Property Information, as defined
in Article 1.14 hereof, and expiring at 5:00 P.M., central standard time, upon the date which is thirty (30) days after Buyer acknowledges
receipt of same using the form attached as Exhibit 9.

 

1.8           "Permitted
Exceptions" means those certain title exceptions as defined in Section 6 hereof.

 

1.9           "Personal
Property" means all personal property and equipment (if any) owned by Seller and located on the Real Estate.

 

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1.10         The
"Deposit" shall consist of the amount of One Million and 00/100ths Dollars ($1,000,000.00) plus all interest
earned thereon.

 

1.11         "Intangibles"
means all trademarks, service marks, trade names, names and logos used in connection with the advertising and promotion of the
Property or otherwise relating to the Property, including, without limitation in any way, the name or trade name "Centennial
Plaza" or any variations thereof, together with all good will of the business connected with the use of and symbolized
by such trademarks, service marks, trade names, names and logos, any telephone numbers and listings for the Property and any copyrights,
trade secrets, intellectual property, assignable warranties and guarantees and other intangible property relating to the Property.

 

1.12         "Effective
Date" means the date on which this Agreement has been duly executed by both Buyer and Seller and a fully executed
counterpart has been received by Buyer; such date shall be inserted (by the last of Buyer or Seller to execute this Agreement)
in the preamble of this Agreement.

 

1.13         "Title
Company" means Escrow Agent.

 

1.14         "Property
Information" means all of the materials to be delivered by Seller to Buyer described on Exhibit 8 attached
hereto in Seller's possession or under Seller's control. Seller shall deliver Property Information to Buyer within ten (10) days
of the Effective Date.

 

2.            SALE
AND PURCHASE. In accordance with the provisions of this Agreement, Seller agrees to sell, convey, assign and transfer to
Buyer, and Buyer agrees to purchase and acquire from Seller, subject to the Permitted Exceptions and Space Leases, all of Seller's
right, title and interest in and to: (a) the Real Estate; (b) the Space Leases; (c) any Personal Property; (d) any land lying
in the bed of any street, road or avenue, opened or proposed, in front of or adjoining the Real Estate; (e) any strips or gores
adjoining the Real Estate; (f) all appurtenances, hereditaments and tenements appertaining to the Real Estate; (g) the Service
Contracts (not including any management and/or leasing agreement); (h) the Intangibles; and (i) all mineral, water and irrigation
rights of Seller, if any, running with or otherwise pertaining to the Real Estate.

 

3.            PURCHASE
PRICE. The "Purchase Price" for the Property shall be Twenty-Seven Million Six Hundred Thousand
and 00/100ths Dollars ($27,600,000.00), and shall be paid as follows:

 

A.            (i)          Not
later than two (2) business days after the full execution of this Agreement, Buyer shall deposit the Deposit with Escrow Agent.
The Deposit shall be in good funds, either by bank check to the order of Escrow Agent or wire transfer of federal funds for immediate
credit.

 

(ii)         The
Deposit shall be invested by Escrow Agent in a sound financial institution's money market fund or account which pays interest or
dividends, in Escrow Agent's name separate from its personal and business accounts. All investment decisions shall be made by Buyer.
If no Closing occurs, all interest or dividends earned shall be paid to the party entitled to the escrowed proceeds, which party
shall pay all income taxes thereon. The parties shall furnish Escrow Agent with their respective tax identification numbers. At
Closing, Escrow Agent shall pay the Deposit (together with all interest earned thereon) to Seller; and the Deposit (including all
interest earned thereon) shall be a credit against the Purchase Price. All escrow fees, if any, charged by Escrow Agent shall be
equally shared by Seller and Buyer. Escrow Agent shall hold the Deposit as set forth above unless either Seller or Buyer makes
a written demand upon Escrow Agent for the Deposit accompanied by a certificate signed by an authorized representative of the party
making the demand stating sufficient facts to show that said party is entitled to receive the Deposit pursuant to the terms of
this Agreement. Upon receipt of such demand, Escrow Agent shall give three (3) days written notice to the other party of such demand
and of Escrow Agent's intention to remit the Deposit to the party making the demand on the stated date, together with a copy of
the affidavit. If Escrow Agent does not receive a written objection before the proposed date for remitting the Deposit, Escrow
Agent is hereby authorized to so remit. If, however, Escrow Agent actually receives written objection from the other party before
the proposed date on which the Deposit is to be remitted, Escrow Agent shall continue to hold the Deposit until otherwise directed
by joint written instructions from Seller and Buyer or until a final judgment of an appropriate court. In the event of a dispute,
Escrow Agent may place the Deposit with an appropriate court and, after giving written notice of such action to the parties, Escrow
Agent shall have no further obligations with respect to the Deposit. The parties acknowledge that Escrow Agent is acting as a stakeholder
at their request and for their convenience, that Escrow Agent shall not be deemed to be the agent of either of the parties, and
the Escrow Agent shall not be liable to either of the parties for any act or omission on its part unless taken or suffered in bad
faith or in willful or negligent disregard of this Agreement. Seller and Buyer shall jointly and severally indemnify and hold Escrow
Agent harmless from and against all costs, claims and expenses, including reasonable attorneys' fees, incurred in connection with
the faithful performance of Escrow Agent's duties hereunder. Escrow Agent acknowledges agreement to the provisions of this Agreement
applicable to it by signing on the signature page of this Agreement.

 

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B.           At
Closing, and subject to the terms and provisions of this Agreement, Buyer shall pay Seller, after deducting the Deposit, the balance
of the Purchase Price by wire transfer of immediately available federal funds. Seller shall furnish Buyer with wire transfer instructions
prior to Closing.

 

C.           In
the event Buyer fails to pay the Deposit as and when required herein, or if paid by check, such check fails to be collected in
the ordinary course of business, Seller shall have the right by written notice to Buyer to terminate this Agreement.

 

D.           In
connection with any Personal Property included in the sale, the parties agree that no part of the Purchase Price shall be deemed
to have been paid by Buyer on account thereof.

 

4.            CONDITIONS
PRIOR TO CLOSING; DUE DILIGENCE PERIOD.

 

4.1           Buyer
shall at Closing accept the Property in AS IS physical condition as exists on the date hereof, subject to reasonable wear and tear
between the date hereof and the Closing Date. Buyer acknowledges that Buyer will have the Due Diligence Period to inspect the Shopping
Center or cause an inspection thereof to be made on Buyer's behalf and it is understood and agreed that neither Seller nor any
person acting or purporting to act for Seller has made or now makes any representation as to the physical condition (latent or
patent or otherwise), income, expense, operation, legality of current rents, or any other matter or thing affecting or relating
to the Shopping Center except as herein specifically set forth. Buyer hereby expressly acknowledges that no such representations
have been made and Buyer further agrees to take the Shopping Center "as is" as of the date hereof and subject to normal
use, wear, tear, and deterioration between now and Closing. Buyer agrees that Seller is not liable or bound in any manner by any
financial or written statements, representations, real estate brokers' "set-ups", or information pertaining to the Shopping
Center furnished by any real estate broker, agent, employee, trustee, servant or other person, unless the same are specifically
set forth herein. It is understood and agreed that all understandings and agreements heretofore had between the parties are hereby
merged in this Agreement which alone fully and completely expresses their agreement and that the same is entered into after full
investigation, neither party relying upon any statement or representation made by the other not embodied in this Agreement.

 

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4.2           On
and after the date hereof, Buyer shall have access to the Property for the purpose of making engineering, survey or non-intrusive
inspections and independent investigations (including, without limitation an environmental Phase I site analysis). Should Seller
receive new or updated Property Information regarding the Property after the date first written above and prior to Closing, Seller
will promptly notify Buyer of such fact and will promptly deliver complete copies thereof to Buyer. Notwithstanding the foregoing,
Buyer shall have no right to, and hereby covenants and agrees that it will not, meet with any Space Lease tenants on the Real Estate
unless Buyer has given not less than forty-eight (48) hours prior written notice of its intention to meet with such tenant regarding
the Property or the Space Lease (which such notice may be delivered by electronic mail) and Buyer has given Seller an opportunity
to be present at such meeting (however, the unavailability of a representative of Seller will not delay or prevent an inspection
by Buyer). Buyer agrees to defend, indemnify and hold Seller harmless from any personal injury or property damage or other damage,
loss or liability caused by the negligence or willful misconduct of Buyer in doing any testing, inspections or survey, or in the
event of a violation by Buyer of its covenants under the preceding sentence; and such obligation shall survive the Closing or sooner
termination of this Agreement; provided, however, such agreement to defend, indemnify and hold Seller harmless shall not apply
to the negligence or willful misconduct of Seller or its agents, employees or contractors. Buyer, its agents, representatives and
contractors, shall enter the Real Estate at their own risk and acknowledge that Seller has not and will not take any steps to secure
the Real Estate or any conditions thereon and Buyer will so advise any person entering the Real Estate on its behalf. Buyer waives
and releases any claims by and on behalf of itself, its agents, representatives and contractors regarding any injury sustained
while on the Real Estate, excepting claims for the negligence or willful misconduct of Seller and/or its agents, employees or contractors.
If this Agreement is canceled for any reason, except Seller's willful default hereunder, Buyer agrees to deliver to Seller upon
payment by Seller to Buyer of Buyer's cost thereof, copies of those non-confidential, non-proprietary third party prepared investigations,
studies and/or tests which Buyer may have elected to obtain.

 

4.3           (a)          Buyer
shall have the Due Diligence Period within which to inspect and examine the Real Estate, the Space Leases and the Service Contracts.
In addition to the information delivered by Seller to Buyer prior to the Effective Date, Seller shall deliver to Buyer (either
by physical delivery or by posting on a website to which Buyer has access) during the term of this Agreement such other documents
or materials regarding the ownership, construction, or operation of the Property which are in the possession or control of Seller
or its agents as Buyer shall reasonably request provided that in no event shall Seller be obligated to deliver or make available
to Buyer any of Seller's internal memoranda or attorney client privileged materials with respect to the Property.

 

(b)          Prior
to the end of the Due Diligence Period, Buyer shall have the right by giving written notice to Seller and Escrow Agent to cancel
and terminate this Agreement for any reason, or no reason at all, without liability except as set forth in Sections 4.2 and 15.7.
Upon receipt of such notice prior to the end of the Due Diligence Period, Escrow Agent shall deliver the Deposit to Buyer. In the
event Buyer fails to give such notice prior to the expiration of the Due Diligence Period, Buyer's right to cancel this Agreement
pursuant to this Section 4 shall lapse.

 

4.4           In
addition to all other conditions precedent set forth in this Agreement, Buyer's obligations to perform under this Agreement and
to close escrow are expressly subject to the following:

 

(a)          the
issuance of an owner's policy (the "Owner's Policy") of title insurance (or a written commitment therefor)
subject only to the Permitted Exceptions in form and content as set forth in Section 6 below;

 

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(b)          the
deposit with Escrow Agent of an executed affidavit of Seller and such other documentation as may be reasonably required by Escrow
Agent to allow for the deletion of the mechanics' lien exception from the Owner's Policy;

 

(c)          Seller
shall diligently and in good faith endeavor to obtain and deposit with Buyer not later than five (5) days prior to the Closing
Date of (i) original, fully executed estoppel certificates (the "Estoppel Certificates") from each of the
tenants under Space Leases in a form that is either (A) required by the Space Lease in question or, (B) if no form is so required,
then in a form reasonably acceptable to Buyer, and, in each case, dated not more than forty-five (45) days prior to Closing (provided,
however, Estoppel Certificates dated more than forty-five (45) days prior to Closing due to Buyer exercising its extension option
pursuant to Section 11.1 of this Agreement shall not be deemed "stale") and naming Buyer (or its designee) and such lender
of which Buyer provides written notice to Seller pursuant to the notice provisions hereof ("Lender") as
addressees and (x) verifying the basic facts of the applicable Space Lease (term, rental, expiration date, options, if any exist),
(y) confirming that there are no defaults by the landlord under the applicable Space Lease, no unperformed or "punchlist"
construction items and no unpaid tenant improvement allowances or leasing commissions, and (z) if tenant's obligations under the
applicable Space Lease have been guaranteed by another person or entity, also cover such guaranty and also be signed by such guarantor(s)
and (ii) an original, fully executed estoppel certificate executed by all other parties to any applicable reciprocal easement agreement
or declaration of covenants, conditions and/or restrictions which Buyer identifies as an "REA" in Buyer's
Title Notice ("REAs") and addressed or certified to Buyer (or its designee and any Lender of which Buyer
provides written notice to Seller pursuant to the terms hereof) stating that such instrument is in full force and effect and is
not modified (except as disclosed in such estoppel certificate) and, to the best knowledge of the party giving the estoppel, the
other party or parties thereto is/are not in default under the applicable instrument and all amounts, if any, owing under the applicable
agreement have been paid in full (each, an "REA Estoppel"). Estoppel Certificates that (1) are dated not
more than the number of days prior to the Closing Date permitted pursuant to the immediately preceding sentence, (2) have all blanks
completed or marked not applicable, as appropriate, (3) have all exhibits completed and attached, as applicable, (4) do not indicate
(x) any material discrepancy from the Property Information, (y) any lease amendment or assignment that was not previously
provided by Seller to Buyer as part of the Property Information received at the commencement of the Due Diligence Period and which
is not reasonably acceptable to Buyer, or (z) any material and adverse claim or landlord default, and (5) if the Tenant's obligations
under the applicable lease have been guaranteed by another person or entity, also cover such guaranty and are also signed by the
guarantor(s) (items (1)-(5) being collectively referred to herein as, the "Estoppel Requirements") are
herein referred to as the "Tenant Executed Estoppel Certificates". In the event that Seller shall not have
obtained Tenant Executed Estoppel Certificates from Home Depot, Gordmans, Best Buy and Guitar Center (collectively, the "Required
Tenant Executed Estoppel Certificates") at the Closing, Buyer shall have the rights set forth in the paragraph following
condition (f) below. Seller agrees to forward any Tenant Executed Estoppel Certificates received by Seller from a tenant to Buyer
within three (3) business days after Seller's receipt of same;

 

(d)          there
has been no "Insolvency Event" with respect to any tenant under the Space Leases. As used in this subsection
(j), an "Insolvency Event" shall have occurred if the tenant becomes insolvent within the meaning of the
United States Bankruptcy Code, 11 U.S.C. Sec. 101 et seq., as amended (the "Bankruptcy Code"), files
or notifies Seller or any affiliate of Seller that it intends to file a petition under the Bankruptcy Code, initiates a proceeding
under any similar law or statute relating to bankruptcy, insolvency, reorganization, winding up or adjustment of debts (collectively,
hereinafter, an "Action"), becomes the subject of either a petition under the Bankruptcy Code or an Action,
or is not generally paying its debts as the same become due;

 

(e)          Intentionally
Deleted.

 

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(f)          delivery
to Buyer of evidence that any existing management agreement and/or leasing agreement entered into by Seller with respect to the
Property has been terminated.

 

If the foregoing conditions (a) through
(f) have not been satisfied by the specified date or the Closing Date, as the case may be, then Seller shall not be in default
except as provided in this Section 4.4, and Buyer shall have the right, by giving written notice to Seller and Escrow Agent, to
(i) cancel and terminate this Agreement without liability except as set forth in Sections 4.2 and 15.7 or (ii) to waive said conditions
and proceed with Closing or (iii) extend such scheduled Closing Date for such amount of time as Buyer deems reasonably necessary
to allow Seller to satisfy conditions (a), (b), (d) and (e) up to a maximum period of fifteen (15) days; provided, however, either
party may elect, by giving written notice to the other party and Escrow Agent, to extend such scheduled Closing Date to allow Seller
to obtain the Required Tenant Executed Estoppel Certificates as provided in the foregoing condition (c) up to a maximum period
of thirty (30) days. Estoppel Certificates shall be dated not more than forty-five (45) days prior to Closing (provided, however,
Estoppel Certificates dated more than forty-five (45) days prior to Closing due to Buyer exercising its extension option pursuant
to Section 11.1 of this Agreement shall not be deemed "stale"). If Buyer elects to give written termination notice as
set forth above, Buyer shall do so not later than three (3) days after the aforesaid specified date or the Closing Date (as may
be extended as provided above), as the case may be; otherwise, Buyer's right to so terminate shall lapse, cease and expire. Upon
receipt of such written notice to terminate, Escrow Agent shall deliver the Deposit to Buyer.

 

Notwithstanding the foregoing paragraph,
Buyer and Seller agree that the following shall be a default or breach under this Agreement and the terms and conditions set forth
in Section 14.2 shall apply:

 

(i)           with
respect to (a) above, Seller's willful action, inaction or refusal resulting in a condition in which Seller has not satisfied the
requirements for the issuance of the Owner's Policy as may be necessary or commercially reasonable for the Title Company to issue
the Owner's Policy;

 

(ii)          with
respect to (b) above, Seller's failure or refusal to deliver the affidavit of Seller in substantially the form attached hereto
as Exhibit 6;

 

(iii)         with
respect to (c) above, Seller's willful action, inaction or failure or refusal to make commercially reasonable efforts to obtain
any of the Estoppel Certificates or REA Estoppels; provided, however, Seller shall not be obligated to expend any funds (other
than any processing fees or charges set forth in the applicable Space Lease or REA), incur any additional liability or make any
concessions under the applicable Space Lease or REA for the purpose of obtaining any Estoppel Certificate or REA Estoppel; or

 

(iv)         with
respect to (f) above, Seller's failure to deliver evidence of the required termination.

 

5.            ADJUSTMENTS
AND PRORATIONS.

 

5.1           Seller
shall be entitled to all income produced from the operation of the Property which is allocable to the period prior to the Closing
Date and shall be responsible for all expenses allocable to that period; and Buyer shall be entitled to all income and responsible
for all expenses allocable to the period beginning at 12:01 A.M. on the Closing Date. At Closing, all items of income and expense
with respect to the Property shall be prorated in accordance with the foregoing principles and the rules for the specific items
set forth hereafter:

 

5.1.1           Seller
shall arrange for a billing under all those Service Contracts for which fees are based on usage and with utility companies for
a billing for utilities, to include all utilities or services used up to the Closing Date, and Seller shall pay the resultant bills.
In the event any of the Service Contracts set forth in Exhibit 3 cover periods beyond the Closing Date the same shall be
prorated on a per diem basis; provided, however, there shall be no apportionment of any fees or charges under any management and/or
leasing agreement for the Property, any such agreement(s) to be terminated by Seller as of the Closing by Seller at Seller's sole
cost and expense. Seller shall provide to Buyer copies of the bills related to any amounts being prorated under the terms of the
prior sentence.

 

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5.1.2       Real
estate taxes, general, special and/or betterment assessments and personal property taxes (collectively "Taxes")
shall be prorated for those Taxes which are due and payable during the calendar or other fiscal tax year in which the Closing Date
occurs.  In the event that as of the Closing Date the actual tax bills for the tax year or years in question are not available
and the amount of taxes to be prorated as aforesaid cannot be ascertained, then rates, millages and assessed valuation of the previous
year, with known changes, shall be used; and after the Closing occurs and when the actual amount of taxes for the year or years
in question shall be determinable, such taxes will be re-prorated between the parties to reflect the actual amount of such taxes.
Notwithstanding anything herein to the contrary, Seller shall be liable for payment of the full amount of any and all roll-back
taxes, if any, owed with respect to the Property.

 

5.1.3       Rentals
and other payments (other than "percentage rent" and common area maintenance charges which are dealt with in Section
5.1.4 and Section 5.1.6) which are payable pursuant to Space Leases shall be prorated on a per diem basis as and when
collected (subject to the provisions of Section 5.3). Buyer shall not be obligated to make any payment or give any credit to Seller
on account of or by reason of any rental or other payments which are unpaid as of the Closing Date, but shall be required to turn
over Seller's share of the same within ten (10) days if, as and when received by Buyer after the Closing; this provision shall
survive Closing.

 

5.1.4       Percentage
rent, if any, payable under each Space Lease shall be prorated with respect to the lease year thereunder in which Closing occurs
on a per diem basis as and when collected. Any percentage rent collected by Buyer including any percentage rent which is delinquent
and pertaining to (i) an entire lease year or accounting period of a tenant under a Space Lease which ends on a date prior to the
Closing Date, or (ii) that portion of a lease year or accounting period of such tenant covering a period prior to the Closing Date
where such lease year or accounting period begins prior to the Closing Date and ends thereafter shall in both cases be paid to
Seller within ten (10) days of receipt by Buyer; and if any tenant's Space Lease provides for offsets or deductions against percentage
rent, then such offsets or deductions shall be prorated in the same manner as the percentage rent itself is prorated. This provision
shall survive Closing. Any percentage rent received by Seller which is to be paid to Buyer under this Section 5 shall be paid to
Buyer within ten (10) days of receipt by Seller.

 

5.1.5 
    Gas, water, electricity, heat, fuel, sewer and other utilities charges to which Section 5.1.1
cannot be applied, and the governmental licenses, permits and inspection fees and operating expenses relating to the Shopping
Center, shall be prorated on a per diem basis.

 

5.1.6       Common
area maintenance expenses and charges shall be prorated. Seller shall be responsible for all common area expenses and charges incurred
prior to the Closing Date, and Buyer shall be responsible for the same on and subsequent to the Closing Date. All common area expense
payments made by each tenant and such charges paid under its Space Lease for the entire lease year during which the Closing occurs,
including end-of-year adjustments, if any, shall be prorated between Seller and Buyer in the following manner: Not later than three
(3) days prior to Closing, Seller shall deliver to Buyer, with regard to each Shopping Center tenant required to pay common area
charges, Taxes and similar expenses ("CAM Charges") under its Space Lease, a detailed computation showing
all CAM Charge expenses incurred by Seller for the period from the beginning of each such tenant's then current billing period
for CAM Charges (e.g., calendar year, lease year, etc.) through the Closing Date, any CAM estimated payments or charges collected
by Seller relating to such tenant (hereinafter "CAM Estimates"), and a bill for the tenant's pro rata share
of CAM Charges (i.e., for CAM charges through the Closing Date net of any such CAM Estimates held by Seller), together with all
invoices and other evidence documenting such CAM Charges in detail required by such tenant's Space Lease. Upon approval by Buyer,
Buyer and Seller shall instruct Escrow Agent to send any such bills to tenants promptly following Closing, in which event such
tenant shall pay any amount shown due directly to Seller, and except as otherwise stated in Section 5.3.3 below Buyer shall have
no responsibility to collect same. However, if any tenant rightfully refuses to pay such bill for CAM Charges due through the Closing
Date, then Buyer shall resubmit such bill to any such tenant at the same time as Buyer next submits Buyer's own bill to any such
tenant; and any payment thereafter made by any such tenant on account of CAM Charges shall belong to and be forwarded within ten
(10) days of its receipt to Seller until Seller's bill is paid in full, provided, however, such amounts shall be applied first
to any amounts due and owing to Buyer for any such CAM Charges for the period in which Buyer owns the Property and then to any
delinquent CAM Charges due Seller for the period through the Closing Date.

 

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Any CAM Estimates for
any tenant shall be retained by Seller up to the amount of the pre-Closing CAM Charges payable by such tenant as evidenced by such
bills and computations delivered by Seller at Closing, and Buyer shall receive a credit for any excess CAM Estimates collected
by Seller.

 

5.1.7       All
unpaid tenant improvement costs or allowances, free rent periods or rental abatements, concessions and other inducements and all
brokerage commissions and referral fees relating to the Space Leases shall be the obligation of Seller.

 

(a) The parties acknowledge
that the Space Lease for Natural Spa (the "Natural Spa Lease") contains a tenant allowance in the amount
of Nine Thousand Two Hundred Fifty and 00/100ths Dollars ($9,250.00). If any of such amounts shall remain unpaid on Closing
Date, Seller shall deposit the foregoing sums into an escrow account with Escrow Agent at Closing and then Escrow Agent shall disburse
such amounts upon the joint direction of Seller and Buyer when and to the extent that the tenant under the Natural Spa Lease ("Natural
Spa") has satisfied the conditions for receipt of any portion of the tenant allowance under the Natural Spa Lease
("Natural Spa Disbursement Conditions"). If the Natural Spa Disbursement Conditions have not been satisfied
by Natural Spa as to any remaining portion of the tenant improvement allowance on or before July 30, 2015, and Natural Spa has
not made a request or asserted a claim for the payment by the landlord under the Natural Spa Lease of any portion of such allowance
that remains unpaid, such remaining portions of tenant improvement allowance shall be disbursed by Escrow Agent to Seller. In the
event that, as of July 30, 2015, Natural Spa has made a request or asserted a claim for Landlord's payment of any portion of the
foregoing tenant allowance that remains unpaid, such remaining portions of tenant improvement allowance shall continue to be held
by Escrow Agent to be disbursed upon the joint direction of Seller and Buyer as provided above.

 

(b) The parties acknowledge
that the Space Lease for The Nail Spa (the "Nail Spa Lease") contains a tenant improvement allowance in
the amount of Twenty-Five Thousand and 00/100ths Dollars ($25,000.00) in connection the expansion of space by The Nail Spa under
the Second Amendment to Lease dated February 19, 2014 (the "Nail Spa Amendment"). If any of such amounts
shall remain unpaid on Closing Date, Seller shall deposit the foregoing sums into an escrow account with Escrow Agent at Closing
and then Escrow Agent shall disburse such amounts upon the joint direction of Seller and Buyer when and to the extent that the
tenant under the Natural Spa Lease ("Nail Spa") has satisfied the conditions for receipt of any portion
of the tenant allowance under the Nail Spa Lease ("Nail Spa Disbursement Conditions"). If the Nail Spa
Disbursement Conditions have not been satisfied by Nail Spa as to any remaining portion of the tenant improvement allowance on
or before July 30, 2015, and Nail Spa has not made a request or asserted a claim for the payment by the landlord under the Nail
Spa Lease of any portion of such allowance that remains unpaid, such remaining portions of tenant improvement allowance shall be
disbursed by Escrow Agent to Seller. In the event that, as of July 30, 2015, Nail Spa has made a request or asserted a claim for
Landlord's payment of any portion of the foregoing tenant allowance that remains unpaid, such remaining portions of tenant improvement
allowance shall continue to be held by Escrow Agent to be disbursed upon the joint direction of Seller and Buyer as provided above.

  

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(c)   Seller has contracted
with Michael V Construction ("Contractor") to perform parking lot light replacement at the Shopping Center
in the amount of Forty-Seven Thousand Five Hundred Twenty and 00/100ths Dollars ($47,520.00)(the "MV Contract").
Pursuant to the terms of the MV Contract, the work under the MV Contract is scheduled to be completed on or before August 15, 2014.
Seller cause Contractor to perform its obligations as and when required under the MV Contract, and in any event as soon as is reasonably
practicable under the terms of the MV Contract, and without the existence of any liens relating the work by Contractor. In the
event such work is not completed by the Closing Date, Seller shall deposit the foregoing amount into an escrow account with Escrow
Agent at Closing and then have such amount disbursed upon the joint direction of Seller and Buyer when and to the extent that such
work has been completed in accordance with the terms and conditions of the MV Contract ("MV Contract Disbursement Conditions").
In the event that the work under the MV Contract has not been completed by August 15, 2014, Buyer shall be entitled to cause all
remaining work under MV Contract to be completed, and Escrow Agent shall disburse to Buyer the costs of such work within ten (10)
days after Buyer delivers to Escrow Agent and Seller written evidence of Buyer's completion of such work, along with copies of
invoices therefor, and in such event, Seller shall indemnify, defend and hold Buyer harmless from and against any and all losses,
costs, expenses, claims and/or damages suffered by Buyer arising out of claims asserted by Contractor under the MV Contract due
to Seller's failure to pay sums owed under the MV Contract. If the MV Contract Disbursement Conditions as to any portion of the
amounts owed to Contractor have not been satisfied by Contractor on or before July 30, 2015, and Contractor has not made a request
or asserted a claim for the payment by the owner under the MV Contract, such remaining portions of the escrowed amount for the
MV Contract shall be disbursed by Escrow Agent to Seller. In the event that, as of July 30, 2015, Contractor has made a request
or asserted a claim for Landlord's payment of any portion of the foregoing escrowed amount that remains unpaid, such remaining
portions of escrowed amount for the MV Contract shall continue to be held by Escrow Agent to be disbursed upon the joint direction
of Seller and Buyer as provided above.

 

5.1.8   
  All prepaid rentals, other prepaid payments (other than monthly real estate tax or CAM estimates or
installments), security deposits, electric, gas, sewer and water deposits deposited with Seller by tenants, (including any
accrued interest required under any Space Lease on all of the foregoing, unless Seller is entitled to retain the benefit
thereof) under any Space Leases, license agreements or concession agreements relating to the Property, shall all belong to
Buyer and all shall be assigned and delivered to Buyer at Closing, whereupon Seller shall be released from all liability with
respect thereto. At Seller's option, Buyer shall receive a cash credit in the amount of all Security Deposits to be delivered
to Buyer at Closing, and Seller may retain same.

 

5.1.9       Buyer
shall not be responsible for any charges, salaries, vacation pay or fringe benefits of employees of Seller prior to or following
the Closing and none of the foregoing shall be prorated.

 

5.2           All
prorations and payments to be made under the foregoing provisions shall be made on the basis of a written statement or statements
delivered to Buyer by Seller and approved by Buyer. In the event any prorations, apportionments or computation shall prove to be
incorrect for any reason, then either party shall be entitled to an adjustment to correct the same, provided that it makes written
demand on the one from who it is entitled to such adjustment within three hundred sixty-five (365) days after the erroneous payment
or computation was made; this provision shall survive Closing.

 

    	9

    	 

    

 

5.3           All
accounts receivable flowing from the Property shall be treated as follows:

 

5.3.1       Buyer
and Seller agree to treat all base or minimum rental payments received from a tenant as applicable to base or minimum rent which
was owed by that tenant, if any, first for the month prior to the month in which Closing occurs and next for the month in which
Closing occurs until the base or minimum rental amount due to Seller for such periods have been collected. In the event that there
remains any unpaid base or minimum rent for a period prior to such periods, all payments of base or minimum rent received from
such tenant shall be applied to sums owed Buyer before any part thereof shall be treated as belonging to Seller. In the event that
there remains any unpaid tenant receivable other than base or minimum rent (including without limitation any tax, CAM, insurance
or percentage rent payments) for any period prior to Closing, all payments received from any tenant in arrears (whether base or
minimum rent or any other amount) shall be applied to any such sums owed Seller from such tenant before any part thereof shall
be treated as belonging to Buyer.

 

5.3.2       In
the event that any tenant of Seller or Buyer shall hereafter apply or shall have heretofore applied for relief under the provisions
of any bankruptcy or similar laws for the protection of debtors, the provisions of Section 5.3.1 shall not apply, and the parties
shall have the right to seek collection of their respective accounts, their entitlements being determined by the Closing and the
other provisions of this Agreement. Neither party shall have the right to enter into any transactions that purport to compromise
claims belonging to the other, without the other party's prior written consent.

 

5.3.3       If
at the Closing Date any tenants owe Seller any money, Seller shall have the right, subsequent to the Closing, to collect such sums
directly from the tenants including bringing lawsuits against the tenants (at Seller's sole expense) for such collection; provided,
however, Seller agrees that any such legal action or collection shall not include any disturbance of the possession, use or occupancy
of the tenants or any right to evict the tenants, whether pursuant to the lease provisions or otherwise. Seller shall notify Buyer
in writing at least 5 days prior to Closing Date of any such amounts due from any tenant and Buyer shall have the right by giving
written notice to Seller and Escrow Agent to either (a) extend such scheduled Closing Date for a period of fifteen (15) days to
permit Seller the opportunity to resolve any claim of amounts due and owing by any tenant or (b) waive any objection to Seller's
claim of amounts due and owing Seller by such tenant whereupon the transaction shall close on the scheduled Closing Date and Seller
shall have the right to pursue such monetary claim as set forth in this paragraph.

 

5.4           The
provisions of this Article 5 will survive Closing.

 

6.            TITLE
AND SURVEY.

 

6.1           Seller
shall convey and Buyer shall accept a title such as a reputable title insurance company licensed to do business in the State wherein
the Shopping Center is located will be willing to approve and insure subject only to Permitted Exceptions as provided for in this
Agreement. Buyer acknowledges that it has heretofore received copies of Seller's existing title insurance policy for the Real Estate
(the "Existing Title Policy"). Promptly following the execution of this Agreement, Buyer shall obtain (at
its expense) a survey ("Survey"), which Survey shall be certified to Seller and Buyer and such other parties
as Buyer may require. Buyer shall promptly furnish Seller with a copy of such Survey upon receipt thereof. Promptly following the
execution of this Agreement, Buyer shall also obtain a title insurance commitment (the "Title Commitment")
from the Title Company; and the Title Company shall promptly furnish Seller with true accurate and complete copies thereof (including
true, accurate and complete copies of all underlying title exception documents referenced therein). The cost of the Title Commitment
shall be shared equally between Buyer and Seller. Not later than the expiration of the Due Diligence Period, Buyer shall give Seller
written notice ("Buyer's Title Notice") of any title exception matters which are contained in the Title
Commitment or Survey to which Buyer objects. Buyer's Title Notice shall also identify REAs, if any, as to which Buyer requires
as REA Estoppel. Failure by Buyer to give Buyer's Title Notice (or to object to any matter referenced in the Title Commitment or
Survey) to Seller on or before said date shall constitute Buyer's final and irrevocable approval of the condition of title (and
to any such unobjected to matter) in and to the Real Estate. If Buyer's Title Notice shall be timely given Seller shall notify
Buyer in writing within five (5) days after receiving Buyer's Title Notice, if Seller does not intend to remove (or cause the Title
Company to endorse over, to Buyer's satisfaction) or otherwise cure any matter set forth in Buyer's Title Notice. Seller's lack
of a response shall be deemed as Seller's refusal to remove or otherwise cure the matter or matters set forth in Buyer's Title
Notice prior to the Closing, it being nevertheless agreed that Seller shall have no obligation to undertake any action or to incur
any expense in order to effectuate any such removal, correction, cure or satisfaction. In the event that Seller elects not to attempt
to remove, correct, cure or satisfy the matters raised in Buyer's Title Notice (hereinafter called "Title Correction"),
Buyer shall have the right at its sole option either (a) to terminate this Agreement, in which event the Deposit shall be returned
to Buyer and neither party shall thereafter have any further liability hereunder, except as set forth in Sections 4.2 and 15.7,
or (b) to accept such title as is disclosed by the Title Commitment and Survey without title correction and without any reduction
to the Purchase Price, thereby waiving any rights against Seller with respect thereto. Said election shall be made by Buyer within
five (5) days following Buyer's receipt of written notification by Seller that Seller has elected not to effectuate (or is deemed
to have elected not to effectuate) any such Title Correction.

 

    	10

    	 

    

 

In the event either the
Title Commitment or Survey is amended to include new exceptions or other matters that are not set forth in a prior Title Commitment
or Survey (as applicable), Buyer shall have until the later of (i) the expiration of the Due Diligence Period, or (ii) the date
that is five (5) days after Buyer's receipt of the amended Title Commitment or Survey (as applicable) and copies of the documents
identified in the new exceptions or new requirements, within which to cancel this Agreement and receive a refund of the Deposit
or to provisionally accept the title subject to Seller's agreement to cause the removal of or otherwise cure the Title Correction
matter given to Seller in a supplemental Buyer's Title Notice with respect to any such new Title Commitment or Survey matter. If
supplemental Buyer's Title Notice shall be timely given Seller shall notify Buyer in writing within five (5) days after receiving
such Buyer's Title Notice, if Seller does not intend to remove (or cause the Title Company to endorse over, to Buyer's satisfaction)
or otherwise cure any matter set forth in Buyer's Title Notice. Seller's lack of a response shall be deemed as Seller's refusal
to effectuate any such Title Correction, it being nevertheless agreed that Seller shall have no obligation to undertake any action
or to incur any expense in order to effectuate any such Title Correction. In the event that Seller elects not to attempt to effectuate
the Title Correction, Buyer shall have the right at its sole option either (a) to terminate this Agreement, in which event the
Deposit shall be returned to Buyer and neither party shall thereafter have any further liability hereunder, except as set forth
in Sections 4.2 and 15.7, or (b) to accept such title as is disclosed by the Title Commitment and Survey without Title Correction
and without any reduction to the Purchase Price, thereby waiving any rights against Seller with respect thereto. Said election
shall be made by Buyer within five (5) days following Buyer's receipt of written notification by Seller that Seller has elected
not to effectuate (or is deemed to have elected not to effectuate) any such Title Correction.

 

If Seller agrees to
effectuate any such Title Correction as described in this Section 6.1 but fails or is unable to do so by the scheduled Closing
Date, Buyer shall, within five (5) days after said scheduled Closing Date, notify Seller and Escrow Agent in writing of Buyer's
election to either (i) declare Seller to be in breach under this Agreement under the terms and conditions set forth in 14.2, or
(ii) waive such applicable Title Correction matter whereupon the transaction shall close five (5) days after Buyer notifies Seller
of such election. If written notice of such election is not timely given by Buyer pursuant to the foregoing sentence, then Buyer
shall be deemed to have elected to declare Seller to be in breach of this Agreement as set forth in such sentence.

 

    	11

    	 

    

 

"Permitted
Exceptions" shall mean (i) all title matters and exceptions set forth in the Title Commitment and any update or revision
to the Title Commitment which are not subject to any Title Correction or which are otherwise accepted or waived by Buyer or deemed
accepted or waived by Buyer and (ii) all Survey matters and issues disclosed by the Survey or by any update or revision to the
Survey which are not subject to any Title Correction or which are otherwise accepted or waived by Buyer or deemed accepted or waived
by Buyer; and (iii) the tenant Space Leases.

 

Notwithstanding anything
to the contrary hereinabove provided, Seller covenants and agrees that at or prior to Closing, Seller shall (i) pay in full and
cause to be canceled and discharged or otherwise cause the Title Company to insure over all mechanics' and contractors' liens which
encumber the Real Estate as of the date of Closing and which have been placed on the Real Estate in connection with work authorized
by Seller, (ii) pay in full all past due ad valorem taxes and assessments of any kind constituting a lien against the Real Estate
or the Personal Property, and (iii) cause to be released all loan security documents which encumber Seller's interest in the Property,
and in no event shall any such matters be deemed to be Permitted Exceptions.

 

6.2           If
at the Closing Date there may be any liens or encumbrances which render title unmarketable and are not Permitted Exceptions hereunder,
and which Seller is obligated or desires to pay and discharge, Seller may use any portion of the balance of the Purchase Price
to satisfy the same, provided Seller shall simultaneously either deliver to Buyer at the Closing instruments in recordable form
and sufficient to satisfy such liens and encumbrances of record together with the cost of recording or filing said instruments;
or provided that Seller has made arrangements with the title company in advance of Closing, Seller will deposit with said company
sufficient monies, acceptable to and required by it to insure obtaining and the recording of such satisfactions and the issuance
of title insurance to Buyer either free of any such liens and encumbrances, or with insurance against enforcement of same out of
the insured premises. Buyer, if request is made within a reasonable time prior to the Closing, agrees to provide at the Closing
separate certified checks as requested, aggregating the amount of the balance of the Purchase Price, to facilitate the satisfaction
of any such liens and encumbrances. The existence of any such liens and encumbrances shall not be deemed objections to title, if
Seller shall comply with the foregoing requirements. Unpaid liens for taxes, water charges, sewer rents and assessments which are
the obligation of Seller to satisfy and discharge shall not be objections to title, but the amount thereof, plus interest and penalties
thereon, shall be deducted from the Purchase Price to be paid hereunder and allowed to Buyer, subject to the provisions for apportionment
of taxes, water charges and sewer rents contained herein. Unpaid franchise tax of any corporation in the chain of title, or estate,
income or other taxes which may be liens against the Property as of the Closing Date shall not be an objection to title, provided
the title company agrees to insure against the collection of said taxes from the Property and in such event if required by the
title company, Seller agrees to deposit at Closing with the title company an amount deemed reasonable by it to secure the payment
of such unpaid franchise tax, or other tax.

 

6.3           Subject
to the third paragraph of Section 6.1, in the event that Seller is unable to convey title in accordance with the terms of this
Agreement, the sole responsibility of Seller will be to refund (or cause to be refunded by the Escrow Agent) to Buyer the Deposit;
upon the making of such refund, this Agreement shall be deemed canceled, neither party shall have any further claim against the
other by reason of this Agreement, except that Buyer shall remain liable on its obligations under Sections 4.2 and 15.7.

 

    	12

    	 

    

 

6.4           All
costs of obtaining the standard policy of title insurance (without endorsements) shall be paid by Seller. Buyer shall pay the cost
of any endorsements it requires to its title policy, provided, however, Seller shall be responsible for the costs related to any
endorsements required to cure one or more of the matters set forth in Buyer's Title Notice to the extent that Seller has agreed
to effectuate a correction or cure to such Buyer's Title Notice matter.

 

7.            DAMAGE,
DESTRUCTION OR REQUIRED ALTERATION.

 

7.1           Prior
to Closing, in the event of any damage to or destruction of all or part of the Real Estate (notice of which shall be given to Buyer
by Seller as soon as practicable following its occurrence), then Seller shall have the right (but not the obligation) to adjourn
the Closing Date for up to thirty (30) days in order to repair or replace such damage or destruction, except that if:

 

(a)          the
cost of such repair or replacement exceeds one hundred thousand dollars ($100,000.00);

 

(b)          as
a result of the damage or destruction any tenant has a right of termination under any of the Space Leases and such tenant has not
permanently waived such right of termination in writing prior to the date on which Buyer must make its election to terminate below;
or

 

(c)          as
a result of the damage or destruction any tenant has a right to permanently abate or offset its rent under its applicable Space
Lease;

 

then in any such case (i) Buyer shall have
the right to terminate this Agreement by giving Seller written notice of its intention to do so, such notice by Buyer to Seller
to be given not later than three (3) days after Buyer shall have received the notice from Seller of such aforesaid occurrence,
(in which event the Deposit shall forthwith be returned to Buyer, whereupon this Agreement shall be null and void and of no further
force or effect whatsoever, except that Buyer shall remain liable on its obligations under Sections 4.2 and 15.7); or (ii) if Buyer
elects not to (or does not have the right to) terminate this Agreement, this Agreement shall continue in full force and effect
except that at Closing Buyer shall receive an abatement of the Purchase Price in an amount equal to a reasonable good faith estimate
of the amount required to repair and restore all unrepaired damage as agreed between Buyer and Seller including all costs, expenses,
abated rents and other amounts incurred or to be incurred as a result of the damage or destruction (and Seller shall retain all
rights to collect insurance proceeds for such loss(es)). If, despite good faith effort to agree, Buyer and Seller shall be unable
to agree upon the amount of the abatement to the Purchase Price, then either party may terminate this Agreement by giving written
notice to the other party and Escrow Agent (in which event, the Deposit shall forthwith be returned to Buyer, whereupon this Agreement
shall be null and void and of no further force or effect whatsoever, except that Buyer shall remain liable on its obligations under
Sections 4.2 and 15.7).

 

7.2           (a)          In
the event that any governmental authority having jurisdiction of all or part of the Real Estate has notified Seller before the
Closing that some alteration of or addition to the Real Estate is required to be made by law, rule or regulation (notice of which
shall be given to Buyer by Seller as soon as practicable after its receipt) or otherwise requires a cure of a violation, then (subject
to the provisions of Section 7.2(b)) Seller shall have the right (but not the obligation) to undertake such alteration or addition
or cure; provided, however, that if the cost of such alteration or addition or cure shall exceed the sum of one percent (1%) of
the Purchase Price, then in such event Seller may either elect to pay the entire cost and cure the same before the scheduled Closing
or may decline to undertake the same, in which event Buyer shall have the option, exercisable within three (3) days following notice
from Seller of the requirement and Seller's refusal to comply therewith, (i) to terminate this Agreement by giving Seller notice
thereof (in which event the Deposit shall forthwith be returned to Buyer, whereupon the Agreement shall be null and void and of
no further force or effect whatsoever, except that Buyer shall remain liable on its obligations under Sections 4.2 and 15.7); or
(ii) if such notice of termination is not timely given, to proceed with the Closing, in which event the Purchase Price shall be
reduced by a reasonable good faith estimate of the cost to cure, up to the maximum sum of one percent of the Purchase Price as
agreed between Buyer and Seller. If, despite good faith effort to agree, Buyer and Seller shall be unable to agree upon the amount
of the abatement to the Purchase Price, then either party may terminate this Agreement by giving written notice to the other party
and Escrow Agent (in which event, the Deposit shall forthwith be returned to Buyer, whereupon this Agreement shall be null and
void and of no further force or effect whatsoever, except that Buyer shall remain liable on its obligations under Sections 4.2
and 15.7).

 

    	13

    	 

    

 

(b)          Notwithstanding
the foregoing provisions of Section 7.2(a), Seller shall have no obligation to cure or pay for, and subject to Section 10 below
Buyer shall take subject to, any violation which either (i) is first placed (i.e., notice first given to Seller or first placed
of record) after the Effective Date of this Agreement, provided such violation is not caused by the affirmative act or intentional
omission of Seller, or (ii) is the responsibility of a Shopping Center tenant to cure or discharge pursuant to its Space Lease.

 

8.            EMINENT
DOMAIN. In the event that any eminent domain proceedings shall be commenced prior to the Closing, and:

 

(a)            the
cost of repair or replacement related to such proceedings exceeds one hundred thousand dollars ($100,000.00); or

 

(b)           as
a result of the eminent domain proceedings any tenant has a right of termination under any of the Space Leases and such tenant
has not permanently waived such right of termination in writing prior to the date on which Buyer must make its election to terminate
below; or

 

(c)          as
a result of the eminent domain proceedings any tenant has a right to permanently abate or offset its rent under its applicable
Space Lease;

 

then in any such case (i) Buyer shall have
the right to terminate this Agreement by giving Seller written notice of its intention to do so, such notice by Buyer to Seller
to be given not later than three (3) days after Buyer shall have received the notice from Seller of such aforesaid proceedings,
(in which event the Deposit shall forthwith be returned to Buyer, whereupon this Agreement shall be null and void and of no further
force or effect whatsoever, except that Buyer shall remain liable on its obligations under Sections 4.2 and 15.7); or (ii) if Buyer
has the right to terminate this Agreement pursuant to this Section 8 and Buyer elects not to terminate, or in any case wherein
Buyer does not have the right to terminate, Buyer and Seller shall consummate Closing on the Closing Date, without any reduction
to or abatement of the Purchase Price, and all condemnation awards shall belong to Buyer; provided, however, Seller shall have
the right to a portion of the condemnation award for Seller's actual, out-of-pocket expenses incurred with respect to the condemnation
action but only to the extent such award is separately made and itemized by the governmental authority or subdivision under its
eminent domain or condemnation powers. 

 

9.            ASSIGNMENT.
Buyer shall not have the right to assign this Agreement or its rights under this Agreement without obtaining in each instance Seller's
prior written consent. Notwithstanding the foregoing, Buyer shall have the right, without Seller's consent, to assign its entire
right, title and interest in and to this Agreement, expressly including the Deposit, to any entity or entities that is or are controlled
by, controlling or under common control with Buyer (an "Affiliate"); provided that, not less than two (2) business
days prior to Closing, Seller receives an executed assignment and assumption agreement, in form reasonably acceptable to Seller,
which expressly assigns the Deposit and in which such assignee expressly assumes performance of this Agreement for the benefit
of Seller, provided that such Affiliate qualifies under Paragraph 10A, below. Further, Buyer is entering into this Agreement for
and on behalf of ARC CPOKCOK001, LLC (collectively, "Approved Assignee") and intends, and shall have the right,
to assign its rights under this Agreement to Approved Assignee prior to Closing. Notwithstanding the foregoing, Buyer shall also
have the right to assign this Agreement and its rights hereunder to American Realty Capital – Retail Centers of America II,
Inc., or one of its affiliates, without any consent of Seller being required, so long as such assignee qualifies under Paragraph
10A below. Buyer may also designate someone other than Buyer, as grantee and/or assignee, under the transfer documents by providing
written notice of such designation at least two (2) days prior to Closing. No assignment shall release or otherwise relieve Buyer
from any obligations hereunder; provided, however, with respect to any assignment, if Closing occurs the assigning party (but not
the assignee) shall be relieved of all its obligations arising under this Agreement before, on and after Closing.

 

    	14

    	 

    

 

10.           SELLER'S
COVENANTS AND REPRESENTATIONS. As of the date hereof, and to the best of Seller's knowledge, Seller covenants and represents
to Buyer the following:

 

10.1         Seller
is validly existing and in good standing under the laws of the state of its organization and has obtained any consents required
to permit the transactions contemplated by this Agreement including the sale of the Property to Buyer.

 

10.2         The
Space Leases described in Exhibit 2 comprise all the Space Leases presently existing. Following a date which is two (2)
business days prior to the expiration of the Due Diligence Period (the "Cut Off Date"), and prior to Closing,
Seller will not, without the prior written consent of Buyer (which Buyer agrees not to unreasonably withhold or delay), cancel
(except for default by a tenant) or amend any Space Lease, or enter into any new Space Lease or any Service Contract affecting
the Property not cancelable on 30 days' notice. On or prior to the Cut Off Date, Seller may take any of the foregoing actions without
Buyer's consent, provided it delivers a copy of any new documentation evidencing same to Buyer promptly after any such action is
taken and, in any event, not later than three (3) business day prior to the expiration of the Due Diligence Period.

 

10.3         Except
as otherwise expressly provided herein, there will be at Closing no contracts or agreements affecting the Property which would
be binding on Buyer following Closing other than the Service Contracts, Space Leases and Permitted Exceptions; and there are no
on-site employees or hired persons in connection with the management, operation or maintenance of the Property; and Buyer shall
have no obligation, liability or responsibility with respect to charges, salaries, vacation pay, fringe benefits or like items
subsequent to Closing, nor with any management or employment agreements with respect to the Property.

 

10.4         The
signatories to this Agreement on behalf of Seller have the power and authority to enter into this Agreement and to bind Seller
to the provisions hereof.

 

10.5         Seller
has not received written notice of any violation (or any pending investigation) and, to Seller's knowledge, no written notice of
violation (or pending investigation) has been issued with regard to any applicable regulation, ordinance, requirement, covenant,
condition or restriction relating to the present ownership, operation, use or occupancy of the Property by any person, authority
or agency having jurisdiction.

 

10.6         Seller
has not received written notice of and, to Seller's knowledge, there are no intended public improvements which will or could result
in any charges being assessed against the Property which will result in a lien upon the Property.

 

    	15

    	 

    

 

10.7         Seller
has not received written notice of any and, to Seller's knowledge, there is no impending or contemplated condemnation or taking
by inverse condemnation of the Property, or any portion thereof, by any governmental authorities.

 

10.8         Seller
has not received written notice of any and, to Seller's knowledge, there are no suits or claims pending or threatened with respect
to or in any manner affecting the Property, nor does Seller know of any circumstances which should or could reasonably form the
basis for any such suits or claims which have not been disclosed in writing to Buyer by Seller.

 

10.9         Seller
has not entered into and there is not existing any other agreement, written or oral, under which Seller is or could become obligated
to sell the Property, or any portion thereof, to a third party.

 

10.10       Seller
has not taken any action before any governmental authority having jurisdiction thereover, the object of which would be to change
the present zoning of or other land-use limitations, upon the Property, or any portion thereof, or its potential use, and, to Seller's
knowledge, there are no pending proceedings, the object of which would be to change the present zoning or other land-use limitations.

 

10.11       Seller
has not received any written notice of a default of Seller under any of the Space Leases; Seller has sent no written notice of
default to any tenant under the Space Leases and, to Seller's knowledge, no default of any tenant exists under any of the Space
Leases; Seller has not received any written notice or correspondence from any tenant or such tenant's agents indicating such tenant's
desire, willingness or intent to amend, modify, assign or terminate the applicable Space Lease nor any notice or correspondence
requesting the consent of Seller to any of the foregoing, except for Guitar Center, which has asked for an amendment to its use
clause. There exists no exclusive or continuing leasing or brokerage agreements as to any premises in the Property which will survive
the Closing.

 

10.12       To
Seller's knowledge, there are no proceedings pending for the increase of the assessed valuation of the Real Property.

 

10.13       Seller
has not withheld any information within its possession or of which it is actually aware regarding the Property or any part thereof
that would reasonably be considered by an experienced purchaser to be material to that purchaser's decision to acquire the Property.

 

10.14       Seller
shall not, without the prior written consent of Buyer, provide a copy of, nor disclose any of the terms of, this Agreement to any
appraiser, and Seller shall instruct Seller's broker that it may not provide a copy of nor disclose any of the terms of this Agreement
to any appraiser without the prior written consent of Buyer.

 

10.15       No
specific items of Personal Property are identified as part of the Personal Property included in the purchase and sale of the Property.

 

10.16       Seller
has not received written notice of any amount due and payable under the REAs which has not been paid by Seller or written notice
of any default by Seller under any of the REAs and to Seller's knowledge, no other party to any of the REAs is in default under
the terms of any of the REAs.

 

10.17       Seller
is not a foreign person (as defined in Section 1445 of the Internal Revenue Code of 1986, as amended, and the regulations promulgated
thereunder).

 

    	16

    	 

    

 

Seller will use commercially
reasonable efforts to keep Buyer timely and fully informed of any events which cause any of Seller's representations contained
in this Section 10 to be no longer accurate in any material respect. All of the representations of Seller contained in this Section
10 shall be deemed remade in all material respects on and as of the Closing Date, subject to any changes which have been disclosed
in writing to Buyer prior to the Closing. If prior to Closing Buyer becomes aware of a material breach of any of the foregoing
representations or of any change which would have a material adverse effect on Buyer (in Buyer's reasonable determination), Buyer
shall be entitled, at Buyer's option, either (i) to terminate this Agreement by giving Seller and Escrow Agent written notice of
such election, in which the Deposit shall forthwith be returned to Buyer, and neither Buyer nor Seller shall thereafter have any
other rights or remedies hereunder other than Buyer's obligations under Sections 4.2 and 15.7, or (iii) to waive such breach or
change and close without any reduction in the Purchase Price by reason thereof, in which event Seller shall have no post-Closing
liability for such matter. Notwithstanding the foregoing, if a misrepresentation or breach of any representation was intentionally
or willfully made by Seller (instead of occurring as a result of a change in facts relating to the Property and not the result
of an intentional or willful breach), or if any change in such representation is the result of a breach of Seller's covenants under
this Agreement, and if Buyer elects to terminate this Agreement as a result thereof, Seller shall be liable and shall promptly
reimburse Buyer for all reasonable out-of-pocket and third party costs incurred by Buyer, including, without limitation, reasonable
attorneys' fees and costs, provided reasonable evidence establishing such costs are provided to Seller, and also provided that
in no event shall Seller be liable for more than Ninety Thousand and 00/100ths Dollars ($90,000.00) pursuant to the provisions
of this paragraph, provided, however, Buyer shall, within one (1) business day of Seller reimbursing Buyer for its out of pocket
costs and expenses not to exceed Ninety Thousand and 00/100ths Dollars ($90,000.00), Buyer shall deliver to Seller copies of all
third-party reports with respect to the Property to the extent same are required to be delivered to Seller under Section 4.2 of
this Agreement.

 

Subject to changes
which have been disclosed in writing to Buyer prior to Closing, the representations of Seller contained in this Section 10 shall
not merge into any instrument or conveyance delivered at the Closing and shall survive the Closing; provided, however, such representations
shall survive the Closing for a period of twelve (12) months only, after which time Seller shall have no liability with respect
thereto unless Buyer shall have asserted a specific breach thereof in a written notice delivered to Seller prior to the expiration
of such twelve (12) month period, in which case such applicable representation shall survive until Buyer's claims set forth in
such written notice with respect thereto have been resolved. Subject to such limitations on survival, following the Closing Seller
shall indemnify and hold Buyer harmless from and against any and all costs, fees, expenses, damages and losses suffered or incurred
by Buyer arising out of the breach or inaccuracy of any representation of Seller contained in this Section 10 (as the same may
be modified by Seller at or prior to Closing). Anything to the contrary herein notwithstanding, the maximum aggregate liability
of Seller for breaches of Seller's representations under this paragraph shall be limited to Eight Hundred Twenty-Eight Thousand
and 00/100ths Dollars ($828,000.00).

 

References to "the
best of Seller's knowledge," "Seller's knowledge," "to the best of Seller's actual knowledge"
and such other similar phrases shall refer only to the current actual knowledge of the Designated Representatives (as hereinafter
defined) of Seller, and shall not be construed, by imputation or otherwise, to refer to the knowledge of Seller or any affiliate
of Seller, to any property manager, to any other partner, officer, agent, manager, representative or employee of Seller or any
affiliate thereof. As used herein, the term "Designated Representatives" shall refer to Alan Ferguson -
Vice President, Texas Region. Seller represents that Alan Ferguson is familiar with the Property, its operation and condition.

 

10A.       BUYER'S
COVENANTS AND REPRESENTATIONS. As of the date hereof and as of the Closing Date, Buyer represents and warrants to Seller
that Buyer (i) is not listed on the Specially Designated Nationals and Blocked Persons List maintained by the Office of Foreign
Asset Control, Department of the Treasury ("OFAC") pursuant to Executive Order number 13224, 66 Federal Register 49079
(September 25, 2001) (the "Order"); (ii) is not listed on any other list of terrorists or terrorist organizations maintained
pursuant to the Order, the rules and regulations of the OFAC or any other applicable requirements contained in any enabling legislation
or other executive orders in respect of the Order (the Order and such other rules, regulations, legislation or orders are collectively
called the "Orders"); (iii) is not engaged in activities prohibited in the Orders; and (iv) has not been convicted, pleaded
nolo contendere, indicted, arraigned or detained on charges involving money laundering or predicate crimes to money laundering.

 

    	17

    	 

    

 

11.           THE
CLOSING.

 

11.1         Unless
extended as expressly permitted herein, the Closing shall be held by mail-in escrow at Escrow Agent's offices (at the address set
forth above) at before 3:00 p.m. Central Standard Time on the Closing Date. Subject to the satisfaction of all of the conditions
to the obligation to close hereunder, the Closing Date shall be not later than fifteen (15) calendar days after the expiration
of the Due Diligence Period (or, if such date is not a business day, on the next business day). Buyer shall have the one-time right
to elect to extend the Closing Date for an additional period of not more than fifteen (15) business days (the "Extended
Closing Date") by (i) providing written notice of such election to Seller prior to or on the date which is three (3)
business days prior to the initially scheduled Closing Date. None of the Estoppels received from tenants shall be deemed stale
or invalid because of the passage of time caused by the election to extend.

 

11.2         At
Closing, Buyer shall pay the Purchase Price as adjusted in accordance with the provisions of this Agreement; and Buyer shall execute
and deliver such other instruments as Seller may reasonably desire in connection with or to consummate the transactions contemplated
by this Agreement.

 

11.3         (A)         At
Closing, Seller shall deliver to Escrow Agent for delivery to Buyer the following:

 

(a)          A
special warranty deed for the Real Estate in proper recordable form, duly executed and acknowledged by Seller and sufficient to
transfer title to the Property constituting real property to Buyer under the laws of the State of Oklahoma and sufficient for Escrow
Agent to issue the title insurance policy contemplated under this Agreement.

 

(b)          A
F.I.R.P.T.A. affidavit.

 

(c)          To
the extent in Seller's possession, the original Space Leases.

 

(d)          To
the extent in Seller's possession, the original Tenant Executed Estoppel Certificates.

 

(e)          To
the extent in Seller's possession, the REA Estoppels.

 

(B)         At
Closing, Seller and Buyer shall each execute and deliver to the Escrow Agent the following:

 

(a)          An
Assignment and Assumption Agreement for the Space Leases in the form of Exhibit 4 attached hereto.

 

(b)          An
Assignment and Assumption Agreement for the Service Contracts, in the form of Exhibit 5 attached hereto.

 

    	18

    	 

    

 

(c)          Notices
to tenants, prepared by Buyer and in form reasonably acceptable to Seller, notifying them of the sale and (if applicable) the transfer
of their security deposit to Buyer.

 

(d)           A
Bill of Sale in the form of Exhibit 7 attached hereto.

 

(e)          Intentionally
Deleted.

 

11.4         Each
party shall pay its own legal fees and travel and lodging expenses in connection with this transaction. Seller shall pay for all
transfer taxes, documentary stamps or recording charges for transfer of title to the Real Estate. Each party shall pay one-half
(1/2) of the fees and costs of the Escrow Agent for its services in connection with the transaction contemplated by this Agreement.

 

11.5         Buyer
also agrees to cooperate with Seller to permit the conveyance of the Property to be consummated as a part of a transaction intended
by Seller to qualify as a tax-free exchange under Section 1031 of the Internal Revenue Code and in conjunction therewith to execute
such documents as Seller may reasonably request (such cooperation may include, without limitation, accepting a conveyance from
a party other than Seller and paying the Purchase Price to a party other than Seller). In no event, however, shall (a) Buyer bear
any expense associated with the exchange transaction, (b) Buyer be obligated to take title to Seller's exchange property, (c) the
consummation of such tax-free exchange delay the conveyance to Buyer of the Property and (d) Buyer have any liability to Seller
or any other party for the qualification of the exchange transaction for tax-free exchange treatment under Section 1031 of the
Internal Revenue Code or under any other provision.

 

12.          BROKERS.
Each party represents and warrants to the other that it dealt with no broker in connection with this transaction, other than CBRE,
whose commission is to be paid by Seller per separate agreement, and each party agrees to defend, indemnify and hold the other
harmless from and against any and all loss, liability and expense, including reasonable attorney's fees, that the indemnitee may
incur arising by reason of the above representation by the indemnitor being false. The provisions of this Section 12 shall survive
Closing.

 

13.          NOTICES.
All notices, demands, requests, consents, approvals or other communications (for the purpose of this Section collectively called
"Notices") required or permitted to be given hereunder or which are given with respect to this Agreement
shall be valid only if in writing and sent by certified United States mail, return receipt requested, postage prepaid, or delivered
by Federal Express or UPS courier service, addressed as follows:

 

To Seller:                                  c/o Kimco
Realty Corporation

10600 West Higgins Road, Suite
408

Rosemont, Illinois 60018

Attention: Robert Nadler

Telephone Number: 847-294-6440

Facsimile Number: 847-299-1167

Email: rnadler@kimcorealty.com

 

    	19

    	 

    

 

With a copy to:                         c/o
Kimco Realty Corporation

10600 West Higgins Road, Suite
408

Rosemont, Illinois 60018

Attention: Barbara E. Peloquin,
Esq.

Telephone Number: 847-294-6448

Facsimile Number: 847-299-1167

Email: bpeloquin@kimcorealty.com

 

To Buyer:                                  American
Realty Capital IV, LLC

405 Park Avenue, 15th Floor

New York, New York 10022

Attention: Michael Weil

Facsimile Number: (857) 207-3397

 

With a copy
to:                        American Realty Capital IV, LLC

405 Park Avenue, 15th Floor

New York, New York 10022

Attention: Jesse Galloway and
Jeremy Eichel

Facsimile Number: (646) 861-7751

 

And a copy
to:                          Retail Centers of America

2000 McKinney Avenue, Suite
1000

Dallas, Texas 75201

Attention: Chris Cotten and
Steve Seitz

Facsimile Number: (214) 740-3313

 

And a copy
to:                          Condon Thornton Sladek Harrell PLLC

8080 Park Lane, Suite 700

Dallas, Texas 75231

Attention: Michael D. Rist,
Esq.

Telephone Number: (214) 691-6318

Facsimile Number: (214) 691-6311

Email: mrist@ctshlaw.com

 

And Due Diligence Materials (if
provided by email) to Chris Cotton at ccotten@lpc.com.

 

With hard copies and/or
cds to:

 

Retail Centers of
America

2000 McKinney Avenue, Suite 1000

Dallas, Texas 75201

Attention: Chris Cotten

Facsimile Number: (214) 740-3313

 

To Escrow Agent:                     First
American Title Insurance Company

The Esplanade Commercial Center

2425 E. Camelback Road, Suite 300

Phoenix, Arizona 85016

Attn:Brandon Grajewski

Telephone Number: (602) 567-8145

Facsimile Number: (602) 567-8101

 

    	20

    	 

    

 

or such other address as such party shall
hereafter have specified by Notice given by the same means. Any Notice shall be deemed given when delivered to the carrier delivering
same, delivery charges prepaid, and properly sealed and addressed. Any Notice may also be given by telecopier to the numbers as
set forth above, provided that a "hard copy" of such notice is sent within one (1) business day after such telecopier
transmission in the manner above set forth; and in the case of notice by telecopier (with confirmation sent as aforesaid), notice
shall be deemed given upon electronic confirmation of receipt.

 

14.         DEFAULTS.

 

14.1         If
Closing does not take place because of Buyer's default the Deposit shall be retained by Seller as agreed upon liquidated damages
as Seller's sole remedy for such default, and thereupon this Agreement shall be null and void and of no further force or effect
whatsoever (except that Buyer shall remain liable on its obligations under Sections 4.2 and 15.7). The parties hereto expressly
agree that Seller's actual damages in the event of a default by Buyer would be extremely difficult or impractical to ascertain
and that the amount of the Deposit represents the parties' reasonable estimate of such damages.

 

14.2         If
Closing does not occur due to Seller's willful default or refusal to close despite Buyer's willingness to do so (such willingness
includes waiver by Buyer of any uncured title objection properly made by Buyer under Section 6.1 except for those for which Seller
had agreed to effectuate a Title Correction under the terms of Section 6) (such willful default or refusal being hereinafter referred
to as a "Seller Default"), then Buyer, as its sole and exclusive right and remedy as a result of such Seller
Default, may elect to either (i) cancel this Agreement, in which event (a) the Deposit shall be returned to Buyer, (b) Seller shall
be liable and shall promptly reimburse Buyer for all reasonable out-of-pocket and third-party costs incurred by Buyer, including,
without limitation, reasonable attorneys' fees and costs, provided reasonable evidence establishing such costs are provided to
Seller, and also provided that in no event shall Seller be liable for more than Ninety Thousand and 00/100ths Dollars ($90,000.00)
pursuant to this Section 14.2, and (c) no party shall have any further right or obligation hereunder (except that Buyer shall
remain liable on its obligations under Sections 4.2 and 15.7), or (ii) Buyer may enforce specific performance of this Agreement
without any reduction or abatement of the Purchase Price.

 

14.3         If
Closing should not occur for any reason whatsoever other than by reason of a default by Buyer or a Seller Default (including without
limitation by reason of a material change in any representation or warranty of Seller or an uncured title objection properly made
by Buyer under Section 6.1) which Buyer is not willing to waive, then in such event this Agreement shall be and be deemed cancelled,
the Deposit shall be returned to Buyer, and thereupon Buyer shall have no other right, by way of damages or otherwise, against
Seller notwithstanding the existence of any failure of representation, warranty, covenant, title or other Closing condition which
is not the result of a Seller Default (provided that Buyer will remain liable on its obligations under Sections 4.2 and 15.7).

 

14.4         Notwithstanding
anything to the contrary contained in this Agreement, in the event of any litigation between Buyer and Seller arising from or relating
to this Agreement, the prevailing party, in addition to and not in limitation of any other rights and remedies, shall be entitled
to receive immediate payment of its reasonable attorneys' fees, expenses and court costs from the other party.

 

15.         MISCELLANEOUS.

 

15.1         No
provision of this Agreement shall survive Closing and delivery of the deed except as herein expressly provided. The acceptance
of the deed by Buyer shall be conclusive evidence of the performance by Seller of all of the provisions of this Agreement to be
performed by Seller on or prior to the date of Closing.

 

    	21

    	 

    

 

15.2         This
Agreement (including the Exhibits attached hereto) contains the entire agreement between the parties with respect to the subject
matter hereof and supersedes all prior or contemporaneous understandings, if any, with respect thereto.

 

15.3         This
Agreement may not be canceled, modified, changed or supplemented, nor may any obligation hereunder be waived, except by written
instrument signed by the party to be charged or by its agent duly authorized in writing.

 

15.4         The
parties do not intend to confer any benefit hereunder on any person, firm or corporation other than the parties hereto and their
respective successors or assigns.

 

15.5         "TIME
IS OF THE ESSENCE" with respect to all provisions of this Agreement, with the sole exception that each of Buyer and Seller
shall be entitled to a single adjournment (not to exceed two (2) business days in any event) of the Closing Date.

 

15.6         This
Agreement shall extend to and be binding upon the legal representatives, heirs, executors, administrators and, subject to the provisions
of this Agreement, the permitted assigns of the parties hereto.

 

15.7         Buyer
represents and warrants that it will keep all information and/or reports and/or documents obtained from Seller or its agents (including
without limitation the rent and other economic terms of the Space Leases), or related to or connected with the Property (including
without limitation the existence of this Agreement and the Purchase Price) strictly confidential and will not disclose any such
information to any person or entity (except for Buyer's attorneys, consultants, advisors, potential lenders, and permitted assignees
under this Agreement; provided that any such parties similarly agree to treat such material confidentially), without the prior
written consent of Seller. In amplification and not in limitation of the foregoing, except as provided below, Buyer may not make
any public disclosure of the existence or terms of this Agreement prior to Closing. Notwithstanding anything to the contrary, Buyer
shall be entitled to disclose information with respect to the Property and the transaction contemplated under this Agreement (i)
to the extent Buyer is required to disclose the same pursuant to a court order, applicable laws (including making such public statements
or filings as may be required under any regulations of the U.S. Securities and Exchange Commission applicable to Buyer or its affiliates
or as may be otherwise advised by counsel to Buyer), and (ii) to the extent necessary to disclose in the context of a legal dispute
between Buyer and Seller.

 

15.8         This
Agreement shall be governed by, interpreted under, and construed and enforced in accordance with, the laws of the State wherein
the Property is located. This Agreement shall be construed in accordance with its plain meaning and without reference to any maxim
or rule of interpretation providing that a writing should be construed against the party responsible for the drafting thereof.

 

15.9         This
Agreement shall not be recorded or filed in the public records of any jurisdiction by either party and any attempt to do so may
be treated by the other party as a breach of this Agreement.

 

15.10         This
Agreement may be executed by facsimile, by email (in ".pdf" format) and/or in one or more counterparts, each of which
when so executed and delivered shall be deemed an original, and all of which together shall constitute one and the same instrument.

 

    	22

    	 

    

 

15.11         Buyer
and Seller each agree that, prior to Closing, it will not make or issue, and further agrees that it will cause any broker or other
party it or any affiliate has retained in connection with this transaction not to make or issue, any press release or other public
statement (such as interviews or responses to journalistic inquiries) concerning this Agreement and/or the transactions herein
set forth, without the prior written consent of the other party. If Buyer acquires the Property from Seller, both Seller and Buyer
shall have the right, subsequent to the Closing of such acquisition, to publicize the transaction (other than the parties to or
any of the economics of the transaction) in whatever manner it deems appropriate; provided only that any press release or other
public disclosure regarding this Agreement or the transactions contemplated herein, and the wording of same, must be approved in
advance by both parties. The provisions of this Section 15.11 shall survive Closing.

 

15.12         In
the event any Space Lease contains a tenant right of first refusal or right of first offer (either such right being referred to
as the "ROFR"), Seller agrees to submit a right of first refusal or right of first offer notice to the
applicable tenant in accordance with the requirements of the applicable ROFR prior to or promptly after the Effective Date hereof,
If any such tenant gives notice of its intent to exercise a right of first refusal or right of first offer, or in the event any
tenant actually exercises such right, this Agreement shall be deemed to be terminated, Buyer shall receive a full return of the
Deposit and Seller shall promptly reimburse Buyer all reasonable out-of-pocket and third-party costs incurred by Buyer during the
Due Diligence Period, including, without limitation, reasonable attorneys' fees and costs, provided (i) reasonable evidence establishing
such costs are provided to Seller, and (ii) in no event shall Seller be liable for more than Ninety Thousand and No/100ths Dollars
($90,000.00), pursuant to this Section 15.12.

 

15.13         Seller
understands that Buyer is subject to the reporting requirements of the Securities Act of 1933, as amended, the rules and regulations
promulgated thereunder and Rule 3-14 of Regulation S-X. In order to enable Buyer to comply with such reporting requirements, Seller
agrees to provide Buyer and its representatives all information required for Buyer to comply with Rule 3-14 (as reasonably determined
by Buyer's counsel) including, but not limited to, if applicable, Seller's most current financial statements (including income
statements) relating to the financial operation of the Property for the current fiscal year and the most recent pre-acquisition
fiscal year, and upon request and, to the extent required under such Rule 3-14, support for certain operating revenues and expenses
specific to the Property, including general ledger detail, accounts receivable analysis, budget for year of disposition and copies
of bills and invoices. Within five (5) days following a written request from Buyer, Seller shall provide a letter to Buyer's auditors
in substantially the form attached hereto as Exhibit 10. Seller understands that certain of such financial information
may be included in filings required to be made by Buyer with the U.S. Securities and Exchange Commission. This Section 15.13
shall survive Closing.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK]

 

    	23

    	 

    

 

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

 

	 	BUYER:
	 	 
	 	AMERICAN REALTY CAPITAL IV, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/ Edward M. Weil, Jr.
	 	Name: 	Edward M. Weil, Jr.
	 	Title:	President
	 	 	 
	 	SELLER:	 
	 	 	 
	 	CENTENNIAL PLAZA 555, LLC,
	 	an Oklahoma limited liability company
	 	 	 
	 	By:	KRCX Oklahoma Realty, LLC, its sole member
	 	 	 
	 	By:	/s/ Robert Nadler
	 	Name: 	Robert Nadler
	 	Title:	Vice President
	 	 	 
	 	Escrow Agent signs to confirm its agreement with the provisions of

 Section 3(A)(ii) hereof:
	 	 
	 	ESCROW AGENT:
	 	 	 
	 	First American Title Insurance Company
	 	 	 
	 	By:	/s/ Jodi Scheppe
	 	Name: 	Jodi Scheppe
	 	Title:	Escrow Officer

 

	 	Date of Execution: 	July 17, 2014

 

    	24

    	 

    

 

SCHEDULE OF EXHIBITS

 

1.          Real
Estate

 

2.          Space
Leases

 

3.          Service
Contracts

 

4.          Assignment
and Assumption Agreement - Space Leases

 

5.          Assignment
and Assumption Agreement - Service Contracts

 

6.          Form
of Affidavit

 

7.          Bill
of Sale

 

8.          Property
Information

 

9.          Acknowledgement
of Receipt of Property Information and Due Diligence Period Commencement

 

10.        Form
of Audit Letter

 

    	25

    	 

    

 

EXHIBIT 1

 

REAL ESTATE

 

Part
of Block One (1), Part of Block One—A (1-A), Part of Block Two (2), and Block Three (3), in UNITED POUNDERS LIFE PLAZA to
Oklahoma City, Oklahoma County, Oklahoma,  according to the plat thereof.

   

BEGINNING
at a point bearing South 88”46’09” East, 21 feet from the Northeast corner of Block One (1), said point being on the
southerly line of N.W. 59th Street and also being the point of beginning:

 

Thence departing from said Southerly line. South 0”04’,37” West
a distance of 154.00 feet to a point; Thence South 88”46’09” East a distance of 154.00 feet to a point on the
Westerly line of N. May Avenue; Thence South 00”04’37” West, along said Westerly line a distance of 546.00 feet
to a point; Thence departing from said Westerly line. North 8”46’09” West a distance of 1050.00 feet to a point;
Thence North 01”13’51” East a distance of 44.26 feet to a point; Thence North 41”54’22” West
a distance of 87.12 feet to a point; Thence South 48”05’38” West 205.00 feet to a point on the Northeasterly
right-of-way line of Mosteller Drive; Thence North 41”54”22” West along said Northeasterly line a distance of
88.53 feet to a point; Thence 52.24 feet along an arc to the right having a radius of 40.59 feet and a central angle of 73”44’19”
(subtended by a chord bearing North 05”02’09” West a distance of 48.71 feet) to a point on the East right-of-way
line of North Drexel Avenue; Thence along said East line 156.85 feet along an arc to the left having a radius of 283.0 feet and
a central angle of 31”45’20” (subtended by a chord bearing North 15”57’24” East a distance
of 154.85 feet) to a point of tangency; Thence continuing along said East line North 00”04’37” East a distance
of 444.49 feet to a point; Thence 38.98 (38.91 per plat) feet along an arc to the right having a radius of 24.50 feet (24.46 per
plat) and a central angle of 91”09’14” (sub-tended by a chord bearing North 45”39’14” East
a distance of 35.00 feet) to a point on the aforementioned south right-of-way line of N.W. 59th Street; THENCE along said South
line South 88”4’09” East, also being the North line of the aforementioned Blocks 1, 2 and 3 a distance of 1102.00
feet to the principal point of beginning.

 

    	26

    	 

    

 

EXHIBIT 2

 

SPACE LEASES

 

Home Depot

 

Gordmans

 

Best Buy

 

Guitar Center

 

Furniture Buy Consignment Co.

 

Eyemart Express

 

Jimmy John's Gourmet Sandwiches

 

Natural Spa

 

The Nail & Spa

 

Supercuts

 

Eyemart Express

 

    	27

    	 

    

 

EXHIBIT 3

 

SERVICE CONTRACTS

 

Premier Landscaping, Inc. – Landscaping
– Contract Term: April 1, 2014 – March 31, 2016

 

Premier Landscaping, Inc. – Sweep
and Porter – Contract Term: April 1, 2014 – March 31, 2016

 

    	28

    	 

    

 

EXHIBIT 4

 

ASSIGNMENT AND ASSUMPTION OF LEASES

 

THIS ASSIGNMENT,
made this ____ day of _______________, 2014, by and between Centennial Plaza 555, LLC, a Delaware limited liability company, ("Assignor")
and _______________________, a ______________ ("Assignee").

 

WITN ESSETH:

 

Assignor is landlord
under all those certain leases described on Exhibit "A" attached hereto and made a part hereof ("Leases") relating
to the property described on Exhibit "B" attached hereto and made a part hereof.

 

Assignor desires to
assign to Assignee, and Assignee desires to accept the assignment from Assignor of all of Assignor's right, title and interest
in and to the Leases.

 

NOW, THEREFORE,
in consideration of the mutual covenants and conditions contained herein, the parties hereto, intending to be legally bound hereby,
covenant and agree as follows:

 

1.          Assignor
hereby transfers, assigns and sets over unto Assignee all of Assignor's right, title and interest in and to the Leases, including,
without limitation, all of Assignor's right, title and interest in and to the security deposits listed on Schedule A attached
hereto and incorporated herein, and all other deposits, insurance proceeds and condemnation proceeds under such Leases.

 

2.          Assignee
hereby accepts the foregoing assignment and assumes all of Assignor's obligations under the Leases arising from and after the date
hereof (including without limitation any that relate to the security deposits assigned and transferred to Assignee hereby).

 

3.          Assignee
shall and does hereby indemnify Assignor against, and agrees to hold Assignor harmless of and from, all liabilities, obligations,
actions, suits, proceedings or claims, and all losses, costs and expenses, including but not limited to reasonable attorneys' fees,
arising as a result of any act, omission or obligation of Assignee arising or accruing with respect to any of the Leases and occurring
or alleged to have occurred after the date of this Agreement.

 

4.          Assignor
shall and does hereby indemnify Assignee against, and agrees to hold Assignee harmless of and from, all liabilities, obligations,
actions, suits, proceedings or claims, and all losses, costs and expenses, including but not limited to reasonable attorneys' fees,
arising as a result of any act, omission or obligation of Assignor arising or accruing with respect to any of the Leases and occurring
or alleged to have occurred on or prior to the date of this Agreement.

 

5.          The provisions
of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

 

6.          The
parties agree that this Assignment may be executed by the parties in one or more counterparts and each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument.

 

    	29

    	 

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed the day and year first above written.

 

 

	 	ASSIGNOR:
	 	 
	 	CENTENNIAL PLAZA 555, LLC, an Oklahoma limited liability company
	 	By:  KRCX Oklahoma Realty, LLC, its sole member
	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 
	 	By:	 	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	ASSIGNEE:	 
	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

    	30

    	 

    

 

EXHIBIT 5

 

ASSIGNMENT
AND ASSUMPTION OF SERVICE CONTRACTS

 

THIS ASSIGNMENT
made this ____ day of _______________, 2014, by Centennial Plaza 555, LLC, a Delaware limited liability company ("Assignor")
and ________________________, a ______________ ("Assignee").

 

WITNESSETH :

 

Assignor is the owner
of the property described on Exhibit "A" attached hereto and made a part hereof ("Premises"). Assignor desires
to assign to Assignee, and Assignee desires to accept the assignment from Assignor of all of Assignor's right, title and interest
in and to those certain service contracts relating to the Premises described on Exhibit "B" attached hereto and made
a part hereof ("Service Contracts").

 

NOW, THEREFORE,
in consideration of the mutual covenants and conditions contained herein, the parties hereto, intending to be legally bound hereby,
covenant and agree as follows:

 

1.          Assignor
hereby grants, transfers and assigns to Assignee, its successors and assigns, all of the right, title and interest of the Assignor
in and to the Service Contracts.

 

2.          Assignee
hereby accepts said assignment and assumes all of the Assignor's duties and obligations arising out of the Service Contracts from
and after the date hereof.

 

3.          The
provisions hereof shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

 

4.          The
parties agree that this Assignment may be executed by the parties in one or more counterparts and each of which shall be deemed
an original, but all of which together shall constitute one and the same instrument.

 

IN WITNESS WHEREOF,
Assignor and Assignee have each caused this Assignment to be duly executed the day and year first above written.

 

	 	ASSIGNOR:
	 	 
	 	CENTENNIAL PLAZA 555, LLC, an Oklahoma limited liability company
	 	By:  KRCX Oklahoma Realty, LLC, its sole member
	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 
	 	 	 
	 	ASSIGNEE:	 
	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

    	31

    	 

    

 

EXHIBIT 6

 

FORM OF OWNER'S AFFIDAVIT

 

TITLE AFFIDAVIT

 

Escrow No.                                                         

Title Order No.                                 

 

The undersigned ("Owner')
hereby represents and warrants as follows to and for the benefit of First American Title Insurance Company (the "Title
Company"):

 

1.          Representatives
of Owner have reviewed the preliminary report/commitment with an effective date of                           ,
2014 (the "Title Report").

 

2.          To
the knowledge of Owner, there are no unrecorded leases, occupancy agreements, options to purchase, or rights of first refusal affecting
the property described in Exhibit A of the Title Report (the "Property"), or other parties in possession
of the Property, except for leases with the tenants shown on Exhibit A attached hereto.

 

3.          To
the knowledge of Owner, there are no unrecorded claims against the Property, nor any set of facts by reason of which Owner's title
to the Property might be disputed or questioned except for (a) the leases with the tenants shown on Exhibit A, (b)
matters shown on the Title Report, (c) matters as disclosed on the survey previously delivered to the Title Company, and (d) current
taxes not delinquent. Owner has been in peaceable and undisputed possession of the Property since title was acquired.

 

4.          Except
as set forth on Exhibit B attached hereto, to the knowledge of Owner:

 

(a)          within
the last six (6) months, Owner has not (i) made, ordered or contracted for any construction, repairs, alterations or improvements
to be made on or to the Property which have not been paid for in full, (ii) ordered materials for any such construction, repairs,
alterations or improvements which have not been paid for in full, and (iii) attached any fixtures to the Property which have not
been paid for in full; and

 

(b)          there
are no outstanding or disputed claims for any work or item referred to in subparagraph (a).

 

5.          To
the knowledge of Owner, there has been no violation of any covenants, conditions or restrictions of record affecting the Property
and there are no disputes with any adjoining property owners as to the location of property lines, or the encroachment of any improvements.

 

All references herein
to the "knowledge" of Owner or words of similar import shall refer only to the actual (and not constructive) knowledge
of                      ,
and shall not be construed to refer to the knowledge of any other officer, director, shareholder, employee, agent or representative
of Owner, its members, or any affiliate of any of the foregoing, or to impose or have imposed upon such individuals any duty to
investigate the matters to which such knowledge, or the absence thereof, pertains. There shall be no personal liability on the
part of the aforementioned individuals arising out of any representations or warranties made herein.

 

    	32

    	 

    

 

This affidavit is made
for the purpose of aiding the Title Company in determining the insurability of title to the Property, and to induce the Title Company
to issue its policy of title insurance. This affidavit may be relied upon by the Title Company but may not be relied upon by any
other person or entity.

 

[Remainder of page intentionally blank]

 

    	33

    	 

    

 

IN WITNESS WHEREOF,
Owner has executed this affidavit as of                      
      ,2014.

 

	 	CENTENNIAL PLAZA 555, LLC, an Oklahoma limited liability company 
	 	By:  KRCX Oklahoma Realty, LLC, its sole member 
	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Title:	 	 

 

 

    	34

    	 

    

 

Exhibit A to Title Affidavit

 

Rent Roll

 

    	35

    	 

    

Exhibit B to Title Affidavit

 

    	36

    	 

    

 

EXHIBIT 7

 

BILL OF SALE

 

This Bill of Sale
is made and entered into as of                        ,
2014, by and between Centennial Plaza 555, LLC ("Seller"), and                           ,
LLC, a                      
 limited liability company ("Buyer"), and provides as follows:

 

WHEREAS, Seller and
Retail Centers of America ("Original Buyer"), entered into an Agreement of Sale dated as of _________, 2014 [as
modified by amendment dated ________________,] ([collectively, ]the "Agreement"), pursuant to which Seller agreed
to sell to Original Buyer certain real property and personal property located at ____________________________, which is more particularly
described on Exhibit A attached hereto and made a part hereof (the "Property"); and

 

WHEREAS, Original Buyer
assigned its right, title and interest in and to the Agreement to Buyer pursuant to that certain Assignment of Purchase Agreement
and Escrow Instructions dated as of _______________, 2014; and

 

WHEREAS, Seller may
possesses various items of personal property located in or on the Property and used in the operation of the Property, which may
include, without limitation, furniture, furnishings, equipment, fixtures, inventory, machinery, supplies and other personal property
(the "Personal Property"). The Agreement contemplates that all of the Personal Property, if any, shall be transferred
and assigned by Seller to Buyer; and

 

WHEREAS, Seller desires
to sell, transfer and convey all of its right, title and interest (if any) in and to the Personal Property to Buyer, and Buyer
desires to accept the transfer and conveyance of the Personal Property;

 

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

 

1.          Transfer
and Assignment. Seller hereby sells, transfers and conveys to Buyer all of the right, title and interest of Seller (if any)
in and to all Personal Property and Intangibles. Buyer accepts the sale, transfer and conveyance of the right, title and interest
of Seller in and to the Personal Property and Intangibles.

 

2.          Condition
of the Personal Property. All of the Personal Property, if any, is transferred from Seller to Buyer "as is." Seller
makes no implied warranty of merchantability and no warranty, either express or implied, concerning the Personal Property, except
for the representations and warranties contained in this Bill of Sale or in the Agreement, if any.

 

3.          Counterparts.
The parties agree that this Bill of Sale may be executed by the parties in one or more counterparts and each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument.

 

    	37

    	 

    

 

IN WITNESS WHEREOF,
Seller and Buyer have executed this Bill of Sale as of the date set forth above.

 

	 	SELLER:
	 	 
	 	CENTENNIAL PLAZA 555, LLC, an Oklahoma limited liability company 
	 	By: KRCX Oklahoma Realty, LLC, its sole member 
	 	 	 
	 	 	 
	 	 

 

	 	By:	 	 
	 	Name:	 	 
	 	Its:	 	 
	 	 	 	 
	 	BUYER:	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By:	 	 
	 	Name:	 	 
	 	Its:	 	 

 

^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^

EXHIBIT A TO

BILL OF SALE

 

Legal
Description

 

    	38

    	 

    

 

EXHIBIT 8

 

PROPERTY INFORMATION

 

All of the following materials, to the extent they exist and
are in Seller's possession, shall be delivered to Buyer:

 

	Lincoln Property
    Company - Retail Centers of America	Centennial - OKC
	Due Diligence Checklist (All Files Electronic if Available)	 

 

	 	 	Have	 	Need	 	Comments
	 	Property Information - Income	 	 	 	 	 
	1	Current Rent Roll - Certified	X	 	 	 	 
	2	Occupancy History (last 3 years)	N/A	 	N/A	 	N/A
	3	Trailing 12 Months Operating Statements (monthly)	X	 	 	 	 
	4	Last 3 Years Operating Statements	X	 	 	 	 
	5	Current Operating Budget	N/A	 	N/A	 	N/A
	6	Prior Year CAM Reconciliations	X	 	 	 	 
	7	All leases, subleases, assignments, addenda, amendments, modifications,
    and guaranties, correspondence	X	 	 	 	 
	8	Commercial Lease Abstracts (if available)	N/A	 	N/A	 	N/A
	9	Schedule of Tenant Expense Reimbursements	X	 	 	 	 
	10	Tenant Sales History / Percentage Rent Paid (last 3 years)	X	 	 	 	 
	11	Tenant Delinquency / Aged Receivables Report	X	 	 	 	 
	12	Schedule of LOI's and Terms and Conditions	N/A	 	N/A	 	100% Occuped
	13	Schedule of Co-Tenancy Provisions with Applicable Tenants	N/A	 	N/A	 	N/A
	14	Schedule of Sublet Spaces and Terms and Conditions	N/A	 	N/A	 	N/A
	15	Schedule of Security Deposits	X	 	 	 	 
	16	Schedule of Free Rent	N/A	 	N/A	 	N/A
	17	Any Other Leases or Licenses Related to the Property	N/A	 	N/A	 	N/A
	 	 	 	 	 	 	 
	 	Property Information - Expenses	 	 	 	 	 
	18	Real Estate Tax Bills (last 3 years)	X	 	 	 	 
	19	Property Tax Abatement Schedule	N/A	 	N/A	 	N/A
	20	Current Property & Liability Insurance Certificates	X	 	 	 	 
	21	Schedule of Service Contracts with Major Vendors (including actual
    contracts)	X	 	 	 	 
	22	Schedule of Capital Expenditures (last 5 years & future)	N/A	 	N/A	 	N/A
	23	Schedule of Tenant Improvements & Leasing Commissions (last
    3 years & outstanding)	X	 	 	 	Provided outstanding TI & LC
	24	Personal Property Owned/Leased by Seller	X	 	 	 	None
	25	Description of Insurance Claims Made on Property Last Three Years	X	 	 	 	 
	 	 	 	 	 	 	 
	 	Property Information - General	 	 	 	 	 
	26	Property Site Plan & Floor Plans	X	 	 	 	 
	27	Description of Pending or Outstanding Litigation Related to the
    Property	N/A	 	N/A	 	Insurance Claimant Detail in Insurance folder
	28	Certificates of Occupancy	X	 	 	 	Provided the only 2 they had
	29	Notices of any Defaults Received From/Sent to Tenants, Contracts,
    Governmental Entities	 	 	 	 	Made available at management office
	30	As Built Plans	X	 	 	 	 
	31	Contact Information for Firm with Up to Date CAD Drawings	 	 	 	 	Will not be provided
	32	Environmental Reports Available	X	 	 	 	 
	33	Common Area and Reciprocal Operating and Maintenance Agreements	N/A	 	N/A	 	N/A
	34	If Applicable, Flood Insurance Certifications for the Property and
    Other Flood Related Materials	 	 	 	 	Buyer to handle during DD
	35	Zoning Report / Zoning Compliance Evidence	 	 	 	 	Buyer to handle during DD
	36	Reciprocal Easement Agreement (if applicable)	X	 	 	 	 
	37	Survey	X	 	 	 	 
	38	Property Management Contact Information	 	 	 	 	Will not be provided
	39	List of all Utilities on Site and Contact Information for Providers	 	 	 	 	Buyer to handle during DD
	40	Copies of Engineering, Inspection and Structural Reports	N/A	 	N/A	 	N/A
	41	Lease Abstracts	N/A	 	N/A	 	Do not have
	42	Schedule of existing building violations, if any	 	 	 	 	None – aren't any that we are aware
    of, but double
	 	 	 	 	 	 	checking
	43	Roof Warranties	 	 	 	 	Already Provided
	44	Property Photos	 	 	 	 	Already Provided
	45	Property Inventory List (if applicable)	 	 	 	 	We have already provided what we have
	46	Electrical/Water/Gas Meter numbers and locations	X	 	 	 	 
	47  	Site Plan showing location of water shut off valves	 	 	 	 	We have provided all of the site plans we
    have

 

    	39

    	 

    

 

EXHIBIT 9

 

ACKNOWLEDGEMENT OF RECEIPT OF PROPERTY
INFORMATION 

AND DUE DILIGENCE PERIOD COMMENCEMENT

 

By affixing its signature hereto, Seller
hereby confirms that the Property Information required per the terms set forth in the Agreement of Sale has been delivered to Buyer
via electronic access to Seller's Property Information as of the Effective Date, as such term is defined in the Agreement of Sale.
By affixing its signature hereto, Buyer acknowledges receipt of the Property Information and acknowledges that the Due Diligence
Period will expire thirty (30) days following the date Buyer signs this Acknowledgement.

 

Dated as of                             , 2014.

 

	 	SELLER:
	 	 
	 	CENTENNIAL PLAZA 555, LLC, an Oklahoma limited liability company
	 	
        By: KRCX Oklahoma Realty, LLC, its sole member

         

	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

	AGREED AND ACKNOWLEDGED BY:
	 
	BUYER:
	 
	AMERICAN REALTY CAPITAL IV, LLC,
	a Delaware limited liability company 
	 
	By:	 	 
	Name:	 	 
	Title:	 	 

 

    	40

    	 

    

 

EXHIBIT 10

 

FORM OF AUDIT LETTER

 

[Date]

 

[Address of Buyer's Auditor]

 

We are providing this
letter as an informational accommodation in connection with your audit of the statement of revenues and certain expenses (the "Statement")
of Centennial Plaza, Oklahoma City, Oklahoma (the "Property") for the period from _______________ to _______________.

 

We confirm, to our
actual, current knowledge, without any duty of inquiry or investigation, the following representation made to you during your audit:

 

1.          The
Statement referred to above was prepared in material conformity with sound accounting principles, consistently applied.

 

2.          We
have no actual, current knowledge of any fraud affecting the operations of the Property that had a material effect on the accuracy
of the Statement.

 

	 	SELLER: 
	 	 	,
	 	a	 	 
	 	 	 	 

 

	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	41Exhibit 10.28 

 

 

CONTRACT
OF SALE

 

between

 

PINEVILLE
CENTRUM LIMITED PARTNERSHIP

 

Seller

 

and

 

AMERICAN
REALTY CAPITAL IV, LLC

 

Purchaser

 

	 	Premises:	The Centrum
	 	 	10210 Centrum Parkway
	 	 	Charlotte, Mecklenburg County, North Carolina 
	 	 	 
	 	Dated:	August 13, 2014

 

 

 

    	 

    	 

    

 

INDEX TO
CONTRACT OF SALE 

BETWEEN 

PINEVILLE
CENTRUM LIMITED PARTNERSHIP, AS SELLER 

AND 

AMERICAN
REALTY CAPITAL IV, LLC, AS PURCHASER

 

	 
			Page
	 	 	 	 
	1.	Definitions	1
	 	 	 
	2.	Subject of Sale	4
	 	 	 
	3.	Purchase Price	5
	 	 	 
	4.	Deposit Provisions	5
	 	 	 
	5.	“As-Is”	7
	 	 	 
	6.	Representations	8
	 	 	 	 
	 	6.1	Seller’s Representations	8
	 	6.2	Knowledge	10
	 	6.3	Update and Survival	11
	 	6.4	Liability for Misrepresentations	11
	 	6.5	Purchaser’s Representations	12
	 	 	 	 
	7.	Ongoing Operations	13
	 	 	 	 
	 	7.1	Leasing Practice.	13
	 	7.2	Personal Property and Equipment	14
	 	7.3	Employees	14
	 	7.4	Development Rights	14
	 	7.5	Tax Protest Proceedings	14
	 	7.6	Operation and Maintenance	15
	 	 	 	 
	8.	Title	15
	 	 	 	 
	 	8.1	Title Commitment	15
	 	8.2	Status of Title	16
	 	8.3	Non-Permitted Title Objections	16
	 	 	 	 
	9.	Closing	17
	 	 	 	 
	 	9.1	Closing Date and Location	17
	 	9.2	Closing Expenses	17
	 	9.3	Closing Deliveries	18
	 	9.4	Apportionments and Reimbursements	21
	 	 	 	 
	10.	Default	27
	 	 	 	 
	 	10.1	Purchaser’s Default	27
	 	10.2	Seller's Default	27
	 	 	 	 
	11.	Risk of Loss	28

 

    	 

    	 

    

 

INDEX TO CONTRACT OF SALE

BETWEEN

PINEVILLE CENTRUM LIMITED PARTNERSHIP,
AS SELLER

AND

AMERICAN REALTY CAPITAL IV, LLC, AS
PURCHASER

CONTINUED

 

	 	 	 	Page
	 	 	 	 
	 	11.1	Condemnation	28
	 	11.2	Destruction or Damage	28
	 	 	 	 
	12.	Purchaser's Review Period	29
	 	 	 	 
	13.	Miscellaneous	29
	 	 	 	 
	 	13.1	Broker	29
	 	13.2	Assignment of this Contract	30
	 	13.3	Attorneys’ Fees	30
	 	13.4	Notices	30
	 	13.5	Further Assurances	32
	 	13.6	Confidentiality.	32
	 	13.7	Survival and Merger	33
	 	13.8	Recording	33
	 	13.9	Successors and Assigns	33
	 	13.10	Entire Agreement	33
	 	13.11	Waiver and Modifications	33
	 	13.12	Captions and Titles	33
	 	13.13	Construction	33
	 	13.14	Non-Business Days	33
	 	13.15	Governing Law and Jurisdiction	33
	 	13.16	Counterparts	34
	 	13.17	No Third Party Benefits	34
	 	13.18	Submission not an Offer	34
	 	13.19	Severability	34
	 	13.20	Insurance	34
	 	13.21	Cooperation with Purchaser’s Auditors and SEC Filing Requirements	34
	 	13.22	Proposed Tax Free Exchange	35

 

	Schedule A	Description of Property
	Schedule B	[Intentionally Deleted]
	Schedule C	List of Space Leases
	Schedule D	Service Contracts
	Schedule E	Pending Litigation
	Schedule F	Leasing Commission Agreements and Construction Contracts
	 	 
	Exhibit 1	Form of Special Warranty Deed to the Premises
	Exhibit 2	Form of Assignment of the Space Leases
	Exhibit 3	Form of Assignment of the Service Contracts

 

    	-ii-

    	 

    

 

INDEX TO CONTRACT OF SALE

BETWEEN

PINEVILLE CENTRUM LIMITED PARTNERSHIP,
AS SELLER

AND

AMERICAN REALTY CAPITAL IV, LLC, AS
PURCHASER

CONTINUED

 

	Exhibit 4	Form of Assignment of Licenses, Permits, Guarantees and Warranties
	Exhibit 5	Form of Notice to the Space Tenants
	Exhibit 6	Form of Notice of Assignment of the Service Contracts
	Exhibit 7	Form of Tenant Estoppel Certificate
	Exhibit 8	Form of Bill of Sale
	Exhibit 9	Executed Access Agreement
	Exhibit 10	Form of Title Certificate
	Exhibit 11	[Intentionally Deleted]
	Exhibit 12	Form of Assumption Agreement (KRC Property Management I, Inc.)
	Exhibit 12-A	Form of Assumption Agreement (New South Properties of the Carolinas, LLC)
	Exhibit 13	Form of Assignment of Leasing Commission Agreements and Construction Contracts

  

    	-iii-

    	 

    

 

CONTRACT (this “Contract”) made this
13th day of August, 2014 by and between PINEVILLE CENTRUM LIMITED PARTNERSHIP, a Delaware limited partnership,
having an address at c/o DRA Advisors LLC, 220 East 42nd Street, New York, New York 10017 (“Seller”) and
AMERICAN REALTY CAPITAL IV, LLC, a Delaware limited liability company, having an address at 405 Park Avenue, 15th
Floor, New York, New York 10022 (“Purchaser”).

 

WITNESSETH:

 

WHEREAS, Seller owns that certain
parcel of land described on Schedule A annexed hereto with the improvements erected thereon (which parcel of land and the improvements
erected thereon are herein referred to collectively as the “Property”);

 

WHEREAS, upon the terms and conditions
hereinafter set forth, Seller agrees to sell and convey fee title to the Property to Purchaser and Purchaser agrees to purchase
the Property.

 

NOW, THEREFORE, intending to be legally
bound hereby, the parties agree as follows:

 

1.          Definitions.

 

The terms defined in this Article shall for
all purposes of this Contract have the meanings herein specified unless the context requires otherwise.

 

		1.1	“Access Agreement” shall have the meaning ascribed
                                         to it in Section 12.1.

 

		1.2	“Additional Rents” shall have the meaning ascribed
                                         to it in Section 9.4(a).

 

		1.3	“Adjournment Deposit” shall have the meaning ascribed
                                         to it in Section 9.1.

 

		1.4	“Anna’s Linens Space Tenant” shall mean
                                         the Space Tenant listed on Schedule C as “Anna’s Linens.”

 

		1.5	“Anti-Money Laundering Laws” shall have the meaning
                                         ascribed to it in Section 6.1(l)(iii).

 

		1.6	“Anticipated Closing Date” shall have the meaning
                                         ascribed to it in Section 9.1.

 

		1.7	“Broker” shall have the meaning ascribed to it
                                         in Section 13.1.

 

		1.8	“Business Day” shall mean any day other than a
                                         Saturday, Sunday or day on which the banks in New York are authorized or permitted to
                                         be closed.

 

    	 

    	 

    

 

		1.9	“Casualty” shall have the meaning ascribed to
                                         it in Section 11.2.

 

		1.10	“Casualty Termination Event” shall have the meaning
                                         ascribed to it in Section 11.2.

 

		1.11	“Closing” shall have the meaning ascribed to
                                         it in Section 9.1.

 

		1.12	“Closing Date” shall have the meaning ascribed
                                         to it in Section 9.1.

 

		1.13	“Contract” shall have the meaning ascribed to
                                         it in the introductory paragraph.

 

		1.14	“Deposit” shall have the meaning ascribed to
                                         it in Section 3.1.

 

		1.15	“Escrowee” shall have the meaning ascribed to
                                         it in Section 3.1.

 

		1.16	“Estoppel Certificate(s)” shall have the meaning
                                         ascribed to it in Section 9.3(a)(x).

 

		1.17	“Estoppel Default” shall have the meaning ascribed
                                         to it in Section 9.3(a)(x).

 

		1.18	“Estoppel Tenants” shall have the meaning ascribed
                                         to it in Section 9.3(a)(x).

 

		1.19	“Evaluation Material” shall have the meaning
                                         ascribed to it in Section 13.6(a).

 

		1.20	“Exchange” shall have the meaning ascribed to
                                         it in Section 13.22.

 

		1.21	“Existing Space Leases” shall have the meaning
                                         ascribed to it in Section 6.1(f).

 

		1.22	“Existing Space Tenants” shall have the meaning
                                         ascribed to it in Section 6.1(f).

 

		1.23	“Listing Agreement” shall have the meaning ascribed
                                         to it in Section 9.4(c).

 

		1.24	“Major Tenant” shall have the meaning ascribed
                                         to it in Section 9.3(a)(x).

 

		1.25	“Management Agreement” shall have the meaning
                                         ascribed to it in Section 9.4(c).

 

		1.26	“Maximum Representation Expense” shall have the
                                         meaning ascribed to it in Section 6.4(b).

 

    	-2-

    	 

    

 

		1.27	“Maximum Title Expense” shall have the meaning
                                         ascribed to it in Section 8.3(b).

 

		1.28	“New Lease(s)” shall have the meaning ascribed
                                         to it in Section 7.1(a).

 

		1.29	“Non-Permitted Title Objections” shall have the
                                         meaning ascribed to it in Section 8.3(a).

 

		1.30	“OFAC” shall have the meaning ascribed to it
                                         in Section 6.1(l).

 

		1.31	“Outside Termination Date” shall have the meaning
                                         ascribed to it in Section 12.1.

 

		1.32	“Permitted Exceptions” shall have the meaning
                                         ascribed to it in Section 8.2.

 

		1.33	“Preliminary Proration Statement” shall have
                                         the meaning ascribed to it in Section 9.4(a)(i).

 

		1.34	“Premises” shall have the meaning ascribed it
                                         in Section 2.2.

 

		1.35	“Prohibited Persons” shall have the meaning ascribed
                                         to it in Section 6.1(l)(i).

 

		1.36	“Property” shall have the meaning ascribed to
                                         it in the first “WHEREAS” paragraph in this Contract.

 

		1.37	“Purchase Price” shall have the meaning ascribed
                                         to it in Section 3.

 

		1.38	“Purchaser” shall have the meaning ascribed to
                                         it in the introductory paragraph.

 

		1.39	“Purchaser's Review Period” shall have the meaning
                                         ascribed to it in Section 12.1.

 

		1.40	“REAs” shall have the meaning ascribed to it
                                         in Section 2.2.

 

		1.41	“Related Parties” shall have the meaning ascribed
                                         to it in Section 13.6(b).

 

		1.42	“Released Parties” shall have the meaning ascribed
                                         to it in Section 5.2.

 

		1.43	“Seller” shall have the meaning ascribed to it
                                         in the introductory paragraph.

 

		1.44	“Seller’s 2014 Actual Operating Expenses”
                                         shall have the meaning ascribed to it in Section 9.4(b)(iii).

 

    	-3-

    	 

    

 

		1.45	“Service Contracts” shall have the meaning ascribed
                                         to it in Section 6.1(i).

 

		1.46	“Space Leases” shall have the meaning ascribed
                                         to it in Section 7.1(a).

 

		1.47	“Space Tenants” shall have the meaning ascribed
                                         to it in Section 7.1(a).

 

		1.48	“Substantial Portion” shall have the meaning
                                         ascribed to it in Section 11.1(b).

 

		1.49	“Supplemental Proration Statement” shall have
                                         the meaning ascribed to it in Section 9.4(b)(iii).

 

		1.50	“Survey” shall have the meaning ascribed to it
                                         in Section 8.1.

 

		1.51	“Taking” shall have the meaning ascribed to it
                                         in Section 11.1(a).

 

		1.52	“Title Commitment” shall have the meaning ascribed
                                         to it in Section 8.1.

 

		1.53	“Title Company” shall have the meaning ascribed
                                         to it in Section 8.1.

 

		1.54	“Title Objection Date” shall have the meaning
                                         ascribed to it in Section 8.1.

 

		1.55	“Transfer Tax” shall have the meaning ascribed
                                         to it in Section 9.2(a).

 

		1.56	“USA PATRIOT Act” shall have the meaning ascribed
                                         to it in Section 6.1(l)(iii).

 

		1.57	“Violations” shall have the meaning ascribed
                                         to it in Section 5.1.

 

2.           Subject
of Sale.

 

2.1           Seller
agrees to sell and convey to Purchaser the Premises and Purchaser agrees to purchase from Seller the Premises subject to the terms
and conditions contained in this Contract.

 

    	-4-

    	 

    

 

2.2           This
sale includes all of the following: (a) the Property and all right, title and interest, if any, of Seller in and to: (i) any
land lying in the bed of any street, road or avenue opened or proposed, adjacent to the Property, to the center line thereof;
and Seller will execute and deliver to Purchaser at the Closing, or thereafter, on demand, all proper instruments for the conveyance
to such title; (ii) fixtures, equipment and other personal property attached to or beneath the Property (including without
limitation underground or above ground storage tanks, if any) and not owned by the Space Tenants or a governmental entity, if
any, but no part of the Purchase Price shall be deemed to be paid for such fixtures, equipment or personal property; (iii) rights
of way, appurtenances, easements, sidewalks, alleys, gores or strips of land adjoining or appurtenant to the Property and used
in connection therewith; (iv) to the extent assignable and transferable at no cost or liability to Seller and not otherwise proprietary,
the trademark, service mark, trade name and name “The Centrum” and all other trademarks, services marks, trade names,
names and logos used exclusively in connection with the advertising and promotion of the Property or otherwise exclusively relating
to the Property, and any variations thereof, together with all good will of the business connected with the use of and symbolized
by such trademarks, service marks, trade names, names and logos, any telephone numbers and listings for the Property and any copyrights,
trade secrets, intellectual property and other intangible property relating to the Property; (v) to the extent assignable and
transferable at no cost or liability to Seller and not otherwise proprietary, all operating and reciprocal easement agreements
directly affecting the Property (the “REAs”); (vi) to the extent assignable and transferable at no cost or
liability to Seller and not otherwise proprietary, all plans and specifications and other architectural and engineering drawings
for the Property; and (vii) to the extent assignable and transferable at no cost or liability to Seller and without consent, all
consents, authorizations, variances or waivers, licenses, permits, approvals and land use entitlements from any governmental or
quasi-governmental agency, department, board, commission, bureau or other entity or instrumentality relating to the Property;
and (b) the interest of landlord in the Space Leases ((a) through (b) herein referred to collectively as the “Premises”).

 

3.           Purchase
Price.         

 

The purchase price (the “Purchase
Price”) for the Premises is the sum of THIRTY-FIVE MILLION FOUR HUNDRED THOUSAND AND 00/100 DOLLARS ($35,400,000.00),
payable by Purchaser to Seller as follows:

 

3.1           On
the signing of this Contract, the sum of ONE MILLION TWO HUNDRED FIFTY THOUSAND AND 00/100 DOLLARS ($1,250,000.00) (to the extent
then paid, together with interest earned thereon, the “Deposit”) to be paid by electronic wire transfer of
immediately available federal funds to an account designated by Chicago Title Insurance Company, Attention: Mario Varano (“Escrowee”)
or by certified check of Purchaser or bank teller’s check to the order of Escrowee. In the event any check in payment of
the Deposit is cancelled or returned uncollected, Seller, at its sole option, may cancel this Contract and/or pursue any legal
remedies Seller may have against Purchaser on such check at the sole expense of Purchaser, such remedies being cumulative and
not exclusive.

 

3.2           On
the Closing Date, the sum of THIRTY-FOUR MILLION ONE HUNDRED FIFTY THOUSAND AND 00/100 DOLLARS ($34,150,000.00), subject to adjustment
and proration pursuant to Sections 9.1 and 9.4 below, to be paid by electronic wire transfer of immediately available federal
funds pursuant to wiring instructions to be given by Escrowee or as Escrowee may direct to Purchaser prior to the Closing and
Purchaser shall cause Escrowee to distribute such funds to Seller in accordance with this Contract.

 

4.           Deposit
Provisions.

 

4.1           Upon
the Closing, Escrowee is authorized and directed to pay the Deposit to Seller (or as Seller may direct).

 

    	-5-

    	 

    

 

4.2           In
the event Purchaser should default under this Contract, Escrowee shall pay the Deposit to Seller, who shall retain the Deposit
in accordance with Section 10.1 below.

 

4.3           In
the event this Contract is terminated by reason other than Purchaser's default, Escrowee shall pay the Deposit to Purchaser.

 

4.4           Escrowee
shall invest and reinvest the proceeds of the Deposit, and any interest earned thereon, in United States Government Treasury Bills
or Certificate(s) of Deposit or bank money market account(s) as Seller shall direct. The party entitled to receive the interest
earned on the Deposit shall pay all income taxes owed in connection therewith. The employer identification numbers of Seller and
Purchaser are respectively set forth on the signature page hereof.

 

4.5           Escrowee,
by signing this Contract at the end hereof where indicated, signifies its agreement to hold the Deposit for the purposes as provided
in this Contract. In the event of any dispute, Escrowee shall have the right to deposit the Deposit in court to await the resolution
of such dispute. Escrowee shall not incur any liability by reason of any action or non-action taken by it in good faith or pursuant
to the judgment or order of a court of competent jurisdiction. Escrowee shall have the right to rely upon the genuineness of all
certificates, notices and instruments delivered to it pursuant hereto, and all the signatures thereto or to any other writing
received by Escrowee purporting to be signed by any party hereto, and upon the truth of the contents thereof.

 

4.6           Except
as otherwise provided for in Section 4.1, Escrowee shall not pay or deliver the Deposit to any party unless written demand is
made therefor and a copy of such written demand is delivered to the other party. If Escrowee does not receive a written objection
from the other party to the proposed payment or delivery within five (5) Business Days after such demand is served by personal
delivery on such party, Escrowee is hereby authorized and directed to make such payment or delivery. If Escrowee does receive
such written objection within such five (5) Business Day period or if for any other reason Escrowee in good faith shall elect
not to make such payment or delivery, Escrowee shall forward a copy of the objections, if any, to the other party or parties,
and continue to hold the Deposit unless otherwise directed by written instructions from the parties to this Contract or by a judgment
of a court of competent jurisdiction. In any event, Escrowee shall have the right to refrain from taking any further action with
respect to the subject matter of the escrow until it is reasonably satisfied that such dispute is resolved or action by Escrowee
is required by an order or judgment of a court of competent jurisdiction.

 

4.7           Escrowee
shall be entitled to consult with counsel in connection with its duties hereunder. Seller and Purchaser, jointly and severally,
agree to reimburse Escrowee, upon demand, for the reasonable costs and expenses including attorneys’ fees incurred by Escrowee
in connection with its acting in its capacity as Escrowee. In the event of litigation relating to the subject matter of the escrow,
whichever of Seller or Purchaser is not the prevailing party shall reimburse the prevailing party for any costs and fees paid
by the prevailing party or paid from the escrowed funds to Escrowee.

 

    	-6-

    	 

    

 

5.           “As-Is”.
“Where-Is”.

 

5.1           Purchaser
acknowledges and agrees that (a) Purchaser has, or will have prior to the expiration of Purchaser's Review Period, independently
examined, inspected, and investigated to the full satisfaction of Purchaser, the physical nature and condition of the Premises,
including, without limitation, its environmental condition, and the income, operating expenses and carrying charges affecting
the Premises, (b) except as expressly set forth in this Contract or in any other document executed by Seller and delivered to
Purchaser at Closing, neither Seller nor any agent, member, officer, partner, employee, representative, broker or third party
consultant of Seller has made any representation whatsoever regarding the subject matter of this Contract or any part thereof,
including (without limiting the generality of the foregoing) representations as to the physical nature or environmental condition
of the Premises, the existence or non-existence of petroleum, asbestos, lead paint, fungi, including mold, or other microbial
contamination, hazardous substances or wastes, underground or above ground storage tanks or any other environmental hazards on,
under or about the Property, the Space Leases, operating expenses or carrying charges affecting the Premises, the compliance of
the Premises or its operation with any laws, rules, ordinances or regulations of any applicable governmental or quasi-governmental
authority or the habitability, merchantability, marketability, profitability, fitness or development of the Premises for any purpose
and (c) except as expressly set forth in this Contract or in any other document executed by Seller and delivered to Purchaser
at Closing, Purchaser, in executing, delivering and performing this Contract, does not rely upon any statement, offering material,
operating statement, historical budget, engineering structural report, any environmental reports, information, or representation
to whomsoever made or given, whether to Purchaser or others, and whether directly or indirectly, orally or in writing, made by
any person, firm or corporation except as expressly set forth herein, and Purchaser acknowledges that any such statement, information,
offering material, operating statement, historical budget, report or representation, if any, does not represent or guarantee future
performance of the Premises. Without limiting the foregoing, but in addition thereto, except as otherwise expressly set forth
in this Contract or in any other document executed by Seller and delivered to Purchaser at Closing, Seller shall deliver, and
Purchaser shall take, the Premises in its “as is” “where is” condition and with all faults on the Closing
Date, including without limitation, any notes or notices or violations of law or municipal ordinances, orders or requirements
imposed or issued by any governmental or quasi-governmental authority having or asserting jurisdiction, against or affecting the
Premises and any conditions which may result in violations (collectively, “Violations”). The provisions of
this Section shall survive the Closing or the earlier termination of this Contract.

 

    	-7-

    	 

    

 

5.2           Except
as set forth in this Contract or in any other document executed by Seller and delivered to Purchaser at Closing, Purchaser hereby
waives, releases and forever discharges Seller, its affiliates, subsidiaries, officers, directors, shareholders, employees, independent
contractors, partners, representatives, agents, successors and assigns (collectively, the “Released Parties”),
and each of them, from any and all causes of action, claims, assessments, losses, damages (compensatory, punitive or other), liabilities,
obligations, reimbursements, costs and expenses of any kind or nature, actual, contingent, present, future, known or unknown,
suspected or unsuspected, including, without limitation, interest, penalties, fines, and attorneys’ and experts’ fees
and expenses, whether caused by, arising from, or premised, in whole or in part, upon Seller’s acts or omissions, and notwithstanding
that such acts or omissions are negligent or intentional, or premised in whole or in part on any theory of strict or absolute
liability, which Purchaser, its successors or assigns or any subsequent purchaser of the Premises may have or incur in any manner
or way connected with, arising from, or related to the Premises, including without limitation (i) the environmental condition
of the Premises, or (ii) actual or alleged violations of environmental laws or regulations in connection with the Premises and/or
any property conditions. Purchaser agrees, represents and warrants that the matters released herein are not limited to matters
which are known, disclosed, suspected or foreseeable, and Purchaser hereby waives any and all rights and benefits which it now
has, or in the future may have, conferred upon Purchaser by virtue of the provisions of any law which would limit or detract from
the foregoing general release of known and unknown claims. The provisions of this Section 5.2 shall survive the Closing or termination
of this Contract.

 

6.           Representations.

 

6.1           Seller’s
Representations. Seller represents that as of the date hereof:

 

(a)          Seller
is, and at the Closing shall be, a limited partnership formed under the laws of the State of Delaware. Seller has the right, power
and authority to make and perform its obligations under this Contract without the need for governmental approval, consent or filing.

 

(b)          The
execution, delivery and performance of this Contract in accordance with its terms, do not violate the limited partnership agreement
of Seller, or any contract, agreement, commitment, order, judgment or decree to which Seller is a party or by which it is bound.

 

(c)          Seller
has the right, power and authority to make and perform its obligations under this Contract.

 

(d)          This
Contract is a valid and binding obligation of Seller enforceable against Seller in accordance with its terms.

 

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

 

(f)          The
tenants listed on Schedule C annexed hereto are tenants under leases (such leases are herein called the “Existing Space
Leases” and the lessees thereunder are herein called the “Existing Space Tenants”), true, correct
and complete copies of which have been delivered or made available to Purchaser, which constitute the only leases, licenses or
other written agreements for the use or occupancy of the Premises to which Seller is a party and which will be binding on Purchaser
following the Closing, except as may otherwise be set forth in the Permitted Exceptions.

 

(g)          The
information on the rent roll attached hereto as Schedule C is true and correct in all material respects.

 

    	-8-

    	 

    

 

(h)         Except
as may be set forth in its Space Lease or Schedule C, no Existing Space Tenant has made payments to Seller in advance for more
than one (1) month (exclusive of security deposits), or if such payments have been made to Seller more than one (1) month in advance
(exclusive of security deposits), Seller will credit Purchaser such amounts at Closing.

 

(i)          Set
forth on Schedule D is a true, correct and complete list of the material service contracts (the “Service Contracts”)
which may be binding on Purchaser or the Property after the Closing. Seller does not guarantee or undertake that any of the Service
Contracts will be in effect as of the Closing. Seller reserves the right to modify, terminate or enter into new Service Contracts
prior to Closing provided such new service contracts are terminable on not more than thirty (30) days prior notice without payment
of any premium or penalty (unless Seller agrees to pay the premium or penalty). Notwithstanding anything contained herein to the
contrary, Purchaser shall notify Seller in writing prior to the expiration of Purchaser’s Review Period which, if any, of
the Service Contracts Purchaser does not wish to assume at Closing and Seller shall terminate, prior to the Closing Date, those
Service Contracts specified in Purchaser’s notice, except Seller shall have no obligation to terminate, and Purchaser hereby
agrees to accept and assume in accordance with Exhibit 3 all Service Contracts (including those specified in Purchaser’s
notice) which cannot be terminated by Seller (i) without cause, (ii) upon less than thirty (30) days’ notice, or (iii) without
payment of a premium or penalty. Purchaser’s failure to timely deliver notice pursuant to the preceding sentence shall be
deemed Purchaser’s election to accept and assume all of the Service Contracts in accordance with Exhibit 3.

 

(j)          There
are no persons employed by Seller at the Premises in connection with the operation or maintenance of the Premises who will be
binding upon Purchaser after the Closing.

 

(k)         Except
for that certain Notice of Lease Default letter dated February 10, 2014 from Seller to Patel Brothers Store #1863, a copy of which
has been provided to Purchaser, Seller has not sent or received any written notice of default under the REAs within the past twelve
(12) months that has not been cured or waived.

 

(l)          Seller
has not received any written notice of any pending condemnation proceeding against the Premises or any portion thereof.

 

(m)        USA/PATRIOT
Act Representations. Seller further represents and warrants, in addition to the representations, warranties and agreements
set forth above, that Seller has reviewed the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”)
website at: http://www.treas.gov/offices/enforcement/ofac/ before
making the following representations and covenants and that the following statements are true and correct on the date hereof and
will be true and correct at all times through and including the Closing Date:

 

    	-9-

    	 

    

 

(i)          Seller
understands and agrees that Purchaser prohibits the payment or receipt of funds to/from any persons or entities that are acting,
directly or indirectly, (A) in contravention of any U.S. or international laws and regulations, including anti-money laundering
regulations or conventions, (B) on behalf of terrorists or terrorist organizations, including those persons or entities that are
included on the List of Specially Designated Nationals and Blocked Persons maintained by OFAC, as such list may be amended from
time to time, (C) for a “senior foreign political figure”, any member of a senior foreign political figure’s
immediate family or any close associate of a senior foreign political figure, unless the Purchaser, after being specifically notified
by Seller in writing that it, or any beneficial or indirect owner of Seller, is such a person, and determines in its sole discretion
that such receipt of funds shall be permitted, or (D) for a foreign shell bank (such persons or entities in (A) - (D) are collectively
referred to as “Prohibited Persons”). Senior foreign political figure shall have the meaning set forth in 31
CFR 103.175(r). “Foreign shell bank” and a “regulated affiliate” thereof shall have the meaning set forth
in 31 CFR 103.175(j) and 31 CFR 103.175(p), respectively.

 

(ii)         Seller
represents, warrants and covenants that: (A) it is not, nor is any person or entity controlling, controlled by or under common
control with Seller, a Prohibited Person, and (B) to the extent Seller has any beneficial or indirect owners, (1) it has carried
out such due diligence to establish the identities of such beneficial or indirect owners as Seller deemed to be appropriate, and
(2) based on such due diligence, Seller has no current actual knowledge that such beneficial or indirect owners are Prohibited
Persons.

 

(iii)        Seller
(i) has no current, actual knowledge that it is under investigation by any governmental authority for, or has been charged with,
or convicted of, money laundering, drug trafficking, terrorist related activities, any crime which in the United States would
be a predicate crime to money laundering, or a violation of any Anti-Money Laundering Laws (as defined herein); (ii) has not been
assessed a civil or criminal penalty under any Anti-Money Laundering Laws; or (iii) has not had any of its funds seized or forfeited
in any action under any Anti-Money Laundering Laws. As used in this Contract, the term “Anti-Money Laundering Laws”
shall mean all U.S. laws, regulations and sanctions, state and federal, criminal and civil, that (1) limit the use of, and/or
seek the forfeiture of proceeds from illegal transactions; (2) limit commercial transactions with designated countries, or individuals
believed to be terrorists, narcotics dealers, or otherwise engaged in activities contrary to the interests of the United States;
(3) require identification and documentation of the parties with whom a Financial Institution (as defined in the relevant statute)
conducts business; or (4) are designed to disrupt the flow of funds to terrorist organizations. Such laws, regulations, and sanctions
shall be deemed to include, without limitation, the Bank Secrecy Act, 31 U.S.C. Section 5311 et. seq., as amended by the
USA PATRIOT Act of 2001, Pub. L. No. 107-56 (the “USA PATRIOT Act”), as amended, and the regulations promulgated
thereto; as well as 18 U.S.C. Sections 1956, 1957 and 1960.

 

(n)          Except
as set forth on Schedule E annexed hereto, in the tenant files delivered or made available to Purchaser or for matters fully covered
(excluding deductibles) by one or more insurance policies, there is no litigation pending against the Premises.

 

6.2           Knowledge.
The representations of Seller set forth in Section 6.1 are made to the actual present knowledge of Jonathan Rood without such
individual having any duty or obligation to make an independent inquiry or investigation. Any reference to Seller’s “receipt”
or language similar thereto of notices or other written documents shall mean the actual receipt of the same by Jonathan Rood.
In no event shall Purchaser be entitled to assert any cause of action against Jonathan Rood nor shall Jonathan Rood have any personal
liability whatsoever for any matter under or related to this Contract. Jonathan Rood is an asset manager of DRA Advisors LLC,
the investment advisor of the Seller, and is involved in the day-to-day operation and management of the Property for DRA Advisors
LLC.

 

    	-10-

    	 

    

 

6.3          Update
and Survival. At Closing, Seller shall update the representations made in Section 6.1 above as the facts then exist. The representations
made in Section 6.1 and any update of such representations shall survive the Closing for nine (9) months; provided, however, any
representation which results in a reduction of the Purchase Price pursuant to Section 6.4 shall not survive the Closing. In any
event, Seller's maximum liability after Closing for any obligations or liabilities of Seller which expressly survive Closing pursuant
to the Contract (including, without limitation, the representations set forth in Section 6.1) or in any closing document executed
by Seller and delivered to Purchaser at Closing, shall not exceed, in the aggregate, an amount equal to Six Hundred Thousand and
00/100 Dollars ($600,000.00), provided that with respect to the foregoing, Seller shall have no liability, and Purchaser shall
make no claim against Seller if the obligations or liabilities in question result from a condition, state of facts or other matter
actually known to Purchaser prior to Closing. The preceding sentence of this Section 6.3 shall survive Closing.

 

6.4          Liability
for Misrepresentations.

 

(a)          Subject
to the provisions of Section 6.4(b) below, if any representation of Seller shall fail to be true in any material and adverse respect,
Purchaser's sole remedy shall be to terminate this Contract and receive the return of the Deposit and upon the receipt of same,
this Contract shall be null and void and of no further force or effect and, except for those provisions expressly stated to survive
the termination of this Contract, neither party shall have any rights or obligations against or to the other. Seller shall have
the option to rescind Purchaser's termination of this Contract and adjourn the Closing for a period not to exceed thirty (30)
days beyond the date scheduled for the Closing in order to make such representation true. If the Closing shall take place without
Purchaser making an objection to an untrue representation of which Purchaser shall have knowledge, Purchaser shall be deemed to
have waived all liability of Seller by reason of such untrue representation. Upon delivery of any Estoppel Certificates, Seller
shall be entirely released from any liability under Seller’s representations (including, without limitation, any update
of the representations) concerning the information contained in such Estoppel Certificates to the extent the same is consistent
with, or more favorable than, the information contained in Seller’s representations. The provisions of this Section 6.4
shall survive the Closing or termination of this Contract.

 

    	-11-

    	 

    

 

(b)          The
provisions of Section 6.4(a) above to the contrary notwithstanding, if any representation(s) shall fail to be true and such representation(s)
can be made true by the payment of a liquidated sum of money only, and if both (a) such representation(s) can reasonably
be expected to be made true within a period of thirty (30) days beyond the date scheduled for Closing and (b) the sum of
money required to make such representation(s) true shall not exceed One Hundred Thousand and 00/100 ($100,000.00) Dollars in the
aggregate (the “Maximum Representation Expense”), in such event, Seller agrees to adjourn the Closing for the
period required to make such representation(s) true, but not to exceed thirty (30) days beyond the date scheduled for the Closing
and to expend an amount not to exceed the Maximum Representation Expense. If there shall be any untrue representation(s) which
can be made true by the payment of a sum of money only which exceeds the Maximum Representation Expense, or which can be made
true by the payment of not more than the Maximum Representation Expense but not within said thirty (30) day period, and Seller
notifies Purchaser that Seller elects not to, or cannot, make such representation(s) true within the available time, Purchaser
may elect to (i) cancel this Contract by notice to Seller given within five (5) Business Days after receipt of Seller's notice
or (ii) close with a credit from Seller equal to the lesser of the amount required to make the representation true or the Maximum
Representation Expense. If Purchaser fails to timely cancel this Contract as provided in the preceding sentence, Purchaser shall
nevertheless proceed to Closing and the Purchase Price shall be reduced by the lesser of the sum of money required to make such
representations true or the Maximum Representation Expense. Anything in this Section to the contrary notwithstanding, an attempt
by Seller to make any untrue representation to be true shall not be deemed to be or create an obligation of Seller to make the
same true.

 

6.5          Purchaser’s
Representations. Purchaser represents that:

 

(a)          The
execution, delivery and performance of this Contract in accordance with its terms, do not violate the partnership agreement, corporate
charter, by-laws, certificate of incorporation or operating agreement of Purchaser, or any contract, agreement, commitment, order,
judgment or decree to which Purchaser is a party or by which it is bound;

 

(b)          Purchaser
has the right, power and authority to make and perform its obligations under this Contract;

 

(c)          [Intentionally
deleted]; and

 

(d)          USA
PATRIOT Act/OFAC Representations. Purchaser further represents and warrants, in addition to the representations, warranties
and agreements set forth above, that the Purchaser has reviewed the OFAC website at: http://www.treas.gov/offices/enforcement/ofac/
before making the following representations and covenants and that the following statements are true and correct on the date hereof
and will be true and correct at all times through and including the Closing Date:

 

(i)          Purchaser
understands and agrees that Seller prohibits the payment or receipt of funds to/from any Prohibited Persons.

 

(ii)         Purchaser
represents, warrants and covenants that: (A) it is not, nor is any person or entity controlling, controlled by or under common
control with Purchaser, a Prohibited Person, and (B) to the extent Purchaser has any beneficial or indirect owners, (1) it has
carried out such due diligence to establish the identities of such beneficial or indirect owners as Purchaser deemed to be appropriate,
and (2) based on such due diligence, Purchaser has no current, actual knowledge that such beneficial or indirect owners are Prohibited
Persons.

 

(iii)        Purchaser
(i) has no current, actual knowledge that it is under investigation by any governmental authority for, or has been charged with,
or convicted of, money laundering, drug trafficking, terrorist related activities, any crime which in the United States would
be a predicate crime to money laundering, or a violation of any Anti-Money Laundering Laws (as defined herein); (ii) has not been
assessed a civil or criminal penalty under any Anti-Money Laundering Laws; or (iii) has not had any of its funds seized or forfeited
in any action under any Anti-Money Laundering Laws.

 

    	-12-

    	 

    

 

(e)          This
Contract is a valid and binding obligation of Purchaser enforceable against Purchaser in accordance with its terms. Purchaser
covenants and warrants that the representations in the preceding sentences of this Section 6.5 will be true on the Closing with
respect to Purchaser or any permitted assignee of Purchaser and Purchaser or such assignee shall deliver to Seller at Closing
copies of Purchaser's organizational documents and resolutions and/or consents and certificates as necessary to substantiate that
such representations of Purchaser are true as of the Closing.

 

7.           Ongoing
Operations.

 

7.1          Leasing
Practice.

 

(a)          The
Existing Space Leases, together with any modifications, renewals and new leases made after the date hereof in accordance with
this Section 7.1 hereof are herein called the “Space Leases” and the tenants thereunder are herein called the
“Space Tenants”. During the period ending five (5) days before the Outside Termination Date, Seller may enter
into new leases, terminate, renew and/or make modifications to the Space Leases (collectively, “New Lease(s)”)
without the approval of Purchaser; provided, however, Seller shall provide Purchaser with not less than five (5) days’ prior
notice of the entering into of any New Lease. Beginning with the fifth (5th) day before the Outside Termination Date, provided
Purchaser is not in default under this Contract, Seller shall not enter into New Leases without the prior approval of Purchaser,
which approval shall not be unreasonably withheld, conditioned or delayed. Purchaser agrees to grant or deny consent in writing
(and provide, in reasonable detail, the reasons for any denial) within three (3) Business Days after Purchaser's receipt
of Seller's written request, which request shall contain copies of all material information related to such request and a summary
of the material terms of the proposed New Lease. Purchaser's failure to timely respond in writing to Seller's request shall be
deemed a consent to the proposed New Lease. Seller shall, from time to time, inform (orally or in writing) Purchaser of any new
lease negotiations to which Seller is a party and promptly give notice to Purchaser of any New Lease and a copy of any instruments
executed and any material information delivered in connection with the New Lease.

 

(b)          Following
the Outside Termination Date, Seller may continue to grant consent or approval to a request made by a Space Tenant if such consent
or approval is required to be granted pursuant to the applicable provisions of the Space Lease or if Seller is required to exercise
reasonable judgment or discretion in determining whether to grant the consent or approval and it would be unreasonable for Seller
to withhold the applicable consent or approval.

 

(c)          Following
the Outside Termination Date, if Section 7.1(b) is not applicable, then, Seller shall, prior to granting such consent or approval,
notify Purchaser of the request made by a Space Tenant, which notice shall contain copies of all documents, if any, submitted
by such Space Tenant in connection with the request. Purchaser agrees to advise Seller in writing, within three (3) Business Days
after Purchaser's receipt of Seller's notice, whether Purchaser elects that the Space Tenant's request be granted or denied (and
provide, in reasonable detail, the reasons for any denial), which election shall be made in Purchaser's reasonable judgment.
Purchaser's failure to timely respond in writing to Seller's notice shall be deemed an election to consent to the proposed request.

 

    	-13-

    	 

    

 

(d)          Purchaser
acknowledges and agrees that no representation has been made and no responsibility has been assumed by Seller with respect to
the continued occupancy of the Premises, or any part thereof, by the Space Tenants from and after the date hereof. Seller does
not undertake or guarantee that the Space Tenants will be in occupancy from and after the date hereof. Prior to the Closing, Seller
shall have the right, but not the obligation, to enforce its rights against the Space Tenants by summary proceeding, drawing down
or application of security deposits or in any other manner. Except as provided in this Section 7.1 above, Seller shall not terminate
any Space Lease without the prior consent of Purchaser except in the event of an emergency or life-safety issue.

 

7.2           Personal
Property and Equipment. During the pendency of this Contract, Seller agrees not to transfer to any third party or remove any
personal property or equipment owned by Seller and material to the operation or maintenance of the Premises and located in the
Premises unless such personal property or equipment is obsolete or replaced with a substantially similar item.

 

7.3           Employees.
During the pendency of this Contract, Seller shall not hire any employees for whom Purchaser will have liability following
the Closing.

 

7.4           Development
Rights. During the pendency of this Contract, Seller shall not sell, lease, transfer or otherwise encumber any development
rights appurtenant to the Premises.

 

7.5           Tax
Protest Proceedings. Seller shall have sole authority to prosecute, settle and withdraw proceedings to review any real estate
tax assessment for the Premises covering the fiscal years prior to and in which the Closing occurs. Purchaser acknowledges that
it has no interest in any proceedings or refunds applicable to any fiscal tax year prior to the year in which the Closing occurs.
Purchaser acknowledges that Seller may elect to appeal certain property assessments for real estate tax purposes. Promptly after
such election, Seller shall provide Purchaser with notice thereof and during the pendency of such appeal, agrees to provide Purchaser
with a copy of any material documentation with respect thereto, provided the same is not proprietary or confidential to Seller.
The provisions of this Section shall survive the Closing.

 

    	-14-

    	 

    

 

7.6           Operation
and Maintenance. From and after the date hereof until the date and time of the Closing, Seller shall operate and maintain
the Premises in the usual course of business and consistent with past practices, excepting normal wear and tear and loss or Casualty,
except that Seller shall have no obligation whatsoever to make any capital expenditures. During the period ending five (5) days
before the Outside Termination Date, Seller shall have the right, but not the obligation, to make a capital expenditure in the
ordinary course of business to maintain and preserve the Property, in which event Seller shall promptly notify Purchaser as to
same, but, in any event, no later than the third (3rd) Business Day before the Outside Termination Date. In the event
Seller should make (or commit to make) such a capital expenditure prior to the fifth (5th) day before the Outside Termination
Date, Purchaser shall reimburse Seller on or before the Closing, for its pro rata portion (which shall be based on the portion
of useful life of such expenditure occurring during each party’s respective period of ownership) of such expenditures made
by Seller and Purchaser shall assume the obligation to complete the work (including, without limitation, assuming the applicable
service contract(s) for any such incomplete work in accordance with Sections 6.1(i) and 9.3(b)(vii) hereof) covered by the expenditure.
Beginning with the fifth (5th) day before the Outside Termination Date, Seller shall not make any capital expenditures
without the prior written approval of Purchaser (unless solely and directly as a result of an emergency), which approval may be
given or withheld in Purchaser’s sole discretion. In the event Purchaser shall approve such capital expenditure from and
after the fifth (5th) day before the Outside Termination Date (or upon an emergency, as set forth above), Purchaser
shall reimburse Seller and assume Seller’s remaining obligations in the manner set forth above. The 3rd and 5th
sentence of this Section 7.6 shall survive the Closing or earlier termination of this Contract; provided, however, that
in the event Purchaser duly cancels this Contract on or before the Outside Termination Date in accordance with the terms of Section
12.1 hereof, Purchaser shall have no obligation to reimburse Seller and assume Seller’s obligations pursuant to this Section
7.6.

 

8.           Title.

 

8.1           Title
Commitment. Seller has (i) caused to be issued and delivered to Purchaser a title commitment (the “Title Commitment”)
issued by Chicago Title Insurance Company, 711 Third Avenue, 5th Floor, New York, New York 10017; Attention: Mario
Varano (the “Title Company”), accompanied by a copy of all recorded documents affecting the Property listed
as exceptions in Schedule B of the Title Commitment and (ii) delivered to Purchaser a copy of the existing ALTA survey
of the Property prepared by Andrew G. Zoutewelle Surveyors, dated November 3, 2011 (the “Survey”). At least
ten (10) Business Days prior to the Outside Termination Date, Purchaser shall furnish Seller with notice of any objections Purchaser
has to the Title Commitment and Survey (the “Title Objection Date”); provided, however, Seller shall have no
obligation to cure any such objections. In no event shall a failure by Purchaser to deliver notice of objections to the Title
Commitment by the Title Objection Date be deemed a default by Purchaser under this Contract. Any matters existing as of the Title
Objection Date to which Purchaser does not object, shall be deemed Permitted Exceptions. All defects, encumbrances, encroachments
or other objections to title or the Survey or any survey of the Property or any part thereof that exist as of the Outside Termination
Date and which Seller has not in this Contract or in a separate writing expressly agreed to remove, shall be deemed Permitted
Exceptions. Following the Outside Termination Date, Purchaser shall notify Seller within five (5) Business Days of becoming actually
aware of any other defects, encumbrances, encroachments or other objections to title or the Survey or any survey of the Property
or any part thereof that are not Permitted Exceptions. Any defects, encumbrances, encroachments or other objections to title that
are not Permitted Exceptions that are not timely objected to in accordance with this Section 8.1 shall be deemed Permitted Exceptions.

 

    	-15-

    	 

    

 

8.2          Status
of Title. Seller shall deliver and Purchaser shall accept title to the Premises and consummate the transaction contemplated
by this Contract subject to (a) title exceptions created or suffered by Purchaser and (b) the title exceptions deemed Permitted
Exceptions under Section 8.1 above and (c) such other title exceptions which Seller may, in accordance with the provisions of
this Contract, cause the Title Company to omit from Purchaser's title policy or affirmatively insure, without additional premium
(unless paid by Seller), including without limitation a lien related to any loan secured by the Property which will be released
in connection with a payoff at the Closing, so long as any such title exception described in this clause (c) (other than any such
loan-related lien as set forth in the immediately preceding clause) does not have a material adverse effect on Purchaser (the
title exceptions [whether liens, encumbrances, defects, encroachments or other objections] described in (a), (b) and (c) herein
sometimes referred to collectively as "Permitted Exceptions").

 

8.3          Non-Permitted
Title Objections.

 

(a)          If
on the Closing it should appear that the Premises is affected by any lien, encumbrance, defect, encroachment or objection which
is not a Permitted Exception (collectively, “Non-Permitted Title Objections”), then in such event, Seller,
at Seller's election, shall have the privilege to remove or satisfy the same, and shall, for that purpose, be entitled to one
or more adjournments of the Closing for a period not to exceed thirty (30) days beyond the date scheduled for Closing.

 

(b)          Seller
shall not be required to bring any action or proceeding or to otherwise incur any expense to remove or discharge any Non-Permitted
Title Objection unless such Non-Permitted Title Objection(s) can be removed or discharged by payment of a liquidated sum of money
only, and if both (1) such removal or discharge can reasonably be expected to be accomplished within a period of thirty (30) days
beyond the date scheduled for the Closing and (2) the sum of money required to accomplish such removal or discharge does not exceed
Fifty Thousand and 00/100 Dollars ($50,000.00) in the aggregate (the “Maximum Title Expense”). In such event,
Seller agrees to adjourn the Closing for the period required to remove or discharge such Non-Permitted Title Objections, but not
to exceed thirty (30) days beyond the date scheduled for the Closing, and to expend (or at Seller’s election, to obligate
itself to expend by indemnity agreement, bond or any other manner) an amount not to exceed the Maximum Title Expense to remove
or discharge such Non-Permitted Title Objections. If there shall be any Non-Permitted Title Objections that can be removed or
discharged by the payment of a sum of money only which exceeds the Maximum Title Expense, or that can be removed by the payment
of not more than the Maximum Title Expense but not within thirty (30) days and Seller notifies Purchaser that Seller elects not
to, or cannot, remove or discharge such Non-Permitted Title Objections, Purchaser may elect to (i) terminate this Contract by
notice given within five (5) Business Days after receipt of Seller's notice in which case Purchaser shall be entitled to the return
of the Deposit or (ii) close with a credit from Seller equal to the lesser of the amount required to remove or discharge such
Non-Permitted Title Objection or the Maximum Title Expense. If Purchaser fails to timely cancel this Contract as provided in the
preceding sentence, Purchaser shall accept such title as Seller can convey and the Purchase Price shall be reduced by the lesser
of the Maximum Title Expense or the amount required to remove or discharge said Non-Permitted Title Objection. Anything in this
Section to the contrary notwithstanding, an attempt by Seller to remove or discharge any Non-Permitted Title Objection shall not
be deemed to be or create an obligation of Seller to remove or discharge the same.

 

    	-16-

    	 

    

 

(c)          The
foregoing provisions of this Section to the contrary notwithstanding, Seller agrees to remove or discharge any monetary lien voluntarily
created by Seller and any Non-Permitted Title Objections voluntarily created by Seller after the date hereof; provided, however,
that Seller shall in no event be deemed to have voluntarily created (nor shall Seller be liable for) any monetary lien or Non-Permitted
Title Objections if solely caused or created by an act or omission of Purchaser or by an act or omission of a Space Tenant.

 

9.           Closing.

 

9.1           Closing
Date and Location. Subject to the adjournments expressly allowed elsewhere in this Contract, the closing of title (the “Closing”)
shall take place, time being of the essence, on September 29, 2014 (the “Anticipated Closing Date”). Purchaser
shall have the one-time right to adjourn the Closing up to a date no later than fifteen (15) days after the Anticipated Closing
Date, time being of the essence, by delivering, at least five (5) Business Days prior to the Anticipated Closing Date, time being
of the essence, (a) a written notice to Seller and Escrowee of such adjournment, which notice shall set forth the Business Day
for the adjourned Closing and (b) an additional sum of ONE MILLION TWO HUNDRED FIFTY THOUSAND AND 00/100 DOLLARS ($1,250,000.00)
(the “Adjournment Deposit”), payable by electronic wire transfer of immediately available funds to the account
previously designated by Escrowee or by certified check of Purchaser or bank teller’s check to the order of Escrowee. The
Adjournment Deposit and any interest earned thereon shall be added to and become part of the Deposit and shall be held and disbursed
in accordance with the terms of Article 4 hereof. The Closing shall take place by escrow deliveries to the Escrowee (the actual
date of closing is herein referred to as the “Closing Date”) pursuant to reasonably acceptable escrow instructions
that will provide, among other things, that the transfer documents will be released only upon Escrowee, on behalf of Seller and
Purchaser, being unconditionally and irrevocably authorized to disburse the Purchase Price to Seller or as Seller may direct and
otherwise in accordance with the terms of this Contract. Notwithstanding anything to the contrary contained in this Contract,
and in addition to the adjournment rights expressly allowed elsewhere in this Contract, Seller shall have the right to adjourn
the Closing up to the last Business Day of the month in which the Closing is then scheduled to occur by delivering, at least five
(5) Business Days prior to the then scheduled Closing Date, written notice to Purchaser and Escrowee of such adjournment.

 

9.2          Closing
Expenses.

 

(a)          Seller’s
Expenses. Seller shall pay (i) one-half (1/2) of any reasonable escrow or closing charge of the Title Company; (ii) any real
property and personal property transfer, conveyance or recording taxes imposed by the applicable governmental authority by reason
of the transfer of the Premises (“Transfer Tax”); and (iii) the costs of the Survey (for expenses incurred
prior to the date hereof).

 

(b)          Purchaser’s
Expenses. Purchaser shall pay (i) one-half (1/2) of any reasonable escrow or closing charge of the Title Company; (ii) the
cost of recording the deed including, without limitation, any recording charges imposed by the applicable governmental authority
by reason of the transfer of the Premises; (iii) all expenses relating to its inspection of the Premises including, but not limited
to, engineering, environmental and property condition surveys and updates to the Survey (for expenses incurred to update the Survey
from and after the date hereof) whether or not Purchaser closes title to the Premises; (iv) all costs of the premiums for title
policy coverage and the costs of any endorsements (other than endorsements which Seller elects to obtain to cure any Non-Permitted
Title Objection); and (v) any cost incurred in connection with any financing obtained by Purchaser including, without limitation,
mortgage recording tax and title insurance premiums. Seller and Purchaser shall each execute (and swear to where required) any
returns and statements required in connection with the Transfer Tax. Payment of the Transfer Tax shall be made to the Title Company.

 

    	-17-

    	 

    

 

(c)          The
provisions of this Section 9.2 shall survive the Closing or earlier termination of this Contract.

 

9.3          Closing
Deliveries.

 

(a)          At
Closing (or within five (5) Business Days thereafter with respect to delivery of items other than documents executed by Seller
in connection with the Closing), unless expressly stated to the contrary herein, Seller shall deliver to Purchaser or Escrowee:

 

(i)          the
Special Warranty Deed executed by Seller and acknowledged in the form annexed hereto as Exhibit 1;

 

(ii)         the
Assignment of the Space Leases executed by Seller in the form annexed hereto as Exhibit 2;

 

(iii)        the
Assignment of the Service Contracts (and any permitted replacements or renewals thereof) executed by Seller in the form annexed
hereto as Exhibit 3;

 

(iv)        the
Assignment of Licenses, Permits, Guarantees and Warranties executed by Seller in the form annexed hereto as Exhibit 4;

 

(v)         notice
to the Space Tenants executed by Seller in the form annexed hereto as Exhibit 5 (which will be delivered to the Space Tenants
by Seller or its property manager unless otherwise mutually agreed to by Seller and Purchaser);

 

(vi)        originals,
or if originals are not available, copies of the Space Leases (which may be delivered to Purchaser’s manager at the Premises);

 

(vii)       notice
to the service contractors executed by Seller in the form annexed hereto as Exhibit 6 (which will be delivered to the service
contractors by Seller or its property manager unless otherwise mutually agreed to by Seller and Purchaser);

 

(viii)      duly
executed certificate of Seller in the applicable form set forth in Treasury Regulations §1.1445-2(b)(2);

 

(ix)         the
Transfer Tax return(s) executed by Seller;

 

    	-18-

    	 

    

 

(x)          estoppel
certificates dated within forty-five (45) days of the date originally scheduled for Closing (each an “Estoppel Certificate”
and collectively the “Estoppel Certificates”) from (i) all Major Tenants and (ii) those Space Tenants which
together with Major Tenants collectively represent eighty percent (80%) of the leased area of the Premises (“Estoppel
Tenants”). Such Estoppel Certificates shall be in form and substance which do not vary materially from the form annexed
hereto as Exhibit 7 (unless such variance benefits Purchaser) or, as to any Space Tenant and/or Space Lease providing for
or allowing a different form of estoppel certificate, the form provided or allowed by such Space Tenant and/or Space Lease; provided,
however, that the Estoppel Certificate from the Anna’s Linens Space Tenant may be in any form delivered to Seller by the
Anna’s Linens Space Tenant (it being understood that Purchaser shall have no right to object in form or substance to any
Estoppel Certificate delivered by the Anna’s Linens Space Tenant and that receipt by Purchaser of any Estoppel Certificate
from the Anna’s Linens Space Tenant will satisfy Seller’s delivery obligation with respect to such Space Tenant as
set forth in this Section 9.3(a)(x)). Notwithstanding the foregoing to the contrary, if the required Estoppel Certificates cannot
be timely delivered, Seller may, but shall not be obligated to, adjourn the Closing for a period not to exceed thirty (30) days,
to obtain the required Estoppel Certificates.  As used herein, “Major Tenant” shall mean any Space Tenant
who leases pursuant to a Space Lease more than ten thousand (10,000) rentable square feet in the aggregate. Notwithstanding the
foregoing, if Seller fails to obtain an Estoppel Certificate from Anna’s Linens Space Tenant because a petition in bankruptcy
has been filed by or against Anna’s Linens Space Tenant or other similar bankruptcy event has occurred with respect to Anna’s
Linens Space Tenant (e.g. a receiver or trustee is appointed to take possession of its assets, an assignment is made for the benefit
of its creditors, or other judicial seizure of its assets occurs), then Anna’s Linens Space Tenant (or the square footage
under its Lease, as applicable) shall be excluded: (x) from the definition of Major Tenant, and (y) when calculating the total
leased area of the Premises for purposes of determining the Estoppel Tenants under this Section 9.3(a)(x). Seller shall deliver
to Purchaser, promptly after receipt thereof, copies of each executed Estoppel Certificate obtained by Seller from the Space Tenants;
provided, however, that if Seller delivers to Purchaser an executed Estoppel Certificate from a Space Tenant in form or substance
to which Purchaser is entitled to object pursuant to this Section 9.3(a)(x) and delivers a subsequent executed Estoppel Certificate
from such Space Tenant in form and substance to which Purchaser shall not have the right to object pursuant to this Section 9.3(a)(x),
then such subsequent Estoppel Certificate shall be deemed acceptable for purposes of satisfying Seller’s obligation to deliver
Estoppel Certificates under this Contract. If Seller, after exercising or waiving in writing its adjournment right set forth in
this Section 9.3(a)(x), does not or cannot deliver the required Estoppel Certificates, Purchaser's sole remedy shall be to terminate
this Contract and receive the return of the Deposit or to close notwithstanding the lack of the Estoppel Certificate(s) without
any reduction of the Purchase Price and without any liability of Seller relative thereto. Except (x) as set forth in Section 12.1
and (y) with respect to any Estoppel Certificate delivered by the Anna’s Linens Space Tenant, in the event any Estoppel
Certificate shall claim a default (a claim of default or failure of an obligation by Seller or a Space Tenant which arises out
of or results from information actually disclosed to and actually known by Purchaser prior to the Outside Termination Date shall
not be deemed an Estoppel Default or an objection to Purchaser’s closing title to the Premises) by Seller under a Space
Lease (such default hereinafter being referred to as an “Estoppel Default”), then Seller may, but shall not
be obligated to, elect to cure any such Estoppel Default and shall, for that purpose, be entitled to adjourn the Closing for a
period not to exceed thirty (30) days, provided, however, that in the event Seller elects not to cure such Estoppel Default or
is unable to cure such Estoppel Default within such period of time, Purchaser's sole remedy shall be to terminate this Contract
and receive the return of the Deposit. In the event Purchaser is permitted to terminate this Contract pursuant to the preceding
sentence, if (1) Purchaser fails to terminate this Contract as provided for above, or (2) such Estoppel Default will require less
than Five Hundred Thousand Dollars ($500,000) to cure and if Seller agrees to escrow at Closing sufficient funds to remedy such
Estoppel Default and otherwise elects to indemnify Purchaser from and against any and all claims, loss, liability, damage, cost
or expense, including reasonable attorneys' fees, that may arise as a result of such Estoppel Default, then, in either event,
the rights and obligations of the parties hereto shall not be affected thereby, this Contract shall remain in full force and effect
and Purchaser shall, at the Closing, accept such Estoppel Certificate subject to such Estoppel Default without any reduction of
the Purchase Price. Subsequent to the Closing, Seller may deliver an Estoppel Certificate confirming that the Estoppel Default
no longer exists, whereupon Seller shall be entirely released from any liability arising out of the indemnity, if any, given pursuant
to subsection (2) above. Notwithstanding anything contained herein to the contrary, Purchaser shall notify Seller upon the date
which is the earlier of (i) five (5) Business Days following Purchaser’s receipt of executed Estoppel Certificates and (ii)
one (1) Business Day before the Closing Date, of Purchaser’s permitted objections to any such Estoppel Certificates. Purchaser’s
failure to timely respond to Seller in accordance with the preceding sentence shall be deemed its approval of the Estoppel Certificates;

 

    	-19-

    	 

    

 

(xi)         the
Bill of Sale, executed by Seller in the form of Exhibit 8 annexed hereto;

 

(xii)        keys,
combinations and codes to all locks and security devices to the Premises in Seller’s possession;

 

(xiii)       an
update of Seller’s representations executed by Seller in accordance with Section 6.3 above;

 

(xiv)      a
Seller’s non-resident withholding affidavit executed by Seller, if applicable;

 

(xv)       a
title certificate in the form attached hereto as Exhibit 10;

 

(xvi)      an
Assignment and Assumption of Leasing Commission Agreements and Construction Contracts executed by Seller in the form annexed hereto
as Exhibit 13; and

 

(xvii)     evidence
of Seller’s organizational authority.

 

(b)          At
Closing Purchaser shall deliver to Seller or Escrowee:

 

(i)          the
balance of the Purchase Price as provided in Section 3 hereof;

 

(ii)         the
Assignment of the Space Leases executed by Purchaser in the form annexed hereto as Exhibit 2;

 

(iii)        the
Assignment of the Service Contracts (and any replacements or renewals thereof) executed by Purchaser in the form annexed hereto
as Exhibit 3;

 

    	-20-

    	 

    

 

(iv)        notice
to the Space Tenants executed by Purchaser in the form annexed hereto as Exhibit 5;

 

(v)         notice
to the service contractors executed by Purchaser in the form annexed hereto as Exhibit 6;

 

(vi)        an
Assumption Agreement executed by Purchaser in the forms annexed hereto as Exhibit 12 and Exhibit 12-A pursuant to
which Purchaser shall assume all of Seller’s obligations with respect to the leasing commission obligations to be
assumed by Purchaser pursuant to Section 9.4(c) of this Contract which arise from and after the Closing Date;

 

(vii)       an
Assignment and Assumption of Leasing Commission Agreements and Construction Contracts executed by Purchaser in the form annexed
hereto as Exhibit 13 pursuant to which Purchaser shall assume all of Seller’s obligations with respect to the leasing
commission agreements and construction contracts (i) set forth on Schedule F annexed hereto, (ii) to be assumed by Purchaser pursuant
to Section 9.4(a)(i)(G) of this Contract, if applicable, and (iii) to be assumed by
Purchaser pursuant to Section 7.6 of this Contract, if applicable; and

 

(viii)      Transfer
Tax return(s) executed by Purchaser; and

 

(ix)         evidence
of Purchaser's organizational authority.

 

9.4          Apportionments
and Reimbursements. The following adjustments shall be made with respect to the Premises, and the following procedures shall
be followed:

 

(a)          General.

 

(i)          Preparation
of Prorations. Before the Closing Date, Seller shall prepare and deliver, or cause Escrowee to prepare and deliver, to Purchaser
an unaudited statement for the Premises (the “Preliminary Proration Statement”) showing prorations (except
as set forth in Section 9.4(a)(i)(G)) for the items set forth below, calculated as of 11:59 P.M. on the day preceding the
Closing Date, on the basis of a 365-day year. Notwithstanding the foregoing, in the event Seller (or its designee (e.g. Seller’s
existing lender)) does not receive the funds to be wired pursuant to Section 3 above by 1:00 P.M. Eastern Time on the Closing
Date, then in such event, the items set forth in this Section shall be apportioned as of 11:59 P.M. on the Closing Date based
upon the respective party's period of ownership for the item being apportioned. Purchaser and its representatives shall be afforded
reasonable access to Seller’s books and records with respect to the Premises and Seller’s work papers pertaining to
the Preliminary Proration Statement to confirm the accuracy of the Preliminary Proration Statement. Purchaser and Seller shall
agree upon any adjustments to be made to the Preliminary Proration Statement before the Closing, and at the Closing, Purchaser
or Seller, as applicable, shall receive a credit equal to the net amount due Purchaser or Seller, as applicable, pursuant to the
Preliminary Proration Statement as finally agreed upon by Purchaser and Seller. The items to be covered by the Preliminary Proration
Statement are as follows:

 

    	-21-

    	 

    

 

 

(A)         rents
and any miscellaneous revenue (but only to the extent collected before the Closing Date), but excluding Additional Rents (as defined
in 9.4(a)(i)(B) below) and percentage rent, which shall be prorated pursuant to Section 9.4(b) below;

 

(B)         reimbursements
from Space Tenants for the cost of, or for increases (above a base amount) in the cost of, real estate taxes, parking, a marketing
fund, operating expenses, insurance premiums, maintenance, or other charges of a similar nature, if any, and any additional charges
and expenses (collectively, “Additional Rents”) payable under the Space Leases and percentage rents, which
shall be prorated based on the principles and procedures set forth in Section 9.4(b) below;

 

(C)         non-delinquent
personal property taxes, real property taxes and assessments, district improvement impositions and the like, except to the extent
reimbursable or payable directly to the applicable taxing authority by the Space Tenants under its Space Leases (based upon the
maximum discount rate available, if applicable); provided that if the tax rate or assessment for the fiscal year in which the
Closing occurs has not been issued as of the Closing Date, taxes shall be prorated based on the last ascertainable tax bill, and
such tax proration shall be subject to adjustment pursuant to subparagraph (v) of this Section 9.4(a);

 

(D)         water,
sewer and utility charges not payable by a Space Tenant;

 

(E)         amounts
payable under the Service Contracts;

 

(F)         permits,
licenses and/or inspection fees (calculated on the basis of the period covered), but only to the extent transferred to Purchaser;

 

(G)         leasing
commissions, landlord’s work, tenant improvement allowances and construction management fees incurred in connection with
New Leases made in accordance with the provisions of Section 7.1 above, which shall
be paid by Purchaser and Purchaser agrees to assume the obligations therefor
pursuant to an Assignment and Assumption of Leasing Commission Agreements and
Construction Contracts attached hereto as Exhibit 13. To the extent such
amounts are paid by Seller at or prior to Closing, Purchaser shall reimburse Seller for such amounts at Closing; and

 

(H)         any
other expenses normal to the operation and maintenance of the Premises.

    	-22-

    	 

    

 

(ii)         
Principles of Prorations; Collections and Payments. Subject to the prorations to be made pursuant to this Section 9.4,
after the Closing Purchaser shall collect all revenues and pay all expenses with respect to the Premises, even if such revenues
and expenses relate to periods before the Closing; provided however, if any Space Tenant sends payments to Seller after the Closing,
Seller shall deposit such payments to its bank account and, promptly after such payment has cleared, pay to Purchaser any portion
of such payment to which Purchaser is entitled under the provisions of this Section 9.4. Purchaser shall use commercially reasonable
efforts consistent with prudent business practices (A) to collect on Seller’s and Purchaser’s behalf all operating
expenses for the Premises which are actually paid by Seller or Purchaser and permitted to be passed through to Space Tenants as
Additional Rents pursuant to the terms of each Space Tenant’s respective Space Lease with respect to the 2014 calendar year,
and (B) for the first two hundred seventy (270) days from and after the Closing Date, to collect on Seller’s behalf all
such other delinquencies and unpaid monetary obligations owing under the Space Leases as of the Closing Date or that relate to
a period prior to the Closing Date, and in the case of each of the foregoing clauses (A) and (B), Purchaser shall pay to Seller
any sums collected in connection therewith which are attributable to the period of time prior to Closing. For purposes of the
immediately preceding sentence, Purchaser’s use of commercially reasonable efforts shall in no event require Purchaser to
sue a Space Tenant, terminate a Space Tenant’s Space Lease or disrupt a Space Tenant’s right to possession of its
premises. To the extent such payments of any such unpaid monetary obligations are collected by Purchaser by judicial process,
Purchaser may deduct from the amount owed to Seller an amount equal to the attorneys’ fees and costs actually incurred by
Purchaser in collecting such unpaid monetary obligations due to Seller. Subject to the foregoing sentence, any rent or other payment
collected after the Closing from any Space Tenant which owed any amounts under the Space Leases as of the Closing Date or that
relates to any period prior to the Closing Date shall be applied first, to the applicable party’s unpaid monetary obligations
with respect to any periods from the Closing Date through the end of the month in which such payment is made, in such order as
Purchaser may elect, until such monetary obligations have been paid in full; any remaining amount of such payment shall be paid
over to Seller, for application against such party’s unpaid monetary obligations with respect to any periods before the
Closing Date, in such order as Seller may elect, until such unpaid monetary obligations have been paid in full; and any remaining
amount of such payment shall be retained by Purchaser for application against such party’s future obligations. After the
Closing Date, except as expressly provided in the immediately succeeding sentence, Seller shall have no right to bring any actions
or proceedings against Space Tenants to collect any delinquencies or otherwise, and Purchaser shall be deemed to have the exclusive
right, at any time after the Closing Date, to file proofs of claim and to commence or continue any actions or proceedings to collect
any pre-petition rent, pre-petition additional rent, pre-petition rejection damages under Section 365 of the Bankruptcy Code,
and/or post-petition administration expense claims. Notwithstanding anything contained in this Contract to the contrary, after
the Closing Date, Seller shall retain the right to bring or continue actions or proceedings against the Anna’s Linens Space
Tenant to collect any delinquencies to which Seller is entitled and Purchaser shall be deemed to have assigned to Seller the exclusive
right with respect to the Anna’s Linens Space Tenant, at any time after the Closing Date, to file proofs of claim and commence
or continue any actions or proceedings to collect any pre-petition rent, pre-petition additional rent, pre-petition rejection
damages under Section 365 of the Bankruptcy Code, and/or post-petition administration expense claims, for any and all damages
which arise or accrue with respect to the Anna’s Linens Space Tenant prior to the Closing Date, and to retain any sums collected
in connection therewith; provided, however, Seller shall not sue to terminate the Anna’s Linens Space Tenant’s Space
Lease or right to possession of its premises. Notwithstanding the foregoing, or the provisions of Section 9.4(a) above, if any
Space Tenant pays rent in arrears, rent due for such Space Tenant for the month in which the Closing occurs shall be prorated
(based on the rent payable in the prior month) between Purchaser and Seller at Closing, whether or not same has been paid by the
Space Tenant.

 

    	-23-

    	 

    

 

(iii)        Utility
and Municipality Deposits. At Closing, Seller shall receive a credit in the amount of any utility, municipality or other deposits
relating to the Premises made by Seller and which are assigned to Purchaser at the Closing. Seller shall be entitled to a refund
from the applicable utility or municipality of any deposits not assigned to Purchaser.

 

(iv)        Security
Deposits. At the Closing, Seller shall deliver to Purchaser all prepaid rent, refundable security deposits, letters of credit
and other collateral actually received by Seller pursuant to any of the Space Leases, less any portions thereof applied in accordance
with the respective Space Lease (together with a statement regarding such applications).

 

(v)         Post-Closing
Adjustments. Notwithstanding anything to the contrary contained in this Section 9.4, (A) if the amount of the real property
taxes and assessments payable with respect to the Premises for any period before Closing is determined to be more than the amount
of such real property taxes and assessments that is prorated herein (in the case of the current year) or that was paid by Seller
(in the case of any prior year), due to a reassessment of the value of the Premises or otherwise, Seller and Purchaser shall promptly
adjust the proration of such real property taxes and assessments after the determination of such amounts, and Seller shall pay
to Purchaser any increase in the amount of such real property taxes and assessments applicable to any period before Closing; provided,
however, that Seller shall not be required to pay to Purchaser any portion of such increase that is payable by Space Tenants;
and (B) if the amount of the real property taxes and assessments payable with respect to the Premises for any period before Closing
is determined to be less than the amount of such real property taxes and assessments that is prorated herein (in the case of the
current year) or that was paid by Seller (in the case of any prior year), due to an appeal of the taxes by Seller, a reassessment
of the value of the Premises or otherwise, Seller and Purchaser shall promptly adjust the proration of such real property taxes
and assessments after the determination of such amounts (net of any costs incurred by Seller in connection with pursuing any appeal
thereof), and (1) Purchaser shall pay to Seller any refund received by Purchaser representing such a decrease in the amount of
such real property taxes and assessments applicable to any period before Closing; provided, however, the Purchaser shall not be
required to pay to Seller any portion of such refund (other than a portion of such refund equal to the amount of all costs incurred
by Seller in connection with pursuing any appeal thereof) which is payable to Space Tenants; and (2) Seller shall be entitled
to retain any refund received by Seller representing such a decrease in the amount of such real property taxes and assessments
applicable to any period before Closing; provided, however, that Seller shall pay to Purchaser that portion of any such refund,
after first deducting any and all actual, out of pocket costs incurred by Seller in connection with pursuing such refund, that
is payable to Space Tenants or that is otherwise applicable to any period after Closing. Each party shall give notice to the other
party of any adjustment of the amount of the real property taxes and assessments payable with respect to the Premises for any
period before Closing within thirty (30) days after receiving notice of any such adjustment.

 

(b)          Additional
Rents; Percentage Rents; Post Closing Reconciliation.

 

    	-24-

    	 

    

 

(i)          Additional
Rents. If any Space Tenants are required to pay Additional Rents and the same are not finally adjusted between the landlord
and Space Tenant under any Space Lease until after the preparation of the Preliminary Proration Statement pursuant to Section 9.4(a)(i)
above, then, the Preliminary Proration Statement shall include an estimated reconciliation as of the Closing Date of the amounts
of all billings and charges for Additional Rents for calendar year 2014 through the Closing Date, as provided in this Section 9.4(b)(i).
If the amounts that have been billed to Space Tenants for Additional Rents for calendar year 2014 through the Closing Date are
less than would have been owed by Space Tenants under their respective Space Leases if the reconciliations under such Space Tenant
Spaces Leases were completed as of the Closing Date based on the actual costs incurred by Seller for items that are payable by
the Space Tenants as Additional Rents under their respective Space Leases for calendar year 2014 up to the Closing Date, the Preliminary
Proration Statement will include a credit to Seller in the amount of such shortfall, subject to final adjustment as provided below
in Sections 9.4(b)(iii) through 9.4(b)(v) below. If the amounts that have been billed to Space Tenants for Additional Rents
for calendar year 2014 through the Closing Date exceed what would have been owed by Space Tenants under their respective Space
Leases if the reconciliations under such Space Tenant Space Leases were completed as of the Closing Date based on the actual costs
incurred by Seller for items that are payable by the Space Tenants as Additional Rents under their respective Space Leases for
calendar year 2014 up to the Closing Date, the Preliminary Proration Statement will include a credit to Purchaser in the amount
of such excess billed amount, subject to final adjustment as provided below in Sections 9.4(b)(iii) through 9.4(b)(v) below.

 

(ii)         Intentionally
Deleted.  Notwithstanding anything herein to the contrary, any and all references in this Contract to Section 9.4(b)(ii) or
any provision thereof shall be deleted in their entirety.

 

(iii)        Post-Closing
Reconciliation. With respect to those Additional Rents for the 2014 calendar year which are not finally adjusted between the
landlord and any Space Tenant under any Space Lease until after the preparation of the Preliminary Proration Statement pursuant
to Section 9.4(a) above, and for those percentage rents which have not been finally determined for the 2014 calendar year (or
other applicable fiscal period under any Space Lease for the measurement of percentage rents during which the Closing occurs),
Purchaser shall submit to Seller, no later than April 30, 2015, an unaudited statement for the Premises (a “Supplemental
Proration Statement”) covering any such Additional Rents and percentage rents which have been finally adjusted between
Purchaser and such Space Tenant for the 2014 calendar year (provided that if percentage rents are measured over a different fiscal
period for any Space Tenant, a separate Supplemental Proration Statement shall be delivered for each such Space Tenant within
ninety (90) days after the end of the applicable fiscal period) containing a calculation of the prorations of such Additional
Rents and percentage rents on the basis of a 365-day year (or, in the case of percentage rents based on a fiscal period of other
than a year, the number of days in such fiscal period), provided that (x) the adjustment to be made pursuant to the Supplemental
Proration Statement (I) shall take into account the adjustment of such items made on the Preliminary Proration Statement in accordance
with Section 9.4(a) and Section 9.4(b)(i) above, (II) with respect to Additional Rents, shall be made in proportion to the relative
amounts of Additional Rents due Purchaser and Seller based on the amounts of the charges incurred by each of them during their
respective periods of ownership for items that are payable by the Space Tenants as Additional Rents under their respective Space
Leases, (III) with respect to percentage rents, the aggregate amount of percentage rents payable for the entire 2014 calendar
year (or other applicable fiscal period under any Space Lease for the measurement of percentage rents during which the Closing
occurs), shall be prorated based on the number of days the Premises is owned by Seller and the number of days the Premises is
owned by Purchaser during such year and (y) the parties shall exclude any Additional Rents arising from increased real property
taxes for the Premises to the extent such increase results from Purchaser’s purchase of the Premises. In order to enable
Purchaser to make any year-end reconciliations of Additional Rents, following the Closing, Seller shall deliver to Purchaser a
final statement of (i) all operating expenses for the Premises which are actually paid by Seller and permitted to be passed through
to Space Tenants as Additional Rents pursuant to the terms of each Space Tenant’s respective Space Lease, with respect to
the portion of the 2014 calendar year occurring prior to the Closing (“Seller’s 2014 Actual Operating Expenses”),
together with copies of all documentation evidencing Seller’s 2014 Actual Operating Expenses, including copies of third-party
invoices and copies of Seller’s books and records applicable thereto, and (ii) all estimated payments of Additional Rents
received by Seller from Space Tenants with respect to the portion of the 2014 calendar year occurring prior to the Closing.

 

    	-25-

    	 

    

 

(iv)        Audit
Rights for Supplemental Proration Statements. Seller and its representatives shall be afforded the opportunity to review all
underlying financial records and work papers pertaining to the preparation of all Supplemental Proration Statements, and Purchaser
shall permit Seller and its representatives, following not less than five (5) Business Days’ prior written notice, to have
full access during Purchaser’s normal business hours at Purchaser’s office where books and records with respect to
the Premises are kept, to such books and records in the possession of Purchaser or any party to whom Purchaser has given custody
of the same relating to the Premises to permit Seller to review the Supplemental Proration Statements. Any Supplemental Proration
Statement prepared by Purchaser shall be final and binding for purposes of this Contract unless Seller shall give written notice
to Purchaser of disagreement with the prorations contained therein within sixty (60) days following Seller’s receipt of
such Supplemental Proration Statement, specifying in reasonable detail the nature and extent of such disagreement. If Purchaser
and Seller are unable to resolve any disagreement with respect to any Supplemental Proration Statement within ten (10) Business
Days following receipt by Purchaser of the notice referred to above, either party may pursue any remedy available for the resolution
of such dispute.

 

(v)         Payments
for Adjustments. Any net credit due Seller or Purchaser, as the case may be, shall be paid to Seller or Purchaser, as the
case may be, (A) with respect to those items payable by any Space Tenant under its respective Space Lease, within seventy-five
(75) days after the date payment of any such amount is made by such Space Tenant to Purchaser and (B) with respect to all other
items, in accordance with the terms of this Contract or as otherwise reflected on a Supplemental Proration Statement delivered
to Seller, or unless Seller notifies Purchaser of a disagreement with respect to any such statement as provided in Section 9.4(b)(iv)
above, in which case such payment (less a hold back sufficient to cover the amount of the disagreement) shall be made within fifteen
(15) days after Seller notifies Purchaser of such disagreement, and any further payment due after such disagreement is resolved
shall be paid within fifteen (15) days after the resolution of such disagreement.

 

    	-26-

    	 

    

 

(c)          Leasing
Commissions. At Closing, Purchaser shall execute: (i) an Assumption Agreement in the form annexed hereto as Exhibit 12,
pursuant to which Purchaser shall assume all obligations of Seller to pay any leasing commissions to KRC Property Management I,
Inc. pursuant to Paragraph 13 of Exhibit D of that certain Management Agreement dated as of July 17, 2003 by and between Seller,
as owner, and KRC Property Management I, Inc., as manager (the “Management Agreement “) with respect to any
lease executed by Purchaser, or its successors or assigns, with an Active Prospect (as defined in the Management Agreement), following
the Closing; and (ii) an Assumption Agreement in the form annexed hereto as Exhibit 12-A, pursuant to which Purchaser shall
assume all obligations of Seller to pay any leasing commissions to New South Properties of the Carolinas, LLC pursuant to Paragraph
11 of that certain Listing Agreement dated as of September 1, 2011 by and between Seller, as owner, and New South Properties of
the Carolinas, LLC, as leasing broker, as amended by Extension of Listing Agreement dated November 13, 2012 and Extension of Listing
Agreement dated July 25, 2013 (as amended, the “Listing Agreement”), with respect to any lease executed by
Purchaser, or its successors or assigns, with a tenant named on the Final List (as defined in the Listing Agreement), following
the Closing.

 

(d)          Survival.
The obligations of Seller and Purchaser under this Section 9.4 shall survive the Closing.

 

10.         Default.

 

10.1         Purchaser’s
Default. If Purchaser should default under this Contract (including the failure to timely deliver the Adjournment Deposit
to the extent required under this Contract), Seller may elect to cancel this Contract by giving notice to Purchaser and Escrowee.
The parties hereto agree that the damages that Seller will sustain as a result of such default will be substantial but will be
difficult to ascertain. Accordingly, the parties agree that in the event that Seller shall elect to terminate this Contract as
a result of such default, Escrowee is hereby directed to pay the Deposit to Seller, who shall retain the Deposit as and for its
liquidated damages and sole remedy hereunder, in which event this Contract shall be null and void and of no further force or effect
except for those provisions expressly stated to survive the termination of this Contract.

 

10.2         Seller's
Default.  If Seller defaults under the terms of this Contract, Purchaser’s sole remedy for Seller’s default shall
be to elect either to (i) cause (A) the refund to Purchaser of the Deposit and (B) in the event such default is material and arising
out of Seller’s bad faith intent, the reimbursement by Seller of Purchaser's actual out of pocket costs and expenses (as
evidenced by paid receipts) incurred in connection with this Contract and Purchaser's investigation of the Premises, not to exceed
$100,000.00 in the aggregate and upon the making of such refund and reimbursement, as applicable, this Contract shall be null
and void and of no further force or effect except for those provisions expressly stated to survive the termination of this Contract
and the lien, if any, of Purchaser against the Premises shall wholly cease or (ii) commence an action for specific performance.
Purchaser hereby waives all other rights and remedies that it might have, including but not limited to, the right to sue for damages.

 

    	-27-

    	 

    

 

11.         Risk
of Loss. 

 

11.1        Condemnation.

 

(a)          If,
at any time prior to the Closing Date, all or a Substantial Portion of the Property shall be taken in the exercise of the power
of condemnation or eminent domain by any sovereign, municipality or other public or private authority or shall be the subject
of a duly noticed hearing held by any such authority relating to a pending taking in the exercise of the power of condemnation
or eminent domain (a “Taking”), then Purchaser may cancel this Contract by written notice given to Seller within
ten (10) days after receipt of notice from Seller of such Taking, in which event this Contract shall be deemed cancelled and of
no force and effect and neither party shall have any further obligations or liabilities against or to the other, except that Seller
shall cause the return of the Deposit to Purchaser. In the case of a Taking of less than a Substantial Portion of the Property
or if Purchaser does not elect to terminate this Contract in the case of a Taking of all or a Substantial Portion of the Property,
as provided for above, then this Contract shall remain in full force and effect and on the Closing either (A) Purchaser shall
be entitled to any condemnation award to be granted and Seller shall assign all of its right, title and interest to such award
to Purchaser, less such sums, if any, actually and reasonably expended by Seller to prosecute such claim and restore the Premises,
or (B) if such award shall have been paid to Seller, the Purchase Price shall be reduced by the amount thereof, less such sums,
if any, actually and reasonably expended by Seller to prosecute such claim and restore the Premises. Seller agrees to deliver
promptly after receipt thereof any and all written notices of a Taking received by Seller after the date hereof.

 

(b)          As
used herein, a Taking of a “Substantial Portion” of the Property shall mean a Taking which (i) materially and adversely
affects access to or from the Premises on a permanent basis or (ii) will result in the termination of any Space Lease in excess
of 8,000 leasable square feet or a combination of Space Leases in excess of 20,000 leasable square feet in the aggregate.

 

11.2         Destruction
or Damage. In the event that the Property, or any part thereof, shall be damaged or destroyed by fire or any other casualty
(“Casualty”) prior to the Closing Date, Seller shall give Purchaser prompt written notice of such event together
with an estimate of the cost and time to restore prepared by an independent insurance examiner or engineer selected by Seller.
If the Casualty will (a) require more than ten percent (10%) of the Purchase Price to repair or (b) result in the termination
of any Space Lease in excess of 8,000 leasable square feet or a combination of Space Leases in excess of 20,000 leasable square
feet in the aggregate (each event described in (a) or (b) herein called a “Casualty Termination Event”), Purchaser
may cancel this Contract by notice to Seller within ten (10) days after receipt of notice from Seller specifying the Casualty
Termination Event, in which event this Contract shall be deemed terminated and of no force and effect and neither party shall
have any further rights or liabilities against or to the other except for those provisions expressly stated to survive the termination
of this Contract and Seller shall cause the return of the Deposit to Purchaser. If there is no Casualty Termination Event or if
Purchaser does not timely elect to cancel the Contract in the event of a Casualty Termination Event, this Contract shall remain
in full force and effect and Purchaser shall be entitled to all insurance proceeds payable to Seller on account of such Casualty,
less such sums, if any, as shall have been actually and reasonably incurred by Seller or expended by Seller in connection with
the repair or restoration of such Casualty or the prosecution of such claim.

 

    	-28-

    	 

    

 

12.         Purchaser's
Review Period.

 

12.1         Purchaser
shall have the right to cancel this Contract on or before September 3, 2014 (the “Outside Termination Date”)
by notice to Seller to be received by Seller on or before 3:00 P.M. Eastern Time on the Outside Termination Date (the period
of time from the date hereof through and including the Outside Termination Date is herein referred to as “Purchaser's
Review Period”). If Purchaser duly cancels this Contract in accordance with this Section 12.1, this Contract shall be
deemed terminated and of no further force or effect, except for the provisions expressly stated to survive the Closing, and the
Deposit shall be returned to Purchaser. If Purchaser does not duly cancel this Contract in accordance with this subparagraph or
if Purchaser waives its right to cancel this Contract, (i) this Contract shall remain in full force and effect and Purchaser shall
have no further right to cancel this Contract under this Section 12.1 and (ii) Purchaser shall be deemed to have waived any liability
of Seller and any right to refuse to consummate the Closing by reason of any condition actually known to Purchaser as of the Outside
Termination Date, including, without limitation a misrepresentation, Non-Permitted Title Objection, any other condition which
results in or could result in an Estoppel Default or any breach of a covenant by Seller. Purchaser and Seller have entered into
that certain Access Agreement dated July 23, 2014 (the “Access Agreement”), a copy of which is attached hereto
as Exhibit 9 and the terms of which are hereby incorporated by reference and made a part hereof, and Purchaser hereby agrees to
comply with the terms set forth in the Access Agreement.

 

12.2         Time
shall be of the essence with respect to the dates in this Section 12 for the Outside Termination Date and the giving of Purchaser's
cancellation notice. The provisions of this Section 12 shall survive the Closing or termination of this Contract.

 

13.         Miscellaneous.

 

13.1         Broker.
 Seller and Purchaser represent to each other that neither party has dealt with any broker or real estate consultant other
than Berkeley Capital Advisors, LLC, a North Carolina limited liability company (“Broker”)
in connection with the transaction contemplated by this Contract. Seller agrees to pay all fees, commissions or other charges
due to Broker, if, as and when there is a Closing hereunder, pursuant to Seller’s separate agreement with Broker. Seller
and Purchaser shall indemnify and hold the other free and harmless from and against any liabilities, damages, costs or expenses
(including, but not limited to, reasonable attorneys' fees and disbursements) suffered by the indemnified party arising from a
misrepresentation or a breach of any covenant made by the indemnifying party pursuant to this Section. The provisions of this
Section shall survive the Closing or termination of this Contract.

 

    	-29-

    	 

    

 

13.2         Assignment
of this Contract. This Contract may not be assigned by Purchaser without the consent of Seller. A direct or indirect transfer,
sale or assignment of the majority stock interest in a corporate purchaser or the majority membership interest in a limited liability
company purchaser or the majority or any general partnership interest of a partnership purchaser shall constitute an assignment
of this Contract, which assignment or attempted assignment shall be void if made without the written consent of Seller. Purchaser
shall have the right to assign its rights under this Contract, from and after the Outside Termination Date, to ARC CTCHRNC001,
LLC without any consent of Seller being required, so long as such assignment is in the form approved by Seller, which includes
that such assignee shall assume in writing all of the obligations of Purchaser to be performed under this Contract and an original
of such fully executed assignment and assumption agreement shall be delivered to Seller at least five (5) Business Days prior
to the Closing. Purchaser shall not assign this Contract to an entity or individual which would make any of the statements, representations
or warranties set forth in Section 6.5(d) of this Contract untrue or incorrect and any such assignment shall be null and void
and without force and effect. No assignment of this Contract shall relieve Purchaser from any of its obligations set forth herein
arising prior to or after the effective date of the assignment. The provisions of this Section shall survive the Closing or termination
of this Contract.

 

13.3         Attorneys’
Fees. If either party institutes a legal proceeding against the other party in connection with this Contract, the losing party
in such proceeding shall reimburse the prevailing party all reasonable attorneys’ fees paid by the prevailing party in connection
with such proceeding. The provisions of this Section shall survive the Closing or termination of this Contract.

 

13.4         Notices.
All notices hereunder to Seller, Purchaser, Escrowee or the Title Company shall be sent by certified or registered mail, return
receipt requested, or may be sent by Federal Express or other overnight courier which obtains a signature upon delivery, or may
be sent via facsimile, or may be delivered by hand delivery addressed to such party at the address of such party set forth below
or at such other address as such party shall designate from time to time by notice:

 

SELLER:

 

Pineville Centrum Limited Partnership

c/o DRA Advisors LLC

220 East 42nd Street

New York, New York 10017

Attention: Janine Roberts

Facsimile: (212) 697-7403

 

with a copy to:

 

Blank Rome LLP

405 Lexington Avenue

New York, New York 10174

Attention: Martin Luskin, Esq. with a concurrent copy to Samantha
Wallack, Esq. (Facsimile: (917) 332-3804)

Facsimile: (917) 332-3714

 

PURCHASER:

 

American Realty Capital IV, LLC

405 Park Avenue, 15th Floor

New York, New York 10022

Attention: Jesse Galloway and Jeremy Eichel

Facsimile: (212) 421-5799

 

    	-30-

    	 

    

 

with a copy to:

 

Retail Centers of America, Inc.

2000 McKinney Avenue, Suite 1000

Dallas, Texas 75201

Attention: Chris Cotten and Stephen G. Seitz

Facsimile: (214) 740-3313

 

with a copy to:

 

Condon Thornton Sladek Harrell PLLC

8080 Park Lane, Suite 700

Dallas, Texas 75231

Attention: William L. Sladek, Esq.

Facsimile: (214) 691-6311

 

ESCROWEE/TITLE COMPANY:

 

Chicago Title Insurance Company

711 Third Avenue, 5th Floor

New York, New York 10017

Facsimile: (212) 880-9635

Attention: Mario Varano

 

Notices shall be deemed served three (3)
days after mailing, and in the case of overnight courier or hand delivery, on the date actually delivered to or rejected by the
intended recipient, and in the case of facsimile, upon the sender’s receipt of confirmation of transmission of such facsimile
notice produced by the sender’s facsimile machine, provided a copy of such transmission and the confirmation receipt thereof
is deposited with an overnight courier for next day delivery properly addressed and paid for, except for notice(s) which advise
the other party of a change of address of the party sending such notice or of such party's attorney, which notice shall not be
deemed served until actually received by the party to whom such notice is addressed or delivery is refused by such party. Notices
on behalf of the respective parties may be given by their attorneys and such notices shall have the same effect as if in fact
subscribed by the party on whose behalf it is given. Notwithstanding the foregoing provisions of this Section (a) notices served
by hand delivery shall be deemed served on the date of delivery if delivered at or prior to 5:00 P.M. Eastern Time on a Business
Day and on the next Business Day if delivered after 5:00 P.M. Eastern Time on a Business Day or at any time on a non-Business
Day and (b) notices served by facsimile shall be deemed served on the date of transmission if the sender receives confirmation
of transmission in the manner set forth above at or prior to 5:00 P.M. Eastern Time on a Business Day and on the next Business
Day if the sender receives confirmation of transmission in the manner set forth above after 5:00 P.M. Eastern Time on a Business
Day or at any time on a non-Business Day.

 

    	-31-

    	 

    

 

13.5        Further
Assurances. The parties each agree to do such other and further acts and things, and to execute and deliver such instruments
and documents (not creating any obligations additional to those otherwise imposed by this Contract or diminishing any rights set
forth in this Contract), as either may reasonably request from time to time, whether at or after the Closing, in furtherance of
the purposes of this Contract. The provisions of this Section shall survive the Closing for three (3) months.

 

13.6        Confidentiality.

 

(a)          Purchaser
agrees that, except as set forth below, all documentation made available to Purchaser by Seller (or its representatives) concerning
the Premises, including, without limitation, the Space Leases, Service Contracts, development plans, proformas and rent rolls
(all of the aforementioned information is collectively referred to as “Evaluation Material”) shall be treated
confidentially as hereinafter provided.

 

(b)          All
Evaluation Material shall be used or duplicated by Purchaser only for purposes of evaluating a possible purchase of the Premises
by Purchaser. Purchaser agrees to keep all Evaluation Material (other than information which is a matter of public record or is
provided in other sources readily available to the public other than as a result of disclosure thereof by Purchaser or Related
Parties) strictly confidential; provided, however, that the Evaluation Material may be disclosed to the directors, officers, employees
and partners of Purchaser, and to Purchaser's lender, attorneys, accounting firm and other consultants (all of whom are collectively
referred to as “Related Parties”) who need to know or have reason to know such information for the purpose
of evaluating a possible purchase of the Premises. In addition, Purchaser and Seller shall have the right to disclose the Evaluation
Material or other information regarding this Contract to the extent Purchaser or Seller is required to disclose the same pursuant
to a court order or applicable laws (including making such public statements or filings as may be required under any regulations
of the U.S. Securities and Exchange Commission applicable to Purchaser or Seller or either of their affiliates, but only to the
extent required by any of the foregoing). The Related Parties shall be informed of the confidential nature of the Evaluation Material
and shall be directed in writing to keep all such information in the strictest confidence and use such information only for the
purpose of evaluating a possible purchase by Purchaser. Purchaser will promptly, upon request of Seller following the termination
of this Contract, deliver to Seller all Evaluation Material furnished by Seller, whether furnished before or after the date hereof,
without retaining copies thereof. Purchaser will direct Related Parties to whom Evaluation Material is made available not to make
similar disclosures and any such disclosure shall be deemed made by and be the responsibility of Purchaser.

 

(c)          Prior
to the Closing, Seller and Purchaser shall keep strictly confidential and shall cause the Related Parties to keep strictly confidential
the provisions of this Contract and the transactions contemplated thereunder, except as otherwise set forth in this Contract.
After the Closing, Seller and Purchaser shall not, and shall cause the Related Parties not to, make any public disclosures (except
as otherwise set forth in Section 13.6(b)) and shall cause the Related Parties not to make any public disclosures regarding the
material economic terms of this Contract or the material economic terms of the transactions accomplished at the Closing without
the prior written consent of the other party.

 

    	-32-

    	 

    

 

(d)          The
provisions of this Section 13.6 shall survive the Closing or termination of this Contract.

 

13.7         Survival
and Merger. The acceptance of the Deed by Purchaser shall be deemed to be a full performance and discharge of every agreement
and obligation on the part of the Seller to be performed pursuant to the provisions of this Contract, except those which are herein
specifically stated to survive the Closing, and Seller shall have no further liability with respect to any such agreement or obligation
of Seller.

 

13.8         Recording.
Purchaser shall not record this Contract or any memorandum thereof and any such recording shall be null and void and shall constitute
a default hereunder.

 

13.9         Successors
and Assigns. This Contract shall be binding upon and shall inure to the benefit of the parties hereto and their respective
heirs, executors, administrators, successors and permitted assigns, if any, but nothing contained herein shall be deemed a waiver
of the provisions of Section 13.2 hereof.

 

13.10       Entire
Agreement. This Contract and the Schedules and Exhibits annexed hereto constitute the entire agreement between the
parties hereto with respect to the subject matter hereof, and all understandings and agreements heretofore or simultaneously had
between the parties hereto are merged in and are contained in this Contract and said Schedules and Exhibits.

 

13.11       Waiver
and Modifications. The provisions of this Contract may not be waived, changed, modified or discharged orally, but only by
an agreement in writing signed by the party against which any waiver, change, modification or discharge is sought.

 

13.12       Captions
and Titles. The captions or section titles contained in this Contract and the Index, if any, are for convenience and reference
only and shall not be deemed a part of the text of this Contract.

 

13.13       Construction.
The terms “hereof,” “herein,” and “hereunder,” and words of similar import, shall be construed
to refer to this Contract as a whole, and not to any particular article or provision, unless expressly so stated. All words or
terms used in this Contract, regardless of the number or gender in which they are used, shall be deemed to include any other number
and any other gender as the context may require.

 

13.14       Non-Business
Days. If a party is required to perform an act or give a notice on a date that is a Saturday, Sunday or national holiday,
the date such performance or notice is due shall be deemed to be the next Business Day.

 

13.15       Governing
Law and Jurisdiction. This Contract is to be governed and construed in accordance with the laws of the State of North Carolina.
Purchaser and Seller hereby submit to the jurisdiction of the State and United States District courts located within North Carolina
in respect of any suit or other proceeding brought in connection with or arising out of this Contract. The provisions of this
subsection shall survive the Closing or earlier termination of this Contract.

 

    	-33-

    	 

    

 

13.16         Counterparts.
This Contract may be executed in two or more counterparts and each of such counterparts, for all purposes, shall be deemed
to be an original but all of such counterparts together shall constitute but one and the same instrument, binding upon all parties
hereto, notwithstanding that all of such parties may not have executed the same counterpart.

 

13.17         No
Third Party Benefits. This Contract is made for the sole benefit of Seller and Purchaser and their respective successors and
assigns (subject to Section 13.2 above) and no other person shall have any right, remedy or legal interest of any kind by reason
of this Contract.

 

13.18         Submission
not an Offer. The submission of this Contract to any party by Seller shall not be construed as an offer, nor shall Purchaser
have any rights with respect thereto, unless and until Seller shall execute a copy of this Contract and deliver the same to Purchaser.

 

13.19         Severability.
If any provision of this Contract is determined by a court of competent jurisdiction to be invalid or unenforceable,
such determination will not affect the remaining provisions of this Contract, all of which will remain in full force and effect.         

 

13.20         Insurance.
Purchaser acknowledges that Seller’s insurance policies will not be transferred to Purchaser and that such insurance
policies will in no way inure to the benefit of Purchaser.

 

13.21         Cooperation
with Purchaser’s Auditors and SEC Filing Requirements. Seller agrees to reasonably cooperate with Purchaser after Closing
in connection with Purchaser’s preparation and delivery of an audit letter and credit statements required by SEC Regulation
SX3-14, including making Seller’s non-confidential books and records relating to the Premises available to Purchaser for
inspection, copying and audit by Purchaser’s representatives at Purchaser’s expense, provided (i) Seller shall have
no obligation to execute any document or provide any indemnity to Purchaser or any other party in connection with the preparation
and delivery of such audit letter and credit statements or otherwise in connection with its cooperation under this Paragraph,
(ii) Seller shall incur no cost (other than de minimis) or liability in connection with its cooperation under this Paragraph and
(iii) Seller shall have no obligation to prepare any new reports, books, records or documentation of any kind in connection with
its cooperation under this Paragraph.  The first sentence of this Section 13.21 shall survive Closing for six (6) months. 
Purchaser hereby releases and agrees to indemnify, defend and hold Seller, its affiliates, agents, employees, and partners, harmless
from and against any claims, liability, expenses (including without limitation reasonable attorneys fees), losses and damages
arising out of Seller’s cooperation under this Section 13.21 or any information provided by Seller pursuant to this Section
13.21, except to the extent any such claims, liability, expenses, losses and damages are due to Seller’s commission of fraud
in connection with its cooperation under this Section 13.21.  The indemnity obligations of Purchaser to Seller under this
Section 13.21 shall survive the termination of this Contract for any reason, and this indemnity obligation of Purchaser shall
survive the closing of this transaction.

 

    	-34-

    	 

    

 

13.22         Proposed
Tax Free Exchange. Purchaser acknowledges that Seller may desire to exchange its interest in the Premises for one or more
real properties of like-kind acceptable to Seller in a transaction that would qualify under Section 1031 of the Internal Revenue
Code for non-recognition treatment (the "Exchange"). Such Exchange may take the form of a “forward exchange”
or a “reverse exchange,” as such “reverse exchange” is permitted pursuant to Internal Revenue Service
Revenue Procedure 2000-37. At Seller’s request, Purchaser shall execute such documents (in forms reasonably acceptable to
Purchaser) and take such other action as may reasonably be requested for the purpose of the Exchange. Such cooperation by Purchaser
shall not entail any additional expense (other than de minimus) or liability to Purchaser beyond its existing obligations under
this Contract and Purchaser will not be required to take title to or contract for the purchase of any other property, and in no
event shall Seller’s obligations or Purchaser’s rights under this Contract be subject to or conditioned upon the efficacy
of any such Exchange. Seller agrees to indemnify and hold Purchaser harmless from and against any claims, damages, liabilities,
costs and expenses (including reasonable attorney's fees and costs) arising from Purchaser’s performance under this Section
13.22. The provisions of this Section 13.22 shall survive the Closing.

 

[SIGNATURE PAGE TO
FOLLOW]

 

    	-35-

    	 

    

 

IN WITNESS WHEREOF, the parties hereto
have duly executed this Contract the day and year first above written.

 

	I.D. No:  _________	PINEVILLE CENTRUM LIMITED PARTNERSHIP, a Delaware limited partnership
	 	 	 	 
	 	By:	G&I IV Centrum GP LLC, a Delaware limited liability company, its general
    partner
	 	 	 	 
	 	 	By:	/s/ David Luski
	 	 	 	Name: David Luski
	 	 	 	Title: President

 

	I.D. No.: _____________	AMERICAN REALTY CAPITAL IV, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/ Edward M. Weil, Jr.
	 	 	Name: Edward M. Weil, Jr.
	 	 	Title: President

 

	As to Section 4:	 
	Chicago Title Insurance Company, Escrowee	 
	 	 
	/s/ Alecia Erica Farquharson	 
	Name: Alecia Erica Farquharson	 
	Title: Underwriting Counsel	 

 

Signature Page to Contract of Sale –
The Centrum

 

    	 

    	 

    

 

SCHEDULE
A

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

PINEVILLE
CENTRUM LIMITED PARTNERSHIP, AS SELLER

AND

AMERICAN
REALTY CAPITAL IV, LLC, AS PURCHASER

 

DESCRIPTION
OF PROPERTY

 

Lying and being situate in Mecklenburg County, North
Carolina, and being more particularly described as follows:

 

SIGN PARCEL 1 - 0.063 acre

 

All that certain tract or parcel of land lying in
the Town of Pineville, Mecklenburg County, North Carolina, and being more particularly described as follows:

 

TO FIND THE POINT AND PLACE OF BEGINNING begin at
an existing 5/8-inch rebar located at the northwesterly right of way intersection of North Carolina Highway 51 and Interstate
485 exit ramp, said rebar having North Carolina State Grid coordinates as follows:  N = 492,086.96 feet; E = 1,438,484.63
feet; thence with the right of way of N.C. Highway 51 (variable width public right of way) the following two (2) calls: (1) South
58-38-44 West 300.20 feet and (2) South 58-11-56 West 30.02 feet to an iron pipe found, said iron pipe being the POINT AND PLACE
OF BEGINNING;  thence from said POINT AND PLACE OF BEGINNING along the right of way of N.C. Highway 51 South 58-11-56 West
29.94 feet to an iron pipe found at the northeasterly quadrant of the intersection of N.C. Highway 51 and Centrum Parkway (variable
width public right of way);  thence with the margin of Centrum Parkway the following three (3) calls:  (1) North 61-23-46
West 45.67 feet (2) North 24-27-17 West 10.52 feet and (3) with the arc of a circular curve to the right of radius 205.00 feet,
a length of 88.15 feet (chord bearing North 12-08-10 West 87.47 feet) to an iron pipe found at the westerly corner of First Union
National Bank of N.C.; thence with the First Union property the following two calls:  (1) South 31-49-57 East 116.03 feet
to an iron pipe found and  (2) South 84-30-21 East 27.21 feet to an iron pipe found in the northerly right of way of N.C.
Highway 51, said iron pipe being the POINT AND PLACE OF BEGINNING, said tract containing 0.063 acre as shown on the survey dated
September 30, 1999 (revised November 17, 1999) by Andrew G. Zoutewelle, Professional Land Surveyor.

 

PARCEL A - 3.305 acres

 

All that certain tract or parcel of land lying in
the Town of Pineville, Mecklenburg County, North Carolina, and being more particularly described as follows:

 

    	SCHEDULE A: PAGE 1

    	 

    

 

TO FIND THE POINT AND PLACE OF BEGINNING begin at
an existing 5/8-inch rebar located at the northwesterly right of way intersection of North Carolina Highway 51 and Interstate
485 exit ramp, said rebar having North Carolina State Grid coordinates as follows:  N = 492,086.96 feet; E = 1,438,484.63
feet; thence with the right of way of N.C. Highway 51 (variable width public right of way) the following two (2) calls: 
(1) South 58-38-44 West 300.20 feet and (2) South 58-11-56 West 189.78 feet to an existing iron pipe, said iron pipe being the
POINT AND PLACE OF BEGINNING;  thence from said POINT AND PLACE OF BEGINNING along the right of way of N.C. 51 South 58-11-56
West 50.13 feet to an existing iron pipe at the southeasterly corner of The Charlotte-Mecklenburg Hospital Authority as recorded
in Deed Book 9472 Page 22 of the Mecklenburg County Registry; thence with The Charlotte-Mecklenburg Hospital Authority the following
two (2) calls:  (1) North 20-11-12 East 85.15 feet to an iron pipe and (2) North 29-25-38 West 565.51 feet to an iron pipe
at the southwesterly corner of Service Merchandise as recorded in Deed Book 6964 Page 579 of the Mecklenburg County Registry;
thence with Service Merchandise the following eight (8) calls:  (1) North 60-35-28 East 101.15 feet to a existing nail in
pavement, (2) North 16-59-54 East 84.24 feet to an existing nail at the edge of a building wall, (3) North 81-59-54 East 177.63
feet along the edge of a building wall and with the extension thereof to an existing nail in pavement, (4) South 8-00-06 East
74.00 feet to a nail in pavement, (5) North 81-59-54 East 189.48 feet to a chisel mark in curb, (6) with the arc of a circular
curve to the right having a radius of 83.00 feet and a length of 40.29 feet (chord bearing South 84-05-34 East 39.90 feet) to
a chisel mark in curb, (7) South 70-11-12 East 3.95 feet to a chisel mark in curb, and (8) with the arc of a circular curve to
the left having a radius of 30.00 feet and a length of 21.23 feet (chord bearing North 89-32-25 East 20.79 feet) to an existing
iron pipe in the westerly margin of Centrum Parkway (80 foot-wide public right of way); thence with the margin of Centrum Parkway
the following six (6) calls:  (1) South 19-48-48 West 74.55 feet to an existing iron pipe, (2) with the arc of a circular
curve to the right having a radius of 230.00 feet and a length of 155.88 feet (chord bearing South 39-13-45 West 152.91 feet)
to an iron pipe, (3) South 58-38-44 West 45.35 feet to an iron pipe, (4) with the arc of a circular curve to the left having a
radius of 295.00 feet and a length of 427.86 feet (chord bearing South 17-05-44 West 391.33 feet) to an iron pipe, (5) South 24-27-17
East 35.37 feet to an iron pipe and (6) South 02-37-46 East 30.43 feet to an iron pipe, said iron pipe being the POINT AND PLACE
OF BEGINNING, said tract containing 3.305 acres as shown on the survey dated September 30, 1999 (revised November 17, 1999) by
Andrew G. Zoutewelle, Professional Land Surveyor.

 

PRIVATE ROADWAY - 38,800 square feet

 

All that certain tract or parcel of land lying in
the Town of Pineville, Mecklenburg County, North Carolina, and being more particularly described as follows:

 

    	SCHEDULE A: PAGE 2

    	 

    

 

TO FIND THE POINT AND PLACE OF BEGINNING begin at
an existing 5/8-inch rebar located at the northwesterly right of way intersection of North Carolina Highway 51 and Interstate
485 exit ramp, said rebar having North Carolina State Grid coordinates as follows:  N = 492,086.96 feet; E = 1,438,484.63
feet; thence with the right of way of N.C. Highway 51 (variable width public right of way) the following two (2) calls: 
(1) South 58-38-44 West 300.20 feet and (2) South 58-11-56 West 239.91 feet to an existing iron pipe at the southeasterly corner
of The Charlotte-Mecklenburg Hospital Authority as recorded in Deed Book 9472 Page 22 of the Mecklenburg County Registry; thence
with The Charlotte-Mecklenburg Hospital Authority the following two (2) calls:  (1) North 20-11-12 East 85.15 feet to an
iron pipe and (2) North 29-25-38 West 728.25 feet to an existing iron pin at the southeasterly corner of OHM Hotels, LLC (Deed
Book 9663 Page 644); thence with OHM Hotels North 00-04-11 West 225.91 feet to an existing iron pipe in the easterly terminus
of the publicly dedicated portion of Leitner Drive (as shown in Map Book 24 Page 858), said iron being the POINT AND PLACE OF
BEGINNING; thence from said POINT AND PLACE OF BEGINNING North 00-04-11 West 50.50 feet to an existing iron pipe at the southwesterly
corner of the K-Mart parcel as recorded in Deed Book 8009 Page 376; thence with K-Mart the following four (4) calls:  (1)
North 81-51-10 East 650.33 feet, (2) with the arc of a circular curve to the right having a radius of 150.00 feet and a length
of 72.75 feet (chord bearing South 84-15-17 East 72.04 feet), (3) South 70-21-37 East 31.39 feet and (4) with the arc of a circular
curve to the left having a radius of 25.00 feet and a length of 39.19 feet (chord bearing North 64-43-19 East 35.30 feet) to an
existing iron pipe in the westerly margin of Centrum Parkway (80 foot-wide public right of way); thence with Centrum Parkway South
19-48-48 West 100.00 feet to an existing iron pipe at the northeasterly corner of Service Merchandise as recorded in Deed Book
6964 Page 579 of the Mecklenburg County Registry; thence with Service Merchandise the following four (4) calls:  (1) with
the arc of a circular curve to the left having a radius of 25.00 feet and a length of 39.35 feet (chord bearing North 25-16-07
West 35.41 feet), (2) North 70-21-37 West 31.08 feet, (3) with the arc of a circular curve to the left having a radius of 100.00
feet and a length of 48.50 feet (chord bearing North 84-15-11 West 48.03 feet), (4) South 81-51-10 West 657.43 feet to an existing
iron pipe, said iron pipe being the POINT AND PLACE OF BEGINNING, said tract containing 38,800 square feet as shown on the survey
dated September 30, 1999 (revised November 17, 1999) by Andrew G. Zoutewelle, Professional Land Surveyor.

 

K-MART PARCEL - 9.186 acres

 

All that certain tract or parcel of land lying in
the Town of Pineville, Mecklenburg County, North Carolina, and being more particularly described as follows:

 

    	SCHEDULE A: PAGE 3

    	 

    

 

TO FIND THE POINT AND PLACE OF BEGINNING begin at
an existing 5/8-inch rebar located at the northwesterly right of way intersection of North Carolina Highway 51 and Interstate
485 exit ramp, said rebar having North Carolina State Grid coordinates as follows:  N = 492,086.96 feet; E = 1,438,484.63
feet; thence with the right of way of N.C. Highway 51 (variable width public right of way) the following two (2) calls: 
(1) South 58-38-44 West 300.20 feet and (2) South 58-11-56 West 239.91 feet to an existing iron pipe at the southeasterly corner
of The Charlotte-Mecklenburg Hospital Authority as recorded in Deed Book 9472 Page 22 of the Mecklenburg County Registry; thence
with The Charlotte-Mecklenburg Hospital Authority the following two (2) calls:  (1) North 20-11-12 East 85.15 feet to an
iron pipe and (2) North 29-25-38 West 728.25 feet to an existing iron pin at the southeasterly corner of OHM Hotels, LLC (Deed
Book 9663 Page 644); thence with OHM Hotels and continuing along the easterly terminus of the publicly dedicated portion of Leitner
Drive (as shown in Map Book 24 Page 858) North 00-04-11 West 276.41 feet to an existing iron pipe in the easterly terminus of
the publicly dedicated portion of Leitner Drive, said iron pipe being the POINT AND PLACE OF BEGINNING; thence from said POINT
AND PLACE OF BEGINNING along easterly terminus of the publicly dedicated portion of Leitner Drive and continuing with the easterly
boundary of the Greenway Parcel as recorded in Deed Book 8009 Page 376 of the Mecklenburg County Registry North 00-04-11 West
93.91 feet to an existing iron pipe; thence with the Greenway Parcel North 04-12-24 East 40.12 feet to an existing iron pipe;
thence with the Greenway Parcel North 02-43-20 East 135.62 feet to an existing iron pipe; thence with the Greenway Parcel North
08-08-49 West 178.45 feet to an existing iron pipe; thence with the Greenway Parcel North 09-47-34 East 87.42 to an existing iron
pipe; thence with the Greenway Parcel North 21-26-38 East 41.32 feet to an existing iron pipe located at the western-most southwest
corner of Parcel C of Deed Book 8009 Page 376 of the Mecklenburg County Registry; thence along the southerly boundary of Parcel
C the following five (5) calls: (1) North 81-51-10 East 163.56 feet to a nail in pavement, (2) South 08-08-50 East 128.22 feet
to a nail in pavement at the K-Mart building wall, (3) along said building wall North 81-59-54 East 149.42 feet to a point in
concrete sidewalk, (4) North 08-08-50 West 38.69 feet to a point in concrete sidewalk and (5) North 81-51-10 East 494.53 feet
to an existing nail in the westerly margin of Centrum Parkway (70 foot-wide public right of way); thence with Centrum Parkway
the following four (4) calls:  (1) with the arc of a circular curve to the left having a radius of 570.00 feet and an arc
length of 241.93 feet (chord bearing South 04-11-07 West 240.12 feet), (2) South 07-58-25 East 56.24 feet, (3) with the arc of
a circular curve to the right having a radius of 300.00 feet and a length of 145.49 feet (chord bearing South 05-55-11 West 144.07
feet) and (4) South 19-48-48 West 72.42 feet to an existing iron pipe at the easterly terminus of a private roadway; thence with
the margin of said roadway the following four calls:  (1) with the arc of a circular curve to the right having a radius of
25.00 feet and a length of 39.19 feet (chord bearing South 64-43-19 West 35.30 feet), (2) North 70-21-37 West 31.39 feet, (3)
with the arc of a circular curve to the left having a radius of 150.00 feet and a length of 72.75 feet (chord bearing North 84-15-17
West 72.04 feet) and (4) South 81-51-10 West 650.33 feet to an existing iron pipe, said iron pipe being the POINT AND PLACE OF
BEGINNING, said tract containing 9.186 acres as shown on the survey dated September 30, 1999 (revised November 17, 1999) by Andrew
G. Zoutewelle, Professional Land Surveyor.

 

PARCEL C - 12.183 acres

 

All that certain tract or parcel of land lying in
the Town of Pineville, Mecklenburg County, North Carolina, and being more particularly described as follows:

 

    	SCHEDULE A: PAGE 4

    	 

    

 

TO FIND THE POINT AND PLACE OF BEGINNING begin at
an existing 5/8-inch rebar located at the northwesterly right of way intersection of North Carolina Highway 51 and Interstate
485 exit ramp, said rebar having North Carolina State Grid coordinates as follows:  N = 492,086.96 feet; E = 1,438,484.63
feet; thence with the right of way of N.C. Highway 51 (variable width public right of way) the following two (2) calls: 
(1) South 58-38-44 West 300.20 feet and (2) South 58-11-56 West 239.91 feet to an existing iron pipe at the southeasterly corner
of The Charlotte-Mecklenburg Hospital Authority as recorded in Deed Book 9472 Page 22 of the Mecklenburg County Registry; thence
with The Charlotte-Mecklenburg Hospital Authority the following two (2) calls:  (1) North 20-11-12 East 85.15 feet to an
iron pipe and (2) North 29-25-38 West 728.25 feet to an existing iron pin at the southeasterly corner of OHM Hotels, LLC (Deed
Book 9663 Page 644); thence with OHM Hotels, LLC and continuing along the easterly terminus of the publicly dedicated portion
of Leitner Drive (as shown in Map Book 24 Page 858) and continuing along the westerly boundary of 9.186-acre K-Mart parcel as
recorded in Deed Book 8005 Page 170 of the Mecklenburg County Registry North 00-04-11 West 370.32 feet to an existing iron pipe;
thence with K-Mart North 04-12-24 East 40.12 feet to an existing iron pipe; thence with K-Mart North 02-43-20 East 135.62 feet
to an existing iron pipe; thence with K-Mart North 08-08-49 West 178.45 feet to an existing iron pipe; thence with K-Mart North
09-47-34 East 87.42 to an existing iron pipe; thence with K-Mart North 21-26-38 East 41.32 feet to an existing iron pipe, said
iron pipe being the POINT AND PLACE OF BEGINNING; thence from said POINT AND PLACE OF BEGINNING along the southeasterly boundary
of the Greenway Parcel as recorded in Deed Book 8009 Page 376 of the Mecklenburg County Registry North 21-26-38 East 200.70 feet
to an existing iron pipe; thence with the Greenway Parcel North 24-28-29 East 450.00 feet to an existing iron pipe; thence with
the Greenway Parcel North 31-21-21 East 413.33 feet to an existing iron pipe; thence with the Greenway Parcel North 19-44-13 East
327.75 feet to an existing iron pipe at a westerly corner of Home Depot (Deed Book 6721 Page 852; see also Deed Book 7993 Page
507); thence with Home Depot the following fourteen (14) calls:  (1) South 14-30-39 West 322.44 feet to an iron pipe, (2)
South 33-36-23 East 61.08 feet to the northeasterly corner of a concrete guardrail, (3) along the easterly face of said guardrail
South 12-06-57 West 6.81 feet, (4) South 29-22-04 East 20.83 feet, (5) South 58-26-27 West 19.08 feet, (6) along the easterly
face of said guardrail South 12-06-57 West 9.12 feet to the southeasterly corner of said guardrail, (7) South 71-26-48 West 29.30
feet, (8) South 13-42-40 West 150.09 feet to an iron pipe, (9) South 78-00-06 East 218.30 feet to a chisel mark in concrete, (10)
South 11-59-54 West 15.00 feet, (11) following a building wall South 78-00-06 East 118.26 feet to a nail in pavement, (12) with
the arc of a circular curve to the right having a radius of 215.00 feet and a length of 30.68 feet (chord bearing South 35-54-37
West 30.65 feet), (13) South 39-59-54 West 47.92 feet and (14) South 50-00-06 East 356.47 feet to a nail in the northwesterly
margin of Centrum Parkway (70 foot-wide public right of way); thence with Centrum Parkway the following two (2) calls:  (1)
South 51-32-26 West 14.87 feet and (2) with the arc of a circular curve to the left having a radius of 570.00 feet and a length
of 350.20 feet (chord bearing South 33-56-43 West 344.72 feet) to an existing nail located at the northeasterly corner of K-Mart;
thence with K-Mart South 81-51-10 West 494.53 feet to a mark in concrete; thence with K-Mart South 08-08-50 East 38.69 feet to
a mark in concrete; thence with K-Mart and following the edge of a building wall South 81-59-54 West 149.42 feet to a nail at
the edge of said building wall; thence with K-Mart North 08-08-50 West 128.22 feet to a nail in pavement; thence with K-Mart South
81-51-10 West 163.56 feet to an existing iron pipe, said iron pipe being the POINT AND PLACE OF BEGINNING, said tract containing
12.183 acres as shown on the survey dated September 30, 1999 (revised November 17, 1999) by Andrew G. Zoutewelle, Professional
Land Surveyor.

 

    	SCHEDULE A: PAGE 5

    	 

    

 

PARCEL D - 3.523 acres

 

All that certain tract or parcel of land lying in
the Town of Pineville, Mecklenburg County, North Carolina, and being more particularly described as follows:

 

TO FIND THE POINT AND PLACE OF BEGINNING begin at
an existing 5/8-inch rebar located at the northwesterly right of way intersection of North Carolina Highway 51 and Interstate
485 exit ramp, said rebar having North Carolina State Grid coordinates as follows:  N = 492,086.96 feet; E = 1,438,484.63
feet; thence with the right of way of N.C. Highway 51 (variable width public right of way) the following two (2) calls: 
(1) South 58-38-44 West 300.20 feet and (2) South 58-11-56 West 239.91 feet to an existing iron pipe at the southeasterly corner
of The Charlotte-Mecklenburg Hospital Authority as recorded in Deed Book 9472 Page 22 of the Mecklenburg County Registry; thence
with The Charlotte-Mecklenburg Hospital Authority the following two (2) calls:  (1) North 20-11-12 East 85.15 feet to an
iron pipe and (2) North 29-25-38 West 728.25 feet to an existing iron pin at the southeasterly corner of OHM Hotels, LLC (Deed
Book 9663 Page 644); thence with OHM Hotels, LLC and continuing along the easterly terminus of the publicly dedicated portion
of Leitner Drive as shown on Map Book 24 Page 858 of the Mecklenburg County Registry and continuing along the westerly boundary
of the 9.186-acre K-Mart Parcel as recorded in Deed Book 8005 Page 170 of the Mecklenburg County Registry North 00-04-11 West
370.32 feet to an existing iron pipe; thence with K-Mart North 04-12-24 East 40.12 feet to an existing iron pipe; thence with
K-Mart North 02-43-20 East 135.62 feet to an existing iron pipe; thence with K-Mart North 08-08-49 West 178.45 feet to an existing
iron pipe; thence with K-Mart North 09-47-34 East 87.42 to an existing iron pipe; thence with K-Mart and continuing along the
westerly boundary of Parcel C as recorded in Deed Book 8009 Page 376 North 21-26-38 East 242.02 feet to an existing iron pipe;
thence with Parcel C North 24-28-29 East 450.00 feet to an existing iron pipe; thence with Parcel C North 31-21-21 East 413.33
feet to an existing iron pipe; thence with Parcel C and continuing along the westerly boundary of Home Depot as recorded in Deed
Book 6721 Page 852 of the Mecklenburg County Registry North 19-44-13 East 379.24 feet to an existing iron pipe at the northwesterly
corner of Home Depot, said iron pipe being the POINT AND PLACE OF BEGINNING; thence from said POINT AND PLACE OF BEGINNING along
the easterly boundary of the Greenway Parcel as recorded in Deed Book 8009 Page 376 of the Mecklenburg County Registry North 19-44-13
East 14.23 feet to an existing iron pipe; thence with the Greenway Parcel North 34-07-31 East 488.59 feet to an existing iron
pipe; thence with the Greenway Parcel North 86-46-58 East 117.81 feet to an existing 5/8-inch rebar on the westerly margin of
Interstate 485 (variable width public right of way); thence with Interstate 485 the following two (2) calls:  (1) with the
arc of a circular curve to the right having a radius of 3,644.72 feet and a length of 205.30 feet (chord bearing South 13-07-12
East 205.27 feet) and (2) South 09-29-45 East 321.74 feet to point in a regulator box located in the terminus of Centrum Parkway
(50 foot-wide private right of way); thence with said Centrum Parkway South 80-30-15 West 50.00 feet to an existing iron pipe
at the northeasterly corner of Home Depot; thence with Home Depot the following two (2) calls:  (1) North 09-29-45 West 6.36
feet and (2) North 78-00-06 West 455.79 feet to an existing iron pipe, said iron pipe being the POINT AND PLACE OF BEGINNING,
said tract containing 3.523 acres as shown on the survey dated September 30, 1999 (revised November 17, 1999) by Andrew G. Zoutewelle,
Professional Land Surveyor.

 

    	SCHEDULE A: PAGE 6

    	 

    

 

PRIVATE STREET - 47,725 square feet

 

All that certain tract or parcel of land lying in
the Town of Pineville, Mecklenburg County, North Carolina, and being more particularly described as follows:

 

TO FIND THE POINT AND PLACE OF BEGINNING begin at
an existing 5/8-inch rebar located at the northwesterly right of way intersection of North Carolina Highway 51 and Interstate
485 exit ramp, said rebar having North Carolina State Grid coordinates as follows:  N = 492,086.96 feet; E = 1,438,484.63
feet; thence with the right of way of N.C. Highway 51 (variable width public right of way) the following two (2) calls: 
(1) South 58-38-44 West 300.20 feet and (2) South 58-11-56 West 239.91 feet to an existing iron pipe at the southeasterly corner
of The Charlotte-Mecklenburg Hospital Authority as recorded in Deed Book 9472 Page 22 of the Mecklenburg County Registry; thence
with The Charlotte-Mecklenburg Hospital Authority the following two (2) calls:  (1) North 20-11-12 East 85.15 feet to an
iron pipe and (2) North 29-25-38 West 728.25 feet to an existing iron pin at the southeasterly corner of OHM Hotels, LLC (Deed
Book 9663 Page 644); thence with OHM Hotels, LLC and continuing with the easterly terminus of the publicly dedicated portion of
Leitner Drive as recorded in Map Book 24 Page 858 of the Mecklenburg County Registry and continuing with the westerly boundary
of the 9.186-acre K-Mart Parcel as recorded in Deed Book 8005 Page 170 of the Mecklenburg County Registry North 00-04-11 West
370.32 feet to an existing iron pipe; thence with K-Mart North 04-12-24 East 40.12 feet to an existing iron pipe; thence with
K-Mart North 02-43-20 East 135.62 feet to an existing iron pipe; thence with K-Mart North 08-08-49 West 178.45 feet to an existing
iron pipe; thence with K-Mart North 09-47-34 East 87.42 to an existing iron pipe; thence with K-Mart and continuing along the
westerly boundary of Parcel C as recorded in Deed Book 8009 Page 376 of the Mecklenburg County Registry North 21-26-38 East 242.02
feet to an existing iron pipe; thence with Parcel C North 24-28-29 East 450.00 feet to an existing iron pipe; thence with Parcel
C North 31-21-21 East 413.33 feet to an existing iron pipe; thence with Parcel C and continuing with the westerly boundary of
Home Depot as recorded in Deed Book 6721 Page 852 of the Mecklenburg County Registry North 19-44-13 East 379.24 feet to an existing
iron pipe at the northwesterly corner of Home Depot; thence with Home Depot the following two (2) calls:  (1) South 78-00-06
East 455.79 feet to an existing iron pipe and (2) South 09-29-45 East 6.36 feet to an existing iron pipe, said iron pipe being
the POINT AND PLACE OF BEGINNING; thence from said POINT AND PLACE OF BEGINNING North 80-30-15 East 50.00 feet to an point in
a regulator box in the westerly margin of Interstate 485; thence with Interstate 485 the following three (3) calls:  (1)
South 09-29-45 East 69.26 feet to an existing iron pipe, (2) South 8-30-24 East 316.06 feet to an existing iron pipe and (3) South
08-30-52 East 263.00 feet to an existing iron pipe; thence leaving Interstate 485 and continuing with Sign Parcel 2 as recorded
in Deed Book 8009 Page 376 of the Mecklenburg County Registry and also continuing with the northwesterly boundary of C.R. Leikam,
Trustee, as recorded in Deed Book 9138 Page 602 of the Mecklenburg County Registry with a circular curve to the right having a
radius of 310.00 feet and a length of 269.81 feet (chord bearing South 16-25-07 West 261.38 feet) to a paint mark on water meter
at the northerly terminus of the publicly dedicated right of way of Centrum Parkway (Map Book 24 Page 858); thence along the northerly
terminus of Centrum Parkway North 47-49-37 West 69.85 feet to an existing iron pipe on the southeasterly edge of Home Depot (Deed
Book 6721 Page 852); thence with Home Depot the following four (4) calls:  (1) with a circular curve to the left having a
radius of 285.00 feet and a length of 252.13 feet (chord bearing North 16-49-46 East 243.99 feet to an existing iron pipe, (2)
North 08-30-52 West 225.47 feet to a point, (3) North 08-30-24 West 315.63 feet to a nail in pavement and (4) North 09-29-45 West
68.83 feet to an existing iron pipe, said iron pipe being the POINT AND PLACE OF BEGINNING, said tract containing 47,725 square
feet as shown on the survey dated September 30, 1999 (revised November 17, 1999)  by Andrew G. Zoutewelle, Professional Land
Surveyor.

 

    	SCHEDULE A: PAGE 7

    	 

    

 

SIGN PARCEL 2 - 0.128 acre

 

All that certain tract or parcel of land lying in
the Town of Pineville, Mecklenburg County, North Carolina, and being more particularly described as follows:

 

TO FIND THE POINT AND PLACE OF BEGINNING begin at
an existing 5/8-inch rebar located at the northwesterly right of way intersection of North Carolina Highway 51 and Interstate
485 exit ramp, said rebar having North Carolina State Grid coordinates as follows:  N = 492,086.96 feet; E = 1,438,484.63
feet; thence with the right of way of N.C. Highway 51 (variable width public right of way) the following two (2) calls: 
(1) South 58-38-44 West 300.20 feet and (2) South 58-11-56 West 239.91 feet to an existing iron pipe at the southeasterly corner
of The Charlotte-Mecklenburg Hospital Authority as recorded in Deed Book 9472 Page 22 of the Mecklenburg County Registry; thence
with The Charlotte-Mecklenburg Hospital Authority the following two (2) calls:  (1) North 20-11-12 East 85.15 feet to an
iron pipe and (2) North 29-25-38 West 728.25 feet to an existing iron pin at the southeasterly corner of OHM Hotels, LLC (Deed
Book 9663 Page 644); thence with OHM Hotels, LLC and continuing with the easterly terminus of the publicly dedicated portion of
Leitner Drive as shown on Map Book 24 Page 858 of the Mecklenburg County Registry and continuing with the westerly boundary of
the 9.186-acre K-Mart parcel as recorded in Deed Book 8005 Page 170 of the Mecklenburg County Registry North 00-04-11 West 370.32
feet to an existing iron pipe; thence with K-Mart North 04-12-24 East 40.12 feet to an existing iron pipe; thence with K-Mart
North 02-43-20 East 135.62 feet to an existing iron pipe; thence with K-Mart North 08-08-49 West 178.45 feet to an existing iron
pipe; thence with K-Mart North 09-47-34 East 87.42 to an existing iron pipe; thence with K-Mart and continuing along the westerly
boundary of Parcel C as recorded in Deed Book 8009 Page 376 of the Mecklenburg County Registry North 21-26-38 East 242.02 feet
to an existing iron pipe; thence with Parcel C North 24-28-29 East 450.00 feet to an existing iron pipe; thence with Parcel C
North 31-21-21 East 413.33 feet to an existing iron pipe; thence with Parcel C and continuing with the westerly boundary of Home
Depot as recorded in Deed Book 6721 Page 852 of the Mecklenburg County Registry North 19-44-13 East 379.24 feet to an existing
iron pipe at the northwesterly corner of Home Depot; thence with Home Depot the following two (2) calls:  (1) South 78-00-06
East 455.79 feet to an existing iron pipe and (2) South 09-29-45 East 6.36 feet to an existing iron pipe; thence with the northerly
terminus of Centrum Parkway (50 foot-wide private right of way) North 80-30-15 East 50.00 feet to a point in a regulator box in
the westerly margin of Interstate 485; thence with Interstate 485 the following three (3) calls:  (1) South 09-29-45 East
69.26 feet to an existing iron pipe, (2) South 08-30-24 East 316.06 feet to an existing iron pipe and (3) South 08-30-52 East
263.00 feet to an existing iron pipe, said iron pipe being the POINT AND PLACE OF BEGINNING; thence from said POINT AND PLACE
OF BEGINNING and continuing with Interstate 485 the following two (2) calls:  (1) South 8-30-52 East 227.09 feet to an existing
iron pipe and (2) South 01-57-57 East 30.06 feet to an existing iron pipe; thence with the northeasterly boundary of C.R. Leikam,
Trustee, as recorded in Deed Book 9138 Page 602 of the Mecklenburg County Registry North 42-51-17 West 94.60 feet to an existing
iron pipe in the easterly margin of Centrum Parkway; thence along the easterly margin of Centrum Parkway with the arc of a circular
curve to the left having a radius of 310.00 feet and a length of 190.63 feet (chord bearing North 09-06-09 East 187.64 feet) to
an existing iron pipe in the margin of Interstate 485, said iron pipe being the POINT AND PLACE OF BEGINNING, said tract containing
0.128 acre as shown on the survey dated September 30, 1999 (revised November 17, 1999) by Andrew G. Zoutewelle, Professional Land
Surveyor.

 

GREENWAY PARCEL - 8.7257 acres

 

All that certain tract or parcel of land lying in
the Town of Pineville, Mecklenburg County, North Carolina, and being more particularly described as follows:

 

    	SCHEDULE A: PAGE 8

    	 

    

 

TO FIND THE POINT AND PLACE OF BEGINNING begin at
an existing 5/8-inch rebar located at the northwesterly right of way intersection of North Carolina Highway 51 and Interstate
485 exit ramp, said rebar having North Carolina State Grid coordinates as follows:  N = 492,086.96 feet; E = 1,438,484.63
feet; thence with the right of way of N.C. Highway 51 (variable width public right of way) the following two (2) calls: 
(1) South 58-38-44 West 300.20 feet and (2) South 58-11-56 West 239.91 feet to an existing iron pipe at the southeasterly corner
of The Charlotte-Mecklenburg Hospital Authority as recorded in Deed Book 9472 Page 22 of the Mecklenburg County Registry; thence
with The Charlotte-Mecklenburg Hospital Authority the following two (2) calls:  (1) North 20-11-12 East 85.15 feet to an
iron pipe and (2) North 29-25-38 West 728.25 feet to an existing iron pin at the southeasterly corner of OHM Hotels, LLC (Deed
Book 9663 Page 644); thence with OHM Hotels, LLC and continuing along the easterly terminus of the publicly dedicated portion
of Leitner Drive as shown on Map Book 24 Page 858 of the Mecklenburg County Registry North 00-04-11 West 286.51 feet to a point
at the northerly terminus of the publicly dedicated portion of Leitner Drive, said point also being located in the westerly boundary
of the 9.186-acre K-Mart Parcel as recorded in Deed Book 8005 Page 170 of the Mecklenburg County Registry, said point also being
the POINT AND PLACE OF BEGINNING; thence from said POINT AND PLACE OF BEGINNING with K-Mart North 00-04-11 West 83.81 feet to
an existing iron pipe; thence with K-Mart North 04-12-24 East 40.12 feet to an existing iron pipe; thence with K-Mart North 02-43-20
East 135.62 feet to an existing iron pipe; thence with K-Mart North 08-08-49 West 178.45 feet to an existing iron pipe; thence
with K-Mart North 09-47-34 East 87.42 to an existing iron pipe; thence with K-Mart and continuing along the westerly boundary
of Parcel C as recorded in Deed Book 8009 Page 376 of the Mecklenburg County Registry North 21-26-38 East 242.02 feet to an existing
iron pipe; thence with Parcel C North 24-28-29 East 450.00 feet to an existing iron pipe; thence with Parcel C North 31-21-21
East 413.33 feet to an existing iron pipe; thence with Parcel C and continuing with the westerly boundary of Home Depot as recorded
in Deed Book 6721 Page 852 of the Mecklenburg County Registry and continuing with the westerly  boundary of Parcel D as recorded
in Deed Book 8009 Page 376 North 19-44-13 East 393.47 feet to an existing iron pipe; thence with Parcel D North 34-07-31 East
488.59 feet to an existing iron pipe; thence with Parcel D North 86-46-58 East 117.81 feet to an existing 5/8-inch rebar on the
westerly margin of Interstate 485; thence with Interstate 485 the following two (2) calls:  (1) with the arc of a circular
curve to the left having a radius of 3,644.72 feet and a length of 642.33 feet (chord bearing North 19-46-57 West 641.50 feet)
to a point within the waters of Little Sugar Creek and (2) North 51-01-58 West 27.01 feet to a point in the center of Little Sugar
Creek; thence along the meanderings of the center of Little Sugar Creek the following fourteen (14) calls:  (1) South 08-29-00
West 336.34 feet, (2) South 18-14-00 West 265.00 feet, (3) South 29-01-27 West 140.0 feet, (4) South 20-26-00 West 55.0 feet,
(5) South 15-21-00 West 53.0 feet, (6) South 05-43-00 West 40.0 feet, (7) South 16-14-00 West 82.0 feet, (8) South 19-17-00 West
275.0 feet, (9) South 19-11-00 West146.0 feet, (10) South 25-26-00 West  68.0 feet, (11) South 30-28-00 West 79.0 feet, (12)
South 32-40-00 West 109.0 feet, (13) South 26-17-00 West 93.0 feet and (14) South 33-18-00 West 123.75 feet; thence leaving Little
Sugar Creek and following the boundary of North Carolina Department of Transportation (Deed Book 8708 Page 214 and Deed Book 7902
Page 182) the following nine (9) calls:  (1) South 48-18-32 East 51.86 feet, (2) South 48-18-24 East 30.85 feet, (3) South
21-17-30 East 61.15 feet, (4) South 25-06-52 West 341.93 feet, (5) South 20-42-48 West 240.19 feet, (6) South 07-50-00 West 262.52
feet, (7) South 46-34-46 West 147.28 feet, (8) South 25-35-56 West 44.63 feet and (9) South 25-34-18 West (passing an existing
iron pin at 85.43 feet) a total distance of 205.15 feet to an iron pipe set in the northerly margin of Leitner Drive (Map Book
24 Page 858); thence with Leitner Drive the following two (2) calls:  (1) with the arc of a circular curve to the right having
a radius of 460.00 feet and a length of 126.64 feet (chord bearing North 73-57-54 East 126.24 feet) and (2) North 81-51-10 East
138.03 feet to an existing iron pipe, said iron pipe being the POINT AND PLACE OF BEGINNING, said tract containing 8.7257 acres
as shown on the survey dated September 30, 1999 (revised November 17, 1999) by Andrew G. Zoutewelle, Professional Land Surveyor.

 

    	SCHEDULE A: PAGE 9

    	 

    

 

TOGETHER WITH those certain real estate interests
and easements appurtenant to the above-described property set forth in the following instruments: (i) Declaration of Easements,
Covenants, Conditions and Restrictions for Centrum Outparcels filed for record in Book 6721, page 515, as amended by First Amendment
to Declaration of Easements, Covenants, Conditions and Restrictions for Centrum Outparcels filed for record in Book 8005, page
68, as affected by Assignment and Assumption of Developer’s Rights filed in Book 10917, page 853 and Assignment and Assumption
of Declarations recorded in Book 15754, page 578, (ii) Amended and Restated Declaration of Roadway Easement recorded in Book 6721,
page 499, and (iii) Declaration of Easements, Covenants, Conditions and Restrictions for Centrum-Retail Center filed for record
in Book 6721, page 619, as affected by Memorandum of Understanding filed for record in Book 6721, page 846, Memorandum of Supplemental
Agreement filed for record in Book 6964, page 583, Memorandum of Development Agreement filed for record in Book 6964, page 599,
Consent Development filed for record in Book 7941, page 627, as amended by First Amendment to Declaration of Easements, Covenants,
Conditions and Restrictions for Centrum-Retail Center filed for record in Book 8005, page 138, as affected by Assignment and Assumption
of Declarations filed for record in Book 15754, page 578, as amended by Second Amendment to Declaration of Easements, Covenants,
Conditions and Restrictions for the Centrum-Retail Center recorded in Book 27356, Page 635.

 

    	SCHEDULE A: PAGE 10

    	 

    

 

SCHEDULE
B

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

PINEVILLE
CENTRUM LIMITED PARTNERSHIP, AS SELLER

AND

AMERICAN
REALTY CAPITAL IV, LLC, AS PURCHASER

 

INTENTIONALLY
DELETED

 

    	SCHEDULE B: PAGE 1

    	 

    

 

SCHEDULE
C

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

PINEVILLE
CENTRUM LIMITED PARTNERSHIP, AS SELLER

AND

AMERICAN
REALTY CAPITAL IV, LLC, AS PURCHASER

 

SPACE LEASES

 

As of August
1, 2014

 

	 	 	 	 	 	 	Annual	 	 	Security	 	 	 
	Tenant	 	Start	 	Expire	 	Base Rent	 	 	Deposit	 	 	Notes
	 	 	 	 	 	 	 	 	 	 	 	 	 
	DXL Mens Apparel	 	11/10/1992	 	1/31/2024	 	$	148,256.00	 	 	$	-	 	 	 
	US Fitness Charlotte	 	12/30/2011	 	1/31/2015	 	$	40,568.50	 	 	$	3,677.41	 	 	 
	Jason's Deli	 	11/25/2000	 	11/30/2015	 	$	141,518.00	 	 	$	-	 	 	 
	Subway	 	4/19/1993	 	4/30/2017	 	$	37,609.97	 	 	$	1,860.00	 	 	 
	Le Fi Nail and Spa	 	7/1/2007	 	6/30/2017	 	$	31,659.00	 	 	$	2,000.00	 	 	 
	Kmart	 	9/21/1992	 	9/30/2017	 	$	724,405.45	 	 	$	-	 	 	 
	America's Best Contacts & Eyeglasses	 	8/1/2014	 	11/30/2019	 	$	-	 	 	$	-	 	 	Base rent commences on 11/29/2014 at base rent of $5,454.17 per month
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	David's Bridal	 	4/28/2003	 	4/30/2018	 	$	231,224.04	 	 	$	-	 	 	 
	Sleepy's	 	4/23/2013	 	2/28/2018	 	$	123,320.00	 	 	$	-	 	 	 
	Stein Mart	 	9/1/1992	 	8/31/2022	 	$	306,000.00	 	 	$	-	 	 	 
	Lifeway Christian Stores	 	10/1/1998	 	9/30/2017	 	$	144,000.00	 	 	$	-	 	 	 
	Catherines	 	9/30/2003	 	4/30/2019	 	$	80,000.00	 	 	$	-	 	 	 
	Anna's Linens	 	9/9/2009	 	5/31/2017	 	$	160,000.00	 	 	$	-	 	 	 
	TJ Maxx	 	8/16/1992	 	1/31/2018	 	$	262,500.00	 	 	$	-	 	 	 
	Sally Beauty	 	3/30/2002	 	5/31/2017	 	$	44,800.00	 	 	$	-	 	 	 
	Greater Golf Express	 	4/21/2008	 	4/30/2016	 	$	62,850.60	 	 	$	1,000.00	 	 	 
	Sky Zone	 	8/28/2014	 	8/31/2024	 	$	-	 	 	$	28,706.72	 	 	Base rent commences on 8/28/2014 at base rent of $23,408.00 per month

  

    	SCHEDULE C: PAGE 1

    	 

    

 

SCHEDULE
d

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

PINEVILLE
CENTRUM LIMITED PARTNERSHIP, AS SELLER

AND

AMERICAN
REALTY CAPITAL IV, LLC, AS PURCHASER

 

Service
contracts

 

As
of July 31, 2014

 

	Service	 	Company	 	Comments
	 	 	 	 	 
	Sweeping	 	Major Clean, Inc.	 	 
	Fire Alarm Monitoring	 	Security Central	 	 
	Fire Alarm Monitoring	 	Security Central	 	 
	Landscaping	 	Property Services, Inc.	 	 
	Pressure Washing	 	CCR Clean Properties, DBA Araya
    Clean	 	 
	Security 	 	G4A Secure Solutions (USA), Inc.	 	 
	Waste Services (Revenue Contract)	 	Corporate Services Consultants,
    LLC	 	60 day notice to terminate

 

    	SCHEDULE D: PAGE 1

    	 

    

 

SCHEDULE
E

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

PINEVILLE
CENTRUM LIMITED PARTNERSHIP, AS SELLER

AND

AMERICAN
REALTY CAPITAL IV, LLC, AS PURCHASER

 

PENDING
LITIGATION

 

NONE

 

    	SCHEDULE E: PAGE 1

    	 

    

 

SCHEDULE
F

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

PINEVILLE
CENTRUM LIMITED PARTNERSHIP, AS SELLER

AND

AMERICAN
REALTY CAPITAL IV, LLC, AS PURCHASER

 

LEASING
COMMISSION AGREEMENTS

and construction
contracts

 

NONE

 

[to
be updated at closing]

 

    	SCHEDULE F: PAGE 1

    	 

    

 

EXHIBIT
1

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

PINEVILLE
CENTRUM LIMITED PARTNERSHIP, AS SELLER

AND

AMERICAN
REALTY CAPITAL IV, LLC, AS PURCHASER

 

FORM OF SPECIAL WARRANTY DEED TO THE
PREMISES

 

NORTH CAROLINA SPECIAL WARRANTY DEED

 

	Prepared by:		 
	Return to:		 
	 		 

 

 

 

THIS DEED made as of this ______ day of _______________, 20__,
by and between

 

	GRANTOR	GRANTEE
	 	 
	  Address:	  Address:

 

The designation Grantor and Grantee as
used herein shall include said parties, their heirs, successor, and assigns, and shall include singular, plural, masculine, feminine
or neuter as required by context.

 

WITNESSETH,
that the Grantor, for a valuable consideration paid by the Grantee, the receipt of which is hereby acknowledged, has and by these
presents does grant, bargain, sell and convey unto the Grantee in fee simple, all that certain lot or parcel of land situated
in the City of Charlotte, Pineville Township, Mecklenburg County, North Carolina and more particularly described as follows:

 

See Exhibit "A"
attached hereto and incorporated herein by reference.

 

The property hereinabove described was
acquired by Grantor by Instrument recorded in Book _______, Page _______.

 

All or a portion of the property herein
conveyed ____ includes or ____ does not include the primary residence of a Grantor.

 

    	EXHIBIT 1: PAGE 2

    	 

    

 

A map showing the above described property
is recorded in Plat Book ____, Page ____.

 

TO HAVE AND TO HOLD the aforesaid lot
or parcel of land and all privileges and appurtenances thereto belonging to the Grantee in fee simple.

 

And the Grantor covenants with the Grantee,
that Grantor has done nothing to impair such title as Grantor received, and Grantor will warrant and defend the title against
the lawful claims of all persons claiming by, under or through Grantor, other than the following exceptions:

 

Ad valorem taxes for the current year,
those Permitted Exceptions set forth in Exhibit “B” attached hereto and incorporated herein by reference, and
any local, county, state or federal laws, ordinances, or regulations relating to zoning, environment, subdivision, occupancy,
use, construction, or development of the subject property.

 

IN WITNESS WHEREOF,
the Grantor has duly executed the foregoing as of the day and year first above written.

 

	 	GRANTOR:
	 	 
	 	PINEVILLE CENTRUM LIMITED PARTNERSHIP, a Delaware limited partnership
	 	 	 	 
	 	By:	G&I IV Centrum GP LLC, a Delaware limited liability company, its general
    partner
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

STATE OF NORTH CAROLINA

COUNTY OF ________________

 

I certify that the following person(s) personally appeared
before me this day, each acknowledging to me that he or she signed the foregoing document: _____________________.

Date: _____________, 20___

 

	 	_______________________________________
	 	Official Signature of Notary
	(Official Seal)	 
	 	_____________________________,
	 	Notary Public
	 	Printed or typed name

 

My commission expires: ____________________.

 

    	EXHIBIT 1: PAGE 3

    	 

    

  

EXHIBIT A

 

Legal
Description

 

    	EXHIBIT 1: PAGE 4

    	 

    

 

EXHIBIT B

 

Permitted Exceptions

 

    	EXHIBIT 1: PAGE 5

    	 

    

 

EXHIBIT
2

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

PINEVILLE
CENTRUM LIMITED PARTNERSHIP, AS SELLER

AND

AMERICAN
REALTY CAPITAL IV, LLC, AS PURCHASER

 

FORM OF
ASSIGNMENT OF THE SPACE LEASES

 

KNOW ALL MEN that PINEVILLE CENTRUM
LIMITED PARTNERSHIP, a Delaware limited partnership (“Assignor”), in consideration of Ten ($10.00) Dollars and
other good and valuable consideration, received from [_____________] (“Assignee”), does hereby assign, transfer
and deliver unto Assignee, the entire landlord’s interest in and to those certain leases for space (the “Leases”)
at the premises known as The Centrum, located at 10210 Centrum Parkway, Charlotte, Mecklenburg County, North Carolina (the “Premises”)
with the tenants listed on Schedule A annexed hereto including any pre-paid rents, security and other deposits and, to
the extent transferable or assignable, letters of credit and guarantees held by Assignor as of the date hereof, subject to the
rights Assignor has retained under Section 9.4 of that certain Contract of Sale (the “Contract”) dated [__________],
between Assignor and Assignee for the Premises.

 

TO HAVE AND TO HOLD the same unto
Assignee, its successors and assigns, forever, from and after the date hereof, subject to the terms, covenants, conditions and
provisions of the Leases and subject as aforesaid.

 

AND Assignee does hereby acknowledge
receipt of the Leases and security deposits so delivered, and does hereby (a) accept the within assignment and (b) assume the
performance of all the terms, covenants and conditions of the Leases on the part of the lessor which are to be performed or which
arise from and after the date hereof.

 

This assignment is made without warranty
or representation by Assignor and without recourse to Assignor in any manner whatsoever, express or implied, except as may be
set forth in the Contract.

 

This assignment and assumption agreement
shall inure to the benefit of Assignee and Assignor and their respective successors and assigns, and shall be governed by the
laws of the State of North Carolina. This assignment and assumption agreement may not be modified, altered or amended, or its
terms waived, except by an instrument in writing signed by the parties hereto.

 

None of the provisions of this instrument
are intended to be, nor shall they be construed to be, for the benefit of any third party.

 

[SIGNATURES ON FOLLOWING PAGE]

 

    	EXHIBIT 2: PAGE 1

    	 

    

 

IN WITNESS WHEREOF, Assignor and Assignee
have executed this agreement this [_____] day of [___________].

 

	 	ASSIGNOR:
	 	 
	 	PINEVILLE CENTRUM LIMITED PARTNERSHIP, a Delaware limited partnership
	 	 	 	 
	 	By:	G&I IV Centrum GP LLC, a Delaware limited liability company, its general
    partner
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

	 	ASSIGNEE:
	 	[INSERT SIGNATURE BLOCK]

 

    	EXHIBIT 2: PAGE 2

    	 

    

 

Schedule
a

 

Leases

 

    	EXHIBIT 2: PAGE 3

    	 

    

 

EXHIBIT
3

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

PINEVILLE
CENTRUM LIMITED PARTNERSHIP, AS SELLER

AND

AMERICAN
REALTY CAPITAL IV, LLC, AS PURCHASER

 

FORM OF
ASSIGNMENT OF SERVICE CONTRACTS

 

KNOW ALL MEN that PINEVILLE CENTRUM
LIMITED PARTNERSHIP, a Delaware limited partnership (“Assignor”), in consideration of Ten and 00/100 ($10.00)
Dollars and other good and valuable consideration, received from [______________________] (“Assignee”), does
hereby assign, transfer and deliver onto Assignee, all of its right, title and interest in and to those certain service contracts
relating to the operation or maintenance of the premises known as The Centrum, located at 10210 Centrum Parkway, Charlotte, Mecklenburg
County, North Carolina, which service contracts are listed in Schedule A annexed hereto (the “Contracts”).

 

TO HAVE AND TO HOLD the same unto
Assignee, its successors and assigns, forever, from and after the date hereof, subject to the terms, covenants, conditions and
provisions contained in the Contracts and subject aforesaid.

 

AND Assignee does hereby acknowledge
receipt of the Contracts so delivered, and does hereby (a) accept the within assignment and (b) assume the performance of all
the terms, covenants and conditions of the Contracts on the Assignor's part to be performed thereunder from and after the date
hereof.

 

This assignment is made without warranty
or representation by Assignor and without recourse to Assignor in any manner whatsoever, express or implied, except as may be
set forth in that certain Contract of Sale between Assignor and American Realty Capital IV, LLC, as assigned to Assignee.

 

This assignment and assumption agreement
shall inure to the benefit of Assignee and Assignor and their respective successors and assigns, and shall be governed by the
laws of the State of North Carolina. This assignment and assumption agreement may not be modified, altered or amended, or its
terms waived, except by an instrument in writing signed by the parties hereto.

 

None of the provisions of this instrument
are intended to be, nor shall they be construed to be, for the benefit of any third party.

 

[SIGNATURES ON FOLLOWING PAGE]

 

    	EXHIBIT 3: PAGE 1

    	 

    

 

IN WITNESS WHEREOF, Assignor and Assignee have executed
this agreement this _____ day of _______________.

 

	 	ASSIGNOR
	 	 
	 	PINEVILLE CENTRUM LIMITED PARTNERSHIP, a Delaware limited partnership
	 	 	 	 
	 	By:	G&I IV Centrum GP LLC, a Delaware limited liability company, its general
    partner
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

	 	ASSIGNEE:

         

	 	[INSERT SIGNATURE BLOCK]

 

    	EXHIBIT 3: PAGE 2

    	 

    

 

Schedule
a

 

Service
Contracts

 

    	EXHIBIT 3: PAGE 3

    	 

    

 

EXHIBIT
4

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

PINEVILLE
CENTRUM LIMITED PARTNERSHIP, AS SELLER

AND

AMERICAN
REALTY CAPITAL IV, LLC, AS PURCHASER

 

FORM OF
ASSIGNMENT OF LICENSES, PERMITS,

GUARANTEES
AND WARRANTIES

 

KNOW ALL MEN that PINEVILLE CENTRUM
LIMITED PARTNERSHIP, a Delaware limited partnership (“Assignor”), in consideration of Ten ($10.00) Dollars and
other good and valuable consideration, receipt whereof is hereby acknowledged from [___________________] (“Assignee”),
does hereby assign, transfer and deliver unto Assignee, all of its right, title and interest in and to any and all existing licenses,
permits, approvals, and land use entitlements presently held by Assignor with respect to, or otherwise benefitting, the premises
known as The Centrum, located at 10210 Centrum Parkway, Charlotte, Mecklenburg County, North Carolina (the “Premises”)
and any and all guarantees and warranties in connection with any work or services performed or equipment installed in and improvements
erected on the Premises (collectively, the “Licenses and Guarantees”).

 

TO HAVE AND TO HOLD the same unto
Assignee, its successors and assigns, forever, from and after the date hereof, subject to the terms, covenants, conditions and
provisions of the Licenses and Guarantees.

 

This assignment is made without warranty
or representation by the Assignor, including, without limitation, any warranty or representation that Assignor has any right in
the Licenses and Guarantees or that the Licenses and Guarantees are transferable, and without recourse to Assignor in any manner
whatsoever.

 

This assignment agreement shall inure to
the benefit of Assignee and its successors and assigns and shall be governed by the laws of the State of North Carolina. This
assignment agreement may not be modified, altered or amended, or its terms waived, except by an instrument in writing signed by
the parties hereto.

 

None of the provisions of this instrument
are intended to be, nor shall they be construed to be, for the benefit of any third party.

 

[SIGNATURES ON FOLLOWING PAGE]

 

    	EXHIBIT 4: PAGE 1

    	 

    

 

IN WITNESS WHEREOF, Assignor has executed this agreement
this _____ day of ____________, 201_.

 

	 	ASSIGNOR
	 	 
	 	PINEVILLE CENTRUM LIMITED PARTNERSHIP, a Delaware limited partnership
	 	 	 	 
	 	By:	G&I IV Centrum GP LLC, a Delaware limited liability company, its general
    partner
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

  

    	EXHIBIT 4: PAGE 2

    	 

    

 

EXHIBIT
5

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

PINEVILLE
CENTRUM LIMITED PARTNERSHIP, AS SELLER

AND

AMERICAN
REALTY CAPITAL IV, LLC, AS PURCHASER

 

FORM OF NOTICE TO TENANTS

OF

THE CENTRUM

10210 Centrum Parkway, Charlotte, North
Carolina

(THE
“PREMISES”)

 

Dear Tenant:

 

Please be advised that the Premises have
this day been conveyed and your lease (the “Lease”) has been assigned by PINEVILLE CENTRUM LIMITED PARTNERSHIP,
a Delaware limited partnership (“Prior Owner”), to [_____________________] (“New Owner").

 

New Owner has assumed all of the obligations
under your Lease accruing from and after this day, including any obligations to return your security deposit in accordance with
the terms of your Lease. Notwithstanding anything contained herein to the contrary, Prior Owner retains the right to collect any
delinquent rents pertaining to the period prior to ___________[insert closing date].

 

Until further notice, all correspondence
and notices shall be directed, and all rents, additional rents and other charges under the Lease shall be paid to New Owner at
the addresses attached hereto as Exhibit A.

 

You are hereby requested to have the insurance
policies required under the Lease amended to add New Owner, as additional insured thereunder, and have the certificate of insurance
indicating such amendment forwarded to the New Owner.

 

Your security deposit, if any, under the
Lease has been transferred to New Owner.

 

Dated: __________.

 

    	EXHIBIT 5: PAGE 1

    	 

    

 

	 	Very truly yours,
	 	 
	PRIOR OWNER:	PINEVILLE CENTRUM LIMITED PARTNERSHIP,
	 	a Delaware limited partnership
	 	 	 	 
	 	By:	G&I IV Centrum GP LLC, a Delaware limited liability company, its general
    partner
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 	 
	NEW OWNER:	[_______________________]

 

    	EXHIBIT 5: PAGE 2

    	 

    

 

EXHIBIT A

 

Addresses

 

	For All Notices:	[_________________________]
	 	[_________________________]
	 	[_________________________]
	 	[_________________________]
	 	Attention: [_______________]
	 	Facsimile: (___) ___-____
	 	 
	With a copy to:	[_________________________]
	 	c/o [Property Manager]
	 	[_________________________]
	 	[_________________________]
	 	[_________________________]
	 	Attention: Property Manager – [_______________]
	 	Telephone: (___) ___-____
	 	Telecopy: (___) ___-____
	 	 
	Payment Address:	[___________________________]
	 	c/o [________________________]
	 	[___________________________]
	 	[___________________________]

  

    	EXHIBIT 5: PAGE 3

    	 

    

 

EXHIBIT
6

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

PINEVILLE
CENTRUM LIMITED PARTNERSHIP, AS SELLER

AND

AMERICAN
REALTY CAPITAL IV, LLC, AS PURCHASER

 

FORM OF
NOTICE TO CONTRACTORS

UNDER SERVICE
CONTRACTS

OF

THE CENTRUM

10210 Centrum
Parkway, Charlotte, North Carolina

(THE “PREMISES”)

 

Dear Contractor:

 

Please be advised that the Premises have
this day been conveyed and your service contract has been assigned from PINEVILLE CENTRUM LIMITED PARTNERSHIP, a Delaware
limited partnership (“Prior Owner”), to [________________] ("New Owner").

 

Until further notice, all correspondence,
notices and invoices shall be directed to the New Owner at the following address:

 

[_________________]

[_________________]

[_________________]

[_________________]

Attention: [________________]

   Facsimile: (___) ___-____

 

Dated: _________

 

    	EXHIBIT 6: PAGE 1

    	 

    

 

	 	Very truly yours,
	 	 
	PRIOR OWNER:	PINEVILLE CENTRUM LIMITED PARTNERSHIP,
	 	a Delaware limited partnership
	 	 	 	 
	 	By:	G&I IV Centrum GP LLC, a Delaware limited liability company, its general
    partner
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	 	 	 	 
	NEW OWNER:	[_______________________]

 

 

    	EXHIBIT 6: PAGE 2

    	 

    

 

EXHIBIT
7

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

PINEVILLE
CENTRUM LIMITED PARTNERSHIP, AS SELLER

AND

AMERICAN
REALTY CAPITAL IV, LLC, AS PURCHASER

 

TENANT
ESTOPPEL CERTIFICATE

 

The undersigned, ___________________________________,
is the Tenant of a portion of the real property commonly known as The Centrum, located at 10210 Centrum Parkway, Charlotte, Mecklenburg
County, North Carolina (the “Property”), and
hereby certifies to Pineville Centrum Limited Partnership, a Delaware limited partnership (“Landlord”),
to American Realty Capital IV, LLC, a Delaware limited liability company, ARC CTCHRNC001,
LLC, or any assignee or nominee (“Buyer”),
and to any lender (“Lender”) making a loan to
Buyer to be secured, in whole or in part, by the Property, the following:

 

1.          That
there is presently in full force and effect a lease (as modified, assigned, supplemented and/or amended as set forth in paragraph 2
below, the “Lease”) dated as of __________, 20___
between the undersigned and ____________________, covering approximately _____ square feet of the Property (the “Leased
Premises”).

 

2.          That
the Lease has not been modified, assigned, supplemented or amended except by: ___________________________________.

 

3.          That
the Lease represents the entire agreement between Landlord and the undersigned with respect to the Leased Premises.

 

4.          That
the commencement date under the Lease was __________, _____, the termination date of said Lease is __________, 20___.

 

5.          That
the present minimum monthly rent which the undersigned is paying under the Lease is $__________, and all rent has been paid through
__________, 2014. Tenant is also obligated to pay common area maintenance expenses, insurance premiums and taxes under the Lease,
and all such sums have been paid through ______________, 2014, except as follows: ____________________. To Tenant's knowledge,
Tenant is not owed any sums for reconciliations for calendar year 2013 or any prior year, except as follows: ______________ (left
blank means “none”).

 

6.          That
the security deposit held by Landlord under the terms of the Lease is $__________ and Landlord holds no other deposit from Tenant
for security or otherwise.

 

    	EXHIBIT 7: PAGE 1

    	 

    

 

7.          That
the undersigned has accepted possession of the Leased Premises and that, to the best of the undersigned’s knowledge, any
improvements required to be made by Landlord to the Leased Premises by the terms of the Lease and all other conditions of the
Lease to be satisfied by Landlord have been completed or satisfied to the satisfaction of the undersigned.

 

8.          That,
to the best of the undersigned’s knowledge, the undersigned, as of the date set forth below, has no right or claim of deduction,
charge, lien or offset against Landlord under the Lease or otherwise against the rents or other charges due or to become due pursuant
to the terms of said Lease.

 

9.          That,
to the best of the undersigned’s knowledge, Landlord is not in default or breach of the Lease, nor has Landlord committed
an act or failed to act in such a manner, which, with the passage of time or notice or both, would result in a default or breach
of the Lease by Landlord.

 

10.         That,
to the best of the undersigned’s knowledge, the undersigned is not in default or in breach of the Lease, nor has the undersigned
committed an act or failed to act in such a manner which, with the passage of time or notice or both, would result in a default
or breach of the Lease by the undersigned.

 

11.         The
undersigned hereby acknowledges that Buyer, or its nominee, intends to purchase the Property, that Landlord will assign its interest
in the Lease to Buyer, or its nominee, in connection with such purchase, and that Buyer, or its nominee, and its lender is relying
upon the representations contained herein in making such purchase.

 

12.         That
the undersigned is not the subject of any pending bankruptcy, insolvency, debtor’s relief, reorganization, receivership,
or similar proceedings, nor the subject of a ruling with respect to any of the foregoing.

 

This Certificate shall be binding upon and
inure to the benefit of the undersigned, Landlord, Buyer and Lender and their respective successors and assigns.

 

Dated: __________, 2014.

 

	 	_____________________________________ ,	 
	 	a ___________________________________	 
	 	 	 
	 	By: _________________________________	 
	 	Name: ______________________________	 
	 	Title: _______________________________	 

  

    	EXHIBIT 7: PAGE 2

    	 

    

 

EXHIBIT
8

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

PINEVILLE
CENTRUM LIMITED PARTNERSHIP, AS SELLER

AND

AMERICAN
REALTY CAPITAL IV, LLC, AS PURCHASER

 

FORM OF
bill of sale

 

PINEVILLE CENTRUM LIMITED PARTNERSHIP,
a Delaware limited partnership (“Grantor”) for good and valuable consideration, the receipt and the sufficiency
of which is hereby acknowledged, by these presents, does, without representation by, or warranty or recourse against, Grantor,
convey, assign, transfer, sell, deliver and set over unto [__________________], its successors and assigns (“Grantee”),
all of Grantor's right, title and interest in and to the personal property (including both tangible and intangible property) transferred
pursuant to that certain Contract of Sale between Grantor and [______________] dated ______________, 2014 used in connection with
the operation of the property known as The Centrum, located at 10210 Centrum Parkway, Charlotte, Mecklenburg County, North Carolina.
 Without limiting the generality of the foregoing, Grantor hereby assigns
and conveys to Grantee all right, title and interest of Grantor in and to the name "The Centrum."

 

IN WITNESS WHEREOF, Grantor has caused
this Bill of Sale to be signed as of this _____ day of ______________, 201_.

 

	 	PINEVILLE CENTRUM LIMITED PARTNERSHIP,
	 	a Delaware limited partnership
	 	 	 	 
	 	By:	G&I IV Centrum GP LLC, a Delaware limited liability company, its general
    partner
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

  

    	EXHIBIT 8: PAGE 1

    	 

    

 

EXHIBIT
9

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

PINEVILLE
CENTRUM LIMITED PARTNERSHIP, AS SELLER

AND

AMERICAN
REALTY CAPITAL IV, LLC, AS PURCHASER

 

executed
access agreement

 

[Attached hereto on the following page]

 

    	EXHIBIT 9: PAGE 1

    	 

    

 

EXHIBIT
10

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

PINEVILLE
CENTRUM LIMITED PARTNERSHIP, AS SELLER

AND

AMERICAN
REALTY CAPITAL IV, LLC, AS PURCHASER

 

FORM OF TITLE CERTIFICATE

 

The undersigned, a Delaware limited partnership,
hereby certifies to Chicago Title Insurance Company (the “Insurer”) the following:

 

1.          The
undersigned is the owner (“Owner”) of certain property (the “Property”) situated in Mecklenburg County,
North Carolina, described in title commitment No. ________ (the "Title Commitment") issued by Insurer.

 

2.          The
only tenants of the undersigned are tenants under the leases (the “Leases”) set forth on the rent roll annexed hereto
as Exhibit A (or subleases thereunder).

 

3.          During
the period of 120 days immediately preceding the date of this certification no improvements or alterations have been made (other
than minor repairs) to the Property by or on behalf of Owner that have not been paid for (or if unpaid will be paid in the ordinary
course of business) and that no claims against Owner of laborers or materialmen remain unpaid (or if unpaid will be paid in the
ordinary course of business) for work performed by or on behalf of Owner and that no material incorporated into the Property by
Owner is subject to a security interest (other than in connection with any mortgage described in the Title Commitment).

 

4.          No
proceedings in bankruptcy or receivership have been instituted by or against Owner which are now pending, nor has the Owner made
any assignment for the benefit of creditors which is in effect as to the Property.

 

5.          Owner
agrees not to cause any lien or encumbrance to be filed against the Property between the date hereof and the earlier of (a) the
date the documents creating the interest being insured pursuant to the Title Commitment have been filed of record and (b) three
(3) days following the date hereof.

 

6.          This
certification is made for the purpose of inducing Insurer to issue its title policy insuring the Property.

 

Dated this ___ day of _______, ______.

 

[SIGNATURES
ON FOLLOWING PAGE] 

 

    	EXHIBIT 10: PAGE 1

    	 

    

 

	 	PINEVILLE CENTRUM LIMITED PARTNERSHIP,
	 	a Delaware limited partnership
	 	 	 	 
	 	By:	G&I IV Centrum GP LLC, a Delaware limited liability company, its general
    partner
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

    	EXHIBIT 10: PAGE 2

    	 

    

 

EXHIBIT A

 

LIST OF LEASES

 

    	EXHIBIT 10: PAGE 3

    	 

    

 

EXHIBIT
11

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

PINEVILLE
CENTRUM LIMITED PARTNERSHIP, AS SELLER

AND

AMERICAN
REALTY CAPITAL IV, LLC, AS PURCHASER

 

[Intentionally
deleted]

 

    	EXHIBIT 11: PAGE 1

    	 

    

 

EXHIBIT
12

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

PINEVILLE
CENTRUM LIMITED PARTNERSHIP, AS SELLER

AND

AMERICAN
REALTY CAPITAL IV, LLC, AS PURCHASER

 

FORM OF
ASSUMPTION AGREEMENT

(KRC PROPERTY
MANAGEMENT i, inc.)

 

KNOW ALL MEN that in consideration
of Ten ($10.00) Dollars and other good and valuable consideration, received from PINEVILLE CENTRUM LIMITED PARTNERSHIP,
a Delaware limited partnership (“Seller”), ____________________ (“Purchaser”) does
hereby irrevocably assume all obligations of Seller to pay any: leasing commissions to KRC Property Management I, Inc., a Delaware
corporation (“KRC Property Management”), pursuant to paragraph 13 of Exhibit D to that certain Management Agreement,
dated as of July 17, 2003 by and between Seller, as owner, and KRC Property Management, as leasing broker (the “Agreement”),
with respect to any lease executed by the undersigned, or its successors or assigns, with an Active Prospect (as defined in the
Agreement) following the date hereof. Seller shall be responsible for the payment of all leasing commissions due and payable to
KRC Property Management pursuant to the Agreement prior to the date hereof (the “Prior Commissions”), and Seller
hereby agrees to indemnify and hold Purchaser harmless from and against all claims made by KRC Property Management against Purchaser
with respect to the Prior Commissions.

 

This assumption agreement may be relied upon
by, and is made for the benefit of, Seller and KRC Property Management, and shall inure to their respective successors and/or
assigns, and shall be governed by the laws of the State of North Carolina. This Agreement may not be amended without the consent
of Seller or KRC Property Management.

 

[SIGNATURES ON FOLLOWING
PAGE]

 

    	EXHIBIT 12: PAGE 1

    	 

    

 

IN WITNESS WHEREOF, the undersigned
has executed this agreement this _____ day of __________ 2014.

 

	 	PURCHASER:
	 	 
	 	[_________________________]

         

	 	By:___________________________________________
	 	Name:
	 	Title:

 

    	EXHIBIT 12: PAGE 2

    	 

    

 

EXHIBIT
12-A

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

PINEVILLE
CENTRUM LIMITED PARTNERSHIP, AS SELLER

AND

AMERICAN
REALTY CAPITAL IV, LLC, AS PURCHASER

 

FORM OF
ASSUMPTION AGREEMENT

(NEW SOUTH
PROPERTIES OF THE CAROLINAS, LLC)

 

KNOW ALL MEN that in consideration
of Ten ($10.00) Dollars and other good and valuable consideration, received from PINEVILLE CENTRUM LIMITED PARTNERSHIP,
a Delaware limited partnership (“Seller”), ____________________ (“Purchaser”) does
hereby irrevocably assume all obligations of Seller to pay any: leasing commissions to New South Properties of the Carolinas,
LLC (“New South Properties”) pursuant to paragraph 11 of that certain Listing Agreement dated September 1,
2011 by and between Seller, as owner, and New South Properties, as leasing broker, as amended by Extension of Listing Agreement
dated November 13, 2012 and Extension of Listing Agreement dated July 25, 2013 (as amended, the “Agreement”),
with respect to any lease executed by the undersigned, or its successors or assigns, with a tenant named on the Final List (as
defined in the Agreement) following the date hereof. Seller shall be responsible for the payment of all leasing commissions due
and payable to New South Properties pursuant to the Agreement prior to the date hereof (the “Prior Commissions”),
and Seller hereby agrees to indemnify and hold Purchaser harmless from and against all claims made by New South Properties against
Purchaser with respect to the Prior Commissions.

 

This assumption agreement may be relied upon
by, and is made for the benefit of, Seller and New South Properties, and shall inure to their respective successors and/or assigns,
and shall be governed by the laws of the State of North Carolina. This Agreement may not be amended without the consent of Seller
or New South Properties.

 

[SIGNATURES ON FOLLOWING
PAGE]

 

    	EXHIBIT 12-A: PAGE 1

    	 

    

 

IN WITNESS WHEREOF, the undersigned
has executed this agreement this _____ day of __________ 2014.

 

	 	PURCHASER:
	 	 
	 	[_________________________]

         

	 	By:___________________________________________
	 	Name:
	 	Title:

 

    	EXHIBIT 12-A: PAGE 2

    	 

    

 

EXHIBIT
13

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

PINEVILLE
CENTRUM LIMITED PARTNERSHIP, AS SELLER

AND

AMERICAN
REALTY CAPITAL IV, LLC, AS PURCHASER

 

FORM OF
ASSIGNMENT AND ASSUMPTION OF LEASING COMMISSION AGREEMENTS AND CONSTRUCTION CONTRACTS

 

KNOW ALL MEN that PINEVILLE CENTRUM
LIMITED PARTNERSHIP, a Delaware limited partnership ("Assignor"), in consideration of Ten ($10.00) Dollars and other
good and valuable consideration, received from ____________________ ("Assignee"), does hereby assign, transfer and deliver
unto Assignee, all of its right, title and interest in and to those certain leasing commission agreements and construction contracts
relating to the premises known as The Centrum, located at 10210 Centrum Parkway, Charlotte, Mecklenburg County, North Carolina,
listed on Exhibit A annexed hereto (the “Agreements”).

 

TO HAVE AND TO HOLD the same unto
Assignee, its successors and assigns, forever, from and after the date hereof, subject to the terms, covenants, conditions and
provisions of the Leases and subject as aforesaid.

 

AND Assignee does hereby acknowledge
receipt of the Agreements so delivered, and does hereby (a) accept the within assignment and (b) assume the performance of all
the terms, covenants and conditions of the Agreements on the part of the Assignor to the extent specifically listed on Exhibit
A annexed hereto. Seller shall be responsible for all claims under the Agreements which are not listed on such Exhibit A (the
"Seller Claims"), and Seller hereby agrees to indemnify and hold Purchaser harmless from and against all claims by any
party to the Agreements with respect to the Seller Claims.

 

This assignment is made without warranty
or representation by Assignor and without recourse to Assignor in any manner whatsoever, express or implied.

 

This assignment and assumption agreement
shall inure to the benefit of Assignee, Assignor and any other party to the documents listed on Exhibit A, and their respective
successors and assigns, and shall be governed by the laws of the State of North Carolina. This assignment and assumption agreement
may not be modified, altered or amended, or its terms waived, except by an instrument in writing signed by the parties hereto.

 

[SIGNATURES ON FOLLOWING
PAGE]

 

    	EXHIBIT 13: PAGE 1

    	 

    

 

IN WITNESS WHEREOF, Assignor and Assignee
have executed this agreement this _____ day of __________, 2014.

 

	 	ASSIGNOR:
	 	 
	 	PINEVILLE CENTRUM LIMITED PARTNERSHIP,
	 	a Delaware limited partnership
	 	 	 	 
	 	By:	G&I IV Centrum GP LLC, a Delaware limited liability company, its general
    partner
	 	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:

 

	 	ASSIGNEE:
	 	 
	 	[_________________________]

         

	 	By:___________________________________________
	 	Name:
	 	Title:

 

    	EXHIBIT 13: PAGE 2

    	 

    

 

EXHIBIT A

 

LEASING COMMISSION AGREEMENTS AND CONSTRUCTION
CONTRACTS

 

    	EXHIBIT 13: PAGE 3

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