Document:

Asset Purchase Agreement

 EXHIBIT 10.51 
 Asset Purchase Agreement dated as of November 14, 2006 
 between 
 Fore Star Golf of Yuma, LLC, 
 Fore Star Golf of
Lubbock, LLC, 
 Premier Golf Royal Meadows, LLC, 
 Premier Golf Painted Hills, LLC, 
 Premier Golf Cleveland, LLC, 
 Premier Golf Solon, LLC, 
 Premier Golf
Management, Inc. 
 and CNL Income Partners, LP 

 ASSET PURCHASE AGREEMENT 
 BETWEEN 
 THE SELLER PARTIES 
 Identified herein 
 AS SELLERS 
 AND 
 CNL INCOME PARTNERS, LP 
 a Delaware limited partnership 
 AS PURCHASER 
 DATED AS OF NOVEMBER 14, 2006 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 ARTICLE 1. DEFINITIONS
	  	2
			
	         1.1
	  	Definitions	  	2
		
	 ARTICLE 2. PURCHASE AND SALE, ASSETS AND LIABILITIES
	  	12
			
	         2.1
	  	Purchase and Sale	  	12
			
	         2.2
	  	Description of the Assets	  	12
			
	         2.3
	  	Excluded Assets	  	14
		
	 ARTICLE 3. PURCHASE PRICE
	  	14
			
	         3.1
	  	Purchase Price	  	14
			
	         3.2
	  	Deposit	  	14
			
	         3.3
	  	Payment of Purchase Price	  	16
			
	         3.4
	  	Allocation of Purchase Price	  	16
			
	         3.5
	  	Assumed Liabilities	  	16
		
	 ARTICLE 4. DUE DILIGENCE AND INSPECTION
	  	17
			
	         4.1
	  	Right to Inspect	  	17
			
	         4.2
	  	Matters Relating to Title	  	18
			
	         4.3
	  	Environmental Inspections and Reports	  	19
			
	         4.4
	  	Contracts	  	20
			
	         4.5
	  	Inventory	  	20
			
	         4.6
	  	Purchaser’s Election Whether or Not to Proceed	  	20
			
	         4.7
	  	Operating Leases	  	21
			
	         4.8
	  	Extended Due Diligence Period	  	21
		
	 ARTICLE 5. REPRESENTATIONS AND WARRANTIES
	  	22
			
	         5.1
	  	The Seller’s Representations and Warranties	  	22

  

 i 

					
	 	  	 	  	Page
	         5.2
	  	The Purchaser’s Representations and Warranties	  	29
		
	 ARTICLE 6. COVENANTS
	  	30
			
	         6.1
	  	Confidentiality	  	30
			
	         6.2
	  	Improvements	  	31
			
	         6.3
	  	Conduct of the Business	  	31
			
	         6.4
	  	Licenses and Permits	  	32
			
	         6.5
	  	Tax Contests	  	32
			
	         6.6
	  	Notices and Filings	  	32
			
	         6.7
	  	Further Assurances	  	33
			
	         6.8
	  	Compliance; Property Maintenance	  	33
			
	         6.9
	  	Estoppel Certificate	  	33
			
	         6.10
	  	Exclusivity	  	33
			
	         6.11
	  	Employees	  	34
			
	         6.12
	  	Liquor Licenses	  	34
			
	         6.13
	  	Signature Oil and Gas Lease	  	34
		
	 ARTICLE 7. CLOSING CONDITIONS
	  	35
			
	         7.1
	  	Purchaser’s Closing Conditions	  	35
			
	         7.2
	  	Failure of Any Purchaser’s Closing Condition	  	36
			
	         7.3
	  	Seller’s Closing Conditions	  	36
			
	         7.4
	  	Failure of the Seller’s Closing Conditions	  	37
		
	 ARTICLE 8. CLOSING
	  	37
			
	         8.1
	  	Closing Date	  	37
			
	         8.2
	  	Closing Escrow	  	37
			
	         8.3
	  	Seller’s Closing Deliveries	  	37
			
	         8.4
	  	Purchaser’s Deliveries	  	39

  

 ii 

					
	 	  	 	  	Page
	         8.5
	  	Possession	  	40
		
	 ARTICLE 9. PRO-RATIONS AND EXPENSES
	  	40
			
	         9.1
	  	Closing Statement	  	40
			
	         9.2
	  	Pro-rations	  	40
			
	         9.3
	  	Taxes	  	41
			
	         9.4
	  	Cash and Utility Deposits	  	41
			
	         9.5
	  	Employees	  	42
			
	         9.6
	  	Reconciliation and Final Payment	  	42
			
	         9.7
	  	Purchaser’s Acquisition Costs	  	42
			
	         9.8
	  	Seller’s Transaction Costs	  	42
		
	 ARTICLE 10. DEFAULT AND REMEDIES
	  	42
			
	         10.1
	  	The Seller’s Default	  	42
			
	         10.2
	  	Purchaser’s Default	  	43
			
	         10.3
	  	Liquidated Damages	  	43
			
	         10.4
	  	No Punitive or Consequential Damages	  	43
		
	 ARTICLE 11. RISK OF LOSS
	  	43
			
	         11.1
	  	Casualty	  	43
			
	         11.2
	  	Condemnation	  	44
			
	         11.3
	  	Definition of “Material”	  	44
		
	 ARTICLE 12. SURVIVAL, INDEMNIFICATION AND RELEASE
	  	45
			
	         12.1
	  	Survival	  	45
			
	         12.2
	  	Indemnification by the Seller	  	45
			
	         12.3
	  	Indemnification by Purchaser	  	46
			
	         12.4
	  	Indemnification Procedure; Notice of Indemnification Claim	  	47
			
	         12.5
	  	Exclusive Remedy for Indemnification Loss; Interpretation	  	48

  

 iii 

					
	 	  	 	  	Page
	 ARTICLE 13. MISCELLANEOUS PROVISIONS
	  	48
			
	         13.1
	  	Notices	  	48
			
	         13.2
	  	Time is of the Essence	  	49
			
	         13.3
	  	Assignment	  	50
			
	         13.4
	  	Successors and Assigns	  	50
			
	         13.5
	  	Third Party Beneficiaries	  	50
			
	         13.6
	  	Rules of Construction	  	50
			
	         13.7
	  	Severability	  	51
			
	         13.8
	  	Governing Law	  	51
			
	         13.9
	  	Waiver of Trial by Jury	  	51
			
	         13.10
	  	Prevailing Party	  	51
			
	         13.11
	  	Incorporation of Recitals, Exhibits and Schedules	  	51
			
	         13.12
	  	Liability of Interest-Holders in Purchaser, Sellers and their Affiliates	  	51
			
	         13.13
	  	Entire Agreement	  	51
			
	         13.14
	  	Amendments, Waivers and Termination of Agreement	  	51
			
	         13.15
	  	Execution of Agreement	  	52
			
	         13.16
	  	Tax Disclosures	  	52

  

 iv 

 LIST OF EXHIBITS AND SCHEDULES 
 List of Exhibits 
  

			
	Exhibit A-1 through A-7	  	Legal Descriptions of the Land
	Exhibit B	  	Form of Seller’s Closing Certificate
	Exhibit C	  	Forms of Special Warranty Deeds
	Exhibit D	  	Form of Bill of Sale
	Exhibit E	  	Form of Assignment and Assumption of Intangible Property
	Exhibit F	  	Form of Assignment and Assumption of Contracts
	Exhibit G	  	Form of Assignment and Assumption of Licenses and Permits and Books and Records
	Exhibit H	  	Form of Assignment and Assumption of Membership Agreements
	Exhibit I	  	Form of Purchaser’s Closing Certificate

  

			
		
	List of Schedules	  	
		
	Schedule 2.3.2	  	Third Party Assets
	Schedule 3.4	  	Purchase Price Allocation
	Schedule 5.1.4	  	Consents and Approvals; No Conflicts
	Schedule 5.1.7(a) through 5.1.7(g)	  	Litigation
	Schedule 5.1.12(a) through 5.1.12(g)	  	Contracts
	Schedule 5.1.28(a) through 5.1.28(g)	  	Intellectual Property
	Schedule 5.1.30(a) through 5.1.30(g)	  	Personal Property
	Schedule 5.1.32(a) through 5.1.32(g)	  	Memberships

  

 v 

 ASSET PURCHASE AGREEMENT 
 THIS PURCHASE AGREEMENT (the “Agreement”) is made as of November 14, 2006 (the “Effective Date”), by
and between SELLERS, as hereinafter defined, and CNL INCOME PARTNERS, LP, a Delaware limited partnership (“Purchaser”) (each a “Party” and together the “Parties”).

 R E C I T A L S 
 A.
Fore Star Golf of Yuma, LLC, a New Mexico limited liability company (“Yuma”), owns all of certain real property located in Yuma, Arizona commonly known as the “Mesa Del Sol Golf Club” (the “Yuma
Site”) and more particularly described in Exhibit A-1 attached hereto (the “Yuma Land”), currently improved with the Yuma Improvements (as defined herein); and 
 B. Fore Star Golf of Lubbock at Lakeridge, LLC, a Texas limited liability company (“Lubbock”), owns all of certain real property
located in Lubbock, Texas commonly known as the “Lakeridge Country Club” (the “Lubbock Site”) and more particularly described in Exhibit A-2 attached hereto (the “Lubbock
Land”), currently improved with the Lubbock Improvements (as defined herein); and 
 C. Premier Golf Royal Meadows, LLC, a
Delaware limited liability company (“Royal Meadows”), owns all of certain real property located in Kansas City, Missouri commonly known as the “Royal Meadows Golf Course” (the “Royal Meadows
Site”) and more particularly described in Exhibit A-3 attached hereto (the “Royal Meadows Land”), currently improved with the Royal Meadows Improvements (as defined herein); and 
 D. Premier Golf Painted Hills, LLC, a Delaware limited liability company (“Painted Hills”), owns all of certain real property
located in Kansas City, Kansas commonly known as the “Painted Hills Golf Course” (the “Painted Hills Site”) and more particularly described in Exhibit A-4 attached hereto (the “Painted Hills
Land”), currently improved with the Painted Hills Improvements (as defined herein); and 
 E. Premier Golf Cleveland, LLC, a
Delaware limited liability company (“Cleveland”), owns all of certain real property located in Medina, Ohio commonly known as the “Fox Meadow Country Club” (the “Fox Meadow Site”) and more
particularly described in Exhibit A-5 attached hereto (the “Fox Meadow Land”), currently improved with the Fox Meadow Improvements (as defined herein), and all of that certain real property located in Medina,
Ohio commonly known as the “Weymouth Country Club” (the “Weymouth Site”) and more particularly described in Exhibit A-6 attached hereto (the “Weymouth Land”), currently improved
with the Weymouth Improvements (as defined herein); and 
 F. Premier Golf Solon, LLC, a Delaware limited liability company
(“Solon”), owns all of certain real property located in Solon, Ohio, commonly known as the “Signature of Solon Country Club” (the “Signature Site”) and more particularly described in
Exhibit A-7 attached hereto (the “Signature Land”), currently improved with the Signature Improvements (as defined herein); and 
  

 1 

 G. Premier Golf Management, Inc., a Delaware corporation (“Premier”) is the owner,
directly or indirectly, of 100% of the membership interests of Yuma, Lubbock, Royal Meadows, Painted Hills, Cleveland and Solon, and hereby joins in as a Seller to effectuate the transactions contemplated herein and to be jointly and severally
liable for the obligations of the Sellers (as defined herein); and 
 H. Purchaser desires to purchase the Assets from Seller (as hereinafter
defined) and Seller desires to sell the Assets to Purchaser on the terms and conditions set forth in this Agreement. 
 NOW, THEREFORE, in
consideration of the respective provisions contained in this Agreement, Seller and Purchaser agree as follows: 
 ARTICLE 1. 
 DEFINITIONS 
 1.1 Definitions.
The following terms will have the following meanings in this Agreement: 
 “Action Period” has the meaning set forth in
Section 12.1. 
 “Affiliate” has the following meaning: two entities are “Affiliates” if 

(a) one of the entities is a Subsidiary of the other entity; 
 (b) both of the entities are Subsidiaries of the same entity; or 
 (c) both of the entities are Controlled
by the same person or entity. 
 “Agreement” has the meaning set forth in the first paragraph of this document. 

“Applicable Laws” means in each case to the extent the Person or Assets in question is subject to the same, all statutes, laws,
common law, rules, regulations, ordinances, codes or other legal requirements of any Governmental Authority, stock exchange, board of fire underwriters and similar quasi-governmental authority, and any judgment, injunction, order or other similar
requirement of any court or other adjudicatory authority, in effect at the time in question. 
 “Assets” has the meaning set
forth in Section 2.2. 
 “Bankruptcy Code” has the meaning set forth in Section 5.1.14. 

“Benefits” has the meaning set forth in Section 6.11.2. 
 “Black Out Period” has the meaning set forth in Section 8.1. 
 “Books and Records” has the meaning set forth in Section 2.2.13. 
 “Business” means the operation of the golf course, clubhouses, pro shops and all activities related thereto conducted at the Real
Property. 
  

 2 

 “Business Day” means any day other than a Saturday, Sunday or any United States federal
legal holiday. 
 “Casualty” has the meaning set forth in Section 11.1. 
 “Cleveland” has the meaning set forth in the Recitals. 
 “Closing” has the meaning set forth in Article VIII. 
 “Closing
Conditions” means the Purchaser’s Closing Conditions and the Seller’s Closing Conditions. 
 “Closing
Date” has the meaning set forth in Section 8.1. 
 “Closing Escrow” has the meaning set forth in
Section 8.2. 
 “Closing Escrow Agreement” has the meaning set forth in Section 8.2. 
 “Closing Statement” has the meaning set forth in Section 8.3.9. 
 “COBRA” means the Consolidated Omnibus Budget Reconciliation Act. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and any regulations, rulings and guidance issued by the
Internal Revenue Service. 
 “Condemnation” has the meaning set forth in Section 5.1.5. 
 “Consumables” has the meaning set forth in Section 2.2.5. 
 “Contracts” has the meaning set forth in Section 2.2.7. 
 “Control” means: 
 (a) the
right to exercise, directly or indirectly, a majority of the votes which may be voted at a meeting of (i) the shareholders of the corporation, in the case of a corporation, (ii) the shareholders of the general partner, in the case of a
limited partnership, or (iii) the equity holders or other voting participants of a Person that is not a corporation or limited partnership; or 
 (b) the right to elect or appoint, directly or indirectly, a majority of (i) the directors of the corporation, in the case of a corporation, (ii) the directors of the general partner, in the case of a limited partnership, or
(iii) a majority of the Persons who have the right to manage or supervise the management of the affairs and business of a Person that is not a corporation or limited partnership, 
 and “Controlled” has a corresponding meaning. 
 “Deeds” means the special warranty deeds delivered by the Seller to the Purchaser pursuant to Section 8.3.2. 
  

 3 

 “Deposit” has the meaning set forth in Section 3.2.1. 
 “Disapproved Contracts” has the meaning set forth in Section 4.6. 
 “Due Diligence Items” means (i) the legal description of the Land, the Surveys, the Title Commitments, underlying title documents
and a final title commitment for the Title Policy issued by Title Company; (ii) the documents to be delivered to Buyer pursuant to Section 4.1; (iii) the terms and conditions of all agreements, contracts and other obligations
affecting each Site, including without limtation, all Contracts and Membership Agreements, and the assignability of each; (iv) the status of the Licenses and Permits and assignability of each; (v) the appraisals for each site and the
Purchaser’s financial underwriting of the transaction; (vi) the physical and environmental condition of each Site; and (vii) the sufficiency of water to serve the projected needs of each Site. 
 “Due Diligence Period” means the period from the Effective Date until 5:00 p.m., eastern time, on the day which is forty-five
(45) days after the date of this Agreement. 
 “Eagle Leases” means those certain lease agreements (or sublease
agreements, as applicable) to be executed following the Effective Date but prior to the Closing Date by and between (i) Operating Lessee and CNL Income Canyon Springs, LLC, (ii) Operating Lessee and CNL Income Cinco Ranch, LLC,
(iii) Operating Lessee and CNL Income Fossil Creek, LLC, (iv) Operating Lessee and CNL Income Plantation, LLC, (v) Operating Lessee and CNL Income Clear Creek, LLC, (vi) Operating Lessee and CNL Income Lake Park, LLC, and
(vii) Operating Lessee and CNL Income Mansfield, LLC. 
 “Effective Date” has the meaning set forth in the introductory
paragraph of this Agreement. 
 “Effluent Discharge Rights” has the meaning set forth in Section 2.2.12.

 “Employees” means, at the time in question all persons employed full-time and part-time at the Real Property. 

“Environmental Claims” means all claims for reimbursement, remediation, abatement, removal, clean up, contribution, personal injury,
property damage or damage to natural resources made by any Governmental Authority or other Person arising from or in connection with the (i) presence or actual or potential spill, leak, emission, discharge or release of any Hazardous Substances
over, on, in, under or from the Real Property, or (ii) violation of any Environmental Laws with respect to the Real Property or any portion thereof. 
 “Environmental Laws” means any Applicable Laws which regulate the manufacture, generation, formulation, processing, use, treatment, handling, storage, disposal, distribution or transportation of any
Hazardous Substances, or an actual or potential spill, leak, emission, discharge or release of any Hazardous Substances, pollution, contamination or radiation into any water, soil, sediment, air or other environmental media, including, without
limitation, (i) the Comprehensive Environmental Response, Compensation and Liability Act, (ii) the Resource Conservation and Recovery Act, (iii) the Federal Water Pollution Control Act, (iv) the Toxic Substances Control Act,
(v) the Clean Water Act, (vi) the Clean Air Act, and (vii) the Hazardous Materials Transportation Act, and similar state and local laws. 
  

 4 

 “Environmental Liabilities” means all Liabilities under any Environmental Laws arising
from or in connection with the Real Property, including, without limitation, any obligations to manage, control, contain, remove, remedy, respond to, clean up or abate any actual or potential spill, leak, emission, discharge or release of any
Hazardous Substances, pollution, contamination or radiation into any water, soil, sediment, air or other environmental media. 
 “Environmental Reports” means all environmental studies (including both Phase I and Phase II studies), audits, and other tests of the Real Property. 
 “ERISA” has the meaning set forth in Section 5.1.27. 
 “Escrow Agent” means the Title Company or such other escrow agent as is mutually acceptable to the Seller and the Purchaser. 

“Event Deposits” has the meaning set forth in Section 9.2.3. 
 “Excluded Assets” has the meaning set forth in Section 2.3. 
 “Fiscal Year” means a calendar year beginning on January 1 and ending on December 31. Any partial Fiscal Year between the
Closing Date and the commencement of the first full Fiscal Year shall constitute a separate Fiscal Year. 
 “Fixtures” has
the meaning set forth in Section 2.2.8. 
 “Fox Meadow Improvements” means all buildings, structures and other
improvements located on or affixed to the Fox Meadow Land and all fixtures on the Fox Meadow Land which constitute real property under Applicable Law. 
 “Fox Meadow Land” has the meaning set forth in the Recitals. 
 “Fox Meadow Personal
Property” means all tangible personal property, including without limitation any and all furniture fixtures (other than fixtures), equipment machinery, tools, appliances, and vehicles (free of any liens or encumbrances and other than any
equipment which is the subject of an equipment lease as disclosed to Purchaser) owned by Cleveland and used in connection with the Fox Meadow Site. 
 “Fox Meadow Site” has the meaning set forth in the Recitals. 
 “Governmental Authority” means any
federal, state or local government or other political subdivision thereof, including, without limitation, any Person exercising executive, legislative, judicial, regulatory or administrative governmental powers or functions, in each case to the
extent the same has jurisdiction over the Person or Real Property in question. 
 “Hazardous Substances” means any hazardous
or toxic substances, chemicals, materials or waste, whether in solid, semisolid, liquid or gaseous form, regulated by any Environmental Laws, including, without limitation, asbestos, petroleum or petroleum by-products, polychlorinated biphenyls,
mold or other biological contaminants. 
  

 5 

 “Improvements” means individually or collectively as the context requires, the Yuma
Improvements, the Lubbock Improvements, the Royal Meadows Improvements, the Painted Hills Improvements, the Fox Meadow Improvements, the Weymouth Improvements and the Signature Improvements. 
 “Indemnification Claim” has the meaning set forth in Section 12.4.1. 
 “Indemnification Loss” means, with respect to any Indemnitee, any Liability, including, without limitation, reasonable attorneys fees
and expenses and court costs, incurred by such Indemnitee as a result of the act, omission or occurrence in question. 
 “Indemnitee” has the meaning set forth in Section 12.4.1. 
 “Indemnitor” has the
meaning set forth in Section 12.4.1. 
 “Inspections” means any inspections, examinations, tests,
investigations, or studies of the Real Property or the Business conducted by or on behalf of the Purchaser (or any Affiliate thereof). 
 “Intangible Assets” has the meaning set forth in Section 2.2.6. 
 “Land” means,
individually or collectively as the context requires, the Yuma Land, the Lubbock Land, the Royal Meadows Land, the Painted Hills Land, the Fox Meadow Land, the Weymouth Land and the Solon Land. 
 “Liability” means any liability, obligation, damage, loss, diminution in value, cost or expense of any kind or nature whatsoever,
whether accrued or unaccrued, actual or contingent, known or unknown, foreseen or unforeseen and “Liabilities” has a corresponding meaning. 
 “Licenses and Permits” has the meaning set forth in Section 2.2.8. 
 “Liquor Licenses” has the meaning set forth in Section 6.12. 
 “Lubbock” has the
meaning set forth in the Recitals. 
 “Lubbock Improvements” means all buildings, structures and other improvements located
on or affixed to the Lubbock Land and all fixtures on the Lubbock Land which constitute real property under Applicable Law. 
 “Lubbock Land” has the meaning set forth in the Recitals. 
 “Lubbock Personal Property” means all
tangible personal property, including without limitation any and all furniture fixtures (other than fixtures), equipment machinery, tools, appliances, and vehicles (free of any liens or encumbrances and other than any equipment which is the subject
of an equipment lease as disclosed to Purchaser) owned by owned by Lubbock and used in connection with the Lubbock Site. 
  

 6 

 “Lubbock Site” has the meaning set forth in the Recitals. 
 “Material Contracts” means Contracts to which any of the Sellers are a party and which, individually, involve the payment by any of the
parties thereto of $20,000 or more over the life of the contract. 
 “Material Lease Terms” has the meaning set forth in
Section 4.7. 
 “Membership Agreements” has the meaning set forth in Section 5.1.32. 
 “New Title Exception” has the meaning set forth in Section 4.2.3. 
 “Notice” has the meaning set forth in Section 13.1.1. 
 “Operating Leases” means those certain Lease Agreements to be agreed to during the Due Diligence Period and entered into at Closing
between Purchaser (or an Affiliate thereof), as lessor, and Operating Lessee pursuant to which Operating Lessee shall lease each of the Assets from Purchaser. 
 “Operating Lessee” means Evergreen Alliance Golf Limited, L.P., a Delaware limited partnership, which is an Affiliate of Seller, or such other entity designated by Premier Golf Management, Inc. and
reasonably approved by Purchaser. 
 “Ordinary Course of Business” means the ordinary course of business consistent with the
Seller’s past custom and practice for the Business, taking into account the facts and circumstances in existence from time to time. 
 “Outside Closing Date” has the meaning set forth in Section 8.1. 
 “Painted Hills”
has the meaning set forth in the Recitals. 
 “Painted Hills Improvements” means all buildings, structures and other
improvements located on or affixed to the Painted Hills Land and all fixtures on the Painted Hills Land which constitute real property under Applicable Law 
 “Painted Hills Land” has the meaning set forth in the Recitals. 
 “Painted Hills
Personal Property” means all tangible personal property, including without limitation any and all furniture fixtures (other than fixtures), equipment machinery, tools, appliances, and vehicles (free of any liens or encumbrances and other
than any equipment which is the subject of an equipment lease as disclosed to Purchaser) owned by Lubbock and used in connection with the Painted Hills Site. 
 “Painted Hills Site” has the meaning set forth in the Recitals. 
 “Par Consumables
Level” has the meaning set forth in Section 6.3.1. 
  

 7 

 “Party” or “Parties” has the meaning set forth in the first paragraph
of this Agreement. 
 “Permitted Encumbrance” has the meaning set forth in Section 4.2. 
 “Person” means any natural person, firm, corporation, general or limited partnership, limited liability company, association, joint
venture, trust, estate, Governmental Authority or other legal entity, in each case whether in its own or a representative capacity. 
 “Personal Property” means, individually or collectively as the context requires, the Yuma Personal Property, the Lubbock Personal Property, the Royal Meadows Personal Property, the Painted Hills Personal Property, the Fox
Meadow Personal Property, the Weymouth Personal Property and the Signature Personal Property. 
 “Plan” has the meaning set
forth in Section 5.1.27. 
 “Plans and Specifications” has the meaning set forth in Section 2.2.9.

 “Premier” has the meaning set forth in the Recitals. 
 “Property Condition Evaluations” means the property condition evaluations obtained by the Purchaser in connection with the transaction
contemplated herein with respect to certain of the Assets. 
 “Pro-rations” has the meaning set forth in
Section 9.2. 
 “Purchase Price” has the meaning set forth in Section 3.1. 
 “Purchaser” means CNL Income Partners, LP, a Delaware limited partnership, its successors and permitted assignees. 
 “Purchaser Acquisition Costs” has the meaning set forth in Section 9.7. 
 “Purchaser’s Closing Deliveries” has the meaning set forth in Section 8.4. 
 “Purchaser’s Default” has the meaning set forth in Section 10.2. 
 “Purchaser’s Documents” has the meaning set forth in Section 5.2.2. 
 “Purchaser’s Due Diligence Reports” means all studies, reports and assessments prepared by any Person for or on behalf of the
Purchaser (other than any internal studies, reports and assessments prepared by any of the Purchaser’s employees, attorneys or accountants) in connection with the Inspections. 
 “Purchaser’s Indemnitees” means the Purchaser and its Affiliates, and each of their respective shareholders, members, partners,
trustees, beneficiaries, directors, officers and employees, and the successors, assigns, legal representatives, heirs and devisees of each of the foregoing. 
  

 8 

 “Purchaser’s Inspectors” means any Person that conducted any Inspections for or on
behalf of the Purchaser or any Affiliate thereof. 
 “Purchaser Liabilities” means (i) any Liabilities under the
Contracts, and Licenses and Permits that are not Seller Liabilities, (ii) the payment of Taxes, but only to the extent such Liabilities and Taxes arise or accrue on or after the Closing Date, and (iii) any claim for personal injury or
property damage to a Person which is based on any event which occurred at the Real Property on or after the Closing Date resulting from the acts of Purchaser, its Affiliates, employees or agents. 
 “Real Property” has the meaning set forth in Section 2.2.2. 
 “Royal Meadows” has the meaning set forth in the Recitals. 
 “Royal Meadows Improvements” means all buildings, structures and other improvements located on or affixed to the Royal Meadows Land and
all fixtures on the Royal Meadows Land which constitute real property under Applicable Law 
 “Royal Meadows Land” has the
meaning set forth in the Recitals. 
 “Royal Meadows Personal Property” means all tangible personal property, including
without limitation any and all furniture fixtures (other than fixtures), equipment machinery, tools, appliances, and vehicles (free of any liens or encumbrances and other than any equipment which is the subject of an equipment lease as disclosed to
Purchaser) owned by Royal Meadows and used in connection with the Royal Meadows Site. 
 “Royal Meadows Site” has the
meaning set forth in the Recitals. 
 “SEC” means the Securities and Exchange Commission. 
 “Seller(s)” means, individually or collectively as the context requires, Premier, Yuma, Lubbock, Royal Meadows, Painted Hills, Cleveland
and Solon. 
 “Seller’s Closing Deliveries” has the meaning set forth in Section 8.3. 
 “Seller’s Default” has the meaning set forth in Section 10.1. 
 “Seller’s Documents” has the meaning set forth in Section 5.1.2. 
 “Seller’s Due Diligence Materials” means all documents, reports, photos and materials provided by the Seller to the Purchaser,
pursuant to this Agreement or otherwise, together with any copies or reproductions of such documents or materials, or any summaries, abstracts, compilations, or other analyses thereof. 
 “Seller’s Indemnitees” means the Seller and its Affiliates, and each of their respective shareholders, members, partners, trustees,
beneficiaries, directors, officers and employees, and the successors, assigns, legal representatives, heirs and devisees of each of the foregoing. 
  

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 “Seller’s Knowledge” means the actual knowledge of Robert H. Williams, David S.
Flickwir, Rob Ross, Jeffrey Miller, and the general managers at the Yuma Site, the Lubbock Site, the Royal Meadows Site, the Painted Hills Site, the Fox Meadow Site, the Weymouth Site, and the Signature Site that served in such capacity between the
Effective Date and the Closing Date. 
 “Seller Liabilities” shall have the meaning set forth in Section 12.2.

 “Signature Improvements” means all buildings, structures and other improvements located on or affixed to the Signature
Land and all fixtures on the Signature Land which constitute real property under Applicable Law. 
 “Signature Land” shall
have the meaning set forth in the Recitals. 
 “Signature Letter” shall have the meaning set forth in
Section 6.13. 
 “Signature O&G Lease” shall have the meaning set forth in Section 6.13.

 “Signature Personal Property” means all tangible personal property, including without limitation any and all furniture
fixtures (other than fixtures), equipment machinery, tools, appliances, and vehicles (free of any liens or encumbrances and other than any equipment which is the subject of an equipment lease as disclosed to Purchaser) owned by Solon and used in
connection with the Signature Site. 
 “Signature Site” shall have the meaning set forth in the Recitals. 
 “Site(s)” means, individually or collectively as the context requires, the Yuma Site, the Lubbock Site, the Royal Meadows, the Painted
Hills Site, the Fox Meadow Site, the Signature Site, and the Weymouth Site. 
 “Solon” shall have the meaning set forth in
the Recitals. 
 “Subsidiary” means, in respect of any Person: 
 (a) any corporation of which more than 50% of the outstanding capital stock having ordinary voting power to elect the majority of the board of directors
of such corporation is at the time directly or indirectly owned by (i) such Person, (ii) such Person and one or more subsidiaries of such Person, or (iii) one or more subsidiaries of such Person; or 
 (b) any limited or general partnership, joint venture, limited liability company or other entity as to which (i) such Person, (ii) such Person
and one or more of its subsidiaries, or (iii) one or more subsidiaries of such Person owns, more than a 50% ownership, equity or similar interest or has power to direct or cause the direction of management and policies, or the power to elect
the general partner or managing partner (or equivalent thereof), of such limited or general partnership, joint venture, limited liability company or other entity, as the case may be. 
 “Survey Defects” has the meaning set forth in Section 4.2. 
  

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 “Survey(s)” means the ALTA surveys of the Real Property to be obtained by Purchaser in a
form and with such information as may be required by the Title Company to enable the Title Company to delete the standard survey-related exceptions. 
 “Survival Period” has the meaning set forth in Section 12.1. 
 “Taxes” means any federal, state, local or foreign, real property, personal property, sales, use, excise, room, occupancy, ad valorem or similar taxes, assessments, levies, charges or fees imposed by any Governmental
Authority on the Seller with respect to the Assets or the Business, including, without limitation, any interest, penalty or fine with respect thereto, but expressly excluding any (i) federal, state, local or foreign income, capital gain, gross
receipts, capital stock, franchise, profits, estate, gift or generation skipping tax, or (ii) transfer, documentary stamp, recording or similar tax, levy, charge or fee incurred with respect to the transactions described in this Agreement.

 “Termination Notice” has the meaning set forth in Section 4.6. 
 “Third Party Assets” has the meaning set forth in Section 2.3.2. 
 “Third-Party Claim” means, with respect to the Person in question, any claim, demand, lawsuit, arbitration or other legal or
administrative action or proceeding against the Person in question by any other Person which is not an Affiliate of the Person in question. 
 “Third Party Estoppels” has the meaning set forth in Section 6.9. 
 “Title
Commitment” has the meaning set forth in Section 4.2. 
 “Title Company” means First American Title
Insurance Company through the Talon Group, Orlando Commercial Services Division, a division of First American Title Insurance Company, whose address is 111 North Orange Avenue, Suite 1285, Orlando, Florida 32801, Attention: Michael Moore.

 “Title Policy” has the meaning set forth in Section 4.2.4. 
 “Unpermitted Exceptions” has the meaning set forth in Section 4.2.1. 
 “WARN Act” means the Worker’s Adjustment and Retraining Notification Act, 29 U.S.C. §2101, et seq., and any similar state and
local laws, as amended from time to time, and any regulations, rules and guidance issued pursuant thereto. 
 “Warranties”
has the meaning set forth in Section 2.2.10. 
 “Water Rights” has the meaning set forth in
Section 2.2.11. 
 “Weymouth Improvements” means all buildings, structures and other improvements located on or
affixed to the Weymouth Land and all fixtures on the Weymouth Land which constitute real property under Applicable Law. 
  

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 “Weymouth Land” shall have the meaning set forth in the Recitals. 
 “Weymouth Personal Property” means all tangible personal property, including without limitation any and all furniture fixtures (other
than fixtures), equipment machinery, tools, appliances, and vehicles (free of any liens or encumbrances and other than any equipment which is the subject of an equipment lease as disclosed to Purchaser) owned by Cleveland and used in connection with
the Weymouth Site. 
 “Weymouth Site” shall have the meaning set forth in the Recitals. 
 “Yuma” has the meaning set forth in the Recitals. 
 “Yuma Improvements” means all buildings, structures and other improvements located on or affixed to the Yuma Land and all fixtures on the Yuma Land which constitute real property under Applicable Law

 “Yuma Land” has the meaning set forth in the Recitals. 
 “Yuma Personal Property” means all tangible personal property, including without limitation any and all furniture fixtures (other than
fixtures), equipment machinery, tools, appliances, and vehicles (free of any liens or encumbrances and other than any equipment which is the subject of an equipment lease as disclosed to Purchaser) owned by Yuma and used in connection with the Yuma
Site. 
 “Yuma Site” has the meaning set forth in the Recitals 
 ARTICLE 2. 
 PURCHASE AND SALE, ASSETS AND LIABILITIES 
 2.1 Purchase and Sale. Subject to the terms, provisions and conditions set forth herein: 
 2.1.1 Seller agrees to sell the Assets to the Purchaser; provided that, Seller and Purchaser hereby agree that the Consumables, the Contracts designated
by Purchaser, and any other Assets designated by Purchaser will be transferred directly from Seller to Operating Lessee at the Closing pursuant to appropriate conveyance or assignment documents; and 
 2.1.2 Purchaser agrees to buy the Assets from the Seller. 
 2.2 Description of the Assets. In this Agreement, the “Assets” means all of the following, but expressly excluding the Excluded Assets: 
 2.2.1 Land. The Yuma Land, the Lubbock Land, the Royal Meadows Land, the Painted Hills Land, the Fox Meadow Land, the Weymouth Land and the
Signature Land. 
 2.2.2 Improvements. The Improvements; the Land and the Improvements are collectively referred to as the
“Real Property”. 
  

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 2.2.3 Personal Property. The Personal Property. 
 2.2.4 Consumables. All food, beverages (excluding liquor, beer, and wine), consumable supplies and inventories of every kind of nature owned by
Seller as of the Closing Date and located at and used in connection with the operation of the Business at the Real Property (“Consumables”). 
 2.2.5 Intangible Assets. Any and all Intellectual Property, building plans, specifications and drawings, surveys, environmental and soil reports, software licenses, telephone numbers listing in directories,
customer files, guest lists, credit records, labels, promotional literature, security codes, all records and sales and other customer data, use and occupancy permits, governmental permits and approvals, and any unexpired guaranties or warranties,
but in all cases specifically excluding the Seller Liabilities (collectively with the Licenses and Permits, Books and Records, Plans and Specifications, Warranties, Water Rights and Effluent Discharge Rights referred to as the “Intangible
Assets”). 
 2.2.6 Contracts. All of the Seller’s right, title and interest in and to any maintenance, service and
supply contracts, equipment leases, space leases and all other similar agreements affecting the Assets and/or the operation of the Business to the extent that such contracts are transferable, but in all cases specifically excluding the Seller
Liabilities (the “Contracts”), which Contracts are set forth in Schedule 5.1.12, together with all deposits made or held by the Seller thereunder, all to the extent that such deposits are transferable. 
 2.2.7 Licenses and Permits. All of the Seller’s right, title and interest in and to any licenses, permits, consents, authorizations,
approvals, registrations and certificates issued by any Governmental Authority which are held by the Seller with respect to the Real Property, including, without limitation, those necessary for the use, operation, or occupancy of the Real Property
or the Business, complete listing of which is attached hereto as Schedule 5.1.9, but specifically excluding the Liquor License and the Seller Liabilities (the “Licenses and Permits”), together with any deposits made by
the Seller thereunder. 
 2.2.8 Fixtures. All fixtures attached to and forming a part of the Real Property, other than those which
constitute Improvements (the “Fixtures”). 
 2.2.9 Plans and Specifications. Any plans and specifications,
blue prints, architectural plans, engineering diagrams and similar items within the control of the Seller which specifically relate to the Real Property (the “Plans and Specifications”). 
 2.2.10 Warranties. All of the Seller’s right, title and interest in and to all warranties and guaranties held by the Seller with respect to
any Improvements, to the extent that such warranties are transferable (the “Warranties”). 
 2.2.11 Water
Rights. All right, title and interest of Seller, in all water rights, riparian rights, appropriative rights, water allocations, water stock, water dispersal, water discharge, and water collection associated with irrigating the Land (the
“Water Rights”), including without limitation under all documents, agreements and permits relating to the supply of water to the Land. 
  

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 2.2.12 Effluent Discharge Rights. All right, title and interest of Seller in all rights to
discharge effluent to a water of a state or the United States in connection with the operation of any of the Assets, if any (the “Effluent Discharge Rights”). 
 2.2.13 Books and Records. All of the Seller’s books and records which relate to the Real Property or the Business, but expressly excluding
all documents and other materials which are legally privileged or constitute attorney work product (the “Books and Records”). 
 2.3 Excluded Assets. Notwithstanding anything to the contrary in Section 2.2, the following property, assets, rights and interests (the “Excluded Assets”) are excluded
from the Assets: 
 2.3.1 Cash. Except for deposits expressly included in Section 2.2, all cash on hand or on deposit in
any operating account or other account or reserve maintained in connection with the Real Property or the Business. 
 2.3.2 Third-Party
Assets. Those removable fixtures, personal property or intellectual property, as shown on the attached Schedule 2.3.2, owned by any of the following to the extent the same are not Affiliates of any of the Sellers: (i) the supplier,
vendor, licensor or other party under any Contracts, Licenses and Permits, or Plans and Specifications, (ii) the tenant under any space leases at the Real Property, or (iii) any employees or any guests or customers of the Business
(collectively, the “Third Party Assets”). 
 2.3.3 Accounts Receivable. Seller’s accounts receivable and
rents receivable. 
 2.3.4 Membership Agreements. It is expressly agreed and recognized that Purchaser does not assume and at Closing
shall not assume any obligation or liability whatsoever arising under any Membership Agreements, regardless or whether fixed, accrued or contingent or whether arising prior to or following Closing. At Closing, Seller shall enter into, and Seller
shall cause Operating Lessee to enter into, the Assignment and Assumption of Membership Agreements (as defined in Section 8.3.15) pursuant to which Seller shall assign to Operating Lessee all of Seller’s rights, responsibilities and
obligations under the Membership Agreements arising following Closing and Operating Lessee shall assume all of Seller’s rights, responsibilities and obligations under the Membership Agreements arising following Closing. 
 ARTICLE 3. 
 PURCHASE PRICE 
 3.1 Purchase Price. 
 3.1.1
Purchase Price. The purchase price for the Assets is Fifty Eight Million and No/100 Dollars ($58,000,000.00) (the “Purchase Price”), which shall be adjusted at Closing for the Pro-rations as expressly provided in this
Agreement. 
 3.2 Deposit. 
 3.2.1 Deposit. Within two (2) business days of the execution and delivery of this Agreement, Purchaser shall deliver into escrow the amount of ONE MILLION AND NO/100 

  

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DOLLARS ($1,000,000.00) (the “Deposit”). The Deposit shall be delivered to the Escrow Agent to be held in escrow in accordance with
the terms of this Agreement and each of the Parties will execute and deliver any document or instrument or do any act or thing reasonably required by the Escrow Agent in connection therewith. The Deposit will include any additions thereto or
interest earned thereon. All interest earned in said account of the Escrow Agent shall be reported by the Escrow Agent to the Internal Revenue Service as income to Purchaser (and Purchaser agrees to execute a W-9 form and any other federal tax
documents necessary in connection therewith). The Escrow Agent shall not be liable for any loss occurring which arises from the fact that the amount of the Escrow Deposit may cause the aggregate amount of any depositor’s accounts contemplated
under this Agreement to exceed $100,000 and that the excess amount is not insured by the Federal Deposit Insurance Corporation. 
 3.2.2
Maintenance of Deposit. The Deposit shall be held by the Escrow Agent in an insured, interest-bearing account pursuant to the terms and conditions of this Agreement and any escrow agreement entered into in connection with the Deposit with the
Escrow Agent, with such changes thereto as may be agreed to by the Seller and the Purchaser, each acting reasonably. The Deposit shall be fully refunded to Purchaser if this Agreement is terminated by Purchaser in accordance with any right of
Purchaser to do so under this Agreement, but otherwise shall be non-refundable to the Purchaser. 
 3.2.3 Disbursement of Deposit to the
Seller. At Closing, the Purchaser shall cause the Escrow Agent to disburse the Deposit to the Seller, and the Purchaser shall receive a credit against the Purchase Price in the amount of the Deposit disbursed to the Seller. If this Agreement is
terminated for any reason and the Purchaser is not entitled to a refund of the Deposit under an express provision of this Agreement, then the Purchaser shall use good faith efforts to cause the Escrow Agent to disburse the Deposit to, or to the
order of, the Seller no later than two (2) Business Days after such termination. 
 3.2.4 Refund of Deposits to the Purchaser. If
this Agreement is terminated and the Purchaser is entitled to a refund of the Deposit under this Agreement, then the Escrow Agent shall disburse the Deposits to the Purchaser no later than two (2) Business Days after termination. 
 3.2.5 If this Agreement shall be terminated by the mutual written agreement of Seller and Purchaser, or if the Escrow Agent shall be unable to determine
at any time to whom the Deposit should be paid, or if a dispute shall develop between Seller and Purchaser concerning to whom the Deposit should be paid and delivered, then and in any such event, the Escrow Agent shall pay and deliver such in
accordance with the joint written instructions of Seller and Purchaser. In the event that such written instructions shall not be received by the Escrow Agent within ten (10) days after the Escrow Agent has served a written request for
instructions upon Seller and Purchaser, then the Escrow Agent shall have the right to pay and deliver the Deposit into an appropriate court of proper jurisdiction in the State of Florida, and interplead Seller and Purchaser in respect thereof, and
thereupon the Escrow Agent shall be discharged of any obligations in connection with this Agreement. 
 3.2.6 If costs or expenses are
incurred by the Escrow Agent in its capacity as holder of the Deposit in escrow because of litigation or a dispute between Seller and Purchaser 

  

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arising out of the holding of the Deposit in escrow, Seller and Purchaser shall each pay the Escrow Agent one-half of such reasonable costs and expenses not
to exceed a total of $2,000.00. Except for such costs or expenses, no fee or charge shall be due and payable to the Escrow Agent for its services as escrow holder only. 
 3.2.7 By joining herein, the Escrow Agent undertakes only to perform the duties and obligations imposed upon the Escrow Agent under the terms of this Agreement and expressly does not undertake to perform any of the
other covenants, terms and provisions incumbent upon Seller and Purchaser hereunder. 
 3.2.8 Purchaser and Seller hereby agree and
acknowledge that the Escrow Agent assumes no liability in connection herewith except for its negligence or willful misconduct; that the Escrow Agent shall never be responsible for the validity, correctness or genuineness of any document or notice
referred to under this Agreement; and that in the event of any dispute under this Agreement, the Escrow Agent may seek advice from its own legal counsel and shall be fully protected in any action taken by it in good faith in accordance with the good
faith opinion of its legal counsel. 
 3.3 Payment of Purchase Price. 
 3.3.1 Payment at Closing. At the Closing, the Purchaser shall pay to the Seller by wire transfer an amount equal to the Purchase Price (as adjusted
pursuant to Section 9.2), less the Deposit disbursed to the Seller. The Purchaser shall cause the wire transfer of funds to be delivered to Escrow Agent no later than 4:00 p.m. (Eastern Time) on the Closing Date. 
 3.3.2 Method of Payment. All amounts to be paid by the Purchaser to the Seller or Escrow Agent pursuant to this Agreement shall be paid by wire
transfer of immediately available U.S. federal funds. 
 3.4 Allocation of Purchase Price. The Parties agree that the Purchase
Price shall be allocated among the Sites as set forth in Schedule 3.4 for federal, state and local tax purposes. The Parties shall file all federal, state and local tax returns and related tax documents consistent with the allocation set
forth in Schedule 3.4, as the same may be adjusted pursuant to Article IX or any other provision in this Agreement. The Parties further agree that any further allocation of the Purchase Price among the Real Property and Personal
Property for each Site, and other related asset classes for each Site, if applicable, shall be determined by Purchaser for its own purposes in Purchaser’s sole and absolute discretion. 
 3.5 Assumed Liabilities. At closing, the Purchaser shall assume and the Seller shall not have any Liability concerning (i) all
Liabilities with respect to the Assets (subject to the Operating Leases), including, without limtiation, Liabilities under the Contracts and the Permitted Encumbrances for the period on and after the Closing Date, (ii) the payment of Taxes and
ad valorem or property taxes for the period on or after the Closing Date, and (iii) all obligations and Liabilities related to the environmental condition of the Property, regardless of whether such obligations or Liabilities arise before, on
or after the Closing Date, except as otherwise specifically set forth in Section 5.1 (collectively, the “Assumed Liabilities”). 
  

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 ARTICLE 4. 
 DUE DILIGENCE AND INSPECTION 
 4.1 Right to Inspect. The Purchaser and the Purchaser’s
Inspectors shall have the right to enter upon the Real Property, at the risk of the Purchaser, and to perform, at the Purchaser’s expense, such inspections of and concerning the Real Property and other Assets and other tests, studies, reviews
and investigations, as the Purchaser may deem appropriate. In connection with such inspections, Purchaser covenants with Seller not to materially interfere with Seller’s operation of the Business and Purchaser shall exercise such inspection
rights in the least intrusive manner as reasonably possible. Purchaser shall have the right to conduct such inspections at the Real Property upon at least one (1) Business Day’s notice to Seller, and Purchaser shall have the right with the
Seller present if Seller so elects, to meet with any managers and employees of the Seller to discuss the Business, including the revenues, expenses, operation and physical condition of the Business. In addition, the Purchaser shall have the right
but not the obligation to contact such governmental agencies and authorities as it may elect in connection with this transaction. Seller shall furnish to the Purchaser, or with respect to the Membership Agreements, make available for the
Purchaser’s review, copies of the following, to the extent available and in Seller’s actual possession and control, within five (5) days of the Effective Date, each of which, to the Seller’s Knowledge, is or will be a true,
correct and complete copy of the document it purports to be: 
 A. All Warranties; 
 B. All Licenses and Permits; 
 C. All
Liquor Licenses. 
 D. The most recent real estate tax statements with respect to the Real Property and notices of appraised value for the
Real Property; 
 E. All records relating to any real property or other tax appeals relating to the Assets; 
 F. Any Environmental Reports; 
 G. All
title insurance policies relating to the Real Property; 
 H. All documentation relating to any Third Party Claim asserted, or notices from
any Governmental Authority issued, in connection with the Seller or the Business; 
 I. Surveys, engineering and architectural plans,
drawings and specifications all relating to the Real Property, including, without limitation, the Plans and Specifications; 
 J. All
contracts affecting the Real Property in any material respect, including, without limitation, the Contracts; 
  

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 K. All agreements for real estate commissions, brokerage fees, finder’s fees or other compensation
payable in connection therewith which will be binding on the Purchaser; 
 L. The Membership Agreements referred to in
Section 5.1.31; 
 M. All communications with Governmental Authorities and any other documents relating to the compliance with
Applicable Law of the Seller; 
 N. Audited financial statements for Premier Golf Management, Inc. for the 2003, 2004 and 2005 Fiscal Years.

 O. All other information and documentation that Purchaser may reasonably request requesting the Assets or the Business. 
 Should the proposed transaction not be completed, the Purchaser will promptly return to the Seller all due diligence information previously provided by
Seller to Purchaser. 
 4.2 Matters Relating to Title. 
 4.2.1 Status of Title. The Purchaser will obtain (or has obtained), at Purchaser’s expense, a current title commitment (the “Title
Commitments”) with respect to each parcel comprising the Real Property, together with legible copies of all title exception documents, as well as the Surveys. On or before the date that is seven (7) days prior to the expiration of
the Due Diligence Period, the Purchaser will submit to the Seller a written Notice from the Purchaser (“Title Notice”) specifying any defects in or objections to the title shown in the Title Commitments or the Surveys which
in the Purchaser’s judgment adversely affect the Real Property. Any and all (a) liens, encumbrances and other exceptions to title (the “Title Exceptions”) to which Purchaser timely objects, and
(b) encroachments by improvements on adjoining properties onto or over the Land, any encroachments of the Improvements onto or over adjoining properties, setback lines or easements (to the extent in violation thereof) and any other survey
defects which adversely affect title to any of the Real Property, to which Purchaser timely objects (the “Survey Defects”), and are not Permitted Encumbrances, together shall constitute “Unpermitted
Exceptions” to title to the Real Property. The Seller shall notify the Purchaser in writing within five (5) days following receipt of the Title Notice whether the Seller elects cure any title matters set forth in the Title Notice;
provided, however, if a title objection is with respect to a monetary lien or monetary encumbrance on the Real Property, then Seller shall cause such lien to be released or satisfied of record or bonded at Seller’s expense prior to Closing such
that the Title Company will issue the Title Policy without exception for such monetary lien or encumbrance. If the Seller elects to cure any Unpermitted Exceptions, the Seller shall do so at its own expense. Upon the Purchaser’s failure to
timely provide the Title Notice, all matters shown on the Title Commitments or on the Surveys shall thereafter be deemed a “Permitted Encumbrance” with respect to the Real Property. If the Seller elects to cure Unpermitted
Exceptions set forth in the Title Notice, but is unable to complete the cure of such Title Exception or Survey Defect at or before Closing, the Purchaser shall have the right, in its absolute discretion, to elect, upon written Notice to the Seller,
to either (i) defer the Closing Date for a reasonable period not exceeding fifteen (15) days to give the Seller an opportunity to either (A) cure such Title Exception or Survey Defect, or (B) if the Purchaser, in its sole and 

  

 18 

 
absolute discretion agrees to accept affirmative title insurance coverage with respect to such Title Exception or Survey Defect, provide the Title Company
such assurances as the Title Company requires to insure the Purchaser against any loss arising from such Title Exception or Survey Defect, or (ii) to proceed pursuant to Section 4.2.2 below. Failure by the Purchaser to deliver the
notice referred to in the immediately preceding sentence shall be deemed an election under (ii) above. 
 4.2.2 Failure of Title.
If on the Closing Date title to the Real Property is not insurable or is subject to any Unpermitted Exceptions and the Seller is unable or unwilling to cure the same, the Purchaser may elect, as its sole right and remedy, either (a) to accept
such title to the Real Property as the Seller holds, subject to any uncured Unpermitted Exceptions, with no abatement of the Purchase Price (except to the extent of monetary liens of a definite, fixed and ascertainable amount not in excess of the
Purchase Price), or (b) to terminate this Agreement and proceed pursuant to Section 10.1 below. 
 4.2.3 Updated Title
Commitment or Survey. If prior to Closing any update of any Title Commitment discloses any Title Exception which is not disclosed in the Title Commitment (or update) previously obtained by the Purchaser (a “New Title
Exception”), or any update of the Surveys obtained by the Purchaser discloses any Survey Defect which is not disclosed in a Survey previously obtained by the Purchaser (a “New Survey Defect”), the Purchaser shall
be entitled to proceed under Section 4.2.2 above. The Seller will not create or permit to exist any New Title Exception on New Survey Defect. 
 4.2.4 Policies. At Closing, the Purchaser shall cause the Title Company to issue owner’s title insurance policies to the Purchaser pursuant to the Title Commitments, subject only to the Permitted
Encumbrances (or any Unpermitted Exceptions that Purchaser has elected to accept pursuant to Section 4.2.2 above) (the “Title Policies”). 
 4.2.5 Conveyance of the Property. At Closing, the Seller shall convey the Real Property to the Purchaser subject only to the Permitted
Encumbrances (or any Unpermitted Exceptions that Purchaser has elected to accept pursuant to Section 4.2.2 above). 
 4.3
Environmental Inspections and Reports. Within five (5) days of the Effective Date of this Agreement, Seller shall provide to Purchaser for its review, a copy of any existing Environmental Reports, studies or notices related to the
Real Property. In addition to the Inspections set forth in Section 4.1 above, commencing on the Effective Date hereof, and terminating on the expiration date of the Due Diligence Period, Purchaser may obtain, the expense of which shall be a
Purchaser Acquisition Cost, such environmental studies (including both Phase I and Phase II studies), audits and other tests of the Real Property as may be deemed necessary by Purchaser to determine the existence of any Hazardous Substances on the
Real Property. If the Phase I or Phase II environmental reports reveal any Hazardous Substances on or contaminating the Real Property above levels which exceed the allowable levels as set forth in the current Environmental Laws, Purchaser may
terminate this Agreement in accordance with the provisions of Section 4.6 hereof, by written notice to Seller not later than the expiration of the Due Diligence Period, whereupon all rights and obligations of the Parties hereto shall
terminate and be null and void, except as otherwise provided for herein. If the Environmental 
  

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Reports disclose information which would require reporting of such information to a Governmental Authority, as required under applicable Environmental Laws,
Seller agrees that it shall make any and all such reports to the extent required by applicable Environmental Laws, and that Purchaser shall not be obligated to do so. If Purchaser is otherwise obligated to report by law, then Purchaser may so report
after notifying Seller of its intent to do so. If, at any time after the expiration date of the Due Diligence Period, but before the Closing Date hereunder, Purchaser discovers or identifies the presence of any Hazardous Substance on, above, within,
or underneath the surface of any portion of the Real Property, or in any surface water of, or the groundwater underlying any portion of the Land, or in the buildings, structures or other Improvements constructed on the Land, existing but unknown or
undiscovered during the Due Diligence Period, or undisclosed in the Environmental Reports, or undisclosed by Seller, which requires Remediation under any applicable Environmental Law, Purchaser may, in Purchaser’s sole and absolute discretion,
elect to terminate this Agreement and receive a return of the Deposit, by written notice to Seller, and all rights and obligations of the Parties hereto shall terminate and be null and void, except as otherwise provided for herein. 
 4.4 Contracts. On or before the expiration of the Due Diligence Period, Purchaser shall identify in writing to Seller (i) which
Contracts it agrees to assume or cause to be assumed, and (ii) any and all Contracts it does not agree to assume or cause to be assumed (the “Disapproved Contracts”). Upon receipt of such list of Contracts, Seller shall
provide notice within three (3) days of receipt of such list identifying which Disapproved Contracts it will terminate, at Purchaser’s sole cost and expense, as of a date which is not later than thirty (30) days after the Closing
Date. If such list contains Disapproved Contracts that Seller will not terminate in accordance with the preceding sentence, then, within five (5) days of Purchaser’s receipt of Seller’s list, Purchaser shall elect, by written notice
to Seller by the end of such 5-day period, to either (i) terminate this Agreement, in which case neither party shall have any further obligation to each other and the Escrow Agent shall return the Deposit to Purchaser, or (ii) proceed to
Closing notwithstanding Seller’s decision regarding non-termination of the Disapproved Contracts. 
 4.5 Inventory. During
the Due Diligence Period, Purchaser and its representatives shall be permitted to enter upon the Real Property for the purpose of taking an inventory of all tangible Personal Property related to the operation of the Business. 
 4.6 Purchaser’s Election Whether or Not to Proceed. If (A) the Purchaser has a reasonable objection to a Due Diligence Item with
respect to any asset which objection is made or determined during the Due Diligence Period and (i) Seller is unable or unwilling to cure, or provide adequate assurances with respect to, such objection to the satisfaction of Purchaser in its
sole discretion prior to the expiration of the Due Diligence Period; (ii) Purchaser determines that it does not intend to acquire the Assets; and (iii) Purchaser notifies Seller and the Escrow Agent of such determination in writing prior
to the expiration of the Due Diligence Period (the “Termination Notice”); or (B) the Eagle Leases are not executed prior to or during the Due Diligence Period, or the Operating Lessee commits a material breach of any of
the EAGL Leases, and as a result thereof Purchaser notifies Seller and Escrow Agent of Purchaser’s election to terminate this Agreement prior to the expiration of the Due Diligence Period, then the Deposit shall be returned to Purchaser, this
Agreement shall be of no further force or effect, and the parties hereto shall have no further obligations to the other (except for any obligations or liabilities that expressly survive termination of this Agreement). If the Purchaser 
  

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fails to comply with the immediately preceding sentence, then it nevertheless will be permitted to terminate this Agreement during the Due Diligence Period.
Upon such termination the Deposit will be remitted to Seller and the Parties will have no further rights or obligations under this Agreement exccept those which expressly survive termination. Upon the expiration of the Due Diligence Period, the
Deposit shall be nonrefundable to Purchaser (except in the case of a default by Seller hereunder, the failure to occur of a condition precedent to Purchaser’s obligation to close which is caused through no fault or act of Purchaser, or as
otherwise expressly set forth herein in Sections 11.1 and 11.2 of this Agreement). Except as expressly set forth above, in any instance where Purchaser has the discretion to elect to terminate this Agreement, and in fact does elect to
terminate this Agreement, pursuant to this Agreement, Escrow Agent shall return the Deposit to Purchaser without further instructions, consent or written authorization by Seller. 
 4.7 Operating Leases. During the Due Diligence Period, Purchaser and Sellers shall have, using good faith and diligent efforts, mutually
agreed upon all of the terms and conditions of the Operating Leases to be entered into at Closing with respect to each of the Sites. In connection therewith, Purchaser and Sellers shall, during the Due Diligence Period, negotiate the terms and
provisions of the form Operating Lease to be in form and content mutually agreeable to the Parties, and shall, on or before the expiration of the Due Diligence Period, amend this Agreement to attach the negotiated form of Operating Lease as an
exhibit hereto, thereby agreeing to cause the same to be executed and entered into at Closing with respect to each Site. Seller and Purchaser hereby agree that the Operating Leases shall include those material terms as set forth in that certain Term
Sheet, dated October 5, 2006, between CNL Income Corp., on behalf of Purchaser, and Premier, on behalf of Sellers (the “Material Lease Terms”), which Material Lease Terms may be amended as reasonably necessary to address
any material defects or discrepancies shown by additional information discovered in the course of Purchaser’s Inspections hereunder. In the event that Purchaser and Seller shall not have, prior to expiration of the Due Diligence Period, agreed
upon the terms and conditions of the Operating Leases to be entered into at Closing, and attached the form of the same as an exhibit to this Agreement, either Purchaser or Seller may elect to terminate this Agreement within five (5) days of the
expiration of the Due Diligence Period, by written notice to the other, in which event the Deposit shall be returned to Purchaser, this Agreement shall be null and void and of no further force or effect, and the Parties shall have no further
obligations to the other (except for any obligations or liabilities that expressly survive termination of this Agreement); provided, however, in the event that Seller shall elect to terminate this Agreement pursuant to this
Section 4.7 notwithstanding that the form of Operating Lease includes all of the Material Lease Terms and is otherwise commercially reasonable, Seller shall be deemed to be terminating in bad faith and shall promptly reimburse to
Purchaser the lesser of (i) Two Hundred Fifty Thousand Dollars ($250,000); and (ii) any and all actual out-of-pocket costs and expenses incurred by Purchaser in connection with the transactions contemplated hereunder. Seller agrees to
cause the Operating Lessee to amend the Eagle Leases at Closing such that the Operating Leases and the Eagle Leases shall each contain cross-default language with respect to the others. 
 4.8 Extended Due Diligence Period. In the event that any of the matters set forth in Sections 4.2, 4.3, 4.4, 4.5, 4.6 or 4.7 are not
resolved, or any of the documents required by said sections are not received, by the expiration of the Due Diligence Period, Purchaser may elect, in its sole discretion, to extend the Due Diligence Period for up to twenty (20) days in order to
provide additional 
  

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time for such matters to be resolved or such documents to be delivered. In the event Purchaser elects to extend the expiration of the Due Diligence Period
pursuant to the preceding sentence, Purchaser shall provide written notice of same to Seller prior to the expiration of the Due Diligence Period, which notice shall identify the date upon which the Due Diligence Period expires. 
 ARTICLE 5. 
 REPRESENTATIONS AND WARRANTIES

 5.1 The Seller’s Representations and Warranties. To induce the Purchaser to enter into this Agreement and to consummate
the transactions described in this Agreement, the Seller hereby make the representations and warranties in this Section 5.1, upon which the Seller acknowledges and agrees that the Purchaser is entitled to rely, and as of Closing shall
provide a certificate reconfirming that all such representations and warranties remain true and correct as of the Closing Date. 
 5.1.1
Organization and Power. Each of the Sellers is duly incorporated or formed (as the case may be), validly existing, in good standing in the jurisdiction of its incorporation or formation, and is qualified to do business in the jurisdictions in
which the Assets held by it are located and has all requisite power and authority to own the Assets and conduct the Business as currently owned and conducted. 
 5.1.2 Authority and Binding Obligation. (i) Each of the Sellers has full power and authority to execute and deliver this Agreement and all other documents to be executed and delivered by Sellers pursuant
to this Agreement (the “Seller’s Documents”), and to perform all obligations required of it under this Agreement and each of the Seller’s Documents, (ii) the execution and delivery by Sellers of this Agreement
and, when executed and delivered, each of the Seller’s Documents, and the performance by the Sellers of their obligations under this Agreement and, when executed and delivered, each of the Seller’s Documents, have been, or will have been,
duly and validly authorized by all necessary action by Sellers, and (iii) this Agreement and, when executed and delivered, the Seller’s Documents constitute, or will constitute, legal, valid and binding obligations of the Sellers
enforceable against the Sellers in accordance with its and their terms. 
 5.1.3 Title to the Real Property. Subject to the Permitted
Encumbrances, Yuma is the fee simple owner of the Real Property related to the Yuma Site; Lubbock is the fee simple owner of the Lubbock Site; Royal Meadows is the fee simple owner of the Royal Meadows Site; Painted Hills is the fee simple owner of
the Painted Hills Site; Cleveland is the fee simple owner of the Fox Meadow Site and the Weymouth Site; and Solon is the fee simple owner of the Signature Site. 
 5.1.4 Consents and Approvals; No Conflicts. Subject to the recording of any of the Seller’s Documents as appropriate, and except as set forth on Schedule 5.1.4, (i) no filing with, and no
permit, authorization, consent or approval of, any Governmental Authority or other Person is necessary for execution or delivery by the Seller of any of the Seller’s Documents, or the performance by the Seller of any of its obligations under
this Agreement or any of the Seller’s Documents or the consummation by the Seller of the transactions described in this Agreement, except to the extent such permit, authorization, consent or approval has been or 

  

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will be obtained by the Seller prior to Closing and (ii) neither the execution and delivery by the Sellers of this Agreement or any of the Seller’s
Documents, nor the performance by the Sellers of any of their obligations under this Agreement or any of the Seller’s Documents, nor the consummation by the Sellers of the transactions described in this Agreement, will (A) violate any
provision of any of the Sellers’ organizational or governing documents, (B) violate any Applicable Law to which the Sellers are subject, (C) result in a violation or breach of, constitute a default under, result in the acceleration
of, or create in any Person the right to accelerate, terminate, modify or cancel, any of the Material Contracts, or (D) result in the creation or imposition of any lien or encumbrance on any of the Assets or any portion thereof. 
 5.1.5 Condemnation. The Seller has not received any written notice of any pending condemnation proceeding or other proceeding in eminent domain,
and to the Seller’s Knowledge, no such condemnation proceeding or eminent domain proceeding is threatened affecting any of the Real Property or any portion thereof. 
 5.1.6 Compliance with Applicable Law. The Seller has not received any written notice of, and, to Seller’s Knowledge, there is no, violation of any Applicable Law with respect to any of the Real Property
which has not been cured or dismissed with prejudice. 
 5.1.7 Litigation. Except as set forth on Schedule 5.1.7, no Seller has
(i) been served with any court filing in any litigation with respect to any Assets or the Business in which the Seller is named a party which has not been resolved, settled or dismissed and which could otherwise reasonably result in an adverse
affect on the Real Property, the Business, or the applicable Seller’s title to any of the Assets or (ii) received written notice of any claim, charge or complaint from any Governmental Authority or other Person pursuant to any
administrative, arbitration or similar adjudicatory proceeding with respect to any Assets or the Business which has not been resolved, settled or dismissed with prejudice and which could reasonably result in an adverse affect on the Business or the
Assets. 
 5.1.8 Taxes. All Taxes which would be delinquent if unpaid will be paid in full prior to Closing or prorated at Closing as
part of the Pro-rations pursuant to Article IX; provided, however, that if any Taxes are payable in installments, such representation and warranty shall apply only to such installments which would be delinquent if unpaid at Closing. The
Seller has not received any written notice for an audit or delinquency of any Taxes with respect to any portion of the Real Property which has not been resolved or completed. The Seller is not currently contesting any Taxes with respect to any
portion of the Real Property. To Seller’s Knowledge, all sales, use and payroll taxes to which the Business is subject have been paid and all tax returns and reports have been duly filed. 
 5.1.9 Licenses and Permits. To Seller’s Knowledge, the Sellers have all licenses, permits, consents, authorizations, approvals,
registrations, orders, franchises and certificates of any Governmental Authority necessary or desirable for the operation of the Business as currently conducted, all of which are included among the Licenses and Permits other than the Liquor
Licenses. To Seller’s knowledge, all Licenses and Permits, licenses, orders, franchises and approvals are in full force and effect, and no suspension, revocation, non-renewal or cancellation of any of such items are pending or threatened. The
Seller has made available to the Purchaser a true and complete copy of the Licenses and Permits. 
  

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 5.1.10 Possession. Except for matters of record disclosed in the Title Commitment and the
Signature O&G Lease, the Seller has not granted to any party any license, lease or other right relating to the use or possession of the Real Property or any part thereof. 
 5.1.11 Purchase Rights. There are no purchase contracts, options or other agreements of any kind, whereby any Person other than the Purchaser has
or will have any right to acquire title to all or any portion of the Assets. 
 5.1.12 Contracts. Schedule 5.1.12 sets forth a
list of the Contracts, and is true, correct and complete with respect to all Material Contracts. With respect to each such Contract, to Seller’s Knowledge: (a) the Contract is legal, valid, binding, enforceable, and in full force and
effect; and (ii) no party is in breach or default, and no event has occurred which with notice or lapse of time would constitute a breach or default, or permit termination, modification, or acceleration, under the Contract. The consent of all
Persons whose consent for any assignment of a Material Contract is required has been or will be secured by Seller on or prior to the Closing Date. 
 5.1.13 Municipal Assessment/Notices. To Seller’s Knowledge, there are no outstanding unpaid municipal assessment notices against the Assets. Seller has not received any written notice from any Governmental Authority concerning
the existence of any presently uncorrected violation of any Applicable Law with respect to the Assets. 
 5.1.14 Bankruptcy. Seller is
not insolvent within the meaning of Title 11 of the United States Code, as amended (the “Bankruptcy Code”), and Seller has not ceased to pay its debts as they become due. Seller has not filed or taken any action to file a
voluntary petition, case or proceeding under any section or chapter of the Bankruptcy Code, or under any similar law or statute of the United States or any state thereof, relating to bankruptcy, insolvency, reorganization, winding up or composition
or adjustment of its debts and no such petition, case or proceeding has been filed against it which has not been dismissed, vacated or stayed on appeal and Seller has not been adjudicated as bankrupt or insolvent or consented to, nor filed an answer
admitting or failing reasonably to contest an allegation of bankruptcy or insolvency. Seller has not sought, or consented to or acquiesced in, the appointment of any receiver, trustee, liquidator or other custodian of it or a material part of its
assets, and Seller has not made or taken any action to make a general assignment for the benefit of creditors or an arrangement, attachment or execution has been levied and no tax lien or other governmental or similar lien has been filed, against it
or a material part of its properties, which has not been duly and fully discharged prior to the date hereof. 
 5.1.15 Labor and
Employment Matters. There exists no union, strikes, work stoppage, or to Seller’s Knowledge any union organizing, in respect of the Business, nor has Seller received a petition or been asked within the past twelve (12) months by any
Person to negotiate in connection with entering into any collective bargaining agreement or other contract or written understanding with a labor union or organization or any other person representing or seeking to represent any Employees. Seller is
not a party to any collective bargaining agreement 

  

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or relationship with any labor union which affects the Real Property. Seller acknowledges that Purchaser will at no time employ or be deemed to employ any
Employees of the Business and that Seller shall be responsible for the payment of all costs associated with any and all Employees of the Business or at the Real Property prior to Closing in its capacity as Seller, and Operating Lessee shall be
solely responsible for the payment of all costs associated with the Employees from and after Closing in its capacity as the tenant under the Operating Lease. Accordingly, Seller shall indemnify, defend and exonerate and save Purchaser harmless from
any claims therefor or any liability, loss, cost or expenses arising therefrom, including, without limitation, any and all liability arising under the WARN Act as a result of the transactions contemplated herein. 
 5.1.16 ADA, WARN and COBRA. Seller has not received any written notice of any material violation of, and, to Seller’s Knowledge, there is no
violation of, any provision of Applicable Law (including, but not limited to, the Americans with Disabilities Act, the WARN Act, the COBRA and those of environmental agencies), with respect to the ownership, operation, use, maintenance or condition
of the Real Property, which violation has not been remedied. 
 5.1.17 Construction Contracts. At the Closing there will be no
outstanding Contracts made by the Seller for the construction, development or repair of any Improvements which have not been fully paid for or provision for the payment of which has not been made by the Seller and the Seller shall discharge and have
released of record or bonded all mechanic’s, builder’s or materialman’s liens, if any, arising from any labor or materials furnished to the Real Property prior to the Closing to the extent any such lien is not insured over the Title
Company or bonded over pursuant to Applicable Law. 
 5.1.18 Insurance Policies. Seller has not received written notice from any
insurance carrier of defects or inadequacies in the Real Property which, if uncorrected, would result in a termination of insurance coverage or a material increase in the premiums charged therefor. 
 5.1.19 General Condition of Property. All material aspects of the Real Property and Personal Property as of the Closing Date, will be in good
working order and repair, mechanically and structurally sound, and free from all material defects in materials and workmanship. 
 5.1.20
Environmental Condition of Property. Except as set forth in the Property Condition Evaluations and the Environmental Reports, to Seller’s Knowledge, there are no underground storage tanks on the Real Property and the Real Property does
not contain any Hazardous Substances and there are no Environmental Claims or Environmental Liabilities in respect of the Real Property. 
 5.1.21 Management Agreements. With the exception of liquor management and lease agreement entered into in accordance with Section 6.12 of this Agreement, as of the Closing Date, the Seller will not be party to any
management agreement or operating lease with respect to the Real Property. 
  

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 5.1.22 Compliance with Permitted Encumbrances. The Seller has neither received, nor given, any
written notice of any violation of any Permitted Encumbrance which has not been cured or dismissed. 
 5.1.23 Insurance. The
Seller’s Due Diligence Materials set forth a correct and complete list of each insurance policy maintained by the Seller with respect to the Real Property and the Business. 
 5.1.24 Finders and Investment Brokers. The Seller has not dealt with any Person who has acted, directly or indirectly, as a broker, finder,
financial adviser or in such other capacity for or on behalf of the Seller in connection with the transactions described by this Agreement in a manner which would entitle such Person to any fee or commission in connection with this Agreement or the
transactions described in this Agreement. 
 5.1.25 Foreign Person. The Seller is a “United States person” (as defined in
Section 7701(a)(30)(B) or (C) of the Code) for the purposes of the provisions of Section 1445(a) of the Code. 
 5.1.26
Financial Statements. The audited financial statements for Premier Golf Management, Inc. which have been or shall be provided to the Purchaser: (i) are true and complete copies in all material respects of the operating statements for
such period; and (ii) have been prepared in accordance with GAAP. 
 5.1.27 ERISA. Neither (i) any assets of Seller, nor
(ii) any funds to be used by Seller with respect to the transactions contemplated pursuant to this Agreement, are, or at Closing will be, pursuant to ERISA or the Code considered for any purpose of ERISA or Section 4975 of the Code to be
assets of a Plan. Seller is not executing this Agreement and will not be performing its obligations or exercising its rights or remedies under the Agreement on behalf of or for the benefit of any Plan. Neither the execution nor delivery of this
Agreement by Seller, nor the performance by Seller of its obligations or the exercise of its rights or remedies under this Agreement, nor any transaction contemplated under this Agreement, is or will be a “prohibited transaction” within
the meaning of Section 406 of ERISA or Section 4975 of the Code. For the purposes hereof the following terms shall have the following meanings: “ERISA” shall mean the Employee Retirement Income Security Act of 1974,
as amended (and any successor statute and any applicable regulations or guidance promulgated thereunder); and “Plan” shall mean a “plan” as that term is defined in Section 3(3) of ERISA or Section 4975 of
the Code. 
 5.1.28 Intellectual Property. Seller currently owns and shall, as of the Closing Date hereunder, own all Intellectual
Property rights necessary (i) to operate the Business as it is currently being operated, and (ii) to convey those rights to Purchaser. For the purposes of this Agreement, “Intellectual Property” shall mean, as used
or to be used in connection with the Assets or the operation of the Business, (i) any patent, copyright, trademark, service marks, trade dress, trade name, licenses (to the extent assignable), franchises (to the extent assignable), websites or
domain name (regardless of whether such rights have been registered); (ii) registrations and applications for registration of any of the foregoing rights listed in clause (i) of this definition; (iii) trade secrets, confidential
information, know-how, moral rights, processes, goodwill and other intangible assets of Seller; (iv) data of any kind, including rights to use personally-identifiable information relating to any natural person or any e-mail address; and
(v) any 

  

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other proprietary or intellectual property rights of any kind. Schedule 5.1.28 sets forth a true, complete and accurate list of all Intellectual
Property owned by Seller and/or its Affiliates, and the federal and/or state registration numbers with respect thereto, including, without limitation, the names “Mesa Del Sol Golf Course”, “Lakeridge Country Club”, “Royal
Meadows Golf Course”, “Painted Hills Golf Course”, “Fox Meadow Country Club”, “Weymouth Country Club” and “Signature of Solon Country Club”. 
 5.1.29 Labor Disputes. To Seller’s Knowledge, during the three (3) years preceding the date hereof, the Business has not experienced any
labor disputes. There are no outstanding claims or actions or, to the Seller’s Knowledge, threatened claims or actions, by any current or former Employee of the Seller against Seller or the Business. 
 5.1.30 Personal Property. Seller holds good and marketable title to, and the entire right, title and interest in and to, the Personal Property,
free and clear of any and all leases, liens, encumbrances, liabilities or other claims, except as set forth on Schedule 5.1.30 attached hereto and by this reference incorporated herein. The Personal Property includes, without limitation, the
Personal Property referenced on Schedule 5.1.30. 
 5.1.31 Patriot Act. Seller and its officers and shareholders, and their
respective principals, shall not transfer the proceeds obtained as a result of this Agreement to any person or entity listed on the Office of Foreign Assets Control list as “Terrorists” and “Specially Designated Nationals and Blocked
Persons”, or otherwise be in violation of the International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001. 
 5.1.32 Memberships. Seller has delivered or made available to Purchaser all membership applications and contracts and agreements between Seller (and/or Seller’s predecessors in title) and members of any of the clubs operated as
part of the Business (the “Membership Agreements”). To Seller’s knowledge, Seller has delivered or made available copies of all written advertising materials, sales brochures, magazines and drawings used in connection
with the sales of memberships. Schedule 5.1.32 attached hereto and incorporated herein by this reference contains a true, correct and complete list of all the Membership Agreements in effect as of the date of this Agreement. This list
includes (a) the member’s name, (b) the type of membership, (c) the effective date of the membership, (d) the amount of initiation deposit or fee that has been paid, (e) any terms of the membership or any rights,
privileges, or obligations of the membership which are different from other memberships in that category (for example, pre-paid dues, trade-outs, complementary, honorary limitation on fees or dues increases), (f) the fees and dues paid by such
members and the period of time to which such fees and dues relate and an aging of each member’s accounts receivable, and (g) members who have been given a right of first refusal relative to acquisition of any assets or the club. Except as
set forth on Schedule 5.1.32, Seller has not sold any memberships with a refundable deposit or refundable initiation fee, and the Business is not subject to any refundable membership deposit liability. Seller has delivered any and all
documentation regarding and correspondence with or from the SEC or any state securities agency, including no-action letters relating to the club or membership. Seller has delivered or made available to Purchaser true, correct and complete copies of
the rules and regulations, articles of incorporation, bylaws, minutes and all other documents and information pertaining to the rights and obligations of each club member, and said copies are attached hereto as a part of Schedule 5.1.32.

  

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 5.1.33 Use of Clubs. To Seller’s Knowledge, except as listed on Schedule 5.1.32,
Sellers have made no representations, statements, promises, or agreements (either orally or in writing) to any person or entity, including without limitation home builders, prospective home buyers, owners, or occupants of the land surrounding any
club, regarding any of the following: (a) the right to membership in a club or the intent to operate a club as a private or semi-private country club, (b) the right to play golf at a club or any other use of the Assets, except on the same
terms and conditions as offered to the public, (c) the right to participate in the operation, management, or maintenance of the Assets, and (d) the manner in which any club will be operated, managed, maintained or improved. 
 5.1.34 Water Rights. To Seller’s Knowledge, the Water Rights constitute all rights necessary for the collection, discharge and dispersal of
water and for the continued irrigation and operation of the Assets. 
 5.1.35 Effluent Discharge Rights. To Seller’s Knowledge,
no Applicable Laws or rights of third parties prevent the Sellers from discharging effluent as necessary in connection with the operation of the Assets in the ordinary course of business. 
 5.1.36 Pesticide and Fertilizer Management. To Seller’s Knowledge, the Seller has managed all pesticides and fertilizers stored at or used in
connection with the Assets in accordance with Applicable Law. 
 5.1.37 Existing Use. To Seller’s Knowledge, the Assets, the use
thereof and the condition thereof do not violate in any material respect any applicable deed restrictions, zoning or subdivision regulations, urban redevelopment plans, local, state or federal environmental law or regulation or any building code or
fire code applicable to the Assets and are not designated by any Governmental Authority to be in a flood plain area. To Seller’s Knowledge, there are no conditions or state of facts which would preclude, materially limit or materially restrict
the use of the Assets for the existing uses and other uses ancillary thereto. 
 5.1.38 Restriction of Access. To Seller’s
Knowledge there are no current federal, state, county or municipal plans to materially restrict or materially change access to any part of the Real Property from any highway or road leading directly to or abutting any part of the Real Property.

 5.1.39 Construction of Improvements. To Seller’s Knowledge, the Improvements have been constructed in accordance with the
Plans and Specifications and the building permits and other governmental approvals therefore in all material respects. 
 5.1.40
Utilities. To Seller’s Knowledge, all public utilities including, without limitation, sewer, water, electric, gas, and telephone, required for the operation of the Business as currently operated are installed and lawfully operating, and
all installation and connection charges therefor have been paid in full. Seller has not received any notice stating that the provision of utilities violates any public or private easement. 
  

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 5.1.41 Third Party Assets. Schedule 2.3.2 sets forth a true, correct and complete list of
the Third Party Assets. 
 5.1.42 Surrounding Activity. To Seller’s Knowledge, and excluding the Signature O&G Lease, there
is no existing condition or issue with respect to property surrounding or near the Real Property that could have a material adverse affect on the Real Property or the Business. 
 5.1.43 Premier. Premier is an Affiliate of the other Sellers. 
 5.1.44 Operating Lessee. Operating Lessee will, at the time of Closing, be an Affiliate of Seller. 
 EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, THE ASSETS ARE HEREBY SOLD ON AN “AS IS, WHERE IS, WITH ALL FAULTS” BASIS AND SELLER HAS NOT MADE, DOES NOT MAKE, AND EXPRESSLY DISCLAIMS ANY WARRANTIES, REPRESENTATIONS,
COVENANTS, OR GUARANTEES, EITHER EXPRESS OR IMPLIED, WHETHER ARISING BY OPERATION OF LAW OR OTHERWISE, AS TO THE MERCHANTABILITY, QUANTITY, QUALITY, ENVIRONMENTAL CONDITION, OR PHYSICAL CONDITION OF THE ASSETS OR THEIR SUITABILITY OR FITNESS FOR ANY
PARTICULAR PURPOSE OR USE. Purchaser acknowledges that the individuals referenced in the definition of “Seller’s Knowledge” are named solely for the purpose of defining and narrowing the scope of Seller’s Knowledge and not for
the purpose of imposing any liability on or creating any duties running from such individuals to Purchaser. Purchaser covenants that it will bring no action of any kind against such individuals or any member of a Seller related to or arising out of
the representations and warranties set forth in this Section 5.1. 
 5.2 The Purchaser’s Representations and
Warranties. To induce the Seller to enter into this Agreement and to consummate the transactions described in this Agreement, the Purchaser hereby makes the representations and warranties in this Section 5.2, upon which the
Purchaser acknowledges and agrees that the Seller is entitled to rely. 
 5.2.1 Organization and Power. The Purchaser is duly
incorporated or formed (as the case may be), validly existing and in good standing under the laws of the State of Delaware, and has all requisite power and authority to own, lease and operate its properties and to carry on its business as currently
being conducted. 
 5.2.2 Authority and Binding Obligation. The Purchaser has full power and authority to execute and deliver this
Agreement and, upon the approval of the Board of Director’s of Purchaser, which approval shall be obtained during the Due Diligence Period, all other documents to be executed and delivered by the Purchaser pursuant to this Agreement (the
“Purchaser’s Documents”), and to perform all obligations of the Purchaser arising under this Agreement and each of the Purchaser’s Documents. The execution and delivery by the signer on behalf of the Purchaser of
this Agreement and, when executed and delivered, each of the Purchaser’s Documents, and the performance by the Purchaser of its obligations under this Agreement, and when executed and delivered, each of the Purchaser’s Documents, has been,
or as of Closing, will be, duly and validly authorized by all necessary actions by the 

  

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Purchaser. This Agreement and, when executed and delivered, each of the Purchaser’s Documents, constitutes, or will constitute, legal, valid and binding
obligations of the Purchaser, enforceable against the Purchaser in accordance with its and their terms. 
 5.2.3 Consents and Approvals;
No Conflicts. No filing with, and no permit, authorization, consent or approval of, any Governmental Authority or other Person is necessary for the execution or delivery by the Purchaser of this Agreement or any of the Purchaser’s
Documents, the performance by the Purchaser of any of its obligations under this Agreement or any of the Purchaser’s Documents, or the consummation by the Purchaser of the transactions described in this Agreement or any of the Purchaser’s
Documents, other than the written consent and approval of the Purchaser’s Board of Directors. Except as specifically set forth in the previous sentence, neither the execution and delivery by the Purchaser of any of the Purchaser’s
Documents, nor the performance by the Purchaser of any of its obligations under any of the Purchaser’s Documents, nor the consummation by the Purchaser of the transactions described in this Agreement, will: (A) violate any provision of the
organizational or governing documents of the Purchaser; (B) violate any Applicable Law to which the Purchaser is subject; or (C) result in a violation or breach of or constitute a default under any contract, agreement or other instrument
or obligation to which the Purchaser is a party or by which any of the Purchaser’s properties are subject. 
 5.2.4 Finders and
Investment Brokers. The Purchaser has not dealt with any Person who has acted, directly or indirectly, as a broker, finder, financial adviser or in such other capacity for or on behalf of the Purchaser in connection with the transactions
described by this Agreement in any manner which would entitle such Person to any fee or commission in connection with this Agreement or the transactions described in this Agreement. 
 ARTICLE 6. 
 COVENANTS 
 6.1 Confidentiality. 
 6.1.1
Disclosure of Confidential Information. The Parties acknowledge and agree that the existence of this Agreement, the terms of this Agreement and any other information disclosed in the Seller’s Due Diligence Materials, the Purchaser’s
Due Diligence Reports or any other documents, materials, data or other information with respect to the Assets or the Business which is not generally known to the public shall be kept confidential and the Parties agree that they shall not disclose
such information to any person or entity, other than to their respective counsel, shareholders, directors, lenders, advisors, consultants or employees or otherwise as required by Applicable Law or already in the public domain. Nothing herein shall
restrict or limit the Seller from communicating with tenants or other parties in connection with obtaining estoppels or other required consents or approvals, as may be reasonably necessary to consummate the transactions contemplated under this
Agreement, or the Purchaser from contacting Seller’s company officials, property engineers and architects, and other third party consultants assisting the Purchaser in its investigation of the Real Property. 
  

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 6.1.2 Public Announcements. No Party shall have the right to make a public announcement or
disclosure regarding the transactions described in this Agreement without the prior approval of the other Party. The Seller and the Purchaser shall approve the timing, form and substance of any such public announcement or disclosure, which approval
shall not be unreasonably withheld, conditioned or delayed, except if a Party is required to make a public announcement or disclosure under Applicable Law, in which case no such approval by the other Party shall be required. 
 6.1.3 Communication with Governmental Authorities. The Purchaser and its representatives and consultants shall have the right to review building
department, health department and other local Governmental Authority records with respect to the Real Property and the operation of the Business and request written or verbal confirmation of zoning and any other compliance by the Real Property or
the Business with any Applicable Laws. 
 6.2 Improvements. Any improvements or other work at the Real Property performed prior
to Closing, and any costs or expenses incurred in connection therewith, shall be the responsibility of the Seller. 
 6.3 Conduct of
the Business. 
 6.3.1 Operation, Maintenance and Repair in Ordinary Course of Business. From the date of this Agreement until
the Closing or earlier termination of this Agreement, the Seller shall conduct the Business in the Ordinary Course of Business, including, without limitation, (i) performing maintenance and repairs for the Assets in the Ordinary Course of
Business, (ii) maintaining insurance coverage consistent with the Seller’s risk management policies in place as of the date hereof, and (iii) maintaining the Consumables at a level that is consistent with Par Consumables Level (as
defined below). As used herein, “Par Consumables Level” means, with respect to each category of Consumables, the greater of (1) the amount of Consumables maintained by the Business, and/or located at the Real Property,
in the ordinary course of the day to day operation of the Business, in accordance with its current operating budget and in a manner which does not materially vary from the policies, practices and procedures which have characterized its operation
during the twelve (12) months preceding the Effective Date or (2) the standard amount of Consumables maintained in the ordinary course of the operation of businesses of like quality and size to this Business. 
 6.3.2 Contracts. From the date of this Agreement until the Closing or earlier termination of this Agreement, the Seller shall neither,
(i) amend, extend, renew or terminate any existing Material Contracts without the Purchaser’s prior written consent, which shall not be unreasonably withheld, conditioned or delayed, nor (ii) enter into any new Material Contracts,
leases, license agreements or management agreements with respect to the Business or Real Property, without the Purchaser’s prior written consent, which may be granted or withheld in its reasonable discretion. 
 6.3.3 Title. From the date of this Agreement until the Closing or earlier termination of this Agreement, the Seller shall not create any Title
Exception which adversely affects any portion of the Real Property other than the Signature O&G Lease and the Signature Letter. 
  

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 6.4 Licenses and Permits. Purchaser shall be responsible for obtaining the transfer of all
such Licenses and Permits (to the extent transferable) which are required or desirable for the operation of the Business that Purchaser may require Seller to transfer to Purchaser or such other party as Purchaser directs. Purchaser shall, as
promptly as possible after the execution of this Agreement, submit all necessary applications and other materials to the appropriate Governmental Authority and take such other actions to effect the transfer of Licenses and Permits or issuance of new
licenses and permits as of the Closing, and the Seller shall reasonably cooperate with the Purchaser to cause the Licenses and Permits to be transferred or new licenses and permits to be issued to the Purchaser. Notwithstanding the foregoing, unless
prohibited by Applicable Law, Purchaser may elect to have Seller assign some or all of such Licenses and Permits to Operating Lessee in connection with its leasing of the Assets pursuant to the New Operating Leases, in which event Seller shall be
responsible for the transfer of all such Licenses and Permits. Notwithstanding the foregoing, Seller shall, at Seller’s sole cost and expense, transfer all liquor licenses, necessary for the operation of the Business to the Operating Lessee as
of Closing pursuant to the terms and provisions of Section 6.12. To the extent any such liquor licenses are held by third parties that are or will be Affiliates of Seller and the Operating Lessee at Closing, Seller shall take all actions
and execute all such agreements necessary to permit Operating Lessee to continue to sell beer, wine and liquor at the applicable Site under the liquor license(s) held by such Affiliate. 
 6.5 Tax Contests. 
 6.5.1
Taxable Period Terminating Prior to Closing Date. The Seller shall have the right (in common with Purchaser) to commence, continue and settle any proceeding to contest any Taxes relating to the Assets, and Seller shall be entitled to any
refunds or abatements of Taxes awarded in such proceedings attributable to the period prior to the Closing Date; provided, however, the Seller shall indemnify, pay, save and hold the Purchaser harmless from and against any Indemnification Loss
incurred by the Purchaser as a result of the Seller exercising its rights under this Section 6.5.1 This Section 6.5.1 shall survive the Closing for such period of time as the New Operating Leases are in effect. 
 6.5.2 Cooperation. The Seller and the Purchaser shall use commercially reasonable efforts to cooperate with the Party contesting the Taxes (at no
cost or expense to the Party not contesting the Taxes other than any de minimis cost or expense or any cost or expense which the requesting Party agrees in writing to reimburse) and to execute and deliver any documents and instruments reasonably
requested by the Party contesting the Taxes in furtherance of the contest of such Taxes. This Section 6.5.2 shall survive the Closing. 
 6.6 Notices and Filings. The Seller and the Purchaser shall use commercially reasonable efforts to cooperate with each other (at no cost or expense to the Party whose cooperation is requested, other than any de minimis cost or
expense or any cost or expense which the requesting Party agrees in writing to reimburse) to provide written notice to any Person under any Contracts or Licenses and Permits and to effect any required registrations or filings with any Governmental
Authority or other Person, regarding the change in ownership of the Real Property, the Business or the other Assets. 
  

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 6.7 Further Assurances. From the date of this Agreement until the Closing or termination of
this Agreement, the Seller and the Purchaser shall use commercially reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable to consummate the transactions described in
this Agreement, including, without limitation, (i) obtaining all necessary consents, approvals and authorizations required to be obtained from any Governmental Authority or other Person under this Agreement or Applicable Law, and
(ii) effecting all registrations and filings required under this Agreement or Applicable Law. After the Closing, the Seller and the Purchaser shall use commercially reasonable efforts (at no cost or expense to such Party, other than any de
minimis cost or expense or any cost or expense which the requesting Party agrees in writing to reimburse) to further effect the transactions contemplated in this Agreement as may be necessary. 
 6.8 Compliance; Property Maintenance. Seller shall perform under and comply with the Contracts, Licenses and Permits and shall continue to
make all payments due thereunder prior to delinquency (whether or not Purchaser shall assume the same). Seller shall maintain the Assets in good condition and repair in accordance with industry standards and current operating standards, and maintain
adequate supplies and inventory, all pursuant to a commercially reasonable and prudent course of business (such obligation to include the maintenance of Seller’s casualty and liability insurance policies in such course of business), subject to
reasonable wear and tear and further subject to destruction by casualty or eminent domain. Seller shall not sell, remove or otherwise dispose of any significant items of Personal Property (other than supplies or materials used in connection with the
operation or maintenance of the Business, which supplies or materials shall be replaced as used) unless replaced with an item of like value, quality and utility. 
 6.9 Estoppel Certificate. Seller shall use good faith efforts to obtain estoppel certificates and deliver the same to Purchaser at least five (5) business days prior to the Closing Date, from
(i) any association or third party parcel owners with respect to any covenants, conditions or restrictions of record with respect to the Property, and (ii) any parties to any material easements affecting the Property (the
“Third-Party Estoppels”), in forms satisfactory to Purchaser. In the event that Seller has been unable, prior to the Closing Date, to obtain any requested Third-Party Estoppels, such failure shall not constitute a default of
Seller hereunder provided that Seller used good faith efforts to obtain the same and at Closing Seller delivers a certificate from an officer of Seller certifying that, to Seller’s Knowledge, such agreement is in full force and effect, that all
amounts due from Seller as of Closing have been paid, and that no defaults exist with respect to any such agreement. 
 6.10
Exclusivity. Seller covenants and agrees to refrain during the term of this Agreement from making, accepting, encouraging or soliciting or otherwise pursuing any other offer or proposal or agreement regarding the sale of the Assets or
any portion thereof or an interest therein, and will deal exclusively with Purchaser in good faith towards the completion of the transactions contemplated herein unless this Agreement shall be terminated as provided herein. 
  

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 6.11 Employees. 
 6.11.1 Notice. Seller will take all actions necessary to ensure compliance with the WARN Act pursuant to Section 5.1.16 above and shall
indemnify, save, pay, defend and hold harmless Purchaser from and against any and all liability relating to a failure to take any action or to provide any notice required under the WARN Act or any applicable state law. 
 6.11.2 Liability of Seller and Purchaser. Seller shall and hereby agrees to indemnify and save Purchaser harmless from and against any liability
for wages, salaries, bonuses, accrued vacation days, sick days and personal days to be paid to employees on account of services rendered prior to Closing. Notwithstanding anything to the contrary herein contained, there shall be no apportionment or
pro-ration of medical, pension, welfare benefits, other employee benefits or other fringe benefits (hereinafter collectively referred to as “Benefits”) and Seller shall remain liable for and hereby indemnifies, pays, saves
and holds Purchaser harmless from and against all Benefits due to employees under plans in which Business employees participate prior to Closing, and all payments due on the plans providing such Benefits. Seller shall also remain responsible for and
hereby indemnifies, pays, saves and holds Purchaser harmless from any severance pay which may become due to any of the employees whose employment ends at or prior to Closing as a result of this transaction, whether due to Seller’s employment
policies or as a matter of law. Seller agrees to give all affected employees notice of termination of participation of employees working at the Business in any applicable 401(k) or other pension or retirement plan affecting the employees.

 6.11.3 Indemnities. Seller shall indemnify, save, pay and hold Purchaser harmless from and against any claim by any Business
employee, for Seller’s failure to pay (a) such employees’ wages, salary, bonuses, employment taxes, accrued vacation pay, sick days and personal days, and withholding taxes prior to the Closing Date as to which they may be entitled,
(b) benefits, whenever due, provided under plans in which Business employees participated prior to Closing, and (c) liability under Section 4980B, Part 6 of Title I of ERISA or Title IV of ERISA related to employees arising prior to
Closing. 
 6.12 Liquor Licenses. Seller shall, at Seller’s sole discretion, cost and expense, either (i) transfer
all liquor licenses necessary for the operation of the Business in accordance with current operating standards (the “Liquor Licenses”) to the Operating Lessee as of Closing, or (ii) apply for and obtain new liquor
licenses necessary for the operation for the Business in the name of Operating Lessee as of Closing (and enter into any necessary interim management agreements if such new licenses are not able to be obtained by the Closing); or (iii) enter
into, or cause its Affiliate holding the applicable Liquor License to enter into, Alcoholic Beverage and Management Agreements with Operating Lessee; or (iv) assign to the Operating Lessee, or facilitate the Operating Lesse entering into,
liquor management and/or lease agreements with the holder of the private liquor club permit at the Lubbock Site. 
 6.13 Signature Oil
and Gas Lease. Signature is in the process of negotiating a lease (the “Signature O&G Lease”) and letter agreement (the “Signature Letter”) with respect to mineral interests at the
Signature Site. Purchaser has been provided with the latest drafts of the Signature O&G Lease and the Signature Letter. At Closing, Signature will assign the Signature O&G Lease and the Signature Letter directly to the Operating Lessee. The
Parties hereby acknowledge and agree that the Signature Operating Lease 
  

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will contain such terms and conditions related to the Signature O&G Lease and the Signature Letter that will permit Purchaser to: (i) approve any
and all amendments to such agreements; (ii) approve drilling locations other than those specifically identified in the Signature O&G Lease; and (iii) have the Signature O&G Lease and the Signature Letter transferred to Purchaser
upon any termination of the Signature Operating Lease. Purchaser hereby acknowledges and agrees that from and after any termination of the Signature Operating Lease, Purchaser will honor and continue to perform the obligations of Signature under
those agreements. 
 ARTICLE 7. 
 CLOSING CONDITIONS 
 7.1 Purchaser’s Closing Conditions. The Purchaser’s obligations to close the
transactions described in this Agreement are subject to the satisfaction (or waiver) at or prior to Closing of the following conditions precedent (the “Purchaser’s Closing Conditions”): 
 7.1.1 The Seller’s Deliveries. All of the Seller’s Closing Deliveries shall have been delivered to the Purchaser or deposited with
Escrow Agent in the Closing Escrow, to be delivered to the Purchaser at Closing. 
 7.1.2 Representations and Warranties. The
representations or warranties of the Sellers in this Agreement shall be true and correct in all material respects as of the Closing (or as such other date to which such representation and warranties expressly were made). 
 7.1.3 Covenants and Obligations. The covenants and obligations of the Seller in this Agreement shall have been performed in all material respects.

 7.1.4 Change in Environmental Condition of Property. No event shall have occurred following the date of this Agreement and prior to
the Closing Date which would result in a material violation of any Environmental Law with respect to the Land. 
 7.1.5 Title
Policies. The Title Company shall have irrevocably committed to issue an owner’s insurance policy, with all of Seller’s requirements for issuance of the policy satisfied and deleted, and no exceptions to coverage other than the
Permitted Exceptions or those Unpermitted Encumbrances that Purchaser has elected to accept pursuant to Section 4.2.2. 
 7.1.6
Adverse Proceedings. No litigation or other court action shall have been commenced seeking to obtain an injunction or other relief from such court to enjoin the consummation of the transactions described in this Agreement, and no preliminary
or permanent injunction or other order, decree or ruling shall have been issued by a court of competent jurisdiction or by any Governmental Authority, would make illegal or invalid or otherwise prevent the consummation of the transactions described
in this Agreement. 
 7.1.7 Adverse Law. No Applicable Law shall have been enacted that would make illegal or invalid or otherwise
prevent the consummation of the transactions described in this Agreement. 
  

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 7.1.8 Operating Leases. The Operating Leases shall be fully executed by Seller Operating Lessee in
the form agreed to during the Due Diligence Period. 
 7.1.9 Third-Party Estoppels. Seller shall have complied with the provisions of
Section 6.9 hereof. 
 7.2 Failure of Any Purchaser’s Closing Condition. If Purchaser becomes aware that any
of the Purchaser’s Closing Conditions is not satisfied as of the Closing (a “Purchaser’s Closing Condition Failure”), then the Purchaser shall have the right, in the Purchaser’s absolute discretion, to either
(i) terminate this Agreement by providing written notice to the Seller, in which case the Deposit shall be refunded to the Purchaser in accordance with Section 3.2.4, and the Parties shall have no further rights or obligations under
this Agreement, except those which expressly survive such termination, and if such Purchaser’s Closing Condition Failure results from a Seller Default of its representations, warranties, covenants and/or obligations hereunder, Purchaser will
have the rights set forth in Section 10.1, (ii) complete the transactions set out herein, in which case Seller shall be discharged and released from any and all liabilities with respect to Purchaser’s Closing Condition Failure.
If such Purchaser’s Closing Condition Failure results from a Purchaser’s Default of its representations, warranties, covenants and/or obligations hereunder or was otherwise directly caused by Purchaser, Seller shall have the rights set
forth in Section 10.2. 
 7.3 Seller’s Closing Conditions. The Seller’s obligations to close the
transactions contemplated in this Agreement are subject to the satisfaction (or waiver) at or prior to Closing of the following conditions precedent (the “Seller’s Closing Conditions”): 
 7.3.1 Receipt of the Purchase Price. The Purchaser shall have paid to the Seller or deposited with Escrow Agent with irrevocable written direction
to disburse the same to the Seller, the Purchase Price (as adjusted for Pro-rations pursuant to Article IX). 
 7.3.2
Purchaser’s Deliveries. All of the Purchaser’s Closing Deliveries shall have been delivered to the Seller or deposited with Escrow Agent in the Closing Escrow, to be delivered to the Seller at Closing. 
 7.3.3 Representations and Warranties. The representations and warranties of the Purchaser in this Agreement shall be true and correct in all
material respects as of the Closing (or as of such other date to which such representation or warranty expressly is made). 
 7.3.4
Covenants and Obligations. The covenants and obligations of the Purchaser in this Agreement shall have been performed in all material respects. 
 7.3.5 Operating Leases. The Operating Leases shall be fully executed by Purchaser in the form agreed to during the Due Diligence Period. 
 7.3.6 Adverse Proceedings. No litigation or other court action shall have been commenced seeking to obtain an injunction or other relief from such
court to enjoin the consummation of the transactions described in this Agreement, and no preliminary or permanent injunction or other order, decree or ruling shall have been issued by a court of competent jurisdiction or by any Governmental
Authority, would make illegal or invalid or otherwise prevent the consummation of the transactions described in this Agreement. 
  

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 7.4 Failure of the Seller’s Closing Conditions. If Seller becomes aware that any of
the Seller’s Closing Conditions is not satisfied as of the Closing (a “Seller’s Closing Condition Failure”), then the Seller shall have the right, in the Seller’s absolute discretion, to either
(i) terminate this Agreement by providing written notice to the Purchaser, in which case the Deposit shall be disbursed to the Seller in accordance with Section 3.2.3, and the Parties shall have no further rights or obligations
under this Agreement, except those which expressly survive the termination, (ii) complete the transactions set out herein, in which case Purchaser shall be discharged and released from any and all liabilities with respect to Seller’s
Closing Condition Failure, or (iii) if such Seller’s Closing Condition Failure results from a Purchaser’s Default of its representations, warranties, covenants and/or obligations hereunder, Purchaser shall have the rights set forth in
Section 10.2. If such Seller’s Closing Condition Failure results from a Seller’s Default of its representations, warranties, covenants and/or obligations hereunder, Purchaser shall have the rights set forth in
Section 10.1. 
 ARTICLE 8. 
 CLOSING 
 8.1 Closing Date. The closing of the transactions described in this Agreement (the
“Closing”) shall occur on that date which is mutually agreed to in writing by the Seller and the Purchaser, but in any event on or before the date which is thirty (30) days after the expiration of the Due Diligence
Period (the “Outside Closing Date”). The date on which the Closing occurs or is scheduled to occur is referred to herein as the “Closing Date”. If the Parties cannot agree on a Closing Date, the
Closing Date will be the Outside Closing Date; provided, however, if such Closing Date shall fall on any day within Purchaser’s designated “black out” periods (each a “Black Out Period”), then
such Closing Date shall occur on the next Business Day following the expiration of such Black Out Period. 
 8.2 Closing
Escrow. The Closing shall take place by means of a Title Company escrow (the “Closing Escrow”), in which case at or prior to the Closing (i) the Purchase Price to be paid by the Purchaser pursuant to
Section 3.3 shall be deposited with Escrow Agent, (ii) all of the documents required to be delivered by the Seller and the Purchaser at Closing pursuant to this Agreement shall be deposited with Escrow Agent, and (iii) at
Closing, the Purchase Price (as adjusted for Pro-rations pursuant to Article IX) and the Deposit shall be disbursed to the Seller and the documents deposited into the Closing Escrow shall be delivered to the Seller and the Purchaser (as the
case may be) pursuant to the Closing Escrow Agreement. 
 8.3 Seller’s Closing Deliveries. At the Closing, each Seller
shall deliver or cause to be delivered to Escrow Agent all of the documents, each of which shall have been duly executed by the Seller (or such other party as specifically set forth therein) and acknowledged (if required), and other items, set forth
in this Section 8.3 (the “Seller’s Closing Deliveries”) with respect to the Site owned by such Seller, as follows: 
 8.3.1 Closing Certificate. A closing certificate substantially in the form of Exhibit B, together with a copy of all appropriate resolutions, consents and approvals. 
  

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 8.3.2 Deeds. Special Warranty Deed substantially in the form of Exhibit C attached
hereto, conveying the applicable Real Property to the Purchaser, subject only to the Permitted Encumbrances. 
 8.3.3 Bills of Sale. A
Bill of Sale substantially in the form of Exhibit D, attached hereto, transferring the Personal Property and Consumables to the Purchaser on the terms set forth therein, provided, however, Purchaser, in Purchaser’s sole
discretion, shall have the right to direct Seller to transfer the Consumables directly to the Operating Lessee at Closing. 
 8.3.4
Assignment and Assumption of Intangible Assets. An Assignment and Assumption of Intangible Assets substantially in the form of Exhibit E, attached hereto, assigning without representation or warranty the Intangible Assets to
Purchaser, or such other party as Purchaser may direct, but specifically excluding any Seller Liabilities related thereto, on the terms set forth therein. 
 8.3.5 Assignment and Assumption of Contracts. An Assignment and Assumption of Contracts substantially in the form of Exhibit F, attached hereto, assigning the Contracts to Purchaser, but
specifically excluding any Seller Liabilities related thereto, on the terms set forth therein, provided, however, Seller shall assign, if Purchaser so directs in Purchaser’s sole discretion, some or all of the Contracts, Licenses and Permits
and the Liquor License directly to the Operating Lessee at Closing. 
 8.3.6 Title Requirements. Such agreements, affidavits or other
documents as may be reasonably required by the Title Company from the Seller to issue the Title Policies. 
 8.3.7 Other Declarations.
Any real estate transfer tax declarations or other documents required under Applicable Law in connection with the conveyance of the Real Property. 
 8.3.8 FIRPTA Certificates and Title Affidavits. An affidavit from each Seller with respect to compliance with the Foreign Investment in Real Property Tax Act (Internal Revenue Code Sec. 1445, as amended, and the regulations issued
thereunder) and any similar state tax requirements and an affidavit from the Seller in favor of the Title Company which shall be sufficient to delete the standard exceptions from the title policy that such Seller has not done or caused to be done
any work on the applicable Real Property that has not been paid for and as to which mechanics’ liens or builders’ liens may be filed against the Real Property following the Closing. 
 8.3.9 Closing Statement. The Closing Statement prepared pursuant to Section 9.1. 
 8.3.10 Authority Documents. A corporate resolution, and an incumbency certificate to evidence the capacity and authority of any corporate officer
signing on behalf of each of the Sellers. 
 8.3.11 Estoppel Certificates. All Third Party Estoppels required by this Agreement to the
extent actually received by the Seller, or such certificates of Seller in lieu thereof contemplated pursuant to Section 6.9. 
  

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 8.3.12 Termination of Management Agreements and Operating Leases. Evidence reasonably satisfactory
to Purchaser evidencing the termination of any existing management agreements and/or operating leases with respect to the Real Property or the Business, other than alcoholic beverage management and lease agreements entered into in accordance with
Section 6.12. 
 8.3.13 Assignment and Assumption of Licenses and Permits and Books and Records. An Assignment and
Assumption of Licenses and Permits and Books and Records for each Site substantially in the form of Exhibit G, attached hereto, assigning without representation or warranty the Licenses and Permits and the Books and Records to
Operating Lessee. 
 8.3.14 Operating Leases. Fully-executed counterparts of the Operating Leases. 
 8.3.15 Assignment and Assumption of Membership Agreements. An Assignment and Assumption of Membership Agreements for each Site executed by Seller
and Operating Lessee pursuant to Section 2.3.5 in the form attached hereto as Exhibit H. 
 8.3.16 Amendments to
Eagle Leases. Fully-executed counterparts by the Operating Lessee of the amendments to the Eagle Leases contemplated pursuant to Section 4.7. 
 8.3.17 Other Documents. Such other documents and instruments as may be reasonably requested by the Purchaser on the Title Company in order to consummate the transactions described in this Agreement. Premier
hereby covenants and agrees to join and execute any of the foregoing documents Seller Deliveries to the extent necessary to effectuate the transactions contemplated in this Agreement. 
 8.4 Purchaser’s Deliveries. At the Closing, the Purchaser shall deliver or cause to be delivered to the Seller or deposited with
Escrow Agent in the Closing Escrow to be delivered to the Seller all of the documents, each of which shall have been duly executed by the Purchaser and acknowledged (if required), and other items, set forth in this Section 8.4 (the
“Purchaser’s Closing Deliveries”), as follows: 
 8.4.1 Purchase Price. The Purchase Price (as adjusted
for Pro-rations pursuant to Article IX) to be paid by the Purchaser. 
 8.4.2 Disbursement Letter. A letter of direction to
Escrow Agent directing Escrow Agent to disburse the Purchase Price to the Seller. 
 8.4.3 Closing Certificate. A closing certificate
in the form of Exhibit I, attached hereto, together with all exhibits thereto. 
 8.4.4 Counterpart Execution Documents.
A counterpart of each of the documents and instruments to be delivered by the Seller under Section 8.3 which require execution by the Purchaser; 
  

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 8.4.5 Authority Documents. A corporate resolution and an incumbency certificate to evidence the
capacity and authority of any corporate officer signing on behalf of the Purchaser. 
 8.4.6 Operating Leases. Fully-executed
counterparts of the Operating Leases. 
 8.4.7 Other Documents. Such other documents and instruments as may be reasonably requested by
the Seller or the Title Company in order to consummate the transactions described in this Agreement. 
 8.5 Possession. The
Sellers shall deliver possession of the Assets to the Purchaser. 
 ARTICLE 9. 
 PRO-RATIONS AND EXPENSES 
 9.1 Closing Statement. No later than three
(3) Business Days prior to Closing, the Parties, through their respective employees, agents or representatives, jointly shall make such examinations, audits and inventories of the Assets as may be necessary to make the adjustments and
Pro-rations to the Purchase Price as set forth in Sections 9.2 and 9.3 or any other provisions of this Agreement. Based upon such examinations, audits and inventories, the Parties jointly shall prepare prior to Closing a closing statement
(the “Closing Statement”), which shall set forth their best estimate of the amounts of the items to be adjusted and prorated under this Agreement. The Closing Statement shall be approved and executed by the Parties at
Closing, and such adjustments and Pro-rations shall be final with respect to the items set forth in the Closing Statement, except to the extent any such items shall be reported after the Closing as expressly set forth in Section 9.2.

 9.2 Pro-rations. 
 9.2.1 Taxes and Assessments. Seller shall be responsible for payment of all Taxes prior to Closing in its capacity as Seller under this Agreement. All non-delinquent real estate taxes and assessments on the Sites will be prorated as
of the Closing Date based on the actual current tax bill. If the Closing takes place before the real estate taxes are fixed for the tax year in which the Closing Date occurs, the apportionment of real estate taxes will be made on the basis of the
real estate taxes for the immediately preceding tax year based upon the maximum discount allowed. There shall be no re-pro-ration of taxes after Closing. All delinquent taxes and all delinquent assessments, if any, on the Sites will be paid at
Closing from funds accruing to Seller. 
 9.2.2 General Operating Income and Expenses. Except as set forth herein, the parties
acknowledge and agree that any other income and expense items that are customarily prorated in transactions of this nature, including, without limitation but without duplication of any other provision herein, pre-paid expenses, dues, locker fees,
bag storage fees, rain checks (on the basis of 100% of the face value), outstanding free passes (on the basis of 100% of the face value) and gift certificates (on the basis of 100% of the face value), shall be prorated at Closing. 
  

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 9.2.3 Event Deposits: All prepaid deposits for any tournaments, outings, birthday parties and
other reservations at the Sites (the “Event Deposits”) pertaining to any events occurring after Closing shall be transferred to Operating Lessee at Closing. 
 9.2.4 Membership Deposits/Initiation Fees. The parties specifically acknowledge and agree that notwithstanding anything to the contrary in this
Agreement, none of the prepaid membership deposits of the members nor initiation fees pertaining to the Membership Documents shall be prorated nor credited to the Purchase Price. 
 9.2.5 Insurance. Insurance, if any, carried by Seller on the Property shall be terminated at Closing, and Operating Lessee shall be solely
responsible for acquiring insurance coverage on the Property. 
 9.2.6 Income and Expense. The parties hereby agree all income
received from the operation of the Business at the Sites through the day before Closing shall be the property of Seller; accordingly, all expenses derived that from the operation of the Business at the Sites through the day before Closing shall be
the obligation of Seller. All income received with the operation of the Sites as of and after the Closing Date shall be the property of Purchaser (subject to the terms and provisions of the Operating Leases); accordingly, all expenses derived from
the operation of the Business at the Sites as of and after the Closing Date shall be the obligation of Purchaser (subject to the terms and provisions of the Operating Leases). Notwithstanding anything herein to the contrary, all pro-rations for
income, taxes, assessments, deposits, free passes, bag storage fees, and other items to be credited to Purchaser as provided in this Article IX shall be paid or credited to Operating Lessee at Closing pursuant to the terms of the Operating Lease, to
the extent such items are Operating Lessee’s obligation pursuant to the terms of the Operating Lease. 
 9.2.7 Method of
Pro-ration: All pro-rations will be made as of midnight of the day before Closing, based on a 365-day year or a thirty (30)-day month, as applicable, with Seller retaining all income and revenue and paying all expenses accrued as of said date.

 9.3 Taxes. All sales, privilege, use and occupancy taxes, if any, due or to become due in connection with the operation of
the Assets or revenues received from the Assets prior to the Closing Date will be paid by the Seller. The Seller shall also be responsible for any “rollback” taxes or retroactively assessed taxes which arise out of or relate to any use of
the Assets for periods of time prior to the Closing Date, or any improper or inadequate assessment of the Assets for the period prior to the Closing. The Seller shall be entitled to any refunds of any taxes arising out of or relating to any use of
the Assets for periods of time prior to and including the Closing Date. 
 9.4 Cash and Utility Deposits. All cash on hand,
escrow and reserve accounts of the Seller, utility or other deposits made by the Seller (other than tenant security deposits and other deposits), accounts receivable and accounts payable, indebtedness or liabilities for the period prior to the
Closing Date shall remain the property or responsibility, as applicable, of the Seller. The Seller shall be responsible for the payment of all expenses on account of services and supplies furnished to and for the benefit of the Assets through and
including the day preceding the Closing Date in its capacity as Seller hereunder, and Purchaser shall be responsible for the 
  

 41 

 
payment of all expenses on account of services and supplies furnished to and for the benefit of the Assets from and including the Closing Date (subject to
the terms and conditions under the Operating Leases). 
 9.5 Employees. If applicable, the Seller will comply with the notice
requirements under the WARN Act, COBRA, or any similar federal, state or local legislation with respect to any employees terminated by the Seller in connection with this transaction. It is expressly understood and agreed that the Purchaser is not
and shall not be responsible or liable, directly or indirectly, for payment of any benefits, severance liability, compensation, pay or other obligations, of whatever nature, due or alleged to be due to any Employee of the Seller attributable to any
time period up to the Closing. 
 9.6 Reconciliation and Final Payment. The terms and provisions of this Article IX
shall survive Closing. The amount of the pro-rations have initially been determined at Closing, but will be subject to adjustment in cash after the Closing outside of escrow as and when complete and accurate information becomes available, if such
information is not readily available at the Closing. Seller and Purchaser agree to cooperate and use their best efforts to make such adjustments no later than sixty (60) days after the Closing. 
 9.7 Purchaser’s Acquisition Costs. In addition to the Purchase Price Purchaser shall pay for the following items in connection with
this transaction, all of which shall be part of Purchaser Acquisition Costs: (i) the fees and expenses incurred by the Purchaser for the Purchaser’s Inspectors or otherwise in connection with the Inspections; (ii) the fees and
expenses of the Purchaser’s attorneys, accountants and consultants; (iii) the fees and expenses incurred by Purchaser in connection with the preparation and issuance of the Title Policies; (iv) the fees and expenses for any updates to
the Environmental Reports and Surveys; (v) any mortgage tax, title insurance fees and expenses for any loan title insurance policies, recording charges or other amounts payable in connection with any financing obtained by the Purchaser;
(vi) all of the fees and expenses for the Escrow Agent; and (vii) all transfer, sales or similar tax and recording charges payable in connection with the conveyance of the Assets (collectively, the “Purchaser Acquisition
Costs”). The amount of the Purchaser’s Acquisition Costs, which shall be used to determine the lease basis for purposes of calculating rent under the Operating Leases, as provided for therein, will be subject to adjustment after
the Closing outside of escrow as and when complete and accurate information becomes available, if such information is not readily available at the Closing. Each Seller and Purchaser agree to cooperate and use their best efforts to make such
adjustments no later than sixty (60) days after the Closing. 
 9.8 Seller’s Transaction Costs. The Seller shall pay
for the following items in connection with this transaction: the fees and expenses of the Seller’s attorneys, accountants, and consultants. 
 ARTICLE 10. 
 DEFAULT AND REMEDIES 
 10.1 The Seller’s Default. If, at or any time prior to Closing, the Seller fails to perform in any material respect its covenants or obligations under this Agreement (a “Seller’s
Default”), then the Purchaser may elect one of the following remedies: (a) terminate this Agreement, in which case the Deposit shall be refunded to the Purchaser in accordance with Section 3.2.4, and the Parties

  

 42 

 
shall have no further rights or obligations under this Agreement, except those which expressly survive such termination, (b) proceed to Closing without
any reduction in or setoff against the Purchase Price, (c) obtain a court order for specific performance, or (d) in the event specific performance is not an available remedy and such Seller’s Default is caused by the Seller’s
willful and intentional breach of Seller’s obligation to close the transaction contemplated hereunder, Purchaser shall have the right to pursue an action for damages, in which event all Sellers shall be jointly and severally liable for any and
all obligations of any Seller or all Sellers under this Agreement; provided that, with respect to any such action under this subsection (d), the Sellers’ total liability to Purchaser will be capped at the lesser of (i) Two Hundred Fifty
Thousand Dollars ($250,000); and (ii) any and all actual out-of-pocket costs and expenses incurred by Purchaser in connection with the transactions contemplated hereunder. 
 10.2 Purchaser’s Default. If at any time prior to Closing, the Purchaser fails to perform in any material respect any of its covenants
or obligations under this Agreement which breach or default is not caused by a Seller’s Default (a “Purchaser’s Default”), and no material Seller’s Default has occurred which remains uncured, then the Seller
may elect, as its sole and exclusive remedy, to (a) terminate this Agreement by providing written notice to the Purchaser, in which case the Deposit actually paid by the Purchaser shall be disbursed to the Seller in accordance with
Section 3.2.3, and the Parties shall have no further rights or obligations under this Agreement, except those which expressly survive such termination, or (b) proceed to Closing pursuant to this Agreement. 
 10.3 Liquidated Damages. The Parties acknowledge and agree that if this Agreement is terminated pursuant to Section 10.2, the
damages that the Seller would sustain as a result of such termination would be difficult if not impossible to ascertain. Accordingly, the parties agree that the Seller shall retain the Deposit as full and complete liquidated damages (and not as a
penalty) as the Seller’s and Guarantor’s sole and exclusive remedy for such termination, provided, however, that in addition to the deposits, the Seller shall retain all rights and remedies under this Agreement with respect to those
obligations of Purchaser which expressly survive such termination. 
 10.4 No Punitive or Consequential Damages.
Notwithstanding anything herein to the contrary, no Party shall be liable to any other Party under this Article X or Article XII for punitive damages, lost profits or other consequential or incidental damages. 
 ARTICLE 11. 
 RISK OF LOSS 
 11.1 Casualty. If, at any time after the date of this Agreement and prior to Closing or earlier termination of this Agreement, the Real
Property or any material portion thereof is damaged or destroyed by fire or any other casualty causing a Material loss or damage (a “Casualty”), the Seller shall give written notice of each Casualty to the Purchaser promptly
after the occurrence of such Casualty, and then the Purchaser shall have the right to elect, by providing written notice to the Seller within thirty (30) days after the Purchaser’s receipt of the Seller’s written notice of such
Casualty, to (i) terminate this Agreement in its entirety, or (ii) proceed to Closing, 
  

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without terminating this Agreement in any respect, in which case the Seller shall within ten (10) days of receipt of Purchaser’s notice, deliver a
notice to Purchaser whereby Seller elects to either: (A) repair and restore the Real Property in a reasonably good and workmanlike manner to the condition at least as good and useful as that in which it existed prior to such damage or
destruction; or (B) transfer and assign to the Purchaser all of the Seller’s right, title and interest in and to all proceeds from all casualty, business interruption, and lost profits insurance policies maintained by the Seller with
respect to the Real Property, except those proceeds specifically payable in connection with and allocable to business interruption and lost profits and costs incurred by the Seller for the period prior to the Closing. If the Purchaser fails to
provide written notice of its election to the Seller within such time period, then the Purchaser shall be deemed to have elected to proceed to Closing pursuant to clause (ii) of this preceding sentence. If the Closing is scheduled to occur
within the Purchaser’s thirty (30) day election period, the Closing Date shall be postponed until the date which is five (5) Business Days after the expiration of such thirty (30) day election period. If at any time after the
date of this Agreement and prior to Closing or earlier termination of this Agreement, the Real Property or any material portion thereof is damaged by fire or any other casualty but not to the extent of a Material loss or damage, then Purchaser shall
not have the right to terminate this Agreement, but Seller shall, at its election (A) repair and restore the Real Property in a reasonably good and workmanlike manner to the condition at least as good and useful as that in which it existed
prior to such damage or destruction or (B) transfer and assign to the Purchaser at the Closing all of the Seller’s right, title and interest in and to all proceeds from all casualty, business interruption, and lost profits insurance
policies maintained by the Seller with respect to the Real Property, except those proceeds specifically payable in connection with and allocable to business interruption and lost profits and costs incurred by the Seller for the period prior to the
Closing. 
 11.2 Condemnation. If, at any time after the date of this Agreement and prior to Closing or the earlier termination
of this Agreement, any Governmental Authority commences any condemnation proceeding or other proceeding in eminent domain with respect to all or any portion of the Real Property (a “Condemnation”), the Seller shall give
written notice of such Condemnation to the Purchaser promptly after the Seller receives notice of such Condemnation, then the Purchaser shall have the right to elect, by providing written notice to the Seller within thirty (30) days after the
Purchaser’s receipt of the Seller’s written notice of such Condemnation, to (A) if such Condemnation is a Material Condemnation, terminate this Agreement in its entirety, or (B) proceed to Closing, without terminating this
Agreement, in which case the Seller shall assign to the Purchaser at Closing all of the Seller’s right, title and interest in all proceeds and awards from such Condemnation (whether a Material Condemnation or otherwise). If the Purchaser fails
to provide written notice of its election to the Seller within such time period, then the Purchaser shall be deemed to have elected to proceed to Closing pursuant to clause (B) of the preceding sentence. If the Closing is scheduled to occur
within the Purchaser’s thirty (30) day election period, the Closing shall be postponed until the date which is five (5) Business Days after the expiration of such thirty (30) day election period. 
 11.3 Definition of “Material”. For the purposes of Section 11.1 and 11.2, “Material” refers to the
following: (a) loss or damage to the Real Property hereof such that the cost of repairing or restoring the Real Property in question to substantially the same condition which existed prior to the event of damage would be, in the opinion of an
architect or a qualified licensed contractor mutually agreed to by Seller and Purchaser, equal to or greater than ten percent (10%) of the Purchase Price on an aggregate basis or twenty percent (20%) of the portion of the Purchase Price
allocated to the affected Site 
  

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as shown on Schedule 3.4; and (b) any loss due to a Condemnation which permanently and materially impairs the current use of the Real Property.

 ARTICLE 12. 
 SURVIVAL,
INDEMNIFICATION AND RELEASE 
 12.1 Survival. Sellers’ obligations in respect of the representations and warranties set
forth in Article V hereof are updated as of the Closing in accordance with the terms of this Agreement, and shall survive Closing for a period of twelve (12) months (the “Survival Period”). Sellers shall have no
liability to Purchaser for a breach of any representation or warranty or covenant unless Purchaser shall have notified Seller, or an action shall have been commenced by Purchaser against Seller, prior to the expiration of such Survival Period (the
“Action Period”). 
 12.2 Indemnification by the Seller. 
 12.2.1 Indemnity. Subject to the limitations set forth in this Article XII and any other express provision of this Agreement, the Sellers shall
indemnify, save, insure, pay, defend and hold harmless the Purchaser’s Indemnitees from and against any Indemnification Loss incurred by any Purchaser Indemnitee to the extent resulting from (a) any breach of any representation or warranty
of the Seller in this Agreement, (b) any breach by the Seller of any of its covenants or obligations under this Agreement, and (c) any and all Liabilities of the Seller arising out of the operation of the Business or ownership of the
Assets prior to the Closing (the “Seller Liabilities”), including, without limitation: (i) any Liabilities under the Contracts, and Licenses and Permits which have arisen or accrued and pertain to a period prior to the
Closing Date; (ii) the payment of all Taxes and assessments due and payable or accrued but not yet paid prior to the Closing Date; (iii) the employment of the Employees; (iv) any claim for personal injury or property damage to a
Person which is based on any event which occurred at the Real Property or in connection with the Business prior to the Closing Date; (v) any claim arising out of the construction of any of the Improvements; (vi) any claim arising out of
the development, construction, marketing, sales and/or management in connection with the Real Property, including any claim arising under securities laws, rules or regulations; (vii) any commitments, obligations, or debts made or incurred by
Seller, its predecessors, or the Business arising with respect to the Membership Agreements, regardless or whether fixed, accrued or contingent, and specifically excluding any Liabilities (including costs of cleanup, containment of other
remediation) arising from or in connection with any Environmental Liabilities or Environmental Claims arising out of or relating to the ownership or operation by any Person at any time on or prior to the Closing Date of any of the Assets or any
bodily injury (including illness, disability and death, regardless of when any bodily injury occurred, was incurred or manifested itself), personal injury, property damage (including trespass, nuisance, wrongful eviction and deprivation of the use
of real property) or other damage of or to any Person or any assets in any way arising from or allegedly arising from any hazardous activity conducted by any Person with respect to the Assets that was present or suspected to be present on or before
the Closing Date on or at the Real Property (or present or suspected to be present on any other property, if such Hazardous Material emanated or allegedly emanated from any property and was present or suspected to be present on the Real Property, on
or prior to the Closing Date), or was released or allegedly released by any Person on or at 

  

 45 

 
any Assets at any time on or prior to the Closing Date. The terms of this Section 12.2 shall survive Closing for the Survival Period. All Sellers
shall be jointly and severally liable for any and all obligations of any Seller or all Sellers under this Agreement. 
 12.2.2
Limitations. Notwithstanding any provision of this Agreement to the contrary, Seller shall not have any liability with respect to any of the representations and warranties or covenants set forth in this Agreement if, prior to the Closing,
Purchaser received notice of information, as a result of Purchaser’s due diligence tests, investigations and inspections of the Sites, or written notice by Seller or its agents or employees that (i) contradicts any of the representations
and warranties set forth in this Agreement, (ii) renders any of the representations and warranties set forth in this Agreement untrue or incorrect, or (iii) that indicates a breach of a covenant under this Agreement, and Purchaser with
said knowledge nevertheless consummates the transactions. In no event shall the Sellers’ liabilities with respect to claims under this Agreement exceed, in the aggregate, Three Million Nine Hundred Thousand Dollars ($3,900,000). Purchaser
agrees to first seek recovery under any insurance policies and service contracts prior to seeking recovery from Seller, and Seller shall not be liable to Purchaser if Purchaser’s claim is satisfied from such insurance policies or service
contracts. 
 12.3 Indemnification by Purchaser. Subject to the limitations set forth in this Article XII, the Purchaser shall
indemnify and hold harmless the Seller’s Indemnitees from and against any Indemnification Loss incurred by any Seller’s Indemnitee to the extent resulting from (i) any breach of any representation or warranty of the Purchaser in this
Agreement; (ii) any breach by the Purchaser of any of its covenants or obligations under this Agreement; (iii) any claim by any Person for brokerage or finder’s fees or commissions or similar payments based upon any agreement or
understanding alleged to have been made by such Person with Purchaser (or any Person acting on Purchaser’s behalf) in connection with any of the transactions contemplated by this Agreement; (iv) any claim related to Purchaser and
Purchaser’s representative’s entry onto the Real Property or investigation of the Assets, including, but not limited to, claims of property damage, personal injury, nonpayment and mechanic’s liens; (v) any Third-Party Claim
arising out of the ownership or operation of the Assets after Closing; or (vi) any Assumed Liabilities. The terms of this Section 12.2.2 shall survive Closing for the Survival Period. No claim for any of the foregoing shall be
actionable or payable if the item in question results from or is based on a condition, state of facts or other matter which was actually known to Seller prior to Closing. Purchaser shall have no liability to Seller for a breach of any covenant,
representation or warranty or for any indemnification claim unless written notice containing a description of the specific nature of such breach or indemnification claim shall have been given by Seller to Purchaser prior to the expiration of the
Survival Period and an action shall have been commenced by Seller against Purchaser within the Action Period, in which event the full amount of such valid claims shall be actionable. Seller agrees to first seek recovery under any insurance policies
and service contracts prior to seeking recovery from Purchaser, and Purchaser shall not be liable to Seller if Seller’s claim is satisfied from such insurance policies or service contracts. 
  

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 12.4 Indemnification Procedure; Notice of Indemnification Claim. 
 12.4.1 If any of the Seller Indemnitees or the Purchaser’s Indemnitees (as the case may be) (each, an “Indemnitee”) is
entitled to defense or indemnification under any other provision in this Agreement (each, an “Indemnification Claim”), the Party required to provide indemnification to such Indemnitee (the
“Indemnitor”) shall not be obligated to defend, indemnify and hold harmless such Indemnitee until such Indemnitee provides written Notice to such Indemnitor after such Indemnitee has actual knowledge of any facts or
circumstances on which such Indemnification Claim is based or a Third-Party Claim is made on which such Indemnification Claim is based, describing in reasonable detail such facts and circumstances or Third-Party Claim with respect to such
Indemnification Claim; provided, however, that no delay on the part of the Indemnitee in notifying any Indemnitor shall relieve the Indemnitor from any obligation hereunder unless (and then solely to the extent) the Indemnitor thereby is prejudiced.

 12.4.2 Any Indemnitor will have the right to defend the Indemnitee against the Third Party Claim with counsel of its choice satisfactory
to the Indemnitee so long as (a) the Indemnitor notifies the Indemnitee in writing within fifteen (15) days after the Indemnitee has given Notice of the Third Party Claim that the Indemnitor will indemnify the Indemnitee from and against
any Indemnification Loss the Indemnitee may suffer resulting from, arising out of, relating to, in the nature of, or caused by the Third Party Claim, subject to the limitations set forth in this Article XII, (b) the Indemnitor provides
the Indemnitee with evidence acceptable to the Indemnitee that the Indemnitor will have the financial resources to defend against the Third Party Claim and fulfill its indemnification obligations hereunder, (c) the Third Party Claim involves
only money damages and does not seek an injunction or other equitable relief, (d) settlement of, or an adverse judgment with respect to, the Third Party Claim is not, in the good faith judgment of the Indemnitee, likely to establish a
precedential custom or practice adverse to the continuing business interests of the Indemnitee, and (e) the Indemnitor conducts the defense of the Third Party Claim actively and diligently. 
 12.4.3 So long as the Indemnitor is conducting the defense of the Third Party Claim in accordance with Section 12.4.2 above, (a) the
Indemnitee may retain separate co-counsel at its sole cost and expense and participate in the defense of the Third Party Claim, (b) the Indemnitee will not consent to the entry of any judgment or enter into any settlement with respect to the
Third Party Claim without the prior written consent of the Indemnitor, and (c) the Indemnitor will not consent to the entry of any judgment or enter into any settlement with respect to the Third Party Claim without the prior written consent of
the Indemnitee. 
 12.4.4 In the event any of the conditions in Section 12.4.2 is or becomes unsatisfied, however, (a) the
Indemnitee may defend against, and consent to the entry of any judgment or enter into any settlement with respect to, the Third Party Claim in any manner it may deem appropriate (and the Indemnitee need not consult with, or obtain any consent from,
the Indemnitor in connection therewith), (b) the Indemnitor will reimburse the Indemnitee promptly and periodically for the costs of defending against the Third Party Claim (including reasonable attorneys’ fees and expenses), and
(c) the Indemnitor will remain responsible for any Indemnification Loss the Indemnitee may suffer resulting from, arising out of, relating to, in the nature of, or caused by the Third Party Claim to the fullest extent provided in this
Article XII. 
  

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 12.5 Exclusive Remedy for Indemnification Loss; Interpretation. Except for claims based on
fraud, the indemnification provisions in this Article XII shall be the sole and exclusive remedy of any Indemnitee with respect to any claim for Indemnification Loss arising from or in connection with this Agreement. The Parties shall take
into account the time cost of money (using the prime rate as reported from time to time in The Wall Street Journal as the discount rate) in determining Indemnification Loss for purposes of this Article XII All indemnification payments
under this Article XII shall be deemed adjustments to the Purchase Price. 
 ARTICLE 13. 
 MISCELLANEOUS PROVISIONS 
 13.1
Notices. 
 13.1.1 Method of Delivery. All notices, requests, demands and other communications required to be provided by
any Party under this Agreement (each, a “Notice”) shall be in writing and delivered, at the sending Party’s cost and expense, by (i) personal delivery, (ii) certified U.S. mail, with postage prepaid and return
receipt requested, (iii) overnight courier service, or (iv) electronic or facsimile transmission, with a verification copy sent on the same day by any of the methods set forth in clauses (i), (ii) or (iii), to the recipient Party at
the following address or facsimile number: 
 If to the Seller: 
 c/o Premier Golf Management, Inc. 
 17383
Sunset Blvd., Suite 315 
 Pacific Palisades, CA 90272 
 Attention: Robert H. Williams, President 
 Fax: (310) 573-1470 
 Phone: (310) 230-6688 
 E-mail:
bwilliams@pgmi.net 
 With copies to: 
 Blackwell Sanders Peper Martin LLP 
 4801 Main Street, Suite 1000 
 Kansas City, Missouri 64112 
 Attention: Gary
D. Gilson and Edward V. Wilson 
 Fax: (816) 983-8080 
 Phone: (816) 983-8000 
 E-mail: ggilson@blackwellsanders.com; ewilson@blackwellsanders.com 

 

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 If to the Purchaser: 
 CNL Income Partners, LP 
 450 S. Orange Avenue 
 Orlando, Florida 32801 
 Attention: Tammie A.
Quinlan, Chief Financial Officer, and 
                  Amy Sinelli, Esq., Vice President and 
                  Corporate Counsel 
 Fax:
(407) 540-2544 
 Phone: (407) 650-1000 
 Email: tammie.quinlan@cnl.com; amy.sinelli@cnl.com 
 With a copy to: 
 Lowndes, Drosdick, Doster, Kantor & Reed, P.A. 
 215 N. Eola Drive 
 Orlando, Florida 32801 
 Attn: William T. Dymond, Jr., Esq. 
 Fax:
(407) 843-4444 
 Phone: (407) 843-4600 
 Email: william.dymond@lowndes-law.com 
 13.1.2 Receipt of Notices. All Notices sent by a Party (or
its counsel pursuant to Section 13.1.1) under this Agreement shall be deemed to have been received by the Party to whom such Notice is sent upon (i) delivery to the address, email address or facsimile number of the recipient Party,
provided that such delivery is made prior to 5:00 p.m. (local time for the recipient Party) on a Business Day, otherwise the following Business Day, or (ii) the attempted delivery of such Notice if (A) such recipient Party refuses delivery
of such Notice, or (B) such recipient Party is no longer at such address or facsimile number, and such recipient Party failed to provide the sending Party with its current address, email address or facsimile number pursuant to
Section 13.1.3. 
 13.1.3 Change of Address. The Parties and their respective counsel shall have the right to change their
respective address and/or facsimile number for the purposes of this Section 13.1 by providing a Notice of such change in address and/or facsimile number as required under this Section 13.1. 
 13.1.4 Delivery by Party’s Counsel. The Parties agree that the attorney for such Party shall have the authority to deliver Notices on such
Party’s behalf to the other Party hereto. 
 13.2 Time is of the Essence. Time is of the essence of this Agreement;
provided, however, that notwithstanding anything to the contrary in this Agreement, if the time period for the performance of any covenant or obligation, satisfaction of any condition or delivery of any Notice or item required under this Agreement
shall expire on a day other than a Business Day, such time period shall be extended automatically to the next Business Day. Further, wherever under this Agreement (i) a notice or document is either received on a day which is not a Business Day
or is required to be delivered on or before a specific day which is not a Business Day, 

  

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or (ii) a critical date such as the date upon which the Due Diligence Period expires (as the same may be extended pursuant to the terms hereof) is on a
day which is not a Business Day, then the day of receipt or required delivery, or the critical date, shall automatically be extended to the next Business Day. 
 13.3 Assignment. Neither the Seller nor the Purchaser shall assign this Agreement or any interest therein to any Person, without the prior written consent of the other Party which consent may be withheld
in the other Party’s sole discretion; provided, however, that Purchaser shall have the right to designate one or more wholly-owned Affiliates to receive title or may assign this Agreement, wholly or partially, to any Affiliate or Affiliates of
Purchaser. For the purposes of this Section 13.3, the sale of a Controlling interest in any Party (or any Person with Control of any Party) shall constitute an assignment of this Agreement. 
 13.4 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Parties, and their respective successors
and permitted assigns. 
 13.5 Third Party Beneficiaries. This Agreement shall not confer any rights or remedies on any Person
other than (i) the Parties and their respective successors and permitted assigns, and (ii) any Indemnitee to the extent such Indemnitee is expressly provided any right of defense or indemnification in this Agreement. 
 13.6 Rules of Construction. The following rules shall apply to the construction and interpretation of this Agreement: 
 13.6.1 Singular words shall connote the plural as well as the singular, and plural words shall connote the singular as well as the plural, and the
masculine shall include the feminine and the neuter, as the context may require. 
 13.6.2 All references in this Agreement to particular
articles, sections, subsections or clauses (whether in upper or lower case) are references to articles, sections, subsections or clauses of this Agreement. All references in this Agreement to particular exhibits or schedules (whether in upper or
lower case) are references to the exhibits and schedules attached to this Agreement, unless otherwise expressly stated or clearly apparent from the context of such reference. 
 13.6.3 The headings in this Agreement are solely for convenience of reference and shall not constitute a part of this Agreement nor shall they affect its
meaning, construction or effect. 
 13.6.4 Each Party and its counsel have reviewed and revised (or requested revisions of) this Agreement
and have participated in the preparation of this Agreement, and therefore any rules of construction requiring that ambiguities are to be resolved against the Party which drafted the Agreement or any exhibits hereto shall not be applicable in the
construction and interpretation of this Agreement or any exhibits hereto. 
 13.6.5 The terms “sole discretion” and “absolute
discretion” with respect to any determination to be made a Party under this Agreement shall mean the sole and absolute discretion of such Party, without regard to any standard of reasonableness or other standard by which the determination of
such Party might be challenged. 
  

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 13.7 Severability. If any term or provision of this Agreement is held to be or rendered
invalid or unenforceable at any time in any jurisdiction, such term or provision shall not affect the validity or enforceability of any other terms or provisions of this Agreement, or the validity or enforceability of such affected term or provision
at any other time or in any other jurisdiction. 
 13.8 Governing Law. This Agreement shall be governed by the laws of the
state of Florida. 
 13.9 Waiver of Trial by Jury. Each Party hereby waives its right to a trial by jury in any litigation or
other court proceeding with respect to any matter arising from or in connection with this Agreement. 
 13.10 Prevailing Party.
If any litigation or other court action, arbitration or similar adjudicatory proceeding is commenced by any Party to enforce its rights under this Agreement against any other Party, all fees, costs and expenses, including, without limitation,
reasonable attorneys fees and court costs, incurred by the prevailing Party in such litigation, action, arbitration or proceeding shall be reimbursed by the losing Party; provided, that if a Party to such litigation, action, arbitration or
proceeding prevails in part, and loses in part, the court, arbitrator or other adjudicator presiding over such litigation, action, arbitration or proceeding shall award a reimbursement of the fees, costs and expenses incurred by such Party on an
equitable basis. 
 13.11 Incorporation of Recitals, Exhibits and Schedules. The recitals to this Agreement, and all exhibits
and schedules referred to in this Agreement are incorporated herein by such reference and made a part of this Agreement. Any matter disclosed in any schedule to this Agreement shall be deemed to be incorporated in all other schedules to this
Agreement. 
 13.12 Liability of Interest-Holders in Purchaser, Sellers and their Affiliates. The Parties agree and acknowledge
that none of the officers, directors, members, partners, shareholders or other holders of beneficial interests of or in the Purchaser, Seller or any of the Purchaser’s or Seller’s Affiliates shall be personally liable for any obligation or
responsibility of the Purchaser, the Sellers or any of their Affiliates hereunder by virtue of being an officer, director, member, partner, shareholder or holder of any beneficial interest of or in the Purchaser, the Sellers or any of their
Affiliates. 
 13.13 Entire Agreement. This Agreement and the agreements to be executed and delivered in connection herewith
set forth the entire understanding and agreement of the Parties hereto and shall supersede any other agreements and understandings (written or oral) between the Parties on or prior to the date of this Agreement with respect to the transactions
described in this Agreement. 
 13.14 Amendments, Waivers and Termination of Agreement. No amendment or modification to any
terms or provisions of this Agreement, waiver of any covenant, obligation, breach or default under this Agreement or termination of this Agreement (other than as expressly provided in this Agreement), shall be valid unless in writing and executed
and delivered by each of the Parties, provided, however, either Seller or Purchaser may, in writing, (i) extend the time for performance of any of the obligations 
  

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of the other, (ii) waive any inaccuracies and representations by the other contained in this Agreement, (iii) waive compliance by the other with
any of the covenants contained in this Agreement and (iv) waive the satisfaction of any condition that is precedent or subsequent to the performance by the party so waiving of any of its obligations under this Agreement. 
 13.15 Execution of Agreement. A Party may deliver executed signature pages to this Agreement by facsimile transmission to any other Party,
which facsimile copy shall be deemed to be an original executed signature page. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which counterparts together shall constitute one
agreement with the same effect as if the Parties had signed the same signature page. 
 13.16 Tax Disclosures. Notwithstanding
anything in this Agreement to the contrary, in accordance with Section 1.6011-4(b)(3)(iii) of the Treasury Regulations, Purchaser and Seller (and each employee, representative, or other agent of Purchaser and Seller) may disclose to any
and all persons, without limitation of any kind, the tax treatment and tax structure of the transactions contemplated by this Agreement and all materials of any kind (including opinions or other tax analyses) that are provided to Purchaser or Seller
relating to such tax treatment and tax structure. However, any information relating to tax treatment or tax structure shall remain subject to the confidentiality provisions hereof (and the foregoing sentence shall not apply) to the extent, but only
to the extent, reasonably necessary to enable Purchaser and Seller to comply with applicable securities laws. For purposes hereof, “tax structure” means any fact that may be relevant to understanding the federal income tax treatment of the
transaction. 
 [Remainder of page intentionally left blank; 
 Signatures on following pages] 
  

 52 

 IN WITNESS WHEREOF, each Party has caused this Agreement to be executed and delivered in its name by a
duly authorized officer as of the date first set forth above. 
  

							
	 SELLER:
	  		 	
		
	 FORE STAR GOLF OF YUMA, LLC,
	  	FORE STAR GOLF OF LUBBOCK AT LAKERIDGE, LLC,
	a New Mexico limited liability company	  	a Texas limited liability company
				
	By:	 	Fore Star Golf, Inc, its sole member	  	By:	 	Fore Star Golf, Inc, its sole member
				
	By:	 	 /s/ Robert H.Williams
	  	By:	 	 /s/ Robert H.Williams

	Name:	 	Robert H. Williams	  	Name:	 	Robert H. Williams
	Title:	 	President	  	Title:	 	President

  

							
	 PREMIER GOLF ROYAL MEADOWS, LLC,
	  	PREMIER GOLF PAINTED HILLS, LLC,
	a Delaware limited liability company,	  	a Delaware limited liability company,
				
	By:	 	 /s/ Robert H.Williams
	  	By:	 	 /s/ Robert H.Williams

	Name:	 	Robert H. Williams	  	Name:	 	Robert H. Williams
	Title:	 	President	  	Title:	 	President

  

							
	 PREMIER GOLF CLEVELAND, LLC,
	  	PREMIER GOLF SOLON, LLC,
	a Delaware limited liability company,	  	a Delaware limited liability company,
				
	By:	 	 /s/ Robert H.Williams
	  	By:	 	 /s/ Robert H.Williams

	Name:	 	Robert H. Williams	  	Name:	 	Robert H. Williams
	Title:	 	President	  	Title:	 	President

  

							
		 		  	 PREMIER GOLF MANAGEMENT, INC.,
 a Delaware corporation

				
		 		  	By:	 	 /s/ Robert H.Williams

		 		  	Name:	 	Robert H. Williams
		 		  	Title:	 	President

							
		 		 	PURCHASER:
			
		 		 	CNL INCOME PARTNERS, LP, a Delaware limited partnership
				
		 		 	By:	 	CNL Income GP Corp., a Delaware corporation, its sole general partner
				
		 		 	By:	 	 /s/ Tammie A. Quinlan

		 		 	Name:	 	Tammie A. Quinlan
		 		 	Title:	 	Chief Financial Officer
			
		 		 	ESCROW AGENT:
			
		 		 	THE TALON GROUP, a division of First American Title Insurance Company
				
		 		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:Agreement of Sale and Purchase

 EXHIBIT 10.52 
 Agreement of Sale and Purchase dated as of November 16, 2006 
 among 
 Golf Course Partners, Ltd., 
 EAGL Mansfield,
L.P., 
 Evergreen Alliance Golf Limited, L.P., 
 Westbrook EAGL Parent, L.L.C. 
 and CNL Income Partners, LP 

 AGREEMENT OF SALE AND PURCHASE 
 among 
 GOLF COURSE PARTNERS, LTD., 
 a Texas limited partnership (“Lake Seller”) 
 EAGL MANSFIELD, L.P., 
 a Delaware limited partnership (“Mansfield Seller”)

 EVERGREEEN ALLIANCE GOLF LIMITED, L.P., 
 a Delaware limited partnership (“EAGL”) and 
 collectively “Seller” 
 and 
 WESTBROOK EAGL PARENT, L.L.C.,

 A Delaware limited liability company (“EAGL Parent”) 
 and 
 CNL INCOME PARTNERS, LP 
 a Delaware limited partnership 
 “Buyer” 
 with Escrow Instructions for 
 The Talon Group, a division of First American Title Insurance Company, 
 as Escrow Agent 

 Table of Contents 
  

					
	 	 	 	  	Page
	 ARTICLE 1
	 	 CERTAIN DEFINITIONS
	  	1
			
	 Section 1.1
	 	 Definitions
	  	1
			
	 Section 1.2
	 	 Rules of Construction
	  	10
			
	 ARTICLE 2
	 	 THE PROPERTY
	  	10
			
	 Section 2.1
	 	 Lake Park Golf Club
	  	10
			
	 Section 2.2
	 	 Mansfield National Golf Club
	  	12
			
	 ARTICLE 3
	 	 AGREEMENT OF PURCHASE AND SALE; PURCHASE PRICE
	  	14
			
	 Section 3.1
	 	 Agreement of Purchase and Sale
	  	14
			
	 Section 3.2
	 	 Purchase Price
	  	14
			
	 Section 3.3
	 	 Deposit
	  	14
			
	 Section 3.4
	 	 Independent Consideration
	  	15
			
	 Section 3.5
	 	 Indivisible Economic Package
	  	15
			
	 Section 3.6
	 	 Assumption of Obligations/Retained Liabilities/Assumed Liabilities
	  	15
			
	 Section 3.7
	 	 Right of First Offer
	  	16
			
	 Section 3.8
	 	 Termination of or Default Under Fund IV Asset Purchase Agreement and/or the Fund III Entity Purchase Agreement
	  	16
			
	 Section 3.9
	 	 Certain Assets to Premier
	  	16
			
	 Section 3.10
	 	 Additional EAGL Conveyances
	  	16
			
	 ARTICLE 4
	 	 BUYER’S DUE DILIGENCE/CONDITION OF THE PROPERTY
	  	17
			
	 Section 4.1
	 	 Buyer’s Inspections and Due Diligence
	  	17
			
	 Section 4.2
	 	 Delivery Period
	  	17
			
	 Section 4.3
	 	 Deliveries
	  	19
			
	 Section 4.4
	 	 Excluded Property Records
	  	19
			
	 Section 4.5
	 	 Site Visits
	  	19
			
	 Section 4.6
	 	 Due Diligence Indemnity
	  	20
			
	 Section 4.7
	 	 Confidentiality
	  	20
			
	 Section 4.8
	 	 Due Diligence Period
	  	20

  

 -i- 

					
	Section 4.9	 	Buyer’s Conditions	  	21
			
	Section 4.10	 	Consents	  	21
			
	Section 4.11	 	Inventories	  	21
			
	ARTICLE 5	 	TITLE AND SURVEY	  	22
			
	Section 5.1	 	Title to Real Property	  	22
			
	Section 5.2	 	Certain Exceptions to Title	  	22
			
	Section 5.3	 	Title Insurance	  	23
			
	Section 5.4	 	Conveyance of Real Property	  	24
			
	ARTICLE 6	 	REMEDIES AND DEPOSIT INSTRUCTIONS	  	24
			
	Section 6.1	 	Permitted Termination; Seller Default	  	24
			
	Section 6.2	 	Buyer Default; Liquidated Damages	  	25
			
	Section 6.3	 	Deposit Instructions	  	26
			
	Section 6.4	 	Designation of Reporting Person	  	26
			
	ARTICLE 7	 	REPRESENTATIONS AND WARRANTIES OF SELLER	  	27
			
	Section 7.1	 	Representations and Warranties of Seller	  	27
			
	Section 7.2	 	Representations and Warranties of EAGL Parent	  	30
			
	Section 7.3	 	Limited Liability	  	34
			
	Section 7.4	 	Knowledge	  	34
			
	Section 7.5	 	Liability of Representations and Warranties	  	34
			
	ARTICLE 8	 	REPRESENTATIONS AND WARRANTIES OF BUYER	  	35
			
	Section 8.1	 	Buyer’s Representations and Warranties	  	35
			
	Section 8.2	 	Buyer’s Independent Investigation	  	37
			
	Section 8.3	 	Buyer’s Release of Seller	  	39
			
	Section 8.4	 	Discharge	  	41
			
	ARTICLE 9	 	MAINTENANCE OF PROPERTY	  	41
			
	Section 9.1	 	Certain Interim Operating Covenants	  	41
			
	Section 9.2	 	Liquor Licenses	  	42

  

 -ii- 

					
	ARTICLE 10	 	CLOSING AND CONDITIONS	  	43
			
	Section 10.1	 	Escrow Instructions	  	43
			
	Section 10.2	 	Closing	  	43
			
	Section 10.3	 	Seller’s Closing Documents and Other Items	  	43
			
	Section 10.4	 	Buyer’s Closing Documents and Other Items	  	45
			
	Section 10.5	 	Actions at Closing	  	46
			
	Section 10.6	 	Prorations and Closing Costs	  	46
			
	Section 10.7	 	Broker	  	49
			
	Section 10.8	 	Expenses	  	49
			
	Section 10.9	 	Estoppel Certificate	  	49
			
	ARTICLE 11	 	MISCELLANEOUS	  	49
			
	Section 11.1	 	Amendment and Modification	  	49
			
	Section 11.2	 	Risk of Loss and Insurance Proceeds	  	49
			
	Section 11.3	 	Notices	  	51
			
	Section 11.4	 	Assignment	  	52
			
	Section 11.5	 	Governing Law and Consent to Jurisdiction	  	52
			
	Section 11.6	 	Counterparts	  	52
			
	Section 11.7	 	Entire Agreement	  	53
			
	Section 11.8	 	Severability	  	53
			
	Section 10.9	 	Attorney Fees	  	53
			
	Section 11.10	 	Payment of Fees and Expenses	  	53
			
	Section 11.11	 	Confidential Information	  	53
			
	Section 11.12	 	No Joint Venture	  	54
			
	Section 11.13	 	Waiver of Jury Trial	  	54
			
	Section 11.14	 	Limited Liability	  	54
			
	Section 11.15	 	Time of Essence	  	54
			
	Section 11.16	 	No Waiver	  	54
			
	Section 11.17	 	No Recordation	  	54
			
	Section 11.18	 	Tax Disclosures	  	54

  

 -iii- 

 AGREEMENT OF SALE AND PURCHASE 
 THIS AGREEMENT OF SALE AND PURCHASE (this “Agreement”), dated as of November 16, 2006, is among GOLF COURSE PARTNERS, LTD., a Texas
limited partnership (“Lake Seller”), EAGL MANSFIELD, L.P., a Delaware limited partnership (“Mansfield Seller”), EVERGREEN ALLIANCE GOLF LIMITED, L.P., a Delaware limited partnership (“EAGL”) (collectively,
“Seller”), and WESTBROOK EAGL PARENT, L.L.C., a Delaware limited liability company (“EAGL Parent”) and CNL INCOME PARTNERS, LP, a Delaware limited partnership (“Buyer”). 
 RECITALS 
 WHEREAS, Lake Seller
is the concessionaire for real property located in Lewisville, Texas, commonly known as Lake Park Golf Club (“Lake Park Golf Club”), and more particularly described in Exhibit A-1 attached hereto (the “Lake
Land”). The Lake Land is currently improved with an 18-hole daily fee golf course, clubhouse, event pavilion, maintenance building, cart barn and other improvements; and 
 WHEREAS, Mansfield Seller is the lessee for certain real property located in Mansfield, Texas, commonly known as “Mansfield National Golf Club”
(“Mansfield National Golf Club”), and more particularly described in Exhibit A-2 attached hereto (the “Mansfield Land”). The Mansfield Land is currently improved with an 18-hole daily fee golf course,
clubhouse, events facility, maintenance building, cart barn and other improvements; 
 WHEREAS, EAGL is the owner of (i) one hundred
percent (100%) of the limited liability company interest (the “Cowboys GP Interest”) in Grapevine Golf, L.L.C. (the “Cowboys GP”), which owns a one-tenth percent (.1%) partnership interests in Grapevine Golf
Club, L.P., and (ii) a 47.4 % limited partnership interest in Grapevine Golf Club, L.P. (the “Cowboys LP Interest” and collectively with the Cowboys GP Interest, the “Cowboys Ownership Interests”).

 WHEREAS, Seller desires to sell and assign the Property (as defined herein) and the Cowboys Ownership Interests to Buyer, and Buyer
desires to purchase the Property and the Cowboys Ownership Interests from Seller, all upon and subject to the terms and conditions set forth below. 
 NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
 ARTICLE 1 - CERTAIN DEFINITIONS 
 Section 1.1 Definitions. The parties hereby agree that the following terms shall have the meanings hereinafter set forth, such definitions to be applicable equally to the singular and plural forms, and to the masculine and feminine
forms, of such terms: 
  

 - 1 - 

 1.1.1 “Affiliate” shall mean the any person or entity that
directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with Buyer or Seller, as the case may be. For the purposes of this definition, “control” means the possession, direct or
indirect, of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have
the meanings correlative to the foregoing. 
 1.1.2 “Applicable Laws” shall mean (i) all
statutes, laws, common law, rules, regulations, ordinances, codes or other legal requirements of any Governmental Entity, stock exchange, board of fire underwriters and similar quasi-governmental authority, and (ii) any judgment, injunction,
order or other similar requirement of any court or other adjudicatory authority, in effect at the time in question and in each case to the extent the Person or property in question is subject to the same. 
 1.1.3 “Army Corps Lease” shall mean that certain document listed on Schedule 1.1.3. 

1.1.4 “Assignment and Assumption of Cowboys GP Interest” shall have the meaning ascribed in
Section 10.3.8. 
 1.1.5 “Assignment and Assumption of Cowboys LP Interest” shall have the
meaning ascribed in Section 10.3.9. 
 1.1.6 “Assignment and Assumption of Lake Concession
Agreement” shall have the meaning ascribed in Section 10.3.1. 
 1.1.7 Intentionally Omitted.

 1.1.8 “Assignment and Assumption of Mansfield Lease Agreement” shall have the meaning ascribed in
Section 10.3.2. 
 1.1.9 “Assignments and Assumptions of Contracts” shall have the meaning
ascribed in Section 10.3.5. 
 1.1.10 “Bankruptcy Code” shall have the meaning ascribed in
Section 7.1(h). 
 1.1.11 “Bill of Sale and Assignment Agreements” shall have the meaning
ascribed in Section 10.3.4. 
 1.1.12 “Broker” shall mean Secured Capital LLC. 

1.1.13 “Broker’s Commission” shall have the meaning ascribed in Section 10.7. 
 1.1.14 “BSA” shall have the meaning ascribed in Section 8.1(f). 
  

 - 2 - 

 1.1.15 “Business Days” or “business days” shall
mean Monday-Friday, unless a nationally recognized banking holiday. 
 1.1.16 “Buyer’s Indemnity”
shall have the meaning ascribed in Section 3.6.2. 
 1.1.17 “Close Associate” shall have
the meaning ascribed in Section 8.1(h). 
 1.1.18 “Closing” shall have the meaning
ascribed in Section 10.2. 
 1.1.19 “Closing Date” shall mean the date set forth in
Section 10.2. 
 1.1.20 “Closing Statements” shall have the meaning ascribed in
Section 10.6.2. 
 1.1.21 “Code” shall have the meaning ascribed in
Section 6.4. 
 1.1.22 “Contracts” shall mean: (a) the leases, contracts and other
agreements pertaining to the ownership, operation, management, maintenance and use with respect to Lake Park Golf Club (the “Lake Contracts”), including without limitation, (i) those set forth in Schedule
1.1.22(a), and (ii) the tournament, banquet, meeting and other advance bookings to be held at the Lake Park Golf Club on or after the Closing Date listed in Schedule 1.1.22(a)(i), and (b) the leases, contracts and
other agreements pertaining to the ownership, operation, management, maintenance and use with respect to Mansfield National Golf Club (the “Mansfield Contracts”), including without limitation, (i) those set forth in
Schedule 1.1.22(b), and (ii) the tournament, banquet, meeting and other advance bookings to be held at the Mansfield National Golf Club on or after the Closing Date listed in Schedule 1.1.22(b)(i). Contracts shall
additionally be deemed to include EAGL cards, annual or other periodic passes, membership agreements, discount programs, trade out agreements and similar agreements (collectively, “Golf Play Agreements”) including, without
limitation, those set forth on Schedule 1.1.22(c), and contracts entered into pursuant to Section 9.1. 
 1.1.23 “Cowboys Contracts” (a) the leases, contracts and other agreements pertaining to the ownership, operation, management, maintenance and use with respect to Cowboys Golf Club,
including without limitation, (i) those set forth in Schedule 1.1.23(a), and (ii) the tournament, banquet, meeting and other advance bookings to be held at Cowboys Golf Club on or after the Closing Date listed in
Schedule 1.1.23(a)(i). 
 1.1.24 “Cowboys Golf Club” shall mean that certain property
located in Grapevine, Texas commonly known as Cowboys Golf Club. 
 1.1.25 “Cowboys GP” shall have the
meaning set forth in the Recitals. 
 1.1.26 “Cowboys GP Interest” shall mean the meaning set forth in
the Recitals. 
 1.1.27 “Cowboys LP Interest” shall have the meaning set forth in the Recitals.

  

 - 3 - 

 1.1.28 “Cowboys Partnership” shall mean Grapevine Golf Club, L.P.

 1.1.29 “Cowboys Ownership Interests” shall have the meaning set forth in the Recitals. 

1.1.30 “Days” or “days” shall mean calendar days. 
 1.1.31 “Deposit” shall have the meaning ascribed in Section 3.3. 
 1.1.32 “Disclosure Items” shall have the meaning ascribed in Section 7.1. 
 1.1.33 “Due Diligence” shall have the meaning ascribed in Section 4.1. 
 1.1.34 “Due Diligence Items” shall have the meaning ascribed in Section 4.2. 
 1.1.35 “Due Diligence Period” shall mean the time period provided for in Section 4.1 of this
Agreement. 
 1.1.36 “EAGL” shall mean Evergreen Alliance Golf Limited, L.P., a Delaware limited
partnership. 
 1.1.37 “EAGL Parent” shall mean Westbrook EAGL Parent, L.L.C., a Delaware limited
liability company. 
 1.1.38 “Effluent Discharge Rights” shall mean the Lake Effluent Discharge Rights
and Mansfield Effluent Discharge Rights. 
 1.1.39 “Effective Date” shall mean November 16, 2006,
2006. 
 1.1.40 “Environmental Claims” shall mean all claims for reimbursement, remediation,
abatement, removal, clean up, contribution, personal injury, property damage or damage to natural resources made by any Governmental Entity or other Person arising from or in connection with the (i) presence or actual or potential spill, leak,
emission, discharge or release of any Hazardous Substances over, on, in, under or from the Real Property, or (ii) violation of any Environmental Laws with respect to the Real Property or any portion thereof. 
 1.1.41 “Environmental Laws” means all federal, state and local environmental laws, rules, statutes, directives,
binding written interpretations, binding written policies, ordinances and regulations issued by any Governmental Entity and in effect as of the date of this Agreement with respect to or which otherwise pertain to or affect the Land or the
Improvements, or any portion thereof, the use, ownership, occupancy or operation of the Land or the Improvements, or any portion thereof, or any owner of the Land, and as same have been amended, modified or supplemented from time to time prior to
the date of this Agreement, including but not limited to the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (42 U.S.C. § 9601 et seq.), the Hazardous Substances Transportation Act (49 U.S.C. § 1802
et seq.), the Resource Conservation and Recovery Act (42 U.S.C. § 6901 et seq.), the 

  

 - 4 - 

 
Water Pollution Control Act (33 U.S.C. § 1251 et seq.), the Safe Drinking Water Act (42 U.S.C. § 300f et seq.), the Clean Air Act (42
U.S.C. § 7401 et seq.), the Solid Waste Disposal Act (42 U.S.C. § 6901 et seq.), the Toxic Substances Control Act (15 U.S.C. § 2601 et seq.), the Emergency Planning and Community Right-to-Know Act of 1986 (42 U.S.C.
§ 11001 et seq.), the Radon and Indoor Air Quality Research Act (42 U.S.C. § 7401 note, et seq.), the Superfund Amendment Reauthorization Act of 1986 (42 U.S.C. § 9601 et seq.), comparable state and local laws, and any
and all rules and regulations which have become effective prior to the date of this Agreement under any and all of the aforementioned laws. 
 1.1.42 “Escrow Agent” shall mean The Talon Group, a division of First American Title Insurance Company, Attention: Michael Moore. 
 1.1.43 “Excluded EAGL Entities and Interests” shall mean (i) Excluded Property Records with regard to EAGL
and (ii) Golf Course Partners, Ltd., EAGL Mansfield, L.P., EAGL Mansfield GP, LLC, EAGL Tregaron, L.P., EAGL Tregaron GP, LLC, Golf Beverages, Inc., EAGL Acquisition Holdings, L.P. and EAGL Acquisition GP, LLC (collectively, the
“Excluded Entities”). 
 1.1.44 “Excluded Property” shall mean (i) Seller’s
Excluded Property Records (but copies of all such non-proprietary books and records needed by Buyer in connection with its post-Closing operations of the Property will be provided to Buyer, (ii) Seller’s cash (whether held by Seller or
Seller’s Affiliates), (iii) Seller’s utility deposits, (iv) Seller’s certificates of deposit, (v) Seller’s name(s) and logo(s), but not the Marks and Logos (vi) all product and service warranties and
guaranties to the extent relating to the period on or before the Closing, (vii) all rights and benefits under the Contracts to the extent relating to the period on or before the Closing, and (viii) other items described on Schedule
1.1.44 attached hereto. 
 1.1.45 “Excluded Property Records” shall have the meaning ascribed
in Section 4.4. 
 1.1.46 “Existing Surveys” shall mean those certain existing surveys of
the Land and Improvements more particularly described on Exhibit C attached hereto. 
 1.1.47
“Fund IV Asset Purchase Agreement” shall mean that certain Agreement of Purchase and Sale between Buyer and FUND IV EAGL CANYON SPRINGS, L.P.; EAGL FUND IV CANYON SPRINGS LESSEE, L.P.; FUND IV EAGL CINCO RANCH, L.P.; EAGL FUND IV
CINCO RANCH LESSEE, L.P.; FUND IV EAGL FOSSIL CREEK, L.P.; EAGL FUND IV FOSSIL CREEK LESSEE, L.P.; FUND IV EAGL PLANTATION, L.P.; EAGL FUND IV PLANTATION RESORT LESSEE, L.P.; FUND IV EAGL CLEAR CREEK, L.P. and EAGL FUND IV CLEAR CREEK LESSEE, L.P.

 1.1.48 “Fund III Entity Purchase Agreement” shall mean that certain Agreement of Sale and Purchase
(Limited Liability Company Interests) between Premier and Westbrook EAGL Parent and EAGL GP, L.L.C. 
  

 - 5 - 

 1.1.49 “Golf Clubs” shall mean collectively, Lake Park Golf Club
and Mansfield National Golf Club. 
 1.1.50 “Goods and Inventory” shall mean the Lake Goods and
Inventory and the Mansfield Goods and Inventory. 
 1.1.51 “Governmental Entity” means the various
governmental and quasi- governmental bodies or agencies having jurisdiction over Seller, the Real Property or any portion thereof. 
 1.1.52 “Hazardous Materials” means any pollutants, contaminants, hazardous or toxic substances, materials or wastes (including petroleum, petroleum by-products, radon, asbestos and asbestos containing materials,
polychlorinated biphenyls (“PCBs”), PCB-containing equipment, radioactive elements, infectious agents, and urea formaldehyde), as such terms are used in any Environmental Laws (excluding solvents, cleaning fluids and other lawful
substances stored and used in the ordinary operation and maintenance of the Land. 
 1.1.53 “Immediate Family
Member” shall have the meaning ascribed in Section 8.1(h). 
 1.1.54
“Improvements” shall mean the Lake Improvements and the Mansfield Improvements. 
 1.1.55
“Independent Consideration” shall have the meaning ascribed in Section 3.4. 
 1.1.56
“Intangible Personal Property” shall mean the Lake Intangible Personal Property and the Mansfield Intangible Personal Property. 
 1.1.57 “Interim Liquor Management Agreement” shall have the meaning ascribed in Section 9.2.3. 
 1.1.58 “Lake Contracts” shall have the meaning ascribed in Section 1.1.22. 
 1.1.59 “Lake Effluent Discharge Rights” shall have the meaning ascribed in Section 2.1.5. 

1.1.60 “Lake Goods and Inventory” shall have the meaning ascribed in Section 2.1.3(b). 

1.1.61 “Lake Intangible Personal Property” shall have the meaning ascribed in Section 2.1.4.

 1.1.62 “Lake Land” shall have the meaning ascribed in the Recitals. 
 1.1.63 “Lake Concession Agreement” shall have the meaning ascribed in Section 2.1.1. 
  

 - 6 - 

 1.1.64 “Lake Personal Property” shall mean the Lake Tangible
Personal Property and the Lake Intangible Personal Property. 
 1.1.65 “Lake Property” shall have the
meaning ascribed in Section 2.1. 
 1.1.66 “Lake Park Golf Club” shall have the meaning
ascribed in the Recitals. 
 1.1.67 “Lake Seller” shall have the meaning ascribed in the Recitals.

 1.1.68 “Lake Tangible Personal Property” shall have the meaning ascribed in
Section 2.1.3. 
 1.1.69 “Lake Water Rights” shall have the meaning ascribed in
Section 2.1.2. 
 1.1.70 “Land” shall mean the Lake Land and the Mansfield Land.

 1.1.71 “Liability” shall mean any liability, obligation, damage, loss, diminution in value, cost or
expense of any kind or nature whatsoever, whether accrued or unaccrued, actual or contingent, known or unknown, foreseen or unforeseen and “Liabilities” has a corresponding meaning. 
 1.1.72 “Licensee Parties” shall mean those authorized agents, contractors, consultants and representatives of
Buyer who shall inspect, investigate, test or evaluate the Property on behalf of Buyer in accordance with this Agreement. 
 1.1.73 “Licenses and Permits” shall have the meaning ascribed in Section 4.2(a). 
 1.1.74 “Mansfield Contracts” shall have the meaning ascribed in Section 1.1.22. 
 1.1.75 Intentionally Omitted. 
 1.1.76 “Mansfield Effluent Discharge Rights” shall
have the meaning ascribed in Section 2.2.5. 
 1.1.77 “Mansfield Goods and Inventory”
shall have the meaning ascribed in Section 2.2.3(b). 
 1.1.78 “Mansfield Intangible Personal
Property” shall have the meaning ascribed in Section 2.2.4. 
 1.1.79 “Mansfield
Land” shall have the meaning ascribed in the Recitals. 
 1.1.80 “Mansfield Lease Agreement”
shall have the meaning ascribed in Section 2.2.1. 
  

 - 7 - 

 1.1.81 “Mansfield Personal Property” shall mean the Mansfield
Tangible Personal Property and the Mansfield Intangible Personal Property. 
 1.1.82 “Mansfield Property”
shall have the meaning ascribed in Section 2.2. 
 1.1.83 “Mansfield National Golf Club”
shall have the meaning ascribed in the Recitals. 
 1.1.84 “Mansfield Seller” shall have the
meaning ascribed in the Recitals. 
 1.1.85 “Mansfield Tangible Personal Property” shall have the
meaning ascribed in Section 2.2.3. 
 1.1.86 “Mansfield Water Rights” shall have the
meaning ascribed in Section 2.2.2. 
 1.1.87 “Marks and Logos” shall mean the Lake Marks
and Logos and the Mansfield Marks and Logos. 
 1.1.88 “OFAC” shall mean the Office of Foreign Assets
Control of the United States Department of the Treasury. 
 1.1.89 “OFAC List” shall mean any list of
prohibited countries, individuals, organizations and entities that is administered or maintained by OFAC, including: (i) Section 1(b), (c) or (d) of Executive Order No. 13224 (September 23, 2001) issued by the President of
the United States (Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), any related enabling legislation or any other similar executive orders, (ii) the List of
Specially Designated Nationals and Blocked Persons maintained by OFAC, and/or on any other similar list maintained by OFAC pursuant to any authorizing statute, executive order or regulation, or (iii) a “Designated National” as defined
in the Cuban Assets Control Regulations, 31 C.F.R. Part 515. 
 1.1.90 “Ordinary Course of Business”
shall mean the ordinary course of business consistent with the Seller’s past custom and practice for the Property, taking into account the facts and circumstances in existence from time to time. 
 1.1.91 “Patriot Act” shall have the meaning ascribed in Section 8.1(f). 
 1.1.92 “Permitted Encumbrances” shall have the meaning ascribed in Section 5.2. 
 1.1.93 “Permitted Outside Parties” shall have the meaning ascribed in Section 4.7. 
 1.1.94 “Person” shall mean any natural person, firm, corporation, general or limited partnership, limited
liability company, association, joint venture, trust, estate, Governmental Entity or other legal entity, in each case whether in its own or a representative capacity. 
  

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 1.1.95 “Personal Property” shall mean the Tangible Personal
Property and the Intangible Personal Property. 
 1.1.96 “Premier” shall mean Premier Golf Management,
Inc. 
 1.1.97 “Property” shall have the meaning ascribed in Article 2. 
 1.1.98 “Property Manager” shall mean EAGL. 
 1.1.99 “Property Seller” shall mean Lake Seller and Mansfield Seller. 
 1.1.100 “Proration Items” shall have the meaning ascribed in Section 10.6.1. 
 1.1.101 “Proration Time” shall have the meaning ascribed in Section 10.6.1. 
 1.1.102 “Purchase Price” shall have the meaning ascribed in Section 3.2. 
 1.1.103 “Real Property” shall mean the Lake Real Property and the Mansfield Real Property. 
 1.1.104 “Reporting Person” shall have the meaning ascribed in Section 6.4(a). 
 1.1.105 “Seller’s Indemnity” shall have the meaning ascribed in Section 3.6.1. 
 1.1.106 “Seller’s Receivables” shall have the meaning ascribed in Section 10.6.1(g). 

1.1.107 “Property Seller’s Knowledge” shall have the meaning ascribed in Section 7.3.

 1.1.108 “Senior Foreign Political Figure” shall have the meaning ascribed in
Section 8.1(h). 
 1.1.109 “Survey” shall have the meaning ascribed in
Section 5.1. 
 1.1.110 “Survey Defects” shall have the meaning ascribed in
Section 5.1. 
 1.1.111 “Tangible Personal Property” shall mean the Lake Tangible Personal
Property and the Mansfield Tangible Personal Property. 
 1.1.112 “Taxes” shall mean any federal,
state, local or foreign, personal property, sales, use, excise or similar taxes, assessments, levies, charges or fees imposed by any Governmental Entity on the Seller with respect to the Property or the operation of the Golf Clubs including, without
limitation, any interest, penalty or fine with respect thereto, but expressly excluding any (i) federal, state, local or foreign income, capital gain, gross receipts, capital stock, franchise, profits, estate, gift or generation skipping tax,
or (ii) transfer, documentary stamp, recording or similar tax, levy, charge or fee incurred with respect to the transactions described in this Agreement. 
  

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 1.1.113 “Third Party Estoppels” shall have the meaning ascribed
in Section 10.9. 
 1.1.114 “Title Commitments” shall have the meaning ascribed in
Section 5.1. 
 1.1.115 “Title Company” shall mean The Talon Group, a division of First
American Title Insurance Company, Attention: Michael Moore. 
 1.1.116 “Title Documents” shall have
the meaning ascribed in Section 5.1. 
 1.1.117 “Title Exceptions” shall have the meaning
ascribed in Section 5.2. 
 1.1.118 “Title Notice” shall have the meaning ascribed in
Section 5.2. 
 1.1.119 “Title Objections” shall have the meaning ascribed in
Section 5.2. 
 1.1.120 “Title Policies” shall have the meaning ascribed in
Section 5.3. 
 1.1.121 “Unpermitted Title Exceptions” shall have the meaning ascribed in
Section 5.2. 
 1.1.122 “Water Rights” shall mean the Lake Water Rights and the Mansfield
Water Rights. 
 Section 1.2 Rules of Construction. Article and Section captions used in this Agreement are for
convenience only and shall not affect the construction of this Agreement. All references to “Article” or “Sections” without reference to a document other than this Agreement, are intended to designate articles and sections of
this Agreement, and the words “herein,” “hereof,” “hereunder,” and other words of similar import refer to this Agreement as a whole and not to any particular Article or Section, unless specifically designated otherwise.
The use of the term “including” shall mean in all cases “including but not limited to,” unless specifically designated otherwise. No rules of construction against the drafter of this Agreement shall apply in any interpretation or
enforcement of this Agreement, any documents or certificates executed pursuant hereto, or any provisions of any of the foregoing. 
 ARTICLE 2 – THE PROPERTY 
 The property to be purchased and sold pursuant to this Agreement is (i) the Cowboys
Ownership interests, and (ii) all of the following property (the property listed in Sections 2.1 and 2.2 is collectively the “Property”),: 
 Section 2.1 Lake Park Golf Club. The following property described in this Section 2.5 which is collectively referred to herein
as the “Lake Property.” 
  

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 2.1.1 Concession Agreement. Lake Seller’s right, title and interest as
concessionaire under the Lake Concession Agreement. As used herein, the term “Lake Concession Agreement” shall mean the documents listed on Schedule 2.1.1. 
 2.1.2 Buildings and Other Improvements/Fixtures. All of Seller’s right, title and interest in existing buildings, structures
and other improvements located upon the Lake Land, including: a clubhouse building, a maintenance facility, an 18-hole golf course, landscaping, irrigation system, parking facilities, and all other improvements located on the Lake Land (collectively
the “Lake Improvements”) and all fixtures attached to and forming a part of the Lake Land, other than those which constitute Lake Improvements (collectively, the “Lake Fixtures”); provided, however, Seller’s
right, title and interest in the Lake Improvements and Lake Fixtures are subject to the provisions of the Lake Concession Agreement and the Army Corps Lease and the rights and interests of the City of Lewisville, Texas and the Army Corps of
Engineers. 
 2.1.3 Water Rights. All right, title and interest of Lake Seller in and to all water rights,
appropriative rights, water allocations and water stock associated with irrigating and/or draining Lake Park Golf Club, including, without limitation, under the Lake Water Documents, to the extent the same are assignable (collectively, the
“Lake Water Rights”). 
 2.1.4 Tangible Personal Property. All tangible personal property owned by
Lake Seller located on or used solely in the operation, maintenance, repair or ownership of the Lake Park Golf Club, including, without limitation, the following to the extent owned by Lake Seller and located on and used in the operation,
maintenance, repair, or ownership of the Lake Land (collectively referred to herein as the “Lake Tangible Personal Property”; provided, however, that the Lake Personal Property shall not include any Excluded Property): 

(a) All furniture, furnishings, machinery, tools, repair parts, goods, supplies, televisions, communications equipment, kitchen
utensils, linen, glassware, china, appliances, gasoline and lubricants, fertilizer, seed, sand, chemicals, irrigation parts and supplies; and 
 (b) All food and beverage items (excluding liquor, wine and beer), consumable supplies and inventories of every kind of nature and all professional shop merchandise, goods and inventory (the “Lake Goods and
Inventory”) and further including the personal property described in Exhibit B-1. 
 2.1.5
Intangible Personal Property. To the extent transferable, all of Lake Seller’s right, title and interest in the intangible personal property appurtenant to the ownership, operation and use of Lake Park Golf Club including, without
limitation, Lake Seller’s right, title and interest in the following to the extent transferable and appurtenant to the ownership, operation and use of Lake Park Golf Club (collectively referred to herein as the “Lake Intangible Personal
Property”; provided however, that the Lake Intangible Personal Property shall not include any Excluded Property): 
  

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 (a) All Lake Licenses and Permits; 
 (b) All plans and specifications, blue prints, architectural plans, golf course designs, engineering drawings and similar items;

 (c) All surveys, topographical surveys and environmental and soils reports; 
 (d) All software licenses, telephone number listings in directories, customer files, guest lists, credit records, labels, promotional
literature and security codes. 
 (e) All proprietary rights Lake Seller may have with respect to the use of the name
“Lake Park Golf Club” and any variations thereof, including course-specific, stand-alone internet sites and domain names; 
 (f) Tradenames, trademarks, service marks, and logos with respect to the name “Lake Park Golf Club” and “Lake Park Executive Course” (the “Lake Marks and Logos”); 
 (g) The Lake Contracts; and 
 (h) All product and service warranties and guaranties to the extent relating to the period after Closing. 
 2.1.6 Effluent Discharge Rights. All right, title and interest of Seller, if any, in all rights to discharge effluent to a water of a State or the United States in connection with the operation of the Lake Park
Golf Club (the “Lake Effluent Discharge Rights”). 
 2.1.7 Appurtenances. All right, title and
interest of Lake Seller, if any, in and to all appurtenances, hereditaments, easements, reversionary rights, and all other rights, privileges and entitlements belonging to or running with the Lake Land (collectively the “Lake
Appurtenances”). 
 Section 2.2 Mansfield National Golf Club. The following property described in this
Section 2.5 which is collectively referred to herein as the “Mansfield Property.” 
 2.2.1
Lease Agreement. Mansfield Seller’s right, title and interest as lessee under the Mansfield Lease Agreement. As used herein, the term “Mansfield Lease Agreement” shall mean the documents listed on
Schedule 2.2.1. 
 2.2.2 Buildings and Other Improvements/Fixtures. All of Seller’s right,
title and interest in existing buildings, structures and other improvements located upon the Mansfield Land, including: a clubhouse building, a maintenance facility, an 18-hole golf course, landscaping, irrigation system, parking facilities, and all
other improvements located on the Mansfield Land (collectively the “Mansfield Improvements”) and all fixtures attached to and forming a part of the Mansfield Land, other than those which constitute Mansfield Improvements
(collectively, the “Mansfield Fixtures”); provided, however, that all of Seller’s right, title and interest in the Mansfield Improvements and Mansfield Fixtures are subject to the provisions of the Mansfield Lease Agreement and
the rights and interests of the City of Mansfield, Texas and the Mansfield Park Facilities Development Corporation. 
  

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 2.2.3 Water Rights. All right, title and interest of Mansfield Seller in
and to all water rights, appropriative rights, water allocations and water stock associated with irrigating and/or draining Mansfield National Golf Club, including, without limitation, under the Mansfield Water Documents, to the extent the same are
assignable (collectively, the “Mansfield Water Rights”). 
 2.2.4 Tangible Personal Property.
All tangible personal property owned by Mansfield Seller located on or used solely in the operation, maintenance, repair or ownership of the Mansfield National Golf Club, including, without limitation, the following to the extent owned by
Mansfield Seller and located on and used in the operation, maintenance, repair, or ownership of the Mansfield Land (collectively referred to herein as the “Mansfield Tangible Personal Property”; provided, however, that the Mansfield
Personal Property shall not include any Excluded Property): 
 (a) All furniture, furnishings, machinery, tools, repair parts,
goods, supplies, televisions, communications equipment, kitchen utensils, linen, glassware, china, appliances, gasoline and lubricants, fertilizer, seed, sand, chemicals, irrigation parts and supplies; and 
 (b) All food and beverage items (excluding liquor, wine and beer), consumable supplies and inventories of every kind of nature and all
professional shop merchandise, goods and inventory (the “Mansfield Goods and Inventory”) and further including the personal property described in Exhibit B-2. 
 2.2.5 Intangible Personal Property. To the extent transferable, all of Mansfield Seller’s right, title and interest in
the intangible personal property appurtenant to the ownership, operation and use of Mansfield National Golf Club including, without limitation, Mansfield Seller’s right, title and interest in the following to the extent transferable and
appurtenant to the ownership, operation and use of Mansfield National Golf Club (collectively referred to herein as the “Mansfield Intangible Personal Property”; provided however, that the Mansfield Intangible Personal Property
shall not include any Excluded Property): 
 (a) All Mansfield Licenses and Permits; 
 (b) All plans and specifications, blue prints, architectural plans, golf course designs, engineering drawings and similar items;

 (c) All surveys, topographical surveys and environmental and soils reports; 
 (d) All software licenses, telephone number listings in directories, customer files, guest lists, credit records, labels, promotional
literature and security codes. 
  

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 (e) All proprietary rights Mansfield Seller may have with respect to the use of the name
“Mansfield National Golf Club” and any variations thereof, including course-specific, stand-alone internet sites and domain names; 
 (f) Tradenames, trademarks, service marks, and logos with respect to the name “Mansfield National Golf Club” (the “Mansfield Marks and Logos”) and any rights under any licenses held by
Seller with regard to the Mansfield Marks and Logos; 
 (g) The Mansfield Contracts; and 
 (h) All product and service warranties and guaranties to the extent relating to the period after Closing. 
 2.2.6 Effluent Discharge Rights. All right, title and interest of Seller, if any, in all rights to discharge effluent to a water of
a State or the United States in connection with the operation of the Mansfield National Golf Club (the “Mansfield Effluent Discharge Rights”). 
 2.2.7 Appurtenances. All right, title and interest of Mansfield Seller, if any, in and to all appurtenances, hereditaments, easements, reversionary rights, and all other rights, privileges and
entitlements belonging to or running with the Mansfield Land (collectively the “Mansfield Appurtenances”). 
 ARTICLE 3 -
AGREEMENT OF PURCHASE AND SALE; PURCHASE PRICE 
 Section 3.1 Agreement of Purchase and Sale. Seller agrees to sell,
transfer, assign and convey to Buyer, and Buyer agrees to purchase, accept and assume subject to the terms and conditions stated herein, all of Seller’s right, title and interest in and to the Property and the Cowboys Ownership Interests.

 Section 3.2 Purchase Price. Buyer shall pay Seller the purchase price of TWENTY FOUR MILLION SIX HUNDRED FIFTY-FOUR THOUSAND
and NO/100 Dollars ($24,654,000.00), as adjusted by the Proration Items in Section 10.6 (“Purchase Price”) at Closing. The Purchase Price and such other funds as may be necessary to pay Buyer’s expenses hereunder, subject
to closing adjustments, shall be deposited with the Escrow Agent on or before the Closing Date in accordance with this Agreement and shall be paid to Seller in accordance with Article 10 hereof. 
 Section 3.3 Deposit. Within three (3) business days after this Agreement is executed by Buyer and Seller, Buyer shall deposit
via wire transfer the sum of ONE MILLION NINE HUNDRED NINETY-NINE THOUSAND NINE HUNDRED and NO/100 Dollars ($1,999,900.00) in immediately available funds as a deposit (the “Deposit”) with Escrow Agent whose address is as indicated
in Section 11.3. The Deposit shall be non-refundable except as provided in Sections 3.8, 4.8, 4.10, 5.2, 6.1, 7.2 and 11.2 and shall be held and delivered by Escrow Agent in accordance with the provisions of Article 6.
Interest earned on the Deposit shall be considered part of the Deposit and shall be deemed to have been earned by, and constitute income of, Buyer. Except as otherwise expressly set forth herein, the Deposit shall be applied against the Purchase
Price on the Closing Date. 
  

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 Section 3.4 Independent Consideration. Contemporaneously with the execution and
delivery of this Agreement, Buyer has paid to Seller as further consideration for this Agreement, in cash, the sum of One Hundred Dollars ($100.00) (the “Independent Consideration”), in addition to the Deposit and the Purchase Price
and independent of any other consideration provided hereunder, which Independent Consideration is fully earned by Seller and is non-refundable under any circumstances. 
 Section 3.5 Indivisible Economic Package. Buyer has no right to purchase, and Seller has no obligation to sell, less than all of the Property, it being the express agreement and understanding of Buyer
and Seller that, as a material inducement to Seller and Buyer to enter into this Agreement, Buyer has agreed to purchase, and Seller has agreed to sell, all of the Property, subject to and in accordance with the terms and conditions hereof.

 Section 3.6 Assumption of Obligations/Retained Liabilities/Assumed Liabilities. 
 Section 3.6.1 Retained Liabilities. At Closing, the Seller shall retain all Liabilities for, and the Buyer shall not have any
Liability concerning, (i) any Liabilities under the Contracts, the Lake Concession Agreement, the Mansfield Lease Agreement, Intangible Personal Property, Water Rights, Effluent Discharge Rights, Licenses and Permits and Permitted Exceptions
which have arisen or accrued and pertain to the period prior to the Closing Date, including, without limitation, the Liability for the payment of any amounts due and payable or accrued but not yet due or payable prior to the Closing Date under the
Contracts, and Licenses and Permits, except to the extent the Buyer receives a credit for such Liabilities under Section 10.6 (in which case Buyer would assume such Liability or Liabilities, only to the extent of such credit),
(ii) the payment of all Taxes and ad valorem or property taxes due and payable or accrued but not yet paid prior to the Closing Date, except to the extent the Buyer has received a credit for such Taxes and ad valorem or property taxes under
Section 10.6 (in which case Buyer would assume such Liability or Liabilities, only to the extent of such credit), (iii) any claim for personal injury to a Person or to a Person’s property (but not to the Property) which is
based on any event which occurred at the Real Property prior to the Closing Date and (iv) Liabilities related to breaches of the representations and warranties contained in Sections 7.1 and 7.2 (collectively, the “Retained
Liabilities”); provided, however, with the express exception of clause (iv) above, the Retained Liabilities shall not in any manner include matters related to the physical, environmental or legal compliance of the Property. Seller
hereby indemnifies, saves, pays, insures and holds Buyer harmless from and against all Liabilities (including, but not limited to, reasonable attorneys’ fees and expenses) asserted against or incurred by Buyer and arising out of the Retained
Liabilities, which shall include, without limitation the pending sales tax audit disclosed on Schedule 7.1(j) (the “Seller’s Indemnity”); provided, however, the Seller’s Indemnity with respect to clause
(iv) above shall be limited by the threshold and limits on liability set forth in Section 7.3 and the Seller’s Indemnity with respect to clause (iv) above for representations and warranties under Section 7.2 shall be
the obligation of EAGL Parent and not Seller. 
 Section 3.6.2 Assumed Liabilities. At Closing, the Buyer
shall assume and the Seller shall not have any Liability concerning (i) all Liabilities under the Contracts, the 
  

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Lake Concession Agreement, Mansfield Lease Agreement, Intangible Personal Property, Water Rights, Effluent Discharge Rights, Licenses and Permits and
Permitted Encumbrances for the period on and after the Closing Date, (ii) the payment of Taxes and ad valorem or property taxes for the period on or after the Closing Date, (iii) all obligations and Liabilities pursuant to any items
disclosed by Seller pursuant to Article 7, except for the matters described in Schedule 7.1(d) and 7.1(j) (which exception includes, without limitation, the pending sales tax audit disclosed on Schedule 7.1
[j]) and (iv) all obligations and Liabilities related to the physical, environmental and legal compliance condition of the Property, regardless of whether such obligations or Liabilities arise before, on or after the Closing Date (collectively,
the “Assumed Liabilities”). Buyer hereby indemnifies, saves, pays, insures and holds Seller harmless from and against all Liabilities (including, but not limited to, reasonable attorneys’ fees and expenses) asserted against or
incurred by Seller and arising out of the Assumed Liabilities or the failure of Buyer to perform its obligations under this Section 3.6.2 (the “Buyer’s Indemnity”). 
 The rights and obligations of the Seller, EAGL Parent and Buyer under this Section 3.6 shall survive the Closing. 
 Section 3.7 Right of First Purchase. Intentionally Omitted. 
 Section 3.8 Termination of or default under Fund IV Asset Purchase Agreement, and/or the Fund III Entity Purchase Agreement. In the event that Buyer or Premier, as applicable, (i) fails to execute
the Fund III Entity Purchase Agreement and the Fund IV Asset Purchase Agreement on or before the expiration of ten (10) days following the Effective Date, or (ii) for any reason, terminates or is in default under any of the Fund III Entity
Purchase Agreement or the Fund IV Asset Purchase Agreement, Seller may, in its sole discretion, elect to terminate this Agreement within seven (7) Business Days of such termination or default (whichever is later), and upon such termination by
Seller, the Deposit shall be returned to Buyer and neither party shall have any further rights or obligations hereunder except as provided in Sections 4.5, 4.6, 4.7, 10.7 and 11.11; provided, however, Seller hereby agrees that upon a
termination of the Fund III Entity Purchase Agreement by Seller due to a default by Premier thereunder, Buyer, or an Affiliate of Buyer, or any third party designated by Buyer, may assume Premier’s rights and obligations thereunder, and Seller
hereby consents to same. In the event that the seller defaults in its closing obligations under the Fund III Entity Purchase Agreement, which default results in a termination of the Fund III Entity Purchase Agreement by Premier, such default shall
be a Material Default hereunder and Buyer may, in its sole discretion, elect to terminate this Agreement and upon such termination, Buyer shall have all rights and remedies available to Buyer for a Material Default as provided under
Section 6.1 hereof. 
 Section 3.9 Certain Assets To Premier. Buyer may elect, at its sole discretion, to have any
portion of the Property conveyed or assigned, as applicable, to Premier, or its permitted assignee, by providing written notice to Seller at least three (3) days prior to the Closing Date. 
 Section 3.10 Additional EAGL Conveyances. In addition to transfer of the Cowboys Ownership Interests as described herein, EAGL agrees to
convey or assign to Buyer certain assets owned by or agreements entered into by EAGL to be identified by Buyer at least five (5)

  

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days prior to the Closing Date (the “EAGL Assets/Contracts”); provided, however, the EAGL Assets/Contracts may not include the Excluded EAGL
Entities and Interests or any assets of or agreements entered into by the Excluded Entities. The EAGL Assets/Contracts shall be conveyed or assigned, as applicable, by EAGL and accepted or assumed, as applicable, by Buyer, at the Closing in
accordance with Article 10 with the conveyance documents to be in substantially the same form as the Bill of Sale and Assignment Agreement and the Assignment and Assumption of Contracts, as applicable. In the event of a termination of this
Agreement, EAGL’s obligations hereunder shall also terminate and be of no further force and effect. The EAGL Assets/Contracts shall be included in the “Property” for purposes of the representations and warranties made by Seller in
Section 7.1(m) hereof and in Section 7.1(l). 
 ARTICLE 4 - BUYER’S DUE DILIGENCE/CONDITION OF THE PROPERTY

 Section 4.1 Buyer’s Inspections and Due Diligence. Buyer acknowledges that commencing on the Effective Date and
continuing for a period which will expire at 11:59 p.m. Eastern Standard Time on the Closing Date (the “Due Diligence Period”), Buyer shall conduct its examinations, inspections, testing, studies and investigations of the Property
and Cowboys Ownership Interests, information regarding the Property and the Cowboys Ownership Interests and such documents applicable to the Property and the Cowboys Ownership Interests, including, without limitation, the documents that Seller
delivers or makes available, as set forth in Section 4.2 below (collectively, the “Due Diligence”). In addition, the Buyer shall have the right, but not the obligation, to contact (i) any Governmental Entity as it
may elect in connection with this transaction including, without limitation, City of Lewisville, City of Mansfield and the Army Corps of Engineers, (ii) owner’s associations, club members or club membership board, if applicable and as
appropriate; provided, however, that for contact under clauses (i) and (ii) above, Buyer shall have first given Seller forty-eight (48) hours advance notice, and Seller shall have the opportunity to have a representative present
during any such communication. Except for any limitations as may be imposed by Section 4.5 below, Buyer may conduct such due diligence activities, inspections, and studies of the Property and the Cowboys Ownership Interests as it deems
necessary or appropriate, and examine and investigate to its full satisfaction all facts, circumstances, and matters relating to the Property and the Cowboys Ownership Interests (including the physical condition and use, availability and adequacy of
utilities, access, zoning, compliance with applicable laws, environmental conditions, engineering and structural matters), title and survey matters, and any other matters it deems necessary or appropriate for purposes of consummating this
transaction. The Due Diligence shall be at Buyer’s sole cost and expense. Seller shall reasonably assist Buyer in obtaining third party consents or approvals related to this transaction. 
 Section 4.2 Delivery Period. On or before seven (7) business days after the Effective Date, Seller shall deliver to Buyer (except as
noted below), the following (collectively, the “Due Diligence Items”): 
 (a) A copy of all certificates of
occupancy, licenses, permits and approvals issued by any Governmental Entity to the extent such are in Seller’s possession or control with respect to Lake Park Golf Club (the “Lake Licenses and Permits”) and Mansfield National
Golf Club (the “Mansfield Licenses and Permits”) (collectively the “Licenses and Permits”). A list of the Licenses and Permits is attached hereto as Schedule 4.2(a). 
  

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 (b) A copy of the liquor licenses in Seller’s possession or control with respect to
Lake Park Golf Club (the “Lake Liquor Licenses”) and Mansfield National Golf Club (the “Mansfield Liquor Licenses”) (collectively the “Liquor Licenses”). A list of the Liquor Licenses is attached
hereto as Schedule 4.2(b). 
 (c) A copy of the Mansfield Lease Agreement and all amendments and
modifications thereto. 
 (d) A copy of the Mansfield Development Agreement and all amendments and modifications thereto.

 (e) A copy of the Lake Concession Agreement and all amendments and modifications thereto. 
 (f) A copy of the Army Corps Lease and all amendments and modifications thereto. 
 (g) A copy of the Contracts listed on Schedule 1.1.22(a), Schedule 1.1.22(b) and
Schedule 1.1.22(c). 
 (h) A copy of all documents, agreements and permits in Seller’s possession or
control relating to the supply of irrigation water to the Lake Park Golf Club (the “Lake Water Documents”) and Mansfield National Golf Club (the “Mansfield Water Documents”) (collectively the “Water
Documents”). 
 (i) A copy of the Existing Surveys. 
 (j) A copy of any existing title insurance policies and pending commitments of title insurance and endorsements, together with copies of
exemption documents and instruments relating to the Real Property in Seller’s possession or control. 
 (k) A copy of the
most recent real estate tax statements with respect to the Real Property and any notices of appraised value of the Real Property. 
 (l) To the extent they are in Seller’s possession or control, Seller shall make available at the corporate office of Property Manager or at the individual Club(s), a copy of all plans and specifications, blue prints, architectural
plans, golf course designs or drawings, engineering drawings and similar items relating to the Real Property. 
 (m) A copy of
all environmental and soil reports relating to the Real Property and in Seller’s possession or control. 
 (n) A copy of
the (i) certificate of limited partnership of Grapevine Golf Club, L.P. (“Cowboys Owner”), (ii) Cowboys LP Agreement, (iii) certificate of formation for the Cowboys GP and (iv) the limited liability company agreement of
the Cowboys GP. 
  

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 (o) A copy of the Cowboys Contracts. 
 (p) Such other information (other than the Excluded Property Records defined below) as is reasonably requested by Buyer and is reasonably
available to Seller. 
 Section 4.3 Deliveries. All documents, materials, and information furnished to or made available to
Buyer pursuant to Section 4.2 are being furnished or made available to Buyer for information purposes only and without any representation or warranty by Seller with respect thereto, express or implied, except as may otherwise be
expressly set forth in Section 7.1 below and as limited by Sections 7.2 and 8.2 below, and all such documents, materials, and information are expressly understood by Buyer to be subject to the confidentiality provisions of
Section 4.7 below. To the extent Seller elects to make such documents or copies thereof available to Buyer at the corporate office of Seller or at one or more of the Golf Clubs, then, with at least twenty-four (24) hours prior
notification to Seller, Buyer and its agents and representatives shall have reasonable access to such documents or copies thereof and the consent to copy such documents during normal business hours until the earlier of the termination of this
Agreement or the expiration of the Due Diligence Period. 
 Section 4.4 Excluded Property Records. Notwithstanding any terms to
the contrary in this Agreement, (a) Seller shall not be obligated or otherwise required to furnish or make available to Buyer any of the following (collectively, “Excluded Property Records”): (i) any appraisals or other
economic evaluations of, or projections with respect to, all or any portion of the Property or the Cowboys Golf Club, including, without limitation, 2006 budgets, prepared by or on behalf of Seller or any Affiliate of Seller, (ii) any
documents, materials or information which are subject to attorney/client, work product or similar privilege, which constitute attorney communications with respect to the purchase of the Property or the Cowboys Ownership Interest by Buyer, or which
are subject to a confidentiality agreement, and (iii) those documents listed on Schedule 4.4 attached hereto; (b) Due Diligence Items shall not include any Excluded Property Records; and (c) Seller shall have no
obligation or liability of any kind to Buyer as a result of Seller not furnishing or making available to Buyer the Excluded Property Records. 
 Section 4.5 Site Visits. Buyer and its Licensee Parties shall have reasonable access to the Golf Clubs and Cowboys Golf Club at agreed upon times for agreed upon purposes, including those set forth in Section 4.1
hereinabove, on at least one (1) business day prior notice to Seller. Seller shall make reasonable efforts to have an agent available to accompany Buyer or any Licensee Parties, and in all events Seller shall have the right to have a
representative present during any visits to or inspections of any Golf Clubs or the Cowboys Golf Club. Buyer will conduct its Due Diligence in a manner so as to minimize, to the extent reasonably possible to do so, any interference with the
operations of the Golf Clubs and the Cowboys Golf Club. In the event Buyer desires to conduct any physically intrusive Due Diligence, Buyer will identify in writing exactly what procedures Buyer desires to perform and request Seller’s express
written consent. Seller may withhold or condition consent to any physically intrusive Due Diligence in Seller’s sole discretion, acting reasonably. In addition, any physically intrusive Due Diligence with respect to Cowboys Golf Club shall
require the written consent of Blue Star. Upon receipt of Seller’s written consent (and the consent of Blue Star if with respect to the Cowboys Golf Club), Buyer and all Licensee Parties shall, in performing such Due Diligence, comply with
agreed upon procedures and any and all laws, ordinances, rules, and regulations applicable to the Property and will not engage in any activities which would violate 

  

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any permit, license, or environmental law or regulation. Buyer and any Licensee Parties will: (a) maintain comprehensive general liability (occurrence)
insurance in an amount of not less than $5,000,000 covering any accident arising in connection with the presence of Buyer or the other Licensee Parties at the Golf Clubs and Cowboys Golf Club and deliver a certificate of insurance verifying such
coverage to Seller prior to entry to the Golf Clubs or Cowboys Golf Club; (b) promptly pay when due the costs of all inspections and examinations done with regard to the Property and Cowboys Golf Club; and (c) restore the Golf Clubs and
Cowboys Golf Club to substantially the same condition in which the same were found before any such entry to the Golf Clubs and Cowboys Golf Club and inspection or examination was undertaken. 
 Section 4.6 Due Diligence Indemnity. Buyer shall defend, indemnify, and hold harmless Seller, Seller’s partners, shareholders or
members, as applicable, and the Property Manager from and against all losses, costs, damages, claims, and liabilities (whether arising out of injury or death to persons or damage to the Property or Cowboys Golf Club or otherwise) including, but not
limited to, costs of remediation, restoration and other similar activities, mechanic’s and materialmen’s liens and attorneys’ fees, arising out of or in connection with Buyer’s Due Diligence, Buyer’s breach of its
obligations under Section 4.7 or Buyer’s or any Licensee Parties’ entry to the Golf Clubs or Cowboys Golf Club, unless any of the same are caused by the gross negligence or willful misconduct of Seller, Seller’s partners,
shareholders or members or the Property Manager. The provisions of this Section 4.6 shall survive the Closing or, if the purchase and sale is not consummated, any termination of this Agreement. 
 Section 4.7 Confidentiality. Buyer agrees that any information obtained by Buyer, Premier or their respective attorneys, partners,
accountants, lenders, investors or Licensee Parties (collectively, for purposes of this Section 4.7, the “Permitted Outside Parties”) in the conduct of its Due Diligence shall be treated by Buyer and Permitted Outside
Parties as confidential pursuant to Section 11.11 of this Agreement and shall be used only to evaluate the acquisition of the Property and Cowboys Ownership Interests from Seller. Buyer further agrees that within its organization, or as
to the Permitted Outside Parties, the Due Diligence Items will be disclosed and exhibited only to those persons within Buyer’s organization or to those Permitted Outside Parties who are involved in determining the feasibility of Buyer’s
acquisition of the Property and Cowboys Ownership Interests. Buyer further acknowledges that the Due Diligence Items and other information gained during Buyer’s Due Diligence are proprietary and confidential in nature. Buyer agrees not to
divulge the contents of such Due Diligence Items or any other information except in strict accordance with Sections 4.7 and 11.11 of this Agreement. In permitting Buyer and the Permitted Outside Parties to review the Due Diligence
Items and other information to assist Buyer, Seller has not waived any privilege or claim of confidentiality with respect thereto, and no third party benefits or relationships of any kind, either express or implied, have been offered, intended or
created by Seller and any such claims are expressly rejected by Seller and waived by Buyer and the Permitted Outside Parties. The provisions of this Section 4.7 shall survive the termination of this Agreement. 
 Section 4.8 Due Diligence Period. Buyer, by giving Seller and Escrow Agent written notice on or before the end of the Due Diligence Period,
may terminate its obligations hereunder, and upon such termination by Buyer, the Deposit shall be returned to Buyer and neither party shall have any further rights or obligations hereunder except as provided in this Section 4.8 and

  

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in Sections 4.5, 4.6, 4.7, 10.7, and 11.11. If before the end of the Due Diligence Period, Buyer fails to give Seller such written notice, then
Buyer shall be deemed to have elected to waive its rights to terminate this Agreement and to have approved all of the matters with regard to the Golf Clubs. If Buyer timely elects to terminate its obligations hereunder as described above, Buyer
shall provide to Seller, promptly after receipt of a request from Seller, originals of all third party reports, studies and appraisals relating to the Property in its possession, without representation or warranty and at no cost to Seller. The
foregoing obligation shall survive any termination of this Agreement. Subject to the terms of this Agreement, Buyer, provided it has not terminated this Agreement, after the expiration of the Due Diligence Period, may continue to conduct further
physical Due Diligence or other examinations, inspections, tests, studies and investigations regarding the Property; provided, however, that except as otherwise expressly provided in Sections 6.1 and 11.2.2, in no event shall Buyer
have any right to terminate or otherwise modify its obligations hereunder after the end of the Due Diligence Period solely as a result of any such further physical Due Diligence or other examinations, inspections, tests, studies or investigations
regarding the Property and Cowboys Ownership Interests and the provisions of this Article 4, including, without limitation, the indemnification provisions, shall continue to apply. 
 Section 4.9 Buyer’s Conditions. The transaction contemplated herein is contingent on Buyer during the Due Diligence Period
(i) obtaining the approval of its Board of Directors for this transaction, and (ii) Buyer and Premier Golf Management, Inc. agreeing to the form of a lease agreement to be entered into at or subsequent to Closing (the “Buyer
Conditions”). If Buyer fails to timely terminate this Agreement as provided in Section 4.8, then the Buyer Conditions shall be deemed satisfied or waived. 
 Section 4.10 Consents. Buyer and Seller acknowledge that Buyer desires to obtain the consents listed on
Schedule 4.10 attached hereto for the conveyance or assignment of certain of the Property pursuant to the terms of this Agreement (the “Material Consents”). It shall be a condition precedent to Seller’s and
Purchaser’s obligation to close this transaction that Buyer shall have obtained the Material Consents on or prior to the Closing Date. In the event the Material Consents are not obtained prior to the Closing Date, either Seller or Buyer may
elect to terminate this Agreement in which event the Deposit shall be returned to Buyer and neither party shall have any further rights or obligations hereunder except as provided in Sections 4.5, 4.6, 4.7, 10.7 and 11.11. Within ten
(10) days of the Effective Date, Buyer shall use good faith efforts to identify all other consents Buyer desires to obtain. Buyer and Seller shall mutually cooperate to prepare the forms of the Material Consents and such other consents and to
obtain the Material Consents and such other consents. Seller shall pay for legal or other de minimus costs in connection with assignment of the Lake Concession Agreement, Mansfield Lease Agreement and assignment of the Water Rights. Seller shall not
be responsible for any other costs or expenses related to obtaining the Material Consents and any other third party consents or approvals related to this transaction (including without limitation, any negotiated amounts required in connection with
any assignment or any credit enhancement requirements under any Contract). 
 Section 4.11 Inventories. During the Due
Diligence Period, Buyer and its representatives shall be permitted to enter the Real Property for the purpose of taking an inventory of all Tangible Personal Property related to the Golf Clubs. 
  

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 Section 4.12 Accuracy of Representations and Warranties. Buyer’s obligation to purchase
the Property and Cowboys Ownership Interests and to take the other actions required to be taken by Buyer at the Closing is subject to the satisfaction, at or prior to the Closing, of the following condition (which may be waived by Buyer, in whole or
in part): 
 (a) Accuracy of Representations. All of Seller’s and EAGL Parent’s representations and
warranties in this Agreement (considered collectively), and each of these representations and warranties (considered individually), must have been accurate in all material respects as of the date of this Agreement, and must be accurate in all
material respects as of the time of the Closing as if then made, but after giving effect to any supplements to such representations and warranties relating to matters first occurring after Seller’s execution hereof; provided, however, subject
to the provisions of Section 7.3 hereof, this condition will be satisfied if Buyer had actual knowledge of the inaccuracy prior to the end of the Due Diligence Period or if such matter was disclosed in any Due Diligence Items delivered
or made available for Buyer’s review. 
 ARTICLE 5 - TITLE AND SURVEY 
 Section 5.1 Title to Real Property. The Buyer will obtain a current title commitment with respect to each parcel comprising the Real
Property issued by the Title Company (the “Title Commitments”), together with legible copies of all recorded documents referred to on Schedule B of the Title Commitments as exceptions to coverage (the “Title
Documents”). The Buyer shall have the right to obtain new Surveys of the Real Property or an update of the existing Surveys (the “Surveys”). 
 Section 5.2 Certain Exceptions to Title. No later than ten (10) days prior to the expiration of the Due Diligence Period, the Buyer will submit to the Seller a written Notice from the Buyer
(“Title Notice”) specifying any alleged defects in or objections to the title shown in any Title Commitment (“Title Exceptions”) or any of the Surveys (“Survey Exception”) which in the Buyer’s
judgment adversely affect the Real Property; provided, however, Buyer shall have until the end of the Due Diligence Period, if any, to submit a Title Notice for Survey Exceptions related to New Survey Matters. The Buyer shall be deemed to have
waived its right to object to any encumbrance or other title or survey objection existing at the time of the Closing Date unless the Buyer shall have given to the Seller the Title Notice specifying the Buyer’s objections within the time period
described above. The Seller shall notify the Buyer in writing within five (5) Business Days of receiving the Title Notice whether the Seller elects and/or is able to cure any Title Exception(s) and/or Survey Exception(s) set forth in the Title
Notice and if the Seller is able and willing to cure such title matters, Seller shall do so at their own expense and provided that Seller shall have no obligation to cure any Title Exceptions or Survey Exceptions. Seller’s failure to respond in
writing within such five (5) Business Day period shall be deemed an election by Seller to not cure any of the Title Exceptions and/or Survey Exceptions set forth in the Title Notice. If on the Closing Date, there exists Title Exception(s)
and/or Survey Exception(s) that Seller has agreed to cure, but has not cured as of the Closing Date, the Buyer may elect, as its sole right and remedy, either (i) to take such title to the Real Property as the Seller can convey, with no
abatement of the Purchase Price (except to the extent of monetary liens of a definite, fixed and ascertainable amount not in excess of the Purchase Price), or (ii) to terminate this Agreement in which event the Deposit shall be paid to Buyer
and, thereafter, the parties shall have no 

  

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further rights or obligations hereunder except for those obligations which expressly survive the termination of this Agreement. The term “Permitted
Encumbrances” shall mean (i) all matters and exceptions shown on any Title Commitment (including without limitation, all standard printed exceptions), or on the Surveys (or Existing Surveys, as applicable), (ii) applicable zoning
and building ordinances and land use regulations, (iii) such state of facts as would be disclosed by a physical inspection of the Property, (iv) the lien of taxes and assessments not yet due and payable, (v) any exceptions caused by
Buyer, its agents, representatives or employees, and (vi) the Leases; provided, however, (a) if Buyer timely delivers a Title Notice, and Seller elects in writing to cure all or any portion of the Title Exception(s) or Survey Exception(s),
the term “Permitted Encumbrances” shall be amended to exclude those specific Title Exceptions(s) and/or Survey Exception(s) that Seller has agreed in writing to cure, and (b) the term “Permitted Encumbrances” shall not
include any items which the Title Company agrees to modify or delete at or prior to the Closing (Seller agrees to execute a reasonable Owner’s Affidavit for the purposes of the Title Company deleting the standard exceptions as are customarily
deleted or modified in Texas with the issuance of an Owner’s Affidavit). In the event there is an “Unpermitted Title Defect,” the following shall apply. If the Unpermitted Title Defect is the result of a default by Seller of its
covenants hereunder then (a) Buyer shall give written notice to Seller of such and (b) in the event Seller cannot cure such Unpermitted Title Defect prior to Closing, then the Unpermitted Title Defect shall constitute a default by Seller
hereunder and Buyer may elect in writing on or prior to the Closing Date to (i) waive such Unpermitted Title Defect and proceed to Closing or (ii) pursue all remedies afforded to Buyer hereunder. If the Unpermitted Title Defect is not the
result of a default by Seller of its covenants hereunder, then (a) Buyer shall give written notice to Seller of such and (b) in the event Seller cannot cure such Unpermitted Title Defect prior to Closing, then Buyer may elect in writing on
or prior to the Closing Date to waive such Unpermitted Title Defect and proceed to Closing or, if Buyer does not so waive such Unpermitted Title Defect, then either party shall have the right to terminate this Agreement in which event the Deposit
shall be returned to Buyer and neither party shall have any further rights or obligations hereunder except as provided in Sections 4.5, 4.6, 4.7, 10.7 and 11.11. An “Unpermitted Title Defect” is a matter of title or survey
which arises after the effective date of the Updated Commitments (defined below). An Unpermitted Title Defect shall not be a default by Seller hereunder unless such matter arose after the effective date of the Updated Commitments directly as the
result of the actions or inactions of Seller and such action or inaction is a breach of Seller’s covenants hereunder. Buyer shall have the Title Company update the Title Commitments as close to the end of the Due Diligence Period as is possible
and such updated Title Commitments are referred to herein as the “Updated Commitments.” In the event that Buyer fails to have the Title Company update the Title Commitments, as provided in the preceding sentence, then the term
Updated Commitments shall mean the most current Title Commitments and shall be deemed to include all matters which would have been included as exceptions had the Title Commitments been updated as required in the preceding sentence. 
 Section 5.3 Title Insurance. At Closing, the Title Company shall issue to Buyer or be irrevocably committed to issue to Buyer TLTA
owner’s form title policies (the “Title Policies”), in the amount of TWELVE MILLION SIX HUNDRED FIFTY FOUR THOUSAND DOLLARS ($12,654,000) (as allocated among Lake Park Golf Club and Mansfield National Golf Club), insuring that
leasehold title to the Real Property is vested in Buyer subject only to the Permitted Encumbrances. Buyer shall be entitled to request that the Title Company provide such endorsements (or amendments) to the Title Policy as Buyer may reasonably

  

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require, provided that (a) such endorsements (or amendments) shall be at no cost to, and shall impose no additional liability on, Seller,
(b) Buyer’s obligations under this Agreement shall not be conditioned upon Buyer’s ability to obtain such endorsements and, if Buyer is unable to obtain such endorsements, Buyer shall nevertheless be obligated to proceed to close the
transaction contemplated by this Agreement without reduction of or set off against the Purchase Price, and (c) the Closing shall not be delayed as a result of Buyer’s request. Notwithstanding anything herein to the contrary, it shall not
in any event be a requirement hereunder that the Title Company provides insurance for the Water Rights; provided, however, the above shall not preclude Buyer from seeking or obtaining insurance coverage for Water Rights from the Title Company.

 Section 5.4 Conveyance of Real Property. At Closing, the Seller (subject to Seller’s right to terminate this Agreement
as provided in Section 5.2) shall convey the Real Property to the Buyer pursuant to the Assignment and Assumption of Lake Concession Agreement and the Assignment and Assumption of Mansfield Lease Agreement, subject only to the Permitted
Encumbrances 
 ARTICLE 6 - REMEDIES AND DEPOSIT INSTRUCTIONS 
 Section 6.1 Permitted Termination; Seller Default. If the sale of the Property and the Cowboys Ownership Interests is not consummated due
to the permitted termination of this Agreement by Buyer as herein expressly provided, the Deposit shall be returned to Buyer and Buyer will have no liability hereunder except as set forth in Sections 4.5, 4.6, 4.7, 10.7 and 11.11. If
the sale of the Property and the Cowboys Ownership Interests is not consummated due to Seller’s material default hereunder not cured within the below defined “Cure Period” (including, without limitation, a default by Seller which
creates an Unpermitted Title Defect as further described in Section 5.2)(a “Material Default”), Buyer shall be entitled, as its sole and exclusive remedy, either (a) to terminate this Agreement, and in the event of such
termination receive the return of the Deposit and liquidated damages in the amount of ONE MILLION NINE HUNDRED NINETY-NINE THOUSAND AND NINE HUNDRED DOLLARS ($1,999,900.00), and upon payment of such liquidated damages, Seller shall be released from
any and all liability hereunder, except as provided in Sections 10.7 and 11.11, or (b) to enforce specific performance of this Agreement in accordance with Section 6.1.1 below. Notwithstanding anything herein to the
contrary, (i) representations and warranties of Seller which satisfy the conditions of Section 4.12 shall not in any event constitute a Material Default and (ii) Seller shall have ten (10) days following the receipt of written
notice from Buyer to cure any alleged default prior to such becoming a Material Default (the “Cure Period”); provided, however, the Cure Period shall not be applicable to a material default by Seller or its obligations to convey the
Property and the Cowboys Ownership Interests to Buyer at Closing. Buyer shall be deemed to have elected to terminate this Agreement and receive a return of the Deposit and liquidated damages provided above if Buyer fails to file suit for specific
performance against Seller in a court prescribed by Section 11.5 hereof, on or before forty-five (45) days following the date upon which Closing was to have occurred; provided, however, subject to applicable limitation of actions
laws, Buyer may, at any time following the date upon which Closing was to have occurred, waive such right to specific performance by written notice to Seller and upon Seller’s receipt of such written notice, Buyer shall receive prompt return of
the Deposit and liquidated damages hereunder. For defaults by Seller which are not Material 

  

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Defaults, Buyers sole remedy shall be to terminate this Agreement and upon such termination, the Deposit shall be returned to Buyer and neither party shall
have any further rights or obligations hereunder except as provided in this Sections 4.7, 10.7, and 11.11. 
 6.1.1 THE PARTIES HAVE AGREED THAT BUYER’S ACTUAL DAMAGES, IN THE EVENT OF A FAILURE TO CONSUMMATE THIS SALE DUE TO SELLER’S DEFAULT, WOULD BE EXTREMELY DIFFICULT OR IMPRACTICABLE TO DETERMINE. AFTER NEGOTIATION, THE
PARTIES HAVE AGREED THAT, CONSIDERING ALL THE CIRCUMSTANCES EXISTING ON THE DATE OF THIS AGREEMENT, THE AMOUNT OF ONE MILLION NINE HUNDRED NINETY-NINE THOUSAND AND NINE HUNDRED DOLLARS ($1,999,900.00) IS A REASONABLE ESTIMATE OF THE DAMAGES THAT
BUYER WOULD INCUR IN SUCH EVENT. BY PLACING THEIR INITIALS BELOW, EACH PARTY SPECIFICALLY CONFIRMS THE ACCURACY OF THE STATEMENTS MADE ABOVE AND THE FACT THAT EACH PARTY WAS REPRESENTED BY COUNSEL WHO EXPLAINED, AT THE TIME THIS AGREEMENT WAS MADE,
THE CONSEQUENCES OF THIS LIQUIDATED DAMAGES PROVISION. THE FOREGOING IS NOT INTENDED TO LIMIT SELLER’S SURVIVING OBLIGATIONS UNDER SECTIONS 10.7 AND 11.11. 
 Initials:             Seller
            Buyer              
 Section 6.2 Buyer Default; Liquidated Damages. IF THE SALE IS NOT CONSUMMATED DUE TO ANY DEFAULT BY BUYER HEREUNDER, THEN SELLER SHALL RETAIN THE DEPOSIT AS LIQUIDATED DAMAGES, WHICH RETENTION SHALL OPERATE TO
TERMINATE THIS AGREEMENT AND RELEASE BUYER FROM ANY AND ALL LIABILITY HEREUNDER, EXCEPT AS PROVIDED IN SECTIONS 4.5, 4.6, 4.7, 10.7 AND 11.11. THE PARTIES HAVE AGREED THAT SELLER’S ACTUAL DAMAGES, IN
THE EVENT OF A FAILURE TO CONSUMMATE THIS SALE DUE TO BUYER’S DEFAULT, WOULD BE EXTREMELY DIFFICULT OR IMPRACTICABLE TO DETERMINE. AFTER NEGOTIATION, THE PARTIES HAVE AGREED THAT, CONSIDERING ALL THE CIRCUMSTANCES EXISTING ON THE DATE OF THIS
AGREEMENT, THE AMOUNT OF THE DEPOSIT IS A REASONABLE ESTIMATE OF THE DAMAGES THAT SELLER WOULD INCUR IN SUCH EVENT. BY PLACING THEIR INITIALS BELOW, EACH PARTY SPECIFICALLY CONFIRMS THE ACCURACY OF THE STATEMENTS MADE ABOVE AND THE FACT THAT EACH
PARTY WAS REPRESENTED BY COUNSEL WHO EXPLAINED, AT THE TIME THIS AGREEMENT WAS MADE, THE CONSEQUENCES OF THIS LIQUIDATED DAMAGES PROVISION. THE FOREGOING IS NOT INTENDED TO LIMIT BUYER’S SURVIVING OBLIGATIONS UNDER SECTIONS
4.5, 4.6, 4.7, 10.7 AND 11.11. 
  

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 Initials: Seller             Buyer
             
 Section 6.3 Deposit Instructions. The Escrow
Agent joins herein below to evidence its agreement to hold such funds in accordance with the terms and conditions of this Agreement. Further, the following provisions shall control with respect to the rights, duties and liabilities of the Escrow
Agent. 
 6.3.1 The Escrow Agent acts hereunder as a depository only and is not responsible or liable in any manner
whatsoever for the (i) sufficiency, correctness, genuineness or validity of any written instrument, notice or evidence of a party’s receipt of any instruction or notice which is received by the Escrow Agent, or (ii) identity or
authority of any person executing such instruction notice or evidence. 
 6.3.2 The Escrow Agent shall have no
responsibility hereunder except for the performance by it in good faith of the acts to be performed by it hereunder, and the Escrow Agent shall have no liability except for its own willful misconduct or gross negligence. 
 6.3.3 The Escrow Agent shall be reimbursed on an equal basis by Buyer and Seller for any reasonable expenses incurred by the Escrow
Agent arising from a dispute with respect to the amount held in escrow, including the cost of any legal expenses and court costs incurred by the Escrow Agent, should the Escrow Agent deem it necessary to retain an attorney with respect to the
disposition of the amount held in escrow. 
 6.3.4 In the event of a dispute between the parties hereto with respect to
the disposition of the amount held in escrow, the Escrow Agent shall be entitled, at its own discretion, to deliver such amount to an appropriate court of law pending resolution of the dispute. 
 6.3.5 The Escrow Agent shall invest the amount in escrow in accounts which are federally insured or which invest solely in
government securities and shall be applied in accordance with the terms of this Agreement. Interest earned thereon shall be added to the funds deposited by Buyer, and shall become part of the Deposit. 
 Section 6.4 Designation of Reporting Person. In order to assure compliance with the requirements of Section 6045 of the Internal
Revenue Code of 1986, as amended (for purposes of this Section 6.4, the “Code”), and any related reporting requirements of the Code, the parties hereto agree as follows: 
 (a) Provided the Escrow Agent shall execute a statement in writing (in form and substance reasonably acceptable to the parties hereunder)
pursuant to which it agrees to assume all responsibilities for information reporting required under Section 6045(e) of the Code, Seller and Buyer shall designate the Escrow Agent as the person to be responsible for all information reporting
under Section 6045(e) of the Code (the “Reporting Person”). If the Escrow Agent refuses to execute a statement pursuant to which it agrees to be the Reporting Person, Seller and Buyer shall agree to appoint another third party
as the Reporting Person. 
  

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 (b) Seller and Buyer hereby agree: 
 (i) to provide to the Reporting Person all information and certifications regarding such party, as reasonably requested by the Reporting
Person or otherwise required to be provided by a party to the transaction described herein under Section 6045 of the Code; and 
 (ii) to provide to the Reporting Person such party’s taxpayer identification number and a statement (on Internal Revenue Service Form W-9 or an acceptable substitute form, or on any other form the applicable current or future Code
sections and regulations might require and/or any form requested by the Reporting Person), signed under penalties of perjury, stating that the taxpayer identification number supplied by such party to the Reporting Person is correct. 
 (iii) Each party hereto agrees to retain this Agreement for not less than four years from the end of the calendar year in which the
Closing occurred, and to produce it to the Internal Revenue Service upon a valid request therefor. 
 ARTICLE 7 - REPRESENTATIONS AND
WARRANTIES OF SELLER 
 Section 7.1 Representations and Warranties of Seller. Subject to the provisions of Sections
7.2 and 8.4, Property Seller makes the following representations and warranties with respect to itself and its portion of the Property, upon which Property Seller acknowledges and agrees that the Buyer is entitled to rely, and as of the
Closing shall provide a Certificate reconfirming that all such representations and warranties remain true and correct as of the Closing Date, subject to the provisions of Section 4.12 hereof regarding supplements: 
 (a) Status. Each entity constituting Property Seller is a limited partnership duly formed, validly existing and in good
standing under the laws of the State of Delaware or Texas, as applicable, is qualified to do business in the jurisdiction in which its Property is located and has all requisite power and authority to own its Property and conduct its business as
currently owned and conducted. 
 (b) Authority. (i) Each Property Seller has full power and authority to execute
and deliver this Agreement and all other documents to be executed and delivered by them pursuant to this Agreement (the “Property Seller’s Documents”), and to perform all obligations required of them under this Agreement and
each of the Property Seller’s Documents, (ii) the execution and delivery by each Property Seller of this Agreement and, when executed and delivered, each of the Property Seller’s Documents, and the performance by each Property Seller
of its obligations under this Agreement and, when executed and delivered, each Property Seller’s Documents, have been, or will have been, duly and validly authorized by all necessary action by the Seller, and (iii) subject to equitable
principles and principles governing creditors’ rights generally, this Agreement and, when executed and delivered, the Property Seller’s Documents constitutes, or will constitute, legal, valid and binding obligations of the Property Seller
enforceable against the Property Seller in accordance with its and their terms, except to the extent the Buyer itself is in default hereunder or thereunder. 
  

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 (c) Non-Contravention. The execution and delivery of this Agreement by Property
Seller and the consummation by Property Seller of the transactions contemplated hereby will not, to Property Seller’s knowledge (i) violate any judgment, order, injunction, decree, regulation or ruling of any court or Governmental Entity
or (ii) conflict with, result in a breach of, or constitute a default under the organic documents of each entity constituting Property Seller. 
 (d) Suits and Proceedings. Except as set forth in Schedule 7.1(d), there are no legal actions, suits or similar proceedings pending and, to Property Seller’s Knowledge, served, or threatened
against Property Seller or the Property. 
 (e) Non-Foreign Entity. Property Seller is a “United States
person” (as defined in Section 7701(a)(30)(B) or (C) of the Code) for the purposes of the provisions of Section 1445(a) of the Code. 
 (f) Condemnation. Property Seller has not received from any Governmental Entity any written notice of any pending condemnation proceeding or other proceeding in eminent domain, and to Property Seller’s
Knowledge, no such condemnation proceeding or eminent domain proceeding is threatened affecting any of the Real Property or portion thereof. 
 (g) Bankruptcy. Property Seller is not insolvent within the meaning of Title 11 of the United States Code, as amended (the “Bankruptcy Code”), and Property Seller has not ceased to pay its
debts as they become due. Property Seller has not filed or taken any action to file a voluntary petition, case or proceeding under any section or chapter of the Bankruptcy Code, or under any similar law or statute of the United States or any state
thereof, relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of its debts and no such petition, case or proceeding has been filed against it which has not been dismissed, vacated or stayed on appeal and
Property Seller has not been adjudicated as bankrupt or insolvent or consented to, nor filed an answer admitting or failing reasonably to contest an allegation of bankruptcy or insolvency. Property Seller has not sought, or consented to or
acquiesced in, the appointment of any receiver, trustee, liquidator or other custodian of it or a material part of its assets, and Property Seller has not made or taken any action to make a general assignment for the benefit of creditors or an
arrangement, attachment or execution has been levied and to Property Seller’s Knowledge, no tax lien or other governmental or similar lien has been filed, against them or a material part of the Property, which has not been duly and fully
discharged prior to the date hereof. 
 (h) Environmental. To Property Seller’s Knowledge, Property Seller has or
will deliver to Buyer pursuant to Section 4.2, copies of all third party environmental audits with respect to the Property in Property Seller’s possession. Property Seller has not received written notice from any Governmental Entity
of any Environmental Claims in respect of the Real Property. 
  

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 (i) Compliance with Applicable Law. Property Seller has not received any written
notice of any material violation of any Applicable Law with respect to any of the Real Property or Improvements that have not been cured or dismissed with prejudice. 
 (j) Taxes. All Taxes which would be delinquent if unpaid will be paid in full prior to Closing or prorated at Closing as part of
the prorations pursuant to Section 10.6; provided, however, that if any Taxes are payable in installments, such representation and warranty shall apply only to such installments which would be delinquent if unpaid at Closing. Except as set
forth on Schedule 7.1(j) the Property Seller has not received any written notice for an audit or delinquency of any Taxes with respect to any portion of the Real Property which has not been resolved or completed. The Property
Seller is not currently contesting any Taxes with respect to any portion of the Real Property. 
 (k) Licenses and
Permits. Property Seller has not received any written notice from any Governmental Entity of (i) any violation, suspension, revocation or non-renewal of any Licenses and Permits that materially affect the Property or operation and use of
the Golf Clubs that has not been cured or dismissed with prejudice or (ii) any failure by the Property Seller to obtain any Licenses and Permits that materially affect the Property or operation and use of the Golf Clubs that has not been cured
or dismissed with prejudice. 
 (l) Contracts. To Property Seller’s Knowledge, except for Golf Play Agreements, to
which Property Seller makes no representation or warranty, Schedule 1.1.22(a), Schedule 1.1.22(a)(i), Schedule 1.1.22(b), Schedule 1.1.22(b)(i) and Schedule 1.1.22(d) list the
material Contracts that affect the Property. Property Seller has not received written notification that Property Seller is in default of a material Contract. Property Seller has not given a notice of default under a material Contract. 
 (m) Personal Property. To Property Seller’s Knowledge, Property Seller is the owner of the Personal Property, free and clear
of any and all leases, liens, encumbrances, liabilities or other claims, except with respect to any financing or lease agreements or as would be shown in any UCC search reports. At the Closing, Property Seller shall convey the Personal Property free
and clear of debts and liens created by through or under Property Seller, but not otherwise; provided, however, Property Seller shall have no obligation to deliver items leased under capital leases free and clear of the interests of the lessors
under such capital leases. 
 (n) Employees. Property Seller has no employees. 
 (o) Patriot Act. Property Seller is in compliance with all applicable anti-money laundering and anti-terrorist laws, regulations,
rules, executive orders and government guidance, including the reporting, record keeping and compliance requirements of the Bank Secrecy Act (“BSA”), as amended by The International Money Laundering Abatement and Financial
Anti-Terrorism Act of 2001, Title III of the USA PATRIOT Act (the “Patriot Act”), and other authorizing statutes, executive orders and regulations administered by OFAC, and related Securities and Exchange Commission, self-regulatory
organization or other agency rules and regulations, and has policies, procedures, internal controls and systems that are reasonably designed 

  

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to ensure such compliance. Property Seller and its officers and shareholders, and their respective principals, shall not transfer the proceeds obtained as a
result of this Agreement to any person or entity listed on the OFAC list as “Terrorists” and “Specially Designated Nationals and Blocked Persons”, or otherwise be in violation of the International Money Laundering
Abatement and Financial Anti-Terrorism Act of 2001. 
 (p) OFAC. Neither (i) Property Seller, any Affiliate of
Property Seller nor any person controlled by Property Seller; nor (ii) to the Property Seller’s Knowledge, after making due inquiry, any person who owns a controlling interest in or otherwise controls Property Seller; nor (iii) to
Property Seller’s Knowledge, after making due inquiry, if Property Seller is a privately held entity, any person otherwise having a direct or indirect beneficial interest (other than with respect to an interest in a publicly traded entity) in
Property Seller; nor (iv) any person for whom Property Seller is acting as agent or nominee in connection with this investment, is a country, territory, person, organization, or entity named on an OFAC List, nor is a prohibited country,
territory, person, organization, or entity under any economic sanctions program administered or maintained by OFAC. 
 (q)
Senior Foreign Political Figure. Unless disclosed in writing to Buyer on the date hereof, Property Seller is not a Senior Foreign Political Figure, or an Immediate Family Member or a Close Associate of a Senior Foreign Political Figure, that
Property Seller is not controlled by a Senior Foreign Political Figure, or an Immediate Family Member or a Close Associate of a Senior Foreign Political Figure, and that, to Property Seller’s Knowledge, after making due inquiry, none of the
direct or indirect owners of Property Seller (other than any owner(s) of any interest(s) in a publicly-traded entity) is a Senior Foreign Political Figure, or an Immediate Family Member or a Close Associate of a Senior Foreign Political Figure. As
used herein, “Senior Foreign Political Figure” means a senior official of a major non-United States political party or a senior executive of a government-owned corporation not organized within the United States, including, without
limitation, any corporation, business or other entity that has been formed by or for the benefit of a Senior Foreign Political Figure; “Immediate Family Member” means the parents, siblings, spouse, children and in-laws of a Senior
Foreign Political Figure; and “Close Associate” means a person who is widely and publicly known to maintain an unusually close relationship with a Senior Foreign Political Figure, and includes a person who is in a position to
conduct substantial United States and non-United States financial transactions on behalf of the Senior Foreign Political Figure. 
 Section 7.2 Representations and Warranties of EAGL Parent. EAGL Parent enters into this Agreement for the sole purpose of making the following representations and warranties with respect to EAGL and the Cowboys Ownership
Interests, upon which EAGL Parent acknowledges and agrees that the Buyer is entitled to rely, and as of the Closing shall provide a Certificate reconfirming that all such representations and warranties remain true and correct as of the Closing Date,
subject to the provisions of Section 4.12 hereof regarding supplements: 
  

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 (a) No Options. To EAGL Parent’s Knowledge, there are no outstanding options,
warrants, or other rights of any kind to acquire any of the Cowboys Ownership Interests or securities convertible into or exchangeable for, or which otherwise confer on the holder thereof any right to acquire any such additional ownership interests,
nor are any of Cowboys GP or EAGL committed to issue any such option, warrant, right or security. 
 (b) Ownership. To
EAGL Parent’s Knowledge, EAGL owns the Cowboys Ownership Interests free and clear of any and all liens, claims, security interests or options. 
 (c) Status. EAGL GP is a limited liability company duly formed, validly existing and in good standing under the laws of the State of Delaware and has all requisite power and authority to own the general partner
interest pursuant to the Cowboys LP Agreement and to conduct its business as currently owned and conducted. EAGL is a limited partnership duly formed, validly existing and in good standing under the laws of the State of Delaware, and has all
requisite power and authority to own the Cowboys LP Interest and conduct its business as currently owned and conducted. 
 (d)
Authority. (i) EAGL has full power and authority to execute and deliver this Agreement and all other documents to be executed and delivered by them pursuant to this Agreement (“EAGL Seller’s Documents”), and to
perform all obligations required of it under this Agreement and each of EAGL Seller’s Documents, (ii) the execution and delivery by EAGL of this Agreement and, when executed and delivered, each of the EAGL Seller’s Documents, and the
performance by EAGL of its obligations under this Agreement and, when executed and delivered, each EAGL Seller’s Documents, have been, or will have been, duly and validly authorized by all necessary action by EAGL, and (iii) subject to
equitable principles and principles governing creditors’ rights generally, this Agreement and, when executed and delivered, EAGL Seller’s Documents constitutes, or will constitute, legal, valid and binding obligations of the EAGL
enforceable against EAGL in accordance with its and their terms, except to the extent the Buyer itself is in default hereunder or thereunder. 
 (e) Non-Contravention. The execution and delivery of this Agreement by EAGL and the consummation by EAGL of the transactions contemplated hereby will not, to EAGL Parent’s knowledge (i) violate any
judgment, order, injunction, decree, regulation or ruling of any court or Governmental Entity or (ii) conflict with, result in a breach of, or constitute a default under the organic documents of EAGL. 
 (f) Suits and Proceedings. Except as set forth in Schedule 7.2(f), there are no legal actions, suits or similar
proceedings pending and, to EAGL Parent’s Knowledge, served, or threatened against EAGL or the Cowboys Ownership Interests. 
 (g) Non-Foreign Entity. EAGL is a “United States person” (as defined in Section 7701(a)(30)(B) or (C) of the Code) for the purposes of the provisions of Section 1445(a) of the Code. 
  

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 (h) Condemnation. EAGL Parent has not received from any Governmental Entity any
written notice of any pending condemnation proceeding or other proceeding in eminent domain, and to EAGL Parent’s Knowledge, no such condemnation proceeding or eminent domain proceeding is threatened affecting any of the Cowboys Golf Club.

 (i) Bankruptcy. Neither EAGL nor Cowboys Partnership are insolvent within the meaning of Title 11 of the United
States Code, as amended (the “Bankruptcy Code”), and neither EAGL nor Cowboys Partnership has ceased to pay its debts as they become due. Neither EAGL nor Cowboys Partnership has filed or taken any action to file a voluntary petition, case
or proceeding under any section or chapter of the Bankruptcy Code, or under any similar law or statute of the United States or any state thereof, relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of their
debts and no such petition, case or proceeding has been filed against them which has not been dismissed, vacated or stayed on appeal and neither EAGL nor Cowboys Partnership has been adjudicated as bankrupt or insolvent or consented to, nor filed an
answer admitting or failing reasonably to contest an allegation of bankruptcy or insolvency. Neither EAGL nor Cowboys Partnership has sought, or consented to or acquiesced in, the appointment of any receiver, trustee, liquidator or other custodian
of them or a material part of their assets, and neither EAGL nor Cowboys Partnership has made or taken any action to make a general assignment for the benefit of creditors or an arrangement, attachment or execution has been levied and to EAGL
Parent’s Knowledge, no tax lien or other governmental or similar lien has been filed, against EAGL or the Cowboys Ownership Interest or the Cowboys Partnership which has not been duly and fully discharged prior to the date hereof. 

(j) Environmental. To EAGL Parent’s Knowledge, EAGL has or will deliver to Buyer pursuant to Section 4.2,
copies of all third party environmental audits with respect to Cowboys Golf Club in EAGL’s possession. EAGL has not received written notice from any Governmental Entity of any Environmental Claims in respect of the Cowboys Golf Club.

 (k) Compliance with Applicable Law. EAGL has not received any written notice of any material violation of any
Applicable Law with respect to Cowboys Golf Club that has not been cured or dismissed with prejudice. 
 (l) Licenses and
Permits. EAGL has not received any written notice from any Governmental Entity of (i) any violation, suspension, revocation or non-renewal of any Licenses and Permits that materially affect Cowboys Golf Club that has not been cured or
dismissed with prejudice or (ii) any failure by Cowboys Partnership to obtain any Licenses and Permits that materially affect Cowboys Golf Club that has not been cured or dismissed with prejudice. 
 (m) Contracts. To EAGL Parent’s Knowledge, except for Golf Play Agreements, to which EAGL Parent makes no representation or
warranty, Schedule 1.1.23(a) and Schedule 1.1.23(a)(i) list the material Cowboys Contracts that affect Cowboys Golf Club. EAGL has not received written notification that EAGL or Cowboys Partnership is in default of a
material Cowboys Contract. EAGL has not given a notice of default under a material Cowboys Contract. 
  

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 (n) Employees. Neither Cowboys GP nor Cowboys Partnership has employees.

 (o) Patriot Act. EAGL is in compliance with all applicable anti-money laundering and anti-terrorist laws,
regulations, rules, executive orders and government guidance, including the reporting, record keeping and compliance requirements of the Bank Secrecy Act (“BSA”), as amended by The International Money Laundering Abatement and
Financial Anti-Terrorism Act of 2001, Title III of the USA PATRIOT Act (the “Patriot Act”), and other authorizing statutes, executive orders and regulations administered by OFAC, and related Securities and Exchange Commission,
self-regulatory organization or other agency rules and regulations, and has policies, procedures, internal controls and systems that are reasonably designed to ensure such compliance. EAGL and its officers and shareholders, and their respective
principals, shall not transfer the proceeds obtained as a result of this Agreement to any person or entity listed on the OFAC list as “Terrorists” and “Specially Designated Nationals and Blocked Persons”, or
otherwise be in violation of the International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001. 
 (p)
OFAC. Neither (i) EAGL, any Affiliate of EAGL nor any person controlled by EAGL; nor (ii) to the EAGL Parent’s Knowledge, after making due inquiry, any person who owns a controlling interest in or otherwise controls EAGL; nor
(iii) to EAGL Parent’s Knowledge, after making due inquiry, if EAGL is a privately held entity, any person otherwise having a direct or indirect beneficial interest (other than with respect to an interest in a publicly traded entity) in
EAGL; nor (iv) any person for whom EAGL is acting as agent or nominee in connection with this investment, is a country, territory, person, organization, or entity named on an OFAC List, nor is a prohibited country, territory, person,
organization, or entity under any economic sanctions program administered or maintained by OFAC. 
 (q) Senior Foreign
Political Figure. Unless disclosed in writing to Buyer on the date hereof, EAGL is not a Senior Foreign Political Figure, or an Immediate Family Member or a Close Associate of a Senior Foreign Political Figure, that EAGL is not controlled by a
Senior Foreign Political Figure, or an Immediate Family Member or a Close Associate of a Senior Foreign Political Figure, and that, to EAGL Parent’s Knowledge, after making due inquiry, none of the direct or indirect owners of EAGL (other than
any owner(s) of any interest(s) in a publicly-traded entity) is a Senior Foreign Political Figure, or an Immediate Family Member or a Close Associate of a Senior Foreign Political Figure. As used herein, “Senior Foreign Political
Figure” means a senior official of a major non-United States political party or a senior executive of a government-owned corporation not organized within the United States, including, without limitation, any corporation, business or other
entity that has been formed by or for the benefit of a Senior Foreign Political Figure; “Immediate Family Member” means the parents, siblings, spouse, children and in-laws of a Senior Foreign Political Figure; and “Close
Associate” means a person who is widely and publicly known to 

  

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maintain an unusually close relationship with a Senior Foreign Political Figure, and includes a person who is in a position to conduct substantial United
States and non-United States financial transactions on behalf of the Senior Foreign Political Figure. 
 Section 7.3 Limited
Liability. The representations and warranties of Seller and EAGL Parent set forth in Section 7.1 and Section 7.2, together with Seller’s liability for any breach before Closing of any of Seller’s interim
operating covenants under Section 9.1 will survive the Closing for a period of twelve (12) months. Buyer will not have any right to bring any action against Seller or EAGL Parent as a result of any untruth or inaccuracy of such
representations and warranties, or any such breach, unless and until the aggregate amount of all liability and losses arising out of any such untruth or inaccuracy, or any such breach exceeds FIFTY THOUSAND DOLLARS ($50,000.00) (the “Liability
Threshold”), and then only to the extent of such excess. In addition, in no event will Seller’s and EAGL Parent’s liability for all such breaches exceed, in the aggregate, ONE MILLION DOLLARS ($1,000,000.00) (the “Liability
Cap”). Seller and EAGL Parent shall have no liability with respect to any of Seller’s or EAGL Parent’s representations, warranties and covenants herein if, prior to the Closing, Buyer has actual knowledge of any breach of a
representation, warranty or covenant of Seller or EAGL Parent herein, or Buyer obtains knowledge (from whatever source, including, without limitation, the Due Diligence Items, as a result of Buyer’s Due Diligence or any information or written
disclosure by Seller or Seller’s agents and employees, including the Seller’s Certificate or EAGL Parent’s Certificate regarding representations and warranties to be provided at Closing) that changes or contradicts any of
Seller’s or EAGL Parent’s representations and warranties herein, and Buyer nevertheless consummates the transaction contemplated by this Agreement. Notwithstanding any provision herein to the contrary, in the event that Buyer obtains any
knowledge on or before the Closing Date that the condition contained in Section 4.12 is not satisfied, then Buyer shall have the right to elect to terminate this Agreement, in which event, Buyer shall receive return of the Deposit, and
neither party shall have any further obligation to the other, except as otherwise provided for herein. Sections 4.5, 4.6, 4.7, 10.7 and 11.11 will survive Closing without limitation unless a specified period is otherwise provided in this
Agreement. All other representations, warranties, covenants and agreements made or undertaken by Seller or EAGL Parent under this Agreement, unless otherwise specifically provided herein, will not survive the Closing Date but will be merged into the
Closing documents delivered at the Closing. 
 Section 7.4 Knowledge. For purposes of this Agreement and any document delivered
at Closing, whenever the phrase “to Property Seller’s knowledge,” or the “knowledge” of Property Seller or “to EAGL Parent’s knowledge” or the “knowledge” of EAGL Parent or words of similar import
are used, they shall be deemed to refer to facts within the actual knowledge only of David Hanan, Patrick Fox and Barry Richards (collectively, “Knowledge Party”), and no others, at the times indicated only, without duty of inquiry
whatsoever. In no event shall the Knowledge Party be charged with knowledge of the acts, omissions and/or knowledge of predecessors in title to the Property or with knowledge of the acts, omissions and/or knowledge of Seller’s agents or
employees, unless the Knowledge Party has actual knowledge thereof. 
 Section 7.5 Liability of Representations and Warranties.
Buyer acknowledges that the individuals named above are named solely for the purpose of defining and narrowing the scope of Seller’s knowledge and not for the purpose of imposing any liability on or creating any 
  

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duties running from such individuals to Buyer. Buyer covenants that it will bring no action of any kind against such individuals, any shareholder, partner or
member of Seller, as applicable, or related to or arising out of these representations and warranties. 
 ARTICLE 8 - REPRESENTATIONS AND
WARRANTIES OF BUYER 
 Section 8.1 Buyer’s Representations and Warranties. Buyer represents and warrants to Seller the
following, upon which the Buyer acknowledges and agrees that the Seller is entitled to rely, and as of the Closing shall provide a Certificate reconfirming that all such representations and warranties remain true and correct as of the Closing Date
and shall survive thereunder for a period of twelve (12) months following the Closing Date: 
 (a) Status. The
Buyer is a limited partnership, duly formed, validly existing and in good standing under the laws of the State of Delaware, and has all requisite power and authority to own, lease and operate its properties and to carry on its business as currently
being conducted. 
 (b) Authority. The Buyer has full power and authority to execute and deliver this Agreement and,
upon the approval of the Board of Directors of the general partner of Buyer, which approval shall be obtained during the Due Diligence Period, all other documents to be executed and delivered by the Buyer pursuant to this Agreement (the
“Buyer’s Documents”), and to perform all obligations of the Buyer arising under this Agreement and each of the Buyer’s Documents. The execution and delivery by the signer on behalf of the Buyer of this Agreement and, when
executed and delivered, each of the Buyer’s Documents, and the performance by the Buyer of its obligations under this Agreement, and when executed and delivered, each of the Buyer’s Documents, has been, or as of Closing, will be, duly and
validly authorized by all necessary actions by the Buyer. This Agreement and, when executed and delivered, each of the Buyer’s Documents, constitutes, or will constitute, legal, valid and binding obligations of the Buyer, enforceable against
the Buyer in accordance with its and their terms, except to the extent any of the Seller is in default thereunder. 
 (c)
Consents and Approvals; No Conflicts. No filing with, and no permit, authorization, consent or approval of, any Governmental Authority or other Person is necessary for the execution or delivery by the Buyer of this Agreement or any of the
Buyer’s Documents, the performance by the Buyer of any of its obligations under this Agreement or any of the Buyer’s Documents, or the consummation by the Buyer of the transactions described in this Agreement or any of the Buyer’s
Documents. Neither the execution and delivery by the Buyer of any of the Buyer’s Documents, nor the performance by the Buyer of any of its obligations under any of the Buyer’s Documents, nor the consummation by the Buyer of the
transactions described in this Agreement, will: (A) violate any provision of the organizational or governing documents of the Buyer; (B) violate any Applicable Law to which the Buyer is subject; or (C) result in a violation or breach
of or constitute a default under any contract, agreement or other instrument or obligation to which the Buyer is a party or by which any of the Buyer’s properties are subject. 
  

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 (d) Bankruptcy. Buyer is not insolvent within the meaning of Title 11 of the
Bankruptcy Code, and Buyer has not ceased to pay its debts as they become due. Buyer has not filed or taken any action to file a voluntary petition, case or proceeding under any section or chapter of the Bankruptcy Code, or under any similar law or
statute of the United States or any state thereof, relating to bankruptcy, insolvency, reorganization, winding up or composition or adjustment of its debts and no such petition, case or proceeding has been filed against it which has not been
dismissed, vacated or stayed on appeal and Buyer has not been adjudicated as bankrupt or insolvent or consented to, nor filed an answer admitting or failing reasonably to contest an allegation of bankruptcy or insolvency. Buyer has not sought, or
consented to or acquiesced in, the appointment of any receiver, trustee, liquidator or other custodian of it or a material part of its assets, and Buyer has not made or taken any action to make a general assignment for the benefit of creditors or an
arrangement, attachment or execution has been levied and no tax lien or other governmental or similar lien has been filed, against them or a material part of their properties, which has not been duly and fully discharged prior to the date hereof.

 (e) Solvency. Buyer will not be rendered insolvent in connection with, or as a result of, the performance by Buyer
of its obligations hereunder or the consummation of the transactions contemplated hereby. 
 (f) Patriot Act. Buyer is
in compliance with all applicable anti-money laundering and anti-terrorist laws, regulations, rules, executive orders and government guidance, including the reporting, record keeping and compliance requirements of the BSA, as amended by the Patriot
Act, and other authorizing statutes, executive orders and regulations administered by OFAC, and related Securities and Exchange Commission, self-regulatory organization or other agency rules and regulations, and has policies, procedures, internal
controls and systems that are reasonably designed to ensure such compliance. 
 (g) OFAC. Neither (i) Buyer, any
Affiliate of Buyer nor any person controlled by Buyer; nor (ii) to the best of knowledge of Buyer, after making due inquiry, any person who owns a controlling interest in or otherwise controls Buyer; nor (iii) to the best of knowledge of
Buyer, after making due inquiry, if Buyer is a privately held entity, any person otherwise having a direct or indirect beneficial interest (other than with respect to an interest in a publicly traded entity) in Buyer; nor (iv) any person for
whom Buyer is acting as agent or nominee in connection with this investment, is a country, territory, person, organization, or entity named on an OFAC List, nor is a prohibited country, territory, person, organization, or entity under any economic
sanctions program administered or maintained by OFAC. 
 (h) Senior Foreign Political Figure. Unless disclosed in
writing to Seller on the date hereof, Buyer is not a Senior Foreign Political Figure, or an Immediate Family Member or a Close Associate of a Senior Foreign Political Figure, that Buyer is not controlled by a Senior Foreign Political Figure, or an
Immediate Family Member or a Close Associate of a Senior Foreign Political Figure, and that, to the best of Buyer’s knowledge, after making due inquiry, none of the direct or indirect owners of Buyer (other than any owner(s) of any interest(s)
in a publicly-traded entity) is a Senior Foreign Political Figure, or an Immediate Family Member or a Close Associate of a Senior Foreign Political Figure. 
  

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 Section 8.2 Buyer’s Independent Investigation. 
 8.2.1 Buyer has been given, or will be given before the end of the Due Diligence Period, a full opportunity to inspect and
investigate the Property and the Cowboys Ownership Interests, either independently or through agents of Buyer’s choosing, including, without limitation: 
 (a) All matters relating to title, together with all governmental and other legal requirements such as taxes, assessments, zoning, use
permit requirements, and building codes; 
 (b) The physical condition and aspects of the Property and Cowboys Golf Club,
including, without limitation, the interior, the exterior, the square footage within the improvements on the Real Property, the structures, the paving, the utilities, and all other physical and functional aspects of the Property and Cowboys Golf
Club, including, without limitation, an examination for the presence or absence of Hazardous Materials, which shall be performed or arranged by Buyer at Buyer’s sole expense; 
 (c) Any easements and/or access rights affecting the Property; 
 (d) The Contracts, the Licenses and Permits, the Cowboys Contracts and any other documents or agreements of significance affecting the
Property or the Cowboys Ownership Interests; and 
 (e) All other matters of material significance affecting the Property or
the Cowboys Ownership Interests or delivered to Buyer by Seller in accordance with Article 4 of this Agreement. 
 8.2.2 THE TRANSACTION CONTEMPLATED BY THIS AGREEMENT HAS BEEN NEGOTIATED BETWEEN SELLER, EAGL PARENT AND BUYER, THIS AGREEMENT REFLECTS THE MUTUAL AGREEMENT OF SELLER, EAGL PARENT AND BUYER, AND BUYER HAS CONDUCTED, OR WILL CONDUCT, ITS
OWN INDEPENDENT EXAMINATION OF THE PROPERTY AND THE COWBOYS OWNERSHIP INTERESTS. OTHER THAN THE MATTERS REPRESENTED IN SECTIONS 7.1 AND 7.2 HEREOF AND THOSE SET FORTH IN ANY OF THE PROPERTY SELLER’S DOCUMENTS AND THE EAGL
SELLER’S DOCUMENTS, AS SUCH MAY BE LIMITED BY SECTION 7.3 HEREOF (PROVIDED SUCH LIMITATIONS SHALL NOT APPLY TO THE ASSIGNMENT AND ASSUMPTION OF LAKE CONCESSION AGREEMENT, THE ASSIGNMENT AND ASSUMPTION OF MANSFIELD LEASE
AGREEMENT AND THE BILL OF SALE AND ASSIGNMENT AGREEMENTS TO BE DELIVERED AT CLOSING), BUYER HAS NOT RELIED UPON AND WILL NOT RELY UPON, EITHER DIRECTLY OR INDIRECTLY, ANY REPRESENTATION OR WARRANTY OF SELLER OR EAGL PARENT OR ANY OF THEIR AGENTS OR
REPRESENTATIVES, AND BUYER HEREBY 

  

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ACKNOWLEDGES THAT NO SUCH REPRESENTATIONS HAVE BEEN MADE. EXCEPT AS PROVIDED IN SECTIONS 7.1 AND 7.2 HEREOF AND IN THE PROPERTY
SELLER’S DOCUMENTS AND THE EAGL SELLER’S DOCUMENTS, AS SUCH MAY BE LIMITED BY SECTION 7.3 HEREOF (PROVIDED SUCH LIMITATIONS SHALL NOT APPLY TO THE ASSIGNMENT AND ASSUMPTION OF LAKE CONCESSION AGREEMENT, THE ASSIGNMENT
AND ASSUMPTION OF MANSFIELD LEASE AGREEMENT AND THE BILL OF SALE AND ASSIGNMENT AGREEMENTS TO BE DELIVERED AT CLOSING), SELLER AND EAGL PARENT SPECIFICALLY DISCLAIM, AND NEITHER SELLER NOR EAGL PARENT NOR ANY OTHER PERSON IS MAKING, ANY
REPRESENTATION, WARRANTY OR ASSURANCE WHATSOEVER TO BUYER AND NO WARRANTIES OR REPRESENTATIONS OF ANY KIND OR CHARACTER, EITHER EXPRESS OR IMPLIED, ARE MADE BY SELLER OR EAGL PARENT OR RELIED UPON BY BUYER WITH RESPECT TO THE STATUS OF TITLE TO OR
THE MAINTENANCE, REPAIR, CONDITION, DESIGN OR MARKETABILITY OF THE PROPERTY, THE COWBOYS GOLF CLUB OR THE COWBOYS OWNERSHIP INTEREST, OR ANY PORTION THEREOF, INCLUDING BUT NOT LIMITED TO (a) ANY IMPLIED OR EXPRESS WARRANTY OF MERCHANTABILITY,
(b) ANY IMPLIED OR EXPRESS WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE, (c) ANY IMPLIED OR EXPRESS WARRANTY OF CONFORMITY TO MODELS OR SAMPLES OF MATERIALS, (d) ANY RIGHTS OF BUYER UNDER APPROPRIATE STATUTES TO CLAIM DIMINUTION OF
CONSIDERATION, (e) ANY CLAIM BY BUYER FOR DAMAGES BECAUSE OF DEFECTS, WHETHER KNOWN OR UNKNOWN, WITH RESPECT TO THE IMPROVEMENTS OR THE PERSONAL PROPERTY, (f) THE FINANCIAL CONDITION OR PROSPECTS OF THE PROPERTY, COWBOYS GOLF CLUB OR THE
COWBOYS OWNERSHIP INTERESTS AND (g) THE COMPLIANCE OR LACK THEREOF OF THE REAL PROPERTY OR THE IMPROVEMENTS, THE COWBOYS OWNERSHIP INTERESTS OR THE COWBOYS GOLF CLUB WITH GOVERNMENTAL REGULATIONS, IT BEING THE EXPRESS INTENTION OF SELLER. EAGL
PARENT AND BUYER THAT, EXCEPT AS EXPRESSLY SET FORTH IN SECTIONS 7.1 AND 7.2 HEREOF AS SUCH MAY BE LIMITED BY SECTION 7.3 HEREOF (PROVIDED SUCH LIMITATIONS SHALL NOT APPLY TO THE ASSIGNMENT AND
ASSUMPTION OF LAKE CONCESSION AGREEMENT, THE ASSIGNMENT AND ASSUMPTION OF MANSFIELD LEASE AGREEMENT AND THE BILL OF SALE AND ASSIGNMENT AGREEMENTS TO BE DELIVERED AT CLOSING), THE PROPERTY AND COWBOYS OWNERSHIP INTERESTS WILL BE CONVEYED AND
TRANSFERRED TO BUYER IN THEIR PRESENT CONDITION AND STATE OF REPAIR, “AS IS” AND “WHERE IS”, WITH ALL FAULTS. Buyer represents that it is a knowledgeable, experienced and sophisticated buyer of real estate, including golf
courses, and that it is relying solely on its own expertise and that of Buyer’s consultants in purchasing the Property and Cowboys Ownership Interests and that it is receiving reasonably equivalent value in consummating the transactions
contemplated hereby. Buyer acknowledges and agrees 
  

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 that it will have the opportunity to conduct such inspections, investigations and other independent
examinations of the Property and Cowboys Ownership Interests and related matters, including but not limited to the physical and environmental conditions thereof, during the Due Diligence Period and, except as set forth in Sections 7.1 and
7.2 and in the Property Seller’s Documents and EAGL Seller’s Documents, as such may be limited by Section 7.3 (provided such limitation shall not apply to the Assignment and Assumption of Lake
Concession Agreement, the Assignment and Assumption of Mansfield Lease Agreement, and the Bill of Sale and Assignment Agreements to be delivered at Closing), Buyer will rely upon same and not upon any statements of Seller, EAGL Parent or of any
officer, director, employee, agent or attorney of Seller. Buyer acknowledges that all information obtained by Buyer will be obtained from a variety of sources and Seller and EAGL Parent will not be deemed to have represented or warranted the
completeness, truth or accuracy of any of the Due Diligence Items or other such information heretofore or hereafter furnished to Buyer. Upon Closing, Buyer will assume the risk that adverse matters, including, but not limited to, adverse physical
and environmental conditions, may not have been revealed by Buyer’s inspections and investigations. Buyer acknowledges and agrees that upon Closing, Seller will sell and convey to Buyer, and Buyer will accept the Property and Cowboys Ownership
Interests “AS IS, WHERE IS,” with all faults. Buyer further acknowledges and agrees that there are no oral agreements, warranties or representations, collateral to or affecting the Property or Cowboys Ownership Interests, by Seller, EAGL
Parent, any agent of Seller or EAGL Parent or any third party. Neither Seller nor EAGL Parent is liable or bound in any manner by any oral or written statements, representations or information pertaining to the Property or Cowboys Ownership
Interests furnished by any real estate broker, agent, employee, servant or other person, unless the same are specifically set forth or referred to herein. Buyer acknowledges that the Purchase Price reflects the “as is, where is” nature of
this sale and any faults, liabilities, defects or other adverse matters that may be associated with the Property and Cowboys Ownership Interests. BUYER, WITH BUYER’S COUNSEL, HAS FULLY REVIEWED THE DISCLAIMERS AND WAIVERS SET FORTH IN THIS
AGREEMENT, AND UNDERSTANDS THE SIGNIFICANCE AND EFFECT THEREOF. BUYER ACKNOWLEDGES AND AGREES THAT THE DISCLAIMERS AND OTHER AGREEMENTS SET FORTH HEREIN ARE AN INTEGRAL PART OF THIS AGREEMENT, AND THAT SELLER WOULD NOT HAVE AGREED TO SELL THE
PROPERTY AND COWBOYS OWNERSHIP INTERESTS TO BUYER FOR THE PURCHASE PRICE WITHOUT THE DISCLAIMER AND OTHER AGREEMENTS SET FORTH IN THIS AGREEMENT. THE TERMS AND CONDITIONS OF THIS SECTION 8.2.2 WILL EXPRESSLY SURVIVE THE CLOSING,
WILL NOT MERGE WITH THE PROVISIONS OF ANY CLOSING DOCUMENTS. 
 Section 8.3 Buyer’s Release of Seller. 
 8.3.1 Seller Released From Liability. Buyer, on behalf of itself and its agents, heirs, successors and assigns, waives,
releases, acquits and forever discharges Seller and 

  

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EAGL Parent and their respective affiliates, owners, officers, directors, partners, employees, agents and representatives of and from any and all claims
actions, causes of actions, demands, rights, damages, costs, expenses or compensation whatsoever, direct or indirect, known or unknown foreseen or unforeseen, which Buyer or any of Buyer’s heirs, successors, or assigns now has or which may
arise in the future on account of or in any way related to or in connection with the condition (including its physical condition and its compliance with applicable laws, and the presence in the soil, air, structures and surface and subsurface
waters, of Hazardous Materials or substances that have been or may in the future be determined to be toxic, hazardous, undesirable or subject to regulation and that may need to be specially treated, handled and/or removed from the Property or the
Cowboys Golf Club under current or future federal, state and local laws, regulations or guidelines), valuation, salability or utility of the Property, the Cowboys Ownership Interests and the Cowboys Golf Club, their suitability for any purpose
whatsoever and any past, present or future aspect, feature, characteristic, circumstance or condition arising out of or in connection with the Property, the Cowboys Ownership Interests or the Cowboys Golf Club, except to the extent that such
responsibility or liability is the result of the breach (if any) of Seller’s or Eagl Parent’s representations under Sections 7.1 and 7.2 hereof, as limited by Section 7.3, or the Retained Liabilities. THE FOREGOING
WAIVER AND RELEASE SHALL APPLY TO ANY AND ALL SUCH CLAIMS WHICH IN WHOLE OR IN PART ARE CAUSED BY OR ARISE OUT OF THE NEGLIGENCE OF SELLER AND/OR MATTER WHICH CREATED ANY STRICT LIABILITY UNDER APPLICABLE ENVIRONMENTAL LAWS. 
 8.3.2 Buyer’s Waiver of Objections. Buyer acknowledges that it has inspected the Property, the Cowboys Ownership
Interests and the Cowboys Golf Club, observed their physical characteristics and existing conditions and had, or will have, the opportunity to conduct such investigation and study on and of said Property, Cowboys Ownership Interests and Cowboys Golf
Club and adjacent areas as it deemed necessary, and subject to Seller’s and EAGL Parent’s responsibility for any breach of the warranties and representations contained in Sections 7.1 and 7.2 of this Agreement (as limited by
Section 7.3 of this Agreement), hereby waives any and all objections to or complaints (including but not limited to actions based on federal, state or common law and any private right of action under CERCLA, RCRA or any other state and
federal law to which the Property, the Cowboys Ownership Interests and Cowboys Golf Club are or may be subject) regarding physical characteristics and existing conditions, including without limitation structural and geologic conditions, subsurface
soil and water conditions and solid and hazardous waste and Hazardous Materials on, under, adjacent to or otherwise affecting the Property, the Cowboys Ownership Interests or Cowboys Golf Club. Buyer further hereby assumes the risk of changes in
applicable laws and regulations relating to past, present and future environmental conditions on the Property, Cowboys Ownership Interests and the Cowboys Golf Club, and the risk that adverse physical characteristics and conditions, including
without limitation the presence of Hazardous Materials or other contaminants, may not be revealed by its investigation. 
 8.3.3 Survival. The foregoing waivers and releases by Buyer shall survive either (a) the Closing and shall not be deemed merged into any of the Property Seller’s Documents or EAGL Seller’s Documents, or
(b) any termination of this Agreement. 
  

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 Section 8.4 Discharge. Notwithstanding any other provisions contained herein, or in any
document or instrument delivered in connection with the transfer contemplated hereby, to the contrary (including, without limitation, any language providing for survival of certain provisions hereof or thereof), Buyer hereby acknowledges and agrees
that (a) prior to Closing, Buyer’s sole recourse in the event of a breach by Seller or EAGL Parent shall be as set forth in Section 6.1 hereof, and (b) Seller and EAGL Parent shall, upon consummation of Closing, be deemed
to have satisfied and fulfilled all of Seller’s and EAGL Parent’s covenants, indemnities, and obligations contained in this Agreement and the documents delivered pursuant hereto, and Seller and EAGL Parent shall have no further liability
to Buyer or otherwise with respect to this Agreement, the transfers contemplated hereby, or any documents delivered pursuant hereto, except to the extent of any obligation or liability Seller or EAGL Parent may have under Sections 7.1 and 7.2
as to which Seller’s and EAGL Parent’s liability, if any, shall be limited as provided in Section 7.3 and under Section 11.11. 
 ARTICLE 9 - MAINTENANCE OF PROPERTY 
 From the date hereof until the Closing, and except as otherwise
consented to or approved by Buyer, Seller covenants and agrees with Buyer as follows: 
 Section 9.1 Certain Interim Operating
Covenants. Seller covenants to Buyer that Seller will: from the Effective Date until Closing or earlier termination of this Agreement, (i) continue to operate, manage and maintain the Improvements and the Cowboys Golf Club in the Ordinary
Course of Business, subject to ordinary wear and tear and further subject to Section 11.2, (ii) maintain fire and extended coverage insurance on the Property and the Cowboys Golf Club which is at least equivalent in all material
respects to the insurance policies covering the Land and the Improvements as of the Effective Date; and (iii) prior to the end of the Due Diligence Period, consult with and provide Buyer with copies of any new material contracts or agreements
with respect to the Property and the Cowboys Golf Club prior to Seller entering into any such matter; provided, however, Seller shall have the sole authority to determine if it will enter into any such matter. Seller covenants to Buyer that
following the expiration of the Due Diligence Period until Closing or the sooner termination of this Agreement, that Seller will not (i) enter into any new contracts or agreements with respect to the Property or the Cowboys Golf Club other than
contracts entered into in the Ordinary Course of Business or those which are terminable as of the Closing Date without payment of any fees or penalty or unless Buyer consents thereto in writing, which approval shall not be unreasonably withheld,
delayed or conditioned, or (ii) renew, extend, modify or replace any of the Contracts unless such is in the ordinary course of business or is terminable as of the Closing Date without payment of any fees or penalty or unless Buyer consents
thereto in writing, which approval shall not be unreasonably withheld, delayed or conditioned. As used in this Section 9.1, a contract will be deemed to be entered into in the Ordinary Course of Business unless the terms of the contract
require Seller or Buyer, as Seller’s assignee to expend funds in excess of an aggregate of TEN THOUSAND DOLLARS ($10,000.00) over the term of the contract (but not in connection with a revenue generating contract [for example, banquet
agreements and tournament agreements]), and the contract cannot be terminated without penalty of fees or penalty upon thirty (30) days notice. Notwithstanding anything in this Section 9.1 to the contrary, all obligations of Cowboys
Seller with respect to the Cowboys Golf Club shall be subject in all respects to the Cowboys LP Agreement and the rights of Blue Star thereunder. 
  

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 Section 9.2 Liquor Licenses. Buyer acknowledges that (i) the alcoholic beverage licenses
for the sale of alcoholic beverages at the Golf Clubs are not transferable, and as such Buyer may need to obtain its own alcoholic beverage licenses if it desires to serve alcoholic beverages at the Golf Clubs. Notwithstanding the foregoing, the
liquor license at Cowboys Golf Club is not being transferred pursuant to this transaction. 
 9.2.1 New Alcoholic Beverage
Licenses. If Buyer desires to obtain new alcoholic beverages licenses permitting Buyer (or Buyer’s Tenant) to serve alcoholic beverages at any Golf Club then, (i) commencing at any time after the Effective Date and continuing until the
Closing Date, Buyer and Seller (if any action of Seller is required), shall, at the sole cost and expense of Buyer, use reasonable efforts to obtain all governmental approvals necessary to obtain such new alcoholic beverage licenses as soon as
reasonably possible, but in any event not sooner than the Closing Date; and (ii) Buyer shall follow all legal procedures and processes necessary or advisable for Buyer to obtain the new alcoholic beverage licenses. 
 9.2.2 Assumption of Operations Under Private Alcohol Club Permits. If Buyer desires to assume operations under any private alcohol
club permits, then (i) commencing at any time after the Effective Date and continuing until the Closing Date, Buyer and Seller may, at the sole cost and expense of Buyer, use reasonable efforts to obtain all governmental approvals necessary to
transfer the operations under the private alcohol club permits to Buyer as soon as reasonable possible, but in any event not sooner than the Closing Date; and (ii) Seller and Buyer shall follow all legal procedures and processes necessary or
advisable to accomplish the transfer of operations under the private alcohol club permits to Buyer. Seller shall cause the current officers and directors of said private alcohol clubs to resign such positions effective as of Closing Date, unless
such officers and directors wish to continue such positions subsequent to the Closing Date and Buyer approves of same. 
 9.2.3 No Effect on Agreement. Buyer acknowledges and agrees that the Purchase Price shall not be reduced, and Buyer shall not otherwise be entitled to any compensation, in the event any or all new alcoholic beverage licenses are not
obtained by Buyer. Buyer’s purchase of the Property is not contingent upon Buyer’s obtaining any new alcoholic beverage licenses. Buyer expressly waives any right of rescission which might otherwise exist if Buyer is unable to obtain any
or all alcoholic beverage licenses. 
 9.2.4 Interim Liquor Management Agreement. Without limiting or otherwise
affecting the provisions of this Section 9.2, if Buyer has not obtained new liquor licenses with respect to the Golf Clubs by the Closing, and if permitted under applicable law, then, so long as Buyer notifies Seller in writing at least
seven (7) Business Days before the Closing that Buyer elects to enter into the same with Seller, Seller and Buyer shall execute and deliver, at the Closing, an interim management agreement (each, an “Interim Liquor Management
Agreement”) with respect to the applicable Golf Club in form and content reasonably acceptable to Seller to allow Buyer to operate the alcoholic beverage operations at the applicable Golf Clubs utilizing the same liquor licenses which
Seller currently utilizes. The term of the Interim Liquor Management Agreement shall be from the Closing Date through the earlier of the date 

  

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which is ninety (90) days thereafter, or the date Buyer obtains its own liquor license for the applicable Golf Clubs. Under the Interim Liquor
Management Agreement, among other things, (i) Buyer shall name Seller as an additional insured on Buyer’s commercial general liability insurance policy (which policy must contain a liquor service endorsement); (ii) Buyer and Seller
shall use reasonable efforts to maintain in full force and effect, and if necessary renew, each applicable liquor license during the term of the Interim Liquor Management Agreement; and (iii) Buyer shall protect, defend, indemnify and hold
harmless Seller from and against any and all Claims arising out of or in connection with the alcoholic beverage operations at the Golf Courses after the Closing. 
 ARTICLE 10 - CLOSING AND CONDITIONS 
 Section 10.1 Escrow Instructions. Upon
execution of this Agreement, the parties hereto shall deposit an executed counterpart of this Agreement with the Title Company, and this Agreement shall serve as escrow instructions to the Title Company as the escrow holder for consummation of the
purchase and sale contemplated hereby. Seller and Buyer agree to execute such reasonable additional and supplementary escrow instructions as may be appropriate to enable the Title Company to comply with the terms of this Agreement; provided,
however, that in the event of any conflict between the provisions of this Agreement and any supplementary escrow instructions, the terms of this Agreement shall control. 
 Section 10.2 Closing. The closing hereunder (“Closing”) shall be held and delivery of all items to be made at the Closing under the terms of this Agreement shall be made through
escrow at Escrow Agent’s office on November 16, 2006 or such other date and time as Buyer and Seller may mutually agree upon in writing (the “Closing Date”). The Closing Date may not be extended without the prior written
approval of both Seller and Buyer. Subject to Seller’s delivery of the documents set forth in Section 10.3 into escrow with the Escrow Agent, no later than 10:00 a.m. Central Time on the Closing Date, Buyer shall deposit in escrow
with the Escrow Agent the Purchase Price (subject to adjustments described in Section 10.6), together with all other costs and amounts to be paid by Buyer at the Closing pursuant to the terms of this Agreement, by Federal Reserve wire
transfer of immediately available funds to an account to be designated by the Escrow Agent. Subject to Seller’s delivery of the documents set forth in Section 10.3 into escrow with the Escrow Agent, no later than 11:00 a.m. Central
Standard Time on the Closing Date, Buyer will cause the Escrow Agent to (i) pay to Seller by Federal Reserve wire transfer of immediately available funds to an account designated by Seller, the Purchase Price (subject to adjustments described
in Section 10.5), less any costs or other amounts to be paid by Seller at Closing pursuant to the terms of this Agreement, and (ii) pay all appropriate payees the other costs and amounts to be paid by Buyer at Closing pursuant to
the terms of this Agreement and Seller will direct the Escrow Agent to pay to the appropriate payees out of the proceeds of Closing payable to Seller, all costs and amounts to be paid by Seller at Closing pursuant to the terms of this Agreement.

 Section 10.3 Seller’s Closing Documents and Other Items. At or before Closing, Seller shall deposit into escrow
the following items: 
 10.3.1 Two (2) original counterparts of an assignment and assumption of concession
agreement with respect to the Lake Concession Agreement duly executed by Lake Seller in the form attached hereto as Exhibit D (the “Assignment and Assumption of Lake Concession Agreement”); 
  

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 10.3.2 Two (2) original counterparts of an assignment and assumption of lease
agreement with respect to the Mansfield Lease Agreement duly executed by Mansfield Seller in the form attached hereto as Exhibit E (the “Assignment and Assumption of Mansfield Lease Agreement”); 
 10.3.3 One (1) original of the Termination of Development Agreement in the form attached hereto as Schedule
10.3.3; 
 10.3.4 Two (2) original counterparts of Bill of Sale and Assignment Agreements with respect to
(i) the transfer of the Lake Personal Property and the Mansfield Personal Property each in the form attached hereto as Exhibit G (collectively, the Bill of Sale and Assignment Agreements”) duly executed by Lake Seller,
Mansfield Seller or EAGL, as applicable; provided, however, for purposes of the Bill of Sale and Assignment Agreements, the Personal Property shall not include the Contracts, the Warranties and Guaranties and the Licenses and Permits which all shall
be assigned by separate documents; 
 10.3.5 Two (2) original counterparts of assignments and assumptions with
respect to the Lake Contracts and the Mansfield Contracts (collectively, the “Assignments and Assumptions of Contracts”) each in the form attached hereto as Exhibit H duly executed by Lake Seller, Mansfield Seller or
EAGL, as applicable; 
 10.3.6 Two (2) original counterparts of assignments and assumptions with respect to the
Lake Water Documents and the Mansfield Effluent Discharge Rights (collectively, the “Assignments of Water Documents”) each in the form attached hereto as Exhibit I, duly executed by Lake Seller or Mansfield Seller, as
applicable; 
 10.3.7 Two (2) original counterparts of assignments and assumptions with respect to the Lake
warranties and guaranties and Lake Licenses and Permits and the Mansfield warranties and guaranties and Mansfield Licenses and Permits (collectively, the “Assignments and Assumptions of Warranties and Guaranties, and Licenses and
Permits”) each in the form attached hereto as Exhibit J, duly executed by Lake Seller or Mansfield Seller, as applicable; 
 10.3.8 Two (2) original counterparts of an assignment and assumption of one hundred percent (100%) of the limited liability company interest in Grapevine Golf, L.L.C. ( the “Assignment and
Assumption of Cowboys GP Interest”) in the form attached hereto as Exhibit K, duly executed by EAGL; 
 10.3.9 Two (2) original counterparts of an assignment and assumption of Cowboys LP Interest (the “Assignment and Assumption of Cowboys LP Interest”) in the form attached hereto as Exhibit L, duly
executed by EAGL; 
 10.3.10 Two (2) duly executed counterparts of the Seller’s Certificate regarding
representations and warranties to be provided pursuant to Section 7.1 hereof; 
  

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 10.3.11 Affidavits pursuant to Section l445(b)(2) of the Code, and on which Buyer
is entitled to rely, executed by each of Seller stating that each Seller respectively is not a “foreign person” within the meaning of Section l445(f)(3) of the Code; 
 10.3.12 If applicable, duly completed and signed real estate transfer tax declarations; 
 10.3.13 Two (2) duly executed counterparts of the Closing Statements; and 
 10.3.14 Such other documents as may be reasonably required by the Title Company or as may be agreed upon by Seller and Buyer to
consummate the purchase of the Property as contemplated by this Agreement. 
 Section 10.4 Buyer’s Closing Documents and Other
Items. At or before Closing, Buyer shall deposit into escrow the following items: 
 10.4.1 The balance of the
Purchase Price and such additional funds as are necessary to close this transaction; 
 10.4.2 Two (2) executed
counterparts of the Assignment and Assumption of Concession Agreement; 
 10.4.3 Two (2) executed counterparts of
the Assignment and Assumption of Mansfield Lease Agreement; 
 10.4.4 Two (2) executed counterparts of the
Assignment and Assumption of Mansfield Development Agreement; 
 10.4.5 Two (2) executed counterparts of the
Assignments and Assumptions of Contracts; 
 10.4.6 Two (2) executed counterparts of the Assignments of Water
Documents; 
 10.4.7 Two (2) executed counterparts of the Assignments and Assumption of Warranties and Guaranties
and Licenses and Permits; 
 10.4.8 Two (2) executed counterparts of the Assignment and Assumption of Cowboys GP
Interest; 
 10.4.9 Two (2) executed counterparts of the Assignment and Assumption of Cowboys LP Interest;

 10.4.10 Documentation to establish to Seller’s reasonable satisfaction the due authority of Buyer’s
acquisition of the Property and Buyer’s delivery of the documents required to be delivered by Buyer pursuant to this Agreement including, but not limited to, the organizational documents of Buyer, as they may have been amended from time to
time, resolutions of Buyer and incumbency certificates of Buyer; 
  

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 10.4.11 Two (2) duly executed counterparts of the Closing Statements; and

 10.4.12 Such other documents as may be reasonably required by the Title Company or as may be agreed upon by Seller
and Buyer to consummate the purchase of the Property as contemplated by this Agreement. 
 Section 10.5 Actions at Closing. On
the Closing Date, Escrow Holder shall do the following: 
 10.5.1 Deliver to Buyer (i) a fully executed original
(in counterparts, if applicable) of the Assignment and Assumption of Lake Concession Agreement, the Assignment and Assumption of Mansfield Lease Agreement, the Assignment and Assumption of Mansfield Development Agreement, the Bill of Sale and
Assignment Agreements, the Assignments and Assumptions of Contracts, the Assignments of Water Documents, the Assignments and Assumptions of Warranties and Guaranties and Licenses and Permits, the Assignment and Assumption of Cowboys GP Interest, the
Assignment and Assumption of Cowboys LP Interest and the other documents required to be delivered by Seller to Escrow Holder pursuant to Section 10.3, (ii) the Title Policy in accordance with Section 5.3, (iii) the
final Closing Statements, and (iv) conformed copies of the recorded documents; 
 10.5.2 Deliver to Seller
(i) the Purchase Price (less any prorations and costs to be paid by Seller pursuant to Sections 10.6, (ii) fully executed originals (in counterparts) of each Assignment and Assumption of Lake Concession Agreement, the Assignment and
Assumption of Mansfield Lease Agreement, Bill of Sale and Assignment Agreements, Assignments and Assumptions of Contracts, Assignments of Water Documents, Assignments and Assumptions of Warranties and Guaranties and Licenses and Permits, the
Assignment and Assumption of Cowboys GP Interest and the Assignment and Assumption of Cowboys LP Interest, (iii) the final Closing Statements, and (iv) conformed copies of the recorded documents. 
 Section 10.6 Prorations and Closing Costs. 
 10.6.1 Property Seller and Buyer agree to adjust, as of 11:59 p.m. on the day immediately preceding the Closing Date (the “Proration Time”), for the proration items listed in this
Section 10.6 (collectively, the “Proration Items”): 
 (a) All taxes and assessments on the
Property for all prior years and all current year taxes and assessments that are due and payable on or before the Closing shall have been paid by Seller on or before the Closing, subject to proration with Buyer to be responsible for taxes and
assessments relating to the period after the Proration Time. Accrued but not yet payable general real estate, personal property and ad valorem taxes and assessments for the current year only shall be prorated on the basis of the most recent
available information, as adjusted by any known charges relating to the period during which the Closing occurs. 
 (b) All
charges for gas, electricity, water, telephone, sewer and other utilities shall be prorated as of the Proration Time, based on meter reading (if available) taken on the 

  

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day prior to Closing, or on the basis of the most recent available information, as reasonably adjusted to account for known variances from usage that would
not otherwise be reflected in such information. Buyer shall transfer all utilities to its own name or Premier’s name on the Closing Date. Seller shall reasonably cooperate with Buyer to transfer the utilities into Buyer’s or Premier’s
name in connection with the Closing. 
 (c) Any income or expense items under the Contracts shall be prorated as of the
Proration Time. 
 (d) All periodic membership dues or other periodic membership charges (other than membership initiation
fees, which shall not be prorated) that have been collected by Property Seller shall be prorated as of the Proration Time. 
 (e) Buyer shall receive a credit to the Purchase Price in the amount of all deposits for Bookings to take place on or after the Closing. 
 (f) Buyer shall receive a credit to the Purchase Price for fifty percent (50%) for all merchandise gift certificates and rain checks redeemable at the Golf Club and sold or issued before the Closing but neither
redeemed nor expired as of the Closing. 
 (g) Buyer shall pay to Property Seller at Closing an amount for Seller’s
Receivables as provided below (the “Seller’s Receivables Amount”). Seller’s Receivables which are sixty (60) days or less old from the initial billing date shall be paid at one hundred percent (100%). Seller’s
Receivables which are more than sixty (60) days but less than one hundred twenty (120) days old from the initial billing date shall be paid at fifty percent (50%). Seller’s Receivables which are one hundred twenty (120) days old
or greater shall be paid at zero percent (0%). The term “Seller’s Receivables” means: (1) delinquent or uncollected membership dues and charges or fees, golf cart fees, handicap fees, driving range fees, golf club storage fees,
locker fees and trail fees with respect to the Golf Clubs as of the Proration Time; (2) unpaid amounts with respect to tournaments, banquets, meetings and other functions held at the Golf Clubs prior to the Proration Time; and (3) any
other receivables of Property Seller with respect to the Golf Clubs which, as of the Proration Time, are payable or past due. 
 (h) Buyer shall pay to Property Seller an amount equal to Property Seller’s cost for the Goods and Inventory. 
 (i) Any other items of income or expense with respect to the Property shall be prorated as of the Proration Time. Without limiting the generality of the preceding sentence, (i) accounts receivable that represent billings for goods and
services to be rendered after the Proration Time shall be for the account of Buyer, (ii) pre-paid expense which are intended to benefit to the Property after the Proration Time shall be borne by Buyer, and (iii) refunds to the extent
relating to the period on or prior to the Proration Time shall be for the account of Property Seller. 
 10.6.2
Property Seller will be charged and credited for the amounts of all of the Proration Items relating to the period up to and including the Proration Time, and Buyer will be charged and credited for all of the Proration Items relating to the period
after the 

  

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Proration Time. Preliminary estimated Closing prorations shall be set forth on preliminary closing statements to be prepared by Property Seller and submitted
to Buyer for Buyer’s approval prior to the Closing Date (the “Closing Statements”). The Closing Statements, once agreed upon, shall be signed by Buyer and Property Seller and delivered to the Escrow Agent for purposes of making
the preliminary proration adjustment at Closing subject to the final cash settlement provided for below. The preliminary proration shall be paid at Closing by Buyer to Property Seller (if the preliminary prorations result in a net credit to Property
Seller) or by Property Seller to Buyer (if the preliminary prorations result in a net credit to Buyer) by increasing or reducing the cash to be delivered by Buyer in payment of the Purchase Price at the Closing. If the actual amounts of the
Proration Items are not known as of the Proration Time, the prorations will be made at Closing on the basis of the best evidence then available; thereafter, when actual figures are received (not to exceed 60 days after closing), re-prorations will
be made on the basis of the actual figures, and a final cash settlement will be made between Property Seller and Buyer. No prorations will be made in relation to insurance premiums, and Property Seller’s insurance policies will not be assigned
to Buyer. Final readings and final billings for utilities will be made if possible as of the Proration Time, in which event no proration will be made at Closing with respect to utility bills. Property Seller will be entitled to all deposits
presently in effect with the utility providers, and Buyer will be obligated to make its own arrangements for deposits with the utility providers. For purposes of calculation prorations, Buyer shall be entitled to the income from the Property and
responsible for the expenses of the Property, for the entire day upon which the Closing occurs. All such prorations shall be made on the basis of the actual number of days of the month which shall have elapsed as of the Proration Time and based upon
a three hundred sixty-five (365) day year. Except as set forth in this Section 10.6.1, all items of income and expense for the period prior to the Closing Date will be for the account of Property Seller, and all items of income and
expense for the period on and after the Closing Date will be for the account of Buyer, all as determined by the accrual method of accounting. The provisions of this Section 10.6.2 will survive the Closing for a period of twelve
(12) months. 
 10.6.3 Property Seller shall pay (a) the cost of releasing or reconveying any mortgage or
deed of trust encumbering the Property for any portion of Property Seller’s debt not assumed by Buyer, (b) one-half of the Escrow Agent’s escrow fee and (c) any additional costs and charges customarily charged to sellers in
accordance with common escrow practices in Dallas County, Texas, other than those costs and charges specifically required to be paid by Buyer hereunder. Buyer shall pay (a) one-half of the Escrow Agent’s escrow fee, (b) all of the
costs associated with the issuance of the Title Commitment and Title Policy, including the costs of any endorsements Buyer may require in accordance with Section 5.3, (c) the recording fees required in connection with the transfer
of the Property to Buyer, and (d) any additional costs and charges customarily charged to buyers in accordance with common escrow practices in Dallas County, Texas, other than those costs and charges specifically required to be paid by Property
Seller hereunder. In addition to the foregoing, Buyer shall be responsible for any costs of updating the Existing Surveys or otherwise conforming the Existing Surveys to the requirements for issuance of the Title Policy or for any new survey that
may be required for issuance of the Title Policy. 
  

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 10.6.4 Notwithstanding anything in this Section 10.6 to the contrary,
there shall be no prorations of any kind with respect to the sale of the Cowboys Owner or the Cowboys Golf Club. 
 Section 10.7
Broker. Buyer hereby represents and warrants to Seller that it did not employ or use any broker or finder to arrange or bring about this transaction, and that there are no claims or rights for brokerage commissions or finder’s fees in
connection with the transactions contemplated by this Agreement, other than the commission (“Broker’s Commission”) required to be paid by Seller to Broker pursuant to a separate agreement between Seller and Broker. Seller
hereby represents and warrants to Buyer that Seller has not employed any broker with respect to this transaction, other than Broker, and Seller shall only pay the Broker’s Commission. If any person brings a claim for a commission or
finder’s fee based upon any contact, dealings, or communication with Buyer in connection with the transactions contemplated by this Agreement, other than Broker, then Buyer shall defend Seller from such claim, and shall indemnify Seller and
hold Seller harmless from any and all costs, damages, claims, liabilities, or expenses (including, without limitation, reasonable attorneys’ fees and disbursements) incurred by Seller with respect to the claim. The provisions of this
Section 10.7 shall survive the Closing or, if the purchase and sale is not consummated, any termination of this Agreement and shall not be subject to the six (6) month limitation set forth in Section 7.3. 
 Section 10.8 Expenses. Except as provided in Sections 10.6 and 10.7, each party hereto shall pay its own expenses incurred in
connection with this Agreement and the transactions contemplated hereby, including, without limitation, in the case of Buyer, all third-party engineering and environmental review costs and all other Due Diligence costs. 
 Section 10.9 Estoppel Certificate. Seller shall use commercially reasonable efforts to assist Buyer, at no cost to Seller, in obtaining
estoppel certificates from any third-party (the “Third-Party Estoppels”). The obtaining of a Third-Party Estoppel shall not in any event be a condition to the Closing. 
 ARTICLE 11 – MISCELLANEOUS 
 Section 11.1 Amendment and
Modification. Subject to applicable law, this Agreement may be amended, modified, or supplemented only by a written agreement signed by Buyer and Seller. 
 Section 11.2 Risk of Loss and Insurance Proceeds. 
 11.2.1 Minor
Loss. Buyer shall be bound to purchase the Property and Cowboys Ownership Interests for the full Purchase Price as required by the terms hereof, without regard to the occurrence or effect of any damage to the Property or the Cowboys Golf Club or
destruction of any improvements thereon or condemnation of any portion of the Property or the Cowboys Golf Club, provided that: (a) the cost to repair any such damage or destruction, or the diminution in the value of the remaining Property and
the Cowboys Golf Club as a result of a partial condemnation, is equal to less than ten percent (10%) of the Purchase Price on an aggregate basis and on an individual basis for the Golf Clubs and the Cowboys Golf Club is equal to or less than
twenty percent (20%) of the portion 

  

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of the Purchase Price allocated to the affected Golf Club or the Cowboys Ownership Interest as shown on Schedule 11.2.1 attached hereto, and
(b) upon the Closing, there shall be a credit against the Purchase Price due hereunder equal to the amount of any insurance proceeds or condemnation awards collected by Seller as a result of any such damage or destruction or condemnation to the
Property, plus the amount of any insurance deductible, less any sums expended by Seller toward the restoration or repair of the Property or in collecting such insurance proceeds or condemnation awards. If the proceeds or awards have not been
collected as of the Closing, then such proceeds or awards shall be assigned to Buyer, except to the extent needed to reimburse Seller for sums paid to third parties prior to the Closing to repair or restore the Property or for sums reasonably paid
to third parties to collect any such proceeds or awards. Notwithstanding anything herein to the contrary, the parties acknowledge and agree that there shall be no credit or assignment of insurance or condemnation proceed with respect to the Cowboys
Golf Club, as the handling of such proceeds is subject to the terms of the Cowboys LP Agreement. 
 11.2.2 Major
Loss. If the amount of the damage or destruction or condemnation as specified above exceeds ten percent (10%) of the Purchase Price on an aggregate basis or on an individual basis for the Golf Clubs and Cowboys Golf Club, twenty percent
(20%) of the portion of the Purchase Price allocated to the affected Golf Club as shown on Schedule 11.2.2 attached hereto, then Buyer may at its option, to be exercised by written notice to Seller within ten (10) business
days of Seller’s notice of the occurrence of the damage or destruction or the commencement of condemnation proceedings, terminate this Agreement. Buyer’s failure to elect to terminate this Agreement within said ten business day period
shall be deemed an election by Buyer to consummate this purchase and sale transaction. If Buyer elects to terminate this Agreement within such ten business day period, the Deposit shall be returned to Buyer and neither party shall have any further
rights or obligations hereunder except as provided in Sections 4.5, 4.6, 4.7, 10.7 and 11.11. If Buyer elects or is deemed to have elected to proceed with the purchase, then upon the Closing, there shall be a credit against the Purchase Price
due hereunder equal to the amount of any insurance proceeds or condemnation awards collected by Seller as a result of any such damage or destruction or condemnation, plus the amount of any insurance deductible, less any sums expended by Seller
toward the restoration or repair of the Property or in collecting such insurance proceeds or condemnation awards. If the proceeds or awards have not been collected as of the Closing, then (i) such proceeds or awards shall be assigned to Buyer,
except to the extent needed to reimburse Seller for sums paid to third parties prior to the Closing to repair or restore the Property or for sums reasonably paid to third parties to collect any such proceeds or awards, and (ii) the Purchase
Price shall be credited by the amount of any applicable finance deductible. Notwithstanding anything herein to the contrary, the parties acknowledge and agree that there shall be no credit or assignment of insurance or condemnation proceed with
respect to the Cowboys Golf Club, as the handling of such proceeds is subject to the terms of the Cowboys LP Agreement. 
  

 - 50 - 

 Section 11.3 Notices. All notices required or permitted hereunder shall be in writing and
shall be served on the parties at the following address: 
  

			
	If to Seller:	  	 c/o Westbrook Real Estate Partners, L.L.C.
 13155 Noel
Road
 Suite 700
 Dallas, Texas 75240
 Attn:     Patrick K. Fox, Esq.
              David Hanan
 Facsimile: (972) 934-8333

		
	and to:	  	 c/o Evergreen Alliance Golf Limited, L.P.
 4851 LBJ
Freeway, Suite 600
 Dallas, Texas 75244
 Attn:     Joe R. Munsch
              Lynn Marie Mallery,
Esq.
              Barry Richards
 Facsimile: (214) 722-6052

		
	and to:	  	 Addison Law Firm
 14901 Quorum Drive, Suite
650
 Dallas, Texas 75254
 Attn:     Matthew
C. Martin, Esq.
              Dallas Addison, Esq.
 Facsimile: (972) 960-7719

		
	If to Buyer:	  	 CNL INCOME PARTNERS, LP
 450 South Orange Avenue,
5th Floor
 Orlando,
Florida 32802
 Attention: Tammie A. Quinlan,
 Chief Financial
Officer
 Attention: Amy Sinelli, Vice President
 Corporate
Counsel
 Facsimile: 407-540-2544

		
	with Copies to:	  	 Lowndes, Drosdick, Doster, Kantor & Reed, P.A.
 215
N. Eola Drive
 Orlando, Florida 32802
 Attention: William T.
Dymond, Esq.
 Facsimile: 407-843-4444

  

 - 51 - 

			
	If to EscrowAgent:	  	 The Talon Group, a division of
First American Title Insurance Company
 111 N. Orange Avenue, Suite 1285
 Orlando, Florida 32901
 Attn: Michael Moore, Esq.
 Facsimile: 888-216-9941

 Any such notices may be sent by (a) certified mail, return receipt requested, in which case
notice shall be deemed delivered five (5) business days after deposit, postage prepaid in the U.S. mail, (b) a nationally recognized overnight courier, in which case notice shall be deemed delivered one (1) business day after deposit
for next business day delivery with such courier, or (c) facsimile transmission, in which case notice shall be deemed delivered upon electronic verification that transmission to recipient was completed. The above addresses and facsimile numbers
may be changed by written notice to the other party; provided that no notice of a change of address or facsimile number shall be effective until actual receipt of such notice. Copies of notices are for informational purposes only, and a failure to
give or receive copies of any notice shall not be deemed a failure to give notice. 
 Section 11.4 Assignment. Buyer and Seller
shall not have the right to assign this Agreement, without the prior written consent of the other party. Notwithstanding the foregoing, Buyer and Seller may each assign (a) their interests herein to an Affiliate of such assigning party and
(b) their rights (but not obligations) herein to any party which is not an Affiliate for the purposes of effectuating an exchange of properties under Section 1031 of the Code, provided that any such assignment does not relieve the
assigning party of its obligations hereunder. This Agreement will be binding upon and inure to the benefit of Seller and Buyer and their respective successors and permitted assigns, and no other party will be conferred any rights by virtue of this
Agreement or be entitled to enforce any of the provisions hereof. Whenever a reference is made in this Agreement to Seller or Buyer, such reference will include the successors and permitted assigns of such party under this Agreement. 
 Section 11.5 Governing Law and Consent to Jurisdiction. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF TEXAS, WITHOUT REGARD TO ANY OTHERWISE APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS. ANY ACTION ARISING OUT OF THIS AGREEMENT MUST BE COMMENCED BY BUYER OR SELLER IN THE STATE COURTS OF THE STATE OF TEXAS AND EACH PARTY HEREBY CONSENTS TO
THE JURISDICTION OF THE ABOVE COURT IN ANY SUCH ACTION AND TO THE LAYING OF VENUE IN THE STATE OF TEXAS. ANY PROCESS IN ANY SUCH ACTION SHALL BE DULY SERVED IF MAILED BY REGISTERED MAIL, POSTAGE PREPAID, TO THE PARTIES AT THEIR RESPECTIVE ADDRESS
DESCRIBED IN SECTION 11.3 HEREOF. 
 Section 11.6 Counterparts. This Agreement may be executed in two or more fully or
partially executed counterparts, each of which will be deemed an original binding the signer thereof against the other signing parties, but all counterparts together will constitute one and the same instrument. 
  

 - 52 - 

 Section 11.7 Entire Agreement. This Agreement and any other document to be furnished
pursuant to the provisions hereof embody the entire agreement and understanding of the parties hereto as to the subject matter contained herein. There are no restrictions, promises, representations, warranties, covenants, or undertakings other than
those expressly set forth or referred to in such documents. This Agreement and such documents supersede all prior agreements and understandings among the parties with respect to the subject matter hereof. 
 Section 11.8 Severability. Any term or provision of this Agreement that is invalid or unenforceable in any jurisdiction will, as to such
jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms and provisions of this Agreement, or affecting the validity or enforceability of any of the terms or
provisions of this Agreement and the parties further hereby agree that any terms of this Agreement held unenforceable shall be automatically revised to terms which the court has found to be enforceable; provided, however, that such revision may not
in any event deprive any party of a material benefit of this Agreement. Any such unenforceable term or provision determined by any one jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 Section 11.9 Attorney Fees. If any action is brought by any party to this Agreement to enforce or interpret its terms or provisions, the
substantially prevailing Party will be entitled to reasonable attorney fees and costs incurred in connection with such action prior to and at trial and on any appeal therefrom. 
 Section 11.10 Payment of Fees and Expenses. Each party to this Agreement will be responsible for, and will pay, all of its own fees and
expenses, including those of its counsel and accountants, incurred in the negotiation, preparation, and consummation of this Agreement and the transaction contemplated hereunder. 
 Section 11.11 Confidential Information. The parties acknowledge that the transaction described herein is of a confidential nature and shall
not be disclosed except to Permitted Outside Parties or as required by law. No party shall make any public disclosure of the specific terms of this Agreement or press release or similar public announcement or communication (unless specifically
approved in advance in writing by both Buyer and Seller), except as required by law (including SEC regulations and NYSE requirements). In connection with the negotiation of this Agreement and the preparation for the consummation of the transactions
contemplated hereby, each party acknowledges that it will have access to confidential information relating to the other party. Each party shall treat such information as confidential, preserve the confidentiality thereof, and not duplicate or use
such information, except to Permitted Outside Parties in connection with the transactions contemplated hereby. In the event of the termination of this Agreement for any reason whatsoever, Buyer shall return to Seller, all documents, work papers,
engineering and environmental studies and reports and all other materials (including all copies thereof obtained from Seller in connection with the transactions contemplated hereby), and each party shall use its best efforts, including instructing
its employees and others who have had access to such information, to keep confidential and not to use any such information. Except as required by applicable law, neither party shall issue any press release or make any statement to the media without
the other party’s consent, which consent shall not be unreasonably withheld. The provisions of this Section 11.11 shall survive the Closing or, if the purchase and sale is not consummated, any termination of this Agreement.

  

 - 53 - 

 Section 11.12 No Joint Venture. Nothing set forth in this Agreement shall be construed to
create a joint venture between Buyer and Seller. 
 Section 11.13 Waiver of Jury Trial. Each party to this Agreement hereby
expressly waives any right to trial by jury of any claim, demand, action or cause of action (each, an “Action”) (a) arising out of this Agreement, including any present or future amendment thereof or (b) in any way connected with
or related or incidental to the dealings of the parties or any of them with respect to this Agreement (as hereafter amended) or any other instrument, document or agreement executed or delivered in connection herewith, or the transactions related
hereto or thereto, in each case whether such Action is now existing or hereafter arising, and whether sounding in contract or tort or otherwise and regardless of which party asserts such Action; and each party hereby agrees and consents that any
such Action shall be decided by court trial without a jury, and that any party to this Agreement may file an original counterpart or a copy of this Section 11.13 with any court as written evidence of the consent of the parties to the
waiver of any right they might otherwise have to trial by jury. 
 Section 11.14 Limited Liability. Neither the members,
managers, employees or agents of Seller, nor the shareholders, officers, directors, employees or agents of any of them shall be liable under this Agreement and all parties hereto shall look solely to the assets of Seller and the Deposit for the
payment of any claim or the performance of any obligation by Seller. Neither the members, managers, employees or agents of Buyer, nor the shareholders, officers, directors, employees or agents of any of them shall be liable under this Agreement and
all parties hereto shall look solely to the assets of Buyer and the Deposit for the payment of any claim or the performance of any obligation by Buyer. 
 Section 11.15 Time of Essence. Time is of the essence of this Agreement. 
 Section
11.16 No Waiver. No waiver of any of the provisions of this Agreement shall be deemed, or shall constitute, a waiver of any other provision, whether or not similar, nor shall any waiver constitute a continuing waiver, nor shall a waiver
in any instance constitute a waiver in any subsequent instance. No waiver shall be binding unless executed in writing by the party making the waiver. 
 Section 11.17 No Recordation. Seller and Buyer hereby acknowledge that neither this Agreement nor any memorandum or affidavit thereof shall be recorded with the county recorder of the applicable Texas
counties where the Land is located, or anywhere else. Should Buyer ever record or attempt to record this Agreement, or a memorandum or affidavit thereof, or any other similar document, then, notwithstanding anything herein to the contrary, said
recordation or attempt at recordation shall constitute a default by Buyer hereunder, and, in addition to the other remedies provided for herein, Seller shall have the express right to terminate this Agreement by filing a notice of said termination
in the proper place for said filing. 
 Section 11.18 Tax Disclosures. Notwithstanding anything in this Agreement to the
contrary, in accordance with Section 1.6011-4(b)(3)(iii) of the Treasury Regulations, Buyer and Seller (and each employee, representative, or other agent of Buyer and Seller) may disclose to any and all persons, without limitation of any
kind, the tax treatment and tax structure of the transactions contemplated by this Agreement and all materials of any kind (including opinions or other tax analyses) that are provided to Buyer or Seller relating to such tax treatment and tax
structure. However, any information relating to tax treatment or tax structure shall remain subject to the confidentiality provisions hereof (and the foregoing sentence shall not apply) to the extent, but only to the extent, reasonably necessary to
enable Buyer and Seller to comply with applicable securities laws. For purposes hereof, “tax structure” means any fact that may be relevant to understanding the federal income tax treatment of the transaction. 

  

 - 54 - 

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

							
	SELLER:	 	 GOLF COURSE PARTNERS, LTD.,
 a Texas
limited partnership

			
		 	By:	 	 EVERGREEN ALLIANCE GOLF LIMITED, L.P.,
 a
Delaware limited partnership,
 its general partner

				
		 		 	By:	 	EAGL GP, LLC,
		 		 		 	a Delaware limited liability
		 		 		 	company, its general partner
				
		 		 	By:	 	 /s/ Patrick K. Fox

		 		 	Name:	 	Patrick K. Fox
		 		 	Title:	 	Vice President
			
		 		 	 EAGL ACQUISITION HOLDINGS, L.P.,
 a
Delaware limited partnership, its general partner

				
		 		 	By:	 	EAGL Acquisition GP, LLC,
		 		 		 	a Delaware limited liability
		 		 		 	company, its general partner
				
		 		 	By:	 	 /s/ Patrick K. Fox

		 		 	Name:	 	Patrick K. Fox
		 		 	Title:	 	Vice President
		
		 	 EAGL MANSFIELD, L.P.,
 a Delaware limited
partnership

			
		 	By:	 	 EAGL Mansfield GP, LLC,
 its general
partner

				
		 		 	By:	 	 /s/ Patrick K. Fox

		 		 	Name:	 	Patrick K. Fox
		 		 	Title:	 	Vice President
		
		 	 EVERGREEN ALLIANCE GOLF LIMITED, L.P.,
 a
Delaware limited partnership

				
		 		 	By:	 	 /s/ Patrick K. Fox

		 		 	Name:	 	Patrick K. Fox
		 		 	Title:	 	Vice President

  

 - 55 - 

					
	BUYER:	 	 CNL INCOME PARTNERS, LP,
 a Delaware
limited partnership

			
		 	By:	 	 /s/ Tammie A. Quinlan

		 	Name:	 	Tammie A. Quinlan
		 	Title:	 	Executive Vice President

  

 - 56 - 

 EAGL PARENT joins herein for the purposes of the representations and warranties it give in Section 7.2 and
shall only be included with the term “Seller” for provisions which relate to the representations and warranties of Section 7.2. 
  

					
	EAGL PARENT:	 	 WESTBROOK EAGL PARENT, L.L.C.
 a Delaware
limited liability company

			
		 	By:	 	 /s/ Patrick K. Fox

		 	Name:	 	Patrick K. Fox
		 	Title:	 	Vice President

 ESCROW AGENT: 
 The Escrow Agent is executing this Agreement to evidence its agreement to hold the Deposit and act as escrow agent in accordance with the terms and conditions of this Agreement. 
  

					
		 	 THE TALON GROUP, A DIVISION OF FIRST
 AMERICAN TITLE INSURANCE COMPANY

			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  

 - 57 - 

 EXHIBITS TO AGREEMENT OF SALE AND PURCHASE 
 BETWEEN 
 GOLF COURSE PARTNERS,
LTD., 
 a Texas limited partnership (“Lake Seller”) and 
 EAGL MANSFIELD, L.P., 
 a Delaware limited partnership (“Mansfield
Seller”) 
 (collectively “Seller”) 
 and 
 CNL INCOME PARTNERS, LP 
 (“Buyer”) 
 EXHIBITS 
  

			
	 LAKE LAND
	  	A-1
	 MANSFIELD LAND
	  	A-2
	 LAKE PERSONAL PROPERTY
	  	B-1
	 MANSFIELD PERSONAL PROPERTY
	  	B-2
	 EXISTING SURVEYS
	  	C
	 ASSIGNMENT AND ASSUMPTION OF LAKE CONCESSION AGREEMENT FORM
	  	D
	 ASSIGNMENT AND ASSUMPTION OF MANSFIELD AGREEMENT FORM
	  	E
	 INTENTIONALLY OMITTED
	  	F
	 BILL OF SALE AND ASSIGNMENT AGREEMENT FORM
	  	G
	 ASSIGNMENT OF APPROVED CONTRACTS FORM
	  	H
	 ASSIGNMENT OF WATER DOCUMENTS FORM
	  	I
	 ASSIGNMENT OF WARRANTIES AND GUARANTIES AND
	  	
	 LICENSES AND PERMITS FORM
	  	J
	 ASSIGNMENT AND ASSUMPTION OF COWBOYS GP INTEREST
	  	K
	 ASSIGNMENT AND ASSUMPTION OF COWBOYS LP INTEREST
	  	L

 SCHEDULES 
  

			
	 ARMY CORPS LEASE
	  	1.1.3
	 LAKE CONTRACTS
	  	1.1.22(a)
	 ADVANCE BOOKINGS AT THE LAKE PARK GOLF CLUB
	  	1.1.22(a)(i)
	 MANSFIELD CONTRACTS
	  	1.1.22(b)
	 ADVANCE BOOKINGS AT THE MANSFIELD NATIONAL GOLF CLUB
	  	1.1.22(b)(i)
	 GOLF PLAY AGREEMENTS
	  	1.1.22(c)
	 EAGL CONTRACTS
	  	1.1.22(d)
	 COWBOYS CONTRACTS
	  	1.1.23(a)
	 ADVANCE BOOKINGS AT COWBOYS GOLF CLUB
	  	1.1.23(a)(i)
	 EXCLUDED PROPERTY
	  	1.1.44
	 MANSFIELD DEVELOPMENT AGREEMENT
	  	1.1.75
	 LAKE CONCESSION AGREEMENT
	  	2.1.1
	 MANSFIELD LEASE AGREEMENT
	  	2.2.1
	 LICENSES AND PERMITS
	  	4.2(a)
	 LIQUOR LICENSES
	  	4.2(b)
	 EXCLUDED PROPERTY RECORDS
	  	4.4
	 CONSENTS
	  	4.10
	 LITIGATION
	  	7.1(d)
	 TAXES
	  	7.1(j)
	 LITIGATION AGAINST EAGL OR COWBOYS INTEREST
	  	7.2(f)
	 INSURANCE MINOR LOSS
	  	11.2.1
	 INSURANCE MAJOR LOSS
	  	11.2.2

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