Document:

EX 10.33 ARC RCA 12.31.2014

Exhibit 10.33

FORM OF INDEMNIFICATION AGREEMENT

THIS INDEMNIFICATION AGREEMENT (“Agreement”) is made and entered into as of the 31st day of December, 2014, by and between American Realty Capital - Retail Centers of America, Inc., a Maryland corporation (the “Company”), and William M. Kahane, David M. Gong, Edward G. Rendell, Nicholas S. Schorsch, Kase Abusharkh, Patrick Goulding, Peter M. Budko, Nicholas Radesca, Edward M. Weil, Jr., American Realty Capital Retail Advisor, LLC, AR Capital, LLC and RCS Capital Corporation (each, an “Indemnitee”).
WHEREAS, at the request of the Company, Indemnitee currently serves as a director, officer or service provider of the Company and may, therefore, be subjected to claims, suits or proceedings arising as a result of his or her service; and
WHEREAS, as an inducement to Indemnitee to continue to serve as such director, officer or service provider, the Company has agreed to indemnify and to advance expenses and costs incurred by Indemnitee in connection with any such claims, suits or proceedings; and
WHEREAS, the parties by this Agreement desire to set forth their agreement regarding indemnification and advance of expenses;
NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:
Section 1.Definitions.  For purposes of this Agreement:

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

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

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

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

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

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

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

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

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Section 2.Services by Indemnitee.  Indemnitee will serve as a director, officer or service provider of the Company.  However, this Agreement shall not impose any independent obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company.  This Agreement shall not be deemed an employment contract between the Company (or any other entity) and Indemnitee.

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

Section 4.Standard for Indemnification.  Subject to the limitations in Section 5, if, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the Company shall indemnify Indemnitee against all judgments, penalties, fines and amounts paid in settlement and all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with any such Proceeding unless it is established by clear and convincing evidence that (a) the act or omission of Indemnitee was material to the matter giving rise to the Proceeding and (i) was committed in bad faith or (ii) was the result of active and deliberate dishonesty, (b) Indemnitee actually received an improper personal benefit in money, property or services or (c) in the case of any criminal Proceeding, Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

Section 5.Certain Limits on Indemnification.  Notwithstanding any other provision of this Agreement (other than Section 6), Indemnitee shall not be entitled to:

(a)    indemnification for any loss or liability unless all of the following conditions are met:  (i) Indemnitee has determined, in good faith, that the course of conduct that caused the loss or liability was in the best interests of the Company; (ii) Indemnitee was acting on behalf of or performing services for the Company; (iii) such loss or liability was not the result of (A) gross negligence or willful misconduct, in the case that the Indemnitee is an independent director of the Company or (B) negligence or misconduct, in the case that the Indemnitee is not an independent director of the Company; and (iv) such indemnification is recoverable only out of the Company’s net assets and not from the Company’s stockholders; 
(b)    indemnification for any loss or liability arising from an alleged violation of federal or state securities laws unless one or more of the following conditions are met:  (i) there has been a successful adjudication on the merits of each count involving alleged material securities law violations as to Indemnitee; (ii) such claims have been dismissed with prejudice on the merits by a court of competent jurisdiction as to Indemnitee; or (iii) a court of competent jurisdiction approves a settlement of the claims against Indemnitee and finds that indemnification of the settlement and the related costs should be made, and the court considering the request for indemnification has been advised of the position of the Securities and Exchange Commission and of the published position of any state securities regulatory authority in which securities of the Company were offered or sold as to indemnification for violations of securities laws; 
(c)    indemnification hereunder if the Proceeding was one by or in the right of the Company and Indemnitee is adjudged to be liable to the Company;

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(d)    indemnification hereunder if Indemnitee is adjudged to be liable on the basis that personal benefit was improperly received in any Proceeding charging improper personal benefit to Indemnitee, whether or not involving action in the Indemnitee’s Corporate Status; or
(e)    indemnification or advance of Expenses hereunder if the Proceeding was brought by Indemnitee, unless:  (i) the Proceeding was brought to enforce indemnification under this Agreement, and then only to the extent in accordance with and as authorized by Section 12 of this Agreement, or (ii) the Company’s charter or Bylaws, a resolution of the stockholders entitled to vote generally in the election of directors or of the Board of Directors or an agreement approved by the Board of Directors to which the Company is a party expressly provide otherwise.
Section 6.Court-Ordered Indemnification.  Subject to the limitations in Section 5(a) and (b), a court of appropriate jurisdiction, upon application of Indemnitee and such notice as the court shall require, may order indemnification of Indemnitee by the Company in the following circumstances:

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

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

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

Section 8.Advance of Expenses for an Indemnitee.  If, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the Company shall, without requiring a preliminary determination of Indemnitee’s ultimate entitlement to indemnification hereunder, advance all reasonable Expenses incurred by or on behalf of Indemnitee in connection with (a) such Proceeding which is initiated by a third party who is not a stockholder of the Company, or (b) such Proceeding which is initiated by a stockholder of the Company acting in his or her capacity as such and for which a court of competent jurisdiction specifically approves such advancement, and which relates to acts or omissions with respect to the performance of duties or services on behalf of the Company, within ten days after the receipt by the Company of a statement or statements requesting such advance or 

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advances from time to time, whether prior to or after final disposition of such Proceeding.  Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee and shall include or be preceded or accompanied by a written affirmation by Indemnitee of Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Company as authorized by law and by this Agreement has been met and a written undertaking by or on behalf of Indemnitee, in substantially the form attached hereto as Exhibit A or in such form as may be required under applicable law as in effect at the time of the execution thereof, to reimburse the portion of any Expenses advanced to Indemnitee, together with the Applicable Legal Rate of interest thereon, relating to claims, issues or matters in the Proceeding as to which it shall ultimately be established, by clear and convincing evidence, that the standard of conduct has not been met by Indemnitee and which have not been successfully resolved as described in Section 7 of this Agreement.  To the extent that Expenses advanced to Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and proportionate basis.  The undertaking required by this Section 8 shall be an unlimited general obligation by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee’s financial ability to repay such advanced Expenses and without any requirement to post security therefor. 

Section 9.Indemnification and Advance of Expenses as a Witness or Other Participant.  Subject to the limitations in Section 5, to the extent that Indemnitee is or may be, by reason of Indemnitee’s Corporate Status, made a witness or otherwise asked to participate in any Proceeding, whether instituted by the Company or any other party, and to which Indemnitee is not a party, Indemnitee shall be advanced all reasonable Expenses and indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith within ten days after the receipt by the Company of a statement or statements requesting any such advance or indemnification from time to time, whether prior to or after final disposition of such Proceeding.  Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee.

Section 10.Procedure for Determination of Entitlement to Indemnification.

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

(b)Upon written request by Indemnitee for indemnification pursuant to Section 10(a) above, a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case:  (i) if a Change in Control shall have occurred, by Independent Counsel, in a written opinion to the Board of Directors, a copy of which shall be delivered to Indemnitee, which Independent Counsel shall be selected by Indemnitee and approved by the Board of Directors in accordance with Section 2-418(e)(2)(ii) of the MGCL, which approval shall not be unreasonably withheld; or (ii) if a Change in Control shall not have occurred, (A) by the Board of Directors by a majority vote of a quorum consisting of Disinterested Directors or, if such a quorum cannot be obtained, then by a majority vote of a duly authorized committee of the Board of Directors consisting solely of one or more Disinterested Directors, (B) if Independent Counsel has been selected by the Board of Directors in accordance with Section 2-418(e)(2)(ii) of the MGCL and approved by Indemnitee, which approval shall not be unreasonably withheld, by Independent Counsel, in a written opinion to the Board of 

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Directors, a copy of which shall be delivered to Indemnitee or (C) if so directed by a majority of the members of the Board of Directors, by the stockholders of the Company.  If it is so determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten days after such determination.  Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee and reasonably necessary to such determination in the discretion of the Board of Directors or Independent Counsel if retained pursuant to clause (ii)(B) of this Section 10(b).  Any Expenses incurred by Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company shall indemnify and hold Indemnitee harmless therefrom.

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

Section 11.Presumptions and Effect of Certain Proceedings.

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

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

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

Section 12.Remedies of Indemnitee.

(a)If (i) a determination is made pursuant to Section 10(b) of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advance of Expenses is not timely made pursuant to Sections 8 or 9 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 10(b) of this Agreement within 60 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Sections 7 or 9 of this Agreement within ten days after receipt by the Company of a written request therefor, or (v) payment of indemnification pursuant to any other section of this Agreement or the charter or Bylaws of the Company is not made within ten days after a determination has been made that Indemnitee is entitled to indemnification, Indemnitee shall be entitled to an adjudication in an appropriate court located in the State of Maryland, or in any other court of competent jurisdiction, of Indemnitee’s entitlement to such indemnification or advance of Expenses.  Alternatively, Indemnitee, at Indemnitee’s 

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option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association.  Indemnitee shall commence a proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 12(a); provided, however, that the foregoing clause shall not apply to a proceeding brought by Indemnitee to enforce his or her rights under Section 7 of this Agreement.  Except as set forth herein, the provisions of Maryland law (without regard to its conflicts of laws rules) shall apply to any such arbitration.  The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

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

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

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

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

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Section 13.Defense of the Underlying Proceeding.

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

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

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

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

(a)The rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the charter or Bylaws of the Company, any agreement or a resolution of the stockholders entitled to vote generally in the election of directors or of the Board of Directors, or otherwise.  Unless consented to in writing by Indemnitee, no amendment, alteration or repeal of this 

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Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration or repeal, regardless of whether a claim with respect to such action or inaction is raised prior or subsequent to such amendment, alteration or repeal.  No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right or remedy shall be cumulative and in addition to every other right or remedy given hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion of any right or remedy hereunder, or otherwise, shall not prohibit the concurrent assertion or employment of any other right or remedy.

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

Section 15.Insurance.  The Company will use its reasonable best efforts to acquire directors and officers liability insurance, on terms and conditions deemed appropriate by the Board of Directors, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee by reason of his or her Corporate Status and covering the Company for any indemnification or advance of Expenses made by the Company to Indemnitee for any claims made against Indemnitee by reason of his or her Corporate Status.  Without in any way limiting any other obligation under this Agreement, the Company shall indemnify Indemnitee for any payment by Indemnitee arising out of the amount of any deductible or retention and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and Expenses incurred by Indemnitee in connection with a Proceeding over the coverage of any insurance referred to in the previous sentence.  The purchase, establishment and maintenance of any such insurance shall not in any way limit or affect the rights or obligations of the Company or Indemnitee under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Company and Indemnitee shall not in any way limit or affect the rights or obligations of the Company under any such insurance policies.  If, at the time the Company receives notice from any source of a Proceeding to which Indemnitee is a party or a participant (as a witness or otherwise), the Company has director and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies.

Section 16.Coordination of Payments.  The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable or payable or reimbursable as Expenses hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.

Section 17.Reports to Stockholders.  To the extent required by the MGCL, the Company shall report in writing to its stockholders the payment of any amounts for indemnification of, or advance of Expenses to, Indemnitee under this Agreement arising out of a Proceeding by or in the right of the Company with the notice of the meeting of stockholders of the Company next following the date of the payment of any such indemnification or advance of Expenses or prior to such meeting.

Section 18.Duration of Agreement; Binding Effect.

(a)This Agreement shall continue until and terminate on the later of (i) the date that Indemnitee shall have ceased to serve as a director, officer, employee or agent of the Company or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, real estate investment trust, partnership, limited liability company, joint 

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venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company and (ii) the date that Indemnitee is no longer subject to any actual or possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement).

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

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

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

Section 19.Severability.  If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever:  (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.

Section 20.Identical Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together 

10

shall constitute one and the same Agreement.  One such counterpart signed by the party against whom enforceability is sought shall be sufficient to evidence the existence of this Agreement.

Section 21.Headings.  The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.

Section 22.Modification and Waiver.  No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto.  No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such waiver constitute a continuing waiver.

Section 23.Notices.  All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, on the day of such delivery, or (ii) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed:

(a)If to Indemnitee, to the address set forth on the signature page hereto.

(b)If to the Company, to:
American Realty Capital - Retail Centers of America, Inc.
405 Park Avenue, 14t Floor
New York, NY 10022
Attn:  General Counsel

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

Section 24.Governing Law.  This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Maryland, without regard to its conflicts of laws rules.

[SIGNATURE PAGE FOLLOWS]

11

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.
American Realty Capital - Retail Centers of America, Inc.

By: /s/ William M. Kahane        
Name: William M. Kahane
Title: Chief Executive Officer

INDEMNITEE
/s/ Nicholas S. Shorsch
Name: Nicholas S. Schorsch

INDEMNITEE
/s/ William M. Kahane
Name: William M. Kahane

INDEMNITEE
/s/ Peter M. Budko
Name: Peter M. Budko

INDEMNITEE
/s/ Edward M. Weil, Jr.
Name: Edward M. Weil, Jr.

INDEMNITEE
/s/ Nicholas Radesca
Name: Nicholas Radesca    

INDEMNITEE
/s/ Edward G. Rendell
Name: Edward G. Rendell

INDEMNITEE
/s/ Kase Abusharkh
Name: Kase Abusharkh

INDEMNITEE
/s/ David M. Gong
Name: David M. Gong

INDEMNITEE
/s/ Patrick Goulding
Name: Patrick Goulding

INDEMNITEE

AMERICAN REALTY CAPITAL RETAIL 
ADVISOR, LLC

Member:

AMERICAN REALTY CAPITAL RETAIL SPECIAL 
LIMITED PARTNERSHIP, LLC
By: American Realty Capital IV, LLC, its sole member
By: AR Capital, LLC, its sole member

By:  /s/ William M. Kahane            
Name: William M. Kahane
Title: Manager

INDEMNITEE

AR CAPITAL, LLC

By:  /s/ William M. Kahane
Name: William M. Kahane
Title: Manager

INDEMNITEE

RCS CAPITAL CORPORATION

By:  /s/ James A. Tanaka
Name: James A. Tanaka
Title: Authorized Signatory

EXHIBIT A
AFFIRMATION AND UNDERTAKING TO REPAY EXPENSES ADVANCED
To:  The Board of Directors of American Realty Capital - Retail Centers of America, Inc. 

Re:  Affirmation and Undertaking

Ladies and Gentlemen:

This Affirmation and Undertaking is being provided pursuant to that certain Indemnification Agreement, dated the _____ day of _______________, 2014, by and between American Realty Capital - Retail Centers of America, Inc., a Maryland corporation (the “Company”), and the undersigned Indemnitee (the “Indemnification Agreement”), pursuant to which I am entitled to advance of Expenses in connection with [Description of Proceeding] (the “Proceeding”).
Terms used herein and not otherwise defined shall have the meanings specified in the Indemnification Agreement.
I am subject to the Proceeding by reason of my Corporate Status or by reason of alleged actions or omissions by me in such capacity.  I hereby affirm my good faith belief that at all times, insofar as I was involved as a director of the Company, in any of the facts or events giving rise to the Proceeding, I (1) did not act with bad faith or active or deliberate dishonesty, (2) did not receive any improper personal benefit in money, property or services and (3) in the case of any criminal proceeding, had no reasonable cause to believe that any act or omission by me was unlawful.
In consideration of the advance of Expenses by the Company for reasonable attorneys’ fees and related Expenses incurred by me in connection with the Proceeding (the “Advanced Expenses”), I hereby agree that if, in connection with the Proceeding, it is established that (1) an act or omission by me was material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty or (2) I actually received an improper personal benefit in money, property or services or (3) in the case of any criminal proceeding, I had reasonable cause to believe that the act or omission was unlawful, then I shall promptly reimburse the portion of the Advanced Expenses, together with the Applicable Legal Rate of interest thereon, relating to the claims, issues or matters in the Proceeding as to which the foregoing findings have been established.  
IN WITNESS WHEREOF, I have executed this Affirmation and Undertaking on this _____ day of _______________, 20____.

_____________________________
Name:Exhibit 10.34

 

AGREEMENT FOR PURCHASE AND SALE

(SHOPS AT WEST END) 

 

THIS AGREEMENT FOR PURCHASE AND
SALE is made and entered into as of the  3rd day of November, 2014,
by and between AD WEST END, LLC, an Indiana limited liability company ("Seller"), and AMERICAN REALTY
CAPITAL IV, LLC, a Delaware limited liability company ("Buyer").

 

WITNESSETH THAT:

 

WHEREAS, Buyer wishes to
purchase, and Seller wishes to sell, the Property (as hereinafter defined), but only upon the terms and conditions hereinafter
set forth;

 

NOW, THEREFORE, in consideration
of Ten Dollars ($10.00), the Earnest Money, the mutual covenants and agreements contained herein and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree
as follows:

 

Section 1.          Definitions
and Exhibits.

 

1.1               Definitions.
For purposes of this Agreement, each of the following terms, when used herein with an initial capital letter, shall have the meaning
ascribed to it as follows:

 

Agreement. This Agreement for Purchase
and Sale.

 

Assignment.
An Assignment and Assumption Agreement substantially in the form attached hereto as Exhibit I.

 

Bill
of Sale. The Bill of Sale to be executed by Seller substantially in the form attached as Exhibit C.

 

Business Day.
Any day, other than a Saturday or Sunday, on which commercial banks in the State of New York are open for business.

 

Closing. The closing
and consummation of the purchase and sale of the Property pursuant hereto.

 

Closing Date.
Thirty (30) days after the Inspection Date, but in no event later than December 23, 2014.

 

Closing Statement. As defined in Section
10.2.5.

 

Commission Agreement.
Each agreement for leasing commissions (i) as set forth on Exhibit K, or (ii) executed or amended by Seller after
the Contract Date in compliance with the provisions of Section 8 of this Agreement.

 

Contract Date.
The date upon which this Agreement shall be deemed effective, which shall be the date first above written.

 

Deed. The
Special Warranty Deed to be executed by Seller substantially in the form attached hereto as Exhibit F.

 

    	 

    	 

    

 

Delinquent Rents. As defined in Section 4,2. I (ii),

 

Earnest Money.
As defined in Section 3.1.

 

Escrow Agent.
Benchmark Title, LLC, 2000 McKinney Avenue, 4th Floor, Dallas, Texas 75201, Attn: Brett Poston, is acting as Escrow Agent
pursuant to the terms and conditions of the Escrow Agreement and Section 3 hereof.

 

Escrow Agreement.
That certain Escrow Agreement of even date herewith among Seller, Buyer and Escrow Agent referred to in Section 3 hereof
substantially in the form attached hereto as Exhibit B and by this reference made a part hereof.

 

Existing
ESA. That certain Environmental Site Assessment Report prepared by American Engineering Testing, dated October I, 2014,
Project No. 03-05361, which has previously been delivered to Buyer.

 

Existing
Survey. That certain ALTA/ACSM land title survey prepared by Sambatek, dated August 8, 2014, Project No. DUK18420.0 I,
which has previously been delivered to Buyer.

 

Guarantor
or Guarantors. Each guarantor of any of a Tenant's duties and obligations under such Tenant's Lease (collectively, the
"Guarantors").

 

Guaranty
or Guaranties. Each guaranty presently in effect of all or any of a Tenant's duties and obligations under a Lease (collectively,
the "Guaranties").

 

Improvements.
The Shopping Center and any other buildings, structures and improvements located upon the Land, the parking structures and all
systems, facilities, fixtures, machinery, equipment and conduits to provide tire protection, security, heat, exhaust, ventilation,
air conditioning, electrical power, light, plumbing, refrigeration, gas, sewer and water thereto (including all replacements or
additions thereto between the date hereof and the Closing Date).

 

Inspection
Date. The date that is thirty (30) days after the later of (i) the Contract Date, and (ii) the date Seller completes delivery
of all of the Seller Diligence Deliveries.

 

AR Anderson
Commission. A commission payable to Jeffrey R. Anderson Real Estate, Inc., as set forth in Exhibit V attached
hereto.

 

Land.
All of the land described in Exhibit A attached hereto and by this reference made a part hereof and all privileges,
rights, easements, hereditaments and appurtenances belonging thereto, and all right, title and interest of Seller in and to any
streets, alleys, passages, strips, gores and other rights of way included therein or adjacent thereto (before or after the vacation
thereof).

 

Lease.
Leases. Each lease of space within the Improvements and any amendments thereto (a) in force and effect as of the Contract
Date, and/or (b) executed by Seller after the Contract Date in compliance with the provisions of Section 8 of this Agreement.

 

Lease Exhibit. The
Lease Exhibit attached hereto as Exhibit D or any updated version thereof.

 

    	-2-

    	 

    

 

Major Tenants. Showplace ICON
Theatre, Cub Foods, Latitude 360, Anthropologie, Yard House, Bonefish Grill, Cooper Irish Pub, Charming Charlie, Scott W. Baker
Associates and Regus Corporation.

 

Mode Lease. As defined in Section 18.18.

 

Permitted
Title Exceptions. (i) All presently existing and future liens of unpaid Tax (as defined herein) or assessments, water rates,
water charges and sewer taxes, rents and charges, if any. not yet due and payable; (ii) all other matters of record as of the Inspection
Date affecting title to the Property and disclosed in the Title Commitment to which Buyer does not object or which Buyer waives
pursuant to Section 5 of this Agreement; (iii) the rights of Tenants, as tenants only; (iv) any matters shown on the Survey;
and (v) any matters created or caused by Buyer.

 

Personal
Property. Seller's ownership interest in all tangible personal property located on the Property, including, without limitation,
those items listed on Exhibit 0 and used in connection with operation and maintenance of the Improvements.

 

Property.
All of the following property: (i) the Land; (ii) the Improvements; and (iii) Seller's right, title and interest in, to and
under all rights of way or use, trade names and marks, including without limitation, the name "Shops at West End" (excluding
any right to the name "Duke"), active, unexpired warranties, guaranties, permits, licenses, approvals and other land
use entitlements, tenements, hereditaments, appurtenances, easements and strips and gores, and oil, gas, mineral, water, drilling
and irrigation rights now or hereafter belonging or pertaining to any of the foregoing, except those, if any, herein expressly
reserved to Seller.

 

Protected Tenant. As defined in Section
4.2.11.

 

Purchase
Price. ONE HUNDRED EIGHTEEN MILLION AND 00/100 DOLLARS ($118,000,000.00).

 

Pursuit Costs.
Buyer's actual and reasonable independent third party out-of-pocket expenses incurred in connection with its due diligence investigation
of the Property (including, without limitation, attorneys' fees), up to a maximum of $150,000, in the aggregate.

 

Rent.
The total amount of base or fixed rent, overage rent (including, without limitation, rent tax (if any), percentage rents,
consumer price index escalation payments and other similar rental payments in excess of fixed, minimum and base rents under the
Leases), estimated payments of taxes and operating expenses and other amounts under the Leases.

 

Required Cure Matters. As defined in Section
5.1.

 

Security
Deposits. Any and all security deposits required to be held by Seller pursuant to the terms of the Leases, excluding the
security deposit applied and retained by Seller under the TK Lease.

 

Seller
Diligence Deliveries. Seller's existing plans and specifications for the Building, if any and to the extent in Seller's
or its property manager's possession or control, any environmental reports prepared by third parties and in Seller's possession,
copies of warranties in effect at the Property, including roof warranties, in Seller's possession or control, plans and specifications
for any planned major capital repairs or tenant improvements, Seller's Existing Survey of the Property, the Leases, the Guaranties,
the Service Contracts, the Commission Agreements, a rent roll, historical operating

 

    	-3-

    	 

    

 

 statements for 2012, 2013 and year to date, current account receivables report,
current delinquency report, CAM/RE tax reconciliation (most recent) and any other materials delivered to or made available
to Buyer by Seller.

 

Service
Contracts. All of the assignable service contracts, equipment, labor or material contracts, maintenance or repair contracts
or other agreements that are in force and effect and affect the Property or the operation, repair or maintenance thereof that are
(1) listed as service contracts on Exhibit, or (ii) executed or amended by Seller after the Contract Date in compliance
with the provisions of Section 8 of this Agreement.

 

Shopping
Center. That certain shopping center commonly known as The Shops at West End, located on the Land.

 

Survey.
The Existing Survey and any updates of the Existing Survey or new survey of the Property that Buyer elects to obtain.

 

Tax Refund. As defined in Section 4.2.2
(i).

 

Tenant or Tenants. Each tenant that has
executed a Lease.

 

Tenant
Estoppel Certificate. An estoppel certificate executed by a Tenant substantially in the form attached hereto as Exhibit
M or the form required by the particular Tenant's Lease.

 

Tenant
Inducement Costs. All (i) costs and expenses incurred to construct and install any tenant improvements (including, without
limitation, any base building improvements required in connection therewith) as required with respect to the current term of the
Leases (including, without limitation, any demolition and demising work), (ii) tenant allowances required to be paid by the landlord
with respect to the current term of the Leases, (iii) lease buyout and relocation costs required to be paid by the landlord with
respect to the current term of the Leases, (iv) brokerage commissions required to be paid by the landlord with respect to the current
term of the Leases, and (v) all other similar inducements; provided, however, Tenant Inducement Costs shall not include free rent,
which shall be credited to Buyer as set forth in Section 4.2.11. For purposes hereof "current term of the Leases"
includes any extension term under the Leases provided such extension was entered into or exercised prior to the Contract Date.

 

Title
Commitment. Title commitment(s) issued by the Title Insurer for an owner's policy of title insurance (in the form most
recently adopted by ALTA) in the amount of the Purchase Price, covering title to the Property.

 

Title
Insurer. First American Title Insurance Company, Chicago National Commercial Services Division, 30 North LaSalle Street,
Suite 2700, Chicago, Illinois 60602, Attn: Steve Zellinger.

 

Toby Keith. As defined in Section 18.19.

 

TK Escrow
Agreement. That certain TK Escrow Agreement of even date herewith among Seller, Buyer and Escrow Agent substantially
in the form of the Escrow Agreement, but modified to incorporate the terms set forth in Section 18.19 hereof.

 

TK Lease. As defined in Section 18.19.

 

Vendor
or Vendors. Each vendor or broker with whom Seller has executed a Service Contract or Commission Agreement.

 

    	-4-

    	 

    

 

1.2                        Exhibits.
Attached hereto and forming an integral part of this Agreement are the following exhibits,
all of which are incorporated into this Agreement as fully as if the contents thereof were set out in full herein at each point
of reference thereto:

 

Exhibit A - Legal Description of Land

Exhibit B - Escrow Agreement

Exhibit C - Bill of Sale

Exhibit D - Lease Exhibit

Exhibit E Disclosure Schedule

Exhibit F - Form of Deed

Exhibit G - Non-Foreign Certificate

Exhibit H - Notice to Tenants

Exhibit I - Assignment and Assumption Agreement

Exhibit J - List of Service Contracts

Exhibit K - List of Commission Agreements

Exhibit L - Notice to Vendors

Exhibit M - Form of Tenant Estoppel Certificate

Exhibit N - N/A

Exhibit 0 - List of Personal Property

Exhibit P — N/A

Exhibit Q — Tenant Inducement Costs

Exhibit R — Form of CCR Estoppel Letter

Exhibit S — Form of Audit Letter

Exhibit T — Terms of Mode Lease

Exhibit U— Form of Owner's Affidavit

Exhibit V—Protected Tenant List

 

Section 2.          Purchase
and Sale. Subject to and in accordance with the terms and provisions of this Agreement, Seller agrees to sell and Buyer
agrees to purchase the Property. In connection therewith and subject to and in accordance with the terms and provisions of this
Agreement, Seller shall also (a) convey to Buyer the Personal Property pursuant to the terms of the Bill of Sale, and (b) assign
to Buyer, and Buyer shall assume pursuant to the Assignment, the Leases, Guaranties, the Service Contracts that Buyer has elected
to assume (as designated on Exhibit J hereto), Commission Agreements (as well as the other property described in
the Assignment), and all other rights and obligations to be assigned by Seller and assumed by Buyer hereunder pursuant to the terms
of this Agreement. At Closing, any Service Contracts that Buyer has elected not to assume shall be terminated by Seller (Buyer
acknowledging, however, that the effective date of termination of such terminated service contracts may be up to thirty days after
Closing).

 

Section 3.          Earnest
Money.

 

3.1           Earnest
Money. Within two (2) Business Days after the date this Agreement is executed, Buyer shall deposit Two Million and 00/100
Dollars ($2,000,000.00) with Escrow Agent (the "Earnest Money"). If Buyer does not terminate this Agreement prior
to the Inspection Date, within two (2) Business Days after the Inspection Date, Buyer shall deposit an additional Three Million
and 00/100 Dollars ($3,000,000.00), which, along with the prior deposit, shall, once deposited also be held as the Earnest Money.
The Earnest Money, together with any interest or other income earned thereon, shall be held, invested and disbursed pursuant to
the respective terms and provisions hereof.

 

    	-5-

    	 

    

 

3.2           Disbursement.
The Earnest Money shall be disbursed by Escrow Agent at least one (I) Business Day prior to the Closing Date in United States dollars,
by Federal Reserve System wire transfer to Title Insurer, to ensure that Title Insurer has all proceeds required to consummate
the Closing, unless otherwise disbursed pursuant to this Agreement. Upon receipt of the Earnest Money by Title Insurer, Title
Insurer shall hold in escrow and disburse the Earnest Money pursuant to the terms hereof otherwise applicable to the Escrow Agent.
Whenever the Earnest Money is by the terms hereof to be disbursed by Escrow Agent, Seller and Buyer agree promptly to execute and
deliver such notice or notices as shall be reasonably necessary to authorize Escrow Agent to make such disbursement. Notwithstanding
the foregoing, if Buyer terminates this Agreement on or prior to the Inspection Date, the Earnest Money shall be disbursed at Buyer's
sole direction.

 

Section 4.          Purchase
Price.

 

4.1           Purchase
Price. The Purchase Price, as adjusted by the prorations provided in Section 4.2 hereof and less the Earnest Money
timely received by the Title Insurer shall be paid by Buyer to Seller through escrow with the Title Insurer at the Closing in
United States dollars, by Federal Reserve System wire transfer or other immediately available funds and upon Closing shall
be disbursed by Title Insurer to an account or accounts designated in writing by Seller prior to the Closing.

 

4.2           Prorations.
At the Closing, Buyer and Seller shall prorate all items of income and expense relating to the Property based upon Buyer's and
Seller's respective periods of ownership for the calendar year in which the Closing occurs, with Buyer treated as the owner of
the Property on the Closing Date, including, without limitation:

 

4.2.1           Rents.

 

(i)          Closing.
Except as provided in subparagraph (ii) below, Seller shall pay or credit to Buyer (with respect to periods from and after
the Closing Date), if, as and when the same shall be received: (A) all Rent paid by Tenants under the Leases for the calendar
month in which the Closing occurs, prorated for the number of days during such calendar month from, including and after the Closing,
and (B) all prepaid and overpaid Rents of all Tenants under the Leases.

 

(ii)         Post-Closing.
After the Closing, Buyer shall make diligent good faith efforts to collect all unpaid Rents for any period prior to the Closing,
at no cost or expense to Buyer, provided that Buyer shall have no obligation to institute litigation, terminate any Leases or
dispossess any Tenants in connection with any such collections except as otherwise expressly provided in this Agreement.
Any Rents due and owing Seller before the Closing Date by Tenants under the Leases that are unpaid at the Closing, are herein
called "Delinquent Rents". There shall he no cash credit to Seller at Closing on account of any Delinquent Rents,
but, following Closing, rental and other payments received by Buyer or Seller from Tenants, unless otherwise expressly provided
in this Agreement, shall be first applied toward the payment of rent and other charges then currently owed to Buyer, and second
such Rents shall be applied toward the payment of Delinquent Rents. Seller shall have and reserves the right to pursue
any remedy against any Tenant owing Delinquent Rents, provided that Seller shall in no event institute any proceeding for
the purpose of evicting or dispossessing a Tenant from the Property or terminating any of the Leases, and Seller
shall not commence any action in a court of law to collect the Delinquent Rents (provided, however, the foregoing shall not
be deemed to limit Seller's right to engage a collection agency otherwise limit the actions of such collection agency beyond
the remedy limits set forth above). In connection with the foregoing, Buyer shall, at no cost or expense to Buyer, reasonably
cooperate with Seller in any collection efforts hereunder. Buyer may not waive any Delinquent Rents nor modify a Lease so as to
reduce or otherwise affect

 

    	-6-

    	 

    

 

amounts owed thereunder for any period in which Seller is entitled to receive a share of charges
or amounts (other than in the ordinary course of business in connection with any reconciliation of operating expenses and/or
taxes under the Leases or any audit thereof) without first obtaining Seller's written consent, which consent may be given or withheld
in Seller's sole and absolute discretion. Notwithstanding the foregoing, Buyer may, by written notice to Seller, restrict Seller
from collecting such Delinquent Rents, but only if Buyer first pays Seller such Delinquent Rents in exchange for Seller's assignment
to Buyer of all of Seller's rights and causes of action with respect thereto. Except as otherwise set forth herein with respect
to Delinquent Rents, after the Closing, Seller shall deliver promptly to Buyer any Rents Seller receives from Tenants for any
period after the Closing. Buyer's obligation hereunder shall survive the Closing.

  

4.2.2           Real
Estate Taxes. All real estate taxes and assessments affecting the Property (collectively, "Tax") becoming
due and payable in the year in which the Closing occurs shall be prorated between Buyer and Seller to the Closing Date. As of the
Closing Date, if the Tax bill is not available for the year of Closing, the proration of Tax shall be based upon the most recently
issued Tax bill. Promptly after the new Tax bill is issued, the Tax shall be reprorated pursuant to Section 4.2.10 below,
and any discrepancy resulting from such reproration and any errors shall be promptly corrected by the parties. Notwithstanding
the foregoing, if Tenants pay Tax directly to the taxing authority, the portion of the Tax paid directly by the Tenant to the taxing
authority shall not be prorated. Buyer shall pay all Tax due and payable after Closing and reconciliations with Tenants shall
be the responsibility of Buyer post-Closing pursuant to Section 4.2.10 below. In no event shall Seller be charged with or
be responsible for any increase in the Tax on the Property resulting from the sale of the Property or from any improvements
made or leases entered into on or after the Closing Date. If any portion of any assessments against the Property other than
Tax that are and have been paid by Seller with respect to the Property at or prior to the Closing, determined on a cash (rather
than accrual) basis relate to any time including or after the Closing Date, Buyer shall pay to Seller at the Closing the amount
of such other assessments paid prorated for the number of days, from, including and after the Closing. Any appeal of
the Tax for calendar year 2014 shall be in Buyer's sole discretion and at Buyer's sole cost following Closing. Seller hereby agrees,
at no cost to Seller, to cooperate reasonably with Buyer in connection with any appeal of the Tax for calendar year 2014.

 

(i)          Tax
Refunds. All refunds of Tax received by Seller or Buyer after the Closing with respect to the Property ("Tax Refund")
shall be applied (A) first, to Buyer, to the extent of third party expenses incurred by Buyer in protesting and obtaining such
Tax Refund, (B) second, to Buyer to the extent that such Tax Refund is required to be paid to (or credited against other amounts
payable by) the Tenants under the Leases, and (C) third, (x) to Seller if such Tax Refund is for any period which ends before
the Closing Date (and is not required to be refunded to Tenants) and (y) to Buyer if such Tax Refund is for any period which commences
on or after the Closing Date. If Seller or Buyer receives any Tax Refund, then each shall notify the other party and thereafter
retain or pay such amounts (or portions thereof) in order that such payments are applied in the manner set forth in this Subsection.

 

(ii)         Installments.
To the extent that Tax includes special assessments or installments of special assessments, for the purpose of this Section
4.2.2, Seller's prorated portion of such assessments shall be determined assuming payment over the longest period of time
permitted by the applicable taxing authorities.

  

4.2.3           Utilities.
At the Closing, all utilities, including, without limitation, telephone, steam, electricity and gas shall be prorated between Buyer
and Seller on the basis of the most recently issued bills therefor, subject to adjustment after the Closing when the actual bills
are available, or if current meter readings are available, on the basis of such readings. Notwithstanding the foregoing, at or

 

    	-7-

    	 

    

 

promptly following the Closing, Buyer shall deliver written notice to each of
the utility companies (with copies thereof to Seller) providing services to the Property, advising such utility companies of the
transfer of the Property, and shall make appropriate arrangements with such utility companies to deliver all future bills for services
to Buyer, provided, however, the Buyer hereby acknowledges that, notwithstanding anything to the contrary, telephone service and
lines to the Property that are in the name of the Seller will be terminated within ten (10) days after the Closing Date; accordingly,
Buyer agrees that Buyer will arrange for such service to be connected in the Buyer's name at Buyer's sole cost and expense, and
that failure to arrange such services prior to the termination of Seller's service shall be at Buyer's peril.

 

4.2.4           Service
Contracts. With respect to the Service Contracts that are not required to be terminated by Seller hereunder, at the Closing
(i) Seller shall pay or grant to Buyer as a credit against the Purchase Price the amount of accrued and unpaid charges for services
rendered before the Closing Date prorated on a per diem basis, and (ii) Buyer shall pay or grant to Seller a credit in the amount
of prepaid charges for services rendered from, including and after the Closing Date prorated on a per diem basis.

 

4.2.5           Security
Deposits. Buyer shall receive a credit (or Seller shall pay to Buyer) at Closing in an amount equal to the total amount of
refundable cash Security Deposits shown in the Lease(s) less portions thereof which were applied by Seller pursuant to the terms
of the applicable Leases(s).

 

4.2.6           Reciprocal
Easement Agreements. If the Property is subject to reciprocal easement agreements or similar agreements whereby expenses are
shared by the parties thereto, then at the Closing (a) if such expenses are payable after the Closing Date for a period before
the Closing Date, Seller shall pay to Buyer an amount equal to the amount of such expenses allocated to the period before the Closing
Date, prorated on a per diem basis, and (b) if such expenses were paid before the Closing Date for a period from, including and
after the Closing Date, Buyer shall pay to Seller an amount equal to the amount of such expenses reasonably allocated to the period
from, including and after the Closing Date, prorated on a per diem basis. Seller shall request. and use good faith diligent efforts
to obtain, a declaration estoppel certificate addressed to Buyer and otherwise in substantially the form attached hereto as Exhibit
R from each "approving party", "declarant" or other "owner" under any reciprocal easement agreements
or similar agreements.

 

4.2.7           Deposits.
Deposits with telephone and other utility companies, and any other persons or entities who supply goods or services in connection
with the Property if the same are assigned to Buyer at the Closing, which shall be credited in their entirety to Seller.

 

4.2.8           Miscellaneous
Prepaid Items. Any prepaid items, including, without
limitation, fees for licenses which are transferred to Buyer at the Closing and annual permit and inspection fees shall be prorated
to the Closing Date and Buyer shall pay to Seller an amount equal to the amount of such items reasonably allocated to the period
from, including and after the Closing Date, prorated on a per diem basis.

 

4.2.9           Other.
Such other items as are customarily apportioned between sellers and purchasers of real properties of a type similar to the Property
and located in the State of Minnesota.

  

4.2.10         Final
Reconciliation. The amount of payments by Seller or Buyer under this Section 4.2 may have been based on estimates of applicable
amounts. Except as otherwise expressly provided herein, if any payments by Seller or Buyer at the Closing under this Section
4.2 are based on estimates, then, when the actual amounts are finally determined, Seller and Buyer shall recalculate the amounts
that would have been paid at the Closing based on such actual amounts, and Seller or Buyer, as

 

    	-8-

    	 

    

 

the case may be, shall make an appropriate payment to the other based on such recalculation
such that each
party is made whole; provided, however, that neither party shall have the right to request apportionment or
reapportionment after the one (1) year anniversary of the Closing Date. Without limiting the foregoing, on or before April
30, 2015, Buyer shall prepare reconciliation statements for operating expenses, common area fees and other additional rent
billed to Tenants for the calendar year in which the Closing occurs (the "Tenant Contributions"), and, if
the actual amounts vary from the amounts collected for Tenant Contributions, there shall be a reproration between Buyer and
Seller as to the Tenant Contributions. Seller and Buyer covenant to provide the other party with any information reasonably
necessary to finalize such calculation and reconciliation. Such reproration shall not be made on the basis of a per diem
method of allocation, but shall instead be apportioned between Seller and Buyer on the basis of the relative share of actual
expenses in question paid by Seller and Buyer during the calendar year in question.

 

4.2.11         Leasing
Costs. Buyer shall be responsible for (and shall reimburse Seller at Closing for any amounts expended by Seller for) (i) leasing
commissions and tenant improvement costs in connection with any extension or renewal of the term of a Lease exercised after the
Contract Date but before Closing in compliance with the provisions of Section 8 of this Agreement (including without limitation,
payment of the JR Anderson Commission), to the extent the term thereof is for periods from, including and after the Closing Date
and the commission obligations and tenant improvement costs are set forth in the applicable Leases and/or Commission Agreements
or otherwise disclosed in writing to Buyer by Seller prior to the Inspection Date, (ii) leasing commissions and tenant improvement
costs in connection with any new lease or Lease amendment executed by Seller after the Contract Date but before Closing in compliance
with the provisions of Section 8 of this Agreement (including without limitation, payment of the JR Anderson Commission), to the
extent the term thereof is for periods from, including and after the Closing Date; and (iii) the JR Anderson Commission for leases
(including new leases, renewals, extensions or expansions) entered into by Buyer or its successors or assigns within ninety (90)
days after the Closing Date with tenants which Seller, Jeffrey R. Anderson Real Estate, Inc., or their affiliates procured as prospects
for the subject leased premises and which Seller, Jeffrey R. Anderson Real Estate, Inc., or other affiliates exchanged bona fide
written proposals to lease such premises prior to Closing. Exhibit V is a listing of all tenant prospects described in the immediately
preceding clause (iii) (each a "Protected Tenant") (the "Protected Tenant List"). Seller shall
provide Buyer with an updated Protected Tenant List no later than the date that is three (3) Business Days prior to Closing along
with a copy of the bona fide written proposals exchanged by the proposed Tenant and Jeffrey R. Anderson Real Estate, Inc., or its
affiliates. Exhibit O is a schedule showing all Tenant Inducement Costs under the Leases. To the extent Seller has
not paid, on or before Closing, all Tenant Inducement Costs relating to Leases in effect as of the Contract Date, Buyer shall receive
a credit at Closing for all such unpaid Tenant Inducement Costs and thereafter, Buyer shall pay such costs. Without limiting the
foregoing, Seller and Buyer agree that at Closing, Buyer shall receive a credit in the amount of the then remaining free rent under
the Leases identified in the attached Exhibit D-1 in the amount set forth in Exhibit D-1.

 

4.2.12         Closing
Costs. Buyer shall pay: (a) the cost of any updates to the Existing Survey or any new survey obtained by Buyer, and
reimburse Seller for the cost of the Existing Survey in the amount of Four Thousand One Hundred Eighty Dollars ($4,180.00),
(b) the cost of any title insurance policies and title policy endorsements (other than those required for Seller to clear
title matters which are its responsibility) (whether for owner's or lender's policies), (c) all Escrow Agent charges, (d)
except for documentary stamps, all other costs associated with the recording of the Deed and any encumbrances Buyer places on
the Property at Closing, (e) all costs of Buyer's due diligence, and (f) any other due diligence costs not expressly required
to be paid by Seller pursuant to this Agreement. Seller shall pay: (w) state and county transfer and deed taxes and
documentary stamps on the Deed, (x) costs for endorsements for title clearance matters that are Seller's obligation, (y) any
insured closing fee charged by the Title Insurer, and (z) the cost of the Existing ESA. Each party shall pay its own
attorneys. Brokerage 

 

    	-9-

    	 

    

 

commissions shall be paid as set forth in Section 15. The obligations of
the parties to pay the foregoing costs and expenses shall survive the termination of this Agreement.

  

4.2.13         Survival.
The provisions of this Section 4.2 shall survive the Closing.

 

Section 5.          Title
and Survey

 

5.1           Seller
heretofore delivered to Buyer the Existing Survey and the updated Title Commitment, including all underlying title documents raised
therein. Buyer shall have until the Inspection Date to (i) examine title to the Property and the Survey, (ii) determine whether
Buyer will be able to obtain any endorsements it desires and (iii) to give written notice to Seller of any objections that Buyer
may have to title or the Survey (the "Title Objection Notice"), provided, however, Buyer shall have no right to
object to any matters of title which constitute Permitted Title Exceptions. If Buyer shall fail to timely deliver the Title Objection
Notice, Buyer shall be deemed to have waived such right to object to any title exceptions or defects (other than any Required Cure
Matters (as hereinafter defined)). If Buyer does timely deliver the Title Objection Notice to Seller, Seller shall elect, by written
notice delivered to Buyer within five (5) Business Days following Seller's receipt of the Title Objection Notice to either endeavor
to cure or satisfy any particular objection(s) at or prior to Closing or not to so cure or satisfy any particular title objection(s)
(the "Title Response Notice"). Notwithstanding anything to the contrary contained in this Agreement, Seller, in
its sole discretion, shall have the right to adjourn the Closing for a period not to exceed thirty (30) days, in order to undertake
to cure or satisfy any particular objection(s) raised by Buyer in the Title Objection Notice, provided, however, that Seller shall
notify Buyer, in writing, at least five (5) Business Days prior to the scheduled Closing Date, of its election to so adjourn the
Closing. To the extent Seller shall fail to deliver the Title Response Notice to Buyer within the time required therefor or shall
elect not to cure any particular title objection(s) by Closing, then Buyer may elect, by written notice to Seller within five (5)
Business Days after delivery of the Title Response Notice or Seller's failure to timely deliver the Title Response Notice, either
to (a) terminate this Agreement, in which case the Earnest Money shall be returned to Buyer by Escrow Agent and the parties shall
have no further rights or obligations hereunder, except for those which expressly survive any such termination, or (b) waive its
objections hereunder and proceed with the transaction pursuant to the remaining terms and conditions of this Agreement, without
any reduction in the Purchase Price. Except for Required Cure Matters, Seller shall not be required to cure any matter objected
to by Buyer. If Buyer fails to so give Seller notice of its election within the timeframe required therefor, Buyer shall be deemed
to have elected the option contained in subpart (b) above. If Seller does so reasonably cure or satisfy, or undertake to reasonably
cure or satisfy, such objection to the satisfaction of Buyer, then this Agreement shall continue in full force and effect. Buyer
shall have the right at any time to waive any objections that it may have made and, thereby, to preserve this Agreement in full
force and effect. As used herein "Required Cure Matters" means those monetary liens which are: (i) liens resulting
from a judgment against the Seller, (ii) liens relating to financing or debt of the Seller, (iii) mechanic's liens relating to
work for which Seller (or an affiliate of Seller) has contracted to perform and, and (iv) delinquent tax liens against the Seller.

 

The foregoing
procedures for making and responding to objections to title exceptions and survey matters shall also apply with respect to any
objections to title exceptions (other than Permitted Title Exceptions) which first appear on updates of the Title Commitment received
by Buyer after the date of the Title Objection Notice (and Buyer shall promptly provide Seller with copies of any updated Title
Commitments and Schedule B items first shown in such updated commitments) or any survey matters that did not exist as of the date
of the Title Objection Notice (other than Permitted Title Exceptions), except that all such objections must be made on or before
the earlier of five (5) Business Days after Buyer becomes aware of such title exceptions or survey matters or the Closing Date,
and all agreements to cure and termination rights relating thereto must be made or exercised, as applicable, on or before the earlier
of

 

    	-10-

    	 

    

 

the lime periods provided in the previous paragraph or the Closing Date (subject to Seller's right to adjourn the Closing as
hereinabove provided).

  

If, on the Closing
Date, there are any liens or encumbrances that Seller elects or is required to discharge under this Agreement, Seller shall have
the right (but not the obligation) to either (i) arrange for affirmative title insurance or special endorsements insuring against
enforcement of such liens or encumbrances against, or collection of the same out of, the Property, the form and content of which
are subject to the reasonable approval of Buyer, which approval may be withheld by Buyer in its sole but reasonable discretion,
or (ii) use any portion of the Purchase Price to pay and discharge the same, either by way of payment or by alternative manner
reasonably satisfactory to the Title Insurer,

 

If, on the Closing
Date, Seller fails to satisfy any valid title objections that it has expressly agreed to satisfy or any Required Cure Matters,
then, at the option of Buyer, Buyer may (x) terminate this Agreement, in which event the Earnest Money shall be refunded to Buyer
promptly upon request, Seller shall reimburse Buyer for the Pursuit Costs promptly following Seller's receipt of reasonable evidence
thereof, and all rights and obligations of the parties hereunder shall expire (except for those which expressly survive such termination)
and this Agreement shall become null and void or (y) waive such satisfaction and performance and elect to close, and all objections
so waived shall thereafter constitute Permitted Title Exceptions.

 

Section 6.          Buyer's
Inspection.

 

6.1           Document
Inspection. Buyer and Seller acknowledge that Buyer shall review and inspect the Seller Diligence Deliveries and
any other documents provided or made available by Seller or obtained by Buyer. Except as otherwise expressly provided herein and
in the closing documents, Seller makes no representation or warranty as to the truth, accuracy or completeness of the Seller Diligence
Deliveries or any other studies, documents, reports or other information provided to Buyer by Seller.

 

6.2           Physical
Inspection. Subject to the Leases, any restrictions of record and applicable laws, Buyer and its agents shall have the
right, from time to time for so long as this Agreement remains in effect, during normal business hours, to enter upon the Property
to examine the same and the condition thereof, and to conduct such surveys and to make such engineering and other inspections,
tests and studies as Buyer shall determine to be reasonably necessary, all at Buyer's sole cost and expense, including, without
limitation, a Phase I environmental report and a roof survey and report. Notwithstanding the foregoing, Buyer shall not conduct
or allow any physically intrusive testing of, on or under the Property, without Seller's consent, which consent can be withheld
in Seller's sole discretion. Buyer agrees to give Seller reasonable advance written notice of such examinations or surveys and
to conduct such examinations or surveys during normal business hours to the extent practicable. Buyer agrees to conduct all examinations
and surveys of the Property in accordance with all applicable laws and in a manner that will not interfere in any material respect
with the operations of Seller or Tenants thereon and will not knowingly harm or damage the Property or cause any claim adverse
to Seller or any Tenant, and agrees to repair or restore the Property to its condition prior to any such examinations or surveys
immediately after conducting the same, reasonable wear and tear excepted. Buyer shall not make any on-site contact with any current
or prior Tenants concerning the Property without Seller's prior consent, which shall not be unreasonably withheld, conditioned
or delayed, and Seller shall have the right to be present during any such contacts, provided that the unavailability of a representative
of Seller shall not be a basis to delay or hinder an on-site contact by Buyer. Except for the negligence or willful misconduct
of Seller and its agents, employees and contractors, and except to the extent of any claims resulting from Buyer's mere discovery
of any existing conditions at the Property (including any diminution of value of the Property resulting from such discovery), Buyer
hereby indemnifies and holds Seller and any agent, advisor, representative, affiliate, employee, director, partner, member, beneficiary,
investor, servant, shareholder, 

 

    	-11-

    	 

    

 

subsidiary,
trustee or other person or entity acting on Seller's behalf or otherwise related to or affiliated with Seller (collectively, "Seller
Related Parties") harmless from and against any claims for injury or death to persons, damage to property or other losses,
damages or claims, including, without limitation, claims of any tenant(s) then in possession, and including, without limitation,
in each instance, reasonable attorneys' fees and litigation costs, arising out of (i) the entry on the Property by or any action
of, any person or firm entering the Property on Buyer's behalf as aforesaid or, (ii) any breach by Buyer of its obligations under
this Section, or (iii) any liens caused by or on behalf of Buyer, which indemnity shall survive the Closing and any termination
of this Agreement. Prior to, and as a condition to any entry on the Property by Buyer or its agents for the purposes set forth
in this Section 6.2, Buyer shall deliver to Seller a certificate of insurance evidencing commercial general liability coverage
(including coverage for contractual indemnities) with a combined single limit of at least $2,000,000.00 and excess umbrella coverage
for bodily injury and property damage in the amount of $5,000,000.00, in a form reasonably acceptable to Seller, covering any activity,
accident or damage arising in connection with Buyer or agents of Buyer on the Property, and naming Seller, as an additional insured.

  

6.3           Formal
Inspection Period. Buyer's obligation to close under this Agreement is subject to and conditioned upon Buyer's investigation
and study of and satisfaction with the Property as set forth in this Section 6. Buyer shall have until 5:00 p.m. E.S.T. on the
Inspection Date in which to make such investigations and studies with respect to the Property as Buyer deems appropriate and to
terminate this Agreement, by written notice delivered to Seller, if Buyer is not, for any reason, in Buyer's sole and absolute
discretion, satisfied with the Property, in which case the Earnest Money shall be returned to Buyer and neither party shall have
any further obligations hereunder except for those obligations of Buyer set forth in Sections 6.2 and 6.4. If Buyer fails to deliver
written notice to Seller of its election to terminate this Agreement on or before 5:00 p.m. E.S.T. on the Inspection Date, then
Buyer's termination rights under this Section 6 shall be deemed to have been waived by Buyer, the Earnest Money shall be non-refundable,
except as otherwise expressly set forth in this Agreement, and the parties shall proceed with the transaction pursuant to the remaining
terms and conditions of this Agreement.

 

6.4           Confidentiality.
Buyer and its representatives shall hold in confidence all non-public data and information relating to the Property, the Leases,
the Tenants or the Seller or its or their business, whether obtained before or after the execution and delivery of this Agreement
(including without limitation, all documents, data and information provided by or on behalf of Seller as part of the Seller Diligence
Deliveries). Notwithstanding the foregoing, Buyer may disclose confidential information (i) to its respective consultants, investors,
lenders, appraisers, attorneys, accountants, advisers, and affiliates (collectively, "Buyer Related Parties"), provided
Buyer shall advise such parties of the confidential nature of such information and that such parties are required to maintain the
confidentiality thereof, (ii) to the extent Buyer is required to disclose the same pursuant to a court order, applicable laws (including
making such public statements or filings as may be required under any regulations of the U.S. Securities and Exchange Commission
applicable to Buyer or its affiliates), or (iii) to the extent necessary to disclose in the context of a legal dispute between
Buyer and Seller. Buyer and the Buyer Related Parties shall not be obligated to keep confidential any information that (1) is already
in the public domain, (2) is or becomes generally available to the public other than as a result of a disclosure by one of the
Buyer Related Parties or by Buyer, or (3) is or becomes available to Buyer on a non-confidential basis from a source other than
Seller who, to Buyer's knowledge, is not subject to a confidentiality agreement with, or other obligation of secrecy to, Seller
prohibiting such disclosure. Buyer shall indemnify and hold harmless Seller from and against any claim, liability, cost or expense,
including without limitation reasonable attorneys' fees, incurred by Seller solely and directly as a result of any disclosure by
a Buyer Related Party in violation of the terms of this Section 6.4, which may be asserted against Seller by any Tenant. In the
event of a breach or threatened breach by Buyer or its representatives of this Section 6.4, Seller shall be entitled to all remedies
available hereunder, at law or in equity. Buyer acknowledges that Seller's remedies at law are insufficient to redress a breach
or threatened breach of this Section 6.4 and

 

    	-12-

    	 

    

 

accordingly, Seller shall have the right of specific performance and injunctive relief to enforce Buyer's obligations hereunder.
Nothing in this Agreement shall be construed as prohibiting Seller from pursuing any other available remedy at law or in equity
for such breach or threatened breach of this Section 6.4. The provisions of this Section 6.4 shall survive any termination of this
Agreement.

  

Section 7.          Representations
and Warranties.

 

7.1           Seller's
Representations. As of the Contract Date, Seller hereby represents and warrants to Buyer that the following statements
are true except as may otherwise be disclosed on Exhibit E:

 

7.1.1           Lease
Exhibit. There are no leases or other occupancy agreements (including any amendments and modifications thereto) affecting the
Property other than as identified in the Lease Exhibit and the new leases entered into by Seller in accordance with this Agreement.
Seller has provided to Buyer true, correct and complete copies of all Leases. Seller shall provide an updated version of the Lease
Exhibit to Buyer as an exhibit to the Assignment. Seller has not entered into any Lease concerning the Property except with the
Tenants disclosed on the Lease Exhibit. Seller has not delivered any notice of default to a Tenant that remains uncured except
as set Forth on the Disclosure Schedule. Seller has not received any written notice of default from a Tenant in accordance with
the terms of such Tenant's Lease with respect to any default by Seller thereunder that remains uncured, and Seller is not currently
and actually aware of any default by Seller or a Tenant under a Lease which remains uncured, except as set forth on the Disclosure
Schedule. To the best of Seller's knowledge, there are no grounds for any claim of a landlord default pursuant to the TK Lease.

 

7.1.2           Agreements.
Neither Seller nor any of its affiliates has entered into or is a party to any management agreements, equipment, labor or material
contracts, maintenance or repair contracts or other agreements for provision of services or supplies, or other contract which will
be binding on Buyer or the Property after the Closing except for the Service Contracts (to the extent assumed by Buyer or during
any period prior to the effective date of termination if not assumed by Buyer), the Leases, matters of record and the Commission
Agreements (in accordance with this Agreement). Seller has not entered into any leasing commission agreements that have outstanding
obligations for payment of commissions by the landlord that shall be binding on Buyer except for the Commission Agreements. Seller
has provided to Buyer true, correct and complete copies of all Service Contracts.

 

7.1.3           No
Litigation. Seller has received no written notice of any actual, pending or threatened litigation, suit, action or proceeding
by any organization, person, individual or governmental agency against Seller with respect to the Property or against the Property
as of the date of this Agreement.

 

7.1.4           Authority.
Seller is a duly organized and validly formed limited liability company under and is in good standing under the laws of the State
of Indiana, is qualified to do business in the state in which the Property is located and is not subject to any involuntary proceeding
for dissolution or liquidation thereof.

 

7.1.5           Non-Foreign
Status. Seller is not a "foreign person" as that term is defined in Section 1445 of the Internal Revenue Code of
1986, as amended and the Regulations promulgated pursuant thereto.

 

7.1.6           Authority
of Signatories; No Breach of Other Agreements, etc. The execution, delivery of and performance under this Agreement are pursuant
to authority validly and duly conferred upon Seller and the signatories hereto. Subject to the terms and conditions of Section
9.2.1 herein, the consummation of the transaction herein contemplated and the compliance by Seller with the terms of this Agreement
do not and will not conflict with or result in a breach of any of the terms or provisions of, or

 

    	-13-

    	 

    

 

constitute a default under, any agreement, arrangement, understanding, accord,
document or instrument by which Seller is bound.

  

7.1.7           OFAC
& Executive Order. Seller is (i) not currently identified on the Specially Designated Nationals and Blocked Persons List
maintained by the Office of Foreign Assets Control, Department of the Treasury ("OFAC") and/or on any other similar list
maintained by OFAC pursuant to any authorizing statute, executive order or regulation (collectively, the "List"),
and (ii) not a person or entity with whom a citizen of the United States is prohibited to engage in transactions by any trade embargo,
economic sanction, or other prohibition of United States law, regulation, or Executive Order of the President of the United States,
and (iii) not an "Embargoed Person" (as defined below). The term "Embargoed Person" means any person,
entity or government subject to trade restrictions under U.S. law, including but not limited to, the International Emergency Economic
Powers Act, 50 U.S.C. §1701 et seq., The Trading with the Enemy Act, 50 U.S.C. App. 1 et seq., and any Executive Orders or
regulations promulgated thereunder.

 

7.1.8           No
Rights to Purchase. Seller is the sole owner of the Property and, no person, other than Buyer, has any unrecorded right, agreement,
commitment, option, right of first refusal or any other agreement, whether oral or written, with respect to the purchase, assignment
or transfer of all or any portion of the Property (other than the rights of Tenants to lease portions of the Property, as Tenants
only, pursuant to the Leases or the Buyer pursuant to this Agreement). No party other than Seller and Tenants has or claims any
unrecorded or undisclosed legal or equitable interest in the Property.

 

7.1.9           No
Violation. Except for that certain Violation Notice dated September 24, 2014 from the City of St. Louis Park, Minnesota (as
included in the Seller Diligence Deliveries), which violation shall be cured by Seller prior to Closing, Seller is not aware of
and has not received any written notice from any governmental agency alleging violations of any applicable environmental laws,
building codes, building or use restrictions, zoning ordinance, rules or regulations relating to Seller or the Property

 

7.1.10         Tax
Appeals. As of the date hereof, there is not currently pending any tax appeal or tax abatement proceeding with respect to the
Property filed by or on behalf of Seller.

 

7.1.11         Condemnation.
Seller has not received written notice of any condemnation or eminent domain proceedings pending, nor to Seller's actual knowledge,
is any condemnation or eminent domain proceeding threatened, against all or any portion of the Property.

 

7.1.12         Bankruptcy.
Seller has not (i) made a general assignment for the benefit of creditors; (ii) filed any voluntary petition in bankruptcy or suffered
the filing of any involuntary petition by its creditors; (iii) suffered the appointment of a receiver to take possession of all
or substantially all of its assets; or (iv) suffered the attachment or other judicial seizure of all or substantially all of its
assets.

 

7.1.13         ERISA.
Seller is not an "employee benefit plan" as defined in Section 3(3) of the Employee Retirement Income Security Act of
1974, as amended ("ERISA"), which is subject to Title I of ERISA, or a "Plan" as defined in Section
4975(e)(1) of the Internal Revenue Code of 1986, as amended (the "Code") which is subject to Section 4975 of the
Code. The assets of Seller do not constitute "plan assets" of one or more such plans for purposes of Title I of ERISA
or Section 4975 of the Code. Seller is not a "governmental plan" within the meaning of Section 3(32) of ERISA, and assets
of Seller do not constitute plan assets of one or more such plans. The transactions contemplated hereunder involving Seller are
not in violation of State statutes applicable to Seller's regulating investments of and fiduciary obligations with respect to governmental
plans.

 

    	-14-

    	 

    

  

7.1.14         Employees. Seller
has no employees of Seller (as opposed to an affiliate of Seller) on-site at the Property.

 

7.1.15         Personal
Property. The Personal Property is free from encumbrances other than the Service Contracts.

 

7.1.16         Tenant
Inducement Costs. There are no brokerage commissions, or finders' fees payable by Seller with respect to the current term of
the Leases, and, to Seller's knowledge, no Tenant Inducement Costs payable by Seller with respect to the current term of the Leases,
other than those set forth on Exhibit 0 (as such Exhibit may be amended to include any leases identified on Exhibit V hereto that
may be executed prior to the Closing Date in compliance with the provisions of Section 8 of this Agreement).

 

7.1.17     Survival.
The representations and warranties of Seller in this Section 7.1 shall survive the Closing for a period of two hundred seventy
(270) days.

 

7.2           Buyer's
Representations. As of the Contract Date, Buyer hereby represents and warrants to Seller that the following
statements are true:

 

7.2.1        Authority.
Buyer is a duly organized and validly formed limited liability company under and is in good standing under the laws of the State
of Delaware, is qualified, or by Closing will be qualified, to do business in the state in which the Property is located and is
not subject to any involuntary proceeding for dissolution or liquidation thereof.

 

7.2.2      Authority
of Signatories: No Breach of Other Agreements, etc. The execution, delivery of and performance under this Agreement are pursuant
to authority validly and duly conferred upon Buyer and the signatories hereto. To Buyer's knowledge, the consummation of the transaction
herein contemplated and the compliance by Buyer with the terms of this Agreement do not and will not conflict with or result in
a breach of any of the terms or provisions of, or constitute a default under, any agreement, arrangement, understanding, accord,
document or instrument by which Buyer is bound.

 

7.2.3        OFAC
& Executive Order. Buyer is: (i) not currently identified on the Specially Designated Nationals and Blocked Persons List
maintained by the OFAC and/or on any other List, and (ii) not a person or entity with whom a citizen of the United States is prohibited
to engage in transactions by any trade embargo, economic sanction, or other prohibition of United States law, regulation, or Executive
Order of the President of the United States, and (iii) not an Embargoed Person.

 

7.2.4       Survival.
The representations and warranties of Buyer in this Section 7.2 shall survive the Closing for a period of two hundred seventy (270)
days.

  

7.3            Miscellaneous.

 

7.3.1           As
used herein, the phrase "Seller's knowledge" or any derivation thereof shall mean the actual knowledge of Steven Schnur;
provided, however, he shall have no duty to investigate (other than reasonable inquiry of the property manager with responsibility
for the management of the Property) the matter to which such actual knowledge, or the absence thereof, pertains. It shall be a
condition of Closing that the representations and warranties contained in this Section 7 (the "Closing Date Representations")
are true and correct in all material respects at Closing. In the event that Seller or Buyer learns that any of said representations
or warranties becomes inaccurate between the Contract Date and the Closing, Seller or Buyer, as applicable, shall immediately notify
the other party in writing of such change (a "Notice of Inaccuracy"). The Closing shall be automatically extended
up to thirty (30) days in

 

    	-15-

    	 

    

 

order to allow Seller to cure such change if Seller elects, by written notice delivered to Buyer within five (5) Business Days
after Seller's receipt of a Notice of Inaccuracy. In the event Seller so cures such change by the Closing Date (as the same may
be extended pursuant to this Section 7.3.1), this Agreement shall remain in full force and effect. II' Seller does not cure
such change by the Closing Date (as the same may be extended pursuant to this Section 7.3.1), Buyer may either (a) terminate
this Agreement by written notice to Seller, in which case the Earnest Money, together with interest earned thereon, shall be returned
to Buyer and the parties shall have no further rights or obligations hereunder, except for those which expressly survive such termination,
or (b) waive such right to terminate by proceeding with the transaction pursuant to the remaining terms and conditions of this
Agreement without any reduction in the Purchase Price. In the event Buyer elects option (b) in the preceding sentence, the representations
and warranties shall be deemed to be automatically amended to reflect said change. In the event that one or more of the Closing
Date Representations was not true and correct in all material respects as of the Contract Date, Seller fails to correct such Closing
Date Representation within the time periods set forth above, and Buyer terminates this Agreement in accordance with clause (a)
above, Seller shall reimburse Buyer for the Pursuit Costs promptly following Seller's receipt of reasonable evidence thereof.

 

7.3.2           Notwithstanding
and without limiting the foregoing, (i) if any of the representations or warranties of Seller that survive Closing contained in
this Agreement or in any document or instrument delivered in connection herewith are materially false or inaccurate, or Seller
is in material breach or default of any of its obligations under this Agreement, and Buyer nonetheless closes the transactions
hereunder and purchases the Property, then Seller shall have no liability or obligation respecting such false or inaccurate representations
or warranties or other breach or default (and any cause of action resulting therefrom shall terminate upon the Closing) in the
event that either (x) on or prior to Closing, Buyer shall have had actual knowledge of the false or inaccurate representations
or warranties or other breach or default, or (y) the accurate state of facts pertinent to such false or inaccurate representations
or warranties or other breach or default was contained in any of the information respecting the Property furnished by Seller or
otherwise obtained by Buyer.

 

7.4           Reaffirmation.
Subject to the provisions of Section 7.3.1, at Closing, Seller shall be deemed to have reaffirmed that the Closing Date
Representations of Seller in this Section 7 are true and correct in all material respects. At Closing, Buyer shall be deemed
to have reaffirmed that the representations and warranties of Buyer in this Section 7 are true and correct.

 

Section 8.          Operations
Pending Closing.

 

8.1             Seller,
at its expense, shall use all reasonable and diligent efforts to maintain, repair and operate the Property until the Closing or
sooner termination of this Agreement, substantially in its present condition and pursuant to Seller's normal course of business
(such as maintenance and repair obligations but not including extraordinary capital expenditures or expenditures not incurred in
such normal course of business, unless there is an emergency which necessitates such capital expenditure or it is necessary to
comply with applicable leases or laws), subject to ordinary wear and tear, damage by fire or other casualty and condemnation. In
addition, Seller shall deliver to Buyer a copy of any written notice of default delivered by Seller to or received from any Tenant
from and after the Contract Date and any notices of violations from any applicable governmental authorities.

  

8.2             Prior
to the Inspection Date, Seller may, (a) without Buyer's consent, enter into any new service contract which shall be terminable
without penalty within thirty (30) days after Closing or cancel, modify, extend, renew or permit the expiration of any existing
Service Contracts which shall be terminable without penalty within thirty (30) days after Closing, or (b) subject to obtaining
Buyer's prior written approval, which approval shall not be unreasonably withheld, conditioned or delayed, enter into any new lease
or any modification, amendment, restatement, termination, or renewal of any existing

 

    	-16-

    	 

    

 

Lease or grant any waiver or consent under any Lease. Seller shall promptly deliver
a copy of any item in (a) or (b) of the preceding sentence entered into by Seller promptly after its execution thereof but at least
three (3) Business Days prior to the Inspection Date. After the Inspection Date, Seller shall not enter into any of the following
documents without Buyer's consent, which consent may be withheld in Buyer's sole discretion (provided, that Buyer's consent shall
be deemed granted if Buyer does not object in writing within five (5) Business Days after Seller requests such consent from Buyer):
(a) contract for service to the Property unless it is terminable without penalty on no more than thirty (30) days written notice
(except that Seller may enter into any such contract in response to any condition or event which would endanger the safety or integrity
of the Improvements, provided that Buyer shall have no obligation to assume any such contract unless Buyer approves of such contract
in writing), or (b) any new lease or any modification, amendment, restatement, termination, renewal, consents or waivers of any
Lease except for letters of understanding, certificates, punch lists and other documents that either tenant or landlord is obligated
to deliver pursuant to the applicable Lease. Seller shall promptly deliver a copy of any item in (a) or (b) of the preceding sentence
entered into by Seller promptly upon its execution of same.

 

8.3            Intentionally
deleted.

 

8.4            Until
the earlier of Closing or the termination of this Agreement, Seller undertakes and agrees as follows:

 

8.4.1           Except
as otherwise expressly provided in this Agreement, Seller shall not voluntarily transfer, sell, assign, encumber, lease, hypothecate
or otherwise dispose of any or all of its right, title and interest in and to the Property nor consent to the creation of any easement
affecting the Property, during the existence of this Agreement, without the prior consent of Buyer.

 

8.4.2 Seller shall
maintain all of Seller's property and casualty insurance coverage that is in effect with respect to the Property as of the Contract
Date of this Agreement through Closing.

 

Section 9.          Conditions
to Closing.

 

9.1            Buyer's
Conditions Precedent. Buyer's obligation to proceed to Closing under this Agreement is subject to the following conditions
precedent:

 

9.1.1           Seller
shall have performed and satisfied each and all of Seller's obligations under this Agreement; and

 

9.1.2           Each
and all of Seller's representations and warranties set forth in this Agreement shall be true and correct in all material respects
at the Contract Date and each of the Closing Date Representations shall be true and correct in all material respects at the Closing
Date.

 

9.1.3           Intentionally
deleted.

  

9.1.4           Seller
shall diligently and in good faith endeavor to obtain and deliver to Buyer no later than five (5) Business Days prior to the Closing
estoppel certificates in the form of Exhibit M attached hereto and made a part hereof (or in such form as may be
prescribed under any Lease or in the customary form used by any Tenant that is a regional or national retailer) ("Estoppel
Certificate"), duly executed by each of the Tenants of the Property, certified to Buyer and dated not more than forty-five
(45) days prior to the Closing Date.. Estoppel Certificates that (a) disclose no defaults by Landlord or Tenant and (b) contain
no information which is inconsistent with the representations and warranties and due diligence materials provided by Seller (items
(a) and (b) being collectively referred to herein as the "Estoppel Requirements") are herein referred to as the
"Tenant Executed Estoppels"; provided, 

 

    	-17-

    	 

    

 

however,
that the Estoppel Certificate shall not be deemed unacceptable if (a) it contains the qualification by the Tenant of any statement
as being to its knowledge, (b) is in material compliance with the requirements relating to such certificates under the Lease and
does not contain any more information than the Tenant is required to give in any such certificate pursuant to the Lease (excluding
therefrom any requirement that such estoppel include "any other matter reasonably requested by Landlord" or similar "catch-all"
provision), or (c) the Estoppel Certificate is not signed by the Guarantor of the Lease. In the event that Seller shall not have
obtained Tenant Executed Estoppels from Tenants comprising at least eighty percent (80%) of the leased rentable area of the Property,
excluding the leased rentable area of the TK Lease, but which must include, without limitation, Tenant Executed Estoppels from
each of the Major Tenants (collectively, the "Required Tenant Executed Estoppels") at the Closing, Buyer shall
have the right (but not the obligation ) to terminate this Agreement by delivering written notice as set forth below. Seller agrees
to forward any executed Estoppel Certificates received by Seller from a Tenant to Buyer promptly after Seller's receipt of same.
Any qualification of any assertion in the Tenant Estoppel Certificate regarding the status of the performance of any of landlord's
obligations under the lease that such assertion is made "to Tenant's knowledge" or similar qualification made by a Tenant
shall be acceptable. For purposes of determining the leased rentable square feet at the Property, those leases that expire prior
to the Closing Date and not renewed, and the square footage of the premises leased under the TK Lease will not be included.

 

9.1.5           Intentionally
deleted.

 

9.1.6           The
Title Insurer shall issue (or be irrevocably committed to issue, subject only to the payment of the premium therefor in accordance
with this Agreement) to Buyer an ALTA Owners' Policy of Title Insurance, with extended coverage, showing title to the Property
vested in Buyer, in the amount of the Purchase Price, subject only to the Permitted Title Exceptions.

 

9.1.7            As
of the Closing Date, no Major Tenant shall have (a) filed a petition in bankruptcy, (b) been adjudicated insolvent or bankrupt,
(c) petitioned a court for the appointment of any receiver of or trustee for it or any substantial part of its property, (d) commenced
any proceeding under any reorganization, arrangement, readjustment of debt, dissolution or liquidation law or statute of any jurisdiction,
whether now or hereafter in effect, (e) become the subject of an involuntary bankruptcy petition, (f) vacated its leased premises,
or (g) had its Lease terminated. There shall not have been commenced and be pending against any Major Tenant any proceeding of
the nature described in the first sentence of this subparagraph. No order for relief shall have been entered with respect to any
Major Tenant under the Federal Bankruptcy Code.

 

In the event
any of the foregoing conditions are not satisfied prior to or at the Closing, subject to Section 7.3 hereof, Buyer may terminate
this Agreement by written notice to Seller and thereafter shall have no obligation to proceed with the Closing, the Earnest Money
shall be returned and paid to Buyer and neither party shall have any further obligation hereunder except those which expressly
survive the termination of this Agreement. Notwithstanding the foregoing but subject to Sections 11.2 and 11.3 hereinbelow,
nothing contained in this Section 9.1 shall waive or diminish any right or remedy Buyer may have for Seller's default or
breach of this Agreement.

 

9.2           Seller's
Conditions Precedent. Seller's obligation to proceed to Closing under this Agreement is subject to the following conditions
precedent:

 

9.2.1           Seller
receiving all approvals to complete this transaction on or before the dates set forth in Section 18.17 below.

 

    	-18-

    	 

    

  

9.2.2           Buyer
shall have performed and satisfied each and all of Buyer's obligations under this Agreement and Buyer's representations and warranties
hereunder shall be true and correct in all materials respects. In the event this condition is not satisfied on or prior to the
Closing Date, Seller shall have no obligation to proceed to Closing and, subject to the terms of Section 11.1 below, if
Seller delivers written notice to Buyer that the foregoing condition has not been satisfied, this Agreement shall cease and terminate,
the Earnest Money shall be immediately paid to Seller, and neither party shall have any further obligation hereunder except those
which expressly survive the termination of this Agreement.

 

Notwithstanding
the foregoing, nothing contained in this Section 9.2 shall waive or diminish any right or remedy Seller may have for Buyer's
default or breach of this Agreement.

 

Section 10.         Closing.

 

10.1 Time
and Place. Provided that all of the conditions set forth in this Agreement are theretofore fully satisfied, waived or performed,
the Closing shall be held in escrow through Title Insurer, on or prior to 1:00 p.m. EST on the Closing Date or such other date
that is mutually agreeable to Buyer and Seller unless the Closing Date is postponed pursuant to the express terms of this Agreement.
Seller and Buyer agree to reasonably cooperate should Buyer determine a postponement of the Closing Date is necessary, but in no
event shall the Closing Date be extended beyond December 30, 2014.

 

10.2 Seller
Deliveries. Seller shall obtain and deliver to Buyer or to Title Insurer, as the case may be, at the Closing the following
documents (all of which shall be duly executed, and witnessed and/or notarized as necessary):

 

10.2.1           The
Deed, subject to the Permitted Title Exceptions, substantially in the form attached as Exhibit F hereto.

 

10.2.2           A
Non-Foreign Certificate, substantially in the form attached as Exhibit G hereto.

 

10.2.3           The
Assignment.

 

10.2.4           The
Bill of Sale.

 

10.2.5           A
Closing Statement, prepared by Title Insurer, in form and substance satisfactory to Seller (the "Seller's Closing Statement").

 

10.2.6           An
affidavit of title or other affidavit customarily required of sellers by the Title Insurer and reasonably satisfactory to Seller
to remove the standard mechanics' liens and parties in possession exceptions from an owner's title insurance policy which are capable
of being removed by such an affidavit and a gap indemnity substantially in the form attached hereto as Exhibit U.

 

10.2.7           Such
transfer tax, certificate of value or other similar documents customarily required of sellers in the state and county in which
the Property is located.

 

10.2.8           Such
further instructions, documents and information, including, but not limited to a Form 1099-S, as Title Insurer may reasonably request
as necessary to consummate the purchase and sale contemplated by this Agreement.

 

10.2.9           A
notice to send to all Tenants substantially in the form attached hereto as Exhibit H. Such notice shall be delivered
to Tenants by Buyer post-Closing.

 

    	-19-

    	 

    

 

10.2.10 A notice to
send to all Vendors substantially in the form attached hereto as Exhibit L.

 

10.2.11 The Tenant
Estoppel Certificates received from Tenants not previously delivered.

 

10.2.12 Any update
to the Protected Tenant List.

 

10.2.13 Evidence reasonably
satisfactory to Buyer and the Title Insurer respecting the due organization of Seller and the due authorization and execution by
Seller of this Agreement and the documents required to be delivered hereunder.

 

10.2.14 An updated certificate
of Seller's representations and warranties.

 

10.2.15 The TK Escrow Agreement,
signed by Seller.

 

10.2.16 Such other
documents or instruments that are reasonably necessary to consummate the Closing.

 

10.3         Buyer
Deliveries. Buyer shall deliver to Seller or to Title Insurer, as the case may be, at Closing the following:

 

10.3.1 The
Purchase Price in immediately available funds, subject to the prorations provided for in this Agreement.

 

10.3.2 The
Assignment.

 

10.3.3 A
Closing Statement, prepared by Title Insurer, in form and substance satisfactory to Buyer (the "Buyer's Closing
Statement").

 

10.3.4 Such
transfer tax, certificate of value or other similar documents customarily required of purchasers in the county in which the
Property is located.

 

10.3.5 Evidence
reasonably satisfactory to Seller and the Title Insurer respecting the

due organization of Buyer and the due
authorization and execution by Buyer of this Agreement and the documents required to be delivered hereunder.

 

10.3.6 The TK Escrow Agreement signed by Buyer and Escrow
Agent.

 

10.3.7 Such
other documents or instruments that are reasonably necessary to

consummate the Closing.

 

Section 11.         Default
and Remedies.

 

11.1         Buyer's
Default. Buyer shall have committed a default hereunder if Buyer commits a default under the terms of this Agreement, which
is not cured within five (5) days after written notice thereof from Seller; provided, however, that Buyer will not have the right
to cure with respect to its default in failing to deliver the Purchase Price in immediately available funds required under Section
10.3.1. In the event of a default by Buyer under this Section 11.1, Seller may, as Seller's sole and exclusive remedy,
elect to terminate this Agreement by providing written notice of its election to terminate to Buyer and Escrow Agent, and the Escrow
Agent shall thereafter disburse the Earnest Money 

 

    	-20-

    	 

    

 

to
Seller, and Seller shall be entitled to retain the Earnest Money for such default of Buyer, whereupon this Agreement shall terminate
and the parties shall have no further rights or obligations hereunder, except for those which expressly survive any such termination.
It is hereby agreed that Seller's damages in the event of a default by Buyer hereunder are uncertain and difficult to ascertain,
and that the Earnest Money constitutes a reasonable liquidation of such damages and is intended not as a penalty, but as liquidated
damages. Notwithstanding the foregoing, nothing contained herein shall waive or diminish any right or remedy Seller may have at
law or in equity for Buyer's default or breach of Section 6.2 or Section 6.4 of this Agreement. This provision shall
expressly survive the termination of this Agreement. Buyer shall not be liable to Seller for any punitive, speculative, consequential
or other damages or any other remedy at law or in equity except in connection with Buyer's indemnification obligations hereunder.

 

11.2          Seller's
Default. Seller shall have committed a default hereunder if Seller commits a default under the terms of this Agreement
that is not cured by Seller as provided hereunder. Subject to Section 7.3, in the event of a default by Seller under this
Section 11.2, Buyer's sole and exclusive remedies hereunder shall be to either (a) terminate this Agreement, whereupon Buyer
will receive a refund of the Earnest Money from Escrow Agent, Seller shall reimburse Buyer for the Pursuit Costs promptly following
Seller's receipt of reasonable evidence thereof and neither party hereto shall have any further obligation or liability to the
other (except with respect to those provisions of this Agreement which expressly survive the termination hereof), and except as
otherwise provided herein, Buyer waives any right or claim to damages for Seller's breach, or (b) seek specific performance of
Seller's obligations under this Agreement (but no other action, for damages or otherwise, shall he permitted), and if Buyer prevails,
Seller shall reimburse Buyer for all reasonable legal fees, court costs and costs related to such action not to exceed $100,000
under this Agreement, in the aggregate); provided that any action by Buyer for specific performance must be filed, if at all, within
ninety (90) days of Seller's default, and the failure to file within such period shall constitute a waiver by Buyer of such right
and remedy. If Buyer shall not have filed an action for specific performance within the aforementioned time period or so notified
Seller of its election to terminate this Agreement, Buyer's sole remedy shall be to terminate this Agreement in accordance with
clause (a) above. Notwithstanding the foregoing, in the event that specific performance is not available as a remedy because Seller
(i) conveys fee simple title to all or a portion of the Property to a third party transferee prior to the Closing, or (ii) fails
to close the transactions contemplated hereby as a result of an injunction lawfully filed by a third party as a result of a legally
binding, currently effective contract executed by Seller prior to the Closing Date, then Buyer shall be entitled to recover from
Seller Buyer's actual damages in an amount not to exceed the difference between the Purchase Price hereunder and the purchase price
Seller actually receives from such third party transferee.

 

11.3       Limitation
on Liability.

 

11.3.1           Notwithstanding
anything to the contrary contained in this Agreement or any document executed in connection herewith, the aggregate liability of
Seller arising pursuant to or in connection with the representations, warranties, indemnifications, covenants or other obligations
(whether express or implied) of Seller under this Agreement, collectively (or any document or certificate executed or delivered
in connection herewith) shall not exceed $2,000,000.00 in the aggregate (excluding prorations, commissions and attorneys' fees),
however, Buyer shall not make any claims in connection with the representations, warranties, indemnifications, covenants or other
obligations (whether express or implied) of Seller under this Agreement, unless such claims in the aggregate exceed $25,000.00.

 

11.3.2           No
shareholder or agent of Seller, nor any Seller Related Parties, shall have any personal liability, directly or indirectly, under
or in connection with this Agreement or any agreement made or entered into under or pursuant to the provisions of this Agreement,
or any amendment or amendments to any of the foregoing made at any time or times, heretofore or hereafter, and Buyer and its successors
and assigns and, without limitation, all other persons and entities, shall look solely to Seller's

 

    	-21-

    	 

    

 

assets for the payment of any claim or for any performance, and Buyer, on behalf of itself
and its successors and assigns, hereby waives any and all such personal liability.

 

11.3.3           The
provisions of this Section 11.3 shall survive the Closing or sooner termination of this Agreement.

 

11.4         Termination.
Intentionally deleted.

 

Section 12.         Condemnation
or Destruction.

 

12.1         Condemnation.
If, prior to the Closing, all or a portion of the Property is subject to a bona fide written threat of Material Condemnation (as
hereinafter defined) by a body having the power of eminent domain, or is taken by eminent domain or condemnation, or sale in lieu
thereof, then Seller shall promptly give Buyer written notice of such occurrence and the nature and extent of such Material Condemnation.
Within ten (10) Business Days after written notification to Buyer of the estimated amount of the condemnation award resulting from
a Material Condemnation, as determined by a third party independent contractor, engineer or appraiser selected by Seller, subject
to Buyer's reasonable approval (the "Appraiser"), Buyer may elect to terminate this Agreement by written notice
to Seller. For purposes hereof, a "Material Condemnation" shall be one which results or would (a) result in damage
or loss affecting the Property, collectively, in an amount greater than Two Million Dollars ($2,000,000.00), in the aggregate,
as determined by the Appraiser; (b) materially affect access to and/or from the Property, or reduce the number of parking spaces
on the Property below the number of parking spaces required under private restrictions or governmental rules, laws or regulations
affecting the Property; (c) permit a Tenant to terminate its Lease or (d) the Property will take more than twelve (12) months to
be restored to a usable commercial asset as it was prior to the taking. in the event of a Material Condemnation, the Closing Date
shall be extended if necessary, if and to the extent necessary to allow Seller to obtain the above described damage estimate from
the Appraiser and to provide for said ten (10) Business Day Buyer termination period; provided, however, in no event shall such
extension of the Closing Date exceed forty-five (45) days unless otherwise agreed by Seller and Buyer.

 

12.2         Damage
or Destruction. If, prior to the Closing, a Material Casualty (as hereafter defined)
shall affect the Property, Seller agrees to promptly give Buyer written notice of such occurrence and the nature and extent of
such damage and destruction. Within ten (10) Business Days after written notification to Buyer of the estimated amount of the
damages to the Property resulting from a Material Casualty, as determined by the Appraiser, Buyer may elect to terminate this
Agreement by written notice to Seller. For purposes hereof, a "Material Casualty"
shall be a casualty which: (a) results or would result in damage or loss affecting the Property and the Adjacent Property, collectively,
in an amount greater than Two Million Dollars ($2,000,000.00), in the aggregate, as determined by the Appraiser; (b) materially
affects access to and/or from the Property, or reduces the number of parking spaces on the Property below the number of parking
spaces required under private restrictions or governmental rules, laws or regulations affecting the Property; (c) permits a Tenant
to terminate its Lease; (d) will take more than twelve (12) months for the Property to be restored to a usable commercial asset
as it was prior to the casualty; or (e) results in an uninsured damage or loss affecting the Property. In the event of a Material
Casualty, the Closing Date shall be extended if and to the extent necessary to allow Seller to obtain the above described damage
estimate from the Appraiser and to provide for said ten (10) Business Day Buyer termination period; provided, however, in no event
shall such extension of the Closing Date exceed forty-five (45) days unless otherwise agreed by Seller and Buyer.

 

12.3         Termination.
If this Agreement is terminated as a result of the provisions of Sections 12.1 or 12.2 hereof, Buyer shall
be entitled to receive a refund of the Earnest Money from Escrow Agent, 

 

    	-22-

    	 

    

 

whereupon the parties shall have no further rights or obligations hereunder,
except for those which expressly survive any such termination.

  

12.4 Awards and Proceeds.
if a casualty or condemnation that is not a Material Casualty or a Material Condemnation shall occur and Buyer does not elect to
terminate this Agreement following any Material Condemnation or Material Casualty, as provided above, this Agreement shall remain
in full force and effect and the conveyance of the Property contemplated herein, less any interest taken by eminent domain or condemnation,
or sale in lieu thereof, shall be effected with no further adjustments. Seller shall have no obligation to restore, repair and
replace any portion of the Property or any such damage or destruction. At the Closing, Seller shall assign, transfer and set over
to Buyer all of Seller's right, title and interest in and to any awards, payments or insurance proceeds and pay Buyer deductibles
under such policies, less the amount (x) of all reasonable out-of-pocket costs incurred by Seller in connection with the repair
of such damage or destruction or collection costs of Seller respecting any awards or other proceeds for such taking by eminent
domain or condemnation and/or (y) attributable to lost rents applicable to any period prior to the Closing Date. Seller will keep
Buyer informed and will reasonably cooperate with Buyer regarding any adjustments of a casualty loss.

 

Section 13.         Assignment
by Buyer. Buyer may not assign its rights under this Agreement without Seller's written consent, which consent may be granted
or withheld in Seller's sole and absolute discretion. Notwithstanding the foregoing, Buyer may upon two (2) Business Days prior
written notice to Seller assign this Agreement to an entity that is owned or controlled by, or under common ownership or control
with Buyer, or an entity that is owned or controlled by, or under common ownership or control with, Buyer, or in which Buyer, or
an individual or entity, that owns or controls Buyer, or is under common ownership or control with Buyer, is a general partner
or managing member, or to ARC WEMPSMN001, LLC, or to American Realty Capital-Retail Centers of America II, Inc. and its affiliates
(each an "Approved Assignee"); provided that the Approved Assignee shall assume in writing all of Buyer's obligations
hereunder and under the Escrow Agreement pursuant to an assignment and assumption agreement in form and content acceptable to Seller
in the exercise of Seller's reasonable judgment and (z) such assignment of this Agreement shall not relieve Buyer of its indemnification
obligations hereunder or under the Escrow Agreement.

 

Section 14.         (Intentionally
Omitted).

 

Section 15.         Brokers
and Brokers' Commissions. Buyer and Seller each warrant and represent to the other that neither party has employed a real estate
broker or agent in connection with the transaction contemplated hereby, except Eastdil Secured. Provided the transaction contemplated
herein closes, Seller shall pay Broker a commission in accordance with the terms of a separate agreement. Each party agrees to
indemnify and hold the other harmless from any loss or cost suffered or incurred by it as a result of the other's representation
herein being untrue. This Section 15 shall expressly survive the Closing hereunder.

 

Section 16.         Notices.

 

Wherever any notice or
other communication is required or permitted hereunder, such notice or other communication shall be in writing and shall be delivered
by hand, by nationally-recognized overnight express delivery service, by U.S. registered or certified mail, return receipt requested,
postage prepaid, or electronically by attachment to electronic mail to the addresses set out below, or at such other addresses
as are specified by written notice delivered in accordance herewith:

 

    	-23-

    	 

    

 

	 	SELLER:	 
	 	 	 
	 	 	AD West End, LLC
	 	 	Attn: Jeff Behm
	 	 	600 E. 96'h Street, Suite 100 

Indianapolis, Indiana 46240
	 	with a copy to:	E-mail: Jeff.BehmOdukerealty.conn
	 	 	 
	 	 	AD West End, LLC
	 	 	Attn: Joseph P. Hawkins
	 	 	600 E. 961h Street, Suite 100
	 	 	Indianapolis, Indiana 46240
	 	BUYER:	E-mail: Joe.Hawkins@dukerealty.com
	 	 	 
	 	 	American Realty Capital IV, LLC
	 	 	Attn: Jesse Galloway and Richard Williamson 
	 	 	405 Park Avenue, 15th Floor New York, New 
	 	 	York 10022 E-mail: jgalloway@arIcap.com 
	 	 	and rwilliamson@rcscapital.com
	 	with a copy to:	 
	 	 	Retail Centers of America, Inc.
	 	 	Attn: Matthew Gallo and Stephen Seitz
	 	 	2000 McKinney Avenue, Suite 1000
	 	 	Dallas, Texas 75201
	 	 	E-mail: mgallo@lpc.com and sseitz@lpc.com
	 	and a copy to:	 
	 	 	Condon Thornton Sladek Harrell PLLC
	 	 	Attn: William L. Sladek
	 	 	8080 Park Lane, Suite 700
	 	 	Dallas, Texas 75231
	 	 	
        E-mail: bsladek@ctshlaw.com

         

  

Such notices
shall be deemed received (a) on the date of delivery, if delivered electronically, by hand or overnight express delivery service;
or (b) on the date indicated on the return receipt if mailed. if delivered electronically, either party may request original counterparts
be delivered by overnight express delivery service. Notices by counsel to a party shall have the same effect as if given by such
party.

  

Section 17.         Disclaimer
of Condition.

 

17.1
Disclaimer; Release. Subject to the express representations of Seller in Section 7.1, elsewhere in this
Agreement and in the closing documents, it is understood and agreed that Seller is not making and has not at any time made any
warranties or representations of any kind or character, expressed or implied, with respect to the Property or Personal Property,
including, but not limited to, any warranties or representations as to habitability, merchantability, fitness for a particular
purpose, title (other than Seller's limited warranty of title to be set forth in the Deed), zoning, tax consequences, latent or
patent physical or environmental condition, utilities, operating history or projections, valuation, governmental approvals, the
compliance of the Property or Personal Property with governmental laws, the truth, accuracy or completeness of the Property or
Personal Property documents or any other information provided by or on behalf of Seller to Buyer, or any other matter or thing
regarding the Property or Personal Property. Subject to the express representations of Seller in Section 7.1 and
elsewhere in this Agreement and contained in the Deed and other closing documents, Buyer acknowledges and agrees that upon Closing,
Seller shall sell and convey to Buyer and Buyer shall accept the Property and Personal

 

    	-24-

    	 

    

 

Property "AS IS, WHERE IS, WITH
ALL FAULTS," except to the extent otherwise expressly provided in this Agreement and in the closing documents. Subject
to the express representations of Seller in Section 7.1 and in the closing documents, Buyer has not relied and will not
rely on, and Seller is not liable for or bound by, any expressed or implied warranties, guaranties, statements, representations
or information pertaining to the Property or Personal Property or relating thereto (including specifically, without limitation,
Property information packages distributed with respect to the Property) made or furnished by Seller, the manager of the Property,
or any real estate broker or agent representing or purporting to represent Seller, to whomever made or given, directly
or indirectly, orally or in writing. Buyer represents to Seller that Buyer has conducted, or will conduct prior to Closing, such
investigations of the Property and Personal Property, including but not limited to, the physical and environmental conditions
thereof, as Buyer deems necessary to satisfy itself as to the condition of the Property and Personal Properly and the existence
or nonexistence or curative action to be taken with respect to any hazardous or toxic substances on or discharged from the Property,
and will rely solely upon same and not upon any information provided by or on behalf of Seller or its agents or employees with
respect thereto, other than such representations, warranties and covenants of Seller as are expressly set Forth in this Agreement
and in the closing documents. Subject to the express representations of Seller in Section 7.1 and contained in the Deed
and other closing documents, upon Closing, Buyer shall assume the risk that adverse matters, including but not limited to, construction
defects and adverse physical and environmental conditions, may not have been revealed by Buyer's investigations, and Buyer, upon
Closing, shall be deemed to have waived, relinquished and released Seller and Seller Related Parties from and against any and
all claims, demands, causes of action (including, without limitation, causes of action in tort), losses, damages, liabilities,
costs and expenses (including, without limitation, reasonable attorneys' fees and court costs) of any and every kind or character,
known or unknown, which Buyer or any agent, representative, affiliate, employee, director, officer, partner, member, servant,
shareholder or other person or entity acting on Buyer's behalf or otherwise related to or affiliated with Buyer might have asserted
or alleged against Seller and/or Seller Related Parties at any time by reason of or arising out of any latent or patent construction
defects, physical conditions (including, without limitation, environmental conditions, provided that contribution actions under
CERCLA shall be permitted), the Leases and the Tenants, violations of any applicable laws (including, without limitation, any
environmental laws) or any and all other acts, omissions, events, circumstances or matters regarding the Property or Personal
Property. Except as otherwise provided, Buyer shall not look to Seller or any Seller Related Parties in connection with the foregoing
for any redress or relief. The foregoing release shall be given full force and effect according to each of its expressed terms
and provisions, including those relating to unknown and unsuspected claims, damages and causes of action.

 

17.2 Effect
and Survival of Disclaimer and Release. Seller and Buyer acknowledge that the compensation to be paid to Seller for the
Property (including the Personal Property) reflects that the Property and Personal Property is being sold subject to the provisions
of this Section 17, and Seller and Buyer agree that the provisions of this Section 17 shall survive Closing indefinitely.

 

Section 18.         Miscellaneous.

 

18.1 Governing Law; Headings; Rules of Construction.
This Agreement shall be governed by and construed in accordance with the internal laws of the State in which the Land is located,
without reference to the conflict of laws or choice of law provisions thereof. The titles of sections and subsections herein have
been inserted as a matter of convenience of reference only and shall not control or affect the meaning or construction of any of
the terms or provisions herein. All references herein to the singular shall include the plural, and vice versa. The parties agree
that this Agreement is the result of negotiation by the parties, each of whom was represented by counsel, and thus, this Agreement
shall not be construed against the maker thereof.

 

    	-25-

    	 

    

 

18.2 No Waiver. Neither the failure of either party to exercise any
power given such party hereunder or to insist upon strict compliance by the other party with its obligations hereunder, nor any
custom or practice of the parties at variance with the terms hereof shall constitute a waiver of either party's right to demand
exact compliance with the terms hereof.

 

18.3 Entire
Agreement. Except for the Escrow Agreement between Buyer and Seller with respect to the Property, this Agreement contains
the entire agreement of the parties hereto with respect to the Property and Personal Property and any other prior understandings
or agreements are merged herein and no representations, inducements, promises or agreements, oral or otherwise, between the parties
not embodied herein or incorporated herein by reference shall be of any force or effect.

 

18.4 Binding
Effect. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective
heirs, executors, administrators, legal representatives, successors and assigns (subject to Section I3 above). Exchange
of signatures by electronic means shall be deemed binding for the purposes hereof.

 

18.5 Amendments.
No amendment to this Agreement shall be binding on any of the parties hereto unless such amendment is in writing and is executed
by the party against whom enforcement of such amendment is sought.

 

18.6 Date For
Performance. If the time period by which any right, option or election provided under this Agreement must be exercised',
or by which any act required hereunder must be performed, or by which the Closing must be held, expires on a Saturday, Sunday or
legal or bank holiday, then such time period shall be automatically extended through the close of business on the next regularly
scheduled Business Day.

 

18.7 Recording.
Seller and Buyer agree that they will not record this Agreement and that they will not record a short form of this Agreement.

 

18.8 Time of
the Essence. Time shall be of the essence of this Agreement and each and every term and condition hereof.

 

18.9 Severability.
This Agreement is intended to be performed in accordance with, and only to the extent permitted by, all applicable laws, ordinances,
rules and regulations. If any term or provision of this Agreement or the application thereof to any person or circumstance shall
for any reason and to any extent be held to be invalid or unenforceable, then such term or provision shall be ignored, and to the
maximum extent possible, this Agreement shall continue in full force and effect, but without giving effect to such term or provision.

 

18.10 Attorneys'
Fees. In the event that either party shall bring an action or legal proceeding for an alleged breach of any provision
of this Agreement or any representation, warranty, covenant or agreement herein set forth, or to enforce, protect, determine
or establish any term, covenant or provision of this Agreement or the rights hereunder of either party, the prevailing party shall
be entitled to recover from the non-prevailing party, as a part of such action or proceedings, or in a separate action brought
for that purpose, reasonable attorneys' fees and costs, expert witness fees and court costs as may be fixed by the court or jury.

 

18.11 Like-Kind
Exchange. Each of the parties hereto agrees to cooperate with the other in effecting an I.R.C. § 1031 exchange, including
executing and delivering any and all documents required by the exchange trustee or intermediary; provided, however, that the cooperating
party shall have no obligation

 

    	-26-

    	 

    

 

to execute any document, enter any transaction or arrangement or take or omit any other action,
if such party determines in its sole discretion that the same would result in any liability, cost, expense, increased risk, delay
or other detriment to the cooperating party, and the party effecting the exchange shall not be released from any of its rights
or obligations hereunder.

  

18.12 Publicity.
Between the Contract Date and the Closing, Seller and Buyer shall discuss and coordinate with respect to any public filing or announcement
concerning the purchase and sale as contemplated hereunder, provided that the foregoing shall not limit or restrict Buyer from
making any filings with the U.S. Securities and Exchange Commission required to be made by Buyer or its affiliates. All data and
information provided by Seller under this Section 18.12 shall be held under and in accordance with and disclosed only pursuant
to the terms and conditions of Section 6.4 hereof. After Closing, Seller shall not name Buyer in any publicity regarding
the sale of the Property unless Buyer has consented thereto. This Section 18.12 shall survive Closing or earlier termination
of this Agreement.

 

18.13 Counterparts.
This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which,
when taken together, shall constitute but one and the same instrument. Electronic counterparts of this Agreement as executed by
the parties shall be deemed and treated as executed originals for all purposes. No enforceable agreement shall exist between the
parties unless and until this Agreement or separate counterparts hereof are signed by each of the parties hereto.

 

18.14 SEC S-X 3-14
Audit. Seller understands that Buyer is subject to the reporting
requirements of the Securities Act of 1933, as amended, the rules and regulations promulgated thereunder and Rule 3-14 of Regulation
S-X. In order to enable Buyer to comply with such reporting requirements, Seller agrees to provide Buyer and its representatives
information to the extent required for Buyer to comply with Rule 3-14 (as reasonably determined by Buyer 's counsel) including,
but not limited to, if applicable, Seller's most current financial statements limited to the financial operation of the Project
for the current fiscal year and the most recent pre-acquisition fiscal year, and upon request and, to the extent required under
such Rule 3-14, support for certain operating revenues and expenses specific to the Project. Within five (5) Business Days following
a written request from Buyer, Seller shall provide a letter to Buyer's auditors in substantially the form attached hereto as Exhibit
S. Seller understands that certain of such financial information may be required to be included in filings required to
be made by Buyer with the U.S. Securities and Exchange Commission. All data and information provided by Seller under this Section
18.14 shall be held under and in accordance with and disclosed only pursuant to the terms and conditions of Section 6.4
hereof. This Section 18.14 shall survive Closing for a period of one (1) year.

 

18.15 Disclosure.
Notwithstanding any terms or conditions in this Agreement to the contrary, but subject to restrictions reasonably necessary
to comply with federal or state securities laws, any person may disclose to any and all persons, without limitation of any kind,
the tax treatment and tax structure of the transaction and all materials of any kind (including opinions or other tax analyses)
that are provided relating to such tax treatment and tax structure. For the avoidance of doubt, this authorization is not intended
to permit disclosure of the names of, or other identifying information regarding, the participants in the transaction, or of any
information or the portion of any materials not relevant to the tax treatment or tax structure of the transaction. All data and
information provided by Seller under this Section 18.15 shall be held under and in accordance with and disclosed only pursuant
to the terms and conditions of Section 6.4 hereof. The provisions of this Section 18.15 shall survive the Closing.

 

18.16
Waiver of Trial by Jury. Seller and Buyer hereby irrevocably and unconditionally waive any and all right to trial
by jury in any action, suit or counterclaim arising in connection with, out

 

    	-27-

    	 

    

 

of or otherwise relating to, this Agreement. The provisions of this Section
18.16 shall survive the Closing or termination hereof.

 

18.17 Approval
by Seller's Board and Investment Committee. Seller's obligations under this Agreement are subject to the approval of the
transaction contemplated by this Agreement by Seller's Investment Committee (the "IC") on or before October 20, 2014
(the "IC Approval Date"), and approval of such transaction by Seller's Board of Directors (the "BOD") on or
before October 30, 2014 (the "Board Approval Date"). In the event the approval of the IC is not obtained by the IC Approval
Date, Seller shall have the right to terminate this Agreement by written notice to Buyer delivered on or before October 24, 2014.
Further, in the event the approval of the Board is not obtained by the Board Approval Date, Seller shall have the right to terminate
this Agreement by written notice to Buyer delivered on or before November 4, 2014. In the event of a termination of this Agreement
by Seller pursuant to this Section 18.17, Escrow Agent shall return the Earnest Money to Buyer, and Seller shall reimburse
Buyer, upon demand, for all of Buyer's Pursuit Costs. Failure by Seller to timely terminate this Agreement within the time periods
set forth above in this Section 18.17 shall be deemed a waiver by Seller of its right to terminate the Agreement pursuant
to this Section 18.17.

 

18.18 Mode
Lease. Seller is currently negotiating a lease (the "Mode Lease") with RPM Boutique, LLC ("Mode") for
approximately 1,800 square feet of space at the Property. Buyer has approved the terms of the Mode Lease set forth on Exhibit
T attached hereto. Seller shall have the right to enter into the Mode Lease on the terms set forth on such Exhibit T
and otherwise on terms and pursuant to a form of lease which has been approved previously by Buyer. If the Mode Lease is signed
by Mode on or prior to the Closing Date, then (a) the Mode Lease shall constitute a Lease to be assigned to and assumed by Buyer
at Closing, (b) at Closing, Buyer shall receive a credit against the Purchase Price in the amount of the tenant improvement allowance
($13,500.00) and broker's commissions payable in connection with the Mode Lease ($32,760.00) in the aggregate amount of Forty-six
Thousand Two Hundred Sixty and No/100 Dollars ($46,260.00) less the portion(s) of such tenant improvement allowance and/or broker's
commissions actually paid by Seller to the parties entitled thereto prior to Closing (the "Mode TI/LC Costs"), (c) Seller
shall complete all "white box" improvements as specified in the Mode Lease with commercially reasonable diligence and
(d) Buyer shall receive a credit in the amount specified on Exhibit D-1 for Mode's free rent period after Seller's delivery
of the premises pursuant to the Mode Lease. In the event Seller has not completed all of its "white box" improvements
on or before Closing, at Buyer's option, either (i) Seller and Buyer shall enter into a commercially reasonable access agreement
to allow Seller, its employees, agents and/or subcontractors access to Mode's premises for the purposes of completing such work,
or (ii) Buyer shall receive a credit for the reasonable estimate of the costs to complete such "white box" improvements,
in which event Buyer shall assume responsibility for the completion of such improvements. In the event the Mode Lease is not signed
by Mode on the terms set forth above on or before the Closing Date, Buyer shall receive a credit against the Purchase Price in
the amount of Nine Hundred Thousand and No/100 Dollars ($900,000.00) and Seller shall have no obligation or liability for any further
negotiation of the Mode Lease, nor obligation or liability for any Mode TI/LC Costs, Mode free rent or other costs or expenses
relating to the Mode Lease. The provisions of this Section 18.18 shall survive the Closing.

 

18.19 Toby Keith's I Love This Bar and Grill Lease.

 

(a)          TK
Lease. Seller has entered into that certain lease dated May 4, 2009 (the "TK
Lease") with CRGE Minneapolis, LLC ("Toby Keith ") for approximately 15,000 square feet of space at the Property
(the "TK Premises"). Buyer has approved the TK Lease.

  

(b)          Security
Deposit. Toby Keith is in default under the TK Lease and Seller has applied the security
deposit under the TK Lease to the default by Toby Keith and Toby Keith has not replenished the

 

    	-28-

    	 

    

 

security deposit.
Notwithstanding anything to the contrary contained in this Agreement or in any of the closing documents, Seller shall not be obligated
or liable for the delivery, transfer, collection, credit or payment to Buyer of the security deposit under the TK Lease, and the
assignment of the TK Lease to Buyer at Closing shall be as if there were no security deposit set forth in such Lease.

 

(c)          Confession
of Judgment. In connection with the default by Toby Keith under the TK Lease, Seller has obtained a Confession of Judgment
from Toby Keith (the "Confession of Judgment"), a copy of which has been provided to Buyer. The assignment of
the TK Lease to Buyer at Closing will include an assignment of all right and interest of Seller in, to or under the Confession
of Judgment, and Seller will deliver the originally executed Confession of Judgment to Buyer at Closing. Seller makes no representation,
warranty or opinion regarding the Confession of Judgment, including without limitation, the legality, sufficiency, enforceability,
validity, waiver of rights, or legal ramifications of the Confession of Judgment or enforcement thereof.

 

(d)          TK
Payment Account. In connection with the default by Toby Keith under the TK Lease, Toby Keith has established an account (the
"TK Payment Account") and authorized Seller to withdraw therefrom current weekly installments of Fifteen Thousand
and No/100 Dollars ($15,000.00) for payment of minimum rent, estimated triple-net charges and marketing fee under the TK Lease
(the "TK Rent Payment"). The assignment of the TK Lease to Buyer at Closing will include an assignment of all
right and interest of Seller to make such monthly withdrawals of the TK Rent Payment from the TK Payment Account. Seller makes
no representation or warranty of the assignability or transferability of such right or interest.

 

(e)          TK
Escrow. At the Closing, Seller shall deposit in escrow with Escrow Agent, from the closing proceeds received by Seller, an
amount equal to Seven Hundred Five Thousand and No/100 Dollars ($705,000.00) (the amount set forth above is referred to
herein as "Escrow Fund"), which amount represents the TK Rent Payments required to be made by Toby Keith under
the TK Lease for the period from January 1, 2015 through November 30, 2015 (the "TK Rent Period"). In the event
Buyer fails to pay timely receive a TK Rent Payment (whether as the result of the inability of Buyer to withdraw the TK Rent Payment
from the TK Payment Account due to insufficient funds in such account or otherwise), Buyer shall be entitled to withdraw the amount
of such delinquent TK Rent Payments from the Escrow Fund; provided, however, Buyer acknowledges and agrees that its right and
ability to withdraw such funds from the Escrow Fund shall be limited to Ninety Thousand and No/100 Dollars ($90,000.00) in the
aggregate (unless Buyer has reimbursed Seller to the extent Toby Keith actually cures its delinquent TK Rent Payments) unless
Buyer provides Seller and Escrow Agent with commercially reasonable evidence that Buyer has initiated and is using commercially
reasonable efforts and diligence to evict and/or dispossess Toby Keith from the TK Premises. If Buyer initiates such possessory
action or otherwise terminates the TK Lease, Buyer covenants that it shall (i) commence and continue to use reasonable and diligent
efforts to evict or otherwise repossess the TK Premises, and (ii) commence and continue to use reasonable and diligent efforts
to collect all past due TK Rent Payments, including without limitation, all delinquent TK Rent Payments for periods prior to the
Closing Date, and other rent, damages and charges due from Toby Keith under the TK Lease and (iii) after obtaining possession
of the TK Premises, commence and continue to use reasonable and diligent efforts to relet the TK Premises.

 

If Buyer recovers possession
of the TK Premises and/or the TK Lease is terminated pursuant to its terms, Buyer shall not unreasonably withhold its approval,
execution and delivery of a lease for a replacement tenant for the TK Premises. The Escrow Fund is intended to be applied to delinquent
TK Rent Payments during the TK Rent Period only and shall not be available or applied to or for any other items of rent,
damages, costs, expenses, reletting commissions or other charges for which Toby Keith may be liable or responsible under the TK
Lease.

 

    	-29-

    	 

    

 

Upon the earlier to occur of the expiration of the TK Rent Period or the date a
replacement tenant commences paying rent following a reletting of the TK Premises to a replacement tenant for the balance of the
TK Rent Period (and following Buyer's receipt of all funds horn the Escrow Fund to which Buyer is entitled prior to such expiration
or commencement of the payment of rent following a reletting), the then remaining balance of the Escrow Fund shall be disbursed
promptly by Escrow Agent to Seller and the escrow closed.

 

Buyer acknowledges and agrees
that it shall reimburse Seller for any TK Rent Payments withdrawn from the Escrow Fund which are subsequently paid by or collected
from Toby Keith or its guarantors or successor, to the extent such payments by Toby Keith are applicable to the periods for which
the TK Rent Payments were withdrawn.

 

(1)         Confidentiality.
As a material consideration for Seller's agreement under this Section 18.19, Buyer hereby covenants and agrees
for and on behalf of itself, and its property managers, asset managers, successors and assigns and its and their officers, directors,
employees, contractors, agents and all other related parties, to keep the terms of this Section 18.19 strictly confidential.

 

(g)          Survival.
The provisions of this Section 18.19 shall survive the Closing.

 

18.20
Further Assurances. Seller and Buyer will do, execute, acknowledge and deliver all and every such further acts, deeds,
conveyances, assignments, notices, transfers and assurances as may be reasonably required by the other party, for the better assuring,
conveying, assigning, transferring and confirming unto Buyer the Property and for carrying out the intentions or facilitating the
consummation of this Agreement. The provisions of this Section shall survive the Closing.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    	-30-

    	 

    

 

IN WITNESS WHEREOF, each of the
parties hereto has caused this Agreement to be executed by its duly authorized signatory, effective as of the day and year first
above written.

 

	 	 	SELLER:
	 	 	 
	 	 	AD WEST END, LLC,
	 	 	an Indiana limited liability company

 

	 	By:	Duke Construction Limited Partnership, an Indiana limited partnership, its managing member
	 	 	 	 
	 	 	By:	Duke Business Centers Corporation, an Indiana corporation, its general partner

 

	 	 	 	By:	/s/ Jeff Behm
	 	 	 	Name: 	Jeff Behm
	 	 	 	Title:	Vice President

 

[Signatures are continued on the following page.]

 

    	-31-

    	 

    

 

	 	BUYER:
	 	 	 
	 	AMERICAN REALTY CAPITAL IV, LLC,

a Delaware limited liability company

	 	 	 
	 	By:	/s/ William M. Kahane
	 	Name: 	William M. Kahane
	 	Title:	Authorized Signatory

 

    	-32-

    	 

    

 

EXHIBIT A

 

DESCRIPTION OF LAND

 

The land referred to herein is situated in the City of St.
Louis Park, County of Hennepin, State of Minnesota, and is described as follows:

 

Parcel 1:

Lot 4, Block 1, The Shops At West End, according
to the plat of The Shops at West End recorded as Document No. 4500651 in the office of the Registrar of Titles, Hennepin County,
Minnesota.

 

Torrens Property-Certificate of Title No. 1222616.

 

Parcel 2:

Lot 2, Block 2, The Shops At West End, according
to the plat of The Shops at West End recorded as Document No. 4500651 in the office of the Registrar of Titles, Hennepin County,
Minnesota.

 

Torrens Property-Certificate of Title No. 1222618.

 

    	A-1

    	 

    

  

EXHIBIT B

 

ESCROW AGREEMENT

(The Shops at West End)

 

THIS AGREEMENT is made and entered into this day of
October, 2014, by and among AD WEST END, LLC, an Indiana limited liability company ("Seller"), AMERICAN REALTY
CAPITAL IV, LLC, a Delaware limited liability company ("Buyer"), and BENCHMARK TITLE, LLC ("Escrow
Agent").

 

WHEREAS, Seller and
Buyer have entered into that certain Agreement for Purchase and Sale (the "Purchase Agreement") dated as of the date
hereof, a copy of which Escrow Agent acknowledges receiving, for the sale and purchase of that certain real property described
therein. The Purchase Agreement is, by this reference, made a part hereof, and all terms used but not defined herein shall have
the meanings given to such terms in the Purchase Agreement; and

 

WHEREAS, Buyer and
Seller desire to have Escrow Agent hold the Earnest Money in escrow, as required by the Purchase Agreement and pursuant to the
terms hereof.

 

NOW, THEREFORE, in
consideration of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency whereof are hereby
acknowledged, the parties hereto hereby covenant and agree as follows:

 

1.          Within
two (2) Business Days after the execution of the Purchase Agreement, Buyer shall deposit with Escrow Agent, an Earnest Money
deposit of TWO MILLION AND NO/100 DOLLARS ($2,000,000.00). Within two (2) Business Days after the Inspection Date, Buyer
shall deposit with Escrow Agent an additional THREE MILLION AND NO/100 DOLLARS ($3,000,000.00). All Earnest Money, together
with any interest or other income earned thereon, shall be held, invested and disbursed pursuant to the respective terms and
provisions hereof and of the Purchase Agreement.

 

2.          At
least one (1) Business Day prior to the Closing Date, Escrow Agent shall disburse the Earnest Money to Title Insurer in
United States dollars, by Federal Reserve System wire transfer with instructions for Title Insurer to apply the Earnest
Money, together with any accrued interest thereon, to the Purchase Price as required by the Purchase Agreement.

 

3.          Within
ten (10) days after written notification from both Buyer and Seller that the salecontemplated by the Purchase Agreement shall not take place, Escrow Agent shall deliver the Earnest Money as required by the Purchase
Agreement. Notwithstanding the foregoing, Escrow Agent shall promptly return the Earnest Money to Buyer upon Buyer's sole request
given at any time on or before the expiration of the Inspection Period.

  

4.          Buyer
and Seller hereby covenant and agree that Escrow Agent shall not be liable for any loss, cost or damage which it may incur as a
result of serving as Escrow Agent hereunder, except for any loss, cost or damage arising out of Escrow Agent's negligence or willful
misconduct. Accordingly, except as otherwise provided in this Section 4, Escrow Agent shall not incur any liability with
respect to (a) any action taken or omitted to be taken in good faith upon advice of its counsel, given with respect to any questions
relating to its duties and responsibilities hereunder, or (b) any action taken or omitted to be taken in reliance upon any document,
including any written notice of instruction provided for herein or in the Purchase Agreement, not only as to the due execution
and the validity and effectiveness thereof, but

 

    	B-1

    	 

    

 

also as to the truth and accuracy of any information contained therein, which Escrow
Agent shall in good faith believe to be genuine and to have been signed or presented by proper person or persons in conformity
with the provisions of this Agreement. Buyer and Seller hereby agree to indemnify and hold harmless Escrow Agent against any and
all losses, claims, damages, liabilities and expenses, including reasonable costs of investigation and reasonable attorneys' fees
and disbursements actually incurred, which may be imposed upon and incurred by Escrow Agent in connection with its serving as Escrow
Agent hereunder. In the event of a dispute between Buyer and Seller, Escrow Agent shall be entitled to tender unto the registry
or custody of any court of competent jurisdiction in the county in which the Land is located the Earnest Money and all other money
or property in Escrow Agent's hands held under the terms of this Escrow Agreement and the Purchase Agreement, together with such
legal pleadings as it deems appropriate, and thereupon shall be discharged of any further obligations hereunder and under the Purchase
Agreement.

 

5.          Any
notice required hereunder shall be delivered to the parties and in the manner as required by the Purchase Agreement. Escrow Agent's
address for notice purposes is as follows:

 

Benchmark Title, LLC Attn: Brett Poston

2000 McKinney Avenue, 4d Floor

Dallas, Texas 75201

 

6.          This
Agreement shall be governed by and construed in accordance with the internal laws of the state in which the Land is located, without
reference to the conflict of laws or choice of law provisions thereof.

 

7.          This
Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs, executors, administrators,
legal representatives, successors and assigns.

 

IN WITNESS WHEREOF,
the undersigned have caused this Escrow Agreement to be duly executed as of the date first written above.

 

	 	SELLER:
	 	 
	 	AD WEST END, LLC,
	 	an Indiana limited liability company
	 	 
	 	By:	/s/ Jeff Behm
	 	Name: 	Jeff Behm
	 	Title:	Vice President

 

[Signatures continued on the following page.]

 

    	 

    	 

    

 

	 	BUYER:
	 	 	 
	 	AMERICAN REALTY CAPITAL IV, LLC, a Delaware limited liability company
	 	 	 
	 	By:	/s/ William M. Kahane
	 	Name: 	William M. Kahane
	 	Title:	Authorized Signatory

 

[Signatures continued on the following page.]

 

    	B-3

    	 

    

 

	 	 	ESCROW AGENT:
	 	 	 	 
	 	 	BENCHMARK TITLE, LLC
	 	 	 	 
	 	 	By:	/s/ Brett Poston
	 	 	Name: 	Brett Poston
	 	 	Title:	Attorney

 

    	B-4

    	 

    

 

EXHIBIT C

 

BILL OF SALE

(The Shops at West End)

 

THIS BILL OF SALE is executed and
delivered as of the         day of _________, 2014, by AD WEST END, LLC, an Indiana
limited liability company ("Seller"), for the benefit of ___________________, a Delaware liability company ("Buyer").

 

WITNESSETH:

 

WHEREAS, Seller and Buyer entered into
that certain Agreement for Purchase and Sale dated ________________, 2014, pursuant to which Seller agreed to sell, and Buyer agreed to buy,
real property and improvements thereon in accordance with the terms set forth therein (the "Purchase
Agreement"); and

 

WHEREAS, Seller has sold
and conveyed to Buyer the real property (the "Property") described in that certain Special Warranty Deed executed
by Seller in favor of Buyer dated as of the date hereof; and

 

WHEREAS, in connection
with such conveyance of the Property, Seller has agreed to sell to Buyer and Buyer has agreed to purchase from Seller all right,
title and interest of Seller in and to the tangible personal property located on the Property and used in connection with operation,
use and maintenance of the improvements, if any, located on the Property (the "Personal Property");

 

NOW, THEREFORE, for and
in consideration of the sum of Ten and No/100 Dollars ($10.00) in hand paid at or before the execution, sealing and delivery hereof,
and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by Seller, Seller hereby
agrees as follows:

 

1.          Sale
and Conveyance. Seller hereby sells, transfers and conveys unto Buyer, its successors and assigns, all right, title and interest of Seller in and to the Personal Property, including, without limitation,
the items of personal property described on Exhibit A attached hereto.

 

2.          Disclaimer.
Except as set forth in the Purchase Agreement, this Bill of Sale is made without warranty, representation, or guaranty by, or recourse against Seller of any kind whatsoever.

 

3.          Governing
Law. This Bill of Sale shall be governed by and construed in accordance with the internal laws of the state in which the Property is located, without reference to the conflict of laws or choice of law provisions
thereof.

 

4.          Binding
Effect. This Bill of Sale shall be binding upon and shall inure to the benefit of the parties hereto and their respective heirs, executors, administrators, legal representatives, successors and assigns.

 

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    	C-1

    	 

    

 

IN WITNESS WHEREOF, Seller has caused this Bill of Sale to be executed by its
duly authorized signatory as of the day and year first above written.

 

	 	SELLER:
	 	 
	 	AD WEST END, LLC,
	 	an Indiana limited liability company
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title:	 

  

    	C-2

    	 

    

 

EXHIBIT A TO BILL OF SALE

 

LIST OF PERSONAL PROPERTY

 

    	C-3

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