Document:

PURCHASE AND SALE AGREEMENT

THIS PURCHASE AND SALE AGREEMENT (this "Agreement") is made as of January 10, 2019 by and between AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP, a Minnesota limited partnership, as to an undivided 60% interest, and AEI INCOME & GROWTH FUND 26 LLC, a Delaware limited liability company, as to an undivided 40% interest (collectively, "Seller") and JOE PROPERTIES LLC, a California limited liability company ("Buyer"). Seller desires to sell, and Buyer desires to purchase, all of Seller's right, title and interest in the real property and improvements thereupon located at 1516 South Washington Street, Crawfordsville, IN 47933, as more particularly described on Exhibit "A" attached hereto (the "Property"). The date on which the last party hereto executes this Agreement is hereafter deemed the "Effective Date".

 

In consideration of the mutual covenants set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby mutually acknowledged, the parties hereto covenant and agree as follows:

	
1.

	
Property. The property to be sold to Buyer in this transaction consists of an undivided 100% interest in the Property. Seller owns no interest in any personalty with respect to the Property.

	
2.

	
Lease. The Property is being sold subject to an existing Lease of the Property dated September 21, 2006 by and between Seller, as lessor (pursuant to that certain Assignment and Assumption of Lease and Guaranty dated December 29, 2006 by and between AEI Fund Management XVII, Inc., a Minnesota corporation, as assignor, and Seller, as assignee), and Apple Indiana II LLC, a Delaware limited liability company, as lessee (the "Tenant") and Guaranty by Apple American Group LLC dated September 21, 2006, as amended by that certain Amendment to Lease and Guaranty dated December 23, 2013 (collectively, the "Lease"). The Seller agrees to sell and convey to Buyer, and Buyer agrees to purchase from Seller, all right, title, and interest of Seller in and to all leases and other agreements to occupy all or any portion of the Property that are in effect on the Effective Date or which Seller executed prior to Closing (as hereinafter defined) pursuant to the terms of this Agreement.

	
3.

	
Purchase Price. The Purchase Price for the Property is $3,225,000 (the "Purchase Price"). If all conditions precedent to Buyer's obligations to purchase have been satisfied, Buyer shall deposit the Purchase Price with the Closing Agent (as defined below) on or before the Closing Date.

	
4.

	
Terms.  The Purchase Price will be paid by Buyer as follows:

	
a)

	
Within three (3) business days of the Effective Date of this Agreement, Buyer will deposit $40,000 (the "Earnest Money") into an interest-bearing account with First American Title Insurance Company, 1125 17th Street, Denver, Colorado, 80202, Attn: Jordan Dunn; phone number: (303) 876-1152; email: jdunn@firstam.com (the "Closing Agent" or "Title Company"). Upon expiration of the Review Period (as defined below), Earnest Money shall become non-refundable. The Earnest Money shall

 

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be credited against the Purchase Price when and if escrow closes and the sale is completed.

	
b)

	
Buyer will deposit the balance of the Purchase Price into escrow in sufficient time to allow escrow to close on the Closing Date.

	
5.

	
Closing Date. Escrow shall close (the "Closing") on or before thirty (30) days following the expiration of the Review Period set forth below (the "Closing Date"), unless the parties mutually agree otherwise.

	
6.

	
Due Diligence. Buyer will have thirty (30) days from the Effective Date of this Agreement (the "Review Period") to conduct all of its inspections and due diligence and satisfy itself regarding the Property and this transaction. Buyer agrees to indemnify and hold Seller harmless for any loss or damage to the Property or persons caused by Buyer or its agents arising out of such physical inspections of the Property, and this indemnity shall survive Closing or termination of this Agreement. Within five (5) business days of the Effective Date of this Agreement, Seller shall provide, to the extent such items are in its possession, the items listed on Exhibit "B" ("Seller's Materials").

Buyer may cancel this Agreement before the expiration of the Review Period for any reason in its sole discretion by delivering a cancellation notice to Seller and Closing Agent prior to the expiration of the Review Period. If this Agreement is not cancelled as set forth above, the Earnest Money shall be non-refundable unless Seller shall default hereunder, or in the event of a casualty or condemnation, subject to the provisions of Section 16 below.

If Buyer cancels this Agreement before the expiration of the Review Period, as permitted under this Section, except for any escrow cancellation fees charged by the Title Company and any liabilities under the first paragraph of section 6 of this Agreement and those provisions stating otherwise (which will survive), Seller (after execution of such documents reasonably requested by Seller to evidence the termination hereof) shall return to Buyer its Earnest Money and Buyer will have absolutely no rights, claims or interest of any type in connection with the Property or this transaction, regardless of any alleged conduct by Buyer, Seller or anyone else.

If Buyer fails to close this transaction at no fault of Seller, Buyer will be irrevocably deemed in default of this Agreement. Upon default by Buyer, Seller may, as its option, retain the Earnest Money as its sole and exclusive remedy and declare this Agreement null and void, in which event Buyer will be deemed to have cancelled this Agreement and relinquish all rights in and to the Property, or Seller may exercise its rights hereunder. If this Agreement is not cancelled and the Earnest Money is deposited by Buyer as required by Section 4 hereof, the Review Period will be deemed satisfied by Buyer and shall be deemed to have expired as provided in Section 4.

Notwithstanding the foregoing with respect to the Review Period, Buyer shall have forty-five

(45) days following the Effective Date to secure any necessary financing (the "Financing Contingency Period". Buyer may cancel this Agreement before the expiration of the Financing Contingency Period, in the event of Buyer's failure to secure necessary financing

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for the contemplated purchase of the Property, by delivering a cancellation notice to Seller and Closing Agent prior to the expiration of the Financing Contingency Period. If this Agreement is not cancelled as set forth herein, the Earnest Money shall be non-refundable unless Seller shall default hereunder, or in the event of a casualty or condemnation, subject to the provisions of Section 16.

	
7.

	
Escrow. Escrow shall be opened upon execution of this Agreement by both parties. A copy of this Agreement will be delivered to the Title Company and will serve as escrow instructions together with the Title Company's standard instructions, any additional instructions required by Seller and/or Buyer or their respective counsels, and any additional instructions required by the Title Company to clarify its rights and duties. The parties agree to sign these additional instructions. If there is any conflict between these other instructions and this Agreement, this Agreement shall control.

	
8.

	
Title. Seller, at its sole expense, within three (3) business days of the Effective Date, shall order an updated title insurance commitment, along with underlying documents to include any easement or declarations/CAM affecting the Property, for an Owner's Title Insurance Policy (collectively, the "Title Commitment"). Closing will be conditioned on the agreement of the Title Company to issue an Owner's Title Insurance Policy, dated as of the Closing Date, in an amount equal to the Purchase Price, insuring that Buyer will own insurable fee simple title to the Property subject only to: the Title Company's standard exceptions; current real property taxes and assessments; survey exceptions; the rights of parties in possession pursuant to the Lease; the Permitted Exceptions, as defined herein; and other items disclosed to Buyer during the Review Period. Buyer shall, at its sole expense, order and obtain an updated survey of the Property.

Buyer shall be allowed ten (10) days after receipt of said Title Commitment for examination and the making of any title objections thereto (the "Title Objections"), said Title Objections to be made in writing or deemed waived (such written notice of Buyer's Title Objections to be hereinafter referred to as the "Notice of Objections"). Except as set forth below, any title exception disclosed by the Title Commitment or Buyer's survey and not listed in such Notice of Objections shall be deemed a "Permitted Title Exception" under this Agreement.

If Seller shall fail to cure (or commence to cure) or eliminate all the Title Objections listed in the Notice of Defect within fifteen (15) business days after receipt of the Notice of Objections (the "Title Cure Period"), then Buyer may elect either to: (a) accept the Property subject to the title exception(s) not cured (in which case such title exception(s) shall become a Permitted Title Exception(s) hereunder), or (b) terminate this Agreement.

In the event that Seller agrees to cure a Title Objection and commences such cure, but the same cannot be cured within the Title Cure Period, the Buyer may, by written notice to Seller, preserve such Title Objection such that the cure of such Title Objection shall be a condition precedent to Buyer's obligation to close. Buyer shall elect to either accept the Property subject to the Permitted Exceptions or terminate the Agreement by written notice to Seller delivered within three (3) business days following the end of the Title Cure Period, and the failure to

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deliver such election notice shall constitute an election to proceed under clause (a) above. Any mortgage, security deed, lien, lis pendens, judgment, or other claim in a liquidated amount incurred by Seller during Seller's ownership of the Property and which constitutes an exception to the title to the Property shall not in any event be a Permitted Title Exception hereunder, but such claim shall be paid or satisfied out of the sums payable by Buyer at Closing, and the proceeds of sale payable to Seller shall be reduced accordingly; provided that such claim must have arisen directly from the acts or omissions of Seller, and not those of the Tenant.

At any time after the Effective Date of this Agreement and prior to Closing, Buyer shall have the right to notify Seller of any additional title exception which first appears of record after the effective date of the Title Commitment, or otherwise becomes known to Buyer. Buyer shall be allowed three (3) business days after notice of such additional title exception for examination and the making of any new Title Objections thereto by written notice to Seller ("Notice of New Objections"). Except as set forth herein, any title exception disclosed to Buyer and not listed in such Notice of New Objections shall be deemed a Permitted Title Exception. If Seller shall fail to cure (or commence to cure) or eliminate all the new Title Objections listed in the Notice of New Objections within ten (10) business days after receipt of the Notice of New Objections (the "Second Title Cure Period"), then Buyer may elect either to: (a) accept the Property subject to the new title exception(s) not cured (in which case such new title exception(s) shall become a Permitted Title Exception(s) hereunder), or (b) terminate this Agreement.

	
9.

	
Closing Costs. Seller shall pay the Standard Owner's Title Insurance Policy premium in the full amount of the Purchase Price along with any title search and exam fees. Seller shall pay all transfer taxes (state, county, and municipal, as applicable). Seller shall pay any and all brokerage commissions to SRS National Net Lease Group, LP ("Seller's Broker") per separate agreement. Buyer is represented by Hughes Marino, Inc. ("Buyer's Broker"). Buyer's Broker shall receive a brokerage commission to be paid by Seller's Broker per separate agreement. Except as set forth above, both parties represent to the other that they have not been represented by a broker, and agree to hold the other harmless from any claim of brokerage commission by, through, or as a result of representation of the other party. Buyer shall pay the full cost of any endorsements to the Owner's Title Insurance Policy and the full cost of any extended coverage as Buyer may require for such policy. Buyer will pay any and all recording fees. Buyer will pay the cost of updating any due diligence provided by Seller, including the cost of an updated survey to be ordered by Buyer as set forth in Section 8 above. Buyer and Seller will split all escrow and closing fees equally. Each party will pay its own attorney's fees and costs to document and close this transaction.

	
10.

	
Real Estate Taxes, Special Assessments and Prorations. The responsibility for all real property taxes for the current tax period and all expenses (including but not limited to common area maintenance expenses and fees), if any, that are the responsibility of Seller, shall be prorated between Buyer and Seller as of the Closing Date.

All income and all operating expenses from the Property, if any, shall be prorated between the parties and adjusted by them as of the Closing Date. Seller shall be entitled to all income earned, and shall be responsible for all expenses incurred, prior to the Closing Date. Buyer

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shall be entitled to all income earned, and shall be responsible for all operating expenses of the Property incurred, on and after the Closing Date.

	
11.

	
 Seller's Repr esentation s and Agree ments .

	
a)

	
Seller represents and warrants as of this date that:

	
i.

	
Except for the existing Lease with the existing Tenant, Seller is not aware of any leases of the Property.

	
ii.

	
Seller is not aware of any pending litigation or condemnation proceedings against the Property or Seller's interest in the Property.

	
iii.

	
Except as previously disclosed to Buyer and as permitted in paragraph (b) below, Seller is not aware of any contracts Seller has executed that would be binding on Buyer after the Closing Date.

	
b)

	
Provided that Buyer performs its obligations as required, Seller agrees that it will not enter into any new contracts that would materially affect the Property and be binding on Seller after the Closing Date without Buyer's prior consent, which will not be unreasonably withheld or delayed.

	
12.

	
Disclosures.

	
a)

	
As of the Effective Date hereof, Seller has not received any notice of any material, physical, or mechanical defects of the Property, including without limitation, the plumbing, heating, air conditioning, and ventilating, electrical system. To the best of Seller's knowledge without inquiry, all such items are in good operating condition and repair and in compliance with all applicable governmental, zoning, and land use laws, ordinances, regulations and requirements. If Seller shall receive any notice to the contrary prior to the Closing Date, Seller will inform Buyer prior to the Closing Date, and Buyer may terminate this Agreement and the Earnest Money will be returned.

	
b)

	
As of the Effective Date hereof, Seller has not received any notice that the use and operation of the Property is not in full compliance with applicable building codes, safety, fire, zoning, and land use laws, and other applicable local, state and federal laws, ordinances, regulations and requirements. If Seller shall receive any such notice prior to the Closing Date, Seller will inform Buyer prior to the Closing Date, and Buyer may terminate this Agreement and the Earnest Money will be returned.

	
c)

	
As of the Effective Date hereof, Seller has not received any notice that the Property is in violation of any federal, state or local law, ordinance, or regulations relating to industrial hygiene or the environmental conditions on, under, or about the Property, including, but not limited to, soil, and groundwater conditions. To the best of Seller's knowledge, there is no proceeding or inquiry by any governmental authority with respect to the presence of Hazardous Materials on the Property or the migration of

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Hazardous Materials from or to other property. Buyer agrees that Seller will have no liability of any type to Buyer or Buyer's successors, assigns, or affiliates in connection with any Hazardous Materials on or in connection with the Property either before or after the Closing Date, except such Hazardous Materials on or in connection with the Property arising out of Seller's gross negligence or intentional misconduct. If Seller shall receive any notice to the contrary prior to the Closing Date, Seller will inform Buyer prior to the Closing Date, and Buyer may terminate this Agreement and the Earnest Money will be returned.

	
d)

	
Buyer agrees that it is purchasing the Property in its present condition, "as is, where is," and Seller has no obligations to construct or repair any improvements thereon or to perform any other act regarding the Property, except as expressly provided herein.

	
e)

	
Buyer acknowledges that, having been given the opportunity to inspect the Property, Buyer is relying solely on its own investigation of the Property and not on any representations or information provided by Seller or to be provided by Seller, except as set forth herein. Buyer further acknowledges that the information provided, or to be provided, by Seller with respect to the Property was obtained from a variety of sources and Seller has not (a) made independent investigation or verification of such information, and (b) makes no representations as to the accuracy or completeness of such information, except as herein set forth. The sale of the Property as provided for herein is made on an "as-is, where-is" basis and Buyer expressly acknowledges that, in consideration of the agreements of Seller herein, except as otherwise specified herein, Seller makes no warranty or representation, express or implied, or arising by operation of law, including, but not limited to, any warranty of condition, habitability, suitability for lease, suitability for commercial purposes, merchantability, or fitness for a particular purpose, in respect of the Property. Seller makes no representations of any sort that ownership of the Property will result in a profit to any Buyer.

	
f)

	
Buyer acknowledges that Seller cannot, and does not, make any representation as to (a) the success, or lack thereof, of the Property or continuation of the Lease post-Closing, or (b) the appropriateness of purchasing the Property for the Buyer's individual tax or financial situation or tax or financial objectives. Buyer acknowledges that he or she is relying solely upon his or her own examination of the Property and all facts surrounding the purchase of the Property including the merits and risks involved therein.

The Parties agree that the provisions of this Section 12, subsections (a) through (f), shall survive the Closing Date.

	
13.

	
Closing.

	
a)

	
Before the Closing Date, Seller will deposit into escrow an executed limited warranty deed warranting title against lawful claims by, through, or under a conveyance from Seller, but not further or otherwise, conveying insurable title of the Property to Buyer, subject to the exceptions provided herein.

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b)

	
On or before the Closing Date, Buyer will deposit into escrow the balance of the Purchase Price when required hereunder and any additional funds required of Buyer (pursuant to this Agreement or any other agreement executed by Buyer) to close escrow. Both parties will deliver to the Title Company any other documents reasonably required by the Title Company to close escrow.

	
c)

	
On or before the Closing Date, Seller and Buyer will deliver or cause to be delivered to Escrow Agent an Assignment and Assumption of Lease, duly executed and acknowledged by Seller and Buyer, assigning all of Seller's interest in, to, and under the Lease to Buyer.

	
d)

	
If required by the terms of the Lease, on or before the Closing Date, Seller will deposit into escrow a notice to Tenant of the sale of the Property to Buyer and of the Assignment and Assumption of Lease, such notice to be delivered by the Title Company to Tenant upon Closing.

	
e)

	
On the Closing Date, if escrow is ready to close, the Title Company will: record the deed in the official records of the county where the Property is located; cause the Title Company to commit to issue the title policy; immediately deliver to Seller the portion of the Purchase Price deposited into escrow by cashier's check or wire transfer (less debits and prorations, if any); deliver to Seller and Buyer a signed counterpart of the Title Company's certified Closing statement and take all other actions necessary to close escrow.

	
14.

	
Defaults. IN THE EVENT THE SALE OF THE PROPERTY AS CONTEMPLATED HEREUNDER IS NOT CONSUMMATED BY REASON OF A DEFAULT OF BUYER UNDER THIS AGREEMENT, THE EARNEST MONEY (INCLUDING ALL INTEREST EARNED FROM THE INVESTMENT THEREOF) SHALL BE PAID TO AND RETAINED BY SELLER AS LIQUIDATED DAMAGES, AS SELLER'S SOLE AND EXCLUSIVE REMEDY UNDER THIS AGREEMENT, AT LAW OR IN EQUITY AS A RESULT OF SUCH DEFAULT. THE PARTIES ACKNOWLEDGE THAT SELLER'S ACTUAL DAMAGES IN THE EVENT THAT THE SALE IS NOT CONSUMMATED WOULD BE EXTREMELY DIFFICULT OR IMPRACTICABLE TO DETERMINE. THE PARTIES ACKNOWLEDGE THAT THE EARNEST MONEY HAS BEEN AGREED UPON AFTER NEGOTIATION AS THE PARTIES' REASONABLE ESTIMATE OF SELLER'S DAMAGES AND AS SELLER'S SOLE AND EXCLUSIVE REMEDY UNDER THIS AGREEMENT, AT LAW OR IN EQUITY AGAINST BUYER IN THE EVENT THE CLOSING DOES NOT OCCUR BY REASON OF BUYER'S DEFAULT. BUYER AND SELLER ACKNOWLEDGE THAT THEY HAVE READ AND UNDERSTOOD THE ABOVE PROVISIONS COVERING LIQUIDATED DAMAGES, AND THAT EACH PARTY WAS REPRESENTED BY COUNSEL OR HAD THE OPPORTUNITY TO SEEK COUNSEL TO UNDERSTAND THE CONSEQUENCES OF THIS LIQUIDATED DAMAGES PROVISION AT THE TIME THIS AGREEMENT WAS EXECUTED. IF SELLER SHALL DEFAULT HEREUNDER, THEN BUYER MAY TERMINATE THIS AGREEMENT, WHEREUPON THE ENTIRE EARNEST MONEY SHALL BE RETURNED TO BUYER (TOGETHER WITH ALL INTEREST, IF ANY, EARNED

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THEREON) AS BUYER'S SOLE AND EXCLUSIVE REMEDY UNDER THIS AGREEMENT, AT LAW OR IN EQUITY AS A RESULT OF SUCH DEFAULT. BUYER HEREBY EXPRESSLY WAIVES, RELINQUISHES AND RELEASES ANY OTHER RIGHT OR REMEDY AVAILABLE TO IT AT LAW, IN EQUITY OR OTHERWISE BY REASON OF SELLER'S INABILITY OR FAILURE TO PERFORM ITS OBLIGATIONS.

	
15.

	
 Buyer's Repres entation s and Warranties .

	
a)

	
Buyer represents and warrants to Seller as follows:

	
i.

	
In addition to the acts and deeds recited herein and contemplated to be performed, executed, and delivered by Buyer, Buyer shall perform, execute and deliver or cause to be performed, executed, and delivered at the closing or after the Closing Date, any and all further acts, deeds and assurances as Seller or the Title Company may require and be reasonable in order to consummate the transactions contemplated herein.

	
ii.

	
Buyer has all requisite power and authority to consummate the transaction contemplated by this Agreement and has by proper proceedings duly authorized the execution and delivery of this Agreement and the consummation of the transaction contemplated hereby.

	
iii.

	
To Buyer's knowledge, neither the execution and delivery of this Agreement nor the consummation of the transaction contemplated hereby will violate or be in conflict with (a) any applicable provisions of law, (b) any order of any court or other agency of government having jurisdiction hereof, or (c) any agreement or instrument to which Buyer is a party or by which Buyer is bound.

	
16.

	
Damages, Destruction and Eminent Domain.

	
a)

	
If, prior to the Closing Date, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, due to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the Purchase Price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Property.

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b)

	
If the cost of repair is less than $10,000.00, Seller shall credit Buyer for the cost of the repairs. Buyer shall then be obligated to otherwise perform hereunder.

	
c)

	
If, prior to the Closing Date, the Property, or any part thereof, is taken by eminent domain, this Agreement shall become null and void at Buyer's option, exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said taking by eminent domain. If Buyer fails to provide such written notice within such ten-day period provided for above in this Subparagraph 16c, Buyer shall be deemed to have elected to proceed to consummate the purchase contemplated herein notwithstanding such taking. If Buyer elects to proceed to consummate the purchase despite said taking, there shall be no reduction in, or abatement of, the Purchase Price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to any award made, or to be made, in the condemnation proceeding pro-rata in relation to the Property, subject to rights of any Tenant of the Property.

	
d)

	
In the event that this Agreement is terminated by Buyer pursuant to this Agreement, the Earnest Money shall be immediately returned to Buyer after execution by Buyer of such documents reasonably requested by Seller to evidence the termination hereof.

	
17.

	
1031 Exchange. Buyer hereby acknowledges that Seller desires and intends to structure this transaction as a tax-deferred exchange pursuant to Section 1031 of the Internal Revenue Code, as amended. Accordingly, Buyer shall, at no additional cost, obligation, or liability to Buyer, cooperate with and assist Seller in perfecting such an exchange, provided that the consummation of the transaction contemplated hereby is not thereby delayed by fault of Buyer.

Seller acknowledges that Buyer has made no representations, warranties, or agreements to Seller or Seller's agents that the transaction contemplated by this Agreement will qualify for any particular tax treatment, nor has there been any reliance thereon by Seller respecting the legal or tax implications of the transaction contemplated hereby. Seller further represents that it has sought and obtained such third party advice and counsel as it deems necessary regarding the tax implications of this transaction.

If Seller wishes to novate/assign the ownership rights and interest of this Purchase Agreement to a third party who will act as Accommodator to perfect the 1031 exchange by preparing an agreement of exchange of real property, the Accommodator will be an independent third party to be chosen by Seller in Seller's sole discretion, purchasing the Seller's interest in the Property from Seller and selling such ownership interest in the Property to Buyer under the same terms and conditions as documented in this Agreement.

If Buyer is purchasing the Property in relation to a tax-deferred exchange, Buyer acknowledges that Seller has made no representations, warranties, or agreements to Buyer or Buyer's agents that the transaction contemplated by this Agreement will qualify for any particular tax treatment, nor has there been any reliance thereon by Buyer respecting the legal or tax implications of the transaction contemplated hereby. Buyer further represents that it has sought

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and obtained such third party advice and counsel as it deems necessary regarding the tax implications of this transaction.

	
18.

	
Cancellation. If any party elects to cancel this Agreement because of any breach by another party or if escrow fails to close by the agreed date because of any breach by another party, the party electing to cancel shall deliver to escrow agent a notice containing the address of the party in breach and stating that this Agreement shall be cancelled unless the breach is cured within three (3) days following the delivery of the notice to the breaching party. Within three

(3) days after receipt of such notice, the escrow agent shall send it by United States Mail to the party in breach at the address contained in the Notice and no further notice shall be required. If the breach is not cured within three (3) days following the delivery of the notice to the breaching party, this Agreement shall be cancelled.

	
19.

	
Counterparts. This Agreement may be executed and delivered in any number of counterparts, each of which, when so executed and delivered, shall be deemed to be an original, and all of which shall constitute one and the same instrument.

	
20.

	
Expiration. Buyer is submitting this offer by signing a copy of this Agreement and delivering it to Seller, and Seller has five (5) days from receipt hereof within which to accept this offer. When executed by both parties, this Agreement will be a binding agreement for valid and sufficient consideration which will bind and benefit Buyer, Seller, and their respective successors and assigns.

	
21.

	
Choice of Law. This Agreement shall be governed by, and construed in accordance with the laws of the state in which the Property is located.

	
22.

	
Notices. All notices from either of the parties hereto to the other shall be in writing and shall be considered to have been duly given or served if sent by first class certified mail, or by a nationally recognized courier service guaranteeing overnight delivery to the party at his or its address set forth below, or by email to the respective email address set forth below, or to such other address as such party may hereafter designate by written notice to the other party. Refusal, rejection, or return of any notice otherwise properly delivered as set forth herein shall be deemed to constitute delivery of such notice. Notice given in accordance herewith shall be deemed effectively given upon delivery to the address of the addressee.

		If to Seller:	
AEI Income & Growth Fund XXII Limited Partnership 

AEI Income & Growth Fund 26 LLC

1300 Wells Fargo Place 

30 East Seventh Street 

St. Paul, MN 55101

Attn: Kyle Hagen

Email: khagen@aeifunds.com

		With a copy to:	
AEI Income & Growth Fund XXII Limited Partnership 

AEI Income & Growth Fund 26 LLC

1300 Wells Fargo Place

 

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30 East Seventh Street 

St. Paul, MN 55101

Attn: David M. Streier, Esq. 

Email: dstreier@aeifunds.com

		If to Buyer:	
Joe Properties LLC 

94 Panorama

Coto de Caza, CA 92679 

Attn: Steven Joe

Phone: 949-288-1217

Email: stevenjoe7@gmail.com

With a copy to:           Paul Damien Kramer, Esq.

Law Office of Paul Damien Kramer 

23 Corporate Plaza Drive, Suite 150 

Newport Beach, CA 92660 

Telephone: (949) 640-9110

Facsimile: (949) 640-9210

E-Mail:  pkramer@pdk-law.com

	
23.

	
Miscellaneous.

	
a)

	
This Agreement may be amended only by written agreement signed by both Seller and Buyer, and all waivers must be in writing and signed by the waiving party. Time is of the essence. This Agreement will not be construed for or against a party whether or not that party has drafted this Agreement. If there is any action or proceeding between the parties relating to this Agreement the prevailing party will be entitled to recover attorney's fees and costs. This is an integrated agreement containing all agreements of the parties about the Property and the other matters described and it supersedes any other agreements or understandings. Exhibits attached to this Agreement are incorporated into this Agreement.

	
b)

	
If this escrow has not closed by the Closing Date through no fault of Seller, Seller may, at its election, extend the Closing Date or exercise any remedy available to it by law, including terminating this Agreement.

	
c)

	
Funds to be deposited or paid by Buyer must be good and clear funds in the form of cash, cashier's checks or wire transfers, subject to the Title Company's requirements.

	
d)

	
Buyer shall have the right to assign this Agreement at Closing to any entity or entities affiliated with or related to Buyer without the consent of Seller (provided that Buyer shall notify Seller at least five (5) days prior to Closing to allow the parties to modify the Closing documentation accordingly). Other than the foregoing, Buyer shall not be entitled to assign any of its right, title, and interest herein without Seller's prior consent. Any assignee shall expressly assume all of Buyer's duties, obligations, and liabilities hereunder, and Buyer shall not be released from any of its obligations hereunder.

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e)

	
Whenever the last day for the exercise of any right or the discharge of any obligation under this Agreement shall fall upon a Saturday, Sunday, or any public or legal holiday, the party having such right or obligation shall have until 5:00 p.m. (Central Standard Time) on the next succeeding regular business day to exercise such right or discharge such obligation.  Time is of the essence of this Agreement.

[SIGNATURE PAGES FOLLOW]

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IN WITNESS WHEREOF, the Seller and Buyer have executed this Agreement to be effective as of the Effective Date.

SELLER:

AEI INCOME & GROWTH FUND XXII LIMITED PARTNERSHIP,

a Minnesota limited partnership

By:  AEI Fund Management XXI, Inc., 

  a Minnesota corporation

Its:  Corporate General Partner

 

By: /s/ ROBERT P JOHNSON

              Robert P Johnson, its President

 

 

Date: January 10, 2019

 

AEI INCOME & GROWTH FUND 26 LLC,

a Delaware limited liability company

By:  AEI Fund Management XXI, Inc., 

     a Minnesota corporation

Its:  Managing Member

By: /s/ ROBERT P JOHNSON

              Robert P Johnson, its President

 

Date: January 10, 2019

 

 

Page 13 of 16

Applebee's - Crawfordsville, IN

BU YER:

JOE PROPERTIES LLC,

a California limited liability company

 

By: /s/ Steven H Joe

Print Name:  Steven H Joe

Title: Managing Member

Date: 1-10-19

 

Page 14 of 16

Applebee's - Crawfordsville, IN

 

 

Exhibit A

(Legal Description)

 

Parcel 1:

Part of the Northwest Quarter of Section 8, Township 18 North, Range 4 West, in Montgomery County, Indiana, more particularly described as follows:

Commencing at the Northwest corner of said Northwest Quarter Section; thence along the West line thereof, South 00 degrees 26 minutes 24 seconds East (assumed bearing) 1179.37 feet; thence North 89 degrees 33 minutes 36 seconds East to the Easterly right-of-way of U.S. 231 46.19 feet to the POINT OF BEGINNING of this description; thence North 00 degrees 17 minutes 20 seconds West on and along said Easterly right-of-way 41.38 feet to the point of curvature of a tangent curve to the right, from which the radius point of said curve bears North 89 degrees 42 minutes 40 seconds East 914.93 feet; thence on and along said right-of-way Northerly along said curve an arc distance 252.49 feet from said radius point; thence leaving said right-of-way line South 75 degrees 33 minutes 28 seconds East 79.71 feet; thence North 14 degrees 26 minutes 32 seconds East 62.16 feet; thence South 82 degrees 33 minutes 30 seconds East 16.10 feet; thence South 72 degrees 33 minutes 30 seconds East 58.14 feet; thence South 83 degrees 26 minutes 31 seconds East 49.09 feet; thence South 08 degrees 59 minutes 15 seconds East 91.19 feet to the point of curvature of a tangent curve to the right, from which the radius point of said curve bears South 81 degrees 00 minutes 45 second West 515.50 feet; thence Southerly along said curve on an arc distance of 36.11 feet to a point on said curve, said point being North 85 degrees 01 minutes 34 seconds East 515.50 feet from said radius point, to the point of curvature of a reverse curve to the left, from which the radius point of said curve bears North 85 degrees 01 minutes 34 seconds East 19.50 feet; thence Southerly, Southeasterly, and Easterly along said curve an arc distance of 28.94 feet to a point on said curve, said point beings South 00 degrees 00 minutes 00 seconds East 19.50 feet from said radius point; thence North 90 degrees 00 minutes 00 seconds East 77.54 feet; thence South 29 degrees 32 minutes 35 seconds West 184.24 feet; thence South 89 degrees 34 minutes 00 seconds West 270.81 feet to the POINT OF BEGINNING of this description, containing 1.931 acres, more or less.

LESS and EXCEPT the real property conveyed by Apple American Limited Partnership of Indiana, an Indiana limited partnership, to the State of Indiana by Warranty Deed recorded on June 15, 2000 in Deed Record 307, page 49 in the Office of the Recorded of Montgomery County, Indiana.

PARCEL 2:

Non-exclusive easement as set out in that certain Declaration of Easements and Restrictions recorded July 9, 1996 in Deed Record 294, page 371 in the Office of the Recorded of Montgomery County, Indiana.

TAX KEY#         023-25032-00

PROPERTY ADDRESS:     1516 South Wasington Sreet

              Crawfordsville, IN  47933

 

Page 15 of 16

Applebee's - Crawfordsville, IN

Exhibit B

The following Seller's Materials will be provided by Seller, to the extent such items exist in Seller's possession:

	
a)

	
A copy of Seller's existing Owner's Title Policy for the Property, with copies of its underlying documents;

	
b)

	
A copy of Seller's existing as-built ALTA survey of the Property;

	
c)

	
A complete copy of the Lease, and any amendments thereto, including but not limited to guaranties, amendments, assignments of lease and/or letter agreements, commencement agreements, memorandum of leases, and project acceptance letter;

	
d)

	
A copy of Seller's existing Phase I Environmental Site Assessment report;

	
e)

	
A copy of the Tenant's existing insurance certificate(s) for the Property;

	
f)

	
A copy of the Certificate of Occupancy from the governing municipality;

	
g)

	
Copies of the existing final building plans and specifications for the improvements; and

	
h)

	
A copy of the most recent real estate tax statement for the Property.

	
i)

	
Such other information as Buyer may reasonably request.

 

 

Page 16 of 16

Applebee's - Crawfordsville, INEX-10.2

 Exhibit 10.2 
  

 
  
  

 
  
  

 
  

MAYVILLE ENGINEERING COMPANY, INC. 

LONG-TERM INCENTIVE PLAN 

As Amended and Restated Effective [IPO Date] 
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  

 Table of Contents 

 

							
	 	  	Page	 
	 ARTICLE 1 DEFINITIONS
	  	 	1	 
	 1.1
	 	 Affiliate
	  	 	1	 
	 1.2
	 	 Award Agreement
	  	 	1	 
	 1.3
	 	 Code
	  	 	1	 
	 1.4
	 	 Company
	  	 	1	 
	 1.5
	 	 Company Value
	  	 	1	 
	 1.6
	 	 Compensation Committee
	  	 	2	 
	 1.7
	 	 Employer
	  	 	2	 
	 1.8
	 	 ESOP
	  	 	2	 
	 1.9
	 	 Incentive Compensation Plan
	  	 	2	 
	 1.10
	 	 IPO
	  	 	2	 
	 1.11
	 	 Participant
	  	 	2	 
	 1.12
	 	 Performance Period
	  	 	2	 
	 1.13
	 	 Plan or LTIP
	  	 	2	 
	 1.14
	 	 Plan Administrator
	  	 	2	 
	 1.15
	 	 Truncated Awards
	  	 	2	 
		
	 ARTICLE 2 ADMINISTRATION
	  	 	3	 
	 2.1
	 	 Powers and Duties
	  	 	3	 
	 2.2
	 	 Delegation
	  	 	3	 
		
	 ARTICLE 3 LTIP AWARDS
	  	 	3	 
	 3.1
	 	 Nature of LTIP Awards
	  	 	3	 
	 3.2
	 	 Conditions for an LTIP Payment
	  	 	3	 
	 3.3
	 	 Amount of LTIP Payment
	  	 	4	 
		
	 ARTICLE 4 AMENDMENT AND TERMINATION
	  	 	5	 
	 4.1
	 	 Amendment or Termination
	  	 	5	 
		
	 ARTICLE 5 GENERAL PROVISIONS
	  	 	5	 
	 5.1
	 	 Status of Participants
	  	 	5	 
	 5.2
	 	 No Guaranty of Employment
	  	 	6	 
	 5.3
	 	 Delegation of Authority
	  	 	6	 
	 5.4
	 	 Legal Actions
	  	 	6	 
	 5.5
	 	 Applicable Law
	  	 	6	 
	 5.6
	 	 Rules of Construction
	  	 	6	 
	 5.7
	 	 Expenses of Administration
	  	 	6	 
	 5.8
	 	 Indemnification
	  	 	6	 
	 5.9
	 	 Facility of Payment
	  	 	7	 

  
 i 

 RECITALS 

WHEREAS, the Company has maintained the Plan as a means to incentivize eligible management participants to create and maximize the
value of the Company and its affiliates; and 
 WHEREAS, since 1985, the trust created under the ESOP has owned part or all of the
Company’s issued and outstanding common stock; and 
 WHEREAS, the Company intends to issue common stock to the investing public
in an IPO, following which the Company’s common stock will be publicly-traded; and 
 WHEREAS, following the IPO, the Company
intends to provide incentive opportunities to eligible management participants through the Incentive Compensation Plan; and 

WHEREAS, in connection with the IPO, it is desirable to amend and restate, and to provide for the termination of, the Plan; 

NOW, THEREFORE, RESOLVED, that in light of, and contingent upon the completion of, the IPO, the Plan is amended and restated to read as
follows: 
 ARTICLE 1 

DEFINITIONS 
 When
the following words or phrases are used herein, they shall have the meanings set forth below unless otherwise specifically provided: 
 1.1
    Affiliate. A business organization that is under common control with the Company, as determined under Sections 414(b) and (c) of the Code. 

1.2     Award Agreement. The individual agreement for a Participant for a particular Performance Period. 

1.3     Code. The Internal Revenue Code of 1986, as from time to time amended. 

1.4     Company. Mayville Engineering Company, Inc., and any successor or successors thereto. 

1.5     Company Value. Company Value means: 

(a)    With respect to any determination other than the ending value under the Truncated
Awards, the aggregate value of the Company as determined for the periodic valuation, conducted in accordance with Code Section 401(a)(28), of a share of Company stock as determined by an independent appraiser under the ESOP as of the last day
of the calendar year coincident with or immediately preceding the first or last day of a Performance Period; and 

  
 1 

 (b)    With respect to the ending value
under the Truncated Awards, the aggregate value of the Company determined by multiplying the number of shares of Company stock outstanding immediately following the IPO multiplied by the price at which Company stock is sold in the IPO. 

1.6     Compensation Committee. The Compensation Committee of the Board of Directors of the
Company. Following the IPO, the Compensation Committee will satisfy the independent director requirements under applicable law. 
 1.7
    Employer. The Company and each Affiliate of the Company with at least one employee who is a Participant. 

1.8     ESOP. The Mayville Engineering Company, Inc. Employee Stock Ownership Plan, as from time to
time amended and in effect. 
 1.9     Incentive Compensation Plan. The Mayville Engineering
Company, Inc. Omnibus Incentive Compensation Plan as from time to time amended and in effect. 
 1.10     IPO.
The Company’s sale of common stock to the investing public through one or more underwriters and the consequent listing of the Company’s common stock on the New York Stock Exchange. 

1.11     Participant. The Chief Executive Officer of the Company and each other employee of an Employer who has
been designated by the Plan Administrator as being eligible to participate in the Plan. 
 1.12     Performance
Period. The period of three (3) calendar years [prior to January 1, 2013, two (2) calendar years] specified in the Award Agreement. The final awards issued under the Plan were issued in January, 2018 with respect to a Performance
Period that began on January 1, 2018 and that, as originally granted, was scheduled to expire on December 31, 2020. 
 1.13
    Plan or LTIP. The Mayville Engineering Company, Inc. Long-Term Incentive Plan, as set forth herein, and as amended from time to time. 

1.14     Plan Administrator. With respect to periods prior to the IPO, the Compensation Committee, except as
otherwise provided in Section 3.3, and with respect to periods on or after the IPO, the Compensation Committee. 
 1.15
    Truncated Awards. The awards previously granted under the Plan that are outstanding as of the date of the IPO and for which the Performance Period associated with the Award is not complete as of the date of the IPO,
i.e., the awards granted in January, 2017 for the Performance Period that began on January 1, 2017 and that was originally scheduled to end on December 31, 2019, and the awards granted in January, 2018 for the Performance Period that began
on January 1, 2018 and that was originally scheduled to end on December 31, 2020. 

  
 2 

 ARTICLE 2 

ADMINISTRATION 

2.1     Powers and Duties. Full power and authority to construe, interpret, and administer this Plan is vested in
the Plan Administrator. In particular, the Plan Administrator shall make each determination provided for in this Plan and may adopt such rules, regulations, and procedures, as it deems necessary or desirable to the efficient administration of the
Plan. The Plan Administrator’s determinations need not be uniform, and may be made by it selectively among persons who may be eligible to participate in the Plan. The Plan Administrator shall have sole and exclusive discretion in the exercise
of its powers and duties hereunder, and all determinations made by the Plan Administrator shall be final, conclusive, and binding unless they are found by a court of competent jurisdiction to have been arbitrary and capricious. 

2.2     Delegation. Subject to Sections 3.3 and 4.1(b), the Plan Administrator may delegate part or all of its
duties to any person(s) who is an employee of the Company or an Affiliate, and may from time to time revoke such authority and delegate it to another such person or persons. Any delegate’s duty will terminate upon revocation of such authority
by the Plan Administrator, upon withdrawal of such person’s acceptance or upon the termination of such person’s employment with the Company or an Affiliate. Any person to whom administrative duties are delegated may, unless the delegation
provides otherwise, similarly delegate part or all of such duties to another person. 
 ARTICLE 3 

LTIP AWARDS 
 3.1
    Nature of LTIP Awards. An LTIP award is an interest in a long-term cash incentive award with respect to a Performance Period. Actual payments are totally discretionary as described herein, and no Participant has any
contractual right to a future payment at any time. 
 3.2     Conditions for an LTIP Payment. Subject to
Section 4.1(b) with respect to the Truncated Awards, the minimum qualifying conditions for a payment with respect to an award covering any Performance Period are satisfaction of each of the following: 

(a)    Unless otherwise waived or modified by the Plan Administrator, the Company Value at the end of the
Performance Period has increased a minimum of 12% (or such other amount specified by the Plan Administrator) from the Company Value immediately prior to the beginning of the Performance Period. 

  
 3 

 (b)    The Participant must either (i) be employed
with the Company or an Affiliate on the date of the applicable cash payment hereunder after the end of the Performance Period or (ii) have retired after attaining age 65, died while actively employed or terminated employment on account of
disability during the period from the beginning of the Performance Period to the payment date for benefits hereunder. For this purpose, “disability” means the Participant is unable to engage in any substantial gainful activity by reason of
any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, as determined by the Plan Administrator. 

3.3     Amount of LTIP Payment. (a) Satisfaction of the qualifying condition under Section 3.2 does not
entitle a Participant to a payment under the Plan. Payments remain subject to the Plan Administrator’s exercise of discretion under this Section 3.3. Subject to Section 4.1(b) with respect to the Truncated Awards, at the end of the
applicable Performance Period, the Plan Administrator shall review the performance of each Participant who has satisfied the applicable conditions for an LTIP payment. The actual benefit shall be the discretionary amount selected by the Plan
Administrator from a minimum of zero to a maximum of the amount specified in subsection (b) below and shall be based on such factors as the Plan Administrator deems appropriate for such Participant. For purposes of this Section 3.3, the
Plan Administrator shall be the Compensation Committee with respect to the Chief Executive Officer of the Company as the Participant, but the Chief Executive Officer of the Company will be the Plan Administrator with respect to all other
Participants; provided that with respect to the Truncated Awards, the Compensation Committee will be the Plan Administrator with respect to all Participants. 

(b)    For a qualifying Participant who is employed throughout the Performance Period, the amount of the maximum benefit
shall be the percentage designated in the Participant’s Award Agreement of the increase in the Company Value from the beginning of the Performance Period. For a qualifying Participant who is not employed throughout the Performance Period due to
retirement, death or disability as provided in Section 3.2(b), the maximum benefit shall be a fraction of the maximum benefit in the preceding sentence, the numerator of which shall be the number of days from the beginning of the Performance
Period through the date of termination of employment with the Employer and the denominator shall be the number of days in the Performance Period. 

(c)    The date of payment shall be the date determined by the Plan Administrator which is as soon as practical after the
amount has been determined hereunder (and in no event later than the date required for the payment to qualify as a short-term deferral exempt from Code Section 409A). All benefits shall be paid in cash, subject to applicable withholding
requirements. 

  
 4 

 ARTICLE 4 

AMENDMENT AND TERMINATION 

4.1     Amendment or Termination. (a) In General. The Compensation Committee may amend or terminate this
Plan at any time and for any reason, including the right to terminate any entitlement to a benefit that has not been paid with respect to an existing or completed Performance Period. 

(b)    Termination of Plan Upon Consummation of IPO. The Plan will be terminated upon consummation of the IPO, and
no additional awards shall be granted under the Plan. Notwithstanding anything in the Plan to the contrary, the following rules shall apply with respect to the Truncated Awards: 

(i)    The date on which the IPO is consummated will be deemed to be the last day of the Performance Period
applicable to the Truncated Awards. 
 (ii)    The minimum qualifying conditions under Section 3.2
will apply, taking into account the provisions of subsection (b)(i) above that the date of the IPO will be deemed to be the last day of the Performance Period. 

(iii)    All determinations under Section 3.3 will be made by the Compensation Committee. The
Compensation Committee will evaluate the performance of each Participant who has satisfied the applicable conditions for an LTIP payment (taking into account the modifications provided in this subsection). The actual benefit shall be the amount
selected by the Compensation Committee (or calculated from a benefit formula approved by the Compensation Committee) from a minimum of zero to the maximum amount specified in Section 3.3(b); provided that for purposes of Section 3.3(b),
the maximum benefit will be prorated to reflect the portion of the Performance Period completed as of the IPO date by multiplying the otherwise applicable maximum by a faction, the numerator of which will be the number of days from the beginning of
the Performance Period through the IPO date and the denominator of which shall be the number of days that would have been in the Performance Period if the IPO had not occurred. 

ARTICLE 5 
 GENERAL
PROVISIONS 
 5.1     Status of Participants. Each Participant shall be a general unsecured creditor of
his or her Employer with respect to amounts payable hereunder, this Plan constituting a mere promise by the Employer to make benefit payments in the future if the conditions herein are satisfied and the discretion herein is exercised in favor of a
benefit payment. A Participant’s right to receive payments under the Plan are not subject in any manner to anticipation, alienation, sale, assignment, pledge, encumbrance, attachment, or garnishment by the creditors of the Participant. 

  
 5 

 5.2     No Guaranty of Employment . The establishment of this
Plan shall not give a Participant any legal or equitable right to be continued in the employ of an Employer, nor shall it interfere with an Employer’s right to terminate the employment of any of its employees, with or without cause. 

5.3     Delegation of Authority. Whenever, under the terms of this Plan, an Employer is permitted or required to do
or perform any act, it shall be done or performed by the Board of Directors of the Employer, by any duly authorized committee thereof, or by any officer of the Employer duly authorized by the articles of incorporation, bylaws, or Board of Directors
of the Employer. 
 5.4     Legal Actions. No Participant or other person having or claiming to have an interest
in this Plan shall be a necessary party to any action or proceeding involving the Plan, and no such person shall be entitled to any notice or process, except to the extent required by applicable law. Any final judgment which is not appealed or
appealable that may be entered in any such action or proceeding shall be binding and conclusive on all persons having or claiming to have any interest in this Plan. 

5.5     Applicable Law. This Plan shall be construed and interpreted in accordance with the laws of the State of
Wisconsin. 
 5.6     Rules of Construction. Wherever any words are used herein in the masculine gender, they
shall be construed as though they were also used in the feminine gender in all cases where they would so apply, and wherever any words are used herein in the singular form they shall be construed as though they were also used in the plural form in
all cases where they would so apply. Headings of sections and subsections of this Plan are inserted for convenience of reference, are not a part of this Plan, and are not to be considered in the construction hereof. The words “hereof,”
“herein,” “hereunder,” and other similar compounds of the word “here” shall mean and refer to the entire Plan, and not to any particular provision or section. 

5.7     Expenses of Administration. All expenses and costs incurred in connection with the administration or
operation of the Plan shall be paid by the Employer. 
 5.8     Indemnification. Each Employer shall, to the
extent permitted by its articles of incorporation and bylaws, by the laws of the state in which it is incorporated, indemnify any employee or director of an Employer or an Affiliate providing services to the Plan against any and all liabilities
arising by reason of any act or omission, made in good faith pursuant to the provisions of the Plan, including expenses reasonably incurred in the defense of any claim relating thereto. 

  
 6 

 5.9     Facility of Payment. An Employer may make payments due to
a legally incompetent person in such of the following ways as the Plan Administrator shall determine: 

(a)    directly to such person; 

(b)    to the legal representative of such person; or 

(c) to a near relative of such person to be used for the person’s benefit. 

Any payment made in accordance with the provisions of this section shall be a complete discharge of the Employer’s liability for the making of such
payment. 

  
 7

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