Document:

Blueprint

 

 

Exhibit 4.1

 

FORM OF

WARRANT TO PURCHASE CLASS B COMMON STOCK

 

RUMBLEON, INC.

 

Warrant
Shares: [●]

Initial
Exercise Date: [●], 2018

 

 

THIS
WARRANT TO PURCHASE CLASS B COMMON STOCK (the “Warrant”) certifies that, for
value received, [●] or its assigns (the “Holder”) is entitled, upon the
terms and subject to the limitations on exercise and the conditions
hereinafter set forth, at any time on or after [●], 2018 (the
“Initial Exercise
Date”) and, in accordance with FINRA Rule
5110(f)(2)(G)(i), prior to at 5:00 p.m. (New York time) on the date
that is five (5) years following the Effective Date (the
“Termination
Date”) but not thereafter, to subscribe for and
purchase from RumbleOn, Inc., a Nevada corporation (the
“Company”), up
to [●] shares of Class B Common Stock, par value $0.001 per
share (the “Class B Common
Stock”), of the Company (the “Warrant Shares”), as subject to
adjustment hereunder. The purchase price of one share of Class B
Common Stock under this Warrant shall be equal to the Exercise
Price, as defined in Section 2(b).

 

1.           Definitions.
In addition to the terms defined elsewhere in this Agreement, the
following terms have the meanings indicated in this Section 1:

 

“Affiliate” means any Person that,
directly or indirectly through one or more intermediaries, controls
or is controlled by or is under common control with a Person, as
such terms are used in and construed under Rule 405 under the
Securities Act.

 

“Business Day” means any day except
any Saturday, any Sunday, any day which is a federal legal holiday
in the United States or any day on which banking institutions in
the State of New York are authorized or required by law or other
governmental action to close.

 

“Class B Common Stock Equivalents”
means any securities of the Company which would entitle the holder
thereof to acquire at any time Class B Common Stock, including,
without limitation, any debt, preferred stock, rights, options,
warrants or other instrument that is at any time convertible into
or exercisable or exchangeable for, or otherwise entitles the
holder thereof to receive, Class B Common Stock.

 

“Commission” means the United
States Securities and Exchange Commission.

 

“Exchange Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder.

 

“Person” means an individual or
corporation, partnership, trust, incorporated or unincorporated
association, joint venture, limited liability company, joint stock
company, government (or an agency or subdivision thereof) or other
entity of any kind.

 

“Rule 144” means Rule 144
promulgated by the Commission pursuant to the Securities Act, as
such Rule may be amended or interpreted from time to time, or any
similar rule or regulation hereafter adopted by the Commission
having substantially the same purpose and effect as such
Rule.

 

 

1

 

 

“Securities Act” means the
Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder.

 

“Trading Day” means a day on which
the New York Stock Exchange is open for trading.

 

“Trading Market” means any of the
following markets or exchanges on which the Class B Common Stock is
listed or quoted for trading on the date in question: the NYSE
American, LLC, The NASDAQ Capital Market, The NASDAQ Global Market,
The NASDAQ Global Select Market, or the New York Stock Exchange (or
any successors to any of the foregoing).

 

“VWAP” means, for any date, the
price determined by the first of the following clauses that
applies: (a) if the Class B Common Stock is then listed or quoted
on a Trading Market, the daily volume weighted average price of the
Class B Common Stock for such date (or the nearest preceding date)
on the Trading Market on which the Class B Common Stock is then
listed or quoted as reported by Bloomberg L.P. (based on a Trading
Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City
time)), (b)  if Class B Common Stock is not then listed or
quoted for trading on a Trading Market, the volume weighted average
price of a share of Class B Common Stock for such date (or the
nearest preceding date) on the OTCQB or OTCQX as applicable, (c) if
Class B Common Stock is not then listed or quoted for trading on
the OTCQB or OTCQX and if prices for Class B Common Stock are then
reported in the “Pink Sheets” published by OTC Markets
Group, Inc. (or a similar organization or agency succeeding to its
functions of reporting prices), the most recent bid price per share
of Class B Common Stock so reported, or (d) in all other
cases, the fair market value of the Class B Common Stock as
determined by an independent appraiser selected in good faith by
the Holder and reasonably acceptable to the Company, the fees and
expenses of which shall be paid by the Company.

  

2.           Exercise.

 

(a)           Exercise
of the purchase rights represented by this Warrant may be made, in
whole or in part, at any time or times on or after the Initial
Exercise Date and on or before the Termination Date by delivery to
the Company (or such other office or agency of the Company as it
may designate by notice in writing to the registered Holder at the
address of the Holder appearing on the books of the Company) of a
duly executed facsimile copy (or e-mail attachment) of the Notice
of Exercise Form annexed hereto. Within three (3) Trading Days
following the date of exercise as aforesaid, the Holder shall
deliver the aggregate Exercise Price for the shares specified in
the applicable Notice of Exercise by wire transfer or
cashier’s check drawn on a United States bank unless the
cashless exercise procedure specified in Section 2(c) is specified in
the applicable Notice of Exercise. Notwithstanding anything herein
to the contrary, the Holder shall not be required to physically
surrender this Warrant to the Company until the Holder has
purchased all of the Warrant Shares available hereunder and the
Warrant has been exercised in full, in which case, the Holder shall
surrender this Warrant to the Company for cancellation within three
(3) Trading Days of the date the final Notice of Exercise is
delivered to the Company. Partial exercises of this Warrant
resulting in purchases of a portion of the total number of Warrant
Shares available hereunder shall have the effect of lowering the
outstanding number of Warrant Shares purchasable hereunder in an
amount equal to the applicable number of Warrant Shares purchased.
The Holder and the Company shall maintain records showing the
number of Warrant Shares purchased and the date of such purchases.
The Company shall deliver any objection to any Notice of Exercise
Form within two (2) Business Days of receipt of such notice.
The Holder and any assignee, by
acceptance of this Warrant, acknowledge and agree that, by reason
of the provisions of this paragraph, following the purchase of a
portion of the Warrant Shares hereunder, the number of Warrant
Shares available for purchase hereunder at any given time may be
less than the amount stated on the face hereof.

 

 

2

 

 

(b)           Exercise
Price. The exercise price per share of the Class B Common
Stock under this Warrant shall be $[●]1, subject to adjustment hereunder (the
“Exercise
Price”).

 

(c)           Cashless
Exercise. If at any time after the six-month anniversary of
the Initial Exercise Date, there is no effective registration
statement registering, or the prospectus contained therein is not
available for the issuance of the Warrant Shares to the Holder,
then this Warrant may also be exercised, in whole or in part, at
such time by means of a “cashless exercise” in which
the Holder shall be entitled to receive the number of Warrant
Shares equal to the quotient obtained by dividing [(A-B) (X)] by
(A), where:

 

(A) =
the VWAP on the Trading Day immediately preceding the date on which
Holder elects to exercise this Warrant by means of a
“cashless exercise,” as set forth in the applicable
Notice of Exercise;

 

(B) =
the Exercise Price of this Warrant, as adjusted hereunder;
and

 

(X) =
the number of Warrant Shares that would be issuable upon exercise
of this Warrant in accordance with the terms of this Warrant if
such exercise were by means of a cash exercise rather than a
cashless exercise.

 

If Warrant Shares are issued in such a
“cashless exercise,” the parties acknowledge and agree
that in accordance with Section 3(a)(9) of the Securities Act, the
Warrant Shares shall take on the registered characteristics of the
Warrants being exercised, and the holding period of the Warrants
being exercised may be tacked on to the holding period of the
Warrant Shares.  The Company agrees not to take any
position contrary to this Section
2(c). 

 

 Notwithstanding
anything herein to the contrary, on the Termination Date, this
Warrant shall be automatically exercised via cashless exercise
pursuant to this Section
2(c).

 

(d)           Mechanics
of Exercise.

 

 

1 115% of the public
offering price per share of Class B Common Stock in the
offering.

 

 

3

 

                                        (i) 
Delivery of Warrant Shares
Upon Exercise. The Company shall cause the Warrant Shares
purchased hereunder to be transmitted by its transfer agent to the
Holder by crediting the account of the Holder’s or its
designee’s balance account with The Depository Trust Company
through its Deposit or Withdrawal at Custodian system
(“DWAC”) if the
Company is then a participant in such system and either
(A) there is an effective registration statement permitting
the issuance of the Warrant Shares to or resale of the Warrant
Shares by Holder, or (B) the Warrant Shares are eligible for resale
by the Holder without volume or manner-of-sale limitations pursuant
to Rule 144 and, in either case, the Warrant Shares have been sold
by the Holder prior to the Warrant Share Delivery Date (as defined
below), and otherwise by physical delivery of a certificate,
registered in the Company’s share register in the name of the
Holder or its designee, for the number of Warrant Shares to which
the Holder is entitled pursuant to such exercise to the address
specified by the Holder in the Notice of Exercise by the date that
is three (3) Trading Days after the delivery to the Company of
the Notice of Exercise (such date, the “Warrant Share Delivery Date”). If
the Warrant Shares can be delivered via DWAC, the transfer agent
shall have received from the Company any legal opinions or other
documentation required by it to deliver such Warrant Shares without
legend (subject to receipt by the Company of reasonable back up
documentation from the Holder, including with respect to affiliate
status) and, if applicable and requested by the Company prior to
the Warrant Share Delivery Date, the transfer agent shall have
received from the Holder a confirmation of sale of the Warrant
Shares (provided the requirement of the Holder to provide a
confirmation as to the sale of Warrant Shares shall not be
applicable to the issuance of unlegended Warrant Shares upon a
cashless exercise of this Warrant if the Warrant Shares are then
eligible for resale pursuant to Rule 144(b)(1)). The Warrant Shares
shall be deemed to have been issued, and Holder or any other person
so designated to be named therein shall be deemed to have become a
holder of record of such shares for all purposes, as of the date
the Warrant has been exercised, with payment to the Company of the
Exercise Price (or by cashless exercise, if permitted) and all
taxes required to be paid by the Holder, if any, pursuant to
Section 2(d)(vi) prior to
the issuance of such shares, having been paid. If the Company fails
for any reason to deliver to the Holder the Warrant Shares subject
to a Notice of Exercise by the second Trading Day following the
Warrant Share Delivery Date, the Company shall pay to the Holder,
in cash, as liquidated damages and not as a penalty, for each
$1,000 of Warrant Shares subject to such exercise (based on the
VWAP of the Class B Common Stock on the date of the applicable
Notice of Exercise), $10 per Trading Day (increasing to $20 per
Trading Day on the fifth Trading Day after such liquidated damages
begin to accrue) for each Trading Day after the second Trading Day
following such Warrant Share Delivery Date until such Warrant
Shares are delivered or Holder rescinds such exercise.

    

                                        (ii) 
Delivery of New Warrants
Upon Exercise. If this Warrant shall have been exercised in
part, the Company shall, at the request of a Holder and upon
surrender of this Warrant certificate, at the time of delivery of
the Warrant Shares, deliver to the Holder a new Warrant evidencing
the rights of the Holder to purchase the unpurchased Warrant Shares
called for by this Warrant, which new Warrant shall in all other
respects be identical with this Warrant.

 

(iii) Rescission
Rights. If the Company fails to cause its transfer agent to
deliver to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant
Share Delivery Date, then the Holder will have the right to rescind
such exercise; provided,
however, that the Holder shall be required to return any
Warrant Shares or Class B Common Stock subject to any such
rescinded exercise notice concurrently with the return to Holder of
the aggregate Exercise Price paid to the Company for such Warrant
Shares and the restoration of Holder’s right to acquire such
Warrant Shares pursuant to this Warrant (including, issuance of a
replacement warrant certificate evidencing such restored
right).

 

 

4

 

(iv)
Compensation
for Buy-In on Failure to Timely Deliver Warrant Shares Upon
Exercise. In addition to any other rights available to the
Holder, if the Company fails to cause its transfer agent to
transmit to the Holder the Warrant Shares pursuant to an exercise
on or before the second Trading Day following the Warrant Share
Delivery Date, and if after such date the Holder is required by its
broker to purchase (in an open market transaction or otherwise) or
the Holder’s brokerage firm otherwise purchases, shares of
Class B Common Stock to deliver in satisfaction of a sale by the
Holder of the Warrant Shares which the Holder anticipated receiving
upon such exercise (a “Buy-In”), then the Company shall
(A) pay in cash to the Holder the amount, if any, by which (x) the
Holder’s total purchase price (including brokerage
commissions, if any) for the shares of Class B Common Stock so
purchased exceeds (y) the amount obtained by multiplying (1) the
number of Warrant Shares that the Company was required to deliver
to the Holder in connection with the exercise at issue times (2)
the price at which the sell order giving rise to such purchase
obligation was executed, and (B) at the option of the Holder,
either reinstate the portion of the Warrant and equivalent number
of Warrant Shares for which such exercise was not honored (in which
case such exercise shall be deemed rescinded) or deliver to the
Holder the number of shares of Class B Common Stock that would have
been issued had the Company timely complied with its exercise and
delivery obligations hereunder. For example, if the Holder
purchases Class B Common Stock having a total purchase price of
$11,000 to cover a Buy-In with respect to an attempted exercise of
shares of Class B Common Stock with an aggregate sale price giving
rise to such purchase obligation of $10,000, under clause (A) of
the immediately preceding sentence the Company shall be required to
pay the Holder $1,000. The Holder shall provide the Company written
notice indicating the amounts payable to the Holder in respect of
the Buy-In and, upon request of the Company, evidence of the amount
of such loss. Nothing herein shall limit a Holder’s right to
pursue any other remedies available to it hereunder, at law or in
equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the
Company’s failure to timely deliver shares of Class B Common
Stock upon exercise of the Warrant as required pursuant to the
terms hereof.

 

                                       
(v)  No Fractional
Shares or Scrip. No fractional shares or scrip representing
fractional shares shall be issued upon the exercise of this
Warrant. As to any fraction of a share which the Holder would
otherwise be entitled to purchase upon such exercise, the Company
shall, at its election, either pay a cash adjustment in respect of
such final fraction in an amount equal to such fraction multiplied
by the Exercise Price or round up to the next whole
share.

  

(vi) 
Charges,
Taxes and Expenses. Issuance of Warrant Shares shall be made
without charge to the Holder for any issue or transfer tax or other
incidental expense in respect of the issuance of such Warrant
Shares, all of which taxes and expenses shall be paid by the
Company, and such Warrant Shares shall be issued in the name of the
Holder or in such name or names as may be directed by the Holder;
provided, however, that in
the event that Warrant Shares are to be issued in a name other than
the name of the Holder, this Warrant when surrendered for exercise
shall be accompanied by the Assignment Form attached hereto duly
executed by the Holder and the Company may require, as a condition
thereto, the payment of a sum sufficient to reimburse it for any
transfer tax incidental thereto. The Company shall pay all transfer
agent fees required for same-day processing of any Notice of
Exercise.

 

(vii) 
Closing of Books. The Company
will not close its stockholder books or records in any manner which
prevents the timely exercise of this Warrant, pursuant to the terms
hereof.

    

(viii)   
Signature.
This Section 2 and
the exercise form attached hereto set forth the totality of the
procedures required of the Holder in order to exercise this
Purchase Warrant.  Without limiting the preceding sentences,
no ink-original exercise form shall be required, nor shall any
medallion guarantee (or other type of guarantee or notarization) of
any exercise form be required in order to exercise this Purchase
Warrant.  No additional legal opinion, other information or
instructions shall be required of the Holder to exercise this
Purchase Warrant.  The Company shall honor exercises of this
Purchase Warrant and shall deliver shares of Class B Common Stock
underlying this Purchase Warrant in accordance with the terms,
conditions and time periods set forth herein.

 

 

5

 

(e)           Holder’s
Exercise Limitations. The Company shall not effect any
exercise of this Warrant, and a Holder shall not have the right to
exercise any portion of this Warrant, pursuant to Section 2 or otherwise, to the
extent that after giving effect to such issuance after exercise as
set forth on the applicable Notice of Exercise, the Holder
(together with the Holder’s Affiliates, and any other Persons
acting as a group together with the Holder or any of the
Holder’s Affiliates), would beneficially own in excess of the
Beneficial Ownership Limitation (as defined below).  For
purposes of the foregoing sentence, the number of shares of Class B
Common Stock beneficially owned by the Holder and its Affiliates
shall include the number of shares of Class B Common Stock issuable
upon exercise of this Warrant with respect to which such
determination is being made, but shall exclude the number of shares
of Class B Common Stock which would be issuable upon (i) exercise
of the remaining, nonexercised portion of this Warrant beneficially
owned by the Holder or any of its Affiliates and (ii) exercise or
conversion of the unexercised or nonconverted portion of any other
securities of the Company (including, without limitation, any other
Class B Common Stock Equivalents) subject to a limitation on
conversion or exercise analogous to the limitation contained herein
beneficially owned by the Holder or any of its Affiliates. 
Except as set forth in the preceding sentence, for purposes of this
Section 2(e),
beneficial ownership shall be calculated in accordance with Section
13(d) of the Exchange Act and the rules and regulations promulgated
thereunder, it being acknowledged by the Holder that the Company is
not representing to the Holder that such calculation is in
compliance with Section 13(d) of the Exchange Act and the Holder is
solely responsible for any schedules required to be filed in
accordance therewith. To the extent that the limitation contained
in this Section
2(e) applies, the determination of whether this Warrant is
exercisable (in relation to other securities owned by the Holder
together with any Affiliates) and of which portion of this Warrant
is exercisable shall be in the sole discretion of the Holder, and
the submission of a Notice of Exercise shall be deemed to be the
Holder’s determination of whether this Warrant is exercisable
(in relation to other securities owned by the Holder together with
any Affiliates) and of which portion of this Warrant is
exercisable, in each case subject to the Beneficial Ownership
Limitation, and the Company shall have no obligation to verify or
confirm the accuracy of such determination. In addition, a
determination as to any group status as contemplated above shall be
determined in accordance with Section 13(d) of the Exchange Act and
the rules and regulations promulgated thereunder. For purposes of
this Section 2(e),
in determining the number of outstanding shares of Class B Common
Stock, a Holder may rely on the number of outstanding shares of
Class B Common Stock as reflected in (A) the Company’s most
recent periodic or annual report filed with the Commission, as the
case may be, (B) a more recent public announcement by the Company
or (C) a more recent written notice by the Company or the
Company’s transfer agent setting forth the number of shares
of Class B Common Stock outstanding.  Upon the written or oral
request of a Holder, the Company shall within two (2) Trading Days
confirm orally and in writing to the Holder the number of shares of
Class B Common Stock then outstanding.  In any case, the
number of outstanding shares of Class B Common Stock shall be
determined after giving effect to the conversion or exercise of
securities of the Company, including this Warrant, by the Holder or
its Affiliates since the date as of which such number of
outstanding shares of Class B Common Stock was reported. The
“Beneficial Ownership
Limitation” shall be 9.99% of the number of shares of
the Class B Common Stock outstanding immediately after giving
effect to the issuance of shares of Class B Common Stock issuable
upon exercise of this Warrant. The Holder, upon notice to the
Company, may increase or decrease the Beneficial Ownership
Limitation provisions of this Section 2(e), provided that the
Beneficial Ownership Limitation in no event exceeds 9.99% of the
number of shares of the Class B Common Stock outstanding
immediately after giving effect to the issuance of shares of Class
B Common Stock upon exercise of this Warrant held by the Holder and
the provisions of this Section 2(e) shall continue to
apply. Any increase in the Beneficial Ownership Limitation will not
be effective until the 61st day after such
notice is delivered to the Company. The provisions of this
paragraph shall be construed and implemented in a manner otherwise
than in strict conformity with the terms of this Section 2(e) to correct this
paragraph (or any portion hereof) which may be defective or
inconsistent with the intended Beneficial Ownership Limitation
herein contained or to make changes or supplements necessary or
desirable to properly give effect to such limitation. The
limitations contained in this paragraph shall apply to a successor
holder of this Warrant. 

  

3.           Certain
Adjustments.

 

(a)           Stock
Dividends and Splits. If the Company, at any time while this
Warrant is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions on shares of its Class B
Common Stock or any other equity or equity equivalent securities
payable in shares of Class B Common Stock (which, for avoidance of
doubt, shall not include any shares of Class B Common Stock issued
by the Company upon exercise of this Warrant), (ii) subdivides
outstanding shares of Class B Common Stock into a larger number of
shares, (iii) combines (including by way of reverse stock split)
outstanding shares of Class B Common Stock into a smaller number of
shares, or (iv) issues by reclassification of shares of the Class B
Common Stock any shares of capital stock of the Company, then in
each case the Exercise Price shall be multiplied by a fraction of
which the numerator shall be the number of shares of Class B Common
Stock (excluding treasury shares, if any) outstanding immediately
before such event and of which the denominator shall be the number
of shares of Class B Common Stock outstanding immediately after
such event, and the number of shares issuable upon exercise of this
Warrant shall be proportionately adjusted such that the aggregate
Exercise Price of this Warrant shall remain unchanged. Any
adjustment made pursuant to this Section 3(a) shall become
effective immediately after the record date for the determination
of stockholders entitled to receive such dividend or distribution
and shall become effective immediately after the effective date in
the case of a subdivision, combination or re-classification. For
the purposes of clarification, the Exercise Price of this Warrant
will not be adjusted in the event that the Company or any future
subsidiary of the Company sells or grants any option to purchase,
or sell or grant any right to reprice, or otherwise dispose of or
issue (or announce any offer, sale, grant or any option to purchase
or other disposition) any Class B Common Stock or Class B Common
Stock Equivalents, at an effective price per share less than the
Exercise Price then in effect.

 

(b)           [RESERVED]

 

(c)          
Subsequent Rights
Offerings. In addition to any adjustments pursuant to
Section 3(a), if at
any time the Company grants, issues or sells any Class B Common
Stock Equivalents or rights to purchase stock, warrants, securities
or other property pro rata to the record holders of any class of
shares of Class B Common Stock (the “Purchase Rights”), then the Holder
will be entitled to acquire, upon the terms applicable to such
Purchase Rights, the aggregate Purchase Rights which the Holder
could have acquired if the Holder had held the number of shares of
Class B Common Stock acquirable upon complete exercise of this
Warrant (without regard to any limitations on exercise hereof,
including without limitation, the Beneficial Ownership Limitation)
immediately before the date on which a record is taken for the
grant, issuance or sale of such Purchase Rights, or, if no such
record is taken, the date as of which the record holders of shares
of Class B Common Stock are to be determined for the grant, issue
or sale of such Purchase Rights (provided, however, to the extent
that the Holder’s right to participate in any such Purchase
Right would result in the Holder exceeding the Beneficial Ownership
Limitation, then the Holder shall not be entitled to participate in
such Purchase Right to such extent (or beneficial ownership of such
shares of Class B Common Stock as a result of such Purchase Right
to such extent) and such Purchase Right to such extent shall be
held in abeyance for the Holder until such time, if ever, as its
right thereto would not result in the Holder exceeding the
Beneficial Ownership Limitation).

 

(d)           Pro
Rata Distributions. During such time as this Warrant is
outstanding, if the Company shall declare or make any dividend
(other than cash dividends) or other distribution of its assets (or
rights to acquire its assets) to holders of shares of Class B
Common Stock, by way of return of capital or otherwise (including,
without limitation, any distribution of shares or other securities,
property or options by way of a dividend, spin off,
reclassification, corporate rearrangement, scheme of arrangement or
other similar transaction) (a “Distribution”), at any time after
the issuance of this Warrant, then, in each such case, the Holder
shall be entitled to participate in such Distribution to the same
extent that the Holder would have participated therein if the
Holder had held the number of shares of Class B Common Stock
acquirable upon complete exercise of this Warrant (without regard
to any limitations on exercise hereof, including without
limitation, the Beneficial Ownership Limitation) immediately before
the date of which a record is taken for such Distribution, or, if
no such record is taken, the date as of which the record holders of
shares of Class B Common Stock are to be determined for the
participation in such Distribution (provided, however, that to the extent
that the Holder’s right to participate in any such
Distribution would result in the Holder exceeding the Beneficial
Ownership Limitation, then the Holder shall not be entitled to
participate in such Distribution to such extent (or in the
beneficial ownership of any shares of Class B Common Stock as a
result of such Distribution to such extent) and the portion of such
Distribution shall be held in abeyance for the benefit of the
Holder until such time, if ever, as its right thereto would not
result in the Holder exceeding the Beneficial Ownership
Limitation). To the extent that this Warrant has not been partially
or completely exercised at the time of such Distribution, such
portion of the Distribution shall be held in abeyance for the
benefit of the Holder until the Holder has exercised this
Warrant.

  

 

6

 

(e)           Fundamental
Transaction. If, at any time while this Warrant is
outstanding, (i) the Company, directly or indirectly, in one or
more related transactions effects any merger or consolidation of
the Company with or into another Person, (ii) the Company, directly
or indirectly, effects any sale, lease, license, assignment,
transfer, conveyance or other disposition of all or substantially
all of its assets in one or a series of related transactions, (iii)
any, direct or indirect, purchase offer, tender offer or exchange
offer (whether by the Company or another Person) is completed
pursuant to which holders of Class B Common Stock are permitted to
sell, tender or exchange their shares for other securities, cash or
property and has been accepted by the holders of 50% or more of the
outstanding Class B Common Stock, (iv) the Company, directly or
indirectly, in one or more related transactions effects any
reclassification, reorganization or recapitalization of the Class B
Common Stock or any compulsory share exchange pursuant to which the
Class B Common Stock is effectively converted into or exchanged for
other securities, cash or property, or (v) the Company, directly or
indirectly, in one or more related transactions consummates a stock
or share purchase agreement or other business combination
(including, without limitation, a reorganization, recapitalization,
spin-off or scheme of arrangement) with another Person or group of
Persons whereby such other Person or group acquires more than 50%
of the outstanding shares of Class B Common Stock (not including
any shares of Class B Common Stock held by the other Person or
other Persons making or party to, or associated or affiliated with
the other Persons making or party to, such stock or share purchase
agreement or other business combination) (each a
“Fundamental
Transaction”), then, upon any subsequent exercise of
this Warrant, the Holder shall have the right to receive, for each
Warrant Share that would have been issuable upon such exercise
immediately prior to the occurrence of such Fundamental
Transaction, at the option of the Holder (without regard to any
limitation in Section
2(e) on the exercise of this Warrant), the number of shares
of Class B Common Stock of the successor or acquiring corporation
or of the Company, if it is the surviving corporation, and any
additional consideration (the “Alternate Consideration”)
receivable by holders of Class B Common Stock as a result of such
Fundamental Transaction for each share of Class B Common Stock for
which this Warrant is exercisable immediately prior to such
Fundamental Transaction (without regard to any limitation in
Section 2(e) on the
exercise of this Warrant). For purposes of any such exercise, the
determination of the Exercise Price shall be appropriately adjusted
to apply to such Alternate Consideration based on the amount of
Alternate Consideration issuable in respect of one share of Class B
Common Stock in such Fundamental Transaction, and the Company shall
apportion the Exercise Price among the Alternate Consideration in a
reasonable manner reflecting the relative value of any different
components of the Alternate Consideration. If holders of Class B
Common Stock are given any choice as to the securities, cash or
property to be received in a Fundamental Transaction, then the
Holder shall be given the same choice as to the Alternate
Consideration it receives upon any exercise of this Warrant
following such Fundamental Transaction. The Company shall cause any
successor entity in a Fundamental Transaction in which the Company
is not the survivor (the “Successor Entity”) to assume in
writing all of the obligations of the Company under this Warrant in
accordance with the provisions of this Section 3(e) pursuant to
written agreements in form and substance reasonably satisfactory to
the Holder and approved by the Holder (without unreasonable delay)
prior to such Fundamental Transaction and shall, at the option of
the Holder, deliver to the Holder in exchange for this Warrant a
security of the Successor Entity evidenced by a written instrument
substantially similar in form and substance to this Warrant which
is exercisable for a corresponding number of shares of capital
stock of such Successor Entity (or its parent entity) equivalent to
the shares of Class B Common Stock acquirable and receivable upon
exercise of this Warrant (without regard to any limitations on the
exercise of this Warrant) prior to such Fundamental Transaction,
and with an exercise price which applies the exercise price
hereunder to such shares of capital stock (but taking into account
the relative value of the shares of Class B Common Stock pursuant
to such Fundamental Transaction and the value of such shares of
capital stock, such number of shares of capital stock and such
exercise price being for the purpose of protecting the economic
value of this Warrant immediately prior to the consummation of such
Fundamental Transaction), and which is reasonably satisfactory in
form and substance to the Holder. Upon the occurrence of any such
Fundamental Transaction, the Successor Entity shall succeed to, and
be substituted for (so that from and after the date of such
Fundamental Transaction, the provisions of this Warrant referring
to the “Company” shall refer instead to the Successor
Entity), and may exercise every right and power of the Company and
shall assume all of the obligations of the Company under this
Warrant with the same effect as if such Successor Entity had been
named as the Company herein.

  

(f)           Calculations.
All calculations under this Section 3 shall be made to the
nearest cent or the nearest 1/100th of a share, as the case may be.
For purposes of this Section 3, the number of shares
of Class B Common Stock deemed to be issued and outstanding as of a
given date shall be the sum of the number of shares of Class B
Common Stock (excluding treasury shares, if any) issued and
outstanding.

 

(g)           Notice
to Holder.

 

 

 

7

 

 

                                        (i) 
Adjustment to Exercise
Price. Whenever the Exercise Price is adjusted pursuant to
any provision of this Section 3, the Company shall
promptly mail to the Holder a notice setting forth the Exercise
Price after such adjustment and any resulting adjustment to the
number of Warrant Shares and setting forth a brief statement of the
facts requiring such adjustment.

 

                                        (ii) 
Notice to Allow Exercise
by Holder. If (A) the Company shall declare a dividend (or
any other distribution in whatever form) on the Class B Common
Stock, (B) the Company shall declare a special nonrecurring cash
dividend on or a redemption of the Class B Common Stock, (C) the
Company shall authorize the granting to all holders of the Class B
Common Stock rights or warrants to subscribe for or purchase any
shares of capital stock of any class or of any rights, (D) the
approval of any stockholders of the Company shall be required in
connection with any reclassification of the Class B Common Stock,
any consolidation or merger to which the Company is a party, any
sale or transfer of all or substantially all of the assets of the
Company, or any compulsory share exchange whereby the Class B
Common Stock is converted into other securities, cash or property,
or (E) the Company shall authorize the voluntary or involuntary
dissolution, liquidation or winding up of the affairs of the
Company, then, in each case, the Company shall cause to be mailed a
notice to the Holder at its last address as it shall appear upon
the Warrant Register of the Company, at least 20 calendar days
prior to the applicable record or effective date hereinafter
specified, stating (x) the date on which a record is to be taken
for the purpose of such dividend, distribution, redemption, rights
or warrants, or if a record is not to be taken, the date as of
which the holders of the Class B Common Stock of record to be
entitled to such dividend, distributions, redemption, rights or
warrants are to be determined or (y) the date on which such
reclassification, consolidation, merger, sale, transfer or share
exchange is expected to become effective or close, and the date as
of which it is expected that holders of the Class B Common Stock of
record shall be entitled to exchange their shares of the Class B
Common Stock for securities, cash or other property deliverable
upon such reclassification, consolidation, merger, sale, transfer
or share exchange; provided that the failure to provide such notice
or any defect therein shall not affect the validity of the
corporate action required to be specified in such notice. To the
extent that any notice provided hereunder constitutes, or contains,
material, non-public information regarding the Company or any
future subsidiaries of the Company, the Company shall
simultaneously file such notice with the Commission pursuant to a
Current Report on Form 8-K. The Holder shall remain entitled to
exercise this Warrant during the period commencing on the date of
such notice to the effective date of the event triggering such
notice except as may otherwise be expressly set forth
herein.

  

4.           Transfer
of Warrant.

 

(a)           Transferability.
Pursuant to FINRA Rule 5110(g)(1), neither this Warrant nor any
Warrant Shares issued upon exercise of this Warrant shall be sold,
transferred, assigned, pledged, or hypothecated, or be the subject
of any hedging, short sale, derivative, put, or call transaction
that would result in the effective economic disposition of the
securities by any person for a period of 180 days immediately
following the date of effectiveness or commencement of sales of the
offering pursuant to which this Warrant is being issued, except the
transfer of any security:

 

                                       (i) 
by operation of law or by reason of reorganization of the
Company;

 

                                       (ii) 
to any FINRA member firm participating in the offering and the
officers or partners thereof, if all securities so transferred
remain subject to the lock-up restriction in this Section 4(a) for
the remainder of the time period;

 

 

8

 

 

                                       (iii) 
if the aggregate amount of securities of the Company held by the
Holder or related person do not exceed 1% of the securities being
offered;

 

                                     
(iv)  that is beneficially owned on a pro-rata basis by all
equity owners of an investment fund, provided that no participating
member manages or otherwise directs investments by the fund, and
participating members in the aggregate do not own more than 10% of
the equity in the fund; or

 

                                       (v) 
the exercise or conversion of any security, if all securities
received remain subject to the lock-up restriction in this Section
4(a) for the remainder of the time period.

  

Subject
to the foregoing restriction, any applicable securities laws and
the conditions set forth in Section 4(d), this Warrant and
all rights hereunder (including, without limitation, any
registration rights) are transferable, in whole or in part, upon
surrender of this Warrant at the principal office of the Company or
its designated agent, together with a written assignment of this
Warrant substantially in the form attached hereto duly executed by
the Holder or its agent or attorney and funds sufficient to pay any
transfer taxes payable upon the making of such transfer. Upon such
surrender and, if required, such payment, the Company shall execute
and deliver a new Warrant or Warrants in the name of the assignee
or assignees, as applicable, and in the denomination or
denominations specified in such instrument of assignment, and shall
issue to the assignor a new Warrant evidencing the portion of this
Warrant not so assigned, and this Warrant shall promptly be
cancelled. The Warrant, if properly assigned in accordance
herewith, may be exercised by a new holder for the purchase of
Warrant Shares without having a new Warrant issued.

 

(b)           New
Warrants. This Warrant may be divided or combined with other
Warrants upon presentation hereof at the aforesaid office of the
Company, together with a written notice specifying the names and
denominations in which new Warrants are to be issued, signed by the
Holder or its agent or attorney. Subject to compliance with
Section 4(a), as to
any transfer which may be involved in such division or combination,
the Company shall execute and deliver a new Warrant or Warrants in
exchange for the Warrant or Warrants to be divided or combined in
accordance with such notice. All Warrants issued on transfers or
exchanges shall be dated the initial issuance date of this Warrant
and shall be identical with this Warrant except as to the number of
Warrant Shares issuable pursuant thereto.

 

(c)           Warrant
Register. The Company shall register this Warrant, upon
records to be maintained by the Company for that purpose (the
“Warrant
Register”), in the name of the record Holder hereof
from time to time. The Company may deem and treat the registered
Holder of this Warrant as the absolute owner hereof for the purpose
of any exercise hereof or any distribution to the Holder, and for
all other purposes, absent actual notice to the
contrary.

 

(d)           Representation
by the Holder. The Holder, by the acceptance hereof,
represents and warrants that it is acquiring this Warrant and, upon
any exercise hereof, will acquire the Warrant Shares issuable upon
such exercise, for its own account and not with a view to or for
distributing or reselling such Warrant Shares or any part thereof
in violation of the Securities Act or any applicable state
securities law, except pursuant to sales registered or exempted
under the Securities Act.

 

 

9

 

5.           Miscellaneous.

 

(a)           No
Rights as Stockholder Until Exercise. This Warrant does not
entitle the Holder to any voting rights, dividends or other rights
as a stockholder of the Company prior to the exercise hereof as set
forth in Section
2(d)(i).

 

(b)           Loss,
Theft, Destruction or Mutilation of Warrant. The Company
covenants that upon receipt by the Company of evidence reasonably
satisfactory to it of the loss, theft, destruction or mutilation of
this Warrant or any certificate relating to the Warrant Shares, and
in case of loss, theft or destruction, of indemnity or security
reasonably satisfactory to it (which, in the case of the Warrant,
shall not include the posting of any bond), and upon surrender and
cancellation of such Warrant or stock certificate, if mutilated,
the Company will make and deliver a new Warrant or stock
certificate of like tenor and dated as of such cancellation, in
lieu of such Warrant or stock certificate.

 

(c)           Saturdays,
Sundays, Holidays, etc. If the last or appointed day for the
taking of any action or the expiration of any right required or
granted herein shall not be a Business Day, then, such action may
be taken or such right may be exercised on the next succeeding
Business Day.

 

(d)           Authorized
Shares. The Company covenants that, during the period the
Warrant is outstanding, it will reserve from its authorized and
unissued Class B Common Stock a sufficient number of shares to
provide for the issuance of the Warrant Shares upon the exercise of
any purchase rights under this Warrant. The Company further
covenants that its issuance of this Warrant shall constitute full
authority to its officers who are charged with the duty of
executing stock certificates to execute and issue the necessary
Warrant Shares upon the exercise of the purchase rights under this
Warrant. The Company will take all such reasonable action as may be
necessary to assure that such Warrant Shares may be issued as
provided herein without violation of any applicable law or
regulation, or of any requirements of the Trading Market upon which
the Class B Common Stock may be listed. The Company covenants that
all Warrant Shares which may be issued upon the exercise of the
purchase rights represented by this Warrant will, upon exercise of
the purchase rights represented by this Warrant and payment for
such Warrant Shares in accordance herewith, be duly authorized,
validly issued, fully paid and nonassessable and free from all
taxes, liens and charges created by the Company in respect of the
issue thereof (other than taxes in respect of any transfer
occurring contemporaneously with such issue).

  

Except
and to the extent as waived or consented to by the Holder, the
Company shall not by any action, including, without limitation,
amending its certificate of incorporation or through any
reorganization, transfer of assets, consolidation, merger,
dissolution, issue or sale of securities or any other voluntary
action, avoid or seek to avoid the observance or performance of any
of the terms of this Warrant, but will at all times in good faith
assist in the carrying out of all such terms and in the taking of
all such actions as may be necessary or appropriate to protect the
rights of Holder as set forth in this Warrant against impairment.
Without limiting the generality of the foregoing, the Company will
(i) not increase the par value of any Warrant Shares above the
amount payable therefor upon such exercise immediately prior to
such increase in par value, (ii) take all such action as may be
necessary or appropriate in order that the Company may validly and
legally issue fully paid and nonassessable Warrant Shares upon the
exercise of this Warrant and (iii) use commercially reasonable
efforts to obtain all such authorizations, exemptions or consents
from any public regulatory body having jurisdiction thereof, as may
be, necessary to enable the Company to perform its obligations
under this Warrant.

 

 

 

10

 

Before
taking any action which would result in an adjustment in the number
of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or
exemptions thereof, or consents thereto, as may be necessary from
any public regulatory body or bodies having jurisdiction
thereof.

 

(e)           Jurisdiction.
All questions concerning the construction, validity, enforcement
and interpretation of this Warrant shall be determined in
accordance with the provisions of the underwriting agreement, dated
[●], 2017, by and between the Company and Roth Capital
Partners, LLC and Maxim Group, LLC, as representatives of the
underwriters set forth therein (the “Underwriting
Agreement”).

 

(f)           Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the
exercise of this Warrant, if not registered, and the Holder does
not utilize cashless exercise, will have restrictions upon resale
imposed by state and federal securities laws.

 

(g)           Nonwaiver
and Expenses. No course of dealing or any delay or failure
to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice the Holder’s
rights, powers or remedies. Without limiting any other provision of
this Warrant or the Underwriting Agreement, if the Company
willfully and knowingly fails to comply with any provision of this
Warrant, which results in any material damages to the Holder, the
Company shall pay to the Holder such amounts as shall be sufficient
to cover any costs and expenses including, but not limited to,
reasonable attorneys’ fees, including those of appellate
proceedings, incurred by the Holder in collecting any amounts due
pursuant hereto or in otherwise enforcing any of its rights, powers
or remedies hereunder.

 

(h)           Notices.
Any notice, request or other document required or permitted to be
given or delivered to the Holder by the Company shall be delivered
in accordance with the notice provisions of the Underwriting
Agreement.

  

(i)           Limitation
of Liability. No provision hereof, in the absence of any
affirmative action by the Holder to exercise this Warrant to
purchase Warrant Shares, and no enumeration herein of the rights or
privileges of the Holder, shall give rise to any liability of the
Holder for the purchase price of any Class B Common Stock or as a
stockholder of the Company, whether such liability is asserted by
the Company or by creditors of the Company.

 

(j)           Remedies.
The Holder, in addition to being entitled to exercise all rights
granted by law, including recovery of damages, will be entitled to
specific performance of its rights under this Warrant. The Company
agrees that monetary damages would not be adequate compensation for
any loss incurred by reason of a breach by it of the provisions of
this Warrant and hereby agrees to waive and not to assert the
defense in any action for specific performance that a remedy at law
would be adequate.

 

(k)           Successors
and Assigns. Subject to applicable securities laws, this
Warrant and the rights and obligations evidenced hereby shall inure
to the benefit of and be binding upon the successors and permitted
assigns of the Company and the successors and permitted assigns of
Holder. The provisions of this Warrant are intended to be for the
benefit of any Holder from time to time of this Warrant and shall
be enforceable by the Holder or holder of Warrant
Shares.

 

(l)           Amendment.
This Warrant may be modified or amended or the provisions hereof
waived with the written consent of the Company and the
Holder.

 

(m)           Severability.
Wherever possible, each provision of this Warrant shall be
interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Warrant shall be
prohibited by or invalid under applicable law, such provision shall
be ineffective to the extent of such prohibition or invalidity,
without invalidating the remainder of such provisions or the
remaining provisions of this Warrant.

 

(n)           Headings.
The headings used in this Warrant are for the convenience of
reference only and shall not, for any purpose, be deemed a part of
this Warrant.

 

 

********************

 

(Signature Page Follows)

 

 

11

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed
by its officer thereunto duly authorized as of the date first above
indicated.

 

	
 

	

RUMBLEON, INC.

	
 

	
 

	
 

	
 

	
 

	

By:__________________________________________

Name:
Marshall Chesrown

Title:
Chairman and CEO

 

 

12

 

 

NOTICE OF EXERCISE

 

 

TO:              
RUMBLEON, INC.

 

 

(1)   The
undersigned hereby elects to purchase ________ Warrant Shares of
the Company pursuant to the terms of the attached Warrant (only if
exercised in full), and tenders herewith payment of the exercise
price in full, together with all applicable transfer taxes, if
any.

 

(2)  
Payment shall take the form of (check applicable box):

 

[ ] in
lawful money of the United States; or

 

[ ] if
permitted the cancellation of such number of Warrant Shares as is
necessary, in accordance with the formula set forth in Section 2(c), to exercise this
Warrant with respect to the maximum number of Warrant Shares
purchasable pursuant to the cashless exercise procedure set forth
in Section
2(c).

 

(3)  
Please register and issue said Warrant Shares in the name of the
undersigned or in such other name as is specified
below:

 

_______________________________

 

 

The
Warrant Shares shall be delivered to the following DWAC Account
Number or by physical delivery of a certificate to:

 

_______________________________

 

_______________________________

 

_______________________________

 

 

 

[SIGNATURE
OF HOLDER]

 

Name of
Investing Entity:
_______________________________________________________________

Signature of Authorized Signatory of Investing Entity:
_________________________________________

Name of
Authorized Signatory:
___________________________________________________________

Title
of Authorized Signatory:
____________________________________________________________

Date:
________________________________________________________________________________

 

 

 

13

 

 

ASSIGNMENT FORM

 

(To
assign the foregoing warrant, execute

this
form and supply required information.

Do not
use this form to exercise the warrant.)

 

 

 

FOR
VALUE RECEIVED, [____] all of or [_______] shares of the foregoing
Warrant and all rights evidenced thereby are hereby assigned
to

 

 

_______________________________________________
whose address is

 

_______________________________________________________________.

 

 

 

_______________________________________________________________

 

Dated:
______________, _______

 

 

Holder’s
Signature: _____________________________

 

Holder’s
Address: _____________________________

 

_____________________________

 

 

 

NOTE:
The signature to this Assignment Form must correspond with the name
as it appears on the face of the Warrant, without alteration or
enlargement or any change whatsoever. Officers of corporations and
those acting in a fiduciary or other representative capacity should
file proper evidence of authority to assign the foregoing
Warrant.

 

 

 

 14Exhibit

Exhibit 10.1

PURCHASE AND SALE AGREEMENT

dated
October 23, 2017
by and between
DC-505 NORTH RAILROAD AVENUE, LLC,
a Delaware limited liability company,
as “SELLER”
and
DIGITAL NORTHLAKE, LLC, 
a Delaware limited liability company, 

as “PURCHASER”

724643206.7 17544974

Exhibit 10.1

TABLE OF CONTENTS
ARTICLE I SALE OF THE PROPERTY1
1.1Sale of Property    1
1.2No Representations    2
1.3No Reliance    2
1.4Acceptance of Deed    2
1.5“AS IS”    2
1.6Seller Release from Liability    3
1.7Purchaser’s Waiver of Objections    4
1.8Survival    4
ARTICLE II PURCHASE PRICE5
2.1Purchase Price    5
ARTICLE III DEPOSIT AND OPENING OF ESCROW5
3.1Deposit    5
3.2Interest Bearing    5
3.3Application    5
3.4Independent Consideration.    5
ARTICLE IV CONDITIONS TO CLOSING6
4.1Conditions to Purchaser’s Obligation to Purchase    6
4.2Conditions to Seller’s Obligation to Sell    10
4.3No Financing Contingency    10

1
724643206.7 17544974

Exhibit 10.1

4.4Failure of Conditions to Closing    11
ARTICLE V THE CLOSING11
5.1Date and Manner of Closing    11
5.2Closing    11
5.3Delay in Closing; Authority to Close    11
ARTICLE VI PROPERTY INFORMATION11
6.1Review and Approval of Documents and Materials    11
6.2Reliability of Information    11
ARTICLE VII INSPECTIONS12
7.1Physical Inspection of Property    12
7.2Insurance    12
7.3Indemnification    12
7.4Compliance with Laws    12
7.5Repair and Restoration of Property    12
ARTICLE VIII TITLE AND SURVEY13
8.1Title Documents    13
8.2Survey    13
8.3Title Exceptions    13
8.4Title Updates    13
8.5Encumbrances    13

2
724643206.7 17544974

Exhibit 10.1

8.6Seller’s Failure to Remove    14
ARTICLE IX RISK OF LOSS14
9.1Casualty    14
9.2Condemnation    15
ARTICLE X OPERATION OF THE PROPERTY15
10.1Operations    15
10.2Tenant Defaults    15
10.3No New Encumbrances    15
10.4Seller Notice of Change    16
10.5Leases and Service Agreements    16
ARTICLE XI CLOSING PRORATIONS AND ADJUSTMENTS; PAYMENT OF CLOSING COSTS16
11.1General    16
11.2Prorations    17
11.3Leasing Commissions; Tenant Improvement Allowances; Rent Abatement    18
11.4Final Adjustment After Closing    19
ARTICLE XII DEFAULT19
12.1Default by Purchaser    19
12.2Default by Seller    20
ARTICLE XIII REPRESENTATIONS AND WARRANTIES20
13.1Seller’s Representations    20

3
724643206.7 17544974

Exhibit 10.1

13.2Definition of Seller’s Knowledge    22
13.3Purchaser’s Representations, Warranties, and Covenants    22
13.4Survival    23
ARTICLE XIV ESCROW PROVISIONS24
14.1Escrow Provisions    24
ARTICLE XV GENERAL PROVISIONS25
15.1No Agreement Lien    25
15.2Confidentiality    25
15.3Headings    26
15.4Brokers    26
15.5Modifications    26
15.6Notices    26
15.7Assignment    27
15.8Further Assurances    28
15.9Governing Law    28
15.10Offer Only    28
15.11Counterparts    28
15.12E-mail or PDF Signatures    28
15.13Severability    28
15.14No Waiver    29
15.15Limitation of Liability    29

4
724643206.7 17544974

Exhibit 10.1

15.16Waiver of Jury Trial    29
15.17Successors and Assigns    30
15.18No Partnership or Joint Venture    30
15.19No Recordation    30
15.20Designation Agreement    30
15.21Survival    30
15.22Date for Performance    31
15.23Exclusivity    31

5
724643206.7 17544974

Exhibit 10.1

PURCHASE AND SALE AGREEMENT
This Purchase and Sale Agreement (this “Agreement”) is dated and made as of the 23rd day of October, 2017 (the “Effective Date”) by and between DC-505 NORTH RAILROAD AVENUE, LLC, a Delaware limited liability company (“Seller”), and DIGITAL NORTHLAKE, LLC, a Delaware limited liability company (“Purchaser”).
RECITALS
A.    Seller desires to sell and Purchaser desires to purchase all of Seller’s right, title and interest in and to the Property (as hereinafter defined), upon the terms and conditions set forth in this Agreement.
B.    Certain rules of construction for interpreting this Agreement are set forth on Schedule 1 attached hereto which is hereby incorporated in and constitutes part of this Agreement.
NOW, THEREFORE, for and in consideration of Purchase Price (as hereinafter defined), the mutual covenants and provisions contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as set forth below.

724643206.7 17544974

Exhibit 10.1

Article I 
 
SALE OF THE PROPERTY

1.1    Sale of Property.  Seller agrees to sell, transfer and assign to Purchaser and Purchaser agrees to purchase, accept and assume from Seller, subject to and in accordance with the terms and conditions of this Agreement, all of the following (collectively, the “Property”):
(a)    Land.  That certain parcel of real property located in Cook County, Illinois, as more particularly described in Exhibit A attached hereto (the “Land”);
(b)    Appurtenances.  Seller’s right, title and interest in and to all easements, right of way, development rights, air rights, licenses, privileges and other rights appurtenant to the Land (the “Appurtenances”);
(c)    Improvements.  Seller’s right, title and interest in and to that certain building consisting of approximately 251,141 square feet located on the Land (the “Building”);
(d)    Leases.  All of Seller’s interest in those certain lease agreements (collectively, the “Leases”) pursuant to which the tenants (the “Tenants”) identified on the rent roll attached hereto as Exhibit B (the “Rent Roll”) lease space in the Building, including all modifications, extensions and amendments thereof and all security deposits, letters of credit, guaranties and other forms of security provided to Seller, as landlord, in connection therewith.
(e)    Fixtures and Personal Property.  Seller’s right, title and interest in and to all fixtures attached to or used in connection with the Building including, without limitation, all critical infrastructure, generators and related facilities and equipment, UPS and other power systems and equipment, PDUs, RPPs, cooling and HVAC systems and equipment, fire suppression and monitoring systems and equipment, fiber, cabling, conduits, wiring, switchgear, security systems and equipment, patch panels, main distribution frames, cooling towers, and building management systems and equipment, furniture and fixtures and equipment, machinery, racks, antennas, satellite dishes, cabinets, cages and cage materials (the “Fixtures”) and the items of personal property and equipment set forth on Exhibit C-1 attached hereto (the “Personal Property”).  Seller shall not remove any of the Fixtures or Personal Property after the Effective Date unless Seller replaces the same with the equivalent or better items. All items of personal property and equipment set forth on Exhibit C-2 are hereby excluded from the purchase and sale contemplated hereunder and shall remain the sole property of Seller (collectively, the “Excluded Personal Property”); and
(f)    Intangible Property.  Seller’s right, title and interest, if any, in and to all of the intangible property used in connection with the Land or the Improvements including, without limitation, the following items, to the extent assignable and without warranty: the Service Agreements (as hereinafter defined; and to the extent desired by Purchaser), consents, licenses, approvals, certificates, permits, plans, drawings, surveys, development rights, warranties, guarantees and floor plans, plans and specifications and trademarks, if any, relating to the Building and the Fixtures (the “Intangible Property”).

2
724643206.7 17544974

Exhibit 10.1

1.2    No Representations.  Except for Seller’s representations set forth in Article XIII or in the Closing Documents (as hereinafter defined) executed by Seller, Seller makes no express or implied representation or warranty with respect to the Property, and to the extent permitted by law, excludes and disclaims any statutory or other representations or warranties.

1.3    No Reliance.  Purchaser agrees that except for Seller’s representations set forth in Article XIII or in the Closing Documents executed by Seller, Purchaser is not relying on and has not relied on any statements, promises, information or representations made or furnished by Seller or by any real estate broker, agent or any other person representing or purporting to represent Seller but rather is relying solely on its own expertise and on the expertise of its consultants and on the inspections and investigations Purchaser and its consultants has or will conduct.

1.4    Acceptance of Deed.  Purchaser hereby acknowledges and agrees that the acceptance of the Deed (as hereinafter defined) by Purchaser shall be deemed to be full performance and discharge of every agreement and obligation on the part of Seller to be performed under this Agreement other than breaches by Seller hereunder that were not known by Purchaser prior to Closing and except those, if any, which are herein specifically stated to survive delivery of the Deed.  No agreement or representation or warranty made in this Agreement by Seller will survive the Closing (as hereinafter defined) and the delivery of the Deed, unless expressly provided otherwise in this Agreement.

1.5    “AS IS”.  EXCEPT AS SPECIFICALLY SET FORTH TO THE CONTRARY IN THIS AGREEMENT OR IN THE CLOSING DOCUMENTS EXECUTED BY SELLER, PURCHASER AGREES (A) TO TAKE THE PROPERTY “AS IS, WHERE IS, WITH ALL FAULTS” AND (B) THAT NO REPRESENTATIONS OR WARRANTIES ARE MADE OR RESPONSIBILITIES ASSUMED BY SELLER AS TO THE CONDITION OF THE PROPERTY, AS TO THE TERMS OF ANY LEASES OR OTHER DOCUMENTS OR AS TO ANY INCOME, EXPENSE, OPERATION OR ANY OTHER MATTER OR THING AFFECTING OR RELATING TO THE PROPERTY, NOW OR ON THE CLOSING DATE(AS HEREINAFTER DEFINED). SUBJECT TO AND WITHOUT LIMITING PURCHASER’S RIGHTS UNDER ARTICLE IX, PURCHASER AGREES TO ACCEPT THE PROPERTY IN THE CONDITION EXISTING ON THE CLOSING DATE, SUBJECT TO ALL FAULTS OF EVERY KIND AND NATURE WHATSOEVER WHETHER LATENT OR PATENT AND WHETHER NOW OR HEREAFTER EXISTING.
PURCHASER ACKNOWLEDGES THAT AS OF THE CLOSING DATE, PURCHASER WILL HAVE INSPECTED THE PROPERTY AND OBSERVED ITS PHYSICAL CHARACTERISTICS AND CONDITIONS AND WILL HAVE HAD THE OPPORTUNITY TO CONDUCT SUCH INVESTIGATIONS AND STUDIES ON OR OVER THE PROPERTY AND ADJACENT AREAS AS IT DEEMS NECESSARY AND, EXCEPT FOR THE EXCEPTED CLAIMS (AS HEREINAFTER DEFINED), HEREBY WAIVES ANY AND ALL OBJECTIONS TO OR COMPLAINTS REGARDING THE PROPERTY AND ITS CONDITION, INCLUDING, BUT NOT LIMITED TO, FEDERAL, STATE OR COMMON LAW-BASED ACTIONS AND ANY PRIVATE RIGHT OF ACTION UNDER STATE AND FEDERAL LAW TO WHICH THE PROPERTY IS OR MAY BE SUBJECT, INCLUDING, BUT NOT LIMITED TO, CLAIMS 

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RELATING TO CERCLA, RCRA, PHYSICAL CHARACTERISTICS AND EXISTING CONDITIONS, INCLUDING STRUCTURAL AND GEOLOGICAL CONDITIONS, SUBSURFACE SOIL AND WATER CONDITIONS, AND SOLID AND HAZARDOUS WASTE AND HAZARDOUS MATERIALS ON, UNDER, ADJACENT TO OR OTHERWISE AFFECTING THE PROPERTY.  PURCHASER FURTHER ACKNOWLEDGES THE RISK OF CHANGES IN APPLICABLE LAWS AND REGULATIONS RELATING TO PAST, PRESENT AND FUTURE ENVIRONMENTAL CONDITIONS ON THE PROPERTY AND THE RISK THAT ADVERSE PHYSICAL CHARACTERISTICS AND CONDITIONS, INCLUDING THE PRESENCE OF HAZARDOUS MATERIALS OR OTHER CONTAMINANTS, MAY NOT HAVE BEEN REVEALED BY ITS INVESTIGATION.

1.6    Seller Release from Liability.  Except with respect to the Seller’s representations or as otherwise expressly provided in this Agreement or in the Closing Documents, Purchaser hereby fully and forever waives, and Seller hereby fully and forever disclaims and shall not be liable or bound in any manner by, any and all warranties, guarantees, promises, statements, representations or information of whatever type or kind with respect to the Property, whether express, implied or otherwise, including warranties of fitness for a particular purpose, tenantability, habitability or use.  Purchaser agrees that:
(a)    Except for any Claims (as hereinafter defined) arising out of a breach or default by Seller under this Agreement (including a breach of any of Seller’s representations and warranties in Article XIII) or the Closing Documents executed by Seller (collectively, “Excepted Claims”), Purchaser and anyone claiming by, through or under Purchaser hereby waives its right to recover from and fully and irrevocably releases Seller and Seller’s employees, officers, directors, trustees, shareholders, members, partners, representatives, agents, servants, attorneys, affiliates, parents, subsidiaries, successors and assigns, and all persons, firms, corporations and organizations in its behalf (“Released Parties”) from any and all claims, responsibility and/or liability that it may now have or hereafter acquire against any of the Released Parties for any and all costs, losses, claims, liabilities, damages, expenses, demands, debts, controversies, claims, actions or causes of actions, including, without limitation, reasonable attorneys’ fees and costs (collectively, “Claims”), arising from or related to the condition (including any construction defects, errors, omissions or other conditions, latent or otherwise, and the presence in the soil, air, structures and surface and subsurface waters of materials or substances that have been or may in the future be deemed to be hazardous materials or otherwise toxic, hazardous, undesirable or subject to regulation and that may need to be specifically treated, handled and/or removed from the Property under current or future federal, state and local laws, regulations or guidelines or common law), valuation, salability or utility of the Property, condition of title to the Property, compliance with any applicable federal, state or local law, rule or regulations or common law with respect to the Property, or the Property’s suitability for any purposes whatsoever, and any information furnished by the Released Parties in connection with this Agreement.
(b)    Except for the Excepted Claims, Purchaser agrees that under no circumstances will it make any claim against, bring any action, cause of action or proceeding against, or assert any liability upon, Seller as a result of the inaccuracy, unreliability or insufficiency of, or any defect or mistake in, any of the Property Documents (as hereinafter defined), and Purchaser 

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hereby fully and forever releases, acquits and discharges Seller of and from any such claims, actions, causes of action, proceedings or liability, whether known or unknown.  This release expressly includes claims of which Purchaser is presently unaware or which Purchaser does not presently suspect to exist which, if known by Purchaser, would materially affect Purchaser’s release of Seller.
(c)    To the extent permitted by law, Purchaser hereby agrees, represents and warrants that Purchaser realizes and acknowledges that factual matters now unknown to it may have given or may hereafter give rise to Claims which are presently unknown, unanticipated and unsuspected, and Purchaser further agrees, represents and warrants that the waivers and releases herein have been negotiated and agreed upon in light of the realization, and that Purchaser nevertheless hereby intends to release, discharge and acquit the Released Parties from any and all Claims, except for Excepted Claims.

1.7    Purchaser’s Waiver of Objections.  Notwithstanding anything to the contrary herein, Purchaser and Seller acknowledge that any written disclosures made in accordance with the requirements of Section 15.6 hereof or discovery made by Purchaser and of which Purchaser shall have actual knowledge prior to the Closing shall constitute notice to Purchaser of the matter disclosed or discovered, and Seller shall have no further liability if Purchaser thereafter consummates the transaction contemplated hereby.

1.8    Survival.  Seller and Purchaser have agreed upon the Purchase Price relating to the Property and other provisions of this Agreement in contemplation and consideration of Purchaser’s agreeing to the provisions of Sections 1.2, 1.3, 1.4, 1.5, 1.6, and 1.7, which Sections shall survive the Closing indefinitely and the delivery of the Deed (as hereinafter defined) and/or termination of this Agreement and shall not be deemed merged into the Deed or other documents executed and delivered by Purchaser or Seller, or both, at or in connection with Closing (the Deed together with such documents, the “Closing Documents”).

ARTICLE II     
 
PURCHASE PRICE

2.1    Purchase Price. The purchase price for the Property is Three Hundred Fifteen Million and 00/100 Dollars ($315,000,000.00) the “Purchase Price”).  The Purchase Price, net to Seller without deduction, credit to Purchaser or expense to Seller, except as expressly provided otherwise in this Agreement, shall be deposited by Purchaser with Escrow Agent (as defined in Section 3.1, below) no later than the time of Closing by wire transfer of immediately available federal funds.  No portion of the Purchase Price shall be allocated, nor attributable, to any items of personal property. The Purchase Price must be received by Seller by 4:00 P.M.  (Eastern Time) on a particular day in order for the Closing to be deemed to have taken place as of such date.

ARTICLE III     
 
DEPOSIT AND OPENING OF ESCROW

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Exhibit 10.1

3.1    Deposit.  Within two (2) business day following the Effective Date and as a condition precedent to this Agreement becoming a binding agreement between the parties, Purchaser will deposit an amount equal to Five Million Dollars and No/100 Dollars ($5,000,000.00) (the “Deposit”) with  First American Title Insurance Company (“Escrow Agent” or “Title Company”), by wire transfer of immediately available federal funds and will provide Escrow Agent with a fully completed form W-9 which provides Purchaser’s tax identification number.  If Purchaser fails to deposit the Deposit within the time period provided for above, Seller may at any time prior to Escrow Agent’s receipt of the Deposit, terminate this Agreement, in which event this Agreement shall be of no further force and effect and thereafter neither party shall have any further rights or obligations to the other hereunder, except as otherwise set forth in this Agreement.  The Deposit shall be non-refundable except as otherwise provided in this Agreement.

3.2    Interest Bearing.  The Deposit shall be held in an interest-bearing escrow account by Escrow Agent in an institution as directed by Seller and reasonably acceptable to Purchaser.  All interest and income on the Deposit will be remitted to the party entitled to the Deposit pursuant to this Agreement.

3.3    Application.  If Closing occurs, the Deposit will be credited against the Purchase Price at Closing.  If the Closing does not occur in accordance with the terms hereof, the Deposit shall be delivered to the party entitled to the Deposit, as provided in this Agreement.  In all events, the Deposit shall be held in escrow by Escrow Agent, in trust in accordance with the provisions of Article XIV.

3.4    Independent Consideration.  Contemporaneously with the execution and delivery of this Agreement, Purchaser has paid to Seller as further consideration for this Agreement, in cash, the sum of One Hundred and 00/100 Dollars ($100.00) (the “Independent Consideration”), in addition to the Deposit and the Purchase Price.  The Independent Consideration is independent of any other consideration provided hereunder, shall be fully earned by Seller upon the Effective Date hereof, and is not refundable under any circumstances.

ARTICLE IV     
 
CONDITIONS TO CLOSING

4.1    Conditions to Purchaser’s Obligation to Purchase.  Purchaser’s obligation to purchase the Property is expressly conditioned upon each of the following:
(a)    Performance by Seller.  Seller’s performance in all material respects of the obligations, covenants and deliveries required of Seller under this Agreement.
(b)    Seller’s Deliveries.  Seller’s delivery at Closing of the following, all documents to be executed originals, unless otherwise indicated below and, if applicable, witnessed and properly acknowledged, provided, however that delivery of the items set forth in Section 4.1(b)(iii),(iv) and (xi) may be accomplished via on-site delivery at the Property or in such other manner as agreed by Purchaser and Seller:

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(i)    The Special Warranty Deed in the form attached hereto as Exhibit D (the “Deed”), subject to the following matters (collectively, the “Permitted Exceptions”):
(1)    Non-delinquent real property taxes, water and sewer charges and all assessments (governmental and private) and unpaid installments thereof which are not yet due and payable, subject to the provisions of Section 11.2;
(2)    Any matter (including any lien, encumbrance or easement) voluntarily imposed or consented to in writing by Purchaser prior to or as of the Closing;
(3)    Laws and governmental regulations, including all building codes, zoning regulations and ordinances, that affect the use, operation and maintenance of the Property;
(4)    Intentionally Omitted;
(5)    Non-material variations between locations of fences, retaining walls, guy poles, hedges, treelines and shrubs;
(6)    Rights of Tenants under the terms and conditions of the Leases with no options to purchase or rights of first refusal; and
(7)    the Exceptions and all other matters otherwise affecting title to the Property, except Required Removal Items (as hereinafter defined) and those matters Seller has removed or agreed to remove pursuant to Section 8.4 below.
(ii)    In the event that the legal description of the Property as determined by the Survey (as hereinafter defined) differs from the legal description which was conveyed to Seller, at the request of Purchaser, Seller shall also execute and deliver to Purchaser at Closing a quitclaim deed of the boundary legal description set forth in the Survey.
(iii)    The Assignment and Assumption Agreement in the form attached as Exhibit E (the “Assignment and Assumption Agreement”);
(iv)    The Leases (copies of which shall be acceptable if originals are unavailable);
(v)    The Service Agreements (copies of which shall be acceptable if originals are unavailable), which are being assumed by Purchaser;
(vi)    The FIRPTA Certification in the form attached hereto as Exhibit F that Seller is not a “foreign person”;

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(vii)    Evidence reasonably acceptable to Title Company of the authority of the individuals executing any instruments executed and delivered by Seller at Closing, together with a certificate of good standing of Seller;
(viii)    The Bill of Sale in the form attached hereto as Exhibit G;
(ix)    A tenant estoppel certificate (“Tenant Estoppel Certificate”) from Tenants occupying in the aggregate, eighty-five percent (85%) of the leased and occupied rentable space in the Building as of the Effective Date, either (i) substantially conforming to the form estoppel certificate attached to the applicable Lease, or (ii) in the form attached hereto as Exhibit H. Each Tenant Estoppel Certificate, in order to be effective, must be dated no earlier than thirty (30) days prior to the Closing Date.  Each Tenant Estoppel Certificate must be completed to reflect the terms of the Lease and must not, unless expressly waived by Purchaser in writing, disclose any material defaults or material breaches of Seller’s representations and warranties herein or any other matter reasonably determined to be adverse by Purchaser.  Seller agrees to use all commercially reasonable efforts to obtain and deliver to Purchaser the executed Tenant Estoppel Certificates from all tenants no later than the third (3rd) business day prior to the Closing Date. Notwithstanding anything to the contrary contained herein, Seller shall not be in default for failure to satisfy the condition set forth in this Section 4.1(b)(ix) and Purchaser’s sole recourse for such failure shall be to terminate this Agreement and receive the Deposit.  Purchaser or Seller shall be entitled to extend the Closing Date for up to twenty (20) days, if necessary, in order for Seller to obtain the Tenant Estoppel Certificates.  Seller shall (i) deliver drafts of all of the Tenant Estoppel Certificates to Purchaser for its review prior to delivering them to the Tenants, and (ii) promptly notify Purchaser of any comments received by Seller from any of the Tenants regarding the Tenant Estoppel Certificates;
(x)    A tenant notification letter (each a “Tenant Letter”) for each Tenant under a Lease in the form attached hereto as Exhibit I;
(xi)    Evidence of termination by Seller of all leasing and management agreements related to the Property, except for that certain Property Management Agreement, dated effective as of December 5, 2015, between Seller and Ascent CH2, LLC, as amended by that certain First Amendment to Property Management Agreement, dated as of April 15, 2016, between Seller and Ascent CH2, LLC, all of which shall be assigned to Purchaser pursuant to the Assignment and Assumption Agreement;
(xii)    (i)    Notices to the vendors under the Service Agreements being assigned advising them of the sale of the Property and directing all future notices and invoice payments to Purchaser, in form reasonably acceptable to Seller and Purchaser (the “Vendor Notices”) along with evidence reasonably acceptable to Purchaser that the Service Agreements not being assigned to Purchaser have terminated as of Closing. 
(xiii)    A closing statement in form and content satisfactory to Seller and Purchaser (the “Closing Statement”) signed by Seller; which Closing Statement may be transmitted by PDF;

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Exhibit 10.1

(xiv)    All keys and lock combinations for the Property and all licenses, certificates, permits, lease files, plans, books, records and reports and other materials that comprise the Intangible Property, to the extent such items are in Seller’s or any property manager of Seller’s actual possession or control;
(xv)    An affidavit of title sufficient to permit the Title Company to remove any exception in the Title Policy (as defined below) for mechanics’ and materialmen’s liens, general rights of parties in possession (except for the rights of Tenants under the Leases), unrecorded encumbrances and unpaid taxes or assessments not appearing of record, in a form reasonably acceptable to the Title Company; 
(xvi)    Evidence of the authority and good standing and the incumbency of any individuals to execute any instruments executed and delivered by Seller at Closing to enable Title Company to remove any exceptions regarding Seller’s standing, authority or authorization;
(xvii)    Any required transfer tax declarations, including an Illinois PTAX 203;
(xviii)    Proof of payment of the final water bill and a certificate of compliance issued by the City of Northlake, and proof of payment of liens as required by the City of Northlake, all of which shall be at Seller’s sole cost and expense; and
(xix)    Such additional assignments, instruments, affidavits and documents appropriate to be executed and delivered by Seller as may be reasonably necessary and required by Title Company to complete the transaction contemplated hereby and to carry out the intent and purposes of this Agreement provided the same are commercially reasonable and do not require disclosure of proprietary information.
(c)    Seller’s Representations and Warranties.  The representations and warranties of Seller set forth in Section 13.1 being true and correct in all material respects as of Closing.
(d)    Title Insurance.  Issuance (or irrevocable commitment to issue) by Escrow Agent on behalf of Title Company of an American Land Title Association extended coverage owner’s policy of title insurance (the “Title Policy”), with liability in the amount of the Purchase Price, insuring that indefeasible fee title to the Property vests in the Purchaser subject only to the Permitted Exceptions.  The condition set forth in this Section 4.1(d) shall be satisfied if the Title Company issues the Title Policy in the form of the pro forma attached hereto as Exhibit K and there is co-insurance with Commonwealth Land Title Company for 50% of the liability amount.
(e)    No Litigation.  There shall be no pending or threatened litigation challenging or seeking to prevent the consummation of the transactions in the Agreement.
(f)    Bulk Sales.  Seller shall request and shall use good faith efforts to obtain (a) a release letter or a certificate issued by the Illinois Department of Revenue showing that Seller has 

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Exhibit 10.1

no liability prior to the Closing for the payment of any assessed but unpaid tax, penalty or interest under the Illinois Income Tax Act and any tax, penalty or interest due under the Retailer’s Occupation Tax Act, as amended, and (b) a release letter or a certificate issued by the Cook County Department of Revenue showing Seller has no outstanding Department of Revenue Home Rule Tax Liability prior to the Closing.  Seller shall at or prior to Closing provide Purchaser with evidence of Seller’s request for such certificates.  In the event that, prior to Closing, Seller does not furnish a certificate or statement from the Illinois Department of Revenue or the Cook County Department of Revenue stating that no amounts are due, as the case may be, Seller hereby agrees to indemnify, defend and hold Purchaser harmless from and against any and all liabilities, claims, demands, causes of action, losses, costs and expenses (including reasonable attorneys’ fees, court costs and disbursements) that may arise out of Seller’s failure to pay any tax, penalty or interest assessed against Seller under the Illinois Income Tax Act or Retailer’s Occupation Tax Act or the Department of Revenue Home Rule Tax Liability, as applicable with respect to the operations prior to the Closing.  Seller’s indemnity under this Section shall survive Closing until such time as Seller has delivered a certificate or statement from the Illinois Department of Revenue and Cook County Department of Revenue stating that no amounts are due.
(g)    Purchaser shall have received evidence reasonably acceptable to Purchaser that, from and after Closing, Purchaser shall have all of the rights and benefits afforded to Ascent CH2, LLC, as customer, under that certain Electrical Facilities Service Acknowledgement which is attached as Exhibit C to that certain Assignment Agreement dated July 12, 2012, between Ascent CH2, LLC and Commonwealth Edison Company.
(h)    At Purchaser’s option, (i) Seller shall have obtained written consent from Source Power & Gas LLC to assign Seller’s interest in that certain Commodity Supply Agreement dated February 26, 2016, between Seller and Source Power & Gas LLC to Purchaser pursuant to the Assignment and Assumption Agreement, or (ii) Purchaser shall have entered into an agreement with Source Power & Gas LLC to provide electricity to the Property on terms and conditions acceptable to Purchaser in the exercise of its sole discretion, and Seller shall have terminated as of Closing the agreement referenced in clause (i) of this sentence.
(i)    Seller shall have cooperated with Purchaser and taken actions necessary so that the roof warranty to transferred to Purchaser at Closing.
(j)    Purchaser shall have received written confirmation from the City of Northlake that the City of Northlake is maintaining and repairing Railroad Avenue, and as such private parties are not required to perform any of the maintenance or repairs required under Exceptions with regards Railroad Avenue.

4.2    Conditions to Seller’s Obligation to Sell.  Seller’s obligation to sell is expressly conditioned upon each of the following:
(a)    Performance by Purchaser.  Purchaser’s performance in all material respects of the obligations, covenants, and deliveries required of Purchaser under this Agreement.

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Exhibit 10.1

(b)    Receipt of Purchase Price.  Receipt by Escrow Agent of the Purchase Price in the manner provided in this Agreement.
(c)    Purchaser’s Deliveries.  Purchaser’s delivery at Closing of the following, all documents to be executed originals and, if applicable, witnessed and properly acknowledged:
(i)    The Assignment and Assumption Agreement;
(ii)    The Closing Statement (signed by Purchaser), with a copy thereof to be delivered to Seller, which Closing Statement may be transmitted via email as a PDF;
(iii)    If applicable the Assignment of Purchase and Sale Agreement in compliance with the terms of Section 15.7;
(iv)    The Tenant Letter;
(v)    All applicable real estate transfer tax forms and affidavits; and
(vi)    Such additional affidavits (including, without limitation, an affidavit regarding commercial real estate brokers), documents and instruments appropriate to be executed and delivered by Purchaser as may be reasonably necessary and required by Title Company to complete the transaction contemplated hereby and to carry out the intent and purposes of this Agreement, provided the same are commercially reasonable and do not require disclosure of proprietary information.
(d)    Purchaser’s Representations and Warranties.  The representations and warranties of Purchaser set forth in Section 13.3 being true and correct in all material respects as of Closing.

4.3    No Financing Contingency.  It is expressly understood and acknowledged by Purchaser that this Agreement and Purchaser’s obligations hereunder are not contingent or conditioned upon obtaining a commitment for or closing any financing and the failure of Purchaser to obtain or close any financing for any reason whatsoever, shall not be a failure of a condition to Purchaser’s performance hereunder.  In addition, Seller will have no obligation to or privity with any lender to Purchaser.

4.4    Failure of Conditions to Closing.  In the event that any condition set forth in Section 4.1 or Section 4.2 is not satisfied as of the date specified or if no date is specified, by Closing, then the party in whose favor such condition is provided may elect to (i) terminate this Agreement by delivery of written notice to the other party, in which case, the Deposit shall be returned to Purchaser and neither party shall have any further rights or obligations under this Agreement except as expressly set forth herein, or (ii) extend the Closing Date for up to fifteen (15) days to allow the other party to satisfy any such unsatisfied condition; provided, however, nothing in this Section shall prevent Seller or Purchaser from pursuing remedies under Article XII if the sale of the Property as contemplated hereunder is not consummated due to a default by the other party.  

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Exhibit 10.1

ARTICLE V     
 
THE CLOSING

5.1    Date and Manner of Closing.  The closing of the transaction contemplated by this Agreement (the “Closing”) will occur through an escrow with Escrow Agent, no later than 4:00 P.M. (Eastern Time) on the date that is fifteen (15) business days after the Effective Date (the “Closing Date”) or such earlier or later date as is agreed by the parties.  The Closing Date may be extended as expressly provided for in this Agreement.

5.2    Closing.  Subject to satisfaction of the conditions to Closing set forth in Article IV hereof, on the Closing Date, Escrow Agent will (i) not later than 4:00 P.M. (Eastern Time) deliver the Purchase Price to Seller in the form of a wire transfer of immediately available funds, and (ii) release for recordation the Deed and such other of the Closing Documents as may be recorded.

5.3    Delay in Closing; Authority to Close.  If Closing does not occur on or before the Closing Date, then unless on or before the Closing Date, Escrow Agent receives a written notice from both Purchaser and Seller to the contrary, Escrow Agent will deliver all monies and documents in accordance with joint written instructions from Purchaser and Seller.

ARTICLE VI     
 
PROPERTY INFORMATION

6.1    Review and Approval of Documents and Materials.  Seller has previously provided to Purchaser on a secured diligence website certain documentation regarding the condition and operation of the Property, including, without limitation, the Survey (as hereinafter defined). All documents or information provided to Purchaser on such secured diligence website regarding the condition and operation of the Property, including, without limitation, the documents provided pursuant to this Section 6.1, are collectively be referred to herein as the “Property Documents”.   

6.2    Reliability of Information.  The Property Documents and other information provided by Seller and/or its agents to Purchaser under the terms of this Agreement are for informational purposes only.  Subject to Seller’s Representations (hereinafter defined), Purchaser (a) is not in any way entitled to rely upon the accuracy of the information within the Property Documents and other information provided by Seller and/or its agents and (b) Purchaser will rely exclusively on its own inspections and consultants with respect to all matters Purchaser deems relevant to its decision to acquire the Property.  The provisions of this Section 6.2 shall survive the Closing and the delivery of the Deed.

ARTICLE VII     
 
INSPECTIONS

7.1    Physical Inspection of Property.  Purchaser acknowledges that Seller has allowed Purchaser and Purchaser’s engineers, architects or other employees, agents, consultants and contractors reasonable access to the Property during normal business hours for the purposes of (i) 

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reviewing contracts, books and records relating to the Property (other than any privileged, proprietary or confidential records), soil reports, environmental studies and reports, surveys, and building and systems plans and to make copies of the same; (ii) reviewing records relating to operating expenses and other instruments and correspondence relating to the Property and to make copies of the same; and (iii) inspecting the physical condition of the Property and conducting non-intrusive physical and environmental tests and inspections thereof.  Notwithstanding anything to the contrary contained herein, at no time shall Purchaser have access to any portion of the electrical substation that Seller does not have access to as a matter of right.

7.2    Insurance.  Purchaser acknowledges that it has caused it and any person that was provided access to the Property to be covered by not less than Three Million and 00/100 Dollars ($3,000,000.00) commercial general liability insurance (with, in the case of Purchaser’s coverage, a contractual liability endorsement, insuring its indemnity obligation under this Agreement), insuring all activity and conduct of such person while accessing the Property and naming Seller as an additional insured, issued by a licensed insurance company qualified to do business in the State in which the Property is located and otherwise reasonably acceptable to Seller.

7.3    Indemnification.  Purchaser agrees to indemnify, defend and hold harmless Seller and the Released Parties from any Claims to the extent arising from the access by Purchaser or its employees, consultants, agents or representatives of the right of access under this Agreement or out of any of the foregoing; provided, however, that Purchaser’s indemnity shall not extend to any Claims arising from (i) the gross negligence or willful misconduct of Seller or Seller’s agents, employees or representatives or (ii) any pre-existing condition on the Property that Purchaser does not exacerbate.  The indemnity in this Section 7.3 shall survive the Closing or any termination of this Agreement.  

7.4    Compliance with Laws.  Purchaser agrees that any inspection, test or other study or analysis of the Property have been performed in strict accordance with all applicable laws, ordinances, codes and other governmental requirements affecting the Property, Purchaser or Seller (collectively, “Applicable Laws”).

7.5    Repair and Restoration of Property.  Purchaser agrees at its own expense to promptly repair or restore the Property, or, at Seller’s option, to reimburse Seller for any repair or restoration costs, if any inspection or test requires or results in any actual damage to or alteration of the condition of the Property.  As of the date hereof, there are no repairs or restoration required as a result of any such inspections or tests.  The obligations set forth in this Section 7.5 shall survive the Closing or any termination of this Agreement.

ARTICLE VIII     
 
TITLE AND SURVEY

8.1    Title Documents.  Purchaser received on September 20, 2017 that certain Commitment for Title Insurance, Commitment No. NCS 852413-2 (the “Title Commitment”), issued by the Title Company. Seller acknowledges receipt of a copy of the Title Commitment.

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8.2    Survey and Zoning Report.  Seller has previously provided Purchaser with a copy of Seller existing survey of the Property (the “Survey). Seller also previously provided Purchaser with a current zoning report for the Property to Purchaser, and Seller shall consent to any request by Purchaser and/or the zoning company provider to permit Purchaser to rely on such zoning report.

8.3    Title Exceptions.  The exceptions to title disclosed on Schedule B, Part Two  of  the Title Commitment and any matters disclosed on the Survey are referred to herein as the “Exceptions”.  The Exceptions and all other matters otherwise affecting title to the Property, except Required Removal Items, will constitute Permitted Exceptions.

8.4    Title Updates.  If any supplemental title report or update issued subsequent to September 20, 2017 contains material exceptions (“New Exceptions”) other than those in the original Title Commitment, Purchaser will be entitled to object to the New Exceptions by delivery of a notice of objections to Seller on or before the date that is five (5) days following Purchaser’s receipt of such supplement or update.  If Purchaser fails to deliver to Seller a notice of objections on or before such date, Purchaser will be deemed to have waived any objection to the New Exceptions (except Required Removal Items), and the New Exceptions will be included as Permitted Exceptions.  Seller will have not less than five (5) days from the receipt of Purchaser’s notice (and, if necessary, Seller may extend the Closing Date to provide for such five (5) day period and for two (2) days following such period for Purchaser’s response), within which time Seller may, but is under no obligation to, remove the objectionable New Exceptions (other than Required Removal Items).  If, within the five (5) day period, Seller or Title Company does not (or does not agree to) remove the New Exceptions, then Purchaser may terminate this Agreement upon notice to Seller no later than two (2) business days following expiration of the five (5) day cure period. If Purchaser terminates this Agreement, the Deposit will be promptly returned to Purchaser, and the parties shall be released from all further obligations under this Agreement (except those that expressly survive termination of this Agreement).  If Purchaser fails to terminate this Agreement in the manner set forth above, the New Exceptions (except those Seller and/or Title Company has removed or agreed to remove and Required Removal Items) will be included as Permitted Exceptions.

8.5    Encumbrances.  At or prior to Closing, Seller shall be required to remove from title or otherwise satisfy (i) any deeds of trust or mortgages executed or assumed by Seller which encumber the Property, (ii) mechanics’ liens arising out of work performed or authorized by or under the direction of Seller, (iii) judgment liens against Seller, (iv) delinquent taxes payable by Seller and (v) any other monetary lien or encumbrance (or violation that can be removed with the payment of money) affecting all or any portion of the Property (“Required Removal Items”).  Purchaser and Seller agree that any such  monetary liens or other encumbrances may be paid out of the cash consideration to be paid by Purchaser.

8.6    Seller’s Failure to Remove.  If Seller fails on or before Closing to remove any New Exception that Seller agreed in accordance with the terms of this Article to remove or any Required Removal Items, then Purchaser may elect either to close and deduct the amount of any such items from the Purchase Price or to terminate this Agreement and receive a return of the Deposit.

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ARTICLE IX     
 
RISK OF LOSS

9.1    Casualty.  If the Property is damaged or destroyed by fire or other casualty prior to the Closing then promptly after Seller becomes aware of the damage or destruction Seller will notify Purchaser thereof (the “Damage Notice”).  If the damage or destruction is not a Material Casualty (as defined below), Closing will proceed in accordance with the terms of this Agreement for the full Purchase Price, notwithstanding the damage or destruction; provided, however, that Seller will pay or assign to Purchaser at Closing (i) all insurance proceeds, if any, resulting from such casualty damage and credit to Purchaser, (ii) any applicable deductible amounts under the insurance policies pursuant to which the insurance proceeds are paid or assigned and (iii) any uninsured or underinsured loss relating to such Material Casualty including any loss of rent to be suffered or incurred by Purchaser following the Closing as a result of such damage or destruction; provided, however, Seller shall not compromise, settle or adjust any claims to such insurance proceeds without Purchaser’s prior written consent.  If damage or destruction is a Material Casualty, either Seller or Purchaser may elect to terminate this Agreement by delivering written notice to the other within ten (10) days after the date of the Damage Notice (and Closing will be extended as needed to provide for such 10-day period), in which event the Deposit will be refunded to Purchaser.  If neither party terminates this Agreement within the 10-day period, Closing will proceed in accordance with the terms of this Agreement for the full Purchase Price, notwithstanding the damage or destruction and Seller will pay or assign to Purchaser at Closing all insurance proceeds, if any, resulting from the casualty and credit to Purchaser any applicable deductible amounts under the insurance policies pursuant to which the insurance proceeds are paid or assigned.  As used in this Section 9.1, a “Material Casualty” shall mean damage or destruction to the Property which results in a cost of repair in excess of five percent (5%) of the Purchase Price and if repairs will, in Seller’s and Purchaser’s reasonable estimation, take less than six (6) months to effectuate, or if such damage or destruction (i) results in the right of any tenant(s) leasing the aggregate three percent (3%) or more of the rentable square footage of the Building having the right to terminate their Leases unless each such tenant shall expressly and irrevocably waive such right in writing, (ii) restricts access to the Property or a reasonable location for Purchaser to place its generators, (iii) represents a portion of the Improvements related to the conduct of the operation thereof as a datacenter, or (iv) results in the Property not being in compliance with applicable zoning requirements.

9.2    Condemnation.  If, prior to the Closing, a condemnation or eminent domain proceeding (“Taking”) is commenced against the Property, Seller will give Purchaser notice within ten (10) days after Seller receives notice that the proceeding has commenced.
(a)    If the Taking is a Material Taking (as hereinafter defined), Purchaser may, by written notice to Seller (“Taking Notice”) elect to terminate this Agreement, which Taking Notice shall be sent no later than thirty (30) days after receipt of Seller’s notice, time being of the essence, or such sooner period of time if the Closing is less than thirty (30) days after receipt of Seller’s notice.  For purposes of this Agreement, a “Material Taking” shall be a Taking which:  (i) causes a material reduction in size of the Property or materially interferes with the planned use and operation of the Property; or (ii) materially affects the ingress and egress to or from the Property or affects 

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Purchaser’s ability to place its generators in a reasonable location; or (iii) results in the right of any tenant(s) leasing the aggregate three percent (3%) or more of the rentable square footage of the Building having the right to terminate its/their Leases unless each such tenant shall expressly and irrevocably waive such right in writing; or (iv) represents a portion of the Improvements related to the conduct of the operation thereof as a datacenter.
(b)    If the Taking is not a Material Taking or if it is a Material Taking and Purchaser does not give Seller a Taking Notice in accordance with Section 9.2(a), (i) Purchaser will complete the transaction contemplated hereby without abatement or reduction in the Purchase Price, and Seller shall assign to Purchaser all rights, if any, to receive the award payable as a result of such proceeding and (ii) Seller shall not compromise, settle or adjust any claims to such award, if any, without Purchaser’s prior written consent.

ARTICLE X     
 
OPERATION OF THE PROPERTY

10.1    Operations.  From the Effective Date through the Closing Date, Seller will continue to operate and maintain the Property in compliance with all Applicable Laws and substantially consistent with its standards of operation and maintenance prevailing immediately prior to the Effective Date, including, without limitation, maintaining in effect Seller’s policies of insurance relating to the Property as of the Effective Date and complying with all landlord obligations under the Leases.

10.2    Tenant Defaults.   Except for Seller’s representations in Article XIII, it is agreed that no representations have been made and no responsibility is assumed by Seller with respect to the continued occupancy of the Property or any part thereof by any tenant or tenants or subtenant or subtenants now or hereafter in possession.  Seller will not institute any proceedings against a Tenant without Purchaser’s prior approval which approval shall not be unreasonably withheld, conditioned or delayed.  Purchaser will be deemed to have approved commencement of proceedings if Purchaser fails to respond within three (3) business days after Purchaser receives written notice of Seller’s intent to commence proceedings.

10.3    No New Encumbrances.  From the Effective Date through the Closing Date, Seller shall not encumber the Property or enter into any agreements relating to the sale of the Property, except for any encumbrances that will not survive the Closing.

10.4    Seller Notice of Change.  Until the Closing, Seller shall, after obtaining actual knowledge thereof, promptly notify Purchaser in writing of any change in any condition with respect to the Property or of any event or circumstance, which makes any representation, or warranty of Seller to Purchaser under this Agreement materially untrue or misleading.

10.5    Leases and Service Agreements.  Seller shall not (i) enter into any new leases affecting the Property, (ii) enter into any amendments to any existing Leases, (iii) terminate any Existing Lease, or (iv) enter into any new Service Agreements or amendments to existing Service Agreements which cannot be cancelled on thirty days written notice, without, in each case,  

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Purchaser’s consent, which consent may be granted or withheld in Purchaser’s sole and absolute discretion.  Prior to the Closing, Seller shall terminate, at Seller’s sole cost and expense, any Service Agreements which Purchaser elects to have terminated pursuant to written notice delivered to Seller before the Effective Date and Seller agrees to pay any termination or cancellation fees associated therewith.  In addition, prior to Closing, Seller shall terminate, at Seller’s sole cost and expense, any leasing listing or commission agreements applicable to the Property and Seller agrees to pay any termination or cancellation fees associated therewith. 

ARTICLE XI     
 
CLOSING PRORATIONS AND ADJUSTMENTS; PAYMENT OF CLOSING COSTS

11.1    General.  
(a)    Purchaser shall pay for the following closing costs:
(i)    the cost of recording all documents (other than the Deed any instruments required to discharge any liens or encumbrances against the Property required to be discharged by Seller at Closing) that Purchaser may choose to record;
(ii)    the cost of any new survey or any updates to the Survey prepared by or on behalf of Purchaser in connection herewith;
(iii)    one‐half (1⁄2) of any escrow charges; and
(iv)    Purchaser’s legal fees.
(b)    Seller shall pay for the following closing costs:
(i)    the cost of recording the Deed and any instruments required to discharge any liens or encumbrances against the Property required to be discharged at Closing;
(ii)    State of Illinois and Cook County stamp and transfer taxes;
(iii)    The costs of obtaining a certificate of compliance from the City of North Lake;
(iv)    any title examination costs and costs to issue the Title Policy (including endorsements);
(v)    one‐half (1⁄2) of any escrow charges; and
(vi)    Seller’s legal fees;

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(c)    All other costs shall be paid by the party that customarily pays such charges in accordance with all applicable standard closing practice(s) in the county in which the Property is located.
Notwithstanding the foregoing, Seller will pay the cost of recording any instruments required to discharge any liens or encumbrances against the Property required to be discharged at Closing.  Purchaser understands, acknowledges and agrees that the Purchase Price is absolutely net to Seller except as provided in this Agreement.

11.2    Prorations and Credits.  The following are to be apportioned between Purchaser and Seller as of 11:59 P.M. on the day immediately preceding the Closing Date:
(a)    Rents, if any, as and when collected (the term “rents” as used in this Agreement includes base rent, common area maintenance, tax, insurance and other payments due and payable under the Leases for all or any portion of the Property, together with all sales and other taxes thereon) and all other income generated by all or any portion of the Property.  There will be no proration of rents accrued but not collected as of the Closing Date; however, Seller shall be entitled to receive rents for periods prior to the Closing Date to the extent collected or received by Seller or Purchaser after the Closing.  Seller and Purchaser agree that all rents received after the Closing from any Tenant shall be applied in the following order: (1) to reasonable costs of collection, if any, incurred by Purchaser, (2) to current rentals owed by such Tenant, and (3) then to delinquent rentals, if any, owed by such Tenant in the inverse order of their maturity, and Purchaser will deliver to Seller any such delinquent rentals owed Seller and received following the Closing.  For a period of six (6) months following the Closing, Purchaser shall use reasonable efforts to collect for Seller any rental payments past due as of the Closing or due subsequent to Closing for a period prior to Closing by continuing to bill tenants for the same; provided, however, Purchaser shall not be required to declare a lease default or institute any legal action in any court against a Tenant.  Seller will deliver to Purchaser, within five (5) business days following receipt, any rents received by Seller after the Closing and attributable to the period from and after the Closing.  Following the Closing, Seller shall not have the right to institute any action for unlawful detainer against any tenant or terminate (or threaten to terminate) any tenant’s Lease or right of possession or in any other way to collect any unpaid or delinquent rents.
(b)    At the Closing, Seller shall credit to the account of Purchaser against the Purchase Price (i) any security deposit made under the Leases or otherwise actually collected by Seller, together with all interest, if any, which must be paid thereon to any Tenant; and (ii) all prepaid rents and other charges paid in advance by any Tenant and attributable to the period after the Closing; and in each case, the Assignment and Assumption Agreement shall provide for Purchaser’s assumption of the obligation to return any such sums (and, if applicable, interest thereon) to the extent same are so credited.
(c)    Property taxes shall be prorated on an accrual basis based on the applicable fiscal tax year;
(d)    Water, sewer, gas, electric, vault and fuel charges, if any;

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(e)    Sums due or already paid pursuant to any Service Agreements which are being assumed by Purchaser at Closing, but in no event shall Purchaser be responsible for any costs incurred for any period prior to the Closing Date (and all such costs shall be paid by Seller);
(f)    Amounts paid pursuant to all transferable licenses and permits, on the basis of the fiscal year for which levied; 
(g)    Assessments but only for the annual installment for the fiscal year in which the Closing occurs;
(h)    (i)    with respect to any reconciliations of reimbursable expenses under the Leases for the year in which the Closing occurs, Seller and Purchaser shall cooperate to complete such reconciliations as soon as possible after the Closing, with Seller responsible for amounts owing to Tenants under the Leases and entitled to amounts payable by Tenants under the Leases (as the case may be) with respect to periods prior to the Closing, and with Purchaser responsible for amounts owing to tenants under the Leases and entitled to amounts payable by tenants under the Leases (as the case may be) with respect to periods from and after the Closing (and, with respect to any such amounts payable to Seller for the period prior to Closing, Purchaser shall promptly pay the same to Seller as and when collected by Purchaser from the Tenants, subject to the order of payment in Section 11.2(a)); and
(ii)    If any Tenant has the right to inspect and audit any books, records or other documents of the landlord under its Lease, Seller agrees to retain such books, records and other documents to enable such tenant to conduct a full and complete audit thereof until the date that is three (3) months after the latest date such Tenant has the express right to demand an inspection and/or audit thereof pursuant to its Lease.  Upon written request from Purchaser, Seller will provide both Purchaser and such Tenant with reasonable access to such books, records and other documents and otherwise reasonably cooperate with both Purchaser and such Tenant with respect to such inspection or audit by such Tenant.  If any Tenant claims any right to a credit, refund or other reimbursement as a result of such inspection or audit arising for the time period during Seller’s ownership for years prior to the year in which the Closing occurs, Seller will be responsible for paying any amounts owed to such Tenant.  Notwithstanding anything to the contrary contained in this Agreement, Seller’s obligations under this Section 11.2(h)(ii) shall survive Closing until Seller’s obligations are satisfied.  

11.3    Leasing Commissions; Tenant Improvement Allowances; Rent Abatement.  Leasing commissions, tenant improvement expenses and rent abatements relating to Leases shall be apportioned between the parties as follows:
(a)    All such expenses relating to the Leases which are not contingent on renewal or expansion of a Lease after the Closing Date, shall be the sole obligation of Seller and shall be paid in full by Seller (regardless of whether any portion of such expenses may not otherwise become due until after the Closing Date), on or before the Closing Date.  In addition, Seller shall be solely responsible for all amounts of free rent related to the Leases and, on the Closing Date, Purchaser shall receive a credit for the amount of any unborne loss from any free rent related to the Leases.

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(b)    All such expenses relating to the Leases, which are solely payable with respect to and contingent upon renewal of a Lease or expansion into additional space by a Tenant under a Lease after the Closing Date shall be the sole obligation of Purchaser. In assuming obligations of Seller under the Leases at Closing, Purchaser shall specifically assume and agree to pay any and all leasing commissions due upon any renewal or expansion of a Lease after the Closing under the leasing commission agreements described on Exhibit B attached hereto (the “Leasing Commission Agreements”). 
(c)    Notwithstanding the foregoing, in the event that a Tenant is responsible under a Lease for paying any of the items which are to be prorated, then there shall only be a proration to the extent such Tenant does not pay for the same on or before the Closing Date.

11.4    Final Adjustment After Closing.  If final bills are not available or cannot be issued prior to Closing for any item being prorated under this Article, then Purchaser and Seller agree to allocate such items on a fair and equitable basis as soon as such bills are available, final adjustment to be made as soon as reasonably possible after the Closing.  Payments in connection with the final adjustment will be due within ten (10) business days of notice.  Purchaser and Seller agree to cooperate and to use commercially reasonable efforts to complete such adjustments not more than nine (9) months after Closing.  In addition, if any obvious error in either the calculations or amount of final figures used in a closing adjustment is discovered within sixty (60) days after Closing, Purchaser and Seller agree to correct such error promptly upon notice from the other party and to use commercially reasonable efforts to complete such adjustment within twelve (12) months after Closing.  This Section 11.4 shall survive the Closing and the delivery of the Deed for a period of twelve (12) months from the Closing Date. All prorations and/or adjustments provided for in this Agreement will be made based on the actual number of days in the month of Closing, unless specifically stated otherwise.

ARTICLE XII     
 
DEFAULT

12.1    Default by Purchaser.  IF PURCHASER FAILS TO CONSUMMATE THIS AGREEMENT, WITH ALL OF PURCHASER’S CONDITIONS PRECEDENT BEING SATISFIED, FOR ANY REASON OTHER THAN SELLER’S DEFAULT OR THE PERMITTED TERMINATION OF THIS AGREEMENT BY EITHER SELLER OR PURCHASER AS PROVIDED FOR IN THIS AGREEMENT, SELLER WILL BE ENTITLED, AS ITS SOLE REMEDY, TO TERMINATE THIS AGREEMENT AND RECEIVE THE DEPOSIT AS LIQUIDATED DAMAGES FOR THE BREACH OF THIS AGREEMENT.  IT IS AGREED BETWEEN SELLER AND PURCHASER THAT THE ACTUAL DAMAGES TO SELLER IN THE EVENT OF SUCH BREACH ARE IMPRACTICAL TO ASCERTAIN, AND THE AMOUNT OF THE DEPOSIT IS A REASONABLE ESTIMATE THEREOF.  NOTWITHSTANDING THE FOREGOING, SELLER SHALL RETAIN ALL ITS RIGHTS PURSUANT TO THIS AGREEMENT, AT LAW, AND/OR IN EQUITY, AND NOTHING CONTAINED IN THIS SECTION 12.1, WILL LIMIT THE LIABILITY OF PURCHASER UNDER (I) ANY INDEMNITY PROVIDED BY PURCHASER UNDER THIS AGREEMENT; (II) ANY OF THE DOCUMENTS AND INSTRUMENTS EXECUTED AND DELIVERED TO SELLER 

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PURSUANT TO THE TERMS AND CONDITIONS OF THIS AGREEMENT, OR (III) ANY ACTIONS COMMENCED AFTER CLOSING WITH RESPECT TO ANY OBLIGATION OR REPRESENTATION OF EITHER SELLER OR PURCHASER, WHICH BY THE TERMS OF THIS AGREEMENT SURVIVES CLOSING, INCLUDING, BUT NOT LIMITED TO, PROVISIONS REGARDING CONFIDENTIALITY AND PAYMENT OF BROKERAGE FEES.

12.2    Default by Seller.  In the event of any default by Seller in the terms of this Agreement prior to Closing such that the Closing has not occurred, Purchaser’s sole remedies will be either to:  (i) terminate this Agreement and receive a refund of the Deposit and Seller shall reimburse Purchaser for all out-of-pocket expenses incurred by Purchaser in connection with the transaction contemplated by this Agreement in an amount not to exceed $250,000 in the aggregate; or (ii) commence within sixty (60) days of the date the Closing was to have occurred and diligently prosecute an action in the nature of specific performance; provided, however, if specific performance is not an available remedy because of Seller’s conveyance or encumbrance of the Property after the Effective Date, then Purchaser may pursue an action for damages against Seller, provided that Seller’s maximum liability pursuant to any such action shall not exceed $500,000.  Under no circumstances will Purchaser have available to it an action at law or otherwise for damages of any kind (special, consequential, punitive, or otherwise), except as expressly set forth in this Agreement.

ARTICLE XIII     
 
REPRESENTATIONS AND WARRANTIES

13.1    Seller’s Representations.  Seller hereby represents and warrants to Purchaser the following (collectively, “Seller’s Representations”), as of the Effective Date and as of the Closing Date, provided, however, that Purchaser’s remedies in the instance that any of Seller’s Representations are known to be untrue as of the Closing Date, are limited to those set forth in Article XII:
(a)    Seller is duly organized, validly existing and in good standing under the laws of the state of its formation set forth in the initial paragraph of this Agreement and is duly qualified and in good standing under the laws of the State of Illinois; and has or at the Closing will have the entity power and authority to sell and convey the Property and to execute the documents to be executed by Seller and prior to the Closing will have taken as applicable, all corporate or equivalent entity actions required for the execution and delivery of this Agreement, and the consummation of the transactions contemplated by this Agreement.
(b)    Seller has all necessary approvals to execute and deliver this Agreement and perform its obligations hereunder, and to Seller’s knowledge, no other authorization or approvals, whether of governmental bodies or otherwise, will be necessary in order to enable Seller to enter into or comply with the terms of this Agreement.
(c)    This Agreement and the other documents to be executed by Seller hereunder, upon execution and delivery thereof by Seller, will have been duly entered into by Seller, and will constitute legal, valid and binding obligations of Seller.  To Seller’s knowledge, neither this Agreement nor anything provided to be done under this Agreement violates or shall violate any 

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contract, document, understanding, agreement or instrument to which Seller is a party or by which it is bound.
(d)    The Rent Roll attached hereto as Exhibit B is a complete list of all (i) Leases at the Property, including any and all amendments, renewals and extensions thereof, (ii) all security deposits currently held by Seller, (iii) tenant arrearages as of the date hereof and (iv) unpaid free rent, tenant improvement costs and leasing commissions under the Leases as of the Effective Date. Seller is not in material default of its obligations under any of the Leases, and to Seller’s knowledge, no Tenant is in material default of its obligations under any Lease.  As of the date hereof, Seller has not received from any tenant (nor delivered to any tenant) under the Leases written notice of current default under the Leases which default has not been cured.  To Seller’s actual knowledge, there are no existing facts or circumstances which with the giving of notice or the passage of time or both would constitute a default under the Leases.  The Property Documents include, true, correct and complete copies of all of the Leases listed on Exhibit B, including any amendments or modifications thereof, as well as, to Seller’s knowledge, any subleases relating to the Leases.
(e)    Seller has received no written notice from any governmental body or agency of any violation or alleged violation of any zoning ordinance, land use law or building code with respect to the Property, which violation or alleged violation has not been corrected.
(f)    Seller has received no written notice from any governmental body or agency of any pending or threatened condemnation proceeding against the Property or any formal notice of condemnation with respect to the Property.
(g)    To Seller’s knowledge, Seller has received no written notice from any governmental body or agency of any violation or alleged violation of any applicable law with respect to Hazardous Materials on the Property.
(h)    No pending or, to the knowledge of Seller, threatened claims, litigations or proceedings involving Seller or the Property exists.
(i)    The list of agreements set forth on Exhibit J attached hereto is a complete list of all service contracts or agreements relating to the operation, maintenance, management or leasing of the Property entered into or assumed by Seller and, subject to Purchaser’s election pursuant to Section 10.4 above, to be assigned to Purchaser at Closing (collectively, the “Service Agreements”).  Seller is not in material default of its obligations under any Service Agreement, and to Seller’s knowledge, no other party is in material default of its obligations under any Service Agreement.
(j)    Seller has not filed or been the subject of any filing of a petition under the Federal Bankruptcy Law or any federal or state insolvency laws or laws for composition of indebtedness or for the reorganization of debtors.
(k)    There are no ongoing capital improvement projects at the Property and there are no funds remaining to be paid by Seller for any capital improvements at the Property.

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(l)    Seller has not granted any options or similar rights to purchase the Property or any interest therein (except pursuant to this Agreement), and to Seller’s knowledge, non exist. Seller is the owner of the Personal Property and Fixtures and all of the same are being transferred to Purchaser free of all claims, liens and/or encumbrances.
(m)    To Seller’s knowledge, (i) all Property Documents delivered to Purchaser or made available to Purchaser are correct and complete copies of such items and Seller has no knowledge of any material inaccuracy or omission in such information.  Seller has not deliberately and intentionally withheld from Purchaser any information with respect to the Property which would be materially relevant to any reasonable purchaser’s decision to acquire the Property.
(n)    Seller (i) has not been designated as a “specifically designated national and blocked person” on the most current list published by the U.S. Treasury Department Office of Foreign Assets Control at its official website, <http://www.treas.gov/offices/enforcement/ofac/sdn/t11sdn.pdf> or at any replacement website or other replacement official publication of such list, and (ii) is currently in compliance with and will at all times during the term of this Agreement (including any extension thereof) remain in compliance with the regulations of the Office of Foreign Asset Control of the Department of the Treasury and any statute, executive order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action relating thereto.

13.2    Definition of Seller’s Knowledge.  For purposes of this Agreement, the term “Seller’s knowledge” means the actual knowledge of Jimmy Yu, Karlton Holston and Todd Sakow, the officers responsible for the Property and/or the persons in Seller’s organization most knowledgeable regarding the matters that are the subject of the foregoing Seller representations and warranties. There shall be no duty imposed or implied to investigate, inquire, inspect, or audit any such matters, and there shall be no personal liability on the part of such officer. For the purposes of this Agreement, the term “actual knowledge” means, with respect to any person, the conscious awareness of such person at the time in question, and expressly excludes any constructive or implied knowledge of such person; provided, however, Seller be required to make inquiry of the property management company, Ascent CH2, LLC, regarding the Property specific matters that are the subject of the  foregoing Seller representations and warranties.

13.3    Purchaser’s Representations, Warranties, and Covenants.  For the purpose of inducing Seller to enter into this Agreement and to consummate the sale and purchase of the Property in accordance herewith, Purchaser represents and warrants to Seller the following as of the Effective Date and as of the Closing Date:
(a)    Purchaser is a  limited liability company, duly organized, validly existing and in good standing under the laws of the state of its formation set forth in the initial paragraph of this Agreement; and has or at the Closing will have the entity power and authority to acquire the Property and to execute the documents to be executed by Purchaser and prior to the Closing will have taken as applicable, all corporate or equivalent entity actions required for the execution and delivery of this Agreement, and the consummation of the transactions contemplated by this Agreement.

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(b)    Purchaser (or any Affiliated Entity (as defined in Section 15.7 below), as applicable) has all necessary approvals to execute and deliver this Agreement and perform its obligations hereunder, and to Purchaser’s knowledge, no other authorization or approvals, whether of governmental bodies or otherwise, will be necessary in order to enable Purchaser (or any Affiliated Entity, as applicable) to enter into or comply with the terms of this Agreement.
(c)    This Agreement and the other documents to be executed by Purchaser (or any Affiliated Entity, as applicable) hereunder, upon execution and delivery thereof by Purchaser (or any Affiliated Entity, as applicable), will have been duly entered into by Purchaser (or any Affiliated Entity, as applicable), and will constitute legal, valid and binding obligations of Purchaser (or any Affiliated Entity, as applicable).  To Purchaser’s knowledge, neither this Agreement nor anything provided to be done under this Agreement violates or shall violate any contract, document, understanding, agreement or instrument to which Purchaser (or any Affiliated Entity, as applicable) is a party or by which it is bound.
(d)    Purchaser is, as of the date hereof, solvent and able to pay its respective obligations as they come due.
(e)    No pending or, to the knowledge of Purchaser, threatened litigation involving Purchaser exists which if determined adversely would restrain the consummation of the transactions contemplated by this Agreement or would declare illegal, invalid or non-binding any of Purchaser’s obligations or covenants to Seller.
(f)    Other than Seller’s Representations, Purchaser has not relied on any representation or warranty made by Seller or any representative of Seller, including Broker (as defined below), in connection with this Agreement and the acquisition of the Property.
(g)    Purchaser (which for this purpose includes its partners, members, principal stockholders and any other constituent entities) (i) has not been designated as a “specifically designated national and blocked person” on the most current list published by the U.S. Treasury Department Office of Foreign Assets Control at its official website, <http://www.treas.gov/offices/enforcement/ofac/sdn/t11 sdn.pdf> or at any replacement website or other replacement official publication of such list; (ii) is currently in compliance with and will at all times during the term of this Agreement (including any extension thereof) remain in compliance with the regulations of the Office of Foreign Asset Control of the Department of the Treasury and any statute, executive order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action relating thereto; and (iii) has not used and will not use funds from illegal activities for any portion of the Purchase Price, including the Deposit.

13.4    Survival.  Except for the representations, warranties and covenants made by Purchaser in Section 13.3 (g)  which shall survive indefinitely, the representations, warranties and covenants made by Purchaser in Section 13.3 shall not survive the Closing.  The representations made by Seller in Section 13.1 shall survive for the time period(s) set forth in Section 15.21.

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Exhibit 10.1

ARTICLE XIV     
 
ESCROW PROVISIONS

14.1    Escrow Provisions.  The Deposit and any other sums (including without limitation, any interest earned thereon) which the parties agree shall be held in escrow (collectively “Escrow Funds”), shall be held by Escrow Agent, in trust and disposed of only in accordance with the following provisions:
(a)    Escrow Agent hereby agrees to hold, administer, and disburse the Escrow Funds pursuant to this Agreement.  Escrow Agent shall invest such Escrow Funds in a segregated, interest-bearing money market account at national banking institution reasonably acceptable to Purchaser and Seller.  In the event any interest or other income shall be earned on such Escrow Funds, such interest or other income become a part of the Escrow Funds and will be the property of the party entitled to the Deposit pursuant to this Agreement.
(b)    At such time as Escrow Agent receives written notice from either Purchaser or Seller, or both, setting forth the identity of the party to whom such Escrow Funds (or portions thereof) are to be disbursed and further setting forth the specific section or paragraph of the Agreement pursuant to which the disbursement of such Escrow Funds (or portions thereof) is being requested, Escrow Agent shall disburse such Escrow Funds pursuant to such notice; provided, however, that if such notice is given by either Purchaser or Seller but not both, Escrow Agent shall (i) promptly notify the other party (either Purchaser or Seller as the case may be) that Escrow Agent has received a request for disbursement, and (ii) withhold disbursement of such Escrow Funds for a period of ten (10) days after receipt of such notice of disbursement and if Escrow Agent receives written notice from either Purchaser or Seller within said ten (10) day period which notice countermands the earlier notice of disbursement, then Escrow Agent shall withhold such disbursement until both Purchaser and Seller can agree upon a disbursement of such Escrow Funds.  Purchaser and Seller hereby agree to send to the other, pursuant to Section 15.6, a duplicate copy of any written notice sent to Escrow Agent and requesting any such disbursement or countermanding a request for disbursement.
(c)    In performing any of its duties hereunder, Escrow Agent shall not incur any liability to anyone for any damages, losses, or expenses, except for willful default or breach of trust, and it shall accordingly not incur any such liability with respect to (i) any action taken or omitted in good faith upon advice of its legal counsel given with respect to any questions relating to the duties and responsibilities of Escrow Agent under this Agreement, or (ii) any action taken or omitted in reliance upon any instrument, including any written notice or instruction provided for in this Agreement, not only as to its due execution and the validity and effectiveness of its provisions but also as to the truth and accuracy of any information contained therein, which Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by a proper person or persons, and to conform with the provisions of this Agreement.
(d)    Notwithstanding the provisions of Section 14.1(b), in the event of a dispute between Purchaser and Seller sufficient, in the sole discretion of Escrow Agent to justify its doing so, or in the event that Escrow Agent has not disbursed the Escrow Funds on or before ten (10) days 

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after the Closing Date, Escrow Agent shall be entitled to tender into the registry or custody of any court of competent jurisdiction the Escrow Funds, together with such legal pleadings as it may deem appropriate, and thereupon be discharged from all further duties and liabilities under this Agreement.  Any such legal action may be brought in a federal or state court in Cook County, Illinois, or, if is such courts do not have jurisdiction as to the parties or matters involved then such court as Escrow Agent shall determine to have jurisdiction thereof.
(e)    Escrow Agent has executed this Agreement in the place indicated on the signature page hereof in order to confirm that the Escrow Agent has received the Deposit and shall hold the Escrow Funds in escrow, and shall disburse the Escrow Funds pursuant to the provisions of this Article XIV.
(f)    It is expressly agreed and understood between the parties hereto that in the event of controversy involving the disbursement of the escrow monies, Escrow Agent is authorized to institute interpleader proceedings in the appropriate court of record for a judicial determination as to the proper distribution of said money and that expenses including attorney fees incurred by Escrow Agent in such instance shall be borne by the escrowed funds and the contesting parties, at no expense to Escrow Agent.  In the event of controversy or litigation arising out of this transaction, which
(1)       results in any expense or attorney's fees to Escrow Agent, by virtue of such claim or default, controversy or litigation, or
(2)       requires a declaratory judgment by a proper court as to the disbursement of said escrowed funds, then
Escrow Agent is hereby authorized to deduct such expense or attorney's fees out of the escrowed funds, and to pay any remaining balance over to the party entitled thereto as agreed upon by the parties, or as directed by a court of competent jurisdiction.
Seller and Purchaser hereby release and discharge Escrow Agent from all matters with respect to the subject matter hereof (except for gross negligence or intentional wrong doing) and agree to indemnify and hold Escrow Agent harmless from and against all costs, damages, judgments, attorney's fees, expenses, obligations, and liabilities of any kind or nature, which in good faith, Escrow Agent may incur or sustain in connection with this Escrow Agreement, and without limiting the generality of the foregoing, Escrow Agent shall not incur any liability due to a delay in the electronic wire transfer of funds or with respect to any action taken or omitted in reliance upon any instrument, including any written notice or instructions provided for in the Contract or this Agreement, not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and accuracy of any information contained therein, which the Escrow Agent shall in good faith believe to be genuine, to have been signed or presented by a proper person or persons and to conform with the provisions of the Contract or this Agreement.
Seller and Purchaser hereby certify that they are aware the Federal Deposit Insurance Corporation (FDIC) coverages apply only to a maximum amount of $250,000.00 for each individual depositor.  Seller and Purchaser understand that Escrow Agent assumes no responsibility for, nor 

26
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Exhibit 10.1

will Seller and Purchaser hold same liable for, any loss occurring which arises from the fact that the amount of the above account may cause the aggregate amount of any individual depositor's account to exceed $250,000.00 and that the excess amount is not insured by the Federal Deposit Insurance Corporation.

ARTICLE XV     
 
GENERAL PROVISIONS

15.1    No Agreement Lien.  In no event will Purchaser have a lien against the Property by reason of any deposits made under this Agreement or expenses incurred in connection therewith and Purchaser waives any right that it might have to so lien the Property.

15.2    Confidentiality; Public Disclosure.  Purchaser agrees that, prior to the Closing Date, all documents and information regarding the Property delivered or made available to it by Seller or Seller’s agents and the results of all tests and studies, including, without limitation, any environmental test or study, of the Property conducted by or on behalf of Purchaser (collectively, the “Proprietary Information”) are confidential and, except as required by Applicable Laws, Purchaser shall not disclose any Proprietary Information to any other person except those assisting it with the analysis of the Property, investors and prospective investors and lenders and prospective lenders, and only after advising such persons to abide by these confidentiality restrictions.  In addition, from and after the Effective Date, neither Purchaser nor Seller shall make a public disclosure of the terms of this transaction, either before or after Closing, except that this general prohibition shall not prevent (a) Seller and Purchaser from releasing a press release concerning the sale of the Property, provided that such press release shall not contain the name(s) of the other party or its affiliates unless approved in by such other party, (b) either party from disclosing any information with respect to the transaction contemplated herein, any matters set forth in this Agreement, or any of the terms and provisions of this Agreement if and to the extent that such disclosure is required by applicable law or a court or other binding order or by applicable administrative rule or regulation or order of any regulatory or supervisory agency or authority with competent jurisdiction over such matter, (c) Seller or Purchaser from disclosing any information with respect to the transaction contemplated herein, any matters set forth in this Agreement, or any of the terms and provisions of this Agreement to any of their respective, current, or prospective lenders, members, officers, directors, trustees, employees, investors, consultants, advisors, agents, representatives, partners and/or shareholders (and any of their respective lenders, members, officers, directors, trustees, employees, consultants, advisors, agents, representatives, partners and/or shareholders of any of such parties); provided that all of the foregoing are advised of the confidential nature of such information, matters, terms and provisions, or (d) Seller, Purchaser and/or any affiliate of Seller or Purchaser making any public statement, filing or other disclosure which any of them reasonably believes to be required or desirable under applicable securities laws.    The parties hereto shall deliver to the other a copy of the press release at least three (3) Business Days prior to the issuance thereof.  Any information publicly disclosed pursuant to this Section 15.2 may be used by the Seller and Purchaser and their respective representatives and affiliates, in any form or format.  This Section 15.2 shall survive the Closing or termination of this Agreement.

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Exhibit 10.1

15.3    Headings.  The captions and headings herein are for convenience and reference only and in no way define, describe or limit the scope, content or intent of this Agreement or in any way affect its provisions.

15.4    Brokers.  Seller and Purchaser agree that Moelis and Company (“Broker”) was the only broker with whom the parties negotiated in connection with the sale and purchase of the Property.  Seller is obligated to pay any and all brokerage commissions payable to the Broker, in accordance with a separate agreement between Seller and the Broker.  Seller agrees to indemnify and hold Purchaser harmless from the claims of any other party claiming a commission due it by reason of an agreement with Seller.  Purchaser agrees to indemnify and hold Seller harmless from the claims of any other party claiming a commission due it by reason of an agreement with Purchaser.  The provisions of this Section will survive the Closing and the delivery of the Deed or termination of this Agreement.

15.5    Modifications.  This Agreement may not be modified in any respect except by an instrument in writing and duly signed by the parties hereto.  The parties agree that this Agreement contains all of the terms and conditions of the understanding between the parties hereto and that there are no oral understandings whatsoever between them.

15.6    Notices.  All notices, consents, approvals, acceptances, demands, waivers and other communications (“Notice”) required or permitted hereunder must be in writing and must be sent by (i) personal delivery, (ii) certified mail, return receipt requested, (iii) for next day delivery by nationally recognized overnight delivery service that provides evidence of the date of delivery, or (iv) electronic mail, in any case with all charges prepaid, addressed to the appropriate party at its address listed below.

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Exhibit 10.1

	
		
	To Seller:
	DC-505 North Railroad Avenue, LLC
c/o Carter Validus
4890 W. Kennedy Boulevard, Suite 650
Tampa, FL 33609 
Attention: Lisa Dummond 
Telephone: (813) 287-0101 
Email: ldrummond@cvreit.com

	With a copy to:
	Morris, Manning & Martin, LLP
3343 Peachtree Road, N.E.
Suite 1600
Atlanta, Georgia 30326 
Attention: Heath D. Linsky, Esq. 
Telephone: (404) 504-7691 
Email: hdl@mmmlaw.com

	To Purchaser:
	Digital Northlake, LLC
c/o Digital Realty Trust
Four Embarcadero Center, Suite 3200 
San Francisco, California 94111 
Attention: Scott E. Peterson 
Telephone: (415) 738-6500  
Email: speterson@digitalrealtytrust.com

	With a copy to:
	Mayer Brown LLP
350 South Grand Avenue, 25th Floor
Los Angeles, California 90071-1503 
Attention: Brian Aronson, Esq.  
Telephone: (213) 229-5151  
Email: baronson@mayerbrown.com

	To Escrow Agent:
	First American Title Insurance Company
Harborview Plaza, 3031 N. Rocky Point Drive West, Ste. 550 
Tampa, Florida 33607 
Attention:  Danielle Beach 
Telephone:  (813) 498-6082 
Email: dabeach@firstam.com 

All Notices given in accordance with this Section will be deemed to have been received (i) two (2) business days after having been deposited in any mail depository regularly maintained by the United States Postal Service, if sent by certified mail, (ii) on the date delivered if by personal delivery or electronic mail, (iii) one (1) business day after having been deposited with a nationally recognized overnight delivery service, if sent by overnight delivery, or (iv) on the date delivery is refused, as indicated on the return receipt or the delivery records of the delivery service, as applicable.  Notices given by counsel to a party in accordance with the above shall be deemed given by such party.

15.7    Assignment.  Purchaser will not assign this Agreement or its rights hereunder without Seller’s prior written consent, which may be withheld in Seller’s sole and absolute discretion, and any attempted assignment or transfer without Seller’s consent will be null and void ab initio and of no effect.  The foregoing notwithstanding, provided that Purchaser is in compliance with the conditions hereinafter set forth, Purchaser shall have the right to assign this Agreement, without Seller’s consent, provided (a) the assignment is effective on or before the Closing Date, (b) the assignment is to one Affiliated Entity (as defined below) created by Purchaser for the purpose of 

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Exhibit 10.1

purchasing the Property and not affiliated with a direct competitor of Seller, (c) the assignment includes all of Purchaser’s right, title and interest in and to the Deposit, and provides for the assumption, for the benefit of Seller as a third-party beneficiary, of all of Purchaser’s obligations under this Agreement, (d) that such assignee has assumed any and all obligations and liabilities of Purchaser under this Agreement, but, notwithstanding such assumption, Purchaser shall continue to be liable hereunder, and (e) Purchaser provides Seller, at least three (3) business days’ prior to Closing, with written notice of such assignment and executed counterparts of the assignment document. An “Affiliated Entity” shall mean an entity controlling, controlled by or under common control with the Purchaser named herein.  Any assignment which fails to meet the criteria of this Section 15.7 or to which Seller has not otherwise consented shall be void and of no force or effect.  In the event of any permitted assignment by Purchaser, it shall be a condition to Closing that such assignee deliver to Seller at the Closing a certificate whereby such assignee represents, warrants and certifies to Seller:  (i) the particulars to evidence the satisfaction of subparagraph (b) above, (ii) that all representations and warranties of Purchaser set forth in this Agreement are true, accurate and correct in all material respects on and as of the Closing Date (except as they relate only to an earlier date) as if the said assignee were the named Purchaser under this Agreement, (iii) that such assignee has assumed any and all obligations and liabilities of Purchaser under this Agreement, but, notwithstanding such assumption, Purchaser shall continue to be liable hereunder, and (iv) that the certificate shall survive the Closing and the delivery of the Deed for a period of twelve (12) months; and Purchaser shall deliver to Seller prior to Closing, and as a condition to the effectiveness of any such assignment, such supporting evidence of the foregoing as is reasonably required by Seller.

15.8    Further Assurances.  Purchaser and Seller hereby agree to complete, execute and deliver to the appropriate governmental authorities any returns, affidavits or other instruments that may be required with respect to any transfer, gains, sales, stamps and similar taxes, if any, arising out of this transaction.

15.9    Governing Law.  This Agreement will be governed by and construed in accordance with the laws of the State of Illinois.

15.10    Offer Only.  This Agreement will not constitute a binding agreement by and between the parties hereto until such time as this Agreement has been duly executed and delivered by each and the Deposit is deposited with the Escrow Agent in accordance with this Agreement.

15.11    Counterparts.  This Agreement may be executed in counterparts, each of which, when taken together shall constitute fully executed originals.

15.12    E-mail or PDF Signatures.  Signatures to this Agreement transmitted by e-mail or PDF shall be valid and effective to bind the party so signing.  

15.13    Severability.  If any portion of this Agreement becomes or is held to be illegal, null or void or against public policy, for any reason, the remaining portions of this Agreement will not be affected thereby and will remain in force and effect to the fullest extent permissible by law.

15.14    No Waiver.  No waiver by Purchaser or Seller of a breach of any of the terms, covenants or conditions of this Agreement by the other party will be construed or held to be a waiver 

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Exhibit 10.1

of any succeeding or preceding breach of the same or any other term, covenant or condition herein contained.  No waiver of any default by Purchaser or Seller under this Agreement will be implied from any omission by the other party to take any action on account of such default if such default persists or is repeated, and no express waiver shall affect a default other than as specified in such waiver.  The consent or approval by Purchaser or Seller to or of any act by the other party requiring the consent or approval of the first party will not be deemed to waive or render unnecessary such party’s consent or approval to or of any subsequent similar acts by the other party.

15.15    Limitation of Liability.  If Purchaser becomes aware after Closing of any breach and/or violation of any of Seller’s representations and/or warranties set forth herein or of any other matter for which Seller would or could become liable to Purchaser, whether hereunder or under any Closing document, and Purchaser timely commences any action(s) to enforce any alleged breach and/or violation of any of the representations and/or warranties of Seller as set forth in this Agreement or to enforce any other claims for liability against Seller, and, notwithstanding any provision to the contrary contained herein or in any document executed by Seller pursuant hereto or in connection herewith, in no event shall Seller be liable for any special, consequential, speculative, punitive or similar damages, nor shall Seller’s liability in any such event or events exceed in the aggregate an amount equal to three percent (3%) of the Purchase Price (“Seller’s Maximum Liability”) and no claim by Purchaser may be made and Seller shall not be liable for any judgment in any action based upon any such claim unless and until Purchaser’s claims are for an aggregate amount in excess of One Hundred Thousand and 00/100 Dollars ($100,000.00) (the “Minimum Claim Amount”), in which event Seller’s liability respecting any final judgment concurring such claim(s) shall be for the entire amount thereof, subject to Seller’s Maximum Liability. Notwithstanding the foregoing, neither the cap on liability nor the Minimum Claim Amount provided for in this Section 15.15 shall apply, nor be included in the calculation of Seller’s Maximum Liability Amount nor Minimum Claim Amount, with respect to matters for which Seller is responsible under Article XI (Closing Prorations and Adjustments; Payment of Closing Costs), Article IX (Risk of Loss), Section 15.4 (Brokers) or to pay or reimburse any prevailing party attorneys’ fees, and ancillary court and experts’ costs and fees. The provisions of this Section 15.15 will survive the Closing and the delivery of the Deed.  

15.16    Waiver of Jury Trial and Prevailing Party.  TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE PARTIES HEREBY IRREVOCABLY WAIVE ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
In the event of the bringing of any action or suit by a party hereto against another party hereunder by reason of any breach of any of the representations and warranties, covenants, agreements or provisions on the part of the other party arising out of this Agreement, then in that event the prevailing party shall be entitled to have and recover of and from the other party all costs and expenses of the action or suit and any appeals therefrom, and enforcement of any judgment in connection therewith, including, without limitation, actual attorneys' fees and costs, and any other professional fees and costs resulting therefrom.

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15.17    Successors and Assigns.  Subject to the limitations set forth elsewhere in this Agreement, each and all of the covenants and conditions of this Agreement will inure to the benefit of and will be binding upon the successors-in-interest, permitted assigns, and representatives of the parties hereto.  As used in the foregoing, “successors” refers to the successors to all or substantially all of the assets of parties hereto and to their successors by merger or consolidation.

15.18    No Partnership or Joint Venture.  Seller or Purchaser will not, by virtue of this Agreement, in any way or for any reason be deemed to have become a partner of the other in the conduct of its business or otherwise, or a joint venture.  In addition, by virtue of this Agreement there shall not be deemed to have occurred a merger of any joint enterprise between Purchaser and Seller.

15.19    No Recordation.  Seller and Purchaser each agrees that neither this Agreement nor any memorandum or notice hereof shall be recorded.

15.20    Designation Agreement.  Section 6045(e) of the United States Internal Revenue Code and the regulations promulgated thereunder (herein collectively called the “Reporting Requirements”) require an information return to be made to the United States Internal Revenue Service, and a statement to be furnished to Seller, in connection with the Transaction.  Escrow Agent is either (x) the person responsible for closing the Transaction (as described in the Reporting Requirements) or (y) the disbursing title or escrow company that is most significant in terms of gross proceeds disbursed in connection with the Transaction (as described in the Reporting Requirements).  Accordingly:
(a)    Escrow Agent is hereby designated as the “Reporting Person” (as defined in the Reporting Requirements) for the Transaction.  Escrow Agent shall perform all duties that are required by the Reporting Requirements to be performed by the Reporting Person for the Transaction.
(b)    Seller and Purchaser shall furnish to Escrow Agent, in a timely manner, any information requested by Escrow Agent and necessary for Escrow Agent to perform its duties as Reporting Person for the Transaction.
(c)    Escrow Agent hereby requests Seller to furnish to Escrow Agent Seller’s correct taxpayer identification number.  Seller acknowledges that any failure by Seller to provide Escrow Agent with Seller’s correct taxpayer identification number may subject Seller to civil or criminal penalties imposed by law.  Accordingly, Seller hereby certifies to Escrow Agent, under penalties of perjury, that Seller’s correct taxpayer identification number is as set forth opposite Seller’s signature to this Agreement.
(d)    Each of the parties hereto shall retain this Agreement for a period of four (4) years following the calendar year during which Closing occurs.
The provisions of this Section 15.20 will survive the Closing and the delivery of the Deed.

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Exhibit 10.1

15.21    Survival.  Seller’s covenants, agreements, indemnities, warranties and representations contained in this Agreement and in any document executed by Seller pursuant to this Agreement shall survive Purchaser’s purchase of the Property only for a period commencing on the Closing Date and ending nine (9) months after the Closing Date or, if another period of time is specified, such other period of time (as applicable, the “Survival Period”).  The provisions of this Section 15.21 will survive the Closing and the delivery of the Deed and/or termination of this Agreement.  The Survival Period referred to herein shall apply to known as well as unknown breaches of such covenants, indemnities, warranties or representations.  Purchaser’s waiver(s) and release(s) set forth in Sections 1.6 and 1.7 shall apply fully to liabilities under such covenants, indemnities, representations and warranties and is hereby incorporated by this reference.  Purchaser specifically acknowledges that such termination of liability represents a material element of the consideration to Seller.  The limitation as to Seller’s liability in this Section 15.21 does not apply to Seller’s liability with respect to prorations and adjustments under Article XI.  
Notwithstanding any contrary provision of this Agreement, if Seller becomes aware during the pendency of this Agreement prior to Closing of any matters which make any of Seller’s representations or warranties untrue, Seller shall promptly disclose such matters to Purchaser in writing.  In the event that Seller so discloses any matters which make any Seller’s representations and warranties untrue in any material respect or in the event that Purchaser obtains actual knowledge during the pendency of this Agreement prior to Closing of any matters which make any of Seller’s representations or warranties untrue in any material respect, Seller shall bear no liability for such matters (provided that such untruth is not the result of Seller’s breach of any express covenant set forth in this Agreement), but Purchaser shall have the right to elect in writing on or before the Closing Date, (i) to waive such matters and complete the purchase of the Property without reduction of the Purchase Price in accordance with the terms of this Agreement, or (ii) to terminate this Agreement and receive a return of the Deposit.

15.22    Date for Performance.  If the final day of any period of time set out in any provision of this Agreement falls upon a Saturday, Sunday or a legal holiday under the laws of the State of Illinois, then and in such event, the time of such period shall be extended to the next day which is not a Saturday, Sunday or legal holiday.

15.23    Exclusivity.  During the term of this Agreement, neither Seller nor any affiliates thereof shall (a) solicit, market or negotiate for the direct or indirect sale of the Property with any party other than Purchaser or (b) enter into any back-up contracts or term sheets for the sale of the Property.
[Remainder of page intentionally left blank; signature page(s) to follow]

IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by the parties hereto, as of the Effective Date.

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Exhibit 10.1

	
		
	

	SELLER:
DC-505 NORTH RAILROAD AVENUE, LLC, a Delaware limited liability company

	 
	By:     Carter/Validus Operating Partnership, LP, a
           Delaware limited partnership, its Sole Member

           By:     Carter Validus Mission Critical REIT, 
                      Inc., a Maryland corporation, its
                      General Partner

                    By: /s/ Michael Seton 
                    Name: Michael Seton 
                    Title: President

	
		
	

	PURCHASER:

DIGITAL NORTHLAKE, LLC,
a Delaware limited liability company

By:   Digital Realty Trust, L.P., 
   its member

   By:   Digital Realty Trust, Inc., 
      its general partner
      By: /s/ Scott Peterson 
      Name:   Scott Peterson 
      Its: CIO

1
WDC 372966205v9
724643206.7 17544974

Exhibit 10.1

AGREEMENT OF ESCROW AGENT
The undersigned has executed this Agreement solely to confirm its agreement to (a) hold the Escrow Funds in escrow in accordance with the provisions hereof and (b) comply with the provisions of Article XIV and Section 15.20.
	
		
	 
	FIRST AMERICAN TITLE INSURANCE COMPANY
By:/s/ Danielle Beach
Name: Danielle Beach
Title: Commercial Sr. Escrow Officer

S-2
724643206.7 17544974

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