Document:

EX-10.1

REAFFIRMATION AGREEMENT

THIS REAFFIRMATION AGREEMENT (this “Agreement”) is made as of October 21, 2013, by the
undersigned in favor of KELTIC FINANCIAL PARTNERS II, LP (“Lender”).

RECITALS:

CASTLE BRANDS INC., a corporation organized under the laws of the State of Florida (“CBI”) and
CASTLE BRANDS (USA) CORP. a corporation organized under the laws of the State of Delaware (“CBUSA”)
(individually and collectively, “Borrower”) and KELTIC FINANCIAL PARTNERS II, LP, a Delaware
limited partnership (“Lender”), are parties to a Loan and Security Agreement dated as of August 19,
2011, as amended by a First Amendment dated as of July 23, 2012, by an Second Amendment dated as of
March 11, 2013, and by a Third Amendment dated as of August 7, 2013 (as so amended, the “Credit
Agreement”), in connection with which Borrower delivered an Amended and Restated Revolving Credit
Note dated March 11, 2013 in a maximum principal amount of $8,000,000 (the “Revolving Credit
Note”), an Amended and Restated Term Note dated August 7, 2013 in an original principal amount of
$4,000,000, a Subordination Agreement dated August 7, 2013 between Lender and the parties named as
“Junior Creditors” thereto (the “Subordination Agreement”), and other agreements, documents and
instruments in connection therewith.

CBI is proposing to incur indebtedness in an aggregate original principal amount of $2,125,000 (the
“2018 Subordinated Debt”) pursuant to the terms of the Castle Brands Inc. 5% Subordinated
Convertible Notes due 2018 Purchase Agreement dated on or about the date of this Amendment (the
“2018 Notes Purchase Agreement”), the Castle Brands Inc. 5% Subordinated Convertible Notes due 2018
dated on or about the date of this Amendment and issued to the “Purchasers” described in the 2018
Notes Purchase Agreement (collectively, the “2018 Subordinated Notes”), and the other agreements,
documents and instruments executed and/or delivered to CBI in connection therewith (collectively,
the “2018 Subordinated Debt Documents”). The Loan Documents prohibit Borrower from incurring
additional indebtedness in such amount without Lender’s consent.

Borrower has requested that Lender consent to CBI’s incurrence of the 2018 Subordinated Debt, waive
all Defaults and Events of Default occurring as a result of CBI’s execution and delivery of the
2018 Subordinated Debt Documents and incurrence of the 2018 Subordinated Debt, and amend the
“EBITDA” covenant contained in the Credit Agreement in connection therewith pursuant to a Fourth
Amendment, Waiver and Consent to the Credit Agreement and a First Amendment to the Subordination
Agreement, each dated on or about the date hereof (together will all other agreements, documents
and instruments executed and/or delivered to Lender, the “Fourth Amendment Documents”).

The Credit Agreement, the Revolving Credit Note, the Subordination Agreement, the Fourth Amendment
Documents, and all other agreements, documents and instruments executed and/or delivered in
connection therewith, as the same may be amended, restated, or otherwise modified from time to
time, shall be collectively referred to as the “Loan Documents”.

Each of the undersigned indicated as a “Validity Party” has executed and delivered a Validity and
Support Agreement dated on or about August 19, 2011 in favor of Lender (each, a “Validity
Agreement”) pursuant to which such Validity Party has agreed to validate certain information
provided by Borrower to Lender and provide support in connection with Lender’s efforts to collect
collateral to secure Borrower’s payment and performance of all obligations and to Lender and such
other matters as described in such Validity Agreement.

Each of the undersigned indicated as a “Term Loan Participant” has executed and delivered to Lender
an Amended and Restated Participation Agreement dated August 7, 2013 in connection with the Term
Note (the “Participation Agreement”) pursuant to which such Participant has agreed to participate
in the Term Note and to such other matters upon such terms and conditions contained in the
Participation Agreement.

Each of the undersigned indicated as a “Junior Creditor” has executed and delivered to Lender a
Subordination Agreement dated August 7, 2013, in connection with the amendment and restatement of
the Term Loan on August 7, 2013.

Lender has agreed to consent to CBI’s incurrence of the 2018 Subordinated Debt, waive all Defaults
and Events of Default occurring as a result of CBI’s execution and delivery of the 2018
Subordinated Debt Documents and incurrence of the 2018 Subordinated Debt, and amend the “EBITDA”
covenant contained in the Credit Agreement, subject to and conditioned on the execution and
delivery of this Agreement by the undersigned to Lender.

AGREEMENT:

1. Notwithstanding the occurrence of any of the events described in the recitals hereto or
anything to the contrary contained in any of the Loan Documents, Borrower hereby reaffirms to the
Lender and ratifies its obligations under the Loan Documents (collectively, the “Keltic
Obligations”), including, specifically, the Fourth Amendment Documents, and as the Loan Documents
may have been amended, modified and/or restated from time to time and including the amendment,
modification or restatement thereof in connection with the matters described in the recitals
hereto, and each other agreement, document and instrument executed and/or delivered by the Borrower
in connection therewith as the same may have been amended, modified and/or restated from time to
time and including the amendment, modification or restatement thereof in connection with the
matters described in the recitals hereto (collectively, the “Borrower Documents”), and hereby
further ratifies and confirms that each of the Borrower Documents shall remain in full force and
effect.

2. Notwithstanding the occurrence of any of the events described in the recitals hereto or
anything to the contrary contained in such party’s Validity Agreement, each Validity Party hereby
reaffirms to the Lender and ratifies its obligations under such Validity Agreement, and each other
agreement, document and instrument executed and/or delivered by such Validity Party in connection
therewith (collectively, the “Validity Documents”), and hereby further ratifies and confirms that
each of the Validity Documents executed and/or delivered to Lender shall remain in full force and
effect.

3. Notwithstanding the occurrence of any of the events described in the recitals hereto or
anything to the contrary contained in the Participation Agreement, each Term Loan Participant
hereby reaffirms to the Lender and ratifies its obligations under the Participation Agreement, as
the same may be amended and restated pursuant to the Fourth Amendment Documents, and each other
agreement, document and instrument executed and/or delivered by such Participant in connection
therewith (collectively, the “Participation Documents”), and hereby further ratifies and confirms
that each of the Participation Documents executed and/or delivered to Lender shall remain in full
force and effect.

4. Notwithstanding the occurrence of any of the events described in the recitals hereto or
anything to the contrary contained in the Subordination Agreement, each Junior Creditor hereby
reaffirms to the Lender and ratifies its obligations under the Subordination Agreement, as the same
may be amended and restated pursuant to the Fourth Amendment Documents, and each other agreement,
document and instrument executed and/or delivered by such Junior Creditor in connection therewith
(collectively, the “Subordination Documents”), and hereby further ratifies and confirms that each
of the Subordination Documents executed and/or delivered to Lender shall remain in full force and
effect.

5. No change, amendment or modification of this Agreement shall be valid or binding unless
such change, amendment or modification shall be in writing and duly executed by all parties hereto
and consented to by the Lender in writing.

6. This Agreement shall be governed by and interpreted and construed in accordance with the
internal laws of the State of New York, without regard to its principles of conflicts of laws, and
any dispute hereunder shall be brought in the appropriate court located in Westchester County, New
York or Erie County, New York.

7. This Agreement may not be assigned by any party hereto without the prior written consent of
the other parties hereto and the Lender, and no party hereto shall be relieved of its duties,
obligations or liabilities under this Agreement without the express written consent of the other
parties hereto and the Lender, regardless of assignments, delegations or other agreements with
third parties which may provide otherwise.

8. This Agreement shall be binding upon the parties hereto, their successors, permitted
assigns, heirs and legal representatives.

9. The invalidity of one or more phrases, sentences, clauses or paragraphs contained in this
Agreement shall not affect the validity of the remainder of this Agreement.

10. This Agreement contains the entire understanding of the parties and the Lender with
respect to the subject matter hereof and there are no other oral understandings, terms or
conditions except as expressly stated herein and none of the parties have relied upon any
representation, express or implied, not contained in this Agreement.

11. This Agreement may be executed in two (2) or more counterparts, each of which shall be
considered an original, and all of which shall be considered one and the same instrument.

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

BORROWER:

	 	 	 
	CASTLE BRANDS INC.

	 	CASTLE BRANDS (USA) CORP.
	By: /s/ Alfred J. Small

	 	By: /s/ Alfred J. Small
	 

	 	 
	Name: Alfred J. Small

	 	Name: Alfred J. Small
	 

	 	 
	Its: CFO

	 	Its: CFO
	 

	 	 

1

	 	 	 
	VALIDITY PARTIES:

	 	

	/s/ Alfred J. Small

	 	/s/ John Glover
	 

	 	 
	ALFRED SMALL

	 	JOHN GLOVER
	/s/ Michael Becker

	 	/s/ T. Kelley Spillane
	 

	 	 
	MICHAEL BECKER

	 	T. KELLY SPILLANE
	TERM LOAN PARTICIPANTS:

	 	

	FROST GAMMA INVESTMENTS TRUST

	 	MARIN BLEU INC.
	By: /s/ Phillip Frost, M.D.

	 	By: /s/ Stephen Liu, M.D.
	 

	 	 
	Name: Phillip Frost

	 	Name: Stephen Liu, M.D.
	 

	 	 
	Its: Trustee

	 	Its: Chairman
	 

	 	 
	/s/ Mark E. Andrews, III

	 	/s/ Susan M. Lampen
	 

	 	 
	MARK E. ANDREWS, III

	 	SUSAN M. LAMPEN
	/s/ Michael S. Liebowitz

	 	/s/ Chester Franklin Zoeller, III
	 

	 	 
	MICHAEL S. LIEBOWITZ

	 	CHESTER FRANKLIN ZOELLER III
	JUNIOR CREDITORS:

	 	

	FROST GAMMA INVESTMENTS TRUST

	 	THREE COURT MASTER, LP
	By: /s/ Phillip Frost, M.D.

	 	By: /s/ Arthur Y. Roulac
	 

	 	 
	Name: Phillip Frost, M.D.

	 	Name: Arthur Y. Roulac
	 

	 	 
	Its: Trustee

	 	Its: Managing Partner
	 

	 	 
	JACQUELINE SIMKIN TRUST AS AMENDED

AND RESTATED 12/16/2003

	 	

	By: /s/ Jacqueline Simkin

	 	

	 

	 	

	Name: Jacqueline Simkin

	 	

	 

	 	

	Its: Trustee

	 	

	 

	 	

2

	 	 	 
	/s/ Susan M. Lampen

	 	/s/ Mark E. Andrews, III
	 

	 	 
	SUSAN M. LAMPEN

	 	MARK E. ANDREWS, III
	/s/ Brian L. Heller

	 	/s/ Michael Brauser
	 

	 	 
	BRIAN L. HELLER

	 	MICHAEL BRAUSER
	/s/ Subbarao Uppaluri

	 	/s/ Juan F. Rodriguez
	 

	 	 
	SUBBARAO UPPALURI

	 	JUAN F. RODRIGUEZ
	/s/ Tibor Hollo

	 	/s/ Elliott Harris
	 

	 	 
	TIBOR HOLLO

	 	ELLIOTT HARRIS

3EX-10.1

Exhibit 10.1

AGREEMENT OF PURCHASE AND SALE

BRAZIL RANCH

THIS AGREEMENT (the “Agreement”) is made as of the 20th day of August, 2013 (the
“Effective Date”), between Matsui Nursery, Inc., a California corporation (the
“Seller”), and Gladstone Land Corporation, a Maryland corporation, or its designee (the
“Purchaser”).

WHEREAS, Seller has agreed to sell and Purchaser has agreed to purchase the Property (as
hereinafter defined);

NOW, THEREFORE, in consideration of the agreements contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
agree as follows:

1. Certain Definitions. For purposes of this Agreement, the following terms shall
have the following definitions:

“Affiliate” shall mean, as to any person or entity, any other person or entity that directly
or indirectly controls, is controlled by, or is under common control with such person or entity.
For purposes of this definition, “control” means de facto effective control over the management of
the applicable entity (by contract, state law, or otherwise), even though the party exercising
“control” may own less than 50% of the voting equity interest of such entity.

“Closing Date” shall mean October 4, 2013, which is fifteen (15) days after expiration of the
Inspection Period. If Purchaser extends the Inspection Period by 15 days as set forth below, the
Closing Date shall be extended by a corresponding number of days, but in no event shall the Closing
Date be later than October 21, 2013.

“Contracts” shall mean, collectively, any and all service, maintenance, management or other
contracts or agreements with third parties relating to or affecting the Property.

“Crops” shall mean any and all unharvested crops at the Property as of the Effective Date.

“Due Diligence Materials” shall mean those materials and information more particularly
described on Exhibit C attached hereto and incorporated by reference herein.

“Earnest Money” shall mean the sum of Fifty Thousand Dollars ($50,000.00), together with all
interest accrued thereon.

“Escrow Agent” shall mean: Stewart Title Company.

“GAP” shall mean good agricultural practices.

“Government Payments” shall mean all federal, state and local government payments, benefits
and entitlements associated with or applicable to the Property or any crops grown thereon,
including without limitation any applicable direct payments or counter-cyclical payments under the
Farm Security and Rural Investment Act of 2002, as amended.

“Inspection Period” shall mean the period beginning on the Effective Date and ending at 5:00
p.m. local time at the Property on September 19, 2013, which is thirty (30) days after the
Effective Date. Purchaser may extend the Inspection Period by fifteen (15) additional days, to
October 4, 2013, by written notice to Seller prior to expiration of the initial Inspection Period
if it requires additional time to obtain or review its third party reports.

“Improvements” shall mean all buildings, structures, gates, fences, roads, levees, ditches,
appurtenances or other facilities currently existing on the Property, including without limitation
all Irrigation Equipment.

“Irrigation Equipment” shall mean all below ground, surface and above ground irrigation
equipment at the Property, including without limitation water wells, pumps, casings, risers, above
and below ground pipes and pipelines, culverts, and pivot irrigation equipment, and all related
power units, as applicable. All the Irrigation Equipment shall be deemed to be part of the
Improvements to be conveyed to Purchaser.

“Land” shall mean that certain real property in Monterey County, State of California, Parcel #
211-013-004, comprising approximately 170.`6 gross acres, as more particularly described on
Exhibit A attached hereto and incorporated herein by reference, together with all rights,
easements, hereditaments and appurtenances thereunto belonging.

“Lease” shall mean that certain Farm Lease dated November 1, 2012 by and between Seller, Andy
Matsui, Trustee of the 2010 Matsui Charitable Remainder Unitrust UTA dated December 20, 2010, and
Andy Matsui, Trustee of the 2011 Matsui Charitable Remainder Unitrust UTA dated January 3, 2011
(collectively as landlord) and Adrian Mendoza, Eliseo Mendoza, and Jose Mendoza, d/b/a Mendoza
Farms (collectively as tenant) for the Property and four (4) additional parcels of real property.

“Personal Property” shall mean (i) Seller’s right, title and interest in and to the Crops and
Plants, subject to any rights of the Tenant under the Lease (subject to Sections 7(d) and
11(h) below), and (ii) any personal property used by Seller in conducting farming
operations or for hunting, fishing or other recreational use at the Property that will be conveyed
to Purchaser as part of this transaction, if any, as more particularly described on Exhibit
B attached hereto and incorporated by reference herein.

“Plants” shall mean any strawberry plants and all other fruit and berry plants at the Property
as of the Effective Date.

“Property” shall mean the Land, Improvements, and any Personal Property.

“Purchase Price” shall mean the total amount of Seven Million Five Hundred Six Thousand Four
Hundred Dollars ($7,506,400.00), subject to adjustment as set forth in this Agreement. The
Purchase Price is based on the Land containing 170.6 acres. If the acreage of the Land, as
determined by the Survey, defined below, is less or more than 170.6 acres, then the Purchase Price
shall be decreased or increased, as applicable, by Forty-Four Thousand Dollars ($44,000.00) per
acre for each acre less or more than 170.6 acres.

“Purchaser’s Address” shall mean:

Gladstone Land Corporation

Attention: Bill Frisbie

1521 Westbranch Drive, Suite 200

McLean, VA 22102

(703) 287-5839 (T)

(703) 287-5801 (F)

Email: Bill.Frisbie@gladstonecompanies.com

With copy to:

Bass Berry & Sims PLC

Attention: Richard R. Spore

100 Peabody Place, Suite 900

Memphis, TN 38103

(901) 543-5902 (T)

(888) 543-4346 (F)

Email: rspore@bassberry.com.

“Pursuit Costs” shall mean all of Purchaser’s reasonable third party, out of pocket
expenditures in connection with the transaction contemplated hereby, including engineering, survey
and title fees and expenses.

“Recreational Rights” shall mean, collectively, any and all leases, licenses or other rights
to use any portion of the Property for recreational use such as hunting, fishing, boating, or
otherwise.

“Seller’s Address” shall mean:

c/o Andy Matsui, President

Matsui Nursery, Inc.

1645 Old Stage Road, Salinas, CA 93908

831-422-2516 (T)

831-422-3776 (F)

email: andymatsui@gmail.com

With copy to:

Michael D. Cling

313 S. Main Street, Suite D

Salinas, CA 93901

(831) 771-2040 (T)

(831) 771-2050 (F)

Email: mdc@michaelcling.com

“Tenant” shall mean the tenant (or, if more than one, the tenants) under the Lease,
individually or collectively as the context may require.

“Tenant Inducements” shall mean any and all free rent, allowance(s) to Tenant for any
Improvements, and any forbearance or waiver in enforcing any of Tenant’s obligations under the
Lease.

“Title Company” shall mean: Stewart Title Company.

“Water Rights” shall mean all rights to use wells and other water sources that exist on the
Effective Date that benefit or are appurtenant to the Property and that may be reasonably necessary
to conduct farming operations at the Property as currently conducted and in accordance with GAP.

2. Property. Seller hereby agrees to sell and Purchaser, or its designee, hereby
agrees to purchase from Seller the Property.

3. Earnest Money. Within three (3) business days after the later of (x) the Effective
Date or (y) the date of full execution of this Agreement by both Seller and Purchaser, Purchaser
shall deposit the Earnest Money with the Escrow Agent by wire transfer or certified or cashier’s
check. Said Earnest Money shall be refundable to Purchaser in accordance with this Agreement.

4. Purchase Price. At the Closing, defined below, all Earnest Money shall be applied
to the Purchase Price, and the balance of the Purchase Price, subject to adjustments for credits
and debits as set forth in this Agreement, shall be paid in good funds by wire transfer.

5. Inspection Period; Refund of Earnest Money; Due Diligence Materials.

(a) Purchaser shall have until the expiration of the Inspection Period to make such
determinations with respect to the Property as Purchaser deems appropriate and to elect to either
continue or terminate this Agreement, in Purchaser’s sole and absolute discretion, for any reason
or no reason. Purchaser may terminate this Agreement, and receive a full refund of the Earnest
Money, less $10.00 to be retained by Seller as consideration for entering into this Agreement, by
delivering written termination notice to Seller at any time prior to expiration of the Inspection
Period. If Purchaser does not so terminate this Agreement, the Earnest Money shall thereafter be
refundable to Purchaser only as expressly otherwise set forth in this Agreement, and this Agreement
shall remain in effect.

(b) Within five (5) days after the Effective Date, Seller shall deliver to Purchaser at
Seller’s sole expense the Due Diligence Materials. For each day of Seller’s delay in delivering
all of the Due Diligence Materials beyond five (5) days after the Effective Date, the Inspection
Period and Closing Date shall (at Purchaser’s option) be extended by one (1) day, but the Closing
Date shall not be extended beyond October 21, 2013. Seller shall also promptly provide any other
documents or information in Seller’s possession or control relating to the Property, the Lease, the
Tenant, or any Contract that is reasonably requested by Purchaser.

6. Costs and Prorations.

(a) Purchaser shall pay the title insurance premium for any endorsements to its Title Policy,
defined below, for the Property, the costs of the Survey obtained by Purchaser pursuant to
Section 9 hereof, and the costs of any Phase I environmental report obtained by Purchaser.
Seller shall pay for preparation of the deed of transfer, all transfer taxes, document stamps and
recording costs applicable to the deed of transfer, the premium for Purchaser’s Title Policy
(excluding the premium for any endorsements thereto), and any costs of production of the title
search or abstract for the Property. Purchaser shall pay all expenses incident to any financing
obtained for the purchase of the Property. All other closing costs shall be borne in accordance
with the custom in Monterey County, California.

(b) The following shall be prorated between the parties as of the Closing Date: (i) ad
valorem property taxes constituting a lien against the Property for the year in which the Closing
occurs and all other unpaid assessments with respect thereto, and (ii) rents and other tenant
charges, utilities, and operating expenses for the Property for the calendar month (or other
applicable period if such rents or other tenant charges are not paid monthly) in which Closing
occurs, subject to subsection 6(c) below. In the event such proration is based upon a
previous year’s taxes or assessment, after Closing, at such time as any of the taxes or assessments
are capable of exact determination, the party having the information permitting the exact
determination shall send to the other party a detailed report of the exact determination so made.
Within thirty (30) days after both Seller and Purchaser shall have received such report, Seller and
Purchaser shall adjust the amounts apportioned pursuant to the estimates made at Closing to reflect
the exact determinations contained in the report, and Seller or Purchaser, as the case may be,
shall pay to the other whatever amount shall be necessary to compensate for the difference.
Purchaser shall receive a credit against the Purchase Price in the amount of all security deposits
(together with interest required to be paid thereon) held or required to be held by Seller under
the Lease.

(c) Nondelinquent rent collected by Seller after Closing attributable to periods from and
after Closing shall be promptly remitted to Purchaser. Delinquent rent collected by Seller and
Purchaser after the date of Closing shall be delivered by the recipient as follows: Within fifteen
(15) days after the receipt thereof, Seller and Purchaser agree that all rent received by Seller or
Purchaser shall be applied first to then current rents, and then to delinquent rents for periods
after Closing and then to delinquent rents for periods prior to Closing. Seller retains the right
to pursue tenants for payment of delinquent rent but may not seek to dispossess a tenant, terminate
a lease or enforce a landlord lien.

7. Conditions Precedent To Purchaser’s Obligations. Seller acknowledges that as a
condition precedent to Purchaser’s obligations hereunder, the following shall occur on or before
the Closing Date (or any earlier date indicated below), any of which conditions may be waived by
Purchaser in its sole discretion:

(a) No later than five (5) days prior to the Closing Date, Seller shall have delivered to
Purchaser (i) a Qualifying Tenant Estoppel (defined below) executed by Tenant, and (ii) any
subordination, non-disturbance and attornment agreements (“SNDA”) reasonably required by
Purchaser’s lender from the Tenant. Seller agrees to use reasonable efforts to obtain the required
tenant estoppel and SNDA. For purposes hereof, a “Qualifying Tenant Estoppel” is a tenant estoppel
substantially in the form of Exhibit B (or in any other form reasonably required by or
acceptable to Purchaser’s lender) that does not include any information that is materially
inconsistent with Seller’s representations and warranties in this Agreement.

(b) The Title Company shall be irrevocably committed to issue upon Closing a 2006 ALTA Owner’s
Policy of Title Insurance (the “Title Policy”), as evidenced by a “marked up” Title
Commitment, defined below, insuring Purchaser as owner of fee simple title to the Property, subject
only to Permitted Exceptions (defined below), in the amount of the Purchase Price, and containing
such endorsements as Purchaser shall have requested.

(c) Subject to Sections 14 and 15 below, there shall have been no material
adverse change in the condition of any of the Property (including without limitation any
Improvements) after expiration of the Inspection Period and prior to the Closing Date.

(d) No later than five (5) days prior to the Closing Date, Seller shall have (i) obtained from
Tenant, and delivered to Purchaser, a written agreement terminating the Lease as to the Property or
(ii) entered into a modification, amendment, and restatement of the Lease with Tenant to separately
lease the Property (including no other property or parcel in such new lease) to Tenant, provided
that each of (i) and (ii) must be on terms, conditions, and subject to documentation acceptable to
Purchaser in its sole and absolute discretion.

(e) Each and every representation and warranty of Seller set forth in Section 11 shall
be true and correct in all material respects, and Seller shall not be in default under any of its
other obligations under this Agreement, as of Closing.

8. Closing; Deed.

(a) Subject to all preconditions set forth herein, the closing or settlement
(“Closing”) of the transaction contemplated hereby, unless terminated in accordance with
this Agreement or as otherwise agreed upon by Purchaser and Seller, shall be held via the mails,
through the Escrow Agent at 10:00 a.m. on the Closing Date or such other place and time as the
parties may agree in writing.

(b) At Closing, Seller shall convey to Purchaser good, marketable and insurable title to the
Property by grant deed acceptable to Purchaser and the Title Company (the “Deed”), subject
to (i) standard exceptions for real property taxes not yet due and payable, and (ii) any other
matters which are waived by, or acceptable to, Purchaser pursuant to Section 10 below (the
“Permitted Exceptions”). The Land description in the Deed shall be the property
description from Seller’s vesting deed(s); provided, that if Purchaser obtains a Survey of the
Property, Seller also agrees to execute and deliver a recordable Quit Claim Deed to Purchaser at
Closing using the Survey description.

9. Survey. During the Inspection Period, Purchaser, at Purchaser’s expense, shall
cause a survey of the Property to be prepared by a surveyor selected by Purchaser
(“Survey”).

10. Title. During the Inspection Period, Purchaser shall procure a title insurance
commitment in the amount of the Purchase Price covering the Property issued by the Title Company
(the “Title Commitment”) and furnish a copy thereof to Seller. Purchaser shall have until
the expiration of the Inspection Period to object to any matters shown on the Title Commitment or
Survey by written notice to Seller (“Title Objection Notice”). Purchaser may also object
to any new matters thereafter revealed by a title update by subsequent Title Objection Notice to
Seller. Within five (5) business days after receipt of Purchaser’s Title Objection Notice, Seller
shall either (i) deliver written notice to Purchaser of any title or Survey objections which Seller
elects not to cure, or (ii) cure or satisfy such objections (or commence to cure or satisfy such
objections as long as Seller reasonably believes such objections may be cured or satisfied at least
two (2) business days prior to Closing). Within five (5) business days after receipt of Seller’s
written notification that Seller elects not to cure a title or Survey objection, Purchaser may
terminate this Agreement and receive a full refund of the Earnest Money by delivering written
notice thereof to Seller. If Purchaser does not so terminate this Agreement, then any such title
or Survey objection which Seller elects not to cure shall be deemed waived by Purchaser and shall
be an additional Permitted Exception. If any objection which Seller elects to cure is not
satisfied by Seller at least two (2) business days before the scheduled date of Closing, Purchaser
shall have the right to terminate this Agreement, in which case the Earnest Money shall be returned
to Purchaser and neither party shall have any further rights, obligations or duties under this
Agreement. If Seller does cure or satisfy the objections at least two (2) business days prior to
Closing, then this Agreement shall continue in effect. Any exception to or defect in title which
Purchaser shall elect to waive, or which is otherwise acceptable to Purchaser, shall be deemed an
additional Permitted Exception to title at Closing. Seller covenants and agrees not to alter or
encumber in any way Seller’s title to the Property after the date hereof. Notwithstanding anything
in this Agreement to the contrary, Seller shall cause any deed of trust, mortgage, deed to secure
debt, judgment or other lien for a liquidated sum encumbering the Property to be released at or
before Closing.

11. Seller’s Representations and Warranties. As of the date hereof and as of the
Closing Date (as evidenced by Seller’s downdate certificate to be provided at Closing), Seller
represents, warrants and covenants to Purchaser that:

(a) Other than the Tenant under the Lease, there are and there will be no parties in
possession of any portion of the Property as lessees (and if the Lease is terminated prior to
Closing as provided in Sections 7(d) and 11(h), Tenant will not be in possession of
any portion of the Property as of Closing), and no other party has been granted an oral or written
license, lease, option, purchase agreement or other right pertaining to the use, purchase or
possession of any portion of the Property. A true, complete and correct copy of the Lease and any
Contracts affecting the Property and any amendments thereto have been or will be furnished to
Purchaser within five (5) days after the Effective Date as part of the Due Diligence Materials.
Such Lease and any Contracts are valid and binding in accordance with their respective terms and
conditions, are in full force and effect, and have no uncured breach or default by any party. No
off-sets or defenses are available to any party under the Lease or any Contract. All Contracts are
cancellable upon not more than thirty (30) days prior written notice. Tenant is not entitled to
any Tenant Inducements. There are no leasing brokerage agreements, leasing commission agreements
or other agreements providing for the payment of any amounts, and no commissions due, for leasing
activities with respect to the Property. Purchaser shall have no liability for (and Seller hereby
indemnifies and holds harmless Purchaser from and against any claim for) any such leasing
commissions and any Tenant Inducements with respect to the Lease.

(b) The Seller has not received notice of any default (nor is there any default) under any
note or deed of trust related to or secured by the Property. The execution and delivery of this
Agreement, the consummation of the transaction herein contemplated and the compliance with the
terms and provisions hereof will not conflict with or (with or without notice or the passage of
time or both) result in a breach of any of the terms or provisions of, or constitute a default
under, any indenture, mortgage, loan agreement or instrument to which the Seller is a party or by
which the Seller or the Property is bound, any applicable regulation or any judgment, order or
decree of any court having jurisdiction over the Seller or the Property.

(c) The Seller has not received any notice, nor is the Seller aware, of any violation of any
ordinance, regulation, law, statute, rule or restriction relating to the Property.

(d) There are no attachments, executions, assignments for the benefit of creditors, or
voluntary or involuntary proceedings in bankruptcy or under any applicable debtor relief laws or
any other litigation contemplated by or pending or threatened against the Seller or the Property.

(e) Seller has been duly organized and is validly existing under the laws of the State of
California Seller has the full right and authority to enter into this Agreement and to transfer
all of the Property to be conveyed by Seller pursuant hereto and to consummate or cause to be
consummated the transactions contemplated herein to be made by Seller. The person signing this
Agreement on behalf of Seller is authorized to do so. This Agreement constitutes, and all
agreements and documents contemplated hereby (when executed and delivered pursuant hereto) will
constitute, the valid and legally binding obligations of Seller, enforceable in accordance with
their respective terms. No other signatures or approvals are required to make this Agreement fully
enforceable by the Purchaser with respect to the Seller or the Property. This Agreement
constitutes, and all agreements and documents contemplated hereby (when executed and delivered
pursuant hereto) will constitute, the valid and legally binding obligations of Seller, enforceable
in accordance with their respective terms.

(f) The Seller has and will convey to the Purchaser good, marketable and indefeasible title in
fee simple to the Property, subject only to the Permitted Exceptions.

(g) There is no pending or threatened condemnation or similar proceeding or assessment
affecting the Property or any part thereof, nor to the knowledge of the Seller is any such
proceeding or assessment contemplated by any governmental authority. There will be no claim
against the Property or Purchaser for or on account of work done, materials furnished, and
utilities supplied to the Property prior to the Closing Date. Except as disclosed in the Due
Diligence Materials to Seller’s knowledge, there are no public plans or proposals for changes in
road grade, access, or other municipal improvements which would adversely affect the Property or
result in any assessment; and no ordinance authorizing improvements, the cost of which might be
assessed against Purchaser or the Property, is pending.

(h) No later than five (5) days prior to the Closing Date, Seller shall either (i) obtain from
Tenant, and deliver to Purchaser, a written agreement terminating the Lease as to the Property or
(ii) enter into a modification, amendment, and restatement of the Lease with Tenant to separately
lease the Property (including no other property or parcel in such new lease) to Tenant, provided
that each of (i) and (ii) shall be on terms, conditions, and subject to documentation acceptable to
Purchaser in its sole and absolute discretion.

(i) Seller has not entered into any agreement to dispose of its interest in the Property or
any part thereof, except for this Agreement.

(j) Seller is not a party to any litigation which is still pending, and knows of no threatened
litigation, affecting or relating to the Property.

(k) Neither the Seller, nor to Seller’s knowledge, any other party has ever caused or
permitted any “hazardous material” (as hereinafter defined) to be placed, held, located, or
disposed of on, under, or at the Property or any part thereof in forms or concentrations which
violate applicable laws and regulations, and, to Seller’s knowledge, neither the Property nor any
part thereof has ever been used as a dump or storage site (whether permanent or temporary) for any
hazardous material. As used herein, “hazardous material” means and includes any hazardous, toxic,
or dangerous waste, substance, or material defined as such in, or for purposes of, the
Comprehensive Environmental Response, Compensation Liability Act (42 U.S.C. Section 9601, et seq.,
as amended) or any other “super fund” or “super lien” law or any other Federal, State, or local
statute, or law, ordinance, code, rule, regulation, order or decree regulating, relating to, or
imposing liability for standards of conduct concerning any substance or material, as presently in
effect. To Seller’s knowledge, the Property does not currently contain any underground or
aboveground storage tanks and any storage tanks previously located on the Property (whether above
ground or below ground) have been removed in accordance with the requirements of all applicable
laws with “clean closure” or “no further action” letter(s), or comparable letters, issued by the
State of California in connection therewith.

For purposes of this Section 11, references to “Seller’s knowledge” shall mean the
actual knowledge of Andy Matsui, who has direct management responsibility for the Property.

Seller hereby indemnifies and holds harmless Purchaser from and against any and all loss,
expense (including without limitation reasonable attorney fees), liability, cost, claim, demand,
action, cause of action and suit arising out of or in any way related to any breach of any
representation, warranty, covenant or agreement of Seller in this Agreement.

Except as expressly set forth in this Agreement, the Deed and any other closing documents, the
Seller is conveying the Property, and Purchaser accepts the Property, in AS IS condition as of the
end of the Inspection Period.

12. Broker and Broker’s Commission.

(a) Intentionally Omitted.

(b) Purchaser and Seller each represent and warrant to the other that, such party has not
incurred an obligation to any other broker or agent in connection with the transaction contemplated
hereby. Each party hereby covenants and agrees to defend, indemnify and hold harmless the other
party against and from any and all loss, expense, liability, cost, claim, demand, damage, action,
cause of action and suit arising out of or in any manner relating to the alleged employment or use
by such party of any real estate broker or agent in connection with this transaction. The
provisions of this Section 12 shall survive the Closing of this transaction.

13. Survey and Inspection. Purchaser and Purchaser’s agents, employees and
independent contractors shall have the right and privilege to enter upon the Property during the
Inspection Period to survey and inspect the Property and to conduct soil borings, environmental
assessment and toxic waste studies and other geological, engineering, water or landscaping tests or
studies or inspections, all at Purchaser’s sole cost and expense. Purchaser hereby covenants and
agrees to indemnify and hold harmless Seller from any and all loss, liability, cost, claim, demand,
damage, action, cause of action and suit arising out of or in any manner related to the exercise by
Purchaser of Purchaser’s rights under this section (but not the existence of any condition
discovered in the course of Purchaser’s inspections and testing).

14. Eminent Domain. If, after the Effective Date and prior to Closing, Seller shall
receive notice of the commencement or threatened commencement of eminent domain or other like
proceedings against the Property or any portion thereof, Seller shall immediately notify Purchaser
in writing, and Purchaser shall elect within thirty (30) days from and after such notice, by
written notice to Seller, one of the following: (a) not to close the transaction contemplated
hereby, in which event all Earnest Money shall be refunded to Purchaser and this Agreement shall be
void and of no further force and effect; or (b) to close the purchase of the Property contemplated
hereby in accordance with its terms but subject to such proceedings, in which event the Purchase
Price shall remain the same and Seller shall transfer and assign to Purchaser at Closing all
condemnation proceeds and rights to additional condemnation proceeds, if any. If Purchaser elects
to purchase after receipt of such a notice, all actions taken by Seller with regard to such eminent
domain proceedings, including but not limited to, negotiations, litigation, settlement, appraisals
and appeals, shall be subject to the approval of Purchaser, which approval shall not be
unreasonably withheld. If Purchaser does not make such election within the aforesaid time period,
Purchaser shall be deemed to have elected to close the transactions contemplated hereby in
accordance with clause (b) above.

15. Property Damage. If, after the Effective Date and prior to Closing, the Property
shall suffer significant damage as the result of fire or other casualty, Seller shall immediately
notify Purchaser in writing. In the event said damage results in damage of the improvements
situated on the Property in the amount of Ten Thousand and No/100 Dollars ($10,000.00) or greater,
Purchaser shall have the right to elect within fifteen (15) days from and after such notice, by
written notice, one of the following: (a) not to close the transaction contemplated hereby, in
which event all Earnest Money shall be refunded to Purchaser and this Agreement shall be void and
of no further force and effect; or (b) to close the purchase of the Property contemplated hereby in
accordance with its terms but subject to such damage, in which event the Purchase Price shall
remain the same and Seller shall transfer and assign to Purchaser at Closing all insurance proceeds
received or to be received as a result of such damage, and Purchaser shall receive a credit against
the Purchase Price for any insurance deductible or uninsured loss. If Purchaser does not make such
election within the aforesaid time period, Purchaser shall be deemed to have elected to close the
transactions contemplated hereby in accordance with clause (b) above. In the event less than Ten
Thousand and No/100 Dollars ($10,000.00) of damage to the improvements situated on the Property
exists, this Agreement shall remain in full force and effect, but, at Closing, Seller shall
transfer and assign to Purchaser all insurance proceeds received or to be received as a result of
such damage, and Purchaser shall receive a credit against the Purchase Price for any insurance
deductible or uninsured loss.

16. Condition of Property. Subsequent to the Effective Date and prior to Closing,
Seller shall maintain the Property in accordance with its past practices and ordinary maintenance,
but shall not be required to provide any extraordinary maintenance.

17. Operations. After the Effective Date and prior to the Closing Date, and subject
to Sections 7(d) and 11(h) hereof, Seller shall neither enter into any new, nor
terminate, modify, extend, amend or renew any existing, lease or service, management, maintenance,
repair, employment, union, construction, leasing or other contract or agreement affecting the
Property (each, a “New Agreement”) without providing at least five (5) business days prior
notice (and opportunity to review and approve the New Agreement) to Purchaser. Purchaser shall
have five (5) business days after Purchaser’s actual receipt (notwithstanding the notice provisions
in Section 18 below) of a true, correct and complete copy of a New Agreement to approve the
same. If Purchaser does not approve any such New Agreement that Seller will enter into prior to
expiration of the Inspection Period, then Purchaser’s sole and exclusive remedy will be to
terminate this Agreement by delivering written notice to Seller no later than five (5) business
days after receiving the New Agreement, and in such event Purchaser shall receive a full refund of
the Earnest Money. If Purchaser fails to terminate this Agreement as set forth in the preceding
sentence, it shall be deemed to have approved the New Agreement that Seller will enter into prior
to expiration of the Inspection Period in the form provided. Seller may not enter into New
Agreement after expiration of the Inspection Period unless Purchaser has approved the same in
writing. Seller shall cause any Contracts which Purchaser elects in its discretion not to assume
to be cancelled at or before Closing. Seller shall promptly notify Purchaser in writing of any
default by Tenant under the Lease that occurs after the Effective Date, and if any such default
occurs Purchaser may terminate this Agreement and receive a full refund of the Earnest Money.

18. Notice. Notices provided for in this Agreement must be (i) delivered personally,
(ii) sent by registered or certified mail, postage prepaid, return receipt requested, (iii) sent
via a reputable express courier, (iv) sent by facsimile during normal business hours with a
confirmation copy delivered by another method permitted by this Section 18 other than
electronic mail, or (v) sent by electronic mail during normal business hours with a confirmation
copy delivered by another method permitted by this Section 18 other than facsimile,
addressed as set forth below. Notice sent by U.S. mail is deemed delivered three days after
deposit with the U.S. Postal Service. Notice sent by a reputable express carrier is deemed
received on the day receipted for by the express carrier or its agent. Notice sent via facsimile
is deemed delivered upon the transmission to the phone number designated as the recipient’s
facsimile phone number below. Notice sent via electronic mail is deemed delivered upon the
entrance of such electronic mail into the information processing system designated by the
recipient’s electronic mail address set forth below. The addresses of the parties to which notices
are to be sent shall be Purchaser’s Address or Seller’s Address, as applicable, as set forth in
Section 1 above. Any party shall have the right from time to time to change the address to
which notices to it shall be sent to another address, and to specify two additional addresses to
which copies of notices to it shall be mailed, by giving to the other party at least ten (10) days
prior notice of the changed address or additional addresses.

19. Remedies.

(a) Seller’s Remedies; Liquidated Damages.

IF THIS TRANSACTION FAILS TO CLOSE BY REASON OF PURCHASER’S WRONGFUL FAILURE TO PERFORM ITS
OBLIGATIONS UNDER THIS AGREEMENT, THE EARNEST MONEY SHALL BE RETAINED BY SELLER AS LIQUIDATED
DAMAGES THE PARTIES HEREBY ACKNOWLEDGING THAT SELLER’S ACTUAL DAMAGES IN SUCH CIRCUMSTANCES WOULD
BE DIFFICULT, IF NOT IMPOSSIBLE, TO DETERMINE. SELLER EXPRESSLY ACKNOWLEDGES AND AGREES THAT
RETENTION OF THE EARNEST MONEY AS PROVIDED FOR HEREIN SHALL BE SELLER’S SOLE AND EXCLUSIVE REMEDY
IN THE EVENT OF PURCHASER’S FAILURE TO PERFORM ITS OBLIGATIONS HEREUNDER, AND SELLER SHALL HAVE NO
RIGHT TO RECOVER OR CLAIM ACTUAL DAMAGES OR SPECIFIC PERFORMANCE. BY PLACING THEIR INITIALS HERE,
PURCHASER:        AND SELLER:        AGREE THAT SELLER SHALL RETAIN THE AMOUNT OF
THE EARNEST MONEY AS ITS LIQUATED DAMAGES, WHICH SHALL BE SELLER’S SOLE REMEDY IN THE EVENT OF A
BREACH OR DEFAULT BY PURCHASER. IF THIS TRANSACTION FAILS TO CLOSE FOR ANY REASON OTHER THAN
PURCHASER’S WRONGFUL FAILURE TO PERFORM ITS OBLIGATIONS HEREUNDER, THE EARNEST MONEY SHALL PROMPTLY
BE REFUNDED TO PURCHASER.

(b) In the event Seller fails or refuses to convey the Property in accordance with the terms
hereof or otherwise fails to perform its obligations hereunder, Purchaser’s sole and exclusive
remedies for Seller’s breach shall be either to (i) terminate this Agreement by written notice to
Seller and Escrow Agent and receive a full refund of the Earnest Money by the party in possession
thereof and reimbursement from Seller of Purchaser’s Pursuit Costs, all within ten (10) days after
Purchaser’s termination of this Agreement, or (ii) obtain specific performance of this Agreement.
Notwithstanding the foregoing, Purchaser shall also be entitled to obtain its attorneys’ fees and
costs in connection with enforcing its rights and remedies under this Agreement.

20. Time of Essence. Time is of the essence of this Agreement.

21. Closing Documents. At or prior to Closing, each party shall deliver to the other
party appropriate evidence to establish the authority of such party to enter into and close the
transaction contemplated hereby. Seller also shall execute and deliver to the Title Company at
Closing, for it to hold in escrow pending Purchaser’s payment of the Purchase Price: (i) the Deed;
(ii) a certificate with respect to Section 1445 of the Internal Revenue Code stating, among other
things, that Seller is not a foreign corporation as defined in the Internal Revenue Code and I.R.S.
Regulations; (iii) the General Assignment substantially in the form attached hereto as Exhibit
E; (iv) a letter to each Tenant under any Lease in the form reasonably requested by Purchaser;
(v) Seller’s representation and warranty downdate certificate under Section 11; and (vi)
such other documents reasonably necessary or appropriate to complete and evidence the transaction
contemplated hereby, as reasonably requested by the Purchaser or Title Company, including without
limitation a standard title company owner’s affidavit.

22. Entire Agreement. This Agreement constitutes the entire agreement of the parties
and may not be amended except by written instrument executed by Purchaser and Seller. All prior
understandings and agreements between the parties are deemed merged herein.

23. Headings. The section headings are inserted for convenience only and are in no
way intended to describe, interpret, define or limit the scope or content of this Agreement or any
provision hereof.

24. Possession. Seller shall deliver actual possession of the Property at Closing,
subject to the Lease (subject to Sections 7(d) and 11(h) hereof).

25. Applicable Law. This Agreement shall be construed and interpreted in accordance
with the laws of the State of California.

26. Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective heirs, successors and permitted assigns as the
case may be, and Purchaser shall have the right to assign its rights hereunder and thereafter be
released from any further liability hereunder.

27. Surviving Clauses. The provisions of this Agreement relating to tax prorations
after Closing, Purchaser’s indemnification with respect to its entering upon the Property prior to
Closing, Seller’s representations, covenants, warranties and indemnity agreement in Section
11, Seller’s covenant not to encumber the Property subsequent to the date hereof, the mutual
covenants of Seller and Purchaser to indemnify each other, as the case may be, as set forth in
Section 12, shall not merge into the Deed but instead shall survive any Closing pursuant to
this Agreement. Except as set forth in the preceding sentence or as otherwise expressly set forth
herein, no other provision of this Agreement shall survive the Closing of this transaction.

28. Tax Deferred Exchange. Purchaser may structure the sale of the Property as a like
kind exchange under Internal Revenue Code Section 1031, at Purchaser’s sole cost and expense.
Seller shall reasonably cooperate therein, provided that Seller shall incur no material costs,
expenses or liabilities in connection with Purchaser’s exchange and Seller shall not be required to
take title to or contract for purchase of any other property. If Purchaser uses a qualified
intermediary to effectuate the exchange, any assignment of the rights or obligations of Purchaser
hereunder shall not relieve, release or absolve Purchaser of its obligations to Seller hereunder.
Purchaser shall reimburse Seller for all reasonable out-of-pocket expenses, if any, incurred by
Seller in effectuating Purchaser’s exchange.

29. Non-Solicitation. From and after the Effective Date, Seller shall not market the
Property for sale, or solicit or accept any back-up offers with respect to the sale of the
Property.

30. Offer and Acceptance. This Agreement, as executed by the party first executing
it, shall constitute an offer to the other party. The offeree shall accept the same, if at all, by
delivering a fully executed copy of this Agreement to the offeror on or before 5:00 p.m., Eastern
Standard Time, August 20, 2013. The notice provisions hereof hereinabove notwithstanding,
acceptance of this offer shall be effective only upon the actual receipt by the offeror of a faxed
or emailed copy of the fully executed Agreement by such date and time, followed by the offeror’s
receipt on the next business day of the fully executed original. The offer, if not timely accepted
as aforesaid, shall expire and be of no further force and effect at the time and date set forth in
this Section.

31. Calculation of Time Periods.

Unless otherwise specified, in computing any period of time described herein, the day of the
act or event after which the designated period of time begins to run is not to be included and the
last day of the period so computed is to be included, unless such last day is a Saturday, Sunday or
legal holiday for national banks in the location where the Property is located, in which event the
period shall run until the end of the next day which is neither a Saturday, Sunday, or legal
holiday. Unless otherwise specified, the last day of any period of time described herein shall be
deemed to end at 5:00 p.m. local time in the state in which the Real Property is located.

1

IN WITNESS WHEREOF, this Agreement has been duly executed on the day and year first above
written.

	 
	PURCHASER:

	GLADSTONE LAND CORPORATION, a Maryland corporation

By:

	 

	Title:

	 

	SELLER:

	MATSUI NURSERY, INC., a California corporation

By:

	 

	Title:

	 

EXHIBIT A

LAND

BEING a part of the Natividad Rancho. Commencing at the center of the road leading from Salinas
City to Natividad, where the Northern boundary of the Sausal Rancho crosses said road, and running
thence, Magnetic Variation 16 degrees East, South 85 degrees 45 East along the said Northern
boundary to the West side of the Los Angeles Stage Road: thence North 6 degrees 30 West, 38 links
along West side of road to the Southeast corner of Lot 5 of Patton Partition described in Decree
recorded August 26, 1907 in Volume 98 of Deeds, at Page 122, Monterey County Records; thence along
the Southerly boundary of said Lot 5, North 85 degrees 45” West 26.36 chains to the Southwesterly
corner of said Lot 5; thence along the Westerly line of said Lot 5, North 7 1/2 degrees West, 39.74
chains to a post marked X on Southern boundary of what was formerly the J.W. Patton 180 acres
tract, as described in Deed recorded October 14, 1867 in Volume G of Deeds, at Page 22, Monterey
County Records; thence along said Southern boundary, North 81 1/2 degrees West, 32.75 chains to post
marked “MS” tract, as described in Deed recorded November 25, 1879 in Volume X of Deeds at Page
210, Monterey County Records; thenco along the Eastern boundary of said last named tract, South 15
degrees West, 41.55chains to picket marked “M2” being the Southeast corner of the said Mayne Tract;
thence North 85 3/4 degrees West, 51.74 chains to center of road leading from Salinas City to
Natividad; thence along the center of said road, South 15 degrees West, 38 links to the place of
beginning.

EXCEPTING FROM said 170.62 acre tract that 0.0144 acre conveyed to County of Monterey, by Deed from
John T. Brazil, et ux., dated October 31, 1961 and recorded November 1, 1961 in Volume 2198
Official Records at Page 90, under Recorder’s Series No. 39385, Monterey County Records.

A.P. NO. 211-013-04

2

EXHIBIT B

PERSONAL PROPERTY

Two (2) wells and appurtenant pumps, electrical panels and underground irrigation pipes.

3

EXHIBIT C

DUE DILIGENCE MATERIALS

(a) Plans, drawings, specifications and engineering and architectural studies and work
(including “as built” plans and drawings, if any) with regard to the Property that are in Seller’s
possession;

(b) Any appraisals and surveys of the Property obtained during the period during which Seller
has owned the Property or otherwise in Seller’s possession;

(c) Copies of each current Lease and any amendments or proposed amendments thereto;

(d) As to each Lease and Tenant, a statement of (i) the rent payable under such Lease for the
last five (5) years, (ii) the date on which rent is due under each Lease, (iii) all receipts for
rent and the rental period for which, rent has been paid, (iv) the expiration date of such Lease
and any renewal or extension options, (v) information regarding the status of security deposits, if
applied, and (vi) the identity of any sublessee(s) or licensee (s) of any part of the Property
(including without limitation, any licensee of any hunting, fishing or other recreational rights
with respect thereto), including the material terms of any such sublease or license;

(e) Copies of all correspondence in Seller’s possession relating to any Government Payments;

(f) Copies of all material correspondence during the last 12 months in Seller’s possession
relating to each Lease.

(g) Real estate tax bills and statements for the current year and the previous two (2) years
with respect to the Property;

(h) Utility bills for the Property for the two (2) most recent complete calendar years and the
current year-to-date;

(i) Copies of insurance certificates with respect to the Property;

(j) Copies of all of the Contracts and any amendments or proposed amendments thereto;

(k) Copies of any soil boring or other similar engineering reports with respect to the
Property obtained during the period during which Seller has owned the Property;

(l) Any environmental assessment report or study with respect to the Property in Seller’s
possession;

(m) Copies of any warranties relating to any Improvements or Personal Property (including
without limitation Irrigation Equipment) included in the Property;

(n) Any information in Seller’s possession or control from any governmental agency or
authority regarding the Property or adjacent properties;

(o) Copies of all notices and correspondence received from any governmental agency of
authority regarding the Property or adjacent properties;

(p) Copies of all notices and correspondence received from third-parties claiming an interest
or right in and to the Property, or any portion thereof; and

(q) Copies of all certificates, applications, permits or other documents related to or
evidencing Water Rights associated with the Property or any portion thereof.

4

EXHIBIT D

FORM OF TENANT ESTOPPEL LETTER

[CONFIRM WITH LENDER]

      , 20      

	 	 	 	 	 	 	 	 	 	 	 
	To:	 	[__________________	 	 	 	 	 	 	 	 
	 	 	_________________,	 	 	 	 	 	 	 	 
	 	 	its successor	 	 	 	 	 	 	 	 
	 	 	and/or assigns,	 	 	 	 	 	 	 	 
	 	 	(“Lender”) and]	 	 	 	 	 	 	 	 
	 	 	     

     

(“Buyer”)

	 	

	 	

	 	

	 	

	Re:
	 	Lease dated

     ,

     (the

“Lease”) executed

between

     

     

(“Landlord”), and

     

     (“Tenant”), for

the approximately

	 	acres located in

	 	County,

	 	and known or

designated as

	 	(the “Property”)

—

Gentlemen:

The undersigned Tenant understands that you or your assigns intend to acquire the Property
from       . The undersigned Tenant does hereby certify to you as
follows:

	 	A.	 	The Lease consists only of the documents identified in items 1 and 2 on
Schedule A attached hereto (“Schedule A”). There are no tenant inducements, rent
concessions or tenant improvement allowances or other landlord obligations or
concessions other than as expressly set forth in such written documents.

	 	B.	 	The Lease is in full force and effect and has not been modified, supplemented,
or amended as indicated in Item 2 on Schedule A. [Tenant is presently conducting
farming operations at the Property under the Lease.]

	 	C.	 	Tenant has not given Landlord written notice of any dispute between Landlord
and Tenant. Landlord is not in default under the Lease.

	 	D.	 	Tenant does not claim any offsets or credits against rents payable under the
Lease. Tenant is not entitled to any unpaid allowance for any improvements or otherwise
under the Lease.

	 	E.	 	Tenant has not paid a security or other deposit with respect to the Lease,
except as shown in Item 3 on Schedule A.

	 	F.	 	Tenant has fully paid rent on account through , 20 ; the current base rent and
any Property expenses payable by Tenant under the Lease are as shown in Item 4 on
Schedule A.

	 	G.	 	Tenant has not paid any rentals in advance except for the month(s) of
     20 .

	 	H.	 	The term of the lease will terminate on the dates indicated in Item 5 on
Schedule A.

	 	I.	 	The Tenant has not granted any license or other right to use any part of the
Property (for hunting, fishing or other recreational uses, or otherwise), except for as
follows:

      
      
      
      .

	 	 	 	[OPTION: I. The Tenant agrees and acknowledges that the Lease is and shall be subordinate to
the mortgage/deed of trust of Lender. Tenant agrees that, in the event Lender becomes
the owner of the Premises by foreclosure, conveyance in lieu of foreclosure or
otherwise, then Tenant shall attorn to and recognize Lender as the landlord under the
Lease for the remainder of the term hereof, and Tenant shall perform and observe its
obligations thereunder, subject only to the terms and conditions of the Lease. Tenant
further covenants and agrees to execute and deliver upon request of Lender an
appropriate agreement of attornment to Lender and any subsequent titleholder of the
Property. So long as Tenant is not in default under its Lease, the Tenant’s interest
under the Lease shall not be disturbed by the Lender or any purchaser at a foreclosure
sale.] [END OPTION]

	 	K.	 	Except as shown in Item 6 on Schedule A, Tenant has no right of first refusal
or option to lease space in addition to the premises demised under the Lease.

	 	L.	 	Except as shown in Item 6 on Schedule A, Tenant has no right of first refusal
or option to purchase the Property or any part thereof.

	 	M.	 	The undersigned is authorized to execute this Tenant Estoppel Certificate on
behalf of Tenant and realizes that Landlord is proposing to sell the building in which
the premises are located, and any proposed buyer of the building shall be entitled to
rely upon this certification by Tenant.

5

SCHEDULE A

1. Lease:

	 	 	 
	Landlord:

	 	

	Tenant:

Date:

	 	     

     

2. Modifications and/or Amendments

	 	 	 	 	 
	(a)

(b)

(c)
	 	Date:

Date:

Date:

	 	     

     

     

3. Security Deposit

	 	 	 
	(currently held by

Landlord)

	 	

$     

4. Rent

	 	 	 
	for current term

of Lease

	 	

$     

Expenses Paid By Tenant: [Indicate “yes” or “no”]

Taxes:       

Utilities:       

Maintenance:       

Other:       

5. Commencement Date:       

	 	 	 	 	 	 	 	 	 
	 	 	 	 	Termination Date:       
	 	 
	 	6.	 	 	Right of First refusal

or option

(if none, state “None”)

	 	to Lease

     

	 	to Purchase

     

If “yes”, does such right or option still exist or has such right or option been exercised
or waived?

Still Exists        Exercised        Waived       

EXHIBIT E

GENERAL ASSIGNMENT

THIS GENERAL ASSIGNMENT (this “Assignment”) is entered into as of the        of
     , 20      , between        (“Assignor”), whose address is
     , and        (“Assignee”), a
     whose address is       .

1. Purchase Agreement; Defined Terms. This Assignment is being executed and delivered
pursuant to that certain Agreement of Purchase and Sale between       , as Purchaser, and
     , as Seller, dated as of       , 201       (the “Purchase Agreement”). Any
capitalized term used but not otherwise defined herein shall have the meaning set forth in the
Purchase Agreement.

2. Assignment and Conveyance. For good and valuable consideration received by
Assignor, the receipt and sufficiency of which are hereby acknowledged, Assignor hereby bargains,
sells, conveys, grants, transfers and assigns to Assignee the entire right, title and interest of
Assignor in and to the following in accordance with the terms and conditions of the Purchase
Agreement:

	 	i.	 	All [Contracts not previously terminated at Assignee’s request,
the Lease [and any security deposit(s) under the Lease];

	 	ii.	 	All [Personal Property] [including, without limitation, all of
Seller’s right, title and interest to the Crops and Plants];

	 	iii.	 	All warranties, guarantees, bonds, licenses, building permits,
certificates of occupancy, zoning certificates, and other governmental permits
and licenses to and in connection with the construction, development,
ownership, use, operation or maintenance of the Property or any part thereof,
to the extent the same are assignable; and

	 	iv.	 	All Water Rights.

5. Assumption. Assignee hereby assumes the obligations of Assignor [under the
Contracts and] as lessor under the Lease, in each and every case only to the extent first arising
from and after the date hereof. Assignor shall promptly notify Assignee in writing if any claim is
made against Assignor with respect to any matter which Assignee has agreed to assume in this
Assignment, specifying the nature and details of such claim. Assignor shall cooperate fully with
Assignee and its counsel and attorneys in the defense against such claim in accordance with their
judgment and discretion, and Assignor shall not pay or settle any such claim without Assignee’s
prior written consent. No person or entity, other than Assignor, shall be deemed a beneficiary of
the provisions of this Section 5.

6. Indemnity. Assignee agrees to indemnify, defend and hold Assignor harmless from
and against any and all claims, damages, demands, causes of action, liabilities, judgments, losses,
costs and expenses (including but not limited to reasonable attorneys’ fees) asserted against or
incurred by Assignor caused by the failure of Assignee to perform any obligation under the
[Contracts or Lease] which obligation was assumed by Assignee hereunder. Assignor agrees to
indemnify, defend and hold Assignee harmless from and against any and all claims, damages, demands,
causes of action, liabilities, judgments, losses, costs and expenses (including but not limited to
reasonable attorneys’ fees) asserted against or incurred by Assignee caused by the failure of
Assignor to perform any obligation under any of the Contracts, or the Lease first arising prior to
the date hereof.

7. Power and Authority. Assignor represents and warrants to Assignee that it is fully
empowered and authorized to execute and deliver this Assignment, and the individual signing this
Assignment on behalf of Assignor represents and warrants to Assignee that he or she is fully
empowered and authorized to do so.

8. Attorneys’ Fees. If either Assignee or Assignor or their respective successors or
assigns file suit to enforce the obligations of the other party under this Assignment, the
prevailing party shall be entitled to recover the reasonable fees and expenses of its attorneys.

9. Successors and Assigns. This Assignment shall be binding upon and inure to the
benefit of Assignor and Assignee and their respective successors and assigns.

10. Counterparts. This Agreement may be executed in any number of identical
counterparts, any or all of which may contain the signatures of fewer than all of the parties but
all of which shall be taken together as a single instrument.

11. Governing Law. This Agreement shall be governed and interpreted in accordance
with the laws of the State of       .

IN WITNESS WHEREOF, Assignor and Assignee have executed and delivered this Assignment the day
and year first above written.

ASSIGNOR

     

     

By:

Title:

ASSIGNEE

     

     

12119826.3

12119826.3

6

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