Document:

Asset Purchase Agreement dated as of August 18, 2006

 EXHIBIT 10.46 
 Asset Purchase Agreement dated as of August 18, 2006 
 between WHCC, LLC and CNL Income Partners, LP

 ASSET PURCHASE AGREEMENT 
 BETWEEN 
 WHCC, LLC, 
 a Delaware limited liability company 
 AS SELLER 
 AND 
 CNL INCOME PARTNERS, LP 
 a Delaware limited partnership 
 AS PURCHASER

 DATED AS OF     , 2006 

 TABLE OF CONTENTS 
  

					
	 	    	 	  	Page
	TABLE OF CONTENTS	  	i
		
	LIST OF EXHIBITS AND SCHEDULES	  	v
		
	ASSET PURCHASE AGREEMENT	  	1
		
	ARTICLE I DEFINITIONS	  	1
			
	 1.1
	    	Definitions	  	1
		
	ARTICLE II PURCHASE AND SALE, ASSETS AND LIABILITIES	  	10
			
	 2.1
	    	Purchase and Sale.	  	10
			
	 2.2
	    	Description of the Assets	  	10
			
	 2.3
	    	Excluded Assets	  	12
		
	ARTICLE III PURCHASE PRICE	  	13
			
	 3.1
	    	Purchase Price	  	13
			
	 3.2
	    	Deposits	  	15
			
	 3.3
	    	Payment of Purchase Price	  	16
			
	 3.4
	    	Allocation of Purchase Price	  	16
		
	ARTICLE IV DUE DILIGENCE AND INSPECTION	  	17
			
	 4.1
	    	Right to Inspect	  	17
			
	 4.2
	    	Matters Relating to Title	  	18
			
	 4.3
	    	Contracts	  	19
			
	 4.4
	    	Purchaser’s Election Whether or Not to Proceed	  	20
			
	 4.5
	    	Lease	  	20
		
	ARTICLE V REPRESENTATIONS AND WARRANTIES	  	20
			
	 5.1
	    	The Seller’s Representations and Warranties	  	20
			
	 5.2
	    	The Purchaser’s Representations and Warranties	  	27

  

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	ARTICLE VI COVENANTS	  	28
			
	 6.1
	    	Confidentiality	  	28
			
	 6.2
	    	Improvements	  	29
			
	 6.3
	    	Conduct of the Business	  	29
			
	 6.4
	    	Licenses and Permits	  	29
			
	 6.5
	    	Tax Contests	  	30
			
	 6.6
	    	Notices and Filings	  	30
			
	 6.7
	    	Further Assurances	  	30
			
	 6.8
	    	Compliance; Property Maintenance	  	31
			
	 6.9
	    	Estoppel Certificate	  	31
			
	 6.10
	    	Exclusivity	  	31
			
	 6.11
	    	Employees	  	31
			
	 6.12
	    	Liquor License	  	32
		
	ARTICLE VII CLOSING CONDITIONS	  	32
			
	 7.1
	    	Purchaser’s Closing Conditions	  	32
			
	 7.2
	    	Failure of any Purchaser’s Closing Condition	  	33
			
	 7.3
	    	Seller’s Closing Conditions	  	33
			
	 7.4
	    	Failure of the Seller’s Closing Conditions	  	34
		
	ARTICLE VIII CLOSING	  	34
			
	 8.1
	    	Closing Date	  	34
			
	 8.2
	    	Closing Escrow	  	34
			
	 8.3
	    	Seller’s Closing Deliveries	  	34
			
	 8.4
	    	Purchaser’s Deliveries	  	36
			
	 8.5
	    	Possession	  	37

  

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	ARTICLE IX PRORATIONS AND EXPENSES	  	37
			
	 9.1
	    	Closing Statement	  	37
			
	 9.2
	    	Pro-rations	  	37
			
	 9.3
	    	Taxes	  	38
			
	 9.4
	    	Cash and Utility Deposits	  	38
			
	 9.5
	    	Employees	  	39
			
	 9.6
	    	Reconciliation and Final Payment	  	39
			
	 9.7
	    	Purchaser’s Acquisition Costs	  	39
			
	 9.8
	    	Seller’s Transaction Costs	  	39
		
	ARTICLE X DEFAULT AND REMEDIES	  	39
			
	 10.1
	    	The Seller’s Default	  	39
			
	 10.2
	    	Purchaser’s Default	  	40
			
	 10.3
	    	Liquidated Damages.	  	40
			
	 10.4
	    	No Punitive or Consequential Damages	  	40
		
	ARTICLE XI RISK OF LOSS	  	40
			
	 11.1
	    	Casualty	  	40
			
	 11.2
	    	Condemnation	  	41
			
	 11.3
	    	Definition of “Material”	  	41
		
	ARTICLE XII SURVIVAL, INDEMNIFICATION AND RELEASE	  	42
			
	 12.1
	    	Survival	  	42
			
	 12.2
	    	Indemnification by the Seller	  	42
			
	 12.3
	    	Indemnification by Purchaser	  	42
			
	 12.4
	    	Indemnification Procedure; Notice of Indemnification Claim.	  	42
			
	 12.5
	    	Exclusive Remedy for Indemnification Loss; Interpretation	  	43
			
	 12.6
	    	Guaranty	  	44

  

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	ARTICLE XIII MISCELLANEOUS PROVISIONS	  	44
			
	 13.1
	    	Notices	  	44
			
	 13.2
	    	Time is of the Essence	  	45
			
	 13.3
	    	Assignment	  	45
			
	 13.4
	    	Successors and Assigns.	  	45
			
	 13.5
	    	Third Party Beneficiaries	  	45
			
	 13.6
	    	Rules of Construction	  	46
			
	 13.7
	    	Severability	  	46
			
	 13.8
	    	Governing Law	  	46
			
	 13.9
	    	Waiver of Trial by Jury	  	46
			
	 13.10
	    	Prevailing Party	  	46
			
	 13.11
	    	Incorporation of Recitals, Exhibits and Schedules	  	47
			
	 13.12
	    	Liability of Interest-Holders in Purchaser and its Affiliates	  	47
			
	 13.13
	    	Independent Entity	  	47
			
	 13.14
	    	Entire Agreement	  	47
			
	 13.15
	    	Amendments, Waivers and Termination of Agreement	  	47
			
	 13.16
	    	Execution of Agreement	  	48
			
	 13.17
	    	Tax Disclosures	  	48

  

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 LIST OF EXHIBITS AND SCHEDULES 
 List of Exhibits 
  

			
	Exhibit A	  	Legal Description of the Land
	Exhibit B	  	Form of Seller’s Closing Certificate
	Exhibit C	  	Form of Special Warranty Deed
	Exhibit D	  	Form of Bill of Sale
	Exhibit E	  	Form of Assignment and Assumption of Intangible Property
	Exhibit F	  	Form of Assignment and Assumption of Contracts
	Exhibit G	  	Form of Guaranty Agreement
	Exhibit H	  	Form of Assignment and Assumption of Membership Agreements
	Exhibit I	  	Form of Purchaser’s Closing Certificate

 List of Schedules 
  

			
	Schedule 2.3.2	  	Third Party Assets
	Schedule 3.4	  	Purchase Price Allocation
	Schedule 5.1.9	  	Licenses and Permits
	Schedule 5.1.12	  	Contracts
	Schedule 5.1.30	  	Personal Property
	Schedule 5.1.32	  	Memberships

  

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 ASSET PURCHASE AGREEMENT 
 THIS PURCHASE AGREEMENT (the “Agreement”) is made as of July     , 2006 (the “Effective
Date”), by and between WHCC, LLC, a Delaware limited liability company (the “Seller”), and CNL INCOME PARTNERS, LP, a Delaware limited partnership (“Purchaser”)(each a “Party”
and together the “Parties”). 
 R E C I T A L S 
 A. Seller is the owner of that certain real property located in the city of Ft. Lauderdale, Florida commonly known as “Weston Hills Country
Club” and more particularly described on Exhibit A hereto (the “Land”). The Land is currently improved with an eighteen hole golf course, clubhouse and other improvements. 
 B. Purchaser desires to purchase from and lease to Seller the Assets (as hereinafter defined) and Seller desires to sell to and lease from the Purchaser
the Assets on the terms and conditions set forth in this Agreement. 
 C. In order to induce Purchaser to purchase the Assets, Guarantor has
agreed to guarantee certain obligations of Seller that survive the Closing (as hereinafter defined). 
 D. Seller is an Affiliate (as
hereinafter defined) of Guarantor, and Guarantor shall benefit from the transactions contemplated herein. 
 NOW, THEREFORE, in consideration
of the respective provisions contained in this Agreement, Seller and Purchaser agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 1.1 Definitions.
The following terms will have the following meanings in this Agreement: 
 “Action Period” has the meaning set forth in
Section 12.1. 
 “Additional Deposit” has the meaning set forth in Section 3.2.1. 
 “Adjusted Coverage Ratio” means the ratio obtained by dividing (a) the average trailing NOI over the previous two (2) Fiscal
Years by (b) the product of .0885 times the New Adjusted Lease Basis (as defined in the Lease). 
 “Affiliate” has the
following meaning: two entities are “Affiliates” if 
  

	 	(a)	one of the entities is a Subsidiary of the other entity; 

  

	 	(b)	both of the entities are Subsidiaries of the same entity; or 

  

	 	(c)	both of the entities are Controlled by the same person or entity. 

 “Agreement” has the meaning set forth in the first paragraph of this document.

 “Applicable Laws” means in each case to the extent the Person or Real Property in question is subject to the same, all
statutes, laws, common law, rules, regulations, ordinances, codes or other legal requirements of any Governmental Authority, stock exchange, board of fire underwriters and similar quasi-governmental authority, and (ii) any judgment, injunction,
order or other similar requirement of any court or other adjudicatory authority, in effect at the time in question. 
 “Appraisal” means a written appraisal of the fair market value of the Assets at the time of the calculation of the Contingent Supplemental Purchase Price pursuant to Section 3.1.2 prepared by a licensed real
estate appraiser generally recognized as being experienced in golf course appraisals in the market where the Assets are located and mutually selected by Purchaser and Seller or, in the event Purchaser and Seller do not agree on the selection of the
appraiser, the appraiser shall be an appraiser who meets the foregoing requirements and is selected by the respective appraisers selected by Purchaser and Seller. 
 “Assets” has the meaning set forth in Section 2.2. 
 “Bankruptcy
Code” has the meaning set forth in Section 5.1.13. 
 “Benefits” has the meaning set forth in
Section 6.11.2. 
 “Books and Records” has the meaning set forth in Section 2.2.9. 
 “Business” means the operation of the golf course, clubhouses, pro shops and all activities related thereto conducted at the Real
Property. 
 “Business Day” means any day other than a Saturday, Sunday or any United States federal legal holiday.

 “Casualty” has the meaning set forth in Section 11.1. 
 “Closing” has the meaning set forth in Article VIII. 
 “Closing Conditions” means the Purchaser’s Closing Conditions and the Seller’s Closing Conditions. 
 “Closing Date” has the meaning set forth in Section 8.1. 
 “Closing Escrow” has the meaning set forth in Section 8.2. 
 “Closing Escrow Agreement” has the meaning set forth in Section 8.2. 
 “Closing Statement” has the meaning set forth in Section 8.3.10. 
 “COBRA” means the Consolidated Omnibus Budget Reconciliation Act. 
 “Code” has the meaning set forth in Section 5.1.24. 
  

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 “Condemnation” has the meaning set forth in Section 5.1.4. 
 “Consumables” has the meaning set forth in Section 2.2.5. 
 “Contingent Supplemental Purchase Price” means, at the time of such calculation set forth in Section 3.1.2, the amount, if
any, by which (i) the average annual NOI measured over the two (2) Fiscal Years immediately preceding the time of such calculation multiplied by ten (10) exceeds (ii) the Purchase Price, but limited to a maximum additional
payment not to exceed the lesser of (A) fifteen percent (15%) of the Purchase Price, (B) the maximum amount that can be added to the Adjusted Lease Basis (as defined in the Lease) to create the New Adjusted Lease Basis (as
defined in the Lease) without causing the Adjusted Coverage Ratio to be less than 1.2 (for example, if the average annual NOI over the trailing two Fiscal Years equals $4,000,000, and the Adjusted Lease Basis equals $36,000,000, the Contingent
Supplemental Purchase Price shall not exceed $1,664,783 under this clause (B) (that is, $36,000,000 + $1,664,783 = $4,000,000/(1.2*.0885))), and (C) the amount, if any by which the value of the Assets set forth in the Appraisal exceeds the
Purchase Price. 
 “Contingent Supplemental Purchase Price Date” has the meaning set forth in Section 3.1.2.

 “Contracts” has the meaning set forth in Section 2.2.7. 
 “Control” means: 
 (a) the
right to exercise, directly or indirectly, a majority of the votes which may be voted at a meeting of (i) the shareholders of the corporation, in the case of a corporation, (ii) the shareholders of the general partner, in the case of a
limited partnership, or (iii) the equity holders or other voting participants of a Person that is not a corporation or limited partnership; or 
 (b) the right to elect or appoint, directly or indirectly, a majority of (i) the directors of the corporation, in the case of a corporation, (ii) the directors of the general partner, in the case of a limited partnership, or
(iii) a majority of the Persons who have the right to manage or supervise the management of the affairs and business of a Person that is not a corporation or limited partnership, 
 and “Controlled” has a corresponding meaning. 
 “Deed” means the special warranty deed delivered by the Seller to the Purchaser pursuant to Section 8.3.2. 
 “Deposit” has the meaning set forth in Section 3.2.1. 
 “Due Diligence
Period” means the period from the Effective Date until 5:00 p.m., eastern time, on the day which is forty-five (45) days after the Effective Date. 
 “Effective Date” has the meaning set forth in the introductory paragraph of this Agreement. 
  

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 “Effluent Discharge Rights” has the meaning set forth in Section 2.2.13.

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

“Environmental Claims” means all claims for reimbursement, remediation, abatement, removal, clean up, contribution, personal injury,
property damage or damage to natural resources made by any Governmental Authority or other Person arising from or in connection with the (i) presence or actual or potential spill, leak, emission, discharge or release of any Hazardous Substances
over, on, in, under or from the Real Property, or (ii) violation of any Environmental Laws with respect to the Real Property or any portion thereof. 
 “Environmental Laws” means any Applicable Laws which regulate the manufacture, generation, formulation, processing, use, treatment, handling, storage, disposal, distribution or transportation, or an
actual or potential spill, leak, emission, discharge or release of any Hazardous Substances, pollution, contamination or radiation into any water, soil, sediment, air or other environmental media, including, without limitation, (i) the
Comprehensive Environmental Response, Compensation and Liability Act, (ii) the Resource Conservation and Recovery Act, (iii) the Federal Water Pollution Control Act, (iv) the Toxic Substances Control Act, (v) the Clean Water Act,
(vi) the Clean Air Act, and (vii) the Hazardous Materials Transportation Act, and similar state and local laws, as amended as of the time in question. 
 “Environmental Liabilities” means all Liabilities under any Environmental Laws arising from or in connection with the Real Property, including, without limitation, any obligations to manage, control,
contain, remove, remedy, respond to, clean up or abate any actual or potential spill, leak, emission, discharge or release of any Hazardous Substances, pollution, contamination or radiation into any water, soil, sediment, air or other environmental
media. 
 “Environmental Reports” means those certain environmental reports obtained in connection with the transactions
contemplated herein with respect to the Real Property or any portion thereof. 
 “ERISA” has the meaning set forth in
Section 5.1.26. 
 “Escrow Agent” means the Title Company or such other escrow agent as is mutually acceptable
to the Seller and the Purchaser. 
 “Excluded Assets” has the meaning set forth in Section 2.3. 
 “Facility Mortgage” means any mortgage or mortgages and security interests in force and effect on or following Closing encumbering
Purchaser’s interest in the Real Property, or any portion thereof, and all collateral assignments by Purchaser to any third party or parties of any of Seller’s rights under the Lease or the rents, issues and profits thereof or therefrom as
security for any liability or indebtedness, direct, indirect or contingent, of Purchaser to such third party or parties, and to all future modifications, extensions, renewals, consolidations and replacements of, and all amendments and supplements to
any such mortgage, mortgages or assignments. 
  

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 “Fiscal Year” means a calendar year beginning on January 1 and ending on
December 31. Any partial Fiscal Year between the Closing Date and the commencement of the first full Fiscal Year shall constitute a separate Fiscal Year. 
 “Fixtures” has the meaning set forth in Section 2.2.3. 
 “Governmental
Authority” means any federal, state or local government or other political subdivision thereof, including, without limitation, any Person exercising executive, legislative, judicial, regulatory or administrative governmental powers or
functions, in each case to the extent the same has jurisdiction over the Person or Real Property in question. 
 “Guarantor”
means Heritage Golf Florida, Inc., a Delaware corporation. 
 “Hazardous Substances” means any hazardous or toxic
substances, chemicals, materials or waste, whether in solid, semisolid, liquid or gaseous form, including, without limitation, asbestos, petroleum or petroleum by-products, polychlorinated biphenyls, mold or other biological contaminants that are
regulated by any Environmental Laws. 
 “Improvements” has the meaning set forth in Section 2.2.2. 

“Indemnification Loss” means, with respect to any Indemnitee, any Liability, including, without limitation, reasonable attorneys fees
and expenses and court costs, incurred by such Indemnitee as a result of the act, omission or occurrence in question. 
 “Initial
Deposit” has the meaning set forth in Section 3.2.1. 
 “Inspections” means any inspections,
examinations, tests, investigations, or studies of the Real Property or the Business conducted by or on behalf of the Purchaser (or any Affiliate thereof). 
 “Intangible Assets” has the meaning set forth in Section 2.2.6. 
 “Land” has the meaning set forth in Recital A hereof. 
 “Lease Negotiation Period” means the
period from the Effective Date until 5:00 p.m., eastern time, on the day which is thirty (30) days after the Effective Date. 
 “Lease” means that certain Lease Agreement to be agreed to during the Lease Negotiation Period and entered into at Closing between Purchaser (or an Affiliate thereof), as lessor, and Operating Lessee, as lessee, pursuant to
which Operating Lessee shall lease some or all of the Assets which Seller is selling to Purchaser from Purchaser. 
 “Liability” means any liability, obligation, damage, loss, diminution in value, cost or expense of any kind or nature whatsoever, whether accrued or unaccrued, actual or contingent, known or unknown, foreseen or unforeseen,
and “Liabilities” has a corresponding meaning. 
 “Licenses and Permits” has the meaning set forth in
Section 2.2.8. 
  

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 “Liquor License” has the meaning set forth in Section 6.12. 
 “Membership Agreements” has the meaning set forth in Section 5.1.31. 
 “New Title Exception” has the meaning set forth in Section 4.2.3. 
 “Net Operating Income” or “NOI” means, for any Fiscal Year during the term of the Lease, the amount by which Total
Facilities Revenue exceeds Operating Expenses. 
 “Notice” has the meaning set forth in Section 13.1.1.

 “Operating Expenses” means all those ordinary and necessary expenses incurred in the operation of the Business in
accordance with the Lease, including all costs and expenses associated with the Employees, as defined in the Lease (including salaries, wages, bonuses and other compensation of all Employees and their benefits, including life, medical and disability
insurance and retirement benefits), the costs associated with permits and licenses, the cost of maintenance and utilities, administrative expenses, the costs of advertising, marketing and business promotion, all as determined in accordance with
Generally Accepted Accounting Principles, any and all taxes, assessments, charges, levies, fees (including, without limitation, license, permit, inspection, authorization and similar fees) and other impositions and charges of every kind and nature
whatsoever, extraordinary as well as ordinary, foreseen or unforeseen, and each and every installment thereof which shall or may during or with respect to the term of the Lease accrue and be charged, laid, levied, assessed, or imposed upon, or arise
in connection with, the use, occupancy, operation or possession of the Assets or any part thereof or the Business conducted thereon, all premiums and other charges to obtain the insurance policies required pursuant to the Lease, and the Applicable
Reserve Percentage (as defined in the Lease). 
 “Operating Lessee” means Heritage Golf Palmetto Hall, LLC, a Delaware
limited liability company, which is an Affiliate of Seller. 
 “Operations Statement” has the meaning set forth in
Section 3.1.2. 
 “Ordinary Course of Business” means the ordinary course of business consistent with the
Seller’s past custom and practice for the Business, taking into account the facts and circumstances in existence from time to time. 
 “Other Leases” means (i) that certain Lease Agreement by and between CNL Income Partners, LP, and assigns, as Landlord, and Heritage Golf Palmetto Hall, LLC, as Tenant, dated April      2006,
(ii) [REFERENCE TO VALENCIA LEASE] and (iii) [REFERENCE TO TALEGA LEASE]. 
 “Outside Closing Date” has the
meaning set forth in Section 8.1. 
 “Outing/Banquet Deposits” has the meaning set forth in
Section 9.2.1. 
 “Par Consumables Level” has the meaning set forth in Section 6.3.1. 
 “Party” or “Parties” has the meaning set forth in the first paragraph of this Agreement. 
  

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 “Permitted Encumbrance” has the meaning set forth in Section 4.2.1.

 “Person” means any natural person, firm, corporation, general or limited partnership, limited liability company,
association, joint venture, trust, estate, Governmental Authority or other legal entity, in each case whether in its own or a representative capacity. 
 “Personal Property” has the meaning set forth in Section 2.2.4. 
 “Plans and Specifications” has the meaning set forth in Section 2.2.10. 
 “Plan” has
the meaning set forth in Section 5.1.26. 
 “Portfolio Sale” means any transaction following the Closing Date
involving the transfer or conveyance of the Assets and one or more other properties owned by Purchaser or any Affiliate of Purchaser and with a single purchaser or affiliated purchasers who are not Affiliates of Purchaser. 
 “Property Condition Evaluations” means the property condition evaluations obtained by the Purchaser in connection with the transaction
contemplated herein with respect to certain of the Assets. 
 “Prorations” has the meaning set forth in
Section 9.2. 
 “Purchase Price” has the meaning set forth in Section 3.1.1. 
 “Purchaser” means CNL Income Partners, LP, a Delaware limited partnership, its successors and permitted assignees. 
 “Purchaser’s Acquisition Costs” has the meaning set forth in Section 9.7. 
 “Purchaser’s Closing Deliveries” has the meaning set forth in Section 8.4. 
 “Purchaser’s Default” has the meaning set forth in Section 10.2. 
 “Purchaser’s Documents” has the meaning set forth in Section 5.2.2. 
 “Purchaser’s Due Diligence Reports” means all studies, reports and assessments prepared by any Person for or on behalf of the
Purchaser (other than any internal studies, reports and assessments prepared by any of the Purchaser’s employees, attorneys or accountants) in connection with the Inspections. 
 “Purchaser’s Indemnitees” means the Purchaser and its Affiliates, and each of their respective shareholders, members, partners,
trustees, beneficiaries, directors, officers and employees, and the successors, assigns, legal representatives, heirs and devisees of each of the foregoing. 
 “Purchaser’s Inspectors” means any Person that conducted any Inspections for or on behalf of the Purchaser or any Affiliate thereof. 
  

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 “Purchaser Liabilities” means (i) any Liabilities under the Contracts, and Licenses
and Permits that are not Seller Liabilities, (ii) the payment of Taxes, but only to the extent such Liabilities and Taxes arise or accrue on or after the Closing Date, and (iii) any claim for personal injury or property damage to a Person
which is based on any event which occurred at the Real Property on or after the Closing Date resulting from the acts of Purchaser, its Affiliates, employees or agents. 
 “Real Property” has the meaning set forth in Section 2.2.2. 
 “Sale of
the Real Property” means any conveyance by Purchaser of the Real Property following Closing to a third party who is not an Affiliate of Purchaser, which, as long as Purchaser’s obligations hereunder are assumed by the transferee, shall
specifically exclude (i) the direct or indirect transfer of any ownership interests in Purchaser, (ii) a Portfolio Sale and (iii) a transfer of the Real Property to an Affiliate of Purchaser. 
 “SEC” means the Securities and Exchange Commission. 
 “Seller” has the meaning set forth in the first paragraph of this document. 
 “Seller’s Closing Deliveries” has the meaning set forth in Section 8.3. 
 “Seller’s
Default” has the meaning set forth in Section 10.1. 
 “Seller’s Documents” has the meaning set
forth in Section 5.1.2. 
 “Seller’s Due Diligence Materials” means all documents, reports, photos and
materials provided by the Seller to the Purchaser, pursuant to this Agreement or otherwise, together with any copies or reproductions of such documents or materials, or any summaries, abstracts, compilations, or other analyses thereof. 

“Seller’s Indemnitees” means the Seller and its Affiliates, and each of their respective shareholders, members, partners,
trustees, beneficiaries, directors, officers and employees, and the successors, assigns, legal representatives, heirs and devisees of each of the foregoing. 
 “Seller’s Knowledge” means the actual knowledge of Mr. Andy Crossen, Mr. Scott Little, Mr. John Hungerford, Mr. Robert Husband, [NOTE: add GM] and [NOTE: add
Superintendent]. 
 “Seller Liabilities” shall have the meaning set forth in Section 12.2. 
 “Subsidiary” means, in respect of any Person: 
 (a) any corporation of which more than 50% of the outstanding capital stock having ordinary voting power to elect the majority of the board of directors of such corporation is at the time directly or indirectly owned
by (i) such Person, (ii) such Person and one or more subsidiaries of such Person, or (iii) one or more subsidiaries of such Person; or 
  

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 (b) any limited or general partnership, joint venture, limited liability company or other entity as to
which (i) such Person, (ii) such Person and one or more of its subsidiaries, or (iii) one or more subsidiaries of such Person owns, more than a 50% ownership, equity or similar interest or has power to direct or cause the direction of
management and policies, or the power to elect the general partner or managing partner (or equivalent thereof), of such limited or general partnership, joint venture, limited liability company or other entity, as the case may be. 
 “Survey Defects” has the meaning set forth in Section 4.2.1. 
 “Survey” means the ALTA survey of the Real Property to be obtained by Purchaser in a form and with such information as may be required
by the Title Company to enable the Title Company to delete the standard survey-related exceptions. 
 “Survival Period” has
the meaning set forth in Section 12.1. 
 “Taxes” means any federal, state, local or foreign, real property,
personal property, sales, use, excise, room, occupancy, ad valorem or similar taxes, assessments, levies, charges or fees imposed by any Governmental Authority on the Seller with respect to the Assets or the Business, including, without limitation,
any interest, penalty or fine with respect thereto, but expressly excluding any (i) federal, state, local or foreign income, capital gain, gross receipts, capital stock, franchise, profits, estate, gift or generation skipping tax, or
(ii) transfer, documentary stamp, recording or similar tax, levy, charge or fee incurred with respect to the transactions described in this Agreement. 
 “Termination Notice” has the meaning set forth in Section 4.4. 
 “Third-Party Claim” means, with respect to the Person in question, any claim, demand, lawsuit, arbitration or other legal or administrative action or proceeding against the Person in question by any other Person which is
not an Affiliate of the Person in question. 
 “Title Commitment” has the meaning set forth in Section 4.2.

 “Title Company” means First American Title Insurance Company through the Talon Group, Orlando Commercial Services
Division, a division of First American Title Insurance Company, whose address is 111 North Orange Avenue, Suite 1285, Orlando, Florida 32801, Attention: Michael Moore. 
 “Title Exceptions” has the meaning set forth in Section 4.2.1. 
 “Title
Notice” has the meaning set forth in Section 4.2.1. 
 “Title Policy” has the meaning set forth in
Section 4.2.4. 
 “Total Acquisition Costs” shall mean (i) the Purchase Price plus
(ii) Purchaser’s Acquisition Costs. 
  

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 “Total Facilities Revenue” shall have the meaning set forth in the Lease [NOTE:
definition of TFR in Lease will include “Net Membership Cash Flow”, which will mean “the net cash flow (whether positive or negative) consisting of: (i) cash received from sales of new Golf Club memberships, and conversions of
existing Golf Club memberships to new Golf Club memberships (including deposits relating thereto), plus (ii) cash principal payments received on membership obligations evidencing the financing of the purchase of new Golf Club memberships
or the conversion of existing Golf Club memberships into new Golf Club memberships, less (iii) cash paid to cancel or recall existing Golf Club memberships and refunds of new Golf Club membership sales, all as determined in accordance
with the following methodology: under GAAP, Net Membership Cash Flow is not considered revenue and the Leased Property shall account for such cash flow as “cash provided by financing activities” in its statement of cash flows and report a
liability in its balance sheet equal to the amount of such deposits. Net Membership Cash Flow shall be included in Total Facility Revenue for purposes of calculating the Percentage Rent and Applicable Reserve Percentage.”] 
 “Unpermitted Exceptions” has the meaning set forth in Section 4.2.1. 
 “WARN Act” means the Worker’s Adjustment and Retraining Notification Act, 29 U.S.C. §2101, et seq., and any similar state and
local laws, as amended from time to time, and any regulations, rules and guidance issued pursuant thereto. 
 “Warranties”
has the meaning set forth in Section 2.2.11. 
 “Water Rights” has the meaning set forth in
Section 2.2.12. 
 “Weston Hills Country Club” has the meaning set forth in Recital A hereof. 
 ARTICLE II 
 PURCHASE AND SALE, ASSETS AND
LIABILITIES 
 2.1 Purchase and Sale. Subject to the terms, provisions and conditions set forth herein: 
 2.1.1 Seller agrees to sell the Assets to the Purchaser; 
 2.1.2 Purchaser agrees to buy the Assets from the Seller; 
 2.2 Description of the Assets. In
this Agreement, the “Assets” means all of the following, but expressly excluding the Excluded Assets: 
 2.2.1 Land.
The Land. 
 2.2.2 Improvements. All buildings, structures and improvements located on or affixed to the Land and all fixtures on the
Land which constitute real property under Applicable Law (collectively referred to as the “Improvements”; the Land and the Improvements are collectively referred to as the “Real Property”). 
  

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 2.2.3 Fixtures. All fixtures attached to and forming a part of the Real Property, other than those
which constitute Improvements (the “Fixtures”). 
 2.2.4 Personal Property. All tangible personal property, including
without limitation any and all furniture, fixtures (other than Fixtures), equipment, machinery, tools, appliances and vehicles (free of any liens or encumbrances) other than any equipment which is the subject of an equipment lease as disclosed to
Purchaser) owned by Seller and located at or used in connection with the Business (the “Personal Property”). 
 2.2.5
Consumables. All food, liquor, wine, consumable supplies and inventories of every kind of nature owned by Seller as of the Closing Date and located at and used in connection with the operation of the Business at the Real Property
(“Consumables”). 
 2.2.6 Intangible Assets. To the extent assignable or transferable, any and all building plans,
specifications and drawings, surveys, environmental and soil reports, software licenses, telephone numbers listing in directories, customer files (as to the Business only), guest lists, credit records, labels, promotional literature, security codes,
trademarks, trade name (including, without limitation all rights of Seller to use the name and logo associated with the “Weston Hills Country Club”), the logos, domain names, websites, all records and sales and other customer data,
use and occupancy permits, governmental permits and approvals concerning the Business, and any unexpired guaranties or warranties, but in all cases specifically excluding the Seller Liabilities (collectively with the Licenses and Permits, Books and
Records, Plans and Specifications, Warranties, Water Rights and Effluent Discharge Rights referred to as the “Intangible Assets”). 
 2.2.7 Contracts. All of the Seller’s right, title and interest in and to any maintenance, service and supply contracts, equipment leases, space leases and all other similar agreements affecting the Assets and/or the operation of
the Business to the extent that such contracts are transferable, but in all cases specifically excluding the Seller Liabilities (the “Contracts”), which Contracts are set forth in Schedule 5.1.12, together with all deposits
made or held by the Seller thereunder, all to the extent that such deposits are transferable. 
 2.2.8 Licenses and Permits. To the
extent assignable or transferable under Applicable Laws, all of the Seller’s right, title and interest in and to any licenses, permits, consents, authorizations, approvals, registrations and certificates issued by any Governmental Authority
which are held by the Seller with respect to the Real Property, including, without limitation, those necessary for the use, operation, or occupancy of the Real Property or the Business, complete listing of which is attached hereto as Schedule
5.1.8, but specifically excluding the Liquor License and the Seller Liabilities (the “Licenses and Permits”), together with any deposits made by the Seller thereunder. 
 2.2.9 Books and Records. All of the Seller’s books and records which relate to the Real Property or the Business, but expressly excluding all
employee files, tax returns, policy and procedure manuals, software and any other documents and other materials which are legally privileged or constitute attorney work product or any other books and records required by Operating Lessee to operate
the Business pursuant to the Lease (the “Books and Records”). 
  

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 2.2.10 Plans and Specifications. Any plans and specifications, blue prints, architectural plans,
engineering diagrams and similar items within the control of the Seller which Seller has the right to transfer and which specifically relate to the Real Property (the “Plans and Specifications”). 
 2.2.11 Warranties. All of the Seller’s right, title and interest in and to all warranties and guaranties held by the Seller with respect to
any Improvements, to the extent that such warranties are transferable (the “Warranties”). 
 2.2.12 Water Rights. All
right, title and interest of Seller, in all water rights, riparian rights, appropriative rights, water allocations, water stock, water dispersal, water discharge, and water collection associated with irrigating the Land (the “Water
Rights”) including without limitation under all documents, agreements and permits relating to the supply of water to the Land. 
 2.2.13 Effluent Discharge Rights. All right, title and interest of Seller in all rights to discharge effluent to a water of a state or the United States in connection with the operation of the Business (the “Effluent
Discharge Rights”). 
 2.3 Excluded Assets. Notwithstanding anything to the contrary in Section 2.2, the
following property, assets, rights and interests (the “Excluded Assets”) are excluded from the Assets: 
 2.3.1 Cash.
Except for deposits expressly included in Section 2.2 (which to the extent transferable shall be credited to Seller pursuant to Section 9.4), all cash on hand or on deposit in any operating account or other account or reserve
maintained in connection with the Real Property or the Business. 
 2.3.2 Third-Party Assets. Those removable fixtures, personal
property or intellectual property, as shown on the attached Schedule 2.3.2, owned by (i) the supplier, vendor, licensor or other party under any Contracts, Licenses and Permits, or Plans and Specifications, (ii) the tenant under any
space leases at the Real Property, or (iii) any employees or any guests or customers of the Business. 
 2.3.3 Accounts
Receivable. Seller’s accounts receivable and rents receivable. 
 2.3.4 Membership Agreements. It is expressly agreed and
recognized that Purchaser does not assume and at Closing shall not assume any obligation or liability whatsoever arising under any Membership Agreements, regardless or whether fixed, accrued or contingent or whether arising prior to or following
Closing. At Closing, Seller shall enter into, and Seller shall cause Operating Lessee to enter into, the Assignment and Assumption of Membership Agreements (as defined in Section 8.3.18) pursuant to which Seller shall assign to Operating
Lessee all of Seller’s rights, responsibilities and obligations under the Membership Agreements arising following Closing and Operating Lessee shall assume all of Seller’s rights, responsibilities and obligations under the Membership
Agreements arising following Closing. 
  

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 2.3.5 Affiliate Programs. All software, operating systems, policies and procedures manuals
utilized by Seller and/or its Affiliates which shall be assigned to the Operating Lessee at Closing. 
 2.3.6 Books and Records. All
books and records of Seller excluded in Section 2.2.9 which shall be assigned to the Operating Lessee at Closing. 
 ARTICLE III

 PURCHASE PRICE 
 3.1
Purchase Price. 
 3.1.1 Purchase Price. The purchase price for the Assets is THIRTY FIVE MILLION AND NO/100 DOLLARS
($35,000,000.00) (the “Purchase Price”), as adjusted at Closing for the Prorations as expressly provided in this Agreement. 
 3.1.2 Contingent Supplemental Purchase Price. In addition to the Purchase Price, Seller and Purchaser agree that Seller shall have a one-time opportunity following the Closing hereunder to earn additional sales proceeds on the terms
and conditions set forth in this Section 3.1.2. Purchaser shall pay Seller the Contingent Supplemental Purchase Price, if any, on March 31, 2010 (the “Contingent Supplemental Purchase Price Date”) unless the date of
such payment obligation is changed pursuant to clauses (iii) or (iv) below, subject to the following requirements: 
 (i) The Contingent Supplemental Purchase Price shall be calculated using the average NOI of the immediately prior two Fiscal Years ending on December 31, 2009 (except as set forth in clause (iv) below). 
 (ii) Seller shall, no later than seventy-five (75) days following the end of the 2009 Fiscal Year, furnish to Purchaser for such
Fiscal Year a complete statement (the “Operations Statement”) certified true and correct by the Chief Financial Officer of Operating Lessee, setting forth, with respect to periods used in calculating the Contingent Supplemental
Purchase Price, the Total Facilities Revenue, the Operating Expenses and Net Operating Income for such periods in reasonable detail and the calculation of the Contingent Supplemental Purchase Price based thereon. 
 (iii) Notwithstanding the foregoing, Purchaser at its own expense, except as provided herein, shall have the right, exercisable by notice
to Operating Lessee given within fifteen (15) calendar days after receipt of the Operations Statement, by its accountants or representatives, to commence an audit of the information set forth in such Operations Statement and, in connection with
such audit, to examine all of Operating Lessee’s books and records with respect thereto (including supporting data and sales and excise tax returns). If Purchaser does not provide such notice of audit within such fifteen (15) day period
and thereafter commence such audit within a reasonable period, such Operations Statement shall be deemed to be accepted by Purchaser as correct and Purchaser shall pay the Contingent Supplemental Purchase Price, if any, on the Contingent
Supplemental 
  

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 Purchase Price Date. If Purchaser elects to audit the Operations Statement, Purchaser shall not be
obligated to pay the Contingent Supplemental Purchase Price, if any, until fifteen (15) calendar days following the Purchaser’s and Operating Lessee’s receipt of the results of such audit, and the Contingent Supplemental Purchase
Price shall be the amount of such Contingent Supplemental Purchase Price determined by such audit. Purchaser shall use commercially reasonable efforts to complete any such audit as soon as practicable, but in no event more than one hundred twenty
(120) days after Operating Lessee receives notice of such audit. If such audit reduces the amount of the Contingent Supplemental Purchase Price set forth in the Operations Statement by more than five percent (5%), Purchaser shall have the right
to withhold the reasonable cost of such audit and examination from the Contingent Supplemental Purchase Price paid to Seller. 
 (iv) In the event a Sale of the Real Property occurs prior to December 31, 2009, then the Contingent Supplemental Purchase Price shall be calculated for the period through the date of such Sale of the Real Property and shall be payable
by Purchaser within ninety (90) days following the closing of such Sale of the Real Property (subject to an extension based on Purchaser’s election to audit the Operations Statement as set forth in clause (iii) of this
Section 3.1.2), so long as the Operating Lessee delivers the Operations Statement certified as true and correct by its Chief Financial Officer to Purchaser within seventy-five (75) days following the closing of such Sale of the Real
Property. 
 (v) The Parties acknowledge and agree that the Contingent Supplemental Purchase Price, if any, shall be adjusted
by any amounts due and unpaid between them with respect to the indemnification obligations of Section 12 which survive the Closing; provided, however, the expiration of the Survival Period shall not affect the adjustments contemplated in
this Section 3.1.2(iv). 
 [NOTE: Transfer taxes and additional title premium, if any, will be added to Adjusted Lease Basis
in the Lease.] 
 (vi) No Contingent Supplemental Purchase Price shall be due and payable at any time in the event the
Lease is no longer in effect at the time such Contingent Supplemental Purchase Price is calculated. 
 (vii) The Contingent
Supplemental Purchase Price shall be subordinate to the lien of any Facility Mortgage, and Seller shall execute any agreement confirming such subordination as reasonably requested by a mortgagee with respect to such Facility Mortgage. 
 (viii) Nothing herein shall obligate the Purchaser to pay Contingent Supplemental Purchase Price except specifically in accordance with
the provisions of this Section 3.1.2. Under no circumstances shall Buyer have an obligation to pay the Contingent Supplemental Purchase Price hereunder for any period other than the period set forth in either clause (i) or clause
(iv) hereof, as applicable. 
  

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 (ix) The provisions of this Section 3.1.2 Section shall survive the Closing.

 3.2 Deposits. 
 3.2.1 Within two (2) Business Days after the Effective Date, Purchaser shall deliver into escrow the amount of $150,000.00 (the “Initial Deposit”). The Initial Deposit shall be delivered to the Escrow Agent to be held
in escrow in accordance with the terms of this Agreement and each of the Parties will execute and deliver any document or instrument or do any act or thing reasonably required by the Escrow Agent in connection therewith. Upon expiration of the Due
Diligence Period, Purchaser shall deliver into escrow on the next Business Day after the expiration of the Due Diligence Period the amount of an additional $150,000.00 (the “Additional Deposit”). If the Agreement is not terminated
by Purchaser prior to the expiration of the Due Diligence Period and the Additional Deposit is not paid to the Escrow Agent, the Agreement shall terminate, except for Purchaser’s obligations that survive the termination and Seller shall be paid
the Initial Deposit by the Escrow Agent. The Initial Deposit, the Additional Deposit, if made, and any additions thereto or interest earned thereon are hereinafter referred to as the “Deposit”. All interest earned in said account of
the Escrow Agent shall be reported by the Escrow Agent to the Internal Revenue Service as income to Purchaser (and Purchaser agrees to execute a W-9 form and any other federal tax documents necessary in connection therewith). The Escrow Agent shall
not be liable for any loss occurring which arises from the fact that the amount of the Escrow Deposit may cause the aggregate amount of any depositor’s accounts contemplated under this Agreement to exceed $100,000 and that the excess amount is
not insured by the Federal Deposit Insurance Corporation. 
 3.2.2 Maintenance of Deposit. The Deposit shall be held by the Escrow
Agent in an insured, interest-bearing account pursuant to the terms and conditions of this Agreement and any escrow agreement entered into in connection with the deposit with the Escrow Agent, with such changes thereto as may be agreed to by the
Seller and the Purchaser, each acting reasonably. The Deposit shall be fully refunded to Purchaser if this Agreement is terminated by Purchaser in accordance with any right of Purchaser to do so under Sections 4.2, 4.3, 4.4, 4.5, 7.2, 10.1, 11.1 or
11.2 of this Agreement, but otherwise shall be non-refundable to the Purchaser. 
 3.2.3 Disbursement of Deposit to the Seller. At
Closing, the Purchaser shall cause the Escrow Agent to disburse the Deposit to the Seller, and the Purchaser shall receive a credit against the Purchase Price in the amount of the Deposit disbursed to the Seller. If this Agreement is terminated for
any reason and the Purchaser is not entitled to a refund of the Deposit under an express provision of this Agreement, then the Purchaser shall use good faith efforts to cause the Escrow Agent to disburse the Deposit to, or to the order of, the
Seller no later than two (2) Business Days after such termination. 
 3.2.4 Refund of Deposits to the Purchaser. If this
Agreement is terminated and the Purchaser is entitled to a refund of the Deposit under Sections 4.2, 4.3, 4.4, 4.5, 7.2, 10.1, 11.1 or 11.2 of this Agreement, then the Escrow Agent shall disburse the Deposits to the Purchaser no later than two
(2) Business Days after termination. 
  

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 3.2.5 If this Agreement shall be terminated by the mutual written agreement of Seller and Purchaser, or
if the Escrow Agent shall be unable to determine at any time to whom the Deposit should be paid, or if a dispute shall develop between Seller and Purchaser concerning to whom the Deposit should be paid and delivered, then and in any such event, the
Escrow Agent shall pay and deliver such in accordance with the joint written instructions of Seller and Purchaser. In the event that such written instructions shall not be received by the Escrow Agent within ten (10) days after the Escrow Agent
has served a written request for instructions upon Seller and Purchaser, then the Escrow Agent shall have the right to pay and deliver the Deposit into an appropriate court of proper jurisdiction in the State of Florida, and interplead Seller and
Purchaser in respect thereof, and thereupon the Escrow Agent shall be discharged of any obligations in connection with this Agreement. 
 3.2.6 If costs or expenses are incurred by the Escrow Agent in its capacity as holder of the Deposit in escrow because of litigation or a dispute between Seller and Purchaser arising out of the holding of the Deposit in escrow, Seller and
Purchaser shall each pay the Escrow Agent one-half of such reasonable costs and expenses not to exceed a total of $2,000.00. Except for such costs or expenses, no fee or charge shall be due and payable to the Escrow Agent for its services as escrow
holder only. 
 3.2.7 By joining herein, the Escrow Agent undertakes only to perform the duties and obligations imposed upon the Escrow Agent
under the terms of this Agreement. The Escrow Agent expressly does not undertake to perform any of the other covenants, terms and provisions incumbent upon Seller and Purchaser hereunder. 
 3.2.8 Purchaser and Seller hereby agree and acknowledge that the Escrow Agent assumes no liability in connection herewith except for its negligence or
willful misconduct; that the Escrow Agent shall never be responsible for the validity, correctness or genuineness of any document or notice referred to under this Agreement; and that in the event of any dispute under this Agreement, the Escrow Agent
may seek advice from its own legal counsel and shall be fully protected in any action taken by it in good faith in accordance with the good faith opinion of its legal counsel. 
 3.3 Payment of Purchase Price. 
 3.3.1 Payment at Closing. At the Closing, the Purchaser shall pay to the Seller by wire transfer an amount equal to the Purchase Price (as adjusted pursuant to Section 9.2), less the Deposit disbursed to the Seller. The
Purchaser shall cause the wire transfer of funds to be delivered to Escrow Agent no later than 12:00 p.m. (Eastern Time) on the Closing Date. 
 3.3.2 Method of Payment. All amounts to be paid by the Purchaser to the Seller or Escrow Agent pursuant to this Agreement shall be paid by wire transfer of immediately available U.S. federal funds. 
 3.4 Allocation of Purchase Price. [NOTE: Required for REIT and Florida transfer tax purposes.] The Parties agree that the Purchase
Price shall be allocated among the 
  

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 Real Property and the Personal Property as set forth in Schedule 3.4 for federal, state and local tax purposes.
The Parties acknowledge and agree that the allocation set forth in Schedule 3.4 represents an arm’s length agreement based on the Parties’ best judgment as to the fair market value of the Real Property and Personal Property. The
Parties shall file all federal, state and local tax returns and related tax documents consistent with the allocation set forth in Schedule 3.4, as the same may be adjusted pursuant to Article IX or any other provision in this
Agreement. 
 ARTICLE IV 
 DUE
DILIGENCE AND INSPECTION 
 4.1 Right to Inspect. The Purchaser and the Purchaser’s Inspectors shall have the right to
enter upon the Real Property, at the risk of the Purchaser, and to perform, at the Purchaser’s expense, such inspections of and concerning the Real Property and other Assets and other tests, studies, reviews and investigations, as the Purchaser
may deem appropriate. In connection with such inspections, Purchaser covenants with Seller not to materially interfere with Seller’s operation of the Business and Purchaser shall exercise such inspection rights in the least intrusive manner as
reasonably possible. Purchaser shall have the right to conduct such inspections at the Real Property upon at least one (1) Business Day’s notice to Seller, and Purchaser shall have the right with the Seller present if Seller so elects, to
meet with any managers and employees of the Seller to discuss the Business, including the revenues, expenses, operation and physical condition of the Business. In addition, the Purchaser shall have the right but not the obligation to contact such
Governmental Authorities as it may elect in connection with this transaction. Seller shall furnish to the Purchaser, to the extent not provided prior to the Effective Date, either access to or copies of the following, to the extent available and in
Seller’s actual possession and control, within three (3) Business Days of the Effective Date, each of which, to the Seller’s Knowledge, is or will be a true, correct and complete copy of the document it purports to be: 
 (i) All Warranties; 
 (ii) All Licenses and Permits; 
 (iii) The most recent real estate tax statements with respect to the Real Property
and notices of appraised value for the Real Property; 
 (iv) All records relating to any real property or other tax appeals
relating to the Assets; 
 (v) The Seller’s Due Diligence Materials 
 (vi) Any Environmental Reports; 
 (vii) All title insurance policies relating to the Real Property; 
 (viii) All documentation
relating to any Third Party Claim asserted, or notices from any Governmental Authority issued, in connection with the Seller or the Business; 
  

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 (ix) Surveys, engineering and architectural plans, drawings and specifications all
relating to the Real Property, including, without limitation, the Plans and Specifications; 
 (x) All contracts affecting the
Real Property in any material respect, including, without limitation, the Contracts; 
 (xi) All agreements for real estate
commissions, brokerage fees, finder’s fees or other compensation payable in connection therewith which will be binding on the Purchaser; 
 (xii) The Membership Agreements referred to in Section 5.1.31; 
 (xiii) All
communications with Governmental Authorities and any other documents relating to the compliance with Applicable Law of the Seller; 
 (xiv) Audited financial statements for the operation of the Business during the 2003, 2004 and 2005 Fiscal Years. 
 (xv) All other information and documentation that Purchaser may reasonably request requesting the Assets or the Business. 
 Should
the proposed transaction not be completed, the Purchaser will promptly return to the Seller all due diligence information previously provided by Seller to Purchaser. 
 4.2 Matters Relating to Title. 
 4.2.1 Status of Title. The Purchaser will obtain (or
has obtained), at Purchaser’s expense, a current title commitment (the “Title Commitment”) with respect to each parcel comprising the Real Property, together with legible copies of all title exception documents, as well as the
Survey. Within twenty (20) days after the receipt of the Title Commitment, but within the Due Diligence Period, the Purchaser will submit to the Seller a written Notice from the Purchaser (“Title Notice”) specifying any defects
in or objections to the title shown in the Title Commitment or the Surveys which in the Purchaser’s judgment adversely affect the Real Property. Any and all (a) liens, encumbrances and other exceptions to title (the “Title
Exceptions”) to which Purchaser timely objects, and (b) encroachments by improvements on adjoining properties onto or over the Lands, any encroachments of the Improvements onto or over adjoining properties, setback lines or easements
(to the extent in violation thereof) and any other survey defects which adversely affect title to the Real Property (the “Survey Defects”) and are not Permitted Encumbrances, together shall constitute “Unpermitted
Exceptions” to title to the Real Property. The Seller shall notify the Purchaser in writing within five (5) days following receipt of the Title Notice whether the Seller elects cure any title matters set forth in the Title Notice;
provided, however, if a title objection is with respect to a monetary lien or monetary encumbrance on the Real Property, then Seller shall cause such lien to be released or satisfied of record at Seller’s expense prior to Closing. If the Seller
elects to cure such title matters, the Seller shall do so at its own expense. Upon the Purchaser’s failure to timely object, all matters shown on the Title Commitment or on the Surveys shall thereafter be deemed a “Permitted
Encumbrance” with respect to the Real Property. If the Seller elects to cure the title defects, but is unable to complete 
  

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 the cure of such Title Exception or Survey Defect at or before Closing, the Purchaser shall have the right, in its
absolute discretion, to elect, upon written Notice to the Seller within five (5) days of Purchaser’s receipt of Seller’s response, to either (i) defer the Closing Date for a reasonable period not exceeding fifteen (15) days
to give the Seller an opportunity to either (A) cure such Title Exception or Survey Defect, or (B) if the Purchaser, in its sole and absolute discretion agrees to accept affirmative title insurance coverage with respect to such Title
Exception or Survey Defect, provide the Title Company such assurances as the Title Company requires to insure the Purchaser against any loss arising from such Title Exception or Survey Defect, or (ii) to proceed pursuant to
Section 4.2.2 below. Failure by the Purchaser to deliver the Notice referred to in the immediately preceding sentence shall be deemed an election under (ii) above. 
 4.2.2 Failure of Title. If on the Closing Date title to the Real Property is not insurable or is subject to any Unpermitted Exceptions and the
Seller is unable or unwilling to cure the same, the Purchaser may elect, as its sole right and remedy, either (a) to accept such title to the Real Property as the Seller holds, with no abatement of the Purchase Price (except to the extent of
monetary liens of a definite, fixed and ascertainable amount not in excess of the Purchase Price), or (b) to terminate this Agreement and proceed pursuant to Section 10.1 below. 
 4.2.3 Updated Title Commitment or Survey. If prior to Closing any update of any Title Commitment discloses any Title Exception which is not
disclosed in the Title Commitment (or update) previously obtained by the Purchaser (a “New Title Exception”), or any update of the Surveys obtained by the Purchaser discloses any Survey Defect which is not disclosed in a Survey
previously obtained by the Purchaser (a “New Survey Defect”), the Seller shall use reasonable commercial efforts to remove or cure such New Title Exception or New Survey Defect at or prior to Closing. In the event that the Seller
fails to remove or cure such New Title Exception or New Survey Defect at or prior to Closing, the Purchaser shall be entitled to proceed under Section 4.2.2 above. The Seller will not intentionally create, or permit to exist, any New
Title Exception on New Survey Defect. 
 4.2.4 Title Policy. At Closing, the Purchaser shall cause the Title Company to issue an
owner’s title insurance policy to the Purchaser pursuant to the Title Commitment, subject only to the Permitted Encumbrances or any item covered by affirmative title insurance pursuant to Section 4.2.1(i), which shall be included in the
Permitted Encumbrances (the “Title Policy”). 
 4.2.5 Conveyance of the Property. At Closing, the Seller shall convey
the Real Property to the Purchaser subject only to the Permitted Encumbrances. 
 4.3 Contracts. On the Closing Date, the
Contracts (as such definition may be revised to delete any contract objected to by Purchaser which Seller agrees, at its sole discretion, to delete during the Due Diligence Period) shall be assigned by Seller and assumed by Purchaser (or the
Operating Lessee pursuant to the terms of the Lease) as of the Closing Date pursuant to the “Assignment and Assumption of Contracts” (as described in Section 8.3.5). On or before ten (10) days prior to the termination of
the Due Diligence Period, Purchaser shall identify in writing to Seller (i) which Contracts it agrees to assume or cause to be assumed, and (ii) any Contracts it does not agree to assume or cause to be assumed. Upon receipt of such list of
Contracts, Seller may either provide notice within five (5) days of receipt of such list of its intent to either (i) terminate the disapproved Contracts at its sole cost and expense as of a date which is not later 
  

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 than thirty (30) days after the Closing Date or (ii) terminate this Agreement, in which case neither party
shall have any further obligation to each other and the Escrow Agent shall return the Deposit to Purchaser. 
 4.4 Purchaser’s
Election Whether or Not to Proceed. If Purchaser determines in its sole discretion for any reason, or no reason at all, that it does not intend to acquire the Assets and Purchaser notifies Seller and the Escrow Agent of such determination in
writing prior to the expiration of the Due Diligence Period (the “Termination Notice”), then the Deposit shall be returned to Purchaser, this Agreement shall be of no further force or effect, and the parties hereto shall have no
further obligations to the other (except for any obligations or liabilities that expressly survive termination of this Agreement). Upon the expiration of the Due Diligence Period, the Deposit shall be nonrefundable to Purchaser (except in the case
of a default by Seller hereunder, the failure to occur of a condition precedent to Purchaser’s obligation to close, or as otherwise expressly set forth herein in Sections 11.1 and 11.2 of this Agreement). Notwithstanding the
foregoing to the contrary, in any instance where Purchaser has the discretion to elect to terminate this Agreement, and in fact does elect to terminate this Agreement, pursuant to this Agreement, Escrow Agent shall return the Deposit to Purchaser
without further instructions, consent or written authorization by. 
 4.5 Lease. During the Lease Negotiation Period, Purchaser
and Seller shall have, using good faith and diligent efforts, mutually agreed upon all of the terms and conditions of the Lease to be entered into at Closing. In connection therewith, Purchaser and Seller shall, during the Lease Negotiation Period,
negotiate the terms and provisions of the Lease to be in form and content mutually agreeable to the parties, and shall, on or before the expiration of the Lease Negotiation Period, amend this Agreement to attach the negotiated form of Lease as an
exhibit to this Agreement thereby agreeing to cause the same to be executed and entered into at Closing. The parties acknowledge and agree that in the event a mutually agreeable form of Lease cannot be agreed upon prior to the expiration of the
Lease Negotiation Period, either party may terminate this Agreement within five (5) days after expiration of the Lease Negotiation Period in which case, Escrow Agent shall return the Deposit to Purchaser. Seller agrees to cause each of the
other tenants under the Other Leases to amend the Other Leases such that the Lease and the Other Leases shall each contain cross-default language with respect to the others. 
 ARTICLE V 
 REPRESENTATIONS AND WARRANTIES 
 5.1 The Seller’s Representations and Warranties. To induce the Purchaser to enter into this Agreement and to consummate the
transactions described in this Agreement, the Seller hereby make the representations and warranties in this Section 5.1, upon which the Seller acknowledges and agrees that the Purchaser is entitled to rely, and as of Closing shall
provide a Certificate reconfirming that all such representations and warranties remain true and correct as of the Closing Date and shall survive thereafter. 
 5.1.1 Organization and Power. Each of Seller, Guarantor and Operating Lessee is duly incorporated or formed (as the case may be), validly existing, in good standing in the jurisdiction of its incorporation or
formation, and is qualified to do business in the jurisdiction in which the Assets are located, and has all requisite power and authority to own the Assets and conduct the Business as currently owned and conducted. 
  

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 5.1.2 Authority and Binding Obligation. (i) Each of the Seller and Guarantor has full power
and authority to execute and deliver this Agreement and all other documents to be executed and delivered by Seller or Guarantor, as applicable, pursuant to this Agreement (the “Seller’s Documents”), and to perform all
obligations required of it under this Agreement and each of the Seller’s Documents, (ii) the execution and delivery by Seller of this Agreement and, when executed and delivered, each of the Seller’s Documents, and the performance by
the Seller of its obligations under this Agreement and, when executed and delivered, each of the Seller’s Documents, have been, or will have been, duly and validly authorized by all necessary action by Seller, (iii) the execution and
delivery by Guarantor of this Agreement and the performance by the Guarantor of its obligations under this Agreement have been duly and validly authorized by all necessary action by Guarantor, (iv) the execution and delivery of the Lease by
Operating Lessee and the performance of Operating Lessee of its obligations under the Lease will, as of Closing, have been duly and validly authorized by all necessary action by Operating Lessee, (iv) this Agreement and, when executed and
delivered, the Seller’s Documents constitute, or will constitute, legal, valid and binding obligations of the Seller enforceable against the Seller in accordance with its and their terms, (v) this Agreement constitutes the legal, valid and
binding obligation of the Guarantor enforceable against the Guarantor in accordance with its terms and (vi) at Closing, the Lease, when executed and delivered, will constitute legal, valid and binding obligations of the Operating Lessee
enforceable against the Operating Lessee in accordance with its terms. 
 5.1.3 Consents and Approvals; No Conflicts. Subject to the
recording of any of the Seller’s Documents as appropriate, (i) no filing with, and no permit, authorization, consent or approval of, any Governmental Authority or other Person is necessary for execution or delivery by the Seller of any of
the Seller’s Documents, or the performance by the Seller of any of its obligations under this Agreement or any of the Seller’s Documents or the consummation by the Seller of the transactions described in this Agreement, except to the
extent such permit, authorization, consent or approval has been or will be obtained by the Seller prior to Closing and (ii) neither the execution and delivery by the Seller of this Agreement or any of the Seller’s Documents, nor the
performance by the Seller of any of its obligations under this Agreement or any of the Seller’s Documents, nor the consummation by the Seller of the transactions described in this Agreement, will (A) violate any provision of the
Seller’s organizational or governing documents, (B) violate any Applicable Law to which the Seller is subject, (C) result in a violation or breach of, constitute a default under, result in the acceleration of, or create in any Person
the right to accelerate, terminate, modify or cancel, any of the Contracts, or (D) result in the creation or imposition of any lien or encumbrance on any of the Assets or any portion thereof. 
 5.1.4 Condemnation. The Seller has not received any written notice of any pending condemnation proceeding or other proceeding in eminent domain,
and to the Seller’s Knowledge, no such condemnation proceeding or eminent domain proceeding is threatened affecting any of the Real Property or any portion thereof. 
  

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 5.1.5 Compliance with Applicable Law. The Seller has not received any written notice of, and to
the Seller’s Knowledge there is no, violation of any Applicable Law with respect to any of the Real Property which has not been cured or dismissed with prejudice. 
 5.1.6 Litigation. The Seller has not (i) been served with any court filing in any litigation with respect to any Assets or the Business in which the Seller is named a party which has not been resolved,
settled or dismissed and which could otherwise reasonably result in an adverse affect on the Real Property, the Business, or Seller’s title to any of the Assets or (ii) received written notice of any claim, charge or complaint from any
Governmental Authority or other Person pursuant to any administrative, arbitration or similar adjudicatory proceeding with respect to any Assets or the Business which has not been resolved, settled or dismissed with prejudice and which could
reasonably result in an adverse affect on the Business or the Assets. 
 5.1.7 Taxes. All Taxes which would be delinquent if unpaid
will be paid in full prior to Closing or prorated at Closing as part of the Prorations pursuant to Article IX; provided, however, that if any Taxes are payable in installments, such representation and warranty shall apply only to such
installments which would be delinquent if unpaid at Closing. The Seller has not received any written notice for an audit or delinquency of any Taxes with respect to any portion of the Real Property which has not been resolved or completed. The
Seller is not currently contesting any Taxes with respect to any portion of the Real Property. To the Seller’s Knowledge, all sales, use and payroll taxes to which the Business is subject have been paid and all tax returns and reports have been
duly filed. 
 5.1.8 Licenses and Permits. The Seller has all licenses, permits, consents, authorizations, approvals, registrations,
orders, franchises and certificates of any Governmental Authority necessary or desirable for the operation of the Business as currently conducted, all of which are included among the Licenses and Permits other than the Liquor License. To the
Seller’s Knowledge all Licenses and Permits, licenses, orders, franchises and approvals are in full force and effect, and no suspension, revocation, non-renewal or cancellation of any of such items are pending or, threatened. The Seller has
made available to the Purchaser a true and complete copy of the Licenses and Permits. A complete listing of the Licenses and Permits is attached hereto as Schedule 5.1.8. 
 5.1.9 Possession. Seller has not granted to any party any license, lease or other right relating to the use or possession of the Real Property or
any part thereof except for the revocable license to use granted to the Members pursuant to the Membership Agreements. 
 5.1.10 Purchase
Rights. Seller has not granted any and to Seller’s Knowledge, there are no purchase contracts, options or other agreements of any kind, whereby any Person other than the Purchaser has or will have any right to acquire title to all or any
portion of the Assets. 
 5.1.11 Contracts. Schedule 5.1.12 sets forth a true, correct and complete list of the Contracts. The
copies of the Contracts heretofore delivered to the Purchaser are true, correct and complete. With respect to each such Contract: (a) the Contract is legal, valid, binding, enforceable, and in full force and effect; (ii) the Contract will
continue to be legal, valid, binding, enforceable, and in full force and effect on identical terms and conditions following the 
  

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 consummation of the transactions contemplated hereby; (iii) Seller is not in breach or default and to Seller’s
Knowledge no other party is in breach or default, and no event has occurred which with notice or lapse of time would constitute a breach or default, or permit termination, modification, or acceleration, under the Contract; and (iv) no party has
repudiated any provision of the Contract. The consent of all Persons whose consent for such assignment is required has been or will be secured by Seller on or prior to the Closing Date. 
 5.1.12 Municipal Assessment/Notices. There are no outstanding unpaid municipal assessment notices against the Assets. Seller has not received any
written notice from any Governmental Authority concerning the existence of any presently uncorrected violation of any Applicable Law with respect to the Assets. 
 5.1.13 Bankruptcy. Seller is not insolvent within the meaning of Title 11 of the United States Code, as amended (the “Bankruptcy Code”), and Seller has not ceased to pay its debts as they
become due. Seller has not filed or taken any action to file a voluntary petition, case or proceeding under any section or chapter of the Bankruptcy Code, or under any similar law or statute of the United States or any state thereof, relating to
bankruptcy, insolvency, reorganization, winding up or composition or adjustment of its debts and no such petition, case or proceeding has been filed against it which has not been dismissed, vacated or stayed on appeal and Seller has not been
adjudicated as bankrupt or insolvent or consented to, nor filed an answer admitting or failing reasonably to contest an allegation of bankruptcy or insolvency. Seller has not sought, or consented to or acquiesced in, the appointment of any receiver,
trustee, liquidator or other custodian of it or a material part of its assets, and Seller has not made or taken any action to make a general assignment for the benefit of creditors or an arrangement, attachment or execution has been levied and no
tax lien or other governmental or similar lien has been filed, against it or a material part of its properties, which has not been duly and fully discharged prior to the date hereof. 
 5.1.14 Labor and Employment Matters. There exists no union, strikes, work stoppage, or to Seller’s Knowledge any union organizing, in respect
of the Business, nor has Seller received a petition or been asked within the past twelve (12) months by any Person to negotiate in connection with entering into any collective bargaining agreement or other contract or written understanding with
a labor union or organization or any other person representing or seeking to represent any Employees. Seller is not a party to any collective bargaining agreement or relationship with any labor union which affects the Real Property. Seller
acknowledges that Purchaser will at no time employ or be deemed to employ any Employees of the Business and that Seller shall be responsible for the payment of all costs associated with any and all Employees of the Business or at the Real Property
prior to Closing in its capacity as Seller, and Operating Lessee shall be solely responsible for the payment of all costs associated with the Employees from and after Closing in its capacity as the tenant under the Lease. Accordingly, Seller shall
indemnify, defend and exonerate and save Purchaser harmless from any claims therefor or any liability, loss, cost or expenses arising therefrom, including, without limitation, any and all liability arising under the WARN Act as a result of the
transactions contemplated herein. 
 5.1.15 ADA, WARN and COBRA. Seller has not received any written notice of any violation of, and
there is no violation of, any provision of Applicable Law (including, but not limited to, the Americans with Disabilities Act, the WARN Act, the COBRA and those of environmental agencies), with respect to the ownership, operation, use, maintenance
or condition of the Real Property, which violation has not been remedied. 
  

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 5.1.16 Construction Contracts. At the Closing there will be no outstanding Contracts made by the
Seller for the construction, development or repair of any Improvements which have not been fully paid for or provision for the payment of which has not been made by the Seller and the Seller shall discharge and have released of record or bonded all
mechanic’s, builder’s or materialman’s liens, if any, arising from any labor or materials furnished to the Real Property prior to the Closing to the extent any such lien is not insured over the Title Company or bonded over pursuant to
Applicable Law. 
 5.1.17 Insurance Policies. Seller has not received written notice from any insurance carrier of defects or
inadequacies in the Real Property which, if uncorrected, would result in a termination of insurance coverage or a material increase in the premiums charged therefor. 
 5.1.18 General Condition of Property. All material aspects of the Real Property and Personal Property as of the Closing Date, are to Seller’s Knowledge in good working order and repair, mechanically and
structurally sound, and free from all material defects in materials and workmanship. 
 5.1.19 Environmental Condition of Property.
Except as set forth in the Property Condition Evaluations and the Environmental Reports, there are no underground storage tanks on the Land and the Real Property does not contain any Hazardous Substances and there are no Environmental Claims or
Environmental Liabilities in respect of the Real Property. 
 5.1.20 Management Agreements. As of the Closing Date, the Seller will
not be party to any management agreement or operating lease with respect to the Business, except as set forth on Schedule 5.1.19. [NOTE: Please advise.] 
 5.1.21 Compliance with Permitted Encumbrances. The Seller has neither received, nor given, any written notice of any violation of any Permitted Encumbrance which has not been cured or dismissed. 
 5.1.22 Insurance. The Seller’s Due Diligence Materials set forth a correct and complete list of each insurance policy maintained by the
Seller with respect to the Real Property and the Business. 
 5.1.23 Finders and Investment Brokers. The Seller has not dealt with any
Person who has acted, directly or indirectly, as a broker, finder, financial adviser or in such other capacity for or on behalf of the Seller in connection with the transactions described by this Agreement in a manner which would entitle such Person
to any fee or commission in connection with this Agreement or the transactions described in this Agreement. 
 5.1.24 Foreign Person.
The Seller is a “United States Person” (as defined in Section 7701(a)(30)(B) or (C) of the Code) for the purposes of the provisions of Section 1445(a) of the Code. 
  

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 5.1.25 Financial Statements. The audited financial statements for the Business and Real Property
which have been or shall be provided to the Purchaser: (i) are true and complete copies in all material respects of the operating statements for such period prepared by the Seller with respect to the Business; and (ii) have been prepared
in accordance with GAAP and present fairly, in all material respects, the operation results of the Business for the periods covered by such income statements, subject to standard year-end adjustments for any year to date income statements.

 5.1.26 ERISA. Neither (i) any assets of Seller, nor (ii) any funds to be used by Seller with respect to the transactions
contemplated pursuant to this Agreement, are, or at Closing will be, pursuant to ERISA or the Code considered for any purpose of ERISA or Section 4975 of the Code to be assets of a Plan. Seller is not executing this Agreement and will not be
performing its obligations or exercising its rights or remedies under the Agreement on behalf of or for the benefit of any Plan. Neither the execution or delivery of this Agreement by Seller, nor the performance by Seller of its obligations or the
exercise of its rights or remedies under this Agreement, nor any transaction contemplated under this Agreement, is or will be a “prohibited transaction” within the meaning of Section 406 of ERISA or Section 4975 of the Code. For
the purposes hereof the following terms shall have the following meanings: “Code” shall mean the Internal Revenue Code of 1986, as amended; “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as
amended (and any successor statute and any applicable regulations or guidance promulgated thereunder); and “Plan” shall mean a “plan” as that term is defined in Section 3(3) of ERISA or Section 4975 of the Code.

 5.1.27 Names. Seller has the right to use the names, trademarks and logos used in connection with the operation of the Business,
including without limitation the name “Weston Hills Country Club”, such rights shall be effectively assigned to Purchaser at Closing. The use of the name “Weston Hills Country Club” does not unlawfully infringe on any other
parties’ use of such name or any portion thereof. Seller has not received notification of any claims or actions by any party disputing or challenging Seller’s right to use such name. 
 5.1.28 Labor Disputes. During the three (3) years preceding the date hereof, the Business has not experienced any labor disputes. There are
no outstanding claims or actions or, to the Seller’s Knowledge, threatened claims or actions, by any current or former Employee of the Seller against Seller or the Business. 
 5.1.29 Personal Property. Seller holds good and marketable title to, and the entire right, title and interest in and to, the Personal Property,
free and clear of any and all leases, liens, encumbrances, liabilities or other claims, except as set forth on Schedule 5.1.28 attached hereto and by this reference incorporated herein. The Personal Property includes, without limitation, the
Personal Property referenced on Schedule 5.1.28. 
 5.1.30 Patriot Act. Seller and its officers and shareholders, and their
respective principals, shall not transfer the proceeds obtained as a result of this Agreement to any person or entity listed on the Office of Foreign Assets Control list as “Terrorists” and “Specially Designated Nationals
and Blocked Persons”, or otherwise be in violation of the International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001. 
  

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 5.1.31 Memberships. [NOTE: Please provide details regarding membership agreements and deposits
as soon as possible.] Seller has delivered to Purchaser all membership applications and contracts and agreements between Seller (and/or Seller’s predecessors in title) and members of any of the clubs operated as part of the Business (the
“Membership Agreements”). Schedule 5.1.30 attached hereto and incorporated herein by this reference contains a true, correct and complete list of the membership and dues billing lists as of the Closing Date. This list
includes (a) the member’s name, (b) the type of membership, and (c) the amount of the initiation deposit or fee that has been paid. The Sellers have not given a right of first refusal relative to acquisition of any assets or the
club. [NOTE: Need information regarding refundable membership deposits as soon as possible] Seller has delivered any and all documentation regarding and correspondence with or from the SEC or any state securities agency, including no-action
letters relating to the club or membership. Seller has delivered to Buyer true, correct and complete copies of the rules and regulations, articles of incorporation, bylaws, minutes and all other documents and information pertaining to the rights and
obligations of each club member, and said copies are attached hereto as a part of Schedule 5.1.32. To the Seller’s Knowledge, no representations or statements have been made (either orally or in writing) by Seller or any officer or
employee of Seller to any member of the club that (i) memberships in the clubs are equity memberships, (ii) members have a right to participate in the ownership, management, or operation of the club, (iii) members have a right to
share in any profits from a refinancing or sale of the club, (iv) memberships in the club are perpetual or non-terminable, (v) members have a right except as set forth in the Membership Agreements, to receive a refund or return of their
initiation fee or security deposit, or (vi) members enjoy contractual rights other than the right to use the club in accordance with the Membership Agreements, bylaws and the rules and regulations. 
 5.1.32 Use of Clubs. To Seller’s Knowledge, except as listed on Schedule 5.1.32, Seller and its officers and employees have made no
representations, statements, promises, or agreements (either orally or in writing) to any person or entity, including without limitation home builders, prospective home buyers, owners, or occupants of the land surrounding any club, regarding any of
the following: (a) the right to membership in a club or the intent to operate a club as a private or semi-private country club, (b) the right to play golf at a club or any other use of the Assets, except on the same terms and conditions as
offered to the public, (c) the right to participate in the operation, management, or maintenance of the Assets, and (d) the manner in which any club will be operated, managed, maintained or improved. 
 5.1.33 Water Rights. The Water Rights constitute all rights necessary for the collection, discharge and dispersal of water and for the continued
irrigation and operation of the Assets. 
 5.1.34 Effluent Discharge Rights. To Seller’s Knowledge, the Effluent Discharge Rights
constitute all rights necessary for the discharge of effluent in connection with the operation of the Assets. 
 5.1.35 Pesticide and
Fertilizer Management. The Seller has managed all pesticides and fertilizers stored at or used in connection with the Assets in all material respects in accordance with the management programs created in connection therewith. Seller has provided
Purchaser with true, correct and complete descriptions of all such management programs. 
  

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 5.1.36 Existing Use. To Seller’s Knowledge, the Assets, the use thereof and the condition
thereof do not violate in any material respect any applicable deed restrictions, zoning or subdivision regulations, urban redevelopment plans, local, state or federal environmental law or regulation or any building code or fire code applicable to
the Assets and are not designated by any Governmental Authority to be in a flood plain area. Seller has no Knowledge of any condition or state of facts which would preclude, materially limit or materially restrict the use of the Assets for the
existing golf and other uses and existing uses ancillary thereto. 
 5.1.37 Restriction of Access. To Seller’s Knowledge, no
current federal, state, county or municipal plans to materially restrict or materially change access to any part of the Real Property from any highway or road leading directly to or abutting any part of the Real Property. 
 5.1.38 Construction of Improvements. The Improvements have been constructed in accordance with the Plans and Specifications and the building
permits and other governmental approvals therefore in all material respects. 
 5.1.39 Utilities. All public utilities including,
without limitation, sewer, water, electric, gas, and telephone, required for the operation of the Business as currently operated are installed and lawfully operating, and all installation and connection charges therefor have been paid in full.
Seller has not received any notice stating that the provision of utilities violates any public or private easement. 
 5.1.40 Guarantor
and Operating Lessee. Guarantor and Operating Lessee are Affiliates of Seller. 
 5.2 The Purchaser’s Representations and
Warranties. To induce the Seller to enter into this Agreement and to consummate the transactions described in this Agreement, the Purchaser hereby makes the representations and warranties in this Section 5.2, upon which the
Purchaser acknowledges and agrees that the Seller is entitled to rely. 
 5.2.1 Organization and Power. The Purchaser is duly
incorporated or formed (as the case may be), validly existing and in good standing under the laws of the State of Delaware, and has all requisite power and authority to own, lease and operate its properties and to carry on its business as currently
being conducted. 
 5.2.2 Authority and Binding Obligation. The Purchaser has full power and authority to execute and deliver this
Agreement and, upon the approval of the Board of Director’s of Purchaser, which approval shall be obtained during the Due Diligence Period, all other documents to be executed and delivered by the Purchaser pursuant to this Agreement (the
“Purchaser’s Documents”), and to perform all obligations of the Purchaser arising under this Agreement and each of the Purchaser’s Documents. The execution and delivery by the signer on behalf of the Purchaser of this
Agreement and, when executed and delivered, each of the Purchaser’s Documents, and the performance by the Purchaser of its obligations under this Agreement, and when executed and delivered, each of the Purchaser’s Documents, has been, or
as of Closing, will be, duly and validly authorized by all necessary actions by the Purchaser. This Agreement and, when executed and delivered, each of the Purchaser’s Documents, constitutes, or will constitute, legal, valid and binding
obligations of the Purchaser, enforceable against the Purchaser in accordance with its and their terms. 
  

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 5.2.3 Consents and Approvals; No Conflicts. No filing with, and no permit, authorization, consent
or approval of, any Governmental Authority or other Person is necessary for the execution or delivery by the Purchaser of this Agreement or any of the Purchaser’s Documents, the performance by the Purchaser of any of its obligations under this
Agreement or any of the Purchaser’s Documents, or the consummation by the Purchaser of the transactions described in this Agreement or any of the Purchaser’s Documents, other than the written consent and approval of the Purchaser’s
Board of Directors. Except as specifically set forth in the previous sentence, neither the execution and delivery by the Purchaser of any of the Purchaser’s Documents, nor the performance by the Purchaser of any of its obligations under any of
the Purchaser’s Documents, nor the consummation by the Purchaser of the transactions described in this Agreement, will: (A) violate any provision of the organizational or governing documents of the Purchaser; (B) violate any
Applicable Law to which the Purchaser is subject; or (C) result in a violation or breach of or constitute a default under any contract, agreement or other instrument or obligation to which the Purchaser is a party or by which any of the
Purchaser’s properties are subject. 
 5.2.4 Finders and Investment Brokers. The Purchaser has not dealt with any Person who has
acted, directly or indirectly, as a broker, finder, financial adviser or in such other capacity for or on behalf of the Purchaser in connection with the transactions described by this Agreement in any manner which would entitle such Person to any
fee or commission in connection with this Agreement or the transactions described in this Agreement. 
 ARTICLE VI 
 COVENANTS 
 6.1 Confidentiality.

 6.1.1 Disclosure of Confidential Information. The Parties acknowledge and agree that the existence of this Agreement, the terms of
this Agreement and any other information disclosed in the Seller’s Due Diligence Materials, the Purchaser’s Due Diligence Reports or any other documents, materials, data or other information with respect to the Assets or the Business which
is not generally known to the public shall be kept confidential and the Parties agree that they shall not disclose such information to any person or entity, other than to their respective counsel, shareholders, directors, lenders, advisors,
consultants or employees or otherwise as required by Applicable Law or already in the public domain. Nothing herein shall restrict or limit the Seller or Purchaser from contacting Seller’s company officials, property engineers and architects,
and other third party consultants assisting the Purchaser in its investigation of the Real Property, subject to Section 6.1.3. 
 6.1.2 Public Announcements. No Party shall have the right to make a public announcement or disclosure regarding the transactions described in this Agreement without the prior approval of the other Party. The Seller and the Purchaser
shall approve the timing, form and substance of any such public announcement or disclosure, which approval shall not be unreasonably withheld, conditioned or delayed, except if a Party is required to make a public announcement or disclosure under
Applicable Law, in which case no such approval by the other Party shall be required. 
  

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 6.1.3 Communication with Governmental Authorities. Purchaser and its representatives and
consultants shall have the right to review building department, health department and other local Governmental Authority records with respect to the Real Property and the operation of the Business and request written or verbal confirmation of zoning
and any other compliance by the Real Property or the Business with any Applicable Laws. 
 6.2 Improvements. Any improvements
or other work at the Real Property incurred prior to Closing shall be the responsibility of the Seller. 
 6.3 Conduct of the
Business. 
 6.3.1 Operation, Maintenance and Repair in Ordinary Course of Business. From the date of this Agreement until the
Closing or earlier termination of this Agreement, the Seller shall conduct the Business in the Ordinary Course of Business, including, without limitation, (i) performing maintenance and repairs for the Assets in the Ordinary Course of Business;
(ii) maintaining insurance coverage consistent with the Seller’s risk management policies in place as of the date hereof and (iii) maintaining the Consumables at a level that is consistent with Par Consumables Level (as defined
below). As used herein, “Par Consumables Level” means, with respect to each category of Consumables, the amount of Consumables maintained by the Business, and/or located at the Real Property, in the ordinary course of the day to day
operation of the Business, in accordance with its current operating budget and in a manner which does not materially vary from the policies, practices and procedures which have characterized its operation during the 12 months preceding the Effective
Date. 
 6.3.2 Contracts. (A) From the date of this Agreement until the expiration of the Due Diligence Period, except in the
Ordinary Course of Business so long as Purchaser receives Notice thereof, the Seller shall neither, (i) amend, extend, renew or terminate any existing Contracts without the Purchaser’s prior written consent, which shall not be unreasonably
withheld, conditioned or delayed, nor (ii) enter into any new Contracts, leases, license agreements or management agreements with respect to the Business or Real Property, except those that may be terminated upon thirty (30) days written
notice, without the Purchaser’s prior written consent, which shall not be unreasonably withheld, and (B) from the expiration of the Due Diligence Period through the Closing, Seller shall neither (x) amend, extend, renew or terminate
any existing Contracts without the Purchaser’s prior written consent, which shall not be unreasonably withheld, conditioned or delayed, nor (y) enter into any new Contracts, leases, license agreements or management agreements with respect
to the Business or Real Property, without the Purchaser’s prior written consent, which shall not be unreasonably withheld. 
 6.3.3
Title. From the date of this Agreement until the Closing or earlier termination of this Agreement, the Seller shall not intentionally create any Title Exception which adversely affects any portion of the Real Property. 
 6.4 Licenses and Permits. Purchaser shall be responsible for obtaining the transfer of all such Licenses and Permits (to the extent
transferable) which are required or desirable for 
  

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 the operation of the Business that Purchaser may require Seller to transfer to Purchaser or such other party as Purchaser
directs. Purchaser shall, as promptly as possible after the execution of this Agreement, submit all necessary applications and other materials to the appropriate Governmental Authority and take such other actions to effect the transfer of Licenses
and Permits or issuance of new licenses and permits as of the Closing, and the Seller shall reasonably cooperate with the Purchaser to cause the Licenses and Permits to be transferred or new licenses and permits to be issued to the Purchaser.
Notwithstanding the foregoing, unless prohibited by Applicable Law, Purchaser may elect to have Seller assign some or all of such Licenses and Permits to Operating Lessee in connection with its leasing of the Assets pursuant to the Lease, in which
event Seller shall be responsible for the transfer of all such Licenses and Permits. Notwithstanding the foregoing, Seller shall, at Seller’s sole cost and expense, transfer all liquor licenses, necessary for the operation of the Business to
the Operating Lessee as of Closing pursuant to the terms and provisions of Section 6.12. 
 6.5 Tax Contests.

 6.5.1 Taxable Period Terminating Prior to Closing Date. The Seller shall have the right (subject to Purchaser’s approval, to
work with Purchaser) to commence, continue and settle any proceeding to contest any Taxes relating to the Assets, and shall Seller be entitled to any refunds or abatements of Taxes awarded in such proceedings attributable to the period prior to the
Closing Date; provided, however, the Seller shall indemnify, pay, save and hold the Purchaser harmless from and against any Indemnification Loss incurred by the Purchaser as a result of the Seller exercising its rights under this
Section 6.5.1. This Section 6.5.1 shall survive the Closing for such period of time as the Lease is in effect. 
 6.5.2 Cooperation. The Seller and the Purchaser shall use commercially reasonable efforts to cooperate with the Party contesting the Taxes (at no cost or expense to the Party not contesting the Taxes other than any de minimis cost or
expense or any cost or expense which the requesting Party agrees in writing to reimburse) and to execute and deliver any documents and instruments reasonably requested by the Party contesting the Taxes in furtherance of the contest of such Taxes
provided the documentation does not impose any liability (except for false certifications) on the Party executing same. This Section 6.5.2 shall survive the Closing. 
 6.6 Notices and Filings. The Seller and the Purchaser shall use commercially reasonable efforts to cooperate with each other (at no cost or
expense to the Party whose cooperation is requested, other than any de minimis cost or expense or any cost or expense which the requesting Party agrees in writing to reimburse) to provide written notice to any Person under any Contracts or Licenses
and Permits and to effect any required registrations or filings with any Governmental Authority or other Person, regarding the change in ownership of the Real Property, the Business or the other Assets. 
 6.7 Further Assurances. From the date of this Agreement until the Closing or termination of this Agreement, the Seller and the Purchaser
shall use commercially reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable to consummate the transactions described in this Agreement, including, without limitation,
(i) obtaining all necessary consents, approvals and authorizations required to be obtained from any Governmental Authority or other Person under this Agreement 
  

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 or Applicable Law, and (ii) effecting all registrations and filings required under this Agreement or Applicable Law.
After the Closing, the Seller and the Purchaser shall use commercially reasonable efforts (at no cost or expense to such Party, other than any de minimis cost or expense or any cost or expense which the requesting Party agrees in writing to
reimburse) to further effect the transactions contemplated in this Agreement as may be necessary. 
 6.8 Compliance; Property
Maintenance. Seller shall perform under and comply with the Contracts, Licenses and Permits and shall continue to make all payments due thereunder prior to delinquency (whether or not Purchaser shall assume the same). Seller shall maintain
the Assets in good condition and repair in accordance with operating standards, and maintain adequate supplies and inventory, all pursuant to a commercially reasonable and prudent course of business (such obligation to include the maintenance of
Seller’s casualty and liability insurance policies in such course of business), subject to reasonable wear and tear and further subject to destruction by casualty or eminent domain. Seller shall not sell, remove or otherwise dispose of any
significant items of Personal Property (other than sales of consumables in the Ordinary Course of Business, supplies or materials used in connection with the operation or maintenance of the Business, which supplies or materials shall be replaced as
used) unless replaced with an item of like value, quality and utility. 
 6.9 Estoppel Certificate. Seller shall use
commercially reasonable efforts to obtain estoppel certificates and deliver the same to Purchaser at least five (5) business days prior to the Closing Date, from any third-party required by Purchaser as a result of its due diligence regarding
the Assets (the “Third-Party Estoppels”), in forms satisfactory to Purchaser, including, without limitation, estoppel certificates from any lessees or tenants under lease agreements regarding the Real Property or regarding personal
property used in the operation of the Business, any service or maintenance contracts and regarding any easement agreements. In the event that Seller has been unable, prior to the Closing Date, to obtain any requested Third-Party Estoppels, such
failure shall not constitute a default of Seller hereunder provided that Seller used commercially reasonable efforts to obtain the same and at Closing Seller delivers a certificate from an officer of Seller certifying that such agreement is in full
force and effect, that all amounts due from Seller as of Closing have be paid, and that no defaults exist with respect to any such agreement. [NOTE: this provision already contemplates that failure to obtain estoppel will not hold up closing]

 6.10 Exclusivity. Seller covenants and agrees to refrain during the term of this Agreement from making, accepting,
encouraging or soliciting or otherwise pursuing any other offer or proposal or agreement regarding the sale or refinancing of the Assets or any portion thereof or an interest therein, and will deal exclusively with Purchaser in good faith towards
the completion of the transactions contemplated herein unless this Agreement shall be terminated as provided herein. 
 6.11
Employees. 
 6.11.1 Notice. Seller will take all actions necessary to ensure compliance with the WARN Act pursuant to
Section 5.1.15 above and shall indemnify, save, pay, defend and hold harmless Purchaser from and against any and all liability relating to a failure to take any action or to provide any notice required under the WARN Act or any
applicable state law. 
  

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 6.11.2 Liability of Seller and Purchaser. Seller shall and hereby agrees to indemnify and save
Purchaser harmless from and against any liability for wages, salaries, bonuses, accrued vacation days, sick days and personal days to be paid to Employees on account of services rendered prior to the Closing Date. Seller shall be liable for and
hereby indemnifies, pays, saves and holds Purchaser harmless from and against all medical, pension, welfare benefits, and other employee benefits or fringe benefits (collectively the “Benefits”) due to Employees under plans in which
Employees participate prior to Closing, and all payments due on the plans providing such Benefits which accrue prior to the Closing Date. Seller shall also remain responsible for and hereby indemnifies, pays, saves and holds Purchaser harmless from
any severance pay which may become due to any of the Employees whose employment ends at or prior to Closing as a result of this transaction, whether due to Seller’s employment policies or as a matter of law. Seller agrees to give all affected
Employees notice of termination of participation of Employees working at the Business in any applicable 401(K) or other pension or retirement plan affecting the Employees. 
 6.11.3 Indemnities. Seller shall indemnify, save, pay and hold Purchaser harmless from and against any claim by any Employee, for Seller’s
failure to pay (a) such Employees’ wages, salary, bonuses, employment taxes, accrued vacation pay, sick days and personal days, and withholding taxes for the period prior to the Closing Date as to which they may be entitled which accrue
prior to the Closing Date, (b) benefits provided under plans in which Business Employees participated prior to Closing, and (c) liability under Section 4980B, Part 6 of Title I of ERISA or Title IV of ERISA related to Employees
arising prior to Closing. 
 6.12 Liquor License. Seller shall, at Seller’s sole cost and expense, either transfer all
liquor licenses necessary for the operation of the Business in accordance with current operating standards (the “Liquor License”) to the Operating Lessee as of Closing, or apply for and obtain new liquor licenses necessary for the
operation for the Business in the name of Operating Lessee as of Closing. 
 ARTICLE VII 
 CLOSING CONDITIONS 
 7.1
Purchaser’s Closing Conditions. The Purchaser’s obligations to close the transactions described in this Agreement are subject to the satisfaction at or prior to Closing of the following conditions precedent (the
“Purchaser’s Closing Conditions”): 
 7.1.1 The Seller’s Deliveries. All of the Seller’s Closing
Deliveries shall have been delivered to the Purchaser or deposited with Escrow Agent in the Closing Escrow, to be delivered to the Purchaser at Closing. 
 7.1.2 Representations and Warranties. The representations or warranties of the Seller in this Agreement shall be true and correct in all material respects as of the Closing (or as such other date to which such
representation and warranties expressly were made). 
 7.1.3 Covenants and Obligations. The covenants and obligations of the Seller in
this Agreement shall have been performed in all material respects. 
  

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 7.1.4 Change in Environmental Condition of Property. No event shall have occurred following the
date of this Agreement and prior to the Closing Date which would result in a violation of any Environmental Law with respect to the Land. 
 7.1.5 Adverse Proceedings. No litigation or other court action shall have been commenced seeking to obtain an injunction or other relief from such court to enjoin the consummation of the transactions described in this Agreement, and
no preliminary or permanent injunction or other order, decree or ruling shall have been issued by a court of competent jurisdiction or by any Governmental Authority, would make illegal or invalid or otherwise prevent the consummation of the
transactions described in this Agreement. 
 7.1.6 Adverse Law. No Applicable Law shall have been enacted that would make illegal or
invalid or otherwise prevent the consummation of the transactions described in this Agreement. 
 7.1.7 Lease. The Lease shall be
fully executed by Operating Lessee in the form agreed to during the Lease Negotiation Period to be effective upon Closing. 
 7.2
Failure of any Purchaser’s Closing Condition. If any of the Purchaser’s Closing Conditions is not satisfied at the Closing (a “Purchaser’s Closing Condition Failure”), then the Purchaser shall have the
right, in the Purchaser’s absolute discretion, to either (i) terminate this Agreement by providing written notice to the Seller, in which case the Deposit shall be refunded to the Purchaser in accordance with Section 3.2.4, and
the Parties shall have no further rights or obligations under this Agreement, except those which expressly survive such termination, or (ii) complete the transactions set out herein, provided, however, if such Purchaser Closing Condition
Failure results from a Seller’s Default of its representations, warranties, covenants and/or obligations hereunder, Purchaser shall have the rights set forth in Section 10.1. 
 7.3 Seller’s Closing Conditions. The Seller’s obligations to close the transactions contemplated in this Agreement are subject to
the satisfaction at or prior to Closing of the following conditions precedent (the “Seller’s Closing Conditions”): 
 7.3.1 Receipt of the Purchase Price. The Purchaser shall have paid to the Seller or deposited with Escrow Agent with irrevocable written direction to disburse the same to the Seller, the Purchase Price (as adjusted for Prorations
pursuant to Article IX). 
 7.3.2 Purchaser’s Deliveries. All of the Purchaser’s Closing Deliveries shall have been
delivered to the Seller or deposited with Escrow Agent in the Closing Escrow, to be delivered to the Seller at Closing. 
 7.3.3
Representations and Warranties. The representations and warranties of the Purchaser in this Agreement shall be true and correct in all material respects as of the Closing (or as of such other date to which such representation or warranty
expressly is made). 
 7.3.4 Covenants and Obligations. The covenants and obligations of the Purchaser in this Agreement shall have
been performed in all material respects. 
  

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 7.3.5 Lease. The Lease shall be fully executed by Purchaser in the form agreed to during the Lease
Negotiation Period. 
 7.4 Failure of the Seller’s Closing Conditions. If any of the Seller’s Closing Conditions is
not satisfied at the Closing (a “Seller’s Closing Condition Failure”), then the Seller shall have the right, in the Seller’s absolute discretion, to either (i) terminate this Agreement by providing written notice to
the Purchaser, in which case the Deposit shall be disbursed to the Seller in accordance with Section 3.2.3, and the Parties shall have no further rights or obligations under this Agreement, except those which expressly survive the
termination, or (ii) complete the transactions set out herein, provided, however, if such Seller Closing Condition Failure results from a Purchaser’s Default of its representations, warranties, covenants and/or obligations hereunder,
Purchaser shall have the rights set forth in Section 10.2. 
 ARTICLE VIII 
 CLOSING 
 8.1 Closing Date. The closing of the transactions described in
this Agreement (the “Closing”) shall occur on that date which is mutually agreed to in writing by the Seller and the Purchaser, but in any event on or before the date which is fifteen (15) days after the expiration of the Due
Diligence Period (the “Outside Closing Date”). The date on which the Closing occurs or is scheduled to occur is referred to herein as the “Closing Date”. If the Parties cannot agree on a Closing Date, the Closing
Date will be the Outside Closing Date. 
 8.2 Closing Escrow. The Closing shall take place by means of a Title Company escrow
(the “Closing Escrow”), in which case at or prior to the Closing (i) the Purchase Price to be paid by the Purchaser pursuant to Section 3.3 shall be deposited with Escrow Agent, (ii) all of the documents
required to be delivered by the Seller and the Purchaser at Closing pursuant to this Agreement shall be deposited with Escrow Agent, and (iii) at Closing, the Purchase Price (as adjusted for Prorations pursuant to Article IX) and the
Deposit shall be disbursed to the Seller and the documents deposited into the Closing Escrow shall be delivered to the Seller and the Purchaser (as the case may be) pursuant to the Closing Escrow Agreement. 
 8.3 Seller’s Closing Deliveries. At the Closing, the Seller shall deliver or cause to be delivered to Escrow Agent all of the
documents, each of which shall have been duly executed by the Seller (or such other party as specifically set forth therein) and acknowledged (if required), and other items, set forth in this Section 8.3 (the “Seller’s
Closing Deliveries”), as follows: 
 8.3.1 Closing Certificate. A closing certificate substantially in the form of Exhibit
B, together with a copy of all appropriate resolutions, consents and approvals. 
 8.3.2 Deed. A special warranty deed
substantially in the form of Exhibit C, conveying the Real Property to the Purchaser, subject only to the Permitted Encumbrances. 
 8.3.3 Bill of Sale. A Special Warranty Bill of Sale substantially in the form of Exhibit D, transferring the Personal Property and Consumables to the Purchaser on the terms set forth therein, provided, however, Purchaser,
in purchaser’s sole discretion, shall have the right to direct Seller to transfer the Consumables directly to the Operating Lessee at Closing. 
  

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 8.3.4 Assignment and Assumption of Intangible Assets. An Assignment and Assumption of Intangible
Assets in the form of Exhibit E, assigning without representation or warranty the Intangible Assets to Purchaser (or such other party as Purchaser may direct) but specifically excluding any Seller Liabilities related thereto, on the terms set
forth therein. 
 8.3.5 Assignment and Assumption of Contracts. An Assignment and Assumption of Contracts in the form of Exhibit
F, assigning the Contracts to Purchaser, but specifically excluding any Seller Liabilities related thereto, on the terms set forth therein, provided, however, Seller shall assign, if Purchaser so directs in Purchaser’s sole discretion, some
or all of the Contracts, Licenses and Permits and the Liquor License directly to the Operating Lessee at Closing. 
 8.3.6 Title
Requirements. Such agreements, affidavits or other documents as may be reasonably required by the Title Company from the Seller to issue the Title Policies. 
 8.3.7 Other Declarations. Any real estate transfer tax declarations or other documents required under Applicable Law in connection with the conveyance of the Real Property. 
 8.3.8 FIRPTA Certificates and Title Affidavits. An affidavit from the Seller with respect to compliance with the Foreign Investment in Real
Property Tax Act (Internal Revenue Code Sec. 1445, as amended, and the regulations issued thereunder) and any similar state tax requirements and an affidavit from the Seller in favor of the Title Company which shall be sufficient to delete the
standard exceptions from the title policy that the Seller has not done or caused to be done any work on the Real Property that has not been paid for and as to which mechanics’ liens or builders’ liens may be filed against the Real Property
following the Closing. 
 8.3.9 Original Documents. To the extent not previously delivered to the Purchaser, all originals (or copies
if originals are not available) of the Contracts, Licenses and Permits, Books and Records, keys and lock combinations, which shall be located at the Real Property on the Closing Date and deemed to be delivered to the Purchaser upon delivery of
possession of the Real Property, provided, however, that the Seller shall have the right to (i) redact and reformat any Books and Records which include data or other information pertaining to any other commercial properties owned, managed or
franchised by the Seller, and (ii) retain copies of any Books and Records delivered to the Purchaser; 
 8.3.10 Closing
Statement. The Closing Statement prepared pursuant to Section 9.1. 
 8.3.11 Authority Documents. A corporate
resolution, and an incumbency certificate to evidence the capacity and authority of any corporate officer signing on behalf of the Seller. 
 8.3.12 Estoppel Certificates. All Third Party Estoppels required by this Agreement to the extent actually received by the Seller, or such certificates of Seller in lieu thereof contemplated pursuant to Section 6.9.

  

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 8.3.13 Property Related Deliveries. On the Closing Date, to the extent the foregoing have not
heretofore been delivered to Purchaser and to the extent in Seller’s or its Affiliates’ possession, Seller shall cause to be delivered to Purchaser: (i) any plans and specifications for the Improvements; (ii) all unexpired
warranties and guarantees which Seller has received in connection with any work or services performed with respect to, or equipment installed in, the Improvements, to the extent available and in Seller’s possession or control; (iii) all
keys and duplicate keys for the Improvements; (iv) originals, or copies if originals are not available, of all Contracts that will remain in effect after the Closing; (v) all certificates of occupancy, permits and licenses for the Real
Property; (vi) all books and records relating to the operation of the Business, whether kept in paper or electronic form; (vii) certificates of title to any and all vehicles, which title shall show the transfer from Seller to Purchaser;
and (viii) all other materials necessary for the continuity of Business, together with all files, advertising and promotional information and materials, except for the Excluded Property. 
 8.3.14 Termination of Management Agreements and Operating Leases. Evidence reasonably satisfactory to Purchaser evidencing the termination of any
existing management agreements and/or operating leases with respect to the Real Property or the Business. 
 8.3.15 Leases.
Fully-executed counterparts of the Lease. 
 8.3.16 Amendments to Other Leases. Fully-executed counterparts by the tenants under the
Other Leases contemplated pursuant to Section 4.5. 
 8.3.17 Guaranty. A Guaranty Agreement executed by the Guarantor to
and in favor of Purchaser pursuant to Section 12.6 in the form of Exhibit G. 
 8.3.18 Assignment and Assumption of
Membership Agreements. An Assignment and Assumption of Membership Agreements executed by Seller and Operating Lessee pursuant to Section 2.3.4 in the form attached hereto as Exhibit H. 
 8.3.19 Other Documents. Such other documents and instruments as may be reasonably requested by the Purchaser on the Title Company in order to
consummate the transactions described in this Agreement. 
 8.4 Purchaser’s Deliveries. At the Closing, the Purchaser
shall deliver or cause to be delivered to the Seller or deposited with Escrow Agent in the Closing Escrow to be delivered to the Seller all of the documents, each of which shall have been duly executed by the Purchaser and acknowledged (if
required), and other items, set forth in this Section 8.4 (the “Purchaser’s Closing Deliveries”), as follows: 
 8.4.1 Purchase Price. The Purchase Price (as adjusted for Prorations pursuant to Article IX) to be paid by the Purchaser. 
 8.4.2 Disbursement Letter. A letter of direction to Escrow Agent directing Escrow Agent to disburse the Purchase Price to the Seller. 
 8.4.3 Closing Certificate. A closing certificate in the form of Exhibit I, together with all exhibits thereto. 
  

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 8.4.4 Counterpart Execution Documents. A counterpart of each of the documents and instruments to
be delivered by the Seller under Section 8.3 which require execution by the Purchaser. 
 8.4.5 Authority Documents. A
corporate resolution and an incumbency certificate to evidence the capacity and authority of any corporate officer signing on behalf of the Purchaser. 
 8.4.6 Leases. Fully-executed counterparts of the Lease. 
 8.4.7 Other Documents. Such other
documents and instruments as may be reasonably requested by the Seller or the Title Company in order to consummate the transactions described in this Agreement. 
 8.5 Possession. The Seller shall deliver possession of the Assets to the Purchaser, subject only to the Permitted Encumbrances, upon completion of the Closing. 
 ARTICLE IX 
 PRORATIONS AND EXPENSES

 9.1 Closing Statement. No later than the day prior to Closing, the Parties, through their respective employees, agents or
representatives, jointly shall make such examinations, audits and inventories of the Real Property as may be necessary to make the adjustments and Pro-rations to the Purchase Price as set forth in Sections 9.2 and 9.3 or any other provisions
of this Agreement. Based upon such examinations, audits and inventories, the Parties jointly shall prepare prior to Closing a closing statement (the “Closing Statement”), which shall set forth their best estimate of the amounts of
the items to be adjusted and prorated under this Agreement. The Closing Statement shall be approved and executed by the Parties at Closing, and such adjustments and Pro-rations shall be final with respect to the items set forth in the Closing
Statement, except to the extent any such items shall be reported after the Closing as expressly set forth in Section 9.2. 
 9.2
Pro-rations Taxes and Assessments. Seller shall be responsible for payment of all Taxes prior to Closing in its capacity as Seller under this Agreement. All non-delinquent real estate taxes and assessments on the Property will be
prorated as of the Closing Date based on the actual current tax bill. If the Closing takes place before the real estate taxes are fixed for the tax year in which the Closing Date occurs, the apportionment of real estate taxes will be made on the
basis of the real estate taxes for the immediately preceding tax year based upon the maximum discount allowed. There shall be no re-proration of taxes after Closing. All delinquent taxes and all delinquent assessments, if any, on the Property will
be paid at Closing from funds accruing to Seller. 
 9.2.1 General Operating Income and Expenses. Except as set forth herein, the
parties acknowledge and agree that any other income and expense items that are customarily prorated in transactions of this nature, including, without limitation but without duplication of any other provision herein, pre-paid expenses, dues, locker
fees, bag storage fees, rain checks (on the basis of 90% of the face value), outstanding free passes (on the basis of 100% of the face value) and gift certificates (on the basis of 90% of the face value), shall be prorated at Closing. 
  

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 9.2.2 Outing/Banquet Deposits: Purchaser shall receive a credit for all prepaid deposits for any
tournaments, outings, banquets and other reservations of the Property (the “Outing/Banquet Deposits”), solely pertaining to any events occurring after Closing, unless such Outing/Banquet Deposits are transferred to Purchaser at Closing.

 9.2.3 Membership Deposits/Initiation Fees. The parties specifically acknowledge and agree that notwithstanding anything to the
contrary in this Agreement, none of the prepaid membership deposits or initiation fees shall be prorated or credited to the Purchase Price. 
 9.2.4 Insurance. Insurance, if any, carried by Seller on the Property shall be terminated at Closing, and Purchaser shall be solely responsible for acquiring insurance coverage on the Property. 
 9.2.5 Income and Expense. The parties hereby agree all income received from the operation of the Property through the day before Closing shall be
the property of Seller; accordingly, all expenses derived that from the operation of the Property through the day before Closing shall be the obligation of Seller. All income received from the operation of the Property as of and after the Closing
Date shall be the property of Purchaser (subject to the terms and provisions of the Lease); accordingly, all expenses derived from the operation of the Property as of and after the Closing Date shall be the obligation of Purchaser (subject to the
terms and provisions of the Lease). Notwithstanding anything to the contrary, all pro-rations for income, taxes, assessments, deposits, free passes, bag storage fees, and other items to be credited to Purchaser as provided in this Article IX shall
be paid to Operating Lessee at Closing pursuant to the terms of the Lease. 
 9.2.6 Method of Proration: All prorations will be made
as of midnight of the day before Closing, based on a 365 day year or a 30 day month, as applicable, with Seller retaining all income and revenue and paying all expenses accrued as of said date. 
 9.3 Taxes. All sales, privilege, use and occupancy taxes, if any, due or to become due in connection with the operation of the Real
Property or revenues received from the Real Property prior to the Closing Date will be paid by the Seller. The Seller shall also be responsible for any “rollback” taxes or retroactively assessed taxes which arise out of or relate to any
use of the Real Property for periods of time prior to the Closing Date, except any rollback taxes assessed due to a change in use by Purchaser after the Closing Date, or any improper or inadequate assessment of the Real Property for the period prior
to the Closing. The Seller shall be entitled to any refunds of any taxes arising out of or relating to any use of the Real Property for periods of time prior to and including the Closing Date. 
 9.4 Cash and Utility Deposits. All cash on hand, escrow and reserve accounts of the Seller, utility or other deposits made by the Seller
(other than tenant security deposits and other deposits), accounts receivable and accounts payable, indebtedness or liabilities for the period prior to the Closing Date shall remain the property or responsibility, as applicable, of the Seller. The
Seller shall be responsible for the payment of all expenses on account of services and supplies furnished to and for the benefit of the Real Property through and including the day preceding the Closing Date in its capacity as Seller hereunder, and
Seller shall be responsible for 
  

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 the payment of all expenses on account of services and supplies furnished to and for the benefit of the Real Property
from and including the Closing Date in its capacity as the tenant under the Lease. 
 9.5 Employees. If applicable, the Seller
will comply with the notice requirements under the WARN Act, COBRA, or any similar federal, state or local legislation with respect to any employees terminated by the Seller in connection with this transaction. It is expressly understood and agreed
that the Purchaser is not and shall not be responsible or liable, directly or indirectly, for payment of any benefits, severance liability, compensation, pay or other obligations, of whatever nature, due or alleged to be due to any Employee of the
Seller attributable to any time period up to, upon and after the Closing. 
 9.6 Reconciliation and Final Payment. The terms
and provisions of this Article IX shall survive Closing. The amount of the prorations have initially been performed by Seller at Closing, but will be subject to adjustment in cash after the Closing outside of escrow as and when complete and
accurate information becomes available, if such information is not readily available at the Closing. Seller and Purchaser agree to cooperate and use their best efforts to make such adjustments no later than sixty (60) days after the Closing.

 9.7 Purchaser’s Acquisition Costs. In addition to the other costs and expenses to be paid by the Purchaser as set forth
elsewhere in this Agreement, the Purchaser shall pay for the following items in connection with this transaction, all of which shall be part of Purchaser’s Acquisition Costs: (i) the fees and expenses incurred by the Purchaser for the
Purchaser’s Inspectors or otherwise in connection with the Inspections; (ii) the fees and expenses of the Purchaser’s attorneys, accountants and consultants; (iii) the fees and expenses incurred by Purchaser in connection with
the preparation and issuance of the Title Policy; (iv) the fees and expenses for the Survey; (v) any mortgage tax, title insurance fees and expenses for any loan title insurance policies, recording charges or other amounts payable in
connection with any financing obtained by the Purchaser; (vi) all of the fees and expenses for the Escrow Agent; and (vii) all transfer, sales or similar tax and recording charges payable in connection with the conveyance of the Assets
(all of which shall be defined as “Purchaser’s Acquisition Costs”). 
 9.8 Seller’s Transaction
Costs. The Seller shall pay the fees and expenses of the Seller’s attorneys, accountants, and consultants. 
 ARTICLE X

 DEFAULT AND REMEDIES 
 10.1
The Seller’s Default. If, at or any time prior to Closing, the Seller fails to perform in any material respect its covenants or obligations under this Agreement which breach or default is not caused by a Purchaser Default and no
material Purchaser’s Default has occurred which remains uncured (a “Seller’s Default”), then the Purchaser may elect (as its sole and exclusive remedy) to: (a) terminate this Agreement by written notice to Seller, in
which case the Deposit actually paid by Purchaser shall be refunded to the Purchaser in accordance with Section 3.2.4, and the Parties shall have no further rights or obligations under this Agreement, except 
  

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 those which expressly survive such termination, (b) proceed to Closing without any reduction in or setoff against
the Purchase Price (except with respect to monetary liens recorded against the Assets), (c) obtain a court order for specific performance; provided, however, the action for specific performance must be commenced by Purchaser within sixty
(60) days of the Outside Closing Date or the remedy shall be waived, or (d) in the event specific performance is not an available or adequate remedy and such Seller’s Default is caused by the Seller’s intentional breach of
Seller’s obligations hereunder, then Purchaser shall have the right to pursue an action for actual damages incurred. 
 10.2
Purchaser’s Default. If at any time prior to Closing, the Purchaser fails to perform in any material respect any of its covenants or obligations under this Agreement which breach or default is not caused by a Seller’s Default
(a “Purchaser’s Default”), and no material Seller’s Default has occurred which remains uncured, then the Seller may elect, as its sole and exclusive remedy, to (a) terminate this Agreement by providing written notice
to the Purchaser, in which case the Deposit actually paid by the Purchaser shall be disbursed to the Seller in accordance with Section 3.2.3, and the Parties shall have no further rights or obligations under this Agreement, except those
which expressly survive such termination, or (b) proceed to Closing pursuant to this Agreement. 
 10.3 Liquidated
Damages. The Parties acknowledge and agree that if this Agreement is terminated pursuant to Section 10.2, the damages that the Seller would sustain as a result of such termination would be difficult if not impossible to
ascertain. Accordingly, the parties agree that the Seller shall retain the Deposit as full and complete liquidated damages (and not as a penalty) as the Seller’s and Guarantor’s sole and exclusive remedy for such termination, provided,
however, that in addition to the deposits, the Seller shall retain all rights and remedies under this Agreement with respect to those obligations of Purchaser which expressly survive such termination. 
 10.4 No Punitive or Consequential Damages. Notwithstanding anything herein to the contrary, no Party shall be liable to any other Party
under this Article X or Article XII for punitive or lost profits or other consequential damages. 
 ARTICLE XI 
 RISK OF LOSS 
 11.1 Casualty.
If, at any time after the date of this Agreement and prior to Closing or earlier termination of this Agreement, the Real Property or any material portion thereof is damaged or destroyed by fire or any other casualty causing a Material loss or damage
(a “Casualty”), the Seller shall give written notice of each Casualty to the Purchaser promptly after the occurrence of such Casualty, and then the Purchaser shall have the right to elect, by providing written notice to the Seller
within thirty (30) days after the Purchaser’s receipt of the Seller’s written notice of such Casualty, to (i), terminate this Agreement in its entirety, or (ii) proceed to Closing, without terminating this Agreement in any
respect, in which case the Seller shall (A) provide the Purchaser with a credit against the Purchase Price in an amount equal to the applicable insurance deductible plus any uninsured amount of the repair or restoration cost and
(B) transfer and assign to the Purchaser all of the Seller’s right, title and interest in and to all proceeds from all casualty, business interruption, and lost profits insurance policies maintained 
  

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 by the Seller with respect to the Real Property, except those proceeds specifically payable in connection with and
allocable to business interruption and lost profits and costs incurred by the Seller for the period prior to the Closing. If the Purchaser fails to provide written notice of its election to the Seller within such time period, then the Purchaser
shall be deemed to have elected to proceed to Closing pursuant to clause (ii) of this preceding sentence. If the Closing is scheduled to occur within the Purchaser’s thirty (30) day election period, the Closing Date shall be postponed
until the date which is five (5) Business Days after the expiration of such thirty (30) day election period. If at any time after the date of this Agreement and prior to Closing or earlier termination of this Agreement, the Real Property
or any material portion thereof is damaged by fire or any other casualty but not to the extent of a Material loss or damage, then Purchaser shall not have the right to terminate this Agreement, but Seller shall (A) provide the Purchaser with a
credit against the Purchase Price in an amount equal to the applicable insurance deductible plus any uninsured amount of the repair or restoration cost and (B) transfer and assign to the Purchaser all of the Seller’s right, title and
interest in and to all proceeds from all casualty, business interruption, and lost profits insurance policies maintained by the Seller with respect to the Real Property, except those proceeds specifically payable in connection with and allocable to
business interruption and lost profits and costs incurred by the Seller for the period prior to the Closing. 
 11.2
Condemnation. If, at any time after the date of this Agreement and prior to Closing or the earlier termination of this Agreement, any Governmental Authority commences any condemnation proceeding or other proceeding in eminent domain
with respect to all or any portion of the Real Property (a “Condemnation”), the Seller shall give written notice of such Condemnation to the Purchaser promptly after the Seller receives notice of such Condemnation, then the
Purchaser shall have the right to elect, by providing written notice to the Seller within thirty (30) days after the Purchaser’s receipt of the Seller’s written notice of such Condemnation, to (A) if such Condemnation is a
Material Condemnation, terminate this Agreement in its entirety, or (B) proceed to Closing, without terminating this Agreement, in which case the Seller shall assign to the Purchaser all of the Seller’s right, title and interest in all
proceeds and awards from such Condemnation (whether a Material Condemnation or otherwise). If the Purchaser fails to provide written notice of its election to the Seller within such time period, then the Purchaser shall be deemed to have elected to
proceed to Closing pursuant to clause (B) of the preceding sentence. If the Closing is scheduled to occur within the Purchaser’s thirty (30) day election period, the Closing shall be postponed until the date which is five
(5) Business Days after the expiration of such thirty (30) day election period. 
 11.3 Definition of
“Material”. For the purposes of Section 11.1 and 11.2, “Material” refers to the following: (a) loss or damage to the Property hereof such that the cost of repairing or restoring the Property in
question to substantially the same condition which existed prior to the event of damage would be, in the opinion of an architect or a qualified licensed contractor mutually agreed to by Seller and Purchaser, equal to or greater than Five Hundred
Thousand Dollars and 00/100 ($500,000.00); and (b) any loss due to a Condemnation which permanently and materially impairs the current use of the Property. 
  

 - 41 - 

 ARTICLE XII 
 SURVIVAL, INDEMNIFICATION AND RELEASE 
 12.1 Survival. Seller’s obligations in respect of
the representations and warranties set forth in Article V hereof are updated as of the Closing in accordance with the terms of this Agreement, and shall survive for a period of twelve (12) months after the Closing Date (the
“Survival Period”). Seller shall have no liability to Purchaser for a breach of any representation or warranty unless written notice containing a description of the specific nature of such breach shall have been given by Purchaser
to Seller prior to the expiration of the Survival Period and an action shall have been commenced by Purchaser against Seller within two (2) months of the expiration of such Survival Period (the “Action Period”). 
 12.2 Indemnification by the Seller. Subject to the limitations set forth in this Article 12 and any other express provision of this
Agreement, the Seller shall indemnify, save, insure, pay, defend and hold harmless the Purchaser’s Indemnitees from and against any Indemnification Loss incurred by any Purchaser Indemnitee to the extent resulting from (a) any breach of
any representation or warranty of the Seller in this Agreement, (b) any breach by the Seller of any of its covenants or obligations under this Agreement, and (c) any and all Liabilities of the Seller arising out of Seller’s operation
of the Business or Seller’s ownership of the Assets prior to the Closing (the “Seller Liabilities”), including, without limitation: (i) any Liabilities under the Contracts, and Licenses and Permits which have arisen or
accrued and pertain to a period prior to the Closing Date; (ii) the payment of all Taxes and assessments due and payable or accrued but not yet paid prior to the Closing Date; (iii) the employment of the Employees; (iv) any claim for
personal injury or property damage to a Person which is based on any event which occurred at the Real Property or in connection with the Business prior to the Closing Date; (v) any claim arising out of marketing, sales and/or management in
connection with the Real Property, including any claim arising under securities laws, rules or regulations; and (vii) any commitments, obligations, or debts made or incurred by Seller, its predecessors, or the Weston Hills Country Club arising
with respect to the Membership Agreements, regardless or whether fixed, accrued or contingent. 
 12.3 Indemnification by
Purchaser. Subject to the limitations set forth in this Article 12, the Purchaser shall indemnify and hold harmless the Seller’s Indemnitees from and against any Indemnification Loss incurred by any Seller’s Indemnitee to the
extent resulting from (i) any breach of any representation or warranty of the Purchaser in this Agreement, (ii) any breach by the Purchaser of any of its covenants or obligations under this Agreement, and (iii) any actions or
omissions of Buyer or Buyer’s agent’s, representatives or employees during the Due Diligence Period or as a result of any inspection of the Property by Buyer or Buyer’s agents, representatives or employees. Such Indemnification shall
survive the Closing for a period of twelve (12) months after the Closing Date. 
 12.4 Indemnification Procedure; Notice of
Indemnification Claim. 
 12.4.1 If any of the Seller Indemnitees or the Purchaser’s Indemnitees (as the case may be) (each, an
“Indemnitee”) is entitled to defense or indemnification under any other provision in this Agreement (each, an “Indemnification Claim”), the Party required to provide indemnification to such Indemnitee (the
“Indemnitor”) shall not be obligated to defend, 
  

 - 42 - 

 indemnify and hold harmless such Indemnitee until such Indemnitee provides written Notice to such Indemnitor after such
Indemnitee has actual knowledge of any facts or circumstances on which such Indemnification Claim is based or a Third-Party Claim is made on which such Indemnification Claim is based, describing in reasonable detail such facts and circumstances or
Third-Party Claim with respect to such Indemnification Claim; provided, however, that no delay on the part of the Indemnitee in notifying any Indemnitor shall relieve the Indemnitor from any obligation hereunder unless (and then solely to the
extent) the Indemnitor thereby is prejudiced. 
 12.4.2 Any Indemnitor will have the right to defend the Indemnitee against the Third Party
Claim with counsel of its choice satisfactory to the Indemnitee so long as (a) the Indemnitor notifies the Indemnitee in writing within fifteen (15) days after the Indemnitee has given Notice of the Third Party Claim that the Indemnitor
will indemnify the Indemnitee from and against the entirety of any Indemnification Loss the Indemnitee may suffer resulting from, arising out of, relating to, in the nature of, or caused by the Third Party Claim, (b) the Indemnitor provides the
Indemnitee with evidence acceptable to the Indemnitee that the Indemnitor will have the financial resources to defend against the Third Party Claim and fulfill its indemnification obligations hereunder, (c) the Third Party Claim involves only
money damages and does not seek an injunction or other equitable relief, (d) settlement of, or an adverse judgment with respect to, the Third Party Claim is not, in the good faith judgment of the Indemnitee, likely to establish a precedential
custom or practice adverse to the continuing business interests of the Indemnitee, and (e) the Indemnitor conducts the defense of the Third Party Claim actively and diligently. 
 12.4.3 So long as the Indemnitor is conducting the defense of the Third Party Claim in accordance with Section 12.4.2 above, (a) the Indemnitee
may retain separate co-counsel at its sole cost and expense and participate in the defense of the Third Party Claim, (b) the Indemnitee will not consent to the entry of any judgment or enter into any settlement with respect to the Third Party
Claim without the prior written consent of the Indemnitor, and (c) the Indemnitor will not consent to the entry of any judgment or enter into any settlement with respect to the Third Party Claim without the prior written consent of the
Indemnitee. 
 12.4.4 In the event any of the conditions in Section 12.4.2 is or becomes unsatisfied, however, (a) the Indemnitee
may defend against, and consent to the entry of any judgment or enter into any settlement with respect to, the Third Party Claim in any manner it may deem appropriate (and the Indemnitee need not consult with, or obtain any consent from, the
Indemnitor in connection therewith), (b) the Indemnitor will reimburse the Indemnitee promptly and periodically for the costs of defending against the Third Party Claim (including reasonable attorneys’ fees and expenses), and (c) the
Indemnitor will remain responsible for any Indemnification Loss the Indemnitee may suffer resulting from, arising out of, relating to, in the nature of, or caused by the Third Party Claim to the fullest extent provided in this Article 12.

 12.5 Exclusive Remedy for Indemnification Loss; Interpretation. Except for claims based on fraud, the indemnification
provisions in this Article 12 shall be the sole and exclusive remedy of any Indemnitee with respect to any claim for Indemnification Loss arising from or in connection with this Agreement. The Parties shall take into account the time cost of
money (using the prime rate as reported from time to time in The Wall Street Journal as the discount rate) in determining Indemnification Loss for purposes of this Article 12. 
  

 - 43 - 

 12.6 Guaranty. As a material condition and inducement to Purchaser entering
into this Agreement, Guarantor shall guaranty to Purchaser for a period not to exceed twelve (12) months after the Closing Date and in an amount not to exceed TWO MILLION FIVE HUNDRED THOUSAND DOLLARS ($2,500,000.00) on a cumulative basis the
payment and performance of Seller’s obligations and liabilities with respect to Seller’s representations, warranties, covenants, and indemnification obligations set forth in Section 5.1, Article 6 and Section 12.1 is stated in
the Guaranty Agreement attached hereto as Exhibit G. 
 ARTICLE XIII 
 MISCELLANEOUS PROVISIONS 
 13.1 Notices. 
 13.1.1 Method of Delivery. All notices, requests, demands and other communications required to be provided by any Party under this Agreement (each,
a “Notice”) shall be in writing and delivered, at the sending Party’s cost and expense, by (i) personal delivery, (ii) certified U.S. mail, with postage prepaid and return receipt requested, (iii) overnight courier
service, or (iv) facsimile transmission, with a verification copy sent on the same day by any of the methods set forth in clauses (i), (ii) or (iii), to the recipient Party at the following address or facsimile number: 
 If to the Seller: 
 WHCC, LLC

 12750 High Bluff Drive, 4th Floor 
 San Diego, California 92130 
 Attention: Andrew Crossen 
 Fax: (858) 720-0677 
 Phone: (858) 720-0694 
 With copies
to: 
 Addison Law Firm 
 14901 Quorum Drive, Suite 650 
 Dallas Texas 75254 
 Attention: Randolph D. Addison 
 Fax: (972) 960-7719 
 Phone: (972) 960-8677 
 If to the
Purchaser: 
 CNL Income Partners, LP 
 450 S. Orange Avenue, 5th Floor 
 Orlando, Florida 32802 
 Attention: Chief Financial Officer, and General Counsel 
 Fax: (407) 540-2544 
 Phone: (407) 650-1000 
  

 - 44 - 

 With a copy to: 
 Lowndes, Drosdick, Doster, Kantor & Reed, P.A. 
 215 N. Eola Drive 
 Orlando, Florida 32802 
 Attn: William T. Dymond, Jr., Esq. 
 Fax:
(407) 843-4444 
 Phone: (407) 843-4600 
 13.1.2 Receipt of Notices. All Notices sent by a Party (or its counsel pursuant to Section 13.1.1 under this Agreement shall be deemed to have been received by the Party to whom such Notice is sent
upon (i) delivery to the address or facsimile number of the recipient Party, provided that such delivery is made prior to 5:00 p.m. (local time for the recipient Party) on a Business Day, otherwise the following Business Day, or (ii) the
attempted delivery of such Notice if (A) such recipient Party refuses delivery of such Notice, or (B) such recipient Party is no longer at such address or facsimile number, and such recipient Party failed to provide the sending Party with
its current address or facsimile number pursuant to Section 13.1.3. 
 13.1.3 Change of Address. The Parties and their
respective counsel shall have the right to change their respective address and/or facsimile number for the purposes of this Section 13.1 by providing a Notice of such change in address and/or facsimile number as required under this
Section 13.1. 
 13.1.4 Delivery by Party’s Counsel. The Parties agree that the attorney for such Party shall have
the authority to deliver Notices on such Party’s behalf to the other Party hereto. 
 13.2 Time is of the Essence. Time is
the essence of this Agreement; provided, however, that notwithstanding anything to the contrary in this Agreement, if the time period for the performance of any covenant or obligation, satisfaction of any condition or delivery of any Notice or item
required under this Agreement shall expire on a day other than a Business Day, such time period shall be extended automatically to the next Business Day. 
 13.3 Assignment. Neither the Seller nor the Purchaser shall assign this Agreement or any interest therein to any Person, without the prior written consent of the other Party which consent may be withheld
in the other Party’s sole discretion, except however, the Purchaser shall have the right to designate one or more wholly-owned Affiliates entities to receive title or may assign this Contract to any Affiliate of Purchaser. For the purposes of
this Section 13.3, the sale of a Controlling interest in any Party (or any Person with Control of any Party) shall constitute an assignment of this Agreement. 
 13.4 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Parties, and their respective successors and permitted assigns. 
 13.5 Third Party Beneficiaries. This Agreement shall not confer any rights or remedies on any Person other than (i) the Parties and
their respective successors and permitted assigns, and (ii) any Indemnitee to the extent such Indemnitee is expressly provided any right of defense or indemnification in this Agreement. 
  

 - 45 - 

 13.6 Rules of Construction. The following rules shall apply to the construction and
interpretation of this Agreement: 
 13.6.1 Singular words shall connote the plural as well as the singular, and plural words shall connote
the singular as well as the plural, and the masculine shall include the feminine and the neuter, as the context may require. 
 13.6.2 All
references in this Agreement to particular articles, sections, subsections or clauses (whether in upper or lower case) are references to articles, sections, subsections or clauses of this Agreement. All references in this Agreement to particular
exhibits or schedules (whether in upper or lower case) are references to the exhibits and schedules attached to this Agreement, unless otherwise expressly stated or clearly apparent from the context of such reference. 
 13.6.3 The headings in this Agreement are solely for convenience of reference and shall not constitute a part of this Agreement nor shall they affect its
meaning, construction or effect. 
 13.6.4 Each Party and its counsel have reviewed and revised (or requested revisions of) this Agreement
and have participated in the preparation of this Agreement, and therefore any rules of construction requiring that ambiguities are to be resolved against the Party which drafted the Agreement or any exhibits hereto shall not be applicable in the
construction and interpretation of this Agreement or any exhibits hereto. 
 13.6.5 The terms “sole discretion” and “absolute
discretion” with respect to any determination to be made a Party under this Agreement shall mean the sole and absolute discretion of such Party, without regard to any standard of reasonableness or other standard by which the determination of
such Party might be challenged. 
 13.7 Severability. If any term or provision of this Agreement is held to be or rendered
invalid or unenforceable at any time in any jurisdiction, such term or provision shall not affect the validity or enforceability of any other terms or provisions of this Agreement, or the validity or enforceability of such affected term or provision
at any other time or in any other jurisdiction. 
 13.8 Governing Law. This Agreement shall be governed by the laws of the
state of Florida. 
 13.9 Waiver of Trial by Jury. Each Party hereby waives its right to a trial by jury in any litigation or
other court proceeding with respect to any matter arising from or in connection with this agreement. 
 13.10 Prevailing Party.
If any litigation or other court action, arbitration or similar adjudicatory proceeding is commenced by any Party to enforce its rights under this Agreement against any other Party, all fees, costs and expenses, including, without limitation,
reasonable attorneys fees and court costs, incurred by the prevailing Party in such litigation, action, 
  

 - 46 - 

 arbitration or proceeding shall be reimbursed by the losing Party; provided, that if a Party to such litigation, action,
arbitration or proceeding prevails in part, and loses in part, the court, arbitrator or other adjudicator presiding over such litigation, action, arbitration or proceeding shall award a reimbursement of the fees, costs and expenses incurred by such
Party on an equitable basis. 
 13.11 Incorporation of Recitals, Exhibits and Schedules. The recitals to this Agreement, and
all exhibits and schedules referred to in this Agreement are incorporated herein by such reference and made a part of this Agreement. Any matter disclosed in any schedule to this Agreement shall be deemed to be incorporated in all other schedules to
this Agreement. 
 13.12 Liability of Interest-Holders in Purchaser and its Affiliates. The Seller agrees and
acknowledges that none of the members, partners, shareholders or other holders of beneficial interests of or in the Purchaser or any of the Purchaser’s Affiliates shall be personally liable for any obligation or responsibility of the Purchaser
or any of its Affiliates hereunder by virtue of being a member, partner, shareholder or holder of any beneficial interest of or in the Purchaser or any of its Affiliates. 
 13.13 Independent Entity. Purchaser recognizes and acknowledges that Seller is an independent entity, chartered under the laws of the State of Delaware, to whom, except for Guarantor’s
limited obligations under the Guaranty Agreement, Purchaser will solely look and who is solely responsible for the obligations and liabilities of Seller recited herein, arising hereunder, or in any manner related to the transactions contemplated
hereby. Purchaser further recognizes and acknowledges t hat, except for Guarantor’s limited obligation under the Guaranty Agreement, no other entity or entities, including (i) Seller’s officers, directors and members, (ii) any
individual, or (iii) any entity affiliated with Seller’s Business which may form, organize, provide services to, provide loans and funds to, negotiate for, provide personnel to, make representations on behalf of, and from time-to-time take
actions on behalf of or for the benefit of Seller’s Business, by direct dealings with Seller or those acting for it, is in any manner liable or responsible for the obligations and liabilities of Seller, whether recited herein, arising
hereunder, or in any manner related to the transactions contemplated hereby. 
 13.14 Entire Agreement. This Agreement and the
agreements to be executed and delivered in connection herewith set forth the entire understanding and agreement of the Parties hereto and shall supersede any other agreements and understandings (written or oral) between the Parties on or prior to
the date of this Agreement with respect to the transactions described in this Agreement. 
 13.15 Amendments, Waivers and Termination
of Agreement. No amendment or modification to any terms or provisions of this Agreement, waiver of any covenant, obligation, breach or default under this Agreement or termination of this Agreement (other than as expressly provided in this
Agreement), shall be valid unless in writing and executed and delivered by each of the Parties, provided, however, either Seller or Purchaser may, in writing, (i) extend the time for performance of any of the obligations of the other,
(ii) waive any inaccuracies and representations by the other contained in this Agreement, (iii) waive compliance by the other with any of the covenants contained in this Agreement and (iv) waive the satisfaction of any condition that
is precedent or subsequent to the performance by the party so waiving of any of its obligations under this Agreement. 
  

 - 47 - 

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

 - 48 - 

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

					
	SELLER:
	
	 WHCC, a Delaware limited liability company

		
	 By:
	 	 HERITAGE GOLF WESTON, LLC, a Delaware limited liability company, its Managing Member

			
		 	 By:
	 	 /s/ James Husband

		 	 Name:
	 	James Husband
		 	 Title:
	 	President & CEO
	
	GUARANTOR:
	
	 HERITAGE GOLF FLORIDA, INC.,
 a Delaware corporation

		
	 By:
	 	 /s/ James Husband

	 Name:
	 	James Husband
	 Title:
	 	President & CEO

  

 - 49 - 

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

		
	 By:
	 	 CNL Income GP Corp., a Delaware corporation, its sole general partner

			
		 	 By:
	 	 /s/ Tammie A. Quinlan

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

			
		 	 By:
	 	 /s/ Keren Baki

		 	 Name:
	 	Keren Baki
		 	 Title:
	 	Commercial Closing Operations Supervisor

  

 - 50 -Stock purchase Agreement dated as of August 23, 2006

 EXHIBIT 10.47 
 Stock Purchase Agreement dated as of August 23, 2006 
 between Heritage Golf Group, LLC and CNL Income
Partners, LP 

 STOCK PURCHASE AGREEMENT 
 BETWEEN 
 HERITAGE GOLF GROUP, LLC, a Delaware limited liability company, 
 AS SELLER, 
 AND 
 CNL INCOME PARTNERS, LP, 
 a Delaware limited
partnership, 
 AS PURCHASER 
 DATED AS OF AUGUST 23, 2006 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	1.	  	DEFINITIONS	  	1
	 	  	1.1 Definitions	  	1
	2.	  	PURCHASE AND SALE; PURCHASE PRICE	  	11
		  	2.1 Purchase and Sale	  	11
		  	2.2 Purchase Price	  	11
		  	2.3 Payment of Purchase Price	  	11
		  	2.4 Supplemental Purchase Price	  	12
	3.	  	DUE DILIGENCE AND INSPECTION	  	13
		  	3.1 Right to Inspect	  	13
		  	3.2 Matters Relating to Title	  	15
		  	3.3 Service Contracts and Equipment Leases	  	18
		  	3.4 Inventory	  	18
		  	3.5 Appraisal	  	18
		  	3.6 Purchaser’s Election Whether or Not to Proceed	  	18
		  	3.7 Release and Indemnification	  	19
		  	3.8 Lease	  	19
	4.	  	REPRESENTATIONS AND WARRANTIES OF THE SELLER AND THE TENANT	  	19
		  	4.1 Representations and Warranties of the Seller.	  	20
		  	4.2 Representations and Warranties of the Tenant.	  	24
		  	4.3 Survival.	  	30
		  	4.4 Breach.	  	31
	5.	  	REPRESENTATIONS AND WARRANTIES OF THE PURCHASER.	  	31
		  	5.1 Organization and Power	  	31

  

 i 

					
		  	5.2 Authorization of Purchaser	  	31
		  	5.3 Consents and Approvals; No Conflicts	  	31
		  	5.4 Finders and Investment Brokers	  	31
		  	5.5 Investment	  	32
		  	5.6 Survival	  	32
		  	5.7 No Other Representations	  	32
	6.	  	COVENANTS	  	32
		  	6.1 Confidentiality.	  	32
		  	6.2 Conduct of the Business.	  	33
		  	6.3 Tax Matters.	  	34
		  	6.4 Notices and Filings	  	36
		  	6.5 Further Assurances	  	37
		  	6.6 Liquor Licenses	  	37
		  	6.7 Bookings	  	37
		  	6.8 Consents	  	37
		  	6.9 Exclusivity	  	38
		  	6.10 Employees	  	39
	 	  	6.11 Provision of Financial Statements	  	39
	 	  	6.12 Change of Company and Subsidiary Names	  	40
	 	  	6.13 Cooperation with Auditors	  	40
	7.	  	CLOSING CONDITIONS	  	40
	 	  	7.1 Purchaser’s Closing Conditions	  	40
	 	  	7.2 Failure of Any Purchaser’s Closing Condition	  	41
		  	7.3 Seller’s Closing Conditions	  	42
		  	7.4 Failure of the Seller’s Closing Conditions	  	42

  

 ii 

					
	8.	  	CLOSING	  	43
	 	  	8.1 Closing Date	  	43
	 	  	8.2 Seller’s Closing Deliveries	  	43
	 	  	8.3 Purchaser’s Deliveries.	  	44
	9.	  	ADJUSTMENTS AND EXPENSES.	  	45
	 	  	9.1 Closing Statement	  	45
	 	  	9.2 Adjustments to the Purchase Price	  	45
	 	  	9.3 Purchaser’s Transaction Costs	  	46
	 	  	9.4 Seller’s Transaction Costs	  	47
	 	  	9.5 Reservations	  	47
	10.	  	DEFAULT AND REMEDIES	  	47
	 	  	10.1 Seller’s Default	  	47
	 	  	10.2 Purchaser’s Default	  	47
	 	  	10.3 No Punitive or Consequential Damages	  	48
	11.	  	RISK OF LOSS	  	48
	 	  	11.1 Casualty	  	48
	 	  	11.2 Condemnation	  	48
	12.	  	INDEMNIFICATION	  	49
	 	  	12.1 Indemnification by the Seller	  	49
	 	  	12.2 Indemnification by the Tenant	  	49
	 	  	12.3 Indemnification by Heritage	  	50
	 	  	12.4 Indemnification by Purchaser	  	50
	 	  	12.5 Indemnification Procedure; Notice of Indemnification Claim.	  	50
		  	12.6 Exclusive Remedy for Indemnification Loss; Interpretation	  	51
		  	12.7 Guaranty; Limitation	  	51

  

 iii 

					
	 	  	12.8 Survival	  	51
	13.	  	PARCELIZATION/SUBDIVISIONS OF EXCLUDED REAL PROPERTY	  	52
	14.	  	MISCELLANEOUS PROVISIONS	  	52
	 	  	14.1 Notices.	  	52
	 	  	14.2 Time is of the Essence	  	54
	 	  	14.3 Assignment	  	54
	 	  	14.4 Successors and Assigns	  	54
	 	  	14.5 Third-Party Beneficiaries	  	54
	 	  	14.6 Rules of Construction	  	54
	 	  	14.7 Severability	  	55
	 	  	14.8 Governing Law	  	55
	 	  	14.9 Waiver of Trial by Jury	  	55
	 	  	14.10 Attorneys’ Fees	  	55
	 	  	14.11 Incorporation of Recitals, Exhibits and Schedules	  	55
	 	  	14.12 Entire Agreement	  	55
	 	  	14.13 Effect of Delay and Waivers	  	56
	 	  	14.14 Amendments, Waivers and Termination of Agreement	  	56
	 	  	14.15 Execution of Agreement	  	56
		  	14.16 Liability of Interest-Holders in Purchaser and its Affiliates	  	56
		  	14.17 Good Faith Efforts	  	56

  

 iv 

 LIST OF EXHIBITS AND SCHEDULES 
 List of Exhibits 
  

			
	Exhibit A	  	Talega Construction Budget
	Exhibit B	  	Disclosure Statement

 List of Schedules 
  

			
	Schedule 1(a)	  	Descriptions of the Lands
	Schedule 1(b)	  	Description of Excluded Real Property
	Schedule 2.0	  	Description of Excluded Personal Property

  

 v 

 STOCK PURCHASE AGREEMENT 
 THIS STOCK PURCHASE AGREEMENT (this “Agreement”) is made as of August 23, 2006 (the “Effective Date”), by and
between HERITAGE GOLF GROUP, LLC, a Delaware limited liability company (the “Seller”), and CNL INCOME PARTNERS, LP, a Delaware limited partnership (the “Purchaser”). Heritage Golf Master Lease, LLC, a
Delaware limited liability company (the “Tenant”), and Heritage Golf Group, Inc., a Delaware corporation (“Heritage”) hereby join in this Agreement for the purpose of providing certain representations, warranties
and indemnifications as more particularly described herein. Each of the Seller, Purchaser, Tenant and Heritage are at times hereinafter referred to individually as a “Party” and collectively as the “Parties.”

 R E C I T A L S 
 A.
Seller owns all of the outstanding capital stock of Heritage Golf Group West Coast, Inc., a Delaware corporation (the “Company”). The Company, through its Subsidiaries, is the fee simple owner of the “Real Property” (as
hereinafter defined) and the owner of (i) substantially all of the assets which constitute the Valencia Country Club located in Valencia, California (the “Valencia Property”), and (ii) substantially all of the assets which
constitute the Talega Golf Club located in San Clemente, California (the “Talega Property”) (the Valencia Property and the Talega Property are each sometimes referred to herein as a “Property” and collectively as
the “Properties”). 
 B. Purchaser desires to purchase, and Seller desires to sell, all of the outstanding capital stock of
the Company on the terms and conditions set forth in this Agreement. 
 NOW, THEREFORE, in consideration of the provisions contained in this
Agreement, Seller and Purchaser agree as follows: 
 1. DEFINITIONS 
 1.1 Definitions. In addition to the terms defined in the body of this Agreement, the following terms will have the following meanings in this Agreement: 
 “Affiliate” shall mean, with respect to any Person, any other Person Controlled by, Controlling, or under common Control with such
Person, directly or indirectly. 
 “Affiliated Group” means any affiliated group within the meaning of Code Sec. 1504 or any
similar group defined under a similar provision of state, local or foreign law. 
 “Applicable Laws” means (a) all
statutes, laws, common law, rules, regulations, ordinances, codes, plans or other legal requirements of any Governmental Authority, stock exchange, board of fire underwriters and similar quasi-governmental authority, and (b) any judgment,
injunction, order, decree, ruling, charge or other similar requirement of any court or other adjudicatory authority, in effect at the time in question and in each case to the extent the Person or property in question is subject to the same.
Notwithstanding the foregoing, with respect to the representations and warranties set forth herein, Applicable Laws shall not include any statutes, laws, common law, rules, regulations, ordinances, codes, plans or other legal 

 requirements of any Governmental Authority, stock exchange, board of fire underwriters and similar quasi-governmental
authority which have not yet been enacted and promulgated as of date of such representation or warranty. 
 “Assets” means
all of the following: 
 (a) The lands described in Schedule 1(a) hereto together with all appurtenant easements and any other rights,
benefits and interests, herediments, and entitlements appurtenant thereto (collectively, the “Lands”). 
 (b) All buildings,
structures and improvements located under, upon or affixed to the Lands and all fixtures on the Lands which constitute real property under Applicable Law (collectively, the “Improvements”) (the Lands and the Improvements are
hereinafter sometimes collectively referred to as the “Real Property”). 
 (c) All right, title and interest of any of the
Company and its Subsidiaries in and to the following items used in connection with the operation and management of the Properties: (i) equipment, machinery, fixtures, tools, appliances, vehicles (including all golf carts, mowers, tractors and
similar service and maintenance vehicles) and other items of property, including, without limitation, all furnaces, boilers, heaters, electrical equipment, heating, plumbing, lighting, ventilating, refrigerating, incineration, air and water
pollution control, waste disposal, air cooling and air conditioning systems and apparatus, sprinkler systems and fire and theft protection equipment, irrigation equipment, golf ball washers, which do not constitute real estate fixtures under
Applicable Law, together with all replacements, modifications, alterations and additions thereto; (ii) all furniture, furnishings, movable walls or partitions, computers or trade fixtures or other personal property of any kind or description,
and all modifications, replacements, alterations and additions to such personal property; (iii) all global positioning systems and similar equipment; (iv) all range balls and range ball retrieval systems, including but not limited to any
vehicle or apparatus used in connection therewith; (v) all rental clubs and other rental equipment offered through the golf pro shop or by the golf course operator; (vi) all linen, china, glassware, tableware, uniforms and similar items,
whether used in connection with public space or tenant rooms; and (vii) all replacements of or additions to the items set forth in clause (i) through (vi) above, subject to additions and deletions in the Ordinary Course of Business.

 (d) All inventories, as such term is customarily used and defined in its most broad and inclusive sense including, without limitation, all
inventories of merchandise, food, liquor, wine and consumable supplies of every kind or nature, and operating supplies, building and maintenance supplies and spare parts, owned by any of the Company and its Subsidiaries and subject to additions and
deletions in the Ordinary Course of Business. 
 (e) All right, title and interest of any of the Company and its Subsidiaries in and to any
surveys, photos, electronic files, data and information, environmental and soil reports, club membership data and information, software licenses, internet domain names and websites, telephone and facsimile numbers, listings in directories, customer
and supplier lists and files, guest data and information (including historical preference and similar information), credit records, labels, promotional literature, security codes, goodwill, trademarks, trade names (including, without limitation, the
name and logos associated with Valencia Country Club or Talega Golf Club), logos, all records and sales and other customer data and rights to apply for any historic tax credits in connection with the Real Property and the Businesses. 
  

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 (f) All right, title and interest of any of the Company and its Subsidiaries in and to the marketing,
management, maintenance, service and supply contracts, equipment and personal property leases (including capital leases), and all other contracts or agreements of any of the Company and its Subsidiaries as set forth in Section 4.2.7 of the
Disclosure Statement, together with all deposits made or held by any of the Company and its Subsidiaries thereunder (the “Contracts”). 
 (g) All right, title and interest of any of the Company and its Subsidiaries in and to the licenses, permits, consents, authorizations, approvals, registrations, orders, franchises, use and occupancy permits and
certificates issued by any Governmental Authority that are held by any of the Company and its Subsidiaries or their agents with respect to the Real Property or Businesses and listed in Section 4.2.4 of the Disclosure Statement (the
“Licenses and Permits”), together with any deposits made by any of the Company and its Subsidiaries thereunder. 
 (h) All
of the books and records of any of the Company and its Subsidiaries (the “Books and Records”). 
 (i) All right, title and
interest of any of the Company and its Subsidiaries in and to any building plans, drawings, plans and specifications, blue prints, architectural plans, engineering diagrams and similar items (the “Plans and Specifications”).

 (j) All right, title and interest of any of the Company and its Subsidiaries in and to any unexpired warranties and guaranties held by any
of the Company and its Subsidiaries (the “Warranties”). 
 (k) All right, title and interest of any of the Company and its
Subsidiaries in all water rights, riparian rights, appropriative rights, water allocations, water stock, water dispersal, water discharge and water collection associated with irrigating activities on the Lands (the “Water Rights”)
including, without limitation, under all documents, agreements and permits relating to the supply of water to the Lands. 
 (l) All right,
title and interest of any of the Company and its Subsidiaries in all rights to discharge effluent to a water of a state or the United States in connection with the operation of the Businesses (the “Effluent Discharge Rights”).

 (m) All cash on hand or on deposit of any of the Company and its Subsidiaries in any operating account or other account or reserve.

 (n) All accounts receivable of any of the Company and its Subsidiaries. 
 Notwithstanding the foregoing, the term “Assets” shall specifically exclude the Excluded Real Property and the Excluded Personal Property.

 “Businesses” means all of the businesses currently being operated by the Company and its Subsidiaries and all activities
related thereto conducted at the Real Property. 
  

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 “Business Day” means any day other than a Saturday, Sunday or any United States federal
legal holiday. 
 “Calendar Day” shall mean any day of the week including a Business Day. 
 “COBRA” means the Consolidated Omnibus Budget Reconciliation Act. 
 “Code” means the Internal Revenue Code of 1986, as amended. 
 “Company Shares” means the 1,000 shares of common stock, par value $0.01 per share, of the Company. 
 “Control” means (a) the right to exercise, directly or indirectly, more than 50% of the votes which may be voted at a meeting of
(i) the stockholders of the corporation, in the case of a corporation, (ii) the stockholders of the general partner, in the case of a limited partnership, or (iii) the equity holders or other voting participants of a Person that is
not a corporation or limited partnership; or (b) the right to elect or appoint, directly or indirectly, more than 50% of (i) the directors of the corporation, in the case of a corporation, (ii) the directors of the general partner, in
the case of a limited partnership, or (iii) more than 50% of the Persons who have the right to manage or supervise the management of the affairs and business of a Person that is not a corporation or limited partnership, and each of
“Controlled” and “Controlling” has a corresponding meaning. 
 “Deficiency Dividend” means
either (a) any deficiency dividend within the meaning of Code Section 860(f), or (b) any distribution pursuant to Code Section 852(e) or the application of principles similar thereto pursuant to the Treasury Regulations
promulgated under Code Section 857(a)(2) in connection with the distribution of earnings and profits (within the meaning of the Code) that have been accumulated in, or are attributable to, any taxable period of the Company through and including
the Closing Date. 
 “Disclosure Statement” has the meaning set forth in Article 4 below. 
 “Due Diligence Period” means the period from the Effective Date of this Agreement until the date which is forty-five (45) Calendar
Days after the Effective Date. 
 “Employee Benefit Plan” means any (a) nonqualified deferred compensation or
retirement plan or arrangement which is an Employee Pension Benefit Plan, (b) qualified defined contribution retirement plan or arrangement which is an Employee Pension Benefit Plan, (c) qualified defined benefit retirement plan or
arrangement which is an Employee Pension Benefit Plan (including any Multiemployer Plan), or (d) Employee Welfare Benefit Plan or material fringe benefit plan or program. 
 “Employee Pension Benefit Plan” has the meaning set forth in ERISA Sec. 3(2), codified at 29 U.S.C. §1002(2). 
 “Employee Welfare Benefit Plan” has the meaning set forth in ERISA Sec. 3(1), codified at 29 U.S.C. §1002(1). 
  

 4 

 “Environmental Claims” means all claims for reimbursement, remediation, abatement,
removal, clean up, contribution, personal injury, property damage, damage to natural resources or violations of Environmental Laws, made by any Governmental Authority or other Person arising from or in connection with the (a) presence of, or
actual or potential spill, leak, emission, discharge or release of, any Hazardous Substances over, on, in, under or from the Real Property, or (b) violation of any Environmental Laws. 
 “Environmental Laws” shall mean any and all Applicable Laws: (a) applicable to any of the Company and its Subsidiaries or the
Assets or any portion thereof; and (b) that relate to the protection of the environment, resource conservation, air contamination, water and/or groundwater contamination, soil or sediment contamination, Hazardous Substances, solid or hazardous
wastes or residues, or occupational safety and health (to the extent relating to Hazardous Substances), as such Environmental Laws may be amended from time to time, including, without limitation, the Comprehensive Environmental, Response,
Compensation and Liability Act, the Superfund Amendments and Reauthorization Act, the Solid Waste Disposal Act, the Resource Conservation and Recovery Act of 1976, the Hazardous and Solid Waste Amendments of 1984, the Toxic Substances Control Act,
the Federal Clean Air Act, the Federal Clean Water Act, the Safe Drinking Water Act, the Occupational Safety and Health Act, the Emergency Planning and Community Right-to-Know Act of 1986, the Federal Insecticide, Fungicide, and Rodenticide Act, the
Atomic Energy Act of 1954, the Energy Reorganization Act, and the Oil Pollution Act of 1990. 
 “Environmental Liabilities”
means all Liabilities under any Environmental Laws, including, without limitation, any obligations to manage, control, contain, remove, remedy, respond to, clean up or abate any actual or potential spill, leak, emission, discharge or release of any
Hazardous Substances, pollution, contamination or radiation into any water, soil, sediment, air or other environmental media. 
 “Environmental Reports” means those certain environmental reports obtained by the Purchaser or provided by the Seller to the Purchaser in connection with the transactions contemplated herein with respect to certain portions
of the Real Property. 
 “Escrow” means the escrow account opened by Purchaser and Seller with the Escrow Agent. 

“Escrow Agent” means Title Company, acting in its capacity as escrow agent pursuant to the terms hereof, or such other escrow agent
as is mutually acceptable to the Seller and the Purchaser. 
 “Excluded Personal Property” shall mean:
(a) Seller’s and Seller’s Affiliates’ proprietary policy manuals, business plans and information, marketing plans and information, and any of Seller’s other proprietary materials, systems or information;
(b) Seller’s and Seller’s Affiliates’ Open Course Operating System, “Point of Sale” systems and related hardware and proprietary software, equipment and materials, including all tee-time booking hardware and software,
POS terminals, file server and all other computer hardware and software (excluding any and all software and hardware related to the irrigation systems and the security systems which are part of the Improvements), and all other operating systems used
in connection with the operation of 
  

 5 

 the Property; (c) all trade names relating to Heritage, Heritage Golf, Heritage Golf Group, Heritage Golf Group West
Coast, Inc., Heritage Golf Talega, LLC, Heritage Golf Valencia, LLC and Heritage Golf Robinson Ranch, LLC, and all other trade names, trademarks, service marks, internet sites, domain names and logos with respect to “Heritage,”
“Heritage Golf,” and Heritage Golf Group” and any and all derivates thereof, (d) the Talega Membership Program (as defined below); (e) the Valencia Membership Program (as defined below); and (f) all of the tangible and
intangible personal property listed on Schedule 2.0 attached hereto and incorporated herein by reference, all of which shall be transferred to one of the Seller and/or its Affiliates prior to the Closing. 
 “Excluded Real Property” shall mean that certain real property more particularly described on Schedule 1(b) attached hereto and
incorporated herein by reference, together with all improvements now or hereafter located thereon, which real property shall be conveyed to Seller in accordance with the terms and conditions set forth in Article 13 hereof. 
 “GAAP” means United States generally accepted accounting principles as in effect from time to time, consistently applied. 
 “Governmental Authority” means any federal, state or local government, agency or other political subdivision thereof, including, without
limitation, any Person exercising executive, legislative, judicial, regulatory or administrative governmental powers or functions, in each case to the extent the same has jurisdiction over the Person or property in question. 
 “Hazardous Substances” means any hazardous or toxic substances, chemicals, materials or waste, whether in solid, semisolid, liquid or
gaseous form, including, without limitation, asbestos, petroleum or petroleum by-products, polychlorinated biphenyls, and mold or other biological contaminants that are regulated by any Environmental Laws. 
 “Indemnification Loss” means, with respect to any Indemnitee, any costs, damages, fees, expenses, penalties, fines, liabilities or
obligations, including, without limitation, reasonable attorneys’ fees and expenses and court costs, actually incurred by such Indemnitee as a result of the act, omission or occurrence in question, and reduced by any insurance proceeds and
other reimbursements actually received by the Indemnitee with respect to the act, omission or occurrence in question. 
 “Inspections” means any inspections, examinations, tests, investigations, reviews or studies of the Real Property, the Company and its Subsidiaries or the Businesses conducted by or on behalf of the Purchaser (or any
Affiliate thereof). 
 “Leases” means those certain lease agreements to be entered into at Closing by and between the
Purchaser or one or more of its Affiliates, on the one hand (the “Landlord”), and the Tenant with respect to the Talega Property (the “Talega Lease”) and the Tenant with respect to the Valencia Property (the
“Valencia Lease”). The Talega Lease shall be in a form mutually acceptable to the Parties and the Valencia Lease shall be in a form mutually acceptable to the Parties. 
 “Liability” means any liability, obligation, damage, loss, diminution in value, cost or expense of any kind or nature whatsoever,
whether accrued or unaccrued, actual or contingent, 
  

 6 

 known or unknown, foreseen or unforeseen, asserted or unasserted, liquidated or unliquidated, due or to become due, and
whether or not required to be reflected on a balance sheet prepared in accordance with GAAP, and “Liabilities” has a corresponding meaning. 
 “Measurement Year” means a calendar year. 
 “Modified GAAP” shall mean
GAAP, subject to the following modifications: (a) Net Operating Income shall be determined excluding an adjustment for deferred initiation fees; (b) in determining Net Operating Income, there shall be no deduction for management or similar
fees and expenses which are not actually paid; and (c) in determining Net Operating Income, the Ordinary Capital Improvement Reserve (as said term is defined in the Talega Lease or the Valencia Lease, as applicable), shall be capped at three
percent (3%) of the gross revenues for the Talega Property or the Valencia Property, as applicable, during the Measurement Year in question. 
 “Most Recent Balance Sheet” means the balance sheet contained within the Most Recent Financial Statements. 
 “Multiemployer Plan” has the meaning set forth in ERISA Sec. 3(37), codified at 29 U.S.C. §1002(37). 
 “Net Operating Income” means, with respect to a Measurement Year of a Property, (a) all revenue, income and proceeds of sales of every kind actually collected which result from the operation of the Property and which
are properly attributable to the Measurement Year under consideration, determined in accordance with Modified GAAP, less (b) all costs and expenses of operating the Property incurred and which are properly attributable to the Measurement Year
under consideration, determined in accordance with Modified GAAP and less (c) the Ordinary Capital Improvement Reserve (as said term is defined in the applicable Lease) attributable to the Measurement Year under consideration set forth in the
applicable Lease. 
 “Ordinary Course of Business” means the ordinary course of business consistent with past custom and
practice, taking into account the facts and circumstances hereafter in existence from time to time. 
 “Other Leases” means
(i) that certain Lease Agreement by and between CNL Income Partners, LP, and assigns, as landlord, and Heritage Golf Palmetto Hall, LLC, as tenant, dated April 27, 2006, and (ii) that certain Lease Agreement entered or to be entered
into by and between the Purchaser or one or more of its Affiliates, as landlord, and the Seller or one or more of its Affiliates, as tenant, with respect to that certain real property located in the city of Weston, Florida commonly known as
“Weston Hills Country Club.” 
 “Person” means any natural person, firm, corporation, general or limited
partnership, limited liability company, association, joint venture, trust, estate, Governmental Authority or other legal entity, in each case whether in its own or a representative capacity. 
 “Post-Closing Tax Period” means any taxable period ending after the Closing Date (in the case of a Straddle Period including only the
portion of such taxable period beginning on the day after the Closing Date). 
  

 7 

 “Pre-Closing Tax Period” means any taxable period beginning on or before the Closing
Date (in the case of a Straddle Period including only the portion of such taxable period ending on and including the Closing Date). 
 “Property Condition Evaluations” means the property condition evaluations and/or reports obtained by the Purchaser in connection with the transaction contemplated herein with respect to certain of the Real Property.

 “Pro Rata Purchaser Transaction Costs” means, with respect to a Property, the portion of the Purchaser Transaction Costs
corresponding to the ratio of the Talega Allocated Purchase Price or Valencia Allocated Purchase Price, as applicable, to the Purchase Price. 
 “Purchaser’s Due Diligence Reports” means all studies, reports and assessments prepared by any Person for or on behalf of the Purchaser (other than any internal studies, reports and assessments prepared by any of the
Purchaser’s employees, attorneys or accountants) in connection with the Inspections. 
 “Purchaser’s Indemnitees”
means the Purchaser and its Affiliates, including the Company and its Subsidiaries after the Closing, and each of their respective shareholders, members, partners, trustees, beneficiaries, directors, officers, employees, agents and consultants and
the successors, assigns, legal representatives, heirs and devisees of each of the foregoing. 
 “Purchaser’s
Inspectors” means any Person that conducted or will conduct any Inspections for or on behalf of the Purchaser or any Affiliate thereof. 
 “Purchaser Transaction Costs” means the costs and expenses to be paid by the Purchaser pursuant to Section 9.3 below; provided, however, that if the Purchaser Transaction Costs exceed $2,280,000, then the Purchaser
Transaction Costs shall be $2,280,000 for the purpose of the definition of the Pro Rata Purchaser Transaction Costs and Seller shall have no obligation with respect to such excess amount. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Security Interest” means any mortgage, pledge, lien, encumbrance, charge, restriction on transfer, conditional sales agreement, adverse
claim, deed of trust or other security interest or encumbrance. 
 “Seller’s Due Diligence Materials” has the meaning
set forth in Section 3.1 below. 
 “Seller’s Indemnitees” means the Seller, the Company and the Subsidiaries, and
their respective shareholders, members, managers, partners, trustees, beneficiaries, directors, officers, employees, agents and consultants (excluding the Company and its Subsidiaries after the Closing), and the successors, assigns, legal
representatives, heirs and devisees of each of the foregoing. 
 “Seller’s Knowledge” means information actually known
or disclosed, as of the Effective Date, to Bob Husband, Gary Dee, Scott Little and/or Andrew Crosson, without any independent inquiry or investigation, and shall not be deemed to include any implied, imputed or constructive knowledge of the
foregoing individuals. 
  

 8 

 “Straddle Period” means any taxable period that begins on or before and ends after the
Closing Date. 
 “Subsidiary” means Heritage Golf Valencia, LLC, a Delaware limited liability company, Heritage Golf Talega,
LLC, a Delaware limited liability company, and Heritage Golf Robinson Ranch, LLC, a Delaware limited liability company. 
 “Surveys” means the ALTA survey(s) to be obtained by Purchaser in a form and with such information as may be required by the Title Company to enable the Title Company to delete the standard survey-related exceptions.

 “Talega Adjusted Coverage Ratio” means the ratio obtained by dividing (a) the Talega Average Net Operating Income by
(b) the product of (i) 0.085 and (ii) the Talega Adjusted Lease Basis. 
 “Talega Adjusted Lease Basis” means
an amount equal to the sum of (a) the Talega Allocated Purchase Price, plus (b) the Pro Rata Purchaser Transaction Costs for the Talega Property, plus (c) Landlord’s Additional Investment (as defined in the Talega Lease), made by
the Landlord in connection with the Talega Property, plus (d) the Talega Supplemental Payment paid by the Purchaser pursuant to this Agreement. 
 “Talega Adjusted Value” means the product obtained by multiplying (a) 10 times (b) the Talega Average Net Operating Income. 
 “Talega Allocated Purchase Price” means the aggregate of: (a) Seventeen Million Five Hundred Thousand Dollars ($17,500,000); and
(b) the Talega Driving Range Payment. 
 “Talega Average Net Operating Income” means the average of the Net Operating
Incomes of the Talega Property for the two full Measurement Years preceding the date the Seller delivers a Supplemental Notice to Purchaser. 
 “Talega Membership Program” means those certain Legacy, Signature and Heritage Club programs, as amended, and any other membership program documents providing members with use of the Talega Golf Club which includes any of
the following: (i) equity memberships, (ii) nonequity memberships, (iii) recallable memberships, (iv) refundable deposits, or (v) any other right to play golf on any basis other than on a daily fee or pre-paid monthly,
quarterly or annual fee basis. 
 “Taxes” means any federal, state, local, or foreign income, gross receipts, license,
payroll, employment, excise, severance, stamp, occupation, premium, windfall profits, environmental (including taxes under Code Sec. 59A), customs duties, capital stock, franchise, escheat, abandoned property, unclaimed property, profits,
withholding, social security (or similar), unemployment, disability, real property, personal property, sales, use, transfer, registration, value added, alternative or add-on minimum, estimated, or other tax of any kind whatsoever, including any
interest, penalty, or addition thereto, whether disputed or not. 
  

 9 

 “Tax Return” means any return, declaration, report, or information return or statement,
in each case relating to Taxes, including any schedule or attachment thereto, and including any amendment thereof. 
 “Tenant’s
Knowledge” means information actually known or disclosed, as of the Effective Date, to Bob Husband, Gary Dee, Scott Little, Andrew Crosson, David Foster, Jim Fitzsimmons, George Kenny, and Robert Hertzing, without any independent inquiry or
investigation, and shall not be deemed to include any implied, imputed or constructive knowledge of the foregoing individuals. 
 “Third-Party Claim” means, with respect to the Person in question, any claim, demand, lawsuit, arbitration or other legal or administrative action or proceeding against the Person in question by any other Person (including
an Affiliate of the Person in question and any Governmental Authority). 
 “Title Company” means The Talon Group, a division
of First American Title Insurance Company. 
 “Treasury Regulations” means the regulations promulgated under the Code.

 “Valencia Adjusted Coverage Ratio” means the ratio obtained by dividing (a) the Valencia Average Net Operating
Income by (b) the product of (i) 0.085 and (ii) the Valencia Adjusted Lease Basis. 
 “Valencia Adjusted Lease
Basis” means an amount equal to the sum of (a) the Valencia Allocated Purchase Price, plus (b) the Pro Rata Purchaser Transaction Costs for the Valencia Property, plus (c) Landlord’s Additional Investment (as defined in
the Valencia Lease), made by the Landlord in connection with the Valencia Property, plus (d) the Valencia Supplemental Payment paid by the Purchaser pursuant to this Agreement. 
 “Valencia Adjusted Value” means the product obtained by multiplying (a) 10 times (b) the Valencia Average Net Operating
Income. 
 “Valencia Allocated Purchase Price” means Thirty Nine Million Five Hundred Thousand Dollars ($39,500,000).

 “Valencia Average Net Operating Income” means the average of the Net Operating Incomes of the Valencia Property for the
two full Measurement Years preceding the date the Seller delivers a Supplemental Notice to Purchaser. 
 “Valencia Membership
Program” means those certain Bylaws dated March 14, 2002, as amended, and any other membership program documents providing members with use of the Valencia Country Club which includes any of the following: (i) equity memberships,
(ii) nonequity memberships, (iii) recallable memberships, (iv) refundable deposits, or (v) any other right to play golf on any basis other than on a daily fee or pre-paid monthly, quarterly or annual fee basis. 
  

 10 

 “WARN Act” means the Worker’s Adjustment and Retraining Notification Act, 29 U.S.C.
§2101, et seq., and any similar state and local laws, as amended from time to time, and any regulations, rules and guidance issued pursuant thereto. 
 2. PURCHASE AND SALE; PURCHASE PRICE 
 2.1 Purchase and Sale. The Seller agrees to sell the Company Shares to
the Purchaser and the Purchaser agrees to buy the Company Shares from the Seller, all in accordance with the terms and conditions set forth in this Agreement. 
 2.2 Purchase Price. The purchase price for the Company Shares is Fifty-Seven Million Dollars ($57,000,000.00) (the “Purchase Price”), which shall be increased by the amount of the
Talega Driving Range Payment (as defined below), pursuant to Section 2.3.4 below and which shall be adjusted at Closing for the Adjustments (as defined below), all as expressly provided in this Agreement. 
 2.3 Payment of Purchase Price. 
 2.3.1 Deposit. Within three (3) Business Days following the Effective Date, Purchaser shall deposit into Escrow the sum of Five Hundred Thousand Dollars ($500,000.00), by wire transfer, which amount shall serve as an earnest
money deposit (“Deposit”). Purchaser may direct Escrow Agent to invest the Deposit in one or more interest bearing accounts with a federally insured national bank and approved by Escrow Agent. Subject to the applicable termination and
default provisions contained in this Agreement: (i) the Deposit shall be applied as a credit toward the payment of the Purchase Price; and (ii) all interest that accrues on the Deposit while in Escrow Agent’s control shall belong to
Purchaser. All references in this Agreement to the “Deposit” shall mean the Deposit and any and all interest that accrues thereon while in Escrow. 
 2.3.2 Payment at Closing. At the Closing, the Purchase Price, less the Deposit and subject to the Adjustments in Section 9.2, shall be paid by Purchaser to Escrow Agent by wire transfer of funds no later
than 2:00 p.m. (Eastern Time) on the Closing Date. On the Closing, Escrow Agent shall immediately pay to Seller, by wire transferred funds to an account designated by the Seller prior to Closing, the Purchase Price, subject to the Adjustments.

 2.3.3 Method of Payment. All amounts to be paid by the Purchaser to the Seller pursuant to this Agreement shall be paid by wire
transfer of immediately available U.S. federal funds. 
 2.3.4 Talega Driving Range Payment. The Parties acknowledge and agree that
the Purchase Price shall be increased at Closing by an amount equal to the aggregate costs incurred by the Seller and/or Heritage Golf Talega, LLC, a Delaware limited liability company (“Heritage Talega”) for the construction of a
driving range at the Talega Property in accordance with the construction budget to be provided to Purchaser by Seller within seven (7) Calendar Days of the Effective Date and attached hereto as Exhibit A and incorporated herein by
reference (the “Talega Driving Range Payment”). By the way of example, in the event that, prior to the Closing, Seller and/or Heritage Talega expends the sum of Three Hundred Thousand Dollars ($300,000.00) for the construction of
the driving range, then the Talega Driving Range 
  

 11 

 Payment shall be equal to Three Hundred Thousand Dollars ($300,000.00) and the Purchase Price shall be equal to
Fifty-Seven Million Three Hundred Thousand Dollars ($57,300,000.00). The Talega Driving Range Payment, inasmuch as it will be considered a portion of the Purchase Price, shall be included in the amounts used to determine the Talega Adjusted Lease
Basis. Notwithstanding anything to the contrary contained herein, in no event shall the Talega Driving Range Payment exceed the lesser of the total amount set forth in the budget attached hereto as Exhibit A or Five Hundred Thousand
Dollars ($500,000.00). 
 2.4 Supplemental Purchase Price. 
 2.4.1 Talega Adjustment. To the extent that the Talega Adjusted Value exceeds the Talega Allocated Purchase Price, the Purchaser shall pay to the
Seller such excess (the “Talega Supplemental Payment”) pursuant to Section 2.4.5 if and only if (a) the Purchaser shall have obtained an independent appraisal from a third party appraiser (such third party appraiser to be
reasonably acceptable to both the Purchaser and the Seller) confirming that the fair market value of the Talega Property equals or exceeds the Talega Adjusted Value and (b) the Talega Adjusted Coverage Ratio equals or exceeds 1.20;
provided, however, that the maximum Talega Supplemental Payment shall be Two Million Six Hundred Twenty-Five Thousand Dollars ($2,625,000.00). For purposes of determining the fair market value of the Talega Property pursuant to this
Section 2.4.1, it shall be assumed that the Talega Lease does not exist and that the Talega Property (including all real and personal property held and/or owned by the Tenant under the Talega Lease), is owned and operated as a single enterprise
without the benefits and burdens of the Talega Lease. 
 2.4.2 Valencia Adjustment. To the extent that the Valencia Adjusted Value
exceeds the Valencia Allocated Purchase Price, the Purchaser shall pay to the Seller such excess (the “Valencia Supplemental Payment”) pursuant to Section 2.4.5 if and only if (a) the Purchaser shall have obtained an
independent appraisal from a third party appraiser (such third party appraiser to be reasonably acceptable to both the Purchaser and the Seller) confirming that the fair market value of the Valencia Property equals or exceeds the Valencia Adjusted
Value and (b) the Valencia Adjusted Coverage Ratio equals or exceeds 1.20; provided, however, that the maximum Valencia Supplemental Payment shall be Five Million Nine Hundred Twenty-Five Thousand Dollars ($5,925,000.00). For
purposes of determining the fair market value of the Valencia Property pursuant to this Section 2.4.2, it shall be assumed that the Valencia Lease does not exist and that the Valencia Property (including all real and personal property held
and/or owned by the Tenant under the Valencia Lease), is owned and operated as a single enterprise without the benefits and burdens of the Valencia Lease. 
 2.4.3 Notice. At any time during the fiscal year 2009, the Seller will deliver to the Purchaser a Notice (the “Supplemental Notice”) if the Seller determines that a Talega Supplemental Payment
is due to the Seller pursuant to Section 2.4.1 and/or a Valencia Supplemental Payment is due to the Seller pursuant to Section 2.4.2, together with supporting documentation as reasonably requested by Purchaser. The Purchaser shall have a
period commencing upon delivery of the Supplemental Notice and expiring sixty (60) Calendar Days after such delivery date to review and audit, in Purchaser’s reasonable discretion and expense, the Seller’s calculations. In the event
the Purchaser disputes the Seller’s determinations, the Purchaser shall, within such sixty (60) Calendar Day period, deliver a Notice to the Seller (the 
  

 12 

 “Dispute Notice”) setting forth in reasonable detail the component or components that are in dispute and
the basis of such dispute. If the Purchaser fails to deliver a Dispute Notice to the Seller within such sixty (60) Calendar Day period, then the Purchaser shall be bound by the calculations of the Talega Supplement Payment and/or the Valencia
Supplement Payment set forth in the Supplemental Notice. 
 2.4.4 Dispute. If the Purchaser delivers the Dispute Notice within such
sixty (60) Calendar Day period, then the Purchaser and the Seller will use reasonable efforts to resolve any such dispute within thirty (30) Calendar Day period after receipt by the Seller of the Dispute Notice. If the Purchaser and the
Seller fail to resolve any such dispute within such thirty (30) Calendar Days, they shall submit the dispute to a mutually acceptable accounting firm (the “Reviewing Accountant”). The Parties hereby expressly agree that the
determination of the Reviewing Accountant shall be final and binding on the Parties (absent fraud or manifest bad faith by the Reviewing Accountant). The costs, expenses and fees of the Reviewing Accountant shall be borne by the Seller, on the one
hand, and the Purchaser, on the other hand, based on the percentage of which the portion of the contested amount of the Talega Supplemental Payment or Valencia Supplemental Payment, as applicable, not awarded to such Party bears to the amount
actually contested by such Party. 
 2.4.5 Payment. Subject to the Purchaser’s receipt of the appraisal(s) set forth in
Section 2.4.1(a) or 2.4.2(a), as applicable, the Talega Supplemental Payment and/or the Valencia Supplemental Payment as determined by the Seller (if not disputed), or as modified (if at all) by agreement of the Seller and the Purchaser or by
decision of the Reviewing Accountant, shall be paid by the Purchaser to the Seller by wire transfer of immediately available funds within five (5) Business Days following such final determination. 
 3. DUE DILIGENCE AND INSPECTION 
 3.1 Right to
Inspect. Subject to Purchaser providing Seller with a minimum of one (1) Business Day’s advance notice, the Purchaser and the Purchaser’s Inspectors shall have the right to enter upon the Real Property, at the risk of
the Purchaser, and to perform, at the Purchaser’s expense, such Inspections of and concerning the Real Property as the Purchaser may deem reasonably appropriate. Notwithstanding the foregoing, in no event shall Purchaser or Purchaser’s
Inspectors conduct any invasive testing on the Real Property without the Seller’s prior written approval, which approval shall not be unreasonably conditioned, delayed or withheld. Purchaser shall be responsible for managing any investigative
derived waste associated with Purchaser’s invasive investigations and any property damage directly attributable to such investigations. Purchaser shall not unreasonably interfere with or interrupt the operation of the Businesses or any invitee
of the Properties in making such Inspections. 
 Subject to the Purchaser providing Seller with a minimum of one (1) Business Day’s
advance notice, the Purchaser shall have the right to meet and interview the general manager, course superintendent and any other key personnel of each Property, as appropriate, to discuss the Businesses, including the revenues, expenses, operation,
Books and Records, Tax Returns for the three prior tax years and physical condition of the Assets and the Businesses, and Seller shall be provided with reasonable prior notice and a reasonable opportunity to be present during or participate in such
discussions. Except as expressly provided in the foregoing sentence, 
  

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 Purchaser shall not contact or have any discussions with any managers or employees of the Company and its Affiliates,
Subsidiaries and/or any of their respective agents, employees or representatives without providing Seller reasonable prior notice and a reasonable opportunity to be present during or participate in such discussions. The Purchaser and its
representatives and consultants shall have the right to review building department, health department and other records held by the Governmental Authorities with respect to the Assets and the operation of the Businesses. Except as expressly provided
in the foregoing sentence, Purchaser shall not contact or have any discussions with any Governmental Authorities without first giving Seller reasonable prior notice and a reasonable opportunity to be present during or participate in such discussions
in connection with the transactions contemplated by this Agreement. 
 To the extent in the Seller’s possession (which shall include the
possession of any Affiliate of the Seller) or control (which shall be limited to existing materials in the possession of third parties that are reasonably available to the Seller or its Affiliates upon request at no cost or expense to the Seller or
its Affiliates other than any de minimis cost or expense), no later than three (3) Calendar Days after the Effective Date, the Seller will deliver to the Purchaser or make available for inspection via the Intranet site:
http://heritagegolf/Matter/Documents/documentView.aspx the following due diligence materials (collectively, “Seller’s Due Diligence Materials”), each of which will be a true, correct and complete copy of the document it
purports to be: 
 (i) All Warranties; 
 (ii) All Licenses and Permits; 
 (iii) The most recent real estate tax statements with respect to the Real Property and notices of appraised value for the Real Property; 
 (iv) All records relating to any real property or other tax appeals relating to the Assets; 
 (v) Income and other tax returns relating to the Company and its Subsidiaries for the last three years; 
 (vi) The most recent Environmental Reports; 
 (vii) The most recent title insurance policies relating to the Real Property; 
 (viii) All
documentation relating to any pending Third-Party Claim asserted in writing; 
 (ix) The most recent existing surveys,
engineering and architectural plans, drawings and specifications all relating to the Real Property, including, without limitation, the Plans and Specifications; 
 (x) The Contracts; 
  

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 (xi) The financial statements of the Company and its Subsidiaries described in
Section 4.2.5(i); 
 (xii) The most recent agronomy records of the Company and its Subsidiaries; 
 (xiii) The charters, bylaws, operating agreements and other organizational documents, and all minute books and related corporate records,
of the Company and its Subsidiaries; 
 (xiv) All written notices from Governmental Authorities and any other documents
relating to the compliance with Applicable Law of any of the Company and its Subsidiaries with respect to any matter which has not been resolved; 
 (xv) All depreciation schedules relating to the Assets; and 
 (xvi) All other information and
documentation, together with any copies or reproductions of such documents or materials, or any summaries, abstracts, compilations or other analyses thereof that Purchase may reasonably request regarding the Company and its Subsidiaries,
specifically excluding proprietary information that is not included among the Assets. 
 3.2 Matters Relating to Title.

 3.2.1 State of Title. The Purchaser will obtain (or has obtained), at Purchaser’s expense, a current title commitment with
respect to each parcel comprising the Real Property (each, a “Title Commitment”), together with legible copies of all title exception documents, as well as the Surveys. Not later than five (5) Calendar Days prior to the
expiration of the Due Diligence Period, the Purchaser will submit to the Seller a written notice from the Purchaser (“Title Objection Notice”) specifying each item of dissatisfaction in particular to the title shown in the
applicable Title Commitment or Survey which in the Purchaser’s judgment adversely affect the Real Property (each a “Title Objection”). In the event Purchaser fails to timely deliver to Seller a Title Objection Notice, all
matters shown on the Title Commitment or on the surveys shall thereafter be deemed a “Permitted Encumbrance” with respect to the Real Property. In addition to the foregoing, the following shall be considered Permitted Encumbrances:
(1) non-delinquent real and personal property taxes and assessments; (2) the lien of supplemental taxes, if any, assessed pursuant to Chapter 3.5, commencing with Section 75, of the California Revenue and Taxation Code as a result of
a change in ownership or new construction occurring on or after the date of the policy; and (3) all other matters caused or approved by Purchaser. In the event Purchaser timely delivers to Seller a Title Objection Notice, Seller shall have the
right, but not the obligation, in its sole discretion, to agree to endeavor to cure one or more of the Title Objections by giving Purchaser written notice (“Cure Notice”) of such election not later than two (2) Calendar Days
following Seller’s receipt of Purchaser’s Title Objection Notice (“Cure Election Period”). If Seller fails to timely deliver a Cure Notice to Purchaser, then Seller shall be deemed to have elected not to endeavor to cure
any of the Title Objections. In the event (i) Purchaser timely delivers to Seller a Title Objection Notice pursuant 
  

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 to this Section, and (ii) Seller elects (or is deemed to have elected) not to endeavor to cure one or more of the
Title Objections, then within three (3) Calendar Days following the expiration of the Cure Election Period, Purchaser may elect either: (A) to continue this Agreement in effect without modification and purchase the Company Shares from
Seller (in which case such Title Objections shall be deemed to constitute Permitted Encumbrances); or (B) to terminate this Agreement and the Escrow by delivering written notice to Seller, in which case Purchaser shall be entitled to receive a
full refund of the Deposit, provided Purchaser has satisfied its obligations set forth in Section 6.1.1(ii) hereof. Upon any election by Purchaser to terminate this Agreement and the Escrow pursuant to this Section, then this Agreement shall be
of no further force or effect, and the Parties shall have no further obligations to the other (except for any obligations or liabilities that expressly survive termination of this Agreement), and Seller and Purchaser shall execute such cancellation
instructions as may be necessary to effectuate the cancellation of the Escrow, as may be required by Escrow Agent. Any Escrow cancellation, title cancellation or other cancellation costs in connection therewith shall be borne equally by Seller and
Purchaser. 
 3.2.2 Failure of Title. In the event Seller timely delivers a Cure Notice to Purchaser, Seller shall have until the last
Business Day immediately preceding the Closing to endeavor to cure the applicable Title Objections. If on the Closing Date Seller has failed to timely cure any Title Objection that Seller has elected to endeavor to cure on or before the Closing,
Purchaser shall have the right, in its absolute discretion, to elect, upon written notice to Seller, to either: (A) defer the Closing Date for a reasonable period not exceeding sixty (60) Calendar Days to give Seller an opportunity to
either (i) cure such Title Objection, or (ii) if Purchaser, in its sole and absolute discretion agrees to accept affirmative title insurance coverage with respect to such Title Objection, provide the Title Company such assurances as the
Title Company requires to insure Purchaser against any loss arising from such Title Objection, (B) continue this Agreement in effect without modification and purchase the Company Shares from Seller (in which case such Title Objections shall be
deemed to constitute Permitted Encumbrances); or (C) terminate this Agreement and the Escrow by delivering written notice to Seller not later than 12:00 p.m. on the Closing Date, in which case Purchaser shall be entitled to receive a full
refund of the Deposit provided Purchaser has satisfied its obligations set forth in Section 6.1.1(ii) hereof. Failure by Purchaser to affirmatively respond to Seller’s Cure Notice shall be deemed an election of (C) in the preceding
sentence. A Title Objection shall be deemed to have been cured if: (1) Seller causes such item to be removed from the record title of the Real Property prior to the Closing; (2) Seller causes the Title Company to issue the Title Policy
without reflecting such item as an exception therein; or (3) Seller otherwise cures Purchaser’s Title Objection as reasonably determined by Purchaser. Upon any election by Purchaser to terminate this Agreement and the Escrow pursuant to
this Section, then this Agreement shall be of no further force or effect, and the Parties shall have no further obligations to the other (except for any obligations or liabilities that expressly survive termination of this Agreement), and Seller and
Purchaser shall execute such cancellation instructions as may be necessary to effectuate the cancellation of the Escrow, as may be required by Escrow Agent. Any Escrow cancellation, title cancellation or other cancellation costs in connection
therewith shall be borne equally by Seller and Purchaser. 
 3.2.3 Updated Title Commitment or Survey. In the event that, prior to the
Closing, Purchaser receives written notice from Seller, Escrow Agent, and/or the Title Company of any new title exceptions, which new title exceptions were not otherwise set forth or referred to 
  

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 in the applicable Title Commitment and/or Survey (“New Title Exceptions”), all such New Title
Exceptions, with the exception of any new monetary encumbrances (i.e. liens and mortgages), shall be deemed to constitute Permitted Encumbrances for purposes of this Agreement, unless Purchaser gives Seller written notice of Purchaser’s
disapproval of such New Title Exceptions within five (5) Calendar Days (but in no event later than the Closing Date) after the date of Purchaser’s receipt of written notice of the existence of such New Title Exceptions (“New Title
Objections Notice”). The New Title Objections Notice shall list each item of dissatisfaction or objection in particular (each, a “New Title Objection”). Seller shall not be required to cause any of the New Title Objections
to be cured on or before the Closing, except for new monetary encumbrances, which Seller shall cure at or prior to Closing. Notwithstanding the foregoing, in the event Purchaser timely delivers to Seller a New Title Objections Notice, within five
(5) Calendar Days (but in no event later than the Closing Date) after Seller’s receipt of Purchaser’s New Title Objections Notice, Seller shall have the right, but not the obligation, to elect to endeavor to cure one or more of the
New Title Objections as set forth in Purchaser’s New Title Objections Notice by delivering to Purchaser written notice (the “New Cure Notice”) specifying Seller’s election to endeavor to cure or not endeavor to cure one or
more of the New Title Objections within five (5) Calendar Days (but in no event later than the Closing Date) following Seller’s receipt of Purchaser’s New Title Objections Notice (“New Cure Election Period”). If
Seller fails to timely deliver a New Cure Notice to Purchaser, then Seller shall be deemed to have elected not to endeavor to cure any of the New Title Objections. In the event (i) Purchaser timely delivers to Seller a New Title Objections
Notice, and (ii) Seller elects (or is deemed to have elected) not to endeavor to cure one or more of the New Title Objections, then within three (3) Calendar Days following the New Cure Election Period (but in no event later than the
Closing), Purchaser may elect either: (A) to continue this Agreement in effect without modification and purchase and acquire the Company Shares in accordance with the terms and conditions of this Agreement (in which case the New Title
Objections which Seller has elected (or is deemed to have elected) not to endeavor to cure shall be deemed to constitute Permitted Encumbrances); or (B) to terminate this Agreement and the Escrow, in which case Purchaser shall be entitled to
receive a full refund of the Deposit, provided Buyer has satisfied its obligations set forth in Section 6.1.1(ii) hereof. Any Escrow cancellation, title cancellation or other cancellation costs in connection therewith shall be borne equally by
Purchaser and Seller. The Seller shall not create any New Title Exceptions. 
 Following the timely receipt of a New Title Objection Notice
from Purchaser, if Seller timely delivers a New Cure Notice to Purchaser, Seller shall have sixty (60) Calendar Days (“Cure Deadline”) to endeavor to cure the applicable New Title Objection, in which case the Closing shall be
automatically extended to provide Seller with such sixty (60) Calendar Day cure period. In the event Seller elects to endeavor to cure one or more of the New Title Objections, a New Title Objection shall be deemed to have been cured if:
(I) Seller causes such item to be removed from record title to the Real Property prior to the Closing; (II) if Seller causes Title Insurer to issue the Title Policy without reflecting such item as an exception thereon; or (III) Seller otherwise
cures Purchaser’s objection as reasonably determined by Purchaser. In the event Seller fails to timely cure any New Title Objection that Seller has elected to endeavor to cure on or before the Cure Deadline, Purchaser may elect, no later than
5:00 p.m. on the date that is two (2) Business Days following the Cure Deadline, to either: (1) continue this Agreement in effect without modification and purchase and acquire the Company Shares in accordance with the terms and conditions
of this Agreement, subject to the New Title Objections which Seller 
  

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 elected to endeavor to cure and failed to timely cure (which New Title Objections will be deemed to constitute Permitted
Encumbrances); or (2) terminate this Agreement and the Escrow and receive a full refund of the Deposit. Upon any election by Purchaser to terminate this Agreement and the Escrow pursuant to this Section, then this Agreement shall be of no
further force or effect, and the Parties shall have no further obligations to the other (except for any obligations or liabilities that expressly survive termination of this Agreement), and Seller and Purchaser shall execute such cancellation
instructions as may be necessary to effectuate the cancellation of the Escrow, as may be required by Escrow Agent. Any Escrow cancellation, title cancellation or other cancellation costs in connection therewith shall be borne equally by Purchaser
and Seller. 
 3.2.4 Title Policies. At Closing, subject to the terms and conditions of this Agreement, the Seller shall take such
steps as may be necessary to cause the Title Company to issue a standard owner’s title insurance policy and such endorsements as are included in Seller’s, the Company’s or their Affiliates’ existing title policies for each
Property, subject only to the Permitted Encumbrances, as applicable, and in the amount of $17,500,000 with respect to the Talega Property and in the amount of $39,500,000 with respect to the Valencia Property (collectively, the “Title
Policies”). 
 3.2.5 Conveyance of the Real Property. At Closing, the Company and its Subsidiaries shall own the Real
Property subject only to the Permitted Encumbrances. 
 3.3 Service Contracts and Equipment Leases. During the Due
Diligence Period, the Purchaser shall identify in writing to the Seller any Contracts that must be terminated prior to the Closing, and the Seller shall cause the Company and its Subsidiaries to terminate such disapproved Contracts, at the sole cost
and expense of the Company and its Subsidiaries, as of the Closing Date. 
 3.4 Inventory. During the Due Diligence
Period and subject to Purchaser delivering to Seller a minimum of one (1) Business Day’s prior written notice and Seller having the opportunity to be present, the Purchaser and its representatives shall be permitted to enter the Real
Property for the purpose of taking an inventory of all tangible Assets; provided, however, that the Purchaser may use such other method to confirm the inventory of tangible Assets during the Due Diligence Period as it may reasonably determine.

 3.5 Appraisal. During the Due Diligence Period, the Purchaser shall have the right to obtain, at Purchaser’s
sole cost and expense, an independent appraisal from a third party appraiser reasonably acceptable to the Purchaser confirming that the fair market value of the Talega Property equals or exceeds the Talega Allocated Purchase Price and that the fair
market value of the Valencia Property equals or exceeds the Valencia Allocated Purchase Price. 
 3.6 Purchaser’s Election Whether
or Not to Proceed. If the Purchaser determines in its sole discretion for any reason, or no reason at all, that it does not intend to acquire the Company Shares, then the Purchaser shall notify the Seller of such determination in
writing prior to the expiration of the Due Diligence Period (the “Termination Notice”). In the event the Purchaser fails to deliver such Termination Notice on or before the expiration of the Due Diligence Period, then Purchaser
shall be deemed to have elected to proceed to Closing and to 
  

 18 

 acquire the Company Shares in accordance with the terms and conditions contained in this Agreement. Upon any election by
Purchaser to terminate this Agreement and the Escrow pursuant to this Section 3.6, then this Agreement shall be of no further force or effect, and the Parties shall have no further obligations to the other (except for any obligations or
liabilities that expressly survive termination of this Agreement), and Seller and Purchaser shall execute such cancellation instructions as may be necessary to effectuate the cancellation of the Escrow, as may be required by Escrow Agent. Seller
shall thereafter direct Escrow Agent to refund to Purchaser the Deposit, provided that the Purchaser has satisfied its obligations set forth in Section 6.1.1(ii) hereof. Any Escrow cancellation, title cancellation or other cancellation costs in
connection therewith shall be borne equally by Purchaser and Seller. 
 3.7 Release and Indemnification. Purchaser
hereby agrees to and shall indemnify, defend and hold harmless Seller’s Indemnitees from and against any and all Indemnification Loss arising out of or relating to Purchaser’s investigation and Inspections of the Properties and/or
Purchaser’s activities on or about the Properties, including any damage to the Properties or personal injury resulting from any of the activities which Purchaser conducts on or about the Properties, except to the extent resulting directly from
the negligence or willful misconduct of any Seller’s Indemnitee. The covenants, agreements and obligations of Purchaser set forth in this Section 3.7 shall survive the termination of this Agreement and the Closing, as applicable for a
period of one (1) year. 
 3.8 Lease. During the Due Diligence Period, Purchaser and Seller shall have, using good
faith and diligent efforts, mutually agreed upon all of the terms and conditions of the Leases to be entered into at Closing. In connection therewith, Purchaser and Seller shall, during the Due Diligence Period, negotiate the terms and provisions of
the Lease to be in form and content mutually agreeable to the parties, and shall, on or before the expiration of the Due Diligence Period, amend this Agreement to attach the negotiated form of the Leases as an exhibit to this Agreement thereby
agreeing to cause the same to be executed and entered into at Closing. The parties acknowledge and agree that in the event a mutually agreeable form of Lease cannot be agreed upon prior to the expiration of the Due Diligence Period, either party may
terminate this Agreement prior to the expiration of the Due Diligence Period in which case, Escrow Agent shall return the Deposit to Purchaser. Seller agrees to cause each of the other tenants under the Other Leases to amend the Other Leases such
that the Leases and the Other Leases shall each contain cross-default language with respect to the others. 
 4. REPRESENTATIONS AND WARRANTIES OF THE
SELLER AND THE TENANT 
 To induce the Purchaser to enter into this Agreement and to consummate the transactions described in this
Agreement, the Seller and the Tenant, as applicable, hereby provide the representations and warranties set forth in this Article 4, all of which representations and warranties are correct and complete as of the Effective Date, except as set
forth in the disclosure statement to be provided to Purchaser by Seller within seven (7) Calendar Days of the Effective Date and attached hereto as Exhibit B and incorporated herein by reference (the “Disclosure
Statement”), which Disclosure Statement will be arranged in paragraphs corresponding to the lettered and numbered paragraphs contained in this Article 4. There shall be no personal liability on the part of the members, managers,
officers, directors, shareholders, agents, representatives or 
  

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 employees of the Seller, the Tenant, the Company or its Subsidiaries arising out of any of the representations or
warranties made herein. In the event that, prior to the Closing, the Seller and/or the Tenant learns, or has reason to believe, that certain facts or circumstances have occurred subsequent to the Effective Date which cause any of the following
representations and warranties to not be true in all respects (with respect to any representations or warranties qualified by materiality limitations) or in all material respects (with respect to all other representations and warranties), then
Seller and/or the Tenant, as applicable, shall promptly give written Notice thereof to Purchaser and the Purchaser’s Closing Condition in Section 7.1.2 shall be deemed to be unsatisfied. In the event such facts or circumstances are not the
result of a breach by Seller or the Tenant of their respective covenants and obligations under this Agreement, then Purchaser’s sole and exclusive remedy shall be: (a) to elect to terminate this Agreement and the Escrow pursuant to
Section 7.2(b)(ii) hereof; or (b) to elect to waive such Purchaser’s Closing Condition Failure and purchase and acquire the Company Shares upon the terms and conditions set forth in this Agreement pursuant to Section 7.2(b)(i)
hereof, subject to the matters which caused the representations and warranties not to be true in all respect or all material respects, as applicable, in which case such representations and warranties shall be automatically modified to such extent,
and none of the Seller, the Tenant and Heritage shall have any liability under this Agreement (including any indemnification liability under Section 12 below) for such matter. In the event such facts or circumstances are the result of a breach
by Seller or the Tenant of any of their respective covenants and obligations under this Agreement, then as its sole and exclusive remedy, Purchaser may elect its remedy pursuant to Section 10.1 hereof. 
 4.1 Representations and Warranties of the Seller. 
 Except as set forth in the Disclosure Schedule, Seller hereby makes the following representations and warranties: 
 4.1.1 Organization of Seller. The Seller is duly formed, validly existing and in good standing in the jurisdiction of its formation. 
 4.1.2 Authorization of Seller. The Seller has full power and authority to execute and deliver this Agreement and all other documents to be executed and delivered by it pursuant to this Agreement (the
“Seller’s Documents”), and to perform all obligations required of it under this Agreement and each of the Seller’s Documents. The execution and delivery by Seller of this Agreement and, when executed and delivered, each of
the Seller’s Documents, and the performance by the Seller of its obligations under this Agreement and, when executed and delivered, each of the Seller’s Documents, have been, or will have been, duly and validly authorized by all necessary
action by the Seller. This Agreement and, when executed and delivered, the Seller’s Documents, constitute, or will constitute, legal, valid and binding obligations of the Seller enforceable against the Seller in accordance with its and their
terms and conditions. 
 4.1.3 Organization, Qualification and Corporate Power of the Company and its Subsidiaries. Each of the
Company and its Subsidiaries is duly incorporated or formed, validly existing and in good standing in the jurisdiction of its incorporation or formation and is duly authorized or qualified to conduct business and is in good standing under the laws
of each 
  

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 jurisdiction where such qualification is required. Each of the Company and its Subsidiaries has all requisite corporate
power and authority to own and use its Assets and conduct the Businesses as currently owned, used and conducted. Section 4.1.3 of the Disclosure Statement lists the directors, officers and managers of each of the Company and its Subsidiaries.
Pursuant to Section 3.1 hereof, the Seller has delivered or made available to the Purchaser correct and complete copies of the charter or bylaws of each of the Company and its Subsidiaries (as amended to date). To Seller’s Knowledge, the
minute books (containing the records of meetings of the stockholders, the board of directors, and any committees of the board of directors), the stock certificate books, and the stock record books of each of the Company and its Subsidiaries are
materially correct and complete with respect to the authorization of all material transactions of any of them. To Seller’s Knowledge, none of the Company and its Subsidiaries is in default under or in violation of any provision of its charter
or bylaws. 
 4.1.4 Consents and Approvals; No Conflicts. No filing with, and no permit, authorization, consent or approval of,
any Governmental Authority or other Person is necessary for execution or delivery by the Seller of this Agreement or any of the Seller’s Documents, the performance by the Seller of any of its obligations under this Agreement or any of the
Seller’s Documents, or the consummation by the Seller of the transactions contemplated by this Agreement or any of the Seller’s Documents. Neither the execution and delivery by the Seller of this Agreement or any of the Seller’s
Documents, nor the performance by the Seller of any of its obligations under this Agreement or any of the Seller’s Documents, nor the consummation of the transactions described in this Agreement, will: (a) violate any provision of the
organizational or governing documents of the Seller or any of the Company and its Subsidiaries; (b) violate any Applicable Law to which the Seller or any of the Company and its Subsidiaries is subject; or (c) result in a violation or
breach of or constitute a default under any material contract, agreement or other instrument or obligation to which the Seller is a party or by which any of the Seller’s properties are subject. 
 4.1.5 Capitalization. The entire authorized capital stock of the Company consists of One Thousand (1,000) Company Shares, of which One
Thousand (1,000) Company Shares are issued and outstanding and no Company Shares are held in treasury. All of the issued and outstanding Company Shares have been duly authorized, are validly issued, fully paid, and nonassessable. There are no
outstanding or authorized options, warrants, purchase rights, subscription rights, conversion rights, exchange rights, or other contracts or commitments that could require the Company to issue, sell, or otherwise cause to become outstanding any of
its capital stock. None of the capital stock of the Company was issued in violation of any Applicable Law. There are no outstanding or authorized stock appreciation, phantom stock, profit participation, or similar rights with respect to the Company.
There are no voting trusts, proxies, or other agreements or understandings with respect to the voting of the capital stock of the Company. The Seller holds of record and owns beneficially the Company Shares, free and clear of any restrictions on
transfer (other than any restrictions under the Securities Act and state securities laws), Taxes, Security Interests, options, warrants, purchase rights, contracts, commitments, equities, claims, and demands. The Seller is not a party to any option,
warrant, purchase right, or other contract or commitment (other than this Agreement) that could require the Seller to sell, transfer, or otherwise dispose of any capital stock of the Company. 
  

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 4.1.6 Subsidiaries. Section 4.1.6 of the Disclosure Statement sets forth with respect
to each Subsidiary of the Company: (a) its name and jurisdiction of incorporation or formation; (b) the amount of its authorized membership interests; (c) the amount of its issued and outstanding membership interests, the names of the
holders thereof, and the amount of membership interests held by each such holder; and (d) the amount of its membership interests held in treasury. All of the issued and outstanding membership interests of each Subsidiary of the Company have
been duly authorized and are validly issued, fully paid, and nonassessable. The Company holds of record and owns beneficially all of the outstanding membership interests of each Subsidiary of the Company, free and clear of any restrictions on
transfer (other than restrictions under the Securities Act and state securities laws), Taxes, Security Interests, options, warrants, purchase rights, contracts, commitments, equities, claims and demands. There are no outstanding or authorized
options, warrants, purchase rights, conversion rights, exchange rights, or other contracts or commitments that could require any of the Company and its Subsidiaries to sell, transfer, or otherwise dispose of any membership interests of any of its
Subsidiaries or that could require any Subsidiary of the Company to issue, sell, or otherwise cause to become outstanding any of its membership interests. None of the membership interests of the Subsidiaries of the Company was issued in violation of
any Applicable Law. There are no outstanding stock appreciation, phantom stock, profit participation, or similar rights with respect to any Subsidiary of the Company. There are no voting trusts, proxies, or other agreements or understandings with
respect to the voting of any membership interests of any Subsidiary of the Company. None of the Company and its Subsidiaries controls directly or indirectly or has any direct or indirect equity participation in any corporation, partnership, trust,
or other business association that is not a Subsidiary of the Company. 
 4.1.7 Taxes 
 (i) All Tax Returns required to be filed with respect to the Company and its Subsidiaries have been timely filed. All such Tax Returns
were correct and complete in all material respects. All Taxes due and payable by or with respect to any of the Company and its Subsidiaries (whether or not shown on any Tax Return) have been timely paid to the applicable taxing authority. With
respect to any Taxes of the Company and Subsidiaries not yet due and payable, adequate reserves and accruals in all material respects for such Taxes have been made in the Financial Statements or in the Most Recent Financial Statements. None of the
Company and its Subsidiaries is currently the beneficiary of any extension of time within which to file any Tax Return. No claim has been made by a Governmental Authority in a jurisdiction where any of the Company and its Subsidiaries does not file
Tax Returns that it is or may be subject to taxation by that jurisdiction. There are no Security Interests on any of the Assets that arose in connection with any failure (or alleged failure) to pay any Tax (other than Taxes not yet due and payable).

 (ii) Each of the Company and its Subsidiaries has properly and timely withheld and paid all Taxes required to have been
withheld and paid in connection with amounts paid or owing to any employee, independent contractor, creditor, stockholder, or other third party. 
  

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 (iii) There are no pending or, to the Seller’s Knowledge, threatened actions or
proceedings for the assessment or collection of Taxes with respect to the Company and its Subsidiaries. None of the Company or the Subsidiaries has received any written notice from any Tax authority that it intends to conduct a Tax investigation,
inquiry or audit, and, to the Seller’s Knowledge, there are no Tax investigations, inquiries, or audits by any taxing authority relating to the Company and the Subsidiaries. Section 4.1.7(iii) of the Disclosure Statement lists all federal,
state, local, and foreign income Tax Returns filed with respect to any of the Company and its Subsidiaries for all taxable periods for which the applicable statute of limitations has not yet expired, indicates those Tax Returns that have been
audited, and indicates those Tax Returns that currently are the subject of audit. To the extent described in Section 3.1 hereof, the Seller has delivered or made available to the Purchaser correct and complete copies of all federal and state
income Tax Returns, federal and state examination reports, and federal and state statements of deficiencies assessed against or agreed to by any of the Company and its Subsidiaries. 
 (iv) None of the Company and its Subsidiaries has waived any statute of limitations in respect of Taxes or agreed to any extension of time
with respect to a Tax assessment or deficiency. None of the Company or the Subsidiaries has requested or received a ruling from any Governmental Authority or signed any binding agreement with any Governmental Authority that might impact any Tax
attribute of or the amount of Tax due from the Company or any Subsidiary on or after the Closing Date. None of the Company and its Subsidiaries will be required to include any item of income in, or exclude any item of deduction from, taxable income
for any Post-Closing Tax Period as a result of any (A) change in method of accounting for a Pre-Closing Tax Period, (B) “closing agreement” as described in Code Section 7121 (or any corresponding or similar provision of
state, local or non United States income tax law) executed on or prior to the Closing Date, or (C) installment sale or open transaction disposition made on or prior to the Closing Date. 
 (v) None of the Company and its Subsidiaries is a party to any Tax allocation or sharing agreement. None of the Company and its
Subsidiaries (A) is or has been a member of an affiliated, combined, consolidated or unitary Tax group for purposes of filing any Tax Return (other than a group the common parent of which is or was the Company) or (B) has any Liability for
the Taxes of any Person (other than any of the Company and its Subsidiaries) under Treasury Regulations Section 1.1502-6 (or any similar provision of state, local, or foreign law), as a transferee or successor, by contract, or otherwise.

 (vi) Each of the Company and its Subsidiaries has made all necessary disclosures required by Treasury Regulations
Section 1.6011-4. None of the Company and its Subsidiaries has been a participant in a reportable transaction within the meaning of Treasury Regulations Section 1.6011-4(b). Each of the Company and the Subsidiaries has disclosed on its
federal income Tax Returns all positions taken therein that could give rise to a substantial understatement of federal income Tax within the meaning of Code Section 6662. 
  

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 (vii) None of the Company or any of its Subsidiaries has made any payment or is obligated
to make any payments, and is not a party to any agreement that under any circumstances could obligate it to make any payments, that would be non-deductible under Code Section 280G. 
 (viii) None of the Company or the Subsidiaries will have as of the Closing Date any current or accumulated earnings and profits (as
calculated for federal income tax purposes). Except for the Company’s ownership of the Subsidiaries, each of the Company and the Subsidiaries does not (A) own directly or indirectly any “securities” of any single issuer which
comprises more than five percent of the total value of its assets, (B) own directly or indirectly any “securities” possessing more than ten percent of the total voting power of the outstanding securities of any one issuer,
(C) own directly or indirectly any “securities” having a value of more than ten percent of the total value of the outstanding securities of any one issuer, or (D) own directly or indirectly an interest in any entity treated as a
partnership or a disregarded entity for federal income tax purposes. 
 4.1.8 Patriot Act. The Seller and its officers and
shareholders, and their respective principals, shall not transfer the proceeds obtained as a result of this Agreement to any person or entity listed on the Office of Foreign Assets Control list as “Terrorists” and “Specially
Designated Nationals and Blocked Persons”, or otherwise be in violation of the International Money Laundering Abatement and Financial Anti-Terrorism Act of 2001. 
 4.2 Representations and Warranties of the Tenant. 
 The Tenant hereby makes the
following representations and warranties with respect to the Property and the Company and its Subsidiaries. 
 4.2.1 General.
The Tenant is duly formed, validly existing and in good standing in the jurisdiction of its formation. The Tenant has full power and authority to execute and deliver this Agreement and all other documents to be executed and delivered by it pursuant
to this Agreement (the “Tenant’s Documents”), and to perform all obligations required of it under this Agreement and each of the Tenant’s Documents. The execution and delivery by Tenant of this Agreement and, when executed
and delivered, each of the Tenant’s Documents, and the performance by the Tenant of its obligations under this Agreement and, when executed and delivered, each of the Tenant’s Documents, have been, or will have been, duly and validly
authorized by all necessary action by the Tenant. This Agreement and, when executed and delivered, the Tenant’s Documents, constitute, or will constitute, legal, valid and binding obligations of the Tenant enforceable against the Tenant in
accordance with its and their terms and conditions. No filing with, and no permit, authorization, consent or approval of, any Governmental Authority or other Person is necessary for execution or delivery by the Tenant of any of the Tenant’s
Documents, or the performance by the Tenant of any of its obligations under this Agreement or any of the Tenant’s Documents or the consummation by the Tenant of the 
  

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 transactions described in this Agreement. Neither the execution and delivery by the Seller or the Tenant of this
Agreement or any of the Seller’s Documents or Tenant’s Documents, nor the performance by the Seller or the Tenant of any of its obligations under this Agreement or any of the Seller’s Documents or the Tenant’s Documents, nor the
consummation of the transactions described in this Agreement, will (a) violate any provision of the charter, bylaws or other organizational or governing documents of the Tenant; (b) violate any Applicable Law to which the Tenant is
subject; (c) conflict with, result in a violation or breach of, constitute a default under, result in the acceleration of, create in any party the right to accelerate, terminate, modify or cancel, or require any notice or consent under, any
Contract; or (d) or result in the creation or imposition of any Security Interest upon any of the Assets or any portion thereof. 
 4.2.2 Compliance with Applicable Law. To the Tenant’s Knowledge, each of the Company, its Subsidiaries and their respective predecessors and Affiliates has complied with all Applicable Laws. To the Tenant’s
Knowledge, neither the Company nor its Subsidiaries or their respective Affiliates have received notice of: (a) any unresolved violation of Applicable Laws or (b) any action, suit, proceeding, hearing, investigation, charge, complaint,
claim or demand which has been filed or commenced against any of them alleging any failure so to comply which remains unresolved. 
 4.2.3
Litigation. Section 4.2.3 of the Disclosure Statement sets forth each instance in which any of the Company and its Subsidiaries (a) is subject to any outstanding injunction, judgment, order, decree, ruling, or charge or
(b) is a party or, to Tenant’s Knowledge, is threatened to be made a party to any action, suit, proceeding, hearing, or investigation of, in, or before any Governmental Authority or before any arbitrator. 
 4.2.4 Licenses and Permits. The Company and its Subsidiaries have all material licenses, permits, consents, authorizations, approvals,
registrations, orders, franchises and certificates of any Governmental Authority necessary for the operation of the Businesses of the Company and its Subsidiaries as currently conducted, all of which are included among the Licenses and Permits. All
Licenses and Permits are in full force and effect, and no suspension, revocation, non-renewal or cancellation of any of such items are pending or, to the Tenant’s Knowledge, threatened. Pursuant to Section 3.1 hereof, the Seller has
delivered or made available to the Purchaser a true and complete copy of the Licenses and Permits. A complete listing of the Licenses and Permits is attached hereto in Section 4.2.4 of the Disclosure Statement. 
 4.2.5 Financial Statements; Liabilities 
 (i) Financial Statements. Attached hereto in Section 4.2.5(i) of the Disclosure Statement are the following financial statements (collectively the “Financial Statements”):
(a) unaudited consolidated balance sheets and statements of income and changes in stockholders’ equity as of and for the fiscal years ended December 31, 2005, December 31, 2004 and December 31, 2003 for the Company and
its Subsidiaries; and (b) unaudited consolidated balance sheets and statements of income and changes in stockholders’ equity (the “Most Recent Financial Statements”) as of and for the seven (7) months ended
July 31st, 2006 (the “Most Recent Fiscal Month End”) for the Company and its Subsidiaries. The

  

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 Financial Statements have been prepared in accordance with GAAP applied on a consistent basis throughout
the periods covered thereby, except for the absence of footnotes for the interim periods, and present fairly the financial condition of the Company and its Subsidiaries as of such dates and the results of operations of the Company and its
Subsidiaries for such periods, are correct and complete in all material respects, and are consistent with the Books and Records of the Company and its Subsidiaries (which Books and Records are correct and complete in all material respects).

 (ii) Controls. The Company and its Subsidiaries maintain accurate books and records reflecting their assets and
liabilities and maintain proper and adequate internal accounting controls which provide assurance that: (a) transactions are executed with management’s authorization; (b) transactions are recorded as necessary to permit preparation of
the consolidated financial statements of the Company and its Subsidiaries and to maintain accountability for their consolidated assets; (c) the reporting of the Company’s and its Subsidiaries’ assets is compared with existing assets
at regular intervals; and (d) accounts, notes and other receivables and inventory are recorded accurately, and proper and adequate procedures are implemented to effect the collection thereof on a current and timely basis. 
 (iii) Undisclosed Liabilities. To Tenant’s Knowledge, none of the Company and its Subsidiaries has any Liability, and there is
no basis for any present or future action, suit, proceeding, hearing, investigation, charge, complaint, claim, or demand against any of them giving rise to any Liability, except for: (a) Liabilities set forth on the face of the Most Recent
Balance Sheet; and (b) Liabilities which have arisen after the Most Recent Fiscal Month End in the Ordinary Course of Business (none of which results from, arises out of, relates to, is in the nature of, or was caused by any breach of contract,
breach of warranty, tort, infringement, or violation of Applicable Laws). 
 (iv) Events Subsequent to Most Recent Fiscal
Month End. Since the Most Recent Fiscal Month End, to Tenant’s Knowledge, there has not been any material adverse change in the business, assets, financial condition, operations, results of operations, employee relations, supplier
relations, customer relations or future prospects of any of the Company and its Subsidiaries. 
 4.2.6 Assets 
 (i) Ownership. One of the Company and its Subsidiaries is the fee simple owner of the Real Property, subject to the Permitted
Encumbrances. One of the Company and its Subsidiaries is the undisputed owner of, or has a valid leasehold interest in or contractual right to, all of the other Assets, free and clear of all Security Interests. 
  

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 (ii) Possession. Neither the Company nor any of its Subsidiaries has granted to
any Person any license, lease or other right relating to the use or possession of the Real Property or any part thereof. 
 (iii) Condemnation. Neither the Company nor any of its Subsidiaries has received any written notice of any pending condemnation proceeding or other proceeding in eminent domain, and, to the Tenant’s Knowledge, no such
condemnation proceeding or eminent domain proceeding is threatened affecting any of the Real Property or any portion thereof. 
 (iv) General Condition of Property. To Tenant’s Knowledge, the Real Property and tangible Assets are in good working order and repair, mechanically and structurally sound, and free from all material defects in materials and
workmanship, normal wear and tear excepted. 
 (v) Water Rights. To Tenant’s Knowledge, the Water Rights
constitute all rights necessary for the collection, discharge and dispersal of water and for the continued irrigation and operation of the Assets. 
 (vi) Effluent Discharge Rights. To Tenant’s Knowledge, the Effluent Rights constitute all rights necessary for the discharge of effluent in connection with the operation of the Assets. 
 (vii) Pesticide and Fertilizer Management. The Company and its Subsidiaries have managed all pesticides and fertilizers stored at
or used in connection with the Assets in accordance with best industry practices and the standards and practices established by the Golf Course Superintendents Association of America. 
 (viii) Existing Use. To Tenant’s Knowledge, the Assets, the use thereof and the condition thereof do not violate in any
material respect any applicable deed restrictions, zoning or subdivision regulations, urban redevelopment plans, local, state or federal environmental law or regulation or any building code or fire code applicable to the Assets. Tenant has no
Knowledge of any condition or state of facts which would preclude, materially limit or materially restrict the use of the Assets for the existing golf and other uses and existing uses ancillary thereto. 
 (ix) Construction of Improvements. To Tenant’s Knowledge, the Improvements have been constructed in accordance with the plans
and specifications and the building permits and other governmental approvals therefore in all material respects. 
 (x)
Restriction of Access. Tenant has no Knowledge of any current federal, state, county or municipal plans to materially restrict or materially change access to any part of the Real Property from any highway or road leading directly to or
abutting any part of the Real Property. 
  

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 (xi) Utilities. All public utilities including, without limitation, sewer, water,
electric, gas, and telephone, required for the operation of the Assets, as currently operated are installed and lawfully operating, and all installation and connection charges therefor have been paid in full. Neither the Company nor any of its
Subsidiaries has received any notice stating that the provision of utilities violates any public or private easement. 
 (xii)
Purchase Rights. Neither the Company nor any of its Subsidiaries have granted any and to Tenant’s Knowledge, there are no purchase contracts, options or other agreements of any kind, whereby any Person other than the Purchaser has or
will have any right to acquire title to all or any portion of the Assets. 
 (xiii) Construction Contracts. At Closing
there will be no outstanding contracts made by any of the Company and its Subsidiaries for the construction, development or repair of any Improvements or any homeowner association agreements which have not been fully paid for or provision for the
payment of which has not been made by the Company and its Subsidiaries, and the Company and its Subsidiaries shall discharge and have released of record or bonded all mechanic’s, builder’s or materialmen’s liens, if any, arising from
any labor or materials furnished to the Real Property prior to the Closing to the extent any such lien is not bonded over pursuant to Applicable Law. 
 (xiv) Compliance with Permitted Encumbrances. None of the Company and its Subsidiaries has received, or given, any written notice of any violation of any Permitted Encumbrance which has not been fully cured or
dismissed with prejudice. 
 (xv) Management Agreements. As of the Closing Date, none of the Company and its
Subsidiaries will be party to any management agreement with respect to the Real Property or the Businesses. 
 4.2.7 Contracts.
Section 4.2.7 of the Disclosure Statement sets forth a true, correct and complete list of the Contracts. None of the Company and its Subsidiaries is a party to any contract or agreement other than the Contracts. The copies of the Contracts
heretofore delivered to the Purchaser are true, correct and complete in all material respects. With respect to each such Contract, to Tenant’ s Knowledge, no party thereto is in breach or default, and no event has occurred which with notice or
lapse of time would constitute a breach or default, or permit termination, modification, or acceleration, under the Contract. 
 4.2.8
Insurance Policies 
 (i) Section 4.2.8(i) of the Disclosure Statement sets forth the following information
with respect to each insurance policy (including policies providing property, casualty, liability, and workers’ compensation coverage and bond and surety arrangements) to which any of the Company and its Subsidiaries has been a party, a named
insured, or otherwise the beneficiary of coverage at any 
  

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 time within the past five years: (a) the name, address, and telephone number of the agent;
(b) the name of the insurer, the name of the policyholder, and the name of each covered insured; (c) the policy number and the period of coverage; (d) the scope (including an indication of whether the coverage was on a claims made,
occurrence, or other basis) and amount (including a description of how deductibles and ceilings are calculated and operate) of coverage; (e) whether the policy was provided on a primary, excess, umbrella or other basis; (f) if known, the
remaining, intact and unexhausted liability limits; and (g) a description of any retroactive premium adjustments or other loss-sharing or experience-based Liability arrangements. 
 (ii) With respect to each such insurance policy: (a) none of the Company and its Subsidiaries and, to Tenant’s Knowledge, no
other party thereto is in breach or default (including with respect to the payment of premiums or the giving of notices), and to Tenant’s Knowledge no event has occurred which, with notice or the lapse of time, would constitute such a breach or
default, or permit termination, modification, or acceleration under the policy; and (b) with respect to parties other than the Company, to Tenant’s Knowledge, no party to the policy has repudiated any provision thereof. Each of the Company
and its Subsidiaries has been covered, during the lesser of the past five years or the period since such entity was formed, by insurance in scope and amount customary and reasonable for the businesses in which it has engaged during the
aforementioned period. Section 4.2.8 of the Disclosure Statement describes any self-insurance arrangements affecting any of the Company and its Subsidiaries, including any self insured retention, captive insurance programs or other self insured
risks, or any reserves established thereunder. 
 4.2.9 Environmental Condition of Real Property. To Tenant’s Knowledge,
except as set forth in the Property Condition Evaluations and the Environmental Reports: (a) there are no underground storage tanks on the Real Property, (b) the Real Property does not contain any Hazardous Substances in levels in excess
of those permitted pursuant to Environmental Laws, (c) there are no pending or threatened Environmental Claims, and (d) there are no outstanding Environmental Liabilities with respect to the Real Property or the Businesses. 
 4.2.10 Powers of Attorney; Guaranties. There are no outstanding powers of attorney executed on behalf of any of the Company and its
Subsidiaries. None of the Company and its Subsidiaries is a guarantor for any Liability of any other Person. 
 4.2.11 Intellectual
Property. To Tenant’s Knowledge, one of the Company and its Subsidiaries has all rights necessary to use the intellectual property set forth in Section 4.2.11 of the Disclosure Statement, all of which is included among the Assets
(the “Intellectual Property”). To Tenant’s Knowledge, none of the Company and its Subsidiaries has interfered with, infringed upon, misappropriated, or otherwise come into conflict with any intellectual property rights of third
parties, and to Tenant’s Knowledge, none of the Company and its Subsidiaries has ever received any charge, complaint, claim, demand, or written notice alleging any such interference, infringement, misappropriation, or violation. 
  

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 4.2.12 Finders and Investment Brokers. None of the Seller and the Company and its
Subsidiaries has dealt with any Person who has acted, directly or indirectly, as a broker, finder, financial adviser or in such other capacity for or on behalf of any of them in connection with the transactions contemplated by this Agreement in a
manner which would entitle such Person to any fee or commission in connection with this Agreement or the transactions contemplated by this Agreement. 
 4.2.13 Inventory. The inventory of the Company and its Subsidiaries consists of supplies, equipment and purchased parts, each of which is merchantable and fit for the purpose for which it was procured,
and none of which is obsolete, damaged or defective, subject only to the reserve for inventory writedown set forth on the face of the Most Recent Balance Sheet as adjusted for the passage of time through the Closing Date in accordance with and as
required by GAAP. 
 4.2.14 Product Warranty and Liability. To Tenant’s Knowledge, no product sold, leased or delivered by
any of the Company and its Subsidiaries is subject to any guaranty, warranty, or other indemnity beyond the applicable standard terms and conditions of sale or lease. 
 4.2.15 Suppliers. Section 4.2.15 of the Disclosure Letter includes a true and accurate list of the top 10 suppliers of the Company and its Subsidiaries, taken as a whole, by dollar volume of
business for the fiscal year ended December 31, 2005. No supplier listed in Section 4.2.15 of the Disclosure Letter has materially reduced its business with any of the Company and its Subsidiaries or advised any of the Company and its
Subsidiaries that it intends to cease doing business or materially reduce its business with any of the Company and its Subsidiaries. 
 4.3
Survival. 
 4.3.1 The representations and warranties of Seller set forth in Sections 4.1.1 through 4.1.6, inclusive,
hereof, and Section 4.1.8 hereof, as well as the right and ability of Purchaser to enforce the same and/or to seek damages for its breach, shall survive the Closing for a period of five (5) years and thereafter shall be of no further force
and effect. The representations and warranties of Seller set forth in Section 4.1.7, as well as the right and ability of Purchaser to enforce the same and/or to seek damages for its breach, shall survive the Closing for thirty (30) days
after the applicable federal and state tax statute of limitations period, and thereafter shall be of no force or effect. Except as specifically set forth in this Section 4.3.1, none of the representations and warranties of Seller set forth
elsewhere in this Agreement shall survive the Closing. 
 4.3.2 The representations and warranties of the Tenant set forth in
Section 4.2 hereof, as well as the right and ability of Purchaser to enforce the same and/or to seek damages for its breach, shall survive the Closing for a period of one (1) year and thereafter shall be of no further force and effect.
Except as specifically set forth in this Section 4.3.2, none of the representations and warranties of the Tenant set forth elsewhere in this Agreement shall survive the Closing. 
  

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 4.4 Breach. In the event the Purchaser determines that there has been a breach of a
representation or warranty under this Section 4, the procedures set forth in Section 12.5 below shall apply to such matter. 
 5.
REPRESENTATIONS AND WARRANTIES OF THE PURCHASER. 
 To induce the Seller to enter into this Agreement and to consummate the transactions
described in this Agreement, the Purchaser hereby provides the representations and warranties set forth in the Article 5, all of which representations and warranties are correct and complete as of the Effective Date. 
 5.1 Organization and Power. The Purchaser is duly formed, validly existing and in good standing under the laws of the State of
Delaware and is duly authorized or qualified to conduct business and is in good standing under the laws of each jurisdiction where such qualification is required. The Purchaser has all requisite power and authority to own and use its assets and
conduct its business as currently owned, used and conducted. 
 5.2 Authorization of Purchaser. The Purchaser has full
power and authority to execute and deliver this Agreement and all other documents to be executed and delivered by it pursuant to this Agreement (the “Purchaser’s Documents”), and to perform all obligations required of it under
this Agreement and each of the Purchaser’s Documents. The execution and delivery by the Purchaser of this Agreement and, when executed and delivered, each of the Purchaser’s Documents, and the performance by the Purchaser of its
obligations under this Agreement and, when executed and delivered, each of the Purchaser’s Documents, have been, or will have been, duly and validly authorized by all necessary action by the Purchaser. This Agreement and, when executed and
delivered, the Purchaser’s Documents constitute, or will constitute, legal, valid and binding obligations of the Purchaser enforceable against the Purchaser in accordance with its and their terms and conditions. 
 5.3 Consents and Approvals; No Conflicts. No filing with, and no permit, authorization, consent or approval of, any Governmental
Authority or other Person is necessary for the execution or delivery by the Purchaser of this Agreement or any of the Purchaser’s Documents, the performance by the Purchaser of any of its obligations under this Agreement or any of the
Purchaser’s Documents, or the consummation by the Purchaser of the transactions contemplated by this Agreement or any of the Purchaser’s Documents. Neither the execution and delivery by the Purchaser of this Agreement or any of the
Purchaser’s Documents, nor the performance by the Purchaser of any of its obligations under this Agreement or any of the Purchaser’s Documents, nor the consummation by the Purchaser of the transactions described in this Agreement, will:
(a) violate any provision of the organizational or governing documents of the Purchaser; (b) violate any Applicable Law to which the Purchaser is subject; or (c) result in a violation or breach of or constitute a default under any
material contract, agreement or other instrument or obligation to which the Purchaser is a party or by which any of the Purchaser’s properties are subject. 
 5.4 Finders and Investment Brokers. The Purchaser has not dealt with any Person who has acted, directly or indirectly, as a broker, finder, financial adviser or in such other capacity for or on
behalf of the Purchaser in connection with the transactions contemplated by this Agreement in a manner which would entitle such Person to any fee or commission in connection with this Agreement or the transactions contemplated by this Agreement.

  

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 5.5 Investment. The Purchaser is not acquiring the Company Shares with a view to or
for sale in connection with any distribution thereof within the meaning of the Securities Act. 
 5.6 Survival. The
representations of Purchaser set forth in Sections 5.1 through 5.5, inclusive, hereof, as well as the right and ability of Seller to enforce the same and/or to seek damages for its breach, shall survive the Closing for a period of five
(5) years. Except as specifically set forth in this Section 5.6, none of the representations and warranties of Seller set forth elsewhere in this Agreement shall survive the Closing. 
 5.7 No Other Representations. The Purchaser acknowledges that except as expressly set forth in Article 4, the Seller and the Tenant
make no other representations or warranties, express or implied, at law or in equity, in respect of (a) the Company Shares; or (b) any of the Company and its Subsidiaries and any of their assets (including the Assets), liabilities or
operations, and any other representations or warranties are expressly disclaimed. 
 6. COVENANTS 
 6.1 Confidentiality. 
 6.1.1
Disclosure of Confidential Information. 
 (i) The Parties shall hold in strict confidence (except for disclosures to
their respective attorneys, accountants, lenders, prospective investors or partners, and other advisors, all of whom shall be deemed to be bound by this Section 6.1.1), the existence of this Agreement, the terms of this Agreement and any other
information disclosed in the Seller’s Due Diligence Materials, the Purchaser’s Due Diligence Reports or any other documents, materials, data or other information with respect to the Company and its Subsidiaries (“Confidential
Information”), except (a) with the other party’s prior written consent; (b) as required by Applicable Law; or (c) pursuant to court order. The term “Confidential Information” does not include information or
data which (i) is or becomes generally available to the public other than through a breach hereof, (ii) was within the Purchaser’s possession prior to it being furnished hereunder, or (iii) becomes available on a non-confidential
basis from a source other than Seller pursuant to this Agreement. 
 (ii) Should the Closing not occur for any reason,
Purchaser shall immediately return to Seller the originals, and shall either return to Seller or certify to the Seller in writing that it has destroyed all copies, of any and all Confidential Information obtained by Purchaser, its employees, agents
or attorneys. 
 The Parties’ obligations under this Section 6.1.1 shall survive Closing and any termination of this Agreement.

  

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 6.1.2 Public Announcements. No Party shall have the right to make a public announcement regarding
the transactions described in this Agreement without the prior approval of the other Party except as set forth in this Section 6.1.2. The Seller and the Purchaser shall approve the timing, form and substance of any such public announcement,
which approval shall not be unreasonably withheld, conditioned or delayed; provided, however, that if a Party determines in good faith that it is required to make a public announcement or other public disclosure under Applicable Law, no approval by
the other Party shall be required. 
 6.1.3 Communication with Governmental Authorities. The Purchaser and its representatives and
consultants shall have the right to review building department, health department and other Governmental Authority records with respect to the Assets and the operation of the Businesses and request written or verbal confirmation of zoning and any
other compliance by the Company and its Subsidiaries with any Applicable Laws in accordance with the procedures set forth in Section 3.1 hereof. 
 6.2 Conduct of the Business. 
 6.2.1 Operation, Maintenance and Repair in Ordinary Course of
Business. From the Effective Date until the Closing or earlier termination of this Agreement, the Seller shall cause the Company and its Subsidiaries to conduct the Businesses in the Ordinary Course of Business, including, without limitation:
(a) performing maintenance and repairs and making capital improvements to the Real Property in the Ordinary Course of Business; (b) maintaining insurance coverage consistent with the risk management policies of the Company and its
Subsidiaries in place as of the Effective Date; (c) replacing and/or repairing tangible Assets in the Ordinary Course of Business; and (d) maintaining levels of inventory and levels of supplies used or useful in the operation of the
Businesses at levels consistent with the operation of the Businesses in the Ordinary Course of Business. 
 6.2.2 No Transactions Outside
Ordinary Course of Business. From the Effective Date and until the Closing or earlier termination of this Agreement, except as otherwise contemplated in this Agreement, the Seller shall cause the Company and its Subsidiaries not to engage in any
practice, take any action or enter into any transaction outside the Ordinary Course of Business without Purchaser’s prior written consent, including, without limitation: (a) declaring, setting aside or paying any dividend or making any
distribution with respect to its capital stock or redeeming, purchasing or otherwise acquiring any of its capital stock; provided, however, that nothing in this clause (a) shall prohibit (i) any distribution of cash or property necessary
for the representation and warranty set forth in Section 4.1.7(viii) to be true and correct or (ii) distributions to reduce to zero the accumulated and current earnings and profits of the Company and its Subsidiaries; (b) selling,
leasing, transferring or assigning any of its Assets other than for a fair consideration in the Ordinary Course of Business; provided, however, that the Company and its Subsidiaries may take such action as may be reasonably necessary to transfer the
Excluded Personal Property to one of the Seller and/or its Affiliates prior to the Closing; (c) imposing any new Security Interest upon any of its Assets; (d) making any capital expenditure (or series of related capital expenditures)
either involving more than $50,000 individually (or $150,000 in the aggregate for a series of related capital expenditures) or outside the operating budget disclosed to the Purchaser in writing prior to the Effective Date; (e) issuing any note,
bond, or other debt security or creating, incurring, assuming or guaranteeing any new 
  

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 indebtedness for borrowed money or capitalized lease obligations; (f) making or authorizing any change in the
charter or bylaws of any of the Company and its Subsidiaries; (g) issuing, selling or otherwise disposing of any of its capital stock, or granting any options, warrants, or other rights to purchase or obtain (including upon conversion,
exchange, or exercise) any of its capital stock; (h) making any material Tax election or making any material change to any Tax election; and (i) making any material change in accounting or internal control methods, practices, policies or
procedures followed by any of the Company and its Subsidiaries (other than as required by GAAP), any increase in reserves or any revaluation of any of their assets from those in effect during the past fiscal year. Notwithstanding the foregoing,
Seller, the Company and/or its Subsidiaries shall have the right to commence the construction and development and make expenditures related to the construction and development of the driving range at the Talega Property in accordance with the
construction budget attached hereto as Exhibit A. 
 6.2.3 Contracts, Licenses and Permits. From the Effective Date and
until the Closing or earlier termination of this Agreement, the Seller shall cause the Company and its Subsidiaries not to, (a) without the Purchaser’s prior written consent, which shall not be unreasonably withheld, conditioned or
delayed, amend, extend, renew or terminate any existing Contracts or Licenses and Permits, except in the Ordinary Course of Business, or (b) without the Purchaser’s prior written consent in its sole discretion, enter into any new
contracts, or secure any new licenses and permits, except in the Ordinary Course of Business. 
 6.2.4 Title. From the Effective Date
and until the Closing or earlier termination of this Agreement, the Seller shall not cause the Company or its Subsidiaries to create or cause to be created any New Title Exception without Purchaser’s written consent, which consent shall not be
unreasonably withheld. 
 6.3 Tax Matters. 
 6.3.1 Preparation and Filing of Tax Returns; Payment of Taxes. 
 (i) The Seller shall
timely prepare and file, or cause to be prepared and filed on a basis consistent with past practice, all Tax Returns with respect to the Company and the Subsidiaries for any taxable period that ends on or before the Closing Date. The Seller shall be
responsible for the timely payment of any Taxes of the Company or the Subsidiaries with respect to such periods, except to the extent and in such amount as such Taxes are taken into account in determining the Adjustments described in
Section 9.2 hereof (as finally reconciled pursuant to the terms and conditions thereof), for which the Purchaser shall be responsible. 
 (ii) The Purchaser shall timely prepare, or cause to be prepared, on a basis consistent with the past practice of the Company and the Subsidiaries, all Tax Returns with respect to the Company and the Subsidiaries for
any Straddle Period (a “Straddle Period Tax Return”) and shall present such Straddle Period Tax Returns to the Seller for Seller’s reasonable review and approval at least thirty (30) Calendar Days before the date on which
such Straddle Period Tax Returns are required to be filed (or if the filing due date is within 45 days following the Closing Date, as promptly as practicable following the Closing 
  

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 Date). Upon resolution of all items, the relevant Straddle Period Tax Return will be filed, or cause to
be filed by the Purchaser, and the Purchaser shall timely pay or cause to be paid any Taxes due with respect to such Straddle Period Tax Returns. The Seller shall pay to the Purchaser an amount equal to the portion of the Taxes attributable to the
Pre-Closing Tax Period with respect to any such Straddle Period Tax Return no later than five (5) Calendar Days prior to the date on which such Straddle Period Tax Return is required to be filed; provided, however, that such payment shall only
be required to the extent that such Taxes attributable to the Pre-Closing Tax Period exceed the Taxes taken into account with respect thereto in determining the Adjustments described in Section 9.2 hereof (as finally reconciled pursuant to the
terms and conditions thereof). 
 6.3.2 Refunds. Any refund or credit of Taxes received by the Purchaser with respect to the Company
or the Subsidiaries that are attributable to Pre-Closing Taxable Periods shall be paid to the Seller. Any refund or credit of Taxes received by the Seller with respect to the Company or the Subsidiaries that are attributable to Post-Closing Taxable
Periods shall be paid to the Purchaser.
 6.3.3 Apportionment of Straddle Period Taxes. In the case of any Straddle Period, real,
personal and intangible property Taxes (“Property Taxes”) and all other Taxes shall be apportioned between the Pre-Closing Tax Period and the Post-Closing Tax Period on a closing-of-the-books basis (e.g., such that any
increase in any Property Taxes as a result of a change in ownership arising from the Purchaser’s acquisition of the Company Shares hereunder shall be deemed to be attributable solely to Post-Closing Tax Periods and shall not be borne, directly
or indirectly, by Seller). 
 6.3.4 Notices. In the event that the Purchaser receives notice, whether orally or in writing, of any
pending or threatened federal, state, local or foreign Tax examinations, claims settlements, proposed adjustments or related matters with respect to Taxes that would reasonably be expected to affect the Seller, or if the Seller receives notice of
such matters that would reasonably be expected to affect the Purchaser, the Company or its Subsidiaries, the party receiving such notice shall promptly notify in writing the potentially affected party. The failure of either party to give the notice
required by this Section 6.3.4 shall not impair such party’s rights under this Agreement except to the extent that the other party demonstrates that it has been damaged thereby. 
 6.3.5 Taxable Contests. 
 (i) The Seller shall retain the right to commence, continue and settle through good-faith, diligent efforts, any proceeding to contest any Taxes for any taxable period of any of the Company and its Subsidiaries which terminates prior to the
Closing Date; provided, however, the Seller shall indemnify, save, insure, defend, pay and hold the Purchaser harmless from and against any Indemnification Loss incurred by the Purchaser as a result of the Seller exercising its rights under this
Section 6.3.5(i). 
  

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 (ii) The Seller shall have the right to commence, continue and settle any proceeding to
contest any Taxes with respect to the Company and its Subsidiaries for any Straddle Period; provided, however, that the Seller shall not settle any proceeding with respect to Taxes in a Straddle Period without first obtaining the written consent of
the Purchaser. Notwithstanding the foregoing, if the Purchaser desires to contest any Taxes for a Straddle Period and the Seller has not commenced any proceeding to contest any such Taxes for such taxable period, the Purchaser may request the Seller
to do so. If the Seller is willing to contest such Taxes, the Seller shall provide written Notice to the Purchaser within thirty (30) Calendar Days after receipt of the Purchaser’s request confirming that the Seller will contest such
Taxes, in which case the Seller shall proceed to contest such Taxes, and the Purchaser shall not have the right to contest such Taxes. If the Seller fails to provide such written Notice confirming that the Seller will contest such Taxes within such
thirty (30) Calendar Day period, the Purchaser shall have the right to contest such Taxes. 
 (iii) The Purchaser shall
have the right to commence, continue and settle any proceedings to contest Taxes for any taxable period of any of the Company and its Subsidiaries which commences after the Closing Date, and shall be entitled to any refunds or abatements of Taxes
awarded in such proceedings. 
 6.3.6 Cooperation. The Seller, the Company, the Subsidiaries, and the Purchaser shall cooperate fully
and shall cause their respective Affiliates, officers, employees, agents, auditors and other representatives to cooperate fully, in preparing and filing all Tax Returns and in resolving all disputes and audits with respect to all taxable periods
relating to Taxes and in any other matters relating to Taxes, including by, but not limited to, maintaining and making available to each other all books and records in connection with Taxes (at no cost or expense to the Party whose cooperation is
requested, other than any de minimis cost or expense or any cost or expense which the requesting Party agrees in writing to reimburse). 
 6.3.7 Actions on Closing Date and Certain Tax Elections. Neither the Company nor any of the Company’s Subsidiaries will take, and the Purchaser will not permit either the Company or any Company Subsidiary to take, any action on
the Closing Date that could result in any income Tax Liability to the Company or any Company Subsidiary other than any action taken in the Ordinary Course of Business. No election under Code Section 338(g) (or comparable provisions of
applicable state, local or foreign law) or Treasury Regulations section 1.337(d)-7(c) (or comparable provisions of applicable state, local or foreign law) shall be made with respect to the purchase of the Company Shares by Purchaser. The
parties hereto covenant and agree that as a result of the purchase of the Company Shares by Purchaser hereunder it is intended that, for all US federal and applicable state, local and foreign tax purposes, the Company shall be classified as a
“qualified REIT subsidiary,” which is wholly-owned by Purchaser, as such term is defined in Code Section 856(i), and each of the parties hereto agrees to report the purchase of the Company Shares by Purchaser hereunder for all tax
purposes in a manner consistent therewith. 
 6.4 Notices and Filings. The Seller and the Purchaser shall use
commercially reasonable efforts to cooperate with each other (at no cost or expense to the Party whose 
  

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 cooperation is requested, other than any de minimis cost or expense or any cost or expense which the requesting Party
agrees in writing to reimburse) to provide written notice to any Person under any Contracts, Licenses and Permits and to effect any required registrations or filings with any Governmental Authority or other Person, regarding the change in ownership
of the Company and its Subsidiaries and/or the Leases. 
 6.5 Further Assurances. From the Effective Date until the
Closing or termination of this Agreement, the Seller and the Purchaser shall use commercially reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable to consummate the
transactions described in this Agreement, including, without limitation, (a) obtaining all necessary consents, approvals and authorizations required to be obtained from any Governmental Authority or other Person under this Agreement or
Applicable Laws, and (b) effecting all registrations and filings required under this Agreement or Applicable Laws. After the Closing, the Seller and the Purchaser shall use commercially reasonable efforts (at no cost or expense to such Party,
other than any de minimis cost or expense or any cost or expense which the requesting Party agrees in writing to reimburse) to further effect the transactions contemplated in this Agreement. This Section 6.5 shall survive the Closing.

 6.6 Liquor Licenses. The Seller and Purchaser shall cooperate with one another in obtaining the transfer of all
liquor licenses and alcoholic beverage licenses necessary to operate any restaurants, bars and lounges presently located at the Real Property (collectively, the “Liquor Licenses”) from any of the Company and its Subsidiaries to the
Tenant (“Applicant”) (to the extent transferable) or the issuance of a new liquor license. The Seller and Purchaser shall each submit, and Seller shall cause the Tenant to submit, all necessary applications, petitions and other
materials to the appropriate governmental authority and take such other actions to effect the transfer of the Liquor Licenses or issuance of a new liquor licenses, as of the Closing. If the Liquor Licenses cannot be obtained by the Applicant until
after Closing, and the Purchaser determines, in its reasonable judgment, that the Liquor Licenses will be obtained within a reasonable period following Closing, then the Parties covenant and agree that they shall mutually cooperate in keeping open
the bars and lounges and liquor facilities of the Businesses between Closing and the time when such Liquor Licenses are obtained by the Applicant, including, without limitation, entering into a mutually acceptable interim beverage management
agreement. 
 6.7 Bookings. Up until Closing, the Seller shall cause the Company and its Subsidiaries to continue to
market the Businesses and take all bookings and reservations for the use of facilities at the Businesses for periods subsequent to the Closing Date, provided such bookings and reservations are in the Ordinary Course of Business. 
 6.8 Consents. Not later than five (5) Calendar Days prior to the expiration of the Due Diligence Period, the Purchaser will
submit to the Seller a written notice (the “Consent Notice”) specifying each third party estoppel certificate or consent requested by Purchaser as a result of its due diligence regarding the Assets or the Company and its
Subsidiaries (the “Third-Party Consents”), in forms reasonably satisfactory to the Purchaser, including, without limitation, estoppel certificates regarding personal property used in the operation of the Businesses, any service or
maintenance contracts and regarding any easement agreements. In the event Purchaser timely delivers to Seller a Consent Notice, Seller shall use commercially reasonable efforts to cause the Company and its Subsidiaries to obtain such Third-Party
Consents and deliver the 
  

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 same to Purchaser on or before the Closing Date. In the event that the Company and its Subsidiaries have been unable,
prior to the Closing Date, to obtain any requested Third-Party Consents, such failure shall not constitute a default of the Seller hereunder provided that the Seller used commercially reasonable efforts to obtain the same. In the event Purchaser
timely delivers to Seller a Consent Notice, Seller shall have the right, but not the obligation, in its sole discretion, to agree to provide a certificate from Tenant certifying that one or more of such agreements are in full force and effect, that
all amounts due from the Company and its Subsidiaries as of Closing have be paid, and that no defaults exist with respect to any such agreements (the “Corporate Certificates”) in lieu of a Third-Party Consent with respect to such
agreements (to the extent that such Third-Party Consent can not be obtained prior to Closing), by giving Purchaser written notice (“Seller Consent Notice”) of such election not later than two (2) Calendar Days following
Seller’s receipt of Purchaser’s Consent Notice (“Consent Election Period”). If Seller fails to timely deliver a Seller Consent Notice to Purchaser, then Seller shall be deemed to have elected not to provide any Corporate
Certificates in lieu of any Third-Party Consents that Seller is unable to obtain prior to the Closing Date. In the event (i) Purchaser timely delivers to Seller a Consent Notice pursuant to this Section, and (ii) Seller elects (or is
deemed to have elected) not to provide one or more Corporate Certificates in lieu of any Third-Party Consents requested by Purchaser, then within three (3) Calendar Days following the expiration of the Consent Election Period, Purchaser may
elect either: (A) to continue this Agreement in effect without modification and purchase the Company Shares from Seller; or (B) to terminate this Agreement and the Escrow by delivering written notice to Seller, in which case Purchaser
shall be entitled to receive a full refund of the Deposit, provided Purchaser has satisfied its obligations set forth in Section 6.1.1(ii) hereof. Upon any election by Purchaser to terminate this Agreement and the Escrow pursuant to this
Section, then this Agreement shall be of no further force or effect, and the Parties shall have no further obligations to the other (except for any obligations or liabilities that expressly survive termination of this Agreement), and Seller and
Purchaser shall execute such cancellation instructions as may be necessary to effectuate the cancellation of the Escrow, as may be required by Escrow Agent. Any Escrow cancellation, title cancellation or other cancellation costs in connection
therewith shall be borne equally by Seller and Purchaser. In the event Seller timely delivers a Seller Consent Notice to Purchaser indicating that Purchaser is willing to provide a Corporate Certificate in lieu of one or more of the Third-Party
Consents requested by Purchaser, then to the extent Seller is unable to obtain such Third-Party Consents, Seller shall be obligated to provide a Corporate Certificate in lieu of such Third-Party Consents on or before the Closing Date. In the event
Seller fails to provide a Corporate Certificate Seller is obligated to provide pursuant to this Section on or before the Closing Date, then, in such a case, the provisions of Section 10.1 shall govern. Any Corporate Certificates delivered to
the Purchaser at Closing shall survive for a period of one (1) year from the Closing Date. 
 6.9 Exclusivity. The
Seller covenants and agrees to refrain during the term of this Agreement (and to cause the Company and its Subsidiaries to refrain) from making, accepting, encouraging or soliciting or otherwise pursuing any other offer or proposal or agreement
regarding the sale, lease or refinancing of the Company, its Subsidiaries, the Businesses, the Assets or any portion thereof or any interest therein, and will deal exclusively with the Purchaser in good faith towards the completion of the
transactions contemplated herein unless this Agreement shall be terminated as provided herein. 
  

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 6.10 Employees. 
 6.10.1 Notice. Effective upon Closing, employment of all employees of the Company and its Subsidiaries shall be terminated. The Tenant hereby
agrees to take all actions necessary to ensure compliance with the WARN Act and all other Applicable Laws relating to employees and benefits, as applicable, and shall indemnify, save, insure, defend, pay and hold harmless the Purchaser and the
Company and its Subsidiaries from and against any and all loss, cost, damages, claims or Liabilities relating to a failure to take any action or to provide any notice required under the WARN Act or any Applicable Laws. Irrespective of the
applicability of the WARN Act, at the Purchaser’s election, the Company and its Subsidiaries shall terminate all employees effective at the Closing. The Tenant hereby agrees to provide the Purchaser with a list of all employees of the Company
and its Subsidiaries and other pertinent information with respect to such employees and the terms of employment of such employees, as requested by the Purchaser. The Tenant, on or before the Closing Date, hereby agrees to extend offers, in writing,
of employment to commence as of the Closing Date, to such employees of the Company and its Subsidiaries as shall be necessary to comply with Applicable Laws and the WARN Act. 
 6.10.2 Liability of Tenants. With respect to wages and benefits of employees of the Company and its Subsidiaries, the Tenant shall be responsible
for all wages, salaries, bonuses, employment taxes, withholding taxes, and all accrued vacation days, sick days and personal days accruing prior to the Closing Date. The Purchaser shall have no obligation to continue the employment of any employee
of the Company and its Subsidiaries and shall not be liable to any employee for any wages, salaries, bonuses, vacation days, sick days or personal days in which said employee may have acquired an accrued or vested right by virtue of their employment
by the Company and its Subsidiaries. Notwithstanding anything to the contrary herein contained, there shall be no apportionment or proration of medical, pension, welfare benefits, other employee benefits or other fringe benefits (hereinafter
collectively referred to as “benefits”). The Tenant shall also be responsible for and hereby agree to indemnify, save, defend, pay, insure and hold the Purchaser’s Indemnitees harmless from and against any Liability arising out of or
relating to any severance pay which may become due to any of the employees of the Company and its Subsidiaries whose employment ends at or prior to Closing as a result of this transaction, whether due to applicable employment policies or Applicable
Law. The Tenant agrees to give all affected employees notice of termination of participation of employees of the Company and its Subsidiaries in any applicable 401(k) or other pension or retirement plan affecting such employees. 
 6.11 Provision of Financial Statements. To the extent reasonably necessary for the Purchaser or its Affiliates to prepare
consolidated financial statements (whether audited or unaudited) and to comply with any reporting obligations in respect thereof, upon written request of the Purchaser, the Seller will reasonably cooperate with Purchaser to: (a) provide all
documentation in Seller’s or its accountants’ actual possession reasonably requested by Purchaser, answer all questions and respond to all other requests for information as promptly as possible to assist the timely preparation of such
financial statements, (b) provide to the Purchaser and its accountants such computer support and access to employees and the Seller’s accountants as the Purchaser may reasonably request, and (c) reasonably cooperate regarding the
foregoing and provide such comfort letters, management representation letters and other information and documentation that may be requested by the Purchaser, its underwriters or placement agents or others in connection with such matters, all at the
sole cost and expense of Purchaser. 
  

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 6.12 Change of Company and Subsidiary Names. Purchaser acknowledges and agrees that
prior to Closing, Seller may elect, but shall not be obligated, to change the name of the Company and its Subsidiaries, at Seller’s sole cost and expense, so as to retain all of its right, title and interest in and to the trade names with
respect to “Heritage,” “Heritage Golf,” and “Heritage Golf Group,” and any and all derivatives thereof. Purchaser shall have the right to decide the new name of the Company and the Subsidiaries, provided if Purchaser
shall fail to advise Seller of such new names prior to the expiration of the Due Diligence Period, then Seller shall have the right to choose such new names on Purchaser’s behalf. 
 6.13 Cooperation with Auditors. Prior to the Closing, the Seller shall provide to PricewaterhouseCoopers, LLP all information
reasonably available to the Seller that is necessary to calculate the accumulated and current earnings and profits of the Company and its Subsidiaries as of the Closing Date, including, but not limited to, all necessary federal income Tax
information relating to the Company and its Subsidiaries, working papers created with respect to such Tax information, and information with respect to any federal income Tax controversy, either pending or resolved, with respect to such information.

 7. CLOSING CONDITIONS 
 7.1
Purchaser’s Closing Conditions. The Purchaser’s obligations to close the transactions described in this Agreement are subject to the satisfaction at or prior to Closing of the following conditions precedent (the
“Purchaser’s Closing Conditions”): 
 7.1.1 The Seller’s Deliveries. All of the Seller’s Closing
Deliveries shall have been delivered to the Purchaser or deposited with Escrow Agent in the Closing Escrow, to be delivered to the Purchaser at Closing. 
 7.1.2 Representations and Warranties. Subject to the matters set forth in the Disclosure Statement at the Effective Date, the representations and warranties set forth in Article 4 above shall be true and
correct in all material respects when made and at and as of the Closing Date as though made as of such date (unless such representation or warranty is specifically made as of an earlier date, in which case it shall remain true and correct as of such
earlier date), except for any representations or warranties qualified by materiality limitations, which shall instead be true and correct in all respects, subject to such materiality limitation as stated therein. 
 7.1.3 Covenants and Obligations. The covenants and obligations of the Seller and the Tenant in this Agreement required to be performed on or prior
to the Closing shall have been performed in all material respects. 
 7.1.4 Title Policies. The Title Company shall have irrevocably
committed to issue the Title Policies pursuant to Section 3.2.4. 
 7.1.5 Change in Environmental Condition of Property. No event
shall have occurred following the Effective Date and prior to the Closing Date which would result in a violation of any Environmental Law which remains outstanding and has not been cured. 
  

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 7.1.6 Adverse Proceedings. Since the Effective Date, no action, suit, or proceeding shall be
pending or threatened before any court or quasi-judicial or administrative agency of any federal, state, local, or foreign jurisdiction or before any arbitrator wherein an unfavorable injunction, judgment, order, decree, ruling, or charge would
(a) prevent consummation of any of the transactions contemplated by this Agreement, (b) cause any of the transactions contemplated by this Agreement to be rescinded following consummation, (c) affect adversely the right of the
Purchaser to own any of the Company Shares and to control the Company and its Subsidiaries, or (d) affect adversely the right of any of the Company and its Subsidiaries to own its assets and to operate its Businesses (and no such injunction,
judgment, order, decree, ruling, or charge shall be in effect). 
 7.1.7 Adverse Law. Since the Effective Date, no Applicable Law
shall have been enacted that would make illegal or invalid or otherwise prevent the consummation of the transactions described in this Agreement or that would prevent the continuous operation of any of the Businesses or use of any Assets for the
purposes for which they are currently used. 
 7.1.8 No Material Adverse Change. Since the Effective Date, there shall not have been
any occurrence or disclosure of any event, circumstances or state of facts that has had, or would reasonably be expected to have, a material adverse effect on the business, assets, financial condition, operations, results of operations, supplier
relations, customer relations or future prospects of the Company and its Subsidiaries, in the aggregate. 
 7.1.9 Leases. The Leases
shall be fully executed in the forms agreed to during the Due Diligence Period to be effective upon Closing. 
 7.1.10 Comfort Letter.
The Purchaser shall have received written comfort in form and substance reasonably satisfactory to the Purchaser from PricewaterhouseCoopers, LLP that the Company will not have any accumulated or current earnings and profits within the meaning of
Code Section 312 as of the Closing Date, which written comfort tax counsel to the Purchaser will be permitted to rely upon for purposes of rendering opinions from and after the Closing Date with respect to the qualification of the Purchaser as
a real estate investment trust as defined within Code Section 856. 
 7.2 Failure of Any Purchaser’s Closing
Condition. If any of the Purchaser’s Closing Conditions are not satisfied (or otherwise waived by Purchaser) at or before the Closing (a “Purchaser’s Closing Condition Failure”), and, if applicable, the
Seller fails to cure such Purchaser’s Closing Condition Failure within ten (10) Business Days after written Notice is delivered by the Purchaser to the Seller (excepting a failure to deliver the Seller’s Closing Deliveries at Closing
for which the cure period shall be two (2) Business Days from such written Notice), then: (a) if such failure is the result of a breach by Seller, the Tenant or Purchaser of their respective covenants, agreements or obligations under this
Agreement, then the provisions of Article 10 shall govern; or (b) if such failure is not the result of a breach by Seller, the Tenant or Purchaser of their respective covenants, agreements or obligations under this Agreement, then the Purchaser
shall have the right, in the Purchaser’s absolute discretion, to elect to either: (i) continue this Agreement in effect without modification and purchase and acquire the Company Shares in accordance with the terms and conditions of this
Agreement (in which case the applicable Purchaser’s Closing Condition Failure shall be deemed waived by Purchaser) ; or (ii)
  

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 terminate this Agreement and the Escrow by delivering written notice to Seller not later than 12:00 p.m. on the Closing
Date, in which case the Purchaser shall be entitled to a full refund of the Deposit, upon the satisfaction by Purchaser of its obligations set forth in Section 6.1.1(ii) hereof. Upon any election by Purchaser to terminate this Agreement and the
Escrow pursuant to this Section 7.2, then this Agreement shall be of no further force or effect, and the Parties shall have no further obligations to the other (except for any obligations or liabilities that expressly survive termination of
this Agreement), and Seller and Purchaser shall execute such cancellation instructions as may be necessary to effectuate the cancellation of the Escrow, as may be required by Escrow Agent. Any Escrow cancellation, title cancellation or other
cancellation costs in connection therewith shall be borne equally by Purchaser and Seller. 
 7.3 Seller’s Closing
Conditions. The Seller’s obligations to close the transactions contemplated in this Agreement are subject to the satisfaction at or prior to Closing of the following conditions precedent (the “Seller’s Closing
Conditions”): 
 7.3.1 Receipt of the Purchase Price. The Purchaser shall have paid to the Seller or deposited with Escrow
Agent with irrevocable written direction to disburse the same to the Seller, the Purchase Price (as adjusted for Adjustments pursuant to Article 9). 
 7.3.2 Purchaser’s Deliveries. All of the Purchaser’s Closing Deliveries shall have been delivered to the Seller or deposited with Escrow Agent in the Closing Escrow, to be delivered to the Seller at
Closing. 
 7.3.3 Representations and Warranties. The representations and warranties set forth in Article 5 above shall be true and
correct in all material respects when made and at and as of the Closing Date as though made as of such date (unless such representation or warranty is specifically made as of an earlier date, in which case it shall remain true and correct as of such
earlier date), except for any representations or warranties qualified by materiality limitations, which shall instead be true and correct in all respects, subject to such materiality limitation as stated therein. 
 7.3.4 Covenants and Obligations. The covenants and obligations of the Purchaser in this Agreement required to be performed on or prior to the
Closing shall have been performed in all material respects. 
 7.4 Failure of the Seller’s Closing Conditions. If
any of the Seller’s Closing Conditions are not satisfied (or otherwise waived by Seller) at or before the Closing (a “Seller’s Closing Condition Failure”), and, if applicable, the Purchaser fails to cure such Seller’s
Closing Condition Failure within ten (10) Business Days after written Notice from Seller to Purchaser of such failure (excepting a failure to deliver the Purchase Price and/or any of the Purchaser’s Deliveries at the Closing for which the
cure period shall be two (2) Business Days from such written Notice), then: (a) if such failure is the result of a breach by Seller, the Tenant or Purchaser of their respective covenants, agreements or obligations under this Agreement,
then the provisions of Article 10 shall govern; or (b) if such failure is not the result of a breach by Seller, the Tenant or Purchaser of their respective covenants, agreements or obligations under this Agreement, then the Seller shall have
the right, in the Seller’s absolute discretion, to elect to either: (i) not terminate this Agreement and the Escrow (in which case the applicable Seller’s 
  

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 Closing Condition Failure shall be deemed waived by Seller); or (ii) terminate this Agreement and the Escrow by
delivering written notice to Seller not later than 12:00 p.m. on the Closing Date, in which case the Purchaser shall be entitled to a full refund of the Deposit upon the satisfaction by Purchaser of its obligations set forth in
Section 6.1.1(ii) hereof. Upon any election by Seller to terminate this Agreement and the Escrow pursuant to this Section 7.4, then this Agreement shall be of no further force or effect, and the Parties shall have no further obligations to
the other (except for any obligations or liabilities that expressly survive termination of this Agreement), and Seller and Purchaser shall execute such cancellation instructions as may be necessary to effectuate the cancellation of the Escrow, as
may be required by Escrow Agent. Any Escrow cancellation, title cancellation or other cancellation costs in connection therewith shall be borne equally by Purchaser and Seller. 
 8. CLOSING 
 8.1 Closing Date. The closing of the transactions described in this
Agreement (the “Closing”) shall occur on that date which is mutually agreed to in writing by the Seller and the Purchaser, but in any event on or before the date which is ten (10) Business Days after the date on which the Due
Diligence Period expires (the “Outside Closing Date”); provided, however, that the Parties will use commercially reasonable efforts to cause the Closing to occur as soon as practical after the expiration of the Due Diligence Period.
The date on which the Closing occurs or is scheduled to occur is referred to herein as the “Closing Date”. If the Parties cannot agree on a Closing Date, the Closing Date will be the Outside Closing Date. Notwithstanding the
foregoing, in the event that the Purchaser is unable to consummate the transactions contemplated by this Agreement as of the Outside Closing Date as the result of the Outside Closing Date being during a blackout period under applicable securities
laws, rules or regulations, the Closing Date shall be extended until the second Business Day after the expiration of the applicable blackout period. The Closing shall occur at the offices of the Escrow Agent, or such other place as agreed to in
writing between the Seller and the Purchaser. At the request of a Party, the Parties shall reasonably cooperate to accomplish the Closing “by mail.” 
 8.2 Seller’s Closing Deliveries. At the Closing, the Seller shall deliver or cause to be delivered to the Purchaser, or deposited with Escrow Agent in the Closing Escrow to be delivered to
the Purchaser at Closing, or (with the approval of the Purchaser, acting reasonably) otherwise to be delivered or made available to the Purchaser upon Closing, all of the following documents, each of which shall have been duly executed by the Seller
and acknowledged (if required), and other items, set forth in this Section 8.2 (the “Seller’s Closing Deliveries”), as follows: 
 8.2.1 Closing Certificate. A closing certificate in a mutually acceptable form duly executed by Seller and Tenant. 
 8.2.2 License Agreement. The License Agreement in a mutually acceptable form duly executed by Seller. 
 8.2.3 Company Shares. Stock certificates representing the Company Shares, endorsed in blank or accompanied by duly executed assignment documents reasonably acceptable to the Purchaser. 
  

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 8.2.4 FIRPTA Certificates and Title Affidavits. An affidavit from the Seller with respect to
compliance with the Foreign Investment in Real Property Tax Act (Code Section 1445) and the Treasury Regulations issued thereunder and any similar state tax requirements and to the extent required by the Title Company, an affidavit, in form and
substance acceptable to Seller in Seller’s sole but reasonable discretion, from the Seller in favor of the Title Company which shall be sufficient to delete the standard exceptions from the Title Policies. 
 8.2.5 Closing Statement. The Closing Statement prepared pursuant to Section 9.1, duly executed by Seller. 
 8.2.6 Authority Documents. A corporate resolution and an incumbency certificate to evidence the capacity and authority of any corporate officer
signing on behalf of the Seller. 
 8.2.7 Third-Party Consents. All Third-Party Consents requested by Purchaser, to the extent
actually received by the Seller, or such Corporate Certificates in lieu thereof, to the extent required pursuant to Section 6.8. 
 8.2.8 UCC Terminations. Any appropriate or required Uniform Commercial Code termination statements. 
 8.2.9 Opinion.
An opinion from counsel to the Seller in a mutually acceptable form, addressed to the Purchaser, and dated as of the Closing Date. During the Due Diligence Period, Purchaser and Seller shall have, using good faith and diligent efforts, mutually
agreed upon the form of such opinion to be delivered into at Closing. In connection therewith, Purchaser and Seller shall, during the Due Diligence Period, negotiate the terms and provisions of the such opinion to be in form and content mutually
agreeable to the parties, and shall, on or before the expiration of the Due Diligence Period, amend this Agreement to attach the negotiated form of the opinion as an exhibit to this Agreement thereby agreeing to cause the same to be delivered at
Closing. 
 8.2.10 Leases. The Leases, duly executed by the Tenants. 
 8.2.11 Other Leases. Fully-executed counterparts by the tenants under the Other Leases contemplated pursuant to Section 3.8. 
 8.2.12 Other Documents. Such other documents and instruments as may be reasonably requested by the Purchaser or the Title Company in order to
consummate the transactions described in this Agreement. 
 8.3 Purchaser’s Deliveries. At the Closing, the
Purchaser shall deliver or cause to be delivered to the Seller or deposited with the Escrow Agent in the Closing Escrow to be delivered to the Seller all of the documents, each of which shall have been duly executed by the Purchaser and acknowledged
(if required), and other items, set forth in this Section 8.3 (the “Purchaser’s Closing Deliveries”), as follows: 
 8.3.1 Purchase Price. The Purchase Price (as adjusted for Adjustments pursuant to Article 9) to be paid by the Purchaser. 
  

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 8.3.2 Closing Certificate. A closing certificate in a mutually acceptable form duly executed by
Purchaser. 
 8.3.3 License Agreement. The License Agreement in a mutually acceptable form duly executed by Purchaser. 
 8.3.4 Leases. The Leases, duly executed by the Landlord. 
 8.3.5 Closing Statement. The Closing Statement prepared pursuant to Section 9.1, duly executed by Purchaser. 
 8.3.6 Authority Documents. A corporate resolution and an incumbency certificate to evidence the capacity and authority of any corporate officer signing on behalf of the Purchaser. 
 8.3.7 Other Documents. Such other documents and instruments as may be reasonably requested by the Seller or the Title Company in order to
consummate the transactions described in this Agreement. 
 9. ADJUSTMENTS AND EXPENSES. 
 9.1 Closing Statement. No later than the day prior to Closing, the Parties, through their respective employees, agents or
representatives, jointly shall make such examinations, audits and inventories of the Assets as may be reasonably necessary to make the Adjustments to the Purchase Price as set forth in Section 9.2 or any other provisions of this Agreement.
Based upon such examinations, audits and inventories, the Parties jointly shall prepare, prior to Closing, a closing statement (the “Closing Statement”), which shall set forth their best estimate of the amounts of the items to be
adjusted under this Agreement. The Closing Statement shall be approved and executed by the Parties at Closing, and such Adjustments shall be final with respect to the items set forth in the Closing Statement, except to the extent any such items
shall be reconciled after the Closing as expressly set forth in Section 9.2. 
 9.2 Adjustments to the Purchase
Price. The Purchase Price shall be adjusted (the “Adjustments”) as of 11:59 p.m. (Eastern Time) on the day preceding the Closing Date (the “Cut-Off Time”) as follows: 
 9.2.1 The Parties intend that the Current Assets shall equal the Current Liabilities as of the Cut-Off Time. In connection with the preparation of the
Closing Statement, the Seller will prepare and deliver to the Purchaser a good faith estimate of the Current Assets and Current Liabilities of the Company and its Subsidiaries as of the Cut-Off Time (the “Estimate”), which shall be
subject to the Purchaser’s review. 
 (i) If the Estimate reflects that the Current Assets will exceed the Current
Liabilities as of the Cut-Off Time, the Purchase Price to be paid pursuant to Section 2.3 shall be increased by such excess; provided, however, that upon mutual agreement of the Parties, in lieu of such adjustment to the Purchase Price the
Seller may cause the Company and its Subsidiaries to distribute cash to the Seller in the amount of such excess prior to the Closing. 
  

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 (ii) If the Estimate reflects that the Current Liabilities will exceed the Current Assets
as of the Cut-Off Time, the Purchase Price to be paid pursuant to Section 2.3 shall be decreased by such excess; provided, however, that upon mutual agreement of the Parties, in lieu of such adjustment to the Purchase Price the Seller may
contribute cash to the Company and its Subsidiaries in the amount of such excess prior to the Closing. 
 “Current Assets”
means the current assets of the Company and its Subsidiaries, other than intercompany receivables, determined in accordance with GAAP. “Current Liabilities” means the current liabilities of the Company and its Subsidiaries, other
than intercompany payables, determined in accordance with GAAP. 
 9.2.2 The calculations of Current Assets and Current Liabilities in the
Estimate shall be based on actual figures to the extent available. If any of the Current Assets or Current Liabilities cannot be calculated based on actual figures, such amount shall be calculated based on a fair and reasonable estimated accounting
performed and agreed to by the Seller and the Purchaser. The Seller and the Purchaser shall cooperate in good faith and act reasonably after the Closing to make a final determination of the Current Assets and Current Liabilities as of the Cut-Off
Time. The Parties shall endeavor to accomplish, as soon as practicable after the Closing Date and in any event within 90 Calendar Days of the Closing Date, a final reconciliation of the Current Assets and Current Liabilities as of the Closing Date
(after giving effect to the distributions or contributions referred to in Section 9.2.1(i) and (ii) above), which, based upon an agreed upon accounting performed by the Seller and the Purchaser, the Party that owes another Party any sums
hereunder shall pay such Party such sums by wire transfer of immediately available funds within ten (10) Calendar Days after the final reconciliation of the item in question. In the event the parties have not agreed with respect to the
reconciliations required to be made pursuant to this Section 9.2.2 within such ninety (90) Calendar Day period, upon application by either Party, the Reviewing Accountant shall determine any such reconciliation which has not theretofore
been agreed to between the Seller and the Purchaser. The costs, expenses and fees of the Reviewing Accountant shall be borne by the Seller, on the one hand, and the Purchaser, on the other hand, based on the percentage which the portion of the
contested amount not awarded to the Party bears to the amount actually contested by such Party. 
 9.2.3 Section 9.2.3 of the Disclosure
Statement sets forth an itemization of all of the intercompany receivables and intercompany payables with respect to the Company and its Subsidiaries (“Intercompany Indebtedness”). On or before the Closing, Seller shall cause all
such Intercompany Indebtedness to be assigned to and assumed by Seller and neither the Company nor any of the Subsidiaries shall have any further rights and/or obligations with respect to such Intercompany Indebtedness. 
 9.3 Purchaser’s Transaction Costs. In addition to the other costs and expenses to be paid by the Purchaser as set forth
elsewhere in this Agreement, the Purchaser shall pay for the following items in connection with this transaction: (a) the fees and expenses incurred by the Purchaser for the Purchaser’s Inspectors or otherwise in connection with the
Inspections; (b) the fees and expenses of the Purchaser’s attorneys, accountants and consultants; (c) the fees and expenses for the Surveys; (d) any mortgage tax, title insurance fees and expenses for any loan title insurance
policies; (e) the fees and expenses incurred in connection with the preparation and 
  

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 issuance of the Title Policies; (f) recording charges or other amounts payable in connection with any financing
obtained by the Purchaser; (g) all transfer, sales or similar tax and recording charges payable in connection with the conveyance of the Company Shares; and (h) fees and expenses for the Escrow Agent. 
 9.4 Seller’s Transaction Costs. The Seller shall pay for the fees and expenses of the Seller’s attorneys, accountants, and
consultants and any fees or expenses payable for the assignment, transfer or conveyance or termination of any Contracts and Licenses and Permits. 
 9.5 Reservations. The Tenant hereby agrees to honor all advance golf and other reservations made in connection with the Businesses, that (a) are made by the Company and its Subsidiaries prior to the Closing Date,
and (b) pertain to periods on or after the Closing Date. During the Due Diligence Period, Seller will provide Purchaser with a schedule of all golf and other reservations and advance deposits made in connection with the Businesses, which
schedule shall be updated immediately prior to Closing. 
 10. DEFAULT AND REMEDIES 
 10.1 Seller’s Default. If, at or any time prior to Closing, the Seller or the Tenant fails to perform in any material respect
their respective covenants or obligations under this Agreement (and such breach or default is not caused by a Purchaser’s Default), and the Seller or the Tenant, as applicable, fails to cure such breach or default within ten (10) Business
Days after written notice from Seller to Purchaser of such default (a “Seller’s Default”), then the Purchaser may elect, as its sole and exclusive remedy, to (a) terminate this Agreement, and the Parties shall have no
further rights or obligations under this Agreement, except those which expressly survive such termination; (b) proceed to Closing without any reduction in or setoff against the Purchase Price; or (c) pursue the equitable remedy of specific
performance. In the event Purchaser elects to terminate this Agreement and the Escrow pursuant to Section 10.1(a) hereof, Seller shall direct Escrow Agent to refund the Deposit to Purchaser, following the satisfaction by Purchaser of its
obligations set forth in Section 6.1.1(ii) hereof. In the event Purchaser elects to pursue the equitable remedy of specific performance of this Agreement pursuant to Section 10.1(c) hereof, then Purchaser must file and serve upon Seller a
complaint seeking specific performance within sixty (60) Calendar Days after the Closing Date. 
 10.2 Purchaser’s
Default. If at any time prior to Closing, the Purchaser fails to perform in any material respect any of its covenants or obligations under this Agreement (and such breach or default is not caused by a Seller’s Default) and the
Purchaser fails to cure such breach or default within ten (10) Business Days after written Notice from Seller to Purchaser of such default (a “Purchaser’s Default”), then the Seller may elect, as its sole and exclusive
remedy, to (a) waive such default and proceed to Closing pursuant to this Agreement; or (b) terminate this Agreement by written Notice to the Purchaser, in which case the Parties shall have no further rights or obligations under this
Agreement, except that in such a case, Seller and Purchaser agree that it would be difficult or impossible to determine the amount of damages of Seller as a result of Purchaser’s Default, and accordingly, Seller shall be entitled to receive and
retain the Deposit as liquidated damages in the event of Purchaser’s Default and the payment of such liquidated damages to Seller shall constitute the exclusive remedy of Seller on account of the default by Purchaser (other than an action to
enforce the provisions of this Agreement). 
  

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 10.3 No Punitive or Consequential Damages. Notwithstanding anything herein to the
contrary, no Party shall be liable to any other Party under this Agreement for punitive damages, lost profits, diminution in value or other consequential damages, unless such punitive damages, lost profits, diminution in value or consequential
damages are recovered in a Third-Party Claim, and excluding Seller’s right to liquidated damages pursuant to Section 10.2 hereof, in connection with a Purchaser’s Default pursuant to Section 10.2. 
 11. RISK OF LOSS 
 11.1 Casualty.
If, at any time after the Effective Date and prior to Closing or earlier termination of this Agreement, a Property is damaged or destroyed by fire or any other casualty (a “Casualty”), the Seller shall give written Notice of each
such Casualty to the Purchaser promptly after the occurrence of such Casualty, and then the Purchaser shall have the right to elect, by providing written Notice to the Seller within thirty (30) Calendar Days after the Purchaser’s receipt
of the Seller’s written Notice of such Casualty, to (a) terminate this Agreement in its entirety, (b) terminate this Agreement with respect to the Property that is the subject of the Casualty and receive a corresponding reduction in
the Purchase Price based on the Talega Allocated Purchase Price or the Valencia Allocated Purchase Price, as applicable (the “Allocated Purchase Price”) or (c) proceed to Closing, without terminating this Agreement, in which
case the Seller shall transfer and assign to the Company and its Subsidiaries all of Seller’s right, title and interest in and to all proceeds from all casualty, business interruption, lost profits, and other applicable insurance policies
maintained by Seller with respect to the Property, except those proceeds specifically payable in connection with and allocable to business interruption and lost profits and costs incurred by the Seller for the period prior to the Closing. If the
Purchaser fails to provide written Notice of its election to the Seller within such 30 Calendar Day time period, then the Purchaser shall be deemed to have elected to proceed to Closing pursuant to clause (b) of this preceding sentence. If the
Closing is scheduled to occur within the Purchaser’s thirty (30) Calendar Day election period, the Closing Date shall be postponed until the date which is five (5) Business Days after the expiration of such thirty (30) Calendar
Day election period. 
 11.2 Condemnation. If, at any time after the Effective Date and prior to Closing or the earlier
termination of this Agreement, any Governmental Authority commences any condemnation proceeding or other proceeding in eminent domain with respect to all or any portion of a Property (a “Condemnation”), the Seller shall give written
Notice of such Condemnation to the Purchaser promptly after the Seller receives notice of such Condemnation, and then the Purchaser shall have the right to elect, by providing written Notice to the Seller within thirty (30) Calendar Days after
the Purchaser’s receipt of the Seller’s written Notice of such Condemnation, to (a) terminate this Agreement in its entirety, (b) terminate this Agreement with respect to the Property that is the subject of the Condemnation and
receive a corresponding reduction in the Purchase Price based on the Allocated Purchase Price or (c) proceed to Closing, without terminating this Agreement in any respect, in which case the Seller shall assign to the Company and its
Subsidiaries all of Seller’s right, title and interest in all proceeds and awards from such Condemnation. If the Purchaser fails to provide written Notice of its election to the Seller within such time period, then the Purchaser shall be deemed
to have elected to proceed to Closing pursuant to clause (b) of the preceding sentence. If the Closing is scheduled to occur within the Purchaser’s thirty (30) Calendar Day election period, the Closing shall be postponed until the
date which is five Business Days after the expiration of such thirty (30) Calendar Day election period. 
  

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 12. INDEMNIFICATION 
 12.1 Indemnification by the Seller. Subject to the limitations set forth in this Article 12 and any other express provision of this Agreement, the Seller shall indemnify, defend and hold harmless
the Purchaser’s Indemnitees from and against any Indemnification Loss incurred by any Purchaser Indemnitee (a) arising out of the breach of any representation or warranty of the Seller set forth in Section 4.1 of this Agreement when
made or at and as of the Closing Date as though made as of such date and (b) for (i) any and all Taxes for Pre-Closing Tax Periods, (ii) any Taxes which may be imposed upon the Company or any of its Subsidiaries (or any successor to
any of the foregoing) pursuant to Treasury Regulations Section 1.1502-6 (or any similar provision of state, local or foreign law) with respect to any taxable period by reason of the inclusion of the Company or any of its Subsidiaries (or any
predecessor to any of the foregoing), at any time prior to or including the Closing Date, in any “affiliated group of corporations” as defined for purposes of Code Section 1504(a), and (iii) any amounts required to be paid by the
Purchaser to the Internal Revenue Service or any state or local taxing authority by reason of or in connection with a determination by any taxing authority or the Purchaser that any of the Company or its Subsidiaries had, as of the Closing Date, any
current or accumulated earnings and profits (as calculated for federal income tax purposes), with the indemnification hereunder to include, but not be limited to, any Taxes required to be paid by the Purchaser because distributions made by the
Purchaser after the Closing Date are treated as distributions of any such earnings and profits rather than as dividends that are deductible in computing the “real estate investment trust taxable income” of the Purchaser under Code
Section 857(b), any payment made by the Purchaser in connection with any Deficiency Dividend paid by the Purchaser in connection with or as a result of any such determination, and/or any interest charge required to be paid by reason of the
application of the principles of Code Section 852(e)(3) to the Purchaser by reason of it being determined to have earnings and profits of a “C corporation” as a result of the Purchaser’s acquisition of the Company Shares.

 12.2 Indemnification by the Tenant. Subject to the limitations set forth in this Article 12 and any other express
provision of this Agreement, the Tenant shall indemnify, defend and hold harmless the Purchaser’s Indemnitees from and against any Indemnification Loss incurred by any Purchaser Indemnitee arising out of: (a) the breach of any
representation or warranty of the Tenant set forth in Section 4.2 of this Agreement when made or at and as of the Closing Date as though made as of such date; (b) any matters occurring and/or applicable to the time period prior to Closing
with respect to the employment of any employees of the Company and its Subsidiaries, their Affiliates or agents (except with respect to matters relating to or arising out of any Employment Benefit Plan); (c) any matters occurring and/or
applicable to the time period prior to Closing with respect to the Talega Membership Program and the Valencia Membership Program; and (d) any Third-Party Claim (other than an Environmental Claim, in which case a breach of the representations or
warranties set forth in Section 4.2.9 above shall be the sole basis for any indemnification claim hereunder) arising out of the operation of the Business or the ownership of the Assets, in each case prior to the Closing. 
  

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 12.3 Indemnification by Heritage. Subject to the limitations set forth in this
Article 12 and any other express provision of this Agreement, Heritage shall indemnify, defend and hold harmless the Purchaser’s Indemnitees from and against any Indemnification Loss incurred by any Purchaser Indemnitee arising out of any
matters occurring and/or applicable to the time period prior to Closing with respect to any Employee Benefit Plan. 
 12.4
Indemnification by Purchaser. Subject to the limitations set forth in this Article 12, the Purchaser shall indemnify, defend and hold harmless the Seller’s Indemnitees from and against any Indemnification Loss incurred by any
Seller’s Indemnitee arising out of the breach of any representation or warranty of the Purchaser in this Agreement when made or at and as of the Closing Date as though made as of such date. 
 12.5 Indemnification Procedure; Notice of Indemnification Claim. 
 12.5.1 If any of the Seller Indemnitees or the Purchaser’s Indemnitees (as the case may be) (each, an “Indemnitee”) is entitled to
defense or indemnification under any other provision in this Agreement (each, an “Indemnification Claim”), the Party required to provide indemnification to such Indemnitee (the “Indemnitor”) shall not be obligated
to defend, indemnify and hold harmless such Indemnitee until such Indemnitee provides written Notice to such Indemnitor after such Indemnitee has actual knowledge of any facts or circumstances on which such Indemnification Claim is based or a
Third-Party Claim is made on which such Indemnification Claim is based, describing in reasonable detail such facts and circumstances or Third-Party Claim with respect to such Indemnification Claim; provided, however, that no delay on the part of the
Indemnitee in notifying any Indemnitor shall relieve the Indemnitor from any obligation hereunder unless (and then solely to the extent) the Indemnitor thereby is prejudiced. 
 12.5.2 For a period of thirty (30) Calendar Days following receipt of such written Notice from the Indemnitee for an Indemnification Claim other
than a Third-Party Claim, the Indemnitor shall have the right to endeavor to cure, at its sole expense, the matters which caused Indemnification Claim. In the event the matters are of a type that cannot be cured within such thirty (30) Calendar
Day period, then the Indemnitor shall have such additional time as may be reasonably necessary to cure such matters if the Indemnitor is diligently pursuing the cure and only so long as (a) no Third-Party Claim arises out of such matters (in
which case the procedure set forth in this Section 12.5 shall apply), (b) the Indemnitee is satisfied in its reasonable discretion with the expected cure period and (c) the Indemnitee has not incurred any unremibursed Indemnification
Loss with respect to such matters. 
 12.5.3 Any Indemnitor will have the right to defend the Indemnitee against the Third-Party Claim with
counsel of its choice satisfactory to the Indemnitee so long as (a) the Indemnitor notifies the Indemnitee in writing within fifteen (15) Calendar Days after the Indemnitee has given Notice of the Third-Party Claim that the Indemnitor will
indemnify the Indemnitee from and against the entirety of any Indemnification Loss the Indemnitee may suffer resulting from, arising out of, relating to, in the nature of, or caused by the Third-Party Claim, (b) the Indemnitor provides the
Indemnitee with evidence acceptable to the Indemnitee that the Indemnitor will have the financial resources to defend against the Third-Party Claim and fulfill its indemnification obligations hereunder, (c) the Third-Party Claim involves only
money damages and does not seek an injunction or other equitable relief, (d) settlement of, or an adverse 
  

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 judgment with respect to, the Third-Party Claim is not, in the good faith judgment of the Indemnitee, likely to establish
a precedential custom or practice adverse to the continuing business interests of the Indemnitee, and (e) the Indemnitor conducts the defense of the Third-Party Claim actively and diligently. 
 12.5.4 So long as the Indemnitor is conducting the defense of the Third-Party Claim in accordance with Section 12.5.3 above, (a) the Indemnitee
may retain separate co-counsel at its sole cost and expense and participate in the defense of the Third-Party Claim, (b) the Indemnitee will not consent to the entry of any judgment or enter into any settlement with respect to the Third-Party
Claim without the prior written consent of the Indemnitor, and (c) the Indemnitor will not consent to the entry of any judgment or enter into any settlement with respect to the Third-Party Claim without the prior written consent of the
Indemnitee. 
 12.5.5 In the event any of the conditions in Section 12.5.3 is or becomes unsatisfied, however, (a) the Indemnitee
may defend against, and consent to the entry of any judgment or enter into any settlement with respect to, the Third-Party Claim in any manner it may deem appropriate (and the Indemnitee need not consult with, or obtain any consent from, the
Indemnitor in connection therewith), (b) the Indemnitor will reimburse the Indemnitee promptly and periodically for the costs of defending against the Third-Party Claim (including reasonable attorneys’ fees and expenses), and (c) the
Indemnitor will remain responsible for any Indemnification Loss the Indemnitee may suffer resulting from, arising out of, relating to, in the nature of, or caused by the Third-Party Claim to the fullest extent provided in this Article 12.

 12.6 Exclusive Remedy for Indemnification Loss; Interpretation. Except for claims based on fraud, the indemnification
provisions in this Article 12 shall be the sole and exclusive remedy of any Indemnitee with respect to any claim for Indemnification Loss arising from or in connection with this Agreement. The Parties shall take into account the time cost of money
(using the prime rate as reported from time to time in The Wall Street Journal as the discount rate) in determining Indemnification Loss for purposes of this Article 12. All indemnification payments under this Article 12 shall be deemed
adjustments to the Purchase Price. 
 12.7 Guaranty; Limitation. To the extent that the Tenant fails to perform its
obligations and pay any amounts due under Section 12.2 above, Heritage hereby guarantees to the Purchaser for a period of twelve (12) months following the Closing Date, and in an aggregate amount not to exceed $5,500,000, the payment and
performance of the Tenant’s liabilities and obligations set forth in Section 12.2 above. 
 12.8 Survival. The
indemnification obligations of the Parties under this Article 12 for the breach of a representation or warranty shall survive the Closing for the period corresponding to the survival period of the corresponding representation or warranty set forth
in Article 4 or Article 5 above. The indemnification obligations of the Seller under Section 12.1(b) shall survive the Closing until thirty (30) days after the expiration of the applicable statute of limitations. No such termination shall
affect the rights of a Party in respect of any claim made by such Party in a writing received by another Party prior to the expiration of any such survival period. 
  

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 13. PARCELIZATION/SUBDIVISIONS OF EXCLUDED REAL PROPERTY 
 Purchaser acknowledges and agrees that the Excluded Real Property is not currently comprised of separate legal parcels that may be conveyed under
California law. Purchaser acknowledges and agrees that following the Closing, Seller shall have the right, but not the obligation, to cause, at Seller’s sole cost and expense, the Excluded Real Property to be subdivided into three
(3) separate legal parcels to be conveyed by Purchaser to Seller for no additional consideration in accordance with the terms and conditions contained in this Article 13; provided that such parcelization/subdivision shall not adversely affect
the use of or access to the Real Property or any easements appurtenant thereto and/or, in Purchaser’s reasonable judgment, materially and adversely affect the aesthetics of the Real Property. Accordingly, commencing on the Closing Date,
Purchaser shall grant to Seller a terminable and limited license to enter the Excluded Real Property pursuant to a mutually acceptable license agreement (“License Agreement”), to use its professional and commercially reasonable
efforts to pursue and cause the Excluded Real Property to become separate legal parcels by means of a lot line adjustment, plat, parcel map, subdivision map or other parcelization/subdivision procedure prescribed or required under applicable law to
accomplish the parcelization/subdivision (the “Parcelization/Subdivision”). All costs, fees and expenses incurred in connection with securing the Parcelization/Subdivision, including but not limited to any transfer taxes, title
premiums, legal fees and any other associated conveyance costs, shall be borne by Seller. Upon the occurrence of the Parcelization/Subdivision, Purchaser shall convey the Excluded Real Property, subject to Purchaser’s right to impose reasonable
restrictions thereon and/or to reserve necessary easements across such Excluded Real Property, to Seller, or its designee, by Grant Deed, in form and content reasonably acceptable to Purchaser, free and clear of any and all liens, liabilities and
encumbrances, other than the Permitted Encumbrances and any such restrictions or easements imposed by Purchaser pursuant to this Article 13. 
 14.
MISCELLANEOUS PROVISIONS 
 14.1 Notices. 
 14.1.1 Method of Delivery. All notices, requests, demands and other communications required to be provided by any Party under this Agreement (each,
a “Notice”) shall be in writing and delivered, at the sending Party’s cost and expense, by (i) personal delivery, (ii) certified U.S. mail, with postage prepaid and return receipt requested, (iii) overnight
courier service, or (iv) facsimile transmission, with a verification copy sent on the same day by any of the methods set forth in clauses (i), (ii) or (iii), to the recipient Party at the following address or facsimile number: 

If to the Seller: 
 Heritage Golf Group,
LLC 
 12750 High Bluff Drive, 4th Floor 
 San Diego, California 92130 
 Attention: Andrew Crosson 
 Fax: (858) 720-0677 
 Phone:
(858) 720-0694 
  

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 With copies to: 
 Foley & Lardner LLP 
 402 West Broadway 
 Suite 2300 
 San Diego, California 92101

 Attention: Van A. Tengberg, Esq. 
 Fax: (619) 234-3510 
 Phone: (619) 234-6655 
 If to the Purchaser: 
 CNL Income Partners, LP 
 450 S. Orange Avenue, 5th Floor 
 Orlando,
Florida 32802 
 Attention: Office of the Chief Financial Officer 
 Attention: Office of the Corporate Counsel 
 Fax: 407-540-2544 
 Phone: 407-650-1000 
 With a copy to: 
 Lowndes, Drosdick, Doster, Kantor & Reed, P.A. 
 215 N. Eola Drive 
 Orlando, Florida 32802

 Attention: William T. Dymond, Esq. 
 Fax: (407) 843-4444 
 Phone: (407) 843-4600 
 14.1.2 Receipt of Notices. All Notices sent by a Party (or its counsel as contemplated below) under this Agreement shall be deemed to have been received by the Party to whom such Notice is sent upon
(i) delivery to the address or facsimile number of the recipient Party, provided that such delivery is made prior to 5:00 p.m. (local time for the recipient Party) on a Business Day, otherwise the following Business Day, or (ii) the
attempted delivery of such Notice if (A) such recipient Party refuses delivery of such Notice, or (B) such recipient Party is no longer at such address or facsimile number, and such recipient Party failed to provide the sending Party with
its current address or facsimile number pursuant to Section 14.1.3. 
 14.1.3 Change of Address. The Parties and their respective
counsel shall have the right to change their respective address and/or facsimile number for the purposes of this Section 14.1 by providing a Notice of such change in address and/or facsimile number as required under this Section 14.1.

 14.1.4 Delivery by Party’s Counsel. The Parties agree that the attorney for a Party shall have the authority to deliver
Notices on such Party’s behalf to the other Parties hereto. 
  

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 14.2 Time is of the Essence. Time is of the essence of this Agreement; provided,
however, that notwithstanding anything to the contrary in this Agreement, if the time period for the performance of any covenant or obligation, satisfaction of any condition or delivery of any Notice or item required under this Agreement shall
expire on a day other than a Business Day, such time period shall be extended automatically to the next Business Day. 
 14.3
Assignment. Neither the Seller nor the Purchaser shall assign this Agreement or any interest therein to any Person, without the prior written consent of the other Party, which consent may be withheld in the other Party’s sole
discretion; provided, however, that the Purchaser shall have the right to designate one or more wholly-owned special purpose entities (each an “SPE Owner”) to receive title to the Company Shares or may assign this Contract to any
Affiliate(s) of the Purchaser by providing written Notice to the Seller prior to the Closing. Notwithstanding the foregoing, (a) such designation or assignment shall not be effective until the Purchaser has provided the Seller with a fully
executed copy of such designation or assignment and assumption instrument, and (b) no such assignment will relieve the Purchaser from any of its duties or obligations under this Agreement. For the purposes of this Section 14.3, the sale of
a Controlling interest in any Party (or any Person with Control of any Party) shall constitute an assignment of this Agreement. 
 14.4
Successors and Assigns. This Agreement shall be binding upon the Parties hereto and their respective heirs and permitted successors and assigns, each of whom shall be entitled to enforce performance and observance of this
Agreement, to the same extent as if such heirs, successors, and assigns were parties hereto. 
 14.5 Third-Party
Beneficiaries. This Agreement shall not confer any rights or remedies on any Person other than (i) the Parties and their respective successors and permitted assigns, and (ii) any Indemnitee to the extent such Indemnitee is
expressly provided any right of defense or indemnification in this Agreement. 
 14.6 Rules of Construction. The
following rules shall apply to the construction and interpretation of this Agreement: 
 14.6.1 Singular words shall connote the plural as
well as the singular, and plural words shall connote the singular as well as the plural, and the masculine shall include the feminine and the neuter, as the context may require. 
 14.6.2 All references in this Agreement to particular articles, sections, subsections or clauses (whether in upper or lower case) are references to
articles, sections, subsections or clauses of this Agreement. All references in this Agreement to particular exhibits or schedules (whether in upper or lower case) are references to the exhibits and schedules attached to this Agreement, unless
otherwise expressly stated or clearly apparent from the context of such reference. 
 14.6.3 The headings in this Agreement are solely for
convenience of reference and shall not constitute a part of this Agreement nor shall they affect its meaning, construction or effect. 
  

 54 

 14.6.4 Each Party and its counsel have reviewed and revised (or requested revisions of) this Agreement
and have participated in the preparation of this Agreement, and therefore any rules of construction requiring that ambiguities are to be resolved against the Party which drafted this Agreement or any exhibits hereto shall not be applicable in the
construction and interpretation of this Agreement or any exhibits hereto. 
 14.6.5 The terms “sole discretion” and “absolute
discretion” with respect to any determination to be made by a Party under this Agreement shall mean the sole and absolute discretion of such Party, without regard to any standard of reasonableness or other standard by which the determination of
such Party might be challenged. 
 14.7 Severability. If any provision of this Agreement is ultimately determined to be
invalid or unenforceable, such provision shall be deemed limited by construction in scope and effect to the minimum extent necessary to render the same valid and enforceable, and, in the event no such limiting construction is possible, such invalid
or unenforceable provision shall be deemed severed from this Agreement without affecting the validity of any other provision hereof if the essential provisions of this Agreement for each party remain valid, binding and enforceable. 
 14.8 Governing Law. This Agreement shall be governed by, and construed and interpreted in accordance with, the laws of the State of
Delaware. Each Party agrees that a final judgment in any action or proceeding so brought shall be conclusive and may be enforced by suit on the judgment or in any other manner provided by law or at equity. 
 14.9 Waiver of Trial by Jury. THE PARTIES HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT THAT ANY PARTY MAY HAVE TO
A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER DOCUMENTS EXECUTED IN CONNECTION HEREWITH, OR IN RESPECT OF ANY COURSE OF CONDUCT, STATEMENTS (WHETHER ORAL OR
WRITTEN), OR ACTIONS OF EITHER PARTY. THIS PROVISION IS A MATERIAL INDUCEMENT FOR EACH OF THE PARTIES TO ENTER INTO THIS AGREEMENT. 
 14.10 Attorneys’ Fees. In connection with any disputes or actions arising out of the transactions contemplated by this Agreement, or the breach, enforcement or interpretation of this Agreement, the substantially
prevailing party shall be entitled to recover, from the party not substantially prevailing, all reasonable costs and attorney, paralegal and expert fees incurred by the substantially prevailing party before trial, at trial, at retrial, on appeal, at
all hearings and rehearings, and in all administrative, bankruptcy and reorganization proceedings. 
 14.11 Incorporation of Recitals,
Exhibits and Schedules. The recitals to this Agreement, and all exhibits and schedules referred to in this Agreement are incorporated herein by such reference and made a part of this Agreement. Any matter disclosed in any schedule to
this Agreement shall be deemed to be incorporated in all other schedules to this Agreement. 
 14.12 Entire Agreement.
This Agreement and the agreements to be executed and delivered in connection therewith set forth the entire understanding and agreement of the Parties 
  

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 hereto and shall supersede any other agreements and understandings (written or oral) between the Parties on or prior to
the Effective Date with respect to the transactions described in this Agreement. 
 14.13 Effect of Delay and Waivers.
No delay or omission to exercise any right or power accruing prior to or upon any breach, omission, or failure of performance hereunder shall impair any such right or power, or shall be construed to be a waiver thereof, and any such right or power
may be exercised from time to time and as often as may be deemed expedient. In the event of any breach of any provision contained in this Agreement, thereafter waived by another Party, such waiver shall be limited to the particular waiving Party and
to the particular breach in question and no other. No waiver or release of any term or provision of this Agreement shall be established by conduct, custom, or course of dealing, but solely by a document in writing duly authorized and executed by the
waiving or releasing Party. 
 14.14 Amendments, Waivers and Termination of Agreement. No amendment to or modification
of any terms or provisions of this Agreement, waiver of any covenant, obligation, breach or default under this Agreement or termination of this Agreement, shall be valid unless in writing and executed and delivered by each of the Parties.

 14.15 Execution of Agreement. A Party may deliver executed signature pages to this Agreement by facsimile
transmission to any other Party, which facsimile copy shall be deemed to be an original executed signature page. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original and all of which counterparts
together shall constitute one agreement with the same effect as if the Parties had signed the same signature page. 
 14.16 Liability
of Interest-Holders in Purchaser and its Affiliates. The Seller agrees and acknowledges that none of the members, partners, shareholders or other holders of beneficial interests of or in the Purchaser or any of the Purchaser’s
Affiliates shall be personally liable for any obligation or responsibility of the Purchaser or any of its Affiliates hereunder by virtue of being a member, partner, shareholder or holder of any beneficial interest of or in the Purchaser or any of
its Affiliates. 
 14.17 Good Faith Efforts. The Parties agree to use commercially reasonable, good-faith efforts to
effectuate the transactions contemplated by this Agreement. 
 [Remainder of page intentionally left blank; 
 Signatures on following pages] 
  

 56 

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

			
	SELLER:
	
	 HERITAGE GOLF GROUP, LLC,
 a
Delaware limited liability company

		
	By:	 	 /s/Andrew Crosson

	Name:	 	Andrew Crosson
	Title:	 	Executive Vice President
	
	TENANT:
	
	 HERITAGE GOLF MASTER LEASE, LLC,
 a
Delaware limited liability company

		
	By:	 	 /s/Andrew Crosson

	Name:	 	Andrew Crosson
	Title:	 	Executive Vice President
	
	HERITAGE:
	
	 HERITAGE GOLF GROUP, INC.,
 a Delaware
corporation

		
	By:	 	 /s/Andrew Crosson

	Name:	 	Andrew Crosson
	Title:	 	Executive Vice President
	
	PURCHASER:
	
	 CNL INCOME PARTNERS, LP,
 a Delaware
limited partnership

	
	By: CNL Income GP Corp., a Delaware corporation, its general partner
		
	By:	 	 /s/Amy Sinelli

	Name:	 	Amy Sinelli
	Title:	 	VP & Corporate Counsel

 [Signature page to Stock Purchase Agreement] 

 EXHIBIT A 
 TALEGA CONSTRUCTION BUDGET 
 To be provided to Purchaser by Seller within seven (7) Calendar Days
of the Effective Date. 
 Exhibit A 

 EXHIBIT B 
 DISCLOSURE STATEMENT 
 To be provided to Purchaser by Seller within seven (7) Calendar Days of
the Effective Date. 
 Exhibit B

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