Document:

Exhibit 10.68

 Exhibit 10.68 
 HOLLY SPRINGS, NC 
 (Hampton Inn) 
 PURCHASE CONTRACT 
 between 
 VIKING FUND HOLLY SPRINGS (NC), LLC (“SELLER”) 
 AND 
 APPLE NINE HOSPITALITY OWNERSHIP, INC. (“BUYER”) 
 Dated: January 6, 2009 

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page No.
	ARTICLE I	 	 DEFINED TERMS
	  	1
			
	 1.1
	 	 Definitions
	  	1
			
	ARTICLE II	 	 PURCHASE AND SALE; PURCHASE PRICE; PAYMENT; EARNEST MONEY DEPOSIT
	  	7
			
	 2.1
	 	 Purchase and Sale
	  	8
			
	 2.2
	 	 Purchase Price
	  	8
			
	 2.3
	 	 Allocation
	  	8
			
	 2.4
	 	 Payment
	  	8
			
	 2.5
	 	 Earnest Money Deposit
	  	8
			
	ARTICLE III	 	 REVIEW PERIOD
	  	8
			
	 3.1
	 	 Review Period
	  	8
			
	 3.2
	 	 Due Diligence Examination
	  	10
			
	 3.3
	 	 Restoration
	  	10
			
	ARTICLE IV	 	 SURVEY AND TITLE APPROVAL
	  	10
			
	 4.1
	 	 Survey
	  	10
			
	 4.2
	 	 Title
	  	10
			
	 4.3
	 	 Survey or Title Objections
	  	11
			
	ARTICLE V	 	 TERMINATION OF MANAGEMENT AGREEMENT
	  	12
			
	 5.1
	 	 Management Agreement
	  	12
			
	 5.2
	 	 Franchise Agreement
	  	12
			
	ARTICLE VI	 	 BROKERS
	  	12
			
	ARTICLE VII	 	 REPRESENTATIONS, WARRANTIES AND COVENANTS
	  	12
			
	 7.1
	 	 Seller’s and Indemnitor’s Representations, Warranties and Covenants
	  	12
			
	 7.2
	 	 Buyer’s Representations, Warranties and Covenants
	  	16
			
	 7.3
	 	 Survival
	  	17
			
	ARTICLE VIII	 	 ADDITIONAL COVENANTS
	  	17
			
	 8.1
	 	 Subsequent Developments
	  	17
			
	 8.2
	 	 Construction of Hotel
	  	17
			
	 8.3
	 	 Plans and Specifications
	  	17
			
	 8.4
	 	 Commencement of Construction; Substantial Completion
	  	18

  

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	 8.5
	 	 Inspections
	  	18
			
	 8.6
	 	 Punch List
	  	18
			
	 8.7
	 	 Pre-Opening Program
	  	18
			
	 8.8
	 	 Construction Warranty
	  	19
			
	 8.9
	 	 Other Obligations of Seller Before Closing
	  	19
			
	 8.10
	 	 Third Party Consents
	  	19
			
	 8.11
	 	 Access to Financial Information
	  	20
			
	 8.12
	 	 Bulk Sales
	  	20
			
	 8.13
	 	 Indemnification
	  	20
			
	 8.14
	 	 Escrow Funds
	  	22
			
	 8.15
	 	 Liquor License
	  	22
			
	ARTICLE IX	 	 CONDITIONS FOR CLOSING
	  	23
			
	 9.1
	 	 Buyer’s Conditions for Closing
	  	23
			
	 9.2
	 	 Seller’s Conditions for Closing
	  	24
			
	ARTICLE X	 	 CLOSING AND CONVEYANCE
	  	25
			
	 10.1
	 	 Closing
	  	25
			
	 10.2
	 	 Deliveries of Seller
	  	26
			
	 10.3
	 	 Buyer’s Deliveries
	  	27
			
	ARTICLE XI	 	 COSTS
	  	28
			
	 11.1
	 	 Seller’s Costs
	  	28
			
	 11.2
	 	 Buyer’s Costs
	  	28
			
	ARTICLE XII	 	 ADJUSTMENTS
	  	28
			
	 12.1
	 	 Adjustments
	  	28
			
	 12.2
	 	 Reconciliation and Final Payment
	  	29
			
	 12.3
	 	 Employees
	  	29
			
	ARTICLE XIII	 	 CASUALTY AND CONDEMNATION
	  	30
			
	 13.1
	 	 Risk of Loss; Notice
	  	30
			
	 13.2
	 	 Buyer’s Termination Right
	  	30
			
	 13.3
	 	 Procedure for Closing
	  	30
			
	ARTICLE XIV	 	 DEFAULT REMEDIES
	  	31
			
	 14.1
	 	 Buyer Default
	  	31
			
	 14.2
	 	 Seller Default
	  	31
			
	 14.3
	 	 Non-Closing Defaults/Breaches
	  	31

  

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	 14.4
	 	 Attorney’s Fees
	  	31
			
	ARTICLE XV	 	 NOTICES
	  	32
			
	ARTICLE XVI	 	 MISCELLANEOUS
	  	33
			
	 16.1
	 	 Performance
	  	33
			
	 16.2
	 	 Binding Effect; Assignment
	  	33
			
	 16.3
	 	 Entire Agreement
	  	33
			
	 16.4
	 	 Governing Law
	  	33
			
	 16.5
	 	 Captions
	  	33
			
	 16.6
	 	 Confidentiality
	  	33
			
	 16.7
	 	 Closing Documents
	  	33
			
	 16.8
	 	 Counterparts
	  	33
			
	 16.9
	 	 Severability
	  	34
			
	 16.10
	 	 Interpretation
	  	34
			
	 16.11
	 	 Survival
	  	34
			
	 16.12
	 	 Further Acts
	  	34
			
	 16.13
	 	 Joint and Several Obligations
	  	34
			
	 16.14
	 	 Notice of Proposed Listing
	  	34
		
	SCHEDULES:	  	

 EXHIBITS: 
  

			
	Exhibit A	  	Legal Description
	Exhibit B	  	List of FF&E
	Exhibit C	  	List of Hotel Contracts
	Exhibit D	  	Consents and Approvals
	Exhibit E	  	Environmental Reports
	Exhibit F	  	Claims or Litigation Pending
	Exhibit G	  	Escrow Agreement
	Exhibit H	  	Construction Warranty
	Exhibit I	  	Pre-Opening Budget

  

 iii 

 PURCHASE CONTRACT 
 This PURCHASE CONTRACT (this “Contract”) is made and entered into as of January 6, 2009, by and between VIKING FUND HOLLY SPRINGS (NC), LLC, a Delaware limited liability company
(“Seller”) with a principal office at 13760 Noel Rd., Suite 610, Dallas, Texas 75240, and APPLE NINE HOSPITALITY OWNERSHIP, INC., a Virginia corporation, with its principal office at 814 East Main Street, Richmond, Virginia
23219, or its affiliates or assigns (“Buyer”). 
 RECITALS 
 A. Seller is the fee simple owner of the land located in the City of Holly Springs, County of Wake, North Corlina, identified in on Exhibit A
attached hereto and incorporated herein by reference. Seller intends to construct a hotel on such land, containing 124 guestrooms operated or to be operated as a “Hampton Inn” hotel. 
 B. Buyer is desirous of purchasing such land and the hotel to be constructed thereon from Seller upon completion of the hotel, and Seller is desirous of
selling such land and hotel to Buyer, for the purchase price and upon terms and conditions hereinafter set forth. 
 AGREEMENT:

 NOW, THEREFORE, in consideration of the foregoing Recitals, the mutual covenants contained herein and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 

 DEFINED TERMS 
 1.1
Definitions. The following capitalized terms when used in this Contract shall have the meanings set forth below unless the context otherwise requires: 
 “Affiliate” shall mean, with respect to Seller or Buyer, any other person or entity directly or indirectly controlling (including but not limited to all directors and officers), controlled by or under
direct or indirect common control with Seller or Buyer, as applicable. For purposes of the foregoing, a person or entity shall be deemed to control another person or entity if it possesses, directly or indirectly, the power to direct or cause
direction of the management and policies of such other person or entity, whether through the ownership of voting securities, by contract or otherwise. 
 “Appurtenances” shall mean all rights, titles, and interests of Seller appurtenant to the Land and Improvements, including, but not limited to, (i) all easements, rights of way, rights of ingress
and egress, tenements, hereditaments, privileges, and appurtenances in any way belonging to the Land or Improvements, (ii) any land lying in the bed of any alley, highway, street, road or avenue, open or proposed, in front of or abutting or
adjoining the Land, (iii) any strips or gores of real estate adjacent to the Land, and (iv) the use of all alleys, easements and rights-of-way, if any, abutting, adjacent, contiguous to or adjoining the Land. 
  

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 “Architect” shall mean the architect for the Hotel, TDI Associates, Inc. 
 “Brand” shall mean “Hampton Inn”, the hotel brand or franchise under which the Hotel is operating, or will operate.

 “Business Day” shall mean any day other than a Saturday, Sunday or legal holiday in the Commonwealth of Virginia or the
state in which the Real Property is located. 
 “Closing” shall mean the closing of the purchase and sale of the Property
pursuant to this Contract. 
 “Closing Date” shall have the meaning set forth in Section 10.1. 
 “Construction Warranty” shall have the meaning set forth in Section 8.8. 
 “Contractor” shall mean the contractor for the Hotel, Henning Construction Company. 
 “Contracts, Plans and Specs” shall mean all construction and other contracts, plans, drawings, specifications, surveys, soil reports,
engineering reports, inspection reports, and other technical descriptions and reports in the possession or control of Seller at the time of mutual acceptance of this Agreement and those created during the term of this Contract. 
 “Deed” shall have the meaning set forth in Section 10.2(a). 
 “Deposits” shall mean, to the extent assignable, all prepaid rents and deposits, refundable security deposits and rental deposits, and
all other deposits for advance reservations, banquets or future services, made in connection with the use or occupancy of the Improvements; provided, however, that to the extent Seller has not received or does not hold all of the prepaid rents
and/or deposits attributable to the Leases related to the Property, Buyer shall be entitled to a credit against the cash portion of the Purchase Price allocable to the Property in an amount equal to the amount of the prepaid rents and/or deposits
attributable to the Leases transferred at the Closing of such Property, and provided further, that “Deposits” shall exclude (i) reserves for real property taxes and insurance, in each case, to the extent pro rated on the settlement
statement such that Buyer receives a credit for (a) taxes and premiums in respect of any period prior to Closing and (b) the amount of deductibles and other self-insurance and all other potential liabilities and claims in respect of any
period prior to Closing, and (ii) utility deposits. 
 “Due Diligence Examination” shall have the meaning set forth in
Section 3.2. 
 “Earnest Money Deposit” shall have the meaning set forth in Section 2.5(a). 
 “Environmental Requirements” shall have the meaning set forth in Section 7.1(f) 
 “Escrow Agent” shall have the meaning set forth in Section 2.5(a). 
 “Escrow Agreement” shall have the meaning set forth in Section 2.5(b). 
 “Escrow Funds” shall have the meaning set forth in Section 8.14. 
  

 2 

 “Exception Documents” shall have the meaning set forth in Section 4.2. 

“Existing Franchise Agreement” shall mean that certain franchise license agreement between the Seller and the Franchisor, granting
Seller a franchise to operate its Hotel under the Brand. 
 “Existing Management Agreement” shall mean any management
agreement between Seller and Prism Hospitality, LP. 
 “FF&E” shall mean all tangible personal property and
fixtures of any kind (other than personal property (i) owned by guests or tenants of the Hotel or other third parties or (ii) leased by Seller pursuant to an FF&E Lease) attached to, or located upon and used in connection with the
ownership, maintenance, use or operation of the Land or Improvements as of the date hereof (or acquired by Seller and so employed prior to Closing), including, but not limited to, all furniture, fixtures, equipment, signs and related personal
property; all heating, lighting, plumbing, drainage, electrical, air conditioning, and other mechanical fixtures and equipment and systems; all elevators, and related motors and electrical equipment and systems; all hot water heaters, furnaces,
heating controls, motors and equipment, all shelving and partitions, all ventilating equipment, and all disposal equipment; all spa, health club and fitness equipment; all equipment used in connection with the use and/or maintenance of the
guestrooms, restaurants, lounges, business centers, meeting rooms, swimming pools, indoor and/or outdoor sports facilities and other common areas and recreational areas; all carpet, drapes, beds, furniture, televisions and other furnishings; all
stoves, ovens, freezers, refrigerators, dishwashers, disposals, kitchen equipment and utensils, tables, chairs, plates and other dishes, glasses, silverware, serving pieces and other restaurant and bar equipment, apparatus and utensils. A current
list of FF&E is attached hereto as Exhibit B. 
 “FF&E Leases” shall mean all leases of any FF&E
and other contracts permitting the use of any FF&E at the Improvements. 
 “Financial Statements” shall have the meaning
set forth in Section 3.1(b). 
 “Franchise Agreement” shall mean the franchise license agreement, in form reasonably
acceptable to Buyer, between Franchisor and Buyer. 
 “Franchisor” shall mean Hilton Hotels or its affiliate. 
 “Hotel” shall mean the existing hotel, or hotel to be constructed, on the Land, including all Improvements and Personal Property
associated therewith, to be known generally as the “Hampton Inn & Suites”. 
 “Hotel Contracts” shall
have the meaning set forth in Section 10.2(d). 
 “Improvements” shall mean all buildings, structures, fixtures,
parking areas and other improvements now existing or to be constructed on the Land, and all related facilities. 
 “Indemnified
Party” shall have the meaning set forth in Section 8.8(c)(i). 
  

 3 

 “Indemnifying Party” shall have the meaning set forth in Section 8.8(c)(i).

 “Land” shall mean, collectively, a fee simple absolute interest in the real property more fully described in Exhibit
A, which is attached hereto and incorporated herein by reference, together with all rights (including without limitation all air rights and development rights), alleys, streets, strips, gores, waters, privileges, appurtenances, advantages and
easements belonging thereto or in any way appertaining thereto. 
 “Leases” shall mean all leases, franchises, licenses,
occupancy agreements, “trade-out” agreements, advance bookings, convention reservations, or other agreements demising space in, providing for the use or occupancy of, or otherwise similarly affecting or relating to the use or occupancy of,
the Improvements or Land, together with all amendments, modifications, renewals and extensions thereof, and all guaranties by third parties of the obligations of the tenants, licensees, franchisees, concessionaires or other entities thereunder.

 “Legal Action” shall have the meaning set forth in Section 8.8(c)(ii). 
 “Legal Requirements” shall mean any and all statutes, laws, ordinances, zoning and other codes, rules, regulations and requirements of
any governmental authority applicable to the Property or any of the parties to this Contract. 
 “Licenses” shall mean all
permits, licenses, franchises, utility reservations, certificates of occupancy, and other documents issued by any federal, state, or municipal authority or by any private party related to the development, construction, use, occupancy, operation or
maintenance of the Hotel, including, without limitation, all licenses, approvals and rights (including any and all existing waivers of any brand standard) necessary or appropriate for the operation of the Hotel under the Brand. 
 “Liquor Licenses” shall have the meaning set forth in Section 8.15. 
 “Management Agreement” means the management agreement to be entered into between Buyer and the Manager for the operation and management
of the Hotel on and after the Closing Date. 
 “Manager” shall mean the management company chosen by Buyer to operate the
Hotel from and after Closing. 
 “Other Property” shall have the meaning set forth in Section 16.14. 
 “Pending Claims” shall have the meaning set forth in Section 7.1(e). 
 “Permitted Exceptions” shall have the meaning set forth in Section 4.3. 
 “Personal Property” shall mean, collectively, all of the Property other than the Real Property. 
 “Plans and Specifications” shall have the meaning set forth in Section 8.3. 
  

 4 

 “Pre-Opening Costs” shall have the meaning set forth in Section 8.7. 
 “Pre-Opening Program” shall have the meaning set forth in Section 8.7. 
 “Post-Closing Agreement” shall have the meaning set forth in Section 8.14. 
 “Property” shall mean, collectively (i) all of the following with respect to the Hotel: the Land, Improvements, Appurtenances,
FF&E, Supplies, Leases, Deposits, Records, Service Contracts, Warranties, Licenses, FF&E Leases, Contracts, Plans and Specs, Tradenames, the Franchise Agreement, Utility Reservations, as well as all other real, personal or intangible
property of Seller related to any of the foregoing and (ii) any and all of the following that relate to or affect in any way the design, construction, ownership, use, occupancy, leasing, maintenance, service or operation of the Real Property,
FF&E, Supplies, Leases, Deposits or Records: Service Contracts, Warranties, Licenses, Tradenames, Contracts, Plans and Specs and FF&E Lease. 
 “Punch List Items” shall mean such items (i) as are reasonably necessary or appropriate to fully complete the construction, equipping and furnishing of the Hotel in accordance with this Contract
and (ii) that, unless otherwise agreed by Buyer in its sole discretion, (a) individually and in the aggregate do not and will not prohibit, cause a delay in or otherwise adversely affect, under applicable Legal Requirements, the Franchise
Agreement or otherwise, the opening of the Hotel for business to the public or the continued occupancy and operation of the Hotel as contemplated under the Brand and (b) may be corrected or completed, subject to delays caused by Force Majeure,
within not more than sixty (60) days. 
 “Purchase Price” shall have the meaning set forth in Section 2.2.

 “Real Property” shall mean, collectively, all Land, Improvements and Appurtenances with respect to the Hotel. 

“Records” shall mean the following (other than any such information owned exclusively by the Franchisor or the Manager under the
Existing Management Agreement): all books, records, promotional material, tenant data, guest history information, marketing and leasing material and forms (including but not limited to any such records, data, information, material and forms in the
form of computerized files located at the Hotel), market studies prepared in connection with each Seller’s current annual plan and other materials, information, data, legal or other documents or records (including, without limitation, all
documentation relating to any litigation or other proceedings, all zoning and/or land use notices, relating to or affecting the Property, all business plans and projections and all studies, plans, budgets and contracts related to the development,
construction and/or operation of the Hotel) owned by Seller and/or in a Seller’s possession or control, or to which a Seller has access or may obtain from the Franchisor, that are used in or relating to the Property and/or the operation of the
Hotel, including the Land, the Improvements or the FF&E, and proforma budgets and projections and construction budgets and contracts related to the development and construction of the Hotel and a list of the general contractors, architects and
engineers providing goods and/or services in connection with the construction of the Hotel, all construction warranties and guaranties in effect at Closing and copies of the final plans and specifications for the Hotel. 
  

 5 

 “Release” shall have the meaning set forth in Section 7.1(f). 
 “Review Period” shall have the meaning set forth in Section 3.1. 
 “SEC” shall have the meaning set forth in Section 8.11. 
 “Seller Liens” shall have the meaning set forth in Section 4.3. 
 “Seller Parties” shall have the meaning set forth in Section 7.1(e). 
 “Service Contracts” shall mean contracts or agreements, such as maintenance, supply, service or utility contracts. 
 “Substantial Completion,” including variations thereof such as “Substantially Complete” and “Substantially
Completed” shall mean : (i) the Architect and the Contractor have issued a certificate of substantial completion in form and substance reasonably satisfactory to Buyer certifying that the Hotel has been constructed substantially in
accordance with the Plans and Specifications and the Legal Requirements, subject to Punch List Items(ii) at least a temporary certificate of occupancy authorizing the opening of the Hotel for business to the public and for operation under the Brand
has been issued by the local governing authority and is in full force and effect, (iii) all other final and unconditional consents, approvals, licenses and operating permits necessary or appropriate for the Hotel to open for business to the
public and to operate under the Brand have been issued by and obtained from all applicable governmental and regulatory authorities, subject to Punch List Items; (iv) the Hotel is fully furnished, fitted and equipped and ready to open for
business to the public and operate under the Brand, subject to Punch List Items; (v) all contractors, subcontractors, suppliers, mechanics, materialmen and other persons or entities providing labor or materials for the construction and
development of the Hotel shall have been paid in full (or adequate provision for payment of such persons or entities has been made to Buyer’s reasonable satisfaction), subject to Punch List Items and (vi) the Franchisor has approved the
completion, furnishing and equipping of the Hotel and is prepared to commence (or authorize the commencement of) operation of the Hotel, and all of the other conditions set forth in the Franchise Agreement relating to the construction and the
opening of the Hotel have been satisfied in all material respects, subject to Punch List Items. 
 “Supplies” shall mean all
merchandise, supplies, inventory and other items used for the operation and maintenance of guest rooms, restaurants, lounges, swimming pools, health clubs, spas, business centers, meeting rooms and other common areas and recreational areas located
within or relating to the Improvements, including, without limitation, all food and beverage (alcoholic and non-alcoholic) inventory, office supplies and stationery, advertising and promotional materials, china, glasses, silver/flatware, towels,
linen and bedding (all of which shall be 2-par level for all suites or rooms in the Hotel), guest cleaning, paper and other supplies, upholstery material, carpets, rugs, furniture, engineers’ supplies, paint and painters’ supplies,
employee uniforms, and all cleaning and maintenance supplies, including those used in connection with the swimming pools, indoor and/or outdoor sports facilities, health clubs, spas, fitness centers, restaurants, business centers, meeting rooms and
other common areas and recreational areas. 
 “Survey” shall have the meaning set forth in Section 4.1. 
  

 6 

 “Third Party Consents” shall have the meaning set forth in Section 8.10.

 “Title Commitment” shall have the meaning set forth in Section 4.2. 
 “Title Company” shall have the meaning set forth in Section 4.2. 
 “Title Policy” shall have the meaning set forth in Section 4.2. 
 “Title Review Period” shall have the meaning set forth in Section 4.3. 
 “Tradenames” shall mean all telephone exchanges and numbers, trade names, trade styles, trade marks, and other identifying material, and
all variations thereof, together with all related goodwill (it being understood and agreed that the name of the hotel chain to which the Hotel is affiliated by franchise, license or management agreement is a protected name or registered service mark
of such hotel chain and cannot be transferred to Buyer by this Contract, provided that all such franchise, license, management and other agreements granting a right to use the name of such hotel chain or any other trademark or trade name and all
waivers of any brand standard shall be assigned to Buyer). 
 “Utility Reservations” shall mean Seller’s interest in
the right to receive immediately on and after Closing and continuously consume thereafter water service, sanitary and storm sewer service, electrical service, gas service and telephone service on and for the Land and Improvements in capacities that
are adequate continuously to use and operate the Improvements for the purposes for which they were intended, including, but not limited to (i) any right to the present and future use of wastewater, drainage, water and other utility facilities
to the extent such use benefits the Real Property, (ii) any reservations of or commitments covering any such use in the future, and (iii) any wastewater capacity reservations relating to the Real Property. Buyer shall be responsible for
any requests or documents to transfer the Utility Reservations, at Buyer’s sole cost and expense. 
 “Warranties” shall
mean all warranties, guaranties, indemnities and claims for the benefit of Seller with respect to the Hotel, the Property or any portion thereof, including, without limitation, all warranties and guaranties of the development, construction,
completion, installation, equipping and furnishing of the Hotel, and all indemnities, bonds and claims of Seller related thereto. 
 ARTICLE II 
 PURCHASE AND SALE; PURCHASE PRICE; PAYMENT; 
 EARNEST MONEY DEPOSIT 
 2.1 Purchase and Sale. Seller agrees to sell and
convey to Buyer or its Affiliate, and Buyer or its Affiliates agrees to purchase from Seller, the Property, in consideration of the Purchase Price and upon the terms and conditions hereof. All of the Property shall be conveyed, assigned, and
transferred to Buyer at Closing, free and clear of all mortgages, liens, encumbrances, licenses, franchises (other than any hotel franchises assumed by Buyer), concession agreements, security interests, prior assignments or conveyances, conditions,
restrictions, rights-of-way, easements, encroachments, claims and other matters affecting title or possession, except for the Permitted Exceptions, Leases, and FF&E Leases. 
  

 7 

 2.2 Purchase Price. Buyer agrees to pay, and Seller agrees to accept, as consideration for the
conveyance of the Property, subject to the adjustments provided for in this Contract, the amount of Fourteen Million Eight Hundred Eighty Thousand and No/100 Dollars ($14,880,000.00) (the “Purchase Price”). 
 2.3 Allocation. Buyer and Seller shall attempt to agree on an allocation of the Purchase Price among Real Property, tangible Personal Property and
intangible property related to the Property. In the event Buyer and Sellers do not agree, each party shall be free to allocate the Purchase Price to such items as they deem appropriate, subject to and in accordance with applicable laws. 

2.4 Payment. The portion of the Purchase Price, less: (a) the Earnest Money Deposit and interest earned thereon, if any, which Buyer
elects to have applied against the Purchase Price (as provided below) and (b) the Escrow Funds, shall be paid to Seller in cash, certified funds or wire transfer, at the Closing of the Property. At the Closing, the Earnest Money Deposit,
together with interest earned thereon, if any, shall, at Buyer’s election, be returned to Buyer or shall be paid over to Seller by Escrow Agent to be applied to the portion of the Purchase Price on behalf of Buyer, and the Escrow Funds shall be
deposited to Buyer into an escrow account pursuant to the Post-Closing Agreement as contemplated by Section 8.14. 
 2.5 Earnest
Money Deposit. 
 (a) Within three (3) Business Days after the full execution and delivery of this Contract, Buyer shall deposit the
sum of One Hundred Thousand and No/100 Dollars ($100,000.00) in cash, certified bank check or by wire transfer of immediately available funds (the “Earnest Money Deposit”) with the Title Company, as escrow agent
(“Escrow Agent”), which sum shall be held by Escrow Agent as earnest money. If, pursuant to the provisions of Section 3.1 of this Contract, Buyer elects to terminate this Contract at any time prior to the expiration of
the Review Period, then the Escrow Agent shall return the Earnest Money Deposit to Buyer promptly upon written notice to that effect from Buyer. 
 (b) The Earnest Money Deposit shall be held by Escrow Agent subject to the terms and conditions of an Escrow Agreement dated as of the date of this Contract entered into by Seller, Buyer and Escrow Agent (the “Escrow
Agreement”). The Earnest Money Deposit shall be held in an interest-bearing account in a federally insured bank or savings institution reasonably acceptable to Seller and Buyer, with all interest to accrue to the benefit of the party
entitled to receive it and to be reportable by such party for income tax purposes. 
 ARTICLE III 
 REVIEW PERIOD 
 3.1 Review
Period. Buyer shall have a period through 6:00 p.m. Eastern Time on the date that is thirty (30) days following the date of this Contract except as otherwise agreed to in writing by Buyer and Seller (the “Review
Period”), to evaluate the legal, title, survey, construction, physical condition, structural, mechanical, environmental, economic, permit status, franchise status, financial and other documents and information related to the Property.
Within two (2) Business Days following the date of this Contract, Seller, at Seller’s sole cost and 

  

 8 

 
expense, will deliver to Buyer (or make available at the Hotel) for Buyer’s review, to the extent not previously delivered to Buyer, true, correct and
complete copies of the following, together with all amendments, modifications, renewals or extensions thereof: 
 (a) All Warranties currently
in effect and Licenses relating to the Hotel or any part thereof; 
 (b) If the Property constitutes an existing hotel currently being
operated by Seller, income and expense statements and budgets for the Hotel, for the current year to date and each of the three (3) prior fiscal years, or such shorter period of time as Seller has owned the Property (the “Financial
Statements”), and the Seller shall provide to Buyer copies of all income and expense statements generated by the Seller or any third party that relate to the operations of the Hotel and that contain information not included in the
financial statements, if any, provided to Buyer by the Manager, provided that Sellers also agree to provide to Buyer’s auditors and representatives all financial and other information necessary or appropriate for preparation of audited
financial statements for Buyer and/or its Affiliates as provided in Section 8.11, below; 
 (c) All real estate and personal property
tax statements with respect to the Hotel and notices of appraised value for the Real Property for the current year (if available) and each of the three (3) calendar years prior to the current year, or such shorter period of time as Seller has
owned the Property; 
 (d) Engineering, mechanical, architectural and construction plans, drawings, specifications and contracts, payment and
performance bonds, title policies, reports and commitments, zoning information and marketing and economic data relating to the Land or the Hotel and the construction, development, installation and equipping thereof, as well as copies of all
environmental reports and information, topographical, boundary or “as built” surveys, engineering reports, subsurface studies and other Contracts, Plans and Specs relating to or affecting the Hotel. If the Hotel is purchased by Buyer, all
such documents and information relating to the Hotel shall thereupon be and become the property of Buyer without payment of any additional consideration therefor; 
 (e) All FF&E Leases, Services Contracts, Leases and, if applicable, a schedule of such Leases of space in the Hotel, and all agreements, if any, for real estate commissions, brokerage fees, finder’s fees or
other compensation payable by Seller in connection therewith; and 
 (f) All notices received from governmental authorities in connection
with the Land for the current year and each of the two (2) calendar years prior to the current year (or such shorter period of time as Seller has owned the Property) and all other notices received from governmental authorities received at any
time that relate to any noncompliance or violation of law that has not been corrected. 
 Seller shall, upon request of Buyer, make available
to Buyer and Buyer’s representatives and agents, for inspection and copying during normal business hours, Records located at Seller’s corporate offices, and Seller agrees to provide Buyer copies of all other reasonably requested 

  

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information that is relevant to the management, operation, use, occupancy or leasing of or title to the Property and the plans and specifications for
development of the Hotel. At any time during the Review Period, Buyer may, in its sole and absolute discretion, elect not to proceed with the purchase of the Property for any reason whatsoever by giving written notice thereof to Seller, in which
event: (i) the Earnest Money Deposit shall be promptly returned by Escrow Agent to Buyer together with all accrued interest, if any, (ii) this Contract shall be terminated automatically, (iii) all materials supplied by Seller to Buyer
shall be returned promptly to Seller, and (iv) both parties will be relieved of all other rights, obligations and liabilities hereunder, except for the parties’ obligations pursuant to Sections 3.3 and 16.6 below and such other obligations
as are expressly provided for in this Contract as surviving the termination of this Contract. 
 3.2 Due Diligence Examination. At any
time during the Review Period, and thereafter through Closing of the Property, Buyer and/or its representatives and agents shall have the right to enter upon the Property at all reasonable times for the purposes of reviewing all Records and other
data, documents and/or information relating to the Properties and conducting such surveys, appraisals, engineering tests, soil tests (including, without limitation, Phase I and Phase II environmental site assessments), inspections of construction
and other inspections and other studies as Buyer deems reasonable and necessary or appropriate to evaluate the Property, subject to providing reasonable advance notice to Seller unless otherwise agreed to by Buyer and Sellers (the “Due
Diligence Examination”). Seller shall have the right to have its representative present during Buyer’s physical inspections of its Property, provided that failure of such Seller to do so shall not prevent Buyer from exercising its
due diligence, review and inspection rights hereunder. Buyer agrees to exercise reasonable care when visiting the Property, in a manner which shall not materially adversely affect the operation of the Property, and pay the costs of all such
inspections. 
 3.3 Restoration. Buyer covenants and agrees not to damage or destroy any portion of the Property in conducting its
examinations and studies of the Property during the Due Diligence Examination and, if closing does not occur, shall repair any portion of the Properties damaged by the conduct of Buyer, its agents, employees or contractors, to substantially the
condition such portion(s) of the Property were in immediately prior to such examinations or studies. Buyer’s obligations under this Section 3.3 shall survive any termination of this Contract. 
 ARTICLE IV 
 SURVEY AND TITLE
APPROVAL 
 4.1 Survey. Seller has delivered to Buyer true, correct and complete copies of the most recent surveys of the Real
Property. In the event that an update of a survey or a new survey (such updated or new survey being referred to as the “Survey”) are desired by Buyer, then Buyer shall be responsible for all costs related thereto; provided,
however, Seller shall provide, at its sole cost and expense, an as-built survey when the Hotel is substantially complete. 
 4.2
Title. Seller has delivered to Buyer Seller’s existing title insurance policy, including copies of all documents referred to therein, for the Real Property. Buyer’s obligations under this Contract are conditioned upon Buyer being able
to obtain for the Property (i) a Commitment for Title Insurance (the “Title Commitment”) issued by Chicago Title Insurance 

  

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Company, Attn: Debby Moore, 2505 N. Plano Road, Ste. 3100, Richardson, Texas 75082 (the “Title Company”), for the most recent
standard form of owner’s policy of title insurance in the state in which the Real Property is located, covering the Real Property, setting forth the current status of the title to the Real Property, showing all liens, claims, encumbrances,
easements, rights of way, encroachments, reservations, restrictions and any other matters affecting the Real Property and pursuant to which the Title Company agrees to issue to Buyer at Closing an Owner’s Policy of Title Insurance on the most
recent form of ALTA (where available) owner’s policy available in the state in which the Land is located, with extended coverage and, to the extent applicable and available in such state, comprehensive, access, single tax parcel, contiguity,
Fairway and such other endorsements as may be required by Buyer (collectively, the “Title Policy”); and (ii) true, complete, legible and, where applicable, recorded copies of all documents and instruments (the
“Exception Documents”) referred to or identified in the Title Commitment, including, but not limited to, all deeds, lien instruments, leases, plats, surveys, reservations, restrictions, and easements affecting the Real
Property. If requested by Seller, Buyer shall promptly provide Seller with a copy of the Title Commitment issued by the Title Company. 
 4.3 Survey or Title Objections. If Buyer discovers any title or survey matter which is objectionable to Buyer, Buyer may provide Seller with written notice of its objection to same prior to the expiration of the Review Period (the
“Title Review Period”). If Buyer fails to so object in writing to any such matter set forth in the Survey or Title Commitment, it shall be conclusively assumed that Buyer has approved same, except as otherwise provided in
Section 9.1. If Buyer disapproves any condition of title, survey or other matters by written objection to Seller on or before the expiration of the Title Review Period, Seller shall elect either to attempt to cure or not cure any such item by
written notice sent to Buyer (the “Cure Notice”) within two (2) days after Seller’s receipt of notice from Buyer, and if Seller commits in writing to attempt to cure any such item, then Seller shall be given until
the Closing Date to cure any such defect. In the event Seller shall fail to cure a defect which Seller has committed in writing to cure prior to Closing, then Buyer may elect, in Buyer’s sole and absolute discretion: (i) to waive such
objection and proceed to Closing, or (ii) to terminate this Contract and receive a return of the Earnest Money Deposit, and any interest thereon (which notice of termination must be given within two (2) days after Purchaser’s receipt
of the Cure Notice). If a new title defect arises after the date of Buyer’s Title Commitment or Survey, as applicable, but prior to Closing, then Buyer shall be entitled to object to such matters within ten (10) days after the date on
which Buyer is notified that such new title defect has arisen and the parties’ rights and obligations with respect to such new title matters shall be governed by the mechanic’s and provisions (including time limits) set forth in this
Section 4.3. The items shown on the Title Commitment which are not objected to by Buyer as set forth above (other than exceptions and title defects arising after the Title Review Period and other than those standard exceptions which are
ordinarily and customarily omitted in the state in which the Hotel is located, so long as Seller provides the appropriate owner’s affidavit, gap indemnity or other documentation reasonably required by the Title Company for such omission) and
all Leases and FF&E Leases showing on the Title Commitment are hereinafter referred to as the “Permitted Exceptions.” “Permitted Exceptions” shall also include any easement or other matter imposed of record by
Seller which is necessary for the development of the Land or the construction of the Improvements in accordance with the Plans and Specifications. In no event shall Permitted Exceptions include liens, or documents evidencing liens, securing any
indebtedness or any mechanics’ or materialmen’s liens or any claims or potential claims therefor covering the Property or any portion thereof (“Seller Liens”), each of which shall be paid in full by Seller and
released at Closing. 
  

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 ARTICLE V 
 MANAGEMENT AGREEMENT AND FRANCHISE AGREEMENT 
 5.1 Management Agreement. At or prior to the
Closing, Seller shall terminate the Existing Management Agreement and Seller shall be solely responsible for all claims and liabilities arising thereunder on, prior to or following the Closing Date. Seller shall be responsible for paying all costs
related to the termination of any existing management agreement and shall indemnify and hold Buyer harmless from and against any and all claims from any persons claiming under any management agreement other than the management agreement entered into
between Buyer and Manager. As a condition to Closing, Buyer and Manager shall enter into the New Management Agreement, effective as of the Closing Date. 
 5.2 Franchise Agreement. At or prior to Closing, Seller shall either (i) terminate the Existing Franchise Agreement or (ii) cause the Existing Franchise Agreement to be assigned or otherwise
transferred to Buyer, in any case at no cost to Buyer. Seller shall be solely responsible for all claims and liabilities arising under the Existing Franchise Agreement on, prior to or following the Closing Date; provided, however, if the Existing
Franchise Agreement is assumed or otherwise transferred to Buyer, Buyer shall be solely responsible for claims arising from and after the Closing Date. If the Franchisor requires that Buyer enter into a New Franchise Agreement, Seller shall
reimburse Buyer for any costs and charges imposed by Franchisor. Seller shall use best efforts to promptly provide all information required by the Franchisor in connection with the New Franchise Agreement, and Seller and Buyer shall diligently
pursue obtaining the same. 
 ARTICLE VI 
 BROKERS 
 Seller and Buyer each represents and warrants to the other that it has not engaged any
broker, finder or other party in connection with the transaction contemplated by this Contract. Buyer and Sellers each agree to save and hold the other harmless from any and all losses, damages, liabilities, costs and expenses (including, without
limitation, attorneys’ fees) involving claims made by any other agent, broker, or other person by or through the acts of Buyer or Seller, respectively, in connection with this transaction. 
 ARTICLE VII 
 REPRESENTATIONS,
WARRANTIES AND COVENANTS 
 7.1 Seller’s Representations, Warranties and Covenants. Seller hereby represents, warrants and
covenants to Buyer as follows: 
 (a) Authority; No Conflicts. Seller is a limited liability company duly formed, validly existing and
in good standing in the State of Delaware. Seller has obtained all necessary consents to enter into and perform this Contract and is fully authorized to enter into and perform this Contract and to complete the transactions contemplated by this
Contract. No consent or approval of any person, entity or governmental authority is required for the execution, 

  

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delivery or performance by Seller of this Contract, and this Contract is hereby binding and enforceable against Seller. Neither the execution nor the
performance of, or compliance with, this Contract by Seller has resulted, or will result, in any violation of, or default under, or acceleration of, any obligation under any existing corporate charter, certificate of incorporation, bylaw, articles
of organization, limited liability company agreement or regulations, partnership agreement or other organizational documents and under any, mortgage indenture, lien agreement, promissory note, contract, or permit, or any judgment, decree, order,
restrictive covenant, statute, rule or regulation, applicable to Seller or to the Seller’s Hotel. 
 (b) FIRPTA. Seller is not a
foreign corporation, foreign partnership, foreign trust or foreign estate (as those items are defined in the Internal Revenue Code and Income Tax Regulations). 
 (c) Bankruptcy. None of Seller, or, to Seller’s knowledge, any of its or their partners or members, is insolvent or the subject of any bankruptcy proceeding, receivership proceeding or other insolvency,
dissolution, reorganization or similar proceeding. 
 (d) Property Agreements. The assets constituting the Property to be conveyed to
Buyer hereunder shall constitute all of the property and assets to be used in connection with the operation and business of the Hotel. There are no, and as of the Closing there shall be no, leases, license agreements, leasing agent’s
agreements, equipment leases, building service agreements, maintenance contracts, suppliers contracts, warranty contracts, operating agreements, or other agreements (i) to which Seller is a party or an assignee, or (ii) binding upon the
Property, relating to the ownership, occupancy, operation, management or maintenance of the Real Property, FF&E, Supplies or Tradenames, except for those Service Contracts, Leases, Warranties and FF&E Leases to which Seller becomes a party
with the approval of Buyer (which approval shall not be unreasonably withheld) or which Buyer may enter into before the Closing. As of the Closing, any Service Contracts, Leases, Warranties and FF&E Leases to which Seller has become a party with
the approval of Buyer shall be in full force and effect, and no default shall have occurred and be continuing thereunder and no circumstances shall exist which, with the giving of notice, the lapse of time or both, would constitute such a default.
No party has, and as of the Closing no party shall have, any right or option to acquire the Property or any portion thereof, other than Buyer. 
 (e) Pending Claims. To Seller’s knowledge, there are no: (i) claims, demands, litigation, proceedings or governmental investigations pending or threatened against Seller, the Manager or any Affiliate of any of them
(collectively, “Seller Parties”) or related to the business or assets of the Hotel, except as set forth on Exhibit F attached hereto and incorporated herein by reference, (ii) special assessments or extraordinary
taxes except as set forth in the Title Commitment or (iii) pending or threatened condemnation or eminent domain proceedings which would affect the Property or any part thereof. To Seller’s knowledge, there are no: pending arbitration
proceedings or unsatisfied arbitration awards, or judicial proceedings or orders respecting awards, which might become a lien on the Property or any portion thereof, pending unfair labor practice charges or complaints, unsatisfied unfair labor
practice orders or judicial proceedings or orders with respect thereto, pending charges or complaints with or by city, state or federal civil or human rights agencies, unremedied orders by such agencies or 

  

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judicial proceedings or orders with respect to obligations under city, state or federal civil or human rights or antidiscrimination laws or executive orders
affecting the Hotel, or other pending, actual or, to Seller’s knowledge, threatened litigation claims, charges, complaints, petitions or unsatisfied orders by or before any administrative agency or court which affect the Hotel or might become a
lien on the Hotel (collectively, the “Pending Claims”). 
 (f) Environmental. With respect to environmental
matters, to Seller’s knowledge and except as otherwise disclosed in the environmental reports and documents identified in Exhibit E, (i) there has been no Release or threat of Release of Hazardous Materials in, on, under, to, from
or in the area of the Real Property, except as disclosed in the reports and documents set forth on Exhibit E attached hereto and incorporated herein by reference, (ii) no portion of the Property is being used for the treatment, storage,
disposal or other handling of Hazardous Materials or machinery containing Hazardous Materials other than standard amounts of cleaning supplies and chlorine for the swimming pool, all of which are stored on the Property in strict accordance with
applicable Environmental Requirements and do not exceed limits permitted under applicable laws, including without limitation Environmental Requirements, (iii) no underground storage tanks are currently located on or in the Real Property or any
portion thereof, (iv) no environmental investigation, administrative order, notification, consent order, litigation, claim, judgment or settlement with respect to the Property or any portion thereof is pending or threatened, (v) there is
not currently and, to Seller’s actual knowledge, never has been any mold, fungal or other microbial growth in or on the Real Property, or existing conditions within buildings, structures or mechanical equipment serving such buildings or
structures, that could reasonably be expected to result in material liability or material costs or expenses to remediate the mold, fungal or microbial growth, or to remedy such conditions that could reasonably be expected to result in such growth,
and (vi) except as disclosed on Exhibit E, there are no reports or other documentation regarding the environmental condition of the Real Property in the possession of Seller or Seller’s Affiliates, consultants, contractors or
agents. As used in this Contract: “Hazardous Materials” means (1) “hazardous wastes” as defined by the Resource Conservation and Recovery Act of 1976, as amended from time to time (“RCRA”),
(2) “hazardous substances” as defined by the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (42 U.S.C. 9601 et seq.), as amended by the Superfund Amendment and Reauthorization Act of 1986 and as
otherwise amended from time to time (“CERCLA”); (3) “toxic substances” as defined by the Toxic Substances Control Act, as amended from time to time (“TSCA”), (4) “hazardous
materials” as defined by the Hazardous Materials Transportation Act, as amended from time to time (“HMTA”), (5) asbestos, oil or other petroleum products, radioactive materials, urea formaldehyde foam insulation,
radon gas and transformers or other equipment that contains dielectric fluid containing polychlorinated biphenyls and (6) any substance whose presence is detrimental or hazardous to health or the environment, including, without limitation,
microbial or fungal matter or mold, or is otherwise regulated by federal, state and local environmental laws (including, without limitation, RCRA, CERCLA, TSCA, HMTA), rules, regulations and orders, regulating, relating to or imposing liability or
standards of conduct concerning any Hazardous Materials or environmental, health or safety compliance (collectively, “Environmental Requirements”). As used in this Contract: “Release” means spilling,
leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping or disposing. 
  

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 (g) Title and Liens. Except for Seller Liens to be released at Closing, Seller has good and
marketable fee simple absolute title to the Real Property, subject only to the Permitted Exceptions. Except for the FF&E subject to the FF&E Leases and any applicable Permitted Exceptions, Seller has good and marketable title to the Personal
Property, free and clear of all liens, claims, encumbrances or other rights whatsoever (other than the Seller Liens to be released at Closing), and there are no other liens, claims, encumbrances or other rights pending or of which any Seller Party
has received notice or which are otherwise known to any Seller Party related to any other Personal Property. 
 (h) Utilities. At
Closing, all appropriate utilities, including sanitary and storm sewers, water, gas, telephone, cable and electricity, will, to Seller’s knowledge, be sufficient and available to service the Hotel and all installation, connection or
“tap-on”, usage and similar fees will be paid by Seller. 
 (i) Licenses, Permits and Approvals. Seller has not received any
written notice, and Seller has no knowledge that the Property fails to comply in all material respects with all applicable licenses, permits and approvals and federal, state or local statutes, laws, ordinances, rules, regulations, requirements and
codes including, without limitation, those regarding zoning, land use, building, fire, health, safety, environmental, subdivision, water quality, sanitation controls and the Americans with Disabilities Act, and similar rules and regulations relating
and/or applicable to the ownership, use and operation of the Property as it is now operated. Seller has received, or at Closing Seller will have received, all licenses, permits and approvals required or needed for the lawful conduct, occupancy and
operation of the business of the Hotel, and each license and permit is in full force and effect, or will be received and in full force and effect as of the Closing. Subject to Section 8.10 below, no licenses, permits or approvals necessary for
the lawful conduct, occupancy or operation of the business of the Hotel, to Seller’s knowledge requires any approval of a governmental authority for transfer of the Property. 
 (j) Financial Statements. If the Property consists of an existing hotel currently being operated by Seller, Seller has delivered copies for the
three (3) years prior and the current year to date (or for such shorter period of time as Seller has owned the Property), of all (i) Financial Statements for the Hotel, (ii) operating statements prepared by the Manager for the Hotel,
(iii) monthly financial statements prepared by the Manager for the Hotel and (iv) independently audited financial statements for the Hotel (“Audits”). Each of such statements is, to Seller’s knowledge, complete and accurate
in all material respects and, except in the case of budgets prepared in advance of the applicable operating period to which such budgets relate, fairly presents the results of operations of the Hotel for the respective periods represented thereby.
Seller has relied upon the Financial Statements and Audits in connection with its ownership and operation of the Hotel, and there are no other independent audits or financial statements prepared by third parties relating to the operation of the
Hotel other than the Financial Statements and Audits prepared by or on behalf of the Manager, all of which have been provided to Buyer. 
 (k) Employees. All employees employed at the Hotel are the employees of the Seller or the manager under the Existing Management Agreement. There are, to Seller’s 

  

 15 

 
knowledge, no (i) unions organized at the Hotel, (ii) union organizing attempts, strikes, organized work stoppages or slow downs, or any other
labor disputes pending or threatened with respect to any of the employees at the Hotel, or (iii) collective bargaining or other labor agreements to which Seller or the Hotel is bound with respect to any employees employed at the Hotel.

 (l) Operations. If the Property consists of an existing hotel currently being operated by Seller, the Hotel is currently being
operated by Manager in all material respects in accordance with all applicable laws, rules, regulations, ordinances and codes. 
 (m)
Existing Management and Franchise Agreements. Seller has furnished to Buyer true and complete copies of the any Existing Management Agreement and the Existing Franchise Agreement, which constitutes the entire agreement of the parties with
respect to the subject matter thereof and which have not been amended or supplemented in any respect. There are no other management agreements, franchise agreements, license agreements or similar agreements for the operation or management of the
Hotel or relating to the Brand, to which Seller is a party or which are binding upon the Property, except for any Existing Management Agreement and the Existing Franchise Agreement. If the Property consists of an existing hotel currently being
operated by Seller, the Improvements comply in all material respects with, and the Hotel is being operated in all material respects in accordance with, all requirements of the Existing Franchise Agreement and all other requirements of the
Franchisor, including all “brand standard” requirements of the Franchisor. The Existing Franchise Agreement is in full force and effect, and shall remain in full force and effect until the termination of the Existing Franchise Agreement at
Closing, as provided in Article V hereof. To Seller’s knowledge, no default has occurred and is continuing under any Existing Management Agreement or the Existing Franchise Agreement, and no circumstances exist which, with the giving of notice,
the lapse of time or both, would constitute such a default. 
 (n) Architect and Contractor. The Franchisor has approved the Architect
to design the Hotel and the Contractor to serve as the general contractor for the construction of the Hotel. 
 The term “to
Seller’s knowledge” and terms of similar import shall mean the current, actual knowledge of Kyle Green and John Bailey; provided, however, neither such individual shall have any personal liability in connection with the representation,
warranties and covenants of Seller set forth in this Contract. 
 7.2 Buyer’s Representations, Warranties and Covenants. Buyer
represents, warrants and covenants: 
 (a) Authority. Buyer is a corporation duly formed, validly existing and in good standing in the
Commonwealth of Virginia. Buyer has received or will have received by the applicable Closing Date all necessary authorization of the Board of Directors of Buyer to complete the transactions contemplated by this Contract. No other consent or approval
of any person, entity or governmental authority is required for the execution, delivery or performance by Buyer of this Contract, and this Contract is hereby binding and enforceable against Buyer. 
  

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 (b) Bankruptcy. Buyer is not insolvent nor the subject of any bankruptcy proceeding, receivership
proceeding or other insolvency, dissolution, reorganization or similar proceeding. 
 7.3 Survival. All of the representations and
warranties are true, correct and complete in all material respects as of the date hereof and it shall be a condition to Buyer’s obligation to close that the statements set forth therein (without qualification or limitation as to a party’s
knowledge thereof except as expressly provided for in this Article VII) shall be true, correct and complete in all material respects as of the Closing Date. All of the representations and warranties made herein shall survive Closing for a period of
one (1) year and shall not be deemed to merge into or be waived by any Seller’s Deed or any other closing documents. 
 ARTICLE
VIII 
 ADDITIONAL COVENANTS 
 8.1 Subsequent Developments. After the date of this Contract and until the Closing Date, Seller shall use its best efforts to keep Buyer fully informed of all subsequent developments of which Seller has knowledge
(“Subsequent Developments”) which would cause any of Seller’s representations or warranties contained in this Contract to be no longer accurate in any material respect. 
 8.2 Construction of Hotel. 
 (a)
Subject to the terms and conditions of this Contract, Seller shall (i) construct the Hotel on the Land (a) in a good, workmanlike and diligent manner, (b) in accordance with development standards for comparable projects, (c) in
compliance in all material respects with the Plans and Specifications approved by Franchisor and with all Legal Requirements and (d) in accordance with all requirements of the Franchise Agreement and (ii) cause the Hotel to be fully
equipped with the FF&E and otherwise fully furnished and stocked with merchandise, supplies, inventory and other Personal Property as required by the Franchise Agreement, including, without limitation, linens, bath towels and other supplies at
least at a 2-par level for all suites or rooms of the Hotel, in each case such that the Hotel can be opened for business to the public and operated to full capacity under the Brand. All expenses of constructing, equipping and furnishing the Hotel in
accordance with this Contract shall be the sole responsibility of Seller, and Buyer shall have no obligation whatsoever to adjust the Purchase Price or pay any additional costs as a result of unforeseen events or circumstances affecting the cost of
constructing, equipping or furnishing the Hotel. 
 8.3 Plans and Specifications. Seller represents and warrants to Buyer that
(i) the plans and specifications that Seller has delivered to Buyer for its review before the date of this Contract and/or during the Review Period are and shall be a true and complete copy of the plans and specifications for the construction
of the Hotel, (ii) such plans and specifications have not been amended or supplemented in any material respect and (iii) such plans and specifications have been prepared by or otherwise approved by the Franchisor. Seller shall submit final
plans and specifications to Buyer whereupon Buyer shall have thirty (30) days to approve or disapprove with changes. Seller shall obtain the approval of the Franchisor and Buyer with respect to all material changes to such plans and
specifications after the date hereof. Such plans and specifications and all revisions thereto, as approved by the Franchisor and Buyer, shall constitute the “Plans and Specifications” for purposes of this Contract. 
  

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 8.4 Commencement of Construction; Substantial Completion. Seller shall use commercially reasonable
efforts to obtain, or cause the Contractor to obtain, a building permit and all other permits, licenses and approvals of governmental authorities required for the construction, equipping and furnishing of the Hotel in accordance with the Plans and
Specifications and this Contract, and, if construction has not already commenced, shall cause the Contractor to commence construction of the Hotel not later than June 7, 2009. Thereafter, Seller shall diligently pursue construction of the Hotel
in accordance with this Contract and shall cause the Contractor to Substantially Complete the Hotel no later than June 7, 2010, subject only to delays caused by Force Majeure. Seller shall promptly notify Buyer of each event or condition of
Force Majeure and the anticipated delay caused thereby. 
 8.5 Inspections. Buyer shall have the right to inspect the Property to
monitor and observe the development and construction of the Hotel. All such inspections shall require reasonable prior notice to Seller and shall be conducted in a manner that will minimize any interference with the development and construction of
the Hotel. Buyer shall indemnify, defend and hold Seller harmless from and against any and all expenses, costs and liabilities (including but not limited to reasonable attorneys’ fees) for damage or injury to persons or property arising out of
or relating to its entry onto the Land for any such inspections. Buyer’s obligations under this Section 8.5 shall survive Closing or any termination of this Contract. 
 8.6 Punch List. Upon notification from the Contractor that the Hotel is Substantially Completed and ready for inspection, Seller shall prepare a
“punch list” with the assistance of the Architect and the Franchisor. Seller acknowledges that final acceptance of the work on the Hotel shall be made only with the approval of Buyer and the Franchisor (which approval by Buyer shall not be
unreasonably withheld or delayed). The costs of completing the Punch List Items that are not completed as of the date of Closing, as reasonably estimated by the Seller with the approval of Buyer, such approval not to be unreasonably withheld, plus
fifty percent (50%) of such costs, shall be retained by the Title Company from the Purchase Price and shall be disbursed to Seller only upon Buyer’s reasonable determination that all of the Punch List Items have been satisfactorily
completed. Seller shall correct or complete all Punch List Items, or cause the same to be corrected or completed, at Seller’s expense, with all diligence and in any event within sixty (60) days after Substantial Completion of the Hotel
subject to any extension of such 60-day period due to Force Majeure. 
 8.7 Pre-Opening Program. It is contemplated that certain
activities must be undertaken prior to the Closing Date so that the Hotel can function in an orderly and businesslike manner at the Effective Time (“Pre-Opening Program”). Seller shall cooperate in good faith with the
Pre-Opening Program and shall provide the Franchisor, Manager and Buyer reasonable access to the Property at least six (6) months in advance of the Closing in order to conduct their activities related to the Pre-Opening Program; provided that
the Pre-Opening Program shall not be permitted to interfere with or delay the activities of Seller in completing the Hotel. Seller shall pay in a timely manner all costs associated with the Pre-Opening Program or otherwise related to the pre-opening
operations of the Property, which costs are specifically identified on 

  

 18 

 
the pre-opening budget attached hereto as Exhibit I and made a part hereof, up to but not including the Effective Time, regardless of when such costs
are payable (the “Pre-Opening Costs”). Seller shall also fund all working capital accounts, reserve accounts and other accounts required under the Franchise Agreement, to be funded before the Effective Time, but Seller shall
receive a credit therefor at Closing to the extent provided in Section 12.1(c). 
 8.8 Construction Warranty. At the Closing,
Seller shall assign to Buyer all construction warranties with respect to the Hotel, which assignment shall be in form and substance reasonably satisfactory to Buyer, including a warranty by the Contractor, for the period ending not sooner than one
(1) year after the date the Hotel is Substantially Completed, in the form of the warranty attached hereto as Exhibit H (the “Construction Warranty”). 
 8.9 Other Obligations of Seller Before Closing. From and after the date hereof through the Closing on the Property Seller shall comply in all
material respects with the Existing Management Agreement and the Existing Franchise Agreement and keep the same in full force and effect and shall perform and comply with all of the following subject to and in accordance with the terms of such
agreements: 
 (a) Advise Buyer promptly of any litigation, arbitration, or administrative hearing before any court or governmental agency
concerning or affecting the Hotel which is instituted or threatened after the date of this Contract or if any representation or warranty contained in this Contract shall become false in any material respect; 
 (b) Not take, or purposefully omit to take, any action that would have the effect of violating any of the representations, warranties, covenants or
agreements of Seller contained in this Contract; 
 (c) Pay or cause to be paid all taxes, assessments and other impositions levied or
assessed on the Property or any part thereof prior to the delinquency date, and comply in all material respects with all federal, state, and municipal laws, ordinances, regulations and orders relating to the Property; 
 (d) Not sell or assign, or enter into any agreement to sell or assign, or create or permit to exist any lien or encumbrance (other than a Permitted
Exception) on, the Property or any portion thereof; and 
 (e) Not allow any permit, receipt, license, franchise or right currently in
existence with respect to the construction, use, occupancy or maintenance of the Hotel to expire, be canceled or otherwise terminated. 
 (f)
Seller shall not, without first obtaining the written approval of Buyer, which approval shall not be unreasonably withheld, enter into any FF&E Leases, Service Contracts, Leases or other contracts or agreements related to the Hotel, or extend
any existing such agreements, unless such agreements (x) can be terminated, without penalty, upon thirty (30) days’ prior notice or (y) will expire prior to the Closing Date. 
 8.10 Third Party Consents. Prior to the Closing Date, Seller shall, at its expense, (i) obtain any and all third party consents and approvals
(x) required in order to transfer the Hotel to 

  

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Buyer, or (y) which, if not obtained, would materially adversely affect the operation of the Hotel and (ii) use best efforts to obtain all other
third party consents and approvals which are necessary to consummate the transaction contemplated hereby (all of such consents and approvals in (i) and (ii) above being referred to collectively as, the “Third Party
Consents”). 
 8.11 Access to Financial Information. Buyer’s representatives shall have access to, and Seller and
its affiliates shall cooperate with Buyer and furnish upon request, all financial and other information relating to the Hotel’s operations to the extent necessary to enable Buyer’s representatives to prepare audited financial statements in
conformity with Regulation S-X of the Securities and Exchange Commission (the “SEC”) and other applicable rules and regulations of the SEC and to enable them to prepare a registration statement, report or disclosure statement
for filing with the SEC on behalf of Buyer or its Affiliates, whether before or after Closing and regardless of whether such information is included in the Records to be transferred to Buyer hereunder. Seller shall also provide to Buyer’s
representative a signed representation letter in form and substance reasonably acceptable to Seller sufficient to enable an independent public accountant to render an opinion on the financial statements related to the Hotel. Buyer will reimburse
Seller for costs reasonably incurred by Seller to comply with the requirements of the preceding sentence to the extent that Seller is required to incur costs not in the ordinary course of business for third parties to provide such representation
letter. The provisions of this Section shall survive Closing or termination of this Contract. 
 8.12 Bulk Sales. At Seller’s
risk and expense, Seller shall take all steps necessary to comply with the requirements of a transferor under all bulk transfer laws, if any, that are applicable to the transactions contemplated by this Contract. 
 8.13 Indemnification. If the transactions contemplated by this Contract are consummated as provided herein: 
 (a) Indemnification of Buyer. Without in any way limiting or diminishing the warranties, representations or agreements herein contained or the
rights or remedies available to Buyer for a breach hereof, Seller hereby agrees to indemnify, defend and hold harmless Buyer and its respective designees, successors and assigns from and against all losses, judgments, liabilities, claims, damages or
expenses (including reasonable attorneys’ fees) of every kind, nature and description in existence before, on or after Closing, whether known or unknown, absolute or continent, joint or several, arising out of or relating to: 
 (i) any claim made or asserted against Buyer or any of the Property by a creditor of Seller, including any claims based on or alleging a
violation of any bulk sales act or other similar laws; 
 (ii) the breach of any representation, warranty, covenant or
agreement of Seller contained in this Contract; 
 (iii) any liability or obligation of Seller not expressly assumed by Buyer
pursuant to this Contract; 
 (iv) any claim made or asserted by an employee of Seller arising out of such Seller’s
decision to sell the Property; and 
  

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 (v) the conduct and operation by or on behalf of Seller of the Hotel or the ownership,
use or operation of the Property prior to Closing. 
 (b) Indemnification of Seller. Without in any way limiting or diminishing the
warranties, representations or agreements herein contained or the rights or remedies available to Seller for a breach hereof, Buyer hereby agrees, with respect to this Contract, to indemnify, defend and hold harmless Seller from and against all
losses, judgments, liabilities, claims, damages or expenses (including reasonable attorneys’ fees) of every kind, nature and description in existence before, on or after Closing, whether known or unknown, absolute or contingent, joint or
several, arising out of or relating to: 
 (i) the breach of any representation, warranty, covenant or agreement of Buyer
contained in this Contract; 
 (ii) the conduct and operation by or on behalf of Buyer of the Hotel or the ownership, use or
operation of the Property after the Closing; and 
 (iii) any liability or obligation of Buyer expressly assumed by Buyer at
Closing. 
 (c) Indemnification Procedure for Claims of Third Parties. Indemnification, with respect to claims resulting from the
assertion of liability by those not parties to this Contract (including governmental claims for penalties, fines and assessments), shall be subject to the following terms and conditions: 
 (i) The party seeking indemnification (the “Indemnified Party”) shall give prompt written notice to the party or
parties from which it is seeking indemnification (the “Indemnifying Party”) of any assertion of liability by a third party which might give rise to a claim for indemnification based on the foregoing provisions of this Section 8.8,
which notice shall state the nature and basis of the assertion and the amount thereof, to the extent known; provided, however, that no delay on the part of the Indemnified Party in giving notice shall relieve the Indemnifying Party of any obligation
to indemnify unless (and then solely to the extent that) the Indemnifying Party is prejudiced by such delay. 
 (ii) If in any
action, suit or proceeding (a “Legal Action”) the relief sought is solely the payment of money damages, and if the Indemnifying Party specifically agrees in writing to indemnify such Indemnified Party with respect thereto and
demonstrates to the reasonable satisfaction of such Indemnified Party its financial ability to do so, the Indemnifying Party shall have the right, commencing thirty (30) days after such notice, at its option, to elect to settle, compromise or
defend, pursuant to this paragraph, by its own counsel and at its own expense, any such Legal Action involving such Indemnified Party’s asserted liability. If the Indemnifying Party does not undertake to settle, compromise or defend any such
Legal Action, such settlement, compromise or defense shall be conducted in the sole discretion of such Indemnified Party, but such Indemnified Party shall provide the Indemnifying Party with such information concerning such settlement, compromise or
defense as the Indemnifying Party may reasonably 

  

 21 

 
request from time to time. If the Indemnifying Party undertakes to settle, compromise or defend any such asserted liability, it shall notify such Indemnified
Party in writing of its intention to do so within thirty (30) days of notice from such Indemnified Party provided above. 
 (iii) Notwithstanding the provisions of the previous subsection of this Contract, until the Indemnifying Party shall have assumed the defense of the Legal Action, the defense shall be handled by the Indemnified Party. 
 (iv) In any Legal Action initiated by a third party and defended by the Indemnified Party (w) the Indemnified Party shall have the
right to be represented by advisory counsel and accountants, at its own expense, (x) the Indemnifying Party shall keep the Indemnified Party fully informed as to the status of such Legal Action at all stages thereof, whether or not the
Indemnified Party is represented by its own counsel, (y) the Indemnifying Party shall make available to the Indemnified Party and its attorneys, accounts and other representatives, all books and records of Seller relating to such Legal Action
and (z) the parties shall render to each other such assistance as may be reasonably required in order to ensure the proper and adequate defense of such Legal Action. 
 (v) In any Legal Action initiated by a third party and defended by the Indemnifying Party, the Indemnifying Party shall not make
settlement of any claim without the written consent of the Indemnified Party, which consent shall not be unreasonably withheld. 
 8.14
Escrow Funds. To provide for the timely payment of any post-closing claims by Buyer against Seller hereunder, at Closing, the Seller shall deposit an amount equal to Three Hundred Thousand and No/100 Dollars ($300,000.00) (the “Escrow
Funds”) shall be withheld from the Purchase Price payable to a Seller and shall be deposited for a period of six (6) months in an escrow account with the Title Company pursuant to an escrow agreement reasonably satisfactory in form
and substance to Buyer and Seller (the “Post-Closing Agreement”), which escrow and Post-Closing Agreement shall be established and entered into at Closing and shall be a condition to Buyer’s obligations under this
Contract. If no claims have been asserted by Buyer against Seller, or all such claims have been satisfied, within such six-month period, the Escrow Funds deposited by the Seller shall be released to the Seller. 
 8.15 Liquor License. If required by the Franchisor, the Manager or an Affiliate thereof approved by Buyer, shall have or shall have obtained all
liquor licenses and alcoholic beverage licenses or banquet licenses, as appropriate and necessary or desirable to operate any restaurants, bars and lounges to be located within the Hotel (collectively, the “Liquor Licenses”)
and, in the case of an Affiliate of the Manager, the Hotel shall have the right to use such Liquor License, (ii) if permitted under the laws of the jurisdiction in which the Hotel is located, to the extent practicable the Manager shall execute
and file any and all necessary forms, applications and other documents (and Seller and Buyer shall cooperate with the Manager in filing such forms, applications and other documents) with the appropriate liquor and alcoholic beverage authorities
prior to Closing so that the Liquor Licenses remain in full force and effect upon completion of Closing. 
  

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 ARTICLE IX 
 CONDITIONS FOR CLOSING 
 9.1 Buyer’s Conditions for Closing. Unless otherwise waived in
writing, and without prejudice to Buyer’s right to cancel this Contract during the Review Period, the duties and obligations of Buyer to proceed to Closing under the terms and provisions of this Contract are and shall be expressly subject to
strict compliance with, and satisfaction or waiver of, each of the conditions and contingencies set forth in this Section 9.1, each of which shall be deemed material to this Contract. In the event of the failure of any of the conditions set
forth in this Section 9.1 or of any other condition to Buyer’s obligations provided for in this Contract, which condition is not waived in writing by Buyer, or which is not cured by Seller within 30 days after written notice from Buyer to
Seller (provided, however, such notice and opportunity to cure shall not be applicable to Seller’s obligation to close the transaction contemplated by this Contract on the Closing Date), Buyer shall have the right at its option to declare this
Contract terminated, in which case the Earnest Money Deposit and any interest thereon shall be immediately returned to Buyer and each of the parties shall be relieved from further liability to the other, except as otherwise expressly provided
herein, with respect to this Contract. 
 (a) All of Seller’s representations and warranties contained in or made pursuant to this
Contract shall be true and correct in all material respects as if made again on the Closing Date. 
 (b) Buyer shall have received all of the
instruments and conveyances listed in Section 10.2. 
 (c) Seller shall have performed, observed and complied in all material respects
with all of the covenants, agreements, closing requirements and conditions required by this Contract to be performed, observed and complied with by such Seller, as and when required hereunder. 
 (d) All Liquor Licenses shall be in full force and effect and shall remain in full force and effect following the Closing and shall have been or shall be
transferred to, or new Liquor Licenses issued to, Manager of an Affiliate thereof approved by Buyer at or as of Closing, and Buyer shall have received satisfactory evidence thereof. 
 (e) Third Party Consents in form and substance reasonably satisfactory to Buyer shall have been obtained and furnished to Buyer. 
 (f) The Escrow Funds shall have been deposited in the escrow account pursuant to the Post-Closing Agreement and the parties thereto shall have entered
into the Post-Closing Agreement. 
 (g) The Hotel shall be Substantially Completed. 
 (h) Any Existing Management Agreement and the Existing Franchise Agreement shall have been terminated 
  

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 (i) The Franchisor shall have executed and delivered the Franchise Agreement upon terms and conditions
acceptable to Buyer in its sole and absolute discretion. 
 (j) Buyer shall have obtained an as-built plat of survey of the Property
completed, dated within 30 days of the Closing Date and prepared in compliance with the then-current ALTA/ACSM standards for urban properties, and such plat of survey shall not disclose any encroachments, boundary line discrepancies or other survey
matters (other than the Permitted Exceptions) that, in Buyer’s reasonable judgment, would materially adversely affect the use, operation of value of the Property. 
 (k) The Title Company shall be committed to issue an ALTA owner’s title insurance policy (or, if an ALTA form of policy is not customarily issued in the state in which the Real Property is located, in the form
customarily issued in such state), issued by the Title Company pursuant to the Title Commitment, insuring Buyer’s fee simple ownership in the Real Property (i) with an effective date as of the Closing Date, (ii) with no exceptions for
filed or unfiled mechanics’ and materialmen’s liens, (iii) with no exceptions for encroachments or other matters of survey unless approved by Buyer and (iv) with no other exceptions to title other than the Permitted Exceptions.

 9.2 Seller’s Conditions for Closing. Unless otherwise waived in writing, and without prejudice to Seller’s right to
cancel this Contract during the Review Period, the duties and obligations of each Seller to proceed to Closing under the terms and provisions of this Contract are and shall be expressly subject to strict compliance with, and satisfaction or waiver
of, each of the conditions and contingencies set forth in this Section 9.2, each of which shall be deemed material to this Contract. In the event of the failure of any of the conditions set forth in this Section 9.2, which condition is not
waived in writing by Seller or which is not cured by Buyer within 30 days after written notice from Seller to Buyer (provided, however, such notice and opportunity to cure shall not be applicable to Buyer’s obligation to close the transaction
contemplated by this Contract on the Closing Date), Seller shall have the right at its option to declare this Contract terminated and null and void, in which case the remaining Earnest Money Deposit and any interest thereon shall be immediately
delivered to Seller and each of the parties shall be relieved from further liability to the other, except as otherwise expressly provided herein. 
 (a) All of Buyer’s representations and warranties contained in or made pursuant to this Contract shall be true and correct in all material respects as if made again on the Closing Date. 
 (b) Seller shall have received all of the money, instruments and conveyances listed in Section 10.3. 
 (c) Buyer shall have performed, observed and complied in all material respects with all of the covenants, agreements, closing requirements and conditions
required by this Contract to be performed, observed and complied with by Buyer, as and when required hereunder. 
  

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 ARTICLE X 
 CLOSING AND CONVEYANCE 
 10.1 Closing. 
 (a) Unless otherwise agreed by Buyer and Seller, the Closing on the Property shall occur on the date on which the Hotel opens for business to the public
in accordance with the Franchise Agreement, or as soon as practical thereafter, but in no event later than fifteen (15) business days after Substantial Completion of the Hotel, provided that all conditions to Closing by Buyer hereunder have
been satisfied; provided that if Buyer has elected to give a Turnover Notice (hereinafter defined) the time for Closing shall be determined as provided in Section 10.1(b). Buyer will provide Seller at least five (5) days prior written
notice of the Closing Date selected by Buyer within the time frame specified in the immediately preceding sentence. The date on which the Closing is to occur as provided in this Section 10.1 or Section 10.1(b) (as applicable), or such
other date as may be agreed upon by Buyer and Seller, is referred to in this Contract as the “Closing Date” for the Property. The Closing shall be held at 10:00 a.m. at the offices of the Title Company, or as otherwise
determined by Buyer and Seller. If Buyer does not give a Turnover Notice, the time at which Closing occurs in accordance with this Section 10.1(a) is referred to herein as the “Effective Time”. 
 (b) Despite the fact that one or more of the conditions to Buyer’s obligation to close (as set forth in Section 9.1) are not satisfied, and
provided that the Hotel is otherwise ready to be opened for business to the public, Buyer shall have the right to elect by at least two (2) business days’ prior written notice to Seller (the “Turnover Notice”) to exercise
its rights under this Section 10.1(b) effective as of the date specified in the Turnover Notice (the “Turnover Date”). Effective as of the Turnover Date and continuing until the end of the Turnover Period (hereinafter defined),
the Property shall continue to be managed by the manager under the Existing Management Agreement, but Buyer shall be entitled to receive all of the economic benefits (including without limitation revenues from the operation of the Property) of, and
shall bear and be liable for (and shall timely pay) all costs and expenses (including, without limitation, debt service on Seller’s construction loan) associated with, the ownership and operation of the Property (the “Turnover
Arrangement”); provided that (i) in exercising its rights under this provision Buyer shall not interfere with the satisfaction of the condition(s) in Section 9.1 which remain to be satisfied (the “Unsatisfied
Condition(s)”); and (ii) Closing shall in all events occur within five (5) business days after the Unsatisfied Condition(s) have been satisfied (provided that the Unsatisfied Condition(s) are satisfied prior to the expiration of
the Turnover Period). If the Closing occurs as provided in the immediately preceding sentence, the term “Effective Time” for the purposes of prorations and adjustments under Article XII shall be the Turnover Date. Notwithstanding
anything to the contrary contained herein, if, Closing has not occurred within thirty-one (31) days after the Turnover Date, then in such event either Seller or Buyer may elect by written notice to the other party (the “Revocation
Notice”) to revoke the Turnover Arrangement as of the date stated in the Revocation Notice (“Revocation Date”) in which event: (i) the economic benefits accruing to Buyer and economic obligations for which Buyer has
liability pursuant to this Section 10.1(b) during the period from the Turnover Date until the Revocation Date (the “Turnover Period”) shall ipso facto cease and terminate effective as of the Turnover Date as though the Turnover
Arrangement had never occurred; (ii) the parties shall make a cash settlement between each other as necessary to effect the intent of clause (i)

  

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immediately preceding (which obligation shall survive the termination of this Contract); and (iii) the Contract shall terminate effective as of the
Revocation Date, and each party shall have the rights and remedies to which it is entitled under this Contract. 
 10.2 Deliveries of
Seller. At Closing, Seller shall deliver to Buyer the following, and, as appropriate, all instruments shall be properly executed and conveyance instruments to be acknowledged in recordable form (the terms, provisions and conditions of all
instruments not attached hereto as Exhibits shall be mutually agreed upon by Buyer and Seller prior to such Closing): 
 (a) Deed. A
Special Warranty Deed conveying to Buyer fee simple title to the Real Property, subject only to the Permitted Exceptions (the “Deed”). 
 (b) Bills of Sale. A Bill of sale to Buyer and/or its designated Lessee, conveying title to the tangible Personal Property (other than the alcoholic beverage inventories, which, at Buyer’s election, shall
be transferred by Seller to the Manager as holder of the Liquor Licenses required for operation of the Hotel). 
 (c) Existing Management
and Franchise Agreement. The termination of the Existing Management Agreement and the Existing Franchise Agreement. 
 (d) General
Assignments. Assignments of all of Seller’s right, title and interest in and to all FF&E Leases, Service Contracts and Leases identified on Exhibit C hereto (the “Hotel Contracts”). The assignment shall
also be a general assignment and shall provide for the assignment of all of Seller’s right, title and interest in all Records, Warranties, Licenses, Tradenames, Contracts, Plans and Specs and all other intangible Personal Property applicable to
the Hotel. 
 (e) FIRPTA; 1099. A FIRPTA Affidavit or Transferor’s Certificate of Non-Foreign Status as required by
Section 1445 of the Internal Revenue Code and an IRS Form 1099. 
 (f) Title Company Documents. All affidavits, gap indemnity
agreements and other documents reasonably required by the Title Company. At Buyer’s sole expense, Buyer shall have obtained an irrevocable commitment directly from the Title Company (or in the event the Title Company is not willing to issue
said irrevocable commitment, then from such other national title company as may be selected by either Buyer or Seller) for issuance of an Owner’s Policy of Title Insurance to Buyer insuring good and marketable fee simple absolute title to the
Real Property constituting part of the Property, subject only to the Permitted Exceptions in the amount of the Purchase Price. 
 (g)
Possession; Estoppel Certificates. Possession of the Property, subject only to the Permitted Exceptions and the rights of guests in possession and tenants pursuant to written leases included in the Leases, and estoppel certificates from
tenants under Leases and the lessors under FF&E Leases in form and substance reasonably acceptable to Buyer. 
 (h) Vehicle
Titles. The necessary certificates of titles duly endorsed for transfer together with any required affidavits and other documentation necessary for the transfer of title or assignment of leases from Seller to Buyer of any motor vehicles used in
connection with the Hotel’s operations. 
  

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 (i) Authority Documents. Certified copy of resolutions of the Board of Directors of Seller
authorizing the sale of the Property contemplated by this Contract, and/or other evidence reasonably satisfactory to Buyer and the Title Company that the person or persons executing the closing documents on behalf of Seller have full right, power
and authority to do so, along with a certificate of good standing of Seller from the State in which the Property is located. 
 (j)
Miscellaneous. Such other instruments as are contemplated by this Contract to be executed or delivered by Seller, reasonably required by Buyer or the Title Company, or customarily executed in the jurisdiction in which the Hotel is located, to
effectuate the conveyance of property similar to the Hotel, with the effect that, after the Closing, Buyer will have succeeded to all of the rights, titles, and interests of Seller related to the Hotel and Seller will no longer have any rights,
titles, or interests in and to the Hotel. 
 (k) Plans, Keys, Records, Etc. To the extent not previously delivered to and in the
possession of Buyer, all Contracts, Plans and Specs, all keys for the Hotel (which keys shall be properly tagged for identification), all Records, including, without limitation, all Warranties, Licenses, Leases, FF&E Leases and Service Contracts
for the Hotel. 
 (l) Closing Statements. Seller’s Closing Statement, and a certificate confirming the truth in all material
respects of Seller’s representations and warranties hereunder as of the Closing Date (or if not true, qualifying the same to the extent necessary to cause same to be accurate in all material respects). 
 10.3 Buyer’s Deliveries. At Closing of the Hotel, Buyer shall deliver the following: 
 (a) Purchase Price. The balance of the Purchase Price, adjusted for the adjustments provided for in Section 12.1, below, and less any sums to
be deducted therefrom as provided in Section 2.4. 
 (b) Authority Documents. Certified copy of resolutions of the Board of
Directors of Buyer authorizing the purchase of the Hotel contemplated by this Contract, and/or other evidence satisfactory to Seller and the Title Company that the person or persons executing the closing documents on behalf of Buyer have full right,
power and authority to do so. 
 (c) Miscellaneous. Such other instruments as are contemplated by this Contract to be executed or
delivered by Buyer, reasonably required by Seller or the Title Company, or customarily executed in the jurisdiction in which the Hotel is located, to effectuate the conveyance of property similar to the Hotel, with the effect that, after the
Closing, Buyer will have succeeded to all of the rights, titles, and interests of Seller related to the Hotel and Seller will no longer have any rights, titles, or interests in and to the Hotel. 
 (d) Closing Statements. Buyer’s Closing Statement, and a certificate confirming the truth of Buyer’s representations and warranties
hereunder as of the Closing Date. 
  

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 ARTICLE XI 
 COSTS 
 All Closing costs shall be paid as set forth below: 
 11.1 Seller’s Costs. In connection with the sale of the Property contemplated under this Contract, Seller shall be responsible for all
transfer and recordation taxes, including, without limitation, all transfer, sales, use and bulk transfer taxes or like taxes on or in connection with the transfer of the Real Property and the Personal Property constituting part of the Property
pursuant to the Bill of Sale, in each case except as otherwise provided in Section 12, and all accrued taxes of Seller prior to Closing and income, sales and use taxes and other such taxes of Seller attributable to the sale of the Property to
Buyer. Seller shall be responsible for all costs related to the termination of any Existing Management Agreement and the Existing Franchise Agreement as provided in Article V. Seller shall also be responsible for any fees for the performance of the
property improvement plan review and report by the Franchisor, as well as costs and expenses of its attorneys, accountants, appraisers and other professionals, consultants and representatives. Seller shall also be responsible for payment of all
prepayment penalties and other amounts payable in connection with the pay-off of any liens and/or indebtedness encumbering the Property. Seller shall also be responsible for all Pre-Opening Costs to the extent provided in Section 8.7. Seller
shall pay the sales/use taxes attributed to the transfer of the personal property. 
 11.2 Buyer’s Costs. In connection with the
purchase of the Property contemplated under this Contract, Buyer shall be responsible for the costs and expenses of its attorneys, accountants and other professionals, consultants and representatives. Buyer shall also be responsible for the costs
and expenses in connection with the preparation of any environmental report, any update to the survey and the costs and expenses of preparation of the title insurance commitment and the issuance of the title insurance policy contemplated by Article
IV and the per page recording charges for the Deed (if applicable). 
 ARTICLE XII 
 ADJUSTMENTS 
 12.1 Adjustments.
Unless otherwise provided herein, at Closing, adjustments between the parties of the income and expenses related to the Property shall be made as of the Effective Time, all as set forth below. All of such adjustments and allocations shall be made in
cash at Closing. Except as otherwise expressly provided herein, all apportionments and adjustments shall be made on an accrual basis in accordance with generally accepted accounting principles. 
 (a) Taxes. All real estate taxes, personal property taxes, or any other taxes and special assessments (special or otherwise) of any nature upon
the Property levied, assessed or pending for the calendar year in which the Closing occurs (including the period prior to Closing, regardless of when due and payable) shall be prorated as of the Effective Time and, if no tax bills or assessment
statements for such calendar year are available, such amounts shall be estimated on the basis of the best available information for such taxes and assessments that will be due and payable on the Hotel for the calendar year in which Closing occurs.

  

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 (b) Utilities. All suppliers of utilities shall be instructed to read meters or otherwise
determine the charges owing as of the Effective Time for services prior thereto, which charges shall be allocated to Seller. Charges accruing after the Effective Time shall be allocated to Buyer. If elected by Seller, Seller shall be given credit,
and Buyer shall be charged, for any utility deposits transferred to and received by Buyer at Closing. 
 (c) Income/Charges. All
rents, income and charges receivable or payable under any Leases and Hotel Contracts applicable to the Property, and any deposits, prepayments and receipts thereunder, shall be prorated between Buyer and Seller as of the Effective Time. 

(d) Accounts. All working capital accounts, reserve accounts and escrow accounts (including all FF&E accounts), petty cash, cash in cash
registers and cash in vending machines but excluding amounts held in tax and insurance escrow accounts and utility deposits to the extent excluded from the definition of Deposits) held by or on behalf of Seller, the Manager or the Franchisor with
respect to the Hotel shall become the property of Buyer at Closing without Buyer being required to fund the same. Notwithstanding the foregoing, at the Closing, Seller shall receive a credit in an amount equal to all such accounts funded by Seller
before the Closing Date, provided that (i) such accounts were required by the Franchisor or otherwise approved by Buyer (which approval shall not be unreasonably withheld), and (ii) Seller shall not receive a credit for any account to the
extent the same is intended to cover Pre-Opening Costs for which Seller is responsible and which have not been paid as of the Closing. 
 (e)
Advance Deposits, etc. All income generated by the Hotel, including receipts from guest room or suite rentals, all prepaid rentals, room rental deposits, and all other deposits for advance registration, banquets or services, whether
attributable to the period before the Effective Time or to the period after the Effective Time, shall be credited to Buyer. 
 (f) Other
Costs. All other costs attributable to the period before the Effective Time, including the cost of property and liability insurance and all Pre-Opening Costs, shall be allocated to Seller (subject to the limitations provided in
Section 8.7), and all costs attributable to the period after the Effective Time shall be allocated to Buyer. 
 12.2 Reconciliation
and Final Payment. Seller and Buyer shall reasonably cooperate after Closing to make a final determination of the allocations and prorations required under this Contract within one hundred eighty (180) days after the Closing Date. Upon the
final reconciliation of the allocations and prorations under this Section, the party which owes the other party any sums hereunder shall pay such party such sums within ten (10) days after the reconciliation of such sums. The obligations to
calculate such prorations, make such reconciliations and pay any such sums shall survive the Closing. 
 12.3 Employees. Unless Buyer
or the Manager expressly agrees otherwise, none of the employees of the Hotel shall become employees of Buyer, as of the Closing Date; instead, if Manager so elects, such employees shall become employees of the Manager or an affiliate of Manager.
Seller shall not give notice under any applicable federal or state plant closing or similar act, including, if applicable, the Worker Adjustment and Retraining Notification Provisions of 29 U.S.C., Section 2102, the parties having agreed that a
mass layoff, as that term is defined in 29 U.S.C., 2101(a)(3), will not have occurred. Any liability for payment of all 

  

 29 

 
wages, salaries and benefits, including, without limitation, accrued vacation pay, sick leave, bonuses, pension benefits, COBRA rights, and other benefits
accrued or earned by and due to employees at the Hotel through the Effective Time, together with F.I.C.A., unemployment and other taxes and benefits due with respect to such employees for such period, shall be charged to Seller for the purposes of
the adjustments to be made as of the Effective Time. All liability for wages, salaries and benefits of the employees accruing in respect of and attributable to the period from and after Closing shall be charged to Buyer. To the extent applicable,
all such allocations and charges shall be adjusted in accordance with the provisions of the any existing management agreement. 
 ARTICLE
XIII 
 CASUALTY AND CONDEMNATION 
 13.1 Risk of Loss; Notice. Prior to Closing and the delivery of possession of the Properties to Buyer in accordance with this Contract, all risk of loss to the Property (whether by casualty, condemnation or
otherwise) shall be borne by Seller. In the event that (a) any loss or damage to the Hotel shall occur prior to the Closing Date as a result of fire or other casualty, or (b) Seller receives notice that a governmental authority has
initiated or threatened to initiate a condemnation proceeding affecting the Hotel, Seller shall give Buyer immediate written notice of such loss, damage or condemnation proceeding (which notice shall include a certification of (i) the amounts
of insurance coverages in effect with respect to the loss or damage and (ii) if known, the amount of the award to be received in such condemnation). 
 13.2 Buyer’s Termination Right. If, prior to Closing and the delivery of possession of the Property to Buyer in accordance with this Contract, (a) any condemnation proceeding shall be pending against
a substantial portion of the Hotel or (b) there is any substantial casualty loss or damage to the Hotel, Buyer shall have the option to terminate this Contract, provided Buyer delivers written notice to Seller of its election within twenty
(20) days after the date Seller has delivered Buyer written notice of any such loss, damage or condemnation as provided above, and in such event, the Earnest Money Deposit, and any interest thereon, shall be delivered to Buyer and thereafter,
except as expressly set forth herein, no party shall have any further obligation or liability to the other under this Contract. In the context of condemnation, “substantial” shall mean condemnation of such portion of the Hotel (or access
thereto) as could, in Buyer’s reasonable judgment, render use of the remainder impractical or unfeasible for the uses herein contemplated, and, in the context of casualty loss or damage, “substantial” shall mean a loss or damage in
excess of Two Hundred and Fifty Thousand and No/100 Dollars ($250,000.00) in value. 
 13.3 Procedure for Closing. If Buyer shall not
timely elect to terminate this Contract under Section 13.2 above, or if the loss, damage or condemnation is not substantial, Seller agrees to pay to Buyer at the Closing all insurance proceeds or condemnation awards which Seller has received as
a result of the same, plus an amount equal to the insurance deductible, and assign to Buyer all insurance proceeds and condemnation awards payable as a result of the same, in which event the Closing shall occur without Seller replacing or repairing
such damage. In the case of damage or casualty, at Buyer’s election, Seller shall repair and restore the Property to its condition immediately prior to such damage or casualty and shall assign to Buyer all excess insurance proceeds and the
Closing shall be extended as necessary to permit Seller to effect such repair and restoration of the Property. 
  

 30 

 ARTICLE XIV 
 DEFAULT REMEDIES 
 14.1 Buyer Closing Default. If Buyer defaults under this Contract by
failing to close the transaction in accordance with and subject to the terms of this Contract then, as Seller’s sole and exclusive remedy, Seller may terminate this Contract at Seller’s election by written notice to Buyer, in which event
this Contract shall be terminated and of no effect, in which event (a) the Earnest Money Deposit, including any interest thereon, shall be paid to and retained by the Sellers, and (b) Buyer shall be liable for (and shall pay to Seller on
demand) an additional amount which, when added to the Earnest Money Deposit, equals 5% of the Purchase Price, as liquidated damages for Buyer’s default or failure to close, and both Buyer and Sellers shall thereupon be released from all
obligations hereunder (except as expressly provided otherwise in this Contract). 
 14.2 Seller Closing Default. If Seller defaults
under this Contract by failing to close the transaction in accordance with and subject to the terms of this Contract , Buyer may elect, as Buyer’s sole and exclusive remedy, either (i) to terminate this Contract by written notice to Seller
delivered to Seller at any time prior to the completion of such cure, in which event the Earnest Money Deposit, including any interest thereon, shall be returned to the Buyer, and thereafter both the Buyer and Seller shall thereupon be released from
all obligations with respect to this Contract, except as otherwise expressly provided herein; or (ii) to treat this Contract as being in full force and effect by written notice to Seller delivered to Seller at any time prior to the completion
of such cure, in which event the Buyer shall have the right to an action against Seller for specific performance. 
 14.3 Non-Closing
Defaults/Breaches. If either Seller or Buyer breaches any of its representations, warranties or covenants contained in this Contract (other than by reason of failing to close as required by this Contract, which is addressed in Sections 14.1 and
14.2 above), and such breach continues for thirty (30) days following written notice from the non-breaching party to the breaching party, the non-breaching party shall have the right to exercise any and all remedies at law and/or in equity
available to the non-breaching party; provided, however (i) neither party shall be liable for consequential, punitive or special damages, and (ii) each party’s liability shall be limited as may be provided elsewhere of this Contract,
and shall be subject to the limitation on survival following Closing as provided in Section 16.11. Notwithstanding the foregoing, neither party shall be entitled to exercise its remedies under this Section 14.3 if Closing fails to occur
under this Contract (such remedies being addressed in Sections 14.1 and 14.2); provided, however, either party may exercise its remedies under this Section 14.3 under any provision of this Contract that by its express terms survives the
termination of this Contract (whether or not Closing occurs under this Contract). 
 14.4 Attorney’s Fees. Anything to the
contrary herein notwithstanding, if it shall be necessary for either the Buyer or Seller to employ an attorney to enforce its rights pursuant to this Contract because of the default of the other party, and the non-defaulting party is successful in
enforcing such rights, then the defaulting party shall reimburse the non-defaulting party for the non-defaulting party’s reasonable attorneys’ fees, costs and expenses. 
  

 31 

 ARTICLE XV 
 NOTICES 
 All notices required herein shall be deemed to have been validly given, as applicable:
(i) if given by telecopy, when the telecopy is transmitted to the party’s telecopy number specified below and confirmation of complete receipt is received by the transmitting party during normal business hours or on the next Business Day
if not confirmed during normal business hours, (ii) if hand delivered to a party against receipted copy, when the copy of the notice is receipted or rejected, (iii) if given by certified mail, return receipt requested, postage prepaid, two
(2) Business Days after it is posted with the U.S. Postal Service at the address of the party specified below or (iv) on the next delivery day after such notices are sent by recognized and reputable commercial overnight delivery service
marked for next day delivery, return receipt requested or similarly acknowledged: 
  

			
	 If to Buyer:
	  	 Apple Nine Hospitality Ownership, Inc.
 814 E. Main
Street
 Richmond, Virginia 23219
 Attention: Sam
Reynolds
 Fax No.: (804) 344-8129

		
	 with a copy to:
	  	 Apple Nine Hospitality Ownership, Inc.
 814 E. Main
Street
 Richmond, Virginia 23219
 Attention: Legal
Dept.
 Fax No.: (804) 344-8129

		
	 If to Seller:
	  	 Viking Fund Holly Springs (NC), LLC
 13760 Noel Rd.,
Suite 610
 Dallas, Texas 75240
 Attention: John Bailey

Fax No.: (214) 987-9301

		
	 with a copy to:
	  	 K&L Gates
 1717 Main Street, Suite 2800

Dallas, Texas 75201
 Attention: Bob Feroze
 Fax No.: (214) 939-5849

 Addresses may be changed by the parties hereto by written notice in accordance with this Section.

  

 32 

 ARTICLE XVI 
 MISCELLANEOUS 
 16.1 Performance. Time is of the essence in the performance and satisfaction
of each and every obligation and condition of this Contract. 
 16.2 Binding Effect; Assignment. This Contract may not be assigned by
the Seller or Buyer (other than to an Affiliate of the party in question) unless consented to in writing by the other party to this transaction. Subject to foregoing sentence, this Contract shall be binding upon and shall inure to the benefit of
each of the parties hereto, their respective successors and assigns. 
 16.3 Entire Agreement. This Contract and the Exhibits
constitute the sole and entire agreement between Buyer and Seller with respect to the subject matter hereof. No modification of this Contract shall be binding unless signed by both Buyer and Seller. 
 16.4 Governing Law. The validity, construction, interpretation and performance of this Contract shall in all ways be governed and determined in
accordance with the laws of the Commonwealth of Virginia (without regard to conflicts of law principles). 
 16.5 Captions. The
captions used in this Contract have been inserted only for purposes of convenience and the same shall not be construed or interpreted so as to limit or define the intent or the scope of any part of this Contract. 
 16.6 Confidentiality. Except as either party may reasonably determine is required by law (including without limitation laws and regulations
applicable to Buyer or its Affiliates who may be public companies): (i) prior to Closing, Buyer and Seller shall not disclose the existence of this Contract or their respective intentions to purchase and sell the Property or generate or
participate in any publicity or press release regarding this transaction, except to Buyer’s and Seller’s legal counsel and lender, Buyer’s consultants and agents, the Manager, the Franchisor and the Title Company, Seller’s
investors and prospective investors, Seller’s financing sources and prospective financing sources, Seller’s advisors, agents, consultants and others engaged by Seller in order for Seller to perform its obligations under this Contract, and
except as required by applicable law or as necessitated by Buyer’s Due Diligence Examination and/or shadow management, unless both Buyer and Seller agree in writing and as necessary to effectuate the transactions contemplated hereby and
(ii) following Closing, the parties shall coordinate any public disclosure or release of information related to the transactions contemplated by this Contract, and no such disclosure or release shall be made without the prior written consent of
Buyer and Seller, and no press release shall be made without the prior written approval of Buyer and Seller. 
 16.7 Closing
Documents. To the extent any Closing documents are not attached hereto at the time of execution of this Contract, Buyer and Seller shall negotiate in good faith with respect to the form and content of such Closing documents prior to Closing.

 16.8 Counterparts. This Contract may be executed in counterparts by the parties hereto, and by facsimile signature, and each shall
be considered an original and all of which shall constitute one and the same agreement. 
  

 33 

 16.9 Severability. If any provision of this Contract shall, for any reason, be adjudged by any
court of competent jurisdiction to be invalid or unenforceable, such judgment shall not affect, impair or invalidate the remainder of this Contract but shall be confined in its operation to the provision or provisions hereof directly involved in the
controversy in which such judgment shall have been rendered, and this Contract shall be construed as if such provision had never existed, unless such construction would operate as an undue hardship on Seller or Buyer or would constitute a
substantial deviation from the general intent of the parties as reflected in this Contract. 
 16.10 Interpretation. For purposes of
construing the provisions of this Contract, the singular shall be deemed to include the plural and vice versa and the use of any gender shall include the use of any other gender, as the context may require. 
 16.11 Survival. All representations, warranties and covenants of Seller and Buyer in this Contract shall survive Closing for a period of one
(1) year following the Closing and shall thereafter terminate and be of no further force or effect. 
 16.12 Further Acts. In
addition to the acts, deeds, instruments and agreements recited herein and contemplated to be performed, executed and delivered by Buyer and Seller, Buyer and Seller shall perform, execute and deliver or cause to be performed, executed and delivered
at the Closing or after the Closing, any and all further acts, deeds, instruments and agreements and provide such further assurances as the other party or the Title Company may reasonably require to consummate the transaction contemplated hereunder.

 16.13 Joint and Several Obligations. If Seller consists of more than one person or entity, each such person or entity shall be
jointly and severally liable with respect to the obligations of Seller under this Contract. 
 16.14 Notice of Proposed Listing. In
the event that the sale of the Property contemplated by this Contract is consummated, if at any time during the five (5) year period commencing on the date of execution of this Contract by Buyer and Seller, Seller or any of its Affiliates
propose to list for sale any hotel property or properties owned, acquired, constructed or developed by Sellers or their Affiliates and located within a ten (10)-mile radius of any Hotel (any such other hotel property being referred to as an
“Other Property”), Sellers shall promptly deliver to Buyer written notice thereof and Buyer shall have the right to see the offering and make an offer to purchase any such Other Property within 10 days after Seller gives
Buyer such written notice with respect to the Other Property; provided, however, Seller shall have no obligation to accept any such offer. 
 16.15 Force Majeure. The term “Force Majeure” as used herein shall mean any event or circumstance beyond the reasonable control of Seller or Buyer (as the case may be) and which has the effect of causing a delay in,
or making impossible, the performance of such party’s obligations under this Contract (including, but not limited to, weather, strikes, unavailability of materials, civil unrest, war, acts of God, defaults of the other party or delays caused by
the other party); provided, however, financial inability to perform shall not constitute a Force Majeure event. 
  

 34 

 [Signatures Begin on Following Page] 
  

 35 

 IN WITNESS WHEREOF, this Contract has been executed, to be effective as of the date first above written,
by the Buyer and Seller. 
  

							
	 BUYER:

	
	 APPLE NINE HOSPITALITY OWNERSHIP,
 INC., a Virginia corporation

		
	By:	 	 /s/ David Buckley

	Name:	 	David Buckley
	Title:	 	Vice President
	
	 SELLER:

	
	VIKING FUND HOLLY SPRINGS (NC), LLC, a Delaware limited liability company
	
	 By: Viking Hospitality Fund II, LLC, its sole
 member

			
		 	By:	 	Prism Hotel Capital Partners Viking, LLC, its manager
				
		 		 	By:	 	 /s/ John D. Bailey

		 		 	Name:	 	John D. Bailey
		 		 	Title:	 	President

  

 36Exhibit 10.69

 Exhibit 10.69 
 Execution Version 
 PURCHASE AND SALE CONTRACT 
 THIS PURCHASE AND SALE CONTRACT (“Contract”) is entered into as of the
21st day of January, 2009 (the “Effective Date”) by and between Chesapeake Land Development Company, L.L.C., an Oklahoma
limited liability company (“Seller”), and Apple Nine Ventures, Inc., a Virginia corporation (“Purchaser”). 
 In consideration of the mutual covenants set forth in this Contract and for other valuable consideration, which the parties acknowledge receiving, Seller and Purchaser agree as follows: 
 Section 1. Sale and Purchase. 
 (a) Property. Subject to the terms and conditions set forth in this Contract, Seller agrees to sell and convey to Purchaser, and Purchaser agrees to purchase and accept from Seller, for the Purchase Price (defined below), the
surface of approximately 116 separate tracts of real property (being approximately three to five acres each) in Tarrant, Johnson, Dallas and Ellis Counties, Texas (each such site being referred to herein as a “Site” and all Sites
being collectively referred to herein as the “Land”), free and clear of all liens, easements, rights-of-way, reservations, restrictions, encroachments, tenancies and any other type of encumbrance (collectively, the
“Encumbrances”), except Encumbrances specifically provided for in this Contract or Encumbrances appearing in a Title Commitment (defined below) or on a Survey (defined below) that either are not objected to, or, if objected to, are
not cured and that are subsequently waived or deemed to have been waived in accordance with this Contract (collectively, “Permitted Encumbrances”). In no event shall Permitted Encumbrances include liens, or documents evidencing
liens, mechanics’ or materialmen’s liens or any claims or potential claims therefor (other than liens for taxes and assessments which are not delinquent) covering the Property or any portion thereof which either secure indebtedness or can
be removed by payment of a liquidated sum of money (collectively, “Required Removal Matters”). All Required Removal Matters shall be paid in full by Seller and released at or prior to the Preliminary Closing (defined below). Subject
to Seller’s rights set forth in Section 1(b) below, the preliminary list of the Sites and a description and/or depiction of each Site is set forth on or referenced in Exhibit “A” attached hereto. The Land and all
interests, rights, and appurtenances appertaining solely to the Land, if any, subject to the Permitted Encumbrances, are collectively referred to herein as the “Property.” 
 (b) Designation and Size of Sites; Addition or Deletion of Sites. Notwithstanding anything to the contrary, Seller shall have the right, in
Seller’s sole discretion, to designate the orientation, size and exact legal description of each Site, and either party shall have the right, in their sole discretion, to designate which Sites shall be included as part of the Land including,
without limitation, the right to add or delete Sites from inclusion as part of the Land by providing written notice to the other on or before the Preliminary Closing; provided, however, in no event shall the number of Sites be less than 104 nor more
than 116, and in no event shall any Site be less than 3 acres in size. Upon any such written notice from a party or deletion of Sites as 

 
otherwise allowed pursuant to this Contract, Exhibit “A” to this Contract shall automatically be deemed amended to the extent
necessary to conform to such notice. Seller either owns or shall own prior to the Preliminary Closing, each of the Sites; provided, however, that notwithstanding anything to the contrary, if it is discovered that Seller does not own any one or more
of the Sites as of the Effective Date or at any time prior to the Preliminary Closing, such shall constitute neither a default of Seller nor a breach of any representation or warranty of Seller pursuant to this Contract. 
 (c) Mineral Reservation. There shall be reserved from the conveyance hereunder for Seller and Seller’s successors and assigns, all of
Seller’s interest, if any: (i) in and to the oil, gas, and other minerals that are in, on and under the Property and that may be produced from the Property, and (ii) in and to or pursuant to any lease (either as lessee or lessor) and
any other agreement covering or in any way affecting the mineral estate in, on or under any portion of the Property, and (iii) in and to any compressors, rigs, tank batteries, pipe, gathering lines, flow lines, gas pipelines, water pipelines,
other pipelines, subsurface wellbores, treaters, power lines or equipment, seismic equipment, processing equipment, personal property, fixtures, and other structures, equipment and machinery on the Property and in any way related to the development,
drilling, production, storage, transportation, processing, reworking or other handling of or operations related to any oil, gas or other minerals (collectively, the “Mineral Reservation”). The Mineral Reservation shall be a
Permitted Encumbrance and shall be reserved in the Deed (defined below). 
 (d) Permanent Leases. At the Preliminary Closing,
Purchaser and Chesapeake Energy Corporation, an Oklahoma corporation (“CHC”) shall execute a single lease covering all of the Sites (the “Permanent Lease”) in a form to be mutually agreed upon by Seller and
Purchaser prior to the expiration of the Feasibility Period (defined below) pursuant to Section 4(c) below. Notwithstanding the foregoing, CHC may elect to require one of its affiliates (instead of CHC) to be the tenant
(“Tenant”) under the Permanent Lease; provided, however, that in such event, CHC shall execute a guaranty of the Permanent Lease (each a “Guaranty” and collectively, the “Guaranties”) in a form to
be negotiated contemporaneously with the form of the Permanent Lease prior to the expiration of the Feasibility Period. At the Preliminary Closing, Purchaser and Tenant shall also execute a recordable memorandum of lease for the Permanent Lease (the
“Memorandum of Permanent Lease”) in a form to be negotiated contemporaneously with the form of the Permanent Lease prior to the expiration of the Feasibility Period. The Memorandum of Permanent Lease shall be recorded at the first
Final Closing for any Site(s) in the Real Property Records of the Counties in which any Site is located. The Permanent Lease shall not be effective as to any Site until the Actual Final Closing Date (defined below) for the respective Site. The
Permanent Lease shall be a Permitted Encumbrance. Additionally, at Closing, Chesapeake Exploration, L.L.C., an Oklahoma limited liability company (“CE”) as the lessee under the mineral leases (and any other subsidiary of CHC holding
an interest in a mineral lease covering any portion of the Property, shall execute a waiver of surface rights at Closing (the “CE Surface Waiver”), pursuant to which CE (and any other such subsidiary of CHC) waive all rights to use
the surface of the Property except pursuant to the Interim Sublease and the Permanent Lease. 
 (e) Interim Master Leases. At
the Preliminary Closing, Seller and Purchaser shall execute a single interim master lease (the “Interim Master Lease”) in a form to be mutually agreed upon by Seller and Purchaser prior to the expiration of the Feasibility Period
pursuant to 

  

 2 

 
Section 4(c) below, pursuant to which Seller shall lease the Property to Purchaser. The Interim Master Lease shall be effective as to each Site during
the period from the Preliminary Closing until the Actual Final Closing Date for each Site, at which time the Interim Master Lease shall be deemed terminated as to such Site. At the Preliminary Closing, Seller and Purchaser shall also execute a
recordable memorandum of lease for the Interim Master Lease (the “Memorandum of Master Lease”) in a form to be negotiated contemporaneously with the form of the Interim Master Lease prior to the expiration of the Feasibility Period.
The Memorandum of Master Lease shall be recorded at the Preliminary Closing in the Real Property Records of the Counties in which the corresponding Sites are located. At the Preliminary Closing, Seller and Purchaser shall also execute a recordable
termination of Master Lease (each a “Partial Termination of Master Lease” and collectively, the “Partial Terminations of Master Leases”) for each Site in a form to be negotiated contemporaneously with the form of
the Interim Master Lease prior to the expiration of the Feasibility Period. The title company shall hold the Partial Terminations of Master Leases in escrow pending the Actual Final Closing Date for each Site, at which time the applicable Partial
Termination of Master Lease for such Site shall be recorded in the Real Property Records of the County in which the Site is located. 
 (f)
Interim Subleases. At the Preliminary Closing, Purchaser and Tenant shall execute a single interim sublease (the “Interim Sublease”) in a form to be mutually agreed upon by Seller and Purchaser prior to the expiration
of the Feasibility Period pursuant to Section 4(c) below, pursuant to which Purchaser shall sublease the Property back to Tenant. The Interim Sublease shall be effective as to each Site during the period from the Preliminary Closing until the
Actual Final Closing Date for each Site, at which time the applicable Interim Sublease shall be deemed terminated as to such Site. At the Preliminary Closing, Purchaser and Tenant shall also execute a recordable memorandum of lease for the Interim
Sublease (the “Memorandum of Sublease”) in a form to be negotiated contemporaneously with the form of the Interim Sublease prior to the expiration of the Feasibility Period. The Memorandum of Sublease shall be recorded at the
Preliminary Closing in the Real Property Records of the Counties in which the corresponding Sites are located. At the Preliminary Closing, Seller and Purchaser shall also execute one or more recordable terminations of Sublease (each a
“Partial Termination of Sublease” and collectively, the “Partial Terminations of Subleases”) in a form to be negotiated contemporaneously with the form of the Interim Sublease prior to the expiration of the
Feasibility Period. The title company shall hold the Partial Terminations of Subleases in escrow pending the Actual Final Closing Date for each Site, at which time the applicable Partial Termination of Sublease for such Site shall be recorded in the
Real Property Records of the County in which the Site is located. Any rent paid by Tenant pursuant to an Interim Sublease for a particular Site shall be also credited as rent paid pursuant to the Permanent Lease for such Site. 
 Section 2. Purchase Price and Earnest Money. 
 (a) The purchase price (“Purchase Price”) for the Property shall be an amount equal to the product of (i) ONE MILLION THREE HUNDRED TWO THOUSAND EIGHT HUNDRED FIFTY SEVEN AND 14/100
DOLLARS ($1,302,857.14), multiplied by (ii) the number of Sites actually included within the Property conveyed to Purchaser at the Preliminary Closing.  
 (b) The Purchase Price shall be paid in cash at the Preliminary Closing. 
  

 3 

 (c) Within three (3) business days after the Effective Date, Purchaser shall deliver to the Title
Company (defined below) FIVE HUNDRED THOUSAND AND NO/100 DOLLARS ($500,000.00) (“Earnest Money”), either by wire transfer or by a certified or cashier’s check payable to the order of Title Company. The Earnest Money will be
held in escrow in an interest-bearing account accruing to the benefit of the party entitled to the Earnest Money under this Contract. The timely delivery of the Earnest Money is a condition precedent to Seller’s obligations hereunder, and the
failure of Purchaser to timely deliver the Earnest Money as provided for herein shall, at Seller’s option, cause this Contract to be terminated, and thereafter neither party shall have any further rights or obligations under this Contract,
unless expressly provided otherwise in this Contract. If the contemplated transaction is consummated in accordance with this Contract, the Earnest Money will be applied to the Purchase Price at the Preliminary Closing. If the transaction is not so
consummated, the Earnest Money will be held and delivered by the Title Company as provided below. 
 Section 3. Title Commitment
and Survey. 
 (a) As soon as practicable after the Effective Date, Seller will deliver or cause to be delivered to Purchaser the
following: 
 (1) One or more Owner’s Commitment(s) for Title Insurance (each a “Title Commitment” and
collectively, the “Title Commitments”) covering each of the Sites included within the Property, issued by Chicago Title Company, 5501 LBJ Freeway, Suite 200, Dallas, Texas 75240, Attention: David Long (214-570-0200) (the
“Title Company”). The Title Commitments will set forth the status of title to the Property and will show all Encumbrances and other matters of record, if any, relating to the Property. 
 (2) Legible copies of all recorded documents referred to in the Title Commitment, including but not limited to plats, reservations,
restrictions, and easements. 
 (b) As soon as practicable after the Effective Date, Seller shall deliver to Purchaser a metes and bounds
description of each Site (each a “Preliminary Legal Description” and collectively, the “Preliminary Legal Descriptions”). 
 (c) As soon as practicable after the Effective Date, Seller shall obtain surveys of each Site (each a “Survey” and collectively, the “Surveys”) each consisting of a plat and field
notes describing the applicable Site, and deliver copies thereof to Seller and the Title Company. Seller and Purchaser acknowledge that the Surveys may not be delivered prior to the Preliminary Closing. The Surveys must be current, on-the-ground
staked surveys performed by a registered public surveyor or engineer satisfactory to Seller, Purchaser, and the Title Company. Purchaser hereby approves the hiring of Kimley-Horn and Associates, Inc. to prepare the Surveys. Once approved by Seller
and Purchaser, the Property description from each Survey will be used in all documents requiring a Property description except as otherwise provided herein. The Surveys shall be performed at Seller’s sole expense. 
 (d) Purchaser must give Seller written notice of any objections (“Objections”) to the Title Commitments, the Existing Surveys (defined
below) or any other title matter on or before the expiration of the Feasibility Period. If Purchaser does not timely give notice of Objections, Purchaser will be deemed to have waived all Objections, and all matters reflected on the Title
Commitments and/or the Existing Surveys will be deemed Permitted Encumbrances. 
  

 4 

 (e) If Purchaser timely gives notice of Objections to Seller, then Seller, without obligation to spend
any money or to bring suit to cure the Objections, may cure the Objections and/or commit in writing to cure one or more of the Objections by providing written notice of such election to Purchaser on or before the expiration of the Feasibility Period
(the “Cure Period”). If Seller does not either cure the Objections or commit in writing to cure the Objections by providing written notice of such commitment to Purchaser prior to the expiration of the Cure Period, then Seller will
be deemed to have elected not to cure such Objections and Purchaser, as its sole and exclusive remedy, is entitled either: 
 (1) To terminate this Contract by written notice to Seller and Title Company at any time prior to the expiration of the Feasibility Period. Upon termination, Purchaser will be entitled to the return of the Earnest Money, and neither Seller
nor Purchaser thereafter shall have any further right or obligation under this Contract unless expressly provided otherwise in this Contract; or 
 (2) To waive the Objections that remain uncured as of the expiration of the Feasibility Period and consummate the purchase of the Property subject to the uncured Objections, which will be deemed to be Permitted
Encumbrances. In such event, none of Purchaser’s obligations under this Contract will change, nor will the Purchase Price be reduced on account of the uncured Objections; or 
 (3) To delete the Site(s) affected by such uncured Objections from inclusion as part of the Land by providing written notice to Seller at
any time prior to the expiration of the Feasibility Period (provided that in no event shall the number of Sites included as part of the Land be less than 104). 
 If Purchaser does not send a written notice of termination prior to the expiration of the Feasibility Period, it will be deemed to have waived the Objections that remain uncured as of the expiration of the Feasibility Period, which will be
deemed to be Permitted Encumbrances. 
 (f) In the event that an updated Title Commitment or Survey issued after the expiration of the
Feasibility Period but before the Preliminary Closing reveals new title exceptions or Encumbrances that were not disclosed on a Title Commitment or Survey issued prior to the expiration of the Feasibility Period, Purchaser shall have the right to
send written Objections to such matters (“Additional Objections”) to Seller within five (5) days after Purchaser’s receipt of such updated Title Commitment or updated Survey (but in any event before the Preliminary
Closing). If Purchaser does not timely give notice of Additional Objections, Purchaser will be deemed to have waived all Additional Objections and all new matters shown on the updated Title Commitment and/or updated Survey will be deemed Permitted
Encumbrances. Upon receipt of Purchaser’s written notice of any Additional Objections, Seller, without obligation to spend any money or to bring suit to cure the Additional Objections, may elect to cure such Additional Objections prior to the
Preliminary Closing. If Seller does not either cure the Additional Objections prior to the Preliminary Closing or deliver a written notice to Purchaser prior to the Preliminary Closing deleting the Site(s) affected by the Additional Objections from
inclusion within the Property, then Purchaser, as its sole and exclusive remedy, is entitled either: 
 (1) To terminate this
Contract by written notice to Seller and Title Company at any time before the Preliminary Closing Date. Upon termination, Purchaser will be entitled to the return of the Earnest Money, and neither Seller nor Purchaser thereafter shall have any
further right or obligation under this Contract unless expressly provided otherwise in this Contract; or 
  

 5 

 (2) To waive the Additional Objections that remain uncured as of the Preliminary Closing
Date and consummate the purchase of the Property subject to the uncured Additional Objections, which will be deemed to be Permitted Encumbrances. In such event, none of Purchaser’s obligations under this Contract will change, nor will the
Purchase Price be reduced on account of the uncured Objections; or 
 (3) To delete the Site(s) affected by such uncured
Objections from inclusion as part of the Land by providing written notice to Seller at any time prior to the Preliminary Closing (provided that in no event shall the number of Sites included as part of the Land be less than 104). 
 If Purchaser does not send a written notice of termination prior to the Preliminary Closing, Purchaser will be deemed to have waived the Additional Objections that
remain uncured as of the Preliminary Closing Date, which will be deemed to be Permitted Encumbrances. 
 Section 4. Feasibility
Period. 
 (a) Term. As used in this Contract, “Feasibility Period” means the period beginning on the
Effective Date and expiring at 5:00 p.m., Fort Worth, Texas time, on February 21, 2009; provided, however, Purchaser shall have the right to extend the Feasibility Period for up to three (3) consecutive 30-day periods by providing written
notice to Seller on or before the expiration of the Feasibility Period, as such may be extended hereunder. 
 (b) Right to
Terminate. Purchaser may terminate its obligation to purchase the Property at any time prior to the expiration of the Feasibility Period if Purchaser, in its sole discretion, concludes that the Property is not suitable for any or no reason.
Purchaser must exercise its termination rights under this Section 4(b) by delivering a written termination notice (“Termination Notice”) to Seller at any time prior to the expiration of the Feasibility Period. Upon
Seller’s and Title Company’s receipt of a Termination Notice during the Feasibility Period, the Title Company shall deliver the Earnest Money to Purchaser, and neither Seller nor Purchaser thereafter shall have any further right or
obligation under this Contract unless expressly provided otherwise in this Contract. If Purchaser does not send a Termination Notice during the Feasibility Period, then upon the expiration of the Feasibility Period, Purchaser will be deemed to have
elected to proceed with purchasing the Property, subject to the terms of this Contract, and the Earnest Money will thereafter be non-refundable to Purchaser (i) unless this Contract automatically terminates pursuant to Section 4(c) below
or (ii) except as otherwise specifically provided in this Contract. 
  

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 (c) Issues to be Agreed Upon During the Feasibility Period. 
 (1) Agreement on Contingency Issues. Seller and Purchaser shall attempt to agree, in their respective sole and
absolute discretion, upon the following issues (collectively, the “Contingency Issues”) prior to the expiration of the Feasibility Period: 
 (A) The form of the Permanent Lease to be executed at the Preliminary Closing (along with the form of the Memorandum of Permanent Lease and the form of Guaranty, if applicable); provided, however, that the form of
Permanent Lease shall include the following terms: 
 (i) Initial rent to be paid to Purchaser by the Tenant under such
Permanent Lease shall be equal to ONE HUNDRED THIRTY SIX THOUSAND EIGHT HUNDRED AND NO/100 DOLLARS ($136,800.00) per year per Site. 
 (ii) Rent for the Permanent Lease shall commence on the earlier of the Outside Final Closing Deadline or the first Actual Final Closing Date for a Site covered by such Permanent Lease (the “Permanent Lease Rent Commencement
Date”); provided, however, that Tenant shall pay rent pursuant to each Interim Sublease commencing at the Preliminary Closing until the Rent Commencement Date of the Permanent Lease for such Site; and provided further that rent for the
first full calendar month (and any rent for the partial month in which Preliminary Closing occurs if the Preliminary Closing occurs on any day other than the first day of a calendar month) shall be prepaid by Tenant at the Preliminary Closing.

 (iii) The initial Permanent Lease term shall begin on the Rent Commencement Date and end on the date that is forty
(40) years after the Preliminary Closing, and Tenant shall have the option to extend the Permanent Lease for not less than five (5) additional five-year renewal periods. The Interim Sublease term shall begin at the Preliminary Closing and
continue until the effective date of the Permanent Lease for such Site. 
 (iv) Each of the Interim Sublease and the
Permanent Lease shall be a triple net lease. 
 (v) Annual rent shall
increase by 10% on the 5th, 10th,
15th, 20th, 25th and 30th anniversaries of the Preliminary Closing and
annual rent shall remain flat following the 30th anniversary of the Preliminary Closing. 
 (B) The forms of the Interim Master Lease, the Memorandum of Master Lease and the Partial Termination of Master Lease. 
 (C) The forms of the Interim Sublease, the Memorandum of Sublease and the Partial Termination of Sublease. 
  

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 (D) The form of the CE Surface Waiver. 
 (E) The final list of Sites that will be included as part of the Property that will be described in the Preliminary Deeds (defined below)
to be delivered by Seller at the Preliminary Closing. 
 As soon as practicable after the Effective Date, Seller shall deliver to Purchaser
Seller’s proposed forms of Permanent Lease (and form of Memorandum of Permanent Lease and form of Guaranty, if applicable), Interim Master Lease, Memorandum of Master Lease, Partial Termination of Master Lease, Interim Sublease, Memorandum of
Sublease and Partial Termination of Sublease, all to be executed at the Preliminary Closing for each Site (collectively, “Seller’s Proposal”). Purchaser shall respond in writing to Seller with comments to such forms and the
parties shall attempt to finalize such forms, if at all, on or before the expiration of the Feasibility Period. 
 (2)
Termination upon Failure to Agree on Contingency Issues. In the event that Seller and Purchaser fail, prior to the expiration of the Feasibility Period, to agree in writing upon any of the Contingency Issues, which agreement may be
withheld by either Seller or Purchaser in their respective sole and absolute discretion, then, notwithstanding anything to the contrary, this Contract will automatically terminate upon the expiration of the Feasibility Period. If this Contract
terminates pursuant to this section, then the Title Company shall promptly return the Earnest Money to Purchaser upon demand and without the necessity of any further action by Purchaser, and neither Seller nor Purchaser thereafter shall have any
further right or obligation under this Contract unless expressly provided otherwise in this Contract. 
 (d) Inspection; Insurance
Requirements; Seller’s Documents. 
 (1) Seller will permit Purchaser and its contractors and agents to enter
upon the Property to inspect and test the Property (including environmental tests) as Purchaser deems necessary or desirable; provided, however, that Purchaser shall not conduct any Phase II environmental tests or invasive environmental tests
without first obtaining Seller’s prior written approval of Purchaser’s specific plans for such tests (such as soil boring plans), which approval may be withheld in Seller’s sole and absolute discretion. Purchaser must repair any
damages to the Property resulting from any inspection or testing conducted by it or at its direction. PURCHASER SHALL INDEMNIFY AND DEFEND SELLER, SELLER’S AFFILIATES AND THEIR RESPECTIVE PARTNERS, MEMBERS, SHAREHOLDERS, DIRECTORS, OFFICERS,
AGENTS, EMPLOYEES AND CONTRACTORS (COLLECTIVELY, “INDEMNITEES”) AND HOLD THE INDEMNITEES HARMLESS AGAINST, ALL LIENS, CLAIMS, AND LIABILITY ARISING OUT OF OR RELATED TO PURCHASER’S OR ITS CONTRACTORS’ OR AGENTS’ ENTRY ONTO
AND INSPECTIONS AND TESTS OF THE PROPERTY INCLUDING, WITHOUT LIMITATION, PERSONAL INJURIES OR DEATH. 
 (2) Before
Purchaser or any of its contractors or agents may enter onto the Property for its inspections or tests or otherwise, Purchaser shall provide Seller with certificates of insurance and appropriate endorsements evidencing that Purchaser and 

  

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each of Purchaser’s contractors or agents who enter upon the Property carries commercial general liability insurance (on an occurrence basis) with a
combined single limit of not less than Two Million Dollars ($2,000,000) per occurrence during the period that these parties are on the Property. Each policy must be issued by an insurance company licensed to do business in Texas and reasonably
acceptable to Seller and under a form of policy reasonably satisfactory to Seller. Seller must be included as an additional insured under all such insurance policies. The insurance may not be cancelled or amended except upon thirty
(30) days’ prior written notice to Seller. 
 (3) Purchaser must keep, and cause its contractors and agents to keep,
confidential all Seller’s Information (defined below) and any other information, materials, records, data, drawings, specifications, engineering, and other documents related to Purchaser’s inspections and tests (collectively,
“Documents”) and not disclose the existence of the Documents or their contents to any person or entity including, without limitation, any federal, state, or local governmental agency, without Seller’s express written consent;
provided, however that Purchaser may disclose the Documents only to such of Purchaser’s officers, directors, employees, consultants, investors and lenders, as have actual need for the Documents in evaluating the Property. Purchaser shall act
diligently to prevent any further disclosure of the Documents beyond the disclosures specifically allowed above. The Documents may not be used by Purchaser or by its contractors or agents for any purpose other than to evaluate the proposed purchase
of the Property by Purchaser. 
 (4) Purchaser’s obligations and indemnity under this Section 4(d) survive the
Preliminary Closing and the Final Closing or earlier termination of this Contract. Purchaser shall deliver to Seller copies of all Documents upon any termination of this Contract. 
 (e) No Obligation to Extend Utilities. Notwithstanding anything to the contrary, Seller has no obligation to extend any electric, gas,
telephone, water, sewer, or other utilities to the perimeter of the Property or to any location within the Property. 
 (f)
Seller’s Information. 
 (1) As soon as practicable after the Effective Date, Seller shall deliver to
Purchaser (or make available to Purchaser at Seller’s office) copies of any existing surveys of the Property (“Existing Surveys”) and all existing environmental reports related to the Property within Seller’s actual
possession or control, to Seller’s current actual knowledge (collectively, such Existing Surveys, reports and any other information furnished by Seller to Purchaser in connection with this transaction being referred to herein as the
“Seller’s Information”). If this Contract is terminated for any reason, Purchaser will return the Seller’s Information to Seller. 
 (2) Purchaser acknowledges that any Seller’s Information supplied or made available by Seller related to the Property or this
transaction is made available without representation by Seller or recourse to Seller, and Purchaser relies on such information at its own risk. 
  

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 (3) Purchaser acknowledges that Seller has neither verified the accuracy of any
statements or other matters contained in the Seller’s Information nor any method used to compile the Seller’s Information nor the qualifications of those preparing the Seller’s Information. 
 (4) Seller makes no representations or warranties about – and assumes no responsibility for – the accuracy or completeness of
the Seller’s Information. Likewise, no partner, officer, employee, or agent of Seller has been authorized to make any representations regarding the Seller’s Information or the Property, and, if given, these representations may not be
relied upon as having been authorized by Seller. 
 (5) This Section 4(f) will survive the Preliminary Closing and the
Final Closing or any termination of this Contract. 
 Section 5. Default and Remedies. 
 (a) Purchaser will be in default under this Contract if, subject to the terms of this Contract, (i) it fails or refuses to purchase the Property
pursuant to this Contract, or (ii) it fails to perform any of its other obligations hereunder, and such circumstance described in clause (i) or (ii) continues for five (5) business days after written notice from Seller to
Purchaser. Purchaser will not be in default, however, if it terminates this Contract prior to the Preliminary Closing when it has an express right to terminate. If Purchaser is in default at any time prior to or at the Preliminary Closing, then
Seller, as its sole and exclusive remedy, is entitled either (x) to waive such default and proceed to the Preliminary Closing or (xx) to terminate this Contract by giving written notice to Purchaser on or before the Preliminary Closing,
whereupon neither Seller nor Purchaser thereafter shall have any further right or obligation under this Contract unless expressly provided otherwise in this Contract. Upon such a termination by Seller, the Title Company will then deliver the Earnest
Money to Seller as liquidated damages and not as a penalty, free of any claims by any person, including Purchaser. The Earnest Money to which Seller may be entitled is the parties’ reasonable forecast of just compensation for the harm that
Purchaser’s breach would cause, which is otherwise impossible or very difficult to estimate accurately. 
 (b) Seller will be in default
under this Contract if, subject to the terms of this Contract, (i) it willfully fails or refuses to sell the Property pursuant to this Contract, or (ii) it fails to perform any of its other obligations hereunder, and such circumstance
described in clause (i) or (ii) continues for five (5) business days after written notice from Purchaser to Seller. Seller will not be in default, however, if it terminates this Contract prior to the Preliminary Closing when it has an
express right to terminate. If Seller is in default under this Contract at any time prior to or at the Preliminary Closing, then Purchaser, as its sole and exclusive remedy, is entitled either (x) to waive such default and proceed to the
Preliminary Closing, (xx) to enforce specific performance of Seller’s obligations under this Contract with respect to the Property, or (xxx) to terminate this Contract by giving written notice to Seller on or before the Preliminary
Closing, whereupon Seller shall reimburse Purchaser for Purchaser’s actual and reasonable out-of-pocket due diligence costs incurred in connection with this Contract up to a maximum reimbursable amount of $250,000.00, and neither Seller nor
Purchaser thereafter shall have any further right or obligation under this Contract unless expressly provided otherwise in this Contract. Upon such a termination, the Title Company will deliver the Earnest Money to 

  

 10 

 
Purchaser, free of any claims of any person, including Seller. Notwithstanding anything herein to the contrary, Purchaser shall be deemed to have elected to
terminate this Contract if Purchaser fails to deliver to Seller written notice of its intent to file a claim or assert a cause of action for specific performance against Seller on or before thirty (30) business days following the scheduled
Preliminary Closing Date or, having given such notice, fails to file a lawsuit asserting such claim or cause of action in Tarrant County, Texas, within six (6) months following the scheduled Preliminary Closing Date. 
 (c) Notwithstanding anything to the contrary, if either Seller or Purchaser is in default under this Contract at any time following the Preliminary
Closing (including, without limitation, under any of such party’s obligations set forth in Sections 6, 7 or 8 below), then the non-defaulting party, as its sole and exclusive remedies, is entitled either (x) to waive such default,
(xx) to enforce specific performance of the defaulting party’s obligations under this Contract, or (xxx) to pursue the non-defaulting party’s actual damages against the other party resulting from such default. Notwithstanding
anything to the contrary, following the Preliminary Closing, neither Seller nor Purchaser shall have any right to terminate this Contract or to rescind the conveyance of the Property. 
 (d) Subject to Section 12 below, if the Preliminary Closing occurs, each party shall have the right to pursue its actual damages against the other
party for a breach of any covenant contained herein that is performable after or that is expressly provided herein as surviving the Preliminary Closing (including the indemnification obligations of the parties contained in this Contract). Subject to
Section 12 below, if the Preliminary Closing does not occur, (x) each party shall have its respective rights and remedies under Sections 5(a) and 5(b) above, as applicable, and (xx) each party shall have all available remedies against
the other party for a breach of the other party’s obligations contained in this Contract that are expressly provided herein as surviving the termination of this Contract, but neither party shall have any right to pursue any remedy against the
other party on account of a breach of the other party’s representations and warranties set forth herein. Notwithstanding anything to the contrary, except as provided in Section 7(b) below, in no event or circumstance shall either Seller or
Purchaser be liable for any speculative, consequential or punitive damages. If this Contract terminates or is terminated in accordance with its terms, Purchaser shall execute, acknowledge, and deliver to Seller upon demand a recordable instrument
evidencing such termination and waiving and releasing Purchaser’s rights in and to the Property. If either Seller or Purchaser becomes entitled to the Earnest Money upon termination of this Contract, Purchaser and Seller shall deliver an
instruction letter to the Title Company directing disbursement of the Earnest Money to the entitled party. If either party fails or refuses to sign or deliver such an instruction letter, the refusing party shall pay all reasonable attorneys’
fees and court costs incurred by the party so entitled to the Earnest Money. 
 (e) The provisions of this Section 5 shall survive the
Preliminary Closing and Final Closing or any termination of this Contract. 
 Section 6. Preliminary Closing.  

(a) The preliminary closing (“Preliminary Closing”) of the sale of the Property by Seller to Purchaser will occur in the Title
Company’s office on or before the date that is fifteen (15) days after the expiration of the Feasibility Period (the “Preliminary Closing Date”); unless 

  

 11 

 
an earlier date is agreed to in writing by Seller and Purchaser; provided, however, in the event that the parties agree that the Preliminary Closing shall be
held on a date that is prior to the expiration of the Feasibility Period, the Feasibility Period shall automatically expire on such earlier Preliminary Closing Date. 
 (b) At the Preliminary Closing, all of the following must occur, all of which are concurrent conditions: 
 (1) Seller shall deliver or cause to be delivered to the Title Company each of the following items: 
 (A) One or more special warranty deed(s) using the Preliminary Legal Description of each Site (each a “Preliminary Deed” and collectively, the “Preliminary Deeds”), each in the form of Exhibit
“B” attached hereto, executed and acknowledged by Seller, conveying to Purchaser title to the Property, subject to the Permitted Encumbrances. 
 (B) Two (2) counterparts each of a single Permanent Lease covering all of the Sites that are included as part of the Property (along
with the Memorandum of Permanent Lease), all using the Preliminary Legal Descriptions and all fully executed and acknowledged by CHC (or an affiliate of CHC as allowed pursuant to Section 1(d) above) (provided that the Permanent Lease shall not
be effective as to any Site until the Actual Final Closing Date for such Site). 
 (C) A Guaranty executed by CHC covering the
Permanent Lease, if applicable pursuant to Section 1(d) above. 
 (D) Two (2) counterparts of the Interim Master
Lease covering the Property, the Memorandum of Master Lease covering the Property, and a separate Partial Termination of Master Lease for each Site, all using the Preliminary Legal Descriptions and all fully executed and acknowledged, as
appropriate, by Seller. 
 (E) Two (2) counterparts of the Interim Sublease covering all of the Sites, the Memorandum of
Sublease covering all of the Sites, and a separate Partial Termination of Sublease for each Site, all using the Preliminary Legal Descriptions and all fully executed and acknowledged, as appropriate, by Seller. 
 (F) Four (4) counterparts of a Memorandum of Purchase and Sale Contract in recordable form reasonably acceptable to Seller and
Purchaser (“Memorandum of Contract”), executed and acknowledged by Seller. 
 (G) Four (4) counterparts
of a Release of Memorandum of Purchase and Sale Contract in recordable form reasonably acceptable to Seller and Purchaser (“Release of Memorandum”), executed and acknowledged by Seller. 
 (H) Cause the Tenant to deliver to the Title Company immediately available funds via wire transfer in an amount equal to the total rent
for the first full month (and any rent for the partial month in which the Preliminary Closing occurs if the Preliminary Closing occurs on any day other than the first day of a calendar month) under the Sublease (collectively, the “Prepaid
Rent”). 
  

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 (I) Evidence reasonably satisfactory to Purchaser and the Title Company that the person
executing the closing documents on behalf of Seller has full right, power, and authority to do so. 
 (J) Seller’s
affidavit setting forth its U.S. Taxpayer Identification Number, its office address, and its statement that it is not a “foreign person” as defined in Internal Revenue Code §1445, as amended. 
 (K) If any of the Sites are situated within a water, utility or other statutorily created district providing water, sewer, drainage, or
flood control facilities and services, the statutory “District Notice” in the promulgated form(s) set forth in Section 49 of the Texas Water Code relating to the tax rate, bonded indebtedness, or standby fee of the
district, fully executed and acknowledged by Seller. 
 (L) The CE Surface Waiver, executed and acknowledged by CE.

 (M) All other documents reasonably required by the Title Company to close the transaction contemplated by this Contract,
fully executed and acknowledged where appropriate by Seller; provided, however, that Seller’s obligations or liability under this Contract shall not be enlarged or extended by such other documents. 
 (2) Purchaser shall deliver or cause to be delivered to the Title Company each of the following items: 
 (A) Immediately available funds via wire transfer in an amount equal to the Purchase Price less the Earnest Money, plus any other amounts
to be paid by Purchaser hereunder (the “Gross Proceeds”). 
 (B) Two (2) counterparts of the Permanent
Lease covering all of the Sites that are included as part of the Property (along with the Memorandum of Permanent Lease), in the forms agreed upon by Seller and Purchaser pursuant to Section 4(c) above, fully executed and acknowledged by
Purchaser (provided that the Permanent Lease shall not be effective as to any Site until the Actual Final Closing Date for such Site). 
 (C) Two (2) counterparts of the Master Lease covering the Property, the Memorandum of Master Lease covering the Property, and a separate Partial Termination of Master Lease for each Site, all using the
Preliminary Legal Descriptions and all fully executed and acknowledged, as appropriate, by Seller. 
 (D) Two
(2) counterparts of the Interim Sublease covering all of the Sites, the Memorandum of Sublease covering all of the Sites, and a separate Partial Termination of Sublease for each Site, all using the Preliminary Legal Descriptions and all fully
executed and acknowledged, as appropriate, by Purchaser. 
  

 13 

 (E) Four (4) counterparts of the Memorandum of Contract, executed and acknowledged
by Purchaser. 
 (F) Four (4) counterparts of the Release of Memorandum, executed and acknowledged by Purchaser.

 (G) Evidence reasonably satisfactory to Seller and the Title Company that the person executing the closing documents on
behalf of Purchaser has full right, power, and authority to do so. 
 (H) If any of the Sites are situated within a water,
utility or other statutorily created district providing water, sewer, drainage, or flood control facilities and services, the statutory “District Notice” in the promulgated form relating to the tax rate, bonded indebtedness, or
standby fee of the district, fully executed and acknowledged by Purchaser. 
 (I) All other documents reasonably required by
the Title Company to close the transaction contemplated by this Contract, fully executed and acknowledged where appropriate by Purchaser; provided, however, that Purchaser’s obligations or liability under this Contract shall not be enlarged or
extended by such other documents. 
 (3) Seller and Purchaser shall each be responsible for their respective attorneys’
fees (provided that such may be paid outside of Preliminary Closing), and one-half of all escrow and recording fees (such recording fees to be estimated by the Title Company). 
 (4) At the Preliminary Closing, the Title Company shall issue Leasehold Title Policy Proformas (“Leasehold Title
Proformas”) to Purchaser updated as of the date of the Preliminary Closing, pursuant to which the Title Company has agreed to issue one or more Leasehold Policies of Title Insurance (each a “Leasehold Policy” and
collectively, the “Leasehold Policies”) to Purchaser (with the total amount of the Leasehold Title Proformas being equal to the total Purchase Price for all Sites included as part of the Property) insuring that Purchaser is the
holder of a leasehold estate in each Site pursuant to the Interim Master Lease subject only to the Permitted Encumbrances related to such Site, and the standard printed exceptions included in a Texas Standard Form Leasehold Policy of Title
Insurance. During the Period between the Preliminary Closing and the Final Closings for each Site, the Title Company shall update the Leasehold Title Proformas at least every ninety (90) days. The Title Company shall not issue any actual
Leasehold Policies to Purchaser unless Purchaser requests same in writing and pays the premium for such Leasehold Policies. Rather, upon the Final Closing of each Site or group of Sites, the Title Company shall issue one or more Owner Policies of
Title Insurance (each an “Owner Policy” and collectively, the “Owner Policies”) to Purchaser pursuant to Section 7 below (with the total amount of the Owner Policies issued at each Final Closing being equal to
the total Purchase Price for all Sites included as part of such 

  

 14 

 
Final Closing) insuring that, upon the Final Closing for each Site, Purchaser is the owner of indefeasible fee simple title to such Site subject only to the
Permitted Encumbrances and the New Permitted Encumbrances, if any, related to such Site, and the standard printed exceptions included in a Texas Standard Form Owner Policy of Title Insurance. Purchaser shall be solely responsible for the title
insurance premium for the Owner Policies (and, if issued, the Leasehold Policies), as well as any endorsements, modifications or additional coverage requested by Purchaser. The form survey exception in the Owner Policies may – at
Purchaser’s expense – be limited to “shortages in area,” and the printed form exception for restrictive covenants must be deleted unless one or more restrictive covenants are included among the Permitted Encumbrances. 

(5) Seller and Purchaser acknowledge that it is possible that the Final Closing(s) for the various Sites may occur all at a single
time, or that the Final Closings will occur on multiple dates in groups of one or more Sites as the Final Platting Condition is satisfied for the various Sites. Notwithstanding anything to the contrary, Seller shall have the right, in its sole
discretion, to elect either: (i) to wait until after the Final Closing has occurred for all Sites before instructing the Title Company to issue a single Owner Policy covering all of the Sites in the amount of the total Purchase Price for all
Sites, or (ii) to proceed on one or more occasions following the Final Closings of one or more Sites (but before the Final Closing has occurred for all Sites), to instruct the Title Company to issue multiple Owner Policies with each such Owner
Policy covering less than all of the Sites. 
 (c) Ad valorem and similar taxes and assessments relating to the Property will be prorated
between Seller and Purchaser as of the Preliminary Closing Date, based on estimates of the amount of taxes and assessments that will be due and payable on the Property during the year in which the Preliminary Closing Date occurs; provided, however,
Purchaser shall be reimbursed by Tenant for Tenant’s share of taxes and assessments pursuant to the terms of the Permanent Lease. The proration estimates will be taken from the most recent tax and assessment statements available at the
Preliminary Closing and will be deemed final. Notwithstanding anything to the contrary, if a change in land ownership or a change in the use of the Property results in the assessment of additional taxes, penalties, or interest (i.e.,
“rollback taxes”) for periods before the Preliminary Closing, payment of such amounts will be Purchaser’s obligation (which amounts shall be subject to reimbursement/payment by Tenant pursuant to the terms of the Permanent
Lease). This Section 6(c) will survive the Preliminary Closing and the Final Closing. 
 (d) When all of the following conditions have
occurred: (i) the Title Company is in possession of all fully executed closing documents contemplated in Sections 6(b)(1) and 6(b)(2) above (collectively the “Preliminary Closing Documents”), and (ii) the Title Company is
in possession of immediately available funds from Purchaser in the amount of the Purchase Price, as adjusted by applicable prorations and closing costs; then, unless the Title Company receives written instructions to the contrary signed by both
Seller and Purchaser, the Title Company shall: 
 (1) Promptly record one original counterpart of the Memorandum of Contract
in the Real Property Records of Tarrant, Johnson, Dallas and Ellis Counties, Texas. 
 (2) Promptly record one original
counterpart of the Memorandum of Master Lease in the Real Property Records of Tarrant, Johnson, Dallas and Ellis Counties, Texas. 
  

 15 

 (3) Promptly record the Memorandum of Sublease in the Real Property Records of Tarrant,
Johnson, Dallas and Ellis Counties, Texas. 
 (4) Promptly record the CE Surface Waiver. 
 (5) Deliver one original counterpart of each of the following documents to both Seller and Purchaser: the Interim Master Lease and the
Interim Sublease. 
 (6) Promptly disburse the following amounts to Seller from the Gross Proceeds: the Purchase Price, less
any charges and prorations listed on the Seller’s closing statement for any expenses or taxes to be paid by Seller pursuant to the terms of this Contract. 
 (7) Promptly disburse the Prepaid Rent to Purchaser. 
 (8) Promptly issue the Leasehold Title Proformas to Purchaser. 
 (9) Promptly deliver the Guaranty, if applicable, to Purchaser. 
 (10) Hold in escrow pending Final Closing(s) of the various Sites, the portion of the Gross Proceeds attributable to the following
(collectively, the “Escrowed Funds”): (i) payment of the estimated premium(s) for the Owner Policies to be issued at the Final Closing(s), and (ii) any estimated recording fees expected to be incurred at the Final
Closing(s). The Escrowed Funds shall be held in an interest bearing account to be invested as directed by Seller, with any interest earned on the Escrowed Funds automatically becoming part of the Escrowed Funds. 
 (11) Not release the Escrowed Funds until the Final Closing has occurred for each of the various Sites, except as otherwise specifically
provided herein or in a writing signed by both Seller and Purchaser. 
 (12) Hold the following documents in escrow until the
Final Closing has occurred for each of the various Sites (on a Site-by-Site basis), except as otherwise specifically provided herein or in a writing signed by both Seller and Purchaser: the Permanent Lease, the Memorandum of Permanent Lease, the
Preliminary Deeds, the Partial Terminations of Master Leases and the Partial Terminations of Subleases. 
 (13) Hold the
Release of Memorandum in escrow until the Final Closing has occurred for all of the Sites, except as otherwise specifically provided herein or in a writing signed by both Seller and Purchaser. 
 (e) The provisions of this Section 6 shall survive the Preliminary Closing and the Final Closing. 
  

 16 

 Section 7. Final Closing. 
 (a) Upon satisfaction of the Final Closing Condition (defined below) for one or more Sites, Seller or Purchaser may deliver written notice of such
satisfaction (a “Platting Completion Notice”) to the other party and the Title Company. In order for a notice from Seller or Purchaser to be considered a Platting Completion Notice, it must clearly state the words “Platting
Completion Notice” at the top of such notice. To the extent that the other party and the Title Company do not already have such materials, the Platting Completion Notice shall include copies of the recorded Plat and the final Survey, if any,
for each Site covered by such Platting Completion Notice (to the extent that the party sending the Platting Completion Notice has such materials). Promptly following the Title Company’s receipt of a Platting Completion Notice, the Title Company
shall, without the need for any further instruction, promptly take the following actions: 
 (1) Issue to Seller and Purchaser
updated Title Commitment(s) (each an “Updated Title Commitment” and collectively, the “Updated Title Commitments”) for the applicable Site(s) covered by such Platting Completion Notice, which reference the recorded
Plat(s) for the applicable Site(s) in the legal description for such Site(s) (each an “Updated Legal Description” and collectively, the “Updated Legal Descriptions”). Purchaser shall have the right to elect to
instruct the Title Company to either include all of the Sites on a single Updated Title Commitment or to include one or more Sites on multiple Updated Title Commitments. 
 (2) Replace the Preliminary Legal Description attached as Exhibit “A” to the applicable Preliminary Deed(s) with the respective
Updated Legal Description for the applicable Site(s) and add any New Permitted Encumbrances appearing on the Updated Title Commitments or the Surveys, if any, to the list of Permitted Encumbrances attached as Exhibit “B” to the applicable
Preliminary Deed(s). After each Preliminary Deed has been revised pursuant to this Section 7(a)(2), it shall be deemed an “Updated Deed”. 
 (3) As soon as practicable after the Title Company receives a Platting Completion Notice, and prepares all of the applicable Updated Title
Commitment(s) and all of the Updated Deed(s), the Title Company shall deliver written notice of such to Seller and Purchaser (the “Final Closing Notice”). The Final Closing Notice shall include copies of all of the applicable
Updated Title Commitment(s) and all of the applicable Updated Deed(s). 
 (b) Notwithstanding anything contained in this Contract to the
contrary, during the period between the Preliminary Closing and the Final Closing for a Site, in no event shall Seller or its affiliates encumber, pledge, assign or transfer, by operation of law or otherwise, a Site or all or any portion of the Land
or its interest therein; provided, however, that (i) Seller shall have the express right to take any Approved Actions and to execute, record and encumber any Site(s) with New Permitted Encumbrances, and (ii) such actions described in the
immediately preceding clause (i) shall in no event be a default, breach or violation of this Contract or this paragraph. Any violation of this paragraph shall be a default by Seller for which, regardless of any other provision of this Contract,
Purchaser shall be entitled to any and all remedies at law or in equity, including, without limitation, consequential and punitive damages; provided, however, that Purchaser may only pursue such remedies if Seller fails to cure such violation by
causing such matter to be paid in full and released, bonded around or otherwise cured within five (5) business days following Seller’s receipt of written notice from Purchaser regarding such violation. 
  

 17 

 (c) Upon receipt of a Final Closing Notice, Seller and Purchaser shall have a period of five
(5) business days (the “Objection Period”) in which to deliver a written objection notice (an “Objection Notice”) to the other party and the Title Company; provided that Seller or Purchaser may only deliver an
Objection Notice if either (i) the Final Closing Condition for the applicable Site(s) has not been satisfied or (ii) such party reasonably believes that there is a mistake in the Updated Commitment(s) or Updated Deed(s) for the applicable
Site(s); and provided further that neither party may deliver an Objection Notice based on the inclusion of any Permitted Encumbrance or New Permitted Encumbrance (defined below) on the Updated Title Commitment(s) or Updated Deed(s) for the
applicable Site(s). Notwithstanding anything to the contrary, if either party delivers an improper Objection Notice or without a reasonable basis for doing so, such party shall be responsible for all costs incurred by the other party as a result
thereof, including reasonable attorneys’ fees and court costs. If the Title Company does not receive an Objection Notice from Seller or Purchaser prior to the expiration of the Objection Period, then the “Final Closing” for the
Site(s) covered by such Final Closing Notice will be deemed to have occurred on the expiration of the applicable Objection Period (the “Actual Final Closing Date” for such Site(s)) and the parties shall promptly take the following
actions following the expiration of the Objection Period (collectively, the “Final Closing Actions”): 
 (1)
The Title Company shall date each of the applicable Partial Termination(s) of Master Leases and Partial Termination(s) of Subleases as of the Actual Final Closing Date for such Site(s), and record such documents in the Real Property Records of the
proper County in which the respective Site(s) are located. 
 (2) The Title Company shall date each of the applicable Updated
Deed(s) to be effective as of the Actual Final Closing Date for such Site(s) and record such Updated Deeds in the Real Property Records of the proper County in which the respective Site(s) are located. 
 (3) If the Final Closing has not previously occurred for any of the other Sites, the Title Company shall date the Memorandum of
Permanent Lease as of the Actual Final Closing Date for such Site(s), attach the applicable Updated Legal Descriptions as Exhibit “A” to such Memorandum of Permanent Lease, and record such Memorandum of Permanent Lease in the Real Property
Records of the proper County in which the respective Site(s) are located. If the Final Closing has previously occurred for any of the other Sites, Seller and Purchaser shall also execute, acknowledge where appropriate, and deliver to the
Title Company two (2) counterparts of an Amendment to Permanent Lease (each an “Amendment to Permanent Lease”) and a Memorandum of Amendment to Permanent Lease (each a “Memorandum of Amendment to Permanent
Lease”), both in a form reasonably acceptable to Seller and Purchaser, and pursuant to which the Site(s) covered by such Final Closing are added as part of the Property covered by the Permanent Lease, with the effective date of the
Permanent Lease as to such newly added Site(s) being the date of such Final Closing. The Title Company shall date each Memorandum of Amendment to Permanent Lease as of the Actual Final Closing Date for such Site(s) and record such Memorandum of
Amendment to Permanent Lease in the Real Property Records of the County in which the respective Site(s) are located. 
  

 18 

 (4) If the Final Closing has not previously occurred for any of the other Sites,
the Title Company shall date the Permanent Lease as of the Actual Final Closing Date for such Site(s), attach the applicable Updated Legal Descriptions as Exhibit “A” to the Permanent Lease, and deliver one original counterpart of such
Permanent Lease to both Seller and Purchaser. If the Final Closing has previously occurred for any of the other Sites, the Title Company shall date the Amendment to Permanent Lease as of the Actual Final Closing Date for such Site(s), attach
the applicable Updated Legal Descriptions as Exhibit “A” to the Amendment to Permanent Lease, and deliver one original counterpart of such Amendment to Permanent Lease to both Seller and Purchaser. 
 (5) If the Final Closing has occurred for all Sites, then the Title Company shall record one original counterpart of the Release of
Memorandum in the Real Property Records of Tarrant, Johnson, Dallas and Ellis Counties, Texas. 
 (6) The Title Company shall
release the Escrowed Funds for the purpose of paying the expenses shown on the settlement statements, including any title premium for the Owner Policies covering the applicable Site(s) to the extent such premium was escrowed as part of the Escrowed
Funds (subject to and as applicable pursuant to Section 6(b)(5) above) and the recording fees for the applicable Site(s). 
 (7) The Title Company shall issue to Purchaser the Owner Policies covering the applicable Site(s) subject only to the exceptions shown on the applicable Updated Title Commitment(s) (subject to and as applicable pursuant to
Section 6(b)(5) above). Purchaser may purchase, at its expense, any title insurance coverage in excess of that provided in the Owner Policies by the Title Company. 
 (8) In the event that Final Closing has occurred for all Sites which have not, as of such date, been included in a Deletion Notice
pursuant to Section 7(f) below, and all expenses and prorations for all such remaining Sites have been paid including, without limitation, all recording fees, then the Title Company shall refund any remaining Escrowed Funds to Seller.
Notwithstanding anything to the contrary, in the event that the Escrowed Funds are not sufficient to cover all expenses in connection with the Final Closing(s), Seller and Purchaser shall promptly deliver to the Title Company any additional funds
necessary for the Final Closing(s) (“Additional Final Closing Expenses”), with Seller and Purchaser each being responsible for the same proportional amount of each type of Additional Final Closing Expenses for which such party was
originally responsible at the Preliminary Closing pursuant to this Contract. Seller and Purchaser shall pay to the Title Company such party’s proportionate share of Additional Final Closing Expenses within ten (10) days after such
party’s receipt of a written notice from the Title Company setting forth the amount owed. 
 (9) Upon completion of the
Final Closing for each Site, Seller shall deliver to Purchaser possession of such Site, subject to the applicable Permanent Lease. 
 (d) If
the Title Company receives an Objection Notice from Seller or Purchaser prior to the expiration of the Objection Period, then the Title Company shall not take any further action with regard to the Final Closing Actions for the Site(s) affected by
such Objection Notice 

  

 19 

 
until the earlier of: (x) directed to do so in writing by Seller and Purchaser or (xx) a determination is made by a court of competent jurisdiction
that the Final Closing Condition for such affected Site(s) has been satisfied or (xxx) the Outside Final Closing Deadline. If an Objection Notice for any Site is based on a mistake in the Updated Title Commitment or the Updated Deed for such
Site, Seller and Buyer hereby agree to work with the Title Company to correct such mistake and to authorize the Title Company to proceed with the Final Closing Actions for such Site promptly after the mistake is corrected. 
 (e) The “Outside Final Closing Deadline” shall be September 30, 2009; provided, however, Seller shall have the right to extend the
Outside Final Closing Deadline for up to two (2) consecutive 30-day periods by providing written notice to Purchaser on or before the Outside Final Closing Deadline, as such may be extended hereunder. 
 (f) Notwithstanding anything to the contrary, in the event that Seller reasonably determines that, despite Seller’s commercially reasonable best
efforts, it will not be able to obtain an approved Plat or otherwise satisfy the Final Closing Condition for one or more Site(s) prior to the Outside Final Closing Deadline, then Seller may elect to delete such Site(s) (each a “Deleted
Site” and collectively, the “Deleted Sites”) from the sale by taking the following actions on or before the Outside Final Closing Deadline: (i) providing a written notice (“Deletion Notice”) to
Purchaser and the Title Company, which Deletion Notice shall include a detailed description of the reason that Seller was not able to satisfy the Final Closing Condition for such Site(s), and (ii) delivering to the Title Company an amount equal
to the product of the number of deleted Sites covered by such Deletion Notice, multiplied by $1,302,857.14 (the “Deletion Repayment”). Notwithstanding anything to the contrary, (i) Seller may delete no more than twelve
(12) Sites pursuant to this Section 7(f) or pursuant to any other express provision of this Contract and (ii) as a condition precedent to Seller’s right to delete a Site, Seller must have unconditionally delivered the Deletion
Repayment to the Title Company and Title Company must have unconditionally delivered the Deletion Repayment to Purchaser. Promptly following the Title Company’s receipt of a Deletion Notice, the Title Company shall take the following actions
(collectively, “Deletion Actions”): 
 (1) Date each of the applicable Partial Termination(s) of Master
Leases and Partial Termination(s) of Subleases as of the date of the Deletion Notice for such Deleted Site(s), and record such documents in the Real Property Records of the proper County in which the respective Deleted Site(s) are located.

 (2) Release the Deletion Repayment to Purchaser. 
 (3) Do not record, but rather, release the applicable Preliminary Deed, back to Seller so that Seller can destroy same, and do not include
such Deleted Site(s) in Exhibit “A” to the Permanent Lease. 
 (4) Re-calculate the prorated taxes and other
expenses set forth on the settlement statements issued at the Preliminary Closing, and tender any reimbursements resulting therefrom to the appropriate party. 
 Notwithstanding anything to the contrary, Seller shall promptly pay any additional amounts owed by Seller as shown on the revised settlement statements as a result of such deletion, and 

  

 20 

 
Purchaser shall in no event be responsible for any additional expenses as a result of such deletion. Following the completion of the Deletion Actions,
Purchaser shall have no further right, title or interest in and to the Deleted Site(s). Additionally, Purchaser may retain the portion of any previously paid rent applicable to the period between the Preliminary Closing and the date of such Deletion
Notice. 
 (g) If the Final Closing for a particular Site occurs prior to the Outside Final Closing Deadline, then the closing of the sale
and purchase of such Site shall, for all purposes, be deemed to have occurred on the Actual Final Closing Date for such Site. 
 (h) In the
event that, as of the Outside Final Closing Deadline, the Final Closing Condition for any Site has not been satisfied and Seller has not deleted such Site from the conveyance pursuant to Section 7(f) above, then: 
 (1) The Actual Final Closing Date and the Final Closing of the sale and purchase of such Site shall, for all purposes, be deemed to have
occurred on the Outside Final Closing Deadline. 
 (2) The Title Company shall date the applicable Partial Termination of
Master Lease and Partial Termination of Sublease for such Site as of the Outside Final Closing Deadline, and record such documents in the Real Property Records of the proper County in which the Site are located. 
 (3) The Title Company shall date the applicable Preliminary Deed to be effective as of the Outside Final Closing Deadline for such Site
and record such Preliminary Deed in the Real Property Records of the proper County in which the Site is located. 
 (4) If the
Final Closing has not previously occurred for any of the other Sites, the Title Company shall date the Memorandum of Permanent Lease as of the Actual Final Closing Date for such Site(s), attach the applicable Updated Legal Descriptions as
Exhibit “A” to such Memorandum of Permanent Lease, and record such Memorandum of Permanent Lease in the Real Property Records of the proper County in which the respective Site(s) are located. If the Final Closing has previously
occurred for any of the other Sites, Seller and Purchaser shall also execute, acknowledge where appropriate, and deliver to the Title Company two (2) counterparts of an Amendment to Permanent Lease and a Memorandum of Amendment to Permanent
Lease, both in a form reasonably acceptable to Seller and Purchaser, and pursuant to which the Site(s) covered by such Final Closing are added as part of the Property covered by the Permanent Lease, with the effective date of the Permanent Lease as
to such newly added Site(s) being the date of such Final Closing. The Title Company shall date each Memorandum of Amendment to Permanent Lease as of the Actual Final Closing Date for such Site(s) and record such Memorandum of Amendment to Permanent
Lease in the Real Property Records of the County in which the respective Site(s) are located. 
 (5) If the Final Closing has
occurred for all Sites, then the Title Company shall record one original counterpart of the Release of Memorandum in the Real Property Records of Tarrant, Johnson, Dallas and Ellis Counties, Texas. 
  

 21 

 (6) If the Final Closing has not previously occurred for any of the other Sites,
the Title Company shall date the Permanent Lease as of the Actual Final Closing Date for such Site(s), attach the applicable Updated Legal Descriptions as Exhibit “A” to the Permanent Lease, and deliver one original counterpart of such
Permanent Lease to both Seller and Purchaser. If the Final Closing has previously occurred for any of the other Sites, the Title Company shall date the Amendment to Permanent Lease as of the Actual Final Closing Date for such Site(s), attach
the applicable Updated Legal Descriptions as Exhibit “A” to the Amendment to Permanent Lease, and deliver one original counterpart of such Amendment to Permanent Lease to both Seller and Purchaser. 
 (7) The Title Company shall issue an Updated Title Commitment for such Site (provided that such Updated Title Commitment shall use the
Preliminary Legal Description for such Site if an Updated Legal Description for such Site is not available). 
 (8) The Title
Company shall release the Escrowed Funds for the purpose of paying the expenses for such Site shown on the settlement statements, including the title premium for the Owner Policy for such Site to the extent such premium was escrowed as part of the
Escrowed Funds (subject to and as applicable pursuant to Section 6(b)(5) above). 
 (9) The Title Company shall issue to
Purchaser the Owner Policy for such Site subject only to the exceptions shown on Updated Title Commitment for such Site (subject to and as applicable pursuant to Section 6(b)(5) above). 
 (10) Seller shall be solely liable for any violations of state law or local ordinances related to the conveyance of such Site prior to
Platting, and shall indemnify Purchaser for any claims or damages related thereto. 
 (i) If any Required Removal Matters appear on the
Updated Title Commitment at the Final Closing of a Site, Seller shall cause such to be paid in full and released at such Final Closing; provided, however, that if such Required Removal Matter was not created by or as a result of an action or
omission of Seller or any affiliate of Seller, Seller shall have the option to delete such Site from the sale pursuant to Section 7(f) above. 
 (j) The provisions of this Section 7 shall survive the Preliminary Closing and the Final Closing. 
 Section 8.
Platting; Final Closing Condition. 
 (a) Seller and Purchaser agree and acknowledge that, following the Preliminary Closing Date,
Seller shall use its commercially reasonable best efforts to plat as a separate lot each of the Sites that are part of a larger tract and which are, prior to conveyance, required to be platted as a separate lot pursuant to Texas law or applicable
local ordinance (each a “Plat” and collectively, the “Platting”). Approval of the Plat for each Site by the appropriate city board or supervisor of the city in which such Site is located and recordation of such Plat
in the Real Property Records of the County in which such Site is located shall be a condition precedent to Final Closing (the “Final Closing Condition”) for such Site; provided, however, that the Final 

  

 22 

 
Closing Condition shall be deemed to have been satisfied as of the Preliminary Closing for any Site that is not, prior to conveyance, required to be platted
as a separate lot pursuant to Texas law or applicable local ordinance. 
 (b) Between the Preliminary Closing and the Final Closing for each
Site, the Preliminary Deed for such Site is to be held in escrow by the Title Company and not recorded. 
 (c) During the period between the
Preliminary Closing and the Final Closing of each Site, Seller and Purchaser agree to reasonably cooperate with one another regarding the Platting process and generally with regard to each Site, including, without limitation, executing and/or
approving any applications, Plats, easements, dedications, permits, waivers or other documents which may be requested by a governmental entity, common carrier or utility provider or which may be necessary or desirable to accomplish the Platting or
in connection with Seller’s or Tenant’s planned or actual operations on or use of such Site (collectively, “Approved Actions”). Notwithstanding anything to the contrary, between the Preliminary Closing and the Final
Closing of each Site, Seller shall have the right to revise the orientation, size and exact legal description of any Site if necessary in connection with Platting (provided that no Site may be less than 3 acres in size) or to ensure that such Site
is permittable as a drill site by delivering written notice to Purchaser and the Title Company, and to take any Approved Actions with regard to such Site (including, without limitation, the right to execute, as the sole record title holder and owner
of such Site, any Plats or any documents (excluding documents creating liens or monetary obligations) related to an Approved Action), and all resulting Encumbrances to a Site shall be deemed “New Permitted Encumbrances”. In the
event that any third party requires or requests Purchaser’s execution and/or written approval of any Plat, easement, dedication, permit, waiver or other document in connection with an Approved Action, Purchaser shall execute such document
and/or provide a written approval and return such to Seller within fifteen (15) days after Purchaser’s receipt of a written request therefor from Seller. Without limiting the generality of the foregoing, any Encumbrance that is listed or
shown on the Plat or the final Survey for a Site shall also be deemed a New Permitted Encumbrance; provided, however, that in no event shall a Required Removal Matter be a New Permitted Encumbrance. Additionally, during the period between the
Preliminary Closing and the Final Closing of the Sites, Seller and Tenant may undertake any construction or demolition on such Sites and shall have the full right to use the Property in any manner allowed by the Permanent Lease. 
 (d) Prior to the Final Closing for any Site, Purchaser shall not assign the Interim Master Lease or encumber any Site (or Purchaser’s interest in
any Site) without Seller’s prior written approval. 
 (e) Seller shall be responsible for the cost of the Platting. 
 (f) The provisions of this Section 8 shall survive the Preliminary Closing and the Final Closing. 
 Section 9. Brokers and Originators. 
 (a) Seller and Purchaser represent and warrant to each other that neither party has engaged any agent, broker, or other similar party who may be entitled to file a lien against the Property under Chapter 62 of
the Texas Property Code in connection with this transaction. Each 

  

 23 

 
party shall indemnify and hold the other harmless from the claims of any agent, broker, or other similar party who may be entitled to file a lien against
the Property under Chapter 62 of the Texas Property Code claiming by, through, or under the indemnifying party. 
 (b) Purchaser has been
and is advised that it should have the abstract covering the Property examined by an attorney of its selection or that it should be furnished with a policy of title insurance. By signing this Contract, Purchaser acknowledges that it has been so
advised in compliance with The Texas Real Estate License Act. 
 (c) If and only if the Preliminary Closing and funding of the Purchase Price
occurs, Purchaser shall pay an origination fee to The Rebkee Company pursuant to a separate written agreement; provided, however, Seller shall credit Purchaser at the Preliminary Closing for the full amount of the origination fee paid by Purchaser
up to a maximum amount of one percent (1%) of the Purchase Price. If the Preliminary Closing and funding of the Purchase Price does not occur for any reason whatever, The Rebkee Company will not be entitled to any portion of the Earnest Money
or any other compensation. 
 Section 10. Notices.  
 (a) Any notice under this Contract must be written. Notices must be either (i) hand-delivered to the address set forth below for the recipient; or
(ii) placed in the United States certified mail, return receipt requested, addressed to the recipient as specified below; or (iii) deposited with an overnight delivery service, addressed to the recipient as specified below; or
(iv) telecopied by facsimile transmission to the party at the telecopy number listed below, provided that the transmission is followed with a copy sent by overnight delivery to the address specified below. Any notice is effective three
(3) days following deposit with the U.S. Postal Service, the day following deposit with the overnight delivery service, or the day on which a successful facsimile transmission occurs, as applicable; all other notices are effective upon receipt.

 (b) Seller’s address for all purposes under this Contract is: 
  

					
		 	Chesapeake Land Development Company, L.L.C.
		 	Attn: Chip Keating
		 	6100 N. Western Avenue
		 	Oklahoma City, Oklahoma 73118
		 	Telephone:	 	(405) 935-8478
		 	Telecopy:	 	(405) 879-1457
		 	Email:	 	chip.keating@chk.com

  

 24 

 with a copy to: 
  

					
		 	Kelly Hart & Hallman LLP
		 	Attn: Chad Key
		 	201 Main Street, Suite 2500
		 	Fort Worth, Texas 76102
		 	Telephone:	 	(817) 878-3555
		 	Telecopy:	 	(817) 878-9755
		 	Email:	 	chad.key@khh.com

 (c) Purchaser’s address for all purposes under this Contract is: 
  

					
		 	Apple Nine Ventures, Inc.
		 	Attn: David McKenney
		 	814 East Main Street
		 	Richmond, Virginia 23219
		 	Telephone:	 	(804) 344-8121
		 	Telecopy:	 	(804) 344-8129
		 	Email:	 	dmckenny@applereit.com

 with a copy to: 
  

					
		 	Apple Nine Ventures, Inc.
		 	Attn:	 	David Buckley
		 	814 East Main Street
		 	Richmond, Virginia 23219
		 	Telephone:	 	(804) 344-8121
		 	Telecopy:	 	(804) 344-8129
		 	Email:	 	dbuckley@applereit.com

 (d) The Title Company’s address for all purposes under this Contract is: 
  

					
		 	Chicago Title Company
		 	Attn:	 	David Long
		 	5501 LBJ Freeway, Suite 200
		 	Dallas, Texas 75240
		 	Telephone:	 	(214) 570-0200
		 	Telecopy:	 	(214) 570-0210
		 	Email:	 	david.long@cttdallas.com

 (e) Either party may designate another address for this Contract by giving the other party at
least five (5) business days’ advance notice of its address change. A party’s attorney may send notices on behalf of that party, but a notice is not effective against a party if sent only to that party’s attorney. 
 Section 11. Entire Agreement. This Contract (including its exhibits) contains the entire agreement between Seller and Purchaser. Oral
statements or prior written matter not specifically incorporated into this Contract has no force and effect. No variation, modification, or change to this Contract binds either party unless set forth in a document signed by the parties or their duly
authorized agents, officers, or representatives. 
  

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 Section 12. Seller’s Representations and Warranties. 
 (a) Seller hereby represents and warrants to Purchaser, which representations and warranties shall be deemed made by Seller to Purchaser as of the
Effective Date and also as of the Preliminary Closing Date, that to Seller’s current actual knowledge: 
 (1) This
Contract and all documents to be executed and delivered by Seller at the Preliminary Closing or the Final Closing are – and at the Preliminary Closing or Final Closing (as applicable) will be – duly authorized, executed, and delivered, and
are – and at the Preliminary Closing or the Final Closing (as applicable) will be – legal, valid, and binding obligations of Seller. 
 (2) Seller is not a “foreign person” as defined in Section 1445 of the Internal Revenue Code of 1986, as amended, and the Income Tax Regulations thereunder. 
 (3) Seller has obtained all necessary consents to enter into and perform this Contract and is fully authorized to enter into and perform
this Contract and to complete the transactions contemplated by this Contract. No consent or approval of any person, entity or governmental authority is required for the execution, delivery or performance by Seller of this Contract and this Contract
is hereby binding and enforceable against Seller. Neither the execution nor the performance of, or compliance with, this Contract by Seller has resulted, or will result, in any violation of, or default under, or acceleration of, any obligation under
any existing corporate charter, certificate of incorporation, bylaw, articles of organization, limited liability company agreement or regulations, partnership agreement or other organizational documents and under any, mortgage indenture, lien
agreement, promissory note, contract, or permit, or any judgment, decree, order, restrictive covenant, statute, rule or regulation, applicable to Seller or the Property. 
 (4) No party has any right or option to acquire the Property or any portion thereof, other than Purchaser. 
 (b) Whenever the phrases “to Seller’s current actual knowledge” or “to the best of Seller’s knowledge” or any
similar phrase is used herein, such phrases shall be deemed to mean the present, actual knowledge (as opposed to the imputed or constructive knowledge), without inquiry or investigation, of such fact or condition by Anthony F. Keating III
(“Seller’s Representative”), and any reference to Seller’s receipt of notice shall mean the receipt of notice by Seller’s Representative. The representations and warranties contained in Section 12(a) are the
representations and warranties of Seller and in no event or circumstances will be construed as either the individual representations and warranties of Seller’s Representative or to create any individual liability for Seller’s
Representative. 
 (c) It shall be a condition precedent to Purchaser’s obligations hereunder that as of the date of Preliminary
Closing, all of Seller’s representations and warranties set forth in Section 12(a) shall be true and correct in all material respects. If the representations and warranties of Seller which to Seller’s actual knowledge were true and
correct when made are not true and 

  

 26 

 
correct in all material respects on the date of Preliminary Closing, and such change is not directly attributable to Seller’s actions or conscious
failure to act, then Purchaser may, as its sole and exclusive remedies, elect either (i) to waive such condition and proceed to Preliminary Closing or, (b) to terminate this Contract by notice in writing to Seller and receive back the
Earnest Money whereupon neither Seller nor Purchaser thereafter shall have any further right or obligation under this Contract unless expressly provided otherwise in this Contract. 
 (d) Subject to the provisions of Section 12(e), the representations and warranties of Seller made in Section 12(a) shall survive the
Preliminary Closing and the Final Closing. Purchaser shall have the right to bring an action against the Seller on the breach of an express representation or warranty hereunder, but only on the following conditions: (i) Purchaser first learns
of the breach after the Preliminary Closing, (ii) Purchaser’s sole and exclusive remedy in such event shall be an action for actual damages and Purchaser shall not have any right to terminate this Contract or claim to rescind the purchase
of the Property by reason of any such breach. Furthermore, Purchaser agrees that except as provided in Section 7(b) above, Seller’s liability, however and whenever arising, whether based on or through, directly or indirectly, in whole or
in part, any default, failure, breach, agreement, representation, warranty, covenant, or indemnification provided herein, at law or in equity, or any other claim or basis arising under this Contract or with respect to the Property, shall not exceed,
in the aggregate, the product of (i) the number of Sites affected by such breach or default, multiplied by (ii) $1,302,857.14. The provisions of this Section 12(d) shall survive the Preliminary Closing and the Final Closing.

 (e) Notwithstanding anything to the contrary, if any representation or warranty set forth herein is actually (as opposed to
constructively) known by Purchaser prior to the Preliminary Closing to be untrue and is not remedied by Seller prior to the Preliminary Closing, Purchaser may as Purchaser’s sole and exclusive remedies, elect either (i) to terminate this
Contract by notice in writing to Seller and receive back the Earnest Money whereupon neither Seller nor Purchaser thereafter shall have any further right or obligation under this Contract unless expressly provided otherwise in this Contract, or
(ii) to waive such matters and proceed to the Preliminary Closing, in which event any claim that there has been a breach of such representation or warranty shall be deemed forever waived by Purchaser and such representation and warranty shall
not survive the Preliminary Closing. 
 Section 13. Assigns. This Contract inures to the benefit of and binds the parties
and their respective legal representatives, successors, and permitted assigns. Purchaser may not assign its rights or obligations under this Contract without Seller’s prior written consent, which Seller may withhold in its sole discretion.
Notwithstanding the foregoing, Purchaser may assign its rights and obligations under this Contract at the Preliminary Closing to any affiliate of Purchaser who controls, is controlled by, or is under common control with Purchaser collectively, a
(“Permitted Assignee”). For any assignment by Purchaser of its rights and obligations to be effective, the Permitted Assignee must expressly assume all of Purchaser’s rights and obligations, and such assignment and assumption
must be in writing, in form and substance reasonably satisfactory to Seller, and fully executed by Purchaser, permitted assignee, and Seller (for the sole purpose of evidencing Seller’s consent as and to the extent provided above). If Purchaser
assigns its rights and obligations under this Contract in accordance with this Section, Purchaser will nevertheless remain liable for the performance of all covenants and obligations of Purchaser under this Contract which arise prior to the date of
such assignment and all actions or omissions of Purchaser prior to the date of such assignment. 
  

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 Section 14. Time of the Essence. Time is of the essence in this Contract. Whenever a
date specified in this Contract falls on a Saturday, Sunday, or federal holiday, the date will be extended to the next business day. The term “business day” shall mean any day other than a Saturday, Sunday, or a federal holiday.

 Section 15. Destruction, Damage, or Taking Before the Preliminary Closing. Before the Preliminary Closing, Seller bears
the risk of loss with regard to the Property. If, before the Preliminary Closing, any substantial portion of the Property is destroyed or damaged, or becomes subject to a taking by eminent domain, Purchaser or Seller shall have the right to either
(i) terminate this Contract upon written notice to the other party, in which event Purchaser shall receive a refund of the Earnest Money, and neither Seller nor Purchaser thereafter shall have any further right or obligation under this Contract
unless expressly provided otherwise in this Contract; or (ii) proceed with the Preliminary Closing of the Property with no offset or adjustment to the Purchase Price. 
 Section 16. AS-IS Sale. EXCEPT AS EXPRESSLY PROVIDED IN SECTION 12 OR ANY DOCUMENT DELIVERED BY SELLER AT THE PRELIMINARY CLOSING OR
THE FINAL CLOSING, SELLER HAS NOT MADE, DOES NOT MAKE, AND EXPRESSLY DISCLAIMS, ANY WARRANTIES, REPRESENTATIONS, COVENANTS OR GUARANTEES, EXPRESSED OR IMPLIED, OR ARISING BY OPERATION OF LAW INCLUDING, WITHOUT LIMITATION, THOSE RELATING TO THE
MERCHANTABILITY, HABITABILITY, QUANTITY OR QUALITY OF THE PROPERTY OR ITS SUITABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OR USE. PURCHASER AFFIRMS THAT AS OF THE EXPIRATION OF THE FEASIBILITY PERIOD, IT WILL HAVE: (i) INVESTIGATED AND
INSPECTED THE PROPERTY AND BECOME FAMILIAR AND SATISFIED WITH THE PHYSICAL CONDITION OF THE PROPERTY; AND (ii) MADE ITS OWN DETERMINATION AS TO THE MERCHANTABILITY, QUANTITY, QUALITY, AND CONDITION OF THE PROPERTY AND THE PROPERTY’S
SUITABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OR USE. PURCHASER HEREBY ACCEPTS THE PROPERTY IN ITS PRESENT CONDITION ON AN “AS IS,” “WHERE IS,” AND “WITH ALL FAULTS” BASIS. THE PROVISIONS OF THIS SECTION SHALL
SURVIVE THE PRELIMINARY CLOSING AND FINAL CLOSING. 
 Section 17. Tax-Deferred Exchange Under I.R.C. § 1031.
Seller may restructure the sale of the Property as a “deferred” like-kind exchange under Internal Revenue Code § 1031, as amended. Purchaser agrees to cooperate with Seller to permit Seller to accomplish the tax-deferred exchange, but
at no additional expense or liability to Purchaser for the tax-deferred exchange, and with no delay in the Preliminary Closing. Purchaser’s cooperation will include, without limitation, executing such supplemental documents as Seller may
reasonably request including, without limitation, a consent to an assignment of Seller’s rights under this Contract to an intermediary. 
 Section 18. Terminology. The captions beside the section numbers of this Contract are for reference only and do not modify or affect this Contract. Whenever required by the context, any gender includes any other gender,
the singular includes the plural, and the plural includes the singular. The term “including,” and compounds of the word “include,” when preceding a list shall be deemed to mean “including without
limitation.” 
  

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 Section 19. Governing Law. This Contract is governed by and must be construed in
accordance with Texas law. 
 Section 20. Performance of Contract. The obligations under this Contract are performable in
Tarrant County, Texas, and any payments under this Contract are to be made in Tarrant County, Texas. 
 Section 21. Venue.
The parties consent that venue of any action brought under this Contract will be in Tarrant County, Texas, provided that venue is proper in such County. 
 Section 22. Severability. If any provision in this Contract is found to be invalid, illegal, or unenforceable, its invalidity, illegality, or unenforceability will not affect any other provision,
and this Contract must be construed as if the invalid, illegal, or unenforceable provision had never been contained in it. 
 Section 23. Rule of Construction. Each party and its counsel have reviewed and revised this Contract. The parties agree that the rule of construction that any ambiguities are to be resolved against the drafting party must
not be employed to interpret this Contract or its amendments or exhibits. 
 Section 24. Attorneys’ Fees. If any
action at law or in equity is necessary to enforce or interpret this Contract, the prevailing party will be entitled to reasonable attorneys’ fees, costs, and necessary disbursements in addition to any other relief to which that party may be
entitled. This Section shall survive the Preliminary Closing and the Final Closing or termination of this Contract. 
 Section 25.
Independent Contract Consideration. Notwithstanding anything to the contrary, as consideration for holding the Property available for purchase during the Feasibility Period, Seller shall retain $100.00 of the Earnest Money
(“Independent Contract Consideration”) even if the Earnest Money is delivered to Purchaser upon a termination of this Contract. The Independent Contract Consideration is in addition to and independent of any other consideration or
payment provided in this Contract, is nonrefundable, does apply to the Purchase Price, and is fully earned and shall be delivered to Seller upon any termination of this Contract notwithstanding any other provision of this Contract. 
 Section 26. Amendment. Except as provided above with respect to the automatically substituted Exhibit “A”
Property description, this Contract may not be modified or amended, except by an agreement in writing signed by both Seller and Purchaser. 
 Section 27. Counterparts. This Contract may be executed in two or more separate counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. Signatures on
counterparts of this Contract that are transmitted by fax or by electronic mail shall be deemed effective for all purposes. 
  

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 Section 28. Waiver of Consumer Rights. Purchaser, after consultation with an attorney of
its own selection (which counsel was not directly or indirectly identified, suggested or selected by Seller or any agent of Seller) hereby voluntarily waives its rights under the Deceptive Trade Practices - Consumer Protection Act (Section 17.41,
et seq., Texas Business and Commerce Code), a law that gives consumers special rights and protections. Purchaser hereby acknowledges to Seller that Purchaser and Seller are not in a significantly disparate bargaining position.
Provided, however, no such waiver shall constitute a waiver of any other rights of Purchaser that are contained in this Contract. 
 Section 29. Notice Regarding Possible Annexation. If the Property that is the subject of this Contract is located outside the limits of a municipality, the Property may now or later be included in the extraterritorial
jurisdiction of a municipality and may now or later be subject to annexation by the municipality. Each municipality maintains a map that depicts its boundaries and extraterritorial jurisdiction. To determine if the Property is located within a
municipality’s extraterritorial jurisdiction, contact all municipalities located in the general proximity of the Property for further information. 
 Section 30. Notice Regarding Possible Liability for Additional Taxes. If for the current ad valorem tax year the taxable value of the Property that is the subject of this Contract is determined by a
special appraisal method that allows for appraisal of the land at less than its market value, the person to whom the land is transferred may not be allowed to qualify the land for that special appraisal in a subsequent year and the land may then be
appraised at its full market value. In addition, the transfer of the land or a subsequent change in the use of the land may result in the imposition of an additional tax plus interest as a penalty for the transfer or the change in use of the land.
The taxable value of the land and the applicable method of appraisal for the current tax year is public information and may be obtained from the tax appraisal district established for the county in which the land is located. 
 Section 31. Notice Regarding Property Located in a Certificated Service Area of a Utility Service Provider. Notice required by
Section 13.257, Texas Water Code in the event that any portion of the Property is located within a certificated service area of a utility service provider: A portion of the Property that you are about to purchase may be located in a
certificated water or sewer service area, which is authorized by law to provide water or sewer service to the properties in the certificated area. If a portion of the Property is located in a certificated area there may be special costs or charges
that you will be required to pay before you can receive water or sewer service. There may be a period required to construct lines or other facilities necessary to provide water or sewer service to the Property. You are advised to determine if the
property is in a certificated area and to contact the utility service provider to determine the cost that you will be required to pay and the period, if any, that is required to provide water or sewer service to the Property. 
 Section 32. Confidentiality. Purchaser covenants that it will not, until the Preliminary Closing, disclose the existence of this
Contract, any of its terms including, without limitation, the Purchase Price, or the status of any negotiations related to this transaction, to any person, except on a strictly confidential basis to any of its Receiving Party Representatives who are
directly involved with Purchaser’s obligations under this Contract or are necessary to Purchaser’s evaluation of the Property. For purposes of this Section, a party’s “Receiving Party 

  

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Representatives” consist of the Title Company, surveyors, such party’s agents, lenders, attorneys and contractors, and such party’s
affiliates and their respective directors, officers, employees and advisors. Prior to the Preliminary Closing, Seller and Purchaser each agree that they will not make, and will use their best efforts to ensure that their respective Receiving Party
Representatives do not make, any public announcement or press release regarding this Contract, the terms hereof or the transactions contemplated by this Contract, without the prior written consent of the other party, which consent may be withheld in
such party’s sole and absolute discretion. This Section shall survive any termination of this Contract for a period of six (6) months and, notwithstanding anything to the contrary, in the event of a breach of this Section, the parties
shall have the right to pursue any remedies that may be available at law or in equity, including injunctive relief or a suit for damages. 
 [Signatures on following page] 
  

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 EXECUTED to be effective as of the Effective Date. 
  

			
	 SELLER

	
	Chesapeake Land Development Company, L.L.C.,
	an Oklahoma limited liability company
		
	By:	 	 /s/ Henry J. Hood

		 	Henry J. Hood, Senior Vice President –
		 	Land & Legal and General Counsel
		
	Date:	 	January 21, 2009
	
	 PURCHASER

	
	 Apple Nine Ventures, Inc.,
 a Virginia
corporation

		
	By:	 	Apple REIT Nine, Inc.
		 	(parent company of Apple Nine Ventures, Inc.)
		
	By:	 	 /s/ Glade M. Knight

	Name:	 	Glade M. Knight
	Title:	 	Chief Executive Officer
		
	Date:	 	January 21, 2009

 Signature Page

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