Document:

Exhibit 10.25

 

 

CONTRACT
OF SALE

between

DRA-RCG NORTH CHARLESTON SPE LLC

Seller

and

AMERICAN REALTY CAPITAL IV, LLC

Purchaser

 

	 	Premises:	Northwoods Marketplace
	 	 	7620 Rivers Avenue; 7612 Rivers Avenue
	 	 	North Charleston, Charleston County, 
	 	 	South Carolina
	 	 	 
	 	Dated:	June 11, 2014

  

 

 

    	 

    	 

    

 

INDEX
TO CONTRACT OF SALE

BETWEEN

DRA-RCG NORTH CHARLESTON SPE LLC, AS SELLER

AND

AMERICAN REALTY CAPITAL IV, LLC, AS PURCHASER

 

	 	 	Page
	 	 	 
	1.	Definitions	1
	 	 	 
	2.	Subject of Sale	5
	 	 	 
	3.	Purchase Price	7
	 	 	 
	4.	Deposit Provisions	7
	 	 	 
	5.	“As-Is”	9
	 	 	 
	6.	Representations	10
	 	 	 
	 	6.1	Seller’s Representations	10
	 	6.2	Knowledge	12
	 	6.3	Update and Survival	13
	 	6.4	Liability for Misrepresentations	13
	 	6.5	Purchaser’s Representations	14
	 	 	 
	7.	Ongoing Operations	15
	 	 	 
	 	7.1	Leasing Practice	15
	 	7.2	Personal Property and Equipment	16
	 	7.3	Employees	16
	 	7.4	Development Rights	16
	 	7.5	Tax Protest Proceedings	16
	 	7.6	Operation and Maintenance	17
	 	 	 
	8.	Title	17
	 	 	 
	 	8.1	Title Commitment	17
	 	8.2	Status of Title	18
	 	8.3	Non-Permitted Title Objections	18
	 	 	 
	9.	Closing	19
	 	 	 
	 	9.1	Closing Date and Location	19
	 	9.2	Closing Expenses	20
	 	9.3	Closing Deliveries	20
	 	9.4	Apportionments and Reimbursements	23
	 	 	 
	10.	Default	29
	 	 	 
	 	10.1	Purchaser’s Default	29
	 	10.2	Seller's Default	29

 

    	 

    	 

    

 

INDEX TO
CONTRACT OF SALE

BETWEEN

DRA-RCG NORTH CHARLESTON SPE LLC, AS SELLER

AND

AMERICAN REALTY CAPITAL IV, LLC, AS PURCHASER

CONTINUED

 

	 	 	Page
	 	 	 
	11.	Risk of Loss 	 29
	 	11.1	Condemnation	29
	 	11.2	Destruction or Damage	30
	 	 	 
	12.	Purchaser's Review Period	30
	 	 	 
	13.	Miscellaneous	31
	 	 	 
	 	13.1	Broker	31
	 	13.2	Assignment of this Contract	31
	 	13.3	Attorneys’ Fees	31
	 	13.4	Notices	32
	 	13.5	Further Assurances	33
	 	13.6	Confidentiality	33
	 	13.7	Survival and Merger	34
	 	13.8	Recording	35
	 	13.9	Successors and Assigns	35
	 	13.10	Entire Agreement	35
	 	13.11	Waiver and Modifications	35
	 	13.12	Captions and Titles	35
	 	13.13	Construction	35
	 	13.14	Non-Business Days	35
	 	13.15	Governing Law and Jurisdiction	35
	 	13.16	Counterparts	35
	 	13.17	No Third Party Benefits	35
	 	13.18	Submission not an Offer	36
	 	13.19	Severability	36
	 	13.20	Insurance	36
	 	13.21	Cooperation with Purchaser’s Auditors
    and SEC Filing Requirements	36
	 	13.22	Proposed Tax Free Exchange	37

 

	Schedule A-1	Description of Northwoods Property
	Schedule A-2	Description of Best Buy Property
	Schedule B	[Intentionally Deleted]
	Schedule C	List of Space Leases
	Schedule D	Service Contracts
	Schedule E	Pending Litigation
	Schedule F	Leasing Commission Agreements and Construction Contracts
	 	 
	Exhibit 1	Form of Special Warranty Deed to the Premises
	Exhibit 2	Form of Assignment of the Space Leases

 

    	-ii-

    	 

    

 

INDEX TO
CONTRACT OF SALE

BETWEEN

DRA-RCG NORTH CHARLESTON SPE LLC, AS SELLER

AND

AMERICAN REALTY CAPITAL IV, LLC, AS PURCHASER

CONTINUED

 

	 	 	Page
	 	 	 
	Exhibit 3	Form of Assignment of the Service Contracts	 
	Exhibit 4	Form of Assignment of Licenses, Permits, Guarantees and Warranties	 
	Exhibit 5	Form of Notice to the Space Tenants	 
	Exhibit 6	Form of Notice of Assignment of the Service Contracts	 
	Exhibit 7	Form of Tenant Estoppel Certificate	 
	Exhibit 8	Form of Bill of Sale	 
	Exhibit 9	Executed Access Agreement	 
	Exhibit 10	Form of Title Certificate	 
	Exhibit 11	[Intentionally Deleted]	 
	Exhibit 12	Form of Assumption Agreement	 
	Exhibit 13	Form of Assignment of Leasing Commission Agreements and Construction
    Contracts	 

 

    	-iii-

    	 

    

 

CONTRACT (this “Contract”)
made this 11th day of June, 2014 by and between DRA-RCG NORTH CHARLESTON SPE LLC, a Delaware limited liability
company, having an address at c/o DRA Advisors LLC, 220 East 42nd Street, New York, New York 10017 ("Seller")
and AMERICAN REALTY CAPITAL IV, LLC, a Delaware limited liability company, having an address at 405 Park Avenue, 15th
Floor, New York, New York 10022 ("Purchaser").

  

WITNESSETH:

 

WHEREAS,
Seller owns that certain parcel of land described on Schedule A-1 annexed hereto with the improvements erected thereon (which
parcel of land and the improvements erected thereon are herein referred to collectively as the “Northwoods Property”);

 

WHEREAS,
subject to the terms of this Contract, at Closing, Seller will own that certain parcel of land described on Schedule A-2 annexed
hereto with the improvements erected thereon (which parcel of land and the improvements erected thereon are herein referred to
collectively as the “Best Buy Property,” and together with the Northwoods Property, the “Property”).

 

WHEREAS,
upon the terms and conditions hereinafter set forth, Seller agrees to sell and convey fee title to the Property to Purchaser and
Purchaser agrees to purchase the Property.

 

NOW, THEREFORE,
intending to be legally bound hereby, the parties agree as follows:

 

1.          Definitions.

 

The terms defined
in this Article shall for all purposes of this Contract have the meanings herein specified unless the context requires otherwise.

 

1.1           “Access
Agreement” shall have the meaning ascribed to it in Section 12.1.

 

1.2           “Additional
Deposit” shall have the meaning ascribed to it in Section 3.2.

 

1.3           “Additional
Rents” shall have the meaning ascribed to it in Section 9.4(a).

 

1.4           “Adjourned
Closing Date” shall have the meaning ascribed to it in Section 9.1.

 

1.5           “Anti-Money
Laundering Laws” shall have the meaning ascribed to it in Section 6.1(m)(iii).

 

1.6           “Anticipated
Closing Date” shall have the meaning ascribed to it in Section 9.1.

 

    	 

    	 

    

 

1.7           “Best
Buy Premises” shall mean the Best Buy Property, together with those items described in clauses (b) through (e) of the definition
of “Premises” which pertain to the Best Buy Property.

 

1.8           “Best
Buy Property” shall have the meaning ascribed to it in the second “WHEREAS” paragraph in this Contract.

 

1.9           “Best
Buy Purchase Agreement” shall have the meaning ascribed to it in Section 2.3(a).

 

1.10         “Best
Buy Purchase Price Allocation” shall have the meaning ascribed to it in Section 2.3(b).

 

1.11         “Best
Buy Space Tenant” shall have the meaning ascribed to it in Section 9.3(a)(x).

 

1.12         “Best
Buy Survey” shall have the meaning ascribed to it in Section 8.1.

 

1.13         “Broker”
shall have the meaning ascribed to it in Section 13.1.

 

1.14         
“Business Day” shall mean any day other than a Saturday, Sunday or day on which the banks in New York are authorized
or permitted to be closed.

 

1.15         “Casualty”
shall have the meaning ascribed to it in Section 11.2.

 

1.16         “Casualty
Termination Event” shall have the meaning ascribed to it in Section 11.2.

 

1.17         “Closing”
shall have the meaning ascribed to it in Section 9.1.

 

1.18         “Closing
Date” shall have the meaning ascribed to it in Section 9.1.

 

1.19         “Contract”
shall have the meaning ascribed to it in the introductory paragraph.

 

1.20         “Defeasance”
shall have the meaning ascribed to it in Section 9.1.

 

1.21         “Deposit”
shall have the meaning ascribed to it in Section 3.2.

 

1.22         “Escrowee”
shall have the meaning ascribed to it in Section 3.1.

 

1.23         “Estoppel
Certificate(s)” shall have the meaning ascribed to it in Section 9.3(a)(x).

 

1.24         “Estoppel
Default” shall have the meaning ascribed to it in Section 9.3(a)(x).

 

    	-2-

    	 

    

 

1.25         “Estoppel
Tenants” shall have the meaning ascribed to it in Section 9.3(a)(x).

 

1.26         “Evaluation
Material” shall have the meaning ascribed to it in Section 13.6(a).

 

1.27         “Exchange”
shall have the meaning ascribed to it in Section 13.22.

 

1.28         “Existing
Space Leases” shall have the meaning ascribed to it in Section 6.1(f).

 

1.29         “Existing
Space Tenants” shall have the meaning ascribed to it in Section 6.1(f).

 

1.30         “Initial
Deposit” shall have the meaning ascribed to it in Section 3.1.

 

1.31         “Leasing
Agreement” shall have the meaning ascribed to it in Section 9.4(c).

 

1.32         “Major
Tenant” shall have the meaning ascribed to it in Section 9.3(a)(x).

 

1.33         “Maximum
Representation Expense” shall have the meaning ascribed to it in Section 6.4(b).

 

1.34         “Maximum
Title Expense” shall have the meaning ascribed to it in Section 8.3(b).

 

1.35         “MCM
Real Estate” shall have the meaning ascribed to it in Section 9.4(c).

 

1.36         “New
Lease(s)” shall have the meaning ascribed to it in Section 7.1(a).

 

1.37         “Non-Permitted
Title Objections” shall have the meaning ascribed to it in Section 8.3(a).

 

1.38         “Northwoods
Premises” shall mean the Northwoods Property, together with those items described in clauses (b) through (e) of the definition
of “Premises” which pertain to the Northwoods Property.

 

1.39         “Northwoods
Property” shall have the meaning ascribed to it in the first “WHEREAS” paragraph in this Contract.

 

1.40         “Northwoods
Survey” shall have the meaning ascribed to it in Section 8.1.

 

    	-3-

    	 

    

 

1.41         “OFAC”
shall have the meaning ascribed to it in Section 6.1(m).

 

1.42         “Outside
Termination Date” shall have the meaning ascribed to it in Section 12.1.

 

1.43         “Permitted
Exceptions” shall have the meaning ascribed to it in Section 8.2.

 

1.44         “Preliminary
Proration Statement” shall have the meaning ascribed to it in Section 9.4(a)(i).

 

1.45         “Premises”
shall have the meaning ascribed it in Section 2.2.

 

1.46         “Prior
Best Buy Closing” shall have the meaning ascribed to it in Section 9.1.

 

1.47         “Prohibited
Persons” shall have the meaning ascribed to it in Section 6.1(m)(i).

 

1.48         “Property”
shall have the meaning ascribed to it in the second “WHEREAS” paragraph in this Contract.

 

1.49         “Purchase
Price” shall have the meaning ascribed to it in Section 3.

 

1.50         “Purchaser”
shall have the meaning ascribed to it in the introductory paragraph.

 

1.51         “Purchaser's
Review Period” shall have the meaning ascribed to it in Section 12.1.

 

1.52         “REAs”
shall have the meaning ascribed to it in Section 2.2.

 

1.53         “Related
Parties” shall have the meaning ascribed to it in

Section 13.6(b).

 

1.54         “Released
Parties” shall have the meaning ascribed to it in Section 5.2.

 

1.55         
“Seller” shall have the meaning ascribed to it in the introductory paragraph.

 

1.56         “Seller’s
2014 Actual Operating Expenses” shall have the meaning ascribed to it in Section 9.4(b).

 

1.57         “Service
Contracts” shall have the meaning ascribed to it in Section 6.1(i).

 

1.58         “Space
Leases” shall have the meaning ascribed to it in Section 7.1(a).

 

    	-4-

    	 

    

 

1.59         “Space
Tenants” shall have the meaning ascribed to it in Section 7.1(a).

 

1.60         “Substantial
Portion” shall have the meaning ascribed to it in Section 11.1(b).

 

1.61         “Supplemental
Proration Statement” shall have the meaning ascribed to it in Section 9.4(b).

 

1.62         “Survey”
shall have the meaning ascribed to it in Section 8.1.

 

1.63         “Taking”
shall have the meaning ascribed to it in Section 11.1(a).

 

1.64         “Title
Commitment” shall have the meaning ascribed to it in Section 8.1.

 

1.65         “Title
Company” shall have the meaning ascribed to it in Section 8.1.

 

1.66         “Title
Objection Date” shall have the meaning ascribed to it in Section 8.1.

 

1.67         “Transfer
Tax” shall have the meaning ascribed to it in Section 9.2(a).

 

1.68         “USA
PATRIOT Act” shall have the meaning ascribed to it in Section 6.1(m)(iii).

 

1.69         “Violations”
shall have the meaning ascribed to it in Section 5.1.

 

2.           Subject
of Sale.

 

2.1           Seller
agrees to sell and convey to Purchaser the Premises and Purchaser agrees to purchase from Seller the Premises subject to the terms
and conditions contained in this Contract.

 

2.2           This
sale includes all of the following: (a) the Property and all right, title and interest, if any, of Seller in and to: (i) any
land lying in the bed of any street, road or avenue opened or proposed, adjacent to the Property, to the center line thereof;
and Seller will execute and deliver to Purchaser at the Closing, or thereafter, on demand, all proper instruments for the conveyance
to such title; (ii) fixtures, equipment and other personal property attached to or beneath the Property (including without
limitation underground or above ground storage tanks, if any) and not owned by the Space Tenants or a governmental entity, if
any, but no part of the Purchase Price shall be deemed to be paid for such fixtures, equipment or personal property; (iii) rights
of way, appurtenances, easements, sidewalks, alleys, gores or strips of land adjoining or appurtenant to the Property and used
in connection therewith; (iv) to the extent assignable and transferable at no cost or liability to Seller and not otherwise proprietary,
the trademark, service mark, trade name and name “Northwoods Marketplace” and all other trademarks, services marks,
trade names, names and logos used exclusively in connection with the advertising and promotion of the Property or otherwise exclusively
relating to the Property, and any variations thereof, together with all good will of the business connected with the use of and
symbolized by such trademarks, service marks, trade names, names and logos, any telephone numbers and listings for the Property
and any copyrights, trade secrets, intellectual property and other intangible property relating to the Property; (v) to the extent
assignable and transferable at no cost or liability to Seller and not otherwise proprietary, all operating and reciprocal easement
agreements directly affecting the Property (the “REAs”); (vi) to the extent assignable and transferable at
no cost or liability to Seller and not otherwise proprietary, all plans and specifications and other architectural and engineering
drawings for the Property; and (vii) to the extent assignable and transferable at no cost or liability to Seller and without consent,
all consents, authorizations, variances or waivers, licenses, permits, approvals and land use entitlements from any governmental
or quasi-governmental agency, department, board, commission, bureau or other entity or instrumentality relating to the Property;
and (b) the interest of landlord in the Space Leases ((a) through (b) herein referred to collectively as the “Premises”).

 

    	-5-

    	 

    

 

2.3          With
respect to the Best Buy Property, Seller hereby makes the following additional disclosure:

 

(a)          Seller’s
current interest in the Best Buy Property is pursuant to a certain Purchase and Sale Agreement between Seller (or its affiliate)
and the current owner of the fee interest in the Best Buy Property (the “Best Buy Purchase Agreement”).

 

(b)          Seller
and Purchaser’s obligation to close title under this Contract is conditioned on Seller closing title on the Best Buy Property
pursuant to the Best Buy Purchase Agreement. In the event Seller does not close title on the Best Buy Property by the Adjourned
Closing Date (as defined herein), this Contract shall terminate in accordance with the provisions of Section 9.1 hereof; provided,
however, that Purchaser may elect to rescind such termination with respect to the Northwoods Premises by written notice within
one (1) Business Day after the Adjourned Closing Date in the event Seller does not close title on the Best Buy Property by such
date, in which event this Contract shall remain in full force and effect with respect to the Northwoods Premises and the parties
shall proceed to Closing with respect to the Northwoods Premises in accordance with the terms herein as promptly as possible on
a date mutually determined by Seller and Purchaser, time being of the essence; provided further that, in such event, the Purchase
Price shall be reduced by Five Million Three Hundred Fifty Thousand and 00/100 Dollars ($5,350,000.00) (the “Best Buy
Purchase Price Allocation”). If this Contract shall terminate pursuant to this Section 2.3(b) and Purchaser does not
timely elect to rescind such termination of this Contract in accordance with this Section 2.3(b), then Seller shall reimburse
Purchaser for Purchaser’s actual out-of-pocket costs and expenses (as evidenced by paid receipts) incurred in connection
with this Contract and Purchaser’s investigation of the Premises, in an amount not to exceed One Hundred Thousand and 00/100
Dollars ($100,000.00) in the aggregate. From and after the date hereof, through and including the date of the Closing hereunder
(with respect to the Premises or the Northwoods Premises, as the case may be), in no event shall Purchaser (i) engage in any discussions
with, (ii) disclose any terms or provisions of this Contract or the transactions contemplated thereby to, or (iii) enter into,
or agree to enter into, a contract with, the seller (or its affiliates, agents or representatives) of the Best Buy Property with
respect to the Best Buy Property or any portion thereof. The provisions of this Section 2.3(b) shall survive the Closing or the
earlier termination of this Contract.

 

    	-6-

    	 

    

 

3.          Purchase
Price.

 

The purchase price
(the “Purchase Price”) for the Premises is the sum of THIRTY-FIVE MILLION AND 00/100 DOLLARS ($35,000,000.00),
payable by Purchaser to Seller as follows:

 

3.1           On
the signing of this Contract, the sum of FIVE HUNDRED THOUSAND AND 00/100 DOLLARS ($500,000.00) (the “Initial Deposit”)
to be paid by electronic wire transfer of immediately available federal funds to an account designated by Fidelity National Title
Insurance Company, Attention: Angie Yarbrough (“Escrowee”) or by certified check of Purchaser or bank teller’s
check to the order of Escrowee.

 

3.2           Prior
to the expiration of Purchaser’s Review Period, the sum of FIVE HUNDRED THOUSAND AND 00/100 DOLLARS ($500,000.00) (the “Additional
Deposit”) to be paid by electronic wire transfer of immediately available federal funds to the account previously designated
by Escrowee or by certified check of Purchaser or bank teller’s check to the order of Escrowee. The Initial Deposit and
the Additional Deposit, to the extent then paid, together with interest earned thereon is hereinafter called the “Deposit.”
In the event any check in payment of the Deposit is cancelled or returned uncollected, Seller, at its sole option, may cancel
this Contract and/or pursue any legal remedies Seller may have against Purchaser on such check at the sole expense of Purchaser,
such remedies being cumulative and not exclusive.

 

3.3           On
the Closing Date, the sum of THIRTY-FOUR MILLION AND 00/100 DOLLARS ($34,000,000.00), subject to adjustment and proration pursuant
to Section 9.4 below, to be paid by electronic wire transfer of immediately available federal funds pursuant to wiring instructions
to be given by Escrowee or as Escrowee may direct to Purchaser prior to the Closing and Purchaser shall cause Escrowee to distribute
such funds to Seller in accordance with this Contract. In the event Escrowee does not receive the funds to be wired pursuant to
this Section 3.3 (together with unconditional and irrevocable instructions to release such funds as directed by Seller) by 10:00
A.M. Eastern Time on the date scheduled for Closing, Purchaser shall be in material default under this Contract and Seller shall
be entitled to exercise its rights under Section 10.1.

 

4.            Deposit
Provisions.

 

4.1           Upon
the Closing, Escrowee is authorized and directed to pay the Deposit to Seller (or as Seller may direct).

 

4.2           In
the event Purchaser should default under this Contract, Escrowee shall pay the Deposit to Seller, who shall retain the Deposit
in accordance with Section 10.1 below.

 

4.3           In
the event this Contract is terminated by reason other than Purchaser's default, Escrowee shall pay the Deposit to Purchaser.

 

    	-7-

    	 

    

 

4.4           Escrowee
shall invest and reinvest the proceeds of the Deposit, and any interest earned thereon, in United States Government Treasury Bills
or Certificate(s) of Deposit or bank money market account(s) as Seller shall direct. The party entitled to receive the interest
earned on the Deposit shall pay all income taxes owed in connection therewith. The employer identification numbers of Seller and
Purchaser are respectively set forth on the signature page hereof.

 

4.5           Escrowee,
by signing this Contract at the end hereof where indicated, signifies its agreement to hold the Deposit for the purposes as provided
in this Contract. In the event of any dispute, Escrowee shall have the right to deposit the Deposit in court to await the resolution
of such dispute. Escrowee shall not incur any liability by reason of any action or non-action taken by it in good faith or pursuant
to the judgment or order of a court of competent jurisdiction. Escrowee shall have the right to rely upon the genuineness of all
certificates, notices and instruments delivered to it pursuant hereto, and all the signatures thereto or to any other writing
received by Escrowee purporting to be signed by any party hereto, and upon the truth of the contents thereof.

 

4.6           Except
as otherwise provided for in Section 4.1, Escrowee shall not pay or deliver the Deposit to any party unless written demand is
made therefor and a copy of such written demand is delivered to the other party. If Escrowee does not receive a written objection
from the other party to the proposed payment or delivery within five (5) Business Days after such demand is served by personal
delivery on such party, Escrowee is hereby authorized and directed to make such payment or delivery. If Escrowee does receive
such written objection within such five (5) Business Day period or if for any other reason Escrowee in good faith shall elect
not to make such payment or delivery, Escrowee shall forward a copy of the objections, if any, to the other party or parties,
and continue to hold the Deposit unless otherwise directed by written instructions from the parties to this Contract or by a judgment
of a court of competent jurisdiction. In any event, Escrowee shall have the right to refrain from taking any further action with
respect to the subject matter of the escrow until it is reasonably satisfied that such dispute is resolved or action by Escrowee
is required by an order or judgment of a court of competent jurisdiction.

 

4.7           Escrowee
shall be entitled to consult with counsel in connection with its duties hereunder. Seller and Purchaser, jointly and severally,
agree to reimburse Escrowee, upon demand, for the reasonable costs and expenses including attorneys’ fees incurred by Escrowee
in connection with its acting in its capacity as Escrowee. In the event of litigation relating to the subject matter of the escrow,
whichever of Seller or Purchaser is not the prevailing party shall reimburse the prevailing party for any costs and fees paid
by the prevailing party or paid from the escrowed funds to Escrowee.

 

    	-8-

    	 

    

 

5.           “As-Is”.
“Where-Is”.

 

5.1           Purchaser
acknowledges and agrees that (a) Purchaser has, or will have prior to the expiration of Purchaser's Review Period, independently
examined, inspected, and investigated to the full satisfaction of Purchaser, the physical nature and condition of the Premises,
including, without limitation, its environmental condition, and the income, operating expenses and carrying charges affecting
the Premises, (b) except as expressly set forth in this Contract or in any other document executed by Seller and delivered to
Purchaser at Closing, neither Seller nor any agent, member, officer, partner, employee, representative, broker or third party
consultant of Seller has made any representation whatsoever regarding the subject matter of this Contract or any part thereof,
including (without limiting the generality of the foregoing) representations as to the physical nature or environmental condition
of the Premises, the existence or non-existence of petroleum, asbestos, lead paint, fungi, including mold, or other microbial
contamination, hazardous substances or wastes, underground or above ground storage tanks or any other environmental hazards on,
under or about the Property, the Space Leases, operating expenses or carrying charges affecting the Premises, the compliance of
the Premises or its operation with any laws, rules, ordinances or regulations of any applicable governmental or quasi-governmental
authority or the habitability, merchantability, marketability, profitability, fitness or development of the Premises for any purpose
and (c) except as expressly set forth in this Contract or in any other document executed by Seller and delivered to Purchaser
at Closing, Purchaser, in executing, delivering and performing this Contract, does not rely upon any statement, offering material,
operating statement, historical budget, engineering structural report, any environmental reports, information, or representation
to whomsoever made or given, whether to Purchaser or others, and whether directly or indirectly, orally or in writing, made by
any person, firm or corporation except as expressly set forth herein, and Purchaser acknowledges that any such statement, information,
offering material, operating statement, historical budget, report or representation, if any, does not represent or guarantee future
performance of the Premises. Without limiting the foregoing, but in addition thereto, except as otherwise expressly set forth
in this Contract or in any other document executed by Seller and delivered to Purchaser at Closing, Seller shall deliver, and
Purchaser shall take, the Premises in its “as is” “where is” condition and with all faults on the Closing
Date, including without limitation, any notes or notices or violations of law or municipal ordinances, orders or requirements
imposed or issued by any governmental or quasi-governmental authority having or asserting jurisdiction, against or affecting the
Premises and any conditions which may result in violations (collectively, “Violations”). The provisions of
this Section shall survive the Closing or the earlier termination of this Contract.

 

5.2           Except
as set forth in this Contract or in any other document executed by Seller and delivered to Purchaser at Closing, Purchaser hereby
waives, releases and forever discharges Seller, its affiliates, subsidiaries, officers, directors, shareholders, employees, independent
contractors, partners, representatives, agents, successors and assigns (collectively, the “Released Parties”),
and each of them, from any and all causes of action, claims, assessments, losses, damages (compensatory, punitive or other), liabilities,
obligations, reimbursements, costs and expenses of any kind or nature, actual, contingent, present, future, known or unknown,
suspected or unsuspected, including, without limitation, interest, penalties, fines, and attorneys’ and experts’ fees
and expenses, whether caused by, arising from, or premised, in whole or in part, upon Seller’s acts or omissions, and notwithstanding
that such acts or omissions are negligent or intentional, or premised in whole or in part on any theory of strict or absolute
liability, which Purchaser, its successors or assigns or any subsequent purchaser of the Premises may have or incur in any manner
or way connected with, arising from, or related to the Premises, including without limitation (i) the environmental condition
of the Premises, or (ii) actual or alleged violations of environmental laws or regulations in connection with the Premises and/or
any property conditions. Purchaser agrees, represents and warrants that the matters released herein are not limited to matters
which are known, disclosed, suspected or foreseeable, and Purchaser hereby waives any and all rights and benefits which it now
has, or in the future may have, conferred upon Purchaser by virtue of the provisions of any law which would limit or detract from
the foregoing general release of known and unknown claims. The provisions of this Section 5.2 shall survive the Closing or termination
of this Contract.

 

    	-9-

    	 

    

 

6.            Representations.

 

6.1          Seller’s
Representations. Seller represents that as of the date hereof:

 

(a)          Seller
is, and at the Closing shall be, a limited liability company formed under the laws of the State of Delaware. Seller has the right,
power and authority to make and perform its obligations under this Contract without the need for governmental approval, consent
or filing.

 

(b)          The
execution, delivery and performance of this Contract in accordance with its terms, do not violate the limited liability company
agreement of Seller, or any contract, agreement, commitment, order, judgment or decree to which Seller is a party or by which
it is bound.

 

(c)          Seller
has the right, power and authority to make and perform its obligations under this Contract with respect to the Premises other
than the Best Buy Premises, and subject to the terms of this Contract, as of the Closing, Seller shall have the right, power and
authority to make and perform its obligations under this Contract with respect to the Best Buy Premises. The Best Buy Purchase
Agreement is in full force and effect and Seller has not sent or received written notice of default thereunder.

 

(d)          This
Contract is a valid and binding obligation of Seller enforceable against Seller in accordance with its terms.

 

(e)          Seller
is not a “foreign person” within the meaning of Section 1445 of the Internal Revenue Code of 1986, as amended.

 

(f)          The
tenants listed on Schedule C annexed hereto are tenants under leases (such leases are herein called the “Existing Space
Leases” and the lessees thereunder are herein called the “Existing Space Tenants”), true, correct
and complete copies of which have been delivered or made available to Purchaser, which constitute the only leases, licenses or
other written agreements for the use or occupancy of the Premises to which Seller is (or, with respect to the Best Buy Premises,
will as of Closing be) a party and which will be binding on Purchaser following the Closing, except as may otherwise be set forth
in the Permitted Exceptions.

 

(g)          The
information on the rent roll attached hereto as Schedule C is true and correct in all material respects.

 

(h)          Except
as may be set forth in its Space Lease or Schedule C, no Existing Space Tenant has made payments to Seller in advance for more
than one (1) month (exclusive of security deposits), or if such payments have been made to Seller more than one (1) month in advance
(exclusive of security deposits), Seller will credit Purchaser such amounts at Closing.

 

    	-10-

    	 

    

 

(i)          Set
forth on Schedule D is a true, correct and complete list of the material service contracts (the “Service Contracts”)
which may be binding on Purchaser or the Property after the Closing. Seller does not guarantee or undertake that any of the Service
Contracts will be in effect as of the Closing. Seller reserves the right to modify, terminate or enter into new Service Contracts
prior to Closing provided such new service contracts are terminable on not more than thirty (30) days prior notice without payment
of any premium or penalty (unless Seller agrees to pay the premium or penalty). Notwithstanding anything contained herein to the
contrary, Purchaser shall notify Seller in writing prior to the expiration of Purchaser’s Review Period which, if any, of
the Service Contracts Purchaser does not wish to assume at Closing and Seller shall terminate, prior to the Closing Date, those
Service Contracts specified in Purchaser’s notice, except Seller shall have no obligation to terminate, and Purchaser hereby
agrees to accept and assume in accordance with Exhibit 3 all Service Contracts (including those specified in Purchaser’s
notice) which cannot be terminated by Seller (i) without cause, (ii) upon less than thirty (30) days’ notice, or (iii) without
payment of a premium or penalty. Purchaser’s failure to timely deliver notice pursuant to the preceding sentence shall be
deemed Purchaser’s election to accept and assume all of the Service Contracts in accordance with Exhibit 3.

 

(j)          There
are no persons employed by Seller at the Premises in connection with the operation or maintenance of the Premises who will be
binding upon Purchaser after the Closing.

 

(k)          Seller
has not sent or received any written notice of default under the REAs within the past twelve (12) months which has not been cured
or waived.

 

(l)          Seller
has not received any written notice of any pending condemnation proceeding against the Premises or any portion thereof.

 

(m)          USA/PATRIOT
Act Representations. Seller further represents and warrants, in addition to the representations, warranties and agreements
set forth above, that Seller has reviewed the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”)
website at: http://www.treas.gov/offices/enforcement/ofac/ before making the following representations and covenants and
that the following statements are true and correct on the date hereof and will be true and correct at all times through and including
the Closing Date:

 

(i)                
Seller understands and agrees that Purchaser prohibits the payment or receipt of funds to/from any persons or entities
that are acting, directly or indirectly, (A) in contravention of any U.S. or international laws and regulations, including anti-money
laundering regulations or conventions, (B) on behalf of terrorists or terrorist organizations, including those persons or entities
that are included on the List of Specially Designated Nationals and Blocked Persons maintained by OFAC, as such list may be amended
from time to time, (C) for a “senior foreign political figure”, any member of a senior foreign political figure’s
immediate family or any close associate of a senior foreign political figure, unless the Purchaser, after being specifically notified
by Seller in writing that it, or any beneficial or indirect owner of Seller, is such a person, and determines in its sole discretion
that such receipt of funds shall be permitted, or (D) for a foreign shell bank (such persons or entities in (A) - (D) are collectively
referred to as “Prohibited Persons”). Senior foreign political figure shall have the meaning set forth in 31
CFR 103.175(r). “Foreign shell bank” and a “regulated affiliate” thereof shall have the meaning set forth
in 31 CFR 103.175(j) and 31 CFR 103.175(p), respectively.

 

    	-11-

    	 

    

 

(ii)         Seller
represents, warrants and covenants that: (A) it is not, nor is any person or entity controlling, controlled by or under common
control with Seller, a Prohibited Person, and (B) to the extent Seller has any beneficial or indirect owners, (1) it has carried
out such due diligence to establish the identities of such beneficial or indirect owners as Seller deemed to be appropriate, and
(2) based on such due diligence, Seller has no current actual knowledge that such beneficial or indirect owners are Prohibited
Persons.

 

(iii)        Seller
(i) has no current, actual knowledge that it is under investigation by any governmental authority for, or has been charged with,
or convicted of, money laundering, drug trafficking, terrorist related activities, any crime which in the United States would
be a predicate crime to money laundering, or a violation of any Anti-Money Laundering Laws (as defined herein); (ii) has not been
assessed a civil or criminal penalty under any Anti-Money Laundering Laws; or (iii) has not had any of its funds seized or forfeited
in any action under any Anti-Money Laundering Laws. As used in this Contract, the term “Anti-Money Laundering Laws”
shall mean all U.S. laws, regulations and sanctions, state and federal, criminal and civil, that (1) limit the use of, and/or
seek the forfeiture of proceeds from illegal transactions; (2) limit commercial transactions with designated countries, or individuals
believed to be terrorists, narcotics dealers, or otherwise engaged in activities contrary to the interests of the United States;
(3) require identification and documentation of the parties with whom a Financial Institution (as defined in the relevant statute)
conducts business; or (4) are designed to disrupt the flow of funds to terrorist organizations. Such laws, regulations, and sanctions
shall be deemed to include, without limitation, the Bank Secrecy Act, 31 U.S.C. Section 5311 et. seq., as amended by the
USA PATRIOT Act of 2001, Pub. L. No. 107-56 (the “USA PATRIOT Act”), as amended, and the regulations promulgated
thereto; as well as 18 U.S.C. Sections 1956, 1957 and 1960.

 

(n)          Except
as set forth on Schedule E annexed hereto, in the tenant files delivered or made available to Purchaser or for matters fully covered
(excluding deductibles) by one or more insurance policies, there is no litigation pending against the Premises.

 

6.2           Knowledge.
The representations of Seller set forth in Section 6.1 are made to the actual present knowledge of Amy Dorrian without such
individual having any duty or obligation to make an independent inquiry or investigation. Any reference to Seller’s “receipt”
or language similar thereto of notices or other written documents shall mean the actual receipt of the same by Amy Dorrian. In
no event shall Purchaser be entitled to assert any cause of action against Amy Dorrian nor shall Amy Dorrian have any personal
liability whatsoever for any matter under or related to this Contract. Amy Dorrian is an asset manager of DRA Advisors LLC, the
investment advisor to the Property, and is involved in the day-to-day operation and management of the Property for DRA Advisors
LLC.

 

    	-12-

    	 

    

 

6.3          Update
and Survival. At Closing, Seller shall update the representations made in Section 6.1 above as the facts then exist. The representations
made in Section 6.1 and any update of such representations shall survive the Closing for nine (9) months; provided, however, any
representation which results in a reduction of the Purchase Price pursuant to Section 6.4 shall not survive the Closing. In any
event, Seller's maximum liability after Closing for any obligations or liabilities of Seller which expressly survive Closing pursuant
to the Contract (including, without limitation, the representations set forth in Section 6.1) or in any closing document executed
by Seller and delivered to Purchaser at Closing, shall not exceed, in the aggregate, an amount equal to Six Hundred Thousand and
00/100 Dollars ($600,000.00), provided that with respect to the foregoing, Seller shall have no liability, and Purchaser shall
make no claim against Seller if the obligations or liabilities in question result from a condition, state of facts or other matter
actually known to Purchaser prior to Closing, and provided further that in the event the Closing occurs with respect to the Northwoods
Premises but not the Best Buy Premises as contemplated in Section 2.3(b) or Section 7.1(d), the amount set forth in this sentence
shall be reduced in proportion to the reduction in the Purchase Price by the Best Buy Purchase Price Allocation. The preceding
sentence of this Section 6.3 shall survive Closing.

 

6.4          Liability
for Misrepresentations.

 

(a)          Subject
to the provisions of Section 6.4(b) below, if any representation of Seller shall fail to be true in any material and adverse respect,
Purchaser's sole remedy shall be to terminate this Contract and receive the return of the Deposit and upon the receipt of same,
this Contract shall be null and void and of no further force or effect and, except for those provisions expressly stated to survive
the termination of this Contract, neither party shall have any rights or obligations against or to the other. Seller shall have
the option to rescind Purchaser's termination of this Contract and adjourn the Closing for a period not to exceed thirty (30)
days beyond the date scheduled for the Closing in order to make such representation true. If the Closing shall take place without
Purchaser making an objection to an untrue representation of which Purchaser shall have knowledge, Purchaser shall be deemed to
have waived all liability of Seller by reason of such untrue representation. Upon delivery of any Estoppel Certificates, Seller
shall be entirely released from any liability under Seller’s representations (including, without limitation, any update
of the representations) concerning the information contained in such Estoppel Certificates to the extent the same is consistent
with, or more favorable than, the information contained in Seller’s representations. The provisions of this Section 6.4
shall survive the Closing or termination of this Contract.

 

(b)          The
provisions of Section 6.4(a) above to the contrary notwithstanding, if any representation(s) shall fail to be true and such representation(s)
can be made true by the payment of a liquidated sum of money only, and if both (a) such representation(s) can reasonably
be expected to be made true within a period of thirty (30) days beyond the date scheduled for Closing and (b) the sum of
money required to make such representation(s) true shall not exceed One Hundred Thousand and 00/100 ($100,000.00) Dollars in the
aggregate (the “Maximum Representation Expense”), in such event, Seller agrees to adjourn the Closing for the
period required to make such representation(s) true, but not to exceed thirty (30) days beyond the date scheduled for the Closing
and to expend an amount not to exceed the Maximum Representation Expense. If there shall be any untrue representation(s) which
can be made true by the payment of a sum of money only which exceeds the Maximum Representation Expense, or which can be made
true by the payment of not more than the Maximum Representation Expense but not within said thirty (30) day period, and Seller
notifies Purchaser that Seller elects not to, or cannot, make such representation(s) true within the available time, Purchaser
may elect to (i) cancel this Contract by notice to Seller given within five (5) Business Days after receipt of Seller's notice
or (ii) close with a credit from Seller equal to the lesser of the amount required to make the representation true or the Maximum
Representation Expense. If Purchaser fails to timely cancel this Contract as provided in the preceding sentence, Purchaser shall
nevertheless proceed to Closing and the Purchase Price shall be reduced by the lesser of the sum of money required to make such
representations true or the Maximum Representation Expense. Anything in this Section to the contrary notwithstanding, an attempt
by Seller to make any untrue representation to be true shall not be deemed to be or create an obligation of Seller to make the
same true.

 

    	-13-

    	 

    

 

6.5          Purchaser’s
Representations. Purchaser represents that:

 

(a)          The
execution, delivery and performance of this Contract in accordance with its terms, do not violate the partnership agreement, corporate
charter, by-laws, certificate of incorporation or operating agreement of Purchaser, or any contract, agreement, commitment, order,
judgment or decree to which Purchaser is a party or by which it is bound;

 

(b)          Purchaser
has the right, power and authority to make and perform its obligations under this Contract;

 

(c)          [Intentionally
deleted]; and

 

(d)          USA
PATRIOT Act/OFAC Representations. Purchaser further represents and warrants, in addition to the representations, warranties
and agreements set forth above, that the Purchaser has reviewed the OFAC website at: http://www.treas.gov/offices/enforcement/ofac/
before making the following representations and covenants and that the following statements are true and correct on the date hereof
and will be true and correct at all times through and including the Closing Date:

 

(i)          Purchaser
understands and agrees that Seller prohibits the payment or receipt of funds to/from any Prohibited Persons.

 

(ii)         Purchaser
represents, warrants and covenants that: (A) it is not, nor is any person or entity controlling, controlled by or under common
control with Purchaser, a Prohibited Person, and (B) to the extent Purchaser has any beneficial or indirect owners, (1) it has
carried out such due diligence to establish the identities of such beneficial or indirect owners as Purchaser deemed to be appropriate,
and (2) based on such due diligence, Purchaser has no current, actual knowledge that such beneficial or indirect owners are Prohibited
Persons.

 

(iii)        Purchaser
(i) has no current, actual knowledge that it is under investigation by any governmental authority for, or has been charged with,
or convicted of, money laundering, drug trafficking, terrorist related activities, any crime which in the United States would
be a predicate crime to money laundering, or a violation of any Anti-Money Laundering Laws (as defined herein); (ii) has not been
assessed a civil or criminal penalty under any Anti-Money Laundering Laws; or (iii) has not had any of its funds seized or forfeited
in any action under any Anti-Money Laundering Laws.

 

    	-14-

    	 

    

 

(e)          This
Contract is a valid and binding obligation of Purchaser enforceable against Purchaser in accordance with its terms. Purchaser
covenants and warrants that the representations in the preceding sentences of this Section 6.5 will be true on the Closing with
respect to Purchaser or any permitted assignee of Purchaser and Purchaser or such assignee shall deliver to Seller at Closing
copies of Purchaser's organizational documents and resolutions and/or consents and certificates as necessary to substantiate that
such representations of Purchaser are true as of the Closing.

 

7.          Ongoing
Operations.

 

7.1          Leasing
Practice.

 

(a)          The
Existing Space Leases, together with any modifications, renewals and new leases made after the date hereof in accordance with
this Section 7.1 hereof are herein called the “Space Leases” and the tenants thereunder are herein called the
“Space Tenants”. During the period ending five (5) days before the Outside Termination Date, Seller may enter
into new leases, terminate, renew and/or make modifications to the Space Leases (collectively, “New Lease(s)”)
without the approval of Purchaser; provided, however, Seller shall provide Purchaser with not less than five (5) days’ prior
notice of the entering into of any New Lease. Beginning with the fifth (5th) day before the Outside Termination Date, provided
Purchaser is not in default under this Contract, Seller shall not enter into New Leases without the prior approval of Purchaser,
which approval shall not be unreasonably withheld, conditioned or delayed. Purchaser agrees to grant or deny consent in writing
(and provide, in reasonable detail, the reasons for any denial) within three (3) Business Days after Purchaser's receipt
of Seller's written request, which request shall contain copies of all material information related to such request and a summary
of the material terms of the proposed New Lease. Purchaser's failure to timely respond in writing to Seller's request shall be
deemed a consent to the proposed New Lease. Seller shall, from time to time, inform (orally or in writing) Purchaser of any new
lease negotiations to which Seller is a party and promptly give notice to Purchaser of any New Lease and a copy of any instruments
executed and any material information delivered in connection with the New Lease.

 

(b)          Following
the Outside Termination Date, Seller may continue to grant consent or approval to a request made by a Space Tenant if such consent
or approval is required to be granted pursuant to the applicable provisions of the Space Lease or if Seller is required to exercise
reasonable judgment or discretion in determining whether to grant the consent or approval and it would be unreasonable for Seller
to withhold the applicable consent or approval.

 

(c)          Following
the Outside Termination Date, if Section 7.1(b) is not applicable, then, Seller shall, prior to granting such consent or approval,
notify Purchaser of the request made by a Space Tenant, which notice shall contain copies of all documents, if any, submitted
by such Space Tenant in connection with the request. Purchaser agrees to advise Seller in writing, within three (3) Business Days
after Purchaser's receipt of Seller's notice, whether Purchaser elects that the Space Tenant's request be granted or denied (and
provide, in reasonable detail, the reasons for any denial), which election shall be made in Purchaser's reasonable judgment.
Purchaser's failure to timely respond in writing to Seller's notice shall be deemed an election to consent to the proposed request.

 

    	-15-

    	 

    

 

(d)          Purchaser
acknowledges and agrees that no representation has been made and no responsibility has been assumed by Seller with respect to
the continued occupancy of the Premises, or any part thereof, by the Space Tenants from and after the date hereof. Seller does
not undertake or guarantee that the Space Tenants will be in occupancy from and after the date hereof. Notwithstanding anything
in this Section 7.1(d) to the contrary, it shall be a condition to Purchaser’s obligation to close title under this Contract
that no individual Space Tenant who leases pursuant to a Space Lease more than ten thousand (10,000) rentable square feet in the
aggregate shall, after the Outside Termination Date but prior to the Closing, commence a case (or be the subject of a case involuntarily
commenced against it) under Title 11 U.S.C. Section 101 et seq., as now constituted and hereafter amended, which is not
dismissed prior to the Closing (unless the Space Tenant assumes its Space Lease); provided, however, that in the event the Best
Buy Space Tenant commences any such case (or is the subject of such a case involuntarily commenced against it) after the Outside
Termination Date which is not dismissed prior to the Closing (and the Best Buy Space Tenant does not assume its Space Lease),
this Contract shall remain in full force and effect with respect to the Northwoods Premises and the parties shall proceed to Closing
with respect to the Northwoods Premises in accordance with the terms herein; provided further that, in such event, the Purchase
Price shall be reduced by the Best Buy Purchase Price Allocation. Prior to the Closing, Seller shall have the right, but not the
obligation, to enforce its rights against the Space Tenants by summary proceeding, drawing down or application of security deposits
or in any other manner. Except as provided in this Section 7.1 above, Seller shall not terminate any Space Lease without the prior
consent of Purchaser except in the event of an emergency or life-safety issue.

 

7.2           Personal
Property and Equipment. During the pendency of this Contract, Seller agrees not to transfer to any third party or remove any
personal property or equipment owned by Seller and material to the operation or maintenance of the Premises and located in the
Premises unless such personal property or equipment is obsolete or replaced with a substantially similar item.

 

7.3           Employees.
During the pendency of this Contract, Seller shall not hire any employees for whom Purchaser will have liability following
the Closing.

 

7.4           Development
Rights. During the pendency of this Contract, Seller shall not sell, lease, transfer or otherwise encumber any development
rights appurtenant to the Premises.

 

7.5           Tax
Protest Proceedings. Seller shall have sole authority to prosecute, settle and withdraw proceedings to review any real estate
tax assessment for the Premises covering the fiscal years prior to and in which the Closing occurs. Purchaser acknowledges that
it has no interest in any proceedings or refunds applicable to any fiscal tax year prior to the year in which the Closing occurs.
The provisions of this Section shall survive the Closing.

 

    	-16-

    	 

    

 

7.6           Operation
and Maintenance. From and after the date hereof until the date and time of the Closing, Seller shall operate and maintain
the Premises (except for the Best Buy Premises, which Seller shall cause to be operated and maintained) in the usual course of
business and consistent with past practices, excepting normal wear and tear and loss or Casualty, except that Seller shall have
no obligation whatsoever to make any capital expenditures. During the period ending five (5) days before the Outside Termination
Date, Seller shall have the right, but not the obligation, to make a capital expenditure in the ordinary course of business to
maintain and preserve the Property, in which event Seller shall promptly notify Purchaser as to same, but, in any event, no later
than the third (3rd) Business Day before the Outside Termination Date. In the event Seller should make (or commit to
make) such a capital expenditure prior to the fifth (5th) day before the Outside Termination Date, Purchaser shall
reimburse Seller on or before the Closing, for its pro rata portion (which shall be based on the portion of useful life of such
expenditure occurring during each party’s respective period of ownership) of such expenditures made by Seller and Purchaser
shall assume the obligation to complete the work (including, without limitation, assuming the applicable service contract(s) for
any such incomplete work in accordance with Sections 6.1(i) and 9.3(b)(vii) hereof) covered by the expenditure. Beginning with
the fifth (5th) day before the Outside Termination Date, Seller shall not make any capital expenditures without the
prior written approval of Purchaser (unless solely and directly as a result of an emergency), which approval may be given or withheld
in Purchaser’s sole discretion. In the event Purchaser shall approve such capital expenditure from and after the fifth (5th)
day before the Outside Termination Date (or upon an emergency, as set forth above), Purchaser shall reimburse Seller and assume
Seller’s remaining obligations in the manner set forth above. The 3rd and 5th sentence of this Section
7.6 shall survive the Closing or earlier termination of this Contract; provided, however, that in the event Purchaser duly cancels
this Contract on or before the Outside Termination Date in accordance with the terms of Section 12.1 hereof, Purchaser shall have
no obligation to reimburse Seller and assume Seller’s obligations pursuant to this Section 7.6.

 

8.           Title.

 

8.1           Title
Commitment. Seller has (i) caused to be issued and delivered to Purchaser title commitments with respect to each of the Northwoods
Property and the Best Buy Property (collectively, the “Title Commitment”) issued by Fidelity National Title
Insurance Company; Attention: Angie Yarbrough (the “Title Company”), accompanied by a copy of all recorded
documents affecting each of the Northwoods Property and the Best Buy Property listed as exceptions in Schedule B of the
Title Commitment and (ii) delivered to Purchaser a copy of the existing ALTA/ACSM survey of the (A) Northwoods Property prepared
by F. Elliotte Quinn, III, with Thomas & Hutton Engineering Co., dated May 30, 2013 (the “Northwoods Survey”)
and (B) Best Buy Property prepared by Thomas & Hutton Engineering Co., dated April [_____], 2014 (the “Best Buy Survey,”
and together with the Northwoods Survey, as may be further updated, the “Survey”). At least ten (10) Business
Days prior to the Outside Termination Date, Purchaser shall furnish Seller with notice of any objections Purchaser has to the
Title Commitment and Survey (the “Title Objection Date”); provided, however, Seller shall have no obligation
to cure any such objections. In no event shall a failure by Purchaser to deliver notice of objections to the Title Commitment
by the Title Objection Date be deemed a default by Purchaser under this Contract. Any matters existing as of the Title Objection
Date to which Purchaser does not object, shall be deemed Permitted Exceptions. All defects, encumbrances, encroachments or other
objections to title or the Survey or any survey of the Property or any part thereof that exist as of the Outside Termination Date
and which Seller has not in this Contract or in a separate writing expressly agreed to remove, shall be deemed Permitted Exceptions.
Following the Outside Termination Date, Purchaser shall notify Seller within five (5) Business Days of becoming actually aware
of any other defects, encumbrances, encroachments or other objections to title or the Survey or any survey of the Property or
any part thereof that are not Permitted Exceptions. Any defects, encumbrances, encroachments or other objections to title that
are not Permitted Exceptions that are not timely objected to in accordance with this Section 8.1 shall be deemed Permitted Exceptions.

 

    	-17-

    	 

    

 

8.2          Status
of Title. Seller shall deliver and Purchaser shall accept title to the Premises and consummate the transaction contemplated
by this Contract subject to (a) title exceptions created or suffered by Purchaser and (b) the title exceptions deemed Permitted
Exceptions under Section 8.1 above and (c) such other title exceptions which Seller may, in accordance with the provisions of
this Contract, cause the Title Company to omit from Purchaser's title policy or affirmatively insure, without additional premium
(unless paid by Seller), including without limitation a lien related to any loan secured by the Property which will be released
in connection with a payoff at the Closing, so long as any such title exception described in this clause (c) (other than any such
loan-related lien as set forth in the immediately preceding clause) does not have a material adverse effect on Purchaser (the
title exceptions [whether liens, encumbrances, defects, encroachments or other objections] described in (a), (b) and (c) herein
sometimes referred to collectively as "Permitted Exceptions").

 

8.3          Non-Permitted
Title Objections.

 

(a)          If
on the Closing it should appear that the Premises is affected by any lien, encumbrance, defect, encroachment or objection which
is not a Permitted Exception (collectively, “Non-Permitted Title Objections”), then in such event, Seller,
at Seller's election, shall have the privilege to remove or satisfy the same, and shall, for that purpose, be entitled to one
or more adjournments of the Closing for a period not to exceed thirty (30) days beyond the date scheduled for Closing.

 

(b)          Seller
shall not be required to bring any action or proceeding or to otherwise incur any expense to remove or discharge any Non-Permitted
Title Objection unless such Non-Permitted Title Objection(s) can be removed or discharged by payment of a liquidated sum of money
only, and if both (1) such removal or discharge can reasonably be expected to be accomplished within a period of thirty (30) days
beyond the date scheduled for the Closing and (2) the sum of money required to accomplish such removal or discharge does not exceed
Fifty Thousand and 00/100 Dollars ($50,000.00) in the aggregate (the “Maximum Title Expense”). In such event,
Seller agrees to adjourn the Closing for the period required to remove or discharge such Non-Permitted Title Objections, but not
to exceed thirty (30) days beyond the date scheduled for the Closing, and to expend (or at Seller’s election, to obligate
itself to expend by indemnity agreement, bond or any other manner) an amount not to exceed the Maximum Title Expense to remove
or discharge such Non-Permitted Title Objections. If there shall be any Non-Permitted Title Objections that can be removed or
discharged by the payment of a sum of money only which exceeds the Maximum Title Expense, or that can be removed by the payment
of not more than the Maximum Title Expense but not within thirty (30) days and Seller notifies Purchaser that Seller elects not
to, or cannot, remove or discharge such Non-Permitted Title Objections, Purchaser may elect to (i) terminate this Contract by
notice given within five (5) Business Days after receipt of Seller's notice in which case Purchaser shall be entitled to the return
of the Deposit or (ii) close with a credit from Seller equal to the lesser of the amount required to remove or discharge such
Non-Permitted Title Objection or the Maximum Title Expense. If Purchaser fails to timely cancel this Contract as provided in the
preceding sentence, Purchaser shall accept such title as Seller can convey and the Purchase Price shall be reduced by the lesser
of the Maximum Title Expense or the amount required to remove or discharge said Non-Permitted Title Objection. Anything in this
Section to the contrary notwithstanding, an attempt by Seller to remove or discharge any Non-Permitted Title Objection shall not
be deemed to be or create an obligation of Seller to remove or discharge the same.

 

    	-18-

    	 

    

 

(c)          The
foregoing provisions of this Section to the contrary notwithstanding, Seller agrees to remove or discharge any monetary lien voluntarily
created by Seller and any Non-Permitted Title Objections voluntarily created by Seller after the date hereof; provided, however,
that Seller shall in no event be deemed to have voluntarily created (nor shall Seller be liable for) any monetary lien or Non-Permitted
Title Objections if solely caused or created by an act or omission of Purchaser or by an act or omission of a Space Tenant.

 

9.           Closing.

 

9.1           Closing
Date and Location. Subject to the adjournments expressly allowed elsewhere in this Contract, the closing of title (the “Closing”)
shall take place, time being of the essence, on August 29, 2014 (the “Anticipated Closing Date”), or on such
earlier date as may be agreed to by Purchaser and Seller. Notwithstanding anything to the contrary contained in this Contract,
and in addition to the adjournment rights expressly allowed elsewhere in this Contract, Seller shall have the right to adjourn
the Closing to the first (1st) Business Day of the month following the month in which the Closing is then scheduled
to occur or to a date up to five (5) Business Days thereafter (such adjourned date, the “Adjourned Closing Date”)
in order to satisfy the condition hereunder that Seller own the Best Buy Property prior to the Closing and to the extent necessary
for Seller to effectuate at Closing the defeasance of the existing mortgage encumbering the Best Buy Property (the “Defeasance”).
The Closing shall take place by escrow deliveries to the Escrowee (the actual date of closing is herein referred to as the “Closing
Date”) pursuant to reasonably acceptable escrow instructions that will provide, among other things, that the transfer
documents will be released only upon Escrowee, on behalf of Seller and Purchaser, being unconditionally and irrevocably authorized
to disburse the Purchase Price to Seller or as Seller may direct and otherwise in accordance with the terms of this Contract.
Notwithstanding anything to the contrary contained in this Contract, Seller and Purchaser agree that Closing shall occur concurrently
with the Defeasance and the closing of Seller’s acquisition of title to the Best Buy Property pursuant to the Best Buy Purchase
Agreement (the “Prior Best Buy Closing”), but will be deemed to occur immediately after the Prior Best Buy
Closing, provided that in no event shall the Closing occur prior to the date that is thirty (30) days after the Outside Termination
Date without Purchaser’s prior written consent, and provided further that Seller shall provide Purchaser with notice of
the date of the Closing at least three (3) Business Days prior to the date of the Closing in the event the Closing is accelerated
to a date prior to the Anticipated Closing Date. Purchaser agrees to cooperate in good faith with Seller, in connection with the
Defeasance, including finalizing and executing all closing documents required under this Contract and “pre-closing”
this transaction at such time and in such manner as “Defease With Ease” (who is the third party responsible for coordinating
the defeasance on Seller’s behalf) shall require, including funding to the Escrowee the balance of the Purchase Price (as
forth in Article 3), but not more than, up to two (2) Business Days in advance of the then scheduled Closing Date. Subject to
the provisions of Section 2.3(b) hereof, if Seller elects to adjourn the then scheduled date for Closing in accordance with this
Section 9.1 and the Prior Best Buy Closing fails to occur by the Adjourned Closing Date, this Contract shall automatically terminate,
upon which Purchaser shall be entitled to the return of the Deposit and this Contract shall be null and void and of no further
force or effect except for those provisions expressly stated to survive the termination of this Contract; provided, however, that
this sentence shall not apply in the event Purchaser timely elects to rescind such termination in accordance with the provisions
of Section 2.3(b).

 

    	-19-

    	 

    

 

9.2          Closing
Expenses.

 

(a)          Seller’s
Expenses. Seller shall pay (i) one-half (1/2) of any reasonable escrow or closing charge of the Title Company; (ii) any real
property transfer, conveyance or recording taxes imposed by the applicable governmental authority by reason of the transfer of
the Premises (“Transfer Tax”); and (iii) the costs of the Survey (for expenses incurred prior to the date hereof).

 

(b)          Purchaser’s
Expenses. Purchaser shall pay (i) one-half (1/2) of any reasonable escrow or closing charge of the Title Company; (ii) the
cost of recording the deed including, without limitation, any recording charges imposed by the applicable governmental authority
by reason of the transfer of the Premises; (iii) all expenses relating to its inspection of the Premises including, but not limited
to, engineering, environmental and property condition surveys and updates to the Survey (for expenses incurred to update the Survey
from and after the date hereof) whether or not Purchaser closes title to the Premises; (iv) all costs of the premiums for title
policy coverage and the costs of any endorsements (other than endorsements which Seller elects to obtain to cure any Non-Permitted
Title Objection); and (v) any cost incurred in connection with any financing obtained by Purchaser including, without limitation,
mortgage recording tax and title insurance premiums. Seller and Purchaser shall each execute (and swear to where required) any
returns and statements required in connection with the Transfer Tax. Payment of the Transfer Tax shall be made to the Title Company.

 

(c)          The
provisions of this Section 9.2 shall survive the Closing or earlier termination of this Contract.

 

9.3         Closing
Deliveries.

 

(a)          At
Closing (or within five (5) Business Days thereafter with respect to delivery of items other than documents executed by Seller
in connection with the Closing), unless expressly stated to the contrary herein, Seller shall deliver to Purchaser or Escrowee:

 

(i)              
the Special Warranty Deed executed by Seller and acknowledged in the form annexed hereto as Exhibit 1;

 

    	-20-

    	 

    

 

(ii)         the
Assignment of the Space Leases executed by Seller in the form annexed hereto as Exhibit 2;

 

(iii)        the
Assignment of the Service Contracts (and any permitted replacements or renewals thereof) executed by Seller in the form annexed
hereto as Exhibit 3;

 

(iv)        the
Assignment of Licenses, Permits, Guarantees and Warranties executed by Seller in the form annexed hereto as Exhibit 4;

 

(v)         notice
to the Space Tenants executed by Seller in the form annexed hereto as Exhibit 5 (which will be delivered to the Space Tenants
by Seller or its property manager unless otherwise mutually agreed to by Seller and Purchaser);

 

(vi)        originals,
or if originals are not available, copies of the Space Leases (which may be delivered to Purchaser’s manager at the Premises);

 

(vii)       notice
to the service contractors executed by Seller in the form annexed hereto as Exhibit 6 (which will be delivered to the service
contractors by Seller or its property manager unless otherwise mutually agreed to by Seller and Purchaser);

 

(viii)      duly
executed certificate of Seller in the applicable form set forth in Treasury Regulations §1.1445-2(b)(2);

 

(ix)         the
Transfer Tax return(s) executed by Seller;

 

    	-21-

    	 

    

 

(x)          estoppel
certificates dated within thirty (30) days of the date originally scheduled for Closing (each an “Estoppel Certificate”
and collectively the “Estoppel Certificates”) from (i) all Major Tenants and (ii) those Space Tenants which
together with Major Tenants collectively represent eighty percent (80%) of the leased area of the Premises (“Estoppel
Tenants”) (A) with respect to all Space Tenants other than the Space Tenant occupying the Best Buy Premises (the “Best
Buy Space Tenant”), in form and substance which do not vary materially from the form annexed hereto as Exhibit 7
and (B) with respect to the Best Buy Space Tenant, in the form received by Seller (or its affiliate) in connection with the
Best Buy Purchase Agreement (unless, in either case, such variance benefits Purchaser), or, as to any Space Tenant and/or Space
Lease providing for or allowing a different form of estoppel certificate, the form provided or allowed by such Space Tenant and/or
Space Lease. Notwithstanding the foregoing to the contrary, if the required Estoppel Certificates cannot be timely delivered,
Seller may, but shall not be obligated to, adjourn the Closing for a period not to exceed thirty (30) days, to obtain the required
Estoppel Certificates. As used herein, “Major Tenant” shall mean any Space Tenant who leases pursuant to a
Space Lease more than seven thousand (7,000) rentable square feet in the aggregate; provided, however, that in the event the Closing
occurs with respect to the Northwoods Premises but not the Best Buy Premises as contemplated in Section 2.3(b) or Section 7.1(d),
(a) the Best Buy Space Tenant shall not be included within the definition of Major Tenant and (b) the Best Buy Premises shall
not be included within the definition of “Premises” as used to determine eighty percent (80%) of the leased area of
the Premises for purposes of this Section 9.3(a)(x). Seller shall deliver to Purchaser, promptly after receipt thereof, copies
of each executed Estoppel Certificate obtained by Seller from the Space Tenants; provided, however, that if Seller delivers to
Purchaser an executed Estoppel Certificate from a Space Tenant in form or substance to which Purchaser is entitled to object pursuant
to this Section 9.3(a)(x) and delivers a subsequent executed Estoppel Certificate from such Space Tenant in form and substance
to which Purchaser shall not have the right to object pursuant to this Section 9.3(a)(x), then such subsequent Estoppel Certificate
shall be deemed acceptable for purposes of satisfying Seller’s obligation to deliver Estoppel Certificates under this Contract.
If Seller, after exercising or waiving in writing its adjournment right set forth in this Section 9.3(a)(x), does not or cannot
deliver the required Estoppel Certificates, Purchaser's sole remedy shall be to terminate this Contract and receive the return
of the Deposit or to close notwithstanding the lack of the Estoppel Certificate(s) without any reduction of the Purchase Price
and without any liability of Seller relative thereto. Except as set forth in Section 12.1, in the event any Estoppel Certificate
shall claim a default (a claim of default or failure of an obligation by Seller or a Space Tenant which arises out of or results
from information actually disclosed to and actually known by Purchaser prior to the Outside Termination Date shall not be deemed
an Estoppel Default or an objection to Purchaser’s closing title to the Premises) by Seller under a Space Lease (such default
hereinafter being referred to as an “Estoppel Default”), then Seller may, but shall not be obligated to, elect
to cure any such Estoppel Default and shall, for that purpose, be entitled to adjourn the Closing for a period not to exceed thirty
(30) days, provided, however, that in the event Seller elects not to cure such Estoppel Default or is unable to cure such Estoppel
Default within such period of time, Purchaser's sole remedy shall be to terminate this Contract and receive the return of the
Deposit. In the event Purchaser is permitted to terminate this Contract pursuant to the preceding sentence, if (1) Purchaser fails
to terminate this Contract as provided for above, or (2) such Estoppel Default will require less than Five Hundred Thousand Dollars
($500,000) to cure and if Seller agrees to escrow at Closing sufficient funds to remedy such Estoppel Default and otherwise elects
to indemnify Purchaser from and against any and all claims, loss, liability, damage, cost or expense, including reasonable attorneys'
fees, that may arise as a result of such Estoppel Default, then, in either event, the rights and obligations of the parties hereto
shall not be affected thereby, this Contract shall remain in full force and effect and Purchaser shall, at the Closing, accept
such Estoppel Certificate subject to such Estoppel Default without any reduction of the Purchase Price. Subsequent to the Closing,
Seller may deliver an Estoppel Certificate confirming that the Estoppel Default no longer exists, whereupon Seller shall be entirely
released from any liability arising out of the indemnity, if any, given pursuant to subsection (2) above. Notwithstanding anything
contained herein to the contrary, Purchaser shall notify Seller upon the date which is the earlier of (i) five (5) Business Days
following Purchaser’s receipt of executed Estoppel Certificates and (ii) one (1) Business Day before the Closing Date, of
Purchaser’s permitted objections to any such Estoppel Certificates. Purchaser’s failure to timely respond to Seller
in accordance with the preceding sentence shall be deemed its approval of the Estoppel Certificates;

 

(xi)         the
Bill of Sale, executed by Seller in the form of Exhibit 8 annexed hereto;

 

(xii)        keys,
combinations and codes to all locks and security devices to the Premises in Seller’s possession;

 

(xiii)       an
update of Seller’s representations executed by Seller in accordance with Section 6.3 above;

 

    	-22-

    	 

    

 

(xiv)      a
Seller’s non-resident withholding affidavit executed by Seller, if applicable;

 

(xv)       a
title certificate in the form attached hereto as Exhibit 10;

 

(xvi)      an
Assignment and Assumption of Leasing Commission Agreements and Construction Contracts executed by Seller in the form annexed hereto
as Exhibit 13; and

 

(xvii)     evidence
of Seller’s organizational authority.

 

(b)          At
Closing Purchaser shall deliver to Seller or Escrowee:

 

(i)          the
balance of the Purchase Price as provided in Section 3 hereof;

 

(ii)         the
Assignment of the Space Leases executed by Purchaser in the form annexed hereto as Exhibit 2;

 

(iii)        the
Assignment of the Service Contracts (and any replacements or renewals thereof) executed by Purchaser in the form annexed hereto
as Exhibit 3;

 

(iv)        notice
to the Space Tenants executed by Purchaser in the form annexed hereto as Exhibit 5;

 

(v)         notice
to the service contractors executed by Purchaser in the form annexed hereto as Exhibit 6;

 

(vi)        an
Assumption Agreement executed by Purchaser in the form annexed hereto as Exhibit 12 pursuant to which Purchaser shall assume all
of Seller’s obligations with respect to the leasing commission obligations to be assumed by Purchaser pursuant to
Section 9.4(c) of this Contract which arise from and after the Closing Date;

 

(vii)       an
Assignment and Assumption of Leasing Commission Agreements and Construction Contracts executed by Purchaser in the form annexed
hereto as Exhibit 13 pursuant to which Purchaser shall assume all of Seller’s obligations with respect to the leasing commission
agreements and construction contracts (i) set forth on Schedule F annexed hereto, (ii) to be assumed by Purchaser pursuant to
Section 9.4(a)(i)(F) of this Contract, if applicable, and (iii) to be assumed by
Purchaser pursuant to Section 7.6 of this Contract, if applicable; and

 

(viii)      Transfer
Tax return(s) executed by Purchaser; and

 

(ix)         evidence
of Purchaser's organizational authority.

 

9.4           Apportionments
and Reimbursements. The following adjustments shall be made with respect to the Premises, and the following procedures shall
be followed:

 

    	-23-

    	 

    

 

(a)          General.

 

(i)          Preparation
of Prorations. Before the Closing Date, Seller shall prepare and deliver, or cause Escrowee to prepare and deliver, to Purchaser
an unaudited statement for the Premises (the “Preliminary Proration Statement”) showing prorations (except
as set forth in Section 9.4(a)(i)(G)) for the items set forth below, calculated as of 11:59 p.m. on the day preceding
the Closing Date, on the basis of a 365-day year. Purchaser and its representatives shall be afforded reasonable access to Seller’s
books and records with respect to the Premises and Seller’s work papers pertaining to the Preliminary Proration Statement
to confirm the accuracy of the Preliminary Proration Statement. Purchaser and Seller shall agree upon any adjustments to be made
to the Preliminary Proration Statement before the Closing, and at the Closing, Purchaser or Seller, as applicable, shall receive
a credit equal to the net amount due Purchaser or Seller, as applicable, pursuant to the Preliminary Proration Statement as finally
agreed upon by Purchaser and Seller. The items to be covered by the Preliminary Proration Statement are as follows:

 

(A)         rents
and any miscellaneous revenue (but only to the extent collected before the Closing Date), but excluding Additional Rents (as defined
in 9.4(a)(i)(B) below), which shall be prorated pursuant to Section 9.4(b) below;

 

(B)         reimbursements
from Space Tenants for the cost of, or for increases (above a base amount) in the cost of, real estate taxes, parking, a marketing
fund, operating expenses, insurance premiums, maintenance, or other charges of a similar nature, if any, and any additional charges
and expenses (collectively, “Additional Rents”) payable under the Space Leases, which shall be prorated based
on the principles and procedures set forth in Section 9.4(b) below;

 

(C)         non-delinquent
personal property taxes, real property taxes and assessments, district improvement impositions and the like, except to the extent
reimbursable or payable directly to the applicable taxing authority by the Space Tenants under its Space Leases (based upon the
maximum discount rate available, if applicable); provided that if the tax rate or assessment for the fiscal year in which the
Closing occurs has not been issued as of the Closing Date, taxes shall be prorated based on the last ascertainable tax bill, and
such tax proration shall be subject to adjustment pursuant to subparagraph (v) of this Section 9.4(a);

 

(D)         water,
sewer and utility charges not payable by a Space Tenant;

 

(E)         amounts
payable under the Service Contracts;

 

(F)         permits,
licenses and/or inspection fees (calculated on the basis of the period covered), but only to the extent transferred to Purchaser;

 

    	-24-

    	 

    

 

(G)         leasing
commissions, landlord’s work, tenant improvement allowances and construction management fees incurred in connection with
New Leases made in accordance with the provisions of Section 7.1 above, which shall
be paid by Purchaser and Purchaser agrees to assume the obligations therefor
pursuant to an Assignment and Assumption of Leasing Commission Agreements
and Construction Contracts attached hereto as Exhibit 13. To the
extent such amounts are paid by Seller at or prior to Closing, Purchaser shall reimburse Seller for such amounts at Closing;
and

 

(H)         any
other expenses normal to the operation and maintenance of the Premises.

 

(ii)         Principles
of Prorations; Collections and Payments. Subject to the prorations to be made pursuant to this Section 9.4, after the Closing
Purchaser shall collect all revenues and pay all expenses with respect to the Premises, even if such revenues and expenses relate
to periods before the Closing; provided however, if any Space Tenant sends payments to Seller after the Closing, Seller shall
deposit such payments to its bank account and, promptly after such payment has cleared, pay to Purchaser any portion of such payment
to which Purchaser is entitled under the provisions of this Section 9.4. Purchaser shall use commercially reasonable efforts consistent
with prudent business practices (A) to collect on Seller’s and Purchaser’s behalf all operating expenses for the Premises
which are actually paid by Seller or Purchaser and permitted to be passed through to Space Tenants as Additional Rents pursuant
to the terms of each Space Tenant’s respective Space Lease with respect to the 2014 calendar year, and (B) for the first
one hundred eighty (180) days from and after the Closing Date, to collect on Seller’s behalf all such other delinquencies
and unpaid monetary obligations owing under the Space Leases as of the Closing Date or that relate to a period prior to the Closing
Date, and in the case of each of the foregoing clauses (A) and (B), Purchaser shall pay to Seller any sums collected in connection
therewith which are attributable to the period of time prior to Closing. For purposes of the immediately preceding sentence, Purchaser’s
use of commercially reasonable efforts shall in no event require Purchaser to sue a Space Tenant, terminate a Space Tenant’s
Space Lease or disrupt a Space Tenant’s right to possession of its premises. To the extent such payments of any such unpaid
monetary obligations are collected by Purchaser by judicial process, Purchaser may deduct from the amount owed to Seller an amount
equal to the attorneys’ fees and costs actually incurred by Purchaser in collecting such unpaid monetary obligations due
to Seller. Subject to the foregoing sentence, any rent or other payment collected after the Closing from any Space Tenant which
owed any amounts under the Space Leases as of the Closing Date or that relates to any period prior to the Closing Date shall be
applied first, to the applicable party’s unpaid monetary obligations with respect to any periods from the Closing Date through
the end of the month in which such payment is made, in such order as Purchaser may elect, until such monetary obligations have
been paid in full; any remaining amount of such payment shall be paid over to Seller, for application against such party’s
unpaid monetary obligations with respect to any periods before the Closing Date, in such order as Seller may elect, until such
unpaid monetary obligations have been paid in full; and any remaining amount of such payment shall be retained by Purchaser for
application against such party’s future obligations. After the Closing Date, Seller shall have no right to bring any actions
or proceedings against Space Tenants to collect any delinquencies or otherwise and Purchaser shall be deemed to have the exclusive
right, at any time after the Closing Date, to file proofs of claim and to commence or continue any actions or proceedings to collect
any pre-petition rent, pre-petition additional rent, pre-petition rejection damages under Section 365 of the Bankruptcy Code,
and/or post-petition administration expense claims, for any and all damages which arise or accrue prior to the Closing Date. Notwithstanding
the foregoing, or the provisions of Section 9.4(a) above, if any Space Tenant pays rent in arrears, rent due for such Space Tenant
for the month in which the Closing occurs shall be prorated (based on the rent payable in the prior month) between Purchaser and
Seller at Closing, whether or not same has been paid by the Space Tenant.

 

    	-25-

    	 

    

 

(iii)        Utility
and Municipality Deposits. At Closing, Seller shall receive a credit in the amount of any utility, municipality or other deposits
relating to the Premises made by Seller and which are assigned to Purchaser at the Closing. Seller shall be entitled to a refund
from the applicable utility or municipality of any deposits not assigned to Purchaser.

 

(iv)        Security
Deposits. At the Closing, Seller shall deliver to Purchaser all prepaid rent, refundable security deposits, letters of credit
and other collateral actually received by Seller pursuant to any of the Space Leases, less any portions thereof applied in accordance
with the respective Space Lease (together with a statement regarding such applications).

 

(v)         Post-Closing
Adjustments. Notwithstanding anything to the contrary contained in this Section 9.4, (A) if the amount of the real property
taxes and assessments payable with respect to the Premises for any period before Closing is determined to be more than the amount
of such real property taxes and assessments that is prorated herein (in the case of the current year) or that was paid by Seller
(in the case of any prior year), due to a reassessment of the value of the Premises or otherwise, Seller and Purchaser shall promptly
adjust the proration of such real property taxes and assessments after the determination of such amounts, and Seller shall pay
to Purchaser any increase in the amount of such real property taxes and assessments applicable to any period before Closing; provided,
however, that Seller shall not be required to pay to Purchaser any portion of such increase that is payable by Space Tenants;
and (B) if the amount of the real property taxes and assessments payable with respect to the Premises for any period before Closing
is determined to be less than the amount of such real property taxes and assessments that is prorated herein (in the case of the
current year) or that was paid by Seller (in the case of any prior year), due to an appeal of the taxes by Seller, a reassessment
of the value of the Premises or otherwise, Seller and Purchaser shall promptly adjust the proration of such real property taxes
and assessments after the determination of such amounts (net of any costs incurred by Seller in connection with pursuing any appeal
thereof), and (1) Purchaser shall pay to Seller any refund received by Purchaser representing such a decrease in the amount of
such real property taxes and assessments applicable to any period before Closing; provided, however, the Purchaser shall not be
required to pay to Seller any portion of such refund (other than a portion of such refund equal to the amount of all costs incurred
by Seller in connection with pursuing any appeal thereof) which is payable to Space Tenants; and (2) Seller shall be entitled
to retain any refund received by Seller representing such a decrease in the amount of such real property taxes and assessments
applicable to any period before Closing; provided, however, that Seller shall pay to Purchaser that portion of any such refund,
after first deducting any and all actual, out of pocket costs incurred by Seller in connection with pursuing such refund, that
is payable to Space Tenants or that is otherwise applicable to any period after Closing. Each party shall give notice to the other
party of any adjustment of the amount of the real property taxes and assessments payable with respect to the Premises for any
period before Closing within thirty (30) days after receiving notice of any such adjustment.

 

    	-26-

    	 

    

 

(b)          Additional
Rents; Post Closing Reconciliation.

 

(i)          Additional
Rents. If any Space Tenants are required to pay Additional Rents and the same are not finally adjusted between the landlord
and Space Tenant under any Space Lease until after the preparation of the Preliminary Proration Statement pursuant to Section 9.4(a)(i)
above, then, the Preliminary Proration Statement shall include an estimated reconciliation as of the Closing Date of the amounts
of all billings and charges for Additional Rents for calendar year 2014 through the Closing Date, as provided in this Section 9.4(b)(i).
If the amounts that have been billed to Space Tenants for Additional Rents for calendar year 2014 through the Closing Date are
less than would have been owed by Space Tenants under their respective Space Leases if the reconciliations under such Space Tenant
Spaces Leases were completed as of the Closing Date based on the actual costs incurred by Seller for items that are payable by
the Space Tenants as Additional Rents under their respective Space Leases for calendar year 2014 up to the Closing Date, the Preliminary
Proration Statement will include a credit to Seller in the amount of such shortfall, subject to final adjustment as provided below
in Sections 9.4(b)(iii) through 9.4(b)(v) below. If the amounts that have been billed to Space Tenants for Additional Rents
for calendar year 2014 through the Closing Date exceed what would have been owed by Space Tenants under their respective Space
Leases if the reconciliations under such Space Tenant Space Leases were completed as of the Closing Date based on the actual costs
incurred by Seller for items that are payable by the Space Tenants as Additional Rents under their respective Space Leases for
calendar year 2014 up to the Closing Date, the Preliminary Proration Statement will include a credit to Purchaser in the amount
of such excess billed amount, subject to final adjustment as provided below in Sections 9.4(b)(iii) through 9.4(b)(v) below.

 

(ii)         [Intentionally
deleted.]

 

(iii)        Post-Closing
Reconciliation. With respect to those Additional Rents for the 2014 calendar year which are not finally adjusted between the
landlord and any Space Tenant under any Space Lease until after the preparation of the Preliminary Proration Statement pursuant
to Section 9.4(a) above, Purchaser shall submit to Seller, no later than April 30, 2015, an unaudited statement for the Premises
(a “Supplemental Proration Statement”) covering any such Additional Rents which have been finally adjusted
between Purchaser and such Space Tenant for the 2014 calendar year containing a calculation of the prorations of such Additional
Rents on the basis of a 365-day year, provided that the adjustment to be made pursuant to the Supplemental Proration Statement
shall (x) take into account the adjustment of such items made on the Preliminary Proration Statement in accordance with Section
9.4(a) and Sections 9.4(b)(i) and 9.4(b)(ii) above and (y) be made in proportion
to the relative amounts of Additional Rents due Purchaser and Seller based on the amounts of the charges incurred by each of them
during their respective periods of ownership for items that are payable by the Space Tenants as Additional Rents under their respective
Space Leases. In order to enable Purchaser to make any year-end reconciliations of Additional Rents, following the
Closing, Seller shall deliver to Purchaser a final statement of (i) all operating expenses for the Premises which are actually
paid by Seller and permitted to be passed through to Space Tenants as Additional Rents pursuant to the terms of each Space Tenant’s
respective Space Lease, with respect to the portion of the 2014 calendar year occurring prior to the Closing (“Seller’s
2014 Actual Operating Expenses”), together with copies of all documentation evidencing Seller’s 2014 Actual Operating
Expenses, including copies of third-party invoices and copies of Seller’s books and records applicable thereto, and (ii)
all estimated payments of Additional Rents received by Seller from Space Tenants with respect to the portion of the 2014 calendar
year occurring prior to the Closing. If Additional Rents for the 2013 calendar year have not been finally adjusted between Seller
and a Space Tenant, as applicable, as of the Closing, Seller shall retain all rights and obligations with respect to the adjustment
thereof directly with the Space Tenant following the Closing, subject to the provisions of Section 9.4(a)(v) above. Without limiting
the generality of the foregoing, but subject to the provisions of Section 9.4(a)(v) above, Seller shall retain all rights to bill
and collect any additional amounts owing by any Space Tenant with respect to Additional Rents for the 2013 calendar year, and
shall remain obligated to pay any refund owing to any Space Tenant for overpayment of Additional Rents for the 2013 calendar year.

 

    	-27-

    	 

    

 

(iv)        Audit
Rights for Supplemental Proration Statements. Seller and its representatives shall be afforded the opportunity to review all
underlying financial records and work papers pertaining to the preparation of all Supplemental Proration Statements, and Purchaser
shall permit Seller and its representatives, following not less than five (5) Business Days’ prior written notice, to have
full access during Purchaser’s normal business hours at Purchaser’s office where books and records with respect to
the Premises are kept, to such books and records in the possession of Purchaser or any party to whom Purchaser has given custody
of the same relating to the Premises to permit Seller to review the Supplemental Proration Statements. Any Supplemental Proration
Statement prepared by Purchaser shall be final and binding for purposes of this Contract unless Seller shall give written notice
to Purchaser of disagreement with the prorations contained therein within sixty (60) days following Seller’s receipt of
such Supplemental Proration Statement, specifying in reasonable detail the nature and extent of such disagreement. If Purchaser
and Seller are unable to resolve any disagreement with respect to any Supplemental Proration Statement within ten (10) Business
Days following receipt by Purchaser of the notice referred to above, either party may pursue any remedy available for the resolution
of such dispute.

 

(v)         Payments
for Adjustments. Any net credit due Seller or Purchaser, as the case may be, shall be paid to Seller or Purchaser, as the
case may be, (A) with respect to those items payable by any Space Tenant under its respective Space Lease, within seventy-five
(75) days after the date payment of any such amount is made by such Space Tenant to Purchaser and (B) with respect to all other
items, in accordance with the terms of this Contract or as otherwise reflected on a Supplemental Proration Statement delivered
to Seller, or unless Seller notifies Purchaser of a disagreement with respect to any such statement as provided in Section 9.4(b)(iv)
above, in which case such payment (less a hold back sufficient to cover the amount of the disagreement) shall be made within fifteen
(15) days after Seller notifies Purchaser of such disagreement, and any further payment due after such disagreement is resolved
shall be paid within fifteen (15) days after the resolution of such disagreement.

 

    	-28-

    	 

    

 

(c)          Leasing
Commissions. At Closing, Purchaser shall execute an Assumption Agreement in the form annexed hereto as Exhibit 12,
pursuant to which Purchaser shall assume all obligations of Seller to pay any leasing commissions to MCM Real Estate, Inc. (“MCM
Real Estate”) pursuant to paragraph 16 of that certain Leasing and Construction Management Agreement, dated as of January
24, 2011, by and between Seller, as owner, and MCM Real Estate, as leasing agent (the “Leasing Agreement”),
with respect to any lease executed by Purchaser, or its successors and assigns, with an Active Prospect (as defined in paragraph
16 of the Leasing Agreement) following the Closing.

 

(d)          Survival.
The obligations of Seller and Purchaser under this Section 9.4 shall survive the Closing.

 

10.         Default.

 

10.1        Purchaser’s
Default. If Purchaser should default under this Contract (including the failure to timely deliver the Additional Deposit),
Seller may elect to cancel this Contract by giving notice to Purchaser and Escrowee. The parties hereto agree that the damages
that Seller will sustain as a result of such default will be substantial but will be difficult to ascertain. Accordingly, the
parties agree that in the event that Seller shall elect to terminate this Contract as a result of such default, Escrowee is hereby
directed to pay the Deposit to Seller, who shall retain the Deposit as and for its liquidated damages and sole remedy hereunder,
in which event this Contract shall be null and void and of no further force or effect except for those provisions expressly stated
to survive the termination of this Contract.

 

10.2        Seller's
Default. If Seller defaults under the terms of this Contract, Purchaser’s sole remedy for Seller’s default shall
be to elect either to (i) cause (A) the refund to Purchaser of the Deposit and (B) in the event such default is material and arising
out of Seller’s bad faith intent, the reimbursement by Seller of Purchaser's actual out of pocket costs and expenses (as
evidenced by paid receipts) incurred in connection with this Contract and Purchaser's investigation of the Premises, not to exceed
$100,000.00 in the aggregate and upon the making of such refund and reimbursement, as applicable, this Contract shall be null
and void and of no further force or effect except for those provisions expressly stated to survive the termination of this Contract
and the lien, if any, of Purchaser against the Premises shall wholly cease or (ii) commence an action for specific performance.
Purchaser hereby waives all other rights and remedies that it might have, including but not limited to, the right to sue for damages.

 

11.         Risk
of Loss.

 

11.1        Condemnation.

 

(a)               
If, at any time prior to the Closing Date, all or a Substantial Portion of the Property shall be taken in the exercise
of the power of condemnation or eminent domain by any sovereign, municipality or other public or private authority or shall be
the subject of a duly noticed hearing held by any such authority relating to a pending taking in the exercise of the power of
condemnation or eminent domain (a “Taking”), then Purchaser may cancel this Contract by written notice given
to Seller within ten (10) days after receipt of notice from Seller of such Taking, in which event this Contract shall be deemed
cancelled and of no force and effect and neither party shall have any further obligations or liabilities against or to the other,
except that Seller shall cause the return of the Deposit to Purchaser. In the case of a Taking of less than a Substantial Portion
of the Property or if Purchaser does not elect to terminate this Contract in the case of a Taking of all or a Substantial Portion
of the Property, as provided for above, then this Contract shall remain in full force and effect and on the Closing either (A)
Purchaser shall be entitled to any condemnation award to be granted and Seller shall assign all of its right, title and interest
to such award to Purchaser, less such sums, if any, actually and reasonably expended by Seller to prosecute such claim and restore
the Premises, or (B) if such award shall have been paid to Seller, the Purchase Price shall be reduced by the amount thereof,
less such sums, if any, actually and reasonably expended by Seller to prosecute such claim and restore the Premises. Seller agrees
to deliver promptly after receipt thereof any and all written notices of a Taking received by Seller after the date hereof.

 

    	-29-

    	 

    

 

(b)          As
used herein, a Taking of a “Substantial Portion” of the Property shall mean a Taking which (i) materially and adversely
affects access to or from the Premises on a permanent basis or (ii) will result in the termination of any Space Lease in excess
of 5,000 leasable square feet or a combination of Space Leases in excess of 20,000 leasable square feet in the aggregate.

 

11.2         Destruction
or Damage. In the event that the Property, or any part thereof, shall be damaged or destroyed by fire or any other casualty
(“Casualty”) prior to the Closing Date, Seller shall give Purchaser prompt written notice of such event together
with an estimate of the cost and time to restore prepared by an independent insurance examiner or engineer selected by Seller.
If the Casualty will (a) require more than ten percent (10%) of the Purchase Price to repair or (b) result in the termination
of any Space Lease in excess of 5,000 leasable square feet or a combination of Space Leases in excess of 20,000 leasable square
feet in the aggregate (each event described in (a) or (b) herein called a “Casualty Termination Event”), Purchaser
may cancel this Contract by notice to Seller within ten (10) days after receipt of notice from Seller specifying the Casualty
Termination Event, in which event this Contract shall be deemed terminated and of no force and effect and neither party shall
have any further rights or liabilities against or to the other except for those provisions expressly stated to survive the termination
of this Contract and Seller shall cause the return of the Deposit to Purchaser. If there is no Casualty Termination Event or if
Purchaser does not timely elect to cancel the Contract in the event of a Casualty Termination Event, this Contract shall remain
in full force and effect and Purchaser shall be entitled to all insurance proceeds payable to Seller on account of such Casualty,
less such sums, if any, as shall have been actually and reasonably incurred by Seller or expended by Seller in connection with
the repair or restoration of such Casualty or the prosecution of such claim.

 

12.         Purchaser's
Review Period.

 

12.1         Purchaser
shall have the right to cancel this Contract on or before June 30, 2014 (the “Outside Termination Date”) by
notice to Seller to be received by Seller on or before 3:00 P.M. Eastern Time on the Outside Termination Date (the period
of time from the date hereof through and including the Outside Termination Date is herein referred to as “Purchaser's
Review Period”). If Purchaser duly cancels this Contract in accordance with this Section 12.1, this Contract shall be
deemed terminated and of no further force or effect, except for the provisions expressly stated to survive the Closing, and the
Deposit shall be returned to Purchaser. If Purchaser does not duly cancel this Contract in accordance with this subparagraph or
if Purchaser waives its right to cancel this Contract, (i) this Contract shall remain in full force and effect and Purchaser shall
have no further right to cancel this Contract under this Section 12.1 and (ii) Purchaser shall be deemed to have waived any liability
of Seller and any right to refuse to consummate the Closing by reason of any condition actually known to Purchaser as of the Outside
Termination Date, including, without limitation a misrepresentation, Non-Permitted Title Objection, any other condition which
results in or could result in an Estoppel Default or any breach of a covenant by Seller. Purchaser and Seller have entered into
that certain Access Agreement dated June ___, 2014 (the “Access Agreement”), a copy of which is attached hereto
as Exhibit 9 and the terms of which are hereby incorporated by reference and made a part hereof, and Purchaser hereby agrees to
comply with the terms set forth in the Access Agreement.

 

    	-30-

    	 

    

 

12.2         Time
shall be of the essence with respect to the dates in this Section 12 for the Outside Termination Date and the giving of Purchaser's
cancellation notice. The provisions of this Section 12 shall survive the Closing or termination of this Contract.

 

13.         Miscellaneous.

 

13.1         Broker.
Seller and Purchaser represent to each other that neither party has dealt with any broker or real estate consultant other
than CBRE, Inc. (“Broker”) in connection with
the transaction contemplated by this Contract. Seller agrees to pay all fees, commissions or other charges due to Broker, if,
as and when there is a Closing hereunder, pursuant to Seller’s separate agreement with Broker. Seller and Purchaser shall
indemnify and hold the other free and harmless from and against any liabilities, damages, costs or expenses (including, but not
limited to, reasonable attorneys' fees and disbursements) suffered by the indemnified party arising from a misrepresentation or
a breach of any covenant made by the indemnifying party pursuant to this Section. The provisions of this Section shall survive
the Closing or termination of this Contract.

 

13.2         Assignment
of this Contract. This Contract may not be assigned by Purchaser without the consent of Seller. A direct or indirect transfer,
sale or assignment of the majority stock interest in a corporate purchaser or the majority membership interest in a limited liability
company purchaser or the majority or any general partnership interest of a partnership purchaser shall constitute an assignment
of this Contract, which assignment or attempted assignment shall be void if made without the written consent of Seller. Purchaser
shall have the right to assign its rights under this Contract, from and after the Outside Termination Date, to ARC NWNCHSC001,
LLC without any consent of Seller being required, so long as such assignment is in the form approved by Seller, which includes
that such assignee shall assume in writing all of the obligations of Purchaser to be performed under this Contract and an original
of such fully executed assignment and assumption agreement shall be delivered to Seller at least five (5) Business Days prior
to the Closing. Purchaser shall not assign this Contract to an entity or individual which would make any of the statements, representations
or warranties set forth in Section 6.5(d) of this Contract untrue or incorrect and any such assignment shall be null and void
and without force and effect. No assignment of this Contract shall relieve Purchaser from any of its obligations set forth herein
arising prior to or after the effective date of the assignment. The provisions of this Section shall survive the Closing or termination
of this Contract.

 

13.3         Attorneys’
Fees. If either party institutes a legal proceeding against the other party in connection with this Contract, the losing party
in such proceeding shall reimburse the prevailing party all reasonable attorneys’ fees paid by the prevailing party in connection
with such proceeding. The provisions of this Section shall survive the Closing or termination of this Contract.

 

    	-31-

    	 

    

 

13.4         Notices.
All notices hereunder to Seller, Purchaser, Escrowee or the Title Company shall be sent by certified or registered mail, return
receipt requested, or may be sent by Federal Express or other overnight courier which obtains a signature upon delivery, or may
be sent via facsimile, or may be delivered by hand delivery addressed to such party at the address of such party set forth below
or at such other address as such party shall designate from time to time by notice:

 

SELLER:

 

DRA-RCG North Charleston SPE LLC,

c/o DRA Advisors LLC

220 East 42nd Street

New York, New York 10017

Attention: Dean Sickles

Facsimile: (212) 697-7403

 

with a copy to:

 

Blank Rome LLP

405 Lexington Avenue

New York, New York 10174

Attention: Martin Luskin, Esq. with
a concurrent copy to Samantha Wallack, Esq. (Facsimile: (917) 332-3804)

Facsimile: (917) 332-3714

 

PURCHASER:

 

American Realty Capital IV, LLC

405 Park Avenue, 15th
Floor

New York, New York 10022

Attention: Jesse Galloway and Jeremy
Eichel

Facsimile: (212) 421-5799

 

with a copy to:

 

Retail Centers of America, Inc.

2000 McKinney Avenue, Suite 1000

Dallas, Texas 75201

Attention: Chris Cotten and Stephen
G. Seitz

Facsimile: (214) 740-3313

 

with a copy to:

 

Condon Thornton Sladek Harrell PLLC

8080 Park Lane, Suite 700

Dallas, Texas 75231

Attention: William L. Sladek, Esq.

 Facsimile: (214) 691-6311

 

    	-32-

    	 

    

 

ESCROWEE/TITLE COMPANY:

 

Fidelity National Title Insurance
Company

National Commercial Services

5565 Glenridge Connector, Suite
300

Atlanta, Georgia 30342

Attention: Angie Yarbrough

Facsimile: (678)
213-1665

 

Notices shall
be deemed served three (3) days after mailing, and in the case of overnight courier or hand delivery, on the date actually delivered
to or rejected by the intended recipient, and in the case of facsimile, upon the sender’s receipt of confirmation of transmission
of such facsimile notice produced by the sender’s facsimile machine, provided a copy of such transmission and the confirmation
receipt thereof is deposited with an overnight courier for next day delivery properly addressed and paid for, except for notice(s)
which advise the other party of a change of address of the party sending such notice or of such party's attorney, which notice
shall not be deemed served until actually received by the party to whom such notice is addressed or delivery is refused by such
party. Notices on behalf of the respective parties may be given by their attorneys and such notices shall have the same effect
as if in fact subscribed by the party on whose behalf it is given. Notwithstanding the foregoing provisions of this Section (a)
notices served by hand delivery shall be deemed served on the date of delivery if delivered at or prior to 5:00 P.M. Eastern Time
on a Business Day and on the next Business Day if delivered after 5:00 P.M. Eastern Time on a Business Day or at any time on a
non-Business Day and (b) notices served by facsimile shall be deemed served on the date of transmission if the sender receives
confirmation of transmission in the manner set forth above at or prior to 5:00 P.M. Eastern Time on a Business Day and on the
next Business Day if the sender receives confirmation of transmission in the manner set forth above after 5:00 P.M. Eastern Time
on a Business Day or at any time on a non-Business Day.

 

13.5        Further
Assurances. The parties each agree to do such other and further acts and things, and to execute and deliver such instruments
and documents (not creating any obligations additional to those otherwise imposed by this Contract or diminishing any rights set
forth in this Contract), as either may reasonably request from time to time, whether at or after the Closing, in furtherance of
the purposes of this Contract. The provisions of this Section shall survive the Closing for three (3) months.

 

13.6        Confidentiality.

 

(a)          Purchaser
agrees that, except as set forth below, all documentation made available to Purchaser by Seller (or its representatives) concerning
the Premises, including, without limitation, the Space Leases, Service Contracts, development plans, proformas and rent rolls
(all of the aforementioned information is collectively referred to as “Evaluation Material”) shall be treated
confidentially as hereinafter provided.

 

    	-33-

    	 

    

 

(b)          All
Evaluation Material shall be used or duplicated by Purchaser only for purposes of evaluating a possible purchase of the Premises
by Purchaser. Purchaser agrees to keep all Evaluation Material (other than information which is a matter of public record or is
provided in other sources readily available to the public other than as a result of disclosure thereof by Purchaser or Related
Parties) strictly confidential; provided, however, that the Evaluation Material may be disclosed to the directors, officers, employees
and partners of Purchaser, and to Purchaser's lender, attorneys, accounting firm and other consultants (all of whom are collectively
referred to as “Related Parties”) who need to know or have reason to know such information for the purpose
of evaluating a possible purchase of the Premises. In addition, Purchaser shall have the right to disclose the Evaluation Material
or other information regarding this Contract to the extent Purchaser is required to disclose the same pursuant to a court order
or applicable laws (including making such public statements or filings as may be required under any regulations of the U.S. Securities
and Exchange Commission applicable to Purchaser or its affiliates, but only to the extent required by any of the foregoing). The
Related Parties shall be informed of the confidential nature of the Evaluation Material and shall be directed in writing to keep
all such information in the strictest confidence and use such information only for the purpose of evaluating a possible purchase
by Purchaser. Purchaser will promptly, upon request of Seller following the termination of this Contract, deliver to Seller all
Evaluation Material furnished by Seller, whether furnished before or after the date hereof, without retaining copies thereof.
Purchaser will direct Related Parties to whom Evaluation Material is made available not to make similar disclosures and any such
disclosure shall be deemed made by and be the responsibility of Purchaser.

 

(c)          Prior
to the Closing, Seller and Purchaser shall keep strictly confidential and shall cause the Related Parties to keep strictly confidential
the provisions of this Contract and the transactions contemplated thereunder, except as otherwise set forth in this Contract.
After the Closing, Seller and Purchaser shall not, and shall cause the Related Parties not to, make any public disclosures (except
as otherwise set forth in Section 13.6(b)) and shall cause the Related Parties not to make any public disclosures regarding the
material economic terms of this Contract or the material economic terms of the transactions accomplished at the Closing without
the prior written consent of the other party.

 

(d)          In
furtherance, and not in limitation, of the foregoing, in no event shall Purchaser disclose any Evaluation Material, drafts or
provisions of this Contract or any of the transactions contemplated thereunder to the seller of the Best Buy Premises pursuant
to the Best Buy Purchase Agreement or any agent or representative thereof. A violation of this Section 13.6(d) is deemed a material
default under this Contract and shall entitle Seller to exercise its rights under Section 10.1.

 

(e)          The
provisions of this Section 13.6 shall survive the Closing or termination of this Contract.

 

13.7        Survival
and Merger. The acceptance of the Deed by Purchaser shall be deemed to be a full performance and discharge of every agreement
and obligation on the part of the Seller to be performed pursuant to the provisions of this Contract, except those which are herein
specifically stated to survive the Closing, and Seller shall have no further liability with respect to any such agreement or obligation
of Seller.

 

    	-34-

    	 

    

 

13.8         Recording.
Purchaser shall not record this Contract or any memorandum thereof and any such recording shall be null and void and shall constitute
a default hereunder.

 

13.9         Successors
and Assigns. This Contract shall be binding upon and shall inure to the benefit of the parties hereto and their respective
heirs, executors, administrators, successors and permitted assigns, if any, but nothing contained herein shall be deemed a waiver
of the provisions of Section 13.2 hereof.

 

13.10         Entire
Agreement. This Contract and the Schedules and Exhibits annexed hereto constitute the entire agreement between the
parties hereto with respect to the subject matter hereof, and all understandings and agreements heretofore or simultaneously had
between the parties hereto are merged in and are contained in this Contract and said Schedules and Exhibits.

 

13.11         Waiver
and Modifications. The provisions of this Contract may not be waived, changed, modified or discharged orally, but only by
an agreement in writing signed by the party against which any waiver, change, modification or discharge is sought.

 

13.12         Captions
and Titles. The captions or section titles contained in this Contract and the Index, if any, are for convenience and reference
only and shall not be deemed a part of the text of this Contract.

 

13.13         Construction.
The terms “hereof,” “herein,” and “hereunder,” and words of similar import, shall be construed
to refer to this Contract as a whole, and not to any particular article or provision, unless expressly so stated. All words or
terms used in this Contract, regardless of the number or gender in which they are used, shall be deemed to include any other number
and any other gender as the context may require.

 

13.14         Non-Business
Days. If a party is required to perform an act or give a notice on a date that is a Saturday, Sunday or national holiday,
the date such performance or notice is due shall be deemed to be the next Business Day.

 

13.15         Governing
Law and Jurisdiction. This Contract is to be governed and construed in accordance with the laws of the State of South Carolina.
Purchaser and Seller hereby submit to the jurisdiction of the State and United States District courts located within South Carolina
in respect of any suit or other proceeding brought in connection with or arising out of this Contract. The provisions of this
subsection shall survive the Closing or earlier termination of this Contract.

 

13.16         Counterparts.
This Contract may be executed in two or more counterparts and each of such counterparts, for all purposes, shall be deemed
to be an original but all of such counterparts together shall constitute but one and the same instrument, binding upon all parties
hereto, notwithstanding that all of such parties may not have executed the same counterpart.

 

13.17         No
Third Party Benefits. This Contract is made for the sole benefit of Seller and Purchaser and their respective successors and
assigns (subject to Section 13.2 above) and no other person shall have any right, remedy or legal interest of any kind by reason
of this Contract.

 

    	-35-

    	 

    

 

13.18         Submission
not an Offer. The submission of this Contract to any party by Seller shall not be construed as an offer, nor shall Purchaser
have any rights with respect thereto, unless and until Seller shall execute a copy of this Contract and deliver the same to Purchaser.

 

13.19         Severability.
If any provision of this Contract is determined by a court of competent jurisdiction to be invalid or unenforceable,
such determination will not affect the remaining provisions of this Contract, all of which will remain in full force and effect.

 

13.20         Insurance.
Purchaser acknowledges that Seller’s insurance policies will not be transferred to Purchaser and that such insurance
policies will in no way inure to the benefit of Purchaser.

 

13.21         Cooperation
with Purchaser’s Auditors and SEC Filing Requirements. Seller agrees to reasonably cooperate with Purchaser after Closing
in connection with Purchaser’s preparation and delivery of an audit letter and credit statements required by SEC Regulation
SX3-14, including making Seller’s non-confidential books and records relating to the Premises available to Purchaser for
inspection, copying and audit by Purchaser’s representatives at Purchaser’s expense, provided (i) Seller shall have
no obligation to execute any document or provide any indemnity to Purchaser or any other party in connection with the preparation
and delivery of such audit letter and credit statements or otherwise in connection with its cooperation under this Paragraph,
(ii) Seller shall incur no cost (other than de minimis) or liability in connection with its cooperation under this Paragraph and
(iii) Seller shall have no obligation to prepare any new reports, books, records or documentation of any kind in connection with
its cooperation under this Paragraph.  The first sentence of this Section 13.21 shall survive Closing for six (6) months. 
Purchaser hereby releases and agrees to indemnify, defend and hold Seller, its affiliates, agents, employees, and partners, harmless
from and against any claims, liability, expenses (including without limitation reasonable attorneys fees), losses and damages
arising out of Seller’s cooperation under this Section 13.21 or any information provided by Seller pursuant to this Section
13.21, except to the extent any such claims, liability, expenses, losses and damages are due to Seller’s commission of fraud
in connection with its cooperation under this Section 13.21.  The indemnity obligations of Purchaser to Seller under this
Section 13.21 shall survive the termination of this Contract for any reason, and this indemnity obligation of Purchaser shall
survive the closing of this transaction.

 

    	-36-

    	 

    

 

13.22         Proposed
Tax Free Exchange. Purchaser acknowledges that Seller may desire to exchange its interest in the Premises for one or more
real properties of like-kind acceptable to Seller in a transaction that would qualify under Section 1031 of the Internal Revenue
Code for non-recognition treatment (the "Exchange"). Such Exchange may take the form of a “forward exchange”
or a “reverse exchange,” as such “reverse exchange” is permitted pursuant to Internal Revenue Service
Revenue Procedure 2000-37. At Seller’s request, Purchaser shall execute such documents (in forms reasonably acceptable to
Purchaser) and take such other action as may reasonably be requested for the purpose of the Exchange. Such cooperation by Purchaser
shall not entail any additional expense (other than de minimus) or liability to Purchaser beyond its existing obligations under
this Contract and Purchaser will not be required to take title to or contract for the purchase of any other property, and in no
event shall Seller’s obligations or Purchaser’s rights under this Contract be subject to or conditioned upon the efficacy
of any such Exchange. Seller agrees to indemnify and hold Purchaser harmless from and against any claims, damages, liabilities,
costs and expenses (including reasonable attorney's fees and costs) arising from Purchaser’s performance under this Section
13.22. The provisions of this Section 13.22 shall survive the Closing.

 

[SIGNATURE
PAGE TO FOLLOW]

 

    	-37-

    	 

    

 

IN WITNESS
WHEREOF, the parties hereto have duly executed this Contract the day and year first above written.

 

	I.D. No: 27-4406542	 	DRA-RCG NORTH CHARLESTON SPE LLC
	 	 	a Delaware limited liability company
	 	 	 
	 	 	By: 	DRA-RCG
    North Charleston LLC, a
	 	 	 	Delaware limited liability
company, its sole member

 

	 	 	By:	/s/
    Jean Marie Apruzzese	 
	 	 	 	Name: Jean Marie Apruzzese
	 	 	 	Title: Vice President

 

	I.D. No.: 27-3294937	 	AMERICAN REALTY CAPITAL IV, LLC,
	 	 	a Delaware limited liability company
	 	 	 	 
	 	 	By:	/s/ Edward M. Weil,
    Jr.	 
	 	 	 	Name: Edward M. Weil, Jr.
	 	 	 	Title: President

 

	As to Section 4:
	Fidelity National Title Insurance Company,
    Escrowee
	 
	/s/ Angela E. Haibrough	 

 

Signature
Page to Contract of Sale – Northwoods Marketplace

 

    	 

    	 

    

 

SCHEDULE
A-1

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

DRA-RCG NORTH CHARLESTON SPE LLC, AS SELLER

AND

AMERICAN REALTY CAPITAL IV, LLC, AS PURCHASER

 

DESCRIPTION
OF NORTHWOODS PROPERTY

 

All
that certain piece, parcel or tract of land situate, lying and being in the County of Charleston, State of South Carolina and
being designated as Parcel A and Parcel B, together with Grantor’s right, title and interest in and to the fifty (50) foot
private road, all as shown on that certain plat of survey entitled “Plat of the Subdivision and Abandonment of Property
Lines to Create Northwoods Market Place Parcels A Through F & A Private Right-of-Way Owned by Northvest Associates, Limited
Partnership”, prepared by SouthStar Surveying, Inc., stamped by F. Elliotte Quinn, III, SCRLS No. 10292, dated March 3,
1998, last revised April 2, 1998, recorded in Plat Book EC at Page 415 in the Register of Deeds for Charleston County, South Carolina.

 

Together
with Grantor’s right, title and interest in, to and under that certain Declaration of Easements, Covenants, and Restrictions
for Northwoods Marketplace, dated April 3, 1998, and recorded in Book K-300 at Page 275, Charleston County Records.

 

    	SCHEDULE A-1:  PAGE 1

    	 

    

 

SCHEDULE
A-2

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

DRA-RCG NORTH CHARLESTON SPE LLC, AS SELLER

AND

AMERICAN REALTY CAPITAL IV, LLC, AS PURCHASER

 

DESCRIPTION
OF BEST BUY PROPERTY

 

That certain real
property located in the City of North Charleston, County of Charleston, State of North Carolina, having a street address of 7612
River Avenue, more particularly described as follows:

 

Parcel C of Northwoods
Market Place, City of North Charleston, Charleston County, South Carolina, according to the Plat of Subdivision and Abandonment
of Property Lines To Create Northwoods Market Place, Parcels A through F & A Private Right-of-Way, dated March 3, 1998, recorded
in Plat Book EC, page 415, in the RMC Office for Charleston County, South Carolina.

 

TOGETHER WITH
the rights and easements granted in that certain Declaration of Easements, Covenants and Restrictions for Northwoods Marketplace
dated April 3, 1998, recorded on or about said date in the RMC office for Charleston County, South Carolina.

 

This being the
same property as conveyed to the within named, Best Buy Stores, L.P., by deed from Northwest Associates, Limited Partnership dated
April 2, 1998, recorded April 6, 1998 in Book 300, on Page 671 in the Register of Deed for Charleston County, South Carolina.

 

    	SCHEDULE A-2:  PAGE 1

    	 

    

 

SCHEDULE
B

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

DRA-RCG NORTH CHARLESTON SPE LLC, AS SELLER

AND

AMERICAN REALTY CAPITAL IV, LLC, AS PURCHASER

 

INTENTIONALLY
DELETED

 

    	SCHEDULE B:  PAGE 1

    	 

    

 

SCHEDULE
C

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

DRA-RCG NORTH CHARLESTON SPE LLC, AS SELLER

AND

AMERICAN REALTY CAPITAL IV, LLC, AS PURCHASER

 

SPACE LEASES

 

As of _______
20___

 

	Tenant	 	Start	 	Expire	 	Annual Base
 Rent*	 	 	Security
 Deposit	 	 	Notes
	Barnes & Noble Booksellers, Inc.	 	11/30/98	 	02/28/19	 	$	300,552.00	 	 	$	-	 	 	
	Lane Bryant #4780, LLC	 	08/31/12	 	01/31/23	 	$	108,380.04	 	 	$	-	 	 	 
	America's Home Place, Inc.	 	11/30/99	 	03/31/24	 	$	94,023.60	 	 	$	3,709.75	 	 	 
	Petsmart, Inc.	 	03/14/99	 	11/30/23	 	$	240,566.52	 	 	$	-	 	 	 
	Casual Male Retail Store, LLC	 	11/11/13	 	11/30/23	 	$	128,000.04	 	 	$	-	 	 	 
	Michaels Stores, Inc.	 	08/31/98	 	02/28/18	 	$	268,260.48	 	 	$	-	 	 	 
	Guitar Center Stores, Inc.	 	06/06/05	 	07/31/15	 	$	164,912.04	 	 	$	-	 	 	 
	Big Lots Stores, Inc.	 	10/28/10	 	01/31/18	 	$	221,000.04	 	 	$	-	 	 	 
	Old Navy, LLC	 	09/20/99	 	09/30/16	 	$	121,892.04	 	 	$	-	 	 	 
	Shoe Carnival, Inc.	 	08/06/99	 	01/31/20	 	$	120,000.00	 	 	$	-	 	 	 
	Kirkland's Stores, Inc.	 	07/30/10	 	01/31/21	 	$	104,640.00	 	 	$	-	 	 	 
	Catherines, Inc.	 	11/27/99	 	01/31/17	 	$	50,400.00	 	 	$	-	 	 	 
	Kyoto Express-North Charleston, Inc. (assigned to Kyoto Fantasy Express and Associates, LLC)	 	01/30/00	 	01/31/20	 	$	49,161.00	 	 	$	2,975.00	 	 	 
	Carolina Tree House, Inc.	 	05/08/11	 	05/31/16	 	$	58,800.00	 	 	$	4,316.67	 	 	 

 

    	SCHEDULE C:  PAGE 1

    	 

    

 

	Tenant	 	Start	 	Expire	 	Annual Base
 Rent*	 	 	Security
 Deposit	 	 	Notes
	GameStop, Inc.	 	01/27/00	 	01/31/15	 	$	29,400.00	 	 	$	-	 	 	 
	General Nutrition Corporation	 	12/10/99	 	12/31/17	 	$	33,600.00	 	 	$	-	 	 	 
	Luxurious Nails, Inc.	 	12/01/07	 	12/31/17	 	$	23,100.00	 	 	$	4,491.31	 	 	 
	Cashwell Financial of SC LLC	 	09/24/11	 	09/30/16	 	$	21,630.00	 	 	$	2,071.13	 	 	 
	Brian C. Coke	 	02/27/00	 	02/29/16	 	$	25,200.00	 	 	$	-	 	 	 
	Pramod Patel and Vedit Patel (assigned to Patel's Barbecue, LLC)	 	11/15/13	 	02/29/24	 	$	53,199.96	 	 	$	5,212.66	 	 	 
	Ji Sheng Fang	 	09/07/12	 	09/30/17	 	$	27,999.96	 	 	$	2,794.17	 	 	 
	Los Reyes Mexican Restaurant, Inc.	 	02/01/04	 	01/31/19	 	$	94,898.88	 	 	$	6,000.00	 	 	includes patio fee per license agreement
	Best Buy Co., Inc.	 	11/25/98	 	11/25/18	 	$	433,564.08	 	 	$	-	 	 	 

 

*Annual Base Rent does not consider any contractual free rent

 

    	SCHEDULE C:  PAGE 2

    	 

    

 

SCHEDULE
d

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

DRA-RCG NORTH CHARLESTON SPE LLC, AS SELLER

AND

AMERICAN REALTY CAPITAL IV, LLC, AS PURCHASER

 

Service
contracts

 

	Southern Sweeping	Parking Lot Sweeping
	Ellis Creek Construction	Landscaping
	Tyco Integrated Security	Alarm Monitoring

 

    	SCHEDULE D:  PAGE 1

    	 

    

 

SCHEDULE
E

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

DRA-RCG NORTH CHARLESTON SPE LLC, AS SELLER

AND

AMERICAN REALTY CAPITAL IV, LLC, AS PURCHASER

 

PENDING
LITIGATION

 

None.

 

    	SCHEDULE E:  PAGE 1

    	 

    

 

SCHEDULE
F

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

DRA-RCG NORTH CHARLESTON SPE LLC, AS SELLER

AND

AMERICAN REALTY CAPITAL IV, LLC, AS PURCHASER

 

LEASING
COMMISSION AGREEMENTS

and construction
contracts

 

None.

 

    	SCHEDULE F:  PAGE 1

    	 

    

 

EXHIBIT
1

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

DRA-RCG NORTH CHARLESTON SPE LLC, AS SELLER

AND

AMERICAN REALTY CAPITAL IV, LLC, AS PURCHASER

 

FORM OF SPECIAL WARRANTY DEED TO THE
PREMISES

 

SPECIAL WARRANTY DEED – SOUTH CAROLINA

 

	GRANTEE ADDRESS:	[_________________________],
	 	a [________________________]
	 	[_________________________]
	 	
        [_________________________]

        

 

	STATE OF SOUTH CAROLINA	)	 
	 	 	 
	 	)	TITLE TO REAL ESTATE
	 	 	 
	COUNTY OF ________________	)	    (Limited Warranty)

 

THIS DEED, executed as of the ___ day of __________, 201_, by
DRA-RCG NORTH CHARLESTON SPE LLC, a Delaware limited liability company, (hereinafter referred to as the “Grantor”)
to [______________________], a [_________________] (hereinafter referred to as the “Grantee”)

 

IN CONSIDERATION of the sum of [_______________________] DOLLARS
($__________) the receipt and sufficiency of which are acknowledged by Grantor, Grantor has granted, bargained, sold and released,
and by this Deed grants, bargains, sells and releases, subject to the easements, restrictions, covenants, reservations and conditions
referenced specifically or generally below, to Grantee, its successors and assigns, the following real property:

 

SEE ATTACHED EXHIBIT A FOR PROPERTY
DESCRIPTION

 

THIS conveyance is made subject to all covenants, restrictions,
easements, rights-of-way, and other matters, affecting the within described property and set forth on Exhibit B attached hereto.

 

TOGETHER with all and singular rights, members, hereditaments
and appurtenances belonging or in any way incident or appertaining thereto;

 

    	EXHIBIT 1:  PAGE 1

    	 

    

 

TO HAVE AND TO HOLD all and singular said property unto Grantee,
its successors and assigns forever subject to the easements, restrictions, covenants, reservations and conditions referenced specifically
or generally above.

 

SUBJECT TO the easements, restrictions, covenants, reservations
and conditions referenced specifically or generally above, Grantor covenants to warrant and forever defend all and singular said
property unto Grantee, its successors and assigns, from and against Grantor and its successors and assigns.

 

[SIGNATURES ON THE FOLLOWING PAGE]

 

    	EXHIBIT 1:  PAGE 2

    	 

    

 

WITNESS the grantor’s hand and seal this _______ day of
__________________, 201_.

 

 

	SIGNED, SEALED AND DELIVERED	SELLER ENTITY:
	IN THE PRESENCE OF:	 
	 	DRA-RCG NORTH CHARLESTON SPE LLC,

 a Delaware limited liability company

 

	 	 	By:	DRA-RCG North Charleston LLC,
	Witness	 	a Delaware limited liability 
	 	 	company, its sole member

 

	 	 	By:	 	 
	IN THE PRESENCE OF:	 	 	Name:	 
	 	 	 	Title:	 

 

	 	 	 	 
	Witness	 	 

 

 

 

    	EXHIBIT 1:  PAGE 3

    	 

    

 

	STATE OF NEW YORK	)
	 	: ss.:
	COUNTY OF NEW YORK	)

 

On _______________, before me, the undersigned, a Notary Public
in and for said State, personally appeared __________________, personally known to me or proved to me on the basis of satisfactory
evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the
same in his/her capacity, and that by his/her signature on the instrument, the individual, or the person upon behalf of which the
individual acted, executed the instrument.

 

	 	 	 
	 	Notary Public	 

 

    	EXHIBIT 1:  PAGE 4

    	 

    

 

EXHIBIT A

 

LEGAL DESCRIPTION

 

[NORTHWOODS PROPERTY AND BEST BUY PROPERTY
LEGAL DESCRIPTIONS TO BE INSERTED]

 

    	EXHIBIT 1:  PAGE 5

    	 

    

 

EXHIBIT B

PERMITTED EXCEPTIONS

 

[TO BE INSERTED FROM UPDATED TITLE]

 

    	EXHIBIT 1:  PAGE 6

    	 

    

 

EXHIBIT
2

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

DRA-RCG NORTH CHARLESTON SPE LLC, AS SELLER

AND

AMERICAN REALTY CAPITAL IV, LLC, AS PURCHASER

 

FORM OF
ASSIGNMENT OF THE SPACE LEASES

 

KNOW ALL MEN that DRA-RCG NORTH CHARLESTON
SPE LLC (“Assignor”), in consideration of Ten ($10.00) Dollars and other good and valuable consideration, received
from [_____________] (“Assignee”), does hereby assign, transfer and deliver unto Assignee, the entire landlord’s
interest in and to those certain leases for space (the “Leases”) at the premises known as Northwoods Marketplace, located
at 7620 Rivers Avenue, North Charleston, Charleston County, South Carolina (the “Premises”) with the tenants listed
on Schedule A annexed hereto including any pre-paid rents, security and other deposits and, to the extent transferable or
assignable, letters of credit and guarantees held by Assignor as of the date hereof, subject to the rights Assignor has retained
under Section 9.4 of that certain Contract of Sale (the “Contract”) dated [__________], between Assignor and Assignee
for the Premises.

 

TO HAVE AND TO HOLD the same unto Assignee,
its successors and assigns, forever, from and after the date hereof, subject to the terms, covenants, conditions and provisions
of the Leases and subject as aforesaid.

 

AND Assignee does hereby acknowledge
receipt of the Leases and security deposits so delivered, and does hereby (a) accept the within assignment and (b) assume the performance
of all the terms, covenants and conditions of the Leases on the part of the lessor which are to be performed or which arise from
and after the date hereof.

 

This assignment is made without warranty or
representation by Assignor and without recourse to Assignor in any manner whatsoever, express or implied, except as may be set
forth in the Contract.

 

This assignment and assumption agreement shall
inure to the benefit of Assignee and Assignor and their respective successors and assigns, and shall be governed by the laws of
the State of South Carolina. This assignment and assumption agreement may not be modified, altered or amended, or its terms waived,
except by an instrument in writing signed by the parties hereto.

 

None of the provisions of this instrument
are intended to be, nor shall they be construed to be, for the benefit of any third party.

 

[SIGNATURES ON FOLLOWING PAGE]

 

    	EXHIBIT 2: PAGE 1

    	 

    

 

IN WITNESS WHEREOF, Assignor and Assignee
have executed this agreement this [_____] day of [___________].

 

	 	ASSIGNOR:
	 	 
	 	DRA-RCG NORTH CHARLESTON SPE LLC
	 	a Delaware limited liability company
	 	 
	 	By:	
        DRA-RCG North Charleston
        LLC, a Delaware limited liability company, its sole member

        

	 	 	 
	 	 	By:	 	 
	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 
	 	ASSIGNEE:
	 	[INSERT SIGNATURE BLOCK]

 

    	EXHIBIT 2: PAGE 2

    	 

    

 

Schedule
a

 

Leases

 

    	EXHIBIT 2: PAGE 3

    	 

    

 

EXHIBIT
3

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

DRA-RCG NORTH CHARLESTON SPE LLC, AS SELLER

AND

AMERICAN REALTY CAPITAL IV, LLC, AS PURCHASER

 

FORM OF
ASSIGNMENT OF SERVICE CONTRACTS

 

KNOW ALL MEN that DRA-RCG NORTH
CHARLESTON SPE LLC (“Assignor”), in consideration of Ten and 00/100 ($10.00) Dollars and other good and valuable
consideration, received from [______________________] (“Assignee”), does hereby assign, transfer and deliver
onto Assignee, all of its right, title and interest in and to those certain service contracts relating to the operation or maintenance
of the premises known as Northwoods Marketplace, located at 7620 Rivers Avenue, North Charleston, Charleston County, South Carolina,
which service contracts are listed in Schedule A annexed hereto (the “Contracts”).

 

TO HAVE AND TO HOLD the same unto Assignee,
its successors and assigns, forever, from and after the date hereof, subject to the terms, covenants, conditions and provisions
contained in the Contracts and subject aforesaid.

 

AND Assignee does hereby acknowledge
receipt of the Contracts so delivered, and does hereby (a) accept the within assignment and (b) assume the performance of all the
terms, covenants and conditions of the Contracts on the Assignor's part to be performed thereunder from and after the date hereof.

 

This assignment is made without warranty or
representation by Assignor and without recourse to Assignor in any manner whatsoever, express or implied, except as may be set
forth in that certain Contract of Sale between Assignor and American Realty Capital IV, LLC, as assigned to Assignee.

 

This assignment and assumption agreement shall
inure to the benefit of Assignee and Assignor and their respective successors and assigns, and shall be governed by the laws of
the State of South Carolina. This assignment and assumption agreement may not be modified, altered or amended, or its terms waived,
except by an instrument in writing signed by the parties hereto.

 

None of the provisions of this instrument
are intended to be, nor shall they be construed to be, for the benefit of any third party.

 

[SIGNATURES ON FOLLOWING PAGE]

 

    	EXHIBIT 3: PAGE 1

    	 

    

 

IN WITNESS WHEREOF, Assignor and Assignee have executed
this agreement this _____ day of _______________.

 

	 	ASSIGNOR
	 	 
	 	DRA-RCG NORTH CHARLESTON SPE LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	DRA-RCG North Charleston LLC, a Delaware limited liability company, its sole member
	 	 	 
	 	 	By:	 	 
	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 
	 	ASSIGNEE:
	 	 
	 	[INSERT SIGNATURE BLOCK]

 

    	EXHIBIT 3: PAGE 2

    	 

    

 

Schedule
a

 

Service
Contracts

 

    	EXHIBIT 3: PAGE 3

    	 

    

 

EXHIBIT
4

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

DRA-RCG NORTH CHARLESTON SPE LLC, AS SELLER

AND

AMERICAN REALTY CAPITAL IV, LLC, AS PURCHASER

 

FORM OF
ASSIGNMENT OF LICENSES, PERMITS,

 

GUARANTEES
AND WARRANTIES

 

KNOW ALL MEN that DRA-RCG NORTH
CHARLESTON SPE LLC (“Assignor”), in consideration of Ten ($10.00) Dollars and other good and valuable consideration,
receipt whereof is hereby acknowledged from [___________________] (“Assignee”), does hereby assign, transfer
and deliver unto Assignee, all of its right, title and interest in and to any and all existing licenses, permits, approvals, and
land use entitlements presently held by Assignor with respect to, or otherwise benefitting, the premises known as Northwoods Marketplace,
located at 7620 Rivers Avenue, North Charleston, Charleston County, South Carolina (the “Premises”) and any and all
guarantees and warranties in connection with any work or services performed or equipment installed in and improvements erected
on the Premises (collectively, the “Licenses and Guarantees”).

 

TO HAVE AND TO HOLD the same unto Assignee,
its successors and assigns, forever, from and after the date hereof, subject to the terms, covenants, conditions and provisions
of the Licenses and Guarantees.

 

This assignment is made without warranty or
representation by the Assignor, including, without limitation, any warranty or representation that Assignor has any right in the
Licenses and Guarantees or that the Licenses and Guarantees are transferable, and without recourse to Assignor in any manner whatsoever.

 

This assignment agreement shall inure to the
benefit of Assignee and its successors and assigns and shall be governed by the laws of the State of South Carolina. This assignment
agreement may not be modified, altered or amended, or its terms waived, except by an instrument in writing signed by the parties
hereto.

 

None of the provisions of this instrument
are intended to be, nor shall they be construed to be, for the benefit of any third party.

 

[SIGNATURES ON FOLLOWING PAGE]

 

    	EXHIBIT 4: PAGE 1

    	 

    

 

IN WITNESS WHEREOF, Assignor has executed this agreement
this _____ day of ____________

 

	 	ASSIGNOR
	 	 
	 	DRA-RCG NORTH CHARLESTON SPE LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	DRA-RCG North Charleston LLC, a Delaware limited liability company, its sole member
	 	 	 
	 	 	By:	 	 
	 	 	 	Name:	 
	 	 	 	Title:	 

 

    	EXHIBIT 4: PAGE 2

    	 

    

 

EXHIBIT
5

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

DRA-RCG NORTH CHARLESTON SPE LLC, AS SELLER

AND

AMERICAN REALTY CAPITAL IV, LLC, AS PURCHASER

FORM OF NOTICE TO TENANTS

OF

NORTHWOODS MARKETPLACE

 

(THE
“PREMISES”)

 

Dear Tenant:

 

Please be advised that the Premises have this
day been conveyed and your lease (the “Lease”) has been assigned by DRA-RCG NORTH CHARLESTON SPE LLC (“Prior
Owner”), to [_____________________] (“New Owner").

 

New Owner has assumed all of the obligations
under your Lease accruing from and after this day, including any obligations to return your security deposit in accordance with
the terms of your Lease. Notwithstanding anything contained herein to the contrary, Prior Owner retains the right to collect any
delinquent rents pertaining to the period prior to ___________[insert closing date] as well as the right to collect rent
and the right and obligation to reconcile operating expenses (and percentage rent, if any) under your Lease for the 2013 calendar
year and prior periods.

 

Until further notice, all correspondence and
notices shall be directed, and all rents, additional rents and other charges under the Lease shall be paid to New Owner at the
addresses attached hereto as Exhibit A.

 

You are hereby requested to have the insurance
policies required under the Lease amended to add New Owner, as additional insured thereunder, and have the certificate of insurance
indicating such amendment forwarded to the New Owner.

 

Your security deposit, if any, under the Lease
has been transferred to New Owner.

 

Dated: __________.

 

    	EXHIBIT 5: PAGE 1

    	 

    

 

 

	 	Very truly yours,
	 	 	 
	PRIOR OWNER:	DRA-RCG NORTH CHARLESTON SPE LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	DRA-RCG North Charleston LLC, a Delaware
	 	 	limited liability company, its sole member
	 	 	 
	 	 	By:	 	 
	 	 	 	Name:
	 	 	 	Title:

 

NEW OWNER:

 

    	EXHIBIT 5: PAGE 2

    	 

    

 

EXHIBIT A

 

Addresses

 

		For All Notices:	[_________________________]

		 	[_________________________]

		 	[_________________________]

		 	[_________________________]

			Attention: [_______________]

			Facsimile: (___) ___-____

 

		With a copy to:	[_________________________]

                                         c/o [Property Manager]

                                         [_________________________]

                                         [_________________________]

                                         [_________________________]

                                         Attention: Property Manager – [_______________]

                                         Telephone: (___) ___-____

                                         Telecopy: (___) ___-____

 

		Payment Address:	[___________________________]

                                         c/o [________________________]

                                         [___________________________]

                                         [___________________________]

 

    	EXHIBIT 5: PAGE 3

    	 

    

 

EXHIBIT
6

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

DRA-RCG NORTH CHARLESTON SPE LLC, AS SELLER

AND

AMERICAN REALTY CAPITAL IV, LLC, AS PURCHASER

 

FORM OF
NOTICE TO CONTRACTORS

UNDER SERVICE
CONTRACTS

OF

NORTHWOODS
MARKETPLACE

 

(THE “PREMISES”)

 

Dear Contractor:

 

Please be advised that the Premises have
this day been conveyed and your service contract has been assigned from DRA-RCG NORTH CHARLESTON SPE LLC (“Prior
Owner”), to [________________] ("New Owner").

 

Until further notice, all correspondence,
notices and invoices shall be directed to the New Owner at the following address:

 

		 	[_________________]

		 	[_________________]

		 	[_________________]

		 	[_________________]

		Attention:	[________________]

		Facsimile:	(___) ___-____

 

Dated: _________

 

    	EXHIBIT 6: PAGE 1

    	 

    

 

	 	Very truly yours,
	 	 
	PRIOR OWNER:	DRA-RCG NORTH CHARLESTON SPE
	 	LLC, a Delaware limited liability company
	 	 
	 	By: 	DRA-RCG North Charleston
	 	 	LLC,
    a Delaware limited liability
	 	 	company, its sole member
	 	 
	 	 	By: 	 	 
	 	 	 	Name:
	 	 	 	Title:

 

NEW OWNER:    [_______________________]

 

    	EXHIBIT 6: PAGE 2

    	 

    

 

EXHIBIT
7

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

DRA-RCG NORTH CHARLESTON SPE LLC, AS SELLER

AND

AMERICAN REALTY CAPITAL IV, LLC, AS PURCHASER

 

TENANT
ESTOPPEL CERTIFICATE

 

The undersigned, ___________________________________,
is the Tenant of a portion of the real property commonly known as Northwoods Marketplace, located at 7620 Rivers Avenue, North
Charleston, Charleston County, South Carolina, (the “Property”), and hereby
certifies to DRA-RCG North Charleston SPE LLC, a Delaware limited liability company (“Landlord”),
to American Realty Capital IV, LLC, a Delaware limited liability company, ARC NWNCHSC001,
LLC or any assignee or nominee (“Buyer”), and to any lender (“Lender”)
making a loan to Buyer to be secured, in whole or in part, by the Property, the following:

 

1.        That
there is presently in full force and effect a lease (as modified, assigned, supplemented and/or amended as set forth in paragraph 2
below, the “Lease”) dated as of __________, 20___ between the undersigned
and ____________________, covering approximately _____ square feet of the Property (the “Leased
Premises”).

 

2.        That
the Lease has not been modified, assigned, supplemented or amended except by: ___________________________________.

 

3.        That
the Lease represents the entire agreement between Landlord and the undersigned with respect to the Leased Premises.

 

4.        That
the commencement date under the Lease was __________, _____, the termination date of said Lease is __________, 20___.

 

5.        That
the present minimum monthly rent which the undersigned is paying under the Lease is $__________, and all rent has been paid through
__________, 2014. Tenant is also obligated to pay common area maintenance expenses, insurance premiums and taxes under the Lease,
and all such sums have been paid through ______________, 2014, except as follows: ____________________. To Tenant's knowledge,
Tenant is not owed any sums for reconciliations for calendar year 2013 or any prior year.

 

6.        That
the security deposit held by Landlord under the terms of the Lease is $__________ and Landlord holds no other deposit from Tenant
for security or otherwise.

 

7.        That
the undersigned has accepted possession of the Leased Premises and that, to the best of the undersigned’s knowledge, any
improvements required to be made by Landlord to the Leased Premises by the terms of the Lease and all other conditions of the
Lease to be satisfied by Landlord have been completed or satisfied to the satisfaction of the undersigned.

 

    	EXHIBIT 7: PAGE 1

    	 

    

 

8.        That,
to the best of the undersigned’s knowledge, the undersigned, as of the date set forth below, has no right or claim of deduction,
charge, lien or offset against Landlord under the Lease or otherwise against the rents or other charges due or to become due pursuant
to the terms of said Lease.

 

9.        That,
to the best of the undersigned’s knowledge, Landlord is not in default or breach of the Lease, nor has Landlord committed
an act or failed to act in such a manner, which, with the passage of time or notice or both, would result in a default or breach
of the Lease by Landlord.

 

10.        That,
to the best of the undersigned’s knowledge, the undersigned is not in default or in breach of the Lease, nor has the undersigned
committed an act or failed to act in such a manner which, with the passage of time or notice or both, would result in a default
or breach of the Lease by the undersigned.

 

11.        The
undersigned hereby acknowledges that Buyer, or its nominee, intends to purchase the Property, that Landlord will assign its interest
in the Lease to Buyer, or its nominee, in connection with such purchase, and that Buyer, or its nominee, and its lender is relying
upon the representations contained herein in making such purchase.

 

12.        That
the undersigned is not the subject of any pending bankruptcy, insolvency, debtor’s relief, reorganization, receivership,
or similar proceedings, nor the subject of a ruling with respect to any of the foregoing.

 

This Certificate shall be binding upon and
inure to the benefit of the undersigned, Landlord, Buyer and Lender and their respective successors and assigns.

 

Dated: __________, 2014.

 

	 	 	 	 , 
	 	a	 

 

	 	By:	 
	 	Name:	 
	 	Title:	 

  

    	EXHIBIT 7: PAGE 2

    	 

    

 

EXHIBIT
8

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

DRA-RCG NORTH CHARLESTON SPE LLC, AS SELLER

AND

AMERICAN REALTY CAPITAL IV, LLC, AS PURCHASER

 

FORM OF
bill of sale

 

DRA-RCG NORTH CHARLESTON SPE LLC (“Grantor”)
for good and valuable consideration, the receipt and the sufficiency of which is hereby acknowledged, by these presents, does,
without representation by, or warranty or recourse against, Grantor, convey, assign, transfer, sell, deliver and set over unto
[__________________], its successors and assigns (“Grantee”), all of Grantor's right, title and interest in and to
the personal property (including both tangible and intangible property) transferred pursuant to that certain Contract of Sale
between Grantor and [______________] dated ______________ used in connection with the operation of the property known as Northwoods
Marketplace, located at 7620 Rivers Avenue, North Charleston, Charleston County, South Carolina. 
Without limiting the generality of the foregoing, Grantor hereby assigns and conveys to Grantee all right, title and
interest of Grantor in and to the name "Northwoods Marketplace."

 

IN WITNESS WHEREOF, Grantor has caused
this Bill of Sale to be signed as of this _____ day of ______________.

 

	 	DRA-RCG NORTH CHARLESTON SPE
	 	LLC, a Delaware limited liability company
	 	 	 
	 	By:	DRA-RCG North Charleston LLC,
	 	 	a Delaware limited liability company,
	 	 	its sole member
	 	 	 
	 	 	By:	 	 
	 	 	 	Name:
	 	 	 	Title:

 

    	EXHIBIT 8:  PAGE 1

    	 

    

 

EXHIBIT
9

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

DRA-RCG NORTH CHARLESTON SPE LLC, AS SELLER

AND

AMERICAN REALTY CAPITAL IV, LLC, AS PURCHASER

 

executed
access agreement

 

    	EXHIBIT 9:  PAGE 1

    	 

    

 

ACCESS
AGREEMENT

 

THIS AGREEMENT (this “Agreement”),
dated the 3rd day of June, is made by DRA-RCG NORTH CHARLESTON SPE LLC,
a Delaware limited liability company, having an address at c/o DRA Advisors LLC, 220 East 42nd Street, New York, New York 10017
(“Owner”), and AMERICAN REALTY CAPITAL IV, LLC, a
Delaware limited liability company, having an address at 405 Park Avenue, 15th Floor, New York, New York 10022 (“Purchaser”).

 

WITNESSETH:

 

WHEREAS,
Owner and Purchaser are currently negotiating a contract of sale (the “Contract”)
for the purchase and sale of the property known as Northwoods Marketplace, located at 7620 Rivers Avenue, North Charleston, Charleston
County, South Carolina (the “Property”) and the property
known as Best Buy - North Charleston, located at 7612 Rivers Avenue, North Charleston, Charleston County, South Carolina (the
“Best Buy Property”);

 

WHEREAS,
Purchaser wishes to (i) conduct non-intrusive environmental and engineering inspections at the Property, (ii) interview
tenants at the Property and (iii) have access to non-confidential records of Owner related solely to the Property (collectively,
the “Inspections”); and

 

WHEREAS,
Owner has agreed to allow Purchaser to conduct Inspections, subject to Purchaser entering into this Agreement and complying with
the conditions set forth in this Agreement.

 

Now,
Therefore, in consideration of the covenants, promises and undertakings set forth herein, and for good and valuable
consideration, receipt of which is hereby acknowledged, Owner and Purchaser hereby agree as follows:

 

Owner agrees to allow Purchaser, or Purchaser’s
agents, contractors or representatives, to access the Property for the limited purpose of conducting the Inspections, subject
to the following terms and conditions:

 

1.      The
Inspections shall only occur during business hours at reasonable times on reasonable advance notice (at least one (1) Business
Day’s prior written notice) to Owner, subject to the rights of the space tenants at the Property and the terms of this Agreement.

 

2.      Prior
to conducting the Inspections, Purchaser shall submit to Owner the certificates of insurance required pursuant to Exhibit A
annexed hereto and neither Purchaser nor its agents, contractors or representatives shall be permitted to conduct the
Inspections unless and until Owner receives such certificates.

 

    	EXHIBIT 9:  PAGE 2

    	 

    

 

3.      Purchaser
shall obtain the written agreement of each agent, contractor or consultant hired to perform any Inspections on Purchaser’s
behalf (either in the contract with such agent, contractor or consultant or in a separate agreement) substantially as follows:

 

[Name of agent, consultant or contractor] hereby
waives any and all rights of recovery against [Name of Seller], its agents and employees, and their insurers, for, or arising
out of, damage to or destruction of any property, or death of or injury to any person, to the extent that [Name of agent, consultant
or contractor]’s liability insurance policies then in force or the policies required to be carried by [Name of agent,
consultant or contractor] pursuant hereto, whichever provides broader coverage, insure against such damage, destruction, death
or injury.

 

(A) Prior to conducting the Inspections,
Purchaser shall submit to Owner a copy of such written agreement of each agent, consultant or contractor hired to perform any
Inspections on Purchaser’s behalf, and no such agent, consultant or contractor shall be permitted to conduct any Inspections
unless and until Owner confirms that such party has entered into an agreement as provided above.

 

4.      Purchaser
may not conduct any intrusive Inspections or borings without Owner’s prior written consent, which consent may be withheld,
granted or granted upon conditions in Owner’s sole and absolute discretion.

 

5.      Owner
shall have the option to have an agent or employees accompany Purchaser at all times during its investigation or Inspection of
the Property, provided that the unreasonable unavailability of a representative or employee shall not be a cause for a delay in
any investigation or inspection of the Property.

 

6.      Intentionally
deleted.

 

7.      If
Purchaser fails to purchase the Property, all third party prepared, non-confidential, non-proprietary reports (whether such reports
are final or in draft form) shall become the property of Owner. Purchaser agrees to cooperate with Owner and the preparer of the
reports to have such reports assigned to Owner or its successor buyer(s). This Section 7 shall survive the termination of this
Agreement.

 

8.      Any
and all work with respect to the Inspections shall be at Purchaser’s sole cost and expense and Purchaser agrees to keep
the Property free and clear of any liens that may arise as a result thereof.

 

9.      All
activities undertaken by Purchaser in connection with the Inspections shall fully comply with applicable laws and regulations.

 

    	EXHIBIT 9:  PAGE 3

    	 

    

 

10.      Purchaser
shall promptly restore at its sole cost and expense any damage arising in connection with the Inspections. This Section 10 shall
survive the termination of this Agreement.

 

11.      Purchaser
agrees to keep confidential and not to disseminate to any third party (i.e., any person or entity other than Purchaser’s
directors, officers, employees, partners, lender, attorneys, accounting firm and other consultants) and to cause its agents or
representatives to keep confidential and not disseminate to any third party, any information Purchaser (and/or its agents or representatives)
obtains as a result of the Inspections, except to the extent disclosure is required by a court order or applicable law. This Section 11
shall survive the termination of this Agreement.

 

12.      Purchaser
shall indemnify and hold Owner and Owner’s property manager harmless from and against any and all obligations, lawsuits,
injuries, losses, damages, claims, liens, costs, expenses, demands, liabilities, judgments, penalties, investigation costs, including
attorneys’ fees and costs, to the extent incurred in connection with, arising directly or indirectly out of, or in any way
connected with (i) the Inspections, (ii) any act or omission of Purchaser, its employees, agents, consultants, contractors
or anyone acting by, through, under, or at the direction, of the foregoing, in connection with this Agreement or (iii) Purchaser’s
breach of any of the terms of this Agreement. Without limiting the generality of the foregoing indemnity, Purchaser shall (i) keep
the Property free and clear of any mechanics’ or other lien which may be recorded or threatened against the Property by
any party providing labor, materials or services to Purchaser or its agents or representatives in connection with the Inspections
and (ii) not file or cause to be filed any application or make any request (other than inquiries into public records) with
any governmental or quasi-governmental agency which would or could lead to a hearing before any governmental or quasi-governmental
agency or which would or could lead to a note, notice or violation of law or municipal ordinance, order or requirement imposed
by such an agency, at the Property or any change in zoning, parcelization, licenses, permits or other entitlements or any investigation
or restriction on the use of the Property, or any part thereof. This Section 12 shall survive the termination of this Agreement.

 

13.      Owner,
but not any property manager of Owner, shall be solely authorized to furnish Purchaser with all non-confidential documents reasonably
requested by Purchaser in connection with the Inspections which are then in the possession of Owner or Owner’s property
manager. All documents furnished to Purchaser pursuant to this Agreement are provided for information only, and without representation
or warranty of any nature, and Purchaser shall be solely responsible for verifying the information contained therein. Representations
of Owner, if any, shall be solely as set forth in the Contract, if applicable.

 

14.      All
notices hereunder to Owner or Purchaser shall be sent by certified or registered mail, return receipt requested, or may be sent
by Federal Express or other overnight courier which obtains a signature upon delivery or by fax transmission:

 

    	EXHIBIT 9:  PAGE 4

    	 

    

 

OWNER:

DRA-RCG North Charleston SPE LLC

c/o DRA Advisors LLC

220 East 42nd Street, 27th Floor

New York, New York 10017

Attention: Dean Sickles

Facsimile: (212) 697-7403

 

with a copy to:

 

Blank Rome LLP

405 Lexington Avenue

New York, New York 10174

Attention: Martin Luskin, Esq. with a concurrent copy to Samantha
Wallack, Esq. (Facsimile: (917) 332-3804)

Facsimile: (917) 332-3714

 

PURCHASER:

 

American Realty Capital IV, LLC

405 Park Avenue, 15th Floor

New York, New York 10022

Attention: Jesse Galloway and Jeremy Eichel

Facsimile: (212) 421-5799

 

with a copy to:

 

Retail Centers of America, Inc.

2000 McKinney Avenue, Suite 1000

Dallas, Texas 75201

Attention: Chris Cotten and Stephen G. Seitz

Facsimile: (214) 740-3313

 

with a copy to:

 

Condon Thornton Sladek Harrell PLLC

8080 Park Lane, Suite 700

Dallas, Texas 75231

Attention: William L. Sladek, Esq.

Facsimile: (214) 691-6311

 

(A) Notices shall be deemed served
three (3) days after mailing, and in the case of overnight courier, on the date actually delivered to the intended recipient,
except for notice(s) which advise the other party of a change of address of the party sending such notice or of such party's attorney,
which notice shall not be deemed served until actually received by the party to whom such notice is addressed or delivery is refused
by such party. Notices on behalf of the respective parties may be given by their attorneys and such notices shall have the same
effect as if in fact subscribed by the party on whose behalf it is given. Notwithstanding the foregoing provisions of this Section
notices served by facsimile shall be deemed given upon receipt if received at or prior to 5:00 P.M. Eastern Time on a Business
Day and on the next Business Day if received after 5:00 P.M. Eastern Time on a Business Day or at any time on a non-Business Day.

 

    	EXHIBIT 9:  PAGE 5

    	 

    

 

15.      Nothing in this Agreement shall
be deemed to impose an obligation on Owner to sell or enter into a contract of sale to sell the Property to Purchaser.

 

16.      The defined term “Owner”
is used herein for purposes of convenience, and Purchaser hereby acknowledges that Owner does not currently own the Best Buy Property
and that this Agreement relates only to the Property and does not relate to the Best Buy Property.

 

17.      This Agreement may be executed
in two or more counterparts and each of such counterparts, for all purposes, shall be deemed to be an original but all such counterparts
together shall constitute but one and the same instrument, binding upon all parties hereto, notwithstanding that all of such parties
may not have executed the same counterpart. Facsimile signatures shall be binding.

 

18.      Owner’s remedies set forth
under this Agreement, including, without limitation, Section 12, shall in no event be limited by any liquidated damage provision
set forth in any other contract or agreement to which Owner is or will be a party and which is or will be binding on Purchaser
or an affiliate thereof. This Section 18 shall survive the termination of this Agreement.

 

19.      Except for those provisions expressly
stated to survive the termination of this Agreement, this Agreement shall terminate on the earlier to occur of (a) the closing
under the Contract, (b) the date on which the Contract expires, is terminated or is deemed terminated and (c) the date
on which Contract negotiations terminate pursuant to notice sent by Owner to Purchaser, provided that Owner may at any time prior
to the execution of the Contract, terminate Purchaser’s access to the Property for Inspections or otherwise in Owner’s
sole and absolute discretion for any reason or for no reason whatsoever.

 

[signatures
on the following page]

 

    	EXHIBIT 9:  PAGE 6

    	 

    

 

In
Witness hereof, the parties hereto have duly executed this Agreement the day and year first above written.

 

	Owner:	DRA-RCG NORTH CHARLESTON SPE LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	DRA-RCG North Charleston LLC, a
	 	 	Delaware limited liability company, its sole member
	 	 
	 	 	By:	/s/ Paul McEvoy
	 	 	 	Name: Paul McEvoy
	 	 	 	Title: Vice President

 

	 	Date signed: 	June 6, 2014

 

	PURCHASER:	AMERICAN REALTY CAPITAL IV, LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	/s/ Edward M. Weil, Jr.
	 	 	Name: Edward M. Weil, Jr.
	 	 	Title: President

 

	 	Date signed:	June 5, 2014

 

    	EXHIBIT 9:  PAGE 7

    	 

    

 

Exhibit A

 

Insurance Requirements

 

Prior to performing Inspections at the Property,
Purchaser and Purchaser’s consultant and/or contractor and any subcontractor thereof (and other agent, contractor or consultant
of Purchaser performing activities) shall have and maintain insurance coverage in form and substance reasonably acceptable to
Owner complying with the requirements set forth below.

 

		A.	Required Types of Insurance Coverage

 

		1.	Workers’ Compensation and Employers’ Liability

 

		(a)	Statutory Worker’s Compensation insurance as required
                                         by law.

 

		(b)	Employers’ Liability insurance with limits of at least
                                         $1,000,000 per occurrence.

 

		2.	General Liability Insurance

 

		(a)	Commercial General Liability policy form on an occurrence
                                         basis including Premises/Operations Liability, Contractual Liability (which shall include
                                         coverage for, but shall not limit, Purchaser’s indemnification obligations hereunder),
                                         Independent Contractors Coverage and Products/Completed Operations Liability with the
                                         explosion, collapse and underground (XCU) exclusions eliminated.

 

		(b)	Limits of Liability: Five Million Dollars ($5,000,000) combined
                                         single limit for Bodily Injury and Property Damage coverage. Limits of Liability may
                                         be provided under a Commercial General Liability and Umbrella Liability Policy, if desired.

 

		B.	Additional Requirements

 

		1.	Except where prohibited by law, all insurance policies shall
                                         contain provisions that the insurance companies waive the rights of recovery or subrogation
                                         against Owner, Owner’s agents and employees, and their insurers.

 

		2.	Such insurance shall not be subject to cancellation except
                                         upon thirty (30) days’ prior written notice to Owner.

 

		3.	All insurance required hereunder shall be with insurance
                                         companies which (i) are rated by Best’s Insurance Reports, (ii) have
                                         a rating of at least A-(VIII) and (iii) are licensed to do business in the state
                                         where the property is located. Prior to commencement of the performance of the Inspections,
                                         Purchaser shall deliver to Owner certificates of insurance evidencing the coverages required
                                         hereunder or such other evidence of compliance with the foregoing insurance requirements
                                         as is required by, and satisfactory and acceptable to, Owner.

 

    	EXHIBIT 9:  PAGE 8

    	 

    

 

		4.	The following parties shall be named as additional insureds
                                         on ISO Form CG 20 26 under the Commercial General Liability, Automobile Liability (if
                                         any) and Umbrella Liability insurance policies required to be maintained by Purchaser
                                         and Purchaser’s consultant and/or any subcontractor thereof:

 

DRA-RCG North
Charleston SPE LLC

c/o DRA Advisors LLC

220 East 42nd Street, 27th Floor

New York, New York 10017

Attention: Dean Sickles

 

All Commercial General Liability and Umbrella Liability policies
maintained by Purchaser and Purchaser’s consultant and/or any subcontractor thereof shall contain a cross-liability provision
and shall provide primary coverage as to Owner, and any other insurance available to Owner shall be noncontributing therewith.

 

    	EXHIBIT 9:  PAGE 9

    	 

    

 

EXHIBIT 10

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

DRA-RCG NORTH CHARLESTON SPE LLC, AS SELLER

AND

AMERICAN REALTY CAPITAL IV, LLC, AS PURCHASER

 

FORM OF TITLE CERTIFICATE

 

The undersigned, a Delaware limited liability
company, hereby certifies to [______________], as agent for [______________] (the “Insurer”) the following:

 

1.          The undersigned is the owner (“Owner”)
of certain property (the “Property”) situated in Charleston County, South Carolina, described in title commitment
No. ________ (the "Title Commitment") issued by Insurer.

 

2.          The only tenants of the undersigned are tenants under
the leases (the “Leases”) set forth on the rent roll annexed hereto as Exhibit A (or subleases thereunder).

 

3.          During the period of 120 days immediately
preceding the date of this certification no improvements or alterations have been made (other than minor repairs) to the Property
by or on behalf of Owner that have not been paid for (or if unpaid will be paid in the ordinary course of business) and that no
claims against Owner of laborers or materialmen remain unpaid (or if unpaid will be paid in the ordinary course of business) for
work performed by or on behalf of Owner and that no material incorporated into the Property by Owner is subject to a security
interest (other than in connection with any mortgage described in the Title Commitment).

 

4.          No proceedings in bankruptcy or
receivership have been instituted by or against Owner which are now pending, nor has the Owner made any assignment for the benefit
of creditors which is in effect as to the Property.

 

5.          Owner agrees not to cause any lien
or encumbrance to be filed against the Property between the date hereof and the earlier of (a) the date the documents creating
the interest being insured pursuant to the Title Commitment have been filed of record and (b) three (3) days following the date
hereof.

 

6.          This certification is made for the purpose of inducing Insurer to issue its title policy insuring the Property.

 

Dated this          day of _______, ______.

 

 

[SIGNATURES ON FOLLOWING
PAGE]

 

    	EXHIBIT 10:  PAGE 1

    	 

    

 

	 	DRA-RCG NORTH CHARLESTON SPE LLC,
	 	a Delaware limited liability company
	 	 
	 	By:	DRA-RCG North Charleston LLC, a
	 	 	Delaware limited liability company, its sole member
	 	 
	 	 	By:	 	 
	 	 	 	Name:
	 	 	 	Title:

 

    	EXHIBIT 10:  PAGE 2

    	 

    

 

EXHIBIT A

 

LIST OF LEASES

 

    	EXHIBIT 10:  PAGE 3

    	 

    

 

EXHIBIT
11

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

DRA-RCG NORTH CHARLESTON SPE LLC, AS SELLER

AND

AMERICAN REALTY CAPITAL IV, LLC, AS PURCHASER

 

[Intentionally
deleted]

 

    	EXHIBIT 11

    	 

    

 

EXHIBIT
12

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

DRA-RCG NORTH CHARLESTON SPE LLC, AS SELLER

AND

AMERICAN REALTY CAPITAL IV, LLC, AS PURCHASER

 

FORM OF
ASSUMPTION AGREEMENT

 

KNOW ALL MEN that in consideration
of Ten ($10.00) Dollars and other good and valuable consideration, received from DRA-RCG NORTH CHARLESTON SPE LLC (“Seller”),
____________________ (“Purchaser”) does hereby irrevocably assume all obligations of Seller to pay any: leasing
commissions to MCM Real Estate, Inc. (“MCM Real Estate”) pursuant to paragraph 16 of that certain Leasing and
Construction Management Agreement, dated as of January 24, 2011, by and between Seller, as owner, and MCM Real Estate, as leasing
agent (the “Agreement”), with respect to any lease executed by the undersigned, or its successors or assigns,
with an Active Prospect (as defined in the Agreement) following the date hereof. Seller shall be responsible for the payment of
all leasing commissions due and payable to MCM Real Estate pursuant to the Agreement prior to the date hereof (the “Prior
Commissions”), and Seller hereby agrees to indemnify and hold Purchaser harmless from and against all claims made by
MCM Real Estate against Purchaser with respect to the Prior Commissions.

 

This assumption agreement may be relied upon
by, and is made for the benefit of, Seller and MCM Real Estate, and shall inure to their respective successors and/or assigns,
and shall be governed by the laws of the State of South Carolina. This Agreement may not be amended without the consent of Seller
or MCM Real Estate.

 

[SIGNATURES ON FOLLOWING PAGE]

 

    	EXHIBIT 12: PAGE 1

    	 

    

 

IN WITNESS WHEREOF, the undersigned
has executed this agreement this _____ day of __________ 2014.

 

	 	[_________________________]
	 	 
	 	By:	 	 
	 	 	Name:
	 	 	Title:

 

    	EXHIBIT 12: PAGE 2

    	 

    

 

EXHIBIT
13

 

ATTACHED
TO AND FORMING PART OF THE CONTRACT BETWEEN

DRA-RCG NORTH CHARLESTON SPE LLC, AS SELLER

AND

AMERICAN REALTY CAPITAL IV, LLC, AS PURCHASER

 

FORM OF
ASSIGNMENT AND ASSUMPTION OF LEASING COMMISSION

 AGREEMENTS AND CONSTRUCTION CONTRACTS

 

KNOW ALL MEN that DRA-RCG NORTH
CHARLESTON SPE LLC ("Assignor"), in consideration of Ten ($10.00) Dollars and other good and valuable consideration,
received from ____________________ ("Assignee"), does hereby assign, transfer and deliver unto Assignee, all of its
right, title and interest in and to those certain leasing commission agreements and construction contracts relating to the premises
known as Northwoods Marketplace, located at 7620 Rivers Avenue, North Charleston, Charleston County, South Carolina, listed on
Exhibit A annexed hereto (the “Agreements”).

 

TO HAVE AND TO HOLD the same unto
Assignee, its successors and assigns, forever, from and after the date hereof, subject to the terms, covenants, conditions and
provisions of the Leases and subject as aforesaid.

 

AND Assignee does hereby acknowledge
receipt of the Agreements so delivered, and does hereby (a) accept the within assignment and (b) assume the performance of all
the terms, covenants and conditions of the Agreements on the part of the Assignor to the extent specifically listed on Exhibit
A annexed hereto. Seller shall be responsible for all claims under the Agreements which are not listed on such Exhibit A (the
"Seller Claims"), and Seller hereby agrees to indemnify and hold Purchaser harmless from and against all claims by any
party to the Agreements with respect to the Seller Claims.

 

This assignment is made without warranty
or representation by Assignor and without recourse to Assignor in any manner whatsoever, express or implied.

 

This assignment and assumption agreement
shall inure to the benefit of Assignee, Assignor and any other party to the documents listed on Exhibit A, and their respective
successors and assigns, and shall be governed by the laws of the State of South Carolina. This assignment and assumption agreement
may not be modified, altered or amended, or its terms waived, except by an instrument in writing signed by the parties hereto.

 

[SIGNATURES ON FOLLOWING PAGE]

 

    	EXHIBIT 13: PAGE 1

    	 

    

 

IN WITNESS WHEREOF, Assignor and Assignee
have executed this agreement this _____ day of __________, 2014.

 

	 	ASSIGNOR:
	 	 
	 	DRA-RCG NORTH CHARLESTON SPE LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	DRA-RCG North Charleston LLC,
	 	 	a Delaware limited liability company,
	 	 	its sole member
	 	 	 
	 	 	By:	 	 
	 	 	 	Name:
	 	 	 	Title:

 

	 	ASSIGNEE:
	 	 
	 	[_________________________]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	EXHIBIT 13: PAGE 2

    	 

    

 

EXHIBIT A

 

LEASING COMMISSION AGREEMENTS AND CONSTRUCTION
CONTRACTS

 

    	EXHIBIT 13: PAGE 3Exhibit 10.26

 

PURCHASE AND SALE AGREEMENT

 

BY AND BETWEEN

 

AMERICAN REALTY CAPITAL IV, LLC,

a Delaware limited liability company,

as Purchaser,

 

and

 

NORTHLAKE COMMONS, L.L.C.,

a Delaware limited liability company,

as Seller

 

RELATING TO

Northlake
Commons, Charlotte, North Carolina

 

    	 

    	 

    

 

TABLE OF CONTENTS*

 

	 	Page
	 	 
	Section 1.  Agreement of Purchase and Sale	1
	 	 
	Section 2.  The Purchase Price	3
	 	 
	Section 3.  Inspection Period.	3
	 	 
	Section 4.  Title.	5
	 	 
	Section 5.  Closing Date	6
	 	 
	Section 6.  "AS IS"	6
	 	 
	Section 7.  Satisfaction of Liens	8
	 	 
	Section 8.  Representations, Warranties and Covenants.	8
	 	 
	Section 9.  Operation of Property to Closing; Exclusivity.	12
	 	 
	Section 10.  Conditions to Obligations to Close	13
	 	 
	Section 11.  Closing Documents.	14
	 	 
	Section 12.  Brokerage	16
	 	 
	Section 13.  Notices	17
	 	 
	Section 14.  Prorations and Costs.	18
	 	 
	Section 15.  Damage or Destruction Prior to Closing and Condemnation.	22
	 	 
	Section 16.  Remedies.	22
	 	 
	Section 17.  Reporting Requirements	23
	 	 
	Section 18.  Miscellaneous.	23
	 	 
	Section 19.  Confidentiality	25
	 	 
	Section 20.  Indemnity	26
	 	 
	Section 21   SEC S-X 3-14 Audit	27

 

    	i

    	 

    

 

Schedules:

 

	Schedule 1.5	Schedule of Leases
	 	 
	Schedule 1.10	List of Contracts
	 	 
	Schedule 8.1.5	List of Pending Claims and Litigation
	 	 
	Schedule 9.2	Leases to be Renewed

 

Exhibits:

 

	Exhibit A	Description of Land
	 	 
	Exhibit B	Earnest Money Escrow Agreement
	 	 
	Exhibit C-1	Special Warranty Deed
	 	 
	Exhibit C-2	Assignment & Assumption of Leases
	 	 
	Exhibit C-3	Tenant Notice Letter
	 	 
	Exhibit C-4	Bill of Sale
	 	 
	Exhibit C-5	Assignment of Warranties, Approvals and Intangibles
	 	 
	Exhibit C-6	Certificate
	 	 
	Exhibit C-7	Assignment and Assumption of Contracts
	 	 
	Exhibit C-8	Vendor Notice Letter
	 	 
	Exhibit D-1	Tenant Estoppel Certificate
	 	 
	Exhibit E	Due Diligence Materials to be Delivered to Purchaser
	 	 
	Exhibit F	Form of Audit Letter

 

    	ii

    	 

    

 

PURCHASE AND SALE
AGREEMENT

(Northlake
Commons, Charlotte, North Carolina)

 

PURCHASE AND SALE AGREEMENT
("Agreement") made this 14th day of July, 2014 ("Effective Date"), between NORTHLAKE COMMONS,
L.L.C., a Delaware limited liability company, having an address at c/o Ferncroft Capital LLC, 500 East Boulevard, Charlotte, North
Carolina 28203, ("Seller"), and AMERICAN REALTY CAPITAL IV, LLC, a Delaware limited liability company,
having an address at 405 Park Avenue, 15th Floor, New York, New York 10022 ("Purchaser").

 

WITNESSETH:

 

RECITALS

 

A.           Seller
owns a shopping center ("Center") known as Northlake Commons in Charlotte, North Carolina. The land ("Land")
on which the Center is located is more particularly described on Exhibit "A" attached hereto and incorporated
herein by this reference (such Land and such Center and Seller's right, title and interest in and to all improvements located on
such Land are herein referred to as the "Property").

 

B.           Seller
desires to sell and Purchaser desires to acquire the Property on the terms and provisions hereinbelow set forth.

 

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

 

Section 1.             Agreement
of Purchase and Sale. Seller hereby agrees to sell and convey and Purchaser agrees to purchase on such terms and conditions
as are hereinafter set forth, all of the following:

 

1.1           Fee
simple title in and to the Property, together with all right, title and interest of Seller (if any) in and to all covenants, easements,
rights-of-way, rights, privileges and other tenements, appurtenances and hereditaments appertaining thereto, including, without
limitation, all of Seller's right, title and interest (if any) in and to (a) any strips or gores adjoining or adjacent to the Land,
(b) the streets and roads adjoining or adjacent to the Land to the center line thereof, (c) all mineral, water and irrigation rights,
if any, running with or otherwise pertaining to the Land, and (d) any award made or to be made or settlement in lieu thereof for
the Property by reason of condemnation, eminent domain or exercise of police power;

 

1.2           All
of Seller's right, title and interest in and to all apparatus, fittings and fixtures in or on the Property or which are attached
thereto ("Fixtures");

 

1.3           All
of Seller's right, title and interest in and to any equipment, machinery and personal property of Seller’s located in or
on the Property ("Personal Property");

 

    	1

    	 

    

 

1.4           All
of Seller's right, title and interest (if any) in and to the trademark, service mark, trade name and name "Northlake Commons"
and all other trademarks, services marks, trade names, names and logos used in connection with the advertising and promotion of
the Project (as hereinafter defined) or otherwise relating to the Project, and any variations thereof, together with all good will
of the business connected with the use of and symbolized by such trademarks, service marks, trade names, names and logos, any telephone
numbers and listings for the Property and any copyrights, trade secrets, intellectual property and other intangible property relating
to the Property, if any ("Intangibles"), but expressly excluding (a) any appraisals or other economic evaluations
of, or projections with respect to, all or any portion of the Property, including, without limitation, budgets prepared by or on
behalf of Seller or any affiliate of Seller, (b) any documents, materials or information which are subject to attorney/client,
work product or similar privilege, which constitute attorney communications with respect to the Property and/or Seller, or which
are subject to a confidentiality agreement, and (c) any trade name, mark or other identifying material that includes the names
"Trammell Crow," "Crow Holdings Capital Partners," "CH Realty," "Crow Holdings" or any
derivative thereof.

 

1.5           The
interest of Seller, as landlord, in all leasehold estates created by those certain leases, tenancies and rental agreements and
all amendments thereto and all guaranties thereof that are described in the Schedule of Leases attached hereto as Schedule "1.5"
(sometimes hereinafter referred to as the "Lease Schedule") together with additional leases, tenancies and rental
agreements entered into by Seller in accordance with the terms of this Agreement (herein collectively referred to as the "Leases;"
and the tenants under the Leases are herein, collectively, referred to as the "Tenants");

 

1.6           All
of Seller's right, title and interest in and to all warranties and guaranties, if any, relating to the Property (collectively,
the "Warranties");

 

1.7           All
of Seller's right, title and interest in and to all consents, authorizations, variances or waivers, licenses, permits and approvals
from any governmental or quasi-governmental agency, department, board, commission, bureau or other entity or instrumentality (collectively,
"Governmental Authority") relating to the Property (collectively, the "Approvals");

 

1.8           All
of Seller's right, title, obligations and interest in and to all construction, operating and reciprocal easement agreements, if
any, affecting the Property (the "REAs");

 

1.9           All
of Seller's assignable right, title and interest in and to all existing construction contracts, subcontracts, architecture and
engineering agreements, and similar agreements, if any, relating to the design, development and construction of the Property (the
"Construction Agreements");

 

1.10         All
of Seller's right, title and interest in and to all other written agreements of Seller which affect the Property ("Contracts")
including, without limitation, personal property leases and contracts, other than the Leases and Permitted Exceptions (as hereinafter
defined) and Contracts which Purchaser elects during the Inspection Period (as hereinafter defined) not to assume. A schedule of
all Contracts in existence on the Effective Date is attached hereto as Schedule "1.10"; and

 

    	2

    	 

    

 

1.11         All
of Seller's right, title and interest in and to all plans and specifications and other architectural and engineering drawings for
the Property (the "Plans").

 

The Property, the Fixtures,
the Leases, the Personal Property, the Intangibles, the Warranties, the Approvals, the REAs, the Construction Agreements, the Contracts,
the Plans and all other interests of Seller in and to the Property are herein collectively referred to as the "Project".

 

Section 2.             The
Purchase Price. The purchase price (the "Purchase Price") for the Project is THIRTY ONE MILLION FIVE HUNDRED
THOUSAND AND NO/100 DOLLARS ($31,500,000.00), to be paid as follows:

 

2.1           SIX
HUNDRED THOUSAND AND NO/100 DOLLARS ($600,000.00) (such amount and any interest earned on such amount(s), the "Deposit")
shall be paid by Purchaser to Benchmark Title Services, 2000 McKinney Avenue, 4th Floor, Dallas, Texas 75201, Attn.:
Brett Poston ("Escrow Agent" or "Title Company") within two (2) business days after the Effective
Date. The Deposit shall be held in escrow by Escrow Agent to be disbursed as provided in the Earnest Money Escrow Agreement, the
form of which is attached hereto as Exhibit "B" (the "Earnest Money Escrow Agreement"). The parties
shall execute the Earnest Money Escrow Agreement contemporaneously with the execution of this Agreement. If the purchase and sale
of the Project is consummated in accordance with the terms and provisions of this Agreement, then the Deposit shall be applied
fully to the Purchase Price at Closing and transferred to an account or accounts designated in writing by Seller. If Purchaser
terminates this Agreement in accordance with Section 3.3, the Deposit shall be returned to Purchaser. In all other events,
the Deposit shall be disposed of by the Title Company as provided in the Earnest Money Escrow Agreement.

 

2.2           The
balance of the Purchase Price after deducting the Deposit shall be paid to Seller at the Closing, plus or minus prorations and
adjustments to be made pursuant to this Agreement, in good immediately available United States funds by wire transfer to a bank
account or accounts to be designated in writing by the Title Company prior to the Closing for transfer to an account or accounts
designated in writing by Seller.

 

2.3           Concurrently
with the execution of this Agreement, Purchaser shall deliver the sum of $100.00 (the “Independent Consideration”)
to Escrow Agent as independent consideration for the execution of this Agreement by Seller and Purchaser. The Independent Consideration
shall not be refundable to Purchaser and, following receipt by Escrow Agent, shall be delivered by Escrow Agent to, and thereafter
retained by, Seller.

 

Section 3.              Inspection
Period.

 

3.1           Purchaser
will have until 11:59 pm (Charlotte, North Carolina time) on July 28, 2014 (the "Inspection Period") to perform
physical inspections and other due diligence and to decide, in Purchaser's sole discretion, whether the Project is satisfactory.
Seller has delivered all of the materials described on Exhibit "E" hereto, to the extent in the actual possession
of Seller (the "Property Information"). All due diligence costs including, without limitation, all costs of building
and site inspections, engineering, environmental and/or other reports or inspections undertaken by Purchaser, shall be paid for
by Purchaser.

 

    	3

    	 

    

 

3.2           During
the Inspection Period, Seller, upon not less than two (2) business days' prior written notice to Seller, will provide Purchaser
or its designated representatives access to the Property at reasonable times to conduct, at Purchaser's sole cost and expense,
its due diligence with respect to the Project; provided that, (i) such access shall be coordinated with a representative of Seller
and accompanied by a representative of Seller, (ii) any entry into any Tenant's space shall be subject to the terms of such Tenant's
Lease, (iii) Purchaser shall indemnify, defend and hold Seller harmless from and against all claims for costs, expenses, losses,
damages and/or liabilities (collectively "Claims") asserted against Seller arising from Purchaser's due diligence
activities on or about the Property, excluding from the foregoing indemnity any Claims relating to (a) the negligence or willful
misconduct of Seller or any of Seller's agents or representatives, or (b) any pre-existing liabilities for matters merely discovered
by Purchaser (i.e., latent environmental contamination), (iv) in no event shall Purchaser conduct any invasive testing on the Property
(including any soils borings) without the prior written consent of Seller, (v) Purchaser shall promptly repair any damage resulting
from any such activities and restore the Property to its condition immediately prior to such activities, (vi) Purchaser shall fully
comply with all applicable laws, ordinances, rules and regulations (collectively, the "Legal Requirements"), and
(vii) Purchaser shall not permit any inspections, investigations or other due diligence activities to result in any liens, judgments
or other encumbrances being filed against the Property and shall, at its sole cost and expense, as promptly as possible, but in
no event more than thirty (30) days, discharge of record any such liens or encumbrances that are so filed or recorded. In no event
shall Purchaser conduct any invasive testing without the prior written consent of Seller, which consent may be given or withheld
in Seller's sole discretion. Purchaser's liabilities under this Section 3 shall survive the Closing or earlier termination
of this Agreement.

 

3.3           On
or before the expiration of the Inspection Period, Purchaser will have the right in its sole and absolute discretion, for any reason
or no reason, to terminate this Agreement by giving written notice of termination to Seller. In the event Purchaser fails to timely
give notice on or before the expiration of the Inspection Period that Purchaser has elected to waive its right to terminate this
Agreement pursuant to this Section 3.3, Purchaser shall be deemed for all purposes to have rejected the Property and the
Project and elected to terminate this Agreement. In the event Purchaser timely gives notice of Purchaser's election to waive its
right to terminate this Agreement pursuant to this Section 3.3 and any other Section that refers to this Section 3.3,
Purchaser shall thereafter have no further right to terminate this Agreement save and except for a failure of Seller to close hereunder
as required by Sections 10 and 11 or for the rights to terminate pursuant to Sections 4.1.2, 15 and 16. In the event
Purchaser timely exercises its right to terminate this Agreement pursuant to this Section 3.3 or pursuant to any other Section
that refers to this Section 3.3, (a) Purchaser shall receive a full return of the Deposit, (b) except for obligations that
this Agreement expressly states survive termination, neither party shall have any further rights against the other hereunder, and
(c) if requested by Seller, Purchaser shall promptly return to Seller all due diligence materials that Seller may have delivered
to Purchaser (together with any copies made by Purchaser or its agents) pursuant to this Section 3.

 

    	4

    	 

    

 

Section 4.             Title.
Purchaser shall accept good and indefeasible fee simple title to the Property subject only to the Permitted Exceptions (hereinafter
defined in Section 4.1.1).

 

4.1.1.          Seller
will promptly order, if it has not previously done so, a title insurance commitment ("Title Commitment") to be
issued by the Title Company. In addition, Seller shall deliver to Purchaser Seller's existing "as-built" survey of the
Property (the "Existing Survey"). Purchaser shall have the right to obtain an update of the Existing Survey, at Purchaser's
sole cost and expense, certified to the Title Company, Purchaser, Seller and Lender ("Survey"). Seller will cause
copies of the Title Commitment, all documents of record which are listed as exceptions in the Title Commitment and the Existing
Survey (collectively, the "Title Materials") to be delivered to Purchaser on or before the date that is ten (10)
business days after the Effective Date. No later than five (5) days prior to the expiration of the Inspection Period ("Title
Review Period"), Purchaser may furnish Seller with a written statement of objections, if any, to title to the Property
("Objections"). If, between the end of the Title Review Period and Closing, Purchaser receives notice of additional
liens, encumbrances or other matters not reflected in the initial Title Commitment or Survey and not arising by, through or under
Purchaser, or otherwise becomes aware of such matters, Purchaser may submit a revised list adding additional Objections (the "Additional
Objections"). Purchaser shall be deemed to have agreed to accept title subject to all matters reflected in the Title Commitment
and to the state of facts shown on the Survey, other than Objections that have been timely given. All title matters and exceptions
set forth in the Title Commitment and the state of facts shown on the Survey which are not Objections, or which are thereafter
deemed to be accepted or waived by Purchaser as hereinafter provided are hereafter referred to as the "Permitted Exceptions".

 

4.1.2.          If
Purchaser notifies Seller within the Title Review Period of Objections, or following notice of any Additional Objections, then
within five (5) business days after Seller's receipt of Purchaser's notice, Seller shall notify Purchaser in writing ("Seller's
Title Response Notice") of the Objections or Additional Objections, if any, which Seller agrees to satisfy at or prior
to the Closing, at Seller's sole cost and expense, and of the Objections that Seller cannot or will not satisfy, it being understood
Seller shall have no obligation to satisfy any Objections, and Seller shall not be required to bring any action or proceeding or
take any other steps to remove any Objections or to expend any monies therefor; provided, however, Seller, at its sole cost and
expense, shall be obligated to cure, remove or insure around by Closing all mortgages, deeds of trust, judgment liens, mechanic's
and materialmen's liens, and other liens and encumbrances against the Property arising by, through or under Seller (other than
liens for taxes and assessments which are not delinquent and liens arising by, through or under Tenants) which either secure indebtedness
or can be removed by payment of a liquidated sum of money, whether or not Purchaser objects thereto during the Title Review Period.
Failure by Seller to respond to Purchaser by the expiration of said five (5) day response period shall be deemed as Seller's election
not to cure the Objections raised by Purchaser. If Seller notifies Purchaser (or is deemed to notify Purchaser) that Seller cannot
or will not satisfy any Objections, then Purchaser shall have the option to be exercised within five (5) business days following
Purchaser's receipt (or deemed receipt) of the Seller's Title Response Notice of either (i) terminating this Agreement by giving
written notice of termination to Seller, whereupon the rights of the parties shall be as set forth in Section 3.3 hereof
or (ii) electing to consummate the purchase of the Project, in which case Purchaser shall be deemed to have waived such Objections
and such Objections shall become "Permitted Exceptions" for all purposes hereunder. Failure by Purchaser to respond
to Seller by the expiration of said five (5) business day response period shall be deemed its election to waive the applicable
Objection(s), which shall become "Permitted Exceptions".

 

    	5

    	 

    

 

4.1.3.          Provided
that Purchaser pays the applicable premium therefor, it is a condition to Purchaser's obligation to close that the Title Company
shall issue an Owners Policy of Title Insurance (ALTA 2006 Form) to Purchaser in the amount of the Purchase Price, insuring that
Purchaser has good and indefeasible fee simple title to the Property, subject only to the Permitted Exceptions (the "Title
Policy"). The premiums for the Title Policy, and all endorsements to the Title Policy requested by Purchaser, shall be
paid by Purchaser.

 

Section 5.            Closing
Date. The sale contemplated by this Agreement shall be consummated and closed through an escrow arrangement with the Title
Company on August 27, 2014, or such earlier or later date upon which the parties may mutually agree ("Closing Date").
In addition, Purchaser shall have the option to extend the Closing Date for a period of up to fifteen (15) days by delivery of
written notice of such extension to Seller and Title Company on or before the business day immediately preceding the originally
scheduled Closing Date. In the event Purchaser elects to extend the Closing Date, as set forth above, Purchaser shall deposit with
Escrow Agent the additional sum of SIX HUNDRED THOUSAND AND NO/100 DOLLARS ($600,000.00) (the "Additional Deposit") within
two (2) business days after the delivery of Purchaser's notice to extend the Closing Date, which Additional Deposit shall be deemed
part of the Deposit (and non-refundable, except to the extent any provision of this Agreement otherwise expressly provides for
a right to a refund of the Deposit thereafter) and shall be held and disbursed by Escrow Agent in accordance with the terms of
this Agreement. The terms and conditions of such escrow arrangement shall be consistent with the terms of this Agreement and shall
otherwise be reasonably acceptable to Seller, Purchaser and the Title Company. The consummation and the closing of the purchase
and sale of the Project as contemplated by this Agreement are herein referred to as the "Closing".

 

Section 6.          

 

6.1           "AS
IS". Purchaser shall make such investigations and inspections of the Project and the books and records relating thereto
as allowed herein to satisfy itself as to all matters relating to its purchase of the Project. Except as otherwise expressly set
forth herein, Purchaser shall purchase the Project "AS IS, WHERE IS AND WITH ALL FAULTS", subject to normal wear and
tear until Closing and subject to casualty damage as herein provided. EXCEPT AS EXPRESSLY SET FORTH IN SECTION 8.1, SELLER
HAS NOT MADE, IS NOT MAKING AND HEREBY EXPRESSLY DISCLAIMS ANY REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, OF ANY KIND WITH
RESPECT TO THE PROJECT, INCLUDING, BUT NOT LIMITED TO, MATTERS OF TITLE (EXCEPT AS SET FORTH IN THE DEED), ZONING, TAX CONSEQUENCES,
AVAILABILITY OF ACCESS, INGRESS OR EGRESS, OPERATING HISTORY OR PROJECTIONS, GOVERNMENTAL APPROVALS, THE PHYSICAL CONDITION OF
THE PROJECT, COMPLIANCE WITH LAWS, INCLUDING ENVIRONMENTAL LAWS, OR THE VALUE, CONDITION, MERCHANTABILITY, PROFITABILITY, SUITABILITY
OR FITNESS FOR A PARTICULAR USE OR PURPOSE OF THE PROJECT. PURCHASER CONFIRMS THAT IT IS A KNOWLEDGEABLE BUYER OF REAL ESTATE AND
THAT IT IS RELYING SOLELY ON ITS OWN EXPERTISE AND THAT OF ITS CONSULTANTS IN PURCHASING THE PROPERTY. PURCHASER WILL CONDUCT SUCH
INSPECTIONS AND INVESTIGATIONS OF THE PROJECT AS IT DEEMS NECESSARY. THE TERMS AND CONDITIONS OF THIS SECTION 6 SHALL EXPRESSLY
SURVIVE THE CLOSING.

 

    	6

    	 

    

 

This Agreement and the
Exhibits and Schedules attached hereto contain all the terms of the agreement entered into between the parties, and Purchaser acknowledges
that neither Seller nor any representatives of Seller have made any representations or warranties or held out any inducements to
Purchaser, other than those herein expressly stated. Without limiting the generality of the foregoing, Purchaser has not relied
on any representations or warranties (and neither Seller nor its representatives made any representations or warranties) other
than as expressly set forth herein or in the documents executed by Seller and delivered at Closing, in either case express or implied,
as to (i) the current or future real estate tax liability, assessment or valuation of the Property; (ii) the potential qualification
of the Property for any and all benefits conferred by federal, state or municipal laws, whether for subsidies, special real estate
tax treatment, insurance, mortgages, or any other benefits, whether similar or dissimilar to those enumerated; (iii) the availability
of any financing for the purchase, alteration, rehabilitation or operation of the Property from any source, including but not limited
to, state, city, or federal government or any institutional lender; (iv) the physical condition of the Property; or (v) compliance
with any applicable law, rule or regulation, building code, zoning code and Environmental Law (defined in Section 8.1.10).

 

Purchaser acknowledges
that it will have the opportunity to inspect the Property during the Inspection Period, and during such period, observe its physical
characteristics and existing conditions and the opportunity to conduct such investigation and study on and of the Property and
adjacent areas as Purchaser deems necessary, and Purchaser hereby FOREVER RELEASES AND DISCHARGES Seller from all responsibility
and liability, including without limitation, liabilities under all Environmental Laws regarding the condition, valuation, salability
or utility of the Property, or its suitability for any purpose whatsoever (including, but not limited to, with respect to the presence
in the soil, air, structures and surface and subsurface waters, of Hazardous Materials or other materials or substances that have
been or may in the future be determined to be toxic, hazardous, undesirable or subject to regulation and that may need to be specially
treated, handled and/or removed from the Property under current or future federal, state and local laws, regulations or guidelines,
and any structural and geologic conditions, subsurface soil and water conditions and solid and hazardous waste and Hazardous Materials
on, under, adjacent to or otherwise affecting the Property). Purchaser further hereby WAIVES (and by Closing this transaction will
be deemed to have WAIVED) any and all objections and complaints (including, but not limited to, federal, state and local statutory
and common law based actions, and any private right of action under any federal, state or local laws, regulations or guidelines
to which the Property is or may be subject, including, but not limited to, CERCLA [defined in Section 8.1.10]) concerning
the physical characteristics and any existing conditions of the Property. Purchaser further hereby assumes the risk of changes
in applicable laws and regulations relating to past, present and future environmental conditions on the Property and the risk that
adverse physical characteristics and conditions, including, without limitation, the presence of Hazardous Materials or other contaminants,
may not have been revealed by its investigation. Notwithstanding the foregoing, in no event shall Purchaser be deemed to have released
or discharged Seller of or from any responsibility or liability for any of the representations or warranties of Seller set forth
in Section 8.1 or any of the covenants or agreements of Seller set forth in this Agreement or any document executed and
delivered by Seller at the Closing.

 

    	7

    	 

    

 

6.2           Survival.
The representations and warranties made by Seller in Section 8 hereof, as the same may be modified hereunder, shall survive
the Closing of this Agreement and the passage of title to the Property from Seller to Purchaser. Any claim asserted by Purchaser
against Seller for breach of a representation or warranty in Sections 6 or 8 shall be asserted by Purchaser by written notice
received by Seller within 180 days from and after the Closing Date (the “Survival Period”); provided, however,
that any lawsuit filed in relation to such claim must be filed within one (1) year after the Closing Date or such longer period
of time as may be required by applicable law, if any. For purposes of this Section 6 or Section 8, the term "survival"
shall mean that the aggrieved party shall only be entitled to pursue a legal claim or cause of action against the other party pursuant
to any of such representations to the extent such representation was false as of the Effective Date or the Closing Date, as applicable,
such aggrieved party was thereby damaged and files a suit with respect to any legal claim relative to such alleged breach on or
before the expiration of the survival period herein indicated.

 

6.3           Reserved
Amount. Until the expiration of the Survival Period (or such longer period as may be applicable pursuant to the immediately
following sentence), Seller covenants to maintain a net worth not less than $200,000.00. The covenant in this Section 6.3
shall survive the Closing until the expiration of the Survival Period, except to the extent that a written notice of a claim against
Seller for breach of the representations and warranties made by Seller in Section 8 hereof is provided by Purchaser pursuant
to Section 6.2 prior to the expiration of the Survival Period, in which case this covenant shall survive until such claim
is resolved.

 

Section 7.             Satisfaction
of Liens. If at the Closing there are any liens on the Property which Seller or Purchaser is obligated under the terms of this
Agreement to pay and discharge, Seller or Purchaser, as the case may be, shall have the right to instruct the Title Company to
use any cash portion of the Purchase Price to satisfy the same, if the obligation is that of Seller, or if the obligation is that
of Purchaser, Purchaser shall provide the additional funds necessary to satisfy the same at or before Closing. Provided that Seller
shall have delivered to the Title Company at or before the Closing acceptable pay-off letters from any lien holders verifying the
amounts to be paid at Closing to satisfy and release such liens of record, and Seller authorizes the Title Company to use the Purchase
Price (or a portion thereof) to pay such liens, then the existence of any such liens to be satisfied and released out of the Purchase
Price shall not be deemed Objections to title.

 

Section 8.             Representations,
Warranties and Covenants.

 

8.1           Seller
hereby represents, warrants and covenants as of the Effective Date and as of the Closing as follows:

 

    	8

    	 

    

 

8.1.1.          Seller
is entitled to and has all requisite power and authority to enter into this Agreement and to carry out the transactions contemplated
hereby.

 

8.1.2.          The
execution of this Agreement by Seller, the consummation of the transactions herein contemplated, and the execution and delivery
of all documents to be executed and delivered by Seller, have been or will be duly authorized by all requisite action on the part
of Seller.

 

8.1.3.          Neither
the execution of this Agreement nor the carrying out of the transactions contemplated herein will result in any violation of or
be in conflict with the instruments pursuant to which Seller was organized and/or operates, or, to Seller's knowledge, any applicable
law, rule or regulation of any Governmental Authority, or of any instrument or agreement to which Seller is a party.

 

8.1.4.          There
are no leases or other tenancies for any space in the Property other than those set forth on the Lease Schedule.

 

8.1.5.          Except
as set forth on Schedule 8.1.5 attached hereto, there are no actions, suits or other proceedings by any person, firm, corporation,
Tenant or by any Governmental Authority now pending or, to Seller's knowledge, threatened against or affecting the Project or any
part thereof, nor, to Seller's knowledge, are there any investigations pending or threatened against or affecting the Project by
any Governmental Authority.

 

8.1.6.          There
are no pending or, to Seller’s knowledge, threatened (a) eminent domain proceedings affecting the Property, in whole or in
part, or (b) action or proceeding to change road patterns or grades which would affect ingress to or egress from the Property.

 

8.1.7.          To
Seller's knowledge, there are no persons having any rights or asserting any claims for occupancy or possession of the Property,
except Seller, the Tenants, as tenants only under the Leases, and parties having rights under the REA.

 

8.1.8.          Seller
is not a foreign person (as defined in Section 1445 of the Internal Revenue Code of 1986, as amended, and the regulations
promulgated thereunder).

 

8.1.9.          Seller
is not insolvent or bankrupt. Seller has not commenced (within the meaning of any federal or state bankruptcy law) a voluntary
case, consented to the entry of an order for relief against it in an involuntary case, or consented to the appointment of a custodian
of it or for all or any substantial part of its property, nor has a court of competent jurisdiction entered an order or decree
under any federal or state bankruptcy law that is for relief against Seller in an involuntary case or appointed a custodian of
Seller for all or any substantial part of its property.

 

8.1.10.         Seller
has not received any written notice from any Governmental Authority of the violation of any Environmental Laws (as hereinafter
defined). "Environmental Laws" means all laws or regulations which relate to the manufacture, processing, distribution,
use or storage of Hazardous Materials (as hereinafter defined). "Hazardous Materials" shall mean:

 

    	9

    	 

    

 

(a)          Those
substances included within the definitions of "hazardous substances," "hazardous materials," "toxic substances,"
or "solid waste" in the: Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA"),
42 U.S.C. § 9601 et. seq., as amended by the Superfund Amendments and Reauthorization Act or any equivalent state or local
laws or ordinances; the Resource Conservation and Recovery Act ("RCRA"), 42 U.S.C. § 6901 et. seq., as amended
by the Hazardous and Solid Waste Amendments of 1984, or any equivalent state or local laws or ordinances; the Federal Insecticide,
Fungicide, and Rodenticide Act ("FIFRA"), 7 U.S.C. § 136 et. seq. or any equivalent state or local laws or
ordinances; the Hazardous Materials Transportation Act, 49 U.S.C. § 1801, et. seq.; the Emergency Planning and Community Right-to-Know
Act ("EPCRA"), 42 U.S.C. § 11001 et. seq. or any equivalent state or local laws or ordinances; the Toxic
Substance Control Act ("TSCA"), 15 U.S.C. § 2601 et. seq. or any equivalent state or local laws or ordinances;
or the Occupational Safety and Health Act, 29 U.S.C. § 651 et. seq. or any equivalent state or local laws or ordinances;

 

(b)          Those
substances listed in the United States Department of Transportation Table (49 CFR 172.101 and amendments thereto or by the Environmental
Protection Agency (or any successor agency) as hazardous substances (40 CFR Part 302 and amendments thereto);

 

(c)          Any
material waste or substance which is (A) designated as a "hazardous substance" pursuant to Section 311 of the
Clean Water Act, 33 U.S.C. § 1251 et seq. (33 U.S.C. § 1321) or listed pursuant to Section 307 of the Clean Water
Act (33 U.S.C. § 1317) or (B) radioactive materials; and

 

(d)          These
substances included within the definitions of "hazardous substances", "hazardous materials", "toxic substances"
or "solid waste" in the Hazardous Waste Management Act of 1978.

 

8.1.11.         There
are no options to purchase or rights of first refusal affecting or relating to the Property.

 

8.1.12.         
Seller is not an employee benefit plan (a "Plan") subject to the Employee Retirement Income Security Act of 1974, as
amended ("ERISA"), or Section 4975 of the Internal Revenue Code of 1986, as amended (the "Code"), Seller's
assets do not constitute "plan assets" within the meaning of the "plan asset regulations" (29.C.F.R. Section
2510.3-101), and Seller's sale of the Property to Purchaser will not constitute or result in a non-exempt prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code.

 

8.1.13.         
Seller is currently in compliance with, and shall at all times during the term of this Agreement (including any extension thereof)
remain in compliance with, the regulations of the Office of Foreign Assets Control ("OFAC") of the Department of the
Treasury (including those named on OFAC's Specially Designated Nationals and Blocked Persons List) and any statute, executive order
(including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten
to Commit, or Support Terrorism), or other governmental action relating thereto.

 

    	10

    	 

    

 

For the purposes hereof,
the terms "to the extent of Seller's knowledge and belief," "to Seller's actual knowledge," "to Seller's
knowledge," or similar qualifying phrases shall mean the actual, not constructive, knowledge of John G. Hollmeyer, in his
capacity as an officer of the manager of Seller, and not individually, and not otherwise; and shall, furthermore, not impose any
requirement upon such officer to undertake any independent investigation. In addition, Purchaser hereby acknowledges and agrees
that John G. Hollmeyer is acting as an officer of the manager of Seller, and in no manner, expressly or impliedly, is making any
of the representations contained herein as an individual and, accordingly, shall have no liability to Purchaser under this Agreement
or otherwise.

 

8.2           Purchaser
hereby warrants and represents to Seller as of the Effective Date and as of the Closing, as follows:

 

8.2.1.          Purchaser
is and will continue at all times to be until the Closing an entity, duly and validly existing in the state of its formation.

 

8.2.2.          The
execution of this Agreement by Purchaser, the consummation of the transactions herein contemplated, and the execution and delivery
of all documents to be executed and delivered by Purchaser, have been or will be, prior to the Closing, duly authorized by all
requisite action on the part of Purchaser and this Agreement has been, and all documents to be delivered by Purchaser pursuant
to this Agreement, will be, duly executed and delivered by Purchaser and is or will be, as the case may be, binding upon and enforceable
against Purchaser in accordance with their respective terms;

 

8.2.3.          Neither
the execution of this Agreement nor the carrying out by Purchaser of the transactions contemplated herein will result in any violation
of or be in conflict with the instruments pursuant to which Purchaser was organized and/or operates, or any applicable law, rule
or regulation of any Governmental Authority, or of any instrument or agreement to which Purchaser is a party and no consent or
approval of any third party is required for the execution of this Agreement by Purchaser or the carrying out by Purchaser of the
transactions contemplated herein.

 

8.2.4.          Purchaser
is currently in compliance with, and shall at all times during the term of this Agreement (including any extension thereof) remain
in compliance with, the regulations of the OFAC of the Department of the Treasury (including those named on OFAC's Specially Designated
Nationals and Blocked Persons List) and any statute, executive order (including the September 24, 2001, Executive Order Blocking
Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental
action relating thereto.

 

8.2.5.          Purchaser
is not a Plan subject to ERISA, or Section 4975 of the Code, Purchaser's assets do not constitute "plan assets" within
the meaning of the "plan asset regulations" (29.C.F.R. Section 2510.3-101), and Seller's sale of the Property to Purchaser
will not constitute or result in a non-exempt prohibited transaction under Section 406 of ERISA or Section 4975 of the Code.

 

    	11

    	 

    

 

Section 9.              Operation
of Property to Closing; Exclusivity.

 

9.1           From
the Effective Date until the Closing or sooner termination of this Agreement, (a) Seller shall continue to operate the Project
in substantially the same manner in which it presently operates the Project; (b) Seller will maintain the existing insurance covering
the Property or if any of such policies is expiring such policies shall be replaced with new policies containing the same or substantially
similar coverage; and (c) Seller shall not place any mortgage or any other encumbrance, easement, covenant, condition, right-of-way
or restriction on the Property or voluntarily take any action that materially and adversely affects title to the Property as same
exists on the Effective Date unless required or contemplated by the existing Leases, REA or documents which constitute Permitted
Exceptions.

 

9.2           From
and after the Effective Date until the Closing or sooner termination of this Agreement, Seller shall not enter into any new Lease
without the prior written or deemed approval of Purchaser (which approval shall not be unreasonably withheld, delayed or conditioned
if requested during the Inspection Period but shall be in Purchaser’s sole discretion following the expiration of the Inspection
Period) nor shall it amend, modify, extend or terminate any Lease or grant any rent abatement or concessions to existing tenants
without the prior written or deemed approval of Purchaser (which approval shall not be unreasonably withheld, delayed or conditioned
if requested during the Inspection Period but shall be in Purchaser’s sole discretion following the expiration of the Inspection
Period) unless (a) such new Lease, renewal of a Lease or amendment, modification or termination or rent abatement or concession
is expressly provided for in an existing Lease as of the Effective Date and Seller provides Purchaser with written notice of its
intent to amend, modify, extend or terminate such Lease, or (b) such new Lease, renewal of a Lease or amendment or modification
of a Lease relates to one of the Leases described on Schedule "9.2" attached hereto and made a part hereof, and
is at a rental rate and otherwise on terms equal to or more favorable than the terms set forth on such Schedule "9.2".
Seller shall notify Purchaser of any proposed amendment, modification or termination of a Lease or any proposed new Lease in writing,
including the identity of the proposed tenant, together with a summary of the terms thereof in reasonable detail, and Purchaser
shall notify Seller in writing within five (5) business days of receipt of its consent thereto or of any objections thereto together
with the reasons therefor. In the event Purchaser shall not notify Seller whether or not Purchaser consents to any such amendment,
modification or termination of a Lease or any such new Lease within five (5) business days following Purchaser's receipt of Seller's
notification thereof, such amendment, modification or termination of a Lease or such new Lease shall be deemed approved by Purchaser.
Seller agrees to pay or discharge at or prior to Closing all leasing commissions, costs for tenant improvements, legal fees and
other costs and expenses that are due with respect to Leases in force as of or prior to the Effective Date; provided, however,
Purchaser and Seller shall prorate based upon the term of such Lease or renewal thereof as of the Closing Date all leasing commissions
and costs for tenant improvements that are incurred with respect to Leases and Lease renewals and extensions executed subsequent
to the Effective Date in compliance with this Agreement and that are either approved in writing by Purchaser or are permitted without
Purchaser’s approval pursuant to this Section 9.2.

 

    	12

    	 

    

 

9.3           Seller
agrees not to market any portion of the Property for sale from the Effective Date until the earlier of (a) the Closing or (b) a
termination of this Agreement.

 

Section 10.         Conditions
to Obligations to Close. (a) The obligations of Purchaser to consummate the transactions contemplated herein shall be subject
to the fulfillment of the following conditions ("Purchaser's Conditions"), any of which may be waived by Purchaser
in its sole and absolute discretion:

 

(1)         The
representations and warranties of Seller made herein shall be true and correct in all material respects, Seller shall have performed
all covenants and agreements made herein and Seller shall have delivered to Purchaser all of the closing documents required pursuant
to Section 11.1 hereof.

 

(2)         Purchaser's
receipt of the Required Tenant Executed Estoppels and the REA Estoppels (each as hereinafter defined).

 

(3)         An
unconditional agreement by the Title Company to issue the Title Policy.

 

(4)         Delivery
of possession of the Property to Purchaser subject only to the Permitted Exceptions and to the rights of Tenants under the Leases,
as tenants only.

 

(5)        As
of the Closing, there shall be no default (and no event or circumstance that, with the passage of time and/or giving of notice,
could be a default) under any Lease with a Major Tenant.

 

(b)          The
obligations of Seller to consummate the transactions contemplated herein shall be subject to the fulfillment of the following conditions
("Seller's Conditions"), any of which may be waived by Seller in its sole and absolute discretion: The representations
and warranties of Purchaser made herein shall be true and correct in all material respects, Purchaser shall have performed all
covenants and agreements made herein and Purchaser shall have delivered to Seller all of the closing documents required pursuant
to Section 11.3 hereof.

 

In the event any of
the Purchaser's Conditions shall not be satisfied as of the Closing Date, Purchaser shall have the right to terminate this Agreement
by giving written notice to Seller and receive a return of the Deposit, whereupon neither party shall have any further rights or
obligations hereunder except for any provisions of this Agreement that expressly survive termination. In the event that the Seller's
Condition shall not be satisfied as of the Closing Date, Seller shall have the right to terminate this Agreement by giving written
notice to Purchaser, whereupon the Deposit shall be returned to Purchaser and neither party shall have any further rights or obligations
hereunder except for any provisions of this Agreement that expressly survive termination. In the event that any of Seller’s
Conditions are not satisfied as a result of a default by Purchaser, then Seller shall have the remedies set forth in Section
16.1 hereof. In the event that any of Purchaser’s Conditions are not satisfied as a result of a default by Seller, then
Purchaser shall have the remedies set forth in Section 16.2 hereof.

 

    	13

    	 

    

 

Section 11.           Closing
Documents.

 

11.1        At
the Closing, Seller shall deliver the following documents to the Title Company, except for the Leases, Contracts and materials
referred to in Section 11.1.15, as to which delivery at Closing shall be coordinated with Purchaser:

 

11.1.1.          
a special warranty deed (the "Deed") executed by Seller and acknowledged before a notary public and in the form
of Exhibit “C-1” attached hereto and made a part hereof, conveying fee title to the Property to Purchaser subject
only to the Permitted Exceptions;

 

11.1.2.          
assignments of Seller's interest in all the Leases in the form of Exhibit "C-2" attached hereto and made a part
hereof executed by Seller;

 

11.1.3.          
a notice to all Tenants advising them of the transfer of title to the Property in the form of Exhibit "C-3" attached
hereto and made a part hereof executed by Seller;

 

11.1.4.          
bill of sale in the form of Exhibit "C-4" attached hereto and made a part hereof executed by Seller;

 

11.1.5.          
an assignment transferring Seller's right, title and interest in and to Warranties, Approvals and Intangibles, if any, in the form
of Exhibit "C-5" attached hereto and made a part hereof executed by Seller;

 

11.1.6.          
a certificate in the form of Exhibit "C-6" attached hereto and made a part hereof executed by Seller;

 

11.1.7.          
a FIRPTA Affidavit executed by Seller stating that Seller is not a foreign person (as defined in Section 1445 of the Internal
Revenue Code of 1986, as amended, and the Regulations promulgated thereunder);

 

11.1.8.          
an assignment of the Contracts in the form of Exhibit "C-7" attached hereto and made a part hereof executed by
Seller;

 

11.1.9.          
a notice letter in the form of Exhibit "C-8" attached hereto and made a part hereof executed by Seller to each
vendor under a Contract being assigned advising the vendor of the transfer of the Property and the assignment and assumption of
the applicable Contract with stamped addressed envelopes and completed certified mail return receipt cards;

 

11.1.10.         evidence
of the existence, organization and authority of Seller and of the authority of the persons executing documents on behalf of Seller
reasonably satisfactory to the Title Company and the underwriter for the Title Policy;

 

11.1.11.         a
tenant rent roll for the Project and an accounts receivable schedule for the Project, each prepared no more than ten (10) days
prior to the Closing Date, certified by Seller to be true, correct and complete in all material respects as of the date thereof;

 

11.1.12.         a
closing statement executed by Seller;

 

    	14

    	 

    

 

11.1.13.         such
other instruments and documents which shall be reasonably necessary in connection with the transaction contemplated herein and
which do not impose, create, or potentially create any liability or expense upon Seller not expressly required under this Agreement;

 

11.1.14.         all
keys to the Project; and

 

11.1.15.         to
the extent not previously delivered by Seller to Purchaser and to the extent in Seller's possession or control, (a)  records
and files relating to the current operation and maintenance of the Project, including, without limitation, current tax bills, current
water, sewer, utility and fuel bills, payroll records, billing records for Tenants, repair and maintenance records and the like
which affect or relate to the Project, (b) all architectural and engineering plans and specifications relating to the Property,
and (c) all original Leases and Contracts, Approvals, and Warranties. Seller's obligation to provide the files and materials listed
herein shall survive the Closing.

 

11.2       Estoppel
Certificates.

 

11.2.1.          Seller,
at its cost and expense, shall diligently and in good faith endeavor to obtain and deliver to Purchaser no later than five (5)
business days prior to the Closing estoppel certificates in the form of Exhibit "D-1" attached hereto and made
a part hereof (or in such form as may be prescribed under any Lease or in the customary form used by any Tenant that is a regional
or national retailer), certified to Purchaser and its successors and assigns ("Estoppel Certificate"), duly executed
by each of the Tenants of the Property dated no earlier than forty-five (45) days prior to the Closing Date. Prior to distributing
the Estoppel Certificates to the Tenants, Seller shall deliver to Purchaser drafts of the completed Estoppel Certificates (with
all applicable exhibits attached, including photocopies of the executed lease and all applicable amendments thereto) for Purchaser's
review and approval. Purchaser shall promptly review such drafts and deliver to Seller any requested revisions thereto, and Purchaser
shall be deemed to have approved any Estoppel Certificate to which Purchaser does not object within five (5) business days after
receipt thereof. Once the Estoppel Certificates have been approved by Purchaser, Seller shall promptly deliver the appropriate
Estoppel Certificate to each respective Tenant (with all applicable exhibits attached, including photocopies of the executed lease
and all applicable amendments thereto). Promptly after Seller's receipt thereof, Seller shall deliver to Purchaser any executed
Estoppel Certificate and any comments to any Estoppel Certificate. Estoppel Certificates that do not indicate (x) any material
discrepancy from the Property Information, (y) any Lease amendment, assignment or subletting that was not previously provided by
Seller to Purchaser pursuant to Section 3.1 and which is not reasonably acceptable to Purchaser, or (z) any material and
adverse claim or landlord default, are herein referred to as the "Tenant Executed Estoppels". In the event that
Seller shall not have obtained Tenant Executed Estoppels from the Major Tenants (as hereinafter defined) and other Tenants under
Leases comprising at least eighty percent (80%) of the remaining gross leasable area of the Property actually leased to Tenants
(collectively, the "Required Tenant Executed Estoppels") at the Closing, Purchaser shall have the right to (i)
terminate this Agreement by giving written notice of termination to Seller on or before the Closing Date, whereupon the provisions
of Section 3.3 hereof with respect to a termination shall apply, or (ii) adjourn the Closing Date for a period not exceeding
thirty (30) days to allow Seller additional time to obtain the Required Tenant Executed Estoppels. Seller agrees to forward any
Tenant Executed Estoppels received by Seller from a Tenant to Purchaser within three (3) business days after Seller's receipt of
same. For purposes of this Agreement, the "Major Tenant" shall be defined to mean Olive Garden, On the Border, Chili’s,
Chick-Fil-A and Red Robin.

 

    	15

    	 

    

 

11.2.2.          
Seller, at its cost and expense, shall diligently and in good faith endeavor to obtain and deliver to Purchaser no later than five
(5) business days prior to the Closing estoppel certificates (the "REA Estoppels"), in form and substance reasonably
satisfactory to Purchaser, from the declarant, association, committee, agent and/or other owner, person or entity having governing
or approval rights under the REA or any other declaration of covenants, conditions and restrictions or similar instruments governing
or affecting the use, operation, maintenance, management or improvement of the Project. In the event any one or more declarants,
associations, committees, agents or other owners, persons or entities having governing or approval rights under an REA or other
declaration fails or refuses to execute an REA Estoppel, Seller shall have the right, but not the obligation, to execute and deliver
to Purchaser an estoppel with respect to the applicable REA, which Seller estoppel shall be deemed an REA Estoppel for purposes
of this Agreement.

 

11.3       At
the Closing, Purchaser shall deliver the following documents in addition to payment of the balance of the Purchase Price:

 

11.3.1           evidence
reasonably satisfactory to the Title Company of Purchaser's authority to execute and deliver this Agreement and the documents to
be delivered by it pursuant thereto;

 

11.3.2           an
instrument of assumption of all of Seller's obligations under the Leases in the form of Exhibit "C-1" executed
by Purchaser;

 

11.3.3           an
instrument of assumption of all of Seller's obligations under those Contracts being assumed by Purchaser, in the form of Exhibit
"C-6" executed by Purchaser;

 

11.3.4           a
closing statement executed by Purchaser; and

 

11.3.5           such
other instruments or documents which shall be necessary in connection with the transaction herein contemplated and which do not
impose, create, or potentially create any liability or expense upon Purchaser not expressly required under this Agreement.

 

Section 12.         Brokerage.
Except for Berkeley Capital Advisors, Inc. ("Broker"), Seller and Purchaser mutually represent and warrant to each other
that there are no brokers involved in this transaction. If, as and when the Closing occurs, but not otherwise, Seller shall pay
Broker a commission pursuant to a separate written agreement. Seller and Purchaser shall indemnify, defend and hold harmless the
other against any costs, claims or expenses, including reasonable attorneys' fees, arising out of the breach of their respective
representations and/or agreements hereunder. The provisions of this Section shall survive the Closing.

 

    	16

    	 

    

 

Section 13.       Notices.
All notices or other communications hereunder to either party shall be (i) in writing and shall be deemed to be given on the earlier
to occur of (a) actual receipt or (b) the second business day after deposit of both the original and copy as provided below
in a regularly maintained receptacle for the United States mail, by registered or certified mail, return receipt requested, postage
prepaid, addressed as provided hereinafter, and (ii) addressed:

 

	 	If to Purchaser:	American Realty Capital IV, LLC
	 	 	405 Park Avenue, 15th Floor
	 	 	New York, New York 10022
	 	 	Attn: Michael Weil
	 	 	 
	 	With a copy to:	American Realty Capital IV, LLC
	 	 	405 Park Avenue, 15th Floor
	 	 	New York, New York 1002
	 	 	Attn: Jesse Galloway and Jeremy Eichel
	 	 	E-mail: jgalloway@arlcap.com and 

jeichel@arlcap.com
	 	 	 
	 	With a copy to:	Retail Centers of America, Inc.
	 	 	2000 McKinney Avenue
	 	 	Suite 1000
	 	 	Dallas, Texas  75201
	 	 	Attention:  Chris Cotten and Steve Seitz
	 	 	E-mail:  ccotten@lpc.com and sseitz@lpc.com
	 	 	 
	 	With a copy to:	Condon Thornton Sladek Harrell PLLC
	 	 	8080 Park Lane, Suite 700
	 	 	Dallas, Texas  75231
	 	 	Attention:  William L. Sladek, Esq.
	 	 	E-mail: bsladek@ctshlaw.com
	 	 	 
	 	If to Seller:	Northlake Commons, L.L.C.
	 	 	c/o Ferncroft Capital LLC
	 	 	500 East Boulevard
	 	 	Charlotte, North Carolina 28203
	 	 	Attention:  John Hollmeyer
	 	 	E-mail:  john@ferncroftcapital.com
	 	 	 
	 	With a copies to:	Northlake Commons, L.L.C.
	 	 	3819 Maple Avenue
	 	 	Dallas, Texas  75219
	 	 	Attention:  Anna Graves
	 	 	E-mail:  agraves@crowholdings.com

 

    	17

    	 

    

 

	 	And:	Northlake Commons, L.L.C.
	 	 	3819 Maple Avenue
	 	 	Dallas, Texas  75219
	 	 	Attention:  General Counsel
	 	 	E-mail:  kbryant@crowholdings.com
	 	 	 
	 	And:	Winstead
	 	 	500 Winstead Building
	 	 	2728 N. Harwood Street
	 	 	Dallas, Texas 75201
	 	 	Attention:  Greg Zimmerman, Esq.
	 	 	E-mail:  gzimmerman@winstead.com

 

Notices may also be given
by overnight courier service, in which event, the notice shall be deemed delivered on the next business day.

 

Section 14.           Prorations
and Costs.

 

14.1         Prorations.
Purchaser and Seller shall apportion as of 11:59 p.m. (Charlotte, North Carolina time) on the day preceding the Closing, the items
hereinafter set forth. Any errors or omissions in computing apportionments at Closing shall be promptly corrected. The obligations
set forth in this Section 14 shall survive the Closing. The items to be adjusted are:

 

14.1.1.    city,
state, county, school, ad valorem taxes and other assessments for the fiscal year of sale; should such proration be inaccurate
based on the actual millage set forth on the ad valorem tax bill if the current tax bill has not been received by the date of the
Closing, either party may demand after the date of Closing, that such taxes and assessments be reprorated based on the actual bill
and shall be entitled to receive upon demand, any amount owing to such party based on such reproration; however, notwithstanding
the foregoing, there shall be no proration with respect to the portion of ad valorem taxes to be paid by any tenant directly to
the applicable Governmental Authority;

 

14.1.2.    all
base rent, percentage rent and additional rent and similar charges (collectively, the "Rent") to the extent collected
by Seller. To the extent that Seller receives Rent after the Closing, the same shall be promptly applied in accordance with the
terms of this Section 14.1.2 and, if applicable, delivered to Purchaser. Any Rent from a Tenant after the Closing shall
be applied in the following order of priority:

 

(1)         First,
to any rents then owing for any calendar month or months following the calendar month in which the Closing occurred; and

 

(2)         Second,
to the rents owing for the calendar month in which the Closing occurred; and

 

(3)         Third,
to rents owing for any calendar month or months preceding the calendar month in which the Closing occurred until the Tenant, under
the applicable Lease, is current.

 

    	18

    	 

    

 

For a period of one hundred
eighty (180) days after the Closing, Purchaser shall bill Tenants for all amounts due under their Leases accruing prior to the
Closing (including, without limitation, base rent, additional rent, percentage rent or other Tenant charges for the year 2014)
and shall use commercially reasonable efforts to collect from Tenants any base rent, additional rent, percentage rent or other
tenant charges owing with respect to the period prior to the Closing. To the extent delinquent amounts for base rents, additional
rents, percentage rents and other tenant charges for the period prior to the Closing ("Delinquent Rents") are
collected by Purchaser, subject to clauses 1, 2 and 3 above, such amounts, net of reasonable, out of pocket costs of collection,
including without limitation, reasonable attorney's fees, shall be paid to Seller no later than thirty (30) days following the
date on which such amounts have been received by Purchaser or its agent. Purchaser shall not be obligated to expend any funds or
commence legal proceedings to collect any Delinquent Rents. In no event shall Seller commence any legal proceedings against any
Tenant after the Closing with respect to any Delinquent Rents.

 

At Closing, percentage
rents shall be separately apportioned based on the percentage rents actually collected by Seller. Such apportionment shall be made
separately for each Tenant who is obligated to pay percentage rent on the basis of the fiscal year set forth in the Tenant's Lease
for the determination and payment of percentage rent. Any percentage rent received from a Tenant after the Closing shall be applied
as follows: (a) Purchaser shall be entitled to a prorata portion of such percentage rent payment based on the number of days within
the applicable percentage rent fiscal year period that Purchaser owned the Project and (b) Seller shall be entitled to a prorata
portion of such percentage rent payment based on the number of days within the applicable percentage rent period that Seller owned
the Project.

 

No later than April 30,
2015 (the "Final Adjustment Date"), Seller and Purchaser shall make a final adjustment in accordance with the
provisions of this Section 14.1 of percentage rent and other items of additional rents for which final adjustments or prorations
could not be determined at the Closing, if any, because of the lack of actual statements, bills or invoices for the current period,
the year end adjustment of common area maintenance, taxes and like items, the unavailability of final sales figures or amounts
for percentage rent or any other reason. Any net adjustment in favor of Purchaser or Seller is to be paid in cash by the other
no later than thirty (30) days after such final adjustment has been made.

 

    	19

    	 

    

 

14.1.3. To the extent
Tenants pay monthly estimates of common area maintenance charges, insurance premiums, taxes and similar expenses (collectively,
"Charges") with an adjustment at the end of each fiscal year applicable to Charges, they shall be prorated in
accordance with this Section 14.1.3. Until the adjustment described in this Section 14.1.3 is made, all amounts received
by Seller as interim payments of Charges before the Closing Date shall be retained by Seller, except that all interim payments
received by either party for the month in which the Closing Date occurs shall be prorated as between Seller and Purchaser based
upon the number of days in that month and the party receiving the interim payment shall remit to (if received on or after the Closing
Date) or credit (if received before the Closing Date) the other party its proportionate share. All amounts received by Purchaser
as interim payments of Charges on or after the Closing Date shall be retained by Purchaser until year end adjustment and determination
of Seller's allocable share thereof except to the extent provided in Section 14.1.2 above. No later than the Final Adjustment
Date, Seller's allocable share of actual Charges for Leases in effect as of the Closing Date shall be determined by multiplying
the total payments due from each Tenant for such fiscal year (the sum of estimated payments plus or minus year end adjustments)
by a fraction, the numerator of which is Seller's actual cost of providing common area maintenance services and taxes (as the case
may be) prior to the Closing Date (within that portion of the fiscal year in which the Closing Date occurs in which the applicable
Lease is in effect), and the denominator of which is the cost of providing such services and paying such taxes for the entire fiscal
year (or that portion of the fiscal year in which the applicable Lease is in effect). If, on the basis of amounts actually incurred
and the estimated payments received by Seller prior to the Closing Date, Seller has retained amounts in excess of its allocable
share, it shall remit, within thirty (30) days after notice from Purchaser of the excess owed Purchaser, such excess to Purchaser.
If, on the basis of the foregoing amounts, Seller has retained less than its allocable share, Purchaser shall remit, within thirty
(30) days after notice from Seller of the amount owed Seller, such amount to Seller to the extent received from the Tenants of
the Property.

 

14.1.4. All other income
and all operating expenses of the Project for the assumed Contracts and public utility charges and charges and/or payments under
the REAs with respect to the Project shall be prorated at the Closing effective as of the Closing Date, and appropriate cash adjustments
shall be made by Purchaser and Seller. Seller and Purchaser shall cooperate to arrange for final utility readings as close to the
Closing Date as possible and the issuance of a final bill to Seller with Purchaser being designated the billing party in lieu of
Seller for all utilities that may be in the name of Seller from and after the Closing Date. Notwithstanding anything herein to
the contrary, the management agreement and leasing agreement, if any, for the Property shall be terminated as of the Closing Date
and there shall be no apportionment of any fees or charges thereunder.

 

14.1.5. At Closing,
any prepaid rents attributable to periods from and after the Closing Date and security deposits under the Leases (together with
any interest accrued thereon) shall be transferred to Purchaser either directly or by way of a credit in favor of Purchaser.

 

14.1.6. If, at Closing,
the Property or any part thereof shall have been affected by an assessment or assessments, which are or may become payable in annual
installments, of which the first installment is then a charge or lien, then for the purposes of this Agreement, all the unpaid
installments of any such assessment due and payable in calendar years prior to the year in which the Closing occurs shall be paid
by Seller and all installments becoming due and payable after the Closing shall be assumed and paid by Purchaser, except, however,
that any installments which are due and payable in the calendar year in which the Closing occurs shall be adjusted pro rata. However,
if such an assessment or assessments shall be due in one lump sum payment, then to the extent such assessment(s) is for improvements
in place as of the date of this Agreement, then such assessment(s) shall be paid by Seller but if such assessment(s) is for improvements
to be made subsequent to the date of Closing, then the same shall be paid by Purchaser.

 

    	20

    	 

    

 

14.2         Closing
Costs. Closing costs shall be allocated and paid as follows:

 

	COST	RESPONSIBLE

PARTY
	Title Commitment.	Purchaser
	Premium for Title Policy.	Purchaser
	Premium for any upgrade of Title Policy for any additional coverage and any endorsements desired by Purchaser, any inspection fee charged by the Title Company, tax certificates, municipal and utility lien certificates, and any other Title Company charges	Purchaser
	Costs of Survey and/or any revisions, modifications or recertifications thereto	
        Seller as to existing Survey; Purchaser
        as to updates, revisions, etc.

         

	Costs for UCC searches	Purchaser
	Recording fees	Purchaser
	Any deed taxes, documentary stamps, transfer taxes, intangible taxes, or other similar taxes, fees or assessments with respect to the conveyance of  the Property	
        Seller

         

	Any mortgage taxes, documentary stamps, transfer taxes, intangible taxes, or other similar taxes, fees or assessments with respect to any financing obtained by Purchaser and secured by the Property	Purchaser
	Any escrow fee charged by Escrow Agent for holding the Earnest Money or conducting the Closing	
        Purchaser: 1⁄2

        Seller: 1⁄2

	Real Estate Sales Commission to Broker	Seller
	All expenses, charges and fees for inspections by Purchaser	Purchaser
	Attorneys' fees	Seller and Purchaser as to their respective attorneys 
	All other closing costs, charges, expenses and fees	The party incurring the same 

 

    	21

    	 

    

 

Section 15.           Damage
or Destruction Prior to Closing and Condemnation.

 

15.1         If
prior to the Closing the Property is damaged or destroyed, but not materially damaged or destroyed, by fire or other casualty,
Purchaser shall be required to perform this Agreement and shall be entitled to the net casualty insurance proceeds payable to Seller
with respect thereto under the policies of insurance maintained by Seller and a credit against the Purchase Price in the amount
by which the cost of repair and restoration of such damage or destruction as estimated by the engineer or contractor selected by
Seller and Purchaser exceeds the sum of such net casualty insurance proceeds and any payment or contribution obligation of any
Tenants under the Leases. If the Property is materially damaged or destroyed by fire or other casualty, Purchaser may terminate
this Agreement on written notice to Seller given within ten (10) business days after receiving written notice from Seller of the
occurrence of such fire or casualty. If Purchaser shall exercise such option to terminate, it shall be deemed that Purchaser terminated
this Agreement pursuant to Section 3.3 and the rights of the parties shall be as set forth therein. If Purchaser does not
exercise such option to terminate, this Agreement shall remain in full force and effect in accordance with its terms and Purchaser
shall be entitled to the net casualty insurance proceeds with respect thereto under the policies of insurance maintained by Seller
and a credit against the Purchase Price in the amount by which the cost of repair and restoration of such damage or destruction
as estimated by the engineer or contractor selected by Seller and Purchaser exceeds the sum of such net casualty insurance proceeds
and any payment or contribution obligations of any Tenants under the Leases. In the event of any damage by fire or other casualty,
the determination as to whether such damage or destruction is material in cost shall be made by an engineer or contractor mutually
agreed upon by Seller and Purchaser. For purposes hereof, the Project shall be deemed "materially damaged or destroyed"
if (i) the cost of repair and restoration of such damage or destruction as estimated by the engineer or contractor selected by
Seller and Purchaser is greater than $1,000,000.00 or would take longer than sixty (60) days to repair, or (ii) if such damage
or destruction will entitle any Tenant occupying greater than 5,000 square feet to terminate its Lease or abate its rent in whole
for a period in excess of one hundred eighty (180) days. If prior to Closing the Property is damaged or destroyed and such damage
or destruction is not covered by insurance, and Purchaser does not elect to terminate the Agreement as provided above, Purchaser
shall be entitled to a credit against the Purchase Price for the cost of repair and restoration of such damage or destruction as
estimated by the engineer or contractor selected by Seller and Purchaser.

 

15.2         In
the event proceedings to condemn the Property or any portion thereof are commenced before the Closing, Purchaser shall have the
right to terminate this Agreement in which event it shall be deemed that Purchaser terminated this Agreement pursuant to Section
3.3 hereof and the rights of the parties shall be as set forth therein. In the event Purchaser does not elect to terminate
this Agreement, Seller shall assign to Purchaser, at the Closing, all of Seller's rights, title and interest in and to any condemnation
proceeds payable with respect to the Property or grant Purchaser a credit against the Purchase Price equal to the amount of any
condemnation award paid to Seller.

 

Section 16.           Remedies.

 

16.1         IF
THE SALE IS NOT CONSUMMATED DUE TO ANY DEFAULT BY PURCHASER HEREUNDER, THEN SELLER, AS ITS SOLE AND EXCLUSIVE REMEDY FOR PURCHASER'S
DEFAULT, SUBJECT, HOWEVER, TO THE TERMS OF SECTION 18.2 BELOW, SHALL RETAIN THE DEPOSIT, AS LIQUIDATED DAMAGES, THE PARTIES
HAVING AGREED THAT SELLER'S ACTUAL DAMAGES, IN THE EVENT OF A FAILURE TO CONSUMMATE THIS SALE DUE TO PURCHASER'S DEFAULT, WOULD
BE EXTREMELY DIFFICULT OR IMPRACTICABLE TO DETERMINE. AFTER NEGOTIATION, THE PARTIES HAVE AGREED THAT, CONSIDERING ALL THE CIRCUMSTANCES
EXISTING ON THE DATE OF THIS AGREEMENT, THE AMOUNT OF THE DEPOSIT IS A REASONABLE ESTIMATE OF THE DAMAGES THAT SELLER WOULD INCUR
IN SUCH EVENT. EACH PARTY WAS REPRESENTED BY COUNSEL WHO EXPLAINED, AT THE TIME THIS AGREEMENT WAS MADE, THE CONSEQUENCES OF THIS
LIQUIDATED DAMAGES PROVISION. THE FOREGOING SHALL BE DEEMED TO BE SELLER'S UNCONDITIONAL AND IRREVOCABLE ELECTION OF A REMEDY FOR
A DEFAULT BY PURCHASER UNDER THIS AGREEMENT OTHER THAN FOR OBLIGATIONS OR INDEMNITIES OF PURCHASER WHICH SURVIVE A TERMINATION
OR CLOSING HEREUNDER.

 

    	22

    	 

    

 

16.2         If
Seller shall default in its obligations under this Agreement or if there shall be a breach discovered by Purchaser before Closing
of any of Seller's representations or warranties that has a material and adverse effect on Seller and/or the Project, the parties
hereto agree that Purchaser's sole remedies shall be limited either (a) to the termination of this Agreement as set forth in Section
3.3 hereof and recovery of the reasonable, out-of-pocket costs and expenses incurred by Purchaser and paid to third parties unaffiliated
with Purchaser in connection with the transaction contemplated by this Agreement not to exceed $100,000.00, or (b) to specific
performance of this Agreement.

 

16.3         The
provisions of Sections 16.1 and 16.2 hereof shall not limit any rights or remedies that either party may have against the
other with respect to those provisions of this Agreement that survive Closing or the documents delivered pursuant to Sections
11.1 and 11.3 hereof. Without limiting the generality of the foregoing, the provisions of Sections 16.1 and 16.2 hereof
shall not limit any rights of the parties to recover legal fees as set forth in Section 18.2 hereof.

 

Section 17.           Reporting
Requirements. Purchaser and Seller shall each deposit such other instruments required to close the escrow and consummate the
purchase and sale of the Property in accordance with the terms hereof, including, without limitation, an agreement designating
the Title Company as the "Reporting Person" for the transaction pursuant to Section 6045(e) of the Internal Revenue Code
and the regulations promulgated thereunder, and executed by Seller, Purchaser and the Title Company, but in no event shall such
instruments impose, create or potentially create any liability for Seller or Purchaser not expressly provided for herein. Such
agreement shall comply with the requirements of Section 6045(e) of the Internal Revenue Code and the regulations promulgated thereunder.

 

Section 18.           Miscellaneous.

 

18.1         This
Agreement constitutes the entire Agreement between the parties and supersedes any other previous agreement, oral or written, between
the parties. This Agreement cannot be changed, modified, waived or terminated orally but only by an agreement in writing signed
by the parties hereto. The parties hereby acknowledge and agree this Agreement shall not be executed, entered into, altered, amended
or modified by electronic means. Without limiting the generality of the foregoing, the parties hereby agree the transactions contemplated
by this Agreement shall not be conducted by electronic means, except as specifically set forth in the "Notices" section
of this Agreement. This Agreement shall be binding upon the parties hereto and their respective heirs, executors, personal representatives
and permitted successors and assigns.

 

18.2         In
the event of a default by either party hereto which becomes the subject of litigation, the losing party agrees to pay the reasonable
legal fees, court costs and expenses incurred or paid by the prevailing party. For purposes of this Section, a party will be considered
to be the "prevailing party" if (a) such party initiated the litigation and substantially obtained the relief which it
sought (whether by judgment, voluntary agreement or action of the other party, trial, or alternative dispute resolution process),
(b) such party did not initiate the litigation and either (i) received a judgment in its favor, or (ii) did not receive judgment
in its favor, but the party receiving the judgment did not substantially obtain the relief which it sought, or (c) the other party
to the litigation withdrew its claim or action without having substantially received the relief which it was seeking. The provision
of this Section shall survive the Closing or the termination of this Agreement.

 

    	23

    	 

    

 

18.3         This
Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same original,
and the execution of separate counterparts by Purchaser and Seller shall bind Purchaser and Seller as if they had each executed
the same counterpart.

 

18.4         This
Agreement shall be governed, construed and enforced in accordance with the laws of the State of North Carolina. The headings used
in this Agreement are for convenience only and do not constitute substantive matters to be considered in construing same.

 

18.5         The
parties agree that neither this Agreement nor any memorandum or notice thereof shall be recorded.

 

18.6         Except
as set forth below, this Agreement may not be assigned by Purchaser in whole or in part without the prior written consent of the
Seller. Without limiting the generality of the foregoing, for any assignment by Purchaser to be effective, Seller, no later than
Closing, shall have received an executed copy of each assignment and assumption instrument pursuant to which Purchaser assigns
all of its right, title and interest in and to this Agreement to the assignee(s) (including all rights to the Deposit) and the
assignee(s) assume and agree to be bound by all of the obligations of Purchaser under this Agreement. Further, Purchaser is entering
into this Agreement for and on behalf of ARC NCCHRNC001, LLC ("Approved Assignee") and intends, and shall have the right,
to assign its rights under this Agreement to Approved Assignee prior to Closing. Notwithstanding the foregoing, Purchaser shall
also have the right to assign this Agreement to American Realty Capital-Retail Centers of America II, Inc. and its affiliates without
the prior written consent of Seller. No assignment of this Agreement shall release Purchaser herein. Notwithstanding the foregoing,
Purchaser shall have the right to assign this Agreement without the consent of Seller to an entity that is owned or controlled
by, or under common ownership or control with, Purchaser, or in which Purchaser or an individual or entity that owns or controls
Purchaser or is under common ownership or control with Purchaser is a general partner or managing member.

 

18.7         Submission
of this form of Agreement for examination shall not bind Seller or Purchaser in any manner nor be construed as an offer to sell
and no contract or obligations of Seller or Purchaser shall arise until this Agreement is executed by both Seller and Purchaser
and delivery is made to each.

 

18.8         Each
of the parties agrees that upon request from the other party following the Closing and without further consideration, such party
shall do, execute, acknowledge and deliver or cause to be done, executed, acknowledged and delivered all such further acts or instruments
as shall be reasonably requested by a party in order to effect or carryout the transactions contemplated herein provided same do
not impose any obligations or liabilities upon the party not contemplated in this Agreement. The provisions of this Section 18.8
shall survive the Closing.

 

    	24

    	 

    

 

18.9         Any
and all liabilities and obligations of Purchaser under this Agreement shall be satisfied solely out of the properties and assets
of Purchaser, as they may exist from time to time, and in no event shall the properties or assets of the direct or indirect partners
of Purchaser, or of the affiliate partnerships or corporations or successors or assigns of any such direct or indirect partners
or affiliates, or the directors, officers or shareholders of any of the foregoing, be subject to satisfaction of any liabilities
or obligations of Purchaser under this Agreement. Any and all liabilities and obligations of Seller under this Agreement shall
be satisfied solely out of the properties and assets of Seller, as they may exist from time to time, and in no event shall the
properties or assets of the direct or indirect partners of Seller, or of the affiliate partnerships or corporations or successors
or assigns of any such direct or indirect partners or affiliates, or the directors, officers or shareholders of any of the foregoing,
be subject to satisfaction of any liabilities or obligations of Seller under this Agreement

 

18.10         If
the final date of any period set forth herein (including, but not limited to, the Closing Date) falls on a Saturday, Sunday or
legal holiday under the laws of the State of North Carolina, the State of Texas, or the United States of America, the final date
of such period shall be extended to the next day that is not a Saturday, Sunday or legal holiday. The term "days" as
used herein shall mean calendar days, with the exception of "business days", which term shall mean each day except for
any Saturday, Sunday or legal holiday under the laws of the State of North Carolina, the State of Texas or the United States of
America. Time is of the essence in the performance of this Agreement.

 

Section 19.           Confidentiality.
All Property Information provided by Seller or its agents and representatives to Purchaser with respect to the Property ("Confidential
Information") shall be treated as confidential information by Purchaser, using the same degree of care with respect to
the Confidential Information as Purchaser employs with respect to its own proprietary or confidential information of like importance.
Notwithstanding the foregoing, Purchaser may disclose Confidential Information (i) to its respective directors, officers, members,
managers, consultants, investors, lenders, appraisers, attorneys, accountants, advisers, and affiliates (collectively, "Related
Parties"), provided the Purchaser shall advise each parties of the confidential nature of such information and that such
parties are required to maintain the confidentiality thereof, and (ii) to the extent Purchaser is required to disclose the same
pursuant to a court order, applicable laws (including making such public statements or filings as may be required under any regulations
of the U.S. Securities and Exchange Commission applicable to Purchaser or its affiliates or as may be otherwise advised by counsel
to Purchaser) or pursuant to a legal dispute between Purchaser and Seller. Purchaser and the Related Parties shall not be obligated
to keep confidential any Confidential Information that (1) is already in the public domain, (2) is or becomes generally available
to the public other than as a result of a disclosure or one of the Related Parties by Purchaser, or (3) is or becomes available
to Purchaser on a non-confidential basis from a source other than Seller who, to Purchaser's knowledge, is not subject to a confidentiality
agreement with, or other obligation of secrecy to, Seller prohibiting such disclosure. If this Agreement is terminated for any
reason, Purchaser shall promptly deliver to Seller all Confidential Information it has received from Seller including all copies
or certify to Seller that Purchaser has destroyed same; provided, however, Purchaser (x) will be entitled to retain one copy of
the Confidential Information for compliance purposes or for the purposes of defending or maintaining litigation or threatened litigation,
subject to the continued application of the provisions of this Section and (y) will not be obligated to erase Confidential Information
that is contained in an archived computer system made in accordance with its security and/or disaster recovery procedures on the
understanding that any such retained Confidential Information shall remain subject to the continued application of the provisions
of this Section. Purchaser's obligations under the foregoing provisions of this Section shall terminate on the earlier of (x) twelve
months from the Effective Date, or (y) the Closing Date.

 

    	25

    	 

    

 

Except as required by
applicable law, neither party shall publicize this transaction in the media after the Closing without the prior written approval
of the other party. Without limiting the foregoing requirement for Seller approval, the name "Crow Holdings" shall not
be used or referenced in any public announcement, press release or public disclosure relating to the transactions contemplated
under this Agreement. Purchaser acknowledges and agrees that the use of such name in any public announcement, press release or
public disclosure is not accurate and Purchaser will instruct Purchaser's partners, investors, agents, employees, officers, directors
and attorneys (collectively, the "Purchaser Parties") to comply with this provision. Purchaser, on behalf of itself and
the Purchaser Parties, stipulates that the breach of the foregoing requirements will cause irreparable harm to Purchaser for which
damages may not constitute an adequate remedy. Accordingly, Purchaser agrees, on its own behalf and on behalf of the Purchaser
Parties, that any breach of the foregoing requirements may be enjoined by an appropriate court order or judgment. Seller's remedies
are not limited to injunctive relief for a breach of these requirements, and all legal and equitable remedies will continue to
be available to Seller, except that in no event shall Purchaser be liable for any consequential, special or punitive damages. This
provision shall survive Closing.

 

Section 20.         Indemnity.
Seller shall indemnify, hold harmless and defend Purchaser, Retail Centers of America, Inc., Purchaser's affiliates, the partners,
trustees, shareholders, directors, officers, attorneys, employees and agents of each of them, and their respective heirs, successors,
personal representatives and assigns (collectively, the "Indemnified Purchaser Parties") from any and all demands,
claims (including, without limitation, causes of action in tort), legal or administrative proceedings, losses, liabilities, damages,
penalties, fines, liens, judgments, costs or expenses whatsoever (including, without limitation, attorneys' fees and costs), whether
direct or indirect, known or unknown, foreseen or unforeseen (collectively, "Claims") that may arise on account
of or in any way be connected with any actions, suits, proceedings or claims brought by third parties against the Indemnified Purchaser
Parties, to the limited extent relating to any actual negligence or willful misconduct of Seller occurring with respect to the
Property prior to the Closing Date. Purchaser shall indemnify, hold harmless and defend Seller, Seller's affiliates, the partners,
trustees, shareholders, directors, officers, attorneys, employees and agents of each of them, and their respective heirs, successors,
personal representatives and assigns (collectively, the "Indemnified Seller Parties") from any and all Claims
that may arise on account of or in any way be connected with any actions, suits, proceedings or claims brought by third parties
against Indemnified Seller Parties, to the limited extent relating to any actual negligence or willful misconduct of Purchaser
occurring with respect to the Property from and after the Closing Date. In no event shall either Seller or Purchaser be deemed
to have indemnified the other for any Claims arising out of or relating to the negligence or willful misconduct of the indemnified
party. The provisions of this Section shall survive Closing.

 

    	26

    	 

    

 

Section 21.         SEC
S-X 3-14 Audit. Seller understands that Purchaser is subject to the reporting requirements
of the Securities Act of 1933, as amended, the rules and regulations promulgated thereunder and Rule 3-14 of Regulation S-X. In
order to enable Purchaser to comply with such reporting requirements, Seller agrees to provide Purchaser and its representatives
information required for Purchaser to comply with Rule 3-14 (as reasonably determined by Purchaser's counsel) including, but not
limited to, if applicable, Seller's most current financial statements relating to the financial operation of the Project for the
current fiscal year and the most recent pre-acquisition fiscal year, and upon request and, to the extent required under such Rule
3-14, support for certain operating revenues and expenses specific to the Project. Within five (5) days following a written request
from Purchaser, Seller shall provide a letter to Purchaser's auditors in substantially the form attached hereto as Exhibit
"F". Seller understands that certain of such financial information may be included in filings required to be made
by Purchaser with the U.S. Securities and Exchange Commission. This Section 21 shall survive Closing for a period of one (1) year.

 

[SIGNATURE PAGE FOLLOWS]

 

    	27

    	 

    

 

IN WITNESS WHEREOF,
this Agreement has been entered into as of the day and year first above written.

 

	 	PURCHASER:
	 	 
	 	AMERICAN REALTY CAPITAL IV, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	/s/ Edward M. Weil, Jr.
	 	Name:	Edward M. Weil, Jr.
	 	Title:	President

 

	 	SELLER:
	 	 
	 	NORTHLAKE COMMONS, L.L.C., a
	 	Delaware limited liability company
	 	 	 
	 	By:	Ferncroft Northlake, LLC,
	 	 	a North Carolina limited liability
	 	 	company, its manager
	 	 	 
	 	By:	/s/ John R. Hollmeyer
	 	Name:	John R. Hollmeyer
	 	Title:	Manager

 

    	28

    	 

    

 

SCHEDULE "1.5"

 

Schedule of Leases

 

[Follows this Page]

 

    	29

    	 

    

 

 

    	30

    	 

    

 

SCHEDULE "1.10"

 

List of Contracts

 

 

    	31

    	 

    

 

SCHEDULE "8.1.5"

 

List of Pending Claims and Litigation

 

None.

 

    	32

    	 

    

 

SCHEDULE "9.2"

 

Leases to be Renewed

 

 

    	33

    	 

    

 

EXHIBIT "A"

 

Description of Land

 

BEING
all those tracts or parcels of land located in the City of Charlotte, Mecklenburg County, North Carolina and being
more particularly described as follows:

 

Outparcel
A, Outparcel B, Outparcel C, Outparcel D, Outparcel E and Outparcel F and Water Quality Parcel as more particularly shown on
that plat entitled “Final Record Map – NorthLake Mall, Phase I, Map
2 (NorthLake Commons),” prepared by F. Donald Lawrence
& Associates, P.A., dated February 8, 2005, last revised May 18, 2005 and recorded in
Map Book 43 at Page 699 in the Mecklenburg County Public Registry.

 

    	34

    	 

    

 

EXHIBIT B

 

EARNEST MONEY ESCROW AGREEMENT

 

This Escrow Agreement
("Escrow Agreement"), dated the ____ day of July, 2014, between NORTHLAKE COMMONS, L.L.C., a Delaware limited
liability company ("Seller"), AMERICAN REALTY CAPITAL IV, LLC, a Delaware limited liability company ("Purchaser"),
and BENCHMARK TITLE SERVICES ("Escrow Agent").

 

WHEREAS, pursuant
to that certain Purchase and Sale Agreement, dated July _____, 2014 ("Purchase Agreement"), a copy of which has
been provided to Escrow Agent, Seller agreed to sell to Purchaser and Purchaser agreed to purchase from Seller, that certain real
property and the building improvements located thereon (collectively, the "Property") known as Northlake Commons;
and

 

WHEREAS, the
parties are entering into this Escrow Agreement pursuant to Section 2 of the Purchase Agreement whereby Purchaser is depositing
with the Escrow Agent the sum of $600,000.00 (together with any undisbursed interest thereon and any additional sums deposit hereunder,
the "Deposit") to be held and disbursed in accordance with the provisions of this Escrow Agreement.

 

NOW, THEREFORE,
in consideration of Ten and No/100 ($10.00) Dollars and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, Seller, Purchaser and Escrow Agent hereby agree as follows:

 

1.           Escrow
Agent agrees to hold the Deposit, subject to receipt, in escrow and disburse the Deposit in accordance with the terms of this Escrow
Agreement.

 

2.           Escrow
Agent shall disburse the Deposit as follows:

 

2.1           Escrow
Agent shall deliver the Deposit to Seller (a) upon the Closing hereunder or (b) in the event that Seller makes a written demand
therefor stating that Purchaser has failed to perform Purchaser's obligations hereunder.

 

2.2           Escrow
Agent shall return the Deposit to Purchaser (a) if Purchaser terminates the Purchase Agreement pursuant to Section 3.3 thereof
or (b) in the event that Purchaser makes a written demand therefor stating that Seller has failed to perform Seller's obligations
hereunder or that Purchaser is entitled to the Deposit pursuant to the provisions of the Purchase Agreement.

 

2.3           In
the event that Escrow Agent intends to release the Deposit to either party pursuant to clause 2.1(b) or 2.2(b) hereof, then Escrow
Agent shall give to the other party not less than five (5) business days prior written notice of such fact and if Escrow Agent
actually receives written notice during such five (5) business day period that such other party objects to the release, then Escrow
Agent shall not release the Deposit and any such dispute shall be resolved as provided herein.

 

3.           Escrow
Agent shall invest the Deposit in an interest bearing F.D.I.C. insured account (which account shall not be a money-market account)
acceptable to Seller and Purchaser. Purchaser shall be responsible for paying all taxes on any interest earned on the Deposit,
which obligation shall survive the Closing.

 

    	 

    	 

    

 

4.          Escrow
Agent may not commingle the Deposit with other funds held in its "trustees account".

 

5.          In
the event that a dispute shall arise as to the disposition of the Deposit or any other funds held hereunder in escrow, Escrow Agent
shall have the right, at its option, to either hold the same or deposit the same with a court of competent jurisdiction pending
decision of such court, and Escrow Agent shall be entitled to rely upon the decision of such court.

 

6.          Escrow
Agent shall have no liability whatsoever arising out of or in connection with its activity as escrow agent except in the case of
its negligence or willful misconduct or a breach by Escrow Agent of this Escrow Agreement and Seller and Purchaser jointly and
severally agree to indemnify and hold harmless Escrow Agent from all loss, cost, claim, damage, liability and expenses (including
reasonable attorneys' fees) which may be incurred by reason of its acting as escrow agent unless caused by Escrow Agent's negligence
or willful misconduct or a breach by Escrow Agent of this Escrow Agreement.

 

7.          Escrow
Agent shall be entitled to rely upon any judgment, certification, demand or other writing delivered to it hereunder without being
required to determine the authenticity or the correctness of any fact stated therein, the propriety or validity thereof, or the
jurisdiction of a court issuing any such judgment. Escrow Agent may act in reliance upon (x) any instrument or signature believed
to be genuine and duly authorized, and (y) advice of counsel in reference to any matter or matters connected therewith.

 

8.          In
the event of a dispute concerning disposition of the Deposit, the party to whom the Deposit is finally awarded by a court of competent
jurisdiction shall be entitled to be reimbursed by the other party for its reasonable legal fees incurred in the dispute, court
costs and expenses incurred or paid by the prevailing party.

 

9.          Notices
given under this Escrow Agreement shall be given to the parties at the addresses set forth on the signature page of this Escrow
Agreement in the manner set forth in Section 13 of the Purchase Agreement.

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
this Escrow Agreement has been duly executed as of the date above written.

 

	 	SELLER:
	 	 
	 	NORTHLAKE COMMONS, L.L.C., a Delaware limited liability company
	 	 	 
	 	By:	Ferncroft Northlake, LLC,
	 	 	a North Carolina limited liability
	 	 	company, its manager
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	PURCHASER:
	 	 
	 	AMERICAN REALTY CAPITAL IV, LLC,
	 	a Delaware limited liability company
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	ESCROW AGENT:
	 	 
	 	BENCHMARK TITLE SERVICES
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 

    	 

    

 

Address for Notices to Escrow Agent:

Benchmark Title Services

2000 McKinney Avenue, 4th Floor

Dallas, Texas 75201

Attn.: Brett Poston

E-mail: bposton@bmktitle.com

 

	If to Purchaser:	American Realty Capital IV, LLC
	 	405 Park Avenue, 15th Floor
	 	New York, New York 10022
	 	Attn: Jeremy Eichel and Jesse Galloway
	 	E-mail: jgalloway@arlcap.com and jeichel@arlcap.com
	 	 
	With a copy to:	Retail Centers of America, Inc.
	 	2000 McKinney Avenue
	 	Suite 1000
	 	Dallas, Texas  75201
	 	Attention:  Chris Cotten
	 	E-mail:  ccotten@lpc.com 
	 	 
	With a copy to:	Condon Thornton Sladek Harrell PLLC
	 	8080 Park Lane, Suite 700
	 	Dallas, Texas  75231
	 	Attention:  William L. Sladek, Esq.
	 	E-mail: bsladek@ctshlaw.com
	 	 
	If to Seller:	Northlake Commons, L.L.C.
	 	c/o Ferncroft Capital LLC
	 	500 East Boulevard
	 	Charlotte, North Carolina 28203
	 	Attention:  John Hollmeyer
	 	E-mail:  john@ferncroftcapital.com
	 	 
	With a copies to:	Northlake Commons, L.L.C.
	 	3819 Maple Avenue
	 	Dallas, Texas  75219
	 	Attention:  Anna Graves
	 	E-mail:  agraves@crowholdings.com
	 	 
	And:	Northlake Commons, L.L.C.
	 	3819 Maple Avenue
	 	Dallas, Texas  75219
	 	Attention:  General Counsel
	 	E-mail:  kbryant@crowholdings.com
	 	 
	And:	Winstead
	 	500 Winstead Building
	 	2728 N. Harwood Street
	 	Dallas, Texas 75201
	 	Attention:  Greg Zimmerman, Esq.
	 	E-mail:  gzimmerman@winstead.com

 

    	 

    	 

    

 

EXHIBIT "C-1"

 

SPECIAL WARRANTY DEED

 

NORTH CAROLINA SPECIAL WARRANTY DEED

 

Excise Tax $_______________

 

 

Tax Lot Nos. 025-091-22;
-34; -35; -36; -37; -38; -39     Parcel Identifier No.      ________________________________________

 

Verified by      _______________________County
on the      _____________ day of      _____________________,      ___________________________________

  

	By 	 

 

 

	Mail after recording to	 

  

 

 

	This instrument was prepared by	

 

	Brief description for the Index	  

                                                                                 
	 
	 

 

THIS DEED made this ______________ day of
_______________, 2014_______, by and between

 

	
        GRANTOR

        NORTHLAKE COMMONS, L.L.C.,
        a Delaware limited liability company

         

        c/o Ferncroft Capital

        500 East Boulevard

        Charlotte, North Carolina 28203

        ATTN: John R. Hollmeyer

         
	
        GRANTEE

         

 

Enter in appropriate block for each party:
name, address, and, if appropriate, character of entity, e.g. corporation or partnership.

 

 

The designation Grantor and Grantee as
used herein shall include said parties, their heirs, successors, and assigns, and shall include singular, plural, masculine, feminine
or neuter as required by context.

 

WITNESSETH, that the Grantor, for a valuable
consideration paid by the Grantee, the receipt of which is hereby acknowledged, has and by these presents does grant, bargain,
sell and convey unto the Grantee in fee simple, that certain lot or parcel of land situated in the City of Charlotte, Mecklenburg
County, North Carolina and more particularly described on EXHIBIT A attached hereto and made a part hereof by reference
(the “Property”).

 

The Property hereinabove described was
acquired by Grantor by instrument recorded in Book 18082, Page 371 in the Mecklenburg County Public Registry.

 

A map showing the above-described Property
is recorded in Plat Book 43 page 699

 

    	 

    	 

    

 

All or a portion of the Property herein
conveyed  ̈ includes or x does not include
the primary residence of a Grantor.

 

TO HAVE AND TO HOLD the aforesaid lot or
parcel of land and all privileges and appurtenances thereto belonging to the Grantee in fee simple.

 

And the Grantor covenants with the Grantee,
that Grantor has done nothing to impair such title as Grantor received, and Grantor will warrant and defend the title against the
lawful claims of all persons claiming by, under or through Grantor, except for the exceptions hereinafter stated.

 

Title to the Property hereinabove described
is subject to the exceptions set forth on EXHIBIT B, attached hereto and made a part hereof by reference.

 

IN WITNESS WHEREOF,
the Grantor has executed this Deed as of the day and year first above written.

 

	 	NORTHLAKE COMMONS, L.L.C., a Delaware limited liability company
	 	 	 
	Use Blank Ink	By:	Ferncroft Northlake, LLC, a North Carolina limited liability company, its manager
	 	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

STATE OF NORTH CAROLINA

COUNTY OF MECKLENBURG

 

I certify that the following person(s)
personally appeared before me this day, each acknowledging to me that he or she voluntarily signed the foregoing document for the
purpose stated therein and in the

capacity indicated:

 

	(insert name(s) of those signing):	 	 

 

	Date: __________________, 2014	Official Signature of Notary: _______________________
	 	Notary's printed or typed name:_______________________

 

My commission expires: _______________

 

(Official Seal)

 

    	 

    	 

    

 

Exhibit A To Special Warranty Deed

  

LEGAL DESCRIPTION

 

    	 

    	 

    

 

Exhibit B To Special Warranty Deed

 

PERMITTED EXCEPTIONS

 

    	 

    	 

    

 

EXHIBIT "C-2"

ASSIGNMENT AND ASSUMPTION OF LEASES

 

ASSIGNMENT AND ASSUMPTION
OF LEASES (this "Assignment") made as of the ____ day of ____________________, 2014, by and between __________________________,
a ______________________________ ("Assignor"), and _________________________, a _____________________ ("Assignee").

 

WITNESSETH:

 

WHEREAS, Assignor and
___________________________ entered into that certain Purchase and Sale Agreement, dated _______________ __, 2014 ("Contract")
covering the Premises (as hereinafter defined), which Contract was assigned by _________________ to Assignee; and

 

WHEREAS, Assignor has
simultaneously herewith conveyed to the Assignee all of Assignor's right, title and interest in and to the premises commonly known
as Northlake Commons (the "Premises"), and in connection therewith, Assignor has agreed to assign to Assignee
all of Assignor's right, title and interest in and to those leases described on the schedule attached as Exhibit "A"
hereto and the guaranties and other documents related thereto, if any (collectively, the "Leases").

 

NOW, THEREFORE, in
consideration of the sum of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties hereto hereby agree as follows:

 

1.          Assignor
hereby assigns unto Assignee, all of the right, title and interest of Assignor in and to the Leases;

 

TO HAVE AND TO HOLD
the same unto Assignee, its successors and assigns from and after the date hereof, subject to the terms, covenants and conditions
of the Leases.

 

2.          Assignee
assumes the payment and performance of all of the obligations, covenants, duties and liabilities of the landlord under the Leases
arising or accruing under the Leases from and after the date hereof. Assignee agrees to indemnify, protect, defend and hold Assignor
harmless from and against any and all claims, demands, liabilities, losses, costs, damages or expenses including, without limitation,
reasonable attorneys' fees and costs (collectively, "Claims") arising as a result of any act, omission or obligation
of Assignee arising or accruing with respect to the Leases on or after the date hereof, including, without limitation, any failure
by Assignee to comply with any applicable law from and after the date hereof with respect to the security deposits under the Leases
transferred to Assignee on the date hereof.

 

    	 

    	 

    

 

3.          Assignor
hereby agrees to indemnify, protect, defend and hold Assignee harmless from and against any and all Claims arising as a result
of any act, omission or obligation of Assignor arising or accruing with respect to the Leases prior to the date hereof, including,
without limitation, any failure by Assignor to comply with any applicable laws prior to the date hereof with respect to the security
deposits under the Leases that are being transferred to Assignee on the date hereof.

 

4.          Assignee
acknowledges and agrees that the Leases are being assigned to Assignee by Assignor "As-Is" and without representation
or warranty of any kind, whether express or implied, except only as expressly set forth in, and subject to the limitations of,
Section 6.1 of the Contract.

 

5.          This
Assignment shall be binding upon and shall inure to the benefit of the parties hereto, their respective successors, assigns and
legal representatives.

 

6.          This
Assignment may be executed in separate counterparts, which, together, shall constitute one and the same fully executed Assignment.
The entities comprising Assignor shall be jointly and severally liable for the obligations and liabilities of Assignor hereunder.

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
this Assignment has been duly executed as of the date first above written.

 

	 	ASSIGNOR:
	 	 
	 	 	,
	 	a	 	 

 

	 	By: 	 
	 	Name:	 
	 	Title:	 

 

	 	ASSIGNEE:
	 	 
	 	 	,
	 	a	 	 

  

	 	By:	 
	 	Printed Name:	 
	 	Its:	 

 

    	 

    	 

    

 

EXHIBIT "C-3"

 

TENANT NOTICE LETTER

 

___________________, 2014

[Name]

[Company]

[Mailing Address]

[City, State, Zip]

 

		Re:	Lease dated _______________________ (as amended, modified and supplemented from time to time, the
"Lease") by and between _______________________________ ("Landlord") and __________________________________
("Tenant") concerning the Demised Premises known as ________________________________ located in Northlake Commons,
Charlotte, North Carolina

 

Dear [ ]:

 

Please be advised that,
as of the date set forth above, the Shopping Center and Landlord's interest in the Lease were purchased by ___________________________________
("New Owner"). All security deposits, to the extent held by Landlord, were transferred to New Owner. Landlord
hereby irrevocably instructs and authorizes you to hereafter make all payments, Rent and otherwise, payable to ________________________
and deliver such payments to:

 

____________________________________

____________________________________

____________________________________

    	 

    	 

    

 

The instructions set
forth herein are irrevocable and are not subject to modification in any manner except that any successor landlord or lender, so
identified by New Owner, may by written notice to you rescind the instructions contained herein.

 

	 	Very truly yours,
	 	 
	 	 	,
	 	a	 	 

 

	 	By:	 
	 	 Name:	 
	 	Title:	 

 

    	 

    	 

    

 

EXHIBIT "C-4"

 

BILL OF SALE

 

FOR GOOD
AND VALUABLE CONSIDERATION, the receipt and sufficiency of which is hereby
acknowledged, _________________________________________, a ______________________ ("Seller"), does hereby
sell, transfer and convey to ___________________________, a ______________________ ("Purchaser"), all
personal property owned by Seller and used in connection with the operation of that certain real property more particularly
described in Exhibit A attached hereto (collectively, the "Personal Property").

 

PURCHASER ACKNOWLEDGES
THAT SELLER IS SELLING AND PURCHASER IS PURCHASING SUCH PERSONAL PROPERTY ON AN "AS IS WITH ALL FAULTS" BASIS AND THAT
PURCHASER IS NOT RELYING ON ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND WHATSOEVER, EXPRESS OR IMPLIED, FROM SELLER, ITS AGENTS,
OR BROKERS AS TO ANY MATTERS CONCERNING SUCH PERSONAL PROPERTY, INCLUDING, WITHOUT LIMITATION, ANY WARRANTIES AS TO TITLE OR IMPLIED
WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. NOTWITHSTANDING THE FOREGOING, SELLER REPRESENTS AND WARRANTS
THAT IT OWNS ALL OF THE PERSONAL PROPERTY FREE AND CLEAR OF ALL LIENS AND ENCUMBRANCES AND RIGHTS OF THIRD PARTIES.

 

	Dated: ___________________, 2014.	 
	 	 
	 	SELLER:
	 	 
	 	 	,
	 	a	 	 

  

	 	By: 	 
	 	Name:	 
	 	Title:	 

 

    	 

    	 

    

 

EXHIBIT C-5

 

ASSIGNMENT OF WARRANTIES, APPROVALS
AND INTANGIBLES

 

ASSIGNMENT OF WARRANTIES,
APPROVALS AND INTANGIBLES (this "Assignment") made as of the ____ day of _______________, 2014, by and between
___________________________, a ______________________ ("Assignor"), and ________________________, a ________________________________
("Assignee").

 

W I T N E S S E T H:

WHEREAS, Assignor has
simultaneously herewith conveyed to Assignee all of Assignor's right, title and interest in and to the premises commonly known
as Northlake Commons, Charlotte, North Carolina (the "Premises"), and in connection therewith, Assignor has agreed
to assign to Assignee all of Assignor's right, title and interest, if any, in and to (i) any warranties and/or guaranties relating
to the Premises (collectively, "Warranties"), (ii) any governmental consents, authorizations, variances, waivers,
licenses, permits and approvals relating to the Premises (collectively, "Approvals") and (iii) the trademark,
service mark, trade name and name "Northlake Commons" and all other trademarks, services marks, trade names, names and
logos used in connection with the advertising and promotion of the Premises or otherwise relating to the Premises, and any variations
thereof, together with all good will of the business connected with the use of and symbolized by such trademarks, service marks,
trade names, names and logos, any telephone numbers and listings for the Premises and any copyrights, trade secrets, intellectual
property and other intangible property relating to the Premises (collectively, "Intangibles"), but expressly excluding
(a) any appraisals or other economic evaluations of, or projections with respect to, all or any portion of the Premises, including,
without limitation, budgets prepared by or on behalf of Assignor or any affiliate of Assignor, (b) any documents, materials or
information which are subject to attorney/client, work product or similar privilege, which constitute attorney communications with
respect to the Premises and/or Assignor, or which are subject to a confidentiality agreement, and (c) any trade name, mark or other
identifying material that includes the names "Trammell Crow," "Crow Holdings Capital Partners," "CH Realty,"
"Crow Holdings" or any derivative thereof.

 

    	 

    	 

    

 

NOW, THEREFORE, in
consideration of the sum of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties hereto hereby agree as follows:

 

1.          Assignor
hereby assigns unto Assignee, all of the right, title and interest, if any, of Assignor in and to the Warranties, Approvals and
Intangibles. The execution of this Assignment shall not be deemed to constitute a representation or warranty by Assignor that Assignor
has the right to transfer any right, title or interest in any warranty, permit or intangible or that Assignee shall be entitled
to receive the benefit of any such right, title or interest;

 

TO HAVE AND TO HOLD
the same unto Assignee, its successors and assigns from and after the date hereof.

 

2.          This
Assignment shall be binding on Assignor and its successors, assigns and legal representatives and shall inure to the benefit of
the Assignee and its successors, assigns and legal representatives.

 

3.          This
Assignment may be executed in separate counterparts, which, together, shall constitute one and the same fully executed Assignment.
The entities comprising Assignor shall be jointly and severally liable for the obligations and liabilities of Assignor hereunder.

 

IN WITNESS WHEREOF,
this Assignment has been duly executed as of the date first above written.

 

	 	ASSIGNOR:
	 	 
	 	 	,
	 	a	 	 

 

	 	By: 	 
	 	Name:	 
	 	Title:	 

 

    	 

    	 

    

 

EXHIBIT "C-6"

CERTIFICATE

 

Reference is hereby
made to that certain Purchase and Sale Agreement ("Agreement") dated ______________ __, 2014, by and between ____________________________,
a ____________________________ ("Seller"), and ____________________________________, as assigned by ___________________________________________
to _____________________________, a ___________________________ ("Purchaser").

 

Seller hereby certifies
solely and exclusively to Purchaser that, as of the date hereof, all of the representations and warranties of Seller set forth
in Section 8.1 of the Agreement are true and correct in all material respects with the same force and effect except for
any changes in the representations and warranties which occurred between the date of the Agreement and the date hereof and with
respect to which Seller has heretofore notified Purchaser in writing in accordance with Section 8.1 of the Agreement.

 

IN WITNESS WHEREOF,
the undersigned has caused this Certificate to be executed as of this ___ day of , 2014.

 

	 	SELLER:
	 	 
	 	 	,
	 	a	 	 

  

	 	By: 	 
	 	Name:	 
	 	Title:	 

 

    	 

    	 

    

 

EXHIBIT "C-7"

 

ASSIGNMENT AND ASSUMPTION OF CONTRACTS

 

ASSIGNMENT AND ASSUMPTION
OF CONTRACTS (this "Assignment") made as of the ____ day of _____________________, 2014, by and between ________________________,
a ________________________ ("Assignor"), and _______________________, a ___________________________________ ("Assignee").

 

W I T N E S S E T H:

 

WHEREAS, Assignor and
________________________, entered into that certain Purchase and Sale Agreement, dated ___________________ __, 2014 ("Contract"),
covering certain premises, which Contract was assigned by ______________________ to Assignee; and

 

WHEREAS, Assignor has
simultaneously herewith conveyed to the Assignee all of Assignor's right, title and interest in and to the premises located as
set forth on Exhibit "A" attached hereto, and in connection therewith, Assignor has agreed to assign to Assignee all
of Assignor's right, title and interest in and to the contracts, agreements, instruments and understandings listed on Exhibit "B"
annexed hereto ("Contracts").

 

NOW, THEREFORE, in
consideration of the sum of Ten Dollars ($10.00) and other good and valuable consideration, the receipt and sufficiency of which
is hereby acknowledged, the parties hereto hereby agree as follows:

 

1.          Assignor
hereby assigns unto Assignee, all of the right, title and interest, if any, of Assignor in and to the Contracts;

 

TO HAVE AND TO HOLD the
same unto Assignee, its successors and assigns from and after the date hereof.

 

2.          Assignee
assumes the payment and performance of all of the obligations, covenants, duties and liabilities of Assignor arising or accruing
under the Contracts from and after the date hereof.

 

3.          Assignor
agrees to indemnify, protect, defend and hold Assignee harmless from and against any and all claims, demands, liabilities, losses,
costs, damages or expenses including, without limitation, reasonable attorneys' fees and costs (collectively, "Claims")
arising as a result of any act, omission or obligation of Assignor arising or accruing with respect to the Contracts prior to the
date hereof.

 

4.          Assignee
agrees to indemnity, protect, defend and hold Assignor harmless from and against any and all Claims arising as a result of any
act, omission or obligation of Assignee arising or accruing with respect to the Contracts on or after the date hereof.

 

5.          Assignee
acknowledges and agrees that the Contracts are being assigned to Assignee by Assignor "As-Is" and, without representation
or warranty of any kind, whether express or implied, except only as set forth in, and subject to the limitation in Section 6.1
of the Contract.

 

    	 

    	 

    

 

6.          This
Assignment shall be binding upon and shall inure to the benefit of Assignor and Assignee and their respective successors, assigns
and legal representatives.

 

7.          This
Assignment may be executed in separate counterparts, which, together, shall constitute one and the same fully executed Assignment.

 

IN WITNESS WHEREOF,
this Assignment has been duly executed as of the date first above written.

 

	 	ASSIGNOR:
	 	 
	 	 	,
	 	a	 	 

  

	 	By: 	 
	 	Name:	 
	 	Title:	 

  

	 	ASSIGNEE:
	 	 
	 	 	,
	 	a	 	 

  

	 	By: 	 
	 	Printed Name:	 
	 	Its:	 

 

    	 

    	 

    

 

EXHIBIT "C-8"

 

VENDOR NOTICE LETTER

 

_____________, 2013

[Name]

[Company]

[Mailing Address]

[City, State, Zip]

 

		Re:	Contract dated ___________________ (as amended, the "Contract") by and between
_____________________________ ("Vendor") and _____________________ relating to Northlake Commons (the "Shopping
Center")

 

Dear [ ____________]:

 

Please be advised that,
as of the date set forth above, the Shopping Center was purchased by ____________________________ ("New Owner"),
and Vendor's interest in the Contract was assigned to New Owner. Hereafter, all invoices and correspondence should be sent to:

 

Telephone:

If you have any questions,
please contact ________________ at:

Telephone:

Telecopier:

 

	 	Very truly yours,
	 	 
	 	 	,
	 	a	 	 

  

	 	By:	 
	 	Name:	 
	 	Title:	 

 

    	 

    	 

    

 

EXHIBIT "D-1"

TENANT ESTOPPEL CERTIFICATE

 

TENANT:______________________________________________

STORE NO:__________________ ("Premises")
at Northlake Commons, Charlotte, North Carolina ("Center")

PREMISES ADDRESS: __________________________________

 

The undersigned ("Tenant")
hereby certifies to American Realty Capital IV, LLC, ARC NCCHRNC001, LLC, and their respective successors and assigns (the "Purchaser")
of the Center and to Purchaser's lender, and its successors and assigns (the "Lender"), as follows:

 

a)Tenant is the
present tenant of the Premises pursuant to that certain Lease dated ___________, ____, by and between _______________________ ("Landlord")
or its predecessor-in-interest, as landlord, and Tenant or its predecessor-in-interest, as tenant ("Lease"). A
true, correct and complete copy of the Lease, together with any amendments, modifications and supplements thereto and any guaranties
thereof, is attached hereto. The Lease is the entire agreement between Landlord (or any affiliated party) and Tenant (or any affiliated
party) pertaining to the leased premises. There are no amendments, modifications, supplements, arrangements, side letters or understandings,
oral or written, of any sort, of the Lease, except those which are attached hereto. The Lease has been duly executed and delivered
by, and is a binding obligation of, Tenant, and the Lease is in full force and effect.

 

b)The primary term
of the Lease is for a period of ____________ (___) years, commencing _______________, ____ and expiring on ______________, _____.
[The Lease also contains ____ renewal option[s] for a period of ___________ (___) years [each] under the terms and conditions specified
in the Lease.]

 

c)The current monthly
rental of $__________________ has been paid through ________, 201__. Monthly rent is payable in advance on the first day of each
calendar month. All additional rents and other sums due and payable under the Lease have been paid through the date hereof. No
rents, additional rents or other sums payable under the Lease have been paid more than one (1) month in advance of the due dates
therefor. [Tenant's percentage share of operating expenses/common area charges, insurance and real estate taxes is _____%, which
is currently being paid on an estimated basis in advance at the rate of $__________ per month.] [Tenant is obligated to pay percentage
rent equal to ____% of annual gross sales in excess of $__________. Percentage rent has been paid through __________, 201[].]

 

d)A security deposit
of $ _____________ has been paid under the Lease.

 

e)All obligations
of Landlord under the Lease as of the date hereof have been performed. As of the date hereof, to Tenant's knowledge, neither Tenant
nor Landlord are in default in the performance of any of their respective obligations under the Lease, nor does any condition exist
which with the giving of notice of the passage of time, or both, would constitute a default by Tenant or Landlord under the Lease.

 

    	 

    	 

    

 

f)         Tenant
has unconditionally accepted possession of the Premises and is now occupying the Premises and open for business. Any improvements
to be made by the Landlord have been completed to the satisfaction of Tenant. Tenant has received payment in full of any tenant
improvement allowance or build-out allowance or any other payment to be provided by Landlord under the terms of the Lease. Tenant
is not aware of any defect in the Premises.

 

g)There is no remaining
free rent period or any unexpired concession or abatement of rent. The lease term has commenced and full rental is now accruing
thereunder. Landlord is not reimbursing Tenant or paying Tenant's rent obligations under any other lease, and Tenant has not advanced
any funds for or on behalf of Landlord for which Tenant has a right of deduction from, or set off against, future rent payments.
Tenant has no present right to any credit, offset, deduction or defense against any rents, additional rents or other sums due or
to become due under the Lease.

 

h)No assignments,
subleases, mortgages, hypothecation, or other transfers of Tenant's interest in the Lease are currently in effect. Tenant is not
insolvent and is able to pay its debts as they mature. Tenant has not declared bankruptcy or similar insolvency proceeding, and
has no present intentions of doing so, no such proceeding has been commenced against Tenant seeking such relief, and Tenant has
no knowledge that any such proceeding is threatened.

 

i)         The
Lease does not contain and Tenant does not otherwise have any (1) option to purchase the Premises or the Center, (2) right of first
refusal with respect to the Premises or the Center, (3) any right to lease additional space in the Center, or (4) right to terminate
or cancel the Lease in whole or in part (except as expressly set forth in the Lease).

 

j)         Neither
the Landlord nor the Tenant has commenced any action to terminate the Lease or has given or received any notice of default with
respect to the Lease.

 

k)Tenant hereby
acknowledges and agrees that Tenant's rights under the Lease shall be subject and subordinate to Lender's rights under any mortgage,
deed of trust or similar agreement given by Landlord in connection with the loan being provided by Lender to Purchaser. Tenant
shall attorn to and accept performance by Lender of any covenant, agreement or obligation of Landlord contained in the Lease with
the same force and effect as if performed by Landlord. In no event, however, shall Lender be obligated to perform any such covenant,
agreement, or obligation of Landlord under the Lease.

 

l)         The
person signing this Tenant Estoppel Certificate is duly authorized to sign this Certificate on behalf of Tenant and execution hereof
is the binding act of Tenant enforceable against Tenant.

 

m)This Tenant Estoppel
Certificate is made knowing that Purchaser and Lender are relying upon the representations herein made. The term "Lender"
as used herein includes any successor or assign of the named Lender and the term "Landlord" as used herein includes any
successor or assign of the named Landlord.

 

    	 

    	 

    

 

TENANT:

 

____________________________________

By:_________________________________

Name: ______________________________

Title: _______________________________

Dated:_______________________, 201_

 

[The undersigned Guarantor(s) of the Lease
hereby ratifies and confirms all certifications of Tenant set forth in this Tenant Estoppel Certificate and certifies that its/their
guaranty of the Lease is in full force and effect as of the date hereof.

 

GUARANTOR[S]:

 

____________________________________

By:_________________________________

Name: ______________________________

Title: _______________________________

Dated:_______________________, 201_

 

Exhibit A – True, correct and complete
copy of the Lease, together with any amendments, modifications and supplements thereto and any guaranties

 

    	 

    	 

    

 

EXHIBIT "E"

DUE DILIGENCE MATERIALS TO BE DELIVERED
TO PURCHASER

 

All of the following materials, to the
extent they exist and are in the actual possession or control of Seller, shall be delivered to Purchaser:

 

1.          Current
Rent Roll

2.          Copies
of all existing Tenant Leases/Ground Leases/REAs

3.          Seller's
Existing Survey

4.          Warranties
in effect at the Property, if any

5.          List
of Personal Property, if any

6.          Copies
of Environmental Reports

7.          Copies
of Engineering Reports

8.          Historical
operating statements for calendar years 2012 and 2013 and year to date

9.          Current
Annual Operating Budget

10.         Current
Capital Budget

11.         Current
Delinquency Report

12.         Copies
of the Service Contracts

 

    	 

    	 

    

 

EXHIBIT "F"

 

FORM OF AUDIT LETTER

 

[Date]

 

[Address of Buyer's Auditor]

 

NORTHLAKE COMMONS,
L.L.C., a Delaware limited liability company (“Seller”), is providing this letter as an informational accommodation
in connection with your audit of the statement of revenues and certain expenses (the "Statement") of Northlake Commons,
Charlotte, North Carolina (the "Property") for the period from _______________ to ________________.

 

Seller confirms, to
our actual, current knowledge, without any duty of inquiry or investigation, the following representation made to you during your
audit:

 

1.          The
Statement referred to above was prepared in material conformity with sound accounting principles, consistently applied.

 

2.          Seller
has no actual, current knowledge of any fraud affecting the operations of the Property that had a material effect on the accuracy
of the Statement.

 

	 	SELLER:
	 	 
	 	NORTHLAKE COMMONS, L.L.C., a Delaware limited liability company
	 	 	 
	 	By:	Ferncroft Northlake, LLC,

a North Carolina limited liability

company, its manager
	 	 	 	 
	 	 	By:	 
	 	 	Name:	 
	 	 	Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00234-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00234-of-00352.parquet"}]]