Document:

Exhibit 10.5

 

SURETYSHIP
AGREEMENT

 

This SURETYSHIP AGREEMENT
(this “Agreement”) is made as of December 18, 2020, by POSTAL REALTY LP, a Delaware limited partnership
(“Surety”) in favor of THE UNITED STATES LIFE INSURANCE COMPANY IN THE CITY OF NEW YORK, a New York corporation
(“Co-Lender 1”), and NATIONAL UNION FIRE INSURANCE COMPANY OF PITTSBURGH, PA., a Pennsylvania corporation
(“Co-Lender 2”) (Co-Lender 1 and Co-Lender 2 being referred to herein, individually and collectively,
as “Lender”).

 

1. Loan and Note.
This Agreement is executed in connection with a $30,225,000.00 loan (“Loan”) made by Lender to Thorn Hill Postal
Realty Holdings LLC, a Delaware limited liability company (“Borrower”). The Loan is (a) evidenced by a
Promissory Note of even date herewith in the original principal amount of $20,915,700.00 made by Borrower to the order of Co-Lender 1,
a Promissory Note of even date herewith in the original principal amount of $3,838,575.00 made by Borrower to the order of Co-Lender 1,
and a Promissory Note of even date herewith in the original principal amount of $5,470,725.00 made by Borrower to the order of
Co-Lender 2 (such Promissory Notes being referred to herein, individually and collectively, as the “Note”),
and (b) secured by, among other things, an Open-End Mortgage, Security Agreement, Fixture Filing, Financing Statement and
Assignment of Leases and Rents of even date herewith granted by Borrower for the benefit of Lender (“Mortgage,”
and, together with the Note and all other documents executed by Borrower evidencing and/or securing the Loan, “Loan Documents”)
covering certain real property commonly known as Thorn Hill Distribution Center located at 51 Pennwood Place, Warrendale,
Pennsylvania 15086 and more particularly described in the Mortgage. All capitalized terms used herein without definition shall
have the meanings given to such terms in the Mortgage.

 

2. Purpose and Consideration.
The execution and delivery of this Agreement by Surety is a condition to Lender’s willingness to make the Loan to Borrower,
is made in order to induce Lender to make the Loan, and is made in recognition that Lender will be relying upon this Agreement
in making the Loan and performing any other obligations it may have under the Loan Documents. Surety has a significant ownership
interest in Borrower, and, accordingly, acknowledges that Surety will receive material direct and indirect benefit from Lender
making the Loan to Borrower.

 

3. Agreement.
For the consideration recited above and for other good and valuable consideration, Surety hereby absolutely, primarily, unconditionally
and irrevocably, becomes surety to Lender for the payment and performance of all obligations of Borrower for which Borrower has,
or may incur, personal liability to Lender under Section 15 of the Note (collectively, the “Obligations”).

 

     

     

    

 

4. Agreement is
Independent and Absolute. The obligations of Surety hereunder are independent of the obligations of Borrower and of any other
person who may become liable with respect to the Obligations. Surety is jointly and severally liable with Borrower and with any
other surety for the full and timely payment and performance of all of the Obligations. Surety expressly agrees that a separate
action or actions may be brought and prosecuted against Surety (or any other surety), whether or not any action is brought against
Borrower, any other surety or any other person for any Obligations guaranteed hereby and whether or not Borrower, any other surety
or any other persons are joined in any action against Surety. Surety further agrees that Lender shall have no obligation to proceed
against any security for the Obligations prior to enforcing this Agreement against Surety, and that Lender may pursue or omit to
pursue any and all rights and remedies Lender has against any person or with respect to any security in any order or simultaneously
or in any other manner. All rights of Lender and all obligations of Surety hereunder shall be absolute and unconditional irrespective
of (a) any lack of validity or enforceability of the Note or any other Loan Document, and (b) any other circumstances
which might otherwise constitute a defense available to, or a discharge of Borrower in respect of, the Obligations. Notwithstanding
any non recourse provisions of the Note, the Mortgage or any other such provision in any other Loan Document, Lender shall be entitled
to bring a separate action, in addition to any proceeding to enforce the Mortgage or the Note, against Surety to enforce this Suretyship
Agreement. Lender shall have, at its sole discretion, the option of (i) seeking to collect all of the Secured Obligations
in foreclosure or execution proceedings, or (ii) bifurcating the collection of the Secured Obligations and (a) seeking
to collect the non recourse obligations set forth in the Note and herein in the foreclosure or execution proceedings, and (b) seeking
to enforce and collect the recourse obligations, including but not limited to those obligations set forth in Section 5.10
of the Mortgage, in a separate action. If Lender seeks to bifurcate the proceedings, the Sale or recovery in one action will not
act as a bar to Lender’s right to recover in the second action or the satisfaction in whole or in part of any indebtedness
due under the second action.

 

5. Authorizations
to Lender. Surety authorizes Lender, without notice or demand and without affecting Surety’s liability hereunder, from
time to time (a) to renew, extend, accelerate or otherwise change the time for payment of, change, amend, alter, cancel, compromise
or otherwise modify the terms of the Note, including increasing the rate or rates of interest thereunder agreed to by Borrower,
and to grant any indulgences, forbearances, or extensions of time; (b) to renew, extend, change, amend, alter, cancel, compromise
or otherwise modify any of the terms, covenants, conditions or provisions of any of the Loan Documents or any of the Obligations;
(c) to apply any security and direct the order or manner of sale thereof as Lender, in Lender’s discretion, may determine;
(d) to proceed against Borrower, Surety or any other surety with respect to any or all of the Obligations without first foreclosing
against any security therefor; (e) to exchange, release, surrender, impair or otherwise deal in any manner with, or waive,
release or subordinate any security interest in, any security for the Obligations; (f) to release or substitute Borrower,
any other sureties, endorsers, or other parties who may be or become liable with respect to the Obligations, without any release
being deemed made of Surety or any other such person; and (g) to accept a conveyance or transfer to Lender of all or any part
of any security in partial satisfaction of the Obligations, or any of them, without releasing Borrower, Surety, or any other surety,
endorser or other party who may be or become liable with respect to the Obligations, from any liability for the balance of the
Obligations.

 

6. Application of
Payments Received by Lender. Any sums of money Lender receives from or for the account of Borrower may be applied by Lender
to reduce any of the Obligations or any other liability of Borrower to Lender, as Lender in Lender’s discretion deems appropriate.
The expenses of any Sale shall be applied as provided in Section 7.7(c) of the Mortgage.

 

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7. Waivers by Surety.
In addition to all waivers expressed in any of the Loan Documents, all of which are incorporated herein by Surety, Surety hereby
waives (a) presentment, demand, protest and notice of protest, notice of dishonor and of non-payment, notice of acceptance
of this Agreement, and diligence in collection; (b) notice of the existence, creation, or incurring of any new or additional
Obligations under or pursuant to any of the Loan Documents; (c) any right to require Lender to proceed against, give notice
to, or make demand upon Borrower; (d) any right to require Lender to proceed against or exhaust any security or to proceed
against or exhaust any security in any particular order; (e) any right to require Lender to pursue any remedy of Lender; (f) any
right to direct the application of any security held by Lender; (g) any right of subrogation, any right to enforce any remedy
which Lender may have against Borrower, any right to participate in any security now or hereafter held by Lender and any right
to reimbursement from the Borrower for amounts paid to Lender by Surety until all of the Secured Obligations (as defined in the
Mortgage) have been satisfied; (h) to the extent permitted by law, benefits, if any, of Surety under any anti-deficiency statutes
or single-action legislation; (i) any defense arising out of any disability or other defense of Borrower, including bankruptcy,
dissolution, liquidation, cessation, impairment, modification, or limitation, from any cause, of any liability of Borrower, or
of any remedy for the enforcement of such liability; (j) any statute of limitations affecting the liability of Surety hereunder;
(k) any right to plead or assert any election of remedies by Lender; and (l) any other defenses available to a surety
under applicable law.

 

8. Subordination
by Surety. Surety hereby agrees that any indebtedness of Borrower to Surety, whether now existing or hereafter created, shall
be and is hereby subordinated to the indebtedness of Borrower to Lender under the Loan Documents. At any time during which a Default
or Event of Default shall exist, Surety shall not accept or seek to receive any amounts from Borrower on account of any indebtedness
of Borrower to Surety.

 

9. NO RECOURSE TO
BORROWER. SURETY AGREES NOT TO SEEK RECOURSE AGAINST BORROWER BY SUBROGATION OR OTHERWISE IN THE EVENT SURETY IS CALLED UPON
TO PAY LENDER UNDER THE SURETYSHIP ESTABLISHED BY THIS AGREEMENT UNTIL SUCH TIME AS THE OBLIGATIONS HAVE BEEN PAID AND SATISFIED
IN FULL. UNTIL SUCH TIME AS THE OBLIGATIONS HAVE BEEN PAID AND SATISFIED IN FULL, SURETY IRREVOCABLY WAIVES ANY AND ALL RIGHTS
SURETY MAY HAVE AT ANY TIME (WHETHER ARISING DIRECTLY OR INDIRECTLY, BY OPERATION OF LAW OR CONTRACT) TO ASSERT ANY CLAIM AGAINST
BORROWER ON ACCOUNT OF PAYMENTS MADE BY SURETY UNDER THIS AGREEMENT, INCLUDING, WITHOUT LIMITATION, ANY AND ALL RIGHTS OF SUBROGATION,
REIMBURSEMENT, EXONERATION, CONTRIBUTION OR INDEMNITY.

 

10. Bankruptcy Reimbursements.
Surety hereby agrees that if any amounts paid to Lender by Borrower or any other party liable for payment and satisfaction of the
Obligations (other than Surety) are recovered from Lender in any bankruptcy proceeding, then to the extent covered hereunder, Surety
shall reimburse Lender immediately on demand for all amounts so recovered from Lender, together with interest thereon at the default
rate set forth in the Note from the date such amounts are so recovered until repaid in full to Lender, and, for this purpose, this
Agreement shall survive repayment of the Loan. Without limiting the foregoing, Surety shall pay all costs and expenses incurred
by Lender in connection with any bankruptcy proceeding of Borrower, Surety or any other party liable for payment and satisfaction
of the Obligations, including attorneys’ fees and expenses. Surety’s obligations under this Section 10 shall survive
payment of the Obligations, notwithstanding any action taken by Lender as described in Section 5 of this Agreement.

 

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11. Net Worth and
Liquid Assets Covenant. Until all of the Obligations have been paid in full, Surety shall maintain (a) a Net Worth in
excess of $30,000,000.00 and (b) Liquid Assets having a market value of at least $500,000.00. Surety’s Net Worth and
Liquid Assets shall be set forth in reasonable detail in the financial statements required to be delivered to Lender under this
Suretyship Agreement. The term “Net Worth” shall mean, as of a given date, (x) the total assets of Surety
as of such date less (y) such Surety’s total liabilities as of such date, determined in accordance with generally accepted
accounting principles, consistently applied. For purposes of this Section 11, Surety’s direct or indirect equity interest
in the Property shall not be included in the calculation of Net Worth. The term “Liquid Assets” shall mean assets
in the form of cash, cash equivalents, obligations of (or fully guaranteed as to principal and interest by) the United States
or any agency or instrumentality thereof (provided the full faith and credit of the United States supports such obligation
or guarantee), certificates of deposit issued by a commercial bank having net assets of not less than $500 million, securities
listed and traded on a recognized stock exchange or traded over the counter and listed in the National Association of Securities
Dealers Automatic Quotations, or liquid debt instruments that have a readily ascertainable value and are regularly traded in a
recognized financial market.

 

12. Jurisdiction
and Venue. Surety hereby submits itself to the jurisdiction and venue of any state court located in Butler County, Pennsylvania
or in any federal court in the district in which such county is located in connection with any action or proceeding brought for
enforcement of Surety’s obligations hereunder, and hereby waives any and all personal or other rights under the law of any
other country or state to object to jurisdiction within such locations for purposes of litigation to enforce such obligations.
Surety agrees that service of process upon Surety shall be complete upon delivery thereof in any manner permitted by law to Surety’s
agent for service of process as designated in Section 13, below.

 

13. Service of Process.
Surety hereby appoints Capitol Services, Inc., 1675 S. State Street, Suite B, Dover, Delaware 19901, as its lawfully designated
agent for service of process and hereby consents to such service for purposes of submitting to the jurisdiction and venue of any
federal or state court located in Butler County, Pennsylvania, as provided in Section 12, above. Surety hereby agrees that
it shall not change its designated agent without giving prior written notice thereof to Lender.

 

14. Financial Statements.
In addition to those obligations set forth in any of the Loan Documents, for so long as any of the Obligations remain unsatisfied,
within ninety (90) days after the end of each calendar year, Surety shall furnish to Lender financial statements of Surety
for such calendar year in the same form as those provided to Lender in connection with the origination of the Loan. With respect
to the financial statements of Surety, Lender acknowledges that Surety’s financials are consolidated with Parent Company
and, so long as Lender is reasonably able to determine the financial status, net worth, and liquidity of Surety from such financial
statements, independent of other entities, Lender will accept such financial statement, in lieu of a financial statement of Surety
directly.

 

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15. Assignability.
This Agreement shall be binding upon Surety and Surety’s heirs, representatives, successors, and assigns and shall inure
to the benefit of Lender and Lender’s successors and assigns. This Agreement shall follow the Note and other Loan Documents
which are for the benefit of Lender, and, in the event the Note and other Loan Documents are negotiated, sold, transferred, assigned,
or conveyed by Lender in whole or in part, this Agreement shall be deemed to have been sold, transferred, assigned, or conveyed
by Lender to the holder or holders of the Note and other Loan Documents, with respect to the Obligations contained therein, and
such holder or holders may enforce this Agreement as if such holder or holders had been originally named as Lender hereunder.

 

16. Payment of Costs
of Enforcement. In the event any action or proceeding is brought to enforce this Agreement, Surety shall pay all out-of-pocket
costs and expenses of Lender in connection with such action or proceeding, including, without limitation, all attorneys’
fees incurred by Lender.

 

17. Notices.
Any notice required or permitted to be given by Surety or Lender under this Agreement shall be in writing and will be deemed given
(a) upon personal delivery, (b) on the first business day after receipted delivery to a courier service which guarantees
next-business day delivery, or (c) on the third business day after mailing, by registered or certified United States mail,
postage prepaid, in any case to the appropriate party at its address set forth below:

 

If to Surety:

 

Postal Realty LP

75 Columbia Avenue

Cedarhurst, New York 11516

Attention: Carrie Herz, Esq.

 

With a copy to:

 

Goldberg Weprin Finkel Goldstein
LLP

1501 Broadway, 22nd
Floor

New York, New York 10036

Attention: Elizabeth Smith, Esq.

 

If to Lender:

 

The United States Life Insurance
Company in the City of New York

c/o AIG Investments

777 S. Figueroa Street, 16th Floor

Los Angeles, California 90017-5800

Attn: VP, Servicing – Commercial
Mortgage Lending

 

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and to:

 

National Union Fire Insurance Company
of Pittsburgh, Pa.

c/o AIG Investments

777 S. Figueroa Street, 16th Floor

Los Angeles, California 90017-5800

Attn: VP, Servicing – Commercial
Mortgage Lending

 

Either party may change such party’s
address for notices or copies of notices by giving notice to the other party in accordance with this Section 17.

 

18. Reinstatement
of Obligations. If at any time all or any part of any payment made by Surety or received by Lender from Surety under or with
respect to this Agreement is or must be rescinded or returned for any reason whatsoever (including, but not limited to, the insolvency,
bankruptcy or reorganization of any Surety), then the obligations of Surety hereunder shall, to the extent of the payment rescinded
or returned, and to the extent permitted by law, be deemed to have continued in existence, notwithstanding such previous payment
made by Surety, or receipt of payment by Lender, and the obligations of Surety hereunder shall continue to be effective or be reinstated,
as the case may be, as to such payment, all as though such previous payment by Surety had never been made.

 

19. Severability
of Provisions. If any provision hereof or of any other Loan Document shall, for any reason and to any extent, be invalid or
unenforceable, then the remainder of the document in which such provision is set forth, the application of the provision to other
persons, entities or circumstances, and any other document referred to herein shall not be affected thereby but instead shall be
enforceable to the maximum extent permitted by law.

 

20. Joint and Several
Obligation. If Surety is more than one person or entity, then (a) all persons or entities comprising Surety are jointly
and severally liable for all of the Obligations; (b) all representations, warranties, and covenants made by Surety shall be
deemed representations, warranties, and covenants of each of the persons or entities comprising Surety; (c) any breach, default
or Event of Default by any of the persons or entities comprising Surety hereunder shall be deemed to be a breach, default, or Event
of Default of Surety; and (d) any reference herein contained to the knowledge or awareness of Surety shall mean the knowledge
or awareness of any of the persons or entities comprising Surety.

 

21. Waiver.
Neither the failure of Lender to exercise any right or power given hereunder or to insist upon strict compliance by Borrower, Surety,
any other surety, or any other person with any of its obligations set forth herein or in any of the Loan Documents, nor any practice
of Borrower or Surety at variance with the terms hereof or of any Loan Documents, shall constitute a waiver of Lender’s right
to demand strict compliance with the terms and provisions of this Agreement.

 

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22. CERTAIN WAIVERS.
SURETY, BY SIGNING THIS AGREEMENT, AND LENDER, BY ACCEPTING IT, EACH KNOWINGLY, IRREVOCABLY, VOLUNTARILY AND INTENTIONALLY WAIVE
ANY RIGHT EITHER MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY ACTION, PROCEEDING OR COUNTERCLAIM BASED ON THIS AGREEMENT, OR ARISING
OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY LOAN DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT
(WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY HERETO. THIS PROVISION IS A MATERIAL INDUCEMENT FOR LENDER AND SURETY ENTERING
INTO THE LOAN.

 

	 	Initial:	/s/ JG

 

23. Applicable Law.
This Agreement and the rights and obligations of the parties hereunder shall be governed by and interpreted in accordance with
the laws of the Commonwealth of Pennsylvania.

 

24. WARRANT OF
ATTORNEY FOR CONFESSION OF JUDGMENT.

 

(a) SURETY
DOES HEREBY AUTHORIZE AND EMPOWER THE PROTHONOTARY, CLERK OF COURT OR ANY ATTORNEY OF ANY COURT OF RECORD OF THE COMMONWEALTH OF
PENNSYLVANIA TO APPEAR FOR AND CONFESS JUDGMENT AGAINST SURETY AND IN FAVOR OF LENDER, ITS SUCCESSORS OR ASSIGNS, AS OF ANY TERM,
PAST, PRESENT OR FUTURE, WITH OR WITHOUT DECLARATION, FOR EACH AND ALL OF THE FOLLOWING AFTER AN EVENT OF DEFAULT UNDER ANY LOAN
DOCUMENTS:

 

(i) THE
UNPAID OBLIGATIONS DUE UNDER THIS AGREEMENT, AND

 

(ii) THE COSTS
OF SUIT AND AN ATTORNEY'S FEE OF ONE PERCENT (1%) OF THE AMOUNTS SET FORTH IN ITEM (1) ABOVE FOR COLLECTION (BUT NOT
LESS THAN $10,000.00), WITH RELEASE OF ALL ERRORS AND ON WHICH JUDGMENT LENDER MAY ISSUE OR CAUSE TO BE ISSUED AN EXECUTION OR
EXECUTIONS, WAIVING APPRAISEMENT AS TO ANY PROPERTY LEVIED UPON BY VIRTUE OF ANY SUCH EXECUTION, ANY RIGHT TO A HEARING BEFORE
EXECUTION ON ANY SUCH JUDGMENT, AND ALL EXEMPTION FROM LEVY AND SALE OF ANY PROPERTY WHICH NOW OR HEREAFTER IS EXEMPT UNDER ANY
ACT OF THE STATE WHEREIN THE JUDGMENT IS ENTERED. NO SINGLE EXERCISE OF THIS WARRANT AND POWER TO CONFESS JUDGMENT SHALL BE DEEMED
TO EXHAUST THIS POWER, WHETHER OR NOT ANY SUCH EXERCISE SHALL BE STRICKEN, VACATED, REMOVED OR OTHERWISE HELD BY ANY COURT TO BE
INVALID, VOIDABLE OR VOID, BUT THIS POWER SHALL CONTINUE UNDIMINISHED AND MAY BE EXERCISED FROM TIME TO TIME AS OFTEN AS LENDER
SHALL ELECT UNTIL THIS AGREEMENT AND ALL SUMS DUE HEREUNDER SHALL BE PAID IN FULL, AND SURETY HAS PERFORMED ALL OF THE OTHER PROVISIONS
HEREUNDER. SURETY HEREBY AUTHORIZES LENDER TO REASSESS DAMAGES FROM TIME TO TIME AND AS OFTEN AS LENDER DEEMS NECESSARY SO THAT
ANY AND ALL JUDGMENTS CONFESSED HEREUNDER SHALL INCLUDE ALL SUMS LISTED UNDER SUBPARAGRAPHS (1) ABOVE AND THIS SUBPARAGRAPH (2)
AS THE SAME ARE INCURRED FROM TIME TO TIME, EVEN AFTER ENTRY OF JUDGMENT UNDER THIS WARRANT OF ATTORNEY.

 

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(b) WARNING--BY
SIGNING THIS PAPER YOU GIVE UP YOUR RIGHT TO NOTICE AND A COURT TRIAL. A COURT JUDGMENT MAY BE TAKEN AGAINST YOU WITHOUT YOUR PRIOR
KNOWLEDGE AND THE POWER OF A COURT CAN BE USED TO COLLECT FROM YOU REGARDLESS OF ANY CLAIMS YOU MAY HAVE AGAINST LENDER WHETHER
FOR FAILURE ON ITS PART TO COMPLY WITH THE TERMS OF THIS AGREEMENT OR ANY OTHER CAUSE.

 

(c) Surety,
on Surety's behalf and on behalf of Surety's heirs, personal representatives, executors, successors and assigns, acknowledges and
confirms that Surety understands that by signing this Warrant of Attorney for Confession of Judgment, a judgment for any amounts
which may become due under the Loan Documents may be entered against Surety, without receiving prior notice of the entry of the
judgment and without an opportunity to present to the Court any defenses Surety may have to the entry of the judgment, and Surety
voluntarily agrees to the inclusion of the above Confession of Judgment provision in the Loan Documents, and agrees to be bound
thereby.

 

	 	SURETY:
	 	 
	 	POSTAL REALTY LP, a Delaware limited partnership
	 	 
	 	By: 	Postal Realty Trust Inc., a Maryland corporation, its general partner
	 	 
	 	 	By: 	/s/ Jeremy Garber 
	 	 	Name:  	 Jeremy Garber
	 	 	Title: 	President

 

(d) The remedies
of Lender provided herein and in the other Loan Documents and the warrant of attorney herein or therein contained, are cumulative
and concurrent, and may be pursued singly, successively and together, at the sole discretion of Lender, and may be exercised as
often as occasion therefor shall occur; and the failure to exercise any such right or remedy shall in no event be construed as
a waiver or release of the same.

 

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(e) Surety
hereby releases Lender and its attorney or attorneys from all errors, defects and imperfections whatsoever of a procedural nature
in entering judgment by confession hereon as aforesaid or in issuing any process or instituting any proceedings relating thereto
and hereby waives all benefit that might accrue to Surety by virtue of any present or future laws exempting the property of Surety,
or any part of the proceeds arising from any sale of the property of Surety, from attachment, levy or sale under execution, or
providing for any stay of execution, exemption from civil process or extension of time. Surety agrees that the property of Surety
may be sold to satisfy any judgment entered on the Note or any of the other Loan Documents, in whole or in part and in any order
desired by Lender.

 

25. ACKNOWLEDGMENT
BY SURETY. BY SIGNING THIS AGREEMENT, SURETY ACKNOWLEDGES THAT SURETY HAS READ AND UNDERSTOOD AND AGREES TO THE PROVISIONS
CONTAINED IN THIS AGREEMENT, INCLUDING THE WAIVER OF TRIAL BY JURY.

 

[Balance of Page Intentionally Left
Blank]

 

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IN WITNESS WHEREOF,
intending to be legally bound, Surety has executed this Agreement as of the day and year first above written.

 

	 	 	SURETY:
	 	 	 	 
	Witnesses:	 	POSTAL REALTY LP, a Delaware limited partnership
	 	 	 	 
	 	 	By:	Postal Realty Trust Inc., a Maryland corporation, its general partner
	 	 	 	 
	/s/ David Loss	 	By:	/s/ Jeremy Garber
	(Name) /s/ David Loss	 	 	Name:  	Jeremy Garber
	 	 	 	Title:	President

 

	/s/ Raphael Harel	 	 
	(Name) /s/ Raphael Harel	 	 

 

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

 

On this, the 15th day
of December, 2020, before me, the undersigned officer, a Notary Public in and for the State and County aforesaid, personally appeared
Jeremy Garber, President of Postal Realty Trust Inc., a Maryland corporation, as general partner of POSTAL REALTY LP, a Delaware
limited partnership, known to me (or satisfactorily proven) to be the person whose name is subscribed to the within instrument,
and acknowledged that he executed the same for the purposes therein contained and received a true and correct copy of this instrument
and of all other documents referred to therein.

 

IN WITNESS WHEREOF,
I hereunto set my hand and official seal.

 

	 	/s/ Carrie Herz
	 	Notary Public

 

Signature Page to Suretyship AgreementExhibit
10.1

 

SUBLEASE

 

THIS
SUBLEASE (this “Agreement”) is made as of December 15, 2020, by and between TURO INC., a Delaware
corporation (“Sublessor”), and AUGMEDIX OPERATING CORP., a Delaware corporation
(“Sublessee”).

 

W
I T N E S S E T H :

 

WHEREAS,
by an Office Lease Agreement, dated July 17, 2019 (the “Master Lease”), by and between 111 Sutter Street Owner
LP, a Delaware limited partnership (“Landlord”), as landlord, and Sublessor, as tenant, Landlord leased to
Sublessor the space located at 111 Sutter Street, San Francisco, California, Suites 600, 1200 and 1300, constituting approximately
39,375 rentable square feet, as more particularly described in the Master Lease (the “Master Lease Premises”).

 

WHEREAS,
Sublessor desires to sublet to Sublessee, and Sublessee desires to sublet from Sublessor, a portion of the Master Lease Premises,
comprised of the entire thirteenth (13th) floor, known as Suite 1300, and containing approximately 12,936 rentable square feet
(the “Premises”), upon the terms and conditions hereinafter set forth.

 

WHEREAS,
initially capitalized terms used but not otherwise defined herein shall have the meanings given to them in the Master Lease.

 

NOW,
THEREFORE, in consideration of the mutual covenants hereinafter provided, Sublessor and Sublessee agree as follows:

 

		1.	Demised
                                         Premises.

 

a. Subject
and subordinate to the terms, conditions and provisions of the Master Lease and this Agreement, Sublessor hereby sublets to Sublessee,
and Sublessee hereby sublets from Sublessor the Premises.

 

b. On
the Commencement Date (as defined below), Sublessor shall deliver to Sublessee the Premises in broom clean condition with all
of Sublessor’s signage and branding removed from the Premises. Sublessee shall be deemed to have accepted possession of
the Premises in an “as is” condition as of the Commencement Date; provided, any damage incurred to the Premises during
Sublessor’s move-out shall be patched and repaired at Sublessor’s sole cost and expenses prior the Commencement Date.

 

c. Sublessor’s
delivery of the Premises to Sublessee shall include the furniture, fixtures and equipment described on Exhibit A attached
hereto (the “FF&E”); provided, the FF&E shall be in good working condition and Sublessee shall
have a reasonable opportunity to inventory and inspect the FF&E prior to taking possession, and Sublessor shall remove
any items designated by Sublessee for removal prior to the Commencement Date. During the Term, Sublessee, at
Sublessee’s sole cost and expense, shall insure and maintain the FF&E. Sublessor shall assume no responsibility or
liability for any of the FF&E during the Term. Except as set forth below, Sublessee shall, no later than the end of the
Term or the earlier termination of this Agreement, surrender to Sublessor the FF&E in the same condition as on the
Commencement Date, ordinary wear and tear associated with the responsible use of first-class office space only excepted. In
the event Sublessee exercises its Option to Extend pursuant to Section 7 below, (i) as of the date that is one (1) day prior
to the extended Expiration Date, Sublessee shall purchase the FF&E from Sublessor for the amount of One Dollar ($1.00)
pursuant to a Bill of Sale in the form attached hereto as Exhibit B, and (ii) at or before the expiration of the Extended
Term, Sublessee shall remove the FF&E from the Premises and repair any damage caused thereby in accordance with the terms
and provisions of Section 32 of the Master Lease.

 

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d.
Provided Sublessor has received the Consent and Sublessee has (i) delivered the Security Deposit to Sublessor, (ii) paid to
Sublessor the Prepaid Rent, and (iii) delivered proof of all insurance required under this Agreement, Sublessee shall have
the right to early occupancy of the Premises fourteen (14) days prior to the Commencement Date (“Early Occupancy
Period”) solely for the purpose of constructing any tenant improvements and installing furniture, trade fixtures,
telephone systems and business equipment. Sublessee’s occupancy of the Premises during the Early Occupancy Period shall
be subject to all covenants and conditions hereunder other than with respect to the payment of Rent; provided if Sublessee
takes possession of the Premises prior to the Commencement Date for the purposes of conducting Sublessee’s business
operations therein, Sublessee shall pay pro-rated Base Rent for each day at the same rate as that prescribed during the first
month of the Term.

 

e.
Sublessor shall furnish Sublessee with two (2) keys for each door entering the Premises.

 

		2.	Term.

 

a.
The term (“Term”) of this Agreement shall commence on the later of (i) the date that is fourteen (14) days
following the date Sublessor has delivered to Sublessee an executed copy of the written consent of Landlord to this Agreement
(the “Consent”), and (ii) March 1, 2021 (such later date, the “Commencement Date”). The
Term shall expire on February 28, 2025 (the “Expiration Date”), unless earlier terminated as provided in
this Agreement, as such date may be extended pursuant to Section 7 below.

 

b. Notwithstanding
the Commencement Date, if for any reason Sublessor is unable to deliver possession of the Premises on or before the Commencement
Date, Sublessor shall not be subject to any liability for failure to give possession on said date, and the validity of this Agreement
shall not be impaired, nor shall the same be construed to extend the Term hereof, but all of Sublessee’s obligations, including
the obligation to pay Rent, shall be suspended until Sublessor tenders possession of the Premises to Sublessee. Notwithstanding
the foregoing, if for any reason Sublessor is unable to deliver possession of the Premises to Sublessee on or before April 1,
2021, Sublessee may, at its option, by notice in writing to Sublessor, terminate this Agreement and upon such termination, Sublessee
shall have no further obligations hereunder.

 

c.
If the term of the Master Lease is terminated for any reason prior to the Expiration Date, this Agreement shall thereupon be terminated
automatically at the option of Landlord, without any liability of Sublessor to Sublessee by reason of such early termination.

 

    2

     

    

 

		3.	Base
                                         Rent.

 

a. Commencing
on the Commencement Date and continuing through the Expiration Date, Sublessee agrees to pay Sublessor base rent (“Base
Rent”) for the Premises in the following amounts:

 

	Period	 	Annual Rent Per 
Rentable Square Foot	 	 	Annual Rent	 	 	Monthly 
Rent	 
	Commencement Date – 2/28/2022	 	$	64.00	 	 	$	827,904.00	 	 	$	68,992.00	 
	3/1/2022 - 2/28/2023	 	$	65.92	 	 	$	852,741.12	 	 	$	71,061.76	 
	3/1/2023 - 2/28/2024	 	$	67.90	 	 	$	878,323.35	 	 	$	73,193.61	 
	3/1/2024 – Expiration Date	 	$	69.93	 	 	$	904,673.05	 	 	$	75,389.42	 

 

Notwithstanding
the foregoing and provided that Sublessee is not in default under this Agreement, the Base Rent for the Premises shall be abated
for the first six (6) months following the Commencement Date. Upon the occurrence of a subsequent default by Sublessee, and subject
to all applicable notice and cure periods herein, Sublessor may, at its option, and in addition to any other rights and remedies
Sublessor may have in connection with such default by Sublessee, terminate this rent abatement provision, whereupon the Base Rent
for the Premises provided for above will be due and payable for such period, to the extent already occurred, and thereafter in
accordance with the terms of this Agreement.

 

b.
Each monthly installment of Base Rent shall be payable in advance on the first (1st) day of each calendar month during the
Term, except that Base Rent for the first (1st) full month of the Term following the Commencement Date shall be paid upon the
execution of this Agreement by Sublessee and will be credited against the first (1st) installment(s) of Base Rent due under
this Agreement (the “Prepaid Rent”). If the Term commences or ends on a day other than the first (1st) day
of a calendar month, then the Base Rent for the month in which this Agreement commences or ends shall be prorated by the
number of days this Agreement is in effect during such month based upon a thirty (30) day month, and such partial
month’s installment shall be paid no later than the commencement of the subject partial month. In addition to the Base
Rent, Sublessee agrees to pay Additional Rent (as defined below) as and when the same is due. All “Rent”
(which shall include Base Rent, Additional Rent and other sums due to Sublessor) shall be paid to Sublessor, without prior
demand and without any deduction, offset, counterclaim or abatement, in lawful money of the United States of America, at the
address stated in Section 16 or to such other person or address as Sublessor may designate in writing from time to
time.

 

		4.	Additional
                                         Rent.

 

a.
All sums payable pursuant to this Section 4 and all other costs and expenses that Sublessee assumes or agrees to pay pursuant
to this Agreement (other than Base Rent) shall be considered “Additional Rent” payable under this
Agreement, and Sublessor shall have all rights and remedies available hereunder for the failure of Sublessee to pay such
Additional Rent. Sublessee shall be obligated to pay 32.85% of (i) Tenant’s Share of Operating Expenses in excess of
Operating Expenses for the Operating Expense Base Year and (ii) Tenant’s Share of Taxes in excess of Taxes for the Tax
Base Year (as such terms are defined in the Master Lease); provided, for purposes of this Agreement only the Operating
Expense Base Year and the Tax Base Year shall be deemed to be 2021.

 

    3

     

    

 

b.
Except to the extent set forth in Section 4(a) above, Sublessee shall be responsible to pay all other sums which Sublessor is
obligated to pay under the Master Lease with respect to the Premises, including, without limitation, charges for excess
utility use pursuant to Section 14(b) of the Master Lease (but not other sums which result from a default by Sublessor under
the Master Lease unless caused or materially contributed to by the acts or omissions of Sublessee), and Sublessee shall also
be responsible to pay for any additional charges and expenses imposed by Landlord pursuant to the terms of the Master Lease
and related exclusively to Sublessee’s use and occupancy of the Premises during the Term. Said sums shall be paid to
Sublessor at the times required pursuant to the terms and conditions of the Master Lease.

 

5.
Security Deposit. Sublessee shall deposit with Sublessor upon Sublessee’s
execution hereof cash or a Letter of Credit (as hereinafter defined) in the amount of $206,976.00 (the “Security Deposit”)
as security for Sublessee’s faithful performance of Sublessee’s obligations under this Agreement. If Sublessee fails
to pay Rent or otherwise defaults beyond applicable notice and cure periods under this Agreement, Sublessor may draw on the Security
Deposit for the payment of any amount due Sublessor or to reimburse or compensate Sublessor for any liability, cost, expense,
loss or damage (including attorneys’ fees) which Sublessor may suffer or incur by reason thereof. If any portion of the
Security Deposit is so drawn on, Sublessee shall, within five (5) days after written demand therefor, deposit further funds or
an additional or amended Letter of Credit with Sublessor in an amount sufficient to restore the Security Deposit to its original
amount, and Sublessee’s failure to do so shall be a default under this Agreement. Sublessor shall not be required to keep
all or any part of the Security Deposit separate from its general accounts. The Security Deposit, or any balance thereof not applied
by Sublessor pursuant to this Section, shall be returned to Sublessee within thirty (30) days, for a cash Security Deposit, or
sixty (60) days, for a Letter of Credit, following the expiration or earlier termination of the Term and after Sublessee has vacated
the Premises. The Security Deposit may be made in cash or by an unconditional, irrevocable sight draft letter of credit (the “Letter
of Credit”) in form and content reasonably acceptable to Sublessor. If used, the Letter of Credit shall name Sublessor
as the beneficiary and shall state that an authorized agent of Sublessor may make demand on the issuing bank for the whole or
any portion of the principal amount of the Letter of Credit, only upon the delivery to the issuing bank of a certificate executed
by or on behalf of Sublessor stating that the Sublessee has breached one of its obligations under this Agreement or there are
less than thirty (30) days remaining on the Letter of Credit and a renewal or extension has not been delivered, and no other qualification
or satisfaction of any other condition shall be required. Sublessee shall deliver its proposed form of Letter of Credit to Sublessor,
for Sublessor’s approval, prior to delivery of any Letter of Credit. If using a Letter of Credit for all or any part of
the Security Deposit, Sublessee shall provide Sublessor with a replacement Letter of Credit or additional Letter of Credit or
modification of Letter of Credit in the amount required to be maintained hereunder at least thirty (30) days prior to any anticipated
expiration of the Letter of Credit. If Sublessee does not provide such replacement Letter of Credit or additional Letter of Credit
or modification of Letter of Credit within the time period described herein, then Sublessor shall be entitled to draw upon the
entire amount of the Letter of Credit. No part of the Security Deposit shall be considered to be held in trust, to bear interest,
or to be prepayment for any monies to be paid by Sublessee under this Agreement. In the event of any assignment by Sublessor of
its interest under the Master Lease, Sublessor shall have the right to transfer the Security Deposit to Sublessor’s assignee,
and Sublessee agrees to look to such assignee solely for the return of the Security Deposit and it is agreed that the provisions
hereof shall apply to every transfer or assignment made of the Security Deposit to a new sublessor. Upon the request of Sublessor
or any successor-in-interest to Sublessor, Sublessee shall re-issue or modify at the requesting party’s sole cost and expense
the Letter of Credit in the name of such assignee. Upon Sublessor’s receipt of the re-issued Letter of Credit, Sublessor
shall return the original Letter of Credit to Sublessee or will exchange it with the issuer at the place of draw. Sublessee further
covenants that it shall not assign or encumber or attempt to assign or encumber the monies deposited herein as security and that
neither Sublessor nor its successor or assigns shall be bound by any such assignment, encumbrance, attempted assignment or attempted
encumbrance.

 

    4

     

    

 

6.
Repair and Maintenance. Sublessee shall be obligated to repair and maintain the
Premises to the same extent required of Sublessor under Article 20 of the Master Lease. Sublessor shall have no liability of any
nature whatsoever to Sublessee as a consequence of the failure or delay on the part of Landlord in performing any or all of its
obligations under the Master Lease. In the event that Sublessee determines in good faith that Landlord has not performed its obligations
under the Master Lease, then upon receipt of written notice from Sublessee, and for a period of time not to exceed thirty (30)
days, Sublessor shall use commercially reasonable efforts to cause such breaches, defaults or failures of Landlord under the Master
Lease to be resolved or otherwise settled; provided, however: (A) Sublessor shall not have any obligation to incur out-of-pocket
expenses in connection with its covenants under this Section; and (B) Sublessor shall not have any obligation to commence litigation
or other dispute resolution proceedings to cause Landlord to comply with the Master Lease. If the breach or default of Landlord
under the Master Lease has not been resolved after the expiration of the above thirty (30) day period, then provided that Sublessee
is not in default under this Agreement beyond any applicable notice and cure periods, upon the request of Sublessee, Sublessor
shall assign to Sublessee its right to institute legal action against Landlord (a “Sublessee Action”), provided that
Sublessee shall indemnify, protect, defend (using attorneys reasonably acceptable to Sublessor) and hold Sublessor harmless for,
from and against any and all liabilities, claims, demands, losses, damages, costs and expenses (including reasonable attorneys’
fees and litigation and court costs) arising out of, or relating to, the Sublessee Action.

 

7.
Renewal Option. Subject to Sublessor’s right to reject the Option to Extend
as described below, Sublessee shall have one (1) option to extend the Term of this Agreement (the “Option to Extend”)
through January 31, 2027 (the “Extended Term”), provided that Sublessee is not in default under this Agreement
beyond applicable notice and cure periods at the time Sublessee exercises the Option to Extend. If Sublessee exercises the Option
to Extend, then during the Extended Term all of the terms and conditions set forth in this Agreement as applicable to the Premises
during the initial Term shall apply during the Extended Term, except that (i) Sublessee shall have no further right to renew this
Agreement, and (ii) the Base Rent payable by Sublessee for the Premises shall be subject to annual increases in the amount of
three percent (3%) commencing on March 1, 2025 and continuing on March 1 of each calendar year thereafter.

 

    5

     

    

 

Sublessee
may exercise the Option to Extend only by giving Sublessor written notice (the “Renewal Notice”) not more than
nine (9) months and not less than six (6) months prior to the expiration of the initial Term. Sublessor may elect to reject the
Option to Extend by written notice (the “Rejection Notice”) to Sublessee given within ten (10) Business Days
following the receipt of the Renewal Notice.

 

8. Tenant
Improvements. Except as permitted by the Master Lease without consent, Sublessee shall not make any alterations, additions,
improvements, or installations to the Premises without the prior written consent of Landlord and Sublessor, and any such alterations,
additions, improvements, or installations shall be at Sublessee’s sole cost and expense, and in compliance with all requirements
governing alterations in Article 21 of the Master Lease. In no event shall Sublessor have any removal obligations with respect
to any Alterations performed by Sublessee.

 

9.
Use; Access. Sublessee shall occupy and use the Premises solely for the uses
expressly permitted in Article 10 of the Master Lease. In no event shall Sublessee occupy and use the Premises for any use that
is prohibited by the Master Lease. Sublessor shall be permitted to enter upon the Premises at reasonable times and upon reasonable
notice, which notice shall be no less than twenty-four (24) hours’ notice, except in case of emergencies, for the purpose
of inspecting the same or of making repairs to the Premises which Sublessee has failed to make after written demand, and which
repairs, in Sublessor’s reasonable opinion, are necessary to comply with the terms of the Master Lease (with Sublessee to
reimburse Sublessor, within ten (10) days of demand, for one hundred ten percent (110%) of the cost of all such repairs, together
with interest at ten percent (10%) per annum (the “Interest Rate”) from ten (10) days of demand). Sublessor
agrees to exercise reasonable care to minimize interference with Sublessee’s business in the Premises in the course of any
such entry.

 

10. Indemnity
and Insurance. Except as caused by the negligence or willful misconduct of Sublessor, Sublessee shall indemnify, defend
and hold harmless Sublessor for, from and against all claims, liabilities, losses, damages and expenses arising out of or
relating in any manner to: (i) a default by Sublessee under the Master Lease or this Agreement; (ii) any accident or injury
to property or person in the Premises on or after the Commencement Date; or (iii) the negligence or willful misconduct of
Sublessee, its agents, employees, invitees or contractors in, on or about the Premises. Except as caused by the negligence or
willful misconduct of Sublessee, Sublessor shall indemnify, defend and hold harmless Sublessee for, from and against any
loss, cost, damage or expense (including reasonable attorneys’ fees), or any claim therefor, arising out of any failure
by Sublessor to observe or perform any of the terms, covenants or conditions of this Agreement or the Master Lease required
to be observed or performed by Sublessor. Sublessee shall include Sublessor and its property management company as additional
insureds as their interests may appear to any and all insurance policies insuring the Premises or any interests therein or
activities conducted thereon in amounts, terms, forms and substance reasonably satisfactory to Sublessor, and shall furnish
to Sublessor such endorsements or certificates of insurance evidencing the foregoing as Sublessor may reasonably request from
time to time. Sublessee, at Sublessee’s sole expense, shall during the Term, for the benefit of Sublessor and Landlord
obtain all policies of insurance with respect to the Premises and the operation of business thereon by Sublessee required by
the Master Lease. All such policies shall comply with all requirements of the Master Lease, and any such requirements for the
benefit of Landlord shall also be for the benefit of Sublessor. On the Commencement Date, and as Sublessor may reasonably
request thereafter, Sublessee shall furnish Sublessor insurance certificates from its insurers evidencing that Sublessee is
maintaining the insurance required of it under this Agreement.

  

    6

     

    

 

		11.	Master
                                         Lease.

  

a.
This Agreement and all of Sublessee’s rights hereunder are and shall remain in all respects subject and subordinate to
all of the terms and provisions of the Master Lease. This Agreement is contingent upon the Consent, which Sublessor shall
diligently attempt to secure. Sublessee shall in no case have any rights under this Agreement greater than Sublessor’s
rights as tenant under the Master Lease. The foregoing provisions shall be self-operative and no further instrument of
subordination shall be necessary to effectuate such provisions unless required by Landlord or Sublessor, in which event
Sublessee shall, upon demand by Landlord or Sublessor at any time and from time to time, timely execute, acknowledge and
deliver to Sublessor and Landlord any and all instruments that Sublessor or Landlord may reasonably request to confirm such
subordination of this Agreement, and the rights of Sublessee hereunder.

 

b.
Sublessor represents and warrants to Sublessee that the Master Lease (i) is in full force and effect, (ii) is the entire
agreement between Sublessor and Landlord, (iii) has not been amended or modified from the copy supplied to Sublessee prior to
the execution of this Agreement, except as expressly set forth in this Agreement and (iv) that Sublessor has no knowledge of
any default (or the occurrence of any events which would constitute a default with the passage of time or the giving of
notice or both) on the part of either Sublessor or Landlord under the Master Lease. Sublessor agrees not to terminate the
Master Lease voluntarily, or modify the Master Lease in a manner that adversely affects Sublessee’s rights under this
Agreement.

 

c. Sublessee
shall strictly and timely observe and perform, for the benefit of Landlord and Sublessor, during the Term, each and every term,
covenant, condition and agreement of the Master Lease which Sublessor is required to observe or perform under the Master Lease,
and all of the terms, covenants, conditions and agreements under the Master Lease are hereby incorporated herein by reference
and deemed to constitute terms, covenants, conditions and agreements which Sublessee is required to observe or perform under this
Agreement as if set forth herein at length, substituting “Sublessee” wherever the term “Lessee” appears
and “Sublessor” wherever the term “Lessor” appears; provided, however, that Sublessee’s obligations
under the Master Lease shall be limited to those arising after the Commencement Date relating to the Premises and only for the
duration of the Term. Notwithstanding the foregoing, the following provisions of the Master Lease shall expressly not be
incorporated into this Agreement: Section 3, Section 9, Exhibit A-2, Exhibit A-3, Exhibit A-4, Exhibit B, Exhibit F-1, Exhibit
F-2 and Exhibit G. To the extent of any inconsistency between the terms of this Agreement and the terms of the Master Lease that
are incorporated herein by the terms of this Section 11(c), the terms of this Agreement shall control.

 

d.
Sublessor may exercise all of the rights, powers, privileges and remedies reserved to Landlord under the Master Lease with
respect to the Premises to the same extent as if set forth herein, including, without limitation, all releases from liability
to Landlord under the Master Lease and all rights and remedies, including, without limitation, arising out of or with respect
to any failure of Sublessee to timely observe or perform the terms, covenants, conditions and agreements of this Agreement
and the Master Lease (except as specifically provided in this Agreement). Sublessee shall not cause any violation of any term
of the Master Lease.

 

    7

     

    

 

e. Sublessor
shall have no duty or obligation to exercise any right in the Master Lease, to extend the term of the Master Lease, to expand
the Premises under the Master Lease, or to incur any additional expense or obligation under the Master Lease.

 

f. In
the event of damage to or condemnation of the Premises, Sublessor may exercise any or all of the rights accorded to it as Tenant
under Article 22 (Destruction and Damage) and Article 23 (Eminent Domain) of the Master Lease.

 

g.
Sublessee hereby expressly acknowledges and agrees that it shall not have the right to exercise any options granted to
Sublessor under the Master Lease relating to options to expand, renew, extend, terminate or cancel before expiration of the
Term, rights of first refusal, rights of first offer or similar options.

 

h. Sublessor
and Sublessee agree that any provisions in the Master Lease related to Landlord’s or Sublessor’s rights or obligations under
the Master Lease related to the construction of tenant improvements shall be inapplicable in the context of this Agreement. Whenever
the consent of the Landlord is required under the Master Lease, and whenever the Landlord fails to perform its obligations under
the Master Lease, Sublessor agrees to use its reasonable, good faith efforts to obtain that consent or performance on behalf of
Sublessee, but in connection therewith shall have no obligation to file suit against Landlord. Subject to the foregoing, it shall
be the obligation of Landlord to (i) provide all services to be provided by Landlord under the Master Lease and (ii) to satisfy
all obligations and covenants of Landlord made in the Master Lease. Subject to the foregoing, Sublessee acknowledges that Sublessor
shall be under no obligation to directly provide any such services or to satisfy any such obligations or covenants, nor shall
Sublessor be liable for any delay or failure by Landlord to provide any such services or satisfy any such obligations or covenants
unless such delay or failure is a result of Sublessor’s act or failure to act with respect to its obligations under the
Master Lease or this Agreement. All of the obligations of Sublessor under this Agreement which are also obligations of Landlord
pursuant to the Master Lease shall be deemed satisfied by the performance of such obligations by Landlord.

 

i. If
Sublessor receives any abatement or diminution of Rent due under the Master Lease because the Premises, or a portion thereof,
has become untenantable (whether under Articles 22 or 23 of the Master Lease or otherwise), then Sublessee shall be entitled to
a corresponding abatement or diminution of Rent due under this Agreement, for such untenantable portion of the Premises.

 

12.
Assignment, Subletting and Encumbrances. Sublessee shall not sublease, assign,
mortgage, pledge or otherwise encumber all or any part of the Premises or this Agreement (by operation of law or otherwise) without
the prior written approval of Landlord and Sublessor in accordance with the terms of the Master Lease; provided, Sublessee may
assign this Agreement or sublease the Premises in connection with a Permitted Transfer (as defined in the Master Lease) without
the consent of Landlord or Sublessor but upon the satisfaction of the terms and conditions set forth in Section 39(h) of the Master
Lease. In addition, any sublease or assignment shall be subject to the terms of the Master Lease. Subject to the foregoing and
except to the extent permitted by the terms of the Master Lease, Sublessee shall not permit the Premises to be used or occupied
by anyone other than Sublessee without the prior written approval of Sublessor.

 

    8

     

    

 

		13.	Default.
                                         

 

a. If
Sublessee shall fail to pay any Base Rent, Additional Rent or any other amount Sublessee may be required to pay hereunder when
due, or if Sublessee shall default in the observance or performance of any other term, covenant or condition of this Agreement,
or if Sublessee shall cause a default by Sublessor under the Master Lease, then Sublessor may exercise any right or remedy that
would be available to Landlord upon a default beyond applicable cure periods under the Master Lease, plus any other rights available
at law or in equity.

 

b. In
the event of any breach by Sublessee or any persons claiming through or under Sublessee of any of the terms, covenants or conditions
contained in this Agreement, Sublessor shall have the right to invoke any right or remedy allowed at law or in equity or by statute
or otherwise.

 

c. If
Sublessor shall default in the observance or performance of any term, covenant or condition of this Agreement, including, without
limitation, by its act or omission, the Master Lease, then Sublessee may pursue any remedies that may be available to it at law
or in equity.

 

d. Sublessor
shall notify Sublessee of any event of default under the Master Lease, or of any other event of which Sublessor has actual knowledge
that will impair Sublessee’s ability to conduct its normal business at the Premises, as soon as reasonably practicable following
Sublessor’s receipt of notice from the Landlord of an event of default or Sublessor’s actual knowledge of such impairment.

 

14.
 Remedies Cumulative. Each right and remedy of Sublessor under this Agreement shall be cumulative and shall be in addition
to every other right and remedy of Sublessor under this Agreement and now or hereafter existing at law or in equity, by statute
or otherwise. Notwithstanding anything contained herein to the contrary, neither party shall be liable to the other for any special
or consequential damages, loss of profits, loss of rents or other revenues, loss of business opportunity, loss of goodwill or
loss of use resulting from the failure of such party to meet its obligations under this Agreement.

 

15.
Surrender of Premises. Sublessee shall, no later than the end of the Term or the earlier termination of this Agreement
and in accordance with all of the terms of this Agreement and the Master Lease, vacate and surrender to Sublessor the Premises,
together with the FF&E (unless such FF&E is purchased by Sublessee pursuant to Section 1(c) above). Sublessee shall not
be permitted to hold over possession of the Premises beyond the Term or the earlier termination of this Agreement. Any such holdover
shall be deemed an immediate and automatic default under this Agreement, entitling Sublessor to any and all remedies available
under Section 13, including without limitation, injunctive relief and damages.

 

    9

     

    

 

16.
Notices. All notices, consents, approvals or other communications (collectively,
a “Notice”) required to be given under this Agreement or pursuant to law shall be in writing and, unless otherwise
required by law, shall be personally delivered or given by registered or certified mail, return receipt requested, postage prepaid,
to the parties at their respective addresses set forth below or such other address as either may designate by Notice to the other.
Any Notice given pursuant hereto shall be deemed to have been received upon delivery, if personally delivered to the address set
forth below, or three (3) business days after the mailing thereof if mailed in accordance with the terms hereof.

 

	To Sublessor:	Turo Inc.
	 	111 Sutter Street, Suite 1200
	 	 San Francisco, CA 94104
	 	Attn: Legal Department 
	 	Email: [*]
	 	 
	With a copy to:	Turo Inc.
	 	111 Sutter Street, Suite 1200 
	 	San Francisco, CA 94104
	 	Attn: [*]
	 	Email: [*]
	 	 
	To Sublessee:	Augmedix Operating Corp.
	 	111 Sutter Street, Suite 1300
	 	San Francisco, CA 94104
	 	Attn: [*]
	 	 Email: [*]

 

17.
Governing Law. This Agreement will be governed by and construed in accordance
with the laws of the State of California, without giving effect to any choice of law principles.

 

18. Successors
and Assigns. All of the terms and provisions of this Agreement shall be binding upon and inure to the benefit of the parties
hereto and their respective successors and assigns, subject to Section 12.

 

19.
Signage. Subject to the terms and conditions of the Master Lease, Sublessee, at Sublessee’s sole cost, shall
be provided with standard building signage in the ground floor lobby and in the elevator lobby on the floor on which the Premises
are located. Any above standard signage at the entrance to the Premises shall be to Sublessee’s specifications (subject
to the approval of Landlord pursuant to the terms and conditions of the Master Lease) and at Sublessee’s sole cost.

 

20. Bicycles. Sublessee
shall have the right to bring bicycles onto the Premises subject to the terms and conditions of Section 61 of the Master
Lease.

 

21. Access/Security.
Subject to the terms of the Master Lease, Sublessee shall have access to the Premises 24 hours a day, 7 days a week. Access to
the Premises by Sublessee shall be by key card access.

 

22.
Broker. The parties hereto represent and warrant to each other that neither party
dealt with any broker or finder in connection with the consummation of this Agreement other than Colliers International on behalf
of Sublessor and Jones Lang LaSalle Brokerage, Inc. on behalf of Sublessee (collectively “Broker”) and each party
agrees to protect, defend, indemnify, hold and save the other party harmless from and against any and all claims or liabilities
for brokerage commissions or finder’s fees arising out of their acts in connection with this Agreement to anyone other than
the Broker. The provisions of this Section shall survive the expiration or earlier termination of this Agreement. The commissions
or fees payable to the Broker shall be paid by Sublessor according to the terms of a separately executed agreement.

 

    10

     

    

 

23. Entire
Agreement; Modification. Sublessor has made no representations, warranties or covenants to or with Sublessee with respect
to the subject matter of this Agreement except as expressly provided herein and all prior negotiations and agreements relating
thereto are merged into this Agreement. This Agreement may not be amended or terminated, in whole or in part, nor may any of the
provisions be waived, except by a written instrument executed by the party against whom enforcement of such amendment, termination
or waiver is sought. Notwithstanding anything to the contrary, any amendment of this Agreement shall be subject to the prior,
written consent of the Landlord to the extent required under the Master Lease. The prevailing party in any litigation, arbitration
or other proceedings arising out of this Agreement shall be reimbursed by the other party for all costs and expenses incurred
in such proceedings, including reasonable attorneys’ fees.

 

24. Counterparts;
E-Signatures. This Agreement may be executed in one or more counterparts, each of which will be deemed an original but all
of which together will constitute one and the same instrument. Counterparts of this Agreement signed and transmitted by digital
or electronic means shall bind the party so signing with the same effect as though the signature were an original signature. All
signing parties consent to the use of electronic signatures on this document, and agree that (i) any electronic signatures appearing
thereon are the same as handwritten signatures for the purposes of validity, enforceability and admissibility; and (ii) that any
electronically signed copy of this document shall, for all purposes, be deemed to be “written” or “in writing,”
to have been executed, and to constitute an original written record when printed, and shall be fully admissible in any legal proceeding.
For purposes hereof, “electronic signature” shall have the meaning set forth in the Uniform Electronic Transactions
Act, as the same may be amended from time to time.

 

25.
Severability of Provisions. If any term or provision of this Agreement or any
application thereof shall be invalid or unenforceable, the remainder of this Agreement and any other application of such term
or provision shall not be affected thereby. All words used shall be understood and construed of such gender or number as circumstances
may require.

 

26.
Asbestos Notification. Sublessee acknowledges that it has received the asbestos
notification attached to the Master Lease as Exhibit E, disclosing the existence of asbestos in the Building. Subject
to Landlord’s obligations under the Master Lease, Sublessee agrees to comply with the California “Connelly Act”
and other applicable laws, including by providing copies of Sublessor’s asbestos notification letter to all of Sublessee’s
“employees” and “owners”, as those terms are defined in the Connelly Act and other applicable laws.

 

27. California
Civil Code Section 1938. Pursuant to California Civil Code § 1938, Sublessor hereby states that the Premises have
not undergone inspection by a Certified Access Specialist (CASp) (defined in California Civil Code § 55.52). If
Sublessee wishes to have an inspection of the Premises performed by a Certified Access Specialist, at Sublessee’s
request, Sublessor shall use commercially reasonable efforts to make arrangements with the Landlord for such inspection to be
performed, subject to the terms and conditions of the Master Lease. Sublessee shall be solely responsible for the cost of any
such inspection, and the cost of performing any work required to correct any failures of the Premises to comply with any
applicable Laws relating to accessibility shall be allocated as set forth in this Agreement and/or the Master Lease, as
applicable.

 

NOTICE:
A Certified Access Specialist (CASp) can inspect the subject premises and de termine whether the subject premises comply with
all of the applicable construction relate d accessibility standards under state law. Although state law does not require a CASp
inspection of the subject premises, the commercial property owner or lessor may not prohibit the lessee or tenant from obtaining
a CASp inspection of the subject premises for the occupancy or pote ntial occupancy of the lessee or tenant, if requeste d by
the lessee or tenant. The partie s shall mutually agree on the arrangements for the time and manner of the CASp inspection, the
payment of the fee for the CASp inspection, and the cost of making any repairs to correct violations of the construction relate
d accessibility standards within the premises.

 

    11

     

    

 

IN
WITNESS WHEREOF, Sublessor and Sublessee have executed this Agreement on the day and year first above written.

 

	 	SUBLESSOR:
	 	 	 
	 	TURO INC., a Delaware corporation
	 	 	 
	 	By:	/s/
    Andre Haddad
	 	Name:	Andre Haddad
	 	Title:	CEO
	 	 	
	 	SUBLESSEE:
	 	 	 
	 	AUGMEDIX OPERATING CORP.,

                    a Delaware corporation
	 	 	 
	 	By:	/s/
    Manny Krakaris
	 	Name: 	Manny Krakaris
	 	Title:	CEO

 

     

     

    

 

EXHIBIT
A

 

FF&E

 

	QTY	ITEM
	Elevator Lobby
	2	Black leather chairs
	1	Side table
	1	Area rug
	Conference Rooms
	10	Conference room tablet door mounts (lpad not included)
	54	Conference room chairs
	13	Conference room tables
	12	Televisions
	12	Macmini wall mounts behind TV displays (Macmini not included )
	1	White side cabinet
	3	Block Party lounge Bench
	1	Natural Ash Spot Side Table
	Open Area
	124	Series
    L Adjustable Height Single Desk, White, 47”, White legs
	124	White Cable Hide a way, 20”
	124	White Belkin 6-Outlet Surge Protector, 6’ Cord
	124	White Slim Stow 3-Drawer File Cabinet
	112	Max Task Chair High Back Dark Gray + White
	68	White Boom Power Rail Race way, 50“L
	34	White Boom Power Rail Legs , Set of 2
	1	Black PoppinPod Kolo 2
	4	Black PoppinPod Kolo 1
	1	Conference room chairs
	1	Block Party Lounge Sofa
	1	Square ottoman
	5	Side table
	1	QT Lounge low Sofa
	1	Black coffee table
	2	Black metal shelving units
	4	Meredith lounge Chair
	Reception Area
	1	White side table
	1	Brown leather sectional
	1	Wood coffee table
	3	Round ottoman
	2	Black leat her chairs
	1	Wood side table
	Kitchen/ Break Area
	3	White round tables
	12	Black chairs
	1	Television
	2	Microwave
	1	Black shelving unit
	4	Black bar stools
	Server Room
	 	IT racks

 

     

     

    

 

EXHIBIT
“B”

 

BILL OF SALE

 

SELLER,
Turo Inc., a Delaware corporation, for and in consideration of the amount of One Dollar ($1.00) and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, does hereby sell, assign and transfer over to Augmedix Operating
Corp., a Delaware corporation (“Purchaser”), the furniture, fixtures and equipment described on Schedule 1 attached
hereto (the “FF&E”).

 

Seller
hereby represents to Purchaser that Seller is the absolute owner of the FF&E, that the FF&E is free and clear of all liens,
charges and encumbrances, and that Seller has full right, power and authority to sell the FF&E and to make this Bill of Sale.
ALL WARRANTIES OF QUALITY, FITNESS AND MERCHANTABILITY ARE HEREBY EXCLUDED.

 

IN
WITNESS WHEREOF, Seller has executed this Bill of Sale this 15th day of December, 2020.

 

	 	TURO INC., a Delaware corporation
	 	 	 
	 	By:	/s/
    Andre Haddad
	 	Name:	Andre Haddad
	 	Title:	CEO

 

     

     

    

 

Schedule
1 to Bill of Sale

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