Document:

Exhibit 10.1 

 

SECOND AMENDMENT TO REAL ESTATE
PURCAHSE 

AND SALE AGREEMENT  

 

THIS SECOND AMENDMENT
TO REAL ESTATE PURCHASE AND SALE AGREEMENT (this “Amendment”) is made and entered into as of January 31, 2018,
by and between Southeast Equity Properties, LLC, JHB1 Properties, LLC, TWH of Alabama,
LLC, Robert E Lee Living Trust, Vulcan Pacific, LLC, USA Regrowth Fund, LLC, Novato Ventures, LLC, Besaid, LLC, Thrive SF Capital
Group, LLC, JMZ Partners, LLC, Capital Concepts NW, LLC, BP Fund, LLC (collectively, “Seller”), and REVEN
HOUSING REIT, INC., a Maryland corporation (“Buyer”).

 

RECITALS:

 

WHEREAS, Seller
and Buyer entered into that certain Real Estate Purchase and Sale Agreement October 12, 2017, as amended by that certain Amendment
to Real Estate Purchase and Sale Agreement dated December 14, 2017 (collectively, the “Contract”), pursuant
to which Seller agreed to sell to Buyer certain real property consisting of 40 single family homes in the State of Alabama, as
more particularly described in the Contract, together with all of the improvements and structures located thereon, any heating
and ventilating systems and other fixtures located therein or thereon, and all rights, interests, benefits, privileges, easements
and appurtenances to the land and the Improvements, if any (collectively, the “Premises”); and

 

WHEREAS, Seller
and Buyer desire to amend the Contract in certain respects, all as more particularly described hereinbelow.

 

AGREEMENT:

 

NOW,
THEREFORE, in consideration of the mutual promises and covenants contained in the Contract, and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged by each of the parties, Seller and Buyer hereby agree as follows:

 

1.       Seller and
Buyer hereby stipulate and agree that thirteen (13) of the single family homes comprising the Premises are being
excluded from the transaction contemplated under the Contract. Section 1 of the Contact is hereby amended to provide that the
Premises shall mean those certain twenty-seven (27) single family homes identified and generally described on Exhibit
A attached to this Amendment, together with all of the Improvements (as defined in the Contract), any heating and
ventilating systems and other fixtures located therein or thereon, and all rights, interests, benefits, privileges, easements
and appurtenances to the land and the Improvements, if any. Exhibit A-2 attached to the Contract is hereby deleted in its
entirety and replaced with Exhibit A attached hereto.

 

2.       The Contract
is hereby amended to provide that the Purchase Price shall mean $1,659,000.00, subject to adjustments in accordance with the
provisions of the Contract.

 

3.       The
Contract is hereby amended to provide that the Closing Date shall occur on February 15, 2018, or such earlier date as may be agreed
upon in writing by Seller and Buyer.

 

4.       Seller
and Purchaser hereby stipulate and agree that the Necessary Repairs (as defined in the Contract) shall mean the work described
on Exhibit B attached to this Amendment, which Seller has elected to perform prior to and/or after Closing, in accordance
with the provisions of the Contract. Furthermore, Seller and Purchaser hereby stipulate and agree that the Purchase Price Escrow
Repair Holdback (as defined in the Contract) shall be in the amount of $121,750.00, and shall be distributed by the Escrow Holder
in accordance with the provisions of the Contract.

 

5.        All
capitalized terms found in the Contract shall have the same meaning when used in this Amendment. This Amendment may be executed
by facsimile or electronic signatures, which for all purposes shall be deemed to constitute originals. In addition, this Amendment
may be executed simultaneously in two or more counterparts, each of which shall be deemed an original and all of which together
shall constitute one instrument.

 

     

     

    

6.       Except
as amended hereby, all terms and provisions of the Contract are and remain in full force and effect as therein written and are
reinstated, ratified, and/or confirmed if and to the extent required to affirm the continuing validity of the Contract.

 

7.       In
the event of a conflict between the terms of this Amendment and those of the Contract, the terms of this Amendment shall govern
and control.

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be executed as of the day and year first above written.

 

 

 

 

 

 

 

 

[SIGNATURE PAGE FOLLOWS]

 

     

     

    

	 	 [Signature Pages for Seller]

 

 

Southeast
Equity Properties, LLC, an Alabama limited liability company

 

By:/s/ Justin Harrison

Name:Justin Harrison

Title:Owner/Member

 

JHB1 Properties,
LLC, an Alabama limited liability company

 

By:/s/ Justin Harrison

Name:Justin Harrison

Title:Owner/Member

 

TWH of Alabama,
LLC, an Alabama limited liability company

 

By:/s/ Justin Harrison

Name:Justin Harrison

Title:Owner/Member

 

Robert E Lee
Living Trust, a trust formed under the laws of the State of California

 

By:/s/ Jeff Welles

Name:Jeff Welles

Title:Trustee

 

Vulcan Pacific,
LLC, a California limited liability company

 

By:/s/ Jeff Welles

Name:Jeff Welles

Title:Managing Member

 

USA Regrowth
Fund, LLC, an Alabama limited liability company

 

By:/s/ Jay Hinrichs

Name:Jay Hinrichs

Title:Owner

 

Novato Ventures,
LLC, an Alabama limited liability company

 

By:/s/ Jay Hinrichs

Name:Jay Hinrichs

Title:Owner

 

Besaid, LLC,
an Alabama limited liability company

 

By:/s/ Jay Hinrichs

Name:Jay Hinrichs

Title:Owner

 

 

     

     

    

	 	 Thrive SF
Capital Group, LLC, an Alabama limited liability company

 

By:/s/ Jay Hinrichs

Name:Jay Hinrichs

Title:Owner

 

JMZ Partners,
LLC, an Alabama limited liability company

 

By:/s/ Jay Hinrichs

Name:Jay Hinrichs

Title:Owner

 

Capital Concepts
NW, LLC, an Alabama limited liability company

 

By:/s/ Jay Hinrichs

Name:Jay Hinrichs

Title:Owner

 

BP Fund, LLC, an Alabama limited
liability company

 

By:/s/ Jay Hinrichs

Name:Jay Hinrichs

Title:Owner

 

 

[End of Signature Pages of Seller]

 

 

     

     

    

	 	 [Signature Page for Buyer]

 

REVEN HOUSING REIT, INC.,

a Maryland corporation

 

 

By:/s/ Chad Carpenter

Chad Carpenter

Chief Executive OfficerExhibit 4.1 

 

	Number	 	Incorporated Under the Laws of Bermuda	 	Shares
	 	 	 	 	-0-
	 	 	 	 	 
	 	 	 	 	Cusip No.

 

INSURANCE INCOME STRATEGIES LTD. 

 

Common Shares, par value $.001 per share

 

Specimen Certificate 

 

This Certifies that [ ] is the owner of [ ] FULLY PAID AND NON-ASSESSABLE
COMMON SHARES, PAR VALUE $0.001 PER SHARE, OF INSURANCE INCOME STRATEGIES LTD. (hereinafter called the “Company”) held
subject to the memorandum of association and bye-laws of the Company (copies of which are on file with the Company and the Transfer
Agent) and transferable in accordance therewith. This Certificate is not valid unless countersigned by the Transfer Agent and registered
by the Registrar.

 

Witness, the seal of the Company and the signatures of its duly
authorized officers.

 

Dated:

 

Insurance Income Strategies Ltd.

 

[Corporate Seal]

 

	[Chief Executive Officer]	 	[Secretary]

 

COUNTERSIGNED AND REGISTERED:

 

V Stock Transfer, LLC

 

Transfer Agent and Registrar

 

	BY:	 
	 	 

 

     

     

    

 

The following abbreviations, when used in the inscription on
the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations:

 

	TEN COM	 	—	 	as tenants in common	 	UNIF GIFT MIN ACT	 	—	 	Custodian
	TEN ENT	 	—	 	as tenants by the entireties	 	 	 	 	 	
        (Cust) (Minor) under Uniform Gifts to Minors Act

 

        (State)

	JT TEN	 	—	 	
        as joint tenants with right of

survivorship and not as tenants

in common
	 	 	 	 	 

 

Additional abbreviations may also be used
though not in the above list.

 

FOR VALUE RECEIVED, hereby sell, assign and transfer unto

 

	PLEASE INSERT SOCIAL SECURITY OR OTHER 	 
	IDENTIFYING NUMBER OF ASSIGNEE 	 
	 	 

	 
	(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE)
	 
	 
	 
	 

	
	 	Shares	 
	of the common shares represented by the within Certificate, and such shares are subject to the memorandum of association and the bye-laws of the Company and are transferable in accordance therewith.	 	 	 
	 		 	 
	
	 	Attorney	 

 

Dated  

 

     

     

    

 

	 	 	 
	 	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular without alteration or enlargement or any change whatever. The signature of the person executing this power must be guaranteed by an Eligible Credit Union, or a Savings Association participating in a Medallion program approved by the Securities Transfer Association, Inc.

 

	Signature(s) Guaranteed 

 

	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM), PURSUANT TO S.E.C. RULE 17AD-15.Exhibit 4.2

 

NUMBER

UNITS

U-

 

SEE REVERSE FOR CERTAIN DEFINITIONS

 

CUSIP [●]

 

INSURANCE INCOME STRATEGIES LTD.

 

UNITS CONSISTING OF ONE COMMON SHARE,
ONE CLASS A WARRANT AND ONE CLASS B WARRANT,

EACH CLASS A WARRANT AND EACH CLASS B
WARRANT ENTITLING THE HOLDER TO PURCHASE ONE COMMON SHARE

 

THIS CERTIFIES THAT                      is the owner of                       Units
of Insurance Income Strategies Ltd., a Bermuda exempted company (the “Company”), transferrable on the
books of the Company in person or by duly authorized attorney upon surrender of this certificate properly endorsed.

 

Each Unit (“Unit”)
consists of one (1) common share, par value $0.001 per share, of the Company (the “Common Shares”), one
(1) Class A Warrant of the Company (the “Class A Warrants”) and one (1) Class B Warrant of the Company
(the “Class B Warrants” and together with the Class A Warrants, the “Warrants”).
Each Class A Warrant entitles the holder to purchase one Common Share (subject to adjustment) for $10.00 per share (subject to
adjustment). Each Class B Warrant entitles the holder to purchase one Common Share (subject to adjustment) for $11.00 per share
(subject to adjustment). Each Class A Warrant will become immediately exercisable upon the closing of the Company’s initial
public offering and will expire unless exercised before 5:00 p.m., New York City Time, on the date that is five (5) years after
the date on which the Company completes its initial public offering, or earlier upon redemption. Each Class B Warrant will become
immediately exercisable upon the closing of the Company’s initial public offering and will expire unless exercised before
5:00 p.m., New York City Time, on the date that is seven (7) years after the date on which the Company completes its initial public
offering, or earlier upon redemption. The Common Shares and Warrants comprising the Units represented by this certificate are not
transferable separately prior to 45 days after the completion of the Company’s initial public offering unless Joseph Gunnar
& Co., LLC elects to allow separate trading earlier by issuing a press release announcing when separate trading will begin.
The terms of the Warrants are governed by a Warrant Agreement, dated as of                       , 2018, between the Company and V Stock Transfer, LLC,
as Warrant Agent, and are subject to the terms and provisions contained therein, all of which terms and provisions the holder of
this certificate consents to by acceptance hereof. Copies of the Warrant Agreement are on file at the office of the Warrant Agent
at 18 Lafayette Place, Woodmere, New York 11598, and are available to any Warrant holder on written request and without cost.

 

This certificate is
not valid unless countersigned by the Transfer Agent and registered by the Registrar of the Company.

 

This certificate shall
be governed by and construed in accordance with the internal laws of the State of New York.

 

Witness the facsimile
signature of a duly authorized signatory of the Company.

 

	 	 
	 	Authorized Signatory

 

 

	 	 
	 	Transfer Agent

  

     

     

    

 

Insurance Income Strategies Ltd.

 

The Company will furnish
without charge to each unitholder who so requests, a statement of the powers, designations, preferences and relative, participating,
optional or other special rights of each class of equity or series thereof of the Company and the qualifications, limitations,
or restrictions of such preferences and/or rights.

 

The following abbreviations,
when used in the inscription on the face of this certificate, shall be construed as though they were written out in full according
to applicable laws or regulations:

 

	TEN COM	— 	 as tenants in common	 	UNIF GIFT MIN ACT	— 	___________ Custodian ___________
	 	 	 	 	 	 	      (Cust)                             (Minor)
	TEN ENT	—	 as tenants by the entireties	 	 	 	 
	 	 	 	 	 	 	Under Uniform Gifts to Minors Act
	JT TEN	—	 as joint tenants with right of survivorship and not as tenants in common	 	 	 	
        _____________________________

        (State)

 

Additional abbreviations may also be used
though not in the above list.

 

For value received,                        hereby sell, assign
and transfer unto                                              

 

(PLEASE INSERT SOCIAL SECURITY OR OTHER
IDENTIFYING NUMBER OF ASSIGNEE)

 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS,
INCLUDING ZIP CODE, OF ASSIGNEE)

 

 

Units represented by the within certificate,
and do hereby irrevocably constitute and appoint

Attorney to transfer the said Units
on the books of the within named Company with full power of substitution in the premises.

 

Dated 

 

	 	 	 
	 	Notice: 	The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

 

	
        Signature(s) Guaranteed:

         
	 
	 	 
	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15 (OR ANY SUCCESSOR RULE)).

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