Document:

Exhibit

Exhibit 10.3
LIMITED GUARANTY
THIS LIMITED GUARANTY (“Guaranty”), dated as of October 10, 2017, is by BlueLinx Holdings Inc., a Delaware corporation (“Parent Guarantor”), with its chief executive office at 4300 Wildwood Parkway, Atlanta, Georgia 30339, in favor of Wells Fargo Bank, National Association, a national banking association, as agent (in such capacity, “Agent”), having an office at 100 Park Avenue, New York, New York 10017.
W I T N E S S E T H :
WHEREAS,  pursuant to that certain Credit Agreement, of even date herewith (as amended, restated, supplemented, or otherwise modified from time to time, the “Credit Agreement”), by and among Parent Guarantor,  BlueLinx Corporation, a Georgia corporation (“BlueLinx”), BlueLinx Florida LP, a Florida limited partnership (“BFLP”, and together with BlueLinx and those additional entities that hereafter become parties to the Credit Agreement as Borrowers in accordance with the terms thereof, each, a “Borrower” and individually and collectively, jointly and severally, the “Borrowers”), certain affiliates of Borrowers, the lenders party thereto as “Lenders” (each of such Lenders, together with its successors and permitted assigns, is referred to hereinafter as a “Lender”), Agent, Wells Fargo Capital Finance, LLC (“WFCF”) and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as joint lead arrangers, WFCF and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as joint book runners, and Merrill Lynch, Pierce, Fenner & Smith Incorporated as syndication agent, the Lender Group has agreed to make certain financial accommodations available to Borrowers from time to time pursuant to the terms and conditions thereof; and
WHEREAS, due to the close business and financial relationships between Borrowers, Guarantors and Parent Guarantor, in consideration of the benefits which will accrue to Parent Guarantor and as an inducement for and in consideration of Lenders (or Agent on behalf of Lenders) to continue to make loans and advances and provide other financial accommodations to Borrowers as set forth in the Credit Agreement and the other Loan Documents (as defined in the Credit Agreement);
NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Parent Guarantor hereby jointly and severally agrees in favor of Agent and Lenders as follows:
Section 1.Definitions.
1.1.    As used herein, the following definitions shall have the meanings given to them below: 
(a)    “Bankruptcy Code” shall mean the United States Bankruptcy Code, being Title 11 of the United States Code, as the same now exists or may from time to time hereafter be amended, modified, recodified or supplemented.
(b)    “Guarantied Obligations” means all of the Obligations (including any Bank Product Obligations) now or hereafter existing, whether for principal, interest (including any interest that accrues after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding), fees (including the fees provided for in the Fee Letter), Lender Group Expenses (including any such fees or expenses that accrue after the commencement of an Insolvency Proceeding, regardless of whether allowed or allowable in whole or in part as a claim in any such Insolvency Proceeding), or otherwise, and any and all expenses (including reasonable and documented counsel fees and expenses) incurred by Agent or any other member of the Lender Group (or any of them) in enforcing any rights under the any of the Loan Documents.  Without limiting the generality of the foregoing, Guarantied Obligations shall include all amounts that constitute part of the Guarantied Obligations and would be owed by any Borrower to Agent, any other member of the Lender Group, or any Bank Product Provider but for the fact that they are unenforceable or not allowable, including due to the existence of a bankruptcy, reorganization, other Insolvency Proceeding or similar proceeding involving any Borrower or any guarantor; provided that, anything to the contrary contained in the foregoing notwithstanding, the Guarantied Obligations shall exclude any Excluded Swap Obligation.

(c)    “Mortgage Loan Pledge Agreement” means the Pledge Agreement, dated as of March 24, 2016, by Parent Guarantor in favor of Mortgage Lenders with respect to the pledge of the equity interests of Parent Guarantor in the SPE Propcos.
(d)    “Mortgage Loan Special Servicer” means LNR Partners, LLC, a Florida limited liability company, any replacement special servicer appointed pursuant to the Mortgage Loan Agreement, and its permitted successors and assigns.
(e)    “SPE Propco Equity Interests” shall mean the Equity Interests issued by any SPE Propco.
1.2.    All capitalized terms used herein and not defined herein shall have the meanings given to such terms in the Credit Agreement. 
Section 2.    Guaranty.
2.1.    Subject to the limitations set forth in Section 2.9 hereof, Parent Guarantor hereby unconditionally and irrevocably guarantees as a primary obligor and not merely as a surety the full and prompt payment when due, whether upon maturity, acceleration, or otherwise, of all of the Guarantied Obligations.  If any or all of the Obligations constituting Guarantied Obligations becomes due and payable, subject to the limitations set forth in Section 2.9 hereof, Parent Guarantor, unconditionally and irrevocably, and without the need for demand, protest, or any other notice or formality, promises to pay the Guarantied Obligations to Agent, for the benefit of the Lender Group and the Bank Product Providers, together with any and all expenses (including Lender Group Expenses) that may be incurred by Agent or any other member of the Lender Group in demanding, enforcing, or collecting any of the Guarantied Obligations.  If claim is ever made upon Agent or any other member of the Lender Group or any Bank Product Provider for repayment or recovery of any amount or amounts received in payment of or on account of any or all of the Guarantied Obligations and any of Agent or any other member of the Lender Group or any Bank Product Provider repays all or part of said amount by reason of (i) any judgment, decree, or order of any court or administrative body having jurisdiction over such payee or any of its property, or (ii) any settlement or compromise of any such claim effected by such payee with any such claimant (including any Borrower, any Guarantor or Parent Guarantor), then and in each such event, the Parent Guarantor agrees that any such judgment, decree, order, settlement, or compromise shall be binding upon the Parent Guarantor, notwithstanding any revocation (or purported revocation) of this Guaranty or other instrument evidencing any liability of any Loan Party, and the Parent Guarantor shall be and remain liable to the aforesaid payees hereunder for the amount so repaid or recovered to the same extent as if such amount had never originally been received by any such payee.
2.2.    Additionally, subject to the limitations set forth in Section 2.9 hereof, the Parent Guarantor unconditionally and irrevocably guarantees the payment of any and all of the Guarantied Obligations to Agent, for the benefit of the Lender Group, whether or not due or payable by any Loan Party upon the occurrence of any of the events specified in Section 8.4 or 8.5 of the Credit Agreement, and irrevocably and unconditionally promises to pay the Guarantied Obligations to Agent, for the benefit of the Lender Group, without the requirement of demand, protest, or any other notice or other formality, in lawful money of the United States.
2.3.    The liability of the Parent Guarantor hereunder is primary, absolute, and unconditional, and is independent of any security for or other guaranty of the Guarantied Obligations, whether executed by any other guarantor or by any other Person, and the liability of the Parent Guarantor hereunder shall not be affected or impaired by (a) any payment on, or in reduction of, any such other guaranty or undertaking (other than payment in full of the Guarantied Obligations), (b) any dissolution, termination, or increase, decrease, or change in personnel by any Loan Party, (c) any payment made to Agent, any other member of the Lender Group or any Bank Product Provider on account of the Guarantied Obligations which Agent or such other member of the Lender Group, or such Bank Product Provider repays to any Loan Party pursuant to court order in any bankruptcy, reorganization, arrangement, moratorium or other debtor relief proceeding (or any settlement or compromise of any claim made in such a proceeding relating to such payment), and the Parent Guarantor waives any right to the deferral or modification of the Guarantied Obligations hereunder by reason of any such proceeding, (d) any action or inaction by Agent or any other member of the Lender Group, or any Bank Product Provider, or (e) any invalidity, irregularity, avoidability, or unenforceability of all or any part of the Guarantied Obligations or of any security therefor.

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2.4.    This Guaranty includes all present and future Guarantied Obligations including any under transactions continuing, compromising, extending, increasing, modifying, releasing, or renewing the Guarantied Obligations, changing the interest rate, payment terms, or other terms and conditions thereof, or creating new or additional Guarantied Obligations after prior Guarantied Obligations have been satisfied in whole or in part.  To the maximum extent permitted by law, the Parent Guarantor hereby waives any right to revoke this Guaranty as to future Guarantied Obligations.  If such a revocation is effective notwithstanding the foregoing waiver, Parent Guarantor acknowledges and agrees that (a) no such revocation shall be effective until written notice thereof has been received by Agent, (b) no such revocation shall apply to any Guarantied Obligations in existence on the date of receipt by Agent of such written notice (including any subsequent continuation, extension, or renewal thereof, or change in the interest rate, payment terms, or other terms and conditions thereof), (c) no such revocation shall apply to any Guarantied Obligations made or created after such date to the extent made or created pursuant to a legally binding commitment of any member of the Lender Group in existence on the date of such revocation, (d) no payment by Parent Guarantor, any Loan Party, or from any other source, prior to the date of Agent’s receipt of written notice of such revocation shall reduce the maximum obligation of the Parent Guarantor hereunder, and (e) any payment by any Loan Party or from any source other than the Parent Guarantor subsequent to the date of such revocation shall first be applied to that portion of the Guarantied Obligations as to which the revocation is effective and which are not, therefore, guaranteed hereunder, and to the extent so applied shall not reduce the maximum obligation of such Parent Guarantor hereunder.  This Guaranty shall be binding upon the Parent Guarantor, its successors and assigns and inure to the benefit of and be enforceable by Agent (for the benefit of the Lender Group and the Bank Product Providers) and its successors, transferees, or assigns.
2.5.    The guaranty by the Parent Guarantor hereunder is a guaranty of payment and not of collection.  The Guarantied Obligations are independent of the obligations of any other guarantor or Loan Party or any other Person and a separate action or actions may be brought and prosecuted against the Parent Guarantor or any Loan Party whether or not action is brought against any other guarantor or Loan Party or any other Person and whether or not any other guarantor or Loan Party or any other Person be joined in any such action or actions.  The Parent Guarantor waives, to the fullest extent permitted by law, the benefit of any statute of limitations affecting its liability hereunder or the enforcement hereof.  Any payment by any Loan Party or other circumstance which operates to toll any statute of limitations as to any Loan Party shall operate to toll the statute of limitations as to the Parent Guarantor.
2.6.    The Parent Guarantor authorizes Agent, the other members of the Lender Group, and the Bank Product Providers without notice or demand (other than any notice expressly required to be provided hereunder or under any other Loan Document), and without affecting or impairing its liability hereunder, from time to time to:
(a)    change the manner, place, or terms of payment of, or change or extend the time of payment of, renew, increase, accelerate, or alter:  (i) any of the Guarantied Obligations  (including any increase or decrease in the principal amount thereof or the rate of interest or fees thereon), or (ii) any security therefor or any liability incurred directly or indirectly in respect thereof, and this Guaranty shall apply to the Guarantied Obligations  as so changed, extended, renewed, or altered;
(b)    take and hold security for the payment of the Guarantied Obligations  and sell, exchange, release, impair, surrender, realize upon, collect, settle, or otherwise deal with in any manner and in any order any property at any time pledged or mortgaged to secure the Guarantied Obligations  (including any of the obligations of all or any of the Parent Guarantor under this Guaranty) incurred directly or indirectly in respect thereof or hereof, or any offset on account thereof;
(c)    exercise or refrain from exercising any rights against any Loan Party;
(d)    release or substitute any one or more endorsers, Parent Guarantor, any Loan Party, or other obligors;
(e)    settle or compromise any of the Guarantied Obligations, any security therefor, or any liability (including those of the Parent Guarantor under this Guaranty) incurred directly or indirectly in respect thereof or hereof, and may subordinate the payment of all or any part thereof to the payment of any liability (whether due or not) of any Loan Party to its creditors;

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(f)    apply any sums by whomever paid or however realized to any liability or liabilities of any Loan Party to Agent, any other member of the Lender Group, or any Bank Product Provider regardless of what liability or liabilities of such Loan Party remain unpaid;
(g)    consent to or waive any breach of, or any act, omission, or default under, this Guaranty, any other Loan Document, any Bank Product Agreement, or any of the instruments or agreements referred to herein or therein, or otherwise amend, modify, or supplement this Guaranty, any other Loan Document, any Bank Product Agreement, or any of such other instruments or agreements; or
(h)    take any other action that could, under otherwise applicable principles of law, give rise to a legal or equitable discharge of the Parent Guarantor from all or part of its liabilities under this Guaranty (other than a defense of payment in full of the Guarantied Obligations).
2.7.    It is not necessary for Agent, any other member of the Lender Group, or any Bank Product Provider to inquire into the capacity or powers of the Parent Guarantor or the officers, directors, partners or agents acting or purporting to act on its behalf, and any Obligations made or created in reliance upon the professed exercise of such powers shall be guaranteed hereunder.
2.8.    The Parent Guarantor guarantees that the Guarantied Obligations will be paid strictly in accordance with the terms of the Loan Documents, regardless of any law, regulation, or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of any member of the Lender Group or any Bank Product Provider with respect thereto.  The obligations of the Parent Guarantor under this Guaranty are independent of the Guarantied Obligations, and a separate action or actions may be brought and prosecuted against each Loan Party to enforce such obligations, irrespective of whether any action is brought against any other Loan Party or whether any other Loan Party is joined in any such action or actions.  The liability of the Parent Guarantor under this Guaranty shall be absolute and unconditional irrespective of, and Parent Guarantor hereby irrevocably waives any defense it may now or hereafter have in any way relating to, any or all of the following:
(a)    any lack of validity or enforceability of any Loan Document or any agreement or instrument relating thereto;
(b)    any change in the time, manner, or place of payment of, or in any other term of, all or any of the Guarantied Obligations, or any other amendment or waiver of or any consent to departure from any Loan Document, including any increase in the Guarantied Obligations resulting from the extension of additional credit;
(c)    any taking, exchange, release, or non-perfection of any Lien in and to any Collateral, or any taking, release, amendment, waiver, supplement, restatements, extension, novation, renewal, replacements, or continuation of, or consent to departure from any other guaranty, for all or any of the Guarantied Obligations;
(d)    the existence of any claim, set-off, defense, or other right that the Parent Guarantor may have at any time against any Person, including Agent, any other member of the Lender Group, or any Bank Product Provider;
(e)    any defense, set-off, counterclaim, or claim, of any kind or nature, arising directly or indirectly from the present or future lack of perfection, sufficiency, validity, or enforceability of the Guarantied Obligations or any security therefor;
(f)    any right or defense arising by reason of any claim or defense based upon an election of remedies by any member of the Lender Group or any Bank Product Provider including any defense based upon an impairment or elimination of the Parent Guarantor’s rights of subrogation, reimbursement, contribution, or indemnity of the Parent Guarantor against any Loan Party or any other guarantor or sureties;
(g)    any change, restructuring, or termination of the corporate, limited liability company, or partnership structure or existence of any Loan Party; or

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(h)    any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Loan Party or any other guarantor or surety.
2.9.    Notwithstanding anything to the contrary contained in this Guaranty or the Loan Documents, Parent Guarantor shall have no liabilities or obligations under this Guaranty unless and until (a) Parent Guarantor has failed to comply with the terms of Section 4.1(a) hereof or (b) any of the representations and warranties made by Parent Guarantor pursuant to Section 4.1(b) shall be untrue in any material respect.
Section 3.    Waivers.
3.1.    The Parent Guarantor waives any right (except as shall be required by applicable statute and cannot be waived) to require Agent, any other member of the Lender Group, or any Bank Product Provider to (a) proceed against any Loan Party or any other Person, (b) proceed against or exhaust any security held from any Loan Party or any other Person, or (c) protect, secure, perfect, or insure any security interest or Lien on any property subject thereto or exhaust any right to take any action against any Loan Party, any other Person, or any collateral, or (d) pursue any other remedy in any member of the Lender Group’s or any Bank Product Provider’s power whatsoever.  The Parent Guarantor waives any defense based on or arising out of any defense of any Loan Party or any other Person, other than payment of the Guarantied Obligations to the extent of such payment, based on or arising out of the disability of any Loan Party or any other Person, or the validity, legality, or unenforceability of the Guarantied Obligations  or any part thereof from any cause, or the cessation from any cause of the liability of any Loan Party other than payment of the Guarantied Obligations  to the extent of such payment.  Agent may, at the election of the Required Lenders, foreclose upon any Collateral held by Agent by one or more judicial or non-judicial sales or other dispositions, whether or not every aspect of any such sale is commercially reasonable or otherwise fails to comply with applicable law or may exercise any other right or remedy Agent, any other member of the Lender Group, or any Bank Product Provider may have against any Loan Party or any other Person, or any security, in each case, without affecting or impairing in any way the liability of the Parent Guarantor hereunder except to the extent the Guarantied Obligations have been paid.
3.2.    The Parent Guarantor waives all presentments, demands for performance, protests and notices, including notices of nonperformance, notices of protest, notices of dishonor, notices of acceptance of this Guaranty, and notices of the existence, creation, or incurring of new or additional Guarantied Obligations or other financial accommodations.  The Parent Guarantor waives notice of any Default or Event of Default under any of the Loan Documents.  The Parent Guarantor assumes all responsibility for being and keeping itself informed of each Loan Party’s financial condition and assets and of all other circumstances bearing upon the risk of nonpayment of the Guarantied Obligations and the nature, scope, and extent of the risks which the Parent Guarantor assumes and incurs hereunder, and agrees that neither Agent nor any of the other members of the Lender Group nor any Bank Product Provider shall have any duty to advise the Parent Guarantor of information known to them regarding such circumstances or risks.
3.3.    To the fullest extent permitted by applicable law, the Parent Guarantor hereby waives:  (a) any right to assert against any member of the Lender Group, any defense (legal or equitable) (other than the defense that all of the Guarantied Obligations have been paid in full), set-off, counterclaim, or claim which the Parent Guarantor may now or at any time hereafter have against any Loan Party or any other party liable to any member of the Lender Group or any Bank Product Provider, (b) any defense, set-off, counterclaim, or claim, of any kind or nature, arising directly or indirectly from the present or future lack of perfection, sufficiency, validity, or enforceability of the Guarantied Obligations or any security therefor, (c) any right or defense arising by reason of any claim or defense based upon an election of remedies by any member of the Lender Group or any Bank Product Provider including any defense based upon an impairment or elimination of the Parent Guarantor’s rights of subrogation, reimbursement, contribution, or indemnity of the Parent Guarantor against any Loan Party or other guarantor or sureties, and (d) the benefit of any statute of limitations affecting the Parent Guarantor’s liability hereunder or the enforcement thereof, and any act which shall defer or delay the operation of any statute of limitations applicable to the Guarantied Obligations shall similarly operate to defer or delay the operation of such statute of limitations applicable to the Parent Guarantor’s liability hereunder.
3.4.    The Parent Guarantor not will exercise any rights that it may now or hereafter acquire against any Loan Party or any other guarantor that arise from the existence, payment, performance or enforcement of the Parent Guarantor’s obligations under this Guaranty, including any right of subrogation, reimbursement, exoneration, contribution or indemnification and any right to participate in any claim or remedy of Agent, any other 

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member of the Lender Group or any Bank Product Provider against any Loan Party or any other guarantor or any Collateral, whether or not such claim, remedy or right arises in equity or under contract, statute or common law, including the right to take or receive from any Loan Party or any other guarantor, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security solely on account of such claim, remedy or right, unless and until all of the Guarantied Obligations and all other amounts payable under this Guaranty shall have been paid in full in cash and all of the Commitments have been terminated.  If any amount shall be paid to the Parent Guarantor in violation of the immediately preceding sentence, such amount shall be held in trust for the benefit of Agent, for the benefit of the Lender Group, and shall forthwith be paid to Agent to be credited and applied to the Guarantied Obligations and all other amounts payable under this Guaranty, whether matured or unmatured, in accordance with the terms of the Credit Agreement, or to be held as Collateral for any Guarantied Obligations or other amounts payable under this Guaranty thereafter arising.  Notwithstanding anything to the contrary contained in this Guaranty, the Parent Guarantor may not exercise any rights of subrogation, contribution, indemnity, reimbursement or other similar rights against, and may not proceed or seek recourse against or with respect to any property or asset of, any other Loan Party (the “Foreclosed Loan Party”), including after payment in full of the Guarantied Obligations , if all or any portion of the Guarantied Obligations  have been satisfied in connection with an exercise of remedies in respect of the Equity Interests of such Foreclosed Loan Party whether pursuant to this Guaranty or otherwise.
3.5.    The Parent Guarantor represents, warrants, and agrees that each of the waivers set forth above is made with full knowledge of its significance and consequences and that if any of such waivers are determined to be contrary to any applicable law or public policy, such waivers shall be effective to the maximum extent permitted by law.
Section 4.    Negative Pledge.
4.1.    Until the termination of this Guaranty, Parent Guarantor hereby represents, warrants and covenants with, to and in favor of Agent and the other members of the Lender Group the following:
(a)    Parent Guarantor shall not pledge, grant a security interest or otherwise encumber any of the SPE Equity Interests, other than the pledge by Parent Guarantor in favor of Mortgage Loan Special Servicer for the benefit of the Mortgage Lenders and any other non-consensual Liens permitted under the Mortgage Loan Pledge Agreement (as in effect on the date hereof).
(b)    Parent Guarantor has good and marketable title to all of the SPE Propco Equity Interests free and clear of Liens, other than Liens in favor of the Mortgage Loan Special Servicer for the benefit of the Mortgage Lenders and any other non-consensual Liens permitted under the Mortgage Loan Pledge Agreement (as in effect on the date hereof).
Section 5.    Subordination.  Payment of all amounts now or hereafter owed to Parent Guarantor by Borrowers or any other obligor is hereby subordinated in right of payment to the indefeasible payment in full to Agent and Lenders of the Guarantied Obligations and all such amounts and any security and guarantees therefor are hereby assigned to Lender as security for the Guarantied Obligations.
Section 6.    Acceleration.  Notwithstanding anything to the contrary contained herein or any of the terms of any of the other Loan Documents but subject to the limitations set forth in Section 2.9 hereof, the liability of Parent Guarantor for the entire Guarantied Obligations shall mature and become immediately due and payable, even if the liability of Borrowers or any other obligor therefor does not, upon the occurrence of an Event of Default and the exercise by Agent of remedies against Borrowers.
Section 7.    Account Stated.  The books and records of Agent showing the account between Agent, Lenders and Borrowers shall be admissible in evidence in any action or proceeding against or involving Parent Guarantor as prima facie proof of the items therein set forth, and the monthly statements of Agent rendered to Borrowers, to the extent to which no written objection is made within thirty (30) days from the date of sending thereof to Borrowers, shall be deemed conclusively correct and constitute an account stated between Agent, Lenders and Borrowers and be binding on Parent Guarantor.
Section 8.    Termination.  This Guaranty is continuing, absolute and unconditional.  Parent Guarantor shall continue to be liable hereunder until the Mortgage Loan has been repaid in full (other than contingent 

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indemnity obligations for which no claim has been made) and the Mortgage Loan Documents have been terminated (other than those provisions of the Mortgage Loan Documents that expressly survive repayment of the Mortgage Loan in accordance with the terms thereof).  This Guaranty shall automatically, and without any further action by any Person, terminate upon refinancing in full of the Mortgage Loan in accordance with the preceding sentence.  At the request of the Parent Guarantor and at the sole cost and expense of Parent Guarantor, Agent shall execute and deliver such documents as are reasonably requested by Parent Guarantor from time to time to evidence such termination, in each case in form and substance reasonably satisfactory to Agent.  All Guarantied Obligations shall be conclusively presumed to have been created in reliance on this Guaranty.  
Section 9.    Reinstatement.  If after receipt of any payment of, or proceeds of collateral applied to the payment of, any of the Guarantied Obligations, Agent or any Lender is required to surrender or return such payment or proceeds to any Person for any reason, then the Guarantied Obligations intended to be satisfied by such payment or proceeds shall be reinstated and continue and this Guaranty shall continue in full force and effect as if such payment or proceeds had not been received by Agent or such Lender.  Subject to the limitations set forth in Section 2.9 hereof, Parent Guarantor shall be liable to pay to Agent and such Lender, and does indemnify and hold Agent and each Lender harmless for the amount of any payments or proceeds surrendered or returned.  This Section 9 shall remain effective notwithstanding any contrary action which may be taken by Agent Lenders in reliance upon such payment or proceeds.  This Section 9 shall survive the termination or revocation of this Guaranty.  
Section 10.    Amendments and Waivers.  Neither this Guaranty nor any provision hereof shall be amended, modified, waived or discharged orally or by course of conduct, but only by a written agreement signed by an authorized officer of Agent and Parent Guarantor.  Agent shall not by any act, delay, omission or otherwise be deemed to have expressly or impliedly waived any of its rights, powers and/or remedies unless such waiver shall be in writing and signed by an authorized officer of Agent.  Any such waiver shall be enforceable only to the extent specifically set forth therein.  A waiver by Agent of any right, power and/or remedy on any one occasion shall not be construed as a bar to or waiver of any such right, power and/or remedy which Agent would otherwise have on any future occasion, whether similar in kind or otherwise.
Section 11.    Representations, Warranties and Covenants. 
11.1.    Parent Guarantor  is a corporation duly organized and in good standing under the laws of its state or other jurisdiction of incorporation and is duly qualified as a foreign corporation and in good standing in all states or other jurisdictions where the nature and extent of the business transacted by it or the ownership of assets makes such qualification necessary, except for those jurisdictions in which the failure to so qualify would not have a material adverse effect on the financial condition, results of operation or businesses of Parent Guarantor or the rights of Agent or any Lender hereunder.  
11.2.    The execution, delivery and performance of this Guaranty is within the corporate powers of Parent Guarantor, have been duly authorized and are not in contravention of law or the terms of the certificates of incorporation, by‐laws, or other organizational documentation of Parent Guarantor, or any indenture, agreement or undertaking to which Parent Guarantor is a party or by which Parent Guarantor or its property are bound.  This Guaranty constitutes the legal, valid and binding obligation of Parent Guarantor enforceable in accordance with its terms.      
11.3.    Parent Guarantor acknowledges and agrees that, although it is not a “Guarantor” (as defined in the Credit Agreement), Parent Guarantor shall be a party to, and be bound by, the terms of the Credit Agreement or the other Loan Documents that are expressly applicable to Parent Guarantor. 
Section 12.    CHOICE OF LAW AND VENUE; JURY TRIAL WAIVER; JUDICIAL REFERENCE PROVISION.
12.1.    THE VALIDITY OF THIS GUARANTY, THE CONSTRUCTION, INTERPRETATION, AND ENFORCEMENT HEREOF, THE RIGHTS OF THE PARTIES HERETO WITH RESPECT TO ALL MATTERS ARISING HEREUNDER OR RELATED HERETO, AND ANY CLAIMS, CONTROVERSIES OR DISPUTES ARISING HEREUNDER OR RELATED HERETO SHALL BE DETERMINED UNDER, GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

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12.2.    THE PARTIES AGREE THAT ALL ACTIONS OR PROCEEDINGS ARISING IN CONNECTION WITH THIS GUARANTY SHALL BE TRIED AND LITIGATED ONLY IN THE STATE AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK, STATE OF NEW YORK.  PARENT GUARANTOR AND AGENT WAIVE, TO THE EXTENT PERMITTED UNDER APPLICABLE LAW, ANY RIGHT EACH MAY HAVE TO ASSERT THE DOCTRINE OF FORUM NON CONVENIENS OR TO OBJECT TO VENUE TO THE EXTENT ANY PROCEEDING IS BROUGHT IN ACCORDANCE WITH THIS SECTION 12.
12.3.    TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, PARENT GUARANTOR AND AGENT HEREBY WAIVE THEIR RESPECTIVE RIGHTS, IF ANY, TO A JURY TRIAL OF ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION DIRECTLY OR INDIRECTLY BASED UPON OR ARISING OUT OF THIS GUARANTY OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREIN, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW OR STATUTORY CLAIMS (EACH A “CLAIM”).  PARENT GUARANTOR AND AGENT REPRESENT THAT EACH HAS REVIEWED THIS WAIVER AND EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.  IN THE EVENT OF LITIGATION, A COPY OF THIS GUARANTY MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.
12.4.    EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN THE COUNTY OF NEW YORK AND THE STATE OF NEW YORK, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT.  EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW.  NOTHING IN THIS GUARANTY SHALL AFFECT ANY RIGHT THAT AGENT MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS GUARANTY AGAINST PARENT GUARANTOR OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.
12.5.    NO CLAIM MAY BE MADE BY ANY PARTY HERETO AGAINST PARENT GUARANTOR, AGENT, ANY LENDER, ISSUING LENDER, OR THE UNDERLYING ISSUER, OR ANY AFFILIATE, DIRECTOR, OFFICER, EMPLOYEE, COUNSEL, REPRESENTATIVE, AGENT, OR ATTORNEY-IN-FACT OF ANY OF THEM FOR ANY SPECIAL, INDIRECT, CONSEQUENTIAL, OR PUNITIVE DAMAGES IN RESPECT OF ANY CLAIM FOR BREACH OF CONTRACT OR ANY OTHER THEORY OF LIABILITY ARISING OUT OF OR RELATED TO THE TRANSACTIONS CONTEMPLATED BY THIS GUARANTY, OR ANY ACT, OMISSION, OR EVENT OCCURRING IN CONNECTION HEREWITH, AND EACH PARTY HERETO HEREBY WAIVES, RELEASES, AND AGREES NOT TO SUE UPON ANY CLAIM FOR SUCH DAMAGES, WHETHER OR NOT ACCRUED AND WHETHER OR NOT KNOWN OR SUSPECTED TO EXIST IN ITS FAVOR.
Section 13.    Notices.  All notices, requests and demands hereunder shall be in writing and (a) made to Agent at its address set forth above and to Parent Guarantor  at its chief executive office set forth above, or to such other address as either party may designate by written notice to the other in accordance with this provision, and (b) deemed to have been given or made: if delivered in person, immediately upon delivery; if by facsimile transmission, immediately upon sending and upon confirmation of receipt; if by nationally recognized overnight courier service with instructions to deliver the next business day, one (1) business day after sending; and if by certified mail, return receipt requested, five (5) days after mailing.
Section 14.    Partial Invalidity.  If any provision of this Guaranty is held to be invalid or unenforceable, such invalidity or unenforceability shall not invalidate this Guaranty as a whole, but this Guaranty shall be construed as though it did not contain the particular provision held to be invalid or unenforceable and the rights and obligations of the parties shall be construed and enforced only to such extent as shall be permitted by applicable law.
Section 15.    Entire Agreement.  This Guaranty represents the entire agreement and understanding of this parties concerning the subject matter hereof, and supersedes all other prior agreements, understandings, negotiations and discussions, representations, warranties, commitments, proposals, offers and contracts concerning the subject matter hereof, whether oral or written.

8

15.1.    Successors and Assigns.  This Guaranty shall be binding upon Parent Guarantor and its successors and permitted assigns and shall inure to the benefit of Agent, Lenders and its successors, permitted endorsees, permitted transferees and permitted assigns.  The liquidation, dissolution or termination of Parent Guarantor shall not terminate this Guaranty as to such entity or as to Parent Guarantor.
15.2.    Construction.  All references to the term “Parent Guarantor” wherever used herein shall mean Parent Guarantor and its respective successors and assigns, individually and collectively, jointly and severally (including, without limitation, any receiver, trustee or custodian for Parent Guarantor or any of its respective assets or Parent Guarantor  in its capacity as debtor or debtor-in-possession under the United States Bankruptcy Code).  All references to the term “Agent” wherever used herein shall mean Agent and its successors and permitted assigns or a replacement Agent appointed in accordance with the terms and conditions of the Credit Agreement. All references to the term “Lenders” wherever used herein shall mean each Lender and its successors and permitted assigns. All references to the term “Borrowers” wherever used herein shall mean Borrowers and each Borrower’s successors and assigns (including, without limitation, any receiver, trustee or custodian for Borrowers or any of each Borrower’s assets or Borrower in each Borrower’s capacity as debtor or debtor-in-possession under the United States Bankruptcy Code).  All references to the term “Person” or “person” wherever used herein shall mean any individual, sole proprietorship, partnership, corporation (including, without limitation, any corporation which elects subchapter S status under the Internal Revenue Code of 1986, as amended), limited liability company, limited liability partnership, business trust, unincorporated association, joint stock corporation, trust, joint venture or other entity or any government or any agency or instrumentality of political subdivision thereof.  All references to the plural shall also mean the singular and to the singular shall also mean the plural.
 
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9

IN WITNESS WHEREOF, Parent Guarantor has executed and delivered this Guaranty as of the day and year first above written.

BLUELINX HOLDINGS INC. 
 
By: /s/ Susan C. O’Farrell
Name:  Susan C. O’Farrell
Title: Senior Vice President, Chief Financial Officer, and Principal Accounting Officer

Accepted and Agreed:

WELLS FARGO BANK, 
NATIONAL ASSOCIATION,
as Agent

By: /s/ Marc J. Breier
Name: Marc J. Breier
Title: Authorized SignatoryExhibit 10.1

 

AGREEMENT FOR PURCHASE AND SALE OF
REAL ESTATE

 

THIS AGREEMENT FOR
PURCHASE AND SALE OF REAL ESTATE (this “Agreement”) is made and entered into this 4th day of October, 2017 (the
“Effective Date”), by and between Raceland QSR, LLC., a Louisiana limited liability company (“Seller”),
and Seediv, LLC, a Louisiana limited liability company (“Buyer”).

 

WHEREAS, Seller is
the owner of the real property located at 6055 Youngerman Circle in Argyle Village,
Jacksonville, FL 32244; and

 

WHEREAS, Buyer desires
to acquire from Seller said real property; and

 

WHEREAS, Seller desires
to sell said real property to Buyer at the price and upon the terms and conditions herein set forth; and

 

NOW THEREFORE, in consideration
of, and subject to, the mutual terms, covenants, conditions and agreements hereinafter contained and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, Seller hereby agrees to sell and Buyer hereby agrees to purchase the
Property upon the following terms and conditions:

 

1.            Purchase
and Sale of Property. Seller agrees to sell, convey, assign, transfer and deliver to the Buyer, and Buyer agrees to purchase,
acquire and accept from Seller, the real property located at 6055 Youngerman Circle in Argyle Circle, Jacksonville, FL 32244, as
more fully described on Exhibit A attached hereto, together with all tenements, hereditaments, rights, fixtures, improvements,
buildings, easements and appurtenances now or hereafter belonging thereto, including rights to insurable and appurtenant ingress
and egress to public road, together with all improvements and fixtures, if any, owned by Seller located on or attached to or used
in connection with said real property (collectively, the “Property”).

 

2.            Purchase
Price. The purchase price (the “Purchase Price”) paid by Buyer to Seller hereunder shall be the lesser
of: (i) TWO MILLION DOLLARS ($2,000,000.00), or (ii) the appraised value determined by the appraisal completed by the financing
source proposed to be utilized by Buyer under Section 8(e). Buyer will deliver a deposit in the amount of TEN THOUSAND DOLLARS
($10,000) (the “Deposit”) to an escrow agent to be mutually agreed upon by Buyer and Seller (the “Escrow
Agent”) within ten (10) days following the Effective Date that will hold the Deposit on behalf of Buyer and Seller. Upon
receipt of the Deposit from Buyer, the Escrow Agent shall place the Deposit in an account at a federally insured financial institution.
Upon Closing, the Escrow Agent shall pay the Deposit to Seller and the Deposit shall be applied against the Purchase Price due
Seller at Closing. Buyer will deliver the balance of the Purchase Price to Seller at Closing.

 

3.            Termination.

 

(a)          In
the event that any of the Feasibility Studies are unsatisfactory to Buyer, Buyer may terminate this Agreement by delivering written
notice to Seller and Escrow Agent prior to the expiration of the Feasibility Period. The Escrow Agent shall return the Deposit
to Buyer within ten (10) days of receiving such notice.

 

     

     

    

 

(c)          In
the event that the Title Commitment is unsatisfactory to Buyer, Buyer may terminate this Agreement by delivering written notice
to Seller and Escrow Agent prior to the expiration of the Feasibility Period. The Deposit shall be returned to Buyer in the in
accordance with the provisions of Section 4(b).

 

(d)          In
the event that any appraisal described in Section 2 is unsatisfactory to Buyer or Seller, either party may terminate this Agreement
by delivering written notice to the other party and the Escrow Agent prior to Closing. The Escrow Agent shall return the Deposit
to Buyer within ten (10) days of receiving such notice.

 

(e)          In
the event that Seller breaches any of its representations, warranties, covenants, agreements or obligations hereunder or any of
the conditions to Buyer’s obligations to Closing set forth under Section 8 are not satisfied, Buyer may pursue any or all
of the following nonexclusive remedies: (i) enforce specific performance of this Agreement; (ii) terminate this Agreement
and receive a refund of the Deposit from the Escrow Agent; or (iii) pursue any remedies at law or equity Notwithstanding the above,
Buyer shall not exercise any remedy hereunder unless it has first given Seller ten (10) days prior written notice of default and
Seller has failed to cure the default within such ten (10) day period.

 

(f)          In
the event that Buyer breaches any of its representations, warranties, covenants, agreements or obligations hereunder, the Deposit
shall be forfeited by Buyer and the Escrow Agent shall pay the Deposit to Seller as liquidated damages as Seller’s sole and
exclusive remedy and the parties hereto shall be relieved of all of their respective obligations hereunder and rights against each
other with regard to this Agreement, except to the extent of any obligations that survive termination. It is agreed to by the parties
that such liquidated damages are not a penalty and are a reasonable pre-estimate of Seller's actual damages, which damages are
difficult to ascertain. Notwithstanding the above, Seller shall not exercise any remedy hereunder unless it has first given Buyer
ten (10) days prior written notice of default and Buyer has failed to cure the default within such ten (10) day period.

 

4.            Feasibility
Period.

 

(a)           Feasibility
Studies.

 

(i)          Commencing
on the Effective Date, Buyer shall have thirty (30) calendar days (the “Feasibility Period”) to conduct any
and all surveys, studies, tests, evaluations and investigations (the “Feasibility Studies”) it may desire of
the Property, the title thereto and any intended development by Buyer thereof, including a current certified ALTA survey (the “Survey”)
of the Property prepared by a surveyor duly licensed in the State of Florida and any and all tests, borings and investigations
it may desire in order to determine the presence of any asbestos, soil or groundwater contamination, radioactivity, methane, radon,
volatile hydrocarbons, underground storage tanks or any other hazardous or toxic substances or conditions (together, “Hazardous
Substances”).

 

    	 	2	 

     

    

 

(ii)         In
order to facilitate the performance of the Feasibility Studies, Seller shall make all files available to Buyer at Seller’s
office (and shall provide Buyer with copies thereof at Buyer’s request) within two (2) calendar days of the Effective Date,
and shall provide copies of the following documents to Buyer to the extent such documents are in the possession of Seller: (A)
its most recent title insurance policy, commitment or report (and copies of any exceptions and encumbrances listed in Seller’s
title commitment or report), (B) its most recent topographical and/or ALTA survey(s) of the Property (if any), parcel maps and/or
subdivision plats containing the Property, (C) any phase I environmental reports concerning the Property in Seller’s possession,
(D) any and all soils and/or hazardous substance reports and/or hazardous abatement reports, wetlands studies and/or delineations,
covenants and restrictions affecting the Property, (E) all zoning information, permits, deeds, easements, notices, management contracts,
maintenance contracts, utility contracts, leases, rent rolls, financial statements (income statements, balance sheets, and security
deposit statements) for the Property for the past three (3) years, (F) all architectural plans, specifications, elevations and
certificates of occupancy related to the Property, and (G) copies of any and all correspondence with governmental authorities regarding
the Property’s compliance or noncompliance with codes, ordinances or laws, and any leases impacting the Property (collectively,
the “Seller's Documents”).

 

(iii)        Seller
shall permit Buyer and its designated representatives to have access to the Property to inspect the Property and to conduct the
Feasibility Studies in order to determine the suitability of the Property for Buyer’s proposed use. Buyer shall give Seller
reasonable advance written notice of such entry and shall conduct such entry and any inspections in connection therewith so as
to minimize, to the greatest extent possible, interference with Seller’s business and otherwise in a manner reasonably acceptable
to Seller. Without limiting the foregoing, prior to any entry to perform any on-site testing or other inspection, Buyer shall give
Seller written notice thereof, including the identity of the persons who will perform such testing or other inspection and the
proposed scope thereof.

 

(iv)        Notwithstanding
the foregoing, should Buyer terminate this Agreement prior to the expiration of the Feasibility Period, Buyer shall, within five
(5) calendar days after such termination, deliver to Seller copies of any surveys, reports, site plans or other due diligence information
gathered by Buyer relating to the Property. Such reports shall be provided to Seller without warranty for any purpose, and Buyer
may rely upon such reports only at Buyer’s risk. Buyer shall pay the costs of any reliance letters or changes to addressees
in such reports.

 

(v)         If,
as a result of Buyer’s review of any information obtained through the Feasibility Studies, Buyer determines, in its sole
and absolute discretion, that the Property is not suitable for Buyer’s intended purposes or that it doesn’t want to
acquire the Property for any other reason whatsoever, then Buyer may terminate this Agreement by providing written notice given
to Seller and the Escrow Agent during the Feasibility Period. If Buyer fails to give timely written notice to terminate this Agreement
during the Feasibility Period, this Agreement shall be deemed to have continued and Buyer shall be deemed to have been satisfied
with the results of Feasibility Studies and its inspection of the Property.

 

    	 	3	 

     

    

 

 

(b)          Title
Commitment. During the Feasibility Period, Buyer may, at Buyer’s expense, obtain a commitment for issuance of an ALTA
Form B Owner’s Policy of Title Insurance with extended coverage (the “Title Commitment”) showing all endorsements
thereto which Buyer may require. In the event that the Title Commitment discloses defects of title or other matters unsatisfactory
to Buyer, Buyer may, in Buyer’s sole and absolute discretion, notify Seller during the Feasibility Period of such title defects
or other matters to which Buyer objects. If Buyer fails
to make an objection as provided herein or if Buyer makes an objection but fails to terminate this Agreement within ten (10) calendar
days after receipt of written notice from Seller that Seller is unable or unwilling to cure any such objections (which written
notice Seller must provide within ten (10) calendar days of receipt of Buyer's written notification of objections/title defects
or Seller shall be deemed to have elected not to cure such objections), title to the Property as disclosed in the Title Commitment
shall be deemed to be acceptable, and any objection thereto shall be deemed to have been waived for all purposes. If, between
the expiration of the Feasibility Period and Closing, title becomes unmarketable or subject to encumbrances which substantially
impair the intended use of the Property, Buyer will notify Seller in writing, detailing such objection, and if Seller does not
elect to or is unable to cure or reasonably mitigate such objection within ten (10) calendar days after Seller's receipt of Buyer's
written notice, then Buyer may elect to either accept title to the Property subject to such objection (in addition to all other
matters which Buyer has approved or is deemed to have approved as set forth above) or terminate this Agreement by delivering written
notice to Seller within ten (10) calendar days following the end of Seller's cure period, in which event the Deposit shall be paid
by Escrow Agent to Buyer and the parties hereto shall be relieved of all obligations hereunder. If Buyer fails to provide written
notice of such termination by such date, Buyer will be deemed to have elected to accept title to the Property subject to such
objections.

 

5.            Condition
of Property. At Closing, Buyer will take the Property in “as is” condition as of the date of this Agreement,
reasonable wear and tear excepted. Risk of loss from casualty or by reason of condemnation will be borne by Seller until Closing,
provided that if any of the Property is damaged or destroyed by fire or other casualty and not repaired and restored prior to Closing
to as good a condition as existed on the Effective Date, or if all or a portion of any of the Property is taken through condemnation
proceedings or is transferred voluntarily in lieu thereof, then Buyer will have the right, but not the obligation, to proceed with
this Agreement and receive: (i) the Property in its then existing condition, and (ii) all insurance proceeds, condemnation awards
or purchase monies, as applicable, paid or payable to Seller for the Property by reason of such casualty or condemnation. Alternatively,
Buyer will have the right to terminate this Agreement by providing written notice to Seller and the Escrow Agent and neither party
will have any further rights or obligations hereunder. In the event the Buyer elects to proceed with this Agreement beyond the
Feasibility Period, Seller agrees to have Buyer named as an additional insured on its hazard insurance policy at the closing date.

 

6.            Representations
and Warranties. Seller represents and warrants to Buyer that:

 

(a)          Seller
is a limited liability company duly organized, validly exiting and in good standing under the laws of the State of Louisiana. Seller
has the right, power and authority to enter into this Agreement, to cause the Property to be sold in accordance with the terms
and conditions hereof, and to enter into all of agreements and take all such other actions as referred to herein, and the individuals
executing this Agreement on behalf of Seller is/are duly authorized and empowered to act for and bind Seller. Seller has obtained
any consents required of Seller for Buyer to acquire the Property;

 

(b)        Except
for that certain lease between Buyer and Seller dated December 20, 2016 (the “Lease”), the execution, delivery and
performance of this Agreement by the Seller and the consummation by the Seller of the transactions contemplated hereby do not and
will not: (i) conflict with or result in a material breach of any of the terms, conditions or provisions of, (ii) constitute
a material default under, (iii) result in a material violation of, (iv) give any third party a material right to modify,
terminate, or accelerate any obligation under or (v) require any material authorization, consent, approval, exemption or other
action by or notice or declaration to, or material filing with, any third party, court or administrative or other governmental
body or agency under, the provisions of the certificate of incorporation or bylaws of the Seller or any material indenture, mortgage,
lease, loan agreement, or other material agreement or instrument to which the Seller is bound or affected, or any material law,
statute, rule, or regulation to which the Seller is subject or any material order to which the Seller is subject.

 

    	 	4	 

     

    

 

(c)          Seller
has good and valid title to or right to use all of the Purchased Assets, free and clear of all liens other than: (i) real
estate taxes, assessments and other governmental fees or other charges not yet due and payable as of the Closing Date; (ii) mechanics'
and similar statutory liens arising or incurred in the ordinary course of business for amounts which are not delinquent or which
are being contested in good faith by appropriate proceedings; (iii) zoning, entitlement, building and other land use and similar
laws or regulations imposed by any governmental authority having jurisdiction over such parcel which are not violated by the current
use and operation thereof; (iv) easements, covenants, conditions, restrictions and other similar matters of public record
which would not materially impair the use or occupancy of such parcel; (v) statutory landlord liens, if any; (vi) any
other lien which is not material; and (vii) any rights of any party under the Lease (collectively, “Permitted Liens”).

 

(d)          To
best of Seller’s knowledge, Seller has received no notice of any violations of ordinances, laws or regulations affecting
the Property from any governmental authority of applicable jurisdiction.

 

(e)          Seller
has not granted any easements or restrictions affecting the Property that would bind Buyer after Closing except as set forth in
the applicable public records for the Property on the Effective Date.

 

(f)          Seller
has received no notice that there is any action, suit or proceeding pending or threatened against or materially affecting the Property
or any portion thereof or relating to or arising out of the ownership of the Property, in any court or before or by any federal,
state, county or municipal department, commission, board, bureau or agency or other governmental instrumentality.

 

(g)          Seller
has received no notice that the Property is affected by the presence and/or harmful effects of any asbestos, toxic, or hazardous
substances, wastes or materials as defined or regulated by applicable federal, state, or local laws. To best of Seller’s
knowledge, Seller is not aware of the presence of any underground storage tanks presently existing or previously existing on or
under the Property or that the Property has at any time been operated as a dry cleaner facility or the used for the manufacturing,
sale, storage, exchange or disposal of toxic, hazardous substances, wastes or materials as defined or regulated by applicable federal,
state, or local laws.

 

(h)          Seller
hereby confirms that it is not insolvent as of the Effective Date of this Agreement and that the sale of the Property does not
constitute a “short sale” and does not need pre-approval by any lien holder. The term “short sale” as used
herein shall mean a sale of the Property for less than the indebtedness encumbering the Property.

 

(i)          Seller
has received no written notice that any zoning, building, environmental or other law, ordinance, code, order or regulation is or
will be violated by the continued maintenance, operation or retail use of any buildings, improvements or structures presently erected
on the Property or by the continued maintenance, operation or use of parking areas.

 

(j)          To
best of Seller’s knowledge, there are not any unpaid tap fees, hook-up fees, impact fees and similar charges or assessments
that will not be paid in full as of the Closing Date for the improvements existing on the Property.

 

    	 	5	 

     

    

 

(k)          Seller
is not in default of the Lease respecting the Property.

 

(l)          To
Seller’s knowledge, the buildings and improvements constituting the Property are structurally sound, no portion of the improvements
is subject to penetration by rain or surface water, and the heating, air conditioning, ventilating and other mechanical, electrical
and plumbing systems and equipment included in the Property are in good working order, repair and condition, reasonable wear and
tear excepted.

 

7.            Covenants
of Seller. Seller hereby covenants to Buyer as follows:

 

(a)          To
the extent any portion of the Property is subject to a declaration of easements, covenants or restrictions, a joint operating agreement
for operation of the Property with other nearby property or any similar instrument that imposes covenants or restrictions upon
the Property or any obligation upon the Property or any owner of the Property to pay assessments or reimburse another party for
expenses (the foregoing being referred to as a "Declaration"), Seller shall use commercially reasonable efforts
to obtain and deliver to Buyer at least ten (10) business days prior to the Closing Date an estoppel letter from each party under
such a Declaration stating: (i) the documents constituting the Declaration, including all amendments, addendum or modifications,
with reference to applicable recording information; (ii) that any such Declaration is in full force and effect; (iii) that neither
the Seller nor the Property is in default under any such Declaration and that, to the knowledge of each such party, no event has
occur that with notice or the passage of time, would constitute an event of default under any such Declaration; (iv) that all assessments
and charges, if any, payable under the Declaration are paid current (and stating the amount of any assessments against the Property
that are required to be paid under the Declaration, if applicable); and (v) such other matters as may be reasonably requested by
Buyer during the Feasibility Period.

 

(b)          Prior
to the Closing Date, Seller shall obtain from each holder of existing debt on the Property and/or lender(s) requiring payoffs at
Closing (as applicable, “Existing Lender”), and provide to Buyer payoff amounts and requirements, with said
amounts calculated as of the Closing Date, together with written confirmation from each such Existing Lender that, upon receipt
by the Existing Lender of the amount set forth in the applicable payoff statement and compliance with the requirements set forth
therein by Seller.

 

(c)          Seller
agrees to indemnify, defend and hold Buyer harmless from and against any and all loss, damage, liability and expense (including
reasonable attorneys’ fees and other litigation expenses) Buyer may suffer, sustain or incur as a result of any knowing or
intentional misrepresentation or breach of any representation, warranty, covenant or agreement made by Seller under or in respect
to this Agreement or any document or instrument executed or to be executed by or on behalf of Seller pursuant to this Agreement
or in furtherance of the transaction contemplated hereby.

 

    	 	6	 

     

    

 

8.          Conditions
to Buyer’s Obligations.  The obligation of Buyer
hereunder to purchase the Property from Seller is subject to the satisfaction, at or prior to the Closing, of each of the following
conditions (any of which may be waived in whole or in part by Buyer at or prior to the Closing):

 

(a)          Seller
shall have performed, observed and complied with all of the covenants, agreements and conditions required by this Agreement to
be performed, observed and complied with by it prior to or as of the Closing.

 

(b)          All
of the representations of Seller set forth in this Agreement shall be true as of the Closing in all material respects as though
such representations and the statements contained in this Agreement were made at and as of the Closing.

 

(c)          All
instruments and documents required on Seller's part to effectuate this Agreement and the transactions contemplated herein shall
be reasonably satisfactory to Buyer and its attorneys.

 

(d)          Seller
will convey to Buyer good, insurable, indefeasible and marketable fee simple title to the Property, free and clear of all mortgages,
liens, encumbrances, restrictions, rights-of-way, easements, judgments and other matters affecting title subject to existing restrictions
of record.

 

(e)          Buyer
shall have obtained reasonable and appropriate financing for the transactions contemplated hereunder in Buyer’s sole and
absolute discretion.

 

(f)          There
shall not have been any change in zoning, title, survey matters or other matters affecting the Property that would interfere with
the use of the Property as a retail site or affect the marketability of title.

 

(g)          All
title objections and survey objections set forth in objection notices, which Buyer shall not otherwise have elected to waive in
writing, shall have been cured; provided, if Buyer elects to close hereunder with such objection having not been cured, such objections
shall be deemed to have been waived by Buyer.

 

(h)          Seller
shall have maintained in full force and effect insurance against loss or damage by fire and such other hazards as are customarily
covered by extended coverage endorsements in an amount sufficient to prevent Seller from becoming a co-insurer of any loss or damage.

 

(i)          Seller
shall not enter into any contracts and agreements relating to the management and operation of the Property.

 

9.            Closing;
Closing Date. The Closing of the purchase and sale of the Property (the “Closing”) shall take place
in escrow on or before the date which is thirty (30) calendar days after the expiration of the Feasibility Period (the “Closing
Date”). At Closing, Buyer shall pay into the Escrow Agent’s escrow account the remainder of the Purchase Price
and any closing costs, which are Buyer’s responsibility hereunder, by wire transfer of funds. Seller shall deliver or cause
to be delivered to Buyer at Buyer’s expense:

 

    	 	7	 

     

    

 

(a)          a
limited warranty deed conveying to Buyer good, marketable, insurable, and indefeasible fee simple title to the Property free and
clear of all liens, mortgages, encumbrances, easements, restrictions, covenants, rights-of-way and other defects, other than Permitted
Liens;

 

(b)          a
quitclaim deed in recordable form conveying the legal description of the property from the new survey;

 

(c)          a
quitclaim bill of sale for any personal property and intangible property owned by Seller and located on the Property;

 

(d)          a
certificate, executed by Seller as of the Closing Date, certifying all representations made by Seller in Section 6 of this Agreement
are true and correct in all material respects as of the Closing Date; provided, if Seller's certificate excepts to any such matters,
Buyer shall have the option of terminating this Agreement and obtaining a refund of the Earnest Money in five (5) days;

 

(e)          a
Non-Foreign Affidavit in the form acceptable to Buyer and Seller;

 

(f)          an
executed certificate with respect to Seller's non-foreign status sufficient to comply with the requirements of Section 1445 of
the Internal Revenue Code, and all regulations applicable thereto;

 

(g)          a
Seller's Affidavit regarding nonresident seller withholding sufficient to establish required withholdings (if any) under Florida
law and all regulations applicable thereto;

 

(h)          Appropriate
resolutions and other evidence reasonably required by Buyer and the title company to evidence Seller's authority to execute and
deliver the deed and other documents contemplated hereby;

 

(i)          a
standard title insurance company form of owner’s affidavit to induce the deletion from the Title Commitment of any exception
for parties in possession and for mechanics’ or material-men’s liens;

 

(j)          a
termination of the Lease in a form acceptable to Buyer; and

 

(k)          Such
additional documents as may be necessary or customary to consummate the transactions contemplated hereby.

 

10.         Prorations;
Closing Costs. All fees, taxes, utilities, charges and similar items shall be prorated to the date of Closing and paid
for by the party responsible for such items under the Lease. All prorations and apportionments between Seller and Buyer pursuant
to this Section shall be effective as 11:59 p.m. Eastern Time, on the day prior to Closing.

 

    	 	8	 

     

    

 

 

11.          Real
Estate Brokers; Agents. Seller and Buyer represent that there are no real estate brokers or agents of record in this transaction.
Buyer shall not be responsible for any real estate commissions or fees of any kind or nature whatsoever in connection with any
broker retained by Seller, and Seller shall not be responsible for any other real estate commissions or fees of any kind or nature
whatsoever in connection with any broker retained by Buyer. Seller and Buyer each agrees to hold the other harmless against any
claim made for brokerage commissions or finders’ fees resulting from such parties’ actions in this transaction.

 

12.          Cooperation.
The parties hereto agree to cooperate with each other in every reasonable way in carrying out the transaction contemplated hereby,
in obtaining and delivering all required Closing documents and obtaining all required information and governmental approvals, and
they also agree to use their best efforts to expeditiously accomplish same.

 

13.          Right
to Assign. This Agreement shall be assignable by Buyer to an entity of which Buyer is a principal, shareholder, officer,
partner, member, or which is otherwise directly or indirectly controlled by or under common control with Buyer or its existing
principals; provided that Buyer's assignee shall assume all Buyer's liabilities, obligations and duties hereunder and Buyer shall
not be relieved of liability in the event of any such assignment.

 

14.          Notices.
 Any notice, consent, demand, offer, acceptance or other communication required or permitted under this Agreement will be made
in writing and will be deemed to have been duly given if: (i) sent by personal delivery, which will be deemed given upon confirmation
of receipt, (ii) mailed by first class registered or certified mail, return receipt requested, postage prepaid, which will be deemed
delivered three days after the date received for delivery by the United States Postal Service, whether or not accepted by the addressee,
(iii) sent by nationally recognized next-day delivery courier that guarantees delivery within 24 hours, charges prepaid, which
will be deemed delivered one day after delivery to said courier, or (iv) by facsimile transmission, electronic mail or other electronic
delivery medium, which will be deemed delivered on the date of transmission, addressed to the receiving party at the address set
forth on the sending party’s books and records or such other address or to the attention of such other person as the recipient
party will have specified by prior written notice to the sending party.

 

15.          Survival.
 All provisions and conditions of this Agreement, unless the context clearly indicates a contrary intent, shall survive Closing.

 

16.          Entire
Agreement. This Agreement constitutes the entire agreement between the parties. No statement, promise or inducement made
by any party or agent thereof, unless contained herein, shall be binding or valid. This Agreement may be changed only by an agreement
in writing signed by Seller and Buyer.

 

17.          Miscellaneous.
This Agreement shall be governed by and construed in accordance with the laws of the State of Florida. If any one or more of the
provisions of this Agreement shall for any reason be held to be invalid, illegal or unenforceable in any respect, then such invalidity,
illegality or unenforceability shall not affect any other provision hereof. Paragraph and Section headings throughout this Agreement
are solely for the convenience of the parties and are intended to have no legal meaning in and of themselves. Where the context
requires, the masculine, feminine and neuter genders may be substituted for one another, as may be the singular for the plural
number, and vice versa. This contract shall be binding upon and shall inure to the benefit of the parties and their permitted successors
and assigns.

 

    	 	9	 

     

    

 

18.          Counterparts.
 This Agreement may be executed in one or more counterparts and as so executed shall constitute a single instrument. The parties
acknowledge and agree that they may rely upon faxed or e-mailed signature pages which shall be deemed originals.

 

19.          Confidentiality.
Seller covenants that it shall keep in strictest confidence all of the terms and conditions of this Agreement; provided, however,
Seller shall each be entitled to disclose such information as is reasonably appropriate to its respective attorneys, consultants
and brokers working with such party in connection with the transactions contemplated herein. Additionally, any information or documentation,
obtained by Seller pursuant to this Agreement shall: (i) be held in strict confidence by Seller, and (ii) not be disclosed, divulged
or otherwise furnished to any person, except to the extent required by law.

 

20.          Termination
of Agreement. If this Agreement is terminated for any reason whatsoever, Buyer shall, within ten (10) days after such termination,
return to Seller all documentation relating to the Property provided to Buyer by Seller together with all documentation relating
to the Property in the possession of Buyer and Buyer's consultants, agents, contractors, employees including all reports, studies,
surveys and other materials prepared for Buyer with respect to the Property. The provisions of this Section shall survive the termination
of this Agreement.

 

21.          Interpretation
of Agreement. The article, section and other headings of this Agreement are for convenience of reference only and shall
not be construed to affect the meaning of any provision contained herein. Where the context so requires, the use of the singular
shall include the plural and vice versa and the use of the masculine, feminine or neuter gender shall include all genders. The
words "include" and "including" mean to include without limitation. Words such as "herein," "hereof,"
"hereby" and "hereunder" and words of similar import refer to this Agreement as a whole and not to any particular
Section or Subsection of this Agreement. The term "person" shall include any individual, partnership, joint venture,
corporation, trust, unincorporated association, any other entity and any government or any department or agency thereof, whether
acting in an individual, fiduciary or other capacity.

 

22.          1031
Exchange. Buyer and Seller acknowledge and agree that either may elect to assign its interest in this Agreement to an exchange
facilitator for the purpose of completing an exchange of the Property in a transaction which will qualify for treatment as a tax
deferred exchange pursuant to the provisions of Section 1031 of the Code and applicable state revenue and taxation code sections
(a “1031 Exchange”). If either party so elects, the other shall cooperate in effecting the 1031 Exchange
and in implementing any such assignment provided that such cooperation shall not entail any material additional expense to the
non-electing party or cause the non-electing party exposure to any liability or loss of rights or benefits contemplated by this
Agreement. No such assignment shall relieve either party of its obligations hereunder, nor shall consummation of a 1031 Exchange
be a condition to the performance of such party’s obligations hereunder.

 

[SIGNATURE PAGES FOLLOW]

 

    	 	10	 

     

    

 

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

 

	 	SELLER:
	 	 
	 	RACELAND QSR, LLC

 

	 	By:	/s/ Seenu G. Kasturi
	 	 	Seenu G. Kasturi
	 	 	Manager

 

	 	BUYER:
	 	 
	 	SEEDIV, LLC

 

	 	By:	/s/ Richard W. Akam
	 	 	Richard W. Akam
	 	 	Chief Executive Officer

 

    	 	11	 

     

    

 

EXHIBIT "A"

 

Legal Description

 

A parcel of land in the Southwest one-quarter
of Section 31, Township 3 South, Range 26 East, said parcel including a portion of Government Lot 5, in said Section 31 and a portion
of the F.P. Fatio Land Grant of Section 42, Township 3 South, Range 26 East, according to the map showing lands of Jacksonville
Heights Improvement Co., as recorded in Plat Book 5, at page 93 of the public records of Duval County, Florida, and being more
particularly described as follows:

 

Commencing at the Southwest corner of the
Northwest one-quarter of said Section 31; thence run North 0 degrees 11 minutes 24 seconds West, (on an assumed bearing), 280.23
feet along the West line of the Northwest one-quarter of said Section 31 to a Point of Intersection with the arc of a curve running
Southeasterly to the right, (a radial at said point bears South 13 degrees 45 minutes 07 seconds West); said point being also the
Northerly right of way line of Youngerman Circle as described in Official Records Volume 4294 at pages 761 through 763 of the public
records of Duval County, Florida; thence along the arc of said curve to the right, having a radius of 1260 feet and a central angle
of 4 degrees 05 minutes 58 seconds, run Southeasterly 90.15 feet along said Northerly right of way to a Point of Tangency; thence
run South 72 degrees 08 minutes 55 seconds East, 910.02 feet, along the tangent extended and along said Northerly right of way
to a Point of Curvature of a curve to the right; thence along the arc of said curve to the right, having a radius of 1960 feet,
and a central angle of 39 degrees 05 minutes 11 seconds, run Southeasterly, 1337.08 feet along said Northerly right of way to a
Point of Reverse Curvature; thence along the arc of a curve to the left, having a radius of 440 feet and a central angle of 33
degrees 36 minutes 12 seconds, run Southeasterly 258.05 feet along said Northerly right of way to a point for the Point of Beginning;
thence North 1 degrees 44 minutes 04 seconds West, 471.62 feet; thence South 52 degrees 56 minutes 16 seconds West, 324.30 feet
to a Point of Intersection with the arc of a curve running Southeasterly to the right, said point being also said Northerly right
of way line; thence along the arc of said curve to the right, having a radius of 1960 feet and a central angle of 4 degrees 00
minutes 00 seconds, run Southeasterly 136.83 feet to a Point of Reverse Curvature; thence along the arc of a curve to the left,
having a radius of 440 feet and a central angle of 33 degrees 36 minutes 12 seconds, run Southeasterly 258.05 feet to the Point
of Beginning.

 

TOGETHER WITH A NON-EXCLUSIVE EASEMENT
FOR INGRESS AND EGRESS PURPOSES - 20 FEET IN WIDTH

 

A parcel of land in the Southwest one-quarter
of Section 31, Township 3 South, Range 26 East, said parcel including a portion of Government Lot 5, in said Section 31 and a portion
of the F.P. Fatio Land Grant of Section 42, Township 3 South, Range 26 East, according to the map showing lands of Jacksonville
Heights Improvement Co., as recorded in Plat Book 5, at page 93 of the public records of Duval County, Florida, and being more
particularly described as follows:

 

Page 1 of 2 pages of Exhibit "A" - Legal Description

 

     

     

    

 

Commencing at the Southwest corner of
the Northwest one-quarter of said Section 31; thence run North 0 degrees 11 minutes 24 seconds West, (on an assumed bearing),
280.23 feet along the West line of the Northwest one-quarter of said Section 31 to a Point of Intersection with the arc of a curve
running Southeasterly to the right, (a radial at said point bears South 13 degrees 45 minutes 07 seconds West); said point being
also the Northerly right of way line of Youngerman Circle as described in Official Records Volume 4294 at pages 761 through 763
of the public records of Duval County, Florida; thence along the arc of said curve to the right, having a radius of 1260 feet
and a central angle of 4 degrees 05 minutes 58 seconds, run Southeasterly 90.15 feet along said Northerly right of way to a Point
of Tangency; thence run South 72 degrees 08 minutes 55 seconds East, 910.02 feet, along the tangent extended and along said Northerly
right of way to a Point of Curvature of a curve to the right; thence along the arc of said curve to the right, having a radius
of 1960 feet, and a central angle of 39 degrees 05 minutes 11 seconds, run Southeasterly, 1337.08 feet along said Northerly right
of way to a Point of Reverse Curvature; thence along the arc of a curve to the left, having a radius of 440 feet and a central
angle of 33 degrees 36 minutes 12 seconds run Southeasterly 258.05 feet along said Northerly right of way; thence North 1 degree
44 minutes 04 seconds West, 471.62 feet to a point for the Point of Beginning; thence continue North 1 degree 44 minutes 04 seconds
West, 290.20 feet to the Southerly right of way line of Interstate Highway No. 295 (a limited access right of way); thence South
88 degrees 15 minutes 56 seconds West, 20.00 feet; thence South 1 degree 44 minutes 04 seconds East, 304.38 feet; thence North
52 degrees 56 minutes 16 seconds East, 24.51 feet to the Point of Beginning.

 

SIGN SITE

 

A parcel of land
in the Southwest one-quarter of Section 31, Township 3 South, Range 26 East, said parcel including a portion of Government Lot
5, in said Section 31 and a portion of the F.P. Fatio Land Grant of Section 42, Township 3 South, Range 26 East, according to the
map showing lands of Jacksonville Heights Improvement Co., as recorded in Plat Book 5, at page 93 of the public records of Duval
County, Florida; and being more particularly described as follows:

 

Commencing at the
Southwest corner of the Northwest one-quarter of said Section 31; thence run North 0 degrees 11 minutes 24 seconds West, (on an
assumed bearing), 280.23 feet along the West line of the Northwest one-quarter of said Section 31 to a Point of Intersection with
the arc of a curve running Southeasterly to the right, (a radial at said point bears South 13 degrees 45 minutes 07 seconds West);
said point being also the Northerly right of way line of Youngerman Circle as described in Official Records Volume 4294 at pages
761 through 763 of the public records of Duval County, Florida; thence along the arc of said curve to the right, having a radius
of 1260 feet and a central angle of 4 degrees 05 minutes 58 seconds, run Southeasterly 90.15 feet along said Northerly right of
way to a Point of Tangency; thence run South 72 degrees 08 minutes 55 seconds East, 910.02 feet, along the tangent extended and
along said Northerly right of way to a Point of Curvature of a curve to the right; thence along the arc of said curve to the right,
having a radius of 1960 feet, and a central angle of 39 degrees 05 minutes 11 seconds, run Southeasterly 1337.08 feet along said
Northerly right of way to a Point of Reverse Curvature; thence along the arc of a curve to the left, having a radius of 440 feet
and a central angle of 33 degrees 36 minutes 12 seconds run Southeasterly 258.05 feet along said Northerly right of way; thence
North 1 degree 44 minutes 04 seconds West, 761.82 feet to a point in the Southerly right of way line of Interstate Highway No.
295 (a limited access right of way) for the Point of Beginning; thence South 88 degrees 15 minutes 56 seconds West, 20.00 feet;
thence North 1 degree 44 minutes 04 seconds West, 14.03 feet to a point in said Southerly right of way line of Interstate Highway
No. 295; thence South 56 degrees 40 minutes 54 seconds East, along said Southerly right of way line, 24.43 feet to the Point of
Beginning.

 

Page 2 of 2 pages
of Exhibit "A" - Legal Description

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