Document:

EX-10.1

					
	Exhibit 10.1	  	VACANT LAND PURCHASE AND SALE CONTRACT	  	

 1. This Vacant Land Purchase and Sale Contract (“Contract”) is made by and between HEMMINGSEN FARMS
LLC, an Illinois limited liability company ( the “Buyer”) and Dorr Valley, L.L.C., an Illinois limited liability company and East Lake of Woodstock, L.L.C., an Illinois limited liability company (collectively “Seller) (individually
“Party” and collectively “Parties”) with respect to the purchase and sale of the real estate and improvements, if any, located along Queen Anne and Bull Valley Roads in McHenry County, Illinois (“Property”). 

Property P.I.N. #s as shown on Attached Exhibit B, Approximate Acreage: 346 acres.  

2. Purchase Price. The Purchase price for the Property is Four Million One Hundred Thirty Six Thousand One Hundred Seventy And
No/100 Dollars ($4,136,170.00) [computed at Eleven Thousand Nine Hundred Fifty-Four and 25/100 Dollars ($11,954.25) per surveyed acre] (“Purchase Price”). The final Purchase Price shall be computed when the Survey has been
completed and lists the total acreage. The Purchase Price includes the following personal property: None (“Personal Property”). 

3. Earnest Money: Upon Buyer’s execution of this Contract, Buyer shall deposit with Chicago Title Insurance Company,
(“Escrowee”), 10 South LaSalle Street, Suite 3100, Division II, Chicago, Illinois 60603 Ms. Nancy Castro, earnest money in the amount of $50,000.00, in the form of cash (“Earnest Money”). The
Earnest Money shall be returned and this Contract shall be of no force or effect if this Contract is not accepted by Seller on or before April 18, 2014. 

4. Disposition of Earnest Money. In the event of default by Buyer, the Earnest Money, less expenses and commission of the listing
broker, shall be paid to Seller. If Seller defaults, the Earnest Money, at the option of Buyer, shall be refunded to Buyer, but such refunding shall not release Seller from the obligations of this Contract. In the event of any default, Escrowee
shall give written notice to Seller and Buyer indicating Escrowee’s intended disposition of the Earnest Money and request Seller’s and Buyer’s written consent to the Escrowee’s intended disposition of the Earnest Money within 30
days after the notice. However, Seller and Buyer acknowledge and agree that if Escrowee is a licensed real estate broker, Escrowee may not distribute the Earnest Money without the joint written direction of Seller and Buyer or their authorized
agents. If Escrowee is not a licensed real estate broker, Seller and Buyer agree that if neither Party objects, in writing, to the proposed disposition of the Earnest Money within 30 days after the date of the notice, then Escrowee shall proceed to
disperse the Earnest Money as previously noticed by Escrowee. If either Seller or Buyer objects to the intended disposition within the 30 day period, or if Escrowee is a licensed real estate broker and does not receive the joint written direction of
Seller and Buyer authorizing distribution of the Earnest Money, then the Escrowee may deposit the Earnest Money with the Clerk of the Circuit Court by the filing of an action in the nature of an Interpleader. Escrowee may be reimbursed from the
Earnest Money for all costs, including reasonable attorney’s fees, related to the filing of the Interpleader and the Parties indemnify and hold Escrowee harmless from any and all claims and demands, including the payment of reasonable
attorneys’ fees, costs, and expenses arising out of those claims and demands. 
 5. Possession. Seller agrees to surrender
possession of the Property on the Closing Date (as defined in Paragraph 6 below). 
 6. Closing. Buyer shall deliver the
balance of the Purchase Price (less the amount of the Final Earnest money, plus or minus prorations and escrow fees, if any) to Seller and Seller shall execute and deliver the Deed (as defined below) to Buyer at “Closing”.
Closing shall occur on or prior to April 30, 2014 at the offices of Escrowee in McHenry County Illinois and at a time mutually agreed upon by the Parties (Closing Date”). Seller must provide Buyer with evidence of
good and merchantable title pursuant to paragraph C under “General Provisions”. 
 7. Deed. At closing, Seller shall
execute and deliver to Buyer, or cause to be executed and delivered to Buyer, a recordable warranty deed (“Deed”) (or other appropriate deed if title is in trust or in an estate), subject only to the following, if any:
covenants, conditions, and restrictions of record; all matters shown on the survey; public and utility easements; existing leases and tenancies, if any; visible private and public roads and easements therefore; building setback lines and use or
occupancy restrictions; zoning laws and ordinances; acts done by or suffered through Buyer, all special governmental taxes or assessments confirmed and unconfirmed; general real estate taxes not yet due and payable at the time of Closing and that
certain Settlement And Annexation Agreement Among Inland Land Appreciation Fund, L.P., Dorr Valley, L.L.C., et. al. and The Village of Bull Valley dated September 25th, 2007 (“Settlement
Agreement” and collectively with all of the above exceptions, the “Title Exceptions”). At Closing, Seller shall assign to Buyer and Buyer shall accept all of the rights, duties and obligations under the Settlement Agreement. 

8. Real Estate Taxes. Any unpaid general real estate taxes for the years 2013 and 2014 shall be prorated based on (i) 105%
of the most recent ascertainable full year tax bill, or (ii) mutually agreed by the Parties in writing prior to execution of this Contract. 

9. “AS-IS” Condition. This Contract is for the sale and purchase of the Property (including any Personal Property) in
its “as-is” condition as of the Acceptance Date. The Property (including any Personal Property) has been inspected by the Buyer who acknowledges that no representations, warranties or guarantees with respect to the condition of the
Property (including any Personal Property) have been made by Seller or Seller’s agents, brokers or representatives other than those set forth herein. 

10. Survey. Seller shall provide Buyer and the title company, at least 3 business days prior to closing, a survey of the
Property, dated after the date of this Contract, and prepared in accordance with the MINIMUM STANDARD DETAIL REQUIREMENTS FOR ALTA/ACSM LAND TITLE SURVEYS. 

11. Legal Description. The legal description of the Property is attached as Exhibit “A”. 

12. General Provisions and Riders. THIS CONTRACT WILL BECOME A LEGALLY BINDING CONTRACT WHEN SIGNED BY ALL PARTIES AND DELIVERED.
THIS CONTRACT INCLUDES THE GENERAL PROVISIONS ON THE LAST PAGE OF THIS CONTRACT AND THE LEGAL DESCRIPTION, ATTACHED TO AND MADE A PART OF THIS CONTRACT. 

[SIGNATURE PAGE FOLLOWS] 
  

  
 1 

					
	    Exhibit 10.1	  	VACANT LAND PURCHASE AND SALE CONTRACT	  	

 

			
	 	 
	OFFER DATE:	  	April 14, 2014
	 	 
	BUYER’S INFORMATION:	  	 
	 	 
	Buyer’s:	  	Hemmingsen Farms, L.L.C
	 	 
	Buyer’s Signature:	  	 
	 	 
	Buyer’s Name(s) (print):	  	 
	 	 
	Address:	  	3611 Berry Court
	 	 
	City/State/Zip:	  	Crystal Lake, IL 60012
	 	 
	Office Phone:	  	 
	 	 
	Email Address	  	lwaggoner@waggonerlawfirm.com
	 	 
	 Fax:

 
	  	 
	
	 The names and addresses set forth below are for informational purposes only and subject to change.

 

	 
	BUYER’S BROKER’S INFORMATION:
	 	 
	Designated Agent (print)	  	Joe Ludwig
	 	 
	Agent Identification Number:	  	 
	 	 
	Broker Name:	  	Rooster Ag
	 	 
	MLS #	  	 
	 	 
	Office Address:	  	 
	 	 
	City/State/Zip:	  	 
	 	 
	Office Phone:	  	630-546-8267
	 	 
	Cell Phone:	  	630-774-5887
	 	 
	 Email:

 
	  	 

 

			
	 
	BUYER’S ATTORNEY’S INFORMATION:
	 	 
	Attorney Name:	  	Lisa Waggoner
	 	 
	Firm:	  	The Waggoner Law Firm
	 	 
	Office Address:	  	4 N. Walkup Avenue
	 	 
	City/State/Zip:	  	Crystal Lake, IL 60014
	 	 
	Office Phone:	  	815-477-0830
	 	 
	 Email:

 
	  	 lwaggoner@waggonerlawfirm.com

 

  

 
  

			
	 
	BUYER’S LENDER’S INFORMATION:
	 	 
	Mortgage Broker’s Name	  	 
	 	 
	Lender:	  	 
	 	 
	Office Address:	  	 
	 	 
	City/State/Zip:	  	 
	 	 
	 Office/Fax/Cell:

 
	  	 

 

			
	  

ACCEPTANCE DATE:
	  	  

April 16, 2014 (“ Acceptance Date”)

	 
	 Dorr Valley, L.L.C., an Illinois
limited liability company, and East Lake of Woodstock, L.L.C., by their sole member Inland Land Appreciation Fund II, LP, a Delaware limited partnership by Inland Real Estate Investment Corporation, a
Delaware corporation, its corporate general partner

	 
	SELLER’S INFORMATION:
	 	 
	Sellers Signature:	  	 
	 	 
	Seller’s Name(s) (print):	  	Guadalupe Griffin, Sr. Vice President
	 	 
	Address:	  	2901 Butterfield Road
	 	 
	City/State/Zip:	  	Oak Brook, IL 60523
	 	 
	Office Phone:	  	630-218-8000
	 	 
	 E-mail Address:

 
	  	
griffin@inlandgroup.com

 

  

			
	 
	  

SELLER’S BROKER’S INFORMATION

	 	 
	Designated Agent Name (Print):	  	Brian Buckingham
	 	 
	Agent Identification Number:	  	 
	 	 
	MLS #:	  	 
	 	 
	Broker Name:	  	CBRE
	 	 
	Office Address:	  	700 Commerce Dr.
	 	 
	City/State/Zip:	  	Oak Brook, IL 60523
	 	 
	Office Phone:	  	630-573-7021
	 	 
	Fax:	  	 
	 	 
	 E-mail:

 
	  	 brianbuckingham@cbre.com

 

  

			
	 
	  

SELLER’S ATTORNEY’S INFORMATION:

	 	 
	Attorney Name:	  	H. Dan Bauer
	 	 
	Firm:	  	Inland Midwest Development Corporation
	 	 
	Office Address:	  	2901 Butterfield Road
	 	 
	City:	  	Oak Brook
	 	 
	State:	  	Illinois
	 	 
	Zip:	  	60523
	 	 
	Office Phone;	  	(630) 218-8000
	 	 
	 Email:

 
	  	 dbauer@inlandgroup.com

 

 
 

  
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	Exhibit 10.1	  	VACANT LAND PURCHASE AND SALE CONTRACT	  	

  
  

GENERAL PROVISIONS 
 A. Prorations. Rent,
if any, general real taxes and other items shall be prorated through 11:59 PM on the day prior to the Closing Date. 
 B. Uniform
Vendor and Purchaser Risk Act. The provisions of the Uniform Vendor and Purchaser Risk Act of the State of Illinois shall be applicable to this Contract. 

C. Title. Within 7 days after the Acceptance Date, Seller shall deliver to Buyer or his agent evidence of merchantable title in
the intended grantor by delivering a current Commitment for an ALTA Title Insurance policy with extended coverage by Chicago Title Insurance Company, in the amount of the Purchase Price, subject to no other exceptions than the Title Exceptions and
to general exceptions contained in the commitment. As of the date of Closing, Buyer shall assume and hold Seller harmless from any and all obligations under the Title Exceptions arising after the date of Closing and this obligation shall survive the
Closing. Delay in delivery by Seller of a Commitment for Title Insurance due to delay by Buyer’s mortgagee in recording mortgage and bringing down title shall not be a default of this Contract. Every Commitment for Title Insurance furnished by
Seller shall be conclusive evidence of title as shown. If evidence of title discloses other exceptions, Seller shall have 30 days after Seller’s receipt of evidence of title to cure the exceptions and notify Buyer accordingly. As to those
exceptions that may be removed at Closing by payment of money, Seller may have those exceptions removed at Closing by using the proceeds of the sale. 

D. Notice. All notices required by this Contract shall be in writing and shall be served upon the Parties or their attorneys at the
addresses provided in this Contract. The mailing of notice by registered or certified mail, return receipt requested, shall be sufficient service when the notice is mailed. Notices may also be served by personal delivery or overnight commercial
delivery service, by mail-o-gram, telegram, or by the use of a facsimile machine with proof of transmission and a copy of the notice with proof of transmission being sent by regular mail on the date of transmission. In addition, facsimile signatures
shall be sufficient for purposes of executing, negotiating, and finalizing this Contract. E-mail notices shall be deemed valid and received by the addressee when delivered by e-mail and opened by the recipient, provided that a copy of the e-mail
notice is also sent by regular mail to the recipient on the date of transmission. 
 E. Affidavit of Title. Seller shall
furnish to Buyer at Closing an executed, notarized affidavit of title (“Affidavit of Title”), and any other documents as may be required by the Title Company for the issuance of any ALTA owner’s policy and/or lender’s policy, as
the case may be. The Affidavit of Title shall cover the Closing Date. 
 F. Code Violations. Seller warrants that no notice from any
city, village, or other governmental authority of a dwelling code violation that currently exists on the Property has been issued and received by Seller or Seller’s agent (“Code Violation Notice”). If a Code Violation Notice is
received after the Acceptance Date and before Closing, Seller shall promptly notify Buyer of the Notice. 
 G. Escrow Closing. At the
written request of Seller or Buyer received prior to the delivery of the deed under this Contract, this sale shall be closed through an escrow with a title insurance company, in accordance with the general provisions of the usual form of deed and
money escrow agreement then furnished and in use by the title insurance company, with such special provisions inserted in the escrow agreement as may be required to conform with this Contract. Upon the creation of an escrow, payment of Purchase
Price and delivery of deed shall be made through the escrow, this Contract and the Earnest Money shall be deposited in the escrow, and the Broker shall be made a party to the escrow with regard to commission due. The cost of the escrow shall be
divided equally between Buyer and Seller. 
 H. 1031 Exchange. The Parties agree that at any time prior to the Closing Date, Buyer
and/or Seller may elect to effect a simultaneous or non-simultaneous tax-deferred exchange pursuant to Section 1031, and the regulations pertaining thereto, of the Internal Revenue Code, as amended. Each party expressly agrees to cooperate with
the other party in connection with any such exchange in any manner which shall not impose any additional cost or liability upon the cooperating party, including without limitation by executing any and all documents, including escrow instructions or
agreements consenting to the assignment of any rights and obligations hereunder to an exchange entity, which may be necessary to carry out such an exchange; provided, however, that any election to effect such an exchange shall not delay the Closing
Date. 
 I. RESPA. Buyer and Seller shall make all disclosures and do all things necessary to comply with the applicable provisions of
the Real Estate Settlement Procedures Act of 1974, as amended. 
 J. Transfer Taxes. Seller shall pay the amount of any stamp tax
imposed by the state and county on the transfer of title, and shall furnish a completed declaration signed by Seller or Seller’s agent in the form required by the state and county, and shall furnish any declaration signed by Seller or
Seller’s agent or meet other requirements as established by any local ordinance with regard to a transfer or transaction tax. Any real estate transfer tax required by local ordinance shall be paid by the person designated in that ordinance.

 K. Removal of Personal Property. Seller shall remove from the Property by the Possession Date all debris and Seller’s personal
property not conveyed by Bill of Sale to Buyer. 
 L. Surrender. Seller agrees to surrender possession of the Property in the same
condition as it is on the Acceptance Date, ordinary wear and tear excepted, subject to Paragraph B of the General Provisions of this Contract. 

M. Time. Time is of the essence for purposes of this Contract. 

N. Number. Wherever appropriate within this Contract, the singular includes the plural. 

O. Flood Plain Insurance. In the event the Property is in a flood plain and flood insurance is required by Buyer’s lender, Buyer
shall pay for that insurance. 
 P. Business Days and Time. Any reference in this Contract to “day” or “days”
shall mean business days, not calendar days, including Monday, Tuesday, Wednesday, Thursday, and Friday, and excluding all official federal and state holidays. 

  
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	Exhibit 10.1	  	VACANT LAND PURCHASE AND SALE CONTRACT	  	

  
  

Q. Patriot Act. Seller and Buyer represent and warrant that they are not acting, directly or indirectly, for or on behalf of any person,
group, entity, or nation named by Executive Order or the United States Treasury Department as a Specially Designated National and Blocked Person, or other banned or blocked person, entity, nation or transaction pursuant to any law, order, rule or
regulation which is enforced or administered by the Office of Foreign Assets Control (“OFAC”), and that they are not engaged in this transaction directly or indirectly on behalf of, or facilitating this transaction directly or indirectly
on behalf of, any such person, group, entity, or nation. Each Party shall defend, indemnify, and hold harmless the other Party from and against any and all claims, damages, losses, risks, liabilities, and expenses (including reasonable
attorneys’ fees and costs) arising from or related to any breach of the foregoing representation and warranty. 
 R. Brokers.
Seller shall pay a real estate commission of 4% of the final sale price to CBRE Brian Buckingham if and only if Buyer completes the purchase of the Property. The Parties agree that other than Mr. Buckingham, no real estate broker, other than a
principal of a Party, was involved in this transaction, and each of the Parties do hereby indemnify and hold the other Party harmless from any broker commission arising out of the act of the indemnifying Party. 

S. Due Diligence Period. Buyer shall have a period of 14 days after the Acceptance Date to review all agreements, ordinances or other
encumbrances related to the property, including the Settlement Agreement, as that term is defined herein, and to perform inspections and tests to determine if the Property is satisfactory to Buyer. Buyer is familiar with the condition of the
Property, shall not permit to exist any dangerous condition on the Property during such period, shall restore the Property to the same condition as it was in prior to any inspections and/or tests and does hereby indemnify and Buyer indemnifies
Seller against and holds Seller harmless from all claims, damages, losses, attorneys fees and costs and all other costs and expenses, including, without limitation, claims arising out of injury or death to person and/or damage or destruction of
property, caused, created by or arising out of such inspections and/or tests and/or the acts or omissions of the parties performing such inspections or tests. Prior to any entry onto the Property, Buyer shall provide to Seller evidence satisfactory
to Seller of insurance coverage covering Buyer’s above described indemnity and hold harmless obligations. Buyer’s duty to restore the Property and Buyer’s indemnity and hold harmless obligations shall survive any termination of this
Contract or the Closing, with the indemnity and hold harmless obligation surviving for any claim that arises within a period of two years after Contract termination or Closing. In the event that Buyer shall determine during the Due Diligence Period
that the Property is not satisfactory to Buyer and notifies Seller of its election to terminate this Contract prior to expiration of the Due Diligence Period, then this Contract shall terminate except for those provisions that specifically survive
such a termination, the Earnest Money shall be returned to the Buyer, and thereafter, other than for those provisions and obligations that survive the termination, neither Seller nor Buyer shall owe the other any further duties or obligations
hereunder. 
  

  
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	Exhibit 10.1	  	VACANT LAND PURCHASE AND SALE CONTRACT	  	

  
  

EXHIBIT A 
 LEGAL
DESCRIPTION 
 PARCEL 1: 

THAT PART OF THE NORTHEAST QUARTER OF SECTION 4, THE NORTHWEST QUARTER OF SECTION 4, THE SOUTHEAST QUARTER OF SECTION 4 AND THE SOUTHWEST
QUARTER OF SECTION 4 TOWNSHIP 44 NORTH, RANGE 7 EAST OF THE THIRD PRINCIPAL MERIDIAN DESCRIBED AS FOLLOWS: COMMENCING AT AN IRON PIPE MONUMENTING THE NORTHEAST CORNER OF SAID NORTHEAST QUARTER OF SAID SECTION 4; THENCE SOUTH 89 DEGREES 49 MINUTES 36
SECONDS WEST ALONG THE NORTH LINE OF SAID NORTHEAST QUARTER 346.00 FEET TO THE POINT OF BEGINNING, SAID POINT BEING ON A LINE 346.00 FEET WEST OF AND PARALLEL WITH THE EAST LINE OF SAID NORTHEAST QUARTER; THENCE SOUTH 00 DEGREES 14 MINUTES 31
SECONDS EAST ALONG SAID PARALLEL LINE 2,046.59 FEET; THENCE SOUTH 89 DEGREES 45 MINUTES 22 SECONDS WEST 146.79 FEET; THENCE SOUTH 14 DEGREES 29 MINUTES 38 SECONDS EAST 616.83 FEET; THENCE SOUTH 00 DEGREES 14 MINUTES 31 SECONDS EAST ALONG A LINE
340.93 WEST OF AND PARALLEL WITH SAID EAST LINE 646.42 FEET; THENCE NORTH 89 DEGREES 45 MINUTES 29 SECONDS EAST 1.00 FOOT TO THE WEST LINE OF THE EAST 339.93 FEET OF SAID SOUTHEAST QUARTER; THENCE SOUTH 00 DEGREES 14 MINUTES 31 SECONDS EAST ALONG
SAID WEST LINE 960.55 FEET; THENCE NORTH 89 DEGREES 29 MINUTES 46 SECONDS WEST 427.01 FEET TO THE EAST LINE OF THE WEST 562.51 FEET OF THE EAST HALF OF THE SOUTHEAST QUARTER OF SAID SECTION 4; THENCE SOUTH 00 DEGREES 05 MINUTES 20 SECONDS EAST
1,115.16 FEET TO THE SOUTH LINE OF SAID SOUTHEAST QUARTER; THENCE SOUTH 89 DEGREES 58 MINUTES 46 SECONDS WEST ALONG SAID SOUTH LINE 562.51 FEET TO THE WEST LINE OF THE EAST HALF OF SAID SOUTHEAST QUARTER; THENCE NORTH 00 DEGREES 05 MINUTES 20
SECONDS WEST ALONG SAID WEST LINE 1,311.12 FEET TO AN IRON ROD MONUMENTING THE SOUTHEAST CORNER OF THE NORTHWEST QUARTER OF THE SOUTHEAST QUARTER OF SAID SECTION 4; THENCE SOUTH 89 DEGREES 59 MINUTES 35 SECONDS WEST ALONG THE SOUTH LINE OF SAID
NORTHWEST QUARTER 1,339.64 FEET TO AN IRON PIPE ON THE EAST LINE OF WALROSE MANOR UNIT 2 RECORDED AS DOCUMENT 355435; THENCE NORTH 00 DEGREES 23 MINUTES 30 SECONDS WEST ALONG SAID EAST LINE 8.79 FEET TO THE NORTHEAST CORNER OF LOT 13 IN SAID WALROSE
MANOR UNIT 2; THENCE NORTH 89 DEGREES 59 MINUTES 30 SECONDS WEST ALONG THE NORTH LINE OF SAID WALROSE MANOR UNIT 2 A DISTANCE OF 692.52 FEET TO AN IRON ROD MONUMENTING THE NORTHWEST CORNER OF LOT 1 IN SAID WALROSE MANOR UNIT 2; THENCE SOUTH 00
DEGREES 23 MINUTES 30 SECONDS EAST ALONG THE WEST LINE OF SAID WALROSE MANOR UNIT 2 A DISTANCE OF 8.98 FEET; THENCE SOUTH 89 DEGREES 59 MINUTES 35 SECONDS WEST 618.80 FEET TO THE WEST LINE OF THE NORTHEAST QUARTER OF THE SOUTHWEST QUARTER OF SAID

  
 5 

					
	Exhibit 10.1	  	VACANT LAND PURCHASE AND SALE CONTRACT	  	

  
  

SECTION 4; THENCE NORTH 00 DEGREES 05 MINUTES 25 SECONDS WEST ALONG SAID WEST LINE 666.46 FEET TO THE SOUTH LINE OF WALROSE MANOR UNIT 4 PER
DOCUMENT 88R 029515; THENCE NORTH 89 DEGREES 59 MINUTES 38 SECONDS EAST ALONG SAID NORTH LINE 196.78 FEET TO AN IRON PIPE MONUMENTING THE SOUTHEAST CORNER OF LOT 11 IN SAID WALROSE MANOR UNIT 4; THENCE NORTH 00 DEGREES 04 MINUTES 46 SECONDS WEST
ALONG THE EAST LINE OF SAID WALROSE MANOR UNIT 4 A DISTANCE OF 1,112.07 FEET TO AN IRON ROD MONUMENTING THE NORTHEAST CORNER OF LOT 18 IN SAID WALROSE MANOR UNIT 4; THENCE SOUTH 89 DEGREES 55 MINUTES 14 SECOND WEST ALONG THE NORTH LINE OF SAID
WALROSE MANOR UNIT 4 A DISTANCE OF 177.61 FEET; THENCE NORTH 01 DEGREES 26 MINUTES 12 SECONDS WEST 659.97 FEET TO AN IRON PIPE MONUMENTING THE SOUTHEAST CORNER OF OUTLOT A-A IN SUBDIVISION OF OUTLOT “B”, WALROSE MANOR UNIT 1 RECORDED AS
DOCUMENT 38882; THENCE NORTH 87 DEGREES 26 MINUTES 41 SECONDS EAST 675.55 FEET TO AN IRON PIPE; THENCE NORTH 00 DEGREES 09 MINUTES 19 SECONDS EAST 1,493.63 FEET TO AN IRON PIPE; THENCE SOUTH 89 DEGREES 41 MINUTES 53 SECONDS WEST 151.48 FEET TO AN
IRON PIPE, SAID POINT BEING A POINT OF CURVE SAID CURVE BEING CONCAVE SOUTHERLY HAVING A RADIUS OF 210.00 FEET AND A CHORD THAT BEARS SOUTH 83 DEGREES 04 MINUTES 13 SECONDS WEST 48.48 FEET; THENCE WESTERLY ALONG SAID CURVE 48.58 FEET TO AN IRON
PIPE; THENCE NORTH 00 DEGREES 09 MINUTES 19 SECONDS EAST 85.60 FEET TO AN IRON ROD ON THE NORTH LINE OF THE NORTHWEST QUARTER OF SAID SECTION 4; THENCE NORTH 89 DEGREES 41 MINUTES 53 SECONDS EAST ALONG SAID NORTH LINE 844.77 FEET TO THE NORTHEAST
CORNER OF SAID NORTHWEST QUARTER; THENCE NORTH 89 DEGREES 49 MINUTES 36 SECONDS EAST ALONG THE NORTH LINE OF THE NORTHEAST QUARTER OF SAID SECTION 4 A DISTANCE OF 2,292.41 FEET TO THE POINT OF BEGINNING, ALL IN MCHENRY COUNTY, ILLINOIS. 

PARCEL 2: 
 THAT PART OF THE NORTHEAST QUARTER OF
SECTION 4, TOWNSHIP 44 NORTH, RANGE 7 EAST OF THE THIRD PRINCIPAL MERIDIAN DESCRIBED AS FOLLOWS: BEGINNING AT THE NORTHEAST CORNER OF THE NORTHEAST QUARTER OF SAID SECTION 4; THENCE SOUTH 00 DEGREES 14 MINUTES 31 SECONDS EAST ALONG THE EAST LINE OF
SAID NORTHEAST QUARTER 2,091.16 FEET; THENCE SOUTH 89 DEGREES 45 MINUTES 22 SECONDS WEST 345.00 FEET TO A LINE 345.00 FEET WEST OF AND PARALLEL WITH THE EAST LINE OF SAID NORTHEAST QUARTER; THENCE NORTH 00 DEGREES 14 MINUTES 31 SECONDS WEST ALONG
SAID PARALLEL LINE 2,091.59 FEET TO THE NORTH LINE OF SAID NORTHEAST QUARTER; THENCE NORTH 89 DEGREES 49 MINUTES 36 SECONDS EAST ALONG SAID NORTH LINE, 345.00 FEET TO THE POINT OF BEGINNING, ALL IN MCHENRY COUNTY, ILLINOIS. 

  
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	Exhibit 10.1	  	VACANT LAND PURCHASE AND SALE CONTRACT	  	

  
  

EXHIBIT B 
 PERMANENT
INDEX NUMBERS 
  

											
	 08-33-377-001
	  	McHenry - Queen Anne Road Parcel 17	    	1.00	    	7.55	    	7.55	    	15.10  
						
	 13-04-126-004
	  	McHenry - Queen Anne Road Parcel 17	    	22.96	    	186.85	    	186.85	    	373.70  
						
	 13-04-200-001
	  	McHenry - Queen Anne Road Parcel 17	    	46.50	    	443.17	    	443.17	    	886.34  
	
	  

	 Total 17
	  	McHenry - Queen Anne Road Parcel 17	    	70.46	    	637.57	    	637.57	    	1,275.14  
	
	  

	 13-04-153-012
	  	McHenry - Queen Anne Road Parcel 18	    	0.26	    	-  	    	-  	    	-  
						
	 13-04-176-003
	  	McHenry - Queen Anne Road Parcel 18	    	32.52	    	289.46	    	289.46	    	578.92  
						
	 13-04-326-003
	  	McHenry - Queen Anne Road Parcel 18	    	37.02	    	418.32	    	418.32	    	836.64  
	
	  

	 Total 18
	  	McHenry - Queen Anne Road Parcel 18	    	69.80	    	707.78	    	707.78	    	1,415.56  
	
	  

	 13-03-300-018
	  	McHenry - Queen Anne Road Parcel 22	    	0.45	    	9.16	    	9.16	    	18.32  
						
	 13-04-200-002
	  	McHenry - Queen Anne Road Parcel 22	    	35.08	    	295.46	    	295.46	    	590.92  
						
	 13-04-200-007
	  	McHenry - Queen Anne Road Parcel 22	    	30.45	    	255.68	    	255.68	    	511.36  
						
	 13-04-200-008
	  	McHenry - Queen Anne Road Parcel 22	    	14.40	    	91.12	    	91.12	    	182.24  
						
	 13-04-200-016
	  	McHenry - Queen Anne Road Parcel 22	    	16.45	    	119.39	    	119.39	    	238.78  
						
	 13-04-200-017
	  	McHenry - Queen Anne Road Parcel 22	    	0.20	    	4.21	    	4.21	    	8.42  
						
	 13-04-200-020
	  	McHenry - Queen Anne Road Parcel 22	    	13.76	    	88.41	    	88.41	    	176.82  
						
	 13-04-400-001
	  	McHenry - Queen Anne Road Parcel 22	    	40.00	    	368.58	    	368.58	    	737.16  
						
	 13-04-400-014
	  	McHenry - Queen Anne Road Parcel 22	    	48.53	    	269.08	    	269.08	    	538.16  
	
	  

	 Total 22
  

 
	  	 McHenry - Queen Anne Road Parcel 22
  

 
	    	 199.32
  

 
	    	 1,501.09
  

 
	    	 1,501.09
  

 
	    	 3,002.18  
  

 

	  

  
 7EX-10.2

					
	Exhibit 10.2	  	VACANT LAND PURCHASE AND SALE CONTRACT	  	

 1. This Vacant Land Purchase and Sale Contract (“Contract”) is made by and between
Provision Equity, LLC, an Illinois limited liability company and Freedom Lane, LLC, an Illinois limited liability company (collectively the “Buyer”) and Inland Land Appreciation Fund, L.P., a Delaware limited
partnership (“Seller”) (collectively “Parties”) with respect to the purchase and sale of the real estate and improvements, if any, located at the Northwest corner along Routes 47 and 176 in the McHenry
County, Illinois (“Property”). 
 Property P.I.N. #: 13-28-300-007 (Parcel 9) and 13-29-400-007 (Parcel 11);
Acreage: 81.622 acres. 
 2. Purchase Price. The Purchase price for the Property is Nine Hundred Seventy-Nine Thousand Four
Hundred Sixty Four and No/100 Dollars ($979,464.00) (“Purchase Price”). The Purchase Price includes the following personal property: None (“Personal Property”). 

3. Earnest Money: Upon Buyer’s execution of this Contract, Buyer shall deposit with Chicago Title Insurance Company, 10
South LaSalle Street, Suite 3100, Division II, Chicago, Illinois 60603 Ms. Nancy Castro (“Escrowee”), earnest money in the amount of $25,000.00, in the form of cash (“Earnest Money”). The Earnest
Money shall be returned and this Contract shall be of no force or effect if this Contract is not accepted by Buyer on or before June 13, 2014. 

4. Disposition of Earnest Money. In the event of default by Buyer, the Earnest Money shall be paid to Seller. If Seller
defaults, the Earnest Money, at the option of Buyer, shall be refunded to Buyer, but such refunding shall not release Seller from the obligations of this Contract. In the event of any default, Escrowee shall give written notice to Seller and Buyer
indicating Escrowee’s intended disposition of the Earnest Money and request Seller’s and Buyer’s written consent to the Escrowee’s intended disposition of the Earnest Money within 30 days after the notice. However, Seller and
Buyer acknowledge and agree that if Escrowee is a licensed real estate broker, Escrowee may not distribute the Earnest Money without the joint written direction of Seller and Buyer or their authorized agents. If Escrowee is not a licensed real
estate broker, Seller and Buyer agree that if neither Party objects, in writing, to the proposed disposition of the Earnest Money within 30 days after the date of the notice, then Escrowee shall proceed to disperse the Earnest Money as previously
noticed by Escrowee. If either Seller or Buyer objects to the intended disposition within the 30 day period, or if Escrowee is a licensed real estate broker and does not receive the joint written direction of Seller and Buyer authorizing
distribution of the Earnest Money, then the Escrowee may deposit the Earnest Money with the Clerk of the Circuit Court by the filing of an action in the nature of an Interpleader. Escrowee may be reimbursed from the Earnest Money for all costs,
including reasonable attorney’s fees, related to the filing of the Interpleader and the Parties indemnify and hold Escrowee harmless from any and all claims and demands, including the payment of reasonable attorneys’ fees, costs, and
expenses arising out of those claims and demands. 
 5. Inspection Period. Buyer, and its duly authorized representatives
shall have until the later of thirty (30) days from the Effective Date or ten (10) days after receipt of the last of the Survey and the Commitment (hereinafter defined) (the “Inspection Period”) at reasonable times
and upon reasonable notice to Seller, to conduct noninvasive inspections and studies, to make a physical inspection of the Property, to examine documents of record encumbering the Property and conduct a phase one environmental audit and an
architectural and engineering evaluation of the Property, all at Buyer’s sole expense. No invasive inspection may be conducted without Seller’s express written consent, not to be unreasonably withheld. Seller shall provide access to
the Property at reasonable times, upon at least 24 hours oral or written notice from Buyer. Buyer shall save, indemnify, defend and hold harmless Seller from the acts and/or omissions of Buyer and its representatives, agents and contractors arising
from such inspections, audit and evaluation except to the extent caused by the mere discovery by Buyer of pre-existing conditions at the Property or by the gross negligence or willful misconduct of Seller. The provisions of this Section 5 shall
survive the termination of this Contract or Closing. If Buyer in its sole discretion elects not to proceed with its purchase of the Property for any reason or no reason at all, Buyer shall, on or before the end of the Inspection Period, serve Seller
with written notice of its election to terminate this Contract (which notice is hereinafter referred to as “Termination Notice”) and Closing Agent shall return the Earnest Money to Buyer and thereafter this Contract shall
terminate and be null and void and of no further force and effect, and neither Buyer nor Seller shall have any further rights, duties, liabilities or obligations to the other by reason hereof except for those matters that specifically survive such
termination. If Buyer fails to sends the Termination Notice on or before the end of the Inspection Period, this Contract shall remain in full force and effect and Buyer shall have no further right to obtain a refund of the Earnest Money pursuant to
the provisions of this paragraph. 

					
	Exhibit 10.2	  	VACANT LAND PURCHASE AND SALE CONTRACT	  	

  
  

6. Possession. Seller agrees to surrender possession of the Property on the Closing Date (as defined in Paragraph 7 below). 

7. Closing. Buyer shall deliver the balance of the Purchase Price (less the amount of the Final Earnest money, plus or minus
prorations and escrow fees, if any) to Seller and Seller shall execute and deliver the Deed (as defined below) to Buyer at “Closing”. Closing shall occur on or prior to fifteen days (or the next succeeding business day if the
fifteenth day is not a business day) after the expiration of the Inspection Period at a time and location mutually agreed upon by the Parties (“Closing Date”). Seller must provide Buyer with evidence of good and
merchantable title prior to Closing. 
 8. Deed. At closing, Seller shall execute and deliver to Buyer, or cause to be
executed and delivered to Buyer, a recordable warranty deed (“Deed”) (or other appropriate deed if title is in trust or in an estate), subject only to the following, if any: covenants, conditions, and restrictions of record;
all matters shown on the survey; public and utility easements; existing leases and tenancies, if any; visible private and public roads and easements therefore; building setback lines and use or occupancy restrictions; zoning laws and ordinances;
acts done by or suffered through Buyer, all special governmental taxes or assessments confirmed and unconfirmed; general real estate taxes not yet due and payable at the time of Closing and the Land Leases dated December 2, 2013 with Gerald
Gieseke, copies of which are attached to this Contract. 
 9. Real Estate Taxes. Seller represents that the 2013 general real
estate taxes are $1,029.28 (copies of bills attached). General real estate taxes shall be prorated based on 100% of the 2013 tax bills. 

10. “AS-IS” Condition. Seller represents that the Property is zoned A-1. This Contract is for the sale and purchase of
the Property (including any Personal Property) in its “as-is” condition as of the Acceptance Date. The Property (including any Personal Property) will be inspected by the Buyer who acknowledges that no representations, warranties or
guarantees with respect to the condition of the Property (including any Personal Property) have been made by Seller or Seller’s agents, brokers or representatives other than those set forth herein. 

11. Survey. Seller has provided to Buyer a copy of Seller’s survey of the Property. Seller shall have prepared at its
sole cost and expense a current ALTA/ASCM Survey of the Property prepared in accordance with the 2011 Minimum Standard Detail Requirements For ALTA/ASCM Land Title Surveys. The survey shall be certified to Seller, Chicago Title Insurance Company,
Buyer and Buyer’s lender, if any.  
  

	12.	 Legal Description. The legal description of the Property is attached as Exhibit “A”. 

13. General Provisions and Riders.         THIS CONTRACT WILL BECOME A LEGALLY
BINDING CONTRACT WHEN SIGNED BY ALL PARTIES AND DELIVERED (“Effective Date”). THIS CONTRACT INCLUDES THE GENERAL PROVISIONS ON THE LAST PAGE OF THIS CONTRACT AND THE LEGAL DESCRIPTION, ATTACHED TO AND MADE A
PART OF THIS CONTRACT. 
 [SIGNATURES ON FOLLOWING PAGE] 

					
	Exhibit 10.2	  	VACANT LAND PURCHASE AND SALE CONTRACT	  	

 

			
	OFFER DATE:	  	
                    
June 13, 2014

			
		
	BUYER’S INFORMATION:	 	 Provision Equity, LLC

		
		 	 Freedom Lane,
LLC            

			
	 Buyer’s Name(s) (print):

		
	 Address:
	 	  

							
				
	City:                 	 	State:                 	 	Zip:	 	  

					
			
	Office Phone:                     	 	Home Phone:	 	  

					
			
	Fax:                                     
	 	Cell Phone:	 	  

			
		
	Email Address:	 	  

			
	
	 The names and addresses set forth below are for informational purposes only and subject to change.

	
	  
 BUYER’S BROKER’S INFORMATION:

		
	Designated Agent (print):	 	  

							
				
	Agent Identification Number:	 	  
	 	  
	 	  

					
			
	Broker Name:                         	 	MLS #	 	  

			
		
	Office Address:	 	  

							
				
	City:                 	 	State:                 	 	Zip:	 	  

					
			
	Office Phone:                     	 	Cell Phone:	 	  

			
		
	Fax:	 	  

			
		
	Email:	 	  

			
	
	BUYER’S ATTORNEY’S INFORMATION:

			
		
	Attorney Name:	 	         Jay K. Filler,
Jr.

			
		
	Firm:	 	         Filler &
Associates

			
	Office Address:	 	       P.O. Box
115

											
						
	City:	 	 Marengo
	 	State:	 	     IL
	 	Zip:	 	   60152

							
				
	Office Phone:	 	 815-568-8123
	 	Cell Phone:	 	  

			
		
	Fax:	 	
        
815-568-8142

			
		
	Email:	 	
    jay@marengolawoffices.com

			
	
	BUYER’S LENDER’S INFORMATION:
		
	Mortgage Broker’s Name:	 	  

			
		
	Lender:	 	  

							
				
	Office Phone:	 	  
	 	Cell Phone:	 	  

							
		
	Email:	 	  

							
		
	Fax:	 	  

							
		
	Office Address:	 	  

			
	ACCEPTANCE DATE:	  	         June 17,
2014

			
	
	SELLER’S INFORMATION:
	
	 Inland Land Appreciation Fund, LP., a Delaware limited partnership

By: Inland Real Estate Investment Corporation, a Delaware corporation, its general partner

		
	Seller’s Signature:	 	   Guadalupe Griffin, Senior Vice
President

			
		
	Seller’s Name(s) (print):	 	         Guadalupe
Griffin

			
		
	Address:	  	         2901 Butterfield
Road

											
						
	City:	 	     Oak Brook
	 	State:	 	     Illinois
	 	Zip:	 	     60523

							
				
	Office Phone:	 	  630-218-8000
	 	Home Phone:	 	  

							
				
	Fax:	 	 630-586-6399  
	  	Cell Phone:	  	  

			
		
	Email Address:	 	
      
griffin@inlandgroup.com

			
	
	The names and addresses set forth below are for informational purposes only and subject to change.
	
	SELLER’S BROKER’S INFORMATION:

			
		
	Designated Agent Name (print):	 	
        NONE

			
		
	Agent Identification Number:	 	  

							
				
	Broker Name:	 	  
	 	MLS #	  	  

			
		
	Office Address:	 	  

											
						
	City:	 	  
	 	State:	 	  
	 	Zip:	  	  

							
				
	Office Phone:	 	  
	 	Cell Phone:	 	  

			
		
	Fax:	 	  

			
		
	Email:	  	  

			
		
	SELLER’S ATTORNEY’S INFORMATION:	  	

			
		
	Attorney Name:	 	         H. Dan
Bauer

			
		
	Firm:	 	       Inland Midwest Development
Corporation

			
		
	Office Address:	 	 2901 Butterfield Road

											
						
	City:	 	 Oak Brook
	 	State:	 	     IL
	 	Zip:	  	
        60523

			
		
	Office Phone;	 	 (630) 218-8000

			
		
	Fax:	 	
            (630) 
954-5693

			
		
	Email:	 	     dbauer@inlandgroup.com

 
 

					
	Exhibit 10.2	  	VACANT LAND PURCHASE AND SALE CONTRACT	  	

  
 GENERAL PROVISIONS 

A. Prorations. Rent, if any, general real taxes and other items shall be prorated through 11:59 PM on the day prior to the Closing
Date. 
 B. Uniform Vendor and Buyer Risk Act. The provisions of the Uniform Vendor and Buyer Risk Act of the State of Illinois shall
be applicable to this Contract. 
 C. Title. Seller shall deliver to Buyer or his agent evidence of merchantable title in the
intended grantor by delivering a Commitment for Title Insurance (“Commitment”) of a title insurance company bearing a date on or subsequent to the Acceptance Date, in the amount of the Purchase Price, subject to no other
exceptions than those previously listed within this Contract and to general exceptions contained in the Commitment. Delay in delivery by Seller of a Commitment due to delay by Buyer’s mortgagee in recording mortgage and bringing down title
shall not be a default of this Contract. Every Commitment furnished by Seller shall be conclusive evidence of title as shown. If evidence of title discloses other exceptions, Seller shall have 30 days after Seller’s receipt of evidence of title
to cure the exceptions and notify Buyer accordingly. As to those exceptions that may be removed at Closing by payment of money, Seller may have those exceptions removed at Closing by using the proceeds of the sale. 

D. Notice. All notices required by this Contract shall be in writing and shall be served upon the Parties or their attorneys at the
addresses provided in this Contract. The mailing of notice by registered or certified mail, return receipt requested, shall be sufficient service when the notice is mailed. Notices may also be served by personal delivery or commercial delivery
service, by mail-o-gram, telegram, or by the use of a facsimile machine with proof of transmission and a copy of the notice with proof of transmission being sent by regular mail on the date of transmission. In addition, facsimile signatures shall be
sufficient for purposes of executing, negotiating, and finalizing this Contract. E-mail notices shall be deemed valid and received by the addressee when delivered by e-mail and opened by the recipient, provided that a copy of the e-mail notice is
also sent by regular mail to the recipient on the date of transmission. 
 E. Affidavit of Title. Seller shall furnish to
Buyer at Closing an executed, notarized affidavit of title (“Affidavit of Title”), and any other documents as may be required by the Title Company for the issuance of any ALTA owner’s policy and/or lender’s policy, as the case
may be. The Affidavit of Title shall cover the Closing Date. 
 F. Code Violations. Seller warrants that no notice from any city,
village, or other governmental authority of a dwelling code violation that currently exists on the Property has been issued and received by Seller or Seller’s agent (“Code Violation Notice”). If a Code Violation Notice is received
after the Acceptance Date and before Closing, Seller shall promptly notify Buyer of the Notice. 
 G. Escrow Closing. At the written
request of Seller or Buyer received prior to the delivery of the deed under this Contract, this sale shall be closed through an escrow with a title insurance company, in accordance with the general provisions of the usual form of deed and money
escrow agreement then furnished and in use by the title insurance company, with such special provisions inserted in the escrow agreement as may be required to conform with this Contract. Upon the creation of an escrow, payment of Purchase Price and
delivery of deed shall be made through the escrow, this Contract and the Earnest Money shall be deposited in the escrow, and the Broker shall be made a party to the escrow with regard to commission due. The cost of the escrow shall be divided
equally between Buyer and Seller. 
 H. 1031 Exchange. The Parties agree that at any time prior to the Closing Date, Buyer and/or
Seller may elect to effect a simultaneous or non-simultaneous tax-deferred exchange pursuant to Section 1031, and the regulations pertaining thereto, of the Internal Revenue Code, as amended. Each party expressly agrees to cooperate with the
other party in connection with any such exchange in any manner which shall not impose any additional cost or liability upon the cooperating party, including without limitation by executing any and all documents, including escrow instructions or
agreements consenting to the assignment of any rights and obligations hereunder to an exchange entity, which may be necessary to carry out such an exchange; provided, however, that any election to effect such an exchange shall not delay the Closing
Date. 
 I. RESPA. Buyer and Seller shall make all disclosures and do all things necessary to comply with the applicable provisions
of the Real Estate Settlement Procedures Act of 1974, as amended. 

					
	Exhibit 10.2	  	VACANT LAND PURCHASE AND SALE CONTRACT	  	

  
 J. Transfer Taxes. Seller
shall pay the amount of any stamp tax imposed by the state and county on the transfer of title, and shall furnish a completed declaration signed by Seller or Seller’s agent in the form required by the state and county, and shall furnish any
declaration signed by Seller or Seller’s agent or meet other requirements as established by any local ordinance with regard to a transfer or transaction tax. Any real estate transfer tax required by local ordinance shall be paid by the person
designated in that ordinance. 
 K. Removal of Personal Property. Seller shall remove from the Property by the Possession Date all
debris and Seller’s personal property not conveyed by Bill of Sale to Buyer. 
 L. Surrender. Seller agrees to surrender
possession of the Property in the same condition as it is on the Acceptance Date, ordinary wear and tear excepted, subject to Paragraph B of the General Provisions of this Contract. 

M. Time. Time is of the essence for purposes of this Contract. 

N. Number. Wherever appropriate within this Contract, the singular includes the plural. 

O. Flood Plain Insurance. In the event the Property is in a flood plain and flood insurance is required by Buyer’s lender, Buyer
shall pay for that insurance. 
 P. Business Days and Time. Any reference in this Contract to “day” or “days”
shall mean business days, not calendar days, including Monday, Tuesday, Wednesday, Thursday, and Friday, and excluding all official federal and state holidays. 

Q. Patriot Act. Seller and Buyer represent and warrant that they are not acting, directly or indirectly, for or on behalf of any
person, group, entity, or nation named by Executive Order or the United States Treasury Department as a Specially Designated National and Blocked Person, or other banned or blocked person, entity, nation or transaction pursuant to any law, order,
rule or regulation which is enforced or administered by the Office of Foreign Assets Control (“OFAC”), and that they are not engaged in this transaction directly or indirectly on behalf of, or facilitating this transaction directly or
indirectly on behalf of, any such person, group, entity, or nation. Each Party shall defend, indemnify, and hold harmless the other Party from and against any and all claims, damages, losses, risks, liabilities, and expenses (including reasonable
attorneys’ fees and costs) arising from or related to any breach of the foregoing representation and warranty. 
 R. Brokers.
Any real estate commission due CBRE, Inc. (to be split with Joe Ludwig of Rooster Ag’ Realty, Inc.) shall be the responsibility of Seller at Closing. The Parties agree that other than CBRE, Inc. and Joe Ludwig of Rooster Ag’ Realty, Inc.,
no real estate broker was involved in this transaction. 
 S. Seller’s Representations and Warranties. 

 

	 	(a)	 Seller has received no written notice of any violation of any law, zoning ordinance, annexation agreement, building rules or any regulations of
which the Property is in violation, nor has Seller received any written notice of any existing or threatened condemnation or other legal action of any kind involving the Property; 

 

	 	(b)	 To the best of Seller’s knowledge without independent investigation, there are no proposed special assessments, actions, suits, or
proceedings, pending or threatened against, by, or affecting the Seller in any court or before any governmental agency relating to the ownership of, or Seller’s ability to convey the Property; 

 

	 	(c)	 Seller has full power and authority to enter into this Contract and to perform its obligations hereunder, and Seller has the right to sell the
Property to Buyer pursuant to this Contract, and each person who executes this Contract, and all other instruments and documents in connection herewith on behalf of the Seller, has power and authority to act; 

 

	 	(d)	 Seller has not received written notice from the United States Army Corps of Engineers that the Property has been designated as a wetland;

					
	Exhibit 10.2	  	VACANT LAND PURCHASE AND SALE CONTRACT	  	

  
  

	 	(e)	 The Property has no other lease than as disclosed to Buyer except a License Agreement for a sign, a copy of which has been supplied to Buyer;

  

	 	(f)	 Seller is not a foreign person as that term is defined in Section 1445 of the Internal Revenue Code; 

 

	 	(g)	 To the best of Seller’s actual knowledge without independent investigation, there is currently no condemnation or other proceeding pending or
threatened which would affect the Property, and Seller has not previously deeded or otherwise transferred any portion of the Property to any governmental or quasi-governmental body or agency; 

 

	 	(h)	 To the best of Seller’s knowledge without independent investigation, the Property is not subject to a recapture agreement which would impose
liability on Purchaser; and 

  

	 	(i)	 Seller has not received written notice of any ordinance or building code violations or any pending or any contemplated special assessments by any
governmental body in connection with the Property.

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