Document:

Exhibit 10.28

 

	Extension
    Addendum to Contract
	 

 

The
following date and/or time period(s) of the Residential Sale and Purchase Contract, Residential Contract for Sale and Purchase,
Vacant Land Contract, or Commercial Contract dated         Sep 26, 2012            
between                                             EACO
Corporation                                                                        
(“Seller”) and Ka Bun Chan (“Buyer”) concerning the Properly
located at 13235 Cortez Blvd., Brooksville, FL 34613 is hereby extended. (check whichever apply)

 

Closing
Date. Seller and Buyer agree to extend the Closing Date until           on
or before 3/15/13                  

 

		 ̈	Financing
                                                                                                          Period. Seller and
                                                                                                          Buyer agree to
                                                                                                          extend the Commitment
                                                                                                          Period, Loan Commitment
                                                                                                          Date. Financing Period,
                                                                                                          or Loan Approval Date
                                                                                                          for an additional _______________
                                                                                                          days or until
                                                                                                          _____________________.

 

		 ̈	Inspection
                                                                                                          Period. Seller and
                                                                                                           Buyer agree
                                                                                                          to extend the Inspection
                                                                                                          Period for an additional
                                                                                                           _____________ days or until  __________________________________________.

 

		 ̈	Title
                                                                                                                        Cure Period.
                                                                                                                        Seller
                                                                                                                        and
                                                                                                                        Buyer
                                                                                                                        agree
                                                                                                                        to extend
                                                                                                                        the Curative
                                                                                                                        Period
                                                                                                                        or Cure
                                                                                                                        Period
                                                                                                                        for an
                                                                                                                        additional
                                                                                                                         _____________ days or
                                                                                                                        until  __________________________________________.

 

		 ̈	Short
                                                                                                                        Sale Approval
                                                                                                                        Deadline.
                                                                                                                        Seller
                                                                                                                        and
                                                                                                                        Buyer
                                                                                                                        agree
                                                                                                                        to extend
                                                                                                                        the Approval
                                                                                                                        Deadline
                                                                                                                        for an
                                                                                                                        additional
                                                                                                                         _____________ days or
                                                                                                                        until  __________________________________________.

 

		 ̈	Feasibility
                                                                                                                        Study
                                                                                                                        Period.
                                                                                                                        Seller
                                                                                                                        and
                                                                                                                        Buyer
                                                                                                                        agree
                                                                                                                        to extend
                                                                                                                        the Feasibility
                                                                                                                        Study
                                                                                                                        Period
                                                                                                                        for an
                                                                                                                        additional
                                                                                                                         _____________ days or
                                                                                                                        until  __________________________________________.

 

		 ̈	Due
                                                                                                                        Diligence
                                                                                                                        Period.
                                                                                                                        Seller
                                                                                                                        and
                                                                                                                        Buyer
                                                                                                                        agree
                                                                                                                        to extend
                                                                                                                        the Due
                                                                                                                        Diligence
                                                                                                                        Period
                                                                                                                        for an
                                                                                                                        additional
                                                                                                                         _____________ days or
                                                                                                                        until __________________________________________.

 

This
extension will be on the same terms and conditions as stated in the original contract except:

 

	Monthly
    rent will increase to $19,255 plus $2,005 in CAM charges for a total of $21,260 monthly for the months of January, February
    and half of March
    2013.                                                                                                                               
	 
	All other non-conflicting terms of the contract remain in full force and effect.

 

	/s/ Michael Bains	 	 1/8/13	 	/s/ Ka Bun Chan	 	1/4/13 
	Seller	 	Date	 	Buyer	 	Date
	 	 	 	 	 	 	 
	Seller	 	Date	 	Buyer	 	Date

 

 

EA-2
Rev. 1/12           © 2012 Florida Realtors®           All Rights Reserved

 

    	 

    	 

    

 

Addendum
to Contract

FLORIDA
ASSOCIATION OF REALTORS®

 

	Addendum No. 	4	  to the Contract
    dated 	September 26, 2012	 between

 

	EACO
    Corporation	 (Seller) 

 

	and	Ka
    Bun Chan	 (Buyer)

 

	concerning the property described as:
	 
	13235 Cortez Blvd., Brooksville, FL 34613

 

	(the “Contract”). Buyer and Seller make the following terms and conditions part of the Contract:

 

Buyer
and Seller agree to reduce the purchase price to $1,730,000.

 

Buyer
and Seller agree to extend the closing date to on or before April 15, 2013, but not prior to April 5, 2013.

 

Carlino
Commercial Group, Inc. agrees to reduce their commission from $54,750 to $10,750.

 

	Date:		 	Broker:	Jeff Carlino
	 	 	 	 	 
	Date:	03/06/13	 	Buyer:	/s/ Ka Bun Chan
	 	 	 	 	 
	Date:	3/7/13	 	Seller:	/s/ Michael Bains
	 	 	 	 	 
	Date:	 	 	Seller:	 

 

This
form is available for use by the entire real estate industry and is not intended to identify the user as a Realtor.
Realtor is a registered collective membership mark that may be used only by real estate licensees who are members of the
National Association of Realtors and who subscribe to its Code of Ethics.

 

The copyright
laws of the United States (17 U.S. Code) forbid the unauthorized reproduction of blank forms by any means including facsimile or computerized
forms.

 

	ACSP-2a 	Rev. 6/94	©1994 Florida
    Association of Realtors®	All Rights Reserved	
	 	 	 	 
	 	 	 	 

 

    	 

    	 

    

 

 

FIRST
AMENDMENT TO LEASE

 

THIS
FIRST AMENDMENT TO LEASE (the “First Amendment”) is made and entered into
this 7th day of      March                      ,
2013 by EACO CORPORATION (’‘Landlord”), a Florida corporation, and INTERNATIONAL BUFFET (“Tenant”).

 

RECITALS:

 

A.Landlord
and Tenant previously entered into that certain Lease (the “Lease”) with an effective date of January 9, 2008 for the
lease of that certain Premises located at 13235 Cortez Boulevard, Brooksville, Florida.

 

B.Landlord
and Tenant agree that conditions have occurred such, that the parties desire to modify the Lease as more specifically set forth
herein.

 

NOW,
THEREFORE, for and in consideration of the premises and other good and valuable consideration, the receipt of which is hereby
acknowledged by the parties hereto, Landlord and Tenant hereby covenant and agree as follows:

 

1.          The
recitals set forth above are true and accurate and are incorporated herein by this reference. Capitalized terms not otherwise
defined herein shall have the same meaning as in the Lease.

 

2.          The
parties acknowledge and agree that Tenant paid a Security Deposit in the amount of Thirty-Three Thousand and 00/100 Dollars ($33,000.00)
to Landlord in accordance with Paragraph 5 of the Lease. Tenant hereby authorizes Landlord to retain such Security Deposit and
waives any and all rights to the return of such Security Deposit.

 

3.          Tenant
hereby agrees that it will pay Landlord the sum of Eighteen Thousand and 00/100 Dollars ($18,000.00) on or before April 1, 2013,
which sum shall be paid in addition to Tenant’s monthly Rent payment for that month.

 

4.          The
parties acknowledge and agree that in the event Tenant fails to purchase the Premises from Landlord pursuant to that certain Commercial
Contract dated September 26, 2012 between Landlord as seller and Tenant as purchaser, as amended, the provisions set forth in
Paragraphs 2 and 3 of this First Amendment shall be void.

 

5.          This
First Amendment may be executed in separate counterparts, each of which when taken together shall constitute one and the same
instrument. This First Amendment may be executed and delivered by facsimile or electronic mail, and execution delivery by facsimile
or electronic mail shall be deemed binding upon the parties so executing and delivering. Except as specifically modified by this
First Amendment, all of the terms and conditions of the Lease shall remain in full force and effect. In the event of a conflict
between any term or provision of the Lease and this First Amendment, the terms and provisions of this First Amendment shall control.

 

    	1

    	 

    

 

IN
WITNESS WHEREOF, Landlord and Tenant have executed this First Amendment as of the date first above written in a manner 50
as to be binding.

 

	Signed, scaled and delivered in the presence of:	 	LANDORD:
	 	 	 
	 	 	EACO CORPORATION, a Florida

Corporation.
	/s/ Marta L. Araujo	 	By:	/s/ Michael Bains
	 	 	Print:	Michael
    Bains
	Marta L. Araujo	 	Title:	Controller
	Print Name	 	 
	 	 	 
	/s/ Antonio Gonzalez	 	 
	 	 	 
	ANTONIO
GONZALEZ	 	 
	Print Name	 	 

 

	Signed, sealed and delivered in the	 	TENANT:
	presence of;	 	 
	 	 	INTERNATIONAL BUFFET
	 	 	 	 
	/s/
    Yiping Wang	 	By:	/s/
    Ka Bun Chan
	 	 	Print:	KA BUN CHAN
	YIPING WANG	 	Title:	OWNER
	Print Name	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	Print Name	 	 

  

    	2

    	 

    

 

Addendum
to Contract

FLORIDA
ASSOCIATION OF REALTORS®

 

	Addendum No. 	5	  to the Contract
    dated 	09/26/2012	 between

 

	EACO
    Corporation	 (Seller) 

 

	and	Ka
    Bun Chan	 (Buyer)

 

	concerning the property described as:
	 
	13235 Cortez Blvd. Brooksville, FL 34613

 

	(the “Contract”). Buyer and Seller make the following terms and conditions part of the Contract:
	 
	The Buyer and the Seller agree to change the buyer to International East Buffet Inc.

 

	Date:	3/12/13	 	Buyer:	/s/ Ka
    Bun Chan
	 	 	 	 	 
	Date:	3/12/13	 	Buyer:	/s/ Michael Bains
	 	 	 	 	 
	Date:	 	 	Seller:	 
	 	 	 	 	 
	Date:	 	 	Seller:	 

 

This
form is available for use by the entire real estate industry and is not intended to identify the user as a Realtor.
Realtor is a registered collective membership mark that may be used only by real estate licensees who are members of the
National Association of Realtors and who subscribe to its Code of Ethics.

 

The copyright
laws of the United States (17 U.S. Code) forbid the unauthorized reproduction of blank forms by any means including facsimile or computerized
forms.

 

	ACSP-2a 	Rev. 6/94	©1994 Florida
    Association of Realtors®	All Rights ReservedExhibit 10.29

 

Marcus
& Millichap

Real
Estate Investment Services

PURCHASE
AGREEMENT

 

THIS
DOCUMENT IS MORE THAN A RECEIPT FOR MONEY. IT IS INTENDED TO BE A LEGALLY BINDING AGREEMENT. READ IT CAREFULLY.

 

Marcus
& Millichap Real Estate Investment Services of Florida, Inc. (“Agent”), is agent for the Seller. This
Real Estate Contract is entered into by and between EACO Corporation (hereinafter
referred to as “Seller”) and WINLEE Property, Inc. (hereafter
referred to as “Buyer”). Within one (1) business day of the Effective Date, Buyer shall deposit with Gary
Silberman, PA located at 2665 S. Bayshore Dr. Ste 725 Coconut Grove, F1 33133 (Escrow
Agent), U.S., cash, cashier’s check or wire transfer funds in the amount of Fifty Thousand
Dollars ($ 50,000)
within 3 days of executed contract as Earnest Money Deposit (hereinafter referred to as the “Deposit”). The
Deposit is to be applied to the purchase price of that certain real property (referred to as the “Property”)
located in the City of Orange Park,
County of Clay, State of Florida,
and more particularly described as follows:

 

475
Blanding Blvd. Orange Park, Florida / Parcel #18-04-26-020264-122-00

 

TERMS
AND CONDITIONS

 

Seller
agrees to sell the Property, and Buyer agrees to purchase the Property, on the following terms and conditions:

 

		1)	PURCHASE
                                                           PRICE: The purchase
                                                           price for the Property is One Million One Hundred Fifty Six
                                                           Thousand dollars
                                                           ($ 1,156,000.00).
                                                           The Purchase Price, less the amount of the Deposit paid by Buyer, and
                                                           subject to appropriate adjustments and prorations as hereinafter provided,
                                                           shall be paid as follows:

 

		2)	DOWN
PAYMENT: A) Buyer shall
make a cash down payment
of                    dollars
($            ) no
later than:

 

		3)	DEPOSIT: The
Deposit $50,000 (Fifty Thousand Dollars) (together with any additional deposit
which may be made under Paragraph 9 hereof) shall be held as earnest money and shall be applied as part payment of the Purchase
Price at closing or as otherwise provided herein. It is agreed between all parties hereto that Agent may hold the Deposit until
Closing, or until this Agreement in terminated prior thereto because of the default of either party or by voluntary agreement;
and if any dispute should arise between Buyer and Seller as to the final disposition of said Deposit, Agent may institute a suit
to determine who is entitled to said Deposit, and the cost of said action, including reasonable attorney’s fees incurred
by Agent shall be paid out of said Deposit. If this Agreement is voided by Buyer for any reason permitted under this Agreement,
Agent shall refund the Deposit to Buyer, and no party hereto shall have any further rights to said Deposit.

 

		4)	TITLE:
                                                           Seller shall cause
                                                           an examination of title to the Property to be made, and a title insurance
                                                           commitment to be issued by Gary
                                                           Silberman, PA located at 2665 S. Bayshore Dr. Ste 725 Coconut Grove,
                                                           Fl 33133 (the
                                                           “Title Company”) on the Property. At Buyer’s option
                                                           and expense. Buyer may cause an accurate survey to be made of the Property
                                                           by a Florida
                                                           registered land surveyor
                                                           of Buyer’s choice. Within Ten
                                                           (10) calendar days
                                                           after the Effective Date of this Agreement, Buyer shall deliver a copy
                                                           of the title commitment to Seller, together with a copy of any survey
                                                           Buyer shall have prepared, accompanied by a letter to Seller in which
                                                           Buyer shall either approve in writing the exceptions contained in said
                                                           title commitment and survey, or specify in writing any exceptions to
                                                           which Buyer reasonably objects. If Buyer objects to any exceptions,
                                                           Seller shall, within Five (5)
                                                           calendar days after receipt of Buyer’s objections, deliver to Buyer
                                                           written notice that either (i) Seller will, at Seller’s expense, attempt
                                                           to remove the exception(s) to which Buyer has objected before the Closing
                                                           Date or (ii) Seller is unwilling or unable to eliminate the exception(s).
                                                           If Seller fails to so notify Buyer or is unwilling or unable to remove
                                                           any such exception by the Closing Date, Buyer may elect to terminate
                                                           this Agreement and receive back the entire Deposit, in which event
                                                           Buyer and Seller shall have no further obligations under this Agreement;
                                                           or, alternatively, Buyer may elect to purchase the Property subject
                                                           to such exception(s).

 

Seller
shall convey by general warranty deed to Buyer (or such other person as Buyer may specify) marketable fee simple title subject
only to the exceptions approved by Buyer in accordance with this Agreement. Title shall be insurable by a standard ALTA Owner’s
Policy (Form B-1987) of title insurance issued by the Title Company with standard exceptions in the amount of the purchase price
with premium paid by Buyer.

 

	EACO - Winlee contract 8-1-13rev. GS	1 of 8	Buyer’s
    Initials      BM      	Seller’s
Initials     MB__ 
	 	 	FL.
    1     – Copyright Marcus and Millichap 2013

 

    	 

    	 

    

 

		5)	CLOSING: Closing
shall be held on or before September 15, 2013 (the
“Closing Date”) at 2:pm,
or at such other time as is reasonably agreeable to Buyer and Seller with at least five (5) days notice prior to the Closing Date.
If on the Closing Date insurance underwriting is suspended, Buyer may postpone closing up to 5 days after the insurance suspension
is lifted. At the Closing, Seller shall execute and deliver to Buyer a general warranty deed subject to those exceptions permitted
by this Agreement, an owner’s affidavit, an I.R.C. Section 1445 non-foreign affidavit, an affidavit of seller’s residence,
and a construction lien affidavit, all in form satisfactory to the Title Company to remove from Buyer’s owner’s title
policy any exception for claims for labor and materials, unpaid federal and state taxes arising from the sale, and unpaid real
estate broker’s commissions, and each party hereto shall execute and deliver such other documents necessary or appropriate
to effect and complete the Closing.

 

Rents,
real property taxes, premiums on insurance acceptable to Buyer, interest on any debt being assumed or taken subject to by Buyer,
and any other ongoing expenses or costs of the continued operation of the Property shall be prorated as of the Closing Date. Security
deposits, advance rentals, and the amount of any future lease credits shall be credited to Buyer at Closing. The amount of any
assessment not customarily paid with real property taxes shall be (select one “X”) Seller
paid.

 

		6)	FINANCING CONTINGENCIES:

***

	6a.	x	NEW FIRST LOAN
	 	 	Buyer will be utilizing $750,000 from a 1030-Tax Exchang and obtaining financing for the balance of the purchase price.
	6b.	 ̈	NEW SECOND LOAN
	6c.	 ̈	SHORTFALL CLAUSE
	6d.	 ̈	PURCHASE SUBJECT TO/ASSUMPTION OF FIRST
	6e.	 ̈	PURCHASE SUBJECT TO/ASSUMPTION OF SECOND
	6f.	 ̈	SELLER CARRIES BACK FIRST
	6g.	 ̈	SELLER CARRIES BACK SECOND
	6h.	 ̈	SELLER CARRIES BACK THIRD
	6i.	 ̈	ALL INCLUSIVE PROMISSORY NOTE AND DEED OF TRUST
	6j.	 ̈	NO FINANCING CONTINGENCY — ALL CASH
	6k.	 ̈	OTHER FINANCING

 

This
Contract is subject to financing by a third party loan. This Contract is conditioned on Buyer obtaining a written commitment within
thirty-five (35) calendar days after the execution of this Contract in the principal amount of $400,000.00 at an initial interest
rate not to exceed prevailing interest rate, for a term of 30 years. Discount and/or origination fee not to exceed 1% of the principal
amount. Buyer will make application (5) days after the execution of this Contract, and use reasonable diligence to obtain a loan
commitment and, thereafter, to satisfy terms and conditions of the commitment and close the loan. Buyer shall pay all loan expenses.
If Buyer fails to obtain a commitment or fails to waive Buyer’s rights under this subparagraph within the time for obtaining
a commitment or after diligent effort fails to meet the terms and conditions of the commitment, then either party thereafter, by
written notice to the other, may cancel this Contract and Buyer shall be refunded the deposit.

 

		7)	PEST CONTROL CONTINGENCIES:

*
* *

	7a.	 ̈	Standard
	7b.	x	NO PEST CONTROL CONTINGENCY - “AS IS”

		7.1)	NO PEST CONTROL CONTINGENCY - “AS IS”: Buyer
has conducted Buyer’s own investigation with regard to possible infestation and/or infection by wood-destroying pests or organisms
and agrees to purchase the Property in its present condition. Buyer acknowledges that Buyer is not relying upon any representations
or warranties made by Seller or Agent regarding the presence or absence of such infestation or infection.

 

	7c.	 ̈	OTHER PEST CONTROL:

 

		8)	INSPECTION CONTINGENCIES:

*
* *

	8a.	x	BOOKS AND RECORDS

		8.1)	BOOKS
                                                            AND RECORDS: Seller
                                                            agrees to provide Buyer with items A-E listed below within
                                                            Three (3)
                                                            calendar days following
                                                            the Effective Date:

	 	A.	Previous Phase 1 Environmental Report dated Nov. 1996
	 	B.	Copy of current Title policy
	 	C.	Alta Survey provided by First Financial Surveyors Inc.
	 	D.	Copy of Tenant Lease and any building drawings available
	 	E.	Copy of current insurance policy
	 	F.	Tenant Estoppel Letter
	 	G.	All Appraisals conducted for the property (if any)
	 	H.	All Service and Maintenance contracts (if any)
	 	I.	Zoning verification letter
	 	J.	Any and all City/County correspondence regarding the property (if any)

 

	EACO - Winlee contract 8-1-13rev. GS	2 of 8	Buyer’s
    Initials      BM      	Seller’s
Initials     MB__ 
	 	 	FL.
    1     – Copyright Marcus and Millichap 2013

  

    	 

    	 

    

 

		K.	Income & Expense report for 2012 and 2013 year to date
income and expense (if any) 

 

Buyer
shall have Thirty Five (35)
calendar days following receipt thereof to review and approve in writing each of these items. If Buyer fails to approve these items
within the specified time, this Agreement shall be rendered null and void, Buyer’s entire deposit shall be returned, and Buyer
and Seller shall have no further obligations hereunder.

 

	8b.	x	PHYSICAL INSPECTION

 

		8.2)	PHYSICAL INSPECTION: Buyer
shall have Thirty Five (35)
calendar days following the Effective Date to inspect the physical condition of the Property, and to notify the Seller in writing
that Buyer approves same. If Buyer fails to approve the physical condition of the Property within the specified time, this Agreement
shall be null and void, Buyer’s entire deposit shall be returned, and Buyer and Seller shall have no further obligations hereunder.
Buyer has the right to a fully refundable deposit if buyer submits to seller written notice of cancelation prior to the expiration
of the physical inspection period.

 

	8c.	 ̈	STATE AND LOCAL LAWS

	8d.	 ̈	TENANT FINANCIAL INFORMATION (Leased Properties)

	8e.	x	NO INSPECTION CONTINGENCY - “AS IS”

		8.3)	NO INSPECTION CONTINGENCY - “AS IS”: This
Agreement is not subject to any inspection contingencies. Buyer warrants that Buyer is knowledgeable in real estate matters and
has made all investigations and inspections which Buyer deems necessary and appropriate with regard to its purchase of the Property.
Buyer acknowledges and agrees that Buyer is not relying upon any representation or warranties made by Seller or Agent in electing
to waive inspection contingencies.

 

	8f.	x	OTHER INSPECTION

 

		8.4)	OTHER INSPECTION: Seller to provide copies of
Rent checks, previous Environmental inspection and previous survey. Buyer or Buyer’s attorney shall examine and approve the Title
within Ten (10) days of acceptance of the Purchase and Sale Agreement and unless otherwise notifies the Seller of unacceptable
matters the title shall be deemed accepted and approved by the buyer and/or it’s legal counsel.

 

		9)	DEPOSIT INCREASE: Upon
removal of the inspection contingencies set forth in paragraph(s) n/a hereof,
Buyer shall deposit with Broker in Escrow sufficient funds to increase the Deposit to n/a
dollars ($n/a).
The entire Deposit shall be credited to the purchase price at Closing unless otherwise provided herein.

 

		10)	DEPOSIT TRANSFER: Buyer’s
Deposit shall remain in trust, if held by Agent, or in escrow if previously deposited in escrow, until removal of the inspection
contingencies set forth in paragraph(s) 8.2
hereof. Upon removal of said contingencies, Buyer’s Deposit shall be delivered to escrow by Agent (if same has been held in trust
by Agent); a grant deed duly executed by Seller, sufficient to convey title to Buyer, shall be delivered to escrow by Seller; and
Buyer and Seller shall execute escrow instructions directing the Escrow Holder to release immediately from escrow and deliver to
Seller Buyer’s entire Deposit (including increases, if any). Seller shall hold Buyer’s Deposit subject to the remaining terms
and conditions of this Agreement. If the Property is made unmarketable by Seller, or acts of God, the Deposit shall be returned
to Buyer and deed shall be returned to Seller.

 

		11)	ESTOPPEL CERTIFICATE CONTINGENCY (Leased Properties):

***

	11a.	x	Standard

 

		11.1)	Seller shall obtain and deliver to Buyer, within Three
(3)
calendar days after the last contingency set forth in paragraph(s) 8.1, 8.2,
and 8.4 is removed, estoppel letters or certificates from each lessee or tenant
at the Property stating: a) the date of commencement and the scheduled date of termination of the lease, b) the amount of advanced
rentals or rent deposits paid to Seller, c) the amount of monthly (or other periodic) rent paid to Seller, d) that the lease is
in full force and effect and that there have been no modifications or amendments thereto, or, if there have been any modifications
or amendments, an explanation of same, e) square footage (if set forth in the lease), and f) that there is no default under the
terms of the lease by lessor or lessee. Buyer may only disapprove said certificates, and cancel the Agreement, if the certificates
reflect a discrepancy materially affecting the economics of the transaction, or a previously undisclosed material breach of one
of the leases. Upon such disapproval, Buyer’s entire Deposit shall be returned, and the parties shall have no further obligations
hereunder.

 

	11b.	 ̈	ESTOPPEL CERTIFICATES NOT APPLICABLE

 

		12)	LEASED PROPERTY PRORATIONS: Rents
due and owing on the date of closing will be prorated as of the Closing Date, as of the Closing Date and rent collected thereafter
applied first to rental payments then owed the Buyer and their remainder paid to the Seller. All free rent due any tenant at the
time of closing for rental periods after the closing shall be a credit against the Purchase Price. Other income and expenses shall
be prorated as follows: To Be Determined.

 

	EACO - Winlee contract 8-1-13rev. GS	3 of 8	Buyer’s
    Initials      BM      	Seller’s
Initials     MB__ 
	 	 	FL.
    1     – Copyright Marcus and Millichap 2013

 

    	 

    	 

    

 

		13)	PERSONAL PROPERTY: Title
to any personal property to be conveyed to Buyer in connection with the sale of the Property shall be conveyed to Buyer by Bill
of Sale on the Closing Date free and clear of all encumbrances (except those approved by Buyer as provided above). The price of
these items shall be included in the Purchase Price for the Property, and Buyer agrees to accept all such personal property in
“as is” condition.

 

		14)	CONDITION OF PROPERTY: It
is understood and agreed that the Property is being sold “as is”; that Buyer has, or will have prior to the Closing Date,
inspected the Property; and that neither Seller nor Agent makes any representation or warranty as to the physical condition or
value of the Property or its suitability for Buyer’s intended use.

 

	 	Buyer’s
    Initials     BM      	Seller’s
Initials     MB__ 

 

		15)	RISK OF LOSS: Risk
of loss to the Property shall be borne by Seller until title has been conveyed to Buyer. In the event that the improvements on
the Property are destroyed or materially damaged between the Effective Date of this Agreement and the date title is conveyed to
Buyer, Buyer shall have the option of demanding and receiving back the entire Deposit and being released from all obligations hereunder,
or alternatively, taking such improvements as Seller can deliver. Upon Buyer’s physical inspection and approval of the Property,
Seller shall maintain the Property through closing in the same condition and repair as approved, reasonable wear and tear excepted.

 

		16)	POSSESSION: Possession
of the Property shall be delivered to Buyer at closing subject to the existing tenants in possession.

 

		17)	LIQUIDATED DAMAGES: By placing their initials immediately
below, Buyer and Seller agree that it would be impracticable or extremely difficult to fix actual damages in the event of a default
by Buyer, that the amount of Buyer’s Deposit hereunder (as same may be increased by the terms hereof) is the parties’ reasonable
estimate of Seller’s damages in the event of Buyer's default, and that upon Buyer’s default in its purchase obligations under this
agreement, not caused by any breach by Seller, Seller shall be released from its obligations to sell the Property and shall retain
Buyer’s Deposit (as same may be increased by the terms hereof) as liquidated and agreed upon damages, which shall be Seller’s
sole and exclusive remedy in law or at equity for Buyer’s default.

 

		Buyer’s
    Initials      BM      	Seller’s
Initials     MB__ 

 

		18)	SELLER
                                                                   EXCHANGE: Buyer
                                                                   agrees to cooperate should Seller elect to sell the Property
                                                                   as part of a like-kind exchange under IRC Section 1031.
                                                                   Seller’s
                                                                   contemplated exchange shall not impose upon Buyer any additional
                                                                   liability or financial obligation, and Seller agrees to hold
                                                                   Buyer harmless from any liability that might arise from such
                                                                   exchange. This Agreement is not subject to or contingent upon
                                                                   Seller’s ability to acquire a suitable exchange property
                                                                   or effectuate an exchange. In the event any exchange contemplated
                                                                   by Seller should fail to occur, for whatever reason, the sale
                                                                   of the Property shall nonetheless be consummated as provided
                                                                   herein.

 

		19)	BUYER
                                                            EXCHANGE: Seller
                                                            agrees to cooperate should Buyer elect to purchase the Property as
                                                            part of a like-kind exchange under IRC Section 1031.
                                                            Buyer’s contemplated
                                                            exchange shall not impose upon Seller any additional liability or
                                                            financial obligation, and Buyer agrees to hold Seller harmless from
                                                            any liability that might arise from such exchange. This Agreement
                                                            is not subject to or contingent upon Buyer’s ability to dispose of
                                                            its exchange property or effectuate an exchange. In the event any
                                                            exchange contemplated by Buyer should fail to occur, for whatever
                                                            reason, the sale of the Property shall nonetheless be consummated
                                                            as provided herein.

 

		20)	DISCLOSURE OF REAL ESTATE LICENSURE:

*** 

	20a.	 ̈	License disclosure
	20b.	 ̈	License disclosure

 

		21)	AUTHORIZATION: Buyer
and Seller authorize Agent to disseminate sales information regarding this transaction, including the purchase price of the Property.

 

		22)	AFFILIATED BROKERS/TRANSACTIONAL AGENCY: Broker/Agent
is affiliated with other brokerage companies in other states. Broker/Agent shall disseminate information about the Property to
such affiliated brokers, inviting the submission of offers on the Property. Seller authorizes Agent and any affiliated brokers/agents
to represent any prospective purchaser in the acquisition of the Property, and to submit offers on behalf of such purchasers. Seller
& Buyer understand that this authorization may result in affiliated Brokers/Agents of Broker/Agent representing both Seller
and Buyer. In the event Broker/Agent is the listing agent of Seller with respect to the Property and another Broker/Agent of Broker/Agent
procures a Buyer as the purchaser of the Property, then in such event, Seller and Buyer agree that Broker/Agent shall become a
transaction Broker/Agent with respect to the transaction, as such term is defined by Florida law. Buyer & Seller hereby authorize
and consent to such agency disclosure and agree to execute a confirmation of such disclosed agency.

 

	EACO - Winlee contract 8-1-13rev. GS	4 of 8	Buyer’s
    Initials      BM      	Seller’s
Initials     MB__ 
	 	 	FL.
    1     – Copyright Marcus and Millichap 2013

  

    	 

    	 

    

 

		23)	OTHER BROKERS: Buyer
and Seller agree that, in the event any broker other than Agent or a broker affiliated with Agent is involved in the disposition
of the Property, Agent shall have no liability to Buyer or Seller for the acts or omissions of such other broker, who shall not
be deemed to be a subagent of Agent.

 

		24)	LIMITATION OF LIABILITY: Except
for Agent’s gross negligence or willful misconduct, Agent’s liability for any breach or negligence in its performance of this Agreement
shall be limited to the greater of $10,000 or the amount of compensation actually received by Agent in any transaction hereunder.

 

		25)	SCOPE OF AGENT’S AUTHORITY AND RESPONSIBILITY: Agent
shall have no authority to bind either Buyer or Seller to any modification or amendment of this Agreement. Agent shall not be responsible
for performing any due diligence or other investigation of the Property on behalf of either Buyer or Seller, or for providing either
party with professional advice with respect to any legal, tax, engineering, construction or hazardous materials issues. Except
for maintaining the confidentiality of any information regarding Buyer or Seller’s financial condition and any future negotiations
regarding the terms of this Purchase Agreement, Buyer and Seller agree that their relationship with Agent is at arm’s length and
is neither confidential nor fiduciary in nature.

 

		26)	BROKER DISCLAIMER: Buyer
and Seller acknowledge that, except as otherwise expressly stated herein, Agent has not made any investigation, determination, warranty
or representation with respect to any of the following: (a) the financial condition or business prospects of any tenant, or such
tenant’s intent to continue or renew its tenancy in the Property; (b) the legality of the present or any possible future use of
the Property under any federal, state or local law; (c) pending or possible future action by any governmental entity or agency
which may affect the Property (d) the physical condition of the Property, including but not limited to, soil conditions, the structural
integrity of the improvements, and the presence or absence of fungi or wood-destroying organisms; (e) the accuracy or completeness
of income and expense information and projections, of square footage figures, and of the texts of leases, options, and other agreements
affecting the Property; (f) the possibility that lease, options or other documents exist which affect or encumber the Property
and which have not been provided or disclosed by Seller; or (g) the presence or location of any hazardous materials on or about
the Property, including, but not limited to asbestos, PCB’s, or toxic, hazardous or contaminated substances, and underground storage
tanks.

 

Buyer
agrees that investigation and analysis of the foregoing matters is Buyer’s sole responsibility and that Buyer shall not hold Agent
responsible therefore. Buyer further agrees to reaffirm its acknowledgment of this disclaimer at closing and to confirm that it
has relied upon no representations of Agent in connection with its acquisition of the property.

 

	 	Buyer’s
    Initials      BM    	Seller’s
    Initials    MB        

 

		27)	LEAD-BASED PAINT HAZARDS: Every
purchaser of any interest in residential real property on which a residential dwelling was built prior to 1978 is notified that
such property may present exposure to lead from lead- based paint that may place young children at risk of developing lead poisoning.
Lead poisoning in young children may produce permanent neurological damage, including learning disabilities, reduced intelligence
quotient behavioral problems, and impaired memory. Lead poisoning also poses a particular risk to pregnant women. The seller of
any interest in residential real property is required to provide the buyer with any information on lead-based paint hazards. A
risk assessment or inspection for possible lead-based paint hazards is recommended prior to purchase. (SELLER
TO INITIAL ONE BELOW):

(_____)
1. Seller warrants that the Property was constructed after 1978.

(_____)
2. Seller is not sure when the Property was constructed and/or has reason to believe that lead-based paint hazards may be present
(Attach “LEAD-BASED PAINT DISCLOSURE ADDENDUM TO PURCHASE AGREEMENT”).

 

		28)	MOLD/ALLERGEN ADVISORY AND DISCLOSURE: Buyer
is advised of the possible presence within properties of toxic (or otherwise illness-causing) molds, fungi, spores, pollens and/or
other botanical substances and/or allergens (e.g. dust, pet dander, insect material, etc.). These substances may be either visible
or invisible, may adhere to walls and other accessible and inaccessible surfaces, may be embedded in carpets or other fabrics,
may become airborne, and may be mistaken for other household substances and conditions. Exposure carries the potential of possible
health consequences. Agent strongly recommends that Buyer contact the State Department of Health Services for further information
on this topic.

 

Buyer
is advised to consider engaging the services of an environmental or industrial hygienist (or similar, qualified professional) to
inspect and test for the presence of harmful mold, fungi, and botanical allergens and substances as part of Buyer’s physical
condition inspection of the Property, and Buyer is further advised to obtain from such qualified professionals information regarding
the level of health-related risk involved, if any, and the advisability and feasibility of eradication and abatement, if any.

 

Buyer
is expressly cautioned that Agent has no expertise in this area and is, therefore, incapable of conducting any level of inspection
of the Property for the possible presence of mold and botanical allergens. Buyer acknowledges that Agent has not made any investigation,
determination, warranty or representation with respect to the possible presence of mold or other botanical allergens, and Buyer
agrees that the investigation and analysis of the foregoing matters is Buyer’s sole responsibility and that Buyer shall not
hold Agent responsible therefore.

 

	EACO - Winlee contract 8-1-13rev. GS	5 of 8	Buyer’s
    Initials      BM      	Seller’s
Initials     MB__ 
	 	 	FL.
    1     – Copyright Marcus and Millichap 2013

  

    	 

    	 

    

 

		29)	ARBITRATION OF DISPUTES: Any
controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled by final binding arbitration
administered before a single arbitrator by the American Arbitration Association (AAA) under its Commercial Arbitration Rules, and
judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. Unless the parties agree
otherwise, the arbitration shall be governed by the AAA’s Expedited Procedures. The parties also agree that the AAA’s
Optional Rules for Emergency Measures of Protection shall apply to the proceedings. The AAA’s fees and charges shall be paid
equally by the parties as they become due, provided that the prevailing party shall be awarded its costs and expenses associated
with any dispute concerning this Agreement, including reasonable attorneys’ fees from the non-prevailing party. If either
party fails to pay its share of the AAA’s fess or expenses as they become due, and such failure is not cured within five
days of receiving written notice thereof from the other party or the AAA, such party shall be deemed to have defaulted and the
arbitrator shall enter final judgment in favor of the non-defaulting

 

		30)	SUCCESSORS & ASSIGNS: This
Agreement and any addenda hereto shall be binding upon and inure to the benefit of the heirs, successors, agents, representatives
and assigns of the parties hereto.

 

		31)	ATTORNEYS’ FEES: In
any litigation, arbitration or other legal proceeding which may arise between any of the parties hereto, including Agent, the prevailing
party shall be entitled to recover its costs and expenses, including costs and expenses of arbitration, court costs and expense
and costs and expenses incurred on appeal, and reasonable attorneys’ fees incurred in any disputes through arbitration and appeal
of any final judgment in addition to any other relief to which such party may be entitled.

 

		32)	TIME: Time
is of the essence of this Agreement.

 

		33)	NOTICES: All
notices required or permitted hereunder shall be given to the parties in writing (with a copy to Agent) at their respective addresses
as set forth below. Should the date upon which any act required to be performed by this Agreement fall on a Saturday, Sunday or
holiday, the time for performance shall be extended to the next business day.

 

		34)	ADDENDA: Any
addendum attached hereto and either signed or initialed by the parties shall be deemed a part hereof. This Agreement, including
addenda, if any, expresses the entire agreement of the parties and supersedes any and all previous agreements between the parties
with regard to the Property. There are no other understandings, oral or written, which in any way alter or enlarge its terms, and
there are no warranties or representations of any nature whatsoever, either express or implied, except as set forth herein. Any
future modification of this Agreement will be effective only if it is in writing and signed by the party to be charged.

 

		35)	ACCEPTANCE AND EFFECTIVE DATE: Buyer’s
signature hereon constitutes an offer to Seller to purchase the Property on the terms and conditions set forth herein. Unless acceptance
hereof is made by Seller’s execution of this Agreement and delivery of a fully executed copy to Buyer, either in person or by mail
at the address shown below, on or before 3: pm est August 5th
20 13, this offer shall be null
and void, the Deposit shall be returned to Buyer, and neither Seller nor Buyer shall have any further rights or obligations hereunder.
Delivery shall be effective upon personal delivery to Buyer or Buyer’s agent or, if by mail, on the next business day following
the date of postmark. The “Effective Date” of this Agreement shall be the later of (a) the date on which Seller executes
this Agreement, or (b) the date of or written acceptance (by either Buyer or Seller) of the final counter-offer submitted by the
other party.

 

		36)	GOVERNING LAW: This
Agreement shall be governed by and construed in accordance with the laws of the State Of
Florida.

 

		37)	EMINENT DOMAIN: In
the event that prior to the closing all or any portion of the Property is condemned, or condemnation proceedings have been instituted
by or on behalf of any public or quasi-public entity or for any public or quasi-public use or purpose, then, in the event that
such condemnation substantially and materially adversely affects the Property, Buyer shall have the option to: (i) terminate this
Agreement and receive the return of the deposit and all interest accrued thereon, or (ii) proceed with the closing and receive
a credit against the Purchase Price of any award received or to be received.

 

		38)	RADON: Radon
is a naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities, may present health
risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been found in buildings
in Florida. Additional information regarding radon and radon testing may be obtained from your county public health unit.

 

		39)	SEVERABILITY: In
the event any term or provision of this Agreement shall be held illegal, unenforceable or inoperative as a matter of law, the remaining
terms and provisions of this Agreement shall not be affected thereby and shall remain in full force and effect.

 

		40)	OTHER TERMS AND CONDITIONS:

 

	EACO - Winlee contract 8-1-13rev. GS	6 of 8	Buyer’s
    Initials      BM      	Seller’s
Initials     MB__ 
	 	 	FL.
    1     – Copyright Marcus and Millichap 2013

  

    	 

    	 

    

 

		A:	Buyer’s Agent will share in listing agent’s commission of which two percent (2.0%) of the gross
commission. All other terms and conditions herein.

 

		B:	Provided that the buyer or buyer’s attorney notifies the seller’s agent prior to
                                                           the scheduled closing date in writing for said extension the 5-day extension shall be granted otherwise the closing date will
                                                           be as referenced herein above per Paragraph (5) including all other terms and conditions herein.

 

		C:	Prior to closing, the seller is hereby obligated to close out all building permits or expired permits,
and to obtain all necessary approval and permits for unpermitted work at the Property, at the sole cost and expense of the seller.
Further, seller shall be responsible for all violations of governmental, building, environmental, safety codes, restrictions or
requirements, and seller shall cure all such violations prior to closing at the sole cost and expense of the seller.

 

	 	END of TERMS and CONDITIONS	 

 

	EACO - Winlee contract 8-1-13rev. GS	7 of 8	Buyer’s
    Initials      BM      	Seller’s
Initials     MB__ 
	 	 	FL.
    1     – Copyright Marcus and Millichap 2013

  

    	 

    	 

    

 

THE
PARTIES ARE ADVISED TO CONSULT THEIR RESPECTIVE ATTORNEYS WITH REGARD TO THE LEGAL EFFECT AND VALIDITY OF THIS PURCHASE AGREEMENT.

 

The
undersigned Buyer hereby offers and agrees to purchase the above described Property for the price and upon the terms and conditions
herein stated.

 

This
offer is made by Buyer to Seller on this 2nd day
of August    ,
2013. The undersigned
Buyer hereby acknowledges receipt of an executed copy of this Agreement, including the Agency Disclosure contained in Paragraph
22, above.

 

	BUYER:          	/s/ Bing Yiu Mak	 	ADDRESS:	11480
S.W.103 ST, Miami FL 33176
	 	WINLEE Property, Inc.	 	 	 
	 	By: Bing Yiu Mak	 	 	 
	 	 	 	 	 
	DATE:	 	 	TELEPHONE: 	305-595-4438
	 	 	 	 	 
	BUYER:	 	 	ADDRESS:	* * *
	 	* * *	 	 	* * *
	 	 	 	 	 
	DATE:	* * *	 	TELEPHONE:	* * *

 

SELLER’S
ACCEPTANCE AND AGREEMENT TO PAY COMMISSION

 

The
undersigned Seller accepts the foregoing offer and agrees to sell the Property to Buyer for the price and on the terms and conditions
stated herein. Seller acknowledges receipt of an executed copy of this Agreement and authorizes Agent to deliver an executed copy
to Buyer.

 

Seller
reaffirms its agreement to pay to Agent a real estate brokerage commission pursuant to the terms of that certain Representation
Agreement between Agent and Seller which shall remain in full force and effect. Said commission is payable in full on the Closing
Date and shall be paid in cash at closing. Closing Attorney is directed to make such payment to Agent from Seller’s proceeds of
sale. The provisions of this paragraph may not be amended or modified without the written consent of Agent. Agent is made a party
to this Agreement for the purpose of enforcing Agent’s rights arising hereunder.

 

Seller
acknowledges and agrees that payment of said commission is not contingent upon the closing of the transaction contemplated by this
Agreement, and that, in the event completion of the sale is prevented by default of Seller, then Seller shall immediately be obligated
to pay to Agent the entire commission. Seller agrees that in the event completion of the sale is prevented by default of Buyer,
then Seller shall be obligated to pay to Agent an amount equal to one half of any damages or other monetary compensation (including
liquidated damages) collected from Buyer by suit or otherwise as a consequence of Buyer’s default, if and when such damages or
other monetary compensation are collected; provided, however, that the total amount paid to Agent by Seller shall not in any case
exceed the brokerage commission hereinabove set forth. Seller acknowledges and agrees that the existence of any direct claim which
Agent may have against Buyer in the event of Buyer’s default shall not alter or in any way limit the obligations of Seller to Agent
as set forth herein.

 

	SELLER:         	/s/ Michael Bains	 	ADDRESS:	1500 N. Lakeview Ave.
	 	EACO Corporation, Authorized Agent	 	 	ANAHEIM, CA 92807
	 	 	 	 	 
	DATE:	8/5/2013	 	TELEPHONE: 	714-693-2901
	 	 	 	 	 
	SELLER:	 	 	ADDRESS:	 
	 	 	 	 	 
	DATE:	 	 	TELEPHONE:	 

 

Agent
accepts and agrees to the foregoing.

 

AGENT:
MARCUS & MILLICHAP REAL ESTATE INVESTMENT SERVICES OF FLORIDA, INC.

 

	BY:	/s/ John Rob Keeler	 	ADDRESS:	300 South Orange Ave. Ste 700
	 	John Rob Keeler	 	 	Orlando, Florida 32810
	 	 	 	 	 
	DATE:          	July 16th 2013	 	TELEPHONE: 	407-557-3871

 

	PARTIES UNDERSTAND AND ACKNOWLEDGE THAT BROKER IS NOT QUALIFIED TO PROVIDE AND HAS NOT BEEN CONTRACTED TO PROVIDE, LEGAL, FINANCIAL OR TAX ADVICE, AND THAT ANY SUCH ADVICE MUST BE OBTAINED FROM PARTIES’ ATTORNEY, ACCOUNTANT OR TAX PROFESSIONAL.

 

	EACO - Winlee contract 8-1-13rev. GS	8 of 8	Buyer’s
    Initials      BM      	Seller’s
Initials     MB__ 
	 	 	FL.
    1     – Copyright Marcus and Millichap 2013

  

    	 

    	 

    

 

1st
ADDENDUM TO PURCHASE AGREEMENT

 

This
document is an addendum (“Addendum”) to the Purchase Agreement (“Agreement”) between EACO, Corporation
(“Seller”) and WINLEE
Property, Inc. (“Buyer”)
executed on the 5th day of August    ,
2013 for that certain real property located at:

 

475
Blanding Blvd. Orange Park, Florida

Parcel
#7004-00-00-0951

 

The
provisions of this Addendum are hereby added to and incorporated in the Terms and Conditions in the aforementioned Agreement. Any
provision of this Addendum which is not numbered and fully completed shall have no force or effect.

 

The
Buyer and Seller agree to modify the Purchase Agreement accordingly:

 

		1.	Seller agrees to reduce the sales price to: $1,138,500.00

 

ACCEPTANCE

 

The
undersigned Buyer, Seller and Agent accept and agree to the foregoing.

 

	BUYER:        	/s/ Bing Yiu Mak	 	DATE:	8/24/2013
	 	WINLEE
    Property Inc.	 	 	 
	 	 	 	 	 
	SELLER:	/s/ Michael Bains	 	DATE:          	8/26/2013
	 	EACO, Corporation	 	 	 

 

    	 

    	 

    

 

2nd
ADDENDUM TO PURCHASE AGREEMENT

 

This
document is an addendum (“Addendum”) to the Purchase Agreement (“Purchase Agreement”) between EACO, Corporation
(“Seller”) and WINLEE Property, Inc. (“Buyer”) executed on the 7th day of August, 2013 for that certain real
property located at:

 

475
Blanding Blvd. Orange Park, Florida 

Parcel
#7004-00-00-0951

 

The
provisions of this Addendum are hereby added to and incorporated in the Terms and Conditions in the aforementioned Agreement. Any
provision of this Addendum which is not numbered and fully completed shall have no force or effect.

 

The
Buyer and Seller agree to modify the Purchase Agreement accordingly:

 

		1.	Seller and Buyer agree to extend the inspection and finance period to September 25th, 2013. In
the event the Buyer timely cancels this Agreement prior to the expiration of the inspection and finance period, all deposits paid
under the Contract shall be deemed refundable, and returned to Buyer.

 

		2.	Buyer agrees to increase the deposit to a total of $100,000
by 4:pm EST on September 9th, 2013.

 

		3.	Buyer agrees to furnish a written signed letter of loan
approval from its lender by the end of business day on September 6th, 2013

 

		4.	Seller and Buyer agree to extend the closing date to September
30th, 2013.

 

ACCEPTANCE

 

The
undersigned Buyer, Seller and Agent accept and agree to the foregoing.

 

	BUYER:	/s/ Bing Yiu Mak	 	DATE:	9-6-2013
	 	WINLEE Property, Inc.	 	 	 
	 	 	 	 	 
	SELLER:          	/s/ Michael Bains	 	DATE:	9/9/2013
	 	EACO, Corporation	 	 	 

 

	B.Y. MAK President	 	DATE:	9-6-2013	 
	WINLEE Property, Inc.	 	 	 	 
	 	 	 	 	 
	SELLER:	 	DATE:	 	 
	 	 	 	 	 
	EACO, Corporation

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00224-of-00352.parquet"}]]