Document:

FIRST
AMENDMENT TO

AGREEMENT OF SALE

 

THIS
FIRST AMENDMENT TO AGREEMENT OF SALE (the “Amendment”) is entered into as of the 9 day of August, 2013,
between THREE WM REAL ESTATE, LLC, THREE WM OPERATING, LLC, FOUR WM REAL ESTATE, LLC, FOUR WM OPERATING, LLC, each a Delaware
limited liability company (individually and collectively, the “Seller”) and WOODBURY MEWS III, LLC,
WOODBURY MEWS IV, LLC, WOODBURY MEWS LAND PARCELS, LLC (each a Delaware limited liability company (individually and
collectively, the “Purchaser”).

 

RECITALS:

 

A.           Seller
and Purchaser are parties to that certain Agreement of Sale dated June 26, 2013 (the “Agreement”), pursuant
to which Seller agreed to sell, and Purchaser agreed to purchase, certain real property located at 122 and 124 Green Avenue, Woodbury,
New Jersey, as more particularly described in the Agreement.

 

B.           Seller
and Purchaser desire to amend the Agreement, upon the terms and conditions set forth in this Amendment.

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

AGREEMENTS:

 

1.    Recitals, Definitions. The foregoing recitals are true and correct and are incorporated herein by reference. Capitalized
but undefined terms used in this Amendment shall have the meanings given to them in the Agreement.

 

2.    The Definition of “Due Diligence Deadline”  is hereby amended to read as follows (additions are shown
as double-underlined and deletions are shown as struck through):

 

“Due
Diligence Deadline” means 5 P.M. Eastern Standard Time on August 23rd,
2013 the date which is forty-five (45) days after the Effective Date of this Agreement.

 

3.    Section
4(b)(1) shall be inserted to read as follows:

 

Notwithstanding
anything in this Agreement to the contrary, Purchaser shall be entitled, on or before the Due Diligence Deadline, to provide written
notice to Seller of any Title Defect identified on the Survey.

 

4.   Section
9(a) is hereby amended to read as follows (additions are shown as double-underlined and deletions are shown as
struck through):

 

    	1

    	 

    

Closing
Date. The closing of the sale of the Property (“Closing”) shall take place at 1:00 p.m. (New York time)
at the office of Escrow Agent or at another place mutually agreed upon by the parties, or by mail, on the later of (i)
the first Business Day occurring thirty (30) days after the Due Diligence Deadline September 25th, 2013, or
(ii) the first Business Day occurring fifteen (15) days after the consent of the City to the assignment of the PILOT Agreement
is granted pursuant to Section 26 below (“Closing Date”), or such earlier date as to which the parties have
mutually agreed; provided, however, in no event shall the Closing Date occur after October 31, 2013. For the purpose of allocating
revenue and expense, the parties agree that 12:01 a.m. (New York time) on the day of Closing shall be the cut-off time. The parties
shall not attend the Closing in person and shall close the transaction contemplated by this Agreement through escrow with Escrow
Agent pursuant to written closing escrow instructions, which instructions shall be reasonably satisfactory to Seller and Purchaser,
and shall be consistent with the terms hereof.

 

5.   
Section 10(a)(xv) is hereby amended to read as follows (additions are shown as double-underlined and deletions
are shown as struck through):

 

An
Assignment of the Tax Sale Certificates in the form of Exhibit F-2; or a Deed from WMA to Purchaser for the Adjacent
Land, as provided in Section 25.

 

6.    Effect
of Amendment. To the extent any provisions contained herein conflict with the Agreement or any other agreements between
Seller and Buyer, oral or otherwise, the provisions contained herein shall supersede such conflicting provisions contained in
the Agreement or other agreements. Except as specifically modified by this Amendment, the Agreement remains in full force and
effect and is in all events ratified, confirmed and approved.

 

7.    
Counterparts. This Amendment may be executed in multiple counterparts, each of which shall be deemed to be an original,
but all of which, together, shall constitute one and the same instrument. Delivery of signatures by e-mail or facsimile shall
be valid and binding.

 

(signature
page to follow)

 

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IN
WITNESS WHEREOF, the Purchaser has executed this Amendment on the date first above written.

 

	 	PURCHASER:
	 	 
	 	Woodbury Mews III, LLC
	 	 
	 	By:	/s/ John Mark Ramsey
	 	Name: John Mark Ramsey
	 	Its:  Authorized Signatory
	 	 
	 	Woodbury Mews IV, LLC
	 	 
	 	By:	/s/ John Mark Ramsey
	 	Name: John Mark Ramsey
	 	Its:  Authorized Signatory
	 	 
	 	Woodbury Mews Land Parcels, LLC
	 	 
	 	By:	/s/ John Mark Ramsey
	 	Name: John Mark Ramsey
	 	Its:  Authorized Signatory

 

    	3

    	 

    

 

IN
WITNESS WHEREOF, the Seller has executed this Amendment on the date first above written.

 

	 	 	SELLER:
	 	 	 	 	 	 
	 	 	
        THREE WM REAL ESTATE, LLC,

        a Delaware limited liability company

	 	 	 	 	 	 
	 	 	By:	WMRE THREE, LLC, a Delaware limited liability company, its sole member and manager
	 	 	 	 	 	 
	 	 	 	By:	CHG WMRE, LLC, a Delaware limited 
	 	 	 	 	liability company, its manager
	 	 	 	 	 	 
	 	 	 	 	By: /s/ Ken Assiran                         
	 	 	 	 	Name:  Ken Assiran
	 	 	 	 	Title:  President
	 	 	 	 	 	 
	 	 	THREE WM OPERATING, LLC,
	 	 	a Delaware limited liability company
	 	 	 	 	 	 
	 	 	By:	WMRE THREE, LLC, a Delaware limited liability company, its sole member and manager
	 	 	 	 	 	 
	 	 	 	By:	CHG WMRE, LLC, a Delaware limited 
	 	 	 	 	liability company, its manager
	 	 	 	 	 
	 	 	 	 	By: /s/ Ken Assiran                         
	 	 	 	 	Name: Ken Assiran
	 	 	 	 	Title:President

 

[SIGNATURES
CONTINUE ON FOLLOWING PAGE.] 

 

    	4

    	 

    

 

	 	 	SELLER:
	 	 	 	 	 	 
		 	FOUR
        WM REAL ESTATE, LLC,

        a
        Delaware limited liability company

	 	 	 	 	 	 
	 	 	By:	WMRE FOUR, LLC, a Delaware limited liability company,
    its sole member and manager
	 	 	 	 	 	 
	 	 	 	By:	CHG WMRE, LLC, a Delaware limited
	 	 	 	 	liability company, its manager
	 	 	 	 	 	 
	 	 	 	 	By: /s/ Ken Assiran                         
	 	 	 	 	Name:Ken Assiran
	 	 	 	 	Title:President
	 	 	 	 	 	 
		 	FOUR WM OPERATING, LLC,
	 	 	a Delaware limited liability company
	 	 	 	 	 	 
	 	 	By:	WMRE FOUR, LLC, a Delaware limited liability company,
    its sole member and manager
	 	 	 	 	 	 
	 	 	 	By:	CHG WMRE, LLC, a Delaware limited
	 	 	 	 	liability company, its manager
	 	 	 	 	 
	 	 	 	 	By: /s/ Ken Assiran                         
	 	 	 	 	Name:Ken Assiran
	 	 	 	 	Title: PresidentSECOND
AMENDMENT TO

AGREEMENT OF SALE

 

THIS
SECOND AMENDMENT TO AGREEMENT OF SALE (the “Amendment”) is entered into as of the 23rd day of
August, 2013, between THREE WM REAL ESTATE, LLC, THREE WM OPERATING, LLC, FOUR WM REAL ESTATE, LLC, FOUR WM OPERATING, LLC,
each a Delaware limited liability company (individually and collectively, the “Seller”) and WOODBURY MEWS
III, LLC, WOODBURY MEWS IV, LLC, WOODBURY MEWS LAND PARCELS, LLC (each a Delaware limited liability company (individually
and collectively, the “Purchaser”).

 

RECITALS:

 

A.           Seller
and Purchaser are parties to that certain Agreement of Sale dated June 26, 2013, as amended by that certain First Amendment to
Agreement of Sale dated August 9, 2013 (collectively, the “Agreement”), pursuant to which Seller agreed
to sell, and Purchaser agreed to purchase, certain real property located at 122 and 124 Green Avenue, Woodbury, New Jersey, as
more particularly described in the Agreement.

 

B.           Seller
and Purchaser desire to amend the Agreement, upon the terms and conditions set forth in this Amendment.

 

NOW,
THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties agree as follows:

 

AGREEMENTS:

 

1.     
Recitals, Definitions. The foregoing recitals are true and correct and are incorporated herein by reference. Capitalized
but undefined terms used in this Amendment shall have the meanings given to them in the Agreement.

 

2.     
The Definition of “Due Diligence Deadline”  is hereby amended to read as follows (additions are shown
as double-underlined and deletions are shown as struck through):

 

“Due
Diligence Deadline” means 5 P.M. Eastern Standard Time on August 23rd28th,
2013.

 

3.     
Purchase Price  (a) Section 2(a) of the Agreement is hereby amended to read as follows (additions
are shown as double-underlined and deletions are shown as struck through):

 

The
purchase price (the “Purchase Price”) for the Property shall be THIRTY NINE MILLION and 00/100 DOLLARS ($39,000,000.00),
subject to prorations and the adjustments expressly set forth in this Agreement; provided,
however, that if the City adopts a reallocation of the payments under the PILOT Agreement, then the Purchase Price shall be reduced
by the PILOT Price Adjustment (as hereinafter defined). The “PILOT Price Adjustment” shall be calculated as
follows: (i) the net increase in the annual payments under the PILOT Agreement adopted by the City with respect to Lots 2, 3, 4
and 5 for 2013 shall be divided by 0.077; and (ii) the sum of $30,000 shall be subtracted from the quotient calculated pursuant
to clause (i) of this sentence; ; provided, however, that in no event shall the PILOT Price Adjustment be greater than $1,048,000.00.
Prior to the expiration of the Due Diligence Period, Seller and Purchaser shall agree on a reasonable allocation of the Purchase
Price payable for each individual property described on Exhibit A-2 (each, an “Individual Property”)
which shall be allocated in the form set forth on Exhibit B (each such allocated portion, an “Allocated
Purchase Price”). In addition, Seller and Purchaser shall agree on a reasonable further allocation of the Purchase Price
as between (a) the Land and the Improvements, (b) the Personalty, and (c) the Intangibles prior to the expiration
of the Due Diligence Period.

 

    	1

    	 

    

 

4.     
Management Agreements. Seller, Addit and Purchaser have agreed to the form of Management Agreements attached to
this Amendment as Exhibit G, and Seller and Purchaser have waived any right to terminate the Agreement pursuant to Section
4(g) thereof.

 

5.     
Conditions to Closing.

 

(a)    
Section 5(b)(vi) is hereby amended to read as follows (additions are shown as double-underlined and deletions
are shown as struck through):

 

Seller
shall have obtained (i) the consent to the assignment of the PILOT Agreement
from the City to Purchaser with respect to (i) the Three Land and Four Land, and (ii) only
in the event WMA has taken fee ownership of the Adjacent Land, the Adjacent Land,
and (ii) an amendment to the PILOT Agreement (or amended and restated PILOT Agreement), including a reallocation of the payments
with respect to the Land and the Adjacent Land, each in the form submitted by Seller and Purchaser to the City, without changes
that materially and adversely affect the legality, scope or economics thereof, (iii) an ordinance from the City approving the consent
and the amendment, and (iv) the twenty (20) day appeal period to the amended PILOT Agreement (the “PILOT Appeal Period”)
shall have expired without an appeal by a third party having been filed (or, if any appeal is filed, with such appeal having been
conclusively adjudicated in favor of the PILOT Amendment or settled in a manner acceptable to Purchaser, in its reasonable discretion.

 

(b)   
Section 5(b)(ix) is hereby amended to read as follows (additions are shown as double-underlined and deletions
are shown as struck through):

 

Seller
shall have caused Capital Funding Group, Inc. Capital Health Group,
LLC (the “Guarantor”) to execute and deliver the guaranty in the form attached as Exhibit D
to this Agreement (the “Guaranty”) and the Income Support Agreement
in the form annexed as Exhibit P to this Agreement (the “Income
Support Agreement”).

 

(c)   
Section 5(b)(xii) shall be created to read as follows:

 

No
party shall have filed a motion to vacate the judgments in the Tax Foreclosure Actions or exercised a statutory right of redemption
on the Adjacent Land on or before September 25, 2013, or if any such motion is filed or exercise occurs, the matter is conclusively
resolved in a manner that insures, in Purchaser’s reasonable discretion, that the Three Land and Four Land continue to receive
the benefit of the easements contain in Deed Book 4843, Page 193.

 

    	2

    	 

    

 

6.     
Section 5(c) shall be created to read as follows:

 

If
the conditions to Closing set forth in this Section 5 have not been fulfilled or waived (as provided for above) as of December
31, 2013, Purchaser or Seller, in their sole discretion, may elect to terminate this Agreement, in which case the Deposit shall
be returned to Purchaser and neither party shall have any further obligations to the other party hereunder, except as otherwise
provided herein.

 

7.     
Section 9(a) is hereby amended to read as follows (additions are shown as double-underlined and deletions
are shown as struck through):

 

Closing
Date. The closing of the sale of the Property (“Closing”) shall take place at 1:00 p.m. (New York time)
at the office of Escrow Agent or at another place mutually agreed upon by the parties, or by mail, on the later of (i)
the first Business Day occurring thirty (30) days after the Due Diligence Deadline September 25th,
2013, or (ii) the first Business Day occurring fifteen (15) days after all
conditions to Closing in Section 5 have been satisfied or waived in accordance with Section 5) (“Closing
Date”), or such earlier date as to which the parties have mutually agreed; provided, however, in no event shall the Closing
Date occur after October December 31, 2013. For the purpose
of allocating revenue and expense, the parties agree that 12:01 a.m. (New York time) on the day of Closing shall be the cut-off
time. The parties shall not attend the Closing in person and shall close the transaction contemplated by this Agreement through
escrow with Escrow Agent pursuant to written closing escrow instructions, which instructions shall be reasonably satisfactory to
Seller and Purchaser, and shall be consistent with the terms hereof.

 

8.    
Exhibits. Seller and Purchaser acknowledge that they have agreed upon the form of Interim Licensure Arrangements
attached to this Amendment as Exhibit K and the form of Income Support Agreement attached to this Amendment as Exhibit
P, and the foregoing exhibits are hereby incorporated into the Agreement.

 

9.    
Future Approvals. Seller hereby agrees to reasonably cooperate with Purchaser in connection with the pursuit by
Purchaser after the Closing of approvals or agreements from the City of Woodbury with respect to the development of the Adjacent
Land and capital improvements to the Three Land and Four Land, including without limitation, a new financial agreement with the
City of Woodbury with respect to the Adjacent Land and the Three Land and Four Land; provided, however, Seller shall not be obligated
to take any action which would increase Seller’s obligations or liabilities or result in a out-of-pocket cost to Seller.
Purchaser shall indemnify, defend and hold Seller harmless from and against all costs, claims, damages or liabilities incurred
by Seller in connection with or by reason of Seller’s cooperation pursuant to this Section 9 or any approvals or
agreements from the City obtained by Purchaser pursuant to this Section 9. The provisions of this Section 9 shall survive
the Closing.

 

10.  
Effect of Amendment. To the extent any provisions contained herein conflict with the Agreement or any other agreements
between Seller and Buyer, oral or otherwise, the provisions contained herein shall supersede such conflicting provisions contained
in the Agreement or other agreements. Except as specifically modified by this Amendment, the Agreement remains in full force and
effect and is in all events ratified, confirmed and approved.

 

11.  Counterparts.
This Amendment may be executed in multiple counterparts, each of which shall be deemed to be an original, but all of which, together,
shall constitute one and the same instrument. Delivery of signatures by e-mail or facsimile shall be valid and binding.

 

(signature
page to follow)

 

    	3

    	 

    

 

IN
WITNESS WHEREOF, the Purchaser has executed this Amendment on the date first above written.

 

	 	PURCHASER:
	 	 
	 	Woodbury Mews III, LLC
	 	 
	 	By:	/s/ John Mark Ramsey 
	 	Name: John Mark Ramsey 
	 	Its:  Authorized Signatory 
	 	 
	 	Woodbury Mews IV, LLC
	 	 
	 	By:	/s/ John Mark Ramsey 
	 	Name: John Mark Ramsey 
	 	Its:  Authorized Signatory 
	 	 
	 	Woodbury Mews Land Parcels, LLC
	 	 
	 	By:	/s/ John Mark Ramsey 
	 	Name: John Mark Ramsey 
	 	Its:  Authorized Signatory 

 

    	4

    	 

    

 

IN
WITNESS WHEREOF, the Seller has executed this Amendment on the date first above written.

 

	 	 	SELLER:
	 	 	 	 	 	 
	 	 	
        THREE WM REAL ESTATE, LLC,

        a Delaware limited liability company

	 	 	 	 	 	 
	 	 	By:	WMRE THREE, LLC, a Delaware limited liability company, its sole member and manager
	 	 	 	 	 	 
	 	 	 	By:	CHG WMRE, LLC, a Delaware limited 
	 	 	 	 	liability company, its manager
	 	 	 	 	 	 
	 	 	 	 	By: /s/ Ken Assiran                           
	 	 	 	 	Name:Ken Assiran
	 	 	 	 	Title: President
	 	 	 	 	 	 
	 	 	THREE WM OPERATING, LLC,
	 	 	a Delaware limited liability company
	 	 	 	 	 	 
	 	 	By:	WMRE THREE, LLC, a Delaware limited liability company, its sole member and manager
	 	 	 	 	 	 
	 	 	 	By:	CHG WMRE, LLC, a Delaware limited 
	 	 	 	 	liability company, its manager
	 	 	 	 	 
	 	 	 	 	By: /s/ Ken Assiran                           
	 	 	 	 	Name:Ken Assiran
	 	 	 	 	Title:President

 

[SIGNATURES
CONTINUE ON FOLLOWING PAGE.] 

 

    	5

    	 

    

 

	 	 	SELLER:
	 	 	 	 	 	 
		 	
        FOUR WM REAL ESTATE, LLC,

        a Delaware limited liability company

	 	 	 	 	 	 
	 	 	By:	WMRE FOUR, LLC, a Delaware limited liability company, its sole member and manager
	 	 	 	 	 	 
	 	 	 	By:	CHG WMRE, LLC, a Delaware limited
	 	 	 	 	liability company, its manager
	 	 	 	 	 	 
	 	 	 	 	By: /s/ Ken Assiran                           
	 	 	 	 	Name:Ken Assiran
	 	 	 	 	Title: President
	 	 	 	 	 	 
		 	FOUR WM OPERATING, LLC,
	 	 	a Delaware limited liability company
	 	 	 	 	 	 
	 	 	By:	WMRE FOUR, LLC, a Delaware limited liability company, its sole member and manager
	 	 	 	 	 	 
	 	 	 	By:	CHG WMRE, LLC, a Delaware limited
	 	 	 	 	liability company, its manager
	 	 	 	 	 
	 	 	 	 	By: /s/ Ken Assiran                           
	 	 	 	 	Name: Ken Assiran
	 	 	 	 	Title:President

 

    	 

    	 

    

 

EXHIBIT
B

 

PURCHASE
PRICE ALLOCATION

 

	Facility	 	Amount	 
	Three Facility	 	$___________	 
	Four Facility	 	$___________	 
	[OTHER ALLOCABLE ITEMS]	 	$___________	 
	TOTAL PURCHASE PRICE	 	$	 

 

    	2

    	 

    

 

EXHIBIT
G

 

FORM
OF MANAGEMENT AGREEMENT

 

    	3

    	 

    

 

EXHIBIT
K

 

FORM
OF INTERIM LICENSURE ARRANGEMENTS

 

    	4

    	 

    

 

EXHIBIT
P

 

INCOME
SUPPORT AGREEMENT

 

    	5

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