Document:

EX-10.31

 Exhibit 10.31 

CONTRIBUTION AND SUBSCRIPTION AGREEMENT 

BETWEEN 
 GIP FUND 1,
LLC 
 AND 

GENERATION INCOME PROPERTIES, L.P. 

OCTOBER 28, 2020 

504-508 South Howard Avenue 

Tampa, Florida 33606 

 CONTRIBUTION AND SUBSCRIPTION AGREEMENT 

THIS CONTRIBUTION AND SUBSCRIPTION (this “Agreement”), made and entered into this 28th day of October, 2020, by and
between GIP FUND 1, LLC, a Florida limited liability company (“Contributor”), and GENERATION INCOME PROPERTIES, L.P., a Delaware limited partnership (“GIPLP”). 

W I T N E S E T H: 

WHEREAS, Contributor is the owner of good and indefeasible fee simple title to the Land (hereinafter defined) located in Tampa, Florida; and

 WHEREAS, Contributor desires to contribute, and GIPLP desires to acquire, all of the Property (hereinafter defined) in accordance with
the terms and conditions set forth in this Agreement. 
 NOW, THEREFORE, for and in consideration of the premises, the mutual covenants and
agreements hereinafter set forth, and for other good and valuable consideration, the receipt, adequacy, and sufficiency of which are hereby acknowledged by the parties hereto, the parties hereto hereby covenant and agree as follows: 

ARTICLE 1.  

DEFINITIONS 
 For
purposes of this Agreement, each of the following capitalized terms shall have the meaning ascribed to such terms as set forth below: 

“Affiliate” shall mean a Person that directly or indirectly, through one or more intermediaries, controls, is controlled by,
or is under common control with the Person in question. 
 “Amended Exhibit A” shall have the meaning set forth in
Section 2.5 of this Agreement. 
 “Anti-Terrorism Law” shall mean all laws, ordinances, codes, regulations and orders
of governmental agencies and departments relating to terrorism or money laundering, including, without limitation (1) Executive Order 13224, 66 Fed. Reg. 49079 (published September 25, 2001), (2) the USA Patriot Act, (3) the laws,
ordinances, codes, regulations and orders comprising or implementing the Bank Secrecy Act, and (4) the laws, ordinances, codes, regulations and orders administered by the United States Treasury Department’s Office of Foreign Asset Control,
as any of the foregoing may from time to time be amended, renewed, extended or replaced. 
 “Assignment and Assumption of
Lease” shall mean the form of assignment and assumption of Lease and Security Deposit to be executed and delivered by Contributor and GIPLP at the Closing in the form attached hereto as SCHEDULE 2. 

  
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 “Bill of Sale” shall mean the form of bill of sale to the Personal Property
to be executed and delivered by Contributor to GIPLP at the Closing in the form attached hereto as SCHEDULE 3. 

“Blocked Person” means any of the following: (1) a Person that is listed in the annex to, or is otherwise subject to the
provisions of, Executed Order No. 13224; (2) a Person owned or controlled by, or acting for on behalf of, any Person that is listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224; (3) a
Person with which GIPLP (or its Affiliate) is prohibited by any Anti-Terrorism Law from dealing or otherwise engaging in any transaction; (4) a Person that supports, engages in, or conspires, attempts, or intends to engage in any transaction
that violates, evades, or avoids, or has the purpose of violating, evading, or avoiding, or attempts or intends to violate, evade, or avoid, any of the prohibitions set forth in any Anti-Terrorism Law; (5) a Person that is named as a
“specially designated national” on the most current list published by the U.S. Treasury Department Office of Foreign Asset Control at its official website or any replacement website or other replacement official publication of such list;
or (6) a Person who is affiliated or associated with a Person listed above. 
 “Business Day” shall mean any day other
than a Saturday, Sunday or other day on which banking institutions in the State of Florida are authorized by law or executive action to close. 

“Closing” shall mean the consummation of the transaction contemplated by this Agreement. 

“Closing Date” shall have the meaning ascribed thereto in Section 2.8 of this Agreement. 

“Commission Agreements” shall have the meaning ascribed thereto in Section 4.1(g) of this Agreement, and such agreements
are more particularly described on EXHIBIT “C” attached hereto and made a part hereof. 
 “Common
Stock” shall have the meaning ascribed thereto in Section 2.5 of this Agreement. 
 “Contribution Consideration”
shall be the applicable amount specified in Section 2.5 of this Agreement. 
 “Contributor’s Affidavit” shall
mean the form of owner’s affidavit to be given by Contributor at Closing to the Title Company in the form attached hereto as SCHEDULE 5. 

“Contributor’s Certificate” shall mean the form of certificate to be executed and delivered by Contributor to GIPLP at
the Closing with respect to the truth and accuracy of Contributor’s warranties and representations contained in this Agreement in the form attached hereto as SCHEDULE 6. 

“Contributor’s Disclosure Materials Delivery Date” shall have the meaning ascribed thereto in Section 3.2(a) of
this Agreement. 
 “Deed” shall mean the form of deed attached hereto as SCHEDULE 1. 

  
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 “Earnest Money Deposit” shall mean the meaning set forth in
Section 2.4 below. 
 “Effective Date” shall mean the last date upon which Contributor and GIPLP shall have executed
this Agreement and shall have delivered at least one (1) fully executed counterpart of this Agreement to the other party. 

“Environmental Law” shall mean any law, ordinance, rule, regulation, order, judgment, injunction or decree relating to
pollution or substances or materials which are considered to be hazardous or toxic, including, without limitation, the Resource Conservation and Recovery Act, the Comprehensive Environmental Response, Compensation and Liability Act, the Hazardous
Materials Transportation Act, the Clean Water Act, the Toxic Substances Control Act, the Emergency Planning and Community Right to Know Act, any state and local environmental law, all amendments and supplements to any of the foregoing and all
regulations and publications promulgated or issued pursuant thereto. 
 “Environmental Reports” shall mean the following
environmental reports and documents delivered by Contributor to GIPLP prior to the full execution of this Agreement: 
  

	(i)	
                       
 N/A                        ; 

 

	(ii)	
                       
                                 ; and 

 

	(iii)	
                       
                                 ; 

“Escrow Agent” shall mean Trenam, Kemker, Scharf, Barkin, Frye, O’Neill and Mullis, P.A., 101 E. Kennedy Blvd., Suite
2700, Tampa, Florida 33602. 
 “Existing Debt” shall have the meaning ascribed thereto in Section 2.5 of the
Agreement. 
 “FIRPTA Affidavit” shall mean the form of FIRPTA Affidavit to be executed and delivered by Contributor to
GIPLP at Closing in the form attached hereto as SCHEDULE 7. 
 “General Assignment” shall have the
meaning ascribed thereto in Section 5.1(g) of this Agreement. 
 “General Partner” shall mean Generation Income
Properties, Inc., a Maryland corporation. 
 “GIPLP Debt” shall have the meaning ascribed thereto in Section 6.1(g) of the
Agreement. 
 “GIPREIT” shall mean Generation Income Properties, Inc., a Maryland corporation. 

  
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 “Gross Asset Value” the gross asset value of the property is $1,800,000.00.

 “Sherwin Williams Lease” shall mean that certain Lease Agreement entered into by and between SC – Horation LLC, as
landlord, and The Sherwin-Williams Company, as tenant, dated March 20, 2013, as amended by that certain Lease Amendment Agreement between GIP Fund 1, LLC, as successor-in-interest to the original landlord, and The Sherwin-Williams Company dated
September 20, 2018, with respect to the Property, including any guaranties of such lease, and any documents incorporated by reference in the lease, and all amendments or modifications with respect thereto. 

“Hazardous Substances” shall mean any and all pollutants, contaminants, toxic or hazardous wastes or any other substances
that might pose a hazard to health or safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer, use, disposal, release, discharge, spillage,
seepage or filtration of which is or shall be restricted, prohibited or penalized under any Environmental Law (including, without limitation, lead paint, asbestos, urea formaldehyde foam insulation, petroleum, polychlorinated biphenyls, mold and
fungus). 
 “Improvements” shall mean all buildings, structures, improvements, fixtures, equipment, drainage facilities,
parking, apparatus and any other items required to be designed, constructed and/or installed by Contributor (prior to Closing), as landlord under the Lease, pursuant to the terms and conditions of the Lease. 

“Inspection Period” shall mean the period expiring at 6:00 P.M. Eastern Standard Time on the date which is on the later to
occur of (1) fourteen (14) days from the Effective Date, or (2) three (3) days following GIPLP’s receipt of the last of the Contributor’s Disclosure Materials. 

“Intangible Property” shall mean all intangible property, if any, owned by Contributor and related solely to the Land and
Improvements, including without limitation, Contributor’s rights and interests, if any, in and to the following: (i) all assignable plans and specifications and other architectural and engineering drawings for the Land and Improvements;
(iii) all assignable warranties or guaranties given or made in respect of the Improvements or Personal Property; and (iv) all transferable consents, authorizations, variances or waivers, development rights, concurrency reservations, impact
fee credits, licenses, permits and approvals from any governmental or quasi-governmental agency, department, board, commission, bureau or other entity or instrumentality solely in respect of the Land or Improvements. 

“Land” shall mean that certain parcel of real property located in Tampa, Florida and more particularly described on
EXHIBIT A attached hereto and made a part hereof, together with all rights, privileges and easements appurtenant to said real property, and all right, title and interest of Contributor, if any, in and to any land lying in the bed
of any street, road, alley or right-of-way, open or closed, adjacent to or abutting the Land. 
 “Lease” shall mean the
Sherwin Williams Lease, including any guaranties of such lease, and any documents incorporated by reference in the lease, and all amendments or modifications with respect thereto. 

  
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 “Monetary Objection “ or “ Monetary Objections” shall mean
(a) any mortgage, deed of trust or similar security instrument encumbering all or any part of the Property, (b) any mechanic’s, materialman’s or similar lien, (c) the lien of ad valorem real or personal property taxes,
assessments and governmental charges affecting all or any portion of the Property which are delinquent, and (d) any judgment of record against Contributor in the county or other applicable jurisdiction in which the Property is located. 

“Partnership Agreement” shall mean that certain Amended and Restated Agreement of Limited Partnership of Generation Income
Properties, L.P., as amended. 
 “Partnership Units” shall mean for purposes hereof, Common Units of partnership interests
as assigned to such term in the Partnership Agreement of Generation Income Properties, L.P. 
 “Permitted Exceptions” shall
mean, collectively, (a) liens for taxes, assessments and governmental charges not yet due and payable or due and payable but not yet delinquent, (b) the Lease, and (c) such other easements, restrictions and encumbrances that are
approved by GIPLP pursuant to Section 3.4 of this Agreement. 
 “Person” shall means any individual, sole
proprietorship, partnership, joint venture, trust, unincorporated organization, association, corporation, limited liability company, institution, entity, party or government (whether federal, state, county, city or otherwise, including, without
limitation, any instrumentality, division, agency, body or department thereof). 
 “Personal Property” shall mean all
furniture (including common area furnishings and interior landscaping items), carpeting, draperies, appliances, personal property (excluding any computer software which is licensed to Contributor), machinery, apparatus and equipment owned by
Contributor and currently used exclusively in the operation, repair and maintenance of the Land and Improvements and situated thereon, as generally described on EXHIBIT “B” attached hereto and made a part hereof, and
all non-confidential books, records and files (excluding any attorney work product or attorney-client privileged documents) relating to the Land and Improvements. The Personal Property does not include any property owned by tenants,
contractors or licensees. 
 “Property” shall have the meaning ascribed thereto in Section 2.2 of this Agreement. 

“GIPLP’s Certificate” shall have the meaning ascribed thereto in Section 5.2(e) of this Agreement. 

“Rent Commencement Date” means the date Tenant was obligated to commence paying rent and other charges and expenses under the
Lease, as confirmed in writing by the Tenant, if applicable. 
 “Right of First Offer” shall collectively mean any right of
first refusal or right of first offer with respect to the Property that has been granted to a third party, including the Tenant. 

“SEC” shall mean the United States Securities and Exchange Commission. 

  
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 “Security Deposit” shall mean any security deposits, rent or damage
deposits or similar amounts (other than rent paid for the month in which the Closing occurs) actually held by Contributor with respect to the Lease. 

“Survey” shall have the meaning ascribed thereto in Section 3.4(e) of this Agreement. 

“Taxes” shall have the meaning ascribed thereto in Section 5.4(a) of this Agreement. 

“Tenant” shall mean The Sherwin-Williams Company. 

“Tenant Approvals and Consents” shall mean any prior approvals, consents or requirements of the Tenant that may be necessary
under the Lease or reasonably requested by GIPLP in order to consummate the transaction contemplated by this Agreement, including all documentation required to be executed by the Tenant, Contributor and GIPLP (or its Affiliate) to effectuate same.

 “Tenant Estoppel Certificate” shall mean a certificate to be obtained by Contributor from the Tenant and certified to
GIPLP and Contributor’s Lender consistent with the terms set forth in Section 6.1(e) of this Agreement. 
 “Tenant
Inducement Costs” shall mean any out-of-pocket payments required under the Lease to be paid by Contributor or for the benefit of a Tenant which is in the nature of a tenant inducement, including specifically, but without limitation, tenant
improvement costs, lease buyout payments, and moving, design, refurbishment allowances and costs. The term “Tenant Inducement Costs” shall not include loss of income resulting from any free rental period, it being understood and
agreed that Contributor shall bear the loss resulting from any free rental period until the Closing Date and that GIPLP shall bear such loss from and after the Closing Date. 

“Tenant Notice of Transfer” shall have the meaning ascribed thereto in Section 5.1(n) of this Agreement. 

“Title Company” shall mean Fidelity National Title Insurance Company. 

“Title Commitment” shall have the meaning ascribed thereto in Section 3.4 of this Agreement. 

ARTICLE 2. 

CONTRIBUTION OF THE PROPERTY 

2.1 Acquisition of the Property. GIPLP shall acquire from Contributor, the Property in exchange for GIPLP’s issuance of
Partnership Units and the Cash Amount, through a subsidiary LLC (to be formed), and shall indirectly own, in full, and in fee simple, the Property. This Agreement is to be read consistent with the Partnership Agreement, which is incorporated herein
by reference and attached in the form hereto as EXHIBIT “D”. The sole general partner of GIPLP is GIPREIT, which at the time of this Agreement is a publicly-reporting company under the rules promulgated by the SEC and
GIPREIT has been organized and operated to qualify as a real estate investment trust (“REIT”) and intends to make its REIT election commencing the year ended 2019 or 2020, subject to satisfying the REIT qualification requirements.

  
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 2.2 Agreement to Contribute. Subject to and in accordance with the terms and
provisions of this Agreement, Contributor agrees to contribute and convey to GIPLP, and GIPLP agrees to acquire and to accept from Contributor, for the Total Consideration, all of the following property (collectively, the
“Property”): 
  

	 	(a)	 the Land; 

  

	 	(b)	 the Improvements; 

  

	 	(c)	 all of Contributor’s right, title and interest in and to the Lease, any guaranties of the Lease and any
Security Deposits; 

  

	 	(d)	 the Personal Property; and 

 

	 	(e)	 the Intangible Property. 

2.3 Permitted Exceptions. The Property shall be conveyed subject to the Permitted Exceptions. 

2.4 Earnest Money Deposit. 

(a) Within the five (5) business days of the Effective Date, GIPLP shall deposit the sum of One Thousand and No/100 Dollars ($1,000.00)
(the “Earnest Money Deposit”) to Escrow Agent by federal wire transfer payable to Escrow Agent, which Earnest Money Deposit shall be held and released by Escrow Agent in accordance with the terms of this Agreement. 

(b) The Earnest Money shall be returned to GIPLP at the Closing and shall otherwise be held, refunded, or disbursed in accordance with the
terms of this Agreement. All interest and other income from time to time earned on the Earnest Money Deposit shall be earned for the account of GIPLP, and shall be a part of the Earnest Money Deposit; and the “Earnest Money Deposit”
hereunder shall be comprised of all such interest and other income. 
 2.5 Contribution Consideration. Upon the terms and
subject to the conditions set forth in this Agreement, at Closing, in exchange for the Property, the parties agree as follows: (a) The total consideration which induced the Contributor to contribute the Property to GIPLP includes: the
Partnership Units, and the assumption of Existing Debt by GIPLP, all of which shall hereinafter be referred to collectively as the “Total Consideration”; (b) the Partnership Units shall have an aggregate value, calculated as:
(i) the Gross Asset Value (defined above); minus (ii) the Existing Debt (defined below) with respect to the Property (the value of (i) and (ii) collectively the “PartnershipUnitsValue”); (c) the
Property will be transferred to GIPLP or its Affiliate subject to the unpaid principal balance and any accrued but unpaid interest of that certain: (i) Future Advance and Modification Promissory Note dated September 26, 2018 in the
original principal amount of $1,350,000.00, made by Contributor in favor of Valley National Bank (the “Contributor’s Lender”), which has a current outstanding 

  
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 balance of $1,289,298.56 as of the Effective Date hereof (the “Existing Debt”);
(d) 25,535 Partnership Units shall be issued to the Contributor (it being agreed upon that the Partnership Units Value is $510,700 and that such number of Partnership Units was calculated by dividing the Partnership Units Value by $20.00, which
is the agreed-upon price of one share of common stock, par value $0.01 per share (“Common Stock”), of GPREIT, at the time of the Closing; and (e) all costs and fees charged by the Contributor’s Lender and any rating
agency, including without limitation any pre-payment penalties, brokerage charges, or legal fees, associated with the assumption of the Existing Debt by GIPLP (collectively the “Loan Fees”) shall be paid by GIPLP. Contributor shall
cooperate with GIPLP to cause all loans, notes, mortgages, deeds of trust, assignment of leases, rents and profits, subordination agreements and any other documents which relate to the Existing Debt or which serve to secure the Existing Debt
(collectively, the “Contributor’s Loan Documents”) to be assumed by GIPLP at Closing (hereinafter defined). Contributor acknowledges that the Partnership Units are not certificated and that, therefore, the issuance of the
Partnership Units shall be evidenced by the execution and delivery of an amended Exhibit A to the Partnership Agreement (the “Amended Exhibit A”). 

2.6 Redemption of Partnership Units. Beginning on the first (1 st)
anniversary of the Closing, the Contributor will have the option to require GIPLP to redeem, subject and pursuant to the redemption procedures of the Partnership Agreement as modified herein, all or a portion of its Partnership Units for the REIT
Shares Amount (within the meaning of the Partnership Agreement), it being expressly agreed that the Contributor shall not have the right to receive any Cash Amount (within the meaning of the Partnership Agreement). The term “REIT Shares
Amount” shall replace the term “Redemption Amount” wherever used in the Partnership Agreement with respect to the Contributor’s redemption right described herein. Unless expressly stated otherwise herein, the redemption
procedures and limitations of this Agreement shall govern any redemption of Contributor’s Partnership Units to the extent inconsistent or in conflict with requirements or restrictions set forth in the Partnership Agreement, which shall
otherwise be applicable. All calculations under this Section 2.6 shall be made by rounding to the nearest cent or the nearest 1/100th of a share, as applicable. 

2.7 Tax Treatment. The Contributor hereby represents and warrants to GIPLP that the entire amount of each of the liabilities
comprising the Existing Debt is, and shall continue to be at the time of the contribution of the Property in accordance with Section 2.2, a “qualified liability” within the meaning of Treasury Regulations
Section 1.707-5(a)(6). Based on and in reliance on this representation and warranty, and assuming the Contributor shall not redeem the Partnership Units before the second
(2nd) anniversary of the Closing, the parties intend to treat the transactions contemplated by this Agreement for federal income tax purposes as a tax-free contribution under Section 721
of the Code, except to the extent of any cash and any other property delivered or deemed issued in exchange for the contribution of the Property. The parties agree to file all applicable federal, state, and local tax returns consistent with such
treatment and maintain such positions, unless and/or until either: (a) GIPLP’s tax adviser reasonably determines that such treatment and positions cannot be reported on GIPLP’s tax return(s); or (b) an alternative treatment or
challenge to such treatment and/or position(s) is asserted by the Internal Revenue Service or applicable state or local taxing authority in writing, then GIPLP shall, if consented to in writing by Contributor, continue to defend such treatment
and/or positions, at Contributor’s expense, for so long as such defense, and/or the continuation of such defense, shall be commercially reasonable, as determined in good faith by GIPREIT (in 

  
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consultation with its outside legal counsel) or by a final determination (as defined in Section 1313(a) of the Code or any similar state or local tax law; provided that, upon
Contributor’s notice to GIPLP, GIPLP shall immediately cease defending such treatment and/or position. Notwithstanding the foregoing, however, and subject to the performance and fulfillment in all material respects of the express covenants and
conditions contained in this Agreement, none of GIPLP or GIPREIT shall be responsible for the federal, state or local tax consequences to the Contributor resulting from the transactions contemplated by this Agreement. 

2.8 Closing. The Closing shall be conducted by depositing the closing deliverables set forth in Article 5 hereof with the Escrow
Agent on or before the date which is the later of (i) thirty (30) days after the expiration of the Inspection Period, or (ii) ten (10) days after the date that each of the Conditions Precedent set forth in Section 6.1 below
have been fully satisfied and completed, subject to extensions as specifically provided herein (the “Closing Date”). 

ARTICLE 3. 

GIPLP’s Inspection and Review Rights 

3.1 Due Diligence Inspections. 

(a) From and after the Effective Date until the Closing Date or earlier termination of this Agreement, Contributor shall permit GIPLP and its
authorized representatives, upon at least twenty-four (24) hours prior written notice to Contributor to inspect the Property to perform due all diligence, studies, appraisals, inspections, soil analysis and environmental investigations and
tests, at such times during normal business hours as GIPLP or its representatives may request. All such inspections shall be in compliance with Contributor’s rights and obligations as landlord under the Lease. Further, GIPLP shall use
commercially reasonable efforts to not affect, interrupt or interfere with the Tenant’s use, business or operations on the Property. All inspection fees, appraisal fees, engineering fees and all other costs and expenses of any kind incurred by
GIPLP relating to the inspection of the Property shall be solely GIPLP’s expense. Contributor or its representatives shall have the right to accompany GIPLP and GIPLP’s representatives in connection with any inspections and other
activities on the Property. 
 (b) To the extent that GIPLP or any of its representatives, agents, consultants or contractors damages or
disturbs the Property or any portion thereof, GIPLP shall return the same to substantially the same condition which existed immediately prior to such damage or disturbance. GIPLP hereby agrees to and shall indemnify, defend and hold harmless
Contributor from and against any and all expense, loss or damage which Contributor may incur (including, without limitation, reasonable attorney’s fees actually incurred) as a result of any act or omission of GIPLP or its representatives,
agents or contractors, other than any expense, loss or damage to the extent arising from any act or omission of Contributor and other than any expense, loss or damage resulting from the discovery or release of any Hazardous Substances at the
Property (other than Hazardous Substances brought on to the Property by GIPLP or its representatives, agents or contractors). 

  
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 (c) GIPLP shall keep the results of all inspections conducted pursuant to this Agreement
confidential and shall not disclose such results except (i) to such of GIPLP’s employees, consultants, attorneys, affiliates and advisors who have a need to know the information in connection with the contemplated transaction and who have
agreed, in writing, to be bound by the terms of this confidentiality provision, (ii) to the designee or assignee of GIPLP and to such of its officers, directors, members, managers or general partners and their employees, consultants, attorneys,
affiliates and advisors who have a need to know the information in connection with the contemplated transaction and who have agreed, in writing, to be bound by the terms of this confidentiality provision, (iii) to any lender or investor or any
prospective lender or investor of GIPLP or any designee or assignee and who have agreed, in writing, to be bound by the terms of this confidentiality provision, (iv) to the extent the same shall be or have otherwise become publicly available
other than as a result of a disclosure by GIPLP, its designee, assignee or Affiliates, (v) to the extent required to be disclosed by law or during the course of or in connection with any litigation, hearing or other legal proceeding, or
(vi) with the written consent of Contributor, as the case may be; it being expressly acknowledged and agreed by GIPLP that the foregoing confidentiality agreements shall survive the termination of this Agreement. 

(d) GIPLP shall not permit any construction, mechanic’s, materialman’s or other lien to be filed against any of the Property as the
result of any work, labor, service or materials performed or furnished, by, for or to GIPLP, its employees, agents and/or contractors. If any such lien shall at any time be filed against the Property, GIPLP shall, without expense to Contributor,
cause the same to be discharged of record by payment, bonds, order of a court of competent jurisdiction or otherwise, within thirty (30) days of the filing thereof. GIPLP shall indemnify, defend and hold harmless Contributor against any and all
claims, losses, damages, costs and expenses (including, but not limited to, attorneys’ fees and costs), arising out of the filing of any such liens and/or the failure of GIPLP to cause the discharge thereof as same is provided herein. 

(e) GIPLP shall procure (or shall cause its agents or representatives entering the Property to procure) and continue in force and effect from
and after the date GIPLP first desires to enter the Property, and continuing throughout the term of this Agreement, the following insurance coverages placed with an insurance company having an A.M. Best’s rating of “A-IX” or better:
comprehensive general liability insurance with a combined single limit of not less than $1,000,000.00 per occurrence or commercial general liability insurance with limits of not less than $1,000,000.00 per occurrence and in the aggregate. To the
extent such $1,000,000.00 limit of liability is shared with multiple properties, a per location aggregate shall be included. GIPLP shall deliver to Contributor a certificate of such insurance evidencing such coverage prior to the date GIPLP is
permitted to enter the Property. Such insurance may not be cancelled or amended except upon thirty (30) days’ prior written notice to Contributor. 

  
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 3.2 Contributor’s Deliveries to GIPLP; GIPLP’s Access to
Contributor’s Property Records. 
 (a) Within five (5) days of the Effective Date, Contributor shall deliver to GIPLP or
make available to GIPLP the following (collectively, the “Contributor’s Disclosure Materials”) to the extent in Contributor’s possession: 

(i) A copy of the Lease, including all documents incorporated therein by reference, and all letter agreements, amendments or
addendums relating thereto existing as of the Effective Date. 
 (ii) A copy of any guaranties of the Lease. 

(iii) A copy of any and all agreements pertaining to the Property, the Tenant (other than the Lease), including any service or
maintenance agreements. 
 (iv) All records of any operating costs and expenses for the Property and any prior appraisals of
all or any part of the Property. 
 (v) Copies of the financial statements or other financial information of the Tenant (and
the Lease guarantors, if any). 
 (vi) A copy of Contributor’s current policy of title insurance with respect to the
Land with copies of all matters listed as title exceptions in such policy. 
 (vii) A copy of any surveys of the Property.

 (viii) A copy of the current insurance coverage and insurance bill with respect to the Property. 

(ix) Copies of any Right of First Offer. 

(x) Copies of all of Contributor’s Loan Documents. 

(xi) Copies of any existing environmental reports or other materials related to investigations, studies or correspondence with
governmental agencies concerning the presence or absence of Hazardous Substances on, in or under the Property, including the Environmental Reports. 

(xii) Copies of any permits, licenses, or other similar documents relating to the development of the Improvements. 

(xiii) Copies of all available construction plans and specifications relating to the development of the Improvements. 

(xiv) Copies of any written notices received by Contributor from the Tenant, any third party or any governmental authority.

  
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 Contributor shall notify GIPLP in writing upon the completion of its delivery of the
Contributor’s Disclosure Materials to GIPLP (the receipt of such written notice by GIPLP shall constitute the “Contributor’s Disclosure Materials Delivery Date”). Thereafter, Contributor shall have a continuing duty,
within five (5) days of Contributor’s receipt of any Contributor’s Disclosure Material, to make supplemental deliveries to GIPLP through the date of the final Closing of any addition or modification to the Contributor’s
Disclosure Materials that come into Contributor’s possession. 
 3.3 Termination of Agreement. GIPLP shall have until the
expiration of the Inspection Period to determine, in GIPLP’s sole opinion and discretion, the suitability of the Property for acquisition by GIPLP or GIPLP’s designee or assignee. GIPLP shall have the right to terminate this Agreement at
any time on or before said time and date of expiration of the Inspection Period by giving written notice to Contributor of such election to terminate. If GIPLP so elects to terminate this Agreement pursuant to this Section 3.3, GIPLP shall
immediately return to Contributor any hard-copies of documents, plans, studies or other materials related to the Property that were provided by Contributor to GIPLP, and upon GIPLP returning such materials to Contributor, Escrow Agent shall pay the
Earnest Money Deposit to GIPLP, whereupon, except for those provisions of this Agreement which by their express terms survive the termination of this Agreement, no party hereto shall have any other or further rights or obligations under this
Agreement. If GIPLP fails to so terminate this Agreement prior to the expiration of the Inspection Period, GIPLP shall have no further right to terminate this Agreement pursuant to this Section 3.3. 

3.4 Title and Survey. Subject to the provisions of Section 2.5 of this Agreement, Contributor covenants to convey to GIPLP
(or its assignee), good, insurable and marketable fee simple title in and to the Property. For purposes of this Agreement, “good, insurable and marketable fee simple title” shall mean fee simple ownership which is (i) is free and
clear of all claims, liens and encumbrances (including any and all state tax liens and/or withholding requirements) of any kind or nature whatsoever other than the Permitted Exceptions, and (ii) insurable by the Title Company at then current
standard rates under the 2006 standard form of ALTA owner’s policy of title insurance, with the standard or printed exceptions therein deleted and without exception other than the Permitted Exceptions. Within ten (10) days after the
Effective Date, GIPLP shall obtain an ALTA Form 2006 Commitment (“Title Commitment”) for an owner’s title insurance policy (“Title Policy”) issued by the Title Company in an amount no less than the cash value
of the Contribution Consideration. The Title Commitment shall evidence that Contributor is vested with fee simple title to the Land, free and clear of all liens, encumbrances, exceptions or qualifications whatsoever save and except for (a) the
Permitted Exceptions, and (b) those exceptions to title which are to be discharged by Contributor at or before Closing, including the Monetary Objections. The Title Commitment shall also evidence that upon the execution, delivery and
recordation of the deed to be delivered at the Closing provided for hereunder and the satisfaction of all requirements specified in Schedule B, Section 1 of the Title Commitment, GIPLP shall acquire fee simple title to the Land, subject only to
the Permitted Exceptions. 
 (a) If GIPLP determines that the Title Commitment does not meet the requirements specified above, or that title
to the Land is unsatisfactory to GIPLP for reasons other than the existence of Permitted Exceptions or exceptions which are to be discharged by Contributor at or before Closing, then GIPLP shall notify Contributor of those liens, encumbrances,
exceptions or qualifications to title which either are not Permitted Exceptions, 

  
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are unsatisfactory to GIPLP or are not contemplated by this Agreement to be discharged by Contributor at or before Closing, and any such liens, encumbrances, exceptions or qualifications shall be
hereinafter referred to as “Title Defects.” GIPLP’s failure to deliver notification to Contributor of the Title Defects within twenty (20) days after GIPLP’s receipt of both the Title Commitment and Survey shall be
deemed to constitute acceptance of such matters. Contributor shall notify GIPLP in writing no later than five (5) days after Contributor’s receipt of GIPLP’s notice setting forth the existence of any Title Defects and indicate to
GIPLP that Contributor either (i) intends to cure the Title Defects within the applicable cure period, or (ii) intends not to cure some or all of such exceptions, identifying which of the Title Defects Contributor intends to cure and/or
not cure (Contributor) being under no obligation to cure Title Defects other than the Monetary Objections). 
 (b) Contributor shall have
twenty (20) days, or such longer period as GIPLP may grant in its reasonable discretion, following receipt of written notice of the existence of Title Defects in which to undertake a good faith, diligent and continuous commercially reasonable
effort and, in fact, cure or eliminate the Title Defects which Contributor has elected to cure to the satisfaction of GIPLP and the Title Company in such manner as to permit the Title Company to either endorse the Title Commitment or issue a
replacement commitment to delete the Title Defects therefrom. Contributor’s failure to cure any such Title Defect shall not constitute a default by Contributor as long as Contributor undertakes a good faith, diligent and continuous commercially
reasonable effort to cure or eliminate same. 
 (c) Within five (5) days prior to the Closing Date, GIPLP may obtain and deliver to
Contributor an update to the Title Commitment (the “Updated Title Commitment”). Any matters disclosed in the Updated Title Commitment which were not exceptions in the Title Commitment shall automatically be deemed Title Defects
which Contributor shall be obligated to cure unless such matters were placed of record with GIPLP’s joinder and consent. The cure of any such new Title Defects shall be effected within such time periods as were provided in connection with
curing Title Defects under the initial Title Commitment. If Contributor shall in fact cure or eliminate the new Title Defects, the Closing shall take place on the date specified in this Agreement. If Contributor does not cure or eliminate the new
Title Defects, GIPLP may elect to terminate this Agreement or proceed to Closing as provided in Section 3.4(d) below. 
 (d) If
Contributor is unable to cure or eliminate any Title Defects (including any new Title Defects revealed by the updated Title Commitment to be provided to GIPLP as set forth in Section 3.4(c) above) within the time allowed, GIPLP may elect to
terminate this Agreement within ten (10) days following the expiration of the curative period by giving written notice of termination to Contributor, or, alternatively, GIPLP may elect to close its purchase of the Property, accepting the
conveyance of the Property subject to the Title Defects, in which event the Closing shall take place on the date specified in this Agreement, subject to any delays provided for above. If, by giving written notice to Contributor within the time
allowed, GIPLP elects to terminate this Agreement because of the existence of uncured Title Defects, the Earnest Money Deposit shall be returned to GIPLP and upon such return the obligations of the parties under this Agreement shall be terminated.
The foregoing right of GIPLP to terminate this Agreement upon the failure to cure a Title Defect which Contributor is obligated to cure shall not be deemed to limit the GIPLP’s rights and remedies to which GIPLP might otherwise be entitled for
the breach by Contributor of any of its covenants, duties or obligations hereunder, or for the falsehood of any of the Contributor’s material representations. 

  
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 (e) GIPLP may, at GIPLP’s expense, within the Inspection Period, obtain a boundary
survey of the Land (“Survey”). The Survey shall be prepared by a land surveyor duly licensed and registered as such in the State of Florida, shall be certified by such surveyor to GIPLP, GIPLP’s counsel, Contributor and the
Title Company, shall set forth the legal description of the Land and shall otherwise be in a form satisfactory to the Title Company to eliminate the standard survey exceptions from the Title Policy to be issued at Closing. GIPLP shall notify
Contributor in writing within the period for GIPLP to notify Contributor of any Title Defects specifying any matters shown on the Survey which adversely affect the title to the Land or constitute a zoning violation and the same shall thereupon the
deemed to be Title Defects hereunder and Contributor shall elect to cure or not cure the same as provided in Section 3.4(a) of this Agreement and if Contributor elects to undertake the cure thereof it shall do so within the time and in the
manner provided in Section 3.4(b) of this Agreement. 
 ARTICLE 4. 

REPRESENTATIONS, WARRANTIES AND OTHER AGREEMENTS 

4.1 General Representations and Warranties of Contributor. Contributor hereby makes the following representations and warranties
to GIPLP, each of which shall be true as of the Effective Date and as of the Closing: 
 (a) Organization, Authorization and Consents.
Contributor is a duly organized and validly existing limited liability company under the laws of the State of Florida. Contributor has the right, power and authority to enter into this Agreement and to convey the Property in accordance with the
terms and conditions of this Agreement, to engage in the transactions contemplated in this Agreement and to perform and observe the terms and provisions hereof. 

(b) Action of Contributor, Etc. Contributor has taken all necessary action to authorize the execution, delivery and performance of this
Agreement by Contributor, and upon the execution and delivery of any document to be delivered by Contributor on or prior to the Closing, this Agreement and such document shall constitute the valid and binding obligation and agreement of Contributor,
enforceable against Contributor in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws of general application affecting the rights and remedies of creditors. 

(c) No Violations of Agreements. Neither the execution, delivery or performance of this Agreement by Contributor, nor compliance with
the terms and provisions hereof, will result in any breach of the terms, conditions or provisions of, or conflict with or constitute a default under, or result in the creation of any lien, charge or encumbrance upon the Property or any portion
thereof pursuant to the terms of any indenture, deed to secure debt, mortgage, deed of trust, note, evidence of indebtedness or any other material agreement or instrument by which Contributor is bound. 

  
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 (d) Non-Foreign Status. Contributor is not a “foreign person,”
“foreign trust,” or “foreign corporation” within the meaning of the Internal Revenue Code. 
 (e) Anti-Terrorism.
Neither Contributor nor any of its agents, when such agent is acting or benefiting in any capacity in connection with this Agreement or the transactions contemplated hereunder, is in violation of any Anti-Terrorism Law or engages in or conspires to
engage in any transaction that violates, evades, or avoids, or has the purpose of violating, evading, or avoiding, or is an attempt to violate, evade, or avoid, any of the prohibitions set forth in any Anti-Terrorism Law. 

(f) Blocked Person. Neither Contributor nor any of its agents, when such agent is acting or benefiting in any capacity in connection
with this Agreement or the transactions contemplated hereunder, is a Blocked Person. Neither Contributor nor any of its agents, when such agent is acting or benefiting in any capacity in connection with this Agreement or the transactions
contemplated hereunder, shall (1) conduct any business or engage in any transaction or dealing with any Blocked Person, including the making or receiving of any contribution of funds, goods, or services to or for the benefit of any Blocked
Person; (2) engage in or conspire to engage in any transaction relating to any property or interests in property blocked pursuant to Executive Order No. 13224; or (3) engage in or conspire to engage in any transaction that violates,
evades, or avoids, or has the purpose of violating, evading, or avoiding, or attempts or intends to violate, evade, or avoid, any of the prohibitions set forth in Executive Order No. 13224 or any Anti-Terrorism Law. 

(g) Litigation. No investigation, action or proceeding is pending or, to Contributor’s knowledge, threatened, which (i) if
determined adversely to Contributor, materially affects the use or value of the Property, or (ii) questions the validity of this Agreement or any action taken or to be taken pursuant hereto, or (iii) involves condemnation or eminent domain
proceedings involving the Property or any portion thereof. 
 (h) Existing Lease. (i) Other than the Lease, Contributor has not
entered into any contract or agreement with respect to the occupancy or sale of the Property or any portion or portions thereof which will be binding on GIPLP after the Closing; (ii) the Lease has not been amended except as evidenced by
amendments similarly delivered and constitute the entire agreement between Contributor and the Tenant thereunder; and (iii) to Contributor’s knowledge, there are no existing defaults by Contributor or the Tenant under the Lease. 

(i) Rent Roll. Attached hereto as SCHEDULE 9 is an accurate and complete rent roll dated no more than five
(5) business days’ prior to the Effective Date. 

  
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 (j) Leasing Commissions. (i) There are no lease brokerage agreements, leasing
commission agreements or other agreements providing for payments of any amounts for leasing activities or procuring tenants with respect to the Property or any portion or portions thereof other than as disclosed in EXHIBIT
“C” attached hereto (the “Commission Agreements”); and that all leasing commissions, brokerage fees and management fees accrued or due and payable under the Commission Agreements, as of the date hereof and at
the Closing have been or shall be paid in full; and Contributor shall terminate the Commission Agreements as to the Property and the Lease and pay all sums that may be due thereunder at Closing at no cost to GIPLP. Contributor acknowledges and
agrees that in no event either prior to or after Closing shall GIPLP be responsible for any sums due under any Commission Agreement. 
 (k)
Taxes and Assessments. Contributor has not filed, and has not retained anyone to file, notices of protests against, or to commence action to review, real property tax assessments against the Property. The Land is assessed as a separate tax
lot or tax parcel, independent of any other parcels or assets not being conveyed hereunder, and has been validly, finally and unappealably subdivided from all other property for conveyance purposes. Contributor has no knowledge and Contributor has
not received notice of any assessments by a public body, whether municipal, county or state, imposed, contemplated or confirmed and ratified against any of the Property for public or private improvements which are now or hereafter payable. 

(l) Environmental Matters. To Contributor’s knowledge, except as disclosed in the Environmental Reports: (i) no Hazardous
Substances have been discharged, disbursed, released, stored, treated, generated, disposed of, or allowed to escape on, in, or under the Property; (ii) no asbestos or asbestos containing materials have been installed, used, incorporated into,
or disposed of on the Property except in accordance with all laws, rules, regulations and ordinances pertaining to same; (iii) no PCB’s have been located on or in the Property; (iv) no underground storage tanks are located on the
Property or were located on the Property and were subsequently removed or filled; and (v) no tenant or other Person has notified Contributor of the presence of any mold or fungus on the Property. Contributor has received no written notification
that any governmental or quasi-governmental authority has determined that there are any violations of any Environmental Law with respect to the Property, nor has Contributor received any written notice from any governmental or quasi-governmental
authority with respect to a violation or suspected violation of any Environmental Law on or at the Property. To Contributor’s knowledge, the Property has not previously been used as a landfill, a cemetery, or a dump for garbage or refuse by
Contributor or any of its Affiliates or by any other Person. No tenant has the right to generate, store or dispose of Hazardous Substances at the Property or use or transport Hazardous Substances on or from the Property except as otherwise provided
in the Lease. 
 (m) Compliance with Laws. There are no violations of law, municipal or county ordinances, or other legal requirements
with respect to the Property or any portion thereof that is materially adverse to or could reasonably be expected to become materially adverse to (i) the ability of Contributor to consummate the transactions contemplated hereby, or
(ii) the Tenant’s ability to operate its business on the Property after Closing in a manner the same as or substantially similar to the manner in which the Tenant has operated it business on the Property before Closing. 

  
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 (n) Easements and Other Agreements. Contributor has no knowledge of any default in
complying with the terms and provisions of any of the terms, covenants, conditions, restrictions or easements constituting a Permitted Exception. 

(o) Other Agreements. Except for the Lease, the Commission Agreements and the Permitted Exceptions, there are no leases, management
agreements, service agreements, brokerage agreements, leasing agreements, licensing agreements, easement agreements, or other agreements or instruments in force or effect that (i) grant to any person or any entity any right, title, interest or
benefit in and to all or any part of the Property or any rights relating to the use, operation, management, maintenance or repair of all or any part of the Property, or (ii) establish, in favor of the Property, any right, title, interest in any
other real property relating to the use, operation, management, maintenance or repair of all or any part of the Property which, in either event, will survive the Closing or be binding upon GIPLP or its designee or assignee other than those which
GIPLP has agreed in writing to assume prior to Closing. 
 (p) Condemnation. Contributor has no knowledge of the commencement of any
actual or threatened proceedings for taking by condemnation or eminent domain of any part of the Property. 
 (q) Intentionally Deleted. 

(r) Insurance. Contributor has not received any written notice from the respective insurance carriers which issued any of the insurance
policies required to be obtained and maintained by Contributor under the Lease or under Contributor’s Loan Documents stating that any of the policies or any of the coverage provided thereby will not or may not be renewed. Except as provided in
Section 7.1 below, Contributor shall terminate all of such insurance policies as of Closing and GIPLP shall have no obligations for payments that may come due under any of Contributor’s insurance policies for periods of time either prior to or
after Closing. 
 (s) Submission Items. All materials, information, records, and documentation delivered or to be delivered to GIPLP
by Contributor pursuant to this Agreement, including the Contributor’s Disclosure Materials, are or upon submission will be complete, accurate, true and correct in all material respects. 

(t) Commitments to Governmental Authority. No commitments have been made to any governmental authority, developer, utility company,
school board, church or other religious body or any property owners’ association or to any other organization, group or individual relating to the Property which would impose an obligation upon GIPLP or its designee, successors and assigns to
make any contribution or dedications of money or land or to construct, install or maintain any improvements of a public or private nature on or off the Property. The provisions of this section shall not apply to any local real estate taxes assessed
against the Property. 
 (u) Personal Property. All items of Personal Property, if any, are owned outright by Contributor, free and
clear of any security interest, lien or encumbrance except for the Contributor’s Loan Documents which shall be satisfied and discharged at Closing as provided for herein. 

  
 - 17 - 

 (v) No Rights to Purchase. Except for this Agreement, Contributor has
not entered into, and has no actual knowledge of any other agreement, commitment, option, right of first refusal or any other agreement, whether oral or written, with respect to the purchase, assignment or transfer of all or any portion of the
Property except for Tenant pursuant to the terms of the Lease. 
 The representations and warranties made in
Section 4.1 of this Agreement by Contributor shall be continuing and shall be deemed remade in all material respects by Contributor as of the Closing Date, with the same force and effect as if made on, and as of, such date. All representations
and warranties made in this Agreement by Contributor shall survive the Closing for a period of three (3) years (the “Limitation Period”), and upon expiration thereof shall be of no further force or effect except to the extent
that with respect to any particular alleged breach, GIPLP gives Contributor written notice prior to the expiration of said three (3) year period of such alleged breach with reasonable detail as to the nature of such breach. Notwithstanding
anything to the contrary contained in this Agreement, there shall be no survival limitation with respect to acts involving an actual fraud or intentional misrepresentation on behalf of Contributor. If, subject to the terms, conditions and applicable
limitations provided herein: (a) GIPLP makes a claim against Contributor with regard to a representation or warranty which expressly survives Closing, and (b) GIPLP obtains a final and non-appealable judgment against Contributor which
remains unpaid for a period of thirty (30) days, then Contributor agrees that GIPLP shall have the right to trace the Contribution Consideration to the extent necessary to satisfy such claim. Contributor acknowledges and agrees that GIPLP has
relied and has the right to rely upon the foregoing in connection with GIPLP’s consummation of the transaction set forth in this Agreement. 

Subject to the immediately preceding paragraph, Contributor hereby agrees to indemnify, protect, defend (through attorneys
reasonably acceptable to GIPLP) and hold harmless GIPLP and its subsidiaries, affiliates, officers, directors, agents, employees, successors and assigns from and against any and all claims, damages, losses, liabilities, costs and expenses (including
reasonable attorneys’ fees actually incurred) (i) which may be asserted against or suffered by GIPLP or the Property after the Closing Date as a result or on account of any breach of any representation, warranty or covenant on the part of
Contributor made herein or in any instrument or document delivered by Contributor pursuant hereto or (ii) which may at any time following the Closing Date be asserted against or suffered by GIPLP arising out of or resulting from any matter
pertaining to the operation of the Property prior to the Closing Date (whether asserted or accruing before or after Closing). 
 4.2
Covenants and Agreements of Contributor. 
 (a) Contributor’s Continued Performance under the Lease. From the Effective
Date to the date of Closing, Contributor shall continue to perform in all material respects all of its obligations under the Lease consistent with the terms and conditions of the Lease. 

  
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 (b) Leasing and Licensing Arrangements. From the Effective Date to the date of
Closing, Contributor will not enter into any lease or license affecting the Property, or modify or amend in any material respect, or terminate the Lease without GIPLP’s prior written consent, which consent shall not be unreasonably withheld,
conditioned or delayed. Any such requests by Contributor shall be accompanied by a copy of any proposed modification or amendment of the applicable Lease or of any new lease or license that Contributor wishes to execute between the Effective Date
and the Closing Date. 
 (c) New Contracts and Easements. From the Effective Date to the date of Closing, Contributor will not enter
into any contract or easement, or modify, amend, renew or extend any existing contract or easement, that will be an obligation on or otherwise affect the Property or any part thereof subsequent to the Closing without GIPLP’s prior written
consent in each instance, which consent shall not be unreasonably withheld, conditioned or delayed, except contracts entered into in the ordinary course of business that shall be terminated at Closing without penalty or premium to GIPLP. 

(d) Tenant Estoppel Certificate. Contributor shall use commercially reasonable efforts to obtain and deliver to GIPLP prior to Closing
an original written Tenant Estoppel Certificate signed by the Tenant as provided for in Section 6.1(f). 
 (e) Tenant Approval and
Consent. To the extent the Lease contains any Tenant Approvals and Consents (in addition to a ROFO), Contributor shall pursue obtaining, in good faith and with continuous and commercially reasonable diligence, all of the Tenant’s Approvals
and Consents by simultaneously requesting same from Tenant in the ROFO Notice, or if no Right of First Offer exists, within ten (10) days after the Effective date. Contributor shall keep GIPLP reasonably informed as to the status of obtaining
the Tenant’s Approvals and Consents as and when reasonably requested by GIPLP. In the event Contributor is unable to obtain and deliver to GIPLP all of the Tenant’s Approvals and Consents prior to the expiration of the Inspection Period,
then GIPLP shall have the right to terminate this Agreement by providing written notice to Contributor and the parties hereto shall have no further rights or obligations, other than those that by their terms survive the termination of this
Agreement. 
 (f) Notices. From the Effective Date to the date of Closing, Contributor shall, immediately upon Contributor’s
obtaining knowledge thereof, provide GIPLP with a written notice of any event which has a material adverse effect on the Property. 
 (g)
Notices of Violation. From the Effective Date to the date of Closing, as soon as Contributor has knowledge or immediately upon receipt of written notice thereof, Contributor shall provide GIPLP with written notice of any violation of any
legal requirements or insurance requirements affecting the Property, any service of process relating to the Property or which affects Contributor’s ability to perform its obligations under this Agreement, any complaints or allegations of
default received from Tenant or any other correspondence or notice received by Contributor which has or has the potential to have a material adverse effect on the Property. 

  
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 4.3 Investment Representations by Contributor. Contributor hereby covenants
with and makes the following representations and warranties to GIPLP, each of which shall be true as of the Effective Date and as of the Closing: 

(a) Accredited Investor. Contributor and each of its members is an Accredited Investor (as such term is defined in Rule 501(a) of
Regulation D under the Securities Act of 1933, as amended), and has such knowledge and experience in financial and business matters and that it is capable of evaluating the merits and risks of the prospective investment in the Partnership Units.

 (b) Materials and Recognition of Status and Risks. Contributor acknowledges that: 

(i) Contributor is knowledgeable, sophisticated, and experienced in business and financial matters; Contributor fully
understands the limitations on Transfer (defined below) described in this Agreement and the Partnership Agreement and Contributor is able to bear the economic risk of holding the Partnership Units for an indefinite period and is able to afford the
complete loss of its investment in the Partnership Units. 
 (ii) Contributor acknowledges that (i) the transactions
contemplated by this Agreement involve complex tax consequences for such Contributor, and Contributor is relying solely on the advice of such Contributor’s own tax advisors in evaluating such consequences; (ii) GIPLP has not made (nor
shall it be deemed to have made) any representations or warranties as to the tax consequences of such transaction to such Contributor; and (iii) references in this Agreement to the intended tax effect of the transactions contemplated hereby
shall not be deemed to imply any representation by GIPLP as to a particular tax result that may be obtained by such Contributor; Contributor remains solely responsible for all tax matters relating to such Contributor. 

(iii) GIPLP has made available to Contributor and Contributor has received and reviewed (i) this Agreement, (ii) the
Partnership Agreement, (iii) copies of the documents made available to Contributor by GIPLP or GIPREIT (by public filing with the SEC) and filed by GIPREIT under the Securities Exchange Act of 1934, as amended, (iv) all qualified
registration statements, reports, and related prospectuses and supplements filed by GIPREIT and (v) has been given the opportunity to obtain any additional information or documents and to ask questions and receive answers about such documents,
GIPLP, GIPREIT, and the business and prospects of GIPLP and GIPREIT (that Contributor and all of the Contributor’ members deems necessary to evaluate the merits and risks related to the investment in the Partnership Units ((i), (ii), (iii),
(iv), and (v), collectively the “Materials”); and Contributor understands and has taken cognizance of all risk factors in the Materials and related to an investment in the Partnership Units. 

  
 - 20 - 

 (iv) Subject to Contributor’s rights under the Partnership Agreement to
exchange or redeem the Partnership Units to Common Stock or cash, Contributor will acquire the Partnership Units solely for its own respective account for the purpose of investment and not as a nominee or agent for any other Person and not with a
view to, or for offer or sale in connection with, any distribution thereof. Subject to Contributor’s rights under the Partnership Agreement to convert the Partnership Units to Common Stock or cash, Contributor agrees and acknowledges that it is
not permitted to offer, transfer, sell, assign, pledge, hypothecate, or otherwise dispose of (collectively, “Transfer”) any of the Partnership Units except as provided in the Partnership Agreement. 

(c) Forward Looking Statements. Contributor is aware that any informational materials reviewed by Contributor in connection with the
GIPLP and GIPREIT may contain forward looking statements. Any forward-looking statements contained in any such informational materials were based on current expectations involving many risks and uncertainties, especially in light of the nature of
the businesses of GIPLP and GIPREIT. GIPLP’s and GIPREIT’s actual financial results may differ materially from any results which might be projected, forecast, estimated or budgeted by GIPLP and GIPREIT in forward-looking statements.
Contributor understands that some of the factors that could have a material adverse effect on the forward-looking statements and business are: results of operations, financial condition, funds derived from operations, cash available for
distribution, changes in capital markets, changes in interest rates, availability of capital, competition from businesses engaged in similar enterprises, both those currently in existence as well as those that may arise in the future cash flows,
liquidity and prospects as well as those factors included, but not limited to, the factors referenced in the offering statement of GIPREIT, dated January 28, 2016, as amended and/or supplemented from time to time, under the caption “RISK
FACTORS” and which are incorporated herein by reference. All GIPREIT filings are available at SEC.gov or the following URL: (https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001651721& owner=exclude&count=40).

 (d) Contributor and each of its members acknowledge that the redemption of the Partnership Units for Common Stock is subject to certain
restrictions contained in the Partnership Agreement. 
 (e) Subject to Contributor’s rights under the Partnership Agreement to redeem
the Partnership Units, at the election of the General Partner, to Common Stock or cash, Contributor acknowledges that it has been advised and it has advised the Contributor’s members that (i) the Partnership Units may be held indefinitely,
and Contributor will continue to bear the economic risk of the investment in the Partnership Units, unless they are exchanged pursuant to the Partnership Agreement or are subsequently registered under the Securities Act of 1933, as amended (and the
rules and regulations in effect thereunder) (the “Securities Act”), or an exemption from such registration is available, (ii) the Partnership Units are “restricted securities” under applicable federal securities laws
and that the Securities Act and the rules of the SEC provide in substance that Contributor may dispose of the Partnership Units only pursuant to an effective registration statement under the Securities Act or an exemption therefrom, and Contributor
understands that GIPLP shall have no obligation to register any of the Partnership Units purchased by Contributor hereunder (or the Common Stock) or to take action so as to permit sales pursuant to the Securities Act (including Rule 144 thereunder)
except as may be set forth in the Partnership Agreement, (iii) if the Partnership Units, at the election of the General Partner, are exchanged for Common Stock, Contributor acknowledges that in connection with conversion of the Partnership
Units to Common Stock, after the expiration of the Lock-Up Period (hereinafter defined), the Partnership Units may be sold only in compliance with the applicable resale limitations of Rule 144 under the Securities Act, and (iv) a notation shall
be made in the appropriate records of GIPLP indicating that the Partnership Units are subject to restrictions on Transfer. 

  
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 (f) Lock-Up Period. Contributor acknowledges and agrees that the Partnership Units
are not redeemable, convertible or exchangeable for cash or Common Stock for one (1) year after the date of issuance (the “Lock-Up Period”). The provisions of this Section 4.3(f) shall survive the Closing. 

(g) Legend. Contributor hereby acknowledges that any certificate or other instrument representing the Partnership Units shall bear one
or all of the following legends: 
 (i) “THIS CERTIFICATE IS NOT NEGOTIABLE. THE PARTNERSHIP UNITS REPRESENTED BY THIS
CERTIFICATE ARE GOVERNED BY AND TRANSFERABLE ONLY IN ACCORDANCE WITH THE PROVISIONS OF THE AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP OF GENERATION INCOME PROPERTIES, L.P., AS AMENDED, SUPPLEMENTED OR RESTATED FROM TIME TO TIME.”

 (ii) Any legend set forth in, or required by, the Partnership Agreement or the articles or certificate of incorporation
and the bylaws of GIPREIT. 
 (iii) Any legend required by the securities laws of any state to the extent such laws are
applicable to the securities represented by the certificate so legended. 
 (h) REIT Restrictions. Contributor acknowledges that the
Partnership Units are subject to restrictions on beneficial and constructive ownership and transfer for the purpose of GIPREIT’s election and maintenance of its intended status as a REIT under the Internal Revenue Code of 1986, as amended.
Subject to certain further restrictions and except as expressly provided in GIPREIT’s charter, (i) no person may beneficially or constructively own shares of GIPREIT’s common stock in excess of 9.8% (in value or number of shares) of
the outstanding shares of common stock of the REIT unless such person is an excepted holder (in which case the excepted holder limit shall be applicable); (ii) no person may beneficially or constructively own shares of capital stock of GIPREIT
in excess of 9.8% of the value of the total outstanding shares of capital stock of GIPREIT, unless such person is an excepted holder (in which case the excepted holder limit shall be applicable); (iii) no person may beneficially or
constructively own capital stock that would result in GIPREIT being “closely held” under section 856(h) of the Internal Revenue Code or otherwise cause GIPREIT to fail to qualify as a real estate investment trust; and (iv) no person
may transfer shares of capital stock if such transfer would result in the capital stock of GIPREIT being owned by fewer than 100 persons. 

(i) Waiver. Contributor acknowledges that the agreements contained herein and the transactions contemplated hereby and any actions taken
in contemplation of the transactions contemplated hereby may conflict with, and may not have been contemplated by, the organizational documents of Contributor or its managing member(s), or other agreements among one or more holders of ownership
interests therein, and hereby expressly gives all consents (and any consents necessary to authorize the proper parties in interest to give all consents) and waivers it is entitled to give that are necessary or desirable to facilitate the
contribution or sale contemplated hereby. 

  
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 (j) Notwithstanding the information contained in the Materials and other information and
materials provided to or otherwise obtained by the Contributor as described in Section 4.3(b), the Contributor and each of its members understand and acknowledge that it may be in possession of additional material non-public information about
GIPREIT and GIPLP’s existing or potential operations, prospects and strategic plans. Therefore, in connection to this information, the Contributor understands that (1) any information in its possession regarding GIPREIT and GIPLP:
(i) may be incomplete in whole or in part, (ii) has been provided to it by GIPREIT and GIPLP without any representation or warranty by them (other than as expressly set forth in this Agreement or the Partnership Agreement and (2) the
Contributor and each of its members hereby irrevocably agrees that it will not directly or indirectly institute, join any person in instituting or take any action to directly or indirectly institute, any legal or other proceeding against GIPREIT,
GIPLP or any of their affiliates, officers, directors, partners, members, employees or agents for any reason relating to, or seeking damages or remedies (whether legal or equitable) with respect to this Agreement, an investment in the Partnership
Units or any of the information that GIPREIT, GIPLP or any of their affiliates, officers, directors, partners, members, employees, agents or representatives has provided or omitted to provide to the Contributors in connection with the this Agreement
or otherwise, other than in the case of any representation or warranty by GIPREIT or GIPLP expressly set forth in this Agreement or the Partnership Agreement. 

(k) NO TAX REPRESENTATIONS. EXCEPT FOR THE EXPRESS REPRESENTATIONS OF GIPLP CONTAINED HEREIN, THE CONTRIBUTOR REPRESENTS AND WARRANTS
THAT IT IS RELYING SOLELY ON THE CONTRIBUTOR’S OWN CONCLUSIONS OR THE ADVICE OF THE CONTRIBUTOR’S OWN COUNSEL WITH RESPECT TO TAX ASPECTS OF THE CONTRIBUTION AND IS NOT RELYING UPON ANY ADVICE OR ANY INFORMATION OR MATERIAL FURNISHED BY
GENERATION INCOME PROPERTIES, L.P. OR GENERATION INCOME PROPERTIES, INC. OR THEIR RESPECTIVE REPRESENTATIVES, WHETHER ORAL OR WRITTEN, EXPRESSED OR IMPLIED, OF ANY NATURE WHATSOEVER, REGARDING ANY TAX MATTERS, INCLUDING, WITHOUT LIMITATION, TAX
CONSEQUENCES TO CONTRIBUTOR FROM THE TRANSACTION CONTEMPLATED HERE OR AS TO CREDITS, PROFITS, LOSSES OR CASH FLOW WHICH MAY BE RECEIVED OR SUSTAINED AS A RESULT OF THIS CONTRIBUTION;. 

(l) Notwithstanding anything in Section 4.1 of this Agreement to the contrary, the covenants, representations and warranties in this
Section 4.3 shall survive the Closing of this Agreement. 

  
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 (m) Information and Audit Cooperation. To the extent required by a governmental
agency or for any good faith purpose, Contributor shall, at GIPLP’s expense, reasonably cooperate with GIPLP and/or GIPLP’s independent auditor and provide each access to the books and records of the Property and all related information
regarding the Property, including, without limitation, two (2) calendar years of audited books and records of the Property; provided, however, should two (2) calendar years of audited books and records not be available, then Contributor shall
supply as many years of audited books and records that exist; provided, further, if such audited books and records are not available but to the extent required by a governmental audit of GIPLP, GIPREIT or any of their respective direct or indirect
subsidiaries or affiliates, Contributor shall, at GIPLP’s expense, provide at least one (1) year of audited books and records. If audited financial statements are not available, Contributor shall provide un-audited operating statements in
lieu of audited ones and provide supporting documentation as requested in order for GIPLP to conduct its own audit. At GIPLP’s request, at any time within one (1) year after the Closing, Contributor shall provide GIPLP with such books,
records, and such other matters reasonably determined by GIPLP as necessary to satisfy its or its affiliated parties’ obligations as a real estate investment trust and/or the requirements (including, without limitations, any regulations) of the
Securities and Exchange Commission to the extent in Contributor’s possession. Contributor shall promptly notify GIPLP upon receipt by Contributor of written notice of any pending or threatened U.S. federal, state, local or foreign tax audits or
assessments relating to the Property. GIPLP shall have the right to control the conduct of any audit or claims proceeding instituted after the Closing with respect to taxes attributable to any taxable period, or portion thereof, ending on or before
the Closing Date, provided that, the Contributor may participate at its own expense and GIPLP shall cooperate with Contributor in the conduct of any such audit or proceeding or portion thereof. Contributor shall deliver to GIPLP all tax returns,
schedules and work papers with respect to the Property, and all material records and other documents relating thereto. 
 4.4
Representations and Warranties of GIPLP. GIPLP hereby makes the following representations and warranties to Contributor, each of which shall be true as of the Effective Date and as of the Closing: 

(a) Organization, Authorization and Consents. GIPLP is a duly organized and validly existing limited partnership under the laws of the
State of Delaware. GIPLP has filed all material tax returns required to have been filed by or with respect to GIPLP and GIPLP has the right, power and authority to enter into this Agreement and to acquire the Property in accordance with the terms
and conditions of this Agreement, to engage in the transactions contemplated in this Agreement and to perform and observe the terms and provisions hereof. 

(b) Action of GIPLP, Etc. GIPLP has taken all necessary action to authorize the execution, delivery and performance of this Agreement,
and upon the execution and delivery of any document to be delivered by GIPLP on or prior to the Closing, this Agreement and such document shall constitute the valid and binding obligation and agreement of GIPLP, enforceable against GIPLP in
accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws of general application affecting the rights and remedies of creditors. 

(c) No Violations of Agreements. Neither the execution, delivery or performance of this Agreement by GIPLP, nor compliance with the
terms and provisions hereof, will result in any breach of the terms, conditions or provisions of, or conflict with or constitute a default under the terms of any indenture, deed to secure debt, mortgage, deed of trust, note, evidence of indebtedness
or any other agreement or instrument by which GIPLP is bound. 

  
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 (d) Litigation. No investigation, action or proceeding is pending or, to GIPLP’s
knowledge, threatened, which questions the validity of this Agreement or any action taken or to be taken pursuant hereto. 
 (e)
Partnership Units. (i) upon issuance to Contributor, the Partnership Units shall be free and clear of any and all liens, encumbrances, and interests of any third party, (ii) no person other than Contributor has any rights or claims
of any kind or nature in or to the Partnership Units, and (iii) the issuance of the Partnership Units to Contributor will not result in a breach of any terms, covenants, provisions, or conditions of any agreement that is binding on GIPLP or any
of its property or assets. 
 The representations and warranties made in this Agreement by GIPLP shall be continuing and shall be deemed
remade by GIPLP as of the Closing Date, with the same force and effect as if made on, and as of, such date. All representations and warranties made in this Agreement by GIPLP shall survive the Closing for a period of twelve (12) months, and
upon expiration thereof shall be of no further force or effect except to the extent that with respect to any particular alleged breach, Contributor gives GIPLP written notice prior to the expiration of said twelve (12) month period of such
alleged breach with reasonable detail as to the nature of such breach. Notwithstanding anything to the contrary contained in this Agreement, there shall be no survival limitation with respect to acts involving fraud or intentional misrepresentation
on behalf of GIPLP. 
 Subject to the terms of this Agreement, GIPLP hereby agrees to indemnify, protect, defend (through attorneys
reasonably acceptable to Contributor) and hold harmless Contributor and its affiliates, officers, directors, agents, employees, successors and assigns from and against any and all claims, damages, losses, liabilities, costs and expenses (including
reasonable attorneys’ fees actually incurred) which may be asserted against or suffered by Contributor after the Closing Date as a result or on account of any breach of any representation, warranty or covenant on the part of GIPLP made herein
or in any instrument or document delivered by GIPLP pursuant hereto. 
 ARTICLE 5. 

CLOSING DELIVERIES, CLOSING COSTS AND PRORATIONS 

5.1 Contributor’s Closing Deliveries. For and in consideration of, and as a condition precedent to GIPLP’s delivery to
Contributor of the Contribution Consideration, Contributor shall obtain or execute and deliver to GIPLP or the Escrow Agent (as applicable) at Closing the following documents, all of which shall be duly executed, acknowledged and notarized where
required: 
 (a) Deed. A special warranty deed to the Land and Improvements, in the form attached hereto as SCHEDULE
1 (the “Deed”), subject only to the Permitted Exceptions; 
 (b) Bill of Sale. A bill of sale for the Personal
Property in the form attached hereto as SCHEDULE 3 (the “Bill of Sale”), with warranty as to the title of the Personal Property; 

  
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 (c) Assignment and Assumption of Lease and Security Deposits. An assignment and
assumption of Lease and Security Deposits in the form attached hereto as SCHEDULE 2 (the “Assignment and Assumption of Lease”); 

(d) Certified Rent Roll. A certified rent roll executed by Contributor certified to be true and correct as of the Closing Date (the
“Certified Rent Roll”). 
 (e) Memorandum of Assignment of Lease. A memorandum of assignment of each of the Lease in
form acceptable to Contributor and GIPLP (the “Memorandum of Assignment of Lease”); 
 (f) Subordination, Non-Disturbance
and Attornment Agreement. An original Subordination, Non-Disturbance and Attornment Agreement executed by the Tenant in form acceptable to Contributor’s Lender(the “SNDA”); 

(g) General Assignment. An assignment of the Intangible Property in the form attached hereto as SCHEDULE 4 (the
“General Assignment”); 
 (h) Contributor’s Affidavit. An owner’s affidavit in the form attached hereto
as SCHEDULE 5 (“Contributor’s Affidavit”); 
 (i) Contributor’s Certificate. A
certificate in the form attached hereto as SCHEDULE 6 (“Contributor’s Certificate”), evidencing the reaffirmation of the truth and accuracy in all material respects of Contributor’s representations,
warranties, and agreements set forth in Section 4.1 hereof; 
 (j) Joinder Agreement. Contributor shall execute and deliver to
GIPLP a joinder to the Partnership Agreement (in the form attached hereto as EXHIBIT “E”) and such other documents and instruments as reasonably determined to be appropriate by GIPLP to reflect the admission of
Contributor to GIPLP as a limited partner thereof. 
 (k) FIRPTA Certificate. A FIRPTA Certificate in the form attached hereto
as SCHEDULE 7; 
 (l) Evidence of Authority. Such documentation as may reasonably be
required by the Title Company to establish that this Agreement, the transactions contemplated herein, and the execution and delivery of the documents required hereunder, are duly authorized, executed and delivered; 

(m) Settlement Statement. A settlement statement setting forth the amounts paid by or on behalf of and/or credited to each of GIPLP and
Contributor pursuant to this Agreement; 
 (n) Notice of Transfer. Contributor will join with GIPLP (or its Affiliate) in executing a
notice, in form and content reasonably satisfactory to Contributor and GIPLP (each, a “Notice of Transfer”), which GIPLP shall send to the Tenant informing such Tenant of the transfer of the Property and of assignment to and
assumption by GIPLP (or its Affiliate) of the Lease and Security Deposit and directing that all rent and other sums payable thereunder for periods after the Closing shall be paid as set forth in the notice. 

  
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 (o) Surveys and Plans. Such surveys, site plans, plans and specifications, and other
matters relating to the Property as are in the possession of Contributor to the extent not theretofore delivered to GIPLP; 
 (p)
Lease. To the extent the same is in Contributor’s possession, an original executed counterpart of the Lease; 
 (q) Keys.
All of the keys to any door or lock on the Property in Contributor’s possession, if any; and 
 (r) Other Documents. Such other
documents as shall be reasonably requested by GIPLP’s counsel or the Title Company to effectuate the purposes and intent of this Agreement. 

5.2 GIPLP’s Closing Deliveries. GIPLP shall obtain, execute and deliver to Contributor or the Title Company (as applicable)
at Closing the following documents and such other items enumerated below, all of which shall be duly executed, acknowledged and notarized where required: 

(a) PartnershipUnits. The Amended Exhibit A evidencing the issuance of the Partnership Units as provided in Section 2.5 of this
Agreement and a fully executed counterpart to a Joinder Agreement, with respect to the Partnership Units; 
 (b) Assignment and Assumption
of Lease. An Assignment and Assumption for each of the Lease; 
 (c) Memorandum of Assignment of Lease. A Memorandum of Assignment
of Lease for each of the Lease; 
 (d) General Assignment. The General Assignment; 

(e) GIPLP’s Certificate. A certificate in the form attached hereto as SCHEDULE 8 (“GIPLP’s
Certificate”), evidencing the reaffirmation of the truth and accuracy in all material respects of GIPLP’s representations, warranties and agreements contained in Section 4.4 of this Agreement; 

(f) Settlement Statement. A settlement statement setting forth the amounts paid by or on behalf of and/or credited to each of GIPLP and
Contributor pursuant to this Agreement; 
 (g) Notice of Transfer. An executed counterpart to each Notice of Transfer; and 

(h) Other Documents. Such other documents as shall be reasonably requested by Contributor’s counsel or the Title Company to
effectuate the purposes and intent of this Agreement. 

  
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 5.3 Closing Costs. Contributor shall pay the cost of the documentary/revenue
stamps, transfer taxes, and excise taxes imposed by the State of Florida and/or the county in which the Land is located upon the conveyance of the Property pursuant hereto, the attorneys’ fees and consultants’ fees of Contributor, the cost
of obtaining and recording any corrective title instruments for purposes of conveying title to GIPLP as provided herein, the cost of the cost of the Title Commitment and the Title Policy, including title examination fees related thereto and any
updates to the Title Commitment, and all other costs and expenses incurred by Contributor in closing and consummating the transaction contemplated pursuant to this Agreement. GIPLP shall pay the cost the Survey, all recording fees on all instruments
to be recorded in connection with this transaction (except corrective title instruments), the cost of any endorsements to the Title Policy, the attorneys’ fees and consultants’ fees of GIPLP, and all other costs and expenses incurred by
GIPLP in the performance of GIPLP’s due diligence inspection of the Property and in closing and consummating the transaction contemplated pursuant to this Agreement, including, without limitation, all fees charged by the Existing Lender in
connection with the assignment and assumption of the Existing Loan. 
 5.4 Prorations and Credits. The items in this
Section 5.4 shall be prorated between Contributor and GIPLP or credited, as specified: 
 (a) Taxes. All general real estate
taxes imposed by any governmental authority (“Taxes”) for the year in which the Closing occurs shall be prorated between Contributor and GIPLP as of the Closing, except those for which the Tenant under the Lease is responsible to
pay directly to the applicable taxing agency. If the Closing occurs prior to the receipt by Contributor of the tax bill for the calendar year or other applicable tax period in which the Closing occurs, Taxes shall be prorated for such calendar year
or other applicable tax period based upon the amount equal to the prior year’s tax bill. 
 (b) Reproration of Taxes. After
receipt of final Taxes and other bills, GIPLP shall prepare and present to Contributor a calculation of the reproration of such Taxes and other items, based upon the actual amount of such items charged to or received by the parties for the year or
other applicable fiscal period. The parties shall make the appropriate adjusting payment between them within thirty (30) days after presentment to Contributor of GIPLP’s calculation and appropriate back-up information. GIPLP shall provide
Contributor with appropriate backup materials related to the calculation, and Contributor may inspect GIPLP’s books and records related to the Property to confirm the calculation. The provisions of this Section 5.4(b) shall survive the
Closing for a period of one (1) year after the Closing Date. 
 (c) Rents, Income and Other Expenses. Rents and any other amounts
payable by Tenant under the Lease shall be prorated as of the Closing Date and be adjusted against the Contribution Consideration on the basis of a schedule which shall be prepared by Contributor and delivered to GIPLP for GIPLP’s review and
approval prior to Closing. GIPLP shall receive at Closing a credit for GIPLP’s pro rata share of the rents, additional rent, Taxes, common area 

  
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maintenance charges, tenant reimbursements and escalations, and all other payments payable for the month of Closing and for all other rents and other amounts that apply to periods from and after
the Closing, but which are received by Contributor prior to Closing. GIPLP agrees to pay to Contributor, upon receipt, any rents or other payments by Tenant under the Lease that apply to periods prior to Closing but are received by GIPLP after
Closing; provided, however, that any delinquent rents or other payments by Tenant shall be applied first to any current amounts owing by Tenant, then to delinquent rents in the order in which such rents are most recently past due, with the balance,
if any, paid over to Contributor to the extent of delinquencies existing at the time of Closing to which Contributor is entitled; it being understood and agreed that GIPLP shall not be legally responsible to Contributor for the collection of any
rents or other charges payable with respect to the Lease or any portion thereof, which are delinquent or past due as of the Closing Date; but GIPLP agrees that GIPLP shall send monthly notices prepared by Contributor for a period of three
(3) consecutive months in an effort to collect any rents and charges not collected as of the Closing Date. Any reimbursements payable by Tenant under the terms of the Lease as of the Closing Date, which reimbursements pertain to Tenant’s
pro rata share of increased operating expenses or common area maintenance costs incurred with respect to the Property at any time prior to the Closing, shall be prorated upon GIPLP’s actual receipt of any such reimbursements, on the basis of
the number of days of Contributor and GIPLP’s respective ownership of the Property during the period in respect of which such reimbursements are payable; and GIPLP agrees to pay to Contributor Contributor’s pro rata portion of such
reimbursements within thirty (30) days after GIPLP’s receipt thereof. Conversely, if the Tenant shall become entitled at any time after Closing to a refund of Tenant’s reimbursements actually paid by Tenant prior to Closing, then,
Contributor shall, within thirty (30) days following GIPLP’s demand therefor, pay to GIPLP any amount equal to Contributor’s pro rata share of such reimbursement refund obligations, said proration to be calculated on the same basis as
hereinabove set forth. Contributor hereby waives its right to file any administrative or legal action against the Tenant under the Lease for sums due Contributor for periods attributable to Contributor’s ownership of the Property, except that
Contributor shall be entitled to continue to pursue any legal proceedings commenced prior to Closing; but shall not be permitted to commence or pursue any legal proceedings against the Tenant seeking eviction of Tenant or the termination of the
Lease unless consented to by GIPLP in writing. Contributor shall be responsible for collecting and remitting all sales and use taxes that are due or become due on rent payments under the Lease received by Contributor prior to Closing. GIPLP shall be
responsible for collecting and remitting all sales and use taxes that become due on rent payments under the Lease received by GIPLP after Closing. The provisions of this Section 5.4(c) shall survive the Closing. 

(d) Security Deposits. GIPLP shall receive a credit at Closing for the Security Deposit (and any interest thereon required to be
reimbursed to any tenant) pursuant to the Lease or pursuant to applicable law. Contributor agrees to and does hereby indemnify, defend and hold GIPLP harmless from and against any liability or expense incurred by GIPLP by reason of any Security
Deposit (and interest thereon, if required by law) actually collected by Contributor and not actually paid (or credited) to GIPLP at the Closing. GIPLP agrees to and does hereby indemnify and hold Contributor harmless from and against any liability
or expense incurred by Contributor by reason of any Security Deposit (and interest thereon, if required by law) which is paid (or credited) to GIPLP at the Closing and which GIPLP does not properly refund to the applicable Tenant. The provisions of
this Section 5.4(d) shall survive the Closing. 

  
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 (e) Intentionally Deleted. 

(f) Special Assessments. Certified, confirmed and ratified special assessment liens as of date of Closing (and not as of the date of
this Agreement) shall be paid by Contributor or GIPLP shall receive a credit therefor. Pending liens as of date of Closing shall be assumed by GIPLP; provided, however, that where the improvement, for which the special assessment was levied, has
been substantially completed as of the date of this Agreement, such pending liens shall be considered as certified, confirmed or ratified and Contributor shall, at Closing, be charged an amount equal to the estimated amount of the assessment for the
improvement. If any special assessment liens are due in installments Contributor shall be required to pay any installment due as of the Closing Date and GIPLP shall be responsible for all such installments due after the date of Closing. 

ARTICLE 6. 

CONDITIONS TO CLOSING 

6.1 Conditions Precedent to GIPLP’s Obligations. The obligations of GIPLP hereunder to consummate the transaction
contemplated hereunder shall in all respects be conditioned upon the satisfaction of each of the following conditions on or before Closing or on or before such time specified in this Agreement (whichever is applicable), any of which may be waived by
GIPLP in its sole discretion by written notice to Contributor at or prior to the Closing Date (collectively, the “Conditions Precedent”): 

(a) Contributor shall have delivered to GIPLP all of the items required to be delivered to GIPLP pursuant to the terms of this Agreement,
including, but not limited to Section 5.1 hereof. 
 (b) Contributor shall have performed, in all material respects, all covenants,
agreements and undertakings of Contributor contained in this Agreement. 
 (c) All representations and warranties of Contributor as set forth
in this Agreement shall be true and correct in all material respects as of the date of this Agreement and as of Closing. 
 (d) All work
required to be performed by Contributor as landlord under the Lease has been completed, and all Tenant Inducement Costs, if any, have been paid in full. Tenant has completed any work to be performed by Tenant under the Lease, if any, and the Tenant
is open for business and the Rent Commencement Date under the Lease has occurred. 
 (e) GIPLP shall have received approval of the assumption
of the Existing Debt from Contributor’s Lender. 
 (f) The delivery by the Title Company of a “marked up” Title Commitment,
subject only to the Permitted Exceptions, with gap coverage, deleting all requirements and deleting the standard exceptions. 

  
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 In the event any of the conditions in this Section 6.1 have not been satisfied (or
otherwise waived in writing by GIPLP) on or before the time period specified herein (as same may be extended or postponed as provided in this Agreement), GIPLP shall have the right to terminate this Agreement by written notice to Contributor given
prior to the Closing, whereupon (i) Escrow Agent shall return the Earnest Money Deposit to GIPLP; and (ii) except for those provisions of this Agreement which by their express terms survive the termination of this Agreement, no party
hereto shall have any other or further rights or obligations under this Agreement. 
 ARTICLE 7. 

CASUALTY AND CONDEMNATION 

7.1 Casualty. Risk of loss up to and including the Closing Date shall be borne by Contributor. In the event of any immaterial
damage or destruction to the Property or any portion thereof, Contributor and GIPLP shall proceed to close under this Agreement, and GIPLP will receive (and Contributor will assign to GIPLP at the Closing Contributor’s rights under insurance
policies to receive) any insurance proceeds due Contributor as a result of such damage or destruction and assume responsibility for such repair, and GIPLP shall receive a credit at Closing for any deductible, uninsured or coinsured amount under said
insurance policies. For purposes of this Agreement, the term “immaterial damage or destruction” shall mean such instances of damage or destruction: (i) which can be repaired or restored at a cost of Ten Thousand and No/100
Dollars ($10,000.00) or less; (ii) which can be restored and repaired within sixty (60) days from the date of such damage or destruction; and (iii) in which Contributor’s rights under its insurance policy covering the Property
are assignable to GIPLP and will continue pending restoration and repair of the damage or destruction. 
 In the event of any material
damage or destruction to the Property or any portion thereof, GIPLP may, at its option, by notice to Contributor given within the earlier of twenty (20) days after GIPLP is notified by Contributor of such damage or destruction, or the Closing
Date, but in no event less than ten (10) days after GIPLP is notified by Contributor of such damage or destruction (and if necessary the Closing Date shall be extended to give GIPLP the full 10-day period to make such election):
(i) terminate this Agreement, whereupon Escrow Agent shall immediately return the Earnest Money Deposit to GIPLP, or (ii) proceed to close under this Agreement, receive (and Contributor will assign to GIPLP at the Closing
Contributor’s rights under insurance policies to receive) any insurance proceeds due Contributor as a result of such damage or destruction (less any amounts reasonably expended for restoration or collection of proceeds) and assume
responsibility for such repair, and GIPLP shall receive a credit at Closing for any deductible amount under said insurance policies. If GIPLP fails to deliver to Contributor notice of its election within the period set forth above, GIPLP will
conclusively be deemed to have elected to proceed with the Closing as provided in clause (ii) of the preceding sentence. If GIPLP elects clause (ii) above, Contributor will cooperate with GIPLP after the Closing to assist GIPLP in
obtaining the insurance proceeds from Contributor’s insurers. For purposes of this Agreement “material damage or destruction” shall mean all instances of damage or destruction that are not immaterial, as defined herein. 

  
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 7.2 Condemnation. If, prior to the Closing, all or any part of the Property is
subjected to a bona fide threat of condemnation by a body having the power of eminent domain or is taken by eminent domain or condemnation (or sale in lieu thereof), or if Contributor has received written notice that any condemnation action or
proceeding with respect to the Property is contemplated by a body having the power of eminent domain, Contributor shall give GIPLP immediate written notice of such threatened or contemplated condemnation or of such taking or sale, and GIPLP may by
written notice to Contributor given within thirty (30) days after the receipt of such notice from Contributor, elect to cancel this Agreement. If GIPLP chooses to cancel this Agreement in accordance with this Section 7.2, then the Earnest
Money Deposit shall be returned immediately to GIPLP by Escrow Agent and the rights, duties, obligations, and liabilities of the parties hereunder shall immediately terminate and be of no further force and effect, except for those provisions of this
Agreement which by their express terms survive the termination of this Agreement. If GIPLP does not elect to cancel this Agreement in accordance herewith, this Agreement shall remain in full force and effect and the contribution of the Property
contemplated by this Agreement, less any interest taken by eminent domain or condemnation, or sale in lieu thereof, shall be effected with no further adjustment and without reduction of the Contribution Consideration, and at the Closing, Contributor
shall assign, transfer, and set over to GIPLP all of the right, title, and interest of Contributor in and to any awards applicable to the Property that have been or that may thereafter be made for such taking. At such time as all or a part of the
Property is subjected to a bona fide threat of condemnation and GIPLP shall not have elected to terminate this Agreement as provided in this Section 7.2 (and either the 30-day period within which GIPLP has a right to terminate this Agreement
pursuant to this Section 7.2 has expired or GIPLP has agreed to waive its right to terminate this Agreement), and provided that the Inspection Period has expired (i) GIPLP shall thereafter be permitted to participate in the proceedings as
if GIPLP were a party to the action, and (ii) Contributor shall not settle or agree to any award or payment pursuant to condemnation, eminent domain, or sale in lieu thereof without obtaining GIPLP’s prior written consent thereto in each
case. 
 ARTICLE 8. 

DEFAULT AND REMEDIES 

8.1 GIPLP’s Default. If GIPLP fails to consummate this transaction for any reason other than Contributor’s default,
failure of a condition to GIPLP’s obligation to close or the exercise by GIPLP of an express right of termination granted herein, and such default is not cured within ten (10) days after written notice thereof to GIPLP, Contributor shall
be entitled, as its sole remedy hereunder, to terminate this Agreement and to receive and retain the Earnest Money Deposit as full liquidated damages for such default of GIPLP, the parties hereto acknowledging that it is impossible to estimate more
precisely the damages which might be suffered by Contributor upon GIPLP’s default, and that said Earnest Money Deposit is a reasonable estimate of Contributor’s probable loss in the event of default by GIPLP. Contributor’s retention
of said Earnest Money Deposit is intended not as a penalty, but as full liquidated damages. The right to retain the Earnest Money Deposit as full liquidated damages is Contributor’s sole and exclusive remedy in the event of default hereunder by
GIPLP, and Contributor hereby waives and releases any right to (and hereby covenants that it shall not) sue the GIPLP: (a) for specific performance of this Agreement, or (b) to recover actual damages in excess of the Earnest Money Deposit.

  
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 8.2 Contributor’s Default. If Contributor fails to perform any of its
obligations under this Agreement for any reason other than GIPLP’s default or the permitted termination of this Agreement by GIPLP as expressly provided herein, and such default is not cured within ten (10) days after written notice
thereof to Contributor, GIPLP shall be entitled, as its remedy, either (a) to terminate this Agreement and receive the return of the Earnest Money Deposit from Escrow Agent, together with GIPLP’s actual out-of-pocket costs and expenses
incurred with respect to this transaction (not to exceed $35,000) which shall be reimbursed by Contributor to GIPLP within ten (10) business days after GIPLP’s delivery of commercially reasonable documentation supporting such costs and
expenses (in such event, the right to retain the Earnest Money Deposit plus costs shall be full liquidated damages and, except as set forth herein, shall be GIPLP’s sole and exclusive remedy in the event of a default hereunder by Contributor,
and GIPLP hereby waives and releases any right to sue Contributor for damages), or (b) to enforce specific performance of Contributor’s obligation to execute and deliver the documents required to convey the Property to GIPLP in accordance
with this Agreement. If specific performance is not available to GIPLP as a result of Contributor having sold the Property or any portion thereof to another party, or as a result of a willful and intentional act or omission of Contributor, then, in
addition to GIPLP’s termination right and reimbursement referenced, GIPLP shall have all remedies available at law or in equity. 

8.3 Fraud/Misrepresentation. Notwithstanding anything contained in Section 8.1 or 8.2 above, either party may pursue the other
party for any legal or equitable remedy which may be available as a result of an actual fraud intentional misrepresentation committed by the other party. 

ARTICLE 9. 

ASSIGNMENT 
 9.1
Assignment. Subject to the next following sentence, this Agreement and all rights and obligations hereunder shall not be assignable by any party without the written consent of the other. Notwithstanding the foregoing to the contrary, this
Agreement and GIPLP’s rights hereunder may be transferred and assigned to (i) any entity that is an Affiliate of GIPLP, or (ii) a wholly owned subsidiary of GIPLP that is a disregarded entity for income tax purposes. Any assignee or
transferee under any such assignment or transfer by GIPLP as to which Contributor’s written consent has been given or as to which Contributor’s consent is not required hereunder shall expressly assume all of GIPLP’s duties,
liabilities and obligations under this Agreement by written instrument delivered to Contributor as a condition to the effectiveness of such assignment or transfer. Subject to the foregoing, this Agreement shall be binding upon and shall inure to the
benefit of the parties hereto and their respective legal representatives, successors and permitted assigns. This Agreement is not intended and shall not be construed to create any rights in or to be enforceable in any part by any other persons. 

ARTICLE 10. 

BROKERAGE COMMISSIONS 

10.1 Brokers. All negotiations relative to this Agreement and the purchase and sale of the Property as contemplated by and
provided for in this Agreement have been conducted by and between Seller and Purchaser without the assistance or intervention of any person or entity as agent or broker. Seller and Purchaser warrant and represent to each other that Seller and
Purchaser have not entered into any agreement or arrangement and have not received services from any other broker, realtor, or agent or any employees or independent contractors of 

  
 - 33 - 

 
any broker, realtor or agent, and that, there are and will be no broker’s, realtor’s or agent’s commissions or fees payable in connection with this Agreement or the purchase and
sale of the Property by reason of their respective dealings, negotiations or communications, other than an acquisition fee equal to 1% of the Gross Asset Value, to be paid to Contributor by GIPLP at Closing. Seller and Purchaser agree to hold each
other harmless from and to indemnify the other against any liabilities, damages, losses, costs, or expenses incurred by the other in the event of the breach or inaccuracy of any covenant, warranty or representation made by it in this Section 10.1.
Purchaser hereby discloses to Seller and Seller hereby acknowledges that David Sobelman, the President of GIPREIT, is a licensed real estate broker. The provisions of this Section 10.1 shall survive the Closing or earlier termination of this
Agreement. 
 ARTICLE 11. 

MISCELLANEOUS 

11.1 Notices. Wherever any notice or other communication is required or permitted hereunder, such notice or other communication
shall be in writing and shall be delivered by overnight courier, hand, facsimile transmission, by email or sent by U.S. registered or certified mail, return receipt requested, postage prepaid, to the addresses, facsimile numbers or email addressed
set out below or at such other addresses as are specified by written notice delivered in accordance herewith: 
  

			
	GIPLP:	  	Generation Income Properties, L.P.
		  	401 East Jackson Street, Suite 3300
		  	Tampa, Florida 33602
		  	Attention: David Sobelman
		  	Email: ds@gipreit.com
		
	with a copy to:	  	Trenam
		  	200 Central Avenue, Suite 1600
		  	St. Petersburg, Florida 33701
		  	 Attention: Timothy M. Hughes, Esq.
 Facsimile
(727) 502-3408

		  	Email: thughes@trenam.com
		
	CONTRIBUTOR:	  	GIP Fund 1, LLC
		  	401 East Jackson Street, Suite 3300
		  	Tampa, Florida 33602
		  	Attention: David Sobelman
		  	Email: ds@gipreit.com
		
	with a copy to:	  	Gardner, Brewer, Martinez-Monfort
		  	400 N. Ashley Street, Suite 1100
		  	Tampa, Florida 33602
		  	Attn: Christopher Brewer, Esq.
		  	Email: cbrewer@gbmmlaw.com

  
 - 34 - 

 Any notice or other communication (i) mailed as hereinabove provided shall be deemed
effectively given or received on the third (3rd) business day following the postmark date of such notice or other communication, (ii) sent by overnight courier or by hand shall be deemed effectively given or received upon receipt, and
(iii) sent by facsimile or email transmission shall be deemed effectively given or received on the day of transmission of such notice and electronic confirmation of such transmission is received by the transmitting party. Any notice or other
communication given in the manner provided above by counsel for either party shall be deemed to be notice or such other communication from the party represented by such counsel. 

11.2 Possession. Full and exclusive possession of the Property, subject to the Permitted Exceptions and the rights of the Tenant
under the Lease, shall be delivered by Contributor to GIPLP on the Closing Date. 
 11.3 Time Periods. If the time period by
which any right, option, or election provided under this Agreement must be exercised, or by which any act required hereunder must be performed, or by which the Closing must be held, expires on a Saturday, Sunday, or holiday, then such time period
shall be automatically extended through the close of business on the next regularly scheduled Business Day. 
 11.4
Severability. This Agreement is intended to be performed in accordance with, and only to the extent permitted by, all applicable laws, ordinances, rules and regulations. If any provision of this Agreement, or the application thereof to
any person or circumstance, shall, for any reason and to any extent be invalid or unenforceable, the remainder of this Agreement and the application of such provision to other persons or circumstances shall not be affected thereby but rather shall
be enforced to the greatest extent permitted by law. 
 11.5 Construction. This Agreement shall not be construed more strictly
against one party than against the other merely by virtue of the fact that this Agreement may have been prepared by counsel for one of the parties, it being mutually acknowledged and agreed that Contributor and GIPLP and their respective counsel
have contributed substantially and materially to the preparation and negotiation of this Agreement. Accordingly, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed
in the interpretation of this Agreement or any exhibits or amendments hereto. 
 11.6 Survival. The provisions of this Article
11 and all other provisions in this Agreement which expressly provide that they shall survive the Closing (subject to any specific limitations) or any earlier termination of this Agreement shall not be merged into the execution and delivery of the
Deed. 
 11.7 General Provisions. No failure of either party to exercise any power given hereunder or to insist upon strict
compliance with any obligation specified herein, and no custom or practice at variance with the terms hereof, shall constitute a waiver of either party’s right to demand exact compliance with the terms hereof. This Agreement (including its
exhibits, appendices and schedules) contains the entire agreement of the parties hereto, and no representations, inducements, promises, or agreements, oral or otherwise, between the parties not embodied herein shall be of any force or effect. Any
amendment to this Agreement shall not be binding upon Contributor or GIPLP unless such amendment is in writing and executed by both 

  
 - 35 - 

 
Contributor and GIPLP. Subject to the provisions of Section 9.1 hereof, the provisions of this Agreement shall inure to the benefit of and be binding upon the parties hereto and their
respective heirs, legal representatives, successors, and permitted assigns. Time is of the essence in this Agreement. The headings inserted at the beginning of each paragraph are for convenience only, and do not add to or subtract from the meaning
of the contents of each paragraph. All personal pronouns used in this Agreement, whether used in the masculine, feminine, or neuter gender shall include all genders, and all references herein to the singular shall include the plural and vice versa.

 11.8 Governing Law; Jurisdiction and Venue. This Agreement shall be governed and controlled as to the validity, enforcement,
interpretations, construction and effect and in all other aspects by the substantive laws of the State of Delaware, without regard to the conflicts of law provisions hereof. The sole venue for any dispute under this Agreement shall be courts of
competent jurisdiction sitting in the State of Florida. The Contributor hereby irrevocably and unconditionally submits to the jurisdiction of such courts and waives any objection to inconvenient forum or venue with respect to any dispute arising
hereunder. 
 11.9 Waiver of Jury Trial. Each of the parties hereto hereby waives to the fullest extent permitted by applicable
law any right it may have to a trial by jury with respect to any litigation directly or indirectly arising out of, under or in connection with this Agreement or the transactions contemplated hereby. Each of the parties hereto (a) certifies that
no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce that foregoing waiver and (b) acknowledges that it and the other
parties hereto have been induced to enter into this Agreement and the transactions contemplated hereby, as applicable, by, among other things, the mutual waivers and certifications in this Section 11.9. 

11.10 Attorney’s Fees. If GIPLP or Contributor brings an action at law or equity against the other in order to enforce the
provisions of this Agreement or as a result of an alleged default under this Agreement, the prevailing party in such action shall be entitled to recover court costs and reasonable attorney’s fees (at all levels of trial and appeal) actually
incurred from the other. 
 11.11 Counterparts. This Agreement may be executed in one or more counterparts, each of which when
taken together shall constitute one and the same original. To facilitate the execution and delivery of this Agreement, the parties may execute and exchange counterparts of the signature pages by facsimile or by scanned image (e.g., .pdf file
extension) as an attachment to an email and the signature page of either party to any counterpart may be appended to any other counterpart. 

11.12 Escrow Terms. The Earnest Money Deposit shall be held in escrow by Escrow Agent on the following terms and conditions: 

(a) Escrow Agent shall deliver the Earnest Money Deposit to Contributor or GIPLP, as the case may be, in accordance with the provisions of this
Agreement. Escrow Agent shall invest the Earnest Money Deposit in a money market account with a national banking association or other bank acceptable to Contributor and GIPLP. 

  
 - 36 - 

 (b) Any notice to or demand upon Escrow Agent shall be in writing and shall be sufficient
only if received by Escrow Agent within the applicable time periods set forth herein, if any. Notices to or demands upon Escrow Agent shall be mailed or delivered by overnight courier to Trenam Law, 101 E. Kennedy Blvd., Suite 2700, Tampa, Florida
33602, or served personally upon Escrow Agent with receipt acknowledged in writing by Escrow Agent. Notices from Escrow Agent to Contributor or GIPLP shall be mailed to them at the addresses for each party shown in Section 11.1 of this
Agreement. 
 (c) In the event that litigation is instituted relating to this escrow, the parties hereto agree that Escrow Agent shall be
held harmless from any attorneys’ fees, court costs and expenses relating to that litigation to the extent that litigation does not arise as a result of the Escrow Agent’s acts or omissions. To the extent that Escrow Agent holds Earnest
Money Deposit under the terms of this escrow, the parties hereto, other than Escrow Agent, agree that Escrow Agent may charge the Earnest Money Deposit with any such attorneys’ fees, court costs and expenses as they are incurred by Escrow
Agent. In the event that conflicting demands are made on Escrow Agent, or Escrow Agent, in good faith, believes that any demands with regard to the Earnest Money Deposit are in conflict or are unclear or ambiguous, Escrow Agent may bring an
interpleader action in an appropriate court. Such action shall not be deemed to be the “fault” of Escrow Agent, and Escrow Agent may lay claim to or against the Earnest Money Deposit for its reasonable costs and attorneys’ fees in
connection with same, through final appellate review. To that end, the parties hereto, other than Escrow Agent, agree to indemnify Escrow Agent for all such attorneys’ fees, court costs and expenses. 

(d) Without limitation, Escrow Agent shall not be liable for any loss or damage resulting from the following: (a) the financial status or
insolvency of any other party, or any misrepresentation made by any other party; (b) any legal effect, insufficiency or undesirability of any instrument deposited with or delivered by or to Escrow Agent or exchanged by the parties hereunder,
whether or not Escrow Agent prepared such instrument; (c) the default, error, action or omission of any other party to this Agreement or any actions taken by Escrow Agent in good faith, except for Escrow Agent’s gross negligence or willful
misconduct; (d) any loss or impairment of the Earnest Money Deposit that has been deposited in escrow while the Earnest Money Deposit is in the course of collection or while the Earnest Money Deposit is on deposit in a financial institution if
such loss or impairment results from the failure, insolvency or suspension of a financial institution, or any loss or impairment of the Earnest Money Deposit due to the invalidity of any draft, check, document or other negotiable instrument
delivered to Escrow Agent; (e) the expiration of any time limit or other consequence of delay, unless a properly executed settlement instruction, accepted by Escrow Agent has instructed the Escrow Agent to comply with said time limit; and
(f) Escrow Agent’s compliance with any legal process, subpoena, writ, order, judgment or decree of any court, whether issued with or without jurisdiction and whether or not subsequently vacated, modified, set aside or reversed. 

(e) Escrow Agent shall not have any duties or responsibilities, except those set forth in this Section and shall not incur any liability in
acting upon any signature, notice, demand, request, waiver, consent, receipt or other paper or document believed by Escrow Agent to be genuine. Escrow Agent may assume that any person purporting to give it any notice on behalf of any party in
accordance with the provisions hereof has been duly authorized to do so, or is otherwise acting or failing to act under this Section except in the case of Escrow Agent’s gross negligence or willful misconduct. Upon completion of the
disbursement of the Earnest Money Deposit, Escrow Agent shall be automatically released and discharged of its escrow obligations hereunder. 

  
 - 37 - 

 (f) The terms and provisions of this Article shall create no right in any person, firm or
corporation other than the parties and their respective successors and permitted assigns and no third party shall have the right to enforce or benefit from the terms hereof. 

(g) The status of Escrow Agent as GIPLP’s counsel in this transaction shall not disqualify such law firm from acting as Escrow Agent, or
from representing GIPLP in connection with this transaction, the matters contemplated herein, or any disputes between Contributor and GIPLP that may arise out of this transaction, including, without limitation, any dispute with respect to the
Earnest Money Deposit. 
 Escrow Agent has executed this Agreement for the sole purpose of agreeing to act as such in accordance with the
terms of this Agreement. 
 [Remainder of Page Blank – Signatures begin on Next Page] 

  
 - 38 - 

 IN WITNESS WHEREOF, Contributor and GIPLP have executed this Agreement as of the date set forth below their
respective signatures. 
  

			
	“CONTRIBUTOR”
	
	GIP Fund 1, LLC,
	a Florida limited liability company
		
	By:	 	 /s/ David Sobelman

	Name:	 	David Sobelman
	Title:	 	Managing Member
	
	Date of Execution:
	
	October 28, 2020
	
	“GIPLP”
	
	GENERATION INCOME PROPERTIES, L.P., a Delaware limited partnership
		
	By:	 	 /s/ Richard Russell

		 	Richard Russell
		 	Authorized Representative
	
	Date of Execution:
	
	October 28, 2020

  
 - 39 - 

 IN WITNESS WHEREOF, the undersigned Escrow Agent has joined in the execution and delivery
hereof solely for the purpose of evidencing its rights and obligations under the provisions of Section 11.12 hereof. 
  

			
	ESCROW AGENT:
	
	Trenam, Kemker, Scharf, Barkin, Frye, O’Neill & Mullis, P.A.

 
			
		
	By:	 	  

 
			
	Name:	 	  

 
			
	Title:	 	  

 
			
	
	Date of Execution:
	
	October         , 2020

  
 - 40 - 

 SCHEDULE OF EXHIBITS 

 

			
	Exhibit “A”	 	Legal Description of the Land
		
	Exhibit “B”	 	List of Personal Property
		
	Exhibit “C”	 	List of Existing Commission Agreements
		
	Exhibit “D”	 	Form of Partnership Agreement
		
	Exhibit “E”	 	Form of Joinder to Partnership Agreement

  
 - 41 - 

 SCHEDULE OF AGREED-UPON FORM CLOSING DOCUMENTS 

 

			
	Schedule 1	  	Form of Special Warranty Deed
		
	Schedule 2	  	Form of Assignment and Assumption of Lease and Security Deposits
		
	Schedule 3	  	Form of Bill of Sale to Personal Property
		
	Schedule 4	  	Form of General Assignment of Contributor’s Interest in Intangible Property
		
	Schedule 5	  	Form of Contributor’s Affidavit (for GIPLP’s Title Insurance Purposes)
		
	Schedule 6	  	 Form of Contributor’s Certificate (as to Contributor’s Representations and

Warranties)

		
	Schedule 7	  	Form of Contributor’s FIRPTA Affidavit
		
	Schedule 8	  	Form of GIPLP’s Certificate (as to GIPLP’s Representations and Warranties)
		
	Schedule 9	  	Rent Roll

  
 - 42 - 

 EXHIBIT “A” 

LEGAL DESCRIPTION OF THE LAND 
 Lot 10,
Block 11, COURIER CITY, according to the map or plat thereof, recorded in Plat Book 2, Page 13, of the Public Records of Hillsborough County, Florida. 

  
 - 43 - 

 EXHIBIT “B” 

LIST OF PERSONAL PROPERTY 
 All furniture
(including common area furnishings and interior landscaping items), carpeting, draperies, appliances, personal property (excluding any computer software which is licensed to Contributor), machinery, apparatus and equipment owned by Contributor and
currently used exclusively in the operation, repair and maintenance of the Land (as defined in the Agreement) and Improvements (as defined in the Agreement) and situated thereon, and all non-confidential books, records and files (excluding any
attorney work product or attorney-client privileged documents) relating to the Land and Improvements. The Personal Property shall not include any property owned by tenants, contractors or licensees. 

  
 - 44 - 

 EXHIBIT “C” 

LIST OF EXISTING COMMISSION AGREEMENTS 

I. Commission Agreements Entered Into by Contributor During Its Ownership of Property: 

Management Agreement entered into as of
                    , by and between GIP Fund 1, LLC, a Florida limited liability company, as Owner,
and                                        
, a                                     , as Agent. 

  
 - 45 - 

 EXHIBIT “D” 

FORM OF PARTNERSHIP AGREEMENT 

[ATTACHED ON FOLLOWING PAGES] 

  
 - 46 - 

 EXHIBIT “E” 

FORM OF JOINDER TO PARTNERSHIP AGREEMENT 

JOINDER TO PARTNERSHIP AGREEMENT 

The undersigned is executing and delivering this Joinder Agreement pursuant to the Amended and Restated Limited Partnership Agreement of
Generation Income Properties, L.P., dated as of March 23, 2018, as amended by that certain First Amendment to Amended and Restated Limited Partnership Agreement dated May 21, 2019, and that certain Second Amendment to Amended and Restated
Limited Partnership Agreement dated [October 12], 2020, as may be amended from time to time, (the “Partnership Agreement”). Terms not otherwise defined herein shall have the meaning ascribed thereto in the Partnership
Agreement. 
 The undersigned shall be a Limited Partner of as set forth on Exhibit A to the Partnership Agreement.
Furthermore, the undersigned agrees to be a Limited Partner. By executing and delivering this Joinder Agreement, the undersigned hereby agrees to become a party to, to be bound by, and to comply with the terms and provisions of the Partnership
Agreement, as a Limited Partner with all the rights and obligations attendant thereto. 
 Accordingly, the undersigned has executed and
delivered this Joinder Agreement as of the              day of
                    , 2020. 
  

			
	PARTNER
	
	GIP FUND 1, LLC,
	a Florida limited liability company
		
	By:	 	  

		 	  

	Name:	 	  

		 	  

	Title:	 	  

  

					
	Address for Notices:	 		  	With copies to:
			
	  
	 		  	  

	  
	 		  	  

	  
	 		  	  

	  
	 		  	  

  
 - 47 - 

 EXHIBIT A 

Partners, Capital Contributions and Percentage Interests 
  

									
	 Partner
	  	Common
Units	 	  	Percentage
Interest	 
	 GENERAL PARTNER
	  				  			
	 Generation Income Properties, Inc.

401 East Jackson Street, Suite 3300

Tampa, Florida 33602
	  	 	526,872	 	  	 	60.09	% 
	 LIMITED PARTNERS
	  				  			
	 GIP REIT OP Limited, LLC

401 East Jackson Street, Suite 3300

Tampa, Florida 33602
	  	 	46	 	  	 	0.01	% 
	 Greenwal, LC

150 W. Main Street Suite 1100

Norfolk, Virginia 23510
	  	 	248,250	 	  	 	28.31	% 
	 Riverside Crossing, L.C.

150 W. Main Street Suite 1100

Norfolk, Virginia 23510
	  	 	101,663	 	  	 	11.59	% 
	 GIP Fund 1, LLC

401 East Jackson Street, Suite 3300

Tampa, Florida 33602
	  	 	—  	 	  	 	—  	% 
		  	  
	  
	 	  	  
	  
	 
	 Totals
	  	 	875,831	 	  	 	100.000	% 
		  	  
	  
	 	  	  
	  
	 

  
 - 48 - 

 SCHEDULE 1 

FORM OF SPECIAL WARRANTY DEED 
 Prepared
by and 
 after recording return to: 
 C. Graham Carothers, Jr.,
Esq. 
  
 

 
 200 Central Avenue, Suite 1600 

St. Petersburg, Florida 33701 
 Phone: (727) 820-3957 

Total Consideration: $                 

Documentary Stamp Tax Paid: $                

  
  

Parcel ID No: A-23-29-18-4SB-000011-00010.0 

SPECIAL WARRANTY DEED 

THIS SPECIAL WARRANTY DEED is made and delivered on , 20 , by GIP FUND 1, LLC, a Florida limited liability company, whose
mailing address is 401 East Jackson Street, Suite 3300, Tampa, Florida 33602 (“Grantor”), to GENERATION INCOME PROPERTIES, L.P., a Delaware limited partnership, whose mailing address is 401 East Jackson Street, Suite 3300, Tampa,
Florida 33602 (“Grantee”). 
 Wherever used herein, the terms “Grantor” and “Grantee”
shall include all of the parties to this instrument and their respective successors and assigns. 
 WITNESSETH, that Grantor, for and
in consideration of the amount set forth above, hereby grants, bargains, sells, conveys, remises, releases, and transfers unto Grantee, all of Grantor’s rights, title, and interest in and to that certain real property situated in Hillsborough
County, Florida, described in Exhibit A attached hereto, together with all structures and improvements located thereon and all rights, privileges, easements, tenements, hereditaments, reversions, remainders, and appurtenances thereunto
(the “Property”). 
 SUBJECT TO the following (the “ Permitted Exceptions”): (i) real estate
taxes for the current year and subsequent years, a lien not yet due and payable; (ii) zoning and other regulatory laws and ordinances, prohibitions, and other requirements imposed by governmental authority; and (iii) all recorded
easements, restrictions and other matters affecting the Property if and as set forth in the Public Records of Hillsborough County, Florida, provided, however, that neither Grantor nor Grantee intend to reimpose, nor shall this conveyance operate to
reimpose or extend same by reference thereto. 
 TO HAVE AND TO HOLD the Property in fee simple forever subject to the Permitted
Exceptions. And Grantor does covenant with Grantee that at the time of the delivery of this Deed, Grantor is lawfully seized of the Property in fee simple, and the Property is free from all encumbrances, liens, easements, covenants, restrictions and
other matters except the Permitted 

  
 - 49 - 

 Exceptions, and that subject to and except for the Permitted Exceptions, Grantor will defend the title to
the Property against the lawful claims and demands of all persons and entities claiming by, through or under Grantor, but against none other. 

IN WITNESS WHEREOF, Grantor has caused this instrument to be signed on the day and year set forth below. 

 

			
	Witnessed by:	 	GRANTOR:
		
		 	GIP FUND 1, LLC,
	                                      
                                  	 	a Florida limited liability company
	Print
Name:                                        
            	 	
		
	                                      
                                  	 	By:                                     
                                    
	Print
Name:                                        
            	 	Print
Name:                                        
                    
		 	Title:                                     
                                   

 ACKNOWLEDGMENT 

STATE OF FLORIDA 
 COUNTY OF HILLSBOROUGH 

The foregoing instrument was acknowledged before me by means of (check one) (         )
physical presence or (         ) online notarization,             this day
of                     , 20             ,
by                                     ,
as                         , of GIP FUND 1, LLC, a Florida limited liability company, on behalf of the company, who (check
one) (         ) is personally known to me or (         )
produced                         as identification. 

 

			
	[NOTARY SEAL]	  	                                      
                                         
 
		  	Notary Public
		  	Print
Name:                                        
                    
		  	My Commission Expires:

 Exhibit: 
 A—Legal
Description 

  
 - 50 - 

 EXHIBIT A 

LEGAL DESCRIPTION 
 Lot 10, Block 11,
COURIER CITY, according to the map or plat thereof, recorded in Plat Book 2, Page 13, of the Public Records of Hillsborough County, Florida. 

  
 - 51 - 

 SCHEDULE 2 

FORM OF ASSIGNMENT AND ASSUMPTION OF LEASE 

AND SECURITY DEPOSITS 

ASSIGNMENT AND ASSUMPTION OF LEASE AND SECURITY DEPOSIT 

THIS ASSIGNMENT AND ASSUMPTION OF LEASE AND SECURITY DEPOSIT (“Assignment”) is made and entered into as of the
         day of         , 20    , by and between GIP FUND 1, LLC, a Florida limited liability company, whose address is
401 East Jackson Street, Suite 3300, Tampa, Florida 33602 (“Assignor”), and GENERATION INCOME PROPERTIES, L.P., a Delaware limited partnership , whose address is 401 East Jackson Street, Suite 3300, Tampa, Florida 33602
(“Assignee”). 
 W I T N E S S E T H: 

WHEREAS, contemporaneously with the execution hereof, Assignor has conveyed to Assignee certain improved real property commonly known
as “504 South Howard Avenue” located in the City of Tampa, Florida, and more particularly described on Exhibit A attached hereto (the “Property”); and 

WHEREAS, in connection with said conveyance, Assignor desires to transfer and assign to Assignee all of Assignor’s right, title
and interest in and to that certain Lease Agreement entered into by and between SC – Horation LLC, as landlord, and The Sherwin-Williams Company, as tenant, dated March 20, 2013, as amended by that certain Lease Amendment Agreement between
Assignor, as successor-in-interest to the original landlord, and The Sherwin- Williams Company, as tenant, dated September 20, 2018 (the “Lease”) affecting the Property, together with the security deposits associated therewith,
and, subject to the terms and conditions hereof, Assignee desires to assume Assignor’s obligations in respect of said lease and the security deposits. 

NOW, THEREFORE, for and in consideration of the sum of Ten and No/100 Dollars ($10.00) in hand paid to Assignor by Assignee,
Assignee’s purchase of the Property and other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged by Assignor and Assignee, Assignor and Assignee hereby covenant and agree as follows: 

1. Assignor hereby unconditionally and absolutely assigns, transfers, sets over and conveys to Assignee all of Assignor’s right, title and
interest as landlord in and to the Lease and all of the rights, benefits and privileges of the landlord thereunder, including without limitation all of Assignor’s right, title and interest in and to all security deposits and rentals thereunder.

  
 - 52 - 

 2. Assignee hereby assumes all liabilities and obligations of Assignor under the Lease which
arise on or after the date hereof and agrees to perform all obligations of Assignor under the Lease which are to be performed or which become due on or after the date hereof (except those obligations for which Assignee is indemnified pursuant to
Section 3 below for which Assignor shall remain liable and except for those obligations arising due to acts or omissions occurring prior to the date hereof). 

3. Assignor shall indemnify and hold Assignee harmless from any claim, liability, cost or expense (including without limitation reasonable
attorneys’ fees and costs) arising out of (a) any obligation or liability of the landlord or lessor under the Lease which was to be performed or which became due during the period in which Assignor owned the Property, and (b) any
obligation or liability of landlord under the Lease arising after the date hereof relating to acts or omissions occurring prior to the date hereof during the period Assignor owned the Property. 

4. Assignee shall indemnify and hold Assignor harmless from any claim, liability, cost or expense (including without limitation reasonable
attorneys’ fees) arising out of Assignee’s failure to perform any obligations or liability of the landlord under the Lease arising on or after the date upon which the Lease is assumed by Assignee hereunder. 

5. This Assignment shall inure to the benefit of and be binding upon Assignor and Assignee, their respective legal representatives, successors
and assigns. This Assignment may be executed in counterparts, each of which shall be deemed an original and all of such counterparts together shall constitute one and the same Assignment. 

[Signatures on Following Page] 

  
 - 53 - 

 IN WITNESS WHEREOF, the duly authorized representatives of Assignor and Assignee have
caused this Assignment to be properly executed under seal as of this day and year first above written. 
  

	
	ASSIGNOR:
	
	 GIP FUND 1, LLC,
 a Florida limited liability
company

	
	By:                                     
                               
	Print
Name:                                        
              
	Title:                                     
                             
	
	ASSIGNEE:
	
	 GENERATION INCOME PROPERTIES, L.P.,
 a Delaware
limited partnership

	
	By:                                     
                               
	Print
Name:                                        
              
	Title:                                     
                             

  
 - 54 - 

 EXHIBIT A 

LEGAL DESCRIPTION 
 Lot 10, Block 11,
COURIER CITY, according to the map or plat thereof, recorded in Plat Book 2, Page 13, of the Public Records of Hillsborough County, Florida. 

  
 - 55 - 

 SCHEDULE 3 

FORM OF BILL OF SALE TO PERSONAL PROPERTY 

BILL OF SALE 
 THIS
BILL OF SALE (“Bill of Sale”) is made and entered into as of the             day
of                 , 20             , by GIP FUND 1, LLC, a Florida limited liability company
(“Contributor”), for the benefit of GENERATION INCOME PROPERTIES, L.P., a Delaware limited partnership (“GIPLP”). 

W I T N E S S E T H: 

WHEREAS, contemporaneously with the execution hereof, Contributor has conveyed to GIPLP certain improved real property commonly known
as “504 South Howard Avenue” located in the City of Tampa, Florida, and more particularly described on Exhibit A attached hereto (the “Property”); and 

WHEREAS, in connection with said conveyance, Contributor desires to transfer and convey to GIPLP all of Contributor’s right, title
and interest in and to certain tangible personal property, inventory and fixtures located in and used exclusively in connection with the ownership, maintenance or operation of the Property and the Improvements thereon; 

NOW, THEREFORE, for and in consideration of the sum of Ten and No/100 Dollars ($10.00) in hand paid to Contributor by GIPLP, the
premises and other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged by Contributor and GIPLP, it is hereby agreed as follows: 

1. All capitalized terms not defined herein shall have the meanings ascribed to such terms as set forth in that certain Contribution and
Subscription Agreement dated as of October    , 2020, between Contributor and GIPLP (the “Contribution Agreement”). 

2. Contributor hereby unconditionally and absolutely transfers, conveys and sets over to GIPLP, without warranty or representation of any kind,
express or implied, except as set forth specifically herein or in the Contribution Agreement, all right, title and interest of Contributor in any and all furniture (including common area furnishings and interior landscaping items), carpeting,
draperies, appliances, tangible personal property, machinery, apparatus and equipment owned by Contributor and currently used exclusively in the operation, repair and maintenance of the Land and Improvements and situated thereon, including, without
limitation, all of Contributor’s right, title and interest in and to those items of tangible personal property, if any, set forth on Exhibit B attached hereto (the “Personal Property”). The Personal Property
does not include any property owned by tenants, contractors or licensees or any computer software. 

  
 - 56 - 

 3. Contributor covenants to GIPLP that Contributor is the lawful owner of the Personal
Property; that, except for tangible personal property taxes for the year 20 , and subsequent years, the Personal Property is free from all encumbrances; that Contributor has the right to sell the Personal Property, and that Contributor will warrant
and defend the sale of the Personal Property hereby made, unto GIPLP against the lawful claims of all persons whomsoever. 
 4. This Bill of
Sale shall inure to the benefit of GIPLP, and be binding upon Contributor, and their respective legal representatives, transfers, successors and assigns. 

IN WITNESS WHEREOF, Contributor has caused this Bill of Sale to be executed under seal as of this day and year first above written. 

 

	
	GIP FUND 1, LLC,
	a Florida limited liability company
	
	By:                                     
                                   
	Print
Name:                                        
                  
	Title:                                     
                                

  
 - 57 - 

 EXHIBIT A 

LEGAL DESCRIPTION 
 Lot 10, Block 11,
COURIER CITY, according to the map or plat thereof, recorded in Plat Book 2, Page 13, of the Public Records of Hillsborough County, Florida. 

  
 - 58 - 

 Exhibit B 

List of Personal Property 
  

  
 - 59 - 

 SCHEDULE 4 

FORM OF GENERAL ASSIGNMENT OF CONTRIBUTOR’S INTEREST IN INTANGIBLE PROPERTY 

GENERAL ASSIGNMENT 
 THIS GENERAL
ASSIGNMENT (“Assignment”) is made and entered into as of the              day
of                , 20    , by GIP FUND 1, LLC, a Florida limited liability company (“Assignor”) to GENERATION
INCOME PROPERTIES, L.P., a Delaware limited partnership (“Assignee”). 
 W I T N E S S E T H: 

WHEREAS, contemporaneously with the execution hereof, Assignor has conveyed to Assignee certain real property located in the City of
Tampa, Florida, and more particularly described on Exhibit A attached hereto and made a part hereof (the “Property”); and 

WHEREAS, in connection with said conveyance, Assignor desires to transfer and assign to Assignee all of Assignor’s right, title
and interest (if any) in and to all assignable entitlements and other intangible property used and owned by Assignor (if any) in connection with the Property. 

NOW, THEREFORE, for and in consideration of the sum of Ten and No/100 Dollars ($10.00) in hand paid to Assignor by Assignee, the
premises and other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged by Assignor and Assignee, Assignor and Assignee hereby covenant and agree as follows: 

1. Assignor hereby unconditionally and absolutely assigns, transfers, sets over and conveys to Assignee, to the extent assignable, with those
warranties and representations contained in that certain Contribution and Subscription Agreement dated as of October                , 2020, between Assignor and
Assignee (the “Contract”) applicable to the property assigned herein, all of Assignor’s right, title and interest in and to all intangible property, if any, owned by Assignor related to the real property and improvements
constituting the Property, including, without limitation, Assignor’s rights and interests in and to the following (i) all assignable plans and specifications and other architectural and engineering drawings for the Land and Improvements
(as defined in the Contract); (ii) all assignable warranties or guaranties given or made in respect of the Improvements or Personal Property (as defined in the Contract); and (iii) all transferable consents, authorizations, concurrency
reservations, development rights, variances or waivers, licenses, permits and approvals from any governmental or quasi-governmental agency, department, board, commission, bureau or other entity or instrumentality solely in respect of the Land or
Improvements but excluding any deposit accounts (collectively, the “Intangible Property”). 

  
 - 60 - 

 The term “Intangible Property” shall be deemed to include only the items
specifically described herein and then only to the extent that same (a) are owned by Assignor, (b) are transferable or assignable to Assignee, and (c) relate solely to the occupancy, use, maintenance and operation of the Land or
Improvements. 
 2. This Assignment shall inure to the benefit and be binding upon Assignor and Assignee and their respective legal
representatives, successors and assigns. 
 IN WITNESS WHEREOF, the duly authorized representative of Assignor has caused this
Assignment to be properly executed under seal as of this day and year first above written. 
  

			
	ASSIGNOR:
	
	GIP FUND 1, LLC,
a Florida limited liability company
		
	By:	 	      

	Printed Name:
                                         
       
	Title:	 	      

  
 - 61 - 

 EXHIBIT A 

LEGAL DESCRIPTION 
 Lot 10, Block 11,
COURIER CITY, according to the map or plat thereof, recorded in Plat Book 2, Page 13, of the Public Records of Hillsborough County, Florida. 
  

  
 - 62 - 

 SCHEDULE 5 

FORM OF CONTRIBUTOR’S AFFIDAVIT 

(FOR GIPLP’S TITLE INSURANCE PURPOSES) 

CONTRIBUTOR’S AFFIDAVIT 

BEFORE ME, the undersigned authority, this day personally appeared
                                    
(“Affiant”), who, after being duly sworn, deposes and says that: 
 1. Affiant has personal knowledge of the facts stated
herein. 
 2. Affiant is the ________________ of GIP FUND 1, LLC, a Florida limited liability company (“Transferor”), which
holds fee simple title to the real property described on Exhibit A, attached hereto (the “Property”), being conveyed to GENERATION INCOME PROPERTIES, L.P., a Delaware limited partnership
(“Transferee”). Affiant is authorized to make this Affidavit on behalf of Seller. 
 3. There is no matter pending against
Transferor that could give rise to a lien which would attach to the Property subsequent to the effective date of that certain Title Insurance Commitment, Order No.____________, having an original effective date of____________, 20____, at________.m.
(the “Commitment”) and issued by______________ Title Insurance Company (the “Title Company”). 
 4. There
has been no labor, material or services provided for or improvements upon the Property within the previous 90 days, which have not been paid for, there are no outstanding contracts, either oral or written, for the furnishing of any such labor,
material or services, and no contractor, subcontractor, laborer or materialman, or other party has any right to a construction lien against the Property or any part thereof. 

5. Except for the matters described in Schedule B, Section II of the Commitment, Transferor has been in full, continuous, open, exclusive,
peaceable and undisputed possession of the Property since the time of vesting of title to said Property in Transferor. 
 6. There is no
party in possession of, or with a claim of possession to, the Property or any part thereof, and Affiant has no knowledge of any leases or subleases affecting the Property, or any maintenance, service or other contracts or agreements relating to the
Property, other than that certain Lease Agreement entered into by and between SC – Horation LLC, as landlord, and The Sherwin-Williams Company, as tenant, dated March 20, 2013, as amended by that certain Lease Amendment Agreement between
Assignor, as successor-in-interest to the original landlord, and The Sherwin-Williams Company, as tenant, dated September 20, 2018. 

7. Affiant has received no notice of any proposed or existing improvement by any governmental agency which will or may result in an improvement
assessment against the Property. There are no special assessments levied by Hillsborough County, Florida, other than those shown on the 20_____ Notice of Ad Valorem and Non-Ad Valorem Assessments for the Property. There are no delinquent assessments
or delinquent service charges for gas, water, garbage or sewerage services with respect to the Property. 

  
 - 63 - 

 8. There are no outstanding contracts, rights of first refusal, or options affecting the
Property. 
 9. Affiant is not the subject of any bankruptcy proceedings. Transferor has never been a party to a bankruptcy filing, and
Transferor does not anticipate any such filing. 
 10. There are no mortgages, judgments, unpaid sales tax, tax liens or other liens against
Transferor and/or the Property other than as disclosed by the Commitment, nor any matters which constitute defects in Transferor’s title, other than as disclosed by the Commitment. 

11. There are no outstanding or pending claims, settlements, or lawsuits against Transferor that may constitute the basis for a lien against
the Property. 
 12. There are no matters existing at the time of delivery of the deed contemplated herein, which would adversely affect the
ability of Transferor to convey clear, unencumbered fee simple title to the Property. 
 13. Transferor has not and will not execute any
instrument or document that could adversely affect the title to the Property to be insured pursuant to the Commitment. 
 14. This affidavit
is made for the purposes of inducing the Title Company, through its agent,___________________, to insure the title to the Property. Under penalties of perjury, I declare that I have read the foregoing Affidavit, and to the best of my knowledge and
belief, it is true, correct and complete in all respects. 

  
 - 64 - 

 (Signature Page to Contributor’s Affidavit) 

FURTHER AFFIANT SAYETH NAUGHT. 

Dated this ______day of______________, 20_____. 
  

			
	      

	Print Name:	 	      

 STATE OF FLORIDA 
 COUNTY
OF HILLSBOROUGH 
 SWORN TO AND SUBSCRIBED before me by means of (check one) (__) physical presence or (___) online notarization, this ____day
of_____________, 20_______, by________________, who (check one) (___) is personally known to me or (___) has produced ____________________________________as identification. 
  

			
	[NOTARY SEAL]	  	      

		  	Notary Public (Signature)
		  	Print Name:
                                         
                                         

		  	My Commission Expires:

  
 - 65 - 

 EXHIBIT A 

LEGAL DESCRIPTION 
 Lot 10, Block 11,
COURIER CITY, according to the map or plat thereof, recorded in Plat Book 2, Page 13, of the Public Records of Hillsborough County, Florida. 

  
 - 66 - 

 SCHEDULE 6 

FORM OF CONTRIBUTOR’S CERTIFICATE 

(AS TO CONTRIBUTOR’S REPRESENTATIONS AND WARRANTIES) 

CONTRIBUTOR’S CERTIFICATE AS TO REPRESENTATIONS 

THIS CONTRIBUTOR’S CERTIFICATE AS TO REPRESENTATIONS (this “Certificate”) is given and made by GIP FUND 1,
LLC, a Florida limited liability company (“Contributor”), this              day of          , 2020, for the
benefit of GENERATION INCOME PROPERTIES, L.P., a Delaware limited partnership (“GIPLP”). 
 Pursuant to the provisions of
that certain Contribution and Subscription Agreement, dated as of October             , 2020, between Contributor and GIPLP (the “Contract” ), for the contribution
of certain real property located in the City of Tampa, Florida, and more particularly described on EXHIBIT A attached hereto and made a part hereof (the “Property”), Contributor certifies all of the
representations and warranties of Contributor contained in Section 4.1 of the Contract remain true and correct in all material respects as of the date hereof; and 

The representations and warranties contained herein shall, subject to the limitations set forth in Section 4.1 of the Contract, survive
for a period of three (3) years after the date hereof, and upon the expiration thereof shall be of no further force or effect except to the extent that with respect to any particular alleged breach, GIPLP shall give Contributor written notice
prior to the expiration of said three (3) year period of such alleged breach with reasonable detail as to the nature of such breach. 

IN WITNESS WHEREOF, Contributor has caused this Certificate to be executed by its duly authorized representative as of the day and year first
above written. 
  

			
	GIP FUND 1, LLC,
	a Florida limited liability company
		
	By:	 	  

 
			
	Printed Name:	 	  

 
			
	Title:	 	  

  

  
 - 67 - 

 EXHIBIT A 

LEGAL DESCRIPTION 
 Lot 10, Block 11,
COURIER CITY, according to the map or plat thereof, recorded in Plat Book 2, Page 13, of the Public Records of Hillsborough County, Florida. 

  
 - 68 - 

 SCHEDULE 7 

FORM OF CONTRIBUTOR’S FIRPTA AFFIDAVIT 

FIRPTA AFFIDAVIT 

Section 1445 of the Internal Revenue Code of, 1986, as amended (the “Code) provides that a transferee of a U.S. real property
interest must withhold tax if the transferor is a foreign person. For U.S. tax purposes (including Section 1445 of the Code), the owner of a disregarded entity (which has legal title to a U.S. real property interest under local law) will be the
transferor of the property and not the disregarded entity. To inform GENERATION INCOME PROPERTIES, L.P., a Delaware limited partnership (“Transferee”) that withholding of tax is not required upon the disposition of a U.S. real
property interest by GIP FUND 1, LLC, a Florida limited liability company (“Transferor”), pursuant to that certain Contribution and Subscription Agreement dated October____, 2020, by and between Transferor and Transferee, the
undersigned hereby certifies the following on behalf of Transferor: 
  

	 	1.	 Transferor is not a foreign corporation, foreign partnership, foreign trust or foreign estate (as those terms
are defined in the Code and the Treasury Regulations promulgated thereunder); 

  

	 	2.	 Transferor is not a disregarded entity as defined in Treasury Regulation Section 1.1445-2(b)(iii);

  

	 	3.	 Transferor’s U.S. Employer Identification Number is: _____________; and 

 

	 	4.	 Transferor’s office address is 401 East Jackson Street, Suite 3300, Tampa, Florida 33602.

 Transferor understands that this certification may be disclosed to the Internal Revenue Service by Transferee and that
any false statement contained herein could be punished by fine, imprisonment, or both. 
 (Remainder of Page Intentionally
Blank) 

  
 - 69 - 

 (Signature Page to FIRPTA Affidavit) 

Under penalties of perjury I declare that I have examined the foregoing and, to the best of my knowledge and belief, it is true, correct, and
complete, and I further declare that I have authority to sign this document on behalf of Transferor. 
 Executed this
                    day
of                     , 2020. 
  

			
	TRANSFEROR:
	
	GIP FUND 1, LLC,
	a Florida limited liability company

 
			
		
	By:	 	  

 
			
	Printed Name:	 	  

 
			
	Title:	 	  

  
 - 70 - 

 SCHEDULE 8 

FORM OF GIPLP’S CERTIFICATE 

(AS TO GIPLP’S REPRESENTATIONS AND WARRANTIES) 

GIPLP’S CERTIFICATE AS TO REPRESENTATIONS 

THIS GIPLP’S CERTIFICATE AS TO REPRESENTATIONS (this “Certificate”) is given and made by GENERATION INCOME
PROPERTIES, L.P., a Delaware limited partnership (“GIPLP”), this             day
of                     2020, for the benefit of GIP FUND 1, LLC, a Florida limited liability company
(“Contributor”). 
 Pursuant to the provisions of that certain Contribution and Subscription Agreement, dated as of
October            , 2020, between Contributor and GIPLP (the “Contract” ), for the contribution of certain real property located in the City of Tampa, Hillsborough
County, Florida, and more particularly described on EXHIBIT A attached hereto (the “Property”), GIPLP certifies that all of the representations and warranties of GIPLP contained in the Contract remain
true and correct in all material respects as of the date hereof; and 
 The representations and warranties contained herein shall, subject to
the limitations set forth in Section 4.4 of the Contract, survive for a period of twelve (12) months after the date hereof, and upon the expiration thereof shall be of no further force or effect except to the extent that with respect to
any particular alleged breach, Contributor shall give GIPLP written notice prior to the expiration of said twelve (12) month period of such alleged breach with reasonable detail as to the nature of such breach. 

IN WITNESS WHEREOF, GIPLP has caused this Certificate to be executed by its duly authorized representative as of the day and year first above
written. 
  

			
	“GIPLP”
	
	GENERATION INCOME PROPERTIES, L.P., a Delaware limited partnership

 
			
		
	By:	 	  

 
			
	Printed Name:	 	  

 
			
	Title:	 	  

  
 - 71 - 

 EXHIBIT A 

LEGAL DESCRIPTION 
 Lot 10, Block 11,
COURIER CITY, according to the map or plat thereof, recorded in Plat Book 2, Page 13, of the Public Records of Hillsborough County, Florida. 

  
 - 72 - 

 SCHEDULE 9 

RENT ROLL 
 [ATTACHED ON
FOLLOWING PAGES] 

  
 - 73 -EX-10.32

 Exhibit 10.32 

LIMITED LIABILITY COMPANY AGREEMENT OF 

GIPNC 201 Etheridge Road, LLC 

Dated as of November 20, 2020 

This LIMITED LIABILITY COMPANY AGREEMENT (the “Agreement”) of GIPNC 201 ETHERIDGE ROAD, LLC (the “Company”),
a Delaware limited liability company, is entered into this 20th day of November, 2020 by Generation Income Properties, L.P., a Delaware limited partnership, as managing member (“GIPLP”, “Common Member”, or
“Manager”), and Brown Family Enterprises, LLC, a Florida limited liability company (“Brown Family”, or “Preferred Member”). GIPLP and Brown Family are each a Member. 

RECITALS: 
 WHEREAS, the Company
was formed as a limited liability company pursuant to the provisions of the Act by the filing of a certificate of formation (the “Certificate”) in the office of the Delaware Secretary of State on or about November 20 2020; 

WHEREAS, the Company desires to purchase real estate property using equity from the Members and debt; and 

WHEREAS, the Company and the Members desire to enter into this Agreement in order to set forth their mutual agreements regarding the terms on
which the Company shall be owned and operated. 
 NOW, THEREFORE, in consideration of the mutual covenants herein contained and other
valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto do hereby agree as follows: 

ARTICLE I 
 General
Provisions 
 Section 1.01 Formation. On November 20, 2020, a Certificate of Formation was filed in the office of the
Secretary of State of the state of Delaware in accordance with and pursuant to the Act. The rights, powers, duties, obligations, and liabilities of the Members shall be determined pursuant to the Delaware Act and this Agreement. To the extent that
the rights, powers, duties, obligations, and liabilities of any Member are different by reason of any provision of this Agreement than they would be under the Act in the absence of such provision, this Agreement shall, to the extent permitted by the
Act, control. 
 Section 1.02 Name and Place of Business. The name of the Company shall be GIPNC 201 ETHERIDGE ROAD, LLC, and
its principal place of business shall be 401 East Jackson Street, Suite 3300, Tampa, FL 33602. The Manager may change such name, change such place of business or establish additional places of business of the Company as the Manager may determine to
be necessary or desirable. 

  
 - 1 - 

 Section 1.03 Business and Purpose of the Company. The purpose of the Company is
to (i) either directly or through a wholly-owned subsidiary, acquire, own, finance, refinance, rehab, develop, lease, operate, manage, hold for investment, exchange, sell, dispose of, and transfer the Property (as defined below), and
(ii) engage in any other activities relating or incidental thereto as may be necessary to accomplish such purpose.. The Company may not engage in any business unrelated to its purpose without the prior written consent of the Preferred Member.

 Section 1.04 Term. The Company shall commence upon the filing of a Certificate of Formation for the Company in accordance
with the Act, and shall continue until dissolved in accordance with this Agreement. 
 Section 1.05 Required Filings. The
Manager shall execute, acknowledge, file, record, amend and/or publish such certificates and documents, as may be required by this Agreement or by law in connection with the formation and operation of the Company. 

Section 1.06 Registered Office and Registered Agent. The Company’s initial registered office and initial registered agent
shall be as provided in the Certificate of Formation. The registered office and registered agent may be changed from time to time by the Manager by filing the address of the new registered office and/or the name of the new registered agent pursuant
to the Act. 
 Section 1.07 Certain Transactions. Any Manager, Member, or any Affiliate thereof, or any shareholder, officer,
director, employee, partner, member, manager or any Person owning an interest therein, may engage in or possess an interest in any other business or venture of any nature or description, whether or not competitive with the Company, including, but
not limited to, the acquisition, syndication, ownership, financing, leasing, operation, maintenance, management, brokerage, construction and/or development of property similar to the Property and no Manager, Member or any Affiliate, or other Person
shall have any interest in such other business or venture by reason of their interest in the Company. 
 Section 1.08 Defined
Terms. Terms not otherwise defined herein shall have the meaning ascribed to them in the Glossary attached hereto as Exhibit A and incorporated herein by reference. 

ARTICLE II 
 Members;
Capital Accounts; Financing Transactions 
 Section 2.01 Members. GIPLP and Brown Family are hereby admitted as members in
the Company. The respective names, class of interest, and Capital Contribution and date of Capital Contribution shall be reflected in Schedule A attached hereto. The Manager shall have the authority to amend Schedule A from time to
time to reflect any changes, in accordance with the terms of this Agreement or any changes to the information set forth thereon. Except as otherwise provided by this Agreement or as otherwise required by the Delaware Act or Applicable Law, each
Member shall be entitled to one vote per Class A Common Unit held by such Member on all matters upon which the Members shall have the right to vote under this Agreement, and the Class A Preferred Units shall not entitle the holders thereof
to vote on any matters required or permitted to be voted on by the Members. Meetings of the Members may be called by (i) the Board or (ii) by a Member or group of Members holding more than 20% of the then-outstanding Class A Common
Units. Written notice stating the place, date, and time of the meeting and, in the case of a meeting of 

  
 - 2 - 

 
the Members not regularly scheduled, describing the purposes for which the meeting is called, shall be delivered not fewer than ten (10) days and not more than thirty (30) days before
the date of the meeting to each Class A Common Unit holder, by or at the direction of the Board or the Member(s) calling the meeting, as the case may be. The Class A Common Unit Members may hold meetings at the Company’s principal
office or at such other place as the Board or the Member(s) calling the meeting may designate in the notice for such meeting. Any Class A Common Member may participate in a meeting of the Members by means of conference telephone or other
communications equipment by means of which all Persons participating in the meeting can hear each other, and participation in a meeting by such means shall constitute presence in person at such meeting. The business to be conducted at such meeting
need not be limited to the purpose described in the notice. A quorum of any meeting of the Class A Common Members shall require the presence of the Members holding a majority of the Class A Common Units held by all Members. Notwithstanding
the provisions of this Error! Reference source not found., any matter that is to be voted on, consented to, or approved by the Class A Common Members may be taken without a meeting, without prior notice and without a vote if consented
to, in writing or by email, by a Member or Members holding not less than a majority of the Class A Common Units held by all Members. 

Section 2.02 Members’ Interest. The Membership Interest of the Members shall be represented by issued and outstanding units
of membership interest (“Units”), which may be divided into one or more types, classes or series. Each type, class or series of Units shall have the privileges, preference, duties, liabilities, obligations and rights, including
voting rights, if any, set forth in this Agreement with respect to such type, class or series. The Units of the Company shall initially be of two (2) types: “Class A Preferred Units” and “Class A Common Units.”

 Section 2.03 Capital. The capital of the Company shall consist of the amounts contributed to the Company pursuant to this
Article II 
 Section 2.04 Initial Capital. The Company requires capital to fulfill its obligation to fund the purchase of the
Property. Each Member shall make on or before the Closing Date of the Property (or has made), in accordance with their respective required Capital Contribution and the provisions below, Capital Contributions consisting of the following: 

(a) Brown Family Enterprises, LLC Capital Contribution. Brown Family shall contribute an amount equal to approximately $550,000
of the Initial Capital Contribution agreed to by the Members and its Capital Account shall be credited with such amount and Brown Family shall receive its Membership Interest as set forth in Section 2.04(b)(i) in exchange. 

(b) Generation Income Properties, L.P. Capital Contribution. GIPLP shall contribute an amount equal to approximately $50,000 of
the Initial Capital Contribution agreed to by the Members and its Capital Account shall be credited with such amount and GIPLP shall receive its Membership Interest as set forth in Section 2.04(b)(ii) in exchange. 

(i) Class A Preferred Units. Authorization and Issuance. Subject to compliance with Article IV, Brown Family has committed to
the Company, subject to Section 2.04(a) of this Agreement, an Initial Capital Contribution equal to the amount as reflected in Schedule A of this Agreement (subject to a final determination and adjustment on or before the Closing Date).
The Company is hereby authorized to issue a class of 

  
 - 3 - 

 
Units designated as Class A Preferred Units. Class A Preferred Units issued shall, upon issuance thereof and full payment of Brown Familys Capital Contribution commitments therefor, be
deemed to be duly authorized, validly issued, fully paid and nonassessable. A total of the number of Class A Preferred Units, as reflected in Schedule A of this Agreement (subject to a final determination and adjustment on or before the
Closing Date) are hereby authorized for issuance by the Company, each at a price of $ 10.00 per Class A Preferred Unit, which if fully issued and full payment therefor received shall represent the total Capital Contribution, reflected in
Schedule A of this Agreement (subject to a final determination and adjustment on or before the Closing Date), of the Preferred Member. The Company shall pay a Preferred Return to the Preferred Members, on a monthly basis and subject to this
Agreement. 
 (ii) Class A Common Units. Authorization and Issuance. Subject to compliance with Article IV, GIPLP has
committed to the Company, subject to Section 2.04(b) of this Agreement, an Initial Capital Contribution equal to the amount as reflected in Schedule A of this Agreement (subject to a final determination and adjustment on or before the
Closing Date). The Company is hereby authorized to issue a class of Units designated as Class A Common Units. Class A Common Units issued shall, upon issuance thereof and full payment of Capital Contribution commitments therefor, be deemed
to be duly authorized, validly issued, fully paid and nonassessable. A total of the number of Class A Common Units, as reflected in Schedule A of this Agreement (subject to a final determination and adjustment on or before the Closing Date) are
hereby authorized for issuance by the Company, each at a price of $1.00 per Class A Common Unit, which if fully issued and full payment therefor received shall represent the total Capital Contribution, reflected in Schedule A of this
Agreement (subject to a final determination and adjustment on or before the Closing Date), of the Common Member. 
 Section 2.05
Capital Commitments. 
 (a) Agreement to Contribute Capital. The Members agree to make their respective Capital Contributions
on or before the Closing of the Property. In the event additional capital is required by the Company, the Manager shall, in its sole discretion, take one or more of the following actions: 

(i) cause the Company to obtain such additional funds from the Preferred Members and the Common Members in accordance with the
terms hereof; 
 (ii) cause the Company to obtain funds from additional investors; and 

(iii) cause the Company to seek to borrow the required additional funds from any third-party lender. 

  
 - 4 - 

 Section 2.06 Default by Members. Each Member agrees that: (i) payment of its
required Capital Contributions and amounts required under this Agreement when due is of the essence, and is to be made absolutely and unconditionally in each case without any set-off, withholding,
counterclaim, defense or reduction; (ii) any Default by any Member would cause injury to the Company and to the other Members; and (iii) that the amount of damages caused by any such injury would be extremely difficult to calculate. Upon
the occurrence of a Default, the Manager may take such actions as it determines, in its sole discretion, are reasonable and appropriate with respect to the Default. 

Section 2.07 Additional Capital Contributions. If the Manager determines that the Company requires cash in addition to the Capital
Contributions set forth in this Agreement in order to carry out the purposes of this Agreement or to carry on the business of the Company, no more than 30 days after such determination, the Members may, but have no obligation, to agree to or make
any additional contributions of additional capital; and the Manager may obtain additional financing from new investors after a written indication by each Member of the Member’s decision not to provide additional Capital Contribution; provided,
however, that the Manager shall be required to obtain the prior approval of the Preferred Member to accept additional Capital Contributions or obtain additional financing, in each case in excess of $100,000, which approval shall not be unreasonably
withheld, conditioned or delayed, and which will be deemed provided if the additional financing or additional Capital Contribution is to be used to redeem the Preferred Member’s Class A Preferred Units and is actually used for such
purpose. The Members acknowledge and agree that if a Member decides not to contribute Additional Capital Contributions, such Member’s Membership Interest may be decreased based on the Additional Capital Contributions of the other Members.
Notwithstanding the Manager’s right to accept additional financing from new investors or accept additional Capital Contributions in amounts less than $100,000, the Manager may not issue any new Membership Interests or obtain new financing in
any amount without the Preferred Member’s prior consent in the event the new Membership Interests or the terms of the new financing would negatively affect the Preferred Member’s preferential right to distributions or redemption rights.

 Section 2.08 Additional Member Capital Contributions. (a) Subject to complying with the terms of Section 2.07, the
Manager shall have the right to admit one or more Persons as members of the Company (each an “Additional Member”) with such rights and obligations as the Manager shall determine. Upon admission of any new Member (i) such Member
shall be designated as a Preferred Member, Common Member or such other classification as the Manager shall elect based on such new Member’s rights and obligations hereunder and (ii) subject to Sections 9.03 hereof, the Manager is
authorized to amend this Agreement without any further action on the part of any other Member to reflect the admission of such new Member and its rights and obligations hereunder. Subject to the Act and this Section 2.08, any Membership Interest
issued to Additional Members may be issued in one or more classes, or one or more series of any of such classes, with such designations, preferences and relative, participating, optional or other special rights, powers and duties as shall be
determined by the Manager, in its sole and absolute discretion without the approval of any Member, and set forth in this Agreement or a written document thereafter attached to and made an exhibit to this Agreement (each, a “Membership
Interest Designation”); provided, that that material terms of any Membership Interest Designation shall be set forth in any Additional Member Notice. Without limiting the generality of the foregoing, the Manager shall have authority to
specify (a) the allocations of items of Company income, gain, loss, deduction and credit to each such class or series of Membership Interest; (b) the right of each such class or series of Membership Interest to share in Company
distributions; (c) the rights of each such class or series of Membership Interest upon dissolution and liquidation of the Company; (d) the voting rights, if any, of each such class or series of Membership Interest; and (e) the
conversion, redemption or exchange rights applicable to each such class or series of Membership Interest; provided, however, that none of the foregoing shall reduce Brown Family’s Preferred Return and nine percent (9%) IRR set
forth in Section 4.03(c). 

  
 - 5 - 

 Section 2.09 Capital Accounts. A Capital Account shall be established and
maintained for each Member in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv). 

(a) To each Member’s Capital Account there shall be credited the amount of cash and the initial Gross Asset Value of any other property
contributed by such Member as Capital Contributions to the Company, all Net Profits allocated to such Member pursuant to Section 3.01 and any items of income and gain that are specially allocated to such Member pursuant to Sections 3.02 and
3.03, and the amount of any Company liabilities assumed by such Member or which are secured by any property of the Company distributed to such Member (but only to the extent such liabilities are to be credited pursuant to the Treasury Regulations).

 (b) To each Member’s Capital Account there shall be debited the amount of cash and the Gross Asset Value of any property of the
Company distributed to such Member pursuant to any provision of this Agreement, all Net Losses allocated to such Member pursuant to Section 3.01 and any items of loss and deduction that are specially allocated to such Member pursuant to
Sections 3.02 and 3.03, and the amount of any liabilities of such Member assumed by the Company or which are secured by any property contributed by such Member to the Company (but only to the extent such liabilities are to be debited pursuant to the
Treasury Regulations). 
 (c) Upon a transfer of any Membership Interest (or portion thereof) in accordance with the terms of this
Agreement, the transferee shall succeed to the Capital Account of the transferor to the extent it relates to the transferred Membership Interest (or portion thereof). 

(d) The Manager may cause the Capital Accounts of the Members to be adjusted to reflect any revaluation(s) of any one or more Company assets
made pursuant to, and in accordance with, the definition of Gross Asset Value and, further, in accordance with the provisions of Treasury Regulations Sections 1.704-1(b)(2)(iv)(f) and (g) (with such provisions
being incorporated herein by reference). 
 Section 2.10 Return of Capital. Except as otherwise agreed by the Members, or as
otherwise specifically provided herein, no Member shall be entitled to demand the return of, or to withdraw, any part of his Capital Contribution or any balance in his Capital Account, or to receive any distribution, except as provided for in this
Agreement. 
 Section 2.11 Interest on Capital. No interest shall be payable on any Capital Contributions made to the Company.

 Section 2.12 Member Loans. Any Member may make a Member Loan to the Company only with the approval of the Members. Member
Loans shall be repaid in advance of amounts distributable to Members pursuant to Section 4.01, but shall be subordinated to payments of third party debt. 

Section 2.13 No Obligation to Restore. The Manager shall have no obligation to restore a negative balance in its
Capital Account. 

  
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 ARTICLE III 

Allocations of Profits and Loss 

Section 3.01 Allocations of Net Profits and Net Losses. After giving effect to the special allocations and limitations set forth
in Sections 3.02 and 3.03, Net Profits and Net Losses (and/or each and any of the items of income, gain, losses and deductions entering into the computation thereof) for any fiscal year or other relevant period shall be allocated to and among the
Members in such manner that the Manager shall determine will result in the Capital Account balance for each Member (which balance may be positive or negative), after adjusting the Capital Account for all Capital Contributions and distributions and
any special allocations required pursuant to this Agreement for the current and all prior fiscal years and other periods being (as nearly as possible) equal to the amount that would be distributed to the Member if the Company were to sell all of its
assets at their current Gross Asset Value, pay all liabilities of the Company, and distribute the proceeds thereof in accordance with Section 4.03. Net Losses allocated pursuant to this Section 3.01 to a Member shall
not exceed the maximum amount of Net Losses that can be allocated without causing such Member to have an Adjusted Capital Account Deficit at the end of any fiscal year or other relevant period. In the event that some but not all of the Members would
have an Adjusted Capital Account Deficit as a consequence of an allocation of Net Losses pursuant to this Section 3.01, the limitations set forth herein shall be applied on a
Member-by-Member basis and Net Losses not allocable to any Member as a result of such limitation shall be allocated to the other Members in accordance with the positive
balances in such Members’ Capital Accounts so as to allocate the maximum permissible Net Losses to each Member under Treasury Regulations Section 1.704-1(b)(2)(ii)(d). 

Section 3.02 Special / Regulatory Allocation. The following special allocations shall be made to the Members in the following
order and priority: 
 (a) Member Nonrecourse Debt Minimum Gain Chargeback. Except as otherwise provided in
Section 1.704-2(i)(4) of the Treasury Regulations, notwithstanding any other provision of this Article III , if there is a net decrease in “partner nonrecourse debt minimum gain” (as defined in
Treasury Regulations Section 1.704-2(i)(2) attributable to “partner nonrecourse debt (as defined in Treasury Regulations Section 1.704-2(b)(4)) during any
fiscal year or other relevant period, each Member who or that has a share of the partner nonrecourse debt minimum gain attributable to such partner nonrecourse debt, determined in accordance with
Section 1.704-2(i)(5) of the Treasury Regulations, shall be specially allocated items of Company income and gain for such fiscal year or other relevant period (and, if necessary, subsequent fiscal years
and periods) in an amount equal to such Member’s share of the net decrease in partner nonrecourse debt minimum gain attributable to such partner nonrecourse debt, determined in accordance with Treasury Regulations
Section 1.704-2(i)(4). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items to be so
allocated shall be determined in accordance with Sections 1.704-2(i)(4) and 1.704-2(j)(2) of the Treasury Regulations. This Section 3.02(a) is intended to comply
with the minimum gain chargeback requirement in Section 1.704-2(i)(4) of the Treasury Regulations and shall be interpreted consistently therewith. 

  
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 (b) Minimum Gain Chargeback. Except as otherwise provided in
Section 1.704-2(f) of the Treasury Regulations, notwithstanding any other provision of this Section 3.02, if there is a net decrease in “partnership minimum gain” (as defined in Treasury
Regulations Section 1.704-2(b)(2) during any fiscal year or other relevant period, each Member shall be specially allocated items of Company income and gain for such fiscal year or other relevant period
(and, if necessary, subsequent fiscal years and other periods) in an amount equal to such Member’s share of the net decrease in partnership minimum gain, determined in accordance with Treasury Regulations
Section 1.704-2(g). Allocations pursuant to the previous sentence shall be made in proportion to the respective amounts required to be allocated to each Member pursuant thereto. The items to be so
allocated shall be determined in accordance with Sections 1.704-2(f)(6) and 1.704(j)(2) of the Treasury Regulations. This Section 3.02(b) is intended to comply with the minimum gain chargeback requirement
in Section 1.704-2(f) of the Treasury Regulations and shall be interpreted consistently therewith. 

(c) Qualified Income Offset. In the event any Member unexpectedly receives any adjustments, allocations, or distributions described in
Treasury Regulations Section 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) or 1.704-1(b)(2)(ii)(d)(6) which causes or
increases an Adjusted Capital Account Deficit of such Member, items of Company income and gain shall be specially allocated to such Members in an amount and manner sufficient to eliminate any such Adjusted Capital Account Deficit as quickly as
possible. This Section 3.02(c) is intended to qualify as a “qualified income offset” within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted
consistently therewith. 
 (d) Member Nonrecourse Deductions. Any “partner nonrecourse deductions” (as defined in Treasury
Regulations Section 1.704-2(i)(1)) for any fiscal year or other relevant period shall be specially allocated to the Member who bears the economic risk of loss with respect to the “partner nonrecourse
debt” (as defined in Treasury Regulations Section 1.704-2(b)(4)) to which such partner nonrecourse deductions are attributable in accordance with Treasury Regulations
Section 1.704-2(i)(1). 
 (e) Nonrecourse Deductions. “Nonrecourse deductions” (as
defined in Treasury Regulations Section 1.704-2(b)(1)) shall be allocated to the Members in proportion to their respective Percentage Interests. 

(f) Section 754 Adjustments. To the extent an adjustment to the adjusted tax basis of any Company asset pursuant to Code Section 734(b)
or 743(b) is required, pursuant to Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(2) or Treasury Regulations Section 1.704-1(b)(2)(iv)(m)(4), to be taken
into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) and such
gain or loss shall be specially allocated among the Members in a manner consistent with the manner in which each of their respective Capital Accounts are required to be adjusted pursuant to such section of the Treasury Regulations. 

Section 3.03 Curative Allocations. The allocations set forth in Sections 3.01(c) and 3.02 (the “Regulatory Allocations”)
are intended to comply with certain requirements of the Treasury Regulations. It is the intent of the Members that, to the extent possible, all Regulatory Allocations shall be offset either with other Regulatory Allocations or with special
allocations of other items of Company income, gain, loss, or deduction pursuant to this Section 3.03. Therefore, notwithstanding any other provision of this Article III (other than the Regulatory Allocations), the

  
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Manager shall make such offsetting special allocations of Company income, gain, loss, or deduction in whatever manner it determines appropriate so that, after such offsetting allocations are
made, each Member’s Capital Account balance is, to the extent possible, equal to the Capital Account balance such Member would have had if the Regulatory Allocations were not part of the Agreement and all Company items were allocated pursuant
to Section 3.01. In exercising its discretion under this Section 3.03, the Manager shall take into account future Regulatory Allocations that, although not yet made, are likely to offset other Regulatory Allocations previously made. 

Section 3.04 Tax Allocations. 

(a) General. For each fiscal year or other relevant period, items of income, deduction, gain, loss or credit shall be allocated for United
States federal, and state and local, income tax purposes to and among the Members in the same manner as their corresponding book items are allocated to the Members pursuant to Sections 3.01, 3.02 and 3.03 hereof for such fiscal year or other
relevant period, as modified by subsections (b) through (d) below: 
 (b) Section 704(c) Allocations. In accordance with Code
Section 704(c) and the Treasury Regulations promulgated thereunder, Company income, gain, loss, and deduction with respect to any asset contributed to the capital of the Company shall, solely for tax purposes, be allocated to and among the
Members so as to take account of any variation between the Company’s adjusted tax basis in such asset for United States federal income tax purposes and the Gross Asset Value of the asset using any method (or methods) that the Manager determines
to use and which is permitted under Code Section 704(c) and the Treasury Regulations thereunder. 
 (c) Reverse Section 704(c)
Allocations. In the event the Gross Asset Value of any Company asset is adjusted pursuant to clauses (b) or (d) of the definition of “Gross Asset Value,” subsequent allocations of Company income, gain, loss and deduction with respect
to such asset shall take account of any variation between the Gross Asset Value of such asset immediately before such adjustment and its Gross Asset Value immediately after such adjustment using any method (or methods) that the Manager shall
determine to use and which is permitted under Code Section 704(c) and the Treasury Regulations thereunder. 
 (d) Recapture Income.
Depreciation and amortization recapture, if any, resulting from any sales or dispositions of tangible or intangible depreciable or amortizable property of the Company shall be allocated to and among the Members in the same proportions that the
depreciation or amortization being recaptured was allocated to and among the Members to the maximum extent permissible under the Treasury Regulations. 

(e) Other. Any elections or other decisions relating to allocations under this Section 3.04 will be made by the Manager. Allocations
under this Section 3.04 are solely for purposes of United States federal, state and local taxes and will not affect, or in any way be taken into account in computing, any Member’s Capital Account or share of Net Profits or Net Losses or
other items or Distributions under any provision of this Agreement. 
 Section 3.05 Allocation in Event of Transfer. If there is
a change in any Member’s interest in the Company, whether by reason of a transfer of such interest, the admission of a new Member or otherwise, during any fiscal year or other relevant period, Net Profits, Net Losses and items thereof for such
fiscal year or other relevant period shall be allocated using such method(s) that the Manager shall determine to use and which is permissible under Section 706(d) of the Code and the Treasury Regulations thereunder. 

  
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 ARTICLE IV 

Distributions 

Section 4.01 General. The Manager shall have sole discretion regarding the amounts and timing of distributions of Distributable
Operating Funds and Distributable Capital Transaction Proceeds to Members, including to decide to forego distributions in order to provide for the retention and establishment of reserves of, or payment to third parties of, such funds as the Manager
deems necessary with respect to the reasonable business needs of the Company (which needs may include the payment or the making of provision for the payment when due of the Company’s obligations, including, but not limited to, present and
anticipated debts and obligations, capital needs and expenses, the payment of any management or administrative fees and expenses, and reasonable reserves for contingencies); provided, that to the extent there are sufficient Distributable Operating
Funds or Distributable Capital Transaction Proceeds to do so, the Preferred Return shall be distributed monthly. 
 Section 4.02
Distributable Operating Funds. Distributable Operating Funds shall be distributed as follows: 
 (a) First, to the Preferred Member,
until the Unpaid Preferred Return of the Preferred Member shall equal, or otherwise be reduced to, zero; 
 (b) Thereafter, 100% to the
Common Member. 
 Section 4.03 Distributable Capital Transaction Proceeds. Distributable Capital Transaction Proceeds shall be
distributed to the Members as follows: 
 (a) First, to the Preferred Member, until the Unpaid Preferred Return of the Preferred Member shall
equal, or otherwise be reduced to, zero; 
 (b) Then, to the Preferred Member and the Common Member, in proportion to their respective
Unreturned Capital Contributions, until the Unreturned Capital Contributions of the Preferred Member and of the Common Member shall equal, or otherwise be reduced to, zero; 

(c) Then, to the Preferred Member and the Common Member, in the amount needed to cause the aggregate distributions made to each them pursuant
to Section 4.02 and 4.03 to achieve a 9% IRR on each of their aggregate Capital Contributions, in proportion to their Percentage Interests at the time of the distribution; and 

(d) Then, one hundred percent (100%) to the Common Member. 

Section 4.04 Tax Distributions. Notwithstanding anything herein to the contrary and as a priority to the distributions to be made
pursuant to either Section 4.02 or 4.03, the Company shall distribute and shall have distributed (in one or more distributions), to each Member during each United States federal taxable period and by no later than thirty days following the end
of each such taxable period, an amount of cash equal to the product of (i) the highest combined effective federal income tax rates imposed on the ordinary income of married individuals, multiplied by (ii) such Member’s Percentage
Interest, multiplied by (iii) the amount of the Company’s estimated (or if available, actual) taxable income as determined for federal income tax purposes for the applicable tax 

  
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year that is allocable to the Members(such Member’s “Tax Distribution Amount” for such taxable period); provided, however, if the Manager determines that there shall be an
insufficient amount of cash to so distribute to each Member for any taxable period, then the amount of cash that the Manager determines to be so available to distribute shall be distributed to the Members in proportion to their respective Tax
Distribution Amounts, with any unpaid Tax Distribution Amounts to be treated as an additional Tax Distribution Amount for the immediately succeeding period for distribution pursuant to this Section 4.04. Any Tax Distribution Amount distributed
to any Member shall be treated as, and shall reduce and be credited against, but without duplication, any amount(s) that would otherwise be distributable and distributed to such Member pursuant to Sections 4.02 and/or 4.03 including by reason of the
application of Section 7.02(a) (and in the priorities as so provided in these sections). 
 Section 4.05 Withholding. The
Company shall comply with any and all of its withholding obligations under the Code and under any applicable United States federal, state, local and, as applicable, foreign tax law. Each Member hereby authorizes the Manager and the Company to
withhold or pay on behalf of or with respect to such Member any such withholding tax that the Manager determines, in its discretion, that it is required to withhold or pay with respect to any amount distributable or allocable to such Member pursuant
to this Agreement. Any amount so withheld and/or paid over, and/or paid, by the Company to the Internal Revenue Service and/or any state, local or other tax or governmental authority, agency, entity, instrumentality or other body (any of the
foregoing, a “Tax Authority”) in respect of any payment, distribution and/or any Net Profits, income, profits and/or gain allocated or allocable by the Company to any Member shall be treated as an amount actually distributed or paid to
such Member and shall reduce and be credited against (but without duplication) the first amount(s) that would otherwise be distributable or payable to such Member under any provision of this Agreement (including, without limitation, under any
provision of this Article IV, including by reason of the application of Section 7.02(a)) or any other agreement or arrangement. Any determinations made by the Manager pursuant to this Section 4.05 shall binding upon the Members. Any Person
who ceases to be a Member shall be deemed to be a Member for purposes of this Section 4.05, and the obligations of a Member pursuant to this Section 4.05 shall survive indefinitely with respect to any taxes withheld or paid by the Company
that relate to the period during which such Person was actually a Member, regardless of whether such taxes are assessed, withheld or otherwise paid during such period. 

ARTICLE V 
 Management
of the Company 
 Section 5.01 Management of Business and Affairs. 

(a) Except as otherwise expressly provided in this Agreement, the business and affairs of the Company shall be exclusively and solely vested
in the Manager. Except as otherwise expressly provided in this Agreement, no Member, other than the Manager, shall be an agent of the Company or have any authority to bind or take action on behalf of the Company. The Member hereby agrees that there
will be one Manager. The Manager shall hold office until the Manager resigns or is removed by the Common Member. It shall not be necessary for a Manager to be a Member. Any vacancy occurring in the Manager position may be filled by the Common
Member. 

  
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 (b) The Members hereby designate and appoint GIPLP to serve as the Manager of the Company.
Subject to the approval of the Members for any Major Decision (defined below), the management of the Property shall rest with and remain the sole and absolute right, and responsibility of the Manager. All Members agree to cooperate with the Manager
by executing any consents or certificates of the Company necessary to demonstrate to a lender, tenant or other service provider to the Company that the Manager has the power and authority set forth in this Section 5.01. Without limiting the
generality of the foregoing, but subject to the express provisions of this Agreement to the contrary, the Manager shall have the full power and authority to do all things deemed necessary or desirable by it in its reasonable discretion to conduct
the business of the Company and to effectuate the purposes set forth in Section 1.03 hereof, including, without limitation: 
 (i) the
making of any expenditures that it reasonably deems necessary for the conduct of the activities of the Company; 
 (ii) the use of the cash
assets of the Company for any purpose consistent with the terms of this Agreement which the Manager reasonably believes may benefit the Company and on any terms that the Manager sees fit and the repayment of obligations of the Company; 

(iii) the management, operation, leasing (including the amendment and/or termination of any lease), landscaping, repair, alteration,
demolition, replacement or improvement of any Property; 
 (iv) the negotiation, execution and performance of any contracts, leases,
conveyances or other instruments that the Manager considers useful or necessary to the conduct of the Company’s operations or the implementation of the Manager’s powers under this Agreement, including contracting with property managers,
contractors, developers, consultants, accountants, legal counsel, other professional advisors and other agents (including GIPLP service providers and property managers provided that the terms and conditions of any agreement or contract with such
service providers and property managers shall be on terms no less favorable to the Company than terms available from unrelated parties) and the payment of their expenses and compensation out of the Company’s assets; 

(v) the distribution of Company cash and other Company assets in accordance with this Agreement and the holding and management of other assets
of the Company; 
 (vi) the selection and dismissal of agents, outside attorneys, accountants, consultants and contractors of the Company and
the determination of their compensation and other terms of employment or hiring; 
 (vii) the maintenance of such insurance for the benefit
of the Company and the Members as it deems necessary or appropriate including casualty, liability and other insurance on the Property and other assets of the Company, which insurance may be obtained by a blanket insurance policy obtained by the
Manager or its Affiliates, the control of any matters affecting the rights and obligations of the Company, including the settlement, compromise, submission to arbitration or any other form of dispute resolution, or abandonment of any claim, cause of
action, liability, debt or damages due or owing to or from the Company, the commencement or defense of suits, legal proceedings, administrative proceedings, arbitrations or other forms of dispute resolutions, and the representation of the Company in
all suits or legal proceedings, administrative proceedings, arbitrations or other forms of dispute resolutions, the incurring of legal expenses and the indemnification of any Person against liabilities and contingencies to the extent permitted by
law; 

  
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 (viii) holding, managing, investing and reinvesting cash and other assets of the Company;

 (ix) the collection and receipt of rents, revenues and income of the Company; 

(x) in addition to working capital and/or reserves required to be maintained under this Agreement, the maintenance of working capital and other
reserves in such amounts as the Manager deems appropriate and reasonable from time to time; and 
 (xi) the making, execution and delivery of
any and all deeds, leases, notes, deeds to secure debt, mortgages, deeds of trust, security agreements, conveyances, contracts, guarantees, warranties, indemnities, waivers, releases or legal instruments or agreements in writing necessary or
appropriate in the judgment of the Manager for the accomplishment of any of the powers of the Manager enumerated in this Agreement. 
 (c)
In addition to and without limiting the duties and obligations of the Manager as set forth above, the Manager shall (on behalf of the Company): 

(i) cause the Company, directly or through its agents, at all times to perform and comply with the provisions of any loan commitment,
agreement, mortgage, deed of trust, lease, construction contract or other contract, instrument or agreement to which the Company is a party or which affects the Property or the operation thereof; 

(ii) keep and maintain at least such insurance coverage as may be required by the holder of any mortgage or deed of trust encumbering all or
any portion of any Property; 
 (iii) open and maintain bank accounts for funds of the Company; 

(iv) employ contractors for the ordinary maintenance and repair of the Property, including installation of tenant improvements as required by
leases on the Property; 
 (v) retain or engage real estate brokers licensed to do business in the state in which the Property, or any part
thereof, is located; 
 (vi) use reasonable efforts to enter into leases of space and other occupancy agreements on the Property on market
terms and conditions, and in accordance with the requirements of any applicable loan; 
 (vii) employ such managing or other agents necessary
for the operation, management and leasing of the Property including, without limitation, a property manager; 
 (viii) cause the Company to
enter into a loan or loans to be secured by the Property; 
 (ix) retain or engage attorneys and accountants, to the extent such professional
services are required during the term of the Company; and 
 (x) do any act which is necessary or desirable to carry out any of the
foregoing. 
 (d) Notwithstanding the provisions of Section 5.01(b), 5.01(c) and 5.01(d) neither the Manager nor any other Member shall
have any authority, in the name of or on behalf of the Company, to take any of the following actions or make any of the following decisions without the prior written consent or approval of the Members (each, a “Major Decision”):

 (i) the sale, transfer, exchange or other disposition of the Property; 

  
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 (ii) the mortgage, pledge, encumbrance or hypothecation of the Property; 

(iii) refinancing any mortgage on the Property or any debt obligation of the Company; 

(iv) any cross-collateralization of the assets of the Company with any affiliate of a Member; 

(v) except with respect to a mortgage on the Property and as required by law, subordinate the Company’s obligations to pay the Preferred
Return to the Preferred Member hereunder; 
 (vi) except as provided in this Agreement, admit any Person as an Additional Member of the
Company; 
 (vii) assign all or substantially all of the assets of the Company in trust for creditors or file on behalf of the Company a
voluntary petition for relief under the bankruptcy laws or similar voluntary petition under state laws; and 
 (viii) cause the Company to
become a party to any merger, consolidation or share exchange with any other entity or person, or dissolve or terminate the Company. 
 (e)
Notwithstanding the provisions of Section 5.01(e), or any other provision of this Agreement, and for the purpose of avoiding any doubt, the terms of this Agreement shall not restrict the merger, consolidation, public offering, share exchange,
sale or acquisition by or of GIPREIT in an fashion whatsoever. 
 (f) Whenever the Manager requests that the Members consent to any action
required of the Members under the provisions of this Agreement, notice shall be delivered by the Manager to the Members, which notice shall be in writing and shall include (a) a summary of the terms and conditions of the actions requested to be
taken by the Manager (b) a copy of any proposed documentation in substantially the form to be consented to, including any document to be executed by the Company or the Members in connection therewith. Notwithstanding the inference from the
foregoing provisions to the contrary, the foregoing provisions of this Section 5.01(h) shall not be deemed to reduce any specific time periods for notice otherwise expressly set forth in this Agreement. 

Section 5.02 Duties and Conflicts. 

(a) The Members, in connection with their respective duties and responsibilities hereunder, shall at all times act in good faith and, except
as expressly set forth herein, any decision or exercise of right of approval, consent, disapproval or deferral of approval by a Member (including the Manager) is to be made by such Member pursuant to the terms of this Agreement in good faith, but
recognizing that each Member may act in its own economic self-interest and in accordance with such tax and business objectives as it deems appropriate or desirable for such Member. Except as otherwise agreed to in writing by the Members, no Member
(including the Manager) or any partner, officer, shareholder or employee of any Member shall receive any salary or other remuneration for its services rendered pursuant to this Agreement. Notwithstanding the foregoing, GIPLP service providers and
property managers may manage the Property pursuant to a separate management agreement the execution by the Company of which shall expressly not require the consent of the Preferred Member; provided, however, that the terms and conditions of any such
agreement or contract shall be on terms no less favorable to the Company than terms available from unrelated parties. 

  
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 (b) Each Member recognizes that the other Members (including the Manager) have or may have
other business interests, activities and investments, some of which may be in conflict or competition with the business of the Company and that such other Member (including the Manager) is entitled to carry on such other business interests,
activities and investments. 
 (c) No Member (including the Manager) shall be obligated to devote all or any particular part of its time and
effort to the Company and its affairs. 
 (d) The Manager shall not be liable to the Company or to any other Member for any error in
judgment, mistake or law or fact or for any other act or thing which it may do or refrain from doing in connection with the business and affairs of the Company, except in the case of a breach of any provision of this Agreement (after written notice
to the Manager and a reasonable time to cure) or its willful misconduct, gross negligence or bad faith. 
 Section 5.03 Exculpation
and Indemnification. 
 a) The Company shall indemnify any Person who was or is a party or is threatened to be made a party to any
threatened, pending or completed action, suit, proceeding or investigation, whether civil, criminal, investigative or administrative, and whether external or internal to the Company (other than an action or suit brought by or in the right of the
Company), by reason of the fact that such person is or was a Manager, Member, employee or trustee of the Company, or that, such person is or was an Affiliate of the Manager (including any partner, member, officer, director, shareholder, agent,
advisor, or legal representative of the Manager or its Affiliates), Member, employee or trustee of the Company, against expenses (including reasonable attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably
incurred by such Person in connection with such action, suit or proceeding, or any appeal therein, if such Person acted in good faith and in a manner he, she, or it reasonably believed to be in or not opposed to the best interests of the Company,
and with respect to any criminal action or proceeding, had no reasonable cause to believe such conduct was unlawful. 
 The termination of any action, suit
or proceeding whether by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent shall not, of itself, create a presumption that the Person did not act in good faith and in a manner which he, she or it reasonably
believed to be in or not opposed to the best interests of the Company, and, with respect to any criminal action or proceeding, that such Person had reasonable cause to believe that his, her or its conduct was unlawful. 

b) The Company shall indemnify any Person who was or is a party or is threatened to be made a party to any threatened, pending or completed
action or suit brought by or in the right of the Company to procure a judgment in its favor by reason of the fact that he, she or it is or was a Manager, Member, employee or trustee of the Company or is or was an Affiliate of a Manager (including
any partner, member, officer, director, shareholder, agent, advisor, or legal representative of the Manager or its Affiliates), Member, employee or trustee of the Company against expenses (including reasonable attorneys’ fees) actually and
reasonably incurred by such Person in connection with the defense, settlement or appeal of such action or suit if such Person acted in good faith and in a manner such Person reasonably believed to be in

  
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or not opposed to the best interests of the Company, except that no indemnification shall be made in respect of any claim, issue or matter as to which such Person shall have been adjudicated to
be liable for gross negligence or willful misconduct in the performance of his, her or its duty to the Company unless and only to the extent that the court in which such action or suit was brought shall determine upon application that, despite the
adjudication of liability but in view of all the circumstances of the case, such Person is fairly and reasonably entitled to be indemnified for such expenses which the court shall deem proper. 

c) Any indemnification under Sections 5.03(a) or 5.03(b) hereof (unless ordered by a court) shall be made by the Company only as authorized in
the specific case upon a determination that the indemnification of the Person in question is proper in the circumstances because that Person has met the applicable standards of conduct set forth in Sections 5.03(a) or 5.03(b) hereof. Such
determination shall be made by the Manager, in its reasonable discretion, upon notice to each of the Members; provided, that if the Preferred Member shall submit a written objection to such Manager’s determination within fifteen
(15) business days after receipt of such notice, then such determination shall be made by a court of competent jurisdiction. 
 d) To
the extent that any Person referred to in Sections 5.03(a) or 5.03(b) hereof has been successful on the merits or otherwise in defense of any action, suit, proceeding or investigation, or any appeal or in defense of any claim, issue or matter
therein, or on appeal from any such proceeding, action, suit, claim or matter, such Person shall be indemnified against all expenses (including reasonable attorneys’ fees) incurred in connection therewith. 

e) Expenses incurred in any action, suit, proceeding or investigation or any appeal therefrom may be paid by the Company in advance of the
final disposition of such matter, as authorized by the Manager in the Manager’s reasonable discretion, upon receipt of an acceptable undertaking by or on behalf of such Person to repay such amount, unless it shall ultimately be determined, as
provided herein, that such Person is entitled to indemnification. 
 f) The indemnification provided by this Section 5.03 shall not be
deemed exclusive of, and shall not affect, any other rights to which any Person seeking indemnification may be entitled under any law, agreement, or otherwise, and shall continue and inure to the benefit of the heirs, executors and administrators of
such a Person. 
 g) The Company may purchase and maintain insurance on behalf of any Person who is or was a Manager, Member, employee or
trustee of the Company against any liability asserted against such Person and incurred by him, her or it in any such capacity, or arising out of his, her or its status as such, whether or not the Company would have the power to indemnify such Person
against such liability under the provisions of this Section. Such insurance may include “tail” coverage for periods after termination of service in such capacity or after liquidation, merger, consolidation or other change in the Company.

 h) The Company shall, at its cost and expense, defend with counsel of the Company’s choice or approval, any Person who was or is a
party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding or investigation, whether civil, criminal or administrative, and whether external or internal to the Company by reason of the fact that he,
she or it or was acting in any capacity described in Sections 5.03(a) or 5.03(b) hereof if he, she or it acted in good faith and in a manner reasonably believed to be in or not opposed to the best interests of the Company and with respect to any
criminal action or proceeding, had no reasonable cause to believe such conduct was unlawful. 

  
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 Section 5.04 Compliance with Certain Requirements. 

Each Member hereby acknowledges that one of the partners of GIPLP is Generations Income Properties, Inc. (“GIPREIT”), a
Maryland corporation that has made the election to be treated as, and which constitutes, a real estate investment trust (a “REIT”) under Sections 856 et. seq. of the Code and the regulations, rules and requirements thereunder
(collectively, the “REIT Rules”). Accordingly, and notwithstanding anything herein or in any other document governing the management and operation of the Property to the contrary, and for so long as GIPREIT continues to be so
treated and so constitute a REIT, the Company shall be managed and operated as if itself is an entity subject to the REIT Rules even if such management and operation is, or could be or become, detrimental or adverse, financially, economically or
otherwise, to the Company and/or any Member. To this end, the Manager (or any successor manager(s)) shall have the right to, and shall, cause the Company and/or any of its direct and indirect subsidiaries and Affiliates to take any action or to
refrain from taking any action (including but not limited to using a protective trust to own assets) that the Manager determines would be necessary or desirable for the Company, if it itself were a REIT, to (i) preserve its continued
qualification as a REIT; and/or (ii) avoid being subject to any excise or other taxes under Sections 857 or 4981 of the Code or under any of the other REIT Rules. For the avoidance of doubt, and notwithstanding anything herein or under any
otherwise applicable law, rule, regulation or requirement to the contrary, neither the Manager (or any successor manager) nor any Member shall be liable to the Company, any Member or any other Person for any damages or losses that could result or
arise from the Company being operated and/or managed as provided in this Section 5.04. 
 Section 5.05 Reliance by Third
Parties. Persons dealing with the Company may rely conclusively upon the certificate of the Manager to the effect that it is then acting as the Manager and upon the power and authority of the Manager as herein set forth. 

Section 5.06 Standard of Care; Activities of the Manager. The Manager and its Affiliates may at any time and from time to time
engage in and possess interests in other business ventures of any and every type and description, and neither the Company nor the Members shall by virtue of this Agreement or otherwise have any right, title or interest in or to such independent
ventures. The Manager and its Affiliates will have no obligation to offer to the Company, and are expressly permitted to invest directly or indirectly (independent of the Company and/or the Preferred Member) in any opportunities. 

Section 5.07 Fees and Expense. 

(a) Company Expenses. The Company shall pay directly, or reimburse GIPLP for all of the costs and expenses of the Company’s
operations, including, without limitation, the following costs and expenses: (a) all organization expenses advanced or otherwise paid by the Members; (b) all costs of personnel employed by the Company and directly involved in the
Company’s business, if any; (c) all compensation due to the Members or their Affiliates; (d) all costs of borrowed money, taxes and assessments on Property and other taxes applicable to the Company; (e) legal, accounting, audit,
brokerage and other fees; fees and expenses paid to independent contractors, mortgage brokers, real estate brokers and other agents; (g) costs of leasing, acquiring, owning, developing, constructing, improving, operating, and disposing of
Property; (h) expenses incurred in connection with the development, construction, alteration, maintenance, repair, remodeling, refurbishment, leasing and operation of Property; (i) all expenses incurred in connection with the maintenance
of Company books and records, the preparation and dissemination of reports, tax returns or other information to the Members and the making of Distributions to the Members; (j) expenses incurred in preparing and filing reports or other
information with appropriate regulatory agencies; (k) expenses of insurance as required in 

  
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 connection with the business of the Company; (l) costs incurred in connection with any litigation in
which the Company may become involved, or any examination, investigation, or other proceedings conducted by any regulatory agency, including legal and accounting fees; (m) the actual costs of goods and materials used by or for the Company;
(n) the costs of services that could be performed directly for the Company by independent parties such as legal, accounting, secretarial or clerical, reporting, transfer agent, data processing and duplicating services but which are in fact
performed by the Members or their Affiliates, but not in excess of the amounts which the Company would otherwise be required to pay to independent parties for comparable services in the same geographic locale; (o) expenses of Company
administration, accounting, documentation and reporting; (p) expenses of revising, amending, modifying or terminating this Agreement; and (q) all other costs and expenses incurred in connection with the Company’s business, including
travel to and from the Project that may be acquired by the Company. The legal expenses (up to $5,000) of Brown Family Enterprises, LLC and GIPLP respectively in connection to this Agreement shall be an expense of the Company and shall be
reimbursable to the respective Member. 
 (b) Fees. N/A 

ARTICLE VI 

Transferability of Member Interests 

Section 6.01 Assignability of Units. Without the prior written consent of the Manager, which may be withheld in its sole and
absolute discretion, a Member may not (i) pledge, transfer or assign its Membership Interest in the Company, in whole or in part, to any person except as provided in Section 6.02 or (ii) substitute for itself as a Member any other
Person. The Manager may require a Member seeking to transfer its Membership Interest to obtain, at such Member’s cost, a legal opinion satisfactory to the Manager that such transfer does not, among other things, require registration under the
Securities Act or the Investment Company Act, or subject the Company to other regulatory burdens. Additionally, GIPLP may not pledge, transfer or assign its Membership Interest in the Company, with or without the consent of Manager, to any Person
other than an Affiliate until such time as the Brown Family’s Membership Interest has been redeemed by the Company or transferred to a third party. GIPLP may pledge, transfer or assign its Membership Interest to an Affiliate of GIPLP with the
prior consent of Preferred Member, which consent will not be unreasonably withheld, conditioned, or delayed. The Manager does not generally expect to consent to pledges of Membership Interest. Any attempted pledge, transfer, assignment or
substitution not made in accordance with this Section 6.01 shall be void. 
 Section 6.02 Permitted Assignees. 

(a) Subject to compliance with Section 6.01, a purchaser, assignee or transferee of a Member’s Membership Interest (each such
Person, a “Permitted Assignee”) shall have the right to become a Substitute Member only if the following conditions (in addition to those set forth in Section 6.01) are satisfied: 

(i) A duly executed and acknowledged written instrument of assignment or document of transfer satisfactory in form and substance to the
Manager shall have been filed with the Company; 
 (ii) The Member and the Permitted Assignee shall have executed and acknowledged such
other instruments and documents and taken such other action as the Manager shall reasonably deem necessary or desirable to effect such substitution; 

  
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 (iii) The Member or the Permitted Assignee shall have paid to the Company such amount of
money as is sufficient to cover all costs, fees and expenses (including attorney’s fees) incurred by or on behalf of the Company in connection with such substitution; and 

(iv) The Manager shall have consented to such substitution. 

In the event of the admission of a Permitted Assignee as a Substitute Member, all references herein to the Members shall be deemed to apply to
such Substitute Member and such Substitute Member shall succeed to all rights and obligations of the transferor Member hereunder, including the Capital Account balance of such transferor. 

(b) The Company shall, after the effective date of any assignment pursuant to the provisions of this Section 6.02,
pay all distributions on account of the Membership Interest so transferred to the Permitted Assignee. If any such distribution is made to the assignor it shall be treated as if paid to the Permitted Assignee for purposes of determining the Capital
Account balance of the Permitted Assignee. 
 (c) Notwithstanding anything to the contrary, the Common Member may, upon written notice to
the Manager, transfer any of its Membership Interests to an Affiliate of the Common Member. 
 (d) Any Member who assigns all of its
Membership Interest in the Company shall, upon the effective date of such assignment, cease to be a Member for all purposes, except that no assignment of all or any portion of its Membership Interest in the Company shall relieve the assignor of its
obligations under this Agreement, whether arising prior to or subsequent to such transfer. 
 Section 6.03 Limitation of
Liability. For each Member, liability shall be limited as set forth in this Agreement, the Act, and other applicable law. A Member will not be personally liable for any debts or losses of the Company beyond its respective Capital Contribution;
provided, however, that any Member who receives a distribution or the return in whole or in part of its Capital Contribution is liable to the Company only to the extent that such Member knew that such distribution violated the Act and then, only to
the extent required by the Act. 
 ARTICLE VII 

Termination of the Company 

Section 7.01 Dissolution. 

(a) The Company shall be dissolved upon the happening of any of the following events (each a “Dissolution Event”): 

(i) the sale or disposition of all of the assets of the Company and the receipt of all consideration therefor; 

  
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 (ii) the occurrence of any event which, as a matter of law, requires that the Company be
dissolved; or 
 (iii) A determination by the Common Member after receiving prior, written consent from Preferred Member, to dissolve the
Company. 
 (b) Dissolution of the Company shall be effective on the day on which the Dissolution Event occurs, but the Company shall not
terminate until the Company’s Certificate of Formation shall have been cancelled and the assets of the Company shall have been distributed as provided in Section 7.02 hereof. Notwithstanding the dissolution of the Company prior to the
termination of the Company, as aforesaid, the business of the Company and the affairs of the Members, as such, shall continue to be governed by this Agreement. 

(c) The Bankruptcy, insolvency, dissolution, death or adjudication of incompetency of a Member shall not cause the dissolution of the Company.
In the event of the Bankruptcy, death or incompetency of a Member, its executors, administrators or personal representatives shall, subject to the Investment Company Act of 1940, as amended, and the requirements of Article VII hereof, have the same
rights that such Member would have if it had not suffered the foregoing, and the interest of such Member in the Company shall, until the termination of the Company, be subject to the terms, provisions and conditions of this Agreement. 

Section 7.02 Liquidation. 

(a) Except as otherwise provided in this Agreement, upon dissolution of the Company, the Manager (or its designee) shall liquidate the assets
of the Company, apply and distribute the proceeds thereof as contemplated by this Agreement and cause the cancellation of the Company’s Certificate of Formation. As soon as possible after the dissolution of the Company, a full account of the
assets and liabilities of the Company shall be taken and a statement shall be prepared setting forth the assets and liabilities of the Company. A copy of such statement shall be furnished to each of the Members within sixty (60) days after such
dissolution. Thereafter, the assets shall be liquidated as promptly as possible and the proceeds thereof shall be applied in the following order: 

(i) The expenses of liquidation and the debts of the Company, other than the debts owing to the Members, shall be paid from the proceeds of
liquidation. Any reserves shall be established or continued which the Manager (or its designee) deems reasonably necessary for any liabilities to be satisfied in the future, for any contingent or unforeseen liabilities or obligations of the Company
or for its liquidation. Such reserves shall be held by the Company for the payment of any of the aforementioned contingencies, and at the expiration of such period as the Manager shall deem advisable, the Company shall distribute the balance
thereafter remaining in the manner provided in the following subsections; 
 (ii) Such debts as are owing to the Members, including unpaid
expense accounts or advances made to or for the benefit of the Company, shall be paid; and 
 (iii) Then, to the Members pursuant to and as
provided in Section 4.03. 
 (b) Upon dissolution of the Company, each of the Members shall look only to the assets of the Company for
the return of his, her or its investment, and if the Company’s assets remaining after payment and discharge of debts and liabilities of the Company, including any debts and liabilities owed to any one or more of the Members, are not sufficient
to satisfy the rights of a Member, the Members shall have no recourse or further right or claim against the Company, the Manager or any other Member. 

  
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 (c) If any assets of the Company are to be distributed
in-kind, such assets shall be distributed to the Members in accordance with Section 4.01 as if the assets were sold based on the fair market value thereof, and any Member entitled to any interest in such
assets shall receive such interest therein as a tenant-in-common with all other Members so entitled. The fair market value of such assets shall be determined by an
independent appraiser to be selected by the Manager. 
 (d) No Priority. Each Member shall look solely to the assets of the Company of
which such Member is a Member for the return of such Member’s aggregate Capital Contributions in the Company and no Member shall have priority over any other Member as to the return of such Capital Contribution. 

ARTICLE VIII 
 Reports
to Members; Books and Records 
 Section 8.01 Independent Auditors. The Investments (including the Property)
may, in the sole discretion of the Manager, be audited annually by an independent certified public accountant selected by the Manager in its sole discretion. Expenses incurred in connection of an audit of the Investments (including the Property)
shall be borne by such Property. 
 Section 8.02 Reports to Members. The Company shall prepare and deliver to each Member
(i) to the extent prepared at the request of the Manager, unaudited quarterly statements and in the Manager’s sole discretion, an audited financial report of the Company prepared by the accountants selected by the Manager and
(ii) quarterly statements of the Member’s Capital Account. The Company shall prepare and deliver to the Members, on a monthly basis, the Company’s unaudited balance sheet, profit and loss statement, cash flow statement and bank
reconciliation (and/or bank statement). 
 Section 8.03 Tax Matters. 

(a) Tax Returns and Supplemental Information. The Manager shall cause the Company to send to each Person who or that was a Member of
the Company at any time during the fiscal year or other relevant period then ended, such tax information as shall be necessary for the preparation by such Member of his, her or its United States federal, state and local income tax returns. Unless
and until the Manager shall determine that the Company should make an election to be, and/or to otherwise take such action that would result in the Company being, treated as a corporation for United States federal income tax purposes, the Company
and the Members agree that the Company shall constitute, and be treated for all United States federal, state and local income tax purposes, as a partnership for United States federal, state and local income purposes. 

  
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 (b) Partnership Representative. 

(B) the Manager is hereby designated as the “partnership representative” of the Company for purposes and within the meaning of the
New Partnership Audit Rules (the “Partnership Representative”). The Company and each Member shall take such actions as may be required to effect such designation. The Partnership Representative shall designate from time to time a
“designated individual” to act on behalf of the Partnership Representative, and such designated individual shall be subject to replacement by the Partnership Representative in accordance with the Code and Treasury Regulations. To the
extent that the Partnership Representative does not make an election to apply the alternative method provided by Section 6226 of the Code (or any analogous provision of state or local tax law), the Partnership Representative shall have the
authority and discretion to determine the portion of any imputed underpayment (within the meaning of the New Partnership Audit Rules) allocable to each Member. Each Member agrees to provide any information reasonably requested by the Partnership
Representative in order to determine whether any imputed underpayment (within the meaning of the New Partnership Audit Rules) may be modified in a manner consistent with the requirements of Code Section 6225(c), including any information that
will enable the Partnership Representative to determine the portion of the imputed underpayment allocable to (A) a “tax-exempt entity” (as defined in Code Section 168(h)(2)), in the case of
ordinary income, to a C corporation or, in the case of capital gain or qualified dividend income, to an individual. Each Member agrees that any payment by the Company of a partnership-level tax imposed with respect to the New Partnership Audit Rules
shall be treated as paid with respect to such Member. Each Member shall promptly contribute the amount of its allocable share of any partnership-level tax upon request by the Manager and, to the extent a Member does not contribute such amount within
15 days after demand for payment thereof, the Company shall offset such amount against distributions to which such Member would otherwise be subsequently entitled pursuant to Section 4.02 and 4.03 (and such amounts shall be deemed distributed
pursuant to those provisions). Each Member hereby agrees to indemnify and hold harmless the Company, the other Members, the Partnership Representative and the Manager from and against any liability (including any liability for partnership-level
taxes imposed with respect to the New Partnership Audit Rules) with respect to income attributable to or distributions or other payment to such Member. Each Member agrees, upon the request of the Partnership Representative, to file an amended United
States federal income tax return for the taxable year which includes the end of the taxable year to which an imputed underpayment relates and to pay on a timely basis any and all resulting taxes, additions to tax, penalties and interest due in
connection with such tax return in accordance with Code Section 6225(c)(2). 

  
 - 22 - 

	 	(II)	 Notwithstanding anything in this Agreement to the contrary, (x) the Partnership Representative, in its
sole discretion, may, and/or may cause the Company to, make or take (or not make or take) any election or other action that the Partnership Representative and/or the Company is permitted or required to make or take (or not make or take) under the
New Partnership Audit Rules; and (y) each Member shall timely make or take (and/or cause to be timely made and taken) any and all actions and payments, and each Member shall timely prepare and file (and/or shall cause to be timely prepared and
filed) any and all of its tax returns, consistent with and in compliance with the New Partnership Audit Rules and/or otherwise as the Partnership Representative shall determine to be consistent with and in compliance with the New Partnership Audit
Rules and which the Partnership directs a Member to make, take or do. 

  

	 	(III)	 For the avoidance of doubt, any Person who ceases to be a Member shall be deemed to be a Member for purposes of
this Section 8.03, and the obligations of a Member pursuant to this Section 8.03 shall survive indefinitely with respect to any taxes withheld or paid by the Company that relate to the period during which such Person was actually a Member,
regardless of whether such taxes are assessed, withheld or otherwise paid during such period. 

 Section 8.04
Books and Records. The Company shall maintain the Company’s books and records at the principal office of the Company, or such other place as designated by the Manager in its sole discretion. The books and records of the Company shall be
available for examination by any Member, or its duly authorized representatives, during normal business hours upon reasonable request of a Member. The Company may provide such financial or other statements as the Manager in its sole discretion deems
advisable. 
 Section 8.05 Information from Members. Each Member agrees to provide, upon the reasonable request of the Manager,
any and all information necessary to comply with laws applicable to the Company. 
 Section 8.06 Assets and Liabilities. The
assets and liabilities of the Company shall be determined based upon generally accepted accounting principles or as the Manager shall otherwise reasonably determine. 

  
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 Section 8.07 Valuation. Whenever the Fair Value of property is required to be
determined under this Agreement, such Fair Value shall be determined by the Manager, in good faith, based upon available relevant information. It shall be reasonable for the Manager to value the Company’s assets for which market quotations are
readily available based upon such market quotations. With respect to assets that are not readily marketable, the Manager will determine the Fair Value of such assets, in its sole discretion, in good faith, which may include retaining a third-party
valuation firm to appraise such assets. The Manager shall also have discretion to assess Investments and to assign values as it believes are reasonable, and to adjust valuations based on hedging activities undertaken by the Company. The Manager
shall have the discretion to use other valuation methods that it determines, in its sole discretion, are fair and reasonable. 
 ARTICLE
IX 
 Miscellaneous 

Section 9.01 General. This Agreement (i) shall be binding on the executors, administrators, estates, heirs, and legal
successors and representatives of the Members and the Manager, and (ii) may be executed, through the use of separate signature pages or supplemental agreements in any number of counterparts with the same effect as if the parties executing such
counterparts had all executed one counterpart. A facsimile or electronic signature page to this Agreement shall for all purposes be treated as an original signature page. 

Section 9.02 Power of Attorney. 

(a) Each Member does hereby constitute and appoint the Manager as its true and lawful representative and attorney in fact, in its name, place
and stead to make, execute, sign and file: (i) any amendment to the Certificate required because of an amendment to this Agreement or in order to effectuate any change in the membership of the Company; (ii) any amendments to this Agreement
in accordance with Section 9.03; (iii) all such other instruments, documents and certificates which may from time to time be required by the laws of the State of Delaware to effectuate, implement and continue the valid and
subsisting existence of the Company or to dissolve the Company; (iv) any pledge of such Member’s Capital Commitment and its Membership Interest in the Company to secure any borrowings by the Company; (v) any instruments, documents and
certificates the Manager determines are necessary or desirable to cause the sale, transfer or other disposition of the Member’s Membership Interest to another Member or any other Person or forfeiture of such Membership Interest; (vi) any
and all instruments, documents and certificates the Manager determines are necessary or desirable to accomplish any of the foregoing; and (vii) any business certificate, fictitious name certificate, amendment thereto or other instrument or
document of any kind necessary or desirable to accomplish the business, purpose and objectives of the Company, or required by any applicable United States federal, state or local law. Additionally, each Member agrees to reasonably cooperate with the
Company in providing all documentation required by lenders in connection with borrowings or indebtedness of the Company. 
 (b) The power of
attorney hereby granted by each of the Members is coupled with an interest, is irrevocable, and shall survive, and shall not be affected by, the subsequent death, disability, incapacity, incompetency, termination, bankruptcy, insolvency or
dissolution of such Member; provided, however, that such power of attorney will terminate upon the substitution of another Member for all of such Member’s Membership Interest in the Company or upon the complete withdrawal of such Member from
participation in the Company. 

  
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 Section 9.03 Amendments to Agreement. 

(a) Amendments to this Agreement may be made with the consent and approval of all Members and the consent and approval of the Manager, which
consent and approval may be withheld by the Manager in its sole and absolute discretion; provided, however, that no such consent or approval of the Members of the Company shall be required in connection with (i) amendments to this Agreement
which are of a clerical or inconsequential nature, including but not limited to, a change in the name of the Company, or which may be required to comply with the Act or the terms of this Agreement, and which do not adversely affect the Members in
any material respect, (ii) amendments to this Agreement which are required or contemplated by this Agreement, including, without limitation, amendments necessary to reflect the admission, substitution or withdrawal of a Member or the issuance
of additional Membership Interest, (iii) amendments to this Agreement which are required by the REIT Rules, including, without limitation any applicable sections of this Agreement, (iv) amendments to this Agreement to change the name of
the registered agent, the address of the registered office or the address of the office at which the Company records are kept, or (v) amendments to this Agreement which are necessary or appropriate to permit the Manager to take any action which
the Manager has the authority to take pursuant to this Agreement. Notwithstanding the foregoing provisions of this Section 9.03, no amendment without the consent of each Member who will be materially, adversely affected
shall: (w) amend this Section 9.03; (x) change the rights and interests of any Member in the Net Profit of the Company; or (y) directly or indirectly affect or jeopardize the status of the Company as a partnership
for federal income tax purposes. Amendments of this Agreement that have received any required consent or approval of the Members pursuant to this Section 9.03 may be executed by the Manager through the exercise of the power
of attorney granted the Manager by Section 9.02 of this Agreement. 
 Section 9.04 Choice of Law;
Jurisdiction and Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflict of laws principles thereof. Any disputes arising out of this Agreement or otherwise in
relation to the Company shall be adjudicated exclusively in the federal and state courts sitting in Hillsborough County, Florida, with appeal rights to the appropriate appellate courts. 

Section 9.05 Approvals by Members. Written approvals by Members may be given in lieu of a meeting of Members. A written approval
may be in one or more instruments (including email), each of which may be signed by one or more Members. A written approval need not be signed by all Members if the matter being approved requires fewer than all Members to approve it. No notice need
be given of action proposed to be taken by written action, or an approval given by written action, unless specifically required by this Agreement or the Act. 

Section 9.06 Notices. Any notice, payment, demand or communication required or permitted to be given pursuant to any provision of
this Agreement shall be in writing and shall be (i) delivered personally, (ii) sent by postage prepaid, registered mail, return receipt requested, (iii) transmitted by fax or e-mail, or
(iv) delivered by nationally/internationally recognized overnight courier, to the corresponding address as it appears in Schedule A, or to such other address as a Person may from time to time specify by notice to the Members. Any such
notice, payment, demand, or communication shall be deemed to be delivered, given and received for all purposes hereof (x) on the date of receipt if delivered personally or by courier, (y) three (3) business days after posting if
transmitted by mail return receipt requested, or (z) the date of transmission by fax or e-mail, provided that the Person to whom the fax or e- mail was sent
acknowledges that such fax or e-mail was received by such Person in completely legible form, or that such Person responds to the fax or e-mail without indicating that
any part of it was received in illegible form, whichever shall first occur. 

  
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 Section 9.07 Use of Name. The name of the Company shall belong solely to the
Manager. 
 Section 9.08 Headings. The headings in this Agreement are inserted for convenience or reference only and are in no
way intended to describe, interpret, define, or limit the scope, extent, or intent of this Agreement or any provision of this Agreement. 

Section 9.09 Construction of Terms. Unless the context otherwise requires, the singular shall be deemed to include the plural and
the plural shall be deemed to include the singular and masculine, feminine and neutral shall each be deemed to include the others. 

Section 9.10 Severability. Every provision of this Agreement is intended to be severable. If any term or provision hereof is
illegal or invalid for any reason whatsoever, such illegality or invalidity shall not affect the validity or legality of the remainder of this Agreement. It is the intent of the parties hereto for the terms and conditions of this Agreement to be
interpreted to the greatest extent possible so as to remain valid and enforceable, and any provision or term of this Agreement found by a court to be invalid, void or unenforceable shall be rewritten by the court pursuant to this intent. 

Section 9.11 Further Action. Each Member, upon the request of the Manager, agrees to perform all further acts and
execute, acknowledge, and deliver any document that may be reasonably necessary to carry out the provisions of this Agreement. 

Section 9.12 Entire Agreement. This Agreement and all exhibits and appendices hereto, constitute (for the respective Members that
are parties thereto or bound thereby) the entire agreement among the Members with respect to the subject matter hereof and supersede any prior agreement or understanding among them with respect to such subject matter. The representations and
warranties of the Members in, and the other provisions of the Agreement, and the obligations of the Members pursuant to Sections 5.03, 5.04, 5.07(ii), and 9.02 of this Agreement shall survive the termination of this Agreement and the termination,
dissolution and winding up of the Company. 
 Section 9.13 Waiver of Jury Trial. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH
PARTY HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY MATTER ARISING HEREUNDER. THIS WAIVER APPLIES TO ANY PROCEEDING, WHETHER SOUNDING
IN CONTRACT, TORT OR OTHERWISE. 
 Section 9.14 Tax Elections. The Manager may, in its sole discretion, cause the Company to
make or revoke any tax election that the Manager deems appropriate, including an election pursuant to Section 754 of the Code. 

Section 9.15 Member Tax Basis. Upon request of the Manager, each Member agrees to provide to the Manager information regarding its
adjusted tax basis in its Membership Interests along with documentation substantiating such amount. 
 Section 9.16 Execution of
Additional Instruments. Each party hereto hereby agrees to execute such other and further statements of interests and holdings, designations and other instruments necessary to comply with any laws, rules or regulations. 

  
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 ARTICLE X 

Special Covenants 

Section 10.01 Preferred Member Redemption. (a) On the Redemption Date, or at any time after the Redemption Date, Brown Family
shall have a right to require that the Company redeem (the “Redemption”) all, but not less than all, of the Brown Family’s entire Membership Interest (the “Redeemed Membership Interest”) for an amount
equal to Brown Family’s Adjusted Capital Contribution (the “Redemption Price”) by giving written notice (“Redemption Notice”) to the Manager expressly setting forth its desire to have its entire Membership
Interest redeemed in accordance with the provisions of this Section 10.01. Upon such delivery of such Redemption Notice, the remaining provisions of this Section 10.01 shall apply. 

(b) The closing of the Redemption shall occur on the business day determined by the Manager but that is no later than 120 days (the
“Redemption Closing Period”) following the date of delivery of the Redemption Notice pursuant to Section 10.01(a) and shall be consummated by the Company and Brown Family having duly executed and dated the Redemption Agreement
substantially in the form attached hereto as Exhibit B and delivering such executed and dated Redemption Agreement to the other of them, and with the Company contemporaneously remitting to Brown Family, by wire transfer to the account designated by
Brown Family in a writing executed and dated by Brown Family or by bank or certified check, an amount equal to the Redemption Price. Brown Family shall continue to be entitled to receive distributions of the Preferred Return until the closing of the
Redemption occurs. Except as provided in Section 10.01(c), if the Company should fail to close on the Redemption by the Redemption Closing Period, and which failure was not due to any breach, act or omission on the part of Brown Family, then
the Manager shall then be required to cause the Company to proceed to sell the Property with such sale process to be undertaken in the same manner as would be the case if the Company were to proceed with the sale of the Property without regard to
Section 10.01. Brown Family’s consent shall be required for any sale of the Property conducted pursuant to this Section if the net proceeds of the proposed sale will be insufficient to pay Brown Family the full Redemption Price. The
Members hereby expressly acknowledge and agree that the Company may seek to acquire the funds to pay the Redemption Price through, by and/or from such legal means and sources – including, without limitation, from financing, re-financing or other borrowing (and even one requiring the mortgaging or encumbering of the Property) and on such terms and conditions that the Manager shall determine; the accepting of one or more Capital
Contributions from any one or more Person(s) (including GIPLP and/or one or more of its Affiliates) and on such terms and conditions that the Manager shall determine and the admission of such Person(s) as a member of the Company. 

(c) At any time during the Redemption Closing Period, GIPLP shall have the option to, and/or to have any one or more of its Affiliates to
(individually or collectively, the “GIPLP Purchaser”) purchase (the “Membership Interest Purchase”) the Redeemed Membership Interest (and/or portions thereof) for a total price equal to the Redemption Price, by
giving written notice to the Company and Brown Family that it desires to purchase the Redeemed Membership Interest directly from Brown Family for the Redemption Price pursuant to the Membership Interest Purchase Agreement which is 

  
 - 27 - 

 substantially in the form attached hereto as Exhibit C and the day on which the Membership Interest Purchase
shall occur (which day shall not be later than the end of the Redemption Closing Period) (the “Purchase Closing Day”), in which case the GIPLP Purchaser and Brown Family shall close on the purchase of the Redeemed Membership
Interest by each of them duly executing and dating such Membership Interest Purchase Agreement and delivering such executed and dated Membership Interest Purchase Agreement to the other(s) of them, and with the GIPLP Purchaser contemporaneously
remitting to Brown Family, by wire transfer to the account designated by Brown Family in a writing executed and dated by Brown Family, an amount equal to the Redemption Price. If the GIPLP Purchaser should fail to close on the Membership Interest
Purchase before the end of the Redemption Closing Period, and which failure was not due to any breach, act or omission on the part of Brown Family, then the Manager shall then be required to cause the Company to proceed to sell the Property with
such sale process to be undertaken in the same manner as would be the case if the Company were to proceed with the sale of the Property without regard to Section 10.01. 

(d) The Preferred Member shall, at Brown Family’s discretion, have an option to receive, all or a portion thereof, of the Redemption
Price in the form of units in Generation Income Properties, L.P. (“GIPLP UNITS”). Such GIPLP UNITS shall be subject to all such restrictions, such as with respect to transferability, as reasonably imposed by GIPLP. 

(i) The number of GIPLP UNITS issued to Brown Family shall be determined by dividing the total amount of the Redemption Price that Brown
Family shall receive in GIPLP UNITS by a 15% discount of the average 30-day market price of Generation Income Properties, Inc. (e.g. if the market stock price is $10 a share, the number of units shall be
converted based on $8.50 a share). 
 (ii) Units shall then be convertible into common stock of Generation Income Properties, Inc. on a 1:1
basis in accordance to the Operating Agreement of Generation Income Properties, L.P. 
 Section 10.02 Call Option. At any time
after the Redemption Date, the Company may, at its election, require the Preferred Member or any holder of the Class A Preferred Units to sell to the Company all or any portion of such Units for the Redemption Price. Brown Family shall take all
actions as may be reasonably necessary to consummate the sale contemplated by this Error! Reference source not found., including, without limitation, entering into agreements and delivering certificates and instruments and consents as may be
deemed necessary or appropriate. Brown Family may, at Brown Family’s discretion, have an option to receive, all or a portion thereof, of the Redemption Price in the form of GIPLP UNITS. Such GIPLP UNITS shall be subject to all such
restrictions, such as with respect to transferability, as reasonably imposed by GIPLP. The number of GIPLP UNITS issued to Brown Family shall be determined by dividing the total amount of the Redemption Price that Brown Family shall receive in GIPLP
UNITS by a 15% discount of the average 30-day market price of Generation Income Properties, Inc. (e.g. if the market stock price is $10 a share, the number of units shall be converted based on $8.50 a share).
Units shall then be convertible into common stock of Generation Income Properties, Inc. on a 1:1 basis in accordance to the Operating Agreement of Generation Income Properties, L.P. 

Section 10.03 Tri-Party Agreement. Upon the Closing, Brown Family, GIPLP, and the Debt
Provider shall enter into a Tri-Party Agreement. Subject to the terms of the Tri-Party Agreement, if the Debt Provider declares a default under the Loan and the Manager
is unable to cure the default within sixty (60) days, Brown Family shall have the right, but not the obligation, to replace GIPLP as Manager of the Company; provided, however, (i) upon Brown Family replacing 

  
 - 28 - 

 GIPLP as Manager, Brown Family shall be required to assume all third-party guarantees by
GIPREIT and David Sobelman in connection to the Loan, and subject to the Debt Provider’s consent, will replace GIPREIT and David Sobelman as guarantors of the Loan, (ii) any removal of GIPLP as the Manager, provided for in this
Section 10.03 shall have no effect or impact on GIPLP’s Membership Interest or rights as a Member under this Agreement; (iii) GIPLP’s Membership Interest in the Company shall be unaffected, and (iv) the Company shall
continue to operate subject to the REIT provisions herein. 
 Section 10.03 Brown Family Enterprises, LLC Limited Right to Take Over
as Manager. In the event of Manager’s (1) material breach of its obligations under Section 5.01(e) of this Agreement which is not cured within 60 days of Brown Family’s written notice to the Manager; or (2) failure to
pay Brown Family the Preferred Return within 60 days of the legally allowable applicable payment of the Preferred Return, Brown Family, in addition to any remedies it may have at law or in equity, shall have the right, but not the obligation, to
replace GIPLP as Manager of the Company; provided, however, (i) any removal of GIPLP as the Manager provided for in this Section 10.03 shall have no effect or impact on GIPLP’s Membership Interest or rights as a Member
under this Agreement; (ii) GIPLP’s Membership Interest in the Company shall be unaffected; and (iii) the Company shall continue to operate subject to the REIT Rules in this Agreement. 

[The remainder of this page is intentionally blank.] 

  
 - 29 - 

 IN WITNESS WHEREOF, the undersigned hereto have caused this Limited Liability Company
Agreement to be executed as of the date first set forth above. 
  

			
	MANAGER:
	Generation Income Properties, L.P.
	
	 /s/ David Sobelman

	By:	 	David Sobelman
		 	Authorized Representative
	
	MEMBER:
	Brown Family Enterprises, LLC, a Florida limited liability company
	
	 /s/ Christopher Brown

	By:	 	Christopher Brown, Manager
	
	MEMBER:
	Generation Income Properties, L.P.
	 /s/ David Sobelman

	By	 	David Sobelman
		 	Authorized Representative

  
 - 30 - 

 Schedule A 

UNIT REGISTER 
 As of __,
2020* 
  

																					
	 Member Name
	  	Member
Status	 	  	Number of
Outstanding
Units	 	  	Class and
Type of
Unit	 	  	Adjusted
Capital
Contribution	 	  	Common
Unit
Percentage	 
	 Brown Family Enterprises, LLC

c/o Harmony Healthcare

2909 West Bay to Bay Blvd

Tampa, FL 33629
	  	 
	Preferred
Member	 
 	  	 	550,000	 	  	 
	Class A
Preferred	 
 	  	$	550,000.00	 	  	 	N/A	 
	 Generation Income Properties, L.P.

401 East Jackson Street, Suite 3300,

Tampa, FL 33602
	  	 
	Common
Member	 
 	  	 	50,000	 	  	 
	Class A
Common	 
 	  	$	50,000.00	 	  	 	100	% 
		  				  				  				  	  
	  
	 	  	  
	  
	 
	 Total Capitalization
	  				  				  				  	$	600,000.00	 	  	 	100.00	% 
		  				  				  				  	  
	  
	 	  	  
	  
	 

  

	*	 SUBJECT TO FINAL DETERMINATION / ADJUSTMENT ON OR BEFORE CLOSING OF THE PROPERTY 

 Exhibit A 

Glossary of 
 Terms

 “Act” means the Delaware Limited Liability Company Act and any successor statute, as amended from time to time. 

“Adjusted Capital Account Deficit” shall mean, with respect to any Member, the deficit balance, if any, in such Member’s
Capital Account as of the end of the relevant fiscal year or other period, after giving effect to the following adjustments: 
 (i) credit
to such Capital Account any amounts which a Member is obligated to restore or is deemed to be obligated to restore pursuant to the penultimate sentence of Treasury Regulations Sections 1.704-2(g)(1) and
(i)(5); and 
 (ii) debit to such Capital Account the items described in Treasury Regulations Sections
1.704-1(b)(2)(ii)(d)(4), (5) and (6). 
 The foregoing definition of Adjusted Capital Account
Deficit is intended to comply with the provisions of Treasury Regulations Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 

“Adjusted Capital Contribution” shall mean the sum of all Capital Contributions made by Brown Family plus the Unpaid
Preferred Return, if any, calculated as of the Redemption closing date. 
 “Affiliate” of any specified Person means any
other Person that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with the Person specified. The term “control” means the possession, directly or indirectly, of the power to
direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

“Capital Account” has the meaning set forth in Section 2.03(a) of the Agreement. 

“Capital Commitment” means, with respect to any Member at any time, the amount specified as such Member’s capital
commitment in the books and records of the Company. 
 “Capital Contribution” means, with respect to any Member, the amount
of cash and the fair market value of any non-cash property contributed by such Member to the Company pursuant to and in accordance with this Agreement. 

  
 Exhibit A - 1 

 “Capital Transaction” shall mean the sale, transfer, exchange or other
disposition of: (a) all or substantially all of the assets of the Company; and (b) any asset of the Company undertaken in connection, and/or contemporaneously, with the dissolution and liquidation of the Company. 

“Certificate” means the Certificate of Formation of the Company, dated as of November 29, 2018, as such Certificate of
Formation may be amended or restated from time to time. 
 “Code” means the Internal Revenue Code of 1986 and any successor
statute, as amended from time to time. 
 “Common Member” means Generation Income Properties, L.P. 

“Common Return” means, with respect to the Common Member, a ten percent (9%) annual return on the Common Member’s
Unreturned Capital Contributions. 
 “Closing” means the date of the closing of the Property to the Company. 

“Credit Facility” means each loan agreement, credit facility, term loan, match funded loan, repurchase agreement, and other
instruments pursuant to which the Company obtains financing. 
 “Debt Provider” means American Momentum Bank. 

“Default” means any failure of a Member to make all or a portion of any required Capital Contribution on the applicable due
date. 
 “Distributable Capital Transaction Proceeds” means the amount of proceeds, receipts and other amounts, and any non-cash property, received by the Company for, from and/or in respect of a Capital Transaction after paying or providing and/or setting aside reasonable reserves for the payment of any and all current or future
expenses, taxes, debts, liabilities and other obligations, all as the Manager shall determine. 
 “Distributable Operating
Funds” means the amount of cash receipts, proceeds and other amounts that the Company receives (but not including Capital Contributions) and that the Manager determines is available for distribution by the Company after paying or providing
and/or setting aside reasonable reserves for the payment of current any and all expenses, taxes, debts, liabilities and other obligations, as well as for any permitted future investments, capital expenditures and other Company purposes, all as the
Manager shall determine; provided, however, “Distributable Operating Funds” shall not reflect or include any proceeds, receipts and other amounts, nor any non-cash property nor any other amounts that
are reflected and/or included in the determination and calculation of Distributable Capital Transaction Proceeds. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 

  
 Exhibit A - 2 

 “ERISA Member” means any Member that is a “benefit plan investor”
within the meaning of Section 3(42) of ERISA and has notified the Manager in writing of such status. 
 “Fair Value”
means the valuation of the Property and/or other assets of the Company by the Manager in good faith. 
 “GIPREIT” means
Generation Income Properties, Inc. 
 “Gross Asset Values” means, with respect to any asset, the asset’s adjusted
basis for United States federal income tax purposes, except as follows: 
 (a) the Gross Asset Value of any asset contributed by a Member to
the Company is the gross fair market value of such asset as determined by the Manager at the time of contribution; and 
 (b) the Gross Asset
Value of all Company assets may be adjusted to equal their respective gross fair market values, as determined by the Manager, as of the following times: (i) the acquisition of any additional interest in the Company by any new or existing Member
in exchange for more than a de minimis Capital Contribution; (ii) the distribution by a the Company to the Member of more than a de minimis amount of property as consideration for an interest in the Company; (iii) the grant of an interest
in the Company (other than a de minimis interest) as consideration for the provision of services to or for the benefit of the Company by an existing Member acting in a Member capacity, or by a new Member acting in a Member capacity or in
anticipation of becoming a Member; and (iv) the liquidation of the Company within the meaning of Treasury Regulations Section 1.704-1(b)(2)(ii)(g); provided, however, that the adjustments pursuant to
clauses (i), (ii) and (iii) above shall be made only if the Manager reasonably determines that such adjustments are necessary or appropriate to reflect the relative economic interests of the Members in the Company. 

“Initial Capital Contribution” shall be calculated as the Purchase Price minus the Loan. 

“Investments” means any real estate assets of the Company. 

“Internal Rate of Return” or “IRR” shall mean as to any Member and as the Manager shall determine (or cause
to be determined) a rate of return as of the end of a given time period (expressed as a percentage and rounded down to the nearest whole percent) which causes (1) the net present value (determined as of the first day of such time period) of the
Outflows (defined below) to be equal to (2) the net present value (determined as of the first day of such time period) of the Inflows (defined below) where: 

(a) “Outflows” shall mean all Capital Contributions made by the Member to the Company; and 

  
 Exhibit A - 3 

 (b) “Inflows” shall mean all Distributions actually made by the Company to the
Member. 
 For purposes of calculating Internal Rate of Return, all Outflows shall be deemed to have been made or paid on the dates such
payments or contributions were actually made and all Inflows shall be deemed to have been made or paid, as applicable, on the last day of the month made or paid. 

The Internal Rate of Return shall be calculated on an annual basis and compounded annually. (For purposes of clarification, the intended goal
of the foregoing is to establish an effective annual rate, but not to divide a target annual rate by 12 and compound so as to achieve a higher annual rate.) 

“Loan” means the amount of $1,275,000.00 provided by the Debt Provider. 

“Material Adverse Effect” means (a) a violation of any law, regulation, license, permit or other similar approval that
is reasonably likely to have a material adverse effect on the Company, any Member, including the Manager, or any Affiliate of the foregoing Persons; (b) an occurrence which is reasonably likely to subject the Company, any Member, including the
Manager, or any Affiliate of the foregoing Persons to any material regulatory or tax requirement to which it would not otherwise be subject and that has an adverse material affect, or that is reasonably likely to materially increase any such
regulatory or tax requirement beyond what it would otherwise have been; or (c) an occurrence that is reasonably likely to result in any Investments to be deemed to be “plan assets” for purposes of ERISA or that is reasonably likely to
give rise to a “prohibited transaction” under ERISA. 
 “Membership Interest” means all of a Member’s rights
in the Company, including without limitation, to the extent provided in this Agreement or under any law (as superseded by this Agreement, where possible) his or its (i) share of the Net Profits and Net Losses of the Company, and (ii) right
to receive distributions of the Company’s assets, together with the right, if any, (x) to vote on matters relating to the Company and (y) to participate in the management of the Company’s affairs. 

“Net Asset Value” of the Company means the Company’s total assets minus its total liabilities. 

“Net Profit” and “Net Loss” means, for each fiscal year or other period, an amount equal to the
Company’s taxable income or loss for such fiscal year or period, determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss or deduction required to be stated separately pursuant to Code
Section 703(a)(1) shall be included in taxable income or loss) with the following adjustments: 
 (a) Any income of the Company that is
exempt from United States federal income tax, and to the extent not otherwise taken into account in computing Net Profit or Net Loss pursuant to this paragraph, shall be added to such taxable income or loss; 

  
 Exhibit A - 4 

 (b) Any expenditures of the Company described in Code Section 705(a)(2)(B) or treated
as Code Section 705(a)(2)(B) expenditures pursuant to Section 1.704-1(b)(2)(iv)(i) of the Treasury Regulations, and to the extent not otherwise taken into account in computing Net Profit or Net Loss
pursuant to this paragraph, shall be subtracted from such taxable income or loss; 
 (c) In the event the Gross Asset Value of any Company
asset is adjusted pursuant to subdivisions (b) or (c) of the definition of “Gross Asset Value” herein, the amount of such adjustment shall be taken into account as gain or loss from the disposition of such asset for purposes of
computing Net Profit or Net Loss; 
 (d) Gain or loss resulting from any disposition of Company property with respect to which gain or loss
is recognized for United States federal income tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such property differs from its Gross Asset Value; and

 (e) In lieu of depreciation, amortization, and other cost recovery deductions taken into account in computing such taxable income or loss,
there shall be taken into account the book depreciation for such fiscal year as determined under the principles of Code Section 704(b) and the Treasury Regulations thereunder. 

“New Partnership Audit Rules” shall mean the provisions of subchapter C of chapter 63 of subtitle F of the Code (i.e.,
Sections 6221 through 6241 of the Code), as in effect for tax years beginning after December 31, 2017, and any Treasury Regulations promulgated thereunder. 

“Percentage Interest” means, with respect to any Member, the percentage determined by dividing such Member’s aggregate
Capital Contributions made to the Company by the aggregate Capital Contributions made to the Company by all Members. 

“Person” means any natural person, partnership, limited liability company, corporation, joint venture, trust, estate,
association, foundation, fund, governmental unit or other entity. 
 “Preferred Member” means Brown Family
Enterprises, LLC. 
 “Preferred Return” means, with respect to the Preferred Member, a ten percent (9%) annual return on
such Preferred Member’s Unreturned Capital Contributions, to be paid monthly to Preferred Member. 
 “Property” means
the real estate asset located at 201 Etheridge Road, Manteno, NC 27954. 
 “Purchase Price” means the total amount of
$1,700,000.00 paid by the Company for the Property plus fees and expenses. 

  
 Exhibit A - 5 

 “Redemption Date” means the date that is the second (2nd) year anniversary
of the Closing. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Substitute Member” means any purchaser, assignee, transferee or other recipient of all or any portion of any Member’s
Interest who is admitted as a Member to the Company in accordance with Article VI. 
 “Treasury Regulations” means
the regulations promulgated under the Code, as amended from time to time. 
 “Unpaid Preferred Return”, with respect to the
Preferred Member, means the then accrued Preferred Return of the Preferred Member reduced by the aggregate distributions made to the Preferred Member pursuant to Sections 4.02(a) and 4.03(a). 

“Unreturned Capital Contributions” means, with respect to the Preferred Member or Common Member, the aggregate Capital
Contributions made by the Preferred Member or Common Member to the Company reduced by the aggregate distributions made to the Preferred Member pursuant to Section 4.03(b) or the Common Member pursuant to Section 4.02(b) and 4.03(b). 

  
 Exhibit A - 6 

 Exhibit B 

Form of Redemption Agreement 

  
 Exhibit B - 1 

 REDEMPTION AGREEMENT 

GIPNC 201 ETHERIDGE ROAD, LLC 

THIS REDEMPTION AGREEMENT (this “Agreement”) by and between GIPNC 201 ETHERIDGE ROAD, LLC, a
Delaware limited liability company (the “Company”) and Brown Family Enterprises, LLC, LLC, a Florida limited liability company(the “Redeemed Member”). Unless otherwise
defined herein, any capitalized term referred to herein shall have the meaning ascribed to such term in that Limited Liability Company Agreement of the Company entered into November 20, 2020 (the “JV
Agreement”). 
 WHEREAS, the Redeemed Member has made the election, pursuant to Section 10.01(a) of the JV
Agreement, for the Company to redeem its entire Membership Interest for an amount equal to the Redemption Price and pursuant and subject to the terms and provisions of Section 

10.01 of the JV Agreement; and 

WHEREAS, the Redeemed Member is entering into this Agreement to undertake and consummate the Redemption on the terms and provisions
provided for herein and in Section 10.01 and elsewhere of the JV Agreement. 
 NOW, THEREFORE, for and in consideration of the
premises, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Redeemed Member and the Company agree as follows: 

Section 1. The Redemption; Distribution of Redemption Price. Upon the Redemption by the Redeemed Member, the Company shall
distribute to the Redeemed Member an amount equal to the Redemption Price (the “Redemption Distribution Amount”) in cash, and/or as applicable, units of Generation Income Properties L.P., as provided and
determined in and under Section 10.01 of the JV Agreement (including, as regard to the type and amount of such units, as determined and provided in Section 10.01(e) of the JV Agreement), in complete redemption and liquidation of, and in
exchange for, the Redeemed Member’s entire Membership Interest (and, thus, the Redeemed Member’s entire membership and beneficial ownership interest in and to the Company) which the Redeemed Member shall deliver to the Company free and
clear of any and all liens, claims and encumbrances. The Redeemed Member hereby acknowledges and agrees that upon its receipt of the Redemption Distribution Amount, the Redeemed Member shall not, and no longer, have any right, title, interest,
entitlement or claim in or to any distributions, fees, profits, income, gains, payments, reimbursements, compensation, salary or other amounts or otherwise any of the assets, property and rights from, of and/or held or owned directly or indirectly
by the Company or any direct or indirect subsidiary or affiliate of the Company and, further, the Redeemed Member shall no longer have any powers or rights (including, without limitation, any consent, approval, management, enforcement, termination,
removal or control right or power or any right or power to propose or approve any amendment) under, to or with respect to the Company or the JV Agreement. 

Section 2. Intentionally Blank. 

  
 - 1 - 

 Section 3. Representations and Warranties of Redeemed Member. The Redeemed
Member hereby represents and warrants to the Company and GIPLP that as of the date hereof and through and including the closing of the Redemption, as follows: 

3.1 Authority and Enforceability. The Redeemed Member has full power and authority to execute, deliver and perform this
Agreement and the transactions contemplated hereby and has validly executed and delivered this Agreement. This Agreement constitutes the legal, valid and binding agreement of the Redeemed Member, enforceable in accordance with its terms, except as
such enforcement may be limited by general principles of equity or by bankruptcy, insolvency or other similar laws affecting creditors’ rights generally. No consent, approval or other action by any governmental authority is required in
connection with the execution, delivery and performance by the Redeemed Member of this Agreement. 
 3.2 Existence and
Good Standing. The Redeemed Member is a limited liability company duly organized, validly existing and in good standing under the laws of the state of its organization and has full limited liability company power and authority under its
organizational documents to own its property and to carry on its business as is now being conducted. 
 3.3 Limited
Liability Company Interests. The Redeemed Member owns its Membership Interest free and clear of any and all liens, claims and encumbrances. 

3.4 No Insolvency; Bankruptcy; Dissolution/Liquidation. (a) The Redeemed Member has not made (and does not
anticipate having to make) any voluntary assignment or proposal under applicable laws relating to insolvency and bankruptcy; (b) no bankruptcy petition has been filed or presented against the Redeemed Member and the Redeemed Member is not
otherwise subject to any bankruptcy, insolvency or similar type of proceeding or action (and the Redeemed Member does not currently anticipate any such petition being filed or presented against it or otherwise becoming subject to any such proceeding
or action); and (c) no order has been made or a resolution passed for the winding-up, dissolution or liquidation of the Redeemed Member (and the Redeemed Member does not currently anticipate that any such
order or resolution shall be made or passed). 
 3.5 No Event of Default Under JV Agreement or other agreement. The
Redeemed Member has not breached, and/or is not in default under, the JV Agreement or any other agreement or arrangement to which it is subject or a party and that no distribution, fee, reimbursement or other amount is owed or payable to the
Redeemed Member under the JV Agreement and/or otherwise by the Company or any direct or indirect subsidiary or affiliate of the Company. 

  
 - 2 - 

 Section 4. Deliveries. 

4.1 Documents to be executed and deliveries to be made by the Redeemed Member in connection with Redemption. As a condition to the
undertaking and consummation of the Redemption, the Redeemed Member, and unless waived by the Company (by the Manager, and only the Manager, acting for the Company) in its sole discretion, the Redeemed Member shall deliver to the Company: 

 

	 	(a)	 this Agreement fully and duly executed and dated by the Redeemed Member; 

 

	 	(b)	 a fully and duly executed affidavit complying with the provisions of Section 1445(b)(2) of the Internal
Revenue Code and reasonably acceptable to the Company certifying that the Redeemed Member is not a foreign person; 

  

	 	(c)	 certified copies of resolutions authorizing the execution and delivery of this Agreement and the consummation
of the transactions contemplated hereby; and 

  

	 	(d)	 such other and additional certificates, agreements and documents as the Company shall reasonably request.

 4.2 Documents to be executed and deliveries to be made by the Company in connection with Redemption. As a
condition to the undertaking and consummation of the Redemption, the Company, and unless waived by the Redeemed Member in its sole discretion, the Company shall deliver to the Redeemed Member this Agreement fully and duly executed and dated by the
Company. 
 Section 5. Indemnification. 

5.1 Indemnification Obligations. From and after the Redemption, the Redeemed Member shall indemnify, defend and hold the Company and
GIPLP harmless from and against any and all costs, losses and damages incurred by any of them, arising out of, or in connection with, the following: (a) any misrepresentation or breach of any warranty made by the Redeemed Member in this
Agreement or any certificate, agreement, instrument or document delivered pursuant hereto; or (b) any breach by the Redeemed Member of any covenant, agreement or obligation, which is contained in this Agreement or any certificate, agreement,
instrument or document delivered by the Redeemed Member pursuant hereto. 
 5.2 Survival of Obligations. The obligations of the
Redeemed Member to indemnify, defend and hold harmless pursuant to this Section 5 shall survive execution of this Agreement and the consummation of the transactions contemplated hereby. 

Section 6. Remedies. Except as otherwise provided herein, the rights and remedies expressly provided herein are cumulative and not
exclusive of any rights or remedies which a party hereto may otherwise have at law or in equity. Nothing herein shall be construed to require any party hereto to elect among remedies. 

Section 7. Survival of Representations, Warranties and Covenants. The representations, warranties and covenants of the parties
contained in this Agreement or in any certificate or statement delivered pursuant hereto shall survive the consummation and closing of the Redemption and the other transactions contemplated hereby. 

  
 - 3 - 

 Section 8. Tax. The tax implications and consequences of the Redemption shall be
as provided in the JV Agreement and applicable tax law. 
 Section 9. Miscellaneous. 

9.1 Notice. Any notice, payment, demand or communication required or permitted to be given pursuant to any provision of this Agreement
shall be in writing and shall be (i) delivered personally, (ii) sent by postage prepaid, registered mail, return receipt requested, (iii) transmitted by fax or e-mail, or (iv) delivered by
nationally/internationally recognized overnight courier, to the corresponding address as it appears in Schedule A of the JV Agreement, or to such other address as a Person may from time to time specify by notice to the Members. 

9.2 Severability. In the event any provision of this Agreement is held to be invalid, illegal or unenforceable for any reason and in any
respect, such invalidity, illegality or unenforceability shall in no event affect, prejudice or disturb the validity of the remainder of this Agreement, which shall be in full force and effect and enforceable in accordance with its terms. 

9.3 Gender and Number. Whenever the context of this Agreement requires, the gender of all words herein shall include the masculine,
feminine and neuter, and the number of all words herein shall include the singular and plural. 
 9.4 Divisions and Headings. The
divisions of this Agreement into sections and subsections and the use of captions and headings in connection therewith are solely for convenience and shall have no legal effect whatsoever in construing the provisions of this Agreement. 

9.5 Entire Agreement/Amendment/Counterparts. This Agreement supersedes all previous contracts, and constitutes the entire agreement of
whatsoever kind or nature existing between or among the parties respecting the subject matter hereof and no party hereto shall be entitled to other benefits than those specified herein, other than the JV Agreement and the provisions thereof
(including, without limitation, the provisions of Section 10.01). All prior representations or agreements, whether written or verbal, not expressly incorporated herein, are superseded, and no changes in or additions to this Agreement shall be
recognized unless and until made in writing and signed by all parties hereto. In entering into this Agreement, no party is relying on any statement, representation, warranty or agreement except for the statements, representations, warranties and
agreements expressly set forth in this Agreement. This Agreement may be executed in two or more counterparts, including facsimile or pdf counterparts, each and all of which shall be deemed an original and all of which together shall constitute but
one and the same instrument. 
 9.6 Intentionally Blank 

9.7 Waiver of Breach. The waiver by any party hereto of a breach or violation of any provision of this Agreement shall not operate as,
or be construed to be, a waiver of any subsequent breach of the same or other provisions hereof. 

  
 - 4 - 

 9.8 Choice of Law; Jurisdiction and Venue. This Agreement shall be governed by
and construed in accordance with the laws of the State of Delaware, without regard to the conflict of laws principles thereof. Any disputes arising out of this Agreement or otherwise in relation to the Company shall be adjudicated exclusively in the
federal and state courts sitting in Hillsborough County, Florida, with appeal rights to the appropriate appellate courts. Each party hereto hereby agrees that service of process in any such proceeding may be made by giving notice by certified mail
to such party at the place set forth in Section 9.1 herein. 
 9.9 Intentionally Blank. 

9.10 Successors and Assigns. The provisions of this Agreement shall inure to the benefit of, and be binding upon, the respective
successors and assigns of the parties. 
 9.11 Exclusivity. This Agreement is for the exclusive benefit of the parties and their
respective permitted successors and assigns hereunder and that nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective permitted successors and assigns any right,
remedies, obligations or liabilities under or by reason of this Agreement, except as may expressly be provided in this Agreement (including GIPLP as regard to the representations and warranties made to it pursuant to Section 3 hereof and the
provisions of Section 5 hereof). 
 9.12 Assignment. Neither this Agreement nor any right, remedy, obligation or liability
arising hereunder or by reason hereof may be assigned or delegated by any party to this Agreement without the prior written consent of the other party to this Agreement, which consent may be withheld by such other party in its sole and absolute
discretion. 
 9.13 Rule of Construction. This Agreement shall be interpreted without regard to any presumption or rule requiring
construction against the party causing this Agreement to be drafted. 
 9.14 Further Assurances. Each party shall execute and deliver
such further instruments and do such further acts and things as may reasonably be required to carry out the intent and purposes of this Agreement promptly upon reasonable request from any other party. 

9.15 Provisions of this Agreement and JV Agreement. For the avoidance of doubt, each party hereto hereby acknowledges and agrees that
the provisions of this Agreement and Section 10.01 of the JV Agreement shall be interpreted and read together and applied in a manner that the Manager reasonably determines would give effect to all of such provisions, with neither this
Agreement nor the JV Agreement having priority over the other. 
 [The remainder of this page is intentionally blank.] 

  
 - 5 - 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth below.

  

					
	COMPANY:
	
	GIPNC 201 ETHERIDGE ROAD, LLC
			
	    	 	        By:	 	Generation Income Properties, L.P., its Manager
			
		 	        By:	 	  

		 		 	Name: David Sobelman
		 		 	Title: President
		 		 	Date:
	
	REDEEMED MEMBER:
	
	Brown Family Enterprises, LLC, LLC, a Florida limited liability company By: Brown Family Enterprises, LLC Capital, LLC, its Manager
			
		 	        By:	 	  

		 		 	Name: Christopher Brown
		 		 	Title:
		 		 	Date:

  
 - 6 - 

 Exhibit C 

Form of Membership Purchase Agreement 
  

  
 Exhibit C - 1 

 MEMBERSHIP INTEREST PURCHASE AGREEMENT 

GIPNC 201 ETHERIDGE ROAD, LLC 

THIS MEMBERSHIP INTEREST PURCHASE AGREEMENT (this “Agreement”) by and between Brown Family Enterprises, LLC,
LLC, a Florida limited liability company (the “Seller”) and Generation Income Properties L.P., or its designee (the “Purchaser”). Unless otherwise defined herein, any capitalized term referred to
herein shall have the meaning ascribed to such term in that Limited Liability Company Agreement of GIPNC 201 ETHERIDGE ROAD, LLC (the “Company”) entered into November 20, 2020 (the “JV
Agreement”). 
 WHEREAS, the Purchaser has made the election provided by Section 10.01(c) of the JV Agreement to
purchase the entire Membership Interest of the Seller for an amount equal to the Redemption Price and pursuant and subject to the terms and provisions of Section 10.01 of the JV Agreement; 

WHEREAS, the Seller and Purchaser are entering into this Agreement to undertake and consummate the Membership Interest Purchase on the
terms and provisions provided for herein and in Section 10.01 and elsewhere of the JV Agreement; and 
 WHEREAS, the Seller and
Purchaser are entering into this Agreement to undertake and consummate the Membership Interest Purchase Agreement on the terms and provisions provided for herein and in Section 10.01 and elsewhere of the JV Agreement. 

NOW, THEREFORE, for and in consideration of the premises, and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Seller and Purchaser agree as follows: 
 Section 1. The Membership Interest Purchase/Payment of
Redemption Price . Upon the closing of the purchase and sale of the Seller’s entire Membership Interest in the Company (i.e., the Membership Interest Purchase) on the Purchase Closing Date, the Purchaser shall pay to the Seller an amount
equal to the Redemption Price (the “Sale Payment Amount”) in cash, and/or as applicable, units of Generation Income Properties L.P., as provided and determined in and under Section 10.01 of the JV Agreement
(including, as regard to the type and amount of such units, as determined and provided in Section 10.01(e) of the JV Agreement) in exchange for Seller’s entire Membership Interest (and, thus, the Seller’s entire membership and
beneficial ownership interest in and to the Company) which the Seller shall deliver to the Purchaser free and clear of any and all liens, claims and encumbrances. The Seller hereby acknowledges and agrees that upon its receipt of the Sale Payment
Amount, the Seller shall not, and no longer, have any right, title, interest, entitlement or claim in or to any distributions, fees, profits, income, gains, payments, reimbursements, compensation, salary or other amounts or otherwise any of the
assets, property and rights from, of and/or held or owned directly or indirectly by the Company or any direct or indirect subsidiary or affiliate of the Company and, further, the Seller shall no longer have any powers or rights (including, without
limitation, any consent, approval, management, enforcement, termination, removal or control right or power or any right or power to propose or approve any amendment) under, to or with respect to the Company or the JV Agreement. 

  
 - 1 - 

 Section 2. Intentionally Blank. 

Section 3. Representations and Warranties of the Seller. The Seller hereby represents and warrants to the Purchaser that as of the
date hereof and through and including the closing of the Membership Interest Purchase, as follows: 
 3.1 Authority and
Enforceability. The Seller has full power and authority to execute, deliver and perform this Agreement and the transactions contemplated hereby and has validly executed and delivered this Agreement. This Agreement constitutes the legal, valid
and binding agreement of the Seller, enforceable in accordance with its terms, except as such enforcement may be limited by general principles of equity or by bankruptcy, insolvency or other similar laws affecting creditors’ rights generally.
No consent, approval or other action by any governmental authority is required in connection with the execution, delivery and performance by the Seller of this Agreement. 

3.2 Existence and Good Standing. The Seller is a limited liability company duly organized, validly existing and in good
standing under the laws of the state of its organization and has full limited liability company power and authority under its organizational documents to own its property and to carry on its business as is now being conducted. 

3.3 Limited Liability Company Interests. The Seller owns its Membership Interest free and clear of any and all liens,
claims and encumbrances. 
 3.4 No Insolvency; Bankruptcy; Dissolution/Liquidation. (a) The Seller has not made
(and does not anticipate having to make) any voluntary assignment or proposal under applicable laws relating to insolvency and bankruptcy; (b) no bankruptcy petition has been filed or presented against the Seller and the Seller is not otherwise
subject to any bankruptcy, insolvency or similar type of proceeding or action (and the Seller does not currently anticipate any such petition being filed or presented against it or otherwise becoming subject to any such proceeding or action); and
(c) no order has been made or a resolution passed for the winding-up, dissolution or liquidation of the Seller (and the Seller does not currently anticipate that any such order or resolution shall be made
or passed). 
 3.5 No Event of Default Under JV Agreement or other agreement. The Seller has not breached, and/or is
not in default under, the JV Agreement or any other agreement or arrangement to which it is subject or a party and that no distribution, fee, reimbursement or other amount is owed or payable to the Seller under the JV Agreement and/or otherwise by
the Company or any direct or indirect subsidiary or affiliate of the Company. 
 Section 4. Deliveries. 

4.1 Documents to be executed and deliveries to be made by the Seller in connection with the Membership Interest Purchase. As a
condition to the undertaking and consummation of the Membership Interest Purchase, the Seller, and unless waived by the Purchaser in its sole discretion, the Seller shall deliver to the Purchaser: 

 

	 	(a)	 this Agreement fully and duly executed and dated by the Seller; 

  
 - 2 - 

	 	(b)	 a fully and duly executed affidavit complying with the provisions of Section 1445(b)(2) of the Internal
Revenue Code and reasonably acceptable to the Purchaser certifying that the Seller is not a foreign person; 

  

	 	(c)	 certified copies of resolutions authorizing the execution and delivery of this Agreement and the consummation
of the transactions contemplated hereby; and 

  

	 	(d)	 such other and additional certificates, agreements and documents as the Purchaser shall reasonably request.

 4.2 Documents to be executed and deliveries to be made by the Purchaser in connection with the Membership Interest
Purchase. As a condition to the undertaking and consummation of the Membership Interest Purchase and unless waived by the Seller in its sole discretion, the Purchaser shall deliver to the Seller this Agreement fully and duly executed and dated
by the Purchaser. 
 Section 5. Indemnification. 

5.1 Indemnification Obligations. From and after the Membership Interest Purchase, the Seller shall indemnify, defend and hold the
Purchaser harmless from and against any and all costs, losses and damages incurred by any of them, arising out of, or in connection with, the following: 

(a) any misrepresentation or breach of any warranty made by the Seller in this Agreement or any certificate, agreement, instrument or document
delivered pursuant hereto; or (b) any breach by the Seller of any covenant, agreement or obligation, which is contained in this Agreement or any certificate, agreement, instrument or document delivered by the Seller pursuant hereto. 

5.2 Survival of Obligations. The obligations of the Seller to indemnify, defend and hold harmless pursuant to this Section 5 shall
survive execution of this Agreement and the consummation of the transactions contemplated hereby. 
 Section 6. Remedies. Except
as otherwise provided herein, the rights and remedies expressly provided herein are cumulative and not exclusive of any rights or remedies which a party hereto may otherwise have at law or in equity. Nothing herein shall be construed to require any
party hereto to elect among remedies. 
 Section 7. Survival of Representations, Warranties and Covenants. The representations,
warranties and covenants of the parties contained in this Agreement or in any certificate or statement delivered pursuant hereto shall survive the consummation and closing of the Membership Interest Purchase and the other transactions contemplated
hereby. 
 Section 8. Tax. The tax implications and consequences of the Membership Interest shall be as provided in the JV
Agreement and applicable tax law. 
 Section 9. Miscellaneous. 

  
 - 3 - 

 9.1 Notice. Any notice, payment, demand or communication required or permitted to be
given pursuant to any provision of this Agreement shall be in writing and shall be (i) delivered personally, (ii) sent by postage prepaid, registered mail, return receipt requested, (iii) transmitted by fax or e-mail, or (iv) delivered by nationally/internationally recognized overnight courier, to the corresponding address as it appears in Schedule A of the JV Agreement, or to such other address as a Person
may from time to time specify by notice to the Members. 
 9.2 Severability. In the event any provision of this Agreement is held to
be invalid, illegal or unenforceable for any reason and in any respect, such invalidity, illegality or unenforceability shall in no event affect, prejudice or disturb the validity of the remainder of this Agreement, which shall be in full force and
effect and enforceable in accordance with its terms. 
 9.3 Gender and Number. Whenever the context of this Agreement requires, the
gender of all words herein shall include the masculine, feminine and neuter, and the number of all words herein shall include the singular and plural. 

9.4 Divisions and Headings. The divisions of this Agreement into sections and subsections and the use of captions and headings in
connection therewith are solely for convenience and shall have no legal effect whatsoever in construing the provisions of this Agreement. 

9.5 Entire Agreement/Amendment/Counterparts. This Agreement supersedes all previous contracts, and constitutes the entire agreement of
whatsoever kind or nature existing between or among the parties respecting the subject matter hereof and no party hereto shall be entitled to other benefits than those specified herein, other than the JV Agreement and the provisions thereof
(including, without limitation, the provisions of Section 10.01). All prior representations or agreements, whether written or verbal, not expressly incorporated herein, are superseded, and no changes in or additions to this Agreement shall be
recognized unless and until made in writing and signed by all parties hereto. In entering into this Agreement, no party is relying on any statement, representation, warranty or agreement except for the statements, representations, warranties and
agreements expressly set forth in this Agreement. This Agreement may be executed in two or more counterparts, including facsimile or pdf counterparts, each and all of which shall be deemed an original and all of which together shall constitute but
one and the same instrument. 
 9.6 Intentionally Blank. 

9.7 Waiver of Breach. The waiver by any party hereto of a breach or violation of any provision of this Agreement shall not operate as,
or be construed to be, a waiver of any subsequent breach of the same or other provisions hereof. 
 9.8 Choice of Law; Jurisdiction
and Venue. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflict of laws principles thereof. Any disputes arising out of this Agreement or otherwise in relation to
the Company shall be adjudicated exclusively in the federal and state courts sitting in Hillsborough County, Florida, with appeal rights to the appropriate appellate courts. Each party hereto hereby agrees that service of process in any such
proceeding may be made by giving notice by certified mail to such party at the place set forth in Section 9.1 herein. 

  
 - 4 - 

 9.9 Intentionally Blank. 

9.10 Successors and Assigns. The provisions of this Agreement shall inure to the benefit of, and be binding upon, the respective
successors and assigns of the parties. 
 9.11 Exclusivity. This Agreement is for the exclusive benefit of the parties and their
respective permitted successors and assigns hereunder and that nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective permitted successors and assigns any right,
remedies, obligations or liabilities under or by reason of this Agreement, except as may expressly be provided in this Agreement. 
 9.12
Assignment. Neither this Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof may be assigned or delegated by any party to this Agreement without the prior written consent of the other party to this
Agreement, which consent may be withheld by such other party in its sole and absolute discretion. 
 9.13 Rule of Construction. This
Agreement shall be interpreted without regard to any presumption or rule requiring construction against the party causing this Agreement to be drafted. 

9.14 Further Assurances. Each party shall execute and deliver such further instruments and do such further acts and things as may
reasonably be required to carry out the intent and purposes of this Agreement promptly upon reasonable request from any other party. 
 9.15
Provisions of this Agreement and JV Agreement. For the avoidance of doubt, each party hereto hereby acknowledges and agrees that the provisions of this Agreement and Section 10.01 of the JV Agreement shall be interpreted and read
together and applied in a manner that the Manager reasonably determines would give effect to all of such provisions, with neither this Agreement nor the JV Agreement having priority over the other. 

[The remainder of this page is intentionally blank.] 

  
 - 5 - 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth below.

  

							
	PURCHASER:
	
	Generation Income Properties, L.P., a Delaware limited partnership
			
	        	 	By:	 	Generation Income Properties, Inc., its general partner
				
		 		 	By:	 	Name: David Sobelman
		 		 		 	Title: President
		 		 		 	Date: November ___, 2020

  

					
	SELLER:
	
	Brown Family Enterprises, LLC, a Florida limited liability company
	
	 By: Brown Family Enterprises, LLC Capital, LLC, its Manager

			
	            	 	By:	 	Name: Christopher Brown
		 		 	Title:
		 		 	Date:

  
 - 6 -

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