Document:

EX-10.27

 Exhibit 10.27 

PURCHASE AND SALE AGREEMENT 

between 
 CRP-3 BWIC I, LLC and
CRP-3 BWIC II, LLC 
 (as Seller) 

and 
 IPT ACQUISITIONS LLC 

(as Buyer) 
 8263-8265 Patuxent
Range Road, Jessup, Maryland 
 and 8700 Larkin Road, Savage, Maryland 

as of September 5, 2014 

 Table of Contents 

 

							
	ARTICLE 1	 	Description of Property	 	 	1	  
			
	ARTICLE 2.	 	Sale Subject to Leases	 	 	2	  
			
	ARTICLE 3.	 	Purchase Price and Payment	 	 	2	  
			
	ARTICLE 4.	 	Conveyance of Title	 	 	3	  
			
	ARTICLE 5.	 	Closing	 	 	4	  
			
	ARTICLE 6.	 	Approvals and Conditions to Buyer’s Obligations	 	 	6	  
			
	ARTICLE 7.	 	Conditions to Closing	 	 	10	  
			
	ARTICLE 8.	 	Default	 	 	11	  
			
	ARTICLE 9.	 	Entire Agreement Herein	 	 	12	  
			
	ARTICLE 10.	 	Damage or Destruction: Condemnation	 	 	12	  
			
	ARTICLE 11.	 	Representations and Warranties of Seller	 	 	13	  
			
	ARTICLE 12.	 	Operations	 	 	17	  
			
	ARTICLE 13.	 	Apportionment of Taxes and Other Charges	 	 	18	  
			
	ARTICLE 14.	 	Broker	 	 	21	  
			
	ARTICLE 15.	 	Recording	 	 	21	  
			
	ARTICLE 16.	 	Notices	 	 	21	  
			
	ARTICLE 17.	 	Captions	 	 	22	  
			
	ARTICLE 18.	 	Successors and Assigns	 	 	22	  
			
	ARTICLE 19.	 	Closing Costs	 	 	23	  
			
	ARTICLE 20.	 	Governing Law	 	 	23	  
			
	ARTICLE 21.	 	Multiple Counterparts	 	 	24	  

  
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	ARTICLE 22.	 	Representations and Warranties of Buyer	 	 	24	  
			
	ARTICLE 23.	 	Post-Closing Obligations	 	 	25	  
			
	ARTICLE 24.	 	Duties and Responsibilities of Escrow Agent	 	 	25	  
			
	ARTICLE 25.	 	Waiver of Jury Trial	 	 	26	  
			
	ARTICLE 26.	 	Like Kind Exchange	 	 	27	  
			
	ARTICLE 27.	 	Business Days	 	 	27	  
			
	ARTICLE 28.	 	Confidentiality	 	 	27	  
			
	ARTICLE 29.	 	IRS Real Estate Sales Reporting	 	 	28	  
			
	ARTICLE 30.	 	Limitations on Liability	 	 	28	  
			
	ARTICLE 31.	 	Press Releases	 	 	28	  
			
	ARTICLE 32.	 	Time of the Essence	 	 	28	  
			
	ARTICLE 33.	 	Costs and Attorneys’ Fees	 	 	29	  
			
	ARTICLE 33.	 	Information and Audit Cooperation	 	 	30	  

  
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 PURCHASE AND SALE AGREEMENT 

THIS AGREEMENT (the “Agreement”) made as of this 5th day of September,
2014 (the “Effective Date”) by and between CRP-3 BWIC I, LLC and CRP-3 BWIC II, LLC, each a Delaware limited liability company (each a “Selling Entity” and collectively, the “Seller”)
and IPT ACQUISITIONS LLC, a Delaware limited liability company (“Buyer”). 
 WITNESSETH THAT, Seller owns the land
described on Exhibit A with certain improved real property located at 8263 Patuxent Range Road, Jessup, Maryland (“8263 Patuxent”), 8265 Patuxent Range Road, Jessup (“8265 Patuxent”), Maryland and 8700 Larkin
Road, Savage (“8700 Larkin”), Maryland (each an “Improved Property” and collectively the “Improved Properties”). 

WITNESSETH FURTHER THAT, Seller desires to sell and Buyer desires to purchase the Property (as hereinafter defined) on the terms and subject
to the conditions set forth herein. 
 WITNESSETH FURTHER THAT, for the consideration hereinafter named, and for other good and valuable
consideration, receipt of which is acknowledged hereby, the parties do hereby agree as follows: 
 ARTICLE 1. Description of
Property: Seller agrees to sell and Buyer agrees to buy upon the terms and conditions hereinafter set forth: 
 The Improved Properties,
as more particularly described in Exhibit A attached hereto and incorporated herein by reference, together with (i) all right, title and interest of Seller in and to any land lying in the bed of any street (opened or proposed) adjacent
to or abutting or adjoining each such premises, together with all rights, privileges, rights of way and easements appurtenant to each such premises, including, without limitation, any easements, rights of way or other interests in, on, or under any
land, highway, alley, street or right of way abutting or adjoining the Improved Properties (the “Real Property”), (ii) all buildings and other improvements located thereon (the “Improvements”, and, together
with the Real Property, the “Premises”), (iii) all items of personal property owned by Seller and located on the Premises or used in connection with the ownership or operation of the Premises described in Exhibit B
attached hereto and incorporated herein by reference (to the extent of Seller’s interest therein and to the extent assignable, collectively, the “Personal Property”) and (iv) any intangible and other property now or
hereafter owned by Seller and used in the ownership or operation of the Premises, to the extent of Seller’s ownership interest therein and assignable without material third party cost to Seller, including, without limitation, any plans and
specifications, permits, licenses, approvals, guaranties, warranties, utility contracts or other rights relating to the ownership, use or operation of the Premises (but excluding attorney and accountant work product) (collectively, the
“Intangible Property”). The Improved Properties, together with all items referred to in clauses (i), (ii) (iii) and (iv) are herein sometimes referred to as the “Property” and the Property associated
with 8263 Patuxent is herein sometimes referred to as the “8263 Patuxent Property,” the Property associated with 8265 Patuxent is herein sometimes referred to as the “8265 Patuxent Property” and the Property
associated with 8700 Larkin is herein sometimes referred to as the “8700 Larkin Property.” 

  
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 Notwithstanding any other provision of this Agreement to the contrary, the liability of each
Seller Entity under this Agreement and all documents delivered at closing pursuant hereto applicable to any Seller Entity and/or both Seller Entities is joint and several. Without limitation on the foregoing, for purposes of this Agreement and all
documents delivered at closing pursuant hereto, the acts and omissions of an individual Seller Entity shall be deemed to be the acts and omissions of the Seller (e.g., if either Seller Entity defaults hereunder or its representations are not true
and correct, Seller shall be deemed in default hereunder (or deemed to have made representations which were untrue)). Furthermore, notwithstanding anything to the contrary contained in this Agreement, the transaction contemplated under this
Agreement is an “all or none” transaction and (i) any termination of this Agreement, including, without limitation, any termination due to a condition or matter relating to a single Improved Property, shall constitute a termination of
this Agreement as to all of the Improved Properties and (ii) in no event shall Buyer be required to accept conveyance of the 8263 Patuxent Property and 8265 Patuxent Property without the 8700 Larkin Property or conveyance of the 8700 Larkin
Property without the 8263 Patuxent Property and 8265 Patuxent Property. 
 ARTICLE 2. Sale Subject to Leases: Subject to the
provisions of Article 4 hereof, the Premises will be conveyed subject to certain leases (hereinafter called the “Leases”) described in Exhibit C attached hereto and incorporated herein by reference, or as hereafter added
pursuant to the provisions of Article 12 hereof. All such Leases also shall be included within the definition of the term “Property” for all purposes of this Agreement. 

ARTICLE 3. Purchase Price and Payment: (a) The total purchase price (the “Purchase Price”) for the Property is
TWENTY SEVEN MILLION and 00/100 Dollars ($27,000,000.00). The Purchase Price shall be payable at the Closing, as hereinafter defined, in lawful currency of the United States of America in immediately available funds by wire transfer to Escrow Agent
(defined below) for disbursement to Seller as provided herein. The Purchase Price shall be allocated among the Improved Properties as follows: (i) $15,009,300.00 with respect to the 8263 Patuxent Property and the 8265 Patuxent Property and
(ii) $11,990,700.00 with respect to the 8700 Larkin Property. 
 (b) As security for Buyer’s performance hereunder, a deposit of
FIVE HUNDRED THOUSAND and 00/100 Dollars ($500,000.00) (the “Deposit”) is being paid by Buyer within two (2) business days after the execution of this Agreement to Fidelity National Title Insurance Company (“Escrow
Agent”) who shall deposit it in a federally insured interest-bearing money market account and disburse it according to the terms of this Agreement. If Buyer does not terminate this Agreement on or
prior to 5:00 p.m. local time at the Property on September 12, 2014 (the “Due Diligence Expiration Date” and the period commencing on the Effective Date and ending the Due Diligence Expiration Date herein called the
“Due Diligence Period”), the Deposit shall be non-refundable to Buyer except as expressly provided herein. As used herein, the term Deposit shall include all interest earned thereon. The Deposit shall be applied in reduction of the
Purchase Price payable at the Closing or as otherwise provided under this Agreement. Escrow Agent’s duties and responsibilities are governed by the terms of Article 24 hereof. 

  
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 (c) The payment required at the Closing shall be increased or decreased, as the case may be, to
account for all items to be apportioned or prorated pursuant to this Agreement. 
 ARTICLE 4. Conveyance of Title: (a) At
Closing, Seller shall convey and transfer to Buyer such fee simple marketable title to the Premises as will enable Fidelity National Title Insurance Company (the “Title Company”) to issue to Buyer an ALTA Owner’s Policy of
Title Insurance (the “Title Policy”) covering the Premises, in the full amount of the Purchase Price (subject only to the Permitted Exceptions). Notwithstanding anything contained herein to the contrary, the Premises shall be
conveyed subject to the following matters, which shall be deemed to be “Permitted Exceptions:” 
  

	 	(i)	the rights of tenants, as tenants only, under the Leases and any new Leases entered into between the date hereof and Closing in accordance with the terms of this Agreement; 

 

	 	(ii)	the lien of all ad valorem real estate taxes and assessments not yet due and payable as of the date of Closing, subject to adjustment as herein provided; 

 

	 	(iii)	local, state and federal laws, ordinances or governmental regulations, including but not limited to, building and zoning laws, ordinances and regulations, now or hereafter in effect relating to the Property;

  

	 	(iv)	all matters, whether or not of record, that arise out of the actions of Buyer or its agents, representatives or contractors; and 

  

	 	(v)	such state of facts as may be shown on a current survey. 

 (b) Buyer shall have until three
(3) business days prior to the Due Diligence Expiration Date (the “Title Objection Date”) to notify Seller, in writing, of such objections to title or survey (“Title Objections”) as Buyer may have
(“Buyer’s Title Notice”). Any title or survey matter to which Buyer does not so object by the Title Objection Date shall be deemed a Permitted Exception. In the event Buyer shall so notify Seller of any Title Objections, Seller
shall have the right, but not the obligation, to cure such Title Objections. Notwithstanding anything contained herein to the contrary, Seller shall be unconditionally obligated to remove and satisfy all Voluntary Liens (defined below) on or prior
to the Closing Date or, if not so satisfied by Seller, all Voluntary Liens shall be satisfied at Closing out of the proceeds otherwise payable to Seller. If Seller elects to cure any one or more of the Buyer’s Title Objections, Seller shall
have until the Closing Date to complete such cure as specified in the applicable Buyer’s Title Notice. In the event that Buyer makes any Title Objections, then within two (2) business days after receipt of Buyer’s Title Notice, Seller
shall notify Buyer in writing whether Seller elects to cure any or all of the Title Objection(s). Failure of Seller to give such notice shall be deemed an election by Seller not to cure such Title Objections. If Seller elects not to cure any Title
Objections specified in Buyer’s Title Notice, or if Seller is unable to effect a cure prior to 

  
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the Closing, Buyer shall have the following options to be given by written notice within two (2) business days of Seller’s notice or deemed election not to cure or the day on which it
is determined that Seller is unable to cure such Title Objections: (i) to accept conveyance of the Property subject to the Permitted Exceptions, specifically including any matter (other than a Voluntary Lien) objected to by Buyer which Seller
is unwilling or unable to cure (and such matter(s) shall thereafter be deemed to be a Permitted Exception), without reduction of the Purchase Price, or (ii) to terminate this Agreement by sending written notice thereof to Seller, and upon
delivery of such notice of termination, this Agreement shall terminate and the Deposit shall be returned to Buyer, and thereafter neither party hereto shall have any further rights, obligations or liabilities hereunder except for the Surviving
Obligation, as hereinafter defined. For the purposes of this Agreement, a “Voluntary Lien” shall mean any mortgage or deed of trust granted or assumed by Seller and encumbering the Property and any other monetary lien placed on the
Property (excluding non-delinquent real property taxes) by or through the acts or agreements of Seller and/or and Seller Parties (hereinafter defined). 

(c) Buyer may prior to Closing, notify Seller in writing of any objection to title or survey (excluding objections to title which have been
waived by Buyer as hereinabove provided or that are or are deemed to be Permitted Exceptions) arising after the expiration of the Due Diligence Period. With respect to any objections to title or survey set forth in such notice, Seller shall have the
same option to cure and Buyer shall have the same option to accept title subject to such matters or to terminate this Agreement, as set forth above. 

(d) Buyer shall be entitled to request that the Title Company provide such endorsements to the Title Policy as Buyer may reasonably require,
provided that (i) such endorsements or amendments shall be at no cost to, and shall impose no additional liability on, Seller, (ii) Buyer’s obligations under this Agreement shall not be conditioned upon the issuance of such
endorsements, and to the extent that such endorsements cannot be obtained, Buyer shall nevertheless be obligated to proceed to close the transactions contemplated hereby without reduction of or set off against the Purchase Price, and (iii) the
Closing shall not be delayed as a result of Buyer’s request. The foregoing, however, shall not excuse Seller from delivering to the Title Company an owner’s affidavit in the form attached hereto as Exhibit L. 

ARTICLE 5. Closing: (a) Unless extended pursuant to the terms of this Agreement or earlier terminated, the closing of the
transactions contemplated hereunder (the “Closing”) shall be conducted by the Escrow Agent on September 23, 2014 (the “Closing Date”). If the Closing has not occurred by the Closing Date, then unless Buyer and
Seller otherwise agree in writing, this Agreement shall terminate, and provided that Buyer is not in default under this Agreement, the Deposit shall be returned to Buyer and the parties will have no further obligations under this Agreement (unless
Seller is in default) other than those obligations which expressly survive termination of this Agreement. Time is of the essence. 
 (b) At
the Closing, Seller shall deliver the following documents to the Escrow Agent and Title Company (or deliver at the Premises to the extent expressly noted below), as applicable, in the forms attached hereto properly executed and acknowledged as
required with respect to each of the Improved Properties: 
  

	 	(i)	Deed (the “Deed”) in the form of Exhibit D; 

  
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	 	(ii)	Bill of Sale in the form of Exhibit E; 

  

	 	(iii)	Original Assignment and Assumption Agreement relating to the Leases and security deposits and accrued interest thereon to the extent required by the Leases or applicable law (collectively, the “Security
Deposits”) in the form attached hereto as Exhibit F (the “Lease Assignment”); 

  

	 	(iv)	Originals (or copies, if originals are not in Seller’s possession) of all Leases, any renewals thereof and all amendments thereto and all assigned Operating Contracts (hereinafter defined), to the extent in
Seller’s possession (and to the extent in Seller’s actual possession, all tenant correspondence files at the Property management office, it being agreed that Seller makes no representation as to what is in the tenant correspondence files)
will be delivered at the Premises; 

  

	 	(v)	Original Assignment and Assumption Agreement in the form attached hereto as Exhibit G relating to the Operating Contracts (the “Contract Assignment”); 

 

	 	(vi)	Certification of non-foreign status in the form attached hereto as Exhibit H and incorporated herein by reference; 

 

	 	(vii)	Evidence satisfactory to the Title Company that all necessary approvals and/or consents have been delivered and such other evidence reasonably satisfactory to the Title Company of Seller’s authority to convey the
Premises pursuant to this Agreement; 

  

	 	(viii)	All Security Deposits, together with accrued interest thereon if payable under the Leases or pursuant to applicable law; 

  

	 	(ix)	Affidavits sufficient for the Title Company to delete any exceptions for parties in possession (other than tenants under the Leases, as tenants only) and mechanics’ or materialmen’s liens from the Title
Policy; 

  

	 	(x)	A copy of a closing statement setting forth the Purchase Price, the closing adjustments and prorations and the application thereof at the Closing (the “Closing Statement”); 

 

	 	(xi)	Such transfer tax or other similar forms required by law; 

  

	 	(xii)	Copy of standard tenant notification letter in a form to be drafted by Buyer and satisfactory to Seller; 

  
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	 	(xiii)	Evidence of payment to the Broker (hereinafter defined) or a Broker’s invoice; 

  

	 	(xiv)	An original Maryland Certificate of Exemption from Withholding; and 

  

	 	(xv)	Such other instruments and documents as may be reasonably necessary in order to complete the Closing and to carry out the intent and purposes of this Agreement. 

(c) At the Closing, Buyer shall deliver, or cause to be delivered, the following payment and documents, reasonably satisfactory in form and
substance to Title Company or Escrow Agent (as applicable) properly executed and acknowledged as required: 
  

	 	(i)	The Purchase Price as adjusted in accordance with the terms hereof, by 2:00 p.m. local time at the Property on the Closing Date (as may have been extended in accordance with the terms of this Agreement);

  

	 	(ii)	An original of the Lease Assignment; 

  

	 	(iii)	An original of the Contract Assignment; 

  

	 	(iv)	A copy of the Closing Statement; 

  

	 	(v)	Such transfer tax or other similar forms required by law; and 

  

	 	(vi)	Such other instruments and documents as may be reasonably necessary in order to complete the Closing and to carry out the intent and purposes of this Agreement. 

ARTICLE 6. Approvals and Conditions to Buyer’s Obligations: 

(a) Seller acknowledges the Buyer intends to conduct an investigation of the Property, which may include examination of all structural and
mechanical aspects thereof, review certain documentation with respect to the Property in Seller’s possession including without limitation the Leases and tenant files and Operating Contracts and such other documents in Seller’s possession
reasonably requested by Buyer from time to time (the “Due Diligence Items”), obtaining a current as-built survey thereof, checking governmental records with respect to the Property,
interviewing tenants, and determining the compliance of the Property with all applicable laws, rules, codes and regulations. Except for the Excluded Items (defined below), Seller shall also make such additional Due Diligence Items for Buyer’s
review as reasonably requested by Buyer. Notwithstanding the foregoing, the Due Diligence Items shall not include the Excluded Items. Buyer acknowledges and agrees that except as otherwise provided in this Agreement, any Due Diligence Items to be
delivered to Buyer or its agents are or shall be provided without representation or warranty of any kind, express or implied, as to the completeness or accuracy of the facts, presumptions, conclusions or other matters contained therein and that
Buyer shall rely solely on its own investigations, reports and materials prepared 

  
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by Buyer or any consultants engaged by Buyer and not on any Due Diligence Items provided to Buyer by Seller or its agents. For the purposes of this Agreement, the term “Excluded
Items” shall mean: (i) materials relating to Seller’s marketing efforts for the sale of the Property, including communications and agreements with other potential purchasers, (ii) projections and other internal memoranda or
materials, (iii) appraisals, budgets, Seller’s strategic plans for the Property, internal analyses (including Seller’s analyses with respect to its leasing of space in the Property), computer software, and submissions relating to
Seller’s obtaining of internal authorizations, and property condition and engineering reports (iv) attorney and accountant work product, and all other materials subject to any legal privilege in favor of Seller; and (v) organizational
documents relating to any of the Seller Parties. 
 (b) Notwithstanding anything to the contrary contained in this Agreement, Seller
acknowledges that Buyer shall have the right in its sole and absolute discretion to terminate this Agreement pursuant to this Article 6(b). In the event Buyer fails to notify Seller that it intends to terminate this Agreement by written notice on or
before 5:00 p.m. local time at the Property on the Due Diligence Expiration Date, Buyer shall be deemed to have waived any right to terminate this Agreement pursuant to this Article 6(b). If Buyer notifies Seller in writing of its election to
terminate this Agreement on or before 5:00 p.m. local time at the Property on the Due Diligence Expiration Date, this Agreement shall be deemed terminated, in which event the Deposit shall be returned to Buyer forthwith. In such case, upon the
return of the Deposit to Buyer all obligations of the parties hereto shall cease and this Agreement shall be terminated and the parties shall be without further recourse or remedy hereunder other than Buyer’s indemnity to Seller set forth in
Article 6(c) below and any other obligations of Buyer or Seller which shall expressly survive the termination of this Agreement (collectively, the “Surviving Obligation”). 

(c) Seller shall make the Property available at reasonable times (but in no event during weekends, holidays and after 5:00 p.m. local time at
the Property on weekdays) to Buyer and its agents, consultants and engineers for such inspections as Buyer deems appropriate, including for Buyer’s engineering inspection(s), site evaluations, tenant interviews, and such other inspections and
investigations as Buyer deems appropriate, subject to the following limitations: (i) Buyer hereby agrees to indemnify, defend, protect and hold all Seller Parties (defined in Article 6(d) below) harmless from and defend the Seller Parties
against, all loss, liability, claims, costs (including reasonable attorneys’ fees), liens and damages resulting from or relating to the activities of Buyer or its agents, provided that the foregoing indemnity will not be construed to require
Buyer to indemnify, defend or hold harmless Seller from any liabilities for matters to the extent caused by Seller’s negligence or misconduct or for matters that Buyer or Buyer’s agents discover (as long as Buyer or Buyer’s agents
take reasonable steps not to exacerbate such condition once discovered), (ii) Buyer shall provide Seller with evidence of at least $1,000,000 per occurrence for bodily or personal injury or death naming Seller as an additional insured prior to
entering the Premises, (iii) Buyer shall give Seller at least one (1) business day prior notice of any visit or investigation describing who will visit and the nature of such visit and/or investigation, (iv) Seller shall be entitled
to have a representative present during any visits, tenant interviews or investigations. Notwithstanding anything set forth in this Agreement to the contrary, no invasive or destructive tests (including, without limitation, air, soils, water samples
and soils borings) or environmental samplings shall be conducted on or around the Property without Seller’s written consent, which may be granted or withheld by 

  
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Seller in its sole and absolute discretion, and all investigations shall be subject to the rights of tenants and shall be done on an expeditious and efficient basis and in a manner which
minimizes disruption to tenants. In the event this Agreement is terminated for any reason other than Seller’s default, Buyer shall furnish Seller with copies of all environmental and engineering reports prepared by or for Buyer with respect to
the Property, including, without limitation, any survey. Such documents shall be delivered AS IS, without representation or warranty. 

(d) Except as set forth in this Agreement and in any documents executed and delivered by Seller at Closing, upon the Closing, the
Property is being acquired by Buyer in “AS IS” condition and “WITH ALL FAULTS” existing as of the Closing Date. Buyer acknowledges that it will be acquiring the Property on the basis of its own investigations. Except as expressly
set forth in this Agreement and in any documents executed and delivered by Seller at Closing, no representations or warranties have been made or are made and no responsibility has been or is assumed by Seller or by any officer, director, member,
manager, person, firm, agent, advisor, trustee or representative acting or purporting to act on behalf of the Seller (collectively, the “Seller Parties”) as to condition or repair of the Property or the value, expense of operation, or
income potential thereof, the reliability of any information furnished to Buyer or as to any other fact or condition which has or might affect the Property or the condition, repair, value, expense of operation or income potential of the Property or
any portion thereof. Except with respect to a breach by Seller of any representation or warranty expressly contained herein and in any documents executed and delivered at Closing, upon the Closing, Buyer hereby waives, releases and forever
discharges all Seller Parties and any affiliate of the Seller Parties of and from any and all claims, actions, causes of action, demands, rights, damages, liabilities and costs whatsoever, direct or indirect, known or unknown, which Buyer now has or
which may arise in the future, against Seller or any such other parties related in any way to the Property. Nothing contained in this Article 6(d), including, without limitation, the foregoing release, shall exclude claims arising from
(i) Seller’s breach of the express representations, warranties, covenants and obligations (including indemnity obligations) under this Agreement which expressly survive the Closing, subject to any terms, conditions and limitations set
forth herein (ii) Seller’s breach of the express representations, warranties, covenants and obligations set forth in any of Seller’s closing documents, which expressly survive the Closing, and (iii) any claim for personal injury
arising prior to the Closing. Except as expressly set forth above, Buyer hereby agrees not to assert any claim for contribution, cost recovery or otherwise against Seller or any such affiliate relating directly or indirectly to the physical
condition of the Property including, without limitation, the existence of oil, lead paint, or hazardous materials (as defined below), or substances on or under, or the environmental condition of, the Property, whether known or unknown. The parties
agree that all understandings and agreements heretofore made between them or their respective agents or representatives regarding the Property are merged in this Agreement and the documents delivered at Closing, which alone fully and completely
express their agreement, and that this Agreement has been entered into after full investigation, or with the parties satisfied with the opportunity afforded for investigation, neither party relying upon any statement or representation by the other
unless such statement or representation is specifically embodied in this Agreement or the documents delivered at Closing. Buyer acknowledges that Seller has advised Buyer to inspect fully the 

  
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Property and investigate all matters relevant thereto, and, except with respect to information provided and certified to by Seller to Buyer, to rely solely upon the results of Buyer’s own
inspections or other information obtained or otherwise available to Buyer, provided that the foregoing shall not diminish Buyer’s rights with respect to any representations or warranties expressly made by Seller in this Agreement and/or in the
documents executed and delivered by Seller at Closing. 
 (e) For the purposes of this Article 6, hazardous materials shall mean any
substance which is or contains: (i) any “hazardous substance” as now or hereafter defined in the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended (42 U.S.C. Section 9601
“et seq.”) or any regulations promulgated thereunder (“CERCLA”); (ii) any “hazardous waste” as now or hereafter defined in the Resource Conservation and Recovery Act (42 U.S.C. Section 6901
et seq.) or regulations promulgated thereunder; (iii) any substance regulated by the Toxic Substances Control Act (15 U.S.C. Section 2601 et seq.); (iv) gasoline, diesel fuel or other petroleum hydrocarbons;
(v) asbestos and asbestos-containing materials, in any form, whether friable or nonfriable; (vi) polychlorinated biphenyls; (vii) radon gas; (viii) mold, mildew, fungus or other potentially dangerous organisms; (ix) any
putrescible or nonputrescible solid, semisolid, liquid or gaseous waste of any type; and (x) any additional substances or materials which are now or hereafter classified or considered to be hazardous or toxic under any laws, ordinances,
statutes, codes, rules, regulations, agreements, judgments, orders and decrees now or hereafter enacted, promulgated, or amended, of the United States, the states, the counties, the cities or any other political subdivisions in which the Property is
located and any other political subdivision, agency or instrumentality exercising jurisdiction over the owner of the Property, the Property or the use of the Property relating to pollution, the protection or regulation of human health, natural
resources or the environment, or the emission, discharge, release or threatened release of pollutants, contaminants, chemicals or industrial, toxic or hazardous substances or waste into the environment (including ambient air, surface water, ground
water, land or soil). 
 (f) In the event that Buyer’s due diligence reveals any condition of the Property that in Buyer’s
judgment requires disclosure to any governmental agency or authority, Buyer shall immediately notify Seller thereof. In such event, Seller, and not Buyer or anyone acting on Buyer’s behalf, shall make such disclosures as Seller deems
appropriate, provided that Buyer shall be permitted to make disclosures required by law so long as Buyer notifies Seller prior to making any such disclosure to the extent Buyer is legally permitted to so notify Seller. 

The indemnification obligations set forth in this Article 6 shall survive the Closing or earlier termination of this Agreement. 

  
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 ARTICLE 7. Additional Conditions to Closing: Without limiting any other conditions to
Buyer’s obligations to close set forth in this Agreement, the obligations of Buyer under this Agreement are subject to the satisfaction at the time of Closing of each of the following conditions (any of which may be waived in whole or in part
by Buyer at or prior to Closing). If any such conditions are not satisfied on or prior to the Closing Date, Buyer may terminate the Agreement and receive a refund of the Deposit: 

 

	 	(i)	Buyer shall have received an executed tenant estoppel certificate (the “Tenant Estoppel Certificate”) in substantially the form attached hereto as Exhibit K (or, if different, the form attached
to, or upon the terms required by, the applicable Lease) from (i) Renewal by Andersen, Kaiyan International and all tenants who lease at least 40,000 square feet of space in the Improvements (collectively, “Major Tenants”) and
(ii) tenants who, together with the Major Tenants, lease in the aggregate at least seventy-five percent (75%) of the leased space in the Property as of the Effective Date (the “Estoppel Certificate Requirement”). Each
Tenant Estoppel Certificate must be dated no more than forty-five (45) days prior to the Closing Date. Buyer agrees not to unreasonably object to or withhold Buyer’s consent to any alternate estoppel form or changes made by any tenant to
the form attached hereto and Buyer shall not object to any provision in a Tenant Estoppel Certificate which was disclosed to Buyer prior to the Due Diligence Expiration Date, provided that Buyer may object to a Tenant Estoppel Certificate if it
shows an ongoing default under the Lease or a tenant bankruptcy action or any material discrepancy with respect to the rent roll or Seller’s representations set forth in this Agreement. If any Tenant Estoppel Certificate provided to Buyer prior
to Closing contains any information that is materially inconsistent with any Seller representation and Buyer has actual knowledge of such inconsistency (defined as the actual knowledge of Dave Fazekas or Andrea Karp, as opposed to constructive or
imputed knowledge), and Buyer elects to close the transaction contemplated hereunder, such Seller representation shall be deemed modified by the information contained in such Tenant Estoppel Certificate. If Buyer fails to furnish Seller with a
written notice of disapproval (which notice, in order to be effective, must include Buyer’s specific objections), within two (2) business days from the date of Seller’s delivery thereof but no later than two (2) business days
prior to Closing, such Tenant Estoppel Certificate will be deemed approved by Buyer. Seller’s failure to fulfill the Estoppel Certificate Requirement shall constitute a failure of a condition precedent hereunder but shall not constitute a
default by Seller under this Agreement. In addition to the foregoing, Seller shall reasonably cooperate with Buyer to obtain any estoppel certificates relating to any reciprocal easement agreements and/or covenants, conditions and restrictions as
included in Buyer’s Title Notice; provided that Seller’s inability to obtain same shall in no event be a Seller default and shall not be a condition precedent to Buyer’s obligation to close the transactions contemplated hereunder.

  

	 	(ii)	All of the representations and warranties made by Seller set forth in this Agreement or any Exhibit attached hereto shall be true and correct in all material respects, subject to: (1) changes that: (y) are
caused by the acts or omissions of Buyer or its agents or affiliates; or (z) are a result of the operation of the Property in the normal course of business since the Effective Date and in accordance with the terms of this Agreement and do not,
individually or in the aggregate, have a material adverse effect on the value or operation of the Property; and (2) casualty or condemnation (which shall be governed by Article 10). 

  
 -10- 

	 	(iii)	Seller shall have performed, observed, and complied in all material respects with all covenants and agreements required by this Agreement to be performed by Seller at or prior to Closing. 

 

	 	(iv)	No Tenant under the Leases shall have terminated in advance of the scheduled expiration date of, or given written notice of intent to terminate, their Lease pursuant to the terms of such Lease. No Major Tenant shall
have become the subject of a voluntary or involuntary bankruptcy proceeding following the expiration of the Due Diligence Period. 

  

	 	(v)	Closing shall occur with respect to all (and no less than all) of the Property simultaneously. 

  

	 	(vi)	The Title Company shall be irrevocably committed to issue the Title Policy in the form approved by Buyer prior to the expiration of the Due Diligence Period. 

If any condition set forth herein is not fully satisfied on or before the Closing Date, Seller may elect to attempt to satisfy any such unsatisfied condition,
and if Seller so elects, Seller shall have until the date occurring thirty (30) days after the Closing Date in which to satisfy such condition, and the Closing Date shall be extended for such period. 

ARTICLE 8. Default: (a) In the event Seller fails to fulfill any of its obligations hereunder and such failure continues for ten
(10) days after written notice from Buyer to Seller, Buyer shall have any one of the following rights and remedies: 
  

	 	(i)	Buyer shall have the right to terminate this Agreement by written notice to Seller, in which event the Deposit shall be paid to Buyer, and in the event Buyer’s termination is attributable to Seller’s
intentional or willful default under this Agreement, Seller shall reimburse Buyer’s actual third party out-of-pocket costs incurred in connection with this Agreement in an amount not to exceed $100,000.00 and all obligations of the parties
under this Agreement shall terminate except for the Surviving Obligation; or 

  

	 	(ii)	Buyer shall have the right to waive the breach or default and proceed to Closing in accordance with the provisions of this Agreement without reduction of the Purchase Price; or 

 

	 	(iii)	Buyer may seek specific performance for Seller’s failure to execute and deliver the documents necessary to convey the Property to Buyer. 

In the event that Buyer fails to commence an action against Seller pursuant to clause 8(a)(iii) above within thirty (30) days after the
scheduled Closing Date, Buyer shall automatically be deemed to have terminated the Agreement pursuant to clause 8(a)(i) above. Buyer expressly and unconditionally waives any right to recover damages from Seller except as expressly set forth above.
Notwithstanding the foregoing, in the event Seller defaults in any of its obligations that, pursuant to the express terms and conditions of this Agreement, survive Closing or a termination of this Agreement, then, subject to the limitations set
forth in Article 11(d) hereof, Buyer shall have all of its remedies at law and in equity on account of such default. 

  
 -11- 

 (b) IN THE EVENT THE SALE OF THE PROPERTY IS NOT CONSUMMATED BECAUSE OF A BREACH OR UNCURED
DEFAULT UNDER THIS AGREEMENT ON THE PART OF THE BUYER, BUYER AND SELLER AGREE THAT IT WOULD BE EXTREMELY DIFFICULT AND IMPRACTICAL TO DETERMINE THE AMOUNT AND EXTENT OF DETRIMENT TO SELLER. BUYER AND SELLER THEREFORE AGREE THAT, IF BUYER DEFAULTS IN
ITS OBLIGATION TO CONSUMMATE THE CLOSING HEREUNDER, BUYER’S DEPOSIT IS A REASONABLE ESTIMATE OF SELLER’S DAMAGES AND THAT SELLER SHALL BE ENTITLED TO SAID SUM AS LIQUIDATED DAMAGES, WHICH SHALL BE SELLER’S SOLE AND EXCLUSIVE REMEDY,
EITHER AT LAW OR IN EQUITY, AS A RESULT OF SUCH DEFAULT. IN SUCH EVENT, THE ESCROW AGENT SHALL UPON WRITTEN DEMAND BY SELLER WITHOUT JOINDER OF BUYER, IMMEDIATELY DELIVER THE DEPOSIT TO SELLER. TO SIGNIFY THEIR AWARENESS AND AGREEMENT TO BE BOUND BY
THE TERMS AND PROVISIONS OF THIS SECTION, BUYER AND SELLER HAVE SEPARATELY INITIALED THIS SECTION. 
 SELLER’S INITIALS: /s/ NW
                                         
                                         
       BUYER’S INITIALS: /s/ AK 
 ARTICLE 9. Entire Agreement Herein: The parties
understand and agree that their entire agreement is contained herein and that no warranties, guarantees, statements, or representations shall be valid or binding on a party unless set forth in this Agreement. It is further understood and agreed that
all prior understandings and agreements heretofore had between the parties are merged in this Agreement which alone fully and completely expresses their agreement and that the same is entered into after full investigation, neither party relying on
any statement or representation not embodied in this Agreement. This Agreement may be changed, modified, altered or terminated only by a written agreement signed by the parties hereto. 

ARTICLE 10. Damage or Destruction: Condemnation: (a) If any Improved Property shall have been damaged by fire or other casualty
prior to the Closing (a “Casualty”), such that in the reasonable estimate of Seller’s architect or engineer, the cost to repair the same exceeds three percent (3%) of the amount of the Purchase Price allocated to such
Improved Property pursuant to Article 3 hereof or would allow any tenant to terminate its Lease (a “Material Casualty”), and unless Seller has previously repaired or restored the applicable Improved Property to its former condition
prior to the Closing Date, then, at Buyer’s sole option, Seller shall either (i) pay over or assign to Buyer, on delivery of the Deed all physical damage proceeds of any insurance policies payable to Seller (including any rental loss
proceeds for the period after Closing (if any)), less any amounts reasonably expended by Seller for partial restoration, with a credit to Buyer for the amount of any deductible or uninsured casualty cost, or (ii) direct Escrow Agent to return
the Deposit and accrued interest thereon to Buyer in which case, except for the Surviving Obligation, all other obligations of the parties hereto shall cease and this Agreement shall terminate and be without further recourse or remedy to the parties
hereto. In the event of 

  
 -12- 

 
any Casualty that is not a Material Casualty, Buyer and Seller shall proceed to Closing in accordance with the terms and conditions of this Agreement and, unless Seller has previously repaired or
restored the applicable Improved Property to its former condition prior to the Closing Date, then Seller shall pay over or assign to Buyer, on delivery of the Deed all physical damage proceeds of any insurance policies payable to Seller (including
any rental loss proceeds for the period after Closing (if any)), less any amounts reasonably expended by Seller for partial restoration, with a credit to Buyer for the amount of any deductible or uninsured casualty cost. In the event Buyer is
required to, or elects to, close, Seller shall not compromise, settle or adjust any claims without the prior written consent of Buyer, which shall not be unreasonably withheld, conditioned or delayed. 

(b) If all or a material part of any Improved Property is taken by condemnation, eminent domain or by agreement in lieu thereof prior to the
Closing (a “Taking”) such that in the reasonable estimate of Seller’s architect or engineer, the loss of value of the remaining Improved Property or the value of the portion of the Improved Property so taken exceeds an amount
equal to three percent (3%) of the amount of the Purchase Price allocated to such Improved Property pursuant to Article 3 hereof, or results in a loss of parking stalls that would cause the Property to be in violation of applicable laws or
would allow any tenant to terminate its Lease (a “Material Taking”), Buyer may, at Buyers’ sole option, either (i) terminate this Agreement (in which event Buyer shall be entitled to a return of the Deposit, and, except
for the Surviving Obligation, all other obligations of the parties hereto shall cease and this Agreement shall terminate and be without further recourse or remedy to the parties hereto) or (ii) close title to the Property in accordance with the
terms hereof, without reduction in the Purchase Price, together with an assignment of Seller’s rights to any award paid or payable by or on behalf of the condemning authority. In the event of any Taking that is not a Material Taking, Buyer and
Seller shall proceed to Closing in accordance with the terms and conditions of this Agreement, without reduction in the Purchase Price, together with an assignment of Seller’s rights to any award paid or payable by or on behalf of the
condemning authority. If Seller has received payments from the condemning authority and if Buyer elects or is required to close title to the Property, Seller shall credit the amount of said payments against the Purchase Price at the Closing. In the
event Buyer is required to, or elects to, close, Seller shall not compromise, settle or adjust any claims without the prior written consent of Buyer, which shall not be unreasonably withheld, conditioned or delayed. 

(c) With respect to any Material Casualty or Material Taking, Buyer shall be deemed to have elected to proceed under Article 10(a)(i) and
10(b)(ii) above respectively and as applicable, unless, within ten (10) days from the date of Seller’s delivery of written notice of such Material Casualty or Material Taking to Buyer, Buyer provides Seller with written notice that Buyer
has elected to terminate this Agreement as provided for in this Article 10. 
 ARTICLE 11. Representations and Warranties of Seller:
(a) In order to induce Buyer to enter into this Agreement and to consummate the purchase of the Property, Seller hereby represents and warrants to Buyer as of the date of this Agreement and as of the Closing Date (updated to reflect the then
state of facts) as follows: 
  

	 	(i)	Each Selling Entity is, and on the Closing Date shall be, duly and validly formed and existing and governed by the laws of the State of its incorporation and, if necessary, registered to do business in the jurisdiction
where the Property is located. This Agreement and all documents that are to be executed by each Selling Entity and delivered to Buyer at the Closing are, or at the time of Closing will be, duly authorized, executed and delivered by each Selling
Entity. 

  
 -13- 

	 	(ii)	Exhibit C attached hereto (the “List of Leases”) is, in all material respects, a correct listing of all Leases at the Property in effect as of a date not earlier than five (5) business days
preceding the Effective Date. Seller has not granted any options or rights of first refusal with respect to the purchase and sale of the Property. 

  

	 	(iii)	Seller has not delivered to any tenant a notice of default under its Lease which has not otherwise been cured. Except as set forth on Exhibit M, there are no outstanding leasing commissions due or that may
become due (i) with respect to the current term of any existing Lease or (ii) pursuant to a written agreement binding on Seller, or to Seller’s knowledge, pursuant to any other written agreement, regarding any extension term that may
be exercised under any existing Lease. 

  

	 	(iv)	Seller has made available to Buyer true and complete copies of the Leases, and all extensions, renewals and amendments thereto and made available the income statements for the years 2011-2013 and year to date through
June, 2014; aged receivables report through June, 2014 and general ledgers for 2012, 2013 and for year to date through June, 2014 that Seller maintains in the ordinary course of its business. 

 

	 	(v)	Exhibit I attached hereto is a complete list of all service, supply and maintenance agreements with respect to or affecting the Property as of the date of this Agreement (herein collectively referred to as the
“Operating Contracts”). Seller has made available to Buyer true and complete copies of all Operating Contracts with respect to the Property 

  

	 	(v)	Except as set forth in Exhibit J hereto, there is not now pending, nor to each Selling Entity’s actual knowledge, has there been threatened in writing, any action, suit or proceeding against or affecting
either Selling Entity before or by any federal or state court, commission, regulatory body, administrative agency or other governmental body (a “Governmental Authority”), wherein an unfavorable ruling, decision or finding, upon
consummation of the sale contemplated hereby to Buyer or otherwise, may reasonably be expected to have a material adverse effect on the business or prospects of or on the condition or operations of the Property, or would interfere with each Selling
Entity’s ability to consummate the transactions contemplated by this Agreement. 

  
 -14- 

	 	(vi)	Neither Selling Entity is a “foreign person” as defined by the Internal Revenue Code (“IRC”), Section 1445. Each Selling Entity will execute and deliver to Buyer at Closing an affidavit
or certification in compliance with IRC Section 1445 in the form of Exhibit H attached hereto. 

  

	 	(vii)	To Seller’s knowledge, except for those tenants in possession of the Property under written leases for space in the Property, as shown in the List of Leases, or parties claiming by, through or under any such
tenant, and except as may be otherwise reflected on the Title Commitment, there are no parties in possession of, or claiming any possession to, any portion of the Property. 

 

	 	(viii)	Seller has not received any written notice from any Governmental Authority of a violation of any governmental requirements (including environmental laws) on the Property, which has not been remedied. 

 

	 	(ix)	Neither Seller Entity nor any of their respective affiliated entities is a person or entity with whom U.S. persons or entities are restricted from doing business under regulations of the Office of Foreign Asset Control
(“OFAC”) of the Department of the Treasury (including those named on OFAC’s Specially Designated and Blocked Persons List) or under any statute, executive order (including the September 24, 2001, Executive Order Blocking
Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action. 

  

	 	(x)	No petition in bankruptcy (voluntary or otherwise), attachment, execution proceeding, assignment for the benefit of creditors, or petition seeking reorganization or insolvency, arrangement or other action or proceeding
under federal or state bankruptcy law is pending against or contemplated (or, to Seller’s knowledge, threatened) by or against Seller or any general partner or managing member of Seller. 

 

	 	(xi)	Seller has not received written notice from any Governmental Authority that the Property is in violation of any laws, which has not been remedied. 

(b) Any representations and warranties made to the knowledge of Seller or any Selling Entity shall be based solely on the current, actual (as
opposed to constructive or imputed) knowledge of Jeffrey Foresman (the individual with Seller with the most knowledge of the Property), and shall not be construed to refer to the knowledge of any other partner, beneficial owner, officer, employee or
agent of Seller or any Selling Entity, nor shall such term impose any duty to investigate the matters to which such knowledge, or absence thereof, pertain. There shall be no personal liability on the part of such person arising out of any
representations or warranties made herein or otherwise. 

  
 -15- 

 (c) If Seller becomes aware or Buyer first obtains actual knowledge that any of the
representations or warranties made herein by Seller are untrue, inaccurate or incorrect in any material respect, Seller or Buyer (as applicable) shall give the other party written notice thereof within five (5) business days of obtaining such
knowledge (but, in any event, prior to the Closing). In such event, Seller shall have the right (but not the obligation) to attempt to cure such misrepresentation or breach and shall, at its option, be entitled to a reasonable adjournment of the
Closing (not to exceed thirty (30) days) for the purpose of such cure. If Seller elects to attempt to so cure but is unable to so cure any misrepresentation or breach of warranty or does not elect to cure, then Buyer, as its sole remedy for any
and all such materially untrue, inaccurate or incorrect representations or warranties (except in the event the change is due to Seller’s default), shall elect either (i) to waive such misrepresentations or breaches of representations and
warranties and consummate the transaction contemplated hereby without any reduction of or credit against the Purchase Price, or (ii) if Buyer first obtained knowledge of such material misrepresentation or breach of warranty after the expiration
of the Due Diligence Expiration Date, to terminate this Agreement in its entirety by written notice given to Seller on the Closing Date, in which event this Agreement shall be terminated, the Deposit shall be returned to Buyer and, thereafter,
neither party shall have any further rights or obligations hereunder except for the Surviving Obligation. 
 (d) Seller agrees that,
following the Closing, it shall be liable for the direct, but not consequential or punitive, damages resulting from any breach of its representations and warranties expressly set forth in this Article 11 of this Agreement; provided, however, that:
(i) the total liability of Seller for all such breaches and any other breaches under this Agreement and/or the documents delivered by Seller at Closing, in the aggregate, exceed Seven Hundred Fifty Thousand and 00/100 Dollars ($750,000.00) (the
“Claim Cap”), provided that, notwithstanding anything contained herein to the contrary, in no event shall the liability of Seller relating to or arising out of any claim made by Buyer under Article 14 or 33 of this Agreement be
subject to the Claim Cap; (ii) such representations and warranties are personal to Buyer and may not be assigned to or enforced by any other Person, other than to an assignee of Buyer in accordance with this Agreement; and (iii) the
representations and warranties of Seller set forth in this Agreement or in any document or certificate delivered by Seller in connection herewith shall survive the Closing for a period of one hundred eighty (180) days (the “Survival
Period”), and no action or proceeding thereon shall be valid or enforceable, at law or in equity, if a legal proceeding is not commenced within that time. Notwithstanding the foregoing, however, if the Closing occurs, Buyer hereby expressly
waives, relinquishes and releases any right or remedy available to it at law or in equity, under this Agreement or otherwise to make a claim against Seller for damages that Buyer may incur, or to rescind this Agreement and the transactions
contemplated hereby, as the result of any of Seller’s representations or warranties in this Agreement or any document executed by Seller in connection herewith being untrue, inaccurate or incorrect if Buyer has actual knowledge that such
representation or warranty was untrue, inaccurate or incorrect at the time of the Closing. For purposes of this Agreement, Buyer shall be deemed to have actual knowledge if the matter is in the actual knowledge (as opposed to constructive or imputed
knowledge) of Dave Fazekas or Andrea Karp. Buyer agrees that, following the Closing, no claim may or shall be made for any alleged breach of any representations or warranties made by Seller under or relating to this Agreement unless the amount of
such claim or claims, individually or in the aggregate, exceeds Twenty Five Thousand 

  
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and 00/100 Dollars ($25,000.00) (in which event the full amount of such valid claims against Seller shall be actionable up to, but not in excess of, the Claim Cap) (the “Floor
Amount”). Seller represents and warrants that, as of the Closing Date, Seller shall have liquid assets in an amount not less than the Claim Cap. Seller covenants and agrees that it shall maintain liquid assets in an amount not less than the
Claim Cap from the Closing Date through the end of the Survival Period. 
 ARTICLE 12. Operations: (a) Between the date hereof
and the Closing, Seller agrees that it will maintain and rent the Property in its customary manner, reasonable wear and tear and casualty excepted. Until the Closing Date, Seller shall maintain insurance on the Premises as currently insured,
provided that Seller may make adjustments in Seller’s insurance coverage for the Property which are consistent with Seller’s general insurance program. 

(b) Seller shall not remove any material item of the Personal Property from the Property unless the same is obsolete and is replaced by
tangible personal property of equal or greater utility and value. 
 (c) Seller shall not, from and after the date that is two
(2) business days prior to the expiration of the Due Diligence Expiration Date, (i) grant any consent or waive any material rights under the Leases, (ii) terminate any Lease, or (iii) enter into a new lease, modify an existing
Lease or renew, extend or expand an existing Lease (collectively and individually a “Lease Proposal”) in each case without the prior written approval of Buyer (which, once so approved, whether expressly or by non-response as set
forth below, shall be deemed an “Approved New Lease,” and once executed, shall be included in the term “Lease” for all purposes under this Agreement), which may be withheld in Buyer’s sole discretion, but which
shall be deemed granted if Buyer fails to respond to a request for approval within three (3) business days after receipt of the request therefor together with a copy of each Lease Proposal. Seller shall provide copies of all Lease Proposals to
Buyer after the Effective Date but Buyer has no right to approve any Lease Proposal or any Lease prior to the date that is two (2) business days prior to the expiration of the Due Diligence Expiration Date. Seller agrees to furnish Buyer copies
of any Approved New Lease signed prior to the date that is two (2) business days prior to the expiration of the Due Diligence Expiration Date promptly following receipt thereof. Notwithstanding the foregoing, Seller shall not be required to
obtain Buyer’s consent or approval to (i) enter into any modification, renewal, extension or expansion of any Lease, or to grant any consent under any Lease, to the extent that the same is required pursuant to the applicable terms of the
Lease; and (ii) exercise any recapture rights expressly provided for in any Lease; provided that Seller shall nevertheless keep Buyer apprised of the status of all lease negotiations with respect to the Property during the entire term of this
Agreement. 
 (d) Following the date that is two (2) business days prior to the expiration of the Due Diligence Expiration Date, Seller
shall not without the prior written consent of Buyer, which consent shall not be unreasonably withheld, enter into any contract (other than leases as provided above) which could bind Buyer or the Property after the Closing unless the same may be
canceled on thirty (30) days’ notice without penalty. Failure of Buyer to respond within three (3) business days of written request from Seller for consent shall be deemed consent by Buyer. Following the date that is two
(2) business days prior to the expiration of the Due Diligence Expiration Date, Seller shall not enter into any contracts or modify any contract without the prior written consent of Buyer, which consent Buyer may withhold in its sole and
absolute discretion. 

  
 -17- 

 (e) Seller, upon receipt of written notice thereof, will give Buyer prompt notice of the
commencement prior to Closing of any litigation affecting the Property or any part thereof which would impair Seller’s right to sell the Property or be binding upon Buyer. 

(f) At Closing, Seller shall send notice of termination as requested in writing by Buyer prior to 5:00 p.m. local time at the Property on the
Due Diligence Expiration Date of any Operating Contract which by its terms may be terminated by notice without penalty or possible damages or liability for early termination (to the extent same cannot be terminated on the Closing due to the notice
requirements of said Operating Contract). Any Operating Contract for which notice of termination has been given, as requested by Buyer, but which will not terminate until the expiration of any notice period shall be assigned to Buyer, and, except as
set forth below, all other Operating Contracts shall be assigned to Buyer. Any Operating Contracts requiring the consent of the vendor to assign such contract shall not be assigned to Buyer (unless the vendor has consented to the assignment and
Buyer has paid, or credited to Seller, any fee related to such consent and assignment, if any), but shall be terminated by Seller as of Closing. Buyer shall pay any termination fee (or credit such amount to Seller at Closing) which is due upon the
termination of any Operating Contract that Buyer may request pursuant to this paragraph. Notwithstanding anything to the contrary, Seller shall upon the Closing terminate any property management contract at Seller’s sole cost and expense. 

(g) During the term of this Agreement, Seller shall not market the Property for sale or accept back-up offers. 

(h) During the term of this Agreement, Each Seller Entity shall, without material third party cost to Seller (which shall mean no more than
$1,500, in the aggregate), reasonably cooperate with Buyer regarding the transfer and assignment of the Intangible Property. 
 ARTICLE 13.
Apportionment of Taxes and Other Charges: 
 (a) All normal and customarily proratable items, including without limitation, personal
property taxes, utility bills (except as hereinafter provided), collected rents and other income, Operating Contract payments (under Operating Contracts assumed by Buyer including those for which notice of termination has been given pursuant to
Article 12(f) but have not yet expired), and license and permit fees shall be prorated as of the Closing Date based upon a 365 day year, Seller being charged and credited for all of the same relating to the period up to the Closing Date and Buyer
being charged and credited for all of the same relating to the period on and after the Closing Date. 
 (b) Real estate taxes and
assessments for the tax year in which the Closing occurs shall be prorated based upon the portion of the tax year each of Seller and Buyer will have owned the Property. Seller shall be responsible for all taxes for the period prior to the Closing
Date. From and after Closing, Seller shall have the sole right to prosecute and settle any tax appeals pending as of the Effective Date related to the Improved Properties (“Current Tax 

  
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Appeals”); provided, however, (i) any settlement or other disposition of the Current Tax Appeals affecting real property taxes for 2014 and/or subsequent years shall be subject
to the prior written approval of Buyer, not to be unreasonably withheld, conditioned or delayed, (ii) no settlement or other disposition shall result in an increase in the assessed value of the Real Property and (iii) such Current Tax
Appeals and all settlements shall be subject to any applicable terms and conditions set forth in the Leases. All amounts recovered as a result of any tax appeals, whether by settlement or otherwise, shall, net of attorneys’ fees and other
expenses, be apportioned as of the Closing in the same manner as real property taxes pursuant to this Section and paid, when received, to the parties entitled thereto; provided, however, that to the extent any such amounts are payable to any Tenant
pursuant to the terms of its Lease, such amounts shall be promptly paid over to such Tenant. 
 (c) No proration shall be made in relation
to delinquent rents existing, if any, as of the Closing Date. In adjusting for uncollected rents, no adjustment shall be made in Seller’s favor for rents which have accrued and are unpaid as of Closing, but Buyer shall pay Seller such accrued
and unpaid rents, as and when collected by Buyer, it being agreed that Buyer shall not be deemed to have collected any such arrearages attributable to the period prior to Closing until such time as the tenant is current in the payment of all rents
accruing after the Closing and Buyer has recovered its reasonable costs in making such collections. Buyer agrees to bill tenants of the Property for all past due rents and to take any reasonable actions in the normal course of business to collect
rents that are accrued but unpaid as of the Closing for a period of ninety (90) days after Closing, provided that Buyer shall not be obligated to incur any
out-of-pocket third party expenses in connection with such actions and Buyer shall not be obligated to take any action to terminate a tenancy. Seller reserves the right
to bring suit against tenants of the Property to collect for accrued but unpaid rents owed Seller as of the Closing Date, but Seller may not, subsequent to Closing, bring suit for possession of the premises occupied by such tenants. 

(d) Final readings and final billings for utilities will be made if possible as of the Closing Date, in which event no proration shall be made
at the Closing with respect to utility bills. Otherwise, a proration shall be made based upon the parties’ reasonable good faith estimate and a re-adjustment made within sixty (60) days after Closing. 

(e) No proration will be made in relation to insurance premiums and the insurance policies will not be assigned to Buyer. Seller shall be
entitled to receive a return of all deposits presently in effect with the utility providers, and Buyer shall be obligated to make its own arrangements for deposits with the utility providers. 

(f) Buyer shall receive a credit for all Security Deposits, and if required by law, with interest thereon. 

(g) CAM Charges. Notwithstanding the foregoing, if any portion of the Rent, such as operating cost
pass-throughs, common area expenses or additional rent and charges are paid on an estimated basis (“Estimated Rent Payment”), then the Estimated Rent Payment shall be reconciled against actual
charges and expenses as of and at the Closing, and Seller shall provide a proposed, reasonably detailed reconciliation of same for Buyer’s approval. If Seller’s pre-

  
 -19- 

 
closing reconciliation indicates that Seller has received any Estimated Rent Payments in excess of what it has actually incurred, Buyer shall receive a credit for such over-collected Estimated
Rent Payments at the Closing. At such time as Buyer is required to provide to the tenant a final reconciliation of the Estimated Rent Payment for the year of the Closing, Buyer will provide a copy of same to the Seller. If such final year
reconciliation shows that Seller owes Buyer additional sums, Seller shall deliver such amount to Buyer within ten (10) days after Seller’s receipt of such final reconciliation. If the final year end reconciliation shows that Buyer owes
Seller additional sums or Seller’s pre-Closing reconciliation shows that Seller has under-collected Estimated Rent Payments, Buyer shall pay such amount to Seller within ten (10) days after Buyer’s receipt of such payments from the
tenants. Seller shall be responsible for and conduct any audit of the Estimated Rent Payments that a tenant may request with respect to all years prior to the Closing, and responsible for the payment of any amounts to which a tenant may be
entitled as a result of such audit. 
 (h) Leasing Costs. Seller shall pay (or provide Buyer a credit at Closing for) all
leasing commissions and tenant improvement costs (“Lease Costs”) that are accrued, due and payable or required to be expended during the current lease term of any Lease. Buyer shall assume and be responsible to pay all Lease Costs
that first arise or accrue on or after the expiration of the current term of any Lease, including as a result of (X) new Leases executed after the Effective Date in accordance with this Agreement, but only if and to the extent such Lease Costs
were disclosed in writing to Buyer and, in the event such new Lease required the approval of Buyer pursuant hereto, approved by Buyer in its sole and absolute discretion, (Y) Lease extensions, renewals and expansions pursuant to existing Leases
exercised by the tenants thereunder after the Effective Date, and (Z) amendments or modifications to, or renewals of, existing Leases entered into after the Effective Date in accordance with this Agreement, but only if and to the extent such
Lease Costs were disclosed in writing to Buyer and, in the event such amendment, modification or renewal required the approval of Buyer pursuant hereto, approved by Buyer in its sole and absolute discretion. For avoidance of doubt, in the event
entered into in accordance with the terms and conditions of Article 12(c) of this Agreement, Buyer shall assume and be responsible to pay all Lease Costs arising or accruing from that Lease with Superior Contracting Corporation, regardless of the
date of execution, as expressly set forth on Exhibit M attached hereto. Notwithstanding anything set forth in this Agreement to the contrary, the Purchase Price shall be reduced in the amount of all unpaid tenant improvement and leasing commission
amounts due in connection with the American Furniture Rental (“AFR”) lease (the “AFR TI/LC Reduction”). In addition to the AFR TI/LC Reduction, Seller will reduce the Purchase Price at closing in an amount
equal to $10,275 for each month (or prorated at the rate of $342.50 per day for a partial month) after Closing but prior to the date that AFR is contractually obligated to commence paying rent at the annual rental rate of $3.50/rsf under the AFR
lease (the “AFR Rent Commencement Reduction”), provided, however, that in no event shall the AFR Rent Commencement Reduction ever exceed, in the aggregate, the amount of $205,500.00. For clarification purposes only, if AFR
takes possession of its space on September 15, 2014, and the Closing occurs on September 23, 2014, then the total rent credit due Buyer at Closing would be reduced by $2,740.00 (i.e. AFR in possession of its space for eight (8) days
prior to Closing at $342.50 per day) resulting in a total credit to Buyer of $202,760.00. 

  
 -20- 

 (i) A detailed statement shall be prepared at the Closing setting forth the manner of computation
of the aforesaid pro-ration adjustments. 
 (j) The provisions of this Article 13 shall survive the
Closing for a period of one hundred eighty (180) days after December 31, 2014, at which time there will be a onetime readjustment, if necessary; provided, however, with respect to ad valorem taxes, readjustments shall be made during the
thirty (30) day period following the date final tax bills for the year of Closing are received by Buyer and with respect to Estimated Rent Payments, Article 13(g) shall control. 

ARTICLE 14. Broker: (a) Each party represents hereby to the other that it dealt with no broker in the consummation of this
Agreement except for CBRE, Baltimore, Maryland (“Broker”), and each party indemnifies the other from any claim arising from the failure of such representation by the indemnifying party. 

(b) Any commission due Broker shall be paid by Seller as provided in a separate agreement between Seller and Broker. 

The provisions of this Article 14 shall survive the Closing or termination of this Agreement. 

ARTICLE 15. Recording: It is agreed hereby that this Agreement shall not be filed for recording with any other governmental body. 

ARTICLE 16. Notices. Any notice, consent or approval required or permitted to be given under this Agreement shall be in writing and
shall be deemed to have been given upon (i) hand delivery, (ii) one business day after being deposited with Federal Express or another reliable overnight courier service for next day delivery, (iii) upon facsimile transmission or
other electronic signature (it being agreed that facsimile or other electronic signature ((e.g. PDF email)) shall have the same force and effect as an original signature for all purposes), or, (iv) two business days after being deposited in the
United States mail, registered or certified mail, postage prepaid, return receipt required, and addressed as follows: 
  

			
	If to Seller:	  	c/o Colony Realty Partners
		  	Two International Place, Suite 2500
		  	Boston, Massachusetts 02110
		  	Attn: Daniel S. Dretler
		  	Phone No.: (617) 235-6313
		  	Fax No.: (617) 235-6399
		  	Email: ddrelter@colonyinc.com

  
 -21- 

			
	with a copy to:	  	Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C.
		  	One Financial Center
		  	Boston, MA 02111
		  	Attention: Eric J. Freeman, Esq.
		  	Phone: 617-348-3072
		  	Fax: 617-542-2241
		  	Email: ejfreeman@mintz.com
		
	If to Buyer:	  	Joshua J. Widoff
		  	General Counsel
		  	Industrial Property Trust, Inc.
		  	518 17th Street, 17th Floor
		  	Denver, Colorado 80202
		  	Phone No.: (303) 597-0483
		  	Email: jwidoff@dividendcapital.com
		
	With a copy to:	  	Barack Ferrazzano Kirschbaum & Nagelberg LLP
		  	200 West Madison Street, Suite 3900
		  	Chicago, Illinois 60606
		  	Attn: Jeremy T. Bunnow
		  	Phone No.: (312) 629-7346
		  	Email: jeremy.bunnow@bfkn.com
		
	Title Company:	  	Fidelity National Title Insurance Company
		  	4643 South Ulster Street, Suite 500
		  	Denver, Colorado 80237
		  	Attn: Lindsey Mann
		  	Phone: (720) 200-1227
		  	Email: lindsey.mann@fnf.com

 or such other address as either party may from time to time specify in writing to the other. Either party’s respective
legal counsel may provide notices on behalf of such party. Unless otherwise specifically provided for herein, notices required to be delivered pursuant to the terms and provisions of this Agreement must be delivered by 5:00 p.m. local time at the
Property to whichever party is the intended recipient to be considered timely delivered pursuant to such term or provision of this Agreement. 

ARTICLE 17. Captions: The captions in this Agreement are inserted only for the purpose of convenient reference and in no way define,
limit or prescribe the scope or intent of this Agreement or any part hereof. 
 ARTICLE 18. Successors and Assigns: (a) This
Agreement shall be binding upon the parties hereto and their respective successors and assigns. 

  
 -22- 

 (b) Subject to Buyer’s right to assign its right, title and interest in this Agreement to an
affiliate of Buyer, in which case Buyer shall remain fully liable hereunder, Buyer may not assign this Agreement nor any of the rights or benefits thereof including, without limitation, the benefit of the representations and warranties contained in
Article 11 hereof, to any third party either before or after the Closing without the written consent of Seller which may be given or withheld in Seller’s sole discretion, and any such unauthorized attempted assignment shall be null and void. In
accordance with the terms of this paragraph, Buyer shall send written notice to Seller of its designated nominee or assignee, if any, no later than two (2) business days prior to Closing. For purposes of this Article 18(b), an affiliate of
Buyer shall include (a) any entity that is owned, controlled by or is under common control with Buyer (a “Buyer Control Entity”), (b) any entity in which one or more Buyer Controlled Entities directly or indirectly is the
general partner (or similar managing partner, member or manager) or owns more than 50% of the economic interests of such entity, or (c) any entity (or subsidiary thereof) that is advised by an affiliate of Industrial Property Advisors LLC. For
avoidance of doubt, any nominee or assignee of Buyer’s right, title and interest under this Agreement at Closing shall be fully liable for the obligations and liabilities of Buyer hereunder. 

ARTICLE 19. Closing Costs: Except as hereinafter specifically provided, Seller and Buyer shall allocate all closing costs between them
in accordance with standard practice in the jurisdiction where the Property is located. Seller and Buyer shall be responsible for preparing such documents as it is obligated to deliver pursuant to Article 5 hereof and, subject to the terms of
Article 33 hereof, for its own legal, consultant and agent expenses. Seller and Buyer agree to allocate closing costs as follows: 
  

	 	(a)	All transfer or recordation taxes (state, county and municipal) shall be split equally between Seller and Buyer. 

  

	 	(b)	All title examination costs and the cost of all title premiums, including, without limitation, the costs or charges for extended coverage or endorsements to the Title Policy shall be paid by Buyer. 

 

	 	(c)	The cost of the survey, and any update, revision or re-certification of the survey, shall be paid by Buyer. 

  

	 	(d)	The cost of preparation and recordation of any releases and termination statements required to clear Voluntary Liens from title to the Property shall be paid by Seller. 

 

	 	(e)	The cost of recordation of the Deed shall be paid by Buyer. 

  

	 	(f)	Escrow charges, if any, shall be split equally between Seller and Buyer. 

 ARTICLE 20.
Governing Law: The laws of the State where the Property is located shall govern the validity, construction, enforcement and interpretation of this Agreement. 

  
 -23- 

 ARTICLE 21. Multiple Counterparts: This Agreement may be executed in any number of
identical counterparts. If so executed, each of such counterparts shall constitute this Agreement. In proving this Agreement, it shall not be necessary to produce or account for more than one such counterpart. 

ARTICLE 22. Representations and Warranties of Buyer: Buyer hereby represents and warrants to Seller as of the date hereof and as of the
Closing Date as follows: 
 (a) This Agreement and all documents executed by Buyer that are to be delivered to Seller at the Closing are, or
at the time of Closing will be, duly authorized, executed and delivered by Buyer. This Agreement and such documents are, or at the Closing will be, legal, valid, and binding obligations of Buyer, and do not, and, at the time of Closing will not,
violate any provisions of any agreement or judicial order to which Buyer is a party or to which it is subject. 
 (b) There are no
proceedings pending or, to Buyer’s knowledge, threatened against it in any court or before any governmental authority or any tribunal which, if adversely determined, would have a material adverse effect on its ability to purchase the Property
or to carry out its obligations under this Agreement. 
 (c) Buyer acknowledges that it is experienced and sophisticated in the acquisition,
development, management, leasing, ownership and operation of commercial real estate projects such as the Property and that, prior to the end of the Due Diligence Expiration Date, it will have a full and complete opportunity to conduct such
investigations, examinations, inspections and analyses of the Property as Buyer, in its absolute discretion, may deem appropriate. Buyer further acknowledges that, except for the Seller representations set forth in Article 11 of this Agreement and
in the documents executed and delivered by Seller at Closing, Buyer has not relied upon any statements, representations or warranties by Seller or any agent of Seller. Without limiting the foregoing, Buyer acknowledges and agrees that: (1) any
environmental, physical condition or other reports provided to Buyer by Seller or its agents are provided without any representation or warranty of any kind, express or implied, as to the completeness or accuracy of the facts, presumptions,
conclusions or other matters contained therein; (2) Buyer shall rely solely on its own investigations and on reports prepared by any consultants engaged by Buyer and not on any environmental, physical condition or other reports provided to
Buyer by Seller or its agents. 
 (d) Neither Buyer nor any of its affiliated entities is a person or entity with whom U.S. persons or
entities are restricted from doing business under regulations of the OFAC (including those named on OFAC’s Specially Designated and Blocked Persons List) or under any statute, executive order (including the September 24, 2001, Executive
Order Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action. 

(e) Based on the public securities exemption under applicable plan asset regulations, Buyer is not, and is not acquiring the Property on
behalf of or with the assets of, (i) an “employee benefit plan” as defined in Section 3(3) of the Employee Retirement Income Security 

  
 -24- 

 
Act of 1974, as amended, and its applicable regulations as issued by the Department of Labor and the Internal Revenue Service (collectively, “ERISA”), which is subject to Title I
of ERISA, (ii) a “plan” as defined in and subject to Section 4975 of the IRC, or (iii) an entity deemed to hold “plan assets” (within the meaning of 29 C.F.R. 2510.3-101, as modified by Section 3(42) of ERISA)
of either of the foregoing. 
 (f) Buyer shall indemnify and defend Seller against and hold Seller harmless from any and all losses, costs,
damages, liabilities and expenses (including, without limitation, reasonable counsel fees) arising out of any breach by Buyer of its representations and warranties provided in Article 22(e) above. 

ARTICLE 23. Post-Closing Obligations: After the Closing, Seller and Buyer shall cooperate with
one another at reasonable times and on reasonable conditions and shall execute and deliver such instruments and documents as may be necessary in order fully to carry out the intent and purposes of the transactions contemplated hereby. Except for
such instruments and documents as the parties were originally obligated to deliver by the terms of this Agreement, such cooperation shall be without additional cost or liability. The covenants, representations and warranties of the parties herein
shall survive the Closing, subject to any limitations expressly contained herein. 
 ARTICLE 24. Duties and Responsibilities of Escrow
Agent: Escrow Agent shall deliver the Deposit to Seller or Buyer promptly after receiving a joint written notice from Seller and Buyer directing the disbursement of the same, such disbursement to be made in accordance with such direction;
provided that only Buyer shall be required to deliver a notice if the Agreement is terminated by Buyer prior to the expiration of the Due Diligence Period as provided herein. Except as provided in the preceding sentence, if Escrow Agent receives
written notice from Buyer or Seller that the party giving such notice is entitled to the Deposit, which notice shall describe with reasonable specificity the reasons for such entitlement, then Escrow Agent shall (i) promptly give notice to the
other party of Escrow Agent’s receipt of such notice and enclosing a copy of such notice and (ii) subject to the provisions of the following paragraph which shall apply if a conflict arises, on the fifth (5th) business day after the giving of the notice referred to in clause (i) above, deliver the Deposit to the party claiming the right to receive it. 

In the event that Escrow Agent shall be uncertain as to its duties or actions hereunder or shall receive instructions or a notice from Buyer
or Seller which are in conflict with instructions or a notice from the other party or which, in the reasonable opinion of Escrow Agent, are in conflict with any of the provisions of this Agreement, it shall be entitled to take any of the following
courses of action; provided that the following shall not apply in the event Buyer terminates the Agreement prior to the expiration of the Due Diligence Period as provided herein: 

 

	 	(a)	Hold the Deposit as provided in this Agreement and decline to take any further action until Escrow Agent receives a joint written direction from Buyer and Seller or any order of a court of competent jurisdiction
directing the disbursement of the Deposit, in which case Escrow Agent shall then disburse the Deposit in accordance with such direction; 

  
 -25- 

	 	(b)	In the event of litigation between Buyer and Seller, Escrow Agent may deliver the Deposit to the clerk of any court in which such litigation is pending; or 

 

	 	(c)	Escrow Agent may deliver the Deposit to a court of competent jurisdiction and therein commence an action for interpleader, the cost thereof to Escrow Agent to be borne by whichever of Buyer or Seller does not prevail in
the litigation. 

 Escrow Agent shall not be liable for any action taken or omitted in good faith and believed by it to be
authorized or within the rights or powers conferred upon it by this Agreement and it may rely, and shall be protected in acting or refraining from acting in reliance upon an opinion of counsel and upon any directions, instructions, notice,
certificate, instrument, request, paper or other documents believed by it to be genuine and to have been made, sent, signed or presented by the proper party or parties. In no event shall Escrow Agent’s liability hereunder exceed the aggregate
amount of the Deposit. Escrow Agent shall be under no obligation to take any legal action in connection with the Deposit or this Agreement or to appear in, prosecute or defend any action or legal proceedings which would or might, in its sole
opinion, involve it in cost, expense, loss or liability unless, in advance, and as often as reasonably required by it, Escrow Agent shall be furnished with such security and indemnity as it finds reasonably satisfactory against all such cost,
expense, loss or liability. Notwithstanding any other provision of this Agreement, Buyer and Seller jointly indemnify and hold harmless Escrow Agent against any loss, liability or expense incurred without bad faith on its part and arising out of or
in connection with its services under the terms of this Agreement, including the cost and expense of defending itself against any claim of liability. 

Escrow Agent shall not be bound by any modification of this Agreement affecting Escrow Agent’s duties hereunder unless the same is in
writing and signed by Buyer, Seller and Escrow Agent. From time to time on or after the date hereof, Buyer and Seller shall deliver or cause to be delivered to Escrow Agent such further documents and instruments that fall due, or cause to be done
such further acts as Escrow Agent may reasonably request (it being understood that the Escrow Agent shall have no obligation to make any such request) to carry out more effectively the provisions and purposes of this Agreement, to evidence
compliance with this Agreement or to assure itself that it is protected in acting hereunder. In no event, however, shall the parties be obligated to sign and/or be bound by any instructions that conflict with the provisions of this Agreement. In the
event of any such conflict, the provisions of this Agreement shall prevail. 
 Escrow Agent shall serve hereunder for the compensation
described in Article 19 above; provided, however, any expenses of Escrow Agent that are associated with litigation between Buyer and Seller shall be borne by the party that does not prevail in the litigation. Escrow Agent agrees that it will not
seek reimbursement for the services of its employees or partners, but only for its actual and reasonably incurred out-of-pocket expenses. Escrow Agent executes this
Agreement solely for the purpose of consent to, and agreeing to be bound by the provisions of this Article 24, and to the extent applicable to Escrow Agent, Article 3. 

ARTICLE 25. Waiver Of Jury Trial: EACH OF SELLER AND BUYER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES THE RIGHT

  
 -26- 

 
EITHER OR BOTH MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR ANY DOCUMENT CONTEMPLATED TO BE EXECUTED IN
CONJUNCTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF EITHER PARTY. 

ARTICLE 26. Like Kind Exchange: Buyer agrees to cooperate reasonably with Seller in effecting an exchange transaction which includes
any or all of the Property pursuant to Section 1031 of the United States Internal Revenue Code, provided that any exchange initiated by Seller shall be at Seller’s sole cost and expense, not cause Buyer to actually take title to any
property other than the Property and not delay the Closing. In addition, the Seller shall indemnify and hold Buyer harmless from any and all cost, expense or liability incurred solely as a result of Buyer accommodating such tax deferred exchange.
The provisions of this paragraph shall survive the Closing indefinitely. 
 ARTICLE 27. Business Days. As used in this Agreement, the
term “business day” shall mean any day other than a Saturday, Sunday or recognized federal holiday or a recognized state holiday of the state where the Property is located. If the last date for performance by either party under this
Agreement occurs on a day which is not a business day, then the last date for such performance shall be extended to the next occurring business day. 

ARTICLE 28. Confidentiality. Buyer and Seller each agree to hold all materials and information related to the Property and this
transaction, including the existence and terms of this Agreement, in the strictest confidence and not disclose the same to any third parties; provided, however, Buyer may disclose such information for use only in connection with evaluating this
transaction to its officers, directors, employees, consultants, attorneys, advisors, lenders and agents so long as such persons are informed by Buyer of the confidential nature of such information and are directed by Buyer to treat such information
confidentially and Buyer shall be permitted to make any disclosures required by law, including, without limitation, any disclosures required to be made to the Securities and Exchange Commission. The foregoing shall not be applicable to information
or materials that is generally known to the public or is otherwise obtained by Buyer or its agents from a source other than Seller and not in violation of this Agreement. If this Agreement is terminated prior to the Closing Date, all such
confidences shall continue to be maintained, subject to the provisions set forth above. In the event this Agreement is terminated, whether before or after the Due Diligence Expiration Date, Buyer and its respective officers, directors, employees,
consultants, advisors, attorneys, and agents shall deliver to the Seller, upon request, all documents and other materials, and all copies thereof, obtained from Seller or their agents in connection with this Agreement. By execution of this
Agreement, Escrow Agent hereby agrees to maintain the existence of this Agreement and the nature and details of the transaction contemplated hereby in confidence, unless Escrow Agent is required by law to disclose some or all of such information.

 Notwithstanding the above provisions of this Article 28, and in accordance with Section 1.6011-4(b)(3)(iii) of the Treasury
Regulations, each party to this Agreement (and each employee, representative, or other agent of each party) may disclose to any and all persons, 

  
 -27- 

 
without limitation of any kind, the tax treatment and tax structure, for federal tax purposes, of the transactions contemplated by this Agreement and all materials of any kind (including opinions
or other tax analyses) that are provided to such party relating to such tax treatment and tax structure; provided, however, that, pursuant to Section 1.6011-4(b)(3)(ii) of the Treasury Regulations, such disclosure shall not be permitted
to the extent, but only to the extent, such disclosure would reasonably be considered to result in noncompliance with the securities laws of any applicable jurisdiction. 

The obligations set forth in this Article 28 shall survive the termination of this Agreement for a period of two (2) years, but
shall not survive Closing. 
 ARTICLE 29. IRS Real Estate Sales Reporting. Buyer and Seller hereby agree that the Escrow Agent shall
act as “the person responsible for closing” the transaction which is the subject of this Agreement pursuant to Section 6045(e) of the Code and shall prepare and file all informational returns, including IRS Form 1099-S, and shall otherwise comply with the provisions of Section 6045(e) of the Code. The provisions of this Article 29 shall survive the Closing. 

ARTICLE 30. Limitations on Liability. Notwithstanding anything to the contrary in this Agreement, and subject to any additional
limitations on Seller’s liability set forth elsewhere in this Agreement: (a) Buyer’s recourse against Seller under this Agreement or any agreement, document, certificate or instrument delivered by Seller hereunder, or under any law,
rule or regulation relating to the Property, shall be limited to Seller’s interest in the Property (or, following the Closing, to the net proceeds of the sale of the Property actually received by Seller); and (b) in no event shall any of
the Seller Parties have any personal liability hereunder or otherwise; provided that the foregoing shall in no event operate to reduce or otherwise preclude Buyer from obtaining damages for a breach of Seller’s representations and warranties up
to the Claim Cap as provided in Section 11(d). The acceptance of the Deed shall constitute Buyer’s acknowledgment that Buyer’s closing conditions set forth in this Agreement have been satisfied. For purposes of this Article 30, no
negative capital account or any contribution or payment obligation of any partner or member of Seller shall constitute an asset of Seller. The provisions of this Article 30 shall survive the Closing or termination of this Agreement. 

ARTICLE 31. Press Releases. Buyer and Seller each agree that, without the prior written approval of the other, it shall not issue any
press release, advertisement, internet posting or other similar announcement, statement or disclosure of this Agreement, the transactions contemplated hereby, or the parties hereto (or their respective affiliates and advisors), except to the extent
otherwise required by law, including, without limitation, the requirements of the Securities and Exchange Commission. The provisions of this Article 31 shall survive the Closing or earlier termination of this Agreement. 

ARTICLE 32. Time of the Essence. Time is of the essence in the performance of each and every one of the parties’ respective
obligations contained in this Agreement. Without limiting the foregoing, Buyer and Seller hereby confirm their intention and agreement that time shall be of the essence of each and every provision of this Agreement, notwithstanding any subsequent
modification or extension of any date or time period that is provided for under this 

  
 -28- 

 
Agreement. The agreement of Buyer and Seller that time is of the essence of each and every provision of this Agreement shall not be waived or modified by any conduct of the parties, and the
agreement of Buyer and Seller that time is of the essence of each and every provision of this Agreement may only be modified or waived by the express written agreement of Buyer and Seller that time shall not be of the essence with respect to a
particular date or time period, or any modification or extension thereof, which is provided under this Agreement. 
 ARTICLE 33. Costs
and Attorneys’ Fees. In the event of any arbitration, litigation or dispute between the parties arising out of or in any way connected with this Agreement, including actions maintained by the parties subsequent to the Closing Date,
resulting in any litigation, then the prevailing party in such litigation shall be entitled to recover its costs of prosecuting and/or defending same, including, without limitation, reasonable attorneys’ fees at trial and all appellate levels.
Regardless of whether Closing occurs hereunder, and except as otherwise expressly provided herein, each party hereto shall be responsible for its own costs in connection with this Agreement and the transactions contemplated hereby, including,
without limitation, fees of attorneys, engineers and accountants. The provisions of this Article 33 shall survive the Closing of the transaction contemplated hereby or the earlier termination of this Agreement. 

ARTICLE 34. Information and Audit Cooperation. To the extent necessary to enable Buyer to comply with any financial reporting
requirements applicable to Buyer and upon at least three (3) business days prior written notice to Seller, within seventy-five (75) days after the Closing Date, Seller shall reasonably cooperate (at no cost or liability to Seller) and
allow Buyer’s auditors to audit the trial balance related to the operation of the Property for the year prior to the Closing Date and for the portion of the calendar starting on January 1 through the Closing Date. Other than any
representation or warranty set forth in this Agreement or the documents executed and delivered by Seller at Closing, Seller makes no representations or warranties with respect to the trial balance or the books and records which may be reviewed in
auditing the same, and Buyer releases and waives any liability or claims against Seller related to the trial balance or the books and records which may be reviewed and audited. The provisions of this Article 34 shall survive the Closing of the
transaction contemplated hereby. 
 [remainder of page left blank intentionally] 

  
 -29- 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as an instrument under seal
as of the day and date first written above. 
  

					
	SELLER:
	
	CRP-3 BWIC I, LLC
	a Delaware limited liability company
		
	By:	 	 /s/ Neil Waisnor

	Name:	 	 Neil Waisnor

	Title:	 	 Vice President

	
	CRP-3 BWIC II, LLC
	a Delaware limited liability company
		
	By:	 	 /s/ Neil Waisnor

	Name:	 	 Neil Waisnor

	Title:	 	 Vice President

	
	BUYER:
	
	 IPT ACQUISITIONS LLC,
 a
Delaware limited liability company

		
	By:	 	IPT Real Estate Holdco LLC, a Delaware limited liability company, its sole member
		
	By:	 	Industrial Property Operating Partnership LP, a Delaware limited partnership, its sole member
		
	By:	 	Industrial Property Trust Inc., a Maryland corporation, its general partner
			
		 	By:	 	 /s/ Andrea Karp

		 	Name:	 	 Andrea Karp

		 	Title:	 	 SVP, Real Estate

  
 -30- 

					
	ESCROW AGENT:
	
	FIDELITY NATIONAL TITLE INSURANCE COMPANY
		
	By:	 	 /s/ Lindsey Mann

	Name:	 	 Lindsey Mann

	Title:	 	 Commercial Escrow Officer

  
 -31-EX-10.28

 Exhibit 10.28 

PURCHASE AND SALE AGREEMENT 

THIS PURCHASE AND SALE AGREEMENT (this “Agreement”) is made as of September 16, 2014 (the
“Effective Date”), by and between ELGIN REALTY COMPANY, LLP, a New Jersey limited liability partnership, having an address at 640 Frelinghuysen Avenue, Newark, NJ 07114 (“Seller”), and IPT ACQUISITIONS
LLC, a Delaware limited liability company, having an address at 518 17th Street, 17th Floor, Denver, Colorado 80202
(“Buyer”). 
 RECITALS 

WHEREAS, Seller desires to sell, and Buyer desires to purchase, the Property (defined below), located at 640 Frelinghuysen Avenue, City of
Newark, County of Essex, State of New Jersey, and which is more particularly described on Schedule A attached hereto and made a part hereof, upon the terms and covenants and subject to the conditions set forth below. 

NOW, THEREFORE, in consideration of the mutual covenants contained herein, it is agreed as follows: 

AGREEMENT 

ARTICLE I 

Definitions 
 Unless
otherwise defined herein, any term capitalized in this Agreement shall have the meanings set forth on Schedule B to this Agreement. 

ARTICLE II 
 Purchase
and Sale of the Property 
 2.1 Purchase. Seller agrees to sell to Buyer, and Buyer agrees to purchase from Seller, the
Property all in accordance with the terms and conditions set forth in this Agreement. 
 2.2 Purchase Price. The total purchase price
(the “Purchase Price”) for the Property shall be equal to $20,000,000.00, subject to adjustment as hereinafter provided. The Purchase Price shall be payable as follows: 

(a) Deposit. On or before the 1st Business Day after the Effective Date, Buyer
shall deliver by wire transfer to the order of Escrow Agent the amount of $500,000.00 (which earnest money deposit, together with all interest and dividends earned thereon, is herein referred to as the “Deposit”) to Escrow
Agent. Escrow Agent shall deposit and hold the Deposit pursuant to the provisions of Article XIV. The Deposit shall be retained by Seller or returned to Buyer in accordance with the terms and conditions of this Agreement.  

(b) Balance. The balance of the Purchase Price (after crediting the Deposit, subject to prorations and adjustments in accordance with
Article XII and elsewhere in this Agreement), shall be paid on the Closing Date. 
 ARTICLE III 

Seller’s Deliveries 

Seller shall, on or before the 2nd Business Day after the Effective Date, at
Seller’s sole cost and expense, deliver, or cause to be delivered (which may include “delivery” pursuant to an on-line data site), to Buyer the following (collectively, the “Seller’s Deliveries”):
(a) a list of all Contracts related to the operation and maintenance of the Property (collectively the “Contract List”); (b) copies of the Tenant Lease, Contracts, and Plans and Records; and (c) copies of all
other documents identified in Schedule E which are within Seller’s Possession or Reasonable Control. 

 ARTICLE IV 

Investigation of the Property 

4.1 Inspection of Property. At all reasonable times during the period commencing on the Effective Date and ending on the Closing Date
or earlier termination of this Agreement, Buyer, and its employees, agents, consultants and representatives shall be entitled, at Buyer’s sole cost and expense and upon not less than two business days’ prior notice to Seller (which notice
may be solely by email), to investigate and evaluate the Property, all Seller’s Deliveries, and any other aspects or characteristics of the Property. Such right of investigation shall include the right to (a) enter the Property subject to
the rights of Tenant, and have made, at Buyer’s expense, any studies, tests or inspections of the Property as Buyer may deem necessary or appropriate which are physically non-invasive, and (b) review
the Tenant Lease and all other Property files. Seller agrees to cooperate reasonably with any such investigations, tests, samplings, analyses, inspections, studies or meetings made by or at Buyer’s direction; provided, however, that
Seller’s representative shall be present in connection with any physical inspection of the Property and any tenant interviews (unless Seller waives its right to be present or fails to make its representative reasonably available); and in such
event, Seller agrees to reasonably cooperate to make such representative available. Buyer shall not conduct a Phase II environmental audit without Seller’s prior written approval, which shall be in Seller’s sole discretion. In no event
shall Buyer engage a Licensed Site Remediation Professional to conduct any inspection or due diligence with respect to the Property. 
 4.2
Conduct of Buyer’s Investigation. Buyer shall (i) use commercially reasonable efforts to conduct its investigations at the Real Property in a manner that minimizes disruption to the tenants or to Seller’s operation of the Real
Property, and (ii) indemnify, hold harmless and defend Seller from any Losses to the extent caused by Buyer’s physical investigations under Section 4.1, but expressly excluding Losses arising out of latent defects, the
displacement or disturbance of Hazardous Materials not placed on the Real Property by Buyer or its consultants, the discovery of pre-existing conditions, the negligence or misconduct of Seller, or any diminution in value in the Real Property arising
from, or related to, matters discovered by Buyer during its investigation of the Real Property. In addition, if this Agreement is terminated, Buyer shall repair any damage to the Real Property to the extent caused by its entry thereon and shall
restore the same to the condition in which it existed prior to such entry; provided, however, that Buyer shall have no obligation to repair any damage to the extent caused by Seller’s negligence or misconduct, to remediate, contain, abate or
control any Hazardous Materials not placed on the Real Property by Buyer or its consultants or agents, or to repair or restore any latent condition discovered by Buyer or its consultants or agents (as long as Buyer or its consultants or agents take
reasonable steps not to exacerbate such condition once discovered by Buyer). On and after the Effective Date and during its performance of any investigations at the Real Property, Buyer shall maintain (a) commercial general liability insurance
with coverages of not less than $1,000,000.00 for injury or death to any one person and $2,000,000.00 for injury or death to more than one person and $1,000,000.00 with respect to property damage which shall include pollution coverage, and
(b) worker’s compensation insurance for all of its employees. The requirement to carry the insurance specified in the preceding sentence may be satisfied through Buyer’s or its affiliates’ blanket or umbrella insurance policies.
Simultaneously with the execution of this Agreement Buyer has delivered a Certificate of Insurance to the foregoing effect naming Seller as an additional insured. 

4.3 Buyer’s Termination Right. Buyer shall have the right at any time during the period commencing on the Effective Date and
ending on the 30th day after the Effective Date (the “Inspection Period”) to terminate this Agreement in its sole and absolute discretion; provided, however, that the Inspection Period will be extended on a day-for-day basis,
up to a maximum of five days, for each day that Seller’s Deliveries have not been delivered or made available to Buyer in accordance with Article III. If Buyer delivers a written notice to Seller exercising its termination right
hereunder on or before the expiration of the Inspection Period, then (a) Escrow Agent shall return the Deposit to Buyer, (b) Seller shall be responsible for the charges of Escrow Agent (except as otherwise set forth in the Escrow
Agreement), (c) Buyer shall be responsible for the charges of the Title Company, and (d) this Agreement shall terminate automatically and be of no further force or effect and neither party shall have any further rights or obligations
hereunder (other than pursuant to any provision hereof which expressly survives the termination of this Agreement). If Buyer fails to deliver written notice exercising its termination right under this Section 4.3, then the Deposit
shall be non-refundable, except as otherwise set forth in this Agreement. 

  
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 ARTICLE V 

Title 
 5.1
Buyer’s Objections and Resolutions of Buyer’s Objections. Prior to the Effective Date, Buyer has ordered from the Title Company, at its sole cost and expense, a current ALTA title insurance commitment for the Property, including
copies of all recorded exceptions to title referred to therein (collectively, the “Title Commitment”). Prior to the Effective Date, Buyer has also ordered, at its sole cost and expense, a survey of the Real Property (the
“Survey”), prepared by a surveyor selected by Buyer, and certified to Buyer (and/or its assignee), any lender specified by Buyer and the Title Company. Notwithstanding anything herein to the contrary, if the Title Documents
are re-issued or updated on or after the Effective Date, Buyer shall have the right to object (each, a “New Buyer Objection”) to any additional matter disclosed or contained (each, a “New Title Document
Matter”) in any such update of the Title Documents (notwithstanding the passage of the Inspection Period). If Seller is unable or unwilling to cure any such New Title Document Matter to the sole satisfaction of Buyer (in Buyer’s
sole and absolute discretion) within the lesser of 5 Business Days following receipt by Seller of a New Buyer Objection or the Closing Date, Buyer shall have the right either to (i) waive such New Title Document Matter and proceed to Closing
without any adjustment in the Purchase Price, (ii) terminate this Agreement and receive a return of the Deposit or (iii) in the event the New Title Document Matter was caused by a breach of a covenant or representation of Seller under this
Agreement, Buyer may exercise its rights and remedies under Section 13.1 of this Agreement. Notwithstanding anything contained herein the contrary, by written notice to Buyer given prior to the Closing Date, Seller shall be
entitled to reasonable adjournments of the Closing Date, not to exceed 30 days in the aggregate, to cure any (a) New Buyer Objections, (b) Mandatory Cure Liens and (c) Other Liens. 

5.2 Permitted Exceptions. The exceptions to title disclosed in the Title Commitment, including any standard printed exceptions that the
Title Company will not omit, other than (a) those title exceptions to which Buyer has tendered an objection in a New Buyer Objection which are not subsequently cured or waived and (b) any delinquent taxes or assessments, shall be the
“Permitted Exceptions” hereunder. Furthermore, (A) the matters set forth on Schedule D shall constitute Permitted Exceptions for all purposes hereunder and (B) Buyer agrees that Buyer shall not be
permitted to deliver a New Buyer Objection to either that certain Easement contained in Deed Book 4201, Page 197 or that certain Right of Way in Deed Book 4900, Page 140. Notwithstanding anything to the contrary contained herein, Seller shall
discharge and remove (i) Mandatory Cure Liens and (ii) any and all Other Liens affecting the Property which secure an obligation to pay money (other than installments of real and personal property taxes and liens for special improvements
not delinquent as of the Closing), and such Mandatory Cure Liens and Other Liens shall not be Permitted Exceptions (whether or not Buyer expressly objects thereto); provided, however, Seller shall not be obligated to expend more than $220,000.00 in
connection with the discharge and removal of the Other Liens (unless such Other Liens were caused by a breach of a covenant or representation of Seller under this Agreement). In the event the cost to discharge and remove the Other Liens would exceed
$220,000.00 (and Seller, prior to Closing, does not agree to pay the entire cost to so discharge and remove such Other Liens), Buyer shall have the right either to (A) waive such Other Liens and proceed to Closing with a credit against the
Purchase Price in the amount of $220,000.00, in which event such Other Liens shall constitute Permitted Exceptions and Seller shall provide Buyer with a credit against the Purchase Price in the amount of $220,000.00, or (B) terminate this
Agreement (in addition to exercising any other remedies that Buyer may have under this Agreement if such Other Liens were caused by a breach of a covenant or representation of Seller under this Agreement), in which event, (a) Escrow Agent shall
return the Deposit to Buyer, (b) Seller shall be responsible for the charges of Escrow Agent (except as otherwise set forth in the Escrow Agreement), (c) Buyer shall be responsible for the charges of the Title Company, and (d) this
Agreement shall terminate automatically and be of no further force or effect and neither party shall have any further rights or obligations hereunder (other than pursuant to any provision hereof which expressly survives the termination of this
Agreement). At or prior to Closing, Seller shall fulfill requirements 6, 14, 15 and 16 set forth in Schedule B – Section I of the Title Commitment. 

5.3 Issuance of Title Policy. Delivery of title in accordance with the foregoing provisions shall be evidenced by the willingness of
the Title Company to issue to Buyer, at Closing, a current ALTA form of extended coverage owner’s policy of title insurance insuring good, marketable, insurable title to the Real Property in Buyer or its assignee in the amount of the Purchase
Price, subject only to the Permitted Exceptions and with all endorsements agreed to by Buyer in satisfaction of the items raised in any New Objection Notice (the “Title Policy”). 

  
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 ARTICLE VI 

Seller’s Representations and Warranties 

Seller represents, warrants and covenants to Buyer as follows as of the Effective Date and Closing (collectively, “Seller’s
Representations”): 
 6.1 Authority. Seller is a limited liability partnership, duly organized, validly existing and in
good standing under the laws of the state of its organization and the state in which the Property is located. Seller never has existed or operated under any other name except that it was formed under the name Elgin Realty Urban Renewal Co. Seller
has made all filings necessary in the state in which the Property is located to own and operate the Property. Each Seller Party has the full right, power and authority to enter into this Agreement and all documents contemplated hereby, and
consummate the transaction contemplated by this Agreement. All requisite action has been taken by each Seller Party in connection with entering into this Agreement, and will be taken by each Seller Party prior to the Closing in connection with the
execution and delivery of the instruments referenced herein, and the consummation of the transaction contemplated hereby. Each of the persons and entities signing this Agreement and the other documents contemplated by this Agreement on behalf of a
Seller Party has the legal right, power and authority to bind such Seller Party. 
 6.2 No Conflicts. The execution, delivery and
performance by each Seller Party of this Agreement and the instruments referenced herein and the transaction contemplated hereby will not conflict with, or with or without notice or the passage of time or both, result in a breach of, violate any
term or provision of, or constitute a default under any articles of formation, bylaws, partnership agreement (oral or written), operating agreement, indenture, deed of trust, mortgage, contract, agreement, judicial or administrative order, or any
Law to which such Seller Party or any portion of the Property is bound. 
 6.3 Consents; Binding Obligations. No approval or consent
is required from any person (including any partner, shareholder, member, creditor, investor or governmental body) for any Seller Party to execute, deliver or perform this Agreement or the other instruments contemplated hereby or for such Seller
Party to consummate the transaction contemplated hereby. This Agreement and all documents required hereby to be executed by a Seller Party are and shall be valid, legally binding obligations of and enforceable against such Seller in accordance with
their terms. 
 6.4 No Bankruptcy. No petition in bankruptcy (voluntary or otherwise), attachment, execution proceeding, assignment
for the benefit of creditors, or petition seeking reorganization or insolvency, arrangement or other action or proceeding under federal or state bankruptcy law is pending against or contemplated (or, to Seller’s Knowledge, threatened) by or
against any Seller Party or any general partner or managing member of any Seller Party. 
 6.5 Tenant Leases and Contracts. 

(a) The Rent Roll is true, correct and complete in all material respects. A true, correct and complete copy of the Tenant Lease, the
Personality Lease, and the Handcraft Sublease and all amendments, guaranties and other documents relating thereto are annexed hereto. 
 (b)
Except for any parties in possession pursuant to, and any rights of possession granted under, the Tenant Lease, the Personality Lease, and the Handcraft Sublease, there are no (i) leases or (ii) occupancies or tenancies or parties in
possession of any part of the Property to which Seller or any Seller Affiliate is a party or which are based on the agreements of Seller or any Seller Affiliate or, to Seller’s Knowledge, to which Seller or any Seller Affiliate is not a
party or which are based on the agreements of any party other than Seller or any Seller Affiliate. No Seller Party has granted to any party any option, rights of first refusal, license or other similar agreement with respect to a purchase or sale of
the Property or any portion thereof or any interest therein. Neither Seller’s nor any other Seller Party’s interest in the Tenant Lease, the Handcraft Sublease or the Personality Lease, nor any of the rentals due or to become due under the
Tenant Lease has been or will be assigned, encumbered or subject to any Liens at the Closing Date. 

  
 4 

 (c) Seller has no Knowledge of and has neither given nor received any written notice of default
with respect to the Tenant Lease, the Handcraft Sublease or the Personality Lease. 
 (d) Except as expressly stated in the Rent Roll, all
leasing commissions due to brokers, and all tenant improvement obligations, concessions and other tenant inducements, have been fully paid and satisfied by Seller and no such commissions, obligations, concessions or inducements become payable in the
future, excepting only the First Amendment Costs and First Amendment TI, if and to the extent the First Amendment is executed. Without limiting the foregoing, the Rent Roll and/or the First Amendment disclose all leasing commissions, and all tenant
improvement obligations, concessions and other tenant inducements, which have not been paid and are now due and payable or will become payable in the future, including the initial and renewal term(s) thereof and any expansion of the space leased
thereunder, excluding only the First Amendment Costs and the First Amendment TI, if and to the extent the First Amendment is executed. Except as set forth in the Rent Roll, no Seller Party has received from Tenant any notice to cancel, renew or
extend the Tenant Lease. No Seller Party has collected and remitted security deposits in accordance with the Tenant Lease and Law. 
 (e)
The Contract List required by Article III is a true, correct and complete list of all management, service, supply, repair and maintenance agreements, equipment leases and all other contracts and agreements (excluding the Tenant Lease)
with respect to or affecting the Property as of the Effective Date and at Closing the Contract List shall not include those Contracts being terminated pursuant to the provisions of Section 8.2. True, correct and complete copies of
all Contracts (or written descriptions of oral Contracts) shall be provided to Buyer pursuant to Article III. 
 (f) Seller
has no Knowledge of and has neither given nor received any written notice of default with respect to any of the Contracts. 
 6.6 No
Actions/Compliance With Laws. There are no actions, suits, proceedings or claims pending, or to Seller’s Knowledge, contemplated or threatened, before any court, commission, regulatory body, administrative agency or other governmental or
quasi-governmental body with respect to the Property, or the ability of any Seller Party to consummate the transaction contemplated by this Agreement. No Seller Party has received written notice of any violations of any Laws affecting or applicable
to any or all of the Property. 
 6.7 Hazardous Materials. No Seller Party has received written notice from any governmental entity
alleging that any Seller Party is in violation of any Environmental Laws. Except as set forth in any environmental report delivered by Seller to Buyer in connection herewith, no Seller Party has, and to Seller’s Knowledge, no other person or
tenant has used, generated, processed, stored, released, discharged, transported or disposed Hazardous Materials on the Property except for use and storage in compliance with all applicable Environmental Laws. To Seller’s Knowledge, there is no
Environmental Claim pending or threatened with regard to the Property. Seller has provided to Buyer all written assessments, reports, data, results of investigations or audits, or other information that is in Seller’s Possession or Reasonable
Control relating to the environmental matters at or the environmental condition of the Property. 
 6.8 Taxes and Special
Assessments. No Seller Party has submitted an application for the creation of any special taxing district affecting the Property, or annexation thereby, or inclusion therein. No Seller Party has received notice that any governmental or
quasi-governmental agency or authority intends to impose or increase any special or other assessment against the Property, or any part thereof, including assessments attributable to revaluations of the Property. There is no ongoing appeal with
respect to taxes or special assessments on the Property for any year, and any consultants engaged to perform work with respect to appeals of taxes or special assessments on the Property have been paid in full. 

6.9 No Contractual or Donative Commitments. No Seller Party has made any contractual or donative commitments relating to the Property
to any governmental authority, quasi-governmental authority, utility company, community association, homeowners’ association or to any other organization, group, or individual which would impose any obligation upon Buyer to make any
contribution or dedication of money or land, or to construct, install or maintain any improvements of a public or private nature on or off the Property. 

  
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 6.10 Non-Foreign Status/Patriot Act. Seller is not a foreign person, foreign corporation,
foreign partnership, foreign trust or foreign estate, as those terms are defined in (a) the Code and the corresponding income tax regulations, and (b) similar provisions of state law. Buyer has no duty to collect withholding taxes for
Seller pursuant to the Foreign Investors Real Property Tax Act of 1980, as amended, or any applicable foreign, state, or local law. Seller is not a Prohibited Person. To Seller’s Knowledge, none of its investors, affiliates or brokers or other
agents (if any), acting or benefiting in any capacity in connection with this Agreement is a Prohibited Person. The assets Seller will transfer to Buyer under this Agreement are not the property of, and are not beneficially owned, directly or
indirectly, by a Prohibited Person. The assets Seller will transfer to Buyer under this Agreement are not the proceeds of specified unlawful activity as defined by 18 U.S.C. §1956(c)(7). 

6.11 Employees. There are no employees of any Seller Party employed in connection with the use, management, maintenance or operation of
the Property whose employment will continue after the Closing Date. There is no bargaining unit or union contract relating to any employees of any Seller Party. 

6.12 Development Agreements, Declarations and REAs. To Seller’s knowledge, the Real Property has been constructed, developed,
used, operated, maintained and owned in accordance with all applicable Development Agreements and Declarations and REAs. Without limiting the foregoing, no Seller Party has received any notice under any Development Agreement or Declarations and REAs
that any Seller Party is in default of its obligations thereunder, or otherwise asserting any defenses, offsets or disputes thereunder. No letters of credit, bonds, and other surety are required to be posted by any Seller Party under any Development
Agreement. 
 Without limiting the generality of the foregoing, except as expressly set forth in this Agreement or the Closing Documents,
Buyer hereby acknowledges and agrees that it is purchasing the Property and each portion thereof in its present “as is/where is” condition with all defects, and neither Seller nor any employee or agent of Seller has made or will make,
either expressly or impliedly, any representations, guaranties, promises, statements, assurances or warranties of any kind concerning any of the following matters: (i) the suitability or condition of the Property for any purpose or its fitness
for any particular use, including Buyer’s intended use; (ii) the profitability and/or feasibility of owning, developing, operating and/or improving the Property; (iii) the physical condition of the Property, including, without
limitation, the current or former presence or absence of environmental hazards or hazardous materials, asbestos, radon gas, underground storage tanks, electromagnetic fields, or other substances or conditions which may affect the Property or its
current or future uses, habitability, value or desirability, including any environmental restrictions; (iv) the rental, income, costs or expenses thereof; (v) the net or gross acreage, usable or unusable, contained therein; (vi) the
condition of title; (vii) the compliance by the Property with applicable zoning or building laws, codes or ordinances, or other laws, rules and regulations, including, without limitation, environmental and similar laws governing or relating to
environmental hazards or hazardous materials, asbestos, radon gas, underground storage tanks, electromagnetic fields, or other substances or conditions which may affect the Property or its current or future uses, habitability, value or desirability;
(viii) water or any other utility availability or use restrictions; (ix) geologic/seismic conditions, soil and terrain stability, or drainage; (x) sewer, septic and well systems and components; (xi) other neighborhood conditions,
including schools, proximity and adequacy of law enforcement and fire protection, crime statistics, noise or odor from any sources, landfills, proposed future developments, or other conditions or influences which may be significant to certain
cultures or religions; and (xii) any other past, present or future matter relating to the Property which may affect the Property or its current or future use, habitability, value or desirability. Furthermore, from and after Closing, Buyer
hereby releases Seller from and for any and all claims which Buyer may have against Seller by reason of any purported act or omission on the part of Seller occurring prior to the Closing Date, to the extent such claims are based upon, arise out of,
or are in any way connected with any of the following: (i) the physical condition of the Property; (ii) any violation of, noncompliance with, or enforcement of Laws with respect to the Property; (iii) any use, generation, storage,
release, threatened release, discharge, disposal, or presence of any Hazardous Materials on, under, or about the Real Property; or (iv) the use, maintenance, development, construction, ownership or operation of the Property; provided however,
nothing contained in this Section shall (X) release Seller on account of fraud or intentional misrepresentation, or (Y) limit the Seller’s Representations or the obligations, covenants, liabilities and indemnities of Seller under this
Agreement and/or in the Closing Documents or impair, restrict or limit the rights and remedies of Buyer with respect thereto (as the same may be limited pursuant to Section 15.4 hereof). 

  
 6 

 Seller’s Representations are acknowledged by Seller to be material and to be relied upon by
Buyer in proceeding with this transaction, and shall be deemed to have been remade by Seller as of the Closing Date. Seller will not cause or suffer any action to be taken which would cause any of the foregoing representations or warranties to be
untrue in any material respect as of the Closing Date. Seller shall immediately notify Buyer, in writing, of any event or condition known to Seller which occurs prior to the Closing Date which causes a material change in the facts relating to, or
the truth of, any of the above representations or warranties; provided, however, that upon such notification, (i) Buyer shall have the option to terminate this Agreement by delivering written notice thereof to Seller, in which case,
(a) Escrow Agent shall return the Deposit to Buyer, (b) Seller shall be responsible for the charges of Escrow Agent (except as otherwise set forth in the Escrow Agreement), and (c) Buyer shall be responsible for the charges of the
Title Company, and this Agreement shall be of no further force or effect and neither party shall have any further rights or obligations hereunder (other than pursuant to any provision hereof which expressly survives the termination of this
Agreement, and (ii) to the extent that any of the events or conditions described in such notification are caused as a result of a breach by Seller of this Agreement, Buyer shall be entitled to all of the rights and remedies set forth in
Section 13.1, it being expressly understood that Seller’s obligation to provide such notification shall in no way relieve Seller of any liability for a breach by Seller of any of its representations, warranties, covenants or
agreements under this Agreement. Seller’s Representations shall survive the Closing to extent set forth in Section 15.4. 

6.13 Definition of Seller’s Knowledge. With respect to Seller’s Representations, the term Seller’s Knowledge shall mean
and refer to the Knowledge of Isaac Mizrahi, Managing Partner of Seller and Raymond Taylor, the CFO of Handcraft and Personality. Seller represents and warrants to Buyer that such persons are in an official position on behalf of Seller to have the
information or the obligation to investigate to obtain such information and/or the responsibility on behalf of Seller for the matters and information which are the subject of Seller’s Representations. Nothing contained in this
Section 6.13 shall impose any personal liability on any of the foregoing individuals. 
 ARTICLE VII 

Buyer’s Representations and Warranties 

Buyer represents and warrants to Seller as follows: 

7.1 Authority. Buyer is a Delaware limited liability company duly organized, validly existing and in good standing under the laws of
the state of its organization. Buyer has the full right, power and authority to enter into this Agreement and all documents contemplated hereby, and consummate the transaction contemplated by this Agreement, subject to
Section 7.3. All requisite action has been taken by Buyer in connection with entering into this Agreement, and will be taken by Buyer prior to the Closing in connection with the execution and delivery of the instruments referenced
herein, and the consummation of the transaction contemplated hereby, subject to Section 7.3. Each of the persons and entities signing this Agreement and the other documents contemplated by this Agreement on behalf of Buyer has the
legal right, power and authority to bind Buyer. 
 7.2 No Conflicts. The execution, delivery and performance by Buyer of this
Agreement and the instruments referenced herein and the transaction contemplated hereby will not conflict with, or with or without notice or the passage of time or both, result in a breach of, violate any term or provision of, or constitute a
default under any articles of formation, bylaws, partnership agreement, operating agreement, indenture, deed of trust, mortgage, contract, agreement (oral or written), judicial or administrative order, or any Law to which Buyer is bound. 

7.3 Consents; Binding Obligations. No approval or consent from any person (including any partners, shareholder, member, creditor,
investor or governmental body) is required for Buyer to execute, deliver or perform this Agreement or the other instruments contemplated hereby or for Buyer to consummate the transaction at Closing contemplated hereby; provided, however, that Buyer
will require approval of its board of directors in order to consummate the acquisition of the Property, which approval Buyer intends to seek prior to the end of the Inspection Period. This Agreement and all documents required hereby to be executed
by Buyer are and shall be valid, legally binding obligations of and enforceable against Buyer in accordance with their terms. 
 7.4 No
Bankruptcy. No petition in bankruptcy (voluntary or otherwise), attachment, execution proceeding, assignment for the benefit of creditors, or petition seeking reorganization or insolvency, arrangement or other action or proceeding under federal
or state bankruptcy law is pending against or contemplated (or, to buyer’s knowledge, threatened) by or against Buyer or any general partner or managing member of Buyer. 

  
 7 

 7.5 Prohibited Person. Buyer is not a Prohibited Person. To Buyer’s knowledge, except
for third-party persons who hold direct or indirect ownership interests in Buyer, none of Buyer’s affiliates or parent entities is a Prohibited Person. To Buyer’s knowledge, except for third-party persons who hold direct or indirect
ownership interests in Buyer, the Property is not the property of or beneficially owned by a Prohibited Person. To Buyer’s knowledge, except for third-party persons who hold direct or indirect ownership interests in Buyer, the Property is not
the proceeds of specified unlawful activity as defined by 18 U.S.C. § 1956(c)(7). 
 ARTICLE VIII 

Seller’s Undertakings Pending Closing 

8.1 Operation of the Property. Until the earlier of Closing or termination of this Agreement, Seller agrees as follows: 

(a) Subject to Sections 8.1(b) and 8.1(c), without Buyer’s prior written approval, which may be withheld in
Buyer’s sole and absolute discretion, no Seller Party shall directly or indirectly (i) sell, contribute, assign or create any right, title or interest whatsoever in or to the Property, (ii) cause or permit any mortgage, deed of trust,
Lien, assessment, obligation, interest, encroachment or liability whatsoever to be placed of record against the Property (other than the Permitted Exceptions), or (iii) enter into any agreement to do any of the foregoing. 

(b) Without Buyer’s prior written approval, which may be withheld in Buyer’s reasonable discretion prior to the date which is five
days prior to the end of the Inspection Period and in Buyer’s sole and absolute discretion thereafter, no Seller Party shall enter into any new (or extend, amend, renew or replace any existing) agreement, service contract, employment contract,
permit or obligation affecting the Property or which would be binding upon Buyer upon its acquisition of the Property, or file for, pursue, accept or obtain any zoning, land use permit or other development approval or entitlement, or consent to the
inclusion of the Property into any special district; provided, however, (i) prior to expiration of the Inspection Period, Seller may enter into service or similar contracts without Buyer’s approval if such contract is entered into in the
ordinary course of Seller’s business and is terminable without penalty or premium on not more than 30 days notice from the owner of the Property and is disclosed promptly in writing to Buyer; and (ii) Seller may enter new Tenant Leases
pursuant to Section 8.1(c). 
 (c) Without Buyer’s prior written approval, which may be withheld in Buyer’s
sole and absolute discretion, no Seller Party shall (i) enter into any new lease (each, a “New Lease”) for any portion of the Property, (ii) terminate the Tenant Lease, or (iii) extend, amend, renew or replace
the Tenant Lease, expand the space leased by a Tenant thereunder or grant any voluntary consent under the Tenant Lease (each, a “Lease Renewal”). If Seller desires to enter into a New Lease or Lease Renewal after the
Effective Date, it shall give written notice (the “New Lease Request”) to Buyer and include the following information and documents with such New Lease Request: (i) the name of the proposed or existing Tenant,
(ii) identification of the portion of the Property that is the subject of the New Lease or Lease Renewal, (iii) a summary of the material terms of the New Lease or Lease Renewal, including base rent, reimbursement of operating expenses,
security deposit, guaranties or other credit enhancement, concessions, proposed tenant improvements and tenant improvement allowance, term, renewal options, early termination rights, permitted uses, and exclusive rights, (iv) a copy of the
proposed New Lease or Lease Renewal and all exhibits thereto, and (v) financial information regarding the proposed or existing Tenant. If Buyer fails to respond to any New Lease Request within 5 Business Days after receipt thereof, Buyer shall
be deemed to have denied the request to enter into such New Lease or Lease Renewal. Notwithstanding the foregoing, Buyer acknowledges that Seller is currently negotiating the First Amendment and that, prior to the Closing Date, Seller shall be
permitted to enter into the First Amendment substantially in the form attached hereto as Exhibit D and containing either the Option A Terms or the Option B Terms and otherwise in a form acceptable to Buyer in Buyer’s sole and
absolute discretion. From and after the Effective Date, Seller shall keep Buyer reasonably informed as to the progress of such negotiations and shall supply Buyer with copies of any drafts of the First Amendment as and when exchanged, for
Buyer’s review and approval. Buyer shall promptly review and provide to Seller, with reasonably detailed specificity, any objections and comments to any drafts of the First Amendment submitted to it by Seller and shall otherwise reasonably
cooperate with Seller in connection with the review and approval of the First Amendment. Seller shall incorporate such Buyer’s comments prior to submitting any drafts of 

  
 8 

 
the First Amendment to Tenant. In the event Seller and Tenant have agreed upon the final form of the First Amendment, Seller shall submit the same to Buyer for approval, which approval may be
withheld in Buyer’s sole and absolute discretion; provided, however, Buyer acknowledges that it has previously approved the form of the First Amendment attached hereto as Exhibit D and the Option A Terms or the Option B Terms. If
Buyer fails to respond to any draft of the First Amendment (including the final draft) within 5 Business Days after receipt thereof, Buyer shall be deemed to have approved such draft. Upon Buyer’s approval of the First Amendment, the parties
hereto shall acknowledge in writing the final form of the First Amendment. Seller shall deliver to Buyer a copy of the executed First Amendment promptly following execution and delivery thereof. Prior to Closing, Seller shall fully and finally
(x) pay all First Amendment Costs and (y) complete, and pay for, all First Amendment TI. The parties acknowledge that the First Amendment may be executed simultaneously with or just prior to the Closing. 

(d) Seller shall remove the Property from the market for sale, and not solicit, accept, entertain or enter into any negotiations or agreements
with respect to the sale or disposition of any or all of the Property, or any interest therein, or sell, contribute or assign any interest in the Property. 

(e) Seller shall, except as otherwise provided in this Agreement, operate and maintain the Property in accordance with Seller’s past
practice and all applicable Laws. Seller shall maintain and/or cause Personality and Handcraft to maintain all casualty and liability insurance in place as of the Effective Date with respect to the Property in amounts and with deductibles
substantially the same as existing on the Effective Date. 
 (f) No Seller Party shall remove any material item of Personal Property from
the Real Property unless the same is obsolete and is replaced by tangible personal property of equal or greater utility and value. Should any material equipment, fixtures or services fail between the Effective Date and the Closing Date, Seller shall
be responsible for the repair or replacement of such equipment, fixtures or services with a new unit of similar size and quality, or at Buyer’s option, Seller shall give Buyer an equivalent credit towards the Purchase Price at the Closing. 

(g) No Seller Party shall accept any rent from any Tenant (or any new tenant under any new lease permitted pursuant to the terms hereof) for
more than 1 month in advance of the payment date. Other than actions against a Tenant that do not seek eviction, No Seller Party shall commence or allow to be commenced on its behalf any action, suit or proceeding with respect to all or any portion
of the Property without the prior written consent of Buyer. 
 The provisions of this Section 8.1 shall survive the Closing. 

8.2 Termination of Contracts and Employees. 

(a) Seller agrees to terminate by written notice to the other party thereto and as otherwise required pursuant thereto, effective as of the
Closing, (i) any Contracts binding upon or relating to property in addition to the Real Property and (ii) all of the Contracts (including, without limitation, those executed pursuant to Section 8.1(b)) that Buyer does
not, by written notice to Seller given on or prior to the expiration of the Inspection Period, elect to assume. All Contracts that Buyer elects to assume by written notice to Seller given on or prior to the expiration of the Inspection Period shall
be identified on Schedule C to Exhibit C and no other Contracts shall be identified thereon. With respect to any Contracts which Buyer requires to be terminated, Seller shall pay all termination costs, liquidated damages, fees and/or
expenses related thereto, it being understood and agreed that Buyer shall have no liability or obligations for any Contract which is terminated or not assumed hereunder. 

(b) Any property management and leasing contracts for the Property shall be terminated prior to the Closing. All employees of any Seller Party
and any Seller Party’s property managers and leasing agents shall have their employment at the Property terminated and shall be paid current by Seller through Closing, including accrued vacation and other benefits. Seller shall be responsible
for, and indemnify, protect, hold harmless and defend Buyer with respect to, any Losses arising from any WARN Act claims. Buyer shall have the right to interview any employees of Seller or Seller’s property managers at the Property for
employment at the Property. 
 The provisions of this Section 8.2 shall survive the Closing. 

  
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 8.3 Casualty Damage/Condemnation. Notwithstanding anything to the contrary set forth in
this Agreement, if, prior to Closing, either (a) $250,000.00 or more of damage is caused to the Property as a result of any earthquake, hurricane, tornado, flood, landslide, fire, act of war, terrorism, terrorist activity or other casualty, or
any portion of the Property equal to or greater than such amount is taken (or is threatened to be taken) under the power or threat of eminent domain (temporarily or permanently), (b) material access to the Property, or a material portion of the
parking, is taken (or is threatened to be taken) under the power or threat of eminent domain (temporarily or permanently), (c) a casualty or condemnation occurs that is reasonably estimated to result in loss of rental income after Closing in
excess of $400,000.00, or (d) Tenant has the right to terminate the Tenant Lease as a result of a casualty or a temporary or permanent taking (or threatened taking) under the power or threat of eminent domain, and Tenant fails to waive such
right (any event under subsections (a) through (d) of this Section 8.3 being a “Material Change”), then, in any such event, Buyer may elect to terminate this Agreement by giving
written notice to Seller of its election to terminate this Agreement (a “Material Event Termination Notice”) on or before the 30th day after Buyer receives written notice of such destruction, taking or threatened taking,
unless, (x) in the case of a Material Change under subsection (a) of this Section 8.3, Seller notifies Buyer in writing no later than 3 Business Days following delivery of the Material Event Termination
Notice that Seller will provide Buyer a credit against the Purchase Price in the amount of the damage in excess of $250,000.00 (such credit as mutually agreed upon by Buyer and Seller, each acting in good faith and in a commercially reasonable
manner, the “Material Damage Credit”) or (y) in the case of a Material Change under subsection (c) of this Section 8.3, Seller notifies Buyer in writing no later than 3 Business Days
following delivery of the Material Event Termination Notice that Seller will provide Buyer a credit against the Purchase Price in the amount of the loss of rental income after Closing in excess of $400,000.00 (such credit as mutually agreed upon by
Buyer and Seller, each acting in good faith and in a commercially reasonable manner, the “Material Rent Loss Credit” and, together with the Material Damage Credit, the “Material Event Credit”),
whereupon, in each case, the Material Event Termination Notice given as a result of a Material Change under either subsection (a) or (c) of this Section 8.3 shall be null and void and Seller shall provide
such credit(s) at Closing; provided, however, in the event the amount of the proposed Material Event Credit exceeds $2,000,000.00, Buyer may, in its sole and absolute discretion, either accept the Material Event Credit or decline to accept the same
by written notice given to Seller prior to the Closing Date and, (1) in the event Buyer notifies Seller that Buyer accepts the Material Event Credit, the Parties shall proceed to Closing in accordance with this Section 8.3
and (2) in the event Buyer notifies Seller that Buyer does not accept the Material Event Credit or fails to provide notice prior to the Closing Date, the Material Event Termination Notice shall remain in effect and this Agreement shall
terminate in accordance with this Section 8.3. Buyer, at its option and in its sole discretion, may extend the Closing Date to allow Buyer such full 30-day period to determine if Buyer elects to issue a Material Event Termination
Notice. If Buyer does not give (or has no right to give) a Material Event Termination Notice within such 30-day period or such Material Event Termination Notice is voided as provided in this Section 8.3, then (i) this
transaction shall close as set forth in this Agreement, (ii) Buyer shall pay the full Purchase Price (subject to clause (iv) below), (iii) Seller shall assign (or cause to be assigned) to Buyer the proceeds of any insurance policies
payable to any Seller Party (or shall assign (or cause to be assigned) the right or claim to receive such proceeds after Closing), or such Seller Party’s right to or portion of any condemnation award (or payment in lieu thereof), and
(iv) the amount of any deductible or self-insured or uninsured amount and/or the Material Event Credit shall be a credit against the Purchase Price. If Buyer timely delivers a Material Event Termination Notice pursuant to this section and such
Material Event Termination Notice is not voided pursuant to this section, (a) Escrow Agent shall return the Deposit to Buyer, (b) Seller shall be responsible for the charges of Escrow Agent (except as otherwise set forth in the Escrow
Agreement), (c) Buyer shall be responsible for the charges of the Title Company, and (d) this Agreement shall be of no further force or effect and neither party shall have any further rights or obligations hereunder (other than pursuant to
any provision which expressly survives the termination of this Agreement). No Seller Party shall settle or compromise any insurance claim or condemnation action without the prior written consent of Buyer which shall not be unreasonably withheld or
delayed, and Buyer shall have the option to participate in any such claim or action. Seller shall obtain Buyer’s prior approval (which shall not be unreasonably withheld, delayed or conditioned) with respect to (Y) the repair of any
Material Change (including the plans, contracts and contractors for such repair work), and (Z) the repair of any other casualty or condemnation if such repair will not be fully and completed repaired prior to the Closing. The provisions of this
Section 8.3 shall survive the Closing. 
 8.4 Risk of Loss. Notwithstanding anything to the contrary herein,
Seller shall maintain risk of loss of the Property until the actual time of Closing, after which time the risk of loss shall pass to Buyer and Buyer shall be responsible for obtaining its own insurance thereafter. 

  
 10 

 8.5 Estoppels. No later than 10 days after the Effective Date, Seller shall request an
estoppel certificate from Tenant (and any guarantor of Tenant’s obligations under the Tenant Lease) in the form attached hereto as Exhibit E (“Tenant Estoppel Certificate”) or, if Tenant is unwilling to
execute such form, then the form attached to the Tenant Lease. Seller shall use commercially reasonable efforts to obtain and deliver the Tenant Estoppel Certificate to Buyer on or before 3 Business Days prior to Closing. The Tenant Estoppel
Certificate shall be dated no earlier than 30 days prior to the Closing Date and shall reflect the terms of the First Amendment. Seller shall provide Buyer with an opportunity to review the Tenant Estoppel Certificate prior to submitting same to
Tenant, and shall copy Buyer on its correspondence to Tenant transmitting the Tenant Estoppel Certificate. Seller shall deliver the Tenant Estoppel Certificate received from Tenant to Buyer promptly upon Seller’s receipt. The Tenant Estoppel
Certificate shall not show any materially adverse matters, including, without limitation, any verbal agreements or any default or purported default thereunder by any party. 

8.6 SNDA and Third Party Estoppels. Seller shall timely request (and, in any event, no later than 5 Business Days following receipt of
the form(s) for same from Buyer) each of the following from the applicable parties thereunder: 
 (a) a subordination, non-disturbance and
attornment agreement from Tenant in form and substance required by the Buyer’s lender, to the extent same is required by such lender (the “Tenant SNDA”). 

(b) estoppel certificates from all parties (other than Seller) to each REA in the form reasonably requested by Buyer during the Inspection
Period (the “Additional Estoppel Certificates”) or such form as may be required under the applicable REA (together with such additional certifications as may reasonably be requested by Buyer during the Inspection Period).

 8.7 Handcraft Sublease and Personality Lease. Not later than 10 days following the Effective Date, Seller shall vacate the
Property and shall cause Personality and Handcraft and any other Seller Affiliate to vacate the Property, remove any personal property of any Seller Affiliate (excluding the mezzanines existing in the Property as of the Effective Date) and leave the
Property so occupied by any Seller Affiliate in broom clean condition. Prior to Closing, (a) Seller shall execute and deliver, and shall cause Personality to execute and deliver, the Personality Surrender Agreement and Seller shall deliver a
copy of the executed Personality Surrender Agreement to Buyer, (b) Seller shall execute and deliver, and shall cause Handcraft to execute and deliver, the Handcraft Surrender Agreement and Seller shall deliver a copy of the executed Handcraft
Surrender Agreement to Buyer and (c) Seller shall cause any and all right, title and interest of Personality in the Property, including, without limitation, Personality’s right, title and interest in and to the Tenant Lease, to be
transferred and assigned to, and vested solely in, Seller. Seller hereby agrees to indemnify, protect, hold harmless and, if requested by Buyer in Buyer’s sole and absolute discretion, defend (with counsel of Buyer’s choosing) Buyer, its
successors and assigns, from any and all Losses to the extent arising out of or in connection with the Handcraft Sublease and/or the Personality Lease. The provisions of this Section 8.7 shall survive the Closing. 

ARTICLE IX 

Buyer’s Obligation to Close 

9.1 Buyer’s Conditions. Buyer shall not be obligated to close hereunder unless each of the following conditions shall exist on the
Closing Date: 
 (a) Title Policy. The Title Company shall issue (or shall be prepared and irrevocably and unconditionally committed
to issue) the Title Policy as described in Section 5.3 and Seller shall have cured such items, if any, set forth in New Objection Notice and/or that Seller is obligated to cure in accordance with Section 5.1.

 (b) Accuracy of Representations. All of the representations and warranties made by Seller in this Agreement or any of the Closing
Documents shall be true, correct and complete on and as of the Closing Date in all material respects, and Seller will so certify; 

  
 11 

 (c) Seller’s Performance. Seller shall have, in all material respects,
(i) performed all covenants and obligations, and (ii) complied with all conditions, required by this Agreement to be performed or complied with by Seller on or before the Closing Date or each such covenant, obligation and condition shall
be waived by Buyer in writing and in its sole and absolute discretion prior to the Closing; 
 (d) No Liens. The Property, including
the Personal Property, shall be conveyed free and clear of all Liens, except Permitted Exceptions; 
 (e) Consents. All consents
required to effect the transaction shall have been obtained by Seller; 
 (f) Tenant. Tenant shall not have terminated, or given
notice of intent to terminate, the Tenant Lease pursuant to the terms of the Tenant Lease or otherwise. Tenant, shall not have vacated, abandoned, ceased operations or filed for voluntary bankruptcy or be subject to an involuntary bankruptcy
proceeding; 
 (g) Estoppel. Seller shall have delivered to Buyer the Tenant Estoppel Certificate from Tenant; 

(h) Surrender Agreements. Seller and Personality shall have executed and delivered the Personality Surrender Agreement and Seller shall
have delivered a copy of the executed Personality Surrender Agreement to Buyer. Handcraft and Personality shall have executed and delivered the Handcraft Surrender Agreement and Seller shall have delivered a copy of the executed Handcraft Surrender
Agreement to Buyer; and 
 (i) Compliance Certificate. Seller shall have delivered the Compliance Certificate to Buyer. 

9.2 Failure of Conditions. If any condition specified in Section 9.1 (a), (g), (h) or (j) is not satisfied
on or before the Closing Date, either Buyer or Seller may extend the Closing Date for a sufficient time (but not to exceed 30 days) within which to cure or satisfy such condition and if Seller elects to extend the Closing Date, Seller shall
immediately commence prosecution of such cure or satisfaction and if any condition specified in any other provisions of this Article IX is not satisfied on or before the Closing Date, Buyer may, at its option, and in its sole and
absolute discretion, (a) extend the Closing Date to allow Seller a sufficient time (but not to exceed 15 days) within which to cure or satisfy such condition, (b) waive any such condition which can legally be waived either at the time
originally established for Closing or at any time on or before the 15th day thereafter and proceed to Closing without adjustment or abatement of the Purchase Price, or (c) terminate this Agreement by written notice thereof to Seller, in which
case, (a) Escrow Agent shall return the Deposit to Buyer, (b) Seller shall be responsible for the charges of Escrow Agent (except as otherwise set forth in the Escrow Agreement), and (c) Buyer shall be responsible for the charges of
the Title Company. In addition to (and notwithstanding) the foregoing, if the failure of the condition is due to a breach by Seller hereunder, Buyer may pursue any of its remedies under Section 13.1. 

ARTICLE X 

Seller’s Obligation to Close 

10.1 Seller’s Conditions. Seller shall not be obligated to close hereunder unless each of the following conditions shall exist on
the Closing Date: 
 (a) Accuracy of Representations. All of the representations and warranties made by Buyer in this Agreement or
any of the Closing Documents shall be true, correct and complete on and as of the Closing Date in all material respects with the same force and effect as though such representations and warranties had been made on and as of the Closing Date, and
Buyer will so certify; and 
 (b) Buyer’s Performance. Buyer shall have, in all material respects, (i) performed all
covenants and obligations and (ii) complied with all conditions, required by this Agreement to be performed or complied with by Buyer on or before the Closing Date, including, without limitation, payment of the balance of the Purchase Price, or
each such covenant, obligation and condition shall be waived by Seller in writing and in its sole and absolute discretion prior to Closing. 

  
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 10.2 Failure of Conditions. If any condition specified in Section 10.1
is not satisfied on or before the Closing Date, Seller may, at its option, and in its sole and absolute discretion, (a) waive any such condition which can legally be waived and proceed to Closing without adjustment or abatement of the Purchase
Price, or (b) terminate this Agreement by written notice thereof to Buyer in which case (a) Escrow Agent shall pay the Deposit to Seller, (b) Seller shall be responsible for the charges of Escrow Agent (except as otherwise set forth
in the Escrow Agreement), and (c) Buyer shall be responsible for the charges of the Title Company. Notwithstanding the foregoing, if the failure of the condition is due to a breach by Buyer hereunder, Seller may pursue any of its remedies under
Section 13.2. 
 ARTICLE XI 

Closing 
 11.1
Time of Closing. Subject to the provisions of this Agreement, the closing of the transactions contemplated hereby (the “Closing”) shall take place on or before 3:00 p.m. (EST) on the Closing Date through an escrow with
Escrow Agent, whereby Seller, Buyer and their attorneys need not be physically present and may deliver documents by overnight air courier or other means. The “Closing Date” shall be 5 days after the expiration of the
Inspection Period. Anything to the contrary contained herein notwithstanding, the Closing is not contingent upon Buyer obtaining any financing; provided, however, the foregoing shall in no event limit the terms of Section 4.3 and
the rights of Buyer thereunder. 
 11.2 Deliveries at Closing by Seller. On or before the Closing, Seller, at its sole cost and
expense, shall deliver to Escrow Agent the following, each dated as of the Closing Date, in addition to all other items and payments required by this Agreement to be delivered by Seller at the Closing: 

(a) Deed. Seller shall deliver an original duly executed and acknowledged bargain and sale deed with covenant against grantor’s
acts (the “Deed”), in the form attached hereto as Exhibit A, conveying good and insurable fee simple title to the Property to Buyer, free of all Liens but subject only to the Permitted Exceptions. 

(b) Bill of Sale and General Assignment. Seller shall deliver two duly executed originals of a bill of sale and general assignment (and
other instruments of conveyance, including, by way of example only, articles of transfer, as may be required to convey personal property), in the form attached hereto as Exhibit B (the “Bill of Sale”), conveying
good and marketable title to such Personal Property, Permits, Plans and Records and Intangible Property to Buyer, free and clear of all Liens but subject to the Permitted Exceptions. 

(c) Assignment of Lease and Contracts. Seller shall deliver two duly executed counterparts of an assignment and assumption of lease and
contracts in the form attached hereto as Exhibit C (the “Assignment of Lease and Contracts”), assigning to Buyer all of Seller’s right, title and interest in and to the Tenant Lease and Contracts (if any
are approved by Buyer). 
 (d) Proof of Authority. Seller shall provide such proof of authority and authorization to enter into this
Agreement and the transactions contemplated hereby, and such proof of the power and authority of the individual(s) executing or delivering any documents or certificates on behalf of Seller as may be reasonably required by Title Company. 

(e) Non-Foreign Affidavit. Seller shall deliver an original duly executed Non-Foreign Affidavit in a form reasonably satisfactory to
Buyer and the Title Company. If Seller does not furnish such Non-Foreign Affidavit, Buyer may withhold (or may direct Title Company to withhold) from the cash funds payable to Seller pursuant to this Agreement at Closing, an amount equal to the
amount required to be so withheld pursuant to Section 1445(a) of the Code and such withheld funds shall be deposited with the Internal Revenue Service as required by Section 1445(a) of the Code and the regulations promulgated thereunder.
Seller also shall execute and deliver to Buyer and the Title Company a duly executed affirmation reasonably satisfactory to the Title Company and Buyer for the purposes of satisfying the Title Company and Buyer that the transaction is exempt from
the withholding requirements under state and local law. If Seller fails to execute the appropriate documents under this subsection, or the transaction is not exempt from withholding requirements of state and local law, Buyer or the Title Company may
withhold the amount of such taxes (calculated at the highest rate required or permitted by Law) from proceeds otherwise to be paid to Seller at the Closing. 

  
 13 

 (f) Title Affidavits. Seller shall execute and deliver to the Title Company such
agreements or statements as may be reasonably required by the Title Company in order to issue the Title Policy as described in Section 5.3, including as may be required by the Title Company in order to issue a gap endorsement and
delete all standard exceptions to the Title Policy, including, without limitation, the exceptions related to the parties in possession and mechanic’s lien, provided that Seller shall not be required to execute and deliver to the Title Company
any agreements or statements to facilitate the issuance of any other endorsements unless Seller specifically agrees to provide such endorsements. 

(g) Updated Rent Roll and Contract List. Seller shall deliver a duly executed original certification that the Rent Roll and Contract
List are true, correct and complete as of the Closing Date. 
 (h) Closing Statement. Seller shall deliver two duly executed
counterparts of a settlement statement of all prorations, allocations, closing costs and payments of moneys related to the Closing of the transactions contemplated by this Agreement (the “Closing Statement”). 

(i) Other Documents. Seller shall, as reasonably requested the Title Company or the Escrow Agent, execute, acknowledge and deliver, or
cause to be executed, acknowledged and delivered, any and all conveyances, assignments and all other instruments and documents as may be reasonably necessary in order to complete the transaction herein provided and to carry out the intent and
purposes of this Agreement. 
 11.3 Deliveries at Closing by Buyer. On or before the Closing, Buyer, at its sole cost and expense,
shall deliver to Escrow Agent the following, each dated as of the Closing Date, in addition to all other items and payments required by this Agreement to be delivered by Buyer at the Closing: 

(a) Purchase Price. Buyer shall deliver to Escrow Agent for delivery to Seller cash, in an amount equal to the Purchase Price as
provided in Section 2.2, subject to the credits set forth in this Agreement and the adjustments described in Article XII. 

(b) Bill of Sale and General Assignment. Buyer shall deliver two duly executed counterparts of the Bill of Sale. 

(c) Assignment of Lease and Contracts. Buyer shall deliver two duly executed counterparts of the Assignment of Lease and Contracts.

 (d) Proof of Authority. Buyer shall provide such proof of authority and authorization to enter into this Agreement and the
transactions contemplated hereby, and such proof of the power and authority of the individual(s) executing or delivering any documents or certificates on behalf of Buyer as may be reasonably required by Title Company. 

(e) Closing Statement. Buyer shall deliver two duly executed counterparts of the Closing Statement. 

(f) Other Documents. Buyer shall, as reasonably requested by the Title Company or the Escrow Agent, execute, acknowledge and deliver,
or cause to be executed, acknowledged and delivered, any and all conveyances, assignments and all other instruments and documents as may be reasonably necessary in order to complete the transaction herein provided and to carry out the intent and
purposes of this Agreement. 
 11.4 Other Deliveries at Closing. Prior to Closing, Seller shall deliver possession of the Property to
Buyer free of possession by Seller, Personality and Handcraft and any other Seller Affiliate. Further, Seller hereby covenants and agrees to deliver to Buyer, on or prior to the Closing, the following items: 

(a) Intangible Property. Seller shall deliver the originals of the Plans and Records, Tenant Leases, Contracts, Permits and Intangible
Property to the extent in Seller’s Possession or Reasonable Control or, if not available copies thereof. 

  
 14 

 (b) Warranties. Seller shall transfer to Buyer all warranties for the benefit of the
Property, including, without limitation, any roof warranty, if in Seller’s Possession or Reasonable Control. 
 (c) Personal
Property. Seller shall deliver the Personal Property, including any and all keys, pass cards, security codes, computer software and other devices relating to access to the Improvements. 

(d) Tenant Notification Letter. Seller shall deliver a tenant notification letter, in a form reasonably provided by Buyer and duly
executed by Seller, notifying Tenant under the Tenant Lease that the Property has been conveyed to Buyer and directing Tenant to make all payments of rent and to send any notices or other correspondence regarding the Tenant Lease to the persons and
addresses to be determined by Buyer and specified in each such letter, on and after the Closing Date. 
 (e) Letters to Contractors.
Seller shall deliver a letter to each vendor, to the extent Buyer has agreed to assume such vendor’s Contract, and each utility company serving the Property, in a form reasonably satisfactory to Buyer, duly executed by Seller, advising them of
the sale of the Property to Buyer and directing them to send to Buyer all bills for the services provided to the Property for the period from and after the Closing Date. 

(f) Termination of Contracts. Seller shall deliver to Buyer termination agreements or other evidence reasonably satisfactory to Buyer
that any Contracts which Buyer has elected not to assume have been terminated effective upon the Closing Date and at no cost to Buyer or to the Property. 

ARTICLE XII 

Prorations and Closing Expenses 

12.1 Closing Adjustments. In addition to any other credits or prorations provided elsewhere in this Agreement, the cash due at Closing
pursuant to Section 2.2 shall be adjusted as of the Closing Date in accordance with the provisions set forth in this Section 12.1. Buyer and Seller agree to prepare a proration schedule (the
“Proration Schedule”) of adjustments 5 Business Days prior to Closing. Such adjustments, if and to the extent known and agreed upon as of the Closing Date, shall be paid by Buyer to Seller (if the prorations result in a net
credit to Seller) or by Seller to Buyer (if the prorations result in a net credit to Buyer), by increasing or reducing the cash to be paid by Buyer at Closing. Any such adjustments not determined or agreed upon as of the Closing Date, shall be paid
by Buyer to Seller, or Seller to Buyer, as the case may be, in cash as soon as practicable following the Closing Date. For purposes of calculating prorations and the Proration Schedule, Buyer shall be deemed to be title holder of the Property, and
therefore entitled to the revenue and responsible for the expenses, after 12:00 a.m. on the Closing Date. 
 (a) Taxes. All
non-delinquent real and personal property taxes, assessments and any other governmental or quasi-governmental impositions of any kind on or relating to the Property shall be prorated to the Closing Date based on the most recent and available
assessed valuations, mill levies and taxes available; provided, however, if real or personal property taxes are estimated and not known, or supplemental taxes are assessed, then once known, after Closing, Seller and Buyer promptly shall pay to the
other any amount required as a result of such adjustments. Prior to Closing, Seller shall pay all taxes and special assessments on the Property as and when they become due and prior to delinquency. All assessments, for all special improvements
installed prior to the date hereof shall, at Buyer’s option, either be (i) paid by Seller at Closing, or (ii) credited against the Purchase Price. 

(b) Revenue and Expenses. 

(i) All rent (whether fixed monthly rentals, additional rentals, escalation rentals, retroactive rentals, Operating Expense pass-throughs
(except as provided in Section 12.1(b)(vi)) or other sums and charges payable by Tenant under the Tenant Lease), revenue (including any and all fees or other compensation paid to any Seller Party under any Contract or the Tenant
Lease to be assumed by Buyer, whether paid monthly, upon contract execution or otherwise, as consideration for such Seller Party entering into such Contract or the Tenant Lease) and expenses from any portion of the Property shall be prorated as of
the Closing Date (based on a 365 day year). Buyer shall receive all rent and revenue accruing from and after the Closing Date (including, as a credit against the Purchase Price, the sum of any rentals already received by any Seller Party
attributable to the period 

  
 15 

 
from and after the Closing Date and any rent concessions which accrue to Tenant from and after the Closing Date). Seller shall receive rent and revenue accruing prior to the Closing Date.
Notwithstanding the foregoing, Seller shall not be entitled to a credit for any prepaid expenses which do not benefit Buyer after Buyer acquires the Property. Further, notwithstanding the foregoing, no prorations shall be made for any unpaid amounts
due and payable prior to Closing or for delinquent rents existing, if any, as of the Closing Date. Although no adjustments shall be made in Seller’s favor for rents which have accrued and are unpaid as of the Closing, Buyer shall pay Seller
such accrued and unpaid rents as and when collected by Buyer, it being agreed, however, that Buyer shall not be deemed to have collected such arrearages attributable to the period prior to Closing until such time as Tenant is current in the payment
of all rent and other sums accruing from and after the Closing Date. For a period of 90 days after the Closing, Buyer agrees to bill Tenant for all past due rents that are accrued but unpaid as of the Closing; however, (A) Buyer shall not be
obligated to incur any out-of-pocket expenses (unless paid by Seller), (B) Buyer may deduct any of its reasonable costs of collection from any amounts due Seller, and (C) under any circumstance, Buyer shall not be obligated to file any
legal action or terminate the Tenant Lease. Seller may take reasonable action to collect any delinquent rents provided that no Seller Party may commence any legal action against Tenant seeking termination of the Tenant Lease and no Seller Party may
commence any other legal action against Tenant prior to the date which is 30 days after Closing. 
 (ii) The readings and billings for
utilities will be made if possible as of the Closing Date, in which case Seller shall pay all such bills as of the Closing Date and no proration shall be made at the Closing with respect to utility bills. Otherwise, a proration shall be made based
upon the parties’ reasonable good faith estimate and a readjustment made within 30 days after the Closing, if necessary. At Buyer’s sole option, (A) Buyer may assume any deposit(s) for any or all utility(ies), and Seller shall receive
a credit for such deposit(s) at Closing, or (B) Seller shall be entitled to the return of any deposit(s) posted by it with any utility company, and Seller shall notify each utility company serving the Property of the sale as of the Closing.
Seller agrees to reasonably cooperate with Buyer in transferring utility service and company accounts with respect to the Property and shall refrain from any action likely to result in a termination or interruption of utility service upon the
Closing and transfer of ownership to Buyer. 
 (iii) No proration shall be made for insurance premiums and insurance policies will not be
assigned to Buyer. 
 (iv) At Closing, Buyer shall receive as a credit against the Purchase Price in an amount equal to the sum of:
(A) Tenant Deposits, including all security, damage or other deposits required to be paid by any of Tenant to secure its obligations under the Tenant Lease, together, in all cases, with any interest payable to Tenant thereunder as may be
required by the Tenant Lease or Law (or in lieu of such credit same may be transferred by Seller to Buyer); and (B) expenses and other sums owed by any Seller Party to Tenant for any work or any dispute which occurred prior to the Closing (as
acknowledged in any agreement or correspondence executed by Seller or any of its agents). At the Closing and at Seller’s sole cost and expense, Seller agrees to cause the transfer to Buyer of any letters of credit, bonds, notes or other
instruments constituting Tenant Deposits under the Tenant Lease. If any Tenant Deposit is in the form of a bond or letter of credit, then, unless and until Seller delivers to Buyer either a fully executed assignment to Buyer of the beneficial
interest under such bond or letter of credit together with the bond or letter of credit issuer’s express written consent to such assignment or a full replacement for such bond or letter of credit issued by the bond or letter of credit issuer
directly in favor of Buyer, the amount of such bond or letter of credit shall, at Buyer’s option, either be paid to Buyer at the Closing or credited against the Purchase Price. 

(v) Intentionally Deleted. 

(vi) At least 10 Business Days prior to the Closing Date, Seller shall provide Buyer with a reasonably detailed reconciliation for Tenant
showing all common area maintenance charges, property taxes, insurance and other operating cost pass-throughs payable by Tenant (collectively, the “Operating Expenses”) incurred by any Seller Party from the beginning of the
then-current calendar year (and if the prior calendar year has not been prorated, also for said prior year) (or, if different, such Tenant’s then-current annual billing period for Operating Expenses, and if the prior period has not been
prorated, also for said prior period) through the Closing Date, and any Operating Expense estimates or charges collected by a Seller Party during the same period of time and relating to Tenant, all in the form customarily submitted to Tenant (the
“CAM Reconciliation”). To the extent that 

  
 16 

 
any Seller Party has received as of the Closing any monthly or periodic payments of Operating Expenses allocable to periods on or subsequent to the Closing Date, the same shall be prorated and
Buyer shall receive a credit therefor at the Closing. With respect to any monthly or periodic payments of Operating Expenses received by Buyer after the Closing allocable to Seller prior to Closing, Buyer shall promptly pay the same to Seller
(subject to the provisions in Section 12.1(b)(i) for delinquent rentals). Notwithstanding the foregoing, to the extent that the CAM Reconciliation reveals that any Seller Party has over-collected Operating Expenses such that, if
the end of the operating expense year under the Tenant Lease was the Closing Date, such Seller Party would be obligated to refund money to Tenant (an “Over Collection”), rather than collect additional money from Tenant (an
“Under Collection”), said Over Collection shall be paid by Seller to Buyer at the Closing as a settlement statement credit; provided, in the event of an Under Collection, the amount of the Under Collection shall be paid by
Buyer to Seller outside of escrow within 5 Business Days after receipt from Tenant in connection with the year-end Operating Expense reconciliation process. 

(vii) Seller shall be solely responsible for (x) all First Amendment Costs, (y) all First Amendment TI and (z) all tenant
improvement costs, tenant incentives and leasing commissions (i) for the Tenant Lease and Lease Renewals entered into by any Seller Party or occurring prior to the Closing Date, and (ii) associated with the Tenant Lease or any other lease
or occupancy agreement (whether relating to the initial or renewal term thereof or any expansion of the space leased thereunder and whenever same may be payable (now or in the future)) that are not disclosed in the Rent Roll and (x) were based
on the agreements of Seller or any Seller Affiliate or (y) of which Seller had Knowledge prior to Closing. Buyer shall receive a credit against the Purchase Price at Closing in an amount equal to the then-unpaid costs, incentives and
commissions which are the responsibility of Seller under the foregoing provision, and Seller shall retain responsibility for same to the extent not so credited at Closing. Furthermore, unless Seller, prior to the Closing Date, delivers to Buyer the
First Amendment duly executed and delivered by Seller and Tenant, which First Amendment fully, finally and irrevocably waives the right of Tenant to the Rent Credit from and after Closing, Seller shall pay to Buyer at Closing, as credit against the
Purchase Price, an amount equal to the Outstanding Rent Credit. 
 (c) Liens. The amount of any monetary Lien (including all
prepayment penalties) affecting the Property on the Closing Date, other than Permitted Exceptions or as a result of the actions by, through or under Buyer, shall be paid from the funds to which Seller otherwise shall be entitled. If such funds are
insufficient to pay all such encumbrances, Seller shall pay the deficiency. 
 (d) First Amendment. In the event Seller, prior to the
Closing Date, delivers to Buyer the Option A First Amendment duly executed and delivered by Seller and Tenant, Buyer shall pay to Seller at Closing, as an increase to the Purchase Price, an amount equal to $700,000.00. In the event Seller, prior to
the Closing Date, delivers to Buyer the Option B First Amendment duly executed and delivered by Seller and Tenant, Buyer shall pay to Seller at Closing, as an increase to the Purchase Price, an amount equal to $1,250,000.00. 

(e) Closing Costs. Each party shall pay its own costs and expenses arising in connection with the Closing (including its own
attorneys’ and advisors’ fees, charges and disbursements), except the costs set forth in this paragraph which shall be allocated between the parties as set forth herein. Seller shall pay (i) the cost of endorsements to the Title
Policy which Seller has agreed to provide and Buyer in its sole and absolute discretion has agreed to accept in satisfaction of an item raised in any New Objection Notice, (ii) any documentary, transfer, stamp, sales, use, gross receipts or
similar taxes related to the transfer of the Property (excluding the so-called Mansion Tax), (iii) the cost of discharging any Liens against the Property and recording any instruments in connection therewith, (iv) the cost of recording the
Deed and (v) one-half of the customary closing costs and escrow fees of the Title Company and Escrow Agent related to the transfer of the Property. Buyer shall pay (a) the premium for the Title Policy and all endorsements thereto
(excluding endorsements to such Title Policy for which Seller is responsible pursuant to this Agreement or which Seller has agreed to provide and Buyer in its sole and absolute discretion has agreed to accept in satisfaction of an item raised in any
New Objection Notice), (b) the cost of the Survey and (c) one-half of the customary closing costs and escrow fees of the Title Company and Escrow Agent related to the transfer of the Property. 

12.2 Settlement Sheet. At the Closing, Seller and Buyer shall execute a closing settlement sheet to reflect the credits, prorations and
adjustments contemplated by or specifically provided for in this Agreement. 

  
 17 

 12.3 Post Closing Adjustments. Buyer and Seller shall undertake, following Closing, to
adjust between themselves, as of the Closing Date, any revenue or expenses of the Property that are not adjusted on the settlement statement. Seller shall pay promptly upon receipt any bills relating to the operation of the Property for periods
prior to Closing. 
 The provisions of this Section 12 shall survive the Closing. 

ARTICLE XIII 

Remedies 
 13.1
Breach by Seller. If Seller defaults on any provision hereof, Buyer, as a condition precedent to the exercise of its remedies or termination of this Agreement, shall be required to give Seller written notice of the same. Seller shall have 5
Business Days from the receipt of such notice to cure the default. If Seller timely cures the default, the default shall be deemed waived and this Agreement shall continue in full force and effect. If Seller fails to timely cure such default, Buyer,
at Buyer’s option, either may: (i) terminate this Agreement, in which event (A) the Deposit shall be returned to Buyer, (B) Seller shall pay any cancellation charges of Escrow Agent and Title Company, and (C) both parties
shall be discharged from all duties and performance hereunder, except for any obligations which by their terms survive any termination of this Agreement; OR (ii) pursue and obtain specific performance of Seller’s obligations hereunder
(without the necessity of proving irreparable harm or posting any security), including to convey the Property as provided herein. If Buyer elects to pursue specific performance pursuant to this Section 13.1 but specific
performance as contemplated in this Section 13.1 is unavailable to Buyer as a result of any action taken by Seller, Seller shall reimburse Buyer for Buyer’s direct and actual damages, including without limitation all of its out-of-pocket costs and expenses (including reasonable attorneys’ fees, costs and disbursements) related to the negotiation of this Agreement and the transactions
contemplated hereby and Buyer’s due diligence. 
 13.2 Breach by Buyer. If Buyer defaults on any provision hereof, Seller, as a
condition precedent to the exercise of its remedies or termination of this Agreement, shall be required to give Buyer written notice of the same. Buyer shall have 3 Business Days from the receipt of such notice to cure the default. If Buyer timely
cures the default, the default shall be deemed waived and this Agreement shall continue in full force and effect. If Buyer fails to timely cure such default, Seller shall be entitled to terminate this Agreement pursuant to the terms of this
Section 13.2. IF SELLER TERMINATES THIS AGREEMENT PURSUANT TO THIS SECTION 13.2 DUE TO BUYER’S FAILURE TO CONSUMMATE THE CLOSING IN BREACH HEREOF, BUYER AND SELLER AGREE THAT SELLER’S ACTUAL DAMAGES WOULD
BE IMPRACTICABLE OR EXTREMELY DIFFICULT TO FIX. THE PARTIES THEREFORE AGREE THAT, IN SUCH EVENT, SELLER, AS SELLER’S SOLE AND EXCLUSIVE REMEDY, IS ENTITLED TO LIQUIDATED DAMAGES IN THE AMOUNT OF THE DEPOSIT (INCLUSIVE OF INTEREST AND DIVIDENDS
EARNED THEREON), IN WHICH CASE (A) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF BUYER AND SELLER HEREUNDER SHALL BE OF NO FURTHER FORCE OR EFFECT AND NEITHER PARTY SHALL HAVE ANY FURTHER RIGHTS OR OBLIGATIONS HEREUNDER OTHER THAN PURSUANT
TO ANY PROVISION HEREOF WHICH EXPRESSLY SURVIVES THE TERMINATION OF THIS AGREEMENT, (B) ESCROW AGENT SHALL DELIVER THE DEPOSIT (INCLUSIVE OF INTEREST AND DIVIDENDS EARNED THEREON) TO SELLER PURSUANT TO SELLER’S INSTRUCTIONS, AND THE SAME
SHALL BE THE FULL, AGREED AND LIQUIDATED DAMAGES, AND (C) ALL TITLE AND ESCROW CANCELLATION CHARGES, IF ANY, SHALL BE CHARGED TO BUYER. THE PARTIES HEREBY AGREE THAT THE AMOUNT OF THE DEPOSIT IS A FAIR AND REASONABLE ESTIMATE OF THE TOTAL
DETRIMENT THAT SELLER WOULD SUFFER IN THE EVENT OF BUYER’S FAILURE TO CONSUMMATE THE CLOSING IN BREACH HEREOF. SELLER IRREVOCABLY WAIVES THE RIGHT TO SEEK OR OBTAIN ANY OTHER LEGAL OR EQUITABLE REMEDIES, INCLUDING THE REMEDIES OF DAMAGES AND
SPECIFIC PERFORMANCE FOR BUYER’S FAILURE TO CONSUMMATE THE CLOSING IN BREACH HEREOF. 

  
 18 

 SELLER AND BUYER ACKNOWLEDGE THAT THEY HAVE READ AND UNDERSTAND THE PROVISIONS OF THIS
SECTION 13.2, AND BY THEIR INITIALS IMMEDIATELY BELOW AGREE TO BE BOUND BY ITS TERMS. 
  

					
	 /s/ IM
	 		 	 /s/ AK

	Seller’s Initials	 		 	Buyer’s Initials

 The provisions of this Section 13 shall survive the Closing. 

ARTICLE XIV 
 Escrow

 Escrow Agent is hereby appointed and designated to act as Escrow Agent hereunder and is instructed to hold and deliver, pursuant
to the terms of this Agreement, the documents and funds to be deposited into escrow as provided in Schedule F attached hereto. 

The provisions of this Article XIV shall survive the Closing. 

ARTICLE XV 

Miscellaneous 
 15.1
Brokers. Seller and Buyer each hereby represent, warrant to and agree with the other that it has not had, and it shall not have, any dealings with (and it has not engaged and it will not engage) any third party to whom the payment of any
broker’s fee, finder’s fee, commission or similar compensation (“Commission”) shall or may become due or payable in connection with the transactions contemplated hereby, other than Resource Realty (the
“Broker”). Buyer shall pay any and all Commissions that may be due and payable to the Broker in connection with the transactions contemplated hereby pursuant to a separate agreement with the Broker. Seller and Buyer each
hereby agree to indemnify, hold harmless, protect and defend each other from any Loss for or in connection with any claims for Commissions claimed or asserted by or through it in connection with the transaction contemplated herein or any breach of
any of its representations under this Section 15.1. 
 15.2 Expenses. Subject to the payment of Closing costs
pursuant to Section 12.1(d) and any other provision of this Agreement, whether or not the transactions contemplated by this Agreement are consummated, all fees and expenses incurred by any party hereto in connection with this
Agreement shall be borne by such party. 
 15.3 Further Assurances. Each of the parties hereto agrees to perform, execute and deliver
such documents, writings, acts and further assurances as may be necessary to carry out the intent and purpose of this Agreement. 
 15.4
Survival of Representations and Warranties. 
 (a) Except as set forth herein, none of Seller’s and Buyer’s respective
representations, warranties, covenants and indemnities set forth in this Agreement shall survive the Closing and, following Closing, neither Party shall have, and each Party shall release the other from, any liability to the other with respect to
such representations, warranties, covenants and indemnities set forth in this Agreement that do not survive the Closing. Notwithstanding the foregoing, any provision of this Agreement which requires observance or performance subsequent to the
Closing, whether or not there is an express survival provision, shall continue in force and effect following such Closing. 
 (b) Seller and
Buyer agree that Seller’s Representations shall survive for a period of 6 months after the Closing except in the event Buyer provides Seller with written notice of any claims prior to the end of such 6-month period, in which event Seller’s
liability hereunder shall continue with respect to such claims until such time as (i) such claim(s) have been adjudicated by a court of competent jurisdiction resulting in a final, non-appealable judgment (or, alternatively, the party entitled
to appeal any judgment has waived the right to do so in 

  
 19 

 
writing), (ii) such claims have been settled pursuant to a written settlement agreement between Seller and Buyer or (iii) tolled by applicable statutes of limitation (the
“Survival Period”). Except for fraud or intentional misrepresentation by Seller, (x) under no circumstances shall Seller be liable to Buyer for more than $440,000.00 (the “Seller Liability Cap”)
in any individual instance or in the aggregate for all breaches of Seller’s Representations, (y) Seller shall not be liable to Buyer for any breaches of Seller’s Representations unless and until the amount of the damages claimed by
Buyer as a result thereof shall equal or exceed $75,000 in the aggregate, following which Seller shall be liable for the full amount of such damages, subject to the Seller Liability Cap and (z) following the expiration of the Survival Period,
Seller shall not be liable, and Buyer shall release Seller from liability, for any claims for breaches of Seller’s Representations. Notwithstanding the foregoing, the Seller Liability Cap shall not apply to attorneys’ fees incurred by
Buyer if Buyer is the prevailing party in any action or proceeding based on a breach of Seller’s Representations. Notwithstanding anything contained herein to the contrary, in the event that prior to Closing Buyer obtains actual knowledge of
any facts or circumstances rendering a Seller’s Representation untrue and Buyer nonetheless elects to close hereunder, Seller shall not be liable following Closing, and Buyer shall release Seller from liability following Closing, for a breach
of such Seller’s Representation based on such facts or circumstances of which Buyer had actual knowledge. Solely for purposes of this Section 15.4(b), Buyer shall be deemed to have actual knowledge of all matters disclosed
prior to Closing in the Title Documents, the Seller’s Deliveries delivered to Buyer by Seller pursuant to this Agreement and/or in any third party written reports obtained by Buyer in connection with the Property. 

(c) Seller covenants and agrees that it shall maintain liquid assets in an amount not less than the Seller Liability Cap from the Closing Date
through the end of the Survival Period. As used herein, the term “liquid assets” shall mean assets in the form of cash, cash equivalents, obligations of (or fully guaranteed as to principal and interest by) the United States or any agency
or instrumentality thereof (provided the full faith and credit of the United States supports such obligation or guarantee), certificates of deposit issued by a depository institution or trust company insured by the Federal Deposit Insurance
Corporation (the long-term unsecured debt obligations of which are rated at least “A” by S&P and “A3” by Moody’s) or securities listed and traded on a recognized stock exchange or traded over the counter and listed in
the NASDAQ. The provisions of this Section 15.4 shall survive the Closing. 
 15.5 Partial Invalidity. If any
provision of this Agreement is determined to be unenforceable, such provision shall be reformed and enforced to the maximum extent permitted by Law. If it cannot be reformed, it shall be stricken from and construed for all purposes not to constitute
a part of this Agreement, and the remaining portions of this Agreement shall remain in full force and effect and shall, for all purposes, constitute this entire Agreement. 

15.6 Time of Essence. Time shall be of the essence with respect to all matters contemplated by this Agreement. 

15.7 Construction of Agreement. All parties hereto acknowledge that they have had the benefit of independent counsel with regard to
this Agreement and that this Agreement has been prepared as a result of the joint efforts of all parties and their respective counsel. Accordingly, all parties agree that the provisions of this Agreement shall not be construed or interpreted for or
against any party hereto based upon authorship. 
 15.8 1031 Exchange. Either party may structure the disposition or acquisition of
the Property, as the case may be, as a like-kind exchange under Internal Revenue Code Section 1031 at the exchanging party’s sole cost and expense. The other party shall reasonably cooperate, provided that such other party shall incur no
material costs, expenses or liabilities in connection with the exchanging party’s exchange. If either party uses a qualified intermediary or exchange accommodation title holder to effectuate an exchange, any assignment of the rights or
obligations of such party shall not relieve, release or absolve such party of its obligations to the other party. The exchanging party shall indemnify, defend and hold harmless the other party from all liability in connection with the indemnifying
party’s exchange, and the indemnified party shall not be required to take title to or contract for the purchase of any other property. 

15.9 Amendments/Waiver. No amendment, change or modification of this Agreement shall be valid unless the same is in writing and signed
by the party or parties to be bound. No waiver of any of the provisions of this Agreement shall be valid unless in writing and signed by the party against whom it is sought to be enforced. No waiver of any provision shall be deemed a continuing
waiver of such provision or of this Agreement. 

  
 20 

 15.10 Entire Agreement. This Agreement, together with the Exhibits and Schedules attached
hereto, constitutes the entire agreement between the parties relating to the subject matter hereof and supersedes all prior negotiations, agreements, understandings, letters of intent and discussions (whether oral or written) between the parties,
including without limitation the Letter of Intent dated March 25, 2014, and there are no promises, agreements, conditions, undertakings, warranties or representations, oral or written, express or implied, between the parties other than as
expressly herein set forth. 
 15.11 Counterparts; Facsimile. This Agreement may be executed in one or more counterparts, each of
which will constitute an original, and all of which together shall constitute one and the same agreement. Executed copies hereof may be delivered by facsimile, PDF or email, and, upon receipt, shall be deemed originals and binding upon the parties
hereto. Without limiting or otherwise affecting the validity of executed copies hereof that have been delivered by facsimile, PDF or email, the parties will use their best efforts to deliver originals as promptly as possible after execution. 

15.12 Dates. If any date set forth in this Agreement for the delivery of any document or the happening of any event (such as, for
example, the expiration of the Inspection Period or the Closing Date) should, under the terms hereof, fall on a non-Business Day, then such date shall be extended automatically to the next succeeding Business Day. 

15.13 Governing Law/Jurisdiction. This Agreement and the legal relations between the parties hereto shall be governed by and construed
in accordance with the internal laws of the state in which the Property is located, without regard to the conflicts of laws principles thereof. Any action brought to interpret or enforce this Agreement shall be brought in a court of competent
jurisdiction in the state in which the Property is located and each party hereto hereby consents to jurisdiction and venue in such court. 

15.14 Notices. All notices, consents, reports, demands, requests and other communications required or permitted hereunder
(“Notices”) shall be in writing, and shall be: (a) personally delivered with a written receipt of delivery; (b) sent by a nationally recognized overnight delivery service requiring a written acknowledgement of
receipt or providing a certification of delivery or attempted delivery; or (c) sent by PDF or email with an original copy thereof transmitted to the recipient by one of the means described in subsections (a) or
(b). All Notices shall be deemed effective when actually delivered as documented in a delivery receipt; provided, however, that if the Notice was sent by overnight courier or mail as aforesaid and is affirmatively refused or cannot be
delivered during customary business hours by reason of the absence of a signatory to acknowledge receipt, or by reason of a change of address with respect to which the addressor did not have either knowledge or written notice delivered in accordance
with this section, then the first attempted delivery shall be deemed to constitute delivery; and provided further, however, that Notices given by PDF or email shall be deemed given when received. Each party shall be entitled to change its address
for Notices from time to time by delivering to the other party Notice thereof in the manner herein provided for the delivery of Notices. All Notices shall be sent to the addressee at its address set forth below: 

To Seller: 
 Elgin Realty
Company, LLP 
 640 Frelinghuysen Avenue 

Newark, New Jersey 07114 

Attention: Raymond Taylor 

E-mail: rayt@handcraftmfg.com 

With a copy to: 
 Isaac Mizrahi,
President 
 c/o Handcraft Manufacturing Corp. 

34 West 33rd Street, Suite 401 

New York, New York 10001 
 E-mail:
IrwinM@handcraftmfg.com 

  
 21 

 and a copy to: 

Graubard Miller 
 405 Lexington
Avenue 
 New York, New York 10174 

Attention: Mitchell S. Iden, Esq. 

E-mail: miden@graubard.com 

To Buyer: 
 c/o Industrial
Property Trust Inc. 
 518 17th Street,
17th Floor 
 Denver, Colorado 80202 

Attention: Thomas McGonagle 

Email: tmcgonagle@industrialpropertytrust.com 

With a copy to: 
 Joshua J.
Widoff 
 General Counsel 

Industrial Property Trust Inc. 

518 17th Street, 17th Floor 

Denver, Colorado 80202 
 Email:
jwidoff@dividendcapital.com 
 and a copy to: 

Jeremy T. Bunnow 
 Barack
Ferrazzano Kirschbaum & Nagelberg LLP 
 200 West Madison Street, Suite 3900 

Chicago, Illinois 60606 
 Email:
jeremy.bunnow@bfkn.com 
 Any notice required hereunder to be delivered to the Escrow Agent shall be delivered in accordance with the
Escrow Agreement. 
 Fidelity National Title Insurance Company 

4643 South Ulster Street, Suite 500 

Denver, Colorado 80237 

Attention: Lindsey Mann 
 E-mail:
lindsey.mann@fnf.com 
 15.15 Headings/Use of Terms/Exhibits. The paragraph and section headings that appear in this Agreement
are for purposes of convenience of reference only and are not to be construed as modifying, explaining, restricting or affecting the substance of the paragraphs and sections in which they appear. Wherever the singular number is used, and when the
context requires, the same shall include the plural and the masculine gender shall include the feminine and neuter genders. The term “including” means “including, but not limited to” and
“such as” means “such as, but not limited to” and similar words are intended to be inclusive. All references to Sections and articles mean the Sections and articles in this Agreement. All Exhibits and
Schedules attached hereto are hereby incorporated herein by reference as though set out in full herein. 
 15.16 Assignment. Buyer
may not assign all or any portion of this Agreement or its rights hereunder, or delegate all or any portion of its duties or obligations to any party without Seller’s written consent which can be withheld for any reason or no
reason; provided, however, Buyer may assign all or any portion of this Agreement or its rights hereunder, or delegate all or any portion of its duties or obligations to an affiliate of Buyer without Seller’s consent; provided that Buyer
gives Seller notice of the assignment or delegation and that such assignment or 

  
 22 

 
delegation does not relieve Buyer of its obligations hereunder. Seller shall not assign this Agreement or any rights hereunder, or delegate any of its obligations, without the prior written
approval of Buyer. Subject to the provisions of this section, this Agreement shall be binding upon and inure to the benefit of the parties and their respective heirs, personal representatives, successors and permitted assigns. Except as specifically
set forth or referred to herein, nothing herein expressed or implied is intended or shall be construed to confer upon or give to any person or entity, other than the parties hereto and their successors or permitted assigns, any rights or remedies
under or by reason of this Agreement. For purposes of this Section 15.16, an affiliate of Buyer shall include (a) any entity that is owned, controlled by or is under common control with Buyer (a “Buyer Control
Entity”), and (b) any entity in which one or more Buyer Controlled Entities directly or indirectly is the general partner (or similar managing partner, member or manager) or owns more than 50% of the economic interests of such
entity, or (c) any entity (or subsidiary thereof) that is advised by an affiliate of Industrial Property Advisors LLC. 
 15.17
Attorney’s Fees. If litigation or arbitration is required by either party to enforce or interpret the terms of this Agreement, the prevailing party of such action or arbitration shall, in addition to all other relief granted or awarded
by the court or arbitrator, be awarded costs and reasonable attorneys’ fees, charges and disbursements (including those of in-house counsel) and expert witnesses fees and costs incurred by reason of such action or arbitration and those incurred
in preparation thereof at both the trial or arbitration and appellate levels. 
 15.18 Bulk Sales. Prior to Closing,
Buyer shall comply with the requirements of the New Jersey Bulk Sales Transfer Act and Seller shall file an Asset Transfer Tax Declaration form to supplement any application by Buyer to the Division. In furtherance thereof, the parties
agree (i) to timely and fully comply with N.J.S.A 54:50-38; (ii) Seller agrees to provide to Purchaser all documentation necessary for the completion of Form C-9600, Notification of Sale, Transfer or Assignment in Bulk at least 30
days prior to the anticipated date of Closing; (iii) Buyer shall submit the completed Form C-9600 with a copy of this Agreement to the Division at least 15 days prior to the anticipated date of Closing. In the event the Division notifies
Buyer of a state tax claim or of amounts to be escrowed such amounts shall be withheld from the Purchase Price and held and released by Escrow Agent in accordance with N.J.S.A. 54:50-38. 

15.19 Post-Closing Access to Records. Upon receipt by Seller of Buyer’s reasonable written request at anytime and from time to
time within a period from the Closing until the one year after Closing, Seller shall, at Seller’s principal place of business, during Seller’s normal business hours, make all of Seller’s records relating to the Property available to
Buyer for inspection and copying (at Buyer’s sole cost and expense). 
 15.20 Information and Audit Cooperation. To the extent
necessary to enable Buyer to comply with any financial reporting requirements applicable to Buyer and upon at least 3 Business Days prior written notice to Seller, within 75 days after the Closing Date, Seller shall reasonably cooperate (at no cost
or liability to Seller) and allow Buyer’s auditors to audit the trial balance related to the operation of the Property for the year prior to the Closing Date and for the portion of the calendar starting on January 1 through the Closing
Date. Other than any representation, warranty or covenant otherwise set forth in this Agreement or the documents delivered at Closing, Seller makes no representations, warranties or covenants with respect to the trial balance or the books and
records which may be reviewed in auditing the same, and Buyer releases and waives any liability or claims against Seller related to the trial balance or the books and records which may be reviewed and audited. 

15.21 Confidentiality. All of the terms and conditions of this Agreement (including the identity of Buyer and the existence of this
Agreement and the Purchase Price) are confidential; provided, however, Seller and the Seller Parties shall be permitted to disclose to Tenant the identity of Buyer and the potential sale of the Property pursuant to this Agreement. Neither Seller nor
Buyer shall disclose such terms and conditions or the existence of this Agreement to anyone outside of Seller or Buyer other than to each party’s respective affiliates, legal counsel and other agents and representatives including prospective
partners or lenders. Notwithstanding the foregoing each party may disclose this Agreement as required by law, including without limitation, any disclosure required by the United States Securities and Exchange Commission or to other governmental
agencies or courts in any action to enforce this Agreement. Seller and Buyer hereby acknowledge and agree that (i) they have previously entered into the Confidentiality Agreement, (ii) the Confidentiality Agreement is in force and effect
and (iii) notwithstanding anything contained in the Confidentiality Agreement to the contrary, the provisions of the Confidentiality Agreement shall terminate (and shall not survive) on the earlier of (i) April 17, 2017 or
(ii) Closing. 

  
 23 

 The provisions of this Section 15 shall survive the Closing. 

[Signature Page Follows] 

  
 24 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of the date first
set forth above. 
  

			
	SELLER:
	
	ELGIN REALTY COMPANY, LLP,
	a New Jersey limited liability partnership
		
	By:	 	 /s/ Isaac Mizrahi

	Name:	 	Isaac Mizrahi
	Title:	 	Managing Partner
	
	BUYER:
	
	IPT ACQUISITIONS LLC,
	a Delaware limited liability company
		
	By:	 	IPT Real Estate Holdco LLC, a Delaware limited liability company, its sole member
		
	By:	 	Industrial Property Operating Partnership LP, a Delaware limited partnership, its sole member
		
	By:	 	Industrial Property Trust Inc., a Maryland corporation, its general partner
		
	By:	 	 /s/ Andrea Karp

	Name:	 	Andrea Karp
	Title:	 	SVP, Real Estate

 Signature Page 

			
	 Handcraft hereby executes this Agreement only for purposes of consenting to the terms and provisions of this Agreement relating
to Handcraft and the Handcraft Sublease, including, without limitation, the termination of the Handcraft Sublease and execution and delivery of the Handcraft Surrender Agreement on of prior to Closing:

 
 HANDCRAFT MANUFACTURING CORP.,

a New York corporation

		
	By:	 	 /s/ Isaac Mizrahi

	Name:	 	Isaac Mizrahi
	Title:	 	President

  

			
	 Personality hereby executes this Agreement only for purposes of consenting to the terms and provisions of this Agreement relating
to Personality and the Personality Lease, including, without limitation, the termination of the Personality Lease and execution and delivery of the Personality Surrender Agreement on of prior to Closing:

 
 PERSONALITY HANDKERCHIEFS, INC.,

a New York corporation
  

	 By:
	 	 /s/ Isaac Mizrahi

	 Name:
	 	Isaac Mizrahi
	 Title:
	 	President

 Signature Page

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