Document:

CONTRACT OF SALE

THIS CONTRACT OF SALE is made as of this 17th day of January, 2018 between MAIDEN LANE ASSOCIATES, LTD., a Delaware company having a business address of 100 Putnam Green, Greenwich, Connecticut 06830 ("Seller"), and MARIA USA, Inc., a New York company having a business address at 123 West 79th Street, New York, New York 10023 ("Purchaser").

RECITAL:

Seller has agreed to sell and Purchaser has agreed to purchase, on the terms and conditions set forth in this Agreement, a certain parcel of real property together with the improvements situated thereon commonly known as 100 Putnam Green, Greenwich, Connecticut a/k/a 0 Western Junior Highway, Greenwich, CT, which parcel is described with more particularity in Exhibit A  attached hereto.

NOW, THEREFORE, for One Dollar ($1.00) and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, Seller and Purchaser agree as follows:

DEFINITIONS

Agreement shall mean this Contract of Sale, dated as of the Effective Date, between Seller and Purchaser.

Closing shall mean the closing of title to the Premises to be held at the time and place set forth in this Agreement.

Closing Date shall mean January 26, 2018, or such other date as Seller and Purchaser shall agree in writing.

Deed shall mean the statutory form of Warranty Deed, to be executed and delivered by Seller to Purchaser pursuant to this Agreement.

Down Payment shall mean a deposit of Five Hundred Twenty Thousand and 00/100 ($520,000.000) Dollars of immediately available funds or certified bank check to be delivered by Purchaser to Seller along with an executed copy of this Agreement.

Effective Date shall mean the later date on which this Agreement is signed by both Seller

and Purchaser.

Encumbrances shall mean all liens, security, interests, claims, encumbrances, easements, rights-of-way, encroachments, reservations, restrictions, covenants, conditions and any other matters affecting title to the Premises.

Escrow Agent shall mean the Seller's attorney, Gilbride, Tusa, Last & Spellane LLC.

	
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Governmental Authority shall mean any federal, state, county or local or foreign government, political subdivision, court, agency or other entity, body, organization or groups exercising any executive, legislative, judicial, quasi-judicial, regulatory, or administrative function of government.

Improvements shall mean all improvements, structures and fixtures (other than trade fixtures of any tenant) now situated on the Real Property, including, but not limited to, those certain buildings, structures, and other improvements of every kind and nature (including all HVAC systems) presently situated on, in or under the Real Property, but excluding all equipment and/or trade fixtures owned by any party other than Seller which are presently situated on, in or under the Real Property.

Inspection Period shall mean the period running from the Effective Date until 6 p.m. on January 19, 2018.

Knowledge of Seller or Seller's Knowledge shall mean the actual knowledge of Seller without any duty of inquiry or investigation.

Lease shall mean the lease for occupancy of the Premises by and between Seller and AmBase Corporation as tenant currently in effect, which shall be terminated at the Closing. Purchaser shall be given sole and exclusive possession of the Real Property.

Permitted Encumbrances shall mean real property taxes and assessments not yet due and payable, the Encumbrances described in Exhibit B attached hereto, and any Encumbrances which Purchaser accepts (or is deemed to accept) pursuant to Section 5 of this Agreement.

Premises shall mean the Real Property and the Improvements.

Purchase Price shall mean Five Million Two Hundred Thousand and 00/100 ($5,200,000.00) Dollars, subject to the prorations and adjustments provided for in this Agreement.

Real Property shall mean that certain parcel of real property commonly known as 100 Putnam Green, Greenwich, Connecticut, and being more particularly described on Exhibit A attached hereto, together with all rights, privileges, interests, easements, hereditaments and appurtenances thereunto in any way incident, appertaining or belonging thereto.

PURCHASE AND SALE

Subject to the terms and conditions set forth in this Agreement, Seller agrees to sell, convey, transfer and assign to Purchaser and Purchaser agrees to purchase from Seller, all of Seller's right, title and interest in and to the Premises.

CLOSING

The Closing shall take place at 11:00 a.m. on the Closing Date at the offices of the Buyer's attorney, or elsewhere, by mutual agreement of the parties.

PAYMENT OF PURCHASE PRICE

The Purchase Price shall be paid as follows:

	
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(a) Upon execution of this Agreement, Purchaser shall pay the Down Payment to

 Escrow Agent, by wire transfer or bank check of immediately available funds, to be held in accordance with the terms and conditions of this Agreement.

(b) On the Closing Date, Purchaser will deliver the balance of the Purchase Price (as

 adjusted in accordance with this Agreement), by wire transfer of immediately available funds to Escrow Agent.

TITLE & MUNICIPAL CONTINGENCY

Seller has provided to Purchaser, prior to the Effective Date, various property documents and other due diligence materials (the "Seller Documents"). Such materials were provided to Purchaser without representation or warranty of any kind by Seller and Purchaser may or may not be entitled to rely on any such information, except as specifically set forth in this Agreement. Such materials are provided for Purchaser's convenience only in making its own examination of the Property and Seller shall rely exclusively on its own independent investigation and evaluation of every aspect of the Property and not on any materials supplied by Seller.

Purchaser shall, at its sole cost and expense, obtain a title and municipal search or survey of the Premises. Purchaser shall, no later than 6:00pm on January 19, 2018, time being of the essence, send written notice to Seller of those survey matters or items affecting title to which Purchaser is objecting. Purchaser shall provide to Seller copies of such items promptly after they are obtained.

Within five (5) days of receipt of such notice from Purchaser, Seller may, but shall not be required to, take any measures of any kind, or bring any action or proceeding, or incur any expense, in order to render title to the Premises marketable in accordance with the provisions of this Agreement or to otherwise provide title in accordance with the provisions and representations of this Agreement, provided that in the case of any voluntary lien or encumbrance, Seller shall cause any such lien or encumbrance to be removed at or before Closing.

If Seller does not so elect to cure, or does not cure, such defects, via notice to Purchaser within such five (5) day period, Purchaser may, but shall not be required to, adjourn the closing for an additional period, not to exceed thirty (30) days, in order for Purchaser, without any cost or expense to Seller, to take any measure of any kind, or bring any action or proceeding, or incur any expense, in an attempt to render the title marketable in accordance with this Agreement or to otherwise provide title in accordance with the provisions and representations of this Agreement. If, prior to the end of the Inspection Period following receipt of written notice from Seller of its inability or failure to cure survey or title objections of Purchaser or at the end of such thirty (30) day closing extension period (or such shorter period elected by Purchaser) following an attempt by Purchaser to cure survey or title objections, Seller is unable to convey title to the Premises in accordance with the provisions of this Agreement, Purchaser shall in its sole discretion either (i) accept all such defects as Permitted Encumbrances and elect to agree to accept such title as Seller can convey, upon the payment of the full Purchase Price, or (ii) reject such title, and upon such rejection, this Agreement shall terminate, the Down Payment shall be promptly repaid to Purchaser by Escrow Agent and the parties shall have no further obligation or liability to one another under this Agreement. In lieu of satisfying any voluntary liens or encumbrances required to be satisfied under this Agreement, Seller may, at its option, either deposit with Purchaser's title company such sum of money or deliver to the title company such affidavits and certificates as may

	
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be determined by the title company as being sufficient to induce the title company to, and provided the title company does, omit such voluntary liens or encumbrances from Purchaser's title policy or affirmatively insure Purchaser (without additional charge or premium, against collection of voluntary liens and/or encumbrances required to be eliminated by Seller out of or against Purchaser's title to the Premises), and in such case Purchaser shall not be entitled to terminate this Agreement pursuant to clause (ii) above. In accordance with the foregoing, Seller and Purchaser shall then finalize the Statutory Warranty Deed attached to this Agreement as Exhibit D and the exhibits thereto (including Permitted Encumbrances) prior to closing. Notwithstanding any contrary provision contained in this Agreement, in the event of any termination contemplated by clause (ii) above as a consequence of Seller's failure or refusal to remove a voluntary lien or encumbrance, the Down Payment shall also be promptly repaid to Purchaser by Escrow Agent.

INSPECTION

During the Inspection Period, Purchaser may conduct such due diligence investigations as Purchaser deems necessary in connection with this Agreement of (i) the structural components, electrical, plumbing, and HVAC systems of the Improvements to ensure that they are all in good operating condition, (ii) the roofing, (iii) the environmental condition, and (iv) the title to the Premises. There shall be no other due diligence or inspections performed. Prior to undertaking any physically invasive testing or inspections, Purchaser must obtain Seller's prior written consent, which may be granted or withheld in Seller's sole discretion. Seller agrees to reasonably cooperate with Purchaser in the due diligence process, and to promptly provide Purchaser with copies of such documents which Purchaser may reasonably request that are in the possession, custody or control of Seller, including copies of existing surveys and existing floor plans of the Property in the possession of Seller, if any. Prior to undertaking any inspections, Purchaser must deliver Notice to Seller and Seller's Broker at least one business day in advance by e-mail or overnight delivery. All inspections (whether involving physically invasive testing or inspections, or not) shall be done during normal business hours, in a manner so as to minimize disruption to Seller and tenants or occupants of the Premises, and, at Seller's option, in the presence of Seller or any agent or employee of Seller. Purchaser shall restore the Premises to the same condition as they were prior to Purchaser's inspection and testing. All tests or investigations performed by or on behalf of Purchaser will be performed in a good and workmanlike manner and in compliance with all applicable laws. Purchaser shall maintain and deliver to Seller, prior to entering the Premises to conduct any inspection or investigation, certificates of general liability insurance with coverage of at least $2,000,000.00, naming Seller as an additional insured. Purchaser's contractors and all other parties entering the Premises on behalf of Purchaser shall maintain and deliver to Seller, prior to entering the Premises to conduct any inspection or investigation, certificates of general liability insurance with coverage of at least $2,000,000.00, naming Seller as an additional insured. In the event site conditions require notification of regulators under applicable Environmental Laws, Seller must be notified immediately.

Purchaser shall indemnify, defend and hold harmless Seller and its agents and employees from any liability, costs, expenses and the like (including, without limitation, reasonable attorneys' fees) which arise in connection with such inspections and testing at the Premises. The obligations and indemnities set forth in the foregoing sentence will survive the expiration or termination of this Agreement or the Closing and recording of the Deed.

	
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If the Premises are unsatisfactory to Purchaser for any reason resulting from the due diligence or inspections above, in Purchaser's sole discretion, Purchaser may terminate this Agreement by notice to Seller received by Seller prior to the end of the Inspection Period, and the parties shall have no further liability under this Agreement except as to matters that survive the expiration or termination of this Agreement as set forth herein. In the event that Purchaser so terminates the Agreement, Purchaser shall provide a copy of any and all reports including environmental reports (formal or otherwise) or inspection reports, to Seller along with its notice to Seller of such termination.

ZONING APPLICATIONS

The Seller agrees to execute along with this Agreement an authorization (attached hereto as Exhibit C) to allow the Purchaser to begin seeking municipal approvals. Seller further agrees to cooperate with the Purchaser with respect to the municipal approvals at no additional cost to the Seller and agrees to respond to any Purchaser request within two (2) business days of such request. In the event that this Agreement is terminated and a Closing does not occur, Purchaser shall promptly thereafter withdraw any application seeking municipal approval at no additional cost to Seller.

AS IS; WHERE IS

(a)Purchaser hereby acknowledges and agrees that the Premises are being conveyed

by Seller "AS IS," "WHERE IS," and in their present condition. Purchaser acknowledges that, except as expressly set forth in this Agreement, Seller has not made any representation or warranty, whether express or implied, with respect to the Premises (including any representations or warranties which may be deemed to be made at law, the benefit of which, if any, Purchaser hereby waives) or as to the use, merchantability, quality, environmental condition, design, description, durability, operation, fitness for particular purpose, fitness for use or otherwise as to all or any part of the Premises. In the event of any defect or deficiency in the Premises of any nature whatsoever, patent or latent, Seller shall have no

liability with respect thereto for direct, incidental, consequential or punitive damages or costs. The provisions of this Section have been negotiated by Seller and Purchaser and are intended to be a complete exclusion and negation of any representations and warranties, express or implied, except as may be expressly set forth in this Agreement and shall survive Closing and the delivery of the Deed.

SELLER'S CLOSING OBLIGATIONS

At the Closing, as a pre-condition to Closing, Seller shall deliver to Purchaser:

The Deed, properly executed and in proper form for recording, conveying title to the Premises subject only to the Permitted Encumbrances;

The Assignment and Assumption of Leases, if applicable;

Estoppels for all leases, if applicable;

The Assignment of Contracts;

Settlement Statement;

State and local conveyance tax statements;

	
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A FIRPTA affidavit, in form acceptable to Purchaser; Duly completed IRS Form 1099

Keys to the Premises, originals of any warranties or other material property documents related to the Premises in Seller's possession or control;

Such affidavits as Purchaser's title company shall reasonably require in order to omit from any title policies being obtained by Purchaser all exceptions for judgments, bankruptcies or other returns against persons or entities whose names are the same as or similar to Seller's name;

Possession of the Premises subject only to the Permitted Encumbrances and the Lease;

Any other documents reasonably required by Purchaser to be delivered by Seller to carry out the purposes and intents of this Agreement.

Seller has no obligation to deliver the Property in broom clean condition, but shall pay reasonable costs associated with depositing Seller's abandoned personal property in Purchaser's dumpsters.

PURCHASER'S CLOSING OBLIGATIONS

At the Closing, as a pre-condition to Closing, Purchaser shall:

Cause the Deed to be recorded, sign the required real property transfer tax returns prepared and executed by Seller and cause all such returns to be delivered to the appropriate officers;

Deliver to Seller, as directed by Seller, the Purchase Price by wire;

An executed assignment and assumption of lease, assigning any existing leases (other than the Lease), with respect to the Premises.

Deliver any other documents reasonably required by this Agreement to be delivered by

Purchaser; and

Checks to the order of the appropriate officers in payment of all applicable real estate transfer taxes and recording fees in connection with the sale of the Premises.

CLOSING COSTS

Lease rents, if any, non-delinquent real estate taxes, personal property taxes, water charges and sewer rents, if any, shall be apportioned between Seller and Purchaser as of the close of business on the day prior to the Closing Date in accordance with the customs and practices for commercial real estate closings in Fairfield County Connecticut, except that if there is a water meter on the Real Property, apportionment at the Closing shall be based on the last available reading, subject to adjustment after the Closing when the next reading is available.

If the Closing shall occur before a new tax rate is fixed, the apportionment of taxes at the Closing shall be upon the basis of the old tax rate for the preceding period applied to the latest assessed

	
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valuation. Promptly after the new tax rate is fixed, the apportionment of such taxes shall be recomputed. Any discrepancy resulting from such re-computation and any errors or omissions in computing apportionments at Closing shall be promptly corrected, which obligations shall survive the Closing. Seller will be entitled to any tax refund or abatement attributable to any period prior to Closing, either by means of a credit to Seller at Closing or through a refund by Purchaser following Closing, which obligations shall survive the Closing.

Seller shall pay any and all real estate transfer taxes and documentary stamp taxes in connection with the transfer of the Real Property and Improvements from Seller to Purchaser.

Purchaser shall pay all recording and filing fees incurred in connection with the recording of the Deed and all of Purchaser's title insurance and survey costs, if any.

BROKER

Seller and Purchaser represent and warrant to each other that they have not dealt with any broker(s) in connection with this transaction, other than Nathaniel Barnum of LPC Commercial Services-CT, LLC(the "Broker"). Each party shall indemnify and defend the other against any claims, costs, damages, or expenses, including attorneys' fees and costs, related to any other broker or realtor who claims a fee based on contract with the indemnifying party, other than as set forth above. The representations and obligations set forth in this paragraph shall survive the Closing, or, if the Closing does not occur, the termination of this Agreement.

NOTICES

All notices under this Agreement shall be in writing and shall be delivered personally, by overnight delivery, by nationally recognized courier, or sent by certified or registered U.S. mail, return receipt requested, or sent by e-mail with confirmation (with a duplicate copy sent by U.S. Mail) addressed as follows:

	 	
To Seller:

	 
	 	 	 
	 	
Maiden Lane Associates, LTD.

	 
	 	
100 Putnam Green, 3rd Floor

	 
	 	
Greenwich, CT  068630

	 
	 	 	 
	 	 	 
	 	
With a copy to:

	 
	 	 	 
	 	
Gilbride, Tusa, Last & Spellane LLC

	 
	 	
31 Brookside Drive

	 
	 	
Greenwich, Connecticut 06830

	 
	 	
Attn:  Charles S. Tusa, Esq./Jonathan M. Wells, Esq.

	 

	 	
To Purchaser:

	 
	 	 	 
	 	
Maria USA, Inc.

	 
	 	
123 West 79th Street

	 
	 	
New York, New York 10023

	 
	 	 	 
	 	 	 
	 	
With a copy to:

	 
	 	 	 
	 	
Halloran & Sage, LLP

	 
	 	
315 Post Road West

	 
	 	
Westport, CT 06880

	 
	 	
Attn: Eric D. Bernheim, Esq.

	 

Notices shall be deemed received on, as the case may be: (a) the date of personal service; (b) the date of receipt of overnight delivery evidenced by a signed delivery receipt; (c) the date of receipt of certified or registered U.S. mail evidenced by a signed delivery receipt; and (d) the date of receipt by email with confirmation of delivery receipt.

DOWN PAYMENT

The Down Payment shall be held by Escrow Agent, in trust, on the following terms:

Escrow Agent (A) shall deposit the Down Payment in an interest-bearing escrow account with a commercial bank with offices in Connecticut, (B) shall not commingle the Down Payment with any funds of Escrow Agent or others, and (C) shall, upon receipt of a written request, from either Seller or Purchaser, promptly advise Seller and Purchaser of the deposit of the Down Payment and the number of the bank account where the Down Payment is so deposited. Whichever party shall be entitled to the Down Payment hereunder will be entitled to the interest earned thereon. The Down Payment shall be nonrefundable upon the expiration of the Inspection Period and thereafter.

Escrow Agent will deliver the Down Payment to Seller or to Purchaser, as the case may be, under the following conditions:

To Seller on the Closing Date if Closing occurs pursuant to this Agreement;

To Seller upon receipt of written demand therefor stating that Purchaser has defaulted in the performance of Purchaser's obligations to close under this Agreement and the facts and circumstances underlying such default; provided, however, that Escrow Agent shall not honor such demand until more than five (5) business days after Escrow Agent shall have sent a copy of such demand to Purchaser in accordance with the provisions of this Agreement nor, thereafter, if the Escrow Agent shall have received a notice of objection pursuant to this Agreement from Purchaser within such five (5) business day period; or

	
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To Purchaser upon receipt of written demand therefor stating that this Agreement has been terminated in accordance with the provisions hereof, or that Seller has defaulted in the performance of any of Seller's obligations under this Agreement, and the facts and circumstances underlying such default; provided, however, that Escrow Agent shall not honor such demand until more than five (5) business days after Escrow Agent shall have sent a copy of such demand to Seller in accordance with the provisions of this Agreement nor, thereafter, if Escrow Agent shall have received a notice of objection from Seller within such five (5) business day period.

Within two (2) business days of the receipt by Escrow Agent of a demand from either Seller or Purchaser for the Down Payment, Escrow Agent shall send a copy thereof to the other party by certified or registered mail, return receipt requested. The other party shall have the right to object to the delivery of the Down Payment by sending written notice of such objection to Escrow Agent by certified or registered mail, return receipt requested, which notice of objection shall be deemed null and void and ineffective if such notice of objection is not received by the Escrow Agent within the time periods prescribed in this Section of the Agreement. Such notice shall set forth the basis for objecting to the delivery of the Down Payment. Upon receipt of a notice of objection, Escrow Agent shall promptly send a copy of such notice to the party who sent the written demand for the Down Payment.

In the event Escrow Agent shall have received a notice of objection pursuant to this Agreement within the time periods prescribed herein, Escrow Agent shall continue to hold the Down Payment until (a) Escrow Agent receives written notice from Seller and Purchaser directing the disbursement of the Down Payment, in which case Escrow Agent shall then disburse the Down Payment in accordance with such direction, or (b) the commencement by Escrow Agent of an interpleader action and the payment of the Down Payment into such court as permitted by applicable law. Escrow Agent shall have the unqualified authority to initiate such an action at any time following the receipt of such a notice of objection. The costs of any such action shall be borne by the losing party in such interpleader action.

It is agreed that the duties of Escrow Agent are only as herein specifically provided, and subject to the provisions of this Section of the Agreement, are purely ministerial in nature, and that Escrow Agent shall incur no liability whatever except for willful misconduct or gross negligence, as long as Escrow Agent has acted in good faith. Seller and Purchaser each release Escrow Agent from any act done or omitted to be done by Escrow Agent in good faith in the performance of its duties hereunder. Unless Escrow Agent shall have been guilty of negligence or willful misconduct, Seller and Purchaser, jointly and severally, agree to defend, indemnify and hold harmless Escrow Agent and its partners and employees from and against any liability whatsoever, and shall promptly pay or reimburse Escrow Agent for all out-of-pocket costs and expenses, including any court costs and attorneys' fees, incurred by it in connection with its performance hereunder. Escrow Agent shall have the right to retain counsel, including members of its limited liability company, in respect of a dispute hereunder, but such fees shall be paid by Escrow Agent without contribution by the Purchaser.

Escrow Agent is acting as stakeholder only with respect to the Down Payment. Upon making delivery of the Down Payment in the matter herein provided, Escrow Agent shall have no further liability hereunder.

	
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Escrow Agent has executed this Agreement for the sole purpose of confirming that Escrow Agent is holding and will hold the Down Payment in escrow, pursuant to the provisions of this Agreement.

Purchaser acknowledges that Escrow Agent represents Seller in this matter, and may continue to do so through the Closing, or in any dispute related to this Agreement. Purchaser and Seller expressly acknowledge and waive any conflict arising out of Escrow Agent representing Seller and acting as Escrow Agent.

Any notice, written demand or written notice as provided above shall be delivered as required pursuant to the notice provision of this Agreement.

DEFAULT AND TERMINATION

If Seller fails to perform its obligations under this Agreement, Purchaser's remedy shall be to seek any other right or remedy available at law or in equity.

If Purchaser fails to perform its obligations under this Agreement, Seller's remedy shall be to retain either the Down Payment as liquidated damages, and not as a penalty, or any other right or remedy available at law or in equity. Seller and Purchaser agree that Seller's damages resulting from Purchaser's default are difficult, if not impossible, to determine and the Down Payment is a fair estimate of those damages which has been agreed to in an effort to cause the amount of said damages to be certain. The foregoing provision will not prohibit or restrict, in any way, Seller's ability to make a claim based on any indemnity provided by Purchaser hereunder.

MISCELLANEOUS PROVISIONS

Purchaser hereby represents and warrants to Seller that it has full right, power and authority to execute, deliver and perform this Agreement without obtaining any further consents or approvals from, or the taking of any other actions by any third parties, and this Agreement, when executed by Seller and Purchaser, will constitute the valid and binding agreement of Purchaser, enforceable against Purchaser in accordance with its terms.

Except as expressly set forth in this Agreement, Seller has not made and does not make any representations or warranties, including any representations s or warranties as to the physical and environmental condition, layout, footage, rents, income, expenses, zoning, or other matters with respect to the Property.

Seller hereby represents and warrants to Purchaser that it has full right, power and authority to execute, deliver and perform this Agreement without obtaining any further consents or approvals from, or the taking of any other actions by any third parties, and this Agreement, when executed by Seller and Purchaser, will constitute the valid and binding agreement of Seller, enforceable against Seller in accordance with its terms.

Seller further represents and warrants to Purchaser that:

Seller has received no notice from and has no Knowledge of another party claiming any right of ownership in or to possession thereof, except for tenants under leases (including the Lease);

	
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There is no proceeding pending or being prosecuted for reduction of the assessed valuation, or taxes or other imposition with respect to all or any portion of the Property, or for any special assessment, unpaid impact fees, or other liens against the Property;

There are no condemnation or eminent domain proceedings pending, or, to the best of Seller's Knowledge, threatened against the Property or any part thereof, and Seller has received no notice of the desire of any public authority or other entity to make or use the Property or any part thereof;

There are no pending, or, to Seller's Knowledge, threatened suits or proceedings before any court, administrative agency, or other governmental instrumentality against or affecting Seller or any part of the Property which (i) do or could affect ownership, operation, use, development or occupancy of the Property or any part thereof; or (ii) do or could prohibit or make unlawful the consummation of the transaction contemplated by this Agreement, or render Seller or Purchaser unable to consummate the same;

Seller has received no written notice of, and to its Knowledge there is no violation of, any law, regulation, ordinance, order, restrictive covenant, association rules or regulations, environmental laws, rule or regulation, or other requirement affecting the Property, which remains outstanding and uncured, except as has been expressly disclosed to Purchaser;

To the Seller's Knowledge, there are no unrecorded easements, contracts, commitments, leases, or encumbrances affecting all or any part of the Property to which Seller is a party, other than those items listed as Exceptions in the Title Commitment;

To Seller's Knowledge, the consummation of the transactions contemplated hereunder will not violate or result in a breach of or constitute a default under any provision of any contract, lien, instrument, order, judgment, decree, ordinance, regulation, or other restriction of any kind to which Seller or the Property is or may be bound or subject;

All of the Seller Documents delivered by Seller to Purchaser pursuant to this Agreement are provided for Purchaser's convenience only without any representation or warranty of any kind;

Seller has, to the best of Seller's Knowledge, assembled at the Property and made available to Purchaser and its representatives, consultants and agents all correspondence, reports, documents and other materials (of whatever type or nature) relative to the ownership, use, leasing, development, construction and operation the Property by Seller and its affiliates, including the Seller Documents, to the extent they are within the dominion and control of Seller;

To Seller's Knowledge as to its period of ownership of the Property, the Property is not an "establishment" as defined under the Connecticut Transfer Act (C.G.S. Section 22a-134 et seq.).

There is no association in place with respect to the Property;

To Seller's Knowledge, no representation or warranty by Seller in this Agreement contains or will contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained herein not misleading.

	
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The representations and warranties of Seller herein shall survive Closing for a period of ninety (90) days.

Notwithstanding the foregoing, and subject to any express rights to the contrary herein, Seller agrees it shall take no affirmative action hereafter which shall be intended to cause Seller to be in default of any of its representations and warranties herein contained.

Purchaser and Seller hereby waive any rights either party may have to trial by jury in any dispute arising under this Agreement. This waiver shall survive Closing and the delivery of the Deed.

In entering into this Agreement, Purchaser has not been induced by and has not relied upon any representations, warranties or statements, whether express or implied, made by Seller or any agent, employee or other representative of Seller or by any broker or any other person representing or purporting to represent Seller, which are not expressly set forth in this Agreement, whether or not any such representations, warranties or statements were made in writing or orally.

Casualty. If any portion of the Property is damaged or destroyed by casualty prior to Closing, Seller shall give Purchaser prompt written notice thereof. If the cost of repair of such damage or destruction is reasonably estimated by a third party consultant mutually acceptable to Seller and Purchaser to exceed $100,000.00, either Seller or Purchaser shall have the right, at their option, to terminate this Agreement by giving written notice to the other party on or before the date ten (10) days after the date upon which the parties receive a copy of the estimate of such damage from such consultant, in which event the Down Payment shall be refunded to Purchaser promptly upon request, all rights and obligations of the parties under this Agreement shall expire, and this Agreement shall become null and void, except for those that expressly survive hereunder. In the event of lesser damage, the Purchaser shall have no right to terminate this Agreement by reason of such damage or destruction, and Seller shall at Seller's option either: (i) perform any necessary repairs before the Closing Date with respect to such casualty, and the Closing Date shall be extended as reasonably necessary to allow for completion of such repairs; or (ii) at Closing, Seller shall assign to Purchaser all rights of Seller in and to any insurance proceeds (including business interruption and rental loss insurance proceeds to the extent related to any period after the Closing Date) payable thereafter by reason of such casualty, less amounts spent by Seller to collect or adjust said proceeds, or for any repairs made by Seller that have not been reimbursed, along with written consent from such insurer to such assignment.

Condemnation. In the event of commencement of eminent domain proceedings

respecting any portion of the Property prior to Closing, Seller shall give Purchaser prompt written notice thereof. If all or any part of the Property that has a material and adverse impact upon the current use of the Property is taken by eminent domain proceedings, or if there is the commencement of any such proceedings that would have a material and adverse impact upon the current use of the Property, on or before the Closing Date, Purchaser shall have the right, at Purchaser's option, to terminate this Agreement by giving written notice to Seller on or before the date ten (10) days after the date upon which Seller gives Purchaser written notice of such taking, in which event the Down Payment shall be refunded to Purchaser promptly upon request, all rights and obligations of the parties under this Agreement shall expire, except those that expressly survive hereunder, and this Agreement shall become null and void. In the event the Purchaser elects to proceed with the purchase hereunder, then the following adjustments shall be made at Closing: (i) the Purchase Price shall be reduced by the total of any awards or other proceeds actually received by Seller on or before the Closing Date with respect to

	
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any taking and not expended by Seller prior to Closing for the repair or restoration of the Property; and (ii) the Seller shall assign to Purchaser all rights of Seller in and to any awards or other proceeds payable thereafter by reason of such taking.

This Agreement embodies and constitutes the entire understanding between the parties with respect to the transaction contemplated herein, and all prior agreements, understandings, representations and statements, oral or written, are merged into this Agreement. Neither this Agreement nor any provision hereof may be waived, modified, amended, discharged or terminated except by an instrument signed by the party against whom enforcement of such waiver, modification, amendment, discharge or termination is sought, and then only to the extent set forth in such instrument.

No waiver by either party hereto of any failure or refusal by the other party hereto to comply with its obligations hereunder shall be deemed a waiver of any other or subsequent failure or refusal by such party to so comply.

The captions in this Agreement are inserted for convenience of reference only and in no way define, describe or limit the scope or intent of this contract or any of the provisions hereof.

This Agreement shall be binding upon and shall inure to the benefit of parties hereto and their respective heirs or successors and permitted assigns. Purchaser may not assign its respective rights or delegate its duties arising under this Agreement without the prior written consent of Seller, which consent may be withheld in Seller's sole discretion, provided that Purchaser may assign it rights under this Agreement to special purpose entity owned by or under common control with Purchaser or its principals without the consent or approval of Seller.

This Agreement shall not be binding or effective until properly executed and delivered by Seller and Purchaser. Seller's obligations hereunder are subject to the approval by Seller's executive management prior to Closing.

As used in this Agreement, the masculine shall include the feminine and neuter, the singular shall include the plural and the plural shall include the singular, as the context may require.

This Agreement may be executed in a number of identical counterparts, each of which for all purposes is to be deemed as original, and all of which constitute, collectively, one agreement. All electronic signatures shall be deemed original for purposes of this Agreement.

Neither this Agreement nor any document referring to this Agreement shall be recorded by Purchaser, or by anyone acting on its behalf, prior to the Closing, in any public office. Any such recording shall, at Seller's option, constitute a default by Purchaser under this Agreement.

Purchaser and Seller will each maintain the terms and conditions of this Agreement in the strictest confidence and will not disclose any such terms and conditions (other than to each party's accountants, lender, investors, accountants, and attorneys or as may be required by law or regulatory requirements) without the express written consent of the other party, in each instance. Any disclosure permitted hereunder will be made on the condition that the recipient of information about this Agreement will be subject to the same confidentiality requirements. The provisions of this paragraph will survive the Closing, except for those documents that become public at the Closing, or any termination of this Agreement.

	
14

In the event performance under this Agreement falls on any day other than a Business Day (as hereinafter defined), the time for performance shall be extended to the close of business on the next Business Day. "Business Day" shall be defined as any day other than Saturday, Sunday, or any bank holiday for banks operating in Greenwich, Connecticut.

Purchaser agrees to allow Seller a period of thirty (30) days following the Effective Date of this Agreement to vacate the third (3'1) floor of the Premises. Seller agrees to be responsible for all maintenance and utility costs for the period of time between the Closing Date and the date the Seller vacates the Premises per this Agreement. Seller shall be permitted to dispose of trash in Purchaser's dumpster during this period and Purchaser will provide Seller with an invoice for the cost of disposing of said trash which shall be the sole and exclusive responsibility of the Seller. Purchaser agrees not to begin any work on the third (3`1) floor of the Premises until after the Seller has vacated thirty (30) days following the Effective Date of this Agreement. Notwithstanding the foregoing, Purchaser and Seller agree to execute at Closing a Use and Occupancy Agreement in the form attached hereto as Exhibit E. This provision and the obligations herein shall survive the closing.

[Remainder of page intentionally left blank. Next page is the signature page.]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.

PURCHASER: MARIA USA, INC.

/s/ Jin Ho Lim

/s/ Jin Ho Lim

By: Jin Ho Lim

Title: Chief Executive Officer

SELLER:

MAIDEN LANE ASSOCIATES, LTD.

	
/s/ Richard A. Bianco

	 
	
By:

	
Richard A. Bianco

	 
	
Title:

	
President & CEO

	 
	 	 	 

	
Performance as Escrow Agent accepted and

Agreed to this    day of ______________, 2018

	 	 
	 	 	 
	 	 	 
	
GILBRIDE, TUSA, LAST & SPELLANE LLC

	 	 
	 	 	 
	 	 	 
	
By:

	 	 	 

	
15

	 

EXHIBIT A

DESCRIPTION OF PREMISES

ALL THAT CERTAIN piece or parcel of land, together with all buildings and improvements thereon standing, situated in the Town of Greenwich, County of Fairfield and State of Connecticut, which premises are bounded and described as follows:

Beginning at a point where the easterly line of Western Junior Highway intersects the southerly line of the herein described premises; thence proceeding in an easterly direction along land of Fawn Associates Limited Partnership S 73° 42' W 150.0 feet to a point; thence proceeding in a northerly direction along land of said Fawn Associates Limited Partnership S 16° 18' E 172.94 feet to land of Fawn Associates Limited Partnership; thence proceeding in a northwesterly direction along said land of Fawn Associates Limited Partnership S 34° 03' 50" E 0.47 feet; thence along an arc of a circle with a radius of 580.0' a distance of 18.81 feet; thence still proceeding in a westerly direction along said land of Fawn Associates Limited Partnership. N 74° 08' E 48.1 feet and N 87° 24' E 84.4 feet to a point; thence proceeding in a southwesterly direction still along land of Fawn Associates Limited Partnership to the easterly line of Western Junior Highway on a curve to the left of a circle with a radius of 20.0' a distance of 41.65 feet; thence proceeding southerly along the easterly line of said Western Junior Highway along the arc of a circle to the left 625.0' a distance of 170.23 feet to the point or place of beginning and containing 0.656 acres.

	
17

EXHIBIT B

PERMITTED ENCUMBRANCES

Real property taxes not yet due and payable.

Rights contained in any instruments of record, if any, in so far as the same may be of present force or effect.

Zoning and building regulations, ordinances and requirements adopted by any Governmental Authority having jurisdiction thereof, and amendments and additions thereto now or hereafter in force and effect, which relate to the Premises. The fact that the Premises may or may not have a certificate of occupancy shall not be deemed a disapproved Encumbrance.

Variations between tax map and record descriptions.

Standard exceptions contained in the title standards of the county in which the Premises

is located.

Matters of title to the Real Property approved or deemed approved by Purchaser in accordance with this Agreement.

Any matters shown on a survey of the Real Property which are approved or deemed approved by Purchaser in accordance with this Agreement.

	 

EXHIBIT C

AUTHORIZATION LETTER

AUTHORIZATION LETTER

Re: Maria USA, Inc. — 100 Putnam Green, Greenwich, Connecticut Municipal Approvals and Applications

To Whom It May Concern:

As owner of 100 Putnam Green, Greenwich, Connecticut (the "Property"), with the improvements thereon, this letter is to advise you that I hereby consent to the preparation, filing and presentation of any zoning, land use or other municipal applications by Maria USA, Inc., the contract purchaser of the Property, to any municipal department. The applications and their presentation will be conducted by either the law firm of Halloran & Sage, LLP, Ridberg & Associates, Architects P.C. or another Agent of Maria USA, Inc., on behalf of Maria USA, Inc., and I consent to this as well.

Should you have any questions, please do not hesitate to contact me.

	
MAIDEN LANE ASSOCIATES, LTD.,

	 	 
	
Owner of 100 Putnam Green, Greenwich, CT

	 	 
	
By:     Richard A. Bianco

	 	 
	
Title:  President & CEO

	 	 
	
Date:  January 17, 2018

	 	 
	 	 	 

EXHIBIT D

STATUTORY WARRANTY DEED

After Recording Return To:

Halloran & Sage, LLP

315 Post Road West

Westport, CT 06880

Attn: Eric D. Bernheim, Esq.

	 

STATUTORY WARRANTY DEED

KNOW YE, that MAIDEN LANE ASSOCIATES, LTD, a Delaware company having a business address of 100 Putnam Green, Greenwich, CT 06830 (hereinafter referred to as "Grantor") for the consideration of FIVE MILLION TWO HUNDRED THOUSAND AND 00/100 ($5,200,000.00) DOLLARS received to my full satisfaction of MARIA USA, Inc., a New York company with a business address at 123 West 79th Street, New York, NY 10023 (hereinafter referred to as "Grantee") does give, grant, bargain, sell and confirm unto the said Grantee WITH WARRANTY COVENANTS, the following described premises more commonly  known as 100 Putnam Green, Greenwich, Connecticut a/k/a 0 Western Junior Highway, Greenwich, Connecticut:

ALL THAT CERTAIN piece or parcel of land, together with all buildings and improvements thereon standing, situated in the Town of Greenwich, County of Fairfield and State of Connecticut, which premises are bounded and described as follows:

BEGINNING at a point where the easterly line of Western Junior Highway, so-called, intersects the southerly line of the herein described premises; THENCE proceeding in an easterly direction along land of Fawn Associates Limited Partnership S 73o 42' W 150.0 feet to a point; THENCE proceeding in a northerly direction along land of said Fawn Associates Limited Partnership S 16o 18' E 172.94 feet to land of Fawn Associates Limited Partnership; THENCE proceeding in a northwesterly direction along said land of Fawn Associates Limited Partnership S 34o 03' 50" E 0.47 feet; THENCE along an arc of a circle with a radius of 580.0' a distance of 18.81 feet; THENCE still proceeding in a westerly direction along said land of Fawn Associates Limited Partnership. N 74o 08' E 48.1 feet and N 87o 24' E 84.4 feet to a point; THENCE proceeding in a southwesterly direction still along land of Fawn Associates Limited Partnership to the easterly line of Western Junior Highway on a curve to the left of a circle with a radius of 20.0' a distance of 41.65 feet; THENCE proceeding southerly along the easterly line of said Western Junior Highway along the arc of a circle to the left 625.0' a distance of 170.23 feet to the point or place of beginning and containing 0.656 acres.

THE ABOVE PREMISES ARE CONVEYED SUBJECT TO:

	
1.

	
Sewer and water use charges which become due and payable subsequent to the date of this deed;

	
2.

	
Real Estate Taxes to the Town of Greenwich which become due and payable subsequent to the date of this deed;

	
3.

	
Grant in favor of The Connecticut Light and Power Company dated November 20, 1965 and recorded in Volume 697 at Page 291 of the Greenwich Land Records.

	
4.

	
Grant in favor of The Connecticut Light and Power Company dated May 17, 1965 and recorded in Volume 722 at Page 555 of the Greenwich Land Records.

	
5.

	
Grant in favor of Greenwich Water Company dated November 26, 1975 and recorded in Volume 956 at Page 341 of the Greenwich Land Records.

	
6.

	
Grant in favor of The Connecticut Light and Power Company dated June 28, 1976 and recorded in Volume 974 at Page 209 of the Greenwich Land Records.

	
20

	
7.

	
Grant in favor of Connecticut Natural Gas Corporation dated July 2, 1976 and recorded in Volume 975 at Page 285 of the Greenwich Land Records.

	
8.

	
Agreement dated June 28, 1976 and recorded in Volume 977 at Page 25 of the Greenwich Land Records.

	
9.

	
Grant in favor of the Town of Greenwich dated December 15, 1976 and recorded in Volume 1001 at Page 198 of the Greenwich Land Records and as shown on Map No. 5412 on file in the Office of the Greenwich Town Clerk.

	
10.

	
R.O.W for drain as shown on Map No. 5412 on file in the Office of the Greenwich Town Clerk.

IN WITNESS WHEREOF, the Grantor has hereunto set its hand and seal this 26th day of January, 2018.

	
Witnessed By:

	 	 	 	
MAIDEN LANE ASSOCIATES, LTD.

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	
By:

	
/s/ John Ferrara

	
Witness:

	 	 	 	
Chief Financial Officer

	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	
Witness:

	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	
STATE OF CONNECTICUT

	 	
:

	 	 
	 	 	
:

	
ss.

	
GREENWICH

	
COUNTY OF FAIRFIELD

	 	
:

	 	 
	 	 	 	 	 
	 	 	 	 	 

On this the 26th day of  January, 2018 personally appeared John Ferrara, Chief Financial Officer of Maiden Lane Associates, LTD., signer of the foregoing instrument, and acknowledged the same to be his free act and deed and the free act and deed of Maiden Lane Associates, Ltd., for the purpose contained therein, before me,

	 	 
	 	
Commissioner of the Superior Court

	 

	 

EXHIBIT E

USE AND OCCUPANCY AGREEMENT

	
21

USE AND OCCUPANCY/HOLD HARMLESS AGREEMENT

AGREEMENT made on January 26, 2018 by and between Maiden Lane Associates,

Ltd. ("Seller") and its affiliated company occupying the premises at 0 Western Junior Highway

a/k/a 100 Putnam Green, Greenwich, CT, Ambase Corporation ("Existing

Tenant") (hereinafter, the Seller and the Existing Tenant are collectively, "OCCUPANTS"), and Maria USA, Inc. (hereinafter, "BUYER").

WHEREAS, BUYER and SELLER are the buyer and seller, respectively, pursuant to

Contract of Sale dated as of January 26, 2018 (the "Contract") for the purchase and sale of

premises located at 0 Western Junior Highway a/k/a 100 Putnam Green, Greenwich, CT (the "Premises"); and

WHEREAS, the closing of title (the "Closing"), subject to recording, pursuant to the agreement of the parties, is scheduled to take place on January 26, 2018; and

WHEREAS, the OCCUPANTS desire to occupy the third floor of the Premises ("Third Floor") subsequent to the Closing (to wit, until 8:00 p.m. of the thirtieth day following the execution of the Contract by Buyer and Seller ("Occupancy Termination")), and the BUYER has agreed to allow OCCUPANTS to do so subject to the terms and conditions contained herein.

NOW THEREFORE, in consideration of BUYER'S agreeing to allow OCCUPANTS' said occupancy subsequent to the closing, it is hereby AGREED:

1. OCCUPANTS shall be permitted to occupy the Premises until Occupancy

Termination by which time OCCUPANTS shall vacate and deliver the Third Floor to the BUYER in accordance with the Contract. If Occupants shall fail to vacate and deliver the Third Floor to the BUYER by Occupancy Termination, then the OCCUPANTS shall be responsible to pay the BUYER use and occupancy payments equal to the fair market rent that would be due for a market lease of the Third Floor until such time as the OCCUPANTS vacate the Third Floor. Nothing herein shall prohibit the BUYER from having the OCCUPANTS immediately ejected from the Premises subsequent to the Occupancy Termination.

	
2.

	
The parties have entered into this agreement in order to accommodate an orderly

 Closing and sale of the Premises and the business located in the Premises and, therefore, no use and occupancy shall be paid by the OCCUPANTS provided that the OCCUPANTS vacate the Third Floor as agreed hereunder.

	
3.

	
OCCUPANTS shall, and do hereby, absolutely, forever and conclusively,

 indemnify and hold harmless BUYER from any and all injuries and/or losses caused by a) OCCUPANTS, b) OCCUPANTS' guests, workers, invitees, agents, servants, contractors and/or licensees and/or c) the act and/or failure to act by and/or on behalf of any of the foregoing referred to in a) and/or b), as to any and all loss, damages, costs, obligations and/or the like (hereinafter, collectively, "Loss") occurring at, from, on and/or relative to the Premises and/or OCCUPANTS at the Premises at all times from and after Closing through and including the end of OCCUPANTS' said occupancy. OCCUPANTS shall, and do hereby, absolutely, forever and

conclusively, a) assume full responsibility regarding all loss relative to the Premises and b) release and discharge BUYER from all loss relative to personal property of OCCUPANTS.

CANRPortbla1anage\COSTANTINI\5189445_1.DOC

	
4.

	
It is absolutely, forever and conclusively agreed that a) in no event shall

 OCCUPANTS be considered a tenant pursuant to the Connecticut General Statutes or the laws of

the State of Connecticut but rather as a person exempted from the summary process statute pursuant under the Connecticut General Statutes and Connecticut Law and b) OCCUPANTS are and shall be precluded and/or estopped from asserting any claim and/or defense to the contrary.

2

	
5.

	
In the event any party does not fully and faithfully comply with all terms and

 provisions of this entire Agreement, as and when required herein, said party shall pay all attorneys' fees, sheriffs' fees, entry fees and/or other costs incurred by any other party in seeking to enforce this Agreement.

	
6.

	
This Agreement shall survive the Closing and delivery of the deed and all other

 documents in connection therewith, and shall not be merged in same.

Dated this 26th day of January, 2018

	 	 	
Maiden Lane Associates, Ltd.

	 	 	 
	 	 	 
	 	
By:

	
/s/ Richard Bianco

	 	 	
Richard Bianco

	 	 	
President

	 	 	 
	 	 	 
	 	 	
AmBase Corporation

	 	 	 
	 	 	 
	 	
By:

	
/s/ Richard Bianco

	 	 	
Richard Bianco

	 	 	
President

	 	 	 
	 	 	 
	 	 	 
	 	 	
Maria USA, Inc.

	 	 	 
	 	 	 
	 	
By:

	
/s/ Jin Ho Lim

	 	 	
Jin Ho Lim

	 	 	
Chief Executive Officer

	 	 	 
	 	 	 

	
3PURCHASE A ND SALE AGREEMENT

This Purchase and Sale Agreement (this "Agreement") is hereby made and entered into effective as of this 2nd day of October, 2017 by and between AEI Income & Growth Fund 25 LLC, a Del aware

limited liability company (hereinafter referred to as the "Seller") and Gemma Realty, LLC, a Rhode Island limited liability company and its successor and assigns (hereinafter referred to as the "Buyer"). The Seller wishes to sell its interests in the fee simple title to that certain real property legally described in the attached Exhibit A (the "Property"), and the Buyer wishes to purchase the fee simple title to the Property. The date on which last party hereto executes this Agreement is hereafter referred to as the "Effective Date."

In consideration of the mutual covenants set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby mutually acknowledged, the parties hereto covenant and agree as follows:

	
1.

	
Property. The Property to be sold to Buyer in this transaction consists of an undivided 100% interest in the property located at 959 Behrman Highway, Gretna, Louisiana. Seller owns no interest in any personalty in connection with the Property.

	
2.

	
Lease. The Property is being sold subject to an existing Lease Agreement, elated May 30, 2014, as amended on May 18, 2015 (collectively, the "Lease") by and between Seller, as lessor, and Bio- Medical Applications of Louisiana, LLC d/b/a Fresenius Medical Care Gretna, a Delaware limited liability company, as lessee (the "Tenant"). The Tenant's obligations under the Lease are guaranteed by Fresenius Medical Care Holdings, Inc., a New York corporation ("Lease Guarantor"), pursuant to that ce1tain Guarantee of Lease elated May 30, 2014 ("Lease Guaranty''). The Seller agrees to sell and convey to Buyer, and Buyer agrees to purchase from Seller, all right, title, and interest of Seller in and to the Lease, the Lease Guaranty, and any other agreements to occupy al l or any portion of the Property that are in effect on the Effective Date or which Seller executed prior to Closing (as hereinafter defined) pursuant to the terms of this Agreement.

	
3.

	
Purchase Price. The purchase price for the Property is $3,972,701 ("Purchase Price"). If all conditions precedent to Buyer's obligations to purchase have been satisfied, Buyer shall deposit the Purchase Price with the Closing Agent (as defined below) on or before the Closing Date.

	
4.

	
Terms. The Purchase Price for the Property will be pa id by Buyer as follows:

	
a)

	
Within three (3) business days of the Effective Date of this Agreement, Buyer will deposit

$10,000 (the "Earnest Money") in an interest bearing account with First American Title Insurance Company; 801 Nicollet Mall, Suite 1900, Minneapolis, Minnesota, Nicole Haapala; phone number: (612) 305-2014; email: nhaapala @firstarn.com (the "Closing Agent" or "Title Company"). Upon expiration of the Review Period, Earnest Money shall become non-refundable. The Earnest Money shall be credited against the Purchase Price when and if escrow closes and the sale is completed.

	
b)

	
Buyer will deposit the balance of the Purchase Price into escrow in sufficient time to allow escrow to close on the Closing Date.

	
5.

	
Closing Date. Escrow shall close with i n thirty (30) days following the expiration date of the Review Period (the "Closing Date"), unless the parties mutually agree otherwise.

 

Page 1 of 14 Fresenius - Gretna, LA

	
6.

	
Due Diligence. Buyer will have forty-five (45) days from Buyer's receipt of the items referred to in Exhibit B (the "Review Period") to conduct all of its inspections and due diligence and satisfy  itself regarding the Property and this transaction, including without limitation a review of the Lease and securing any necessary financing. Buyer agrees to indemnify and hold Seller harmless for any loss or damage to the Property or persons caused by Buyer or its agents arising out of such physical inspections of the Property, and this indemnity shall survive closing or termination of this Agreement. Within five (5) days of the Effective Date of this Agreement, Seller shall provide the items listed on Exhibit B. Buyer may order an updated as-built ALTA Survey for the Property, an Updated Phase I Environmental Site Assessment report in accordance to ASTM 1527-13 guidelines, and may also inspect the Property.

Buyer may cancel this Agreement before the expiration of the Review Period for any reason in its sole discretion by delivering a cancellation notice, return receipt requested, to Seller and Closing Agent. Such notice shall be deemed effective only upon receipt by Seller. If this Agreement is not cancelled as set forth above, the Earnest Money shall be non-refundable unless Seller shall default hereunder.

lf Buyer cancels this Agreement as permitted under this Section, except for any escrow cancellation fees charged by the Title  Company and any liabilities under the first paragraph of section 6 of this Agreement and those provisions stating otherwise (which will survive), Seller (after execution of such documents reasonably requested by Seller to evidence the termination hereof) shall return to Buyer its Earnest Money and Buyer will have absolutely no rights, claims or interest of any type in connection with the Property or this transaction, regardless of any alleged conduct by Seller or anyone else.

Unless this Agreement is cancelled by Buyer during the Review Period pursuant to the terms hereof, Seller shall be entitled to retain the Earnest Money, which will be applied to the Purchase Price at Closing. If Buyer fails to close this transaction at no fault of Seller, Buyer will be irrevocably deemed i n default of this Agreement. Upon default by Buyer, Seller may, as its option, retain the Earnest Money as its sole and exclusive remedy and declare this Agreement null and void, in which event Buyer will be deemed to have cancelled this Agreement and relinquished all rights in and to the Property, or Seller may exercise its rights under Section 14 hereof. If this Agreement is not cancelled and the Earnest Money deposit is made as required by Section 4 hereof, the Review Period will be deemed satisfied by Buyer.

	
7.

	
Escrow. Escrow shall be opened by Seller and the Buyer's Earnest Money funds will be deposited in escrow with the Title Company, upon acceptance and execution of this Agreement by both parties. A copy of this Agreement will be delivered to the Title Company and will serve as escrow instructions together with the Title Company's standard instructions any additional instructions required by Seller and/or Buyer or their respective counsels, and any additional instructions required by the Title Company to clarify its rights and duties. The parties agree to sign these additional instructions. If there is any conflict between these other instructions and this Agreement, this Agreement shall control.

	
8.

	
Title. Buyer, within three (3) business days' of the last parties' execution of this Agreement, shall order an updated title insurance commitment, along with underlying documents to include any easement or declarations/CAM affecting the Property, for an Owner's Title insurance policy. Closing will be conditioned on the agreement of the Title Company to issue an Owner's pol icy of title insurance dated as of the Closing Date, in an amount equal to the Purchase Price, insuring that Buyer will own insurable title to the Property subject only to: the Title Company's standard exceptions; current real property taxes and assessments; survey exceptions; the rights of parties in possession pursuant to the Lease; all matters of public record; and other items disclosed to Buyer during the Review Period.

Buyer shall be allowed five (5) business days after receipt of said commitment and survey for examination and the making of any objections to marketability thereto, said objections to be made in writing

 

 

Page 2 of 14 Fresenius - Gretna, LA

or deemed waived. If any objections are so made, Seller shall be allowed sixty (60) days to cure such objections and make such title marketable or, in the alternative, to obtain a commitment for insurable title insuring over Buyer's objections. If Seller shall decide to make no efforts to make title marketable, or is unable to make title marketable or obtain insurable title, (after execution by Buyer of such documents reasonably requested by Seller to evidence the termination hereof) Buyer's Earnest Money will be returned and this Agreement shall be null and void and of no further force and effect. Seller has no obligation to spend any funds or make any effort to satisfy Buyer's objections, if any.

Pending satisfaction of Buyer's objections, the payments hereunder required shall be postponed, but upon satisfaction of Buyer's objections and within ten (10) days after written notice to the Buyer of satisfaction of Buyer's objections, the parties shall perform this Agreement according to its terms.

	
9.

	
Closing Costs. Buyer and Seller will split all escrow and closing fees equally. Seller shall pay recording fees for the deed and documents required to remove any encumbrances. Seller shall pay the Standard Owner's Title Insurance Policy premium in the full amount of the Purchase Price. Title search and exam fees and survey charges shall be included in the Owner's Policy Premium or paid by Seller in the event of Seller's default under this Agreement and a termination pursuant to Section 14 herein. Buyer will pay the full cost of any special endorsements required by the Buyer. Buyer will pay the cost of updating any due diligence provided by Seller, if Buyer requires the same be updated. The parties represent to each other that they have not been represented by a broker, and agree to hold the other harmless from any claim of brokerage commission by, through, or as a result of representation of the other party. Each party will pay its own attorney's fees and costs to document and close this transaction.

10.    Real Estate Taxes, Special Assessments and Prorations.

	
a)

	
The responsibility for all real property taxes for the current tax period and all expenses (including but not limited to common area maintenance expenses and fees), if any, that are the responsibility of Seller, shall be prorated between Buyer and Seller as of the date of Closing.

	
b)

	
All income and all operating expenses from the Prope1ty, if any, shall be prorated between the parties and adjusted by them as of the date of Closing. Seller shall be entitled to all income earned, and shall be responsible for all expenses incurred, prior to the date of Closing. Buyer shall be entitled to al l income earned, and shall be responsible for all operating expenses of the Property incurred, on and after the date of closing.

11.   Seller's Representation and Agreements.

	
a)

	
Seller represents and warrants as of this date that:

		l.	
Except for the existing Lease with the existing Tenant, Seller is not aware of any leases of the Property.

	
2.

	
Seller is not aware of any pending litigation or condemnation proceedings against the Property or Seller's interest in the Property.

	
3.

	
Except as previously disclosed to Buyer and as pcm1itted in paragraph (b) below, Seller is not aware of any contracts Seller has executed that would be binding on Buyer as to the Property after the Closing Date.

Page 3 of 14 Fresenius - Gretna, LA

	
4.

	
Seller is not a "foreign person" as defined in Section 1445 of the Code and any related regulations. At Closing, Seller shall furnish Closing Agent with such FIRPTA affidavits as may be required by J aw. In addition, at Closing Seller will furnish to Buyer its federal identification number so that Buyer may accurately and properly report this transaction to the Internal Revenue Department as required by law.

	
5.

	
Seller has the legal power, right and authority to enter into this Agreement and the instruments referenced herein and to consummate the transactions contemplated hereby. This Agreement and all documents required hereby to be executed by Seller are and shall be valid, legally binding obligations of and enforceable against Seller in accordance with their terms. Al l instruments executed or to be executed by the Seller pursuant to this Agreement will be valid and binding agreements of Seller.

	
6.

	
All requisite action has been taken by Seller in entering into this Agreement and delivery of the instruments referenced herein and the consummation of the transactions contemplated hereby and that no consent of any creditor, judicial or administrative body, authority or other party is required which has not been obtained to permit Seller to enter into this Agreement and consummate the transactions contemplated hereby.

	
b)

	
Provided that Buyer performs its obligations as required, Seller agrees that it will not enter into any new contracts that would materially affect the Prope1ty and be binding on Seller after the Closing Date without Buyer's prior consent, which will not be unreasonably withheld or delayed.

	
12.

	
Disclosures.

	
a)

	
Seller has not received any notice of any material, physical, or mechanical defects of the Property, including without l imitation, the plumbing, heating, air conditioning, and ventilating, electrical system. To the best of Seller's knowledge without inquiry, all such items are in good operating condition and repair and in compliance with all applicable governmental, zoning, and land use laws, ordinances, regulations and requirements. If Seller shall receive any notice to the contrary prior to Closing, Seller will inform Buyer prior to Closing, and Buyer may terminate this Agreement and the Earnest Money will be returned.

	
b)

	
Seller has not received any notice that the use and operation of the Property is not in full compliance with applicable building codes, safety, fire, zoning, and land use laws, and other applicable local, state and federal laws, ordinances, regulations and requirements. If Seller shall receive any such notice prior to Closing, Seller will inform Buyer prior to Closing, and Buyer may terminate this Agreement and the Earnest Money will be returned.

	
c)

	
Seller has not received any notice that the Property is in violation of any federal, state or local law, ordinance, or regulations relating to industrial hygiene or the environ mental conditions on, under, or about the Property, including, but not limited to, soil, and groundwater conditions. To the best of Seller's knowledge, there is no proceeding or inquiry by any governmental authority with respect to the presence of Hazardous Materials on the Property or the migration of Hazardous Materials from or to other property. Buyer agrees that Seller will have no liability of any type to Buyer or Buyer's successors, assigns, or affiliates in connection with any Hazardous Materials on or in connection with the Property either before or after the Closing Date, except such Hazardous

Page 4 of 14 Fresenius - Gretna, LA

Materials on or in connection with the Property arising out of Seller's gross negligence or intentional misconduct. If Seller shall receive any notice to the contrary prior to Closing, Seller will inform Buyer prior to Closing, and Buyer may terminate this Agreement and the Earnest Money will be returned.

d) Buyer agrees that it is purchasing the Property i n its present condition, "as is, where is," and Seller has no obligations to construct or repair any improvements thereon or to perform any other act regarding the Property, except as expressly provided herein or as required by the Lease.

	
e)

	
Buyer acknowledges that, having been given the opportunity to inspect the Property, Buyer is relying solely on its own investigation of the Property and not on any representations or information provided by Seller or to be provided by Seller, except as set forth herein. Buyer further acknowledges that the information provided, or to be provided, by Seller with respect to the Property was obtained from a variety of sources and Seller has not (a) made independent investigation or verification of such information, and (b) makes no representations as to the accuracy or completeness of such information, except as herein set forth. The sale of the Property as provided for herein is made on an "as-is, where-is" basis and Buyer expressly acknowledges that, i n consideration of the agreements of Seller herein, except as otherwise specified herein in Section 11 herein and this Section 12, Seller makes no warranty or representation, express or implied, or arising by operation of law, including, but not l imited to, any warranty of condition, habitability, suitability for lease, suitability for commercial purposes, merchantability, or fitness for a particular purpose, in respect of the Property. Seller makes no representations of any sort that ownership of the Property will result in a profit to any Buyer.

	
f)

	
Buyer acknowledges that Seller cannot, and does not, make any representation as to (a) the success, or lack thereof, of the Property, or (b) the appropriateness of purchasing the Property for the Buyer's individual tax or financial situation or tax or financial objectives. Buyer acknowledges that he or she is relying solely upon his or her own examination of the Property and all facts surrounding the purchase of the Property including the merits and risks involved therein, and is not expecting Tenant to terminate the Lease post closing of the sale of the Property to Buyer unless otherwise provided in the Lease.

The Parties agree that the provisions of this Section 12, subsections d) through f), shall survive Closing.

	
13.

	
Closing.

	
a)

	
Before the Closing Date, Seller will deposit into escrow an executed special wa1rnnty deed warranting title against lawful claims by, through, or under a conveyance from Seller, but not further or otherwise, conveying insurable title of the Property to Buyer, subject to the exceptions contained in Section 8 above.

	
b)

	
On or before the Closing Date, Buyer will deposit into escrow the balance of the Purchase Price when required under Section 4 and any additional funds required of Buyer (pursuant to this Agreement or any other agreement executed by Buyer) to close escrow. Both parties will deliver to the Title Company any other documents reasonably required by the Title Company to close escrow.

Page 5 of 14 Fresenius - Gretna, LA

	
c)

	
On or before the Closing Date, Seller will deliver or cause to be delivered to Buyer, at Seller's expense, an Assignment and Assumption of Lease, duly executed and acknowledged by Seller, assigning al l of Seller's interest in, to, and under the Lease.

	
d)

	
On or before the Closing Date, Seller will deliver or cause to be delivered to Buyer an Assignment of Warranties in a form reasonably satisfactory to Buyer.

	
e)

	
On or before the Closing Date, Seller will deliver an assignment of the Lease Guaranty i n favor of Buyer's assignee with an acknowledgement and/or confirmation from the Lease Guarantor.

	
f)

	
On or before the Closing Date, Seller will deliver or cause to be delivered to Tenant a Notice to Tenant of the sale and Assignment and Assumption of the Lease in form and substance reasonably satisfactory to Buyer.

	
g)

	
On or before the Closing Date, Seller will deliver or cause to be delivered to Buyer an Estoppel from Tenant, in form and substance approved by Buyer.

	
h)

	
If applicable, on or before the Closing Date, Seller will deliver or cause to be delivered to Buyer an estoppel from any third parties or administrators of any CAM in form and substance reasonably satisfactory to Buyer.

	
i)

	
On or before the Closing Date, Seller shall cause Tenant to deliver a Certificate of Insurance naming Buyer as additional insured and/or loss payee, as required by the Lease.

j) On the Closing Date, if escrow is ready to close, the Title Company will: record the deed in the official records of the county where the Property is located; cause the Title Company to commit to issue the title policy; immediately deliver to Seller the portion of the Purchase Price deposited into escrow by cashier's check or wire transfer (less debits and prorations, if any); deliver to Seller and Buyer a signed counterpart of the Title Company's ce1tified closing statement and take all other actions necessary to close escrow.

14. Defaults. IN THE EVENT THE SALE OF THE PROPERTY AS CONTEMPLATED HEREUNDER IS NOT CONSUMMATED BY REASON OF A DEFAULT OF BUYER UNDER THIS AGREEMENT, THE EARNEST MONEY (INCLUDING ALL INTEREST EARNED FROM THE INVESTMENT THEREOF) SHALL BE PAID TO AND RETAINED BY SELLER AS LIQUIDATED DAMAGES, AS SELLER'S SOLE AND EXCLUSIVE REMEDY UNDER THIS AGREEMENT, AT LAW OR IN EQUITY AS A RESULT OF SUCH DEFAULT. THE PARTIES ACKNOWLEDGE THAT SELLER'S ACTUAL DAMAGES TN THE EVENT THAT THE SALE IS NOT CONSUMMATED WOULD BE EXTREMELY DIFFICULT OR IMPRACTICABLE TO DETERMINE. THEREFORE, BY SEPARATELY INITIALING THIS SECTION, THE PARTIES ACKNOWLEDGE THAT THE EARNEST MONEY OF $10,000 HAS BEEN AGREED UPON AFTER NEGOTIATION. AS THE PARTIES' REASONABLE ESTIMATE OF SELLER'S DAMAGES AND AS SELLER'S SOLE AND EXCLUSIVE REIVIEDY UNDER THIS AGREEMENT, AT LAW OR IN EQUITY AGAINST BUYER IN THE EVENT THE CLOSING DOES NOT OCCUR BY REASON OF BUYER 'S DEFAULT. BUYER AND SELLER ACKNOWLEDGE THAT THEY HAVE READ AND UNDERSTOOD THE ABOVE PROVISIONS COVERING LIQUIDATED DAMAGES, AND THAT EACH PARTY WAS REPRESENTED BY COUNSEL OR HAD THE OPPORTUNITY TO SEEK COUNSEL TO UNDERSTAND THE CONSEQUENCES OF THIS LIQUIDATED DAMAGES PROVISION AT THE TIME THIS AGREEMENT WAS EXECUTED. IF SELLER SHALL DEFAULT HEREUNDER, BUYER SHALL HAVE THE RIGHT OF SPECIFIC PERFORMANCE OR CANCELLATION AND RETURN

Page 6 of 14 Fresenius - Gretna, LA

OF ITS EARNEST MONEY ALONG WITH PAYMENT OF ITS THIRD PARTY REVIEW PERIOD COSTS WHICH SHALL NOT EXCEED $5,000 AND SELLER SHALL PAY ANY SEARCH A N D EXAMINATION FEES OWING TO THE TITLE COMPANY AS PROVIDED UNDER SECTION 9, BUT BUYER SHALL NOT BE ENTITLED TO ANY ACTION FOR DAMAGES.

	
15.

	
Buyer's Representations and Warranties.

	
a)

	
Buyer represents and warrants to Seller as follows:

	
1.

	
In addition to the acts and deeds recited herein and contemplated to be performed, executed, and delivered by Buyer, Buyer shall perform, execute and deliver or cause to be performed, executed, and delivered at the Closing or after the Closing, any and all further acts, deeds and assurances as Seller or the Title Company may require and be reasonable in order to consummate the transactions contemplated herein.

	
2.

	
Buyer has all requisite power and authority to consummate the transaction contemplated by this Agreement and has by proper proceedings duly authorized the execution and delivery of this Agreement and the consummation of the transaction contemplated hereby.

	
3.

	
To Buyer's knowledge, neither the execution and delivery of this Agreement nor the consummation of the transaction contemplated hereby will violate or be in conflict with (a) any applicable provisions of law, (b) any order of any court or other agency of government having jurisdiction hereof, or (c) any agreement or instrument to which Buyer is a party or by which Buyer is bound.

	
16.

	
Damages, Destruction and Eminent Domain.

	
a)

	
If, prior to closing, the Property or any part thereof be destroyed or further damaged by fire, the elements, or any cause, clue to events occurring subsequent to the date of this Agreement to the extent that the cost of repair exceeds $10,000.00, this Agreement shall become null and void, at Buyer's option exercised, if at all, by written notice to Seller within ten (10) days after Buyer has received written notice from Seller of said destruction or damage. Seller, however, shall have the right to adjust or settle any insured loss until (i) all contingencies set forth in Paragraph 6 hereof have been satisfied, or waived; and (ii) any ten-day period provided for above in this Subparagraph 16a for Buyer to elect to terminate this Agreement has expired or Buyer has, by written notice to Seller, waived Buyer's right to terminate this Agreement. If Buyer elects to proceed and to consummate the purchase despite said damage or destruction, there shall be no reduction in or abatement of the Purchase Price, and Seller shall assign to Buyer the Seller's right, title, and interest in and to all insurance proceeds (pro-rata in relation to the Property) resulting from said damage or destruction to the extent that the same are payable with respect to damage to the Property, subject to rights of any Tenant of the Property.

	
b)

	
If the cost of repair is less than $10,000.00, Seller shall credit Buyer for the cost of the repairs. Buyer shall then be obligated to otherwise perform hereunder.

	
c)

	
If, prior to closing, the Property, or any part thereof, is ta ken by eminent domain, this Agreement shall become null and void at Buyer's option. If Buyer elects to proceed to consummate the purchase despite said taking, there shall be no reduction in, or abatement of, the Purchase Price,

Page 7 of 14 Fresenius - Gretna, LA

and Seller shall assign to Buyer the Seller's right, title, and interest in and lo any award made, or to be made in the condemnation proceeding pro-rata in relation to the Property, subject to rights of any Tenant of the Property.

d) In the event that this Agreement is terminated by Buyer as provided above in Section 16(a) or (b), the Earnest Money shall be immediately returned to Buyer after execution by Buyer of such documents reasonably requested by Seller to evidence the termination hereof.

	
17.

	
1031Exchange.

	
a)

	
Seller. If Seller is selling the Property for purposes of a tax-deferred exchange, Seller acknowledges that Buyer has made no representations, warranties, or agreements to Seller or Seller' s agents that the transaction contemplated by the Agreement will qualify  for such tax treatment, nor has there been any reliance thereon by Seller respecting the legal or tax implications of the transactions contemplated hereby. Seller further represents that it has sought and obtained such third party advice and counsel as it deems necessary in regards to the tax implications of this transaction.

1f Seller wishes to novate/assign the ownership rights and interest of this Purchase Agreement to a third party who will act as Accommodator to perfect the l031 exchange by preparing an agreement of exchange of Real Property, the Accommodator will be an independent third party purchasing the ownership interest in subject property from Seller and selling the ownership interest in subject property to Buyer under the same terms and conditions as documented in this Purchase Agreement. Seller asks the Buyer, and Buyer agrees to cooperate in the perfection of such an exchange if at no additional cost or expense to Buyer or delay in ti me. Seller hereby indemnifies and holds Buyer harmless from any claims and/or actions resulting from said exchange. Pursuant to the direction of the Accommodator, Seller will deed the property to Buyer.

	
b)

	
Buyer.  Buyer's assign's purchase of the Property is part of a like-kind exchange pursuant to Section l 03 l of the Code ("1031Exchange") and Seller agrees to execute such documents and take such other action as may reasonably be requested for the purpose of the 1031 Exchange, provided, however, that (i) such cooperation by Seller shall not entail any additional expense or liability to Seller beyond its existing obligations under this Agreement; (ii) the Closing Date shall not be delayed or affected by reason of the 1031 Exchange nor shall the consummation or accomplishment of the I031 Exchange be a condition precedent or condition subsequent to Buyer's obligations under this Agreement; (iii) the 1031 Exchange shall be effected through an assignment of this Agreement, or rights under this Agreement, to a qualified intermediary, without  releasing the Seller; (iv) neither party shall be required to take an assignment of the purchase agreement for the relinquished or replacement property or be required to acquire or hold title to any real property for purposes of consummating the 1031 Exchange; and (v) Buyer shall pay any additional costs incurred by Seller that would not otherwise have been incurred i f the purchase of the Property had not been consummated through the 1031 Exchange. Nothing contained in this Section 17b, including but not limited to Seller's cooperation  with the 103l Exchange, shall affect or diminish in any manner Seller's rights under this Agreement or impose any other liability or obligation upon Seller for the compliance with Section 1031 of the Code. The provisions of this Sect ion 17b shall survive the Closing Date.

18. Cancellation. If any party elects to cancel this Agreement because of any breach by another party or because escrow fails to close by the agreed elate, the party electing to cancel shall deliver to Closing Agent a notice containing the address of the party i n breach and stating that this Agreement shall

Page 8 of 14 Fresenius - Gretna, LA

be cancelled un less the breach is cured within 13 days following the delivery of the notice to the Closing Agent. Within three days after receipt of such notice, the Closing Agent shall send it by United States Mail to the party in breach at the address contained in the Notice and no further notice shall be required. 1f the breach is not cured within the 13 days following the delivery of the notice to the Closing Agent, this Agreement shall be cancelled.

19. Counterparts. This Agreement may be executed and delivered in any number of counterparts, each of which, when so executed and delivered, shall be deemed to be an original, and all of which shall constitute one and the same instrument.

	
20.

	
Expiration. Buyer is submitting this offer by signing a copy of this Agreement and delivering it to Seller. Seller has five (5) business days from receipt within which to accept this offer. When executed by both parties, this Agreement will be a binding agreement for valid and sufficient consideration which will bind and benefit Buyer, Seller, and their respective successors and assigns.

	
21.

	
Choice of Law. This Agreement shall be governed by, and construed in accordance with the laws of the state in which the Property is located.

	
22.

	
Notices. All notices from either of the panics hereto to the other shall be in writing and shall be considered to have been duly given or served if sent by a nationally recognized courier service guaranteeing overnight del i very to the party at his or its address set forth below, or by email lo the respective email address set forth below, or to such other address as such party may hereafter designate by written notice to the other party. Notice given in accordance herewith shall be effective upon delivery to the address of the addressee.

If to Seller:

AEI Income & Growth Fund 25, LLC

Attn: Marni Nygard, Esq.. Chief Investment Officer 1300 Wells Fargo Place

30 East Seventh Street

St. Paul, MN 55101

mnygard @aeifuncls.com

Phone: 651 -227-7333 (for overnight courier purposes only)

With a copy to:

David M. Streier, Esq.

1300 Wells Fargo Place 30 East Seventh Street St. Paul, MN 55 JO I Phone:  651-227-7727

dstreier@aeifunds.com

Page 9 of 14 Fresenius - Gretna, LA

If to Buyer:

Gemma Realty, LLC Attn: Lenny Gemma

148 West River Street - Suite I E Providence, Rhode Island 02904 lengernrna @ gemplumbing.com

With a copy to:

Joelie Leigh Grabarski Tiede Grabarski PLLC 4770 White Bear Parkway Lower Level 20

White Bear Lake MN 551 10

jgrabarski@tiedegrabarski.com

	
23.

	
Miscellaneous.

	
a)

	
This Agreement may be amended only by written agreement signed by both Seller and Buyer, and all waivers must be in writing and signed by the waiving party. Time is of the essence. This Agreement will not be construed for or against a party whether or not that party has drafted this Agreement. If there is any action or proceeding between the parties relating to this Agreement the prevailing party will be entitled to recover attorney's fees and costs. This is an integrated agreement containing all agreements of the parties about the Property and the other matters described and it supersedes any other agreements or understandings. Exhibits attached to this Agreement are incorporated into this Agreement.

	
b)

	
If this escrow has not closed by the Closing Date through no fault of Seller, Seller may, at its election, extend the Closing Date or exercise any remedy available to it by law, including terminating this Agreement.

	
c)

	
Funds to be deposited or paid by Buyer must be good and clear funds in the form of cash, cashier's checks or wire transfers.

	
d)

	
All notices from either of the parties hereto to the other shall be in writing and shall be considered to have been duly given or served if sent by email to such address as may be designated and in use by Buyer or Seller, first class ce1tified mail, return receipt requested, postage prepaid, or by a nationally recognized courier service guaranteeing overnight delivery to the party at his or its address set forth below, or to such other address as such party may hereafter designate by written notice to the other party.

	
e)

	
At least ten (10) business days prior to the Closing Date, Buyer shall assign its respective rights and duties under this Agreement to a special purpose entity formed for the purpose of purchasing the Property and Seller acknowledges the forthcoming assignment and consents to the same. Upon providing written notice to Seller of such assignment, Buyer shall have no further rights or obligations under this Agreement.

[SIGNATURES ARE TO FOLLOW ON THE NEXT PAGE]

Page 10 of 14 Fresenius - Gretna, LA

TN WITNESS WHEREOF, the Seller and Buyer have executed this Agreement effective as of the date last set forth below.

BUYER:

GEMMA REALTY, LLC

a Rhode Island limited liability company

By: /s/ Edward J Gemma

Print Name: Edward J Gemma

Title: 

Date: 9-22-17

Page 11 of 14 Fresenius - Gretna, LA

SELLER:

AEI INCOME & GROWTH FUND 25 LLC.

a Delaware limited liability company

By: AEI Fund Management XXI, Inc.,

  a Minnesota corporation

  Its: Managing Member

By: /s/Marni Nygard

Marni Nygard, its Chief Investment Officer 

Date: 10-2-17

Page 12 of 14 Fresenius - Gretna, LA

Exhibit A

Legal Description

One certain Lot of Ground,situated in the Parish of Jefferson, State of Louisiana in that part known as Elmwood  Subdivision, Section D,designated as Lot P-2 of said Elmwood Subdivision, Section D, and is more particularly described as follows:

From the point of beginning, commence at the point where the East right of way of Behrman Highway flares into the South right of way line of Westside Drive, and measures N47°40'26"E,a distance of 35.35,to a point; Thence measure S87°19'34"E, along the South right of way line of Westside Drive, a distance of 325' to a point; Thence measure S02°40'26"W, a distance of 250.70'to a point; Thence measure N87°19'34"W a distance of 350,to a point of the East right of way of Behrman Highway; Thence measure N02°40'26"E, along the East right of way of Behrman Highway, a distance of 225.70, to a point of beginning and containing 87,432.50 square feet or 2 acres.

	
 

 

Page 13 of 14 Fresenius - Gretna, LA

Exhibit B

The following Due Diligence Items will be provided by Seller to the extent such items exist in Seller's possession:

	
a)

	
A copy of Seller's existing Owner's Title Pol icy for the Property, with copies of  its underlying documents;

	
b)

	
A copy of Seller's existing as-built ALTA survey and/or existing boundary ALTA survey of the Property;

	
c)

	
A complete copy of the Lease, and any amendments thereto, including but not limited to guaranties. amendments, assignments of lease and/or letter agreements, commencement agreements, memorandum of leases, project acceptance letter (wherein Tenant accepts possession of the property, if Tenant shall have issued the same or similar), and the most recent tenant estoppel in Seller's possession;

cl) A copy of Seller's existing Phase 1Environmental Site Assessment report;

e)  A copy of the Tenant's existing insurance certificate(s) for the Property;

f) A copy of Seller's existing insurance certificate(s) for the Property;

	
g)

	
A copy of the Certificate of Occupancy from the governing municipality;

	
h)

	
A copy of the Fire Sprinkler Certification for the improvements on the Property, if applicable;

	
i)

	
Copies of the existing final building plans and specifications for the improvements;

	
j)

	
A copy of the most recent real estate tax statement for the Property;

	
k)

	
A rental accounting for the last twelve (12) months (or such shorter period reflecting Tenant's occupancy of the Property) showing the elate and amount of each rent payment (including any additional and escrowed amounts) received from Tenant;

	
I)

	
Copies of current and prior calendar year budget and reconciliation for the property as required under the Lease and/or any documents related to Common Area Maintenance "CAM" affecting the Property;

	
m)

	
Copies of al I CAM related contracts and invoices for any contracted services, and the names, addresses and contact information for third parties to. and/or managers or administrators of, any CAM pursuant to agreement, declaration, or reciprocal easements;

	
n)

	
Copies of any and all warranties respecting construction of the improvements, including but not limited to, HVAC system, structural, plumbing or electrical that have not expired by their terms.

 

 

Page 14 of 14 Fresenius - Gretna, LA

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