Document:

Exhibit
10.13

 

AGREEMENT
OF PURCHASE AND SALE

  

This
AGREEMENT OF PURCHASE AND SALE (this “Agreement”) is made as of May 14, 2019 by and between Asset 90047
LLC (the “Seller”) and Postal Realty Trust, Inc., a Maryland corporation (the
“REIT”).

 

RECITALS

 

WHEREAS,
the Seller is the record and beneficial owner of undivided real property interests (the “Interests”) in
the real properties (the “Properties”) described on Exhibit A-1 hereto.

 

WHEREAS,
the transactions contemplated by this Agreement are related to the proposed initial underwritten public offering of shares
of Class A common stock of the REIT (the “IPO”); and

 

WHEREAS,
the Seller desires to sell, assign and convey the Interests to the REIT, and the REIT desires to acquire the Interests from
the Seller, on the terms and conditions hereinafter set forth.

 

NOW,
THEREFORE, for and in consideration of the foregoing, and the representations, warranties and other terms contained in this
Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto, intending to be legally bound hereby, agree as follows:

 

ARTICLE
I

 

THE
PURCHASE

 

1.1 Sale
of Interests. The Seller hereby irrevocably agrees to sell, transfer and assign to the REIT at Closing (as
defined herein) all of his right, title and interests in the Interests, together with any other interests the Seller may have
in any of the Properties and the REIT agrees to purchase the Interests from Seller on the terms and conditions set forth in
this Agreement. The Seller shall transfer the Interests to the REIT free and clear of all liens, encumbrances, security
interests, pledges, voting agreements, prior assignments or conveyances, conditions, restrictions, claims, and any other
matters affecting title thereto, other than Permitted Liens.

 

1.2 Consideration.
The total consideration for which the Seller agrees to sell, transfer and assign the Interests to the REIT, and which the
REIT agrees to pay to the Seller, subject to the terms of this Agreement, at Closing (as defined herein) shall be calculated
as follows:

 

The
consideration for the Interests on Exhibit A-1 shall be $670,741 (the“Consideration”). The Consideration shall
be adjusted to give effect to Prorations, if any, for the Properties.

 

1.3 No
Further Interest. The Seller acknowledges and agrees that effective upon the Closing, and without any further action by
the Seller, the Interests shall be transferred, assigned and conveyed to the REIT and the Seller shall have no further
right, title or interest in any of the Properties.

 

     

     

    

 

1.4
Definitions. As used in this Agreement, the following terms have the following meanings:

 

“Adverse
Consequences” means all liabilities, demands, claims, actions, causes of action, costs, expenses, damages (including incidental,
special, but excluding consequential and punitive damages and lost profits), Taxes, losses, penalties, fines, judgments or amounts
paid in settlement, including reasonable attorneys’ and accountants’ fees, including, without limitation, all Adverse
Consequences incurred by the REIT. The term Adverse Consequences expressly includes any consequences arising from the REIT’s
sending, or failure to send, any filings relating to transfer taxes due, or otherwise, in connection with the transactions contemplated
by this Agreement, including any interest, penalties or reassessment of the value of any Interest for purposes of ad valorem taxes,
and the REIT’s failure to pay any transfer taxes due in connection with the transactions contemplated by this Agreement.

 

“IPO
Price” means the public offering price per share of the REIT’s Class A common stock set forth on the front cover of
the final prospectus for the IPO (the“Prospectus”), to be filed by the REIT with the SEC.

 

“Permitted
Liens” means such of the following: (a) liens for taxes, assessments and governmental charges or levies not yet due and
payable or, if due and payable, not yet delinquent; (b) pledges or deposits to secure obligations under workers’ compensation
or unemployment laws or similar legislation or to secure public or statutory obligations; (c) easements, zoning restrictions,
rights of way and other encumbrances on title to real property that do not render title to the property encumbered thereby unmarketable
or materially adversely affect the use or value of such property for its present purposes; (d) tenancy leases; and (e) deposits
to secure trade contracts (other than for debt), statutory obligations, surety and appeal bonds, performance bonds and other obligations
of a like nature incurred in the ordinary course of business.

 

“Post-Closing
Tax Period” means any taxable period that begins after the Closing Date.

 

“Pre-Closing
Tax Period” means any taxable period (or portion thereof) ending on or before the end of the Closing Date.

 

“Prorations”
means those proration and adjustment amounts that are customarily applied to closings of commercial real estate transactions in
the county in which the Property is located, which amounts shall be calculated as of midnight (Eastern time) of the day immediately
preceding the Closing Date and shall include:

 

(a) Taxes. All real estate and personal property taxes and special assessments, if any, with respect to each Property shall
be prorated at Closing;

 

(b) Rents. All rents, including, without limitation, base rents, operating expense payments or common area maintenance
charges and all other forms of additional rents, payable under the leases for the Properties and all other income from the
Properties shall be prorated at Closing; and

 

    2

     

    

 

(c) Other Items. Any other items of revenue, operating expenses or other items which are customarily prorated between a transferor
and transferee of real estate in the county in which the Property is located shall be prorated at Closing.

 

“Representation,
Warranty and Indemnity Agreement” means the Representation, Warranty and Indemnity Agreement dated May 14, 2019 by and among
the REIT, the Operating Partnership and Andrew Spodek.

 

“Seller’s
Percentage Interest” means, with respect to each Property, the percentage set forth on Exhibit A-1 hereto under the
heading “Seller’s Percentage Interest”, which reflects the Seller’s percentage ownership interest in each
Property.

 

“Tax”
means all federal, state, local and foreign income, withholding, gross receipts, license, property, sales, franchise, employment,
payroll, goods and services, stamp, environmental, customs duties, capital stock, social security, transfer, alternative minimum,
excise and other taxes, tariffs or governmental charges of any nature whatsoever, including estimated taxes, together with penalties,
interest or additions to Tax with respect thereto, whether or not disputed.

 

ARTICLE
II

 

REPRESENTATIONS
AND WARRANTIES

 

2.1 Representations
by the REIT. The REIT hereby represents and warrants to the Seller that the following statements are true, correct, and
complete as of the date of this Agreement and will be true, correct and complete as of the Closing Date (as
defined herein):

 

(a)
Organization and Power. The REIT is duly organized, validly existing, and in good standing under the laws of the State of
Maryland, and has full right, power, and authority to enter into this Agreement and to assume and perform all of its obligations
under this Agreement.

 

(b)
The execution and delivery of this Agreement and the performance by the REIT of its obligations hereunder have been duly authorized
by all requisite action of the REIT and require no further action or approval of the REIT’s shareholders or of any other
individuals or entities in order for this Agreement to constitute a binding and enforceable obligation of the REIT.

 

    3

     

    

 

2.2 Representations
by the Seller. The Seller hereby represents and warrants to the REIT that the following statements are true, correct, and
complete as of the date of this Agreement and will be true, correct, and complete as of the Closing Date:

 

(a) Organization
and Power; Due Authorization. The Seller has full right, power, and authority to enter into this Agreement and to assume
and perform all of its obligations under this Agreement; and the execution and delivery of this Agreement and the performance
by the Seller of his obligations hereunder and require no further action or approval of any other individuals or entities in
order for this Agreement to constitute a binding and enforceable obligation of the Seller. This Agreement and each
agreement, document and instrument executed and delivered by or on behalf of the Seller pursuant to this Agreement
constitutes, or when executed and delivered, constitute, will constitute, the legal, valid and binding obligation of the
Seller, each enforceable against the Seller in accordance with its terms, except as such enforceability may be limited by
bankruptcy or the application of equitable principles.

 

(b)
Noncontravention. Neither the entry into nor the performance of, or compliance with, this Agreement by the Seller has resulted,
or will result, in any violation of, or default under, or result in the acceleration of, any obligation under any charter, bylaws,
limited liability company agreement, partnership agreement, declaration of trust, mortgage indenture, lien agreement, note, contract,
agreement, permit, judgment, decree, order, restrictive covenant, statute, rule, or regulation applicable to the Seller or to
any Property or Interests.

 

(c)
Litigation. There is no action, suit, or proceeding, pending or known to be threatened, against or affecting the Seller in
any court or before any arbitrator or before any federal, state, municipal, or other governmental department, commission, board,
bureau, agency or instrumentality which (1) in any manner raises any question affecting the validity or enforceability of this
Agreement, (2) could materially and adversely affect the business, financial position, or results of operations of the Seller
or any Interests or Property, (3) could adversely affect the ability of the Seller to perform his obligations hereunder, or under
any document to be delivered pursuant hereto, (4) could create a lien on the any of the Interests or any Property, any part thereof,
or any interest therein, or (5) could adversely affect the any of the Interests or any Property, any part thereof, or any interest
therein.

 

(d)
Good Title. Exhibit A-1 accurately sets forth the Seller’s ownership interest in each Direct Property. The
Seller is the sole record and beneficial owner of the Interests as set forth on Exhibit A-1 and has full power and authority
to convey the Interests pursuant to the terms of this Agreement. No person has any community property rights, by virtue of marriage
or otherwise, with respect to the Interests. The Seller has good and marketable title to the Interests. The Interests are free
and clear of all liens, encumbrances, security interests, pledges, voting agreements, prior assignments or conveyances, conditions,
restrictions, leaseholds by any party other than the current lessee, claims or any other matters affecting title thereto and at
the Closing will be sold to the REIT free and clear of all liens, encumbrances, security interests, pledges, voting agreements,
prior assignments or conveyances, conditions, restrictions, claims or other matters affecting title thereto, in each case other
than Permitted Liens. No other person or entity has an option to purchase or a right of first refusal to purchase any of the Interests
nor are there any agreements or understandings with respect to the voting, ownership or disposition of the Interests that could
adversely affect the Seller’s ability to perform his obligations hereunder or the REIT’s ownership of the Interests
following the Closing. There are no rights to purchase, subscriptions, warrants, options, conversion rights or preemptive rights
relating to the Interests that will be in effect as of the Closing.

 

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(e) Indebtedness. There is no indebtdness with
respect to any property, other than as set forth on Exhibit
A-1 hereto.

 

(f) No
Consents. Each consent, approval, authorization, order, license, certificate, permit, registration, designation, or
filing by or with any governmental agency or body necessary for the execution, delivery and performance of this Agreement or
the transactions contemplated hereby by the Seller has been obtained or will be obtained on or before the Closing Date. Each
consent or approval required under any contract or agreement relating to indebtedness or otherwise, necessary for the
execution, delivery and performance of this Agreement and the acquisition and transfer of the Interests has been obtained or
will be obtained on or before the Closing Date.

 

(g) Actions Prior to Closing. From the date hereof until the Closing Date, the Seller shall not take any action or fail to take
any action the result of which would (1) have a material adverse effect on the Interests or the REIT’s ownership thereof,
or any material adverse effect on the assets, business, condition (financial or otherwise), results or operation of any Property
after the Closing Date or (2) cause any of the representations and warranties contained in this Section 2.2 to be untrue as of
the Closing Date.

 

(h) [Reserved]

 

(i) Tax Treatment. The Seller represents and warrants that it has obtained from its own counsel advice regarding the tax consequences
of the transfer of the Interests to the REIT pursuant to the terms of this Agreement. The REIT has not made any representation
to the Seller regarding the tax treatment of the transactions contemplated by this Agreement, and further represents and warrants
that it has not relied on the REIT or the REIT’s representatives or counsel for any tax advice.

 

(j) Bankruptcy with respect to the Seller. No Act of Bankruptcy has occurred with respect to the Seller. As used
herein,“Act of Bankruptcy” means if the Seller (A) applies for or consents to the appointment of, or the
taking of possession by, a receiver, custodian, trustee or liquidator, of himself or of all or a substantial part of his
property, (B) admits in writing his inability to pay his debts as they become due, (C) makes a general assignment for the
benefit of his creditors, (D) files a voluntary petition or commences a voluntary case or proceeding under the Federal
Bankruptcy Code (as now or hereafter in effect), (E) is adjudicated bankrupt or insolvent, (F) files a petition seeking to
take advantage of any other law relating to bankruptcy, insolvency, reorganization, receivership, dissolution, winding-up or
composition or adjustment of debts, (G) fails to controvert in a timely and appropriate manner, or acquiesce in writing to,
any petition filed against him in an involuntary case or proceeding under the Federal Bankruptcy Code (as now or hereafter in
effect), or (H) take any action for the purpose of effecting any of the foregoing.

 

(k) Brokerage Commission. The Seller has not engaged the services of any real estate agent, broker, finder or any other person
or entity for any brokerage or finder’s fee, commission or other amount with respect to the transactions contemplated by
this Agreement.

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(l) Foreign
Persons. The Seller is not a “foreign person” within the meaning
of Section 1445(f) or Section 1446(f) of the Code.

 

ARTICLE
III

 

INDEMNIFICATION

 

3.1
Survival of Representations and Warranties; Remedy for Breach.

 

(a)
All representations and warranties of the Seller contained in this Agreement or in any Schedule, Exhibit, certificate or affidavit
delivered pursuant to this Agreement shall survive the Closing.

 

(b)
Following the Closing, the Seller shall be liable under this Agreement for monetary damages (or otherwise) for breach of any of
his representations, warranties, covenants and obligations contained in this Agreement or in any Schedule, Exhibit, certificate
or affidavit delivered by the Seller pursuant thereto.

 

3.2
General Indemnification.

 

(a)
From and after the Closing Date, the Seller shall indemnify, hold harmless and defend the REIT and the REIT’s
respective officers, directors, employees, stockholders, partners, agents and affiliates (each of which is an “Indemnified
Party” and collectively, the “Indemnified Parties”), from and against any and all claims,
losses, damages, liabilities and expenses, including, without limitation, interest, penalties, amounts paid in settlement,
reasonable attorneys’ fees, costs of investigation, judicial or administrative proceedings or appeals therefrom and
costs of attachment or similar bonds (collectively, “Losses”) asserted against, imposed upon or incurred
by the Indemnified Party, to the extent resulting from any breach of a representation, warranty or covenant of the Seller
contained in this Agreement, or in any Schedule, Exhibit, certificate or affidavit delivered by the Seller pursuant thereto.
In each case, the Seller shall only bear the fees, costs or expenses in connection with the employment of one counsel
(regardless of the number of Indemnified Parties), and any necessary local counsel.

 

(b)
The Seller shall also indemnify and hold harmless the Indemnified Parties from and against any and all Losses asserted against,
imposed upon or incurred by the Indemnified Parties to the extent resulting from an unrelated third-party claim relating to the
Interests arising from matters that occurred prior to Closing.

 

(c)
With respect to any claim of an Indemnified Party pursuant to this Section 3.2, to the extent available, the REIT agrees to
use diligent good faith efforts to pursue and collect any and all available proceeds and benefits of any right to defense
under any insurance policy that covers the matter which is the subject of the indemnification prior to seeking
indemnification from the Seller until all proceeds and benefits, if any, to which the Indemnified Party is entitled pursuant
to such insurance policy have been exhausted; provided, however, that the REIT may make a claim under this Section 3.2 even
if an insurance coverage dispute is pending, in which case, if the Indemnified Party later receives insurance proceeds with
respect to any Losses paid by either the Seller for the benefit of any Indemnified Party, then the Indemnified Party shall
reimburse the Seller in an amount equivalent to such proceeds in excess of any deductible amount pursuant to Section 3.2(a)
hereof up to the amount actually paid (or deemed paid) by the Seller to the Indemnified Party in connection with such
indemnification (it being understood that all costs and expenses incurred by the Seller with respect to insurance coverage
disputes shall constitute Losses paid by the Seller for purposes of Section 3.2(a) hereof).

 

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3.3 Notice
and Defense of Claims. As soon as reasonably practicable after receipt by the Indemnified Party of notice of
any liability or claim incurred by or asserted against the Indemnified Party that is subject to indemnification under this
Article III, the Indemnified Party shall give notice thereof to the Seller, including liabilities or claims to be applied
against the indemnification deductible established pursuant to Section 3.4 hereof; provided that failure to give notice to
the Seller will not relieve the Seller from any liability that it may have to any Indemnified Party, unless, and only to the
extent that, such failure (a) shall have caused prejudice to the defense of such claim or (b) shall have materially increased
the costs or potential liability of the Seller by reason of the inability or failure of the Seller (due to such lack of
prompt notice) to be involved in any investigations or negotiations regarding any such claim. Such notice shall describe in
reasonable detail the facts known to such Indemnified Party giving rise to such claim, and the amount or good faith estimate
of the amount of Losses arising therefrom. Unless prohibited by law, such Indemnified Party shall deliver to the Seller,
promptly after such Indemnified Party’s receipt thereof, copies of all notices and documents received by such
Indemnified Party relating to such claim. The Indemnified Party shall permit the Seller, at such Seller’s option and
expense, to assume the defense of any such claim by counsel selected by the Seller and reasonably satisfactory to the
Indemnified Party, and to settle or otherwise dispose of the same; provided, however, that the Indemnified Party may at all
times participate in such defense at its sole expense; and provided further, however, that the Seller shall not, in defense
of any such claim, except with the prior written consent of the Indemnified Party in its sole and absolute discretion,
consent to the entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the
giving by the claimant or plaintiff in question to all Indemnified Parties a full and complete release of all liabilities in
respect of such claims, or that does not result only in the payment of money damages which are paid (or deemed paid) in full
by the Seller. If the Seller shall not have undertaken such defense within 20 days after such notice, or within such shorter
time as may be reasonable under the circumstances to the extent required by applicable law, then the Indemnified Party shall
have the right to undertake the defense, compromise or settlement of such liability or claim on behalf of and for the account
of the Seller and at such Seller’s sole cost and expense.

 

3.4
Limitations on Indemnification under Section 3.2(a).

 

(a)
The Seller shall not be liable under Section 3.2(a) hereof unless and until the total amount recoverable by the Indemnified Party
under Section 3.2(a) exceeds one percent (1%) of the value of the aggregate Consideration and then only to the extent of such
excess. The Seller’s total liability for indemnification shall not exceed the Consideration.

 

(b)
Notwithstanding anything contained herein to the contrary, before taking recourse against any assets of the Seller and
subject to the limitations set forth in the following sentence, the Indemnified Party shall look, first to available
insurance proceeds (including without limitation any title insurance proceeds, if applicable) in accordance with Section
3.2(c) above, and then to indemnification under this Article III. Notwithstanding anything to the contrary in this Agreement,
except in the case of fraud or in the event of Losses relating to a third-party claim, the Seller shall not be liable to the
Indemnified Party for any indirect, special or consequential damages, loss of profits, taxes relating to tax years beginning
on or after the Closing, loss of value or other similar speculative damages asserted or claimed by the Indemnified
Party.

 

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(c)
The limitations in this Section 3.4 shall not apply to any obligations of the Seller with respect to Prorations under this
Agreement.

 

3.5
Limitation Period.

 

(a)
Any claim for indemnification under Section 3.2 hereof must be asserted in writing by the Indemnified Party, stating the
nature of the Losses and the basis for indemnification therefor on or prior to the fifth anniversary of the
Closing.

 

(b)
If asserted in writing on or prior to the date specified in Section 3.5(a) hereof for the applicable claim, any claims for
indemnification pursuant to Section 3.2 hereof shall survive until resolved by mutual agreement between the Seller and the
Indemnified Party or by arbitration or court proceeding.

 

3.6
Delivery of Indemnity Amounts. Indemnity payments may be made by the Seller in cash.

 

ARTICLE
IV

 

COVENANTS

 

4.1
Covenants of the Seller.

 

(a) Satisfaction of Conditions. The Seller hereby covenants that the Seller shall: (A) use commercially reasonable efforts and
diligence in order to satisfy all of the conditions to Closing set forth herein, and (B) cooperate and assist in the REIT’s
efforts to satisfy all of the conditions to Closing set forth herein, and agrees that the REIT shall not have any obligation to
consummate the Closing hereunder unless and until such conditions have been satisfied or waived by the REIT in writing.

 

(b) Consent to Transfers. The Seller hereby consents to the transfer of, and waives any rights of first refusal, right of first
offer, buy-sell agreements, put, option or similar parallel or dissenter rights or similar rights afforded to the Seller under
the Governing Agreements or otherwise with respect to any equity ownership interest in any Property or any other company or property
being sold or transferred to the REIT by the Seller.

 

(c) No Disposition or Encumbrance of Interests. From the date hereof through the Closing, except as specifically
contemplated by this Agreement, the Seller shall not without the prior written consent of the REIT: (i) sell, transfer (or
agree to sell or transfer) or otherwise dispose of, or cause the sale, transfer or disposition of (or agree to do any of the
foregoing) all or any portion of the Interests or any interest in any Property; or (ii) mortgage, assign, pledge or otherwise
encumber in any manner any of the Interests or any Property.

 

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(d) Ordinary
Course of Business. From the date hereof through the Closing, and except as specifically contemplated by this Agreement,
the Seller shall, to the extent within his control, not permit any Property without the prior written consent of the REIT and
the REIT, to: (i) enter into any material transaction not in the ordinary course of business; (ii) mortgage, pledge or
encumber any assets of any Property, (iii) cause or permit any change to the existing use of any Property; (iv) cause or take
any action that would render any of the representations or warranties set forth herein untrue; (iv) make or change any other
tax elections; (vi) settle or compromise any claim, notice, audit report or assessment in respect of taxes; (vii) change any
annual tax accounting period; (viii) adopt or change any method of tax accounting; (ix) file any amended return, report or
form (including an election, declaration, amendment, schedule, information return or attachment thereto) required to be filed
with a governmental authority with respect to taxes (each, a “Tax Return”); (x) enter into any tax
allocation agreement, tax sharing agreement, tax indemnity agreement or closing agreement relating to any tax; (xi) surrender
any right to claim a tax refund; (xii) consent to any extension or waiver of the statute of limitations period applicable to
any tax claim or assessment; or (xiii) make any distribution to its partners or members, except for cash distributions in the
ordinary course of business consistent with past practices or as permitted by this Agreement.

 

4.2
Tax Matters. 

 

(a) Tax
Matters. The Seller shall pay and indemnify, without duplication, the REIT or its assignee for the following Taxes
(and all related Adverse Consequences including all out-of-pocket expenses incurred in defending an audit or other claim
relating to such Taxes):

 

(1)
all Taxes incurred and unpaid by of Seller (including all income Taxes of Seller) with respect to the Interests and that relate
to Pre-Closing Tax Periods; and

 

(2)
all such Taxes resulting from a breach of any representation under Section 2.2(l) or a breach of any provision of this
Section 4.2;

 

For
the avoidance of doubt, the indemnification obligations of the Sellers under this Section 4.2 shall not be subject to the
amount limitations set forth in Article III.

 

(b) Allocation
of Taxes. For purposes of determining the amount of Taxes that relate to Pre-Closing Tax Periods for purposes of any
obligation to indemnify for Taxes under Section 4.2(a) the parties agree to use the following convention:

 

(1)
Taxes in the form of interest, penalties, additions to tax or other additional amounts that are actually incurred, accrued, assessed
or similarly charged on or after the Closing Date but that relate to Taxes that accrued on or before the Closing Date shall be
treated as occurring prior to the Closing Date.

 

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(c) Survival.
The obligations of the Seller to pay or indemnify for a Tax under this Section 4.2 shall expire upon the expiration of
the applicable statute of limitations (after taking into account any waiver, extension, tolling, or mitigation thereof) of
the underlying Tax; provided, however, to the extent that the Seller’s obligation to pay a Tax arises under a
contract or other agreement or arrangement, the Seller’s obligations under this Section 4.2 shall not expire
until sixty (60) days after the expiration of such the Seller’s obligation to pay such Tax under the contract or other
agreement or arrangement. All other obligations of the Seller under this Section 4.2 shall survive until fully
performed.

 

(d)
The Seller and the REIT shall provide each other with such cooperation and information relating to any of the Interests or
the Properties as the parties reasonably may request in (i) filing any Tax Return, amended Tax Return or claim for tax
refund, (ii) determining any liability for taxes or a right to a tax refund, (iii) conducting or defending any proceeding in
respect of taxes, or (iv) performing tax diligence, including with respect to the impact of this transaction on the
REIT’s tax status as a REIT. Such reasonable cooperation shall include making employees available on a mutually
convenient basis to provide additional information and explanation of any material provided hereunder. The REIT shall
promptly notify the Seller upon receipt by the REIT or any of its affiliates of notice of (i) any pending or threatened tax
audits or assessments with respect to any Property and (ii) any pending or threatened federal, state, local or foreign tax
audits or assessments of the REIT or any of its affiliates, in each case, which may affect the liabilities for taxes of the
Seller with respect to any tax period ending before or as a result of the Closing. The Seller shall promptly notify the REIT
in writing upon receipt by the Seller, or any of the Seller’s affiliates, of notice of any pending or threatened
federal, state, local or foreign tax audits or assessments with respect to any Property. The REIT and the Seller may
participate at its own expense in the prosecution of any claim or audit with respect to taxes attributable to any taxable
period ending on or before the Closing Date; provided, that the Seller shall have the right to control the conduct of any
such audit or proceeding or portion thereof for which such Seller has acknowledged liability for the payment of any
additional tax liability, and the REIT shall have the right to control any other audits and proceedings. Notwithstanding the
foregoing, neither the REIT nor the Seller may settle or otherwise resolve any such claim, suit or proceeding which
could have an adverse tax effect on the other party or its affiliates without the consent of the other party, such consent
not to be unreasonably withheld. The Seller and the REIT shall retain all Tax Returns, schedules and work papers with respect
to the Properties, and all material records and other documents relating thereto, until the expiration of the statute of
limitations (and, to the extent notified by any party, any extensions thereof) of the taxable years to which such Tax Returns
and other documents relate and until the final determination of any tax in respect of such years.

 

ARTICLE
V

 

CONDITIONS
PRECEDENT TO THE CLOSING

 

5.1 Conditions
to the REIT’s Obligations. In addition to any other conditions set forth in this Agreement, the
REIT’s obligation to consummate the Closing is subject to the timely satisfaction of each and every one of the
conditions and requirements set forth in this Section 5.1, all of which shall be conditions precedent to the REIT’s
obligations under this Agreement.

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(a)
IPO.
The IPO, in such form and substance as the REIT, in its sole and absolute discretion, shall have determined to be acceptable,
shall have been completed (or be completed simultaneously with the Closing).

 

(b) Formation Transactions. The formation transactions described in the Prospectus shall have occurred or be scheduled to occur
contemporaneously with the Closing hereunder.

 

(c) Representations and Warranties. The representations and warranties made by the Seller pursuant to this Agreement, as well
as those contained in the Representation, Warranty and Indemnity Agreement, shall be true and correct as of the Closing as though
such representations and warranties were made at the Closing and, if requested by the REIT, the Seller shall have delivered a
certificate to the REIT to such effect in regard to the Seller’s representations and warranties set forth in this Agreement.

 

(d) Performance. The Seller shall have performed and complied with all agreements and covenants that it is required to perform
or comply with pursuant to this Agreement prior to the Closing, including having delivered each of the items set forth in Section
6.2 hereof.

 

(e) Legal Proceedings. No order, statute, rule, regulation, executive order, injunction, stay, decree, or restraining order shall
have been enacted, entered, promulgated or enforced by any court of competent jurisdiction or governmental entity that restrains,
prohibits or otherwise invalidates the consummation of the transactions contemplated by this Agreement, and no litigation or governmental
proceeding seeking such an order shall be pending or threatened.

 

(f) Consents and Approvals. All necessary approvals and consents, if any, of governmental and private parties, including, without
limitation, all ground lessors, tenants, other parties to service contracts, lenders and ratings agencies, partners, to effect
the transactions contemplated by this Agreement, shall have been obtained.

 

(g) Representation, Warranty and Indemnity Agreement. Each of the parties thereto shall have entered into the Representation,
Warranty and Indemnity Agreement.

 

(h) No Material Adverse Change. There shall have not occurred between the date hereof and the Closing Date any material adverse
change with respect to the Interests or any Property or any material adverse change in any of the assets, business, condition
(financial or otherwise), results of operation or prospects of any Property.

 

(i) Tenant and Lender Estoppels. The REIT shall have received tenant and lender estoppels in form and substance satisfactory to
the REIT and its counsel.

 

5.2 Conditions
to the Seller’s Obligation. In addition to any other conditions set forth in this Agreement, the
Seller’s obligation to consummate the Closing is subject to the timely satisfaction of each and every one of the
conditions and requirements set forth in this Section 5.2, all of which shall be conditions precedent to the Seller’s
obligations under this Agreement.

 

    11

     

    

 

(a) Representations and Warranties. The representations and warranties made by the REIT pursuant to this Agreement shall be true
and correct as of the Closing as though such representations and warranties were made at the Closing.

 

(b) Performance. The REIT shall have performed and complied in all material respects with all agreements and covenants that it
is required to perform or comply with pursuant to this Agreement prior to the Closing.

 

(c) Legal Proceedings. No order, statute, rule, regulation, executive order, injunction, stay, decree, or restraining order shall
have been enacted, entered, promulgated or enforced by any court of competent jurisdiction or governmental entity that prohibits
the consummation of the transactions contemplated by this Agreement, and no litigation or governmental proceeding seeking such
an order shall be pending or threatened.

 

ARTICLE
VI

 

CLOSING
AND CLOSING DOCUMENTS

 

6.1 Closing.
The consummation and closing (the“Closing”) of the transactions contemplated pursuant to this Agreement
shall take place at the offices of Hunton Andrews Kurth LLP in New York, New York, or such other place as the REIT
may designate, promptly following satisfaction of the conditions to Closing set forth herein (the“Closing
Date”),or as otherwise set by agreement of the parties.

 

6.2 Seller’s
Deliveries. At the Closing, the Seller shall deliver the following to the REIT in addition to all other items required to
be delivered to the REIT by Sellers:

 

(a)
[Reserved]

 

(b) Certificate. A certificate from the Seller certifying to the REIT the accuracy of the representations and warranties made
by the Seller hereunder.

 

(c) FIRPTA Certificate. An affidavit from the Seller certifying pursuant to Section 1445 and Section 1446(f) of the Internal
Revenue Code that the Seller is not a foreign corporation, foreign partnership, foreign trust, foreign estate or foreign person
(as those terms are defined in the Code and the Treasury Regulations promulgated thereunder).

 

(d)
Deed. A special or limited warranty deed (or its local equivalent), executed by the Seller conveying all of the Seller’s
right, title and interest to each Property to the REIT.

 

(e)
Property Documents. Copies of all existing title policies/commitments, surveys, plans and specifications, permits and approvals
and other similar documents which pertain to each Property which may be in the Seller's possession or under its control.

 

(f)
Other Documents. Any other document or instrument reasonably requested by the REIT or required hereby.

 

    12

     

    

 

6.3 Default
Remedies. If the Seller defaults in performing any of the Seller’s obligations under this Agreement, the REIT shall
have all rights and remedies available to it at law or in equity resulting from the Seller’s default, including
without limitation, the right to seek specific performance of this Agreement and the Seller’s obligation to convey the
Interests to the REIT hereunder. The parties acknowledge and agree that the failure of a condition precedent to occur,
notwithstanding the good faith and commercially reasonable efforts of the applicable party, shall not be a default
hereunder.

 

ARTICLE
VII

 

MISCELLANEOUS

 

7.1 Notices.
Any notice provided for by this Agreement and any other notice, demand, or communication required hereunder shall be in
writing and either delivered in person (including by confirmed facsimile transmission) or sent by hand delivered
against receipt or sent by recognized overnight delivery service or by certified or registered mail, postage prepaid, with
return receipt requested. All notices shall be addressed as follows:

 

REIT:

 

Postal
Realty Trust, Inc.

75 Columbia Avenue

Cedarhurst, NY 11516

Attention: Andrew Spodek

 

with
a copy to (which shall not constitute notice):

 

Hunton
Andrews Kurth LLP

Riverfront Plaza, East Tower

951 E. Byrd Street

Richmond,
Virginia 23219

Attention: James V. Davidson

Fax No.: 804-787-8035

 

Seller:

 

Rosalind
Spodek

75
Columbia Avenue

Cedarhurst, NY 11516

 

Any
address or name specified above may be changed by a notice given by the addressee to the other party. Any notice, demand or
other communication shall be deemed given and effective as of the date of delivery in person or set forth on the return
receipt. The inability to deliver because of changed address of which no notice was given, or rejection or other refusal to
accept any notice, demand or other communication, shall be deemed to be receipt of the notice, demand or other communication
as of the date of such attempt to deliver or rejection or refusal to accept.

 

    13

     

    

 

7.2 Entire
Agreement; Third-Party Beneficiaries. This Agreement, including, without limitation, the exhibits hereto, constitute the
entire agreement and supersede each prior agreement and understanding, whether written or oral, among the parties
regarding the subject matter of this Agreement. This Agreement is not intended to confer any rights or remedies on any Person
other than the parties hereto.

 

7.3 Amendment.
This Agreement may not be amended except by an instrument in writing signed on behalf of each of the
parties hereto.

 

7.4
Governing Law.

 

(a)
This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to the
conflicts of law rules thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense
of the transactions contemplated by this Agreement (whether brought against a party hereto or its respective affiliates, directors,
officers, shareholders, partners, members, employees or agents) shall be, except to the extent otherwise required by applicable
law, commenced exclusively in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits
to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication
of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including
with respect to the enforcement of any provision of this Agreement), and hereby irrevocably waives, and agrees not to assert in
any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is improper or is an inconvenient venue for such proceeding.

 

(b)
Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action
or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to
such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good
and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to
serve process in any other manner permitted by law.

 

(c)
If one or more parties shall commence an action, suit or proceeding to enforce any provision of this Agreement, the prevailing
party or parties in such action, suit or proceeding shall be reimbursed by the other party or parties to such action, suit or
proceeding for the reasonable attorneys’ fees and other costs and expenses incurred by the prevailing party or parties with
the investigation, preparation and prosecution of such action, suit or proceeding.

 

7.5 Counterparts.
This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered
shall be an original, but all such counterparts shall together constitute one and the same instrument. Each counterpart may
consist of a number of copies hereof, each signed by less than all, but together signed by all of the parties hereto.
Each party may rely upon the facsimile or electronic pdf email signature of any other party as if such signature were an
original signature.

 

    14

     

    

 

7.6 Headings.
Headings of the Articles and Sections of this Agreement are for the convenience of the parties only, and shall be given no
substantive or interpretive effect whatsoever.

 

7.7 Incorporation.
All Exhibits attached hereto and referred to herein are hereby incorporated herein and made a part hereof for all purposes as
if fully set forth herein.

 

7.8 Severability.
Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction,
be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining
terms and provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this
Agreement in any other jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, the
provision shall be interpreted to be only so broad as is enforceable.

 

7.9 Waiver
of Conditions. The conditions to each party’s obligations hereunder are for the sole benefit of such party and may
be waived by such party in whole or in part to the extent permitted by applicable law.

 

7.10
Trial by Jury. The parties to this Agreement hereby irrevocably waive, to the fullest extent permitted by applicable law,
any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated
hereby.

 

[Signature
Page Follows.]

 

    15

     

    

 

IN
WITNESS WHEREOF, this Agreement has been entered into effective as of the date first written above.

 

	 	SELLER:
	 	 
	 	ASSET 90047 LLC
	 	 	 
	 	By:	/s/ Rosalind Spodek
	 	 	Name: Rosalind  Spodek
	 	 	Title: Member
	 	 	 
	 	REIT:
	 	 
	 	Postal Realty Trust, Inc., a Maryland corporation
	 	 	 
	 	By:	/s/ Andrew Spodek
	 	 	Name: Andrew Spodek
	 	 	Title: Chief Executive Officer

 

[Signature Page to
the Asset 90047  LLC Purchase and Sale Agreement]

 

    16

     

    

 

Exhibit
A-1

 

Direct
Properties

Seller’s
Percentage Interest and Property

 

	Seller	Seller’s 

Percentage 

Interest	Property	Mortgage Indebtedness
	Asset 90047,	50%		●     Princess Anne, MD	 
	LLC	66 2/3%		●     Elizabeth,
PA	 

 

 

Exhibit A-1Exhibit 10.14

 

 REPRESENTATION, WARRANTY AND INDEMNITY AGREEMENT

 

This REPRESENTATION,
WARRANTY AND INDEMNITY AGREEMENT (this “Agreement”) is made and entered into as of May 14, 2019, and is effective
as of the Closing Date (as defined herein), by and among Postal Realty Trust, Inc., a Maryland corporation (the “REIT”),
Postal Realty LP, a Delaware limited partnership and subsidiary of the REIT (the “Operating Partnership”, and
together with the REIT, the “Acquirer”), and Andrew Spodek (the “Principal”). Certain capitalized
terms used herein are defined in Section 4.2 hereof.

 

RECITALS

 

WHEREAS,
the Principal owns, directly or indirectly, record and beneficial ownership interests in each of the entities described
on Schedule I attached hereto and incorporated by this reference (the “Tier 1 Contributed Entities”),
which Contributed Entities are the direct or indirect owners of the respective properties described on Schedule I (each,
a “Tier 1 Contributed Property,” and collectively, the “Tier 1 Contributed Properties”);

 

WHEREAS,
the Principal is the sole shareholder and Chief Executive Officer of Nationwide Postal Management, Inc., a New York corporation
that provides property management services to each of the Tier 1 Properties and each of the respective properties described on
Schedule II (each a “Tier 2 Property,” and together with the Tier 1 Properties, the “Properties”),
and as such, Principal is familiar with the condition, history and operations of each of the Properties;

 

WHEREAS,
the REIT intends to enter into agreements to acquire directly and, through the Operating Partnership or one or more other
subsidiaries of the REIT or the Operating Partnership, ownership of the Properties through the acquisition of the Contributed
Entities and through direct acquisition of certain of the Properties;

 

WHEREAS, concurrently
with the execution of this Agreement, the Operating Partnership is entering into separate contribution agreements with the Principal
and contribution agreements and purchase and sale agreements with the other owners of record and beneficial ownership interests
of the Contributed Entities (the “Contributed Interests”) (the Principal and such other owners, each, a “Contributor”
and collectively, the “Contributors,” and such agreements, each, a “Contribution Agreement”
and collectively, the “Contribution Agreements”), pursuant to which each Contributor shall contribute to the
Operating Partnership, or a wholly-owned subsidiary of the Operating Partnership, all of the Contributor’s right, title
and interest in the applicable Contributed Entities, and the Operating Partnership, or such subsidiary, as applicable, shall acquire
from each Contributor all of each Contributor’s right, title and interest as a holder of interests in the Contributed Entities
and in certain instances shall acquire from Contributors fee simple title to Properties owned other than through Contributed Interests
;

 

WHEREAS, capitalized
terms used but not elsewhere defined in this Agreement shall have the meaning ascribed to such terms in Section 4.2 hereof;

 

    1

     

    

 

WHEREAS,
the Formation Transactions (as defined herein) relate to the proposed underwritten initial public offering (the “IPO”)
of shares of Class A common stock, par value $0.01 per share of the REIT (the “REIT Shares”), following which
the REIT will operate as a self-administered and self-managed real estate investment trust within the meaning of Section 856 of
the Code;

 

WHEREAS, the
Principal, through his direct and indirect ownership of the Contributed Interests, will materially benefit from the Formation Transactions;
and

 

WHEREAS, in
order to induce the Acquirer to enter into the Formation Transaction Documentation, the Principal has agreed to provide certain
representations, warranties and indemnities as set forth herein.

 

NOW, THEREFORE,
for and in consideration of the foregoing and the representations, warranties, covenants and other terms contained in this
Agreement, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties
hereto, intending to be legally bound hereby, agree as follows:

 

ARTICLE I

 

REPRESENTATION AND WARRANTIES

 

Except as disclosed
in the Prospectus or in the schedules referenced in this Article I and attached hereto, the Principal represents and warrants
to the each of the REIT and the OP as follows, as of the date hereof and as of the Closing Date:

 

1.1 Organization;
Authority. (a) Each of the Tier 1 Contributed Entities and each Subsidiary has been duly organized and is validly existing
and in good standing under the Laws of its jurisdiction of organization and has all requisite power and authority to carry out
the transactions contemplated by the Formation Transaction Documentation (as defined herein), and to own, lease and/or operate
each Property owned, leased and/or operated by it and to carry on its business as presently conducted. Each Tier 1 Contributed
Entity and each Subsidiary, to the extent required under applicable Laws, is qualified to do business and is in good standing
in each jurisdiction in which the nature of its business or the character of its Properties make such qualification necessary,
other than such failures to be so qualified as would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect. The partnership agreement, limited liability company agreement, operating agreement, Articles of Incorporation,
Charter or Bylaws, as applicable, of each Tier 1 Contributed Entity and each subsidiary, as may have been amended from time to
time, (each a “Governing Agreement” and collectively, the “Governing Agreements”) a complete
and accurate copy of which has been delivered to the Operating Partnership and its counsel, is in force and effect as of the date
hereof, and has not been further modified or amended.

 

(b) Schedule
1.1(b) sets forth as of the date hereof with respect to each Tier 1 Contributed Entity (i) the owners of all the
ownership interests of the Tier 1 Contributed Entity and its Subsidiaries, (ii) the ownership interest of each Tier 1
Contributed Entity in each Subsidiary, if any, and, if not wholly owned by a Tier 1 Contributed Entity, the identity and ownership
interest of each of the other owners of such Subsidiary, and (iii) each Property owned by each Tier 1 Contributed Entity or
its Subsidiaries. There are no rights to purchase, subscriptions, warrants, options, conversion rights or preemptive rights
relating to the Contributed Interests or any equity interest in the Tier 1 Contributed Entities, or any other security
convertible into or exchangeable for such equity interests.

 

    2

     

    

 

1.2 Due
Authorization. Each agreement, document and instrument included in or contemplated by the Formation Transaction
Documentation and executed and delivered by or on behalf of any Tier 1 Contributed Entity constitutes, or when executed and
delivered will constitute, the legal, valid and binding obligation of such Tier 1 Contributed Entity, each enforceable
against such Tier 1 Contributed Entity in accordance with its terms, subject to applicable bankruptcy, insolvency, moratorium
or other similar Laws relating to creditors’ rights and general principles of equity.

 

1.3 Consents
and Approvals. Except as shall have been obtained or satisfied on or prior to the Closing Date, no consent, waiver, approval,
authorization, order, license, permit or registration of, qualification, designation, declaration or filing with, any Person or
Governmental Authority or under any applicable Laws is required to be obtained by any Tier 1 Contributed Entity or Subsidiary
in connection with the execution, delivery and performance of any of the agreements or documents included in or contemplated by
the Formation Transaction Documentation and the transactions contemplated hereby and thereby.

 

1.4 No
Violation. None of the execution, delivery or performance of any agreement or document included in or contemplated by the
Formation Transaction Documentation nor the transactions contemplated hereby and thereby does or will, with or without the
giving of notice, lapse of time, or both, violate, conflict with, result in a breach of, or constitute a default under or
give to others any right of termination, acceleration, cancellation or other right under, (A) the Governing Agreements of any
Tier 1 Contributed Entity or Subsidiary, (B) any agreement, document or instrument to which such Tier 1 Contributed Entity or
Subsidiary or any of their respective assets or properties (including the Properties) is bound or (C) any term or provision
of any judgment, order, writ, injunction, or decree binding on such Tier 1 Contributed Entity or any Subsidiary.

 

1.5 Capitalization.
All of the issued and outstanding equity interests of each Tier 1 Contributed Entity and Subsidiary are duly authorized,
validly issued and fully paid and are not subject to preemptive rights or appraisal, dissenters’ or other similar
rights under the Governing Agreements of or any contract to which any Tier 1 Contributed Entity or its Subsidiaries is a
party or otherwise bound.

 

1.6 Licenses
and Permits. All notices, licenses, permits, certificates and authorizations required for the continued use, occupancy,
management, leasing and operation of the Properties have been obtained, are in full force and effect, are in good standing and
(to the extent required in connection with the transactions contemplated by the Formation Transaction Documentation) are assignable
to the Operating Partnership. No Tier 1 Contributed Entity, or Subsidiary or, to the Principal’s knowledge, any Contributor
or third party has taken any action that (or failed to take any action the omission of which) would result in the revocation of
any such notice, license, permit, certificate or authorization where such revocation or revocations would,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, nor has any of them received any written
notice of violation from any Governmental Authority or written notice of the intention of any entity to revoke any of such notice,
license, permit, certificate or authorization, that in each case has not been cured or otherwise resolved to the satisfaction
of such Governmental Authority except as would not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

 

    3

     

    

 

1.7 Litigation.
Except for actions, suits or proceedings fully covered by policies of insurance, there is no action, suit or proceeding pending
or, to the Principal’s knowledge, threatened against any Tier 1 Contributed Entity or any Contributor, Subsidiary or Property,
which, if adversely determined, would, individually or together with all such other actions, reasonably be expected to have a
Material Adverse Effect. There is no action, suit or proceeding pending or, to the Principal’s knowledge, threatened against
any Contributed Entity, Subsidiary or any Contributor which challenges or impairs the ability of any Contributed Entity, Subsidiary
or any Contributor to execute or deliver, or perform its obligations under any of the Formation Transaction Documentation or to
consummate the transactions contemplated hereby and thereby. There is no judgment, decree, injunction, or order of a Governmental
Authority outstanding against any Tier 1 Contributed Entity or Subsidiary or, to the Principal’s knowledge, any officer,
director, principal, managing member, or general partner of any of the foregoing in their capacity as such, or, to the Principal’s
knowledge, any Contributor which would reasonably be expected to have a Material Adverse Effect. No Contributed Entity or Subsidiary
has received any written notice of any pending or threatened proceedings for the rezoning (i.e., as opposed to the current zoning)
of any Property or any portion thereof which would substantially and materially impair the current or proposed use thereof.

 

1.8 Compliance
With Laws. Each Contributed Entity and its Subsidiaries has conducted its business and maintained its Property in compliance
with all applicable Laws, except for such failures that would not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect. None of the Contributed Entities or Subsidiaries nor, to the Principal’s knowledge, any
Contributor or third party has been informed in writing of any continuing violation of any such Laws or that any investigation
has been commenced and is continuing or is contemplated respecting any such possible violation, except in each case for violations
that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

1.9 Properties.

 

(a)
Each Property is the subject of a policy of title insurance reflecting the respective Contributor as the owner of such
Property, and, to the Principal’s knowledge, such owner is the owner of, directly or indirectly, by fee simple estate
or otherwise, of such Property, in each case free and clear of all Liens, except for Permitted Liens (as defined herein).

 

(b) Except for matters
that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect, (1) no Contributed
Entity, nor Subsidiary, nor any other party to any material agreement affecting any Property (other than a Lease (as such term
is hereinafter defined) for space within such Property, but including any agreement that constitutes a Permitted Lien), is in
breach or default of any such agreement, (2) to the Principal’s knowledge, no event has occurred
or has been threatened in writing, which with or without the passage of time or the giving of notice, or both, would, individually
or together with all such other events, constitute a default under any such agreement, or would, individually or together with
all such other events, reasonably be expected to cause the acceleration of any material obligation of any party thereto or the
creation of a Lien upon any asset of any Contributed Entity or Subsidiary, except for Permitted Liens, or otherwise reasonably
be expected to have a Material Adverse Effect and (3) all agreements affecting any Property required for the continued use, occupancy,
management, leasing and operation of such Property (exclusive of space Leases) are valid and binding and in full force and effect,
subject to applicable bankruptcy, insolvency, moratorium or other similar Laws relating to creditors’ rights and general
principles of equity.

 

    4

     

    

 

(c)
To the Principal’s knowledge, as presently conducted, none of the operation of the buildings, fixtures and other
improvements comprising a part of any Property is in violation of any applicable building code, zoning ordinance or other
“land use” Law.

 

(d) Each Contributed
Entity holds the lessor’s interest under a lease with the United States Postal Service (collectively, for all of the Properties,
the “Leases”) as described in the Registration Statement on Form S-11 filed by the REIT with the Securities
and Exchange Commission in connection with the IPO. . Except for matters that would not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect, (1) no Contributed Entity, nor any Subsidiary, nor, to the Principal’s Knowledge,
any other party to any Lease, is in breach or default of any such Lease, (2) to the Principal’s knowledge, no event has
occurred or has been threatened in writing, which with or without the passage of time or the giving of notice, or both, would,
individually or together with all such other events, constitute a default under any Lease, or would permit termination, modification
or acceleration under the Lease, and (3) to the Principal’s knowledge, each of the Leases is valid and binding and in full
force and effect, subject to applicable bankruptcy, insolvency, moratorium or other similar Laws relating to creditors’
rights and general principles of equity. To the Principal’s Knowledge, no lessee under any of such Leases is presently the
subject of any voluntary or involuntary bankruptcy or insolvency proceedings.

 

1.10 Existing Loans.
Schedule 1.10 lists, as of the date hereof, all (i) secured loans encumbering the Properties or any direct or indirect
interest in the applicable Property Entity or Contributed Entity and (ii) any other indebtedness of any Contributed Entity or
Subsidiary (collectively, the “Disclosed Loans”) and the outstanding aggregate principal balance as of the
date set forth on Schedule 1.10. To the Principal’s knowledge, no monetary default (beyond applicable notice and
cure periods) by any party exists under any of the Disclosed Loans and the documents entered into in connection therewith (collectively,
the “Disclosed Loan Documents”) and no non-monetary default (beyond applicable notice and cure periods) by
any party exists under any of the Disclosed Loan Documents.

 

1.11 Insurance.
Each Property Entity or Contributed Entity or its Subsidiaries has in place the public liability, casualty and other insurance
coverage with respect to each Property owned, leased and/or managed by it as the Principal reasonably deems necessary and in all
cases including such coverage as is required under the terms of any loan or Lease. Each of the insurance policies with respect
to each Property is in full force and effect in all material respects  and all premiums due
and payable thereunder have been fully paid when due. To the Principal’s knowledge, no Property Entity or Contributed Entity
nor any of the Contributors has received from any insurance company any notices of cancellation or intent to cancel any insurance.

 

    5

     

    

 

1.12 Environmental
Matters. Except for matters that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect, (A) each Property Entity, Contributed Entity and its Subsidiaries is in compliance with all applicable Environmental Laws,
(B) no Property Entity, Contributed Entity nor, to the Principal’s knowledge, any of the Contributors has received any written
notice from any Governmental Authority or third party alleging that such Property Entity, Contributed Entity, Subsidiary or any
Property is not in compliance with applicable Environmental Laws, and (C) there has not been a release of a hazardous substance
on any Property that would require investigation or remediation under applicable Environmental Laws.

 

1.13 Eminent Domain.
There is no existing, or to the Principal’s knowledge, proposed or threatened condemnation, eminent domain or similar proceeding,
or private purchase in lieu of such a proceeding which would affect any of the Properties.

 

1.14 Taxes. Except as set forth in Schedule
1.14:

 

(a)
Each Contributed Entity and Subsidiary has timely and properly filed all Tax returns and reports required to be filed
by it (after giving effect to any filing extension properly granted by a Governmental Authority having authority to do so),
and all such returns and reports are accurate and complete in all material respects, and has timely paid (or had timely paid
on its behalf) all Taxes as required to be paid by it.

 

(b) No
deficiencies for any Taxes have been proposed, asserted, assessed or, to the Principal’s knowledge, threatened against
any Contributed Entity or Subsidiary, and no requests for waivers of the time to assess any such Taxes are pending.

 

(c)
No Contributed Entity or Subsidiary holds any asset the disposition of which would be subject to rules similar to
Section 1374 of the Code; and no Property Entity, Contributed Entity or Subsidiary has requested or received any ruling from
the IRS or comparable rulings from other taxing authorities or has entered into any “closing agreement” as
described in Section 7121 of the Code or similar arrangement. There are no liens or encumbrances for Taxes on any Property,
other than liens or encumbrances for Taxes not yet due and payable, and no action, proceeding or investigation has been
instituted against any Property, Contributed Entity or Subsidiary or, to the Principal’s knowledge, any
Contributor that would give rise to any such liens or encumbrances. Each Contributed Entity and Subsidiary has withheld and
paid all Taxes required to have been withheld and paid in connection with any amounts paid or owing to any employee,
independent contractor, creditor, member or other third party, and all Forms W-2 and 1099 required with respect thereto have
been properly completed and timely filed.

 

(d) There are no
pending or, to the Principal’s knowledge, threatened audits, assessments or other actions for or relating to any
liability in respect of income or material non-income Taxes of any Property Entity, Contributed Entity or Subsidiary, there
are no matters under discussion with any Tax authority with respect to income or material
non-income Taxes that are likely to result in an additional liability for Taxes with respect to any Property Entity,
Contributed Entity or Subsidiary and no Property Entity, Contributed Entity or Subsidiary is, or has ever been, a party to or
bound by any Tax indemnity agreement, Tax sharing agreement, Tax allocation agreement or similar contract.

 

    6

     

    

 

(e)
At all times since its formation, each S Corp (including any “predecessor corporation” (within the meaning of
Treasury Regulations Section 1.1374-1(e)) to such S Corp) has continuously qualified as an “S corporation” within the
meaning of Section 1361(a)(1) of the Code and all applicable corresponding provisions of state and local law, and no Tax authority
has claimed in writing that such S Corp does not qualify as an S corporation.

   

(f) No C Corp has
any current or accumulated earnings and profits.

 

(g) Since its formation,
for U.S. federal income tax purposes, each Property Entity, Contributed Entity and Subsidiary, other than any S Corp or C Corp,
has been treated as a partnership or a disregarded entity and not as a corporation or an association taxable as a corporation.
Schedule 1.14(g)(i) sets forth each Property Entity, Contributed Entity and Subsidiary that is treated as a partnership
for U.S. federal income Tax purposes, and except as set forth in Schedule 1.14(g)(i), each such entity has always been
treated as a partnership for U.S. federal and applicable state and local income Tax purposes. Schedule 1.14(g)(ii) sets
forth each Property Entity, Contributed Entity and Subsidiary that is treated as an entity disregarded from its owner for U.S.
federal income Tax purposes, and except as set forth in Schedule 1.14(g)(ii), each such entity has always been treated
as an entity disregarded from its owner for U.S. federal and applicable state and local income Tax purposes. 

 

(h)
The amount of Cash Consideration does not exceed the amount of “preformation expenditures” that may be reimbursed
with respect to such properties under Section 1.707-4(d) of the Treasury Regulations without causing such amounts to fall within
Section 1.707-3(a) of the Treasury Regulations.

 

(i) 
Any and all indebtedness to be assumed by the Operating Partnership or any of its affiliates (other than the Minnesota
loan and the Reynoldsburg loan) are “qualified liabilities” within the meaning of Treasury Regulation Section
1.707-5(a)(5). No inference is intended regarding the treatment of the Minnesota loan or the Reynoldsburg loan.

 

1.15 Non-Foreign
Status. None of the Contributors or Contributed Entities is a foreign person (as defined in Section 1445(f) or Section 1446(f)
of the Code).

 

1.16 Bankruptcy.
No bankruptcy or similar insolvency proceeding has been filed, or is currently contemplated or, to the Principal’s knowledge,
threatened, with respect to any Contributed Entity, Subsidiary or any lessee under any of the Leases.

 

1.17 Employees.
No Contributed Entity nor Subsidiary has or has ever had any employees. No Contributed Entity nor Subsidiary is delinquent in
payments to any employees, consultants or independent contractors for any wages, salaries, commissions, bonuses, or other direct
compensation for any service performed or amounts required to be reimbursed to employees, consultants
or independent contractors. Each Contributed Entity and Subsidiary has, to the extent applicable:

 

(a)
complied in all material respects with all applicable laws related to employment;

 

(b) withheld and paid
to the appropriate governmental entity or is holding for payment not yet due to such governmental entity all amounts required
to be withheld from employees; and

 

(c)
no policy, practice, plan or program of paying severance or pay or any form of severance compensation in connection
with the termination of employment service and no agreement pursuant to which it would be required to pay severance to any
director, officer, employee or consultant.

 

1.18 Contracts
and Commitments. Except as set forth in the Governing Agreements of each Contributed Entity, no Contributed Entity nor Subsidiary
is a party to any agreements for the sale of its assets, for the grant to any Person of any preferential right to purchase any
such assets or the acquisition of any operating business, assets or capital stock of any other corporation, entity or business,
other than in the ordinary course of business.

 

    7

     

    

 

ARTICLE II

 

NATURE OF REPRESENTATIONS AND WARRANTIES

 

2.1Survival
of Representations and Warranties. All representations and warranties contained in this Agreement shall survive after the
effective time of the contributions and other Formation Transactions contemplated in the Formation Transaction Documentation until
the first anniversary of the Closing Date (the “Expiration Date”). If written notice of a claim in accordance
with Section 3.2 has been given prior to the Expiration Date, then the relevant representation or warranty shall survive,
but only with respect to such specific claim, until such claim has been finally resolved. Any claim for indemnification not so
asserted in writing by the Expiration Date may not thereafter be asserted and shall forever be waived. Notwithstanding the foregoing,
claims for indemnification resulting from breaches of the representations in Section 1.14 may be asserted until the expiration
of the applicable statute of limitations.

 

ARTICLE III

 

INDEMNIFICATION

 

3.1Indemnification
of Acquirer. The Principal agree to indemnify and hold harmless the REIT, the Operating Partnership and each of their directors,
officers, employees, partners, agents and representatives (each, an “Indemnified Party” and collectively, the
“Indemnified Parties”), under the terms and conditions of this Agreement, from and against any and all Losses
arising out of or relating to, asserted against, imposed upon or incurred by the Indemnified Parties in connection with or as
a result of any breach of a representation or warranty contained in Article I of this Agreement (subject to any indemnification
claim being made prior to the Expiration Date and the survival limitations set forth in Section 2.1 hereof) (collectively,
the “Indemnified Losses”); provided, the Indemnified Parties shall only be entitled
to indemnification for breaches of representations and warranties made pursuant to Article I of this Agreement to the extent
that the Indemnified Losses with respect to such breaches exceed, in the aggregate, one percent (1.0%) of the aggregate consideration
paid by the Acquirer for the Contributed Interests (for purposes of such calculation, units of limited partnership interest in
the Operating Partnership, REIT Shares and shares of Class B Common Stock of the REIT (“Class B Stock”) shall have
a value per share or unit equal to the IPO Price)(the “Deductible”). The Principal shall only be liable for
Indemnified Losses (after giving effect to, and only for amounts in excess of, the Deductible) up to the Maximum Indemnity Amount.

 

3.2 Claims.

 

(a) At the time when
either the REIT or the Operating Partnership learns of any potential claim for Indemnified Losses under this Agreement (a “Claim”),
it will promptly give written notice (a “Claim Notice”) to the Principal; provided that the failure to so notify
the Principal shall not prevent recovery under this Agreement, except to the extent that the Principal shall have been materially
prejudiced by such failure. Each Claim Notice shall describe in reasonable detail the facts known to the Indemnified Party giving
rise to such Claim. The Indemnified Party shall deliver to the Principal, promptly after the Indemnified Party’s receipt
thereof, copies of all notices and documents (including court papers) received by such Indemnified Party relating to a Third Party
Claim (as defined below); provided that failure to do so shall not prevent recovery under this Agreement, except to the extent
that the Principal shall have been materially prejudiced by such failure. Any Indemnified Party may at its option demand indemnity
under this Article III as soon as a Claim has been threatened by a third party, regardless of whether an actual Loss has
been suffered, so long as the Indemnified Party shall in good faith determine that such claim is not frivolous and that the Indemnified
Party may be liable for, or otherwise incur, a Loss as a result thereof.

 

(b) The Principal shall
be entitled, at his own expense, to elect to assume and control the defense of any Claim based on claims asserted by third parties
(“Third Party Claims”), through counsel chosen by the Principal and reasonably acceptable to the Indemnified
Parties, if the Principal gives written notice of his intention to do so to the REIT within twenty (20) days following the receipt
of the applicable Claim Notice; provided, however, that the Indemnified Parties may at all times participate in such defense at
their own expense. Without limiting the foregoing, in the event that the Principal exercises the right to undertake any such defense
against a Third Party Claim, the Indemnified Party shall cooperate with the Principal in such defense and make available to the
Principal, at the Principal’s expense, all witnesses, pertinent records, materials and information in the Indemnified Party’s
possession or under such Indemnified Party’s control relating thereto as is reasonably required by the Principal. No compromise
or settlement of such Third Party Claim may be effected by either the Indemnified Party, on the one hand, or the Principal, on
the other hand, without the other party’s consent (which shall not be unreasonably withheld or delayed) unless (i) there
is no finding or admission of any violation of Law and no effect on any other claims that may be made against such other party,
(ii) each Indemnified Party that is party to such claim is released from all liability with respect to such claim, and (iii) there
is no equitable order, judgment or term that in any manner affects, restrains or interferes with the business of the Indemnified
Party that is party to such claim or any of its Affiliates. Notwithstanding the foregoing, if the compromise or settlement of
such Third Party Claim could reasonably be expected to adversely affect the status of the REIT as a real investment trust within
the meaning of Section 856 of the Code, then the REIT shall make such decision to compromise or settle the Third Party Claim without
the need to obtain the Principal’s consent.

 

    8

     

    

 

3.3 Delivery of
Indemnity Amounts. Upon resolution of any disputed Claim or portion of a Claim as evidenced by (x) a written agreement between
the Acquirer and the Principal or (y) a final award of an arbitral tribunal in accordance with this Agreement, the Principal shall
deliver the amount of the indemnification to the Indemnified Party. Indemnity payments may be made by the Principal in the form
of cash, REIT Shares, Class B Stock or OP Units. To the extent indemnification is made through delivery by the Principal of REIT
Shares, Class B Stock or OP Units, such REIT Shares, Class B Stock or OP Units shall be valued at an amount per REIT Share, share
of Class B Stock or OP Unit equal to the IPO Price. The Principal hereby authorizes the REIT, as general partner of the Operating
Partnership, to take all such action as may be necessary to amend the stock ownership records of the REIT and the partnership
agreement of the Operating Partnership, and any exhibits or schedules thereto, and to reflect the delivery of any REIT Shares,
Class B Stock or OP Units by the Principal as an indemnification payment hereunder and to reflect that the Principal has no further
right, title or interest with respect to any such REIT Shares or OP Units.

 

3.4 Exclusive Remedy.
The sole and exclusive remedy for Indemnified Parties with respect to any and all claims relating to a breach of this Agreement
(other than breaches arising out of or in connection with fraud) shall be indemnification in accordance with the terms of this
Agreement. The Principal shall not be liable or obligated to make payments under this Agreement in excess of the Maximum Indemnity
Amount (as defined herein).

 

3.5 Characterization
of Payments. Any indemnity payments shall constitute an adjustment of the contribution consideration received by the Principal
pursuant to his Contribution Agreement for Tax purposes and shall be treated as such by all parties on their tax returns to the
extent permitted by Law.

 

ARTICLE IV

 

GENERAL PROVISIONS

 

4.1 Notices.
All notices and other communications under this Agreement shall be in writing and shall be deemed given (i) when delivered personally,
(ii) five (5) Business Days after being mailed by certified mail, return receipt requested and postage prepaid, (iii) one (1)
Business Day after being sent by a nationally recognized overnight courier or (iv) transmitted by facsimile if confirmed within
twenty four (24) hours thereafter by a signed original sent in the manner provided in clause (i), (ii) or (iii) to the parties
at the following addresses (or at such other address for a party as shall be specified by notice from such party): If to the REIT
or the Operating Partnership, to: Postal Realty LP, 75 Columbia Avenue, Cedarhurst, NY 11516, Attention: Jeremy Garber; if to
the Principal, to: 75 Columbia Avenue, Cedarhurst, NY 11516, Attention: Andrew Spodek.

 

    9

     

    

 

4.2Definitions. For purposes of this Agreement,
the following terms shall have the following meanings:

 

(a)  
“Affiliate” means, with respect to any Person, a Person that, directly or indirectly, through one or
more intermediaries, controls, is controlled by, or is under common control with the specified Person. For the purposes of this
definition, “control” (including, with correlative meanings, the terms “controlled by” and “under
common control with”) as used with respect to any Person, shall mean the possession, directly or indirectly, of the power
to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities,
by agreement or otherwise.

 

(b) “Business
Day” means any day that is not a Saturday, Sunday or legal holiday in the State of New York.

 

(c) “C Corp”
means the entities listed on Schedule 4.2(c).

   

(d) “Closing
Date” means the closing date of the transactions contemplated by the Formation Transaction Documents.

   

(e) “Code”
means the Internal Revenue Code of 1986, as amended, together with the rules and regulations promulgated or issued thereunder.

 

(f) “Environmental
Laws” means all federal, state and local Laws governing pollution or the protection of human health or the environment.

   

(g) “Formation
Transaction Documentation” means all of the Contribution Agreements, this Agreement and related documents and agreements
pursuant to which all of the Contributed Entities and/or the equity interests in the Contributed Entities and the Property Entities,
and the Properties are to be acquired by the REIT or the Operating Partnership, directly or indirectly, as part of the Formation
Transactions.

   

(h) “Formation
Transactions” means the transactions contemplated by this Agreement and the other Formation Transaction Documentation.

 

(i) “GAAP”
means generally accepted accounting principles, as in effect in the United States of America as of the date of determination.

 

(j) “Governmental
Authority” means any government or agency, bureau, board, commission, court, department, official, political subdivision,
tribunal or other instrumentality of any government, whether federal, state or local, domestic or foreign.

   

(k) “IPO
Price” means the public offering price set forth on the cover of the final prospectus for the IPO.

 

(l) “Laws”
means laws, statutes, rules, regulations, codes, orders, ordinances, judgments, injunctions, decrees and policies of any
Governmental Authority, including, without limitation, zoning, land use or other similar rules or ordinances.

 

    10

     

    

 

(m) “Liens”
means all pledges, claims, liens, charges, restrictions, controls, easements, rights of way, exceptions, reservations, leases,
licenses, grants, covenants and conditions, encumbrances and security interests of any kind or nature whatsoever.

 

(n) “Losses”
means charges, complaints, claims, actions, causes of action, losses, damages, Taxes, liabilities and expenses of any nature whatsoever,
including without limitation, amounts paid in settlement, reasonable attorneys’ fees, costs of investigation, costs of investigative
judicial or administrative proceedings or appeals therefrom and costs of attachment or similar bonds, as well as all collection
costs and enforcement expenses incurred in retaking, holding, preparing for sale, selling or otherwise disposing of or realizing
on collateral or otherwise exercising or enforcing any rights or remedies under pledge and security or other collateral documents.

 

(o) “Material
Adverse Effect” means with respect to each Contributed Entity, Property Equity, Subsidiary or Property, any material
adverse change in any of the assets, business, condition (financial or otherwise), results of operation or prospects of such Contributed
Entity, Property Entity, Subsidiary or Property.

 

(p) “Maximum
Indemnity Amount” means ten percent (10%) of the aggregate value of the consideration paid by the Acquirer for the Contributed
Interests (for purposes of such calculation, units of limited partnership interest in the Operating Partnership, REIT Shares and
shares of Class B Stock shall have a value per share or unit equal to the IPO Price)

 

(q) “Permitted
Liens” means (i) Liens, or deposits made to secure the release of such Liens, securing Taxes, the payment of which is
not delinquent or the payment of which (including, without limitation, the amount or validity thereof) is being contested in good
faith by appropriate proceedings for which adequate reserves have been made in accordance with GAAP; (ii) zoning, entitlement,
building and other land use Laws imposed by governmental agencies having jurisdiction over any Property; (iii) covenants, conditions,
restrictions, easements for public utilities, encroachments, rights of access or other non-monetary matters that do not materially
impair the use of any Property for the purposes for it is currently being used or proposed to be used in connection with the relevant
Person’s business; (iv) Liens securing Disclosed Loans; (v) Liens arising under leases disclosed in full to the Acquirer
and in effect as of the Closing Date; (vi) any exceptions contained in the title policies relating to the Properties as of the
Closing Date, copies of which title policies were provided to the Acquirer and their counsel, none of which substantially and
materially impair the use of any Property for the purposes for which it is currently being used; and (vii) mechanics’, carriers’,
workers’, repairers’ and similar Liens arising or incurred in the ordinary course of business that are not yet due
and payable and which are not, in the aggregate, material to the business, operations and financial condition of any Property
so encumbered.

 

(r)
“Person” means an individual, corporation, partnership, limited liability company, joint
venture, association, trust, unincorporated organization or other entity.

 

(s) “Prospectus”
means the preliminary prospectus filed by the REIT with the U.S. Securities and Exchange Commission and used in the marketing
of the IPO.

 

    11

     

    

 

(t)
“Properties” shall have the meaning given in the Recitals and “Property” shall have the correlative
meaning.

 

(u) “S
Corp” means the entities listed on Schedule 4.2(u).

 

(v) “Subsidiary”
means any corporation, partnership, limited liability company, joint venture, trust or other legal entity in which a Contributed
Entity owns (either directly or through or together with another Subsidiary) either (i) a general partner, managing member or
other similar interest, or (ii) outstanding capital stock or other equity interests of such corporation, partnership, limited
liability company, joint venture or other legal entity. As used herein, “Subsidiary” or “Subsidiaries”
refers to the Subsidiaries of the Contributed Entities, as set forth on Schedule 4.2(u), unless the context otherwise requires.

 

(w) “Tax”
means all federal, state, local and foreign income, withholding, gross receipts, license, property, sales, franchise, employment,
payroll, goods and services, stamp, environmental, customs duties, capital stock, social security, transfer, alternative minimum,
excise and other taxes, tariffs or governmental charges of any nature whatsoever, including estimated taxes, together with penalties,
interest or additions to Tax with respect thereto, whether or not disputed.

 

4.3Counterparts.
This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall
be an original, but all such counterparts shall together constitute one and the same instrument. Each counterpart may consist
of a number of copies hereof, each signed by less than all, but together signed by all of the parties hereto. Each party may rely
on a facsimile or electronic pdf email signature of the other party as if it were an original signature.

 

4.4Entire Agreement;
Third-Party Beneficiaries. This Agreement, including, withoutlimitation, the exhibits hereto, constitute the entire agreement
and supersede each prior agreement and understanding, whether written or oral, among the parties regarding the subject matter
of this Agreement. This Agreement is not intended to confer any rights or remedies on any Person other than the parties hereto.

 

4.5Governing Law and Jurisdiction.

 

(a) This Agreement shall
be governed by and construed in accordance with  the laws of the State of New York, without regard to the conflicts of law
rules thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement and defense of the transactions
contemplated by this Agreement (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders,
partners, members, employees or agents) shall be, except to the extent otherwise required by applicable law, commenced exclusively
in the state and federal courts sitting in the City of New York. Each party hereby irrevocably submits to the exclusive jurisdiction
of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder
or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement
of any provision of this Agreement), and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding,
any claim that it is not personally subject to the jurisdiction of any such court, that such suit,
action or proceeding is improper or is an inconvenient venue for such proceeding.

 

    12

     

    

 

(b)
Each party hereby irrevocably waives personal service of process and consents to process being served in any such
suit, action or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of
delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall
constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in
any way any right to serve process in any other manner permitted by law.

 

(c)
If one or more parties shall commence an action, suit or proceeding to enforce any provision of this Agreement, the
prevailing party or parties in such action, suit or proceeding shall be reimbursed by the other party or parties to such
action, suit or proceeding for the reasonable attorneys’ fees and other costs and expenses incurred by the prevailing
party or parties with the investigation, preparation and prosecution of such action, suit or proceeding.

 

4.6Assignment.
This Agreement shall be binding upon, and shall be enforceable by and inure to the benefit of, the parties hereto and their respective
heirs, legal representatives, successors and assigns; provided, however, that this Agreement may not be assigned (except by operation
of law) by any party without the prior written consent of the other parties, and any attempted assignment without such consent
shall be null and void and of no force and effect, except that the REIT and the Operating Partnership may assign its rights and
obligations hereunder to an Affiliate.

 

4.7Severability.
Any term or provision of this Agreement which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction,
be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms
and provisions of this Agreement or affecting the validity or enforceability of any of the terms or provisions of this Agreement
in any other jurisdiction. If any provision of this Agreement is so broad as to be unenforceable, the provision shall be interpreted
to be only so broad as is enforceable.

 

4.8Rules of Construction.

 

(a) The parties
hereto agree that they have been represented by counsel during the negotiation, preparation and execution of this Agreement
and, therefore, waive the application of any law, regulation, holding or rule of construction providing that ambiguities in an
agreement or other document will be construed against the party drafting such agreement or document.

 

(b) The words
“hereof,” “herein” and “herewith” and words of similar import shall, unless otherwise
stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement, and
article, section, paragraph, exhibit and schedule references are to the articles, sections, paragraphs, exhibits and
schedules of this Agreement unless otherwise specified. Whenever the words “include,” “includes”
or “including” are used in this Agreement, they shall be deemed to be followed by the words “without
limitation.” All terms defined in this Agreement shall have the defined meanings
contained herein when used in any certificate or other document made or delivered pursuant hereto unless otherwise defined
therein. The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms
and to the masculine as well as to the feminine and neuter genders of such terms, unless otherwise defined herein. Any
agreement, instrument or statute defined or referred to herein or in any agreement or instrument that is referred to herein
means such agreement, instrument or statute as from time to time, amended, qualified or supplemented, including (in the case
of agreements and instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor
statutes and all attachments thereto and instruments incorporated therein. References to a Person are also to its permitted
successors and assigns.

 

4.9 Equitable Remedies.
The parties agree that irreparable damage would occur to the Acquirer in the event that any of the provisions of this Agreement
were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Acquirer
shall be entitled to an injunction or injunctions to prevent breaches of this Agreement by the Principal and to enforce specifically
the terms and provisions hereof in any federal or state court located in the City of New York, Borough of Manhattan, this being
in addition to any other remedy to which the Acquirer is entitled under this Agreement or otherwise at law or in equity.

 

4.10 Time of the
Essence. Time is of the essence with respect to all obligations under this Agreement.

 

4.11 Headings.
Headings of the Articles and Sections of this Agreement are for the convenience of the parties only, and shall be given no substantive
or interpretive effect whatsoever.

 

[Signature Page Follows.]

 

    13

     

    

 

IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be signed by their respective duly authorized officers, all as of the date first
written above.

 

	 	ACQUIRER:
	 	 
	 	POSTAL REALTY TRUST, INC., a Maryland
	 	corporation
	 	 
	 	By:	/s/ Andrew Spodek
	 	 	Name: Andrew Spodek
	 	 	Title:  Chief Executive Officer 
	 	 	 
	 	POSTAL REALTY LP, a Delaware limited
	 	partnership
	 	 
	 	By:	Postal Realty Trust, Inc.
	 	 	a Maryland corporation, its General Partner
	 	 
	 	 	By:	/s/ Andrew Spodek
	 	 	 	Name: Andrew Spodek
	 	 	 	Title:  Chief Executive Officer

 

[Signature
Page to Representation, Warranty and Indemnity Agreement]

 

     

     

    

 

	 	PRINCIPAL:
	 	 
	 	Andrew Spodek
	 	 
	 	By:	/s/ Andrew Spodek
	 	 	Andrew Spodek

 

[Signature Page
to Representation, Warranty and Indemnity Agreement]

 

     

     

    

 

Schedule I

 

Mass Postal Holdings, LLC

Michigan Postal Holdings LLC

Ohio Postal Holdings, LLC

Pennsylvania Postal Holdings, LLC

Wisconsin Postal Holdings, LLC

Alabama Postal Holdings, LLC

Illinois Postal Holdings, LLC

Iowa Postal Holdings, LLC

Postal Holdings LLC

Tennessee Postal Holdings, LLC

15% interest in Harbor Station LLC

Missouri & Minnesota Postal Holdings, LLC

 

     

     

    

 

Schedule II

Barstow, IL

Carbon Cliff, IL

Hillsdale, IL

Little York, IL

Lynn Center, IL 

New Windsor, IL

Rapids City, IL

Alpha, IL

Orion, IL 

Seatonville, IL

Hancock, NY

Elba, NY

Tulsa, OK 

Vanndale, AR 

Cadwell, GA

Colquitt, GA

Meansville, GA

Tacoma, WA

Leslie, MI

Springport, MI 

Chesaning, MI

Aurora, CO

West Sacramento, CA 

Oakdale, PA

Princess Anne, MD

Elizabeth, PA

Peru, IN

Gary, IN 

Deville, LA

Scotland, SD 

 

Glasgow, VA

Chicago, IL

Chester, WV

Flora, IN

Edina, MO

Dobson, NC

Chicago, IL

Buffalo, NY

 

Spring Grove, PA

Brockway, PA

Knox, PA

Frackville, PA

 

     

     

    

 

Girardville, PA

New Philadelphia, PA

Orwigsburg, PA

Ringtown, PA

Shoemakersville, PA

Tower City, PA

Williamstown, PA

Leola, PA

Castleton on Hudson, NY

 

Sundown, TX

Byron, MI

Barton, VT

Enosburg Falls, VT

Fairlee, VT

Groton, VT

Hartford, VT

Marlborough, NH

Port Henry, NY

Sheffield, VT

South Royalton, VT

Indian Rocks Beach, FL

Abington, MA

East Liverpool, OH

Poseyville, IN

Wadesville, IN

Edgewood, IA

Pelahatchie, MS

Kimball, NE

Winamac, IN

Ralls, TX

 

Milwaukee, WI

 

El Paso, TX

El Paso, TX

Stinnett, TX

Fabius, NY

Pompey, NY

Mount Vernon, IL

Deltaville, VA

Memphis, TN

Memphis, TN

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