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EXHIBIT 10.36(f)

RESTAURANT BRANDS INTERNATIONAL INC.
AMENDED AND RESTATED 2014 OMNIBUS INCENTIVE PLAN
RBI PERFORMANCE AWARD AGREEMENT

Unless defined in this Performance Award Agreement (the “Award Agreement”), capitalized terms will have the same meanings ascribed to them in the Restaurant Brands International Inc. Amended and Restated 2014 Omnibus Incentive Plan (as may be amended from time to time, the “Plan”).
Pursuant to the terms and conditions of Sections 8 and 10 of the Plan, you have been granted a Performance Award (the “Award”) on the following terms and subject to the provisions of the Plan, which is incorporated herein by reference.  Unless defined in this Award Agreement, capitalized terms will have the same meanings ascribed to them in the Plan.
Performance Award:        Restricted Stock Units (the “Performance Units”) with respect to [   ] Shares, as adjusted, up or down, to reflect the extent to which the Performance Targets have been achieved, 
Grant Date:        April 20, 2022
By accepting this Award of Performance Units and agreeing to this Award Agreement, you and the Company agree that this Award of Performance Units is granted under and governed by the terms and conditions of the Plan and the terms and conditions set forth in the attached Exhibit A, and the additional terms and conditions for employees outside the U.S. set forth in Exhibits B and C.  Exhibits A, B, and C still constitute part of this Award Agreement.
						
	PARTICIPANT	RESTAURANT BRANDS INTERNATIONAL INC.
	

____________________________
	

By:  ______________________________

	Name:	Name:    Jill Granat
Title:    General Counsel

			
	

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EXHIBIT 10.36(f)

EXHIBIT A

TERMS AND CONDITIONS OF THE
PERFORMANCE AWARD
Definitions
For purposes of this Award Agreement, the following terms shall have the following meanings:
“Adjusted EBITDA” means earnings (net income or loss) before interest expense, net, (gain) loss on early extinguishment of debt, income tax (benefit) expense, and depreciation and amortization (“EBITDA”) excluding the impact of share-based compensation and non-cash incentive compensation expense, (income) loss from equity method investments, net of cash distributions received from equity method investments, other operating (income) expenses, net, and all other specifically identified costs associated with non-recurring projects and non-operating activities.  
“Cause” means (i) a material breach by you of any of your obligations under any written employment agreement with the Company or any of its Affiliates, (ii) a material violation by you of any of the policies, procedures, rules and regulations of the Company or any of its Affiliates applicable to employees or other service providers generally or to employees or other service providers at your grade level; (iii) the failure by you to reasonably and substantially perform your duties to the Company or its Affiliates (other than as a result of physical or mental illness or injury); (iv) your willful misconduct or gross negligence that has caused or is reasonably expected to result in material injury to the business, reputation or prospects of the Company or any of its Affiliates; (v) your fraud or misappropriation of funds; or (vi) the commission by you of a felony or other serious crime involving moral turpitude; provided that if you are a party to an employment agreement at the time of termination of your Service and such employment agreement contains a different definition of “cause” (or any derivation thereof), the definition in such employment agreement will control for purposes of this Award Agreement.  
If you are terminated Without Cause and, within the twelve (12) month period subsequent to such termination of your Service, the Company determines that your Service could have been terminated for Cause, subject to anything to the contrary that may be contained in your employment agreement at the time of termination of your Service, your Service will, at the election of the Company, be deemed to have been terminated for Cause, effective as of the date the events giving rise to Cause occurred.  
“Closing Stock Price” means the closing quotation on the New York Stock Exchange for the applicable date (or an applicable substitute exchange system determined by the Committee if the Company’s common shares are no longer traded on the NYSE).
“Comparable Sales” means the percentage change in restaurant sales in one calendar year from the prior calendar year for restaurants that have been open for 13 months or longer for TH, BK and FHS and 17 months or longer for PLK, measured on a constant currency basis. Additionally, if a restaurant is closed for a significant portion of a month, the restaurant is excluded from the monthly comparable sales calculation.
“Disability” means (i) a physical or mental condition entitling you to benefits under the long-term disability policy of the company covering you or (ii) in the absence of any such policy, a physical or mental condition rendering you unable to perform your 
			
	

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EXHIBIT 10.36(f)

duties for the Company or any Affiliate for a period of six (6) consecutive months or longer; provided that if you are a party to an employment agreement at the time of termination of your Service and such employment agreement contains a different definition of “disability” (or any derivation thereof), the definition in such employment agreement will control for purposes of this Award Agreement.
 Earned Performance Units” has the meaning set forth in the Section below entitled “Determination of Number of Earned Performance Units”.
“NRG” means the net increase in restaurant count (openings, net of permanent closures) over a twelve-month period.
“Organic Adjusted EBITDA” means Adjusted EBITDA, excluding the impact of foreign currency exchange rates and excluding the impact of acquisitions and divestitures.
“Percentage Earned” has the meaning set forth on Schedule 1 hereto.
“Performance Measure” has the meaning set forth on Schedule 1 hereto.  
“Performance Measures Target” means the Performance Target tied to the Performance Measures as set forth on Schedule 1 hereto.
“Performance Period” means the period set forth in Schedule 1 unless earlier terminated due to an Acquisition Event.
“Performance Target” means the Performance Measures Target and/or the TSR Percentile Target, as the case may be, as stated on Schedule 1. 
“Performance Units” means the restricted stock units granted pursuant to this Award.
“Retirement” means a termination of Service by you on or after the later of (i) your 55th birthday and (ii) your completion of five years of Service with the Company and/or one of its Affiliates.
 “Target Units” means the number of Performance Units with respect to the number of Shares reflected in this Agreement that you could receive if each of the applicable Performance Target levels is achieved for the Performance Period.  The number of Target Units is set forth on the cover page of this Award Agreement.
“TSR” means the appreciation of the per share common stock price of the respective entity for the Performance Period including the impact of dividends paid on one share of the common stock of such entity during the Performance Period, assuming reinvestment of such dividends in such stock (based on the Closing Stock Price of such stock on the ex-dividend date). The appreciation shall be calculated based on (i) the sum of (A) the ending price (equaling the average VWAP for the last month of the Performance Period) plus (B) reinvested dividend amounts, divided by (ii) the initial price (equaling the average VWAP for the month ending on the first day of the Performance Period) and then subtracting the number one as follows:
Average last month price + reinvested dividends    _    1           
    Average initial month price                
			
	

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EXHIBIT 10.36(f)

“TSR Percentile Ranking” means the percentage that is determined by dividing (a) the number of entities in the Standard & Poor’s 500 Index (the “S&P 500”) at the beginning of the Performance Period that had a TSR for the Performance Period less than the Company’s TSR for the Performance Period, by (b) the total number of entities in the S&P 500 at the beginning of the Performance Period; provided, however, (i) any entity that is not trading during the last month of the Performance Period due to being acquired or going private shall be excluded from the calculation; and (ii) any entity that is not trading during the last month of the Performance Period due to bankruptcy, insolvency, delisting from the applicable exchange or, at the discretion of the Committee, the acquisition of the entity as the result of financial distress, will be deemed to have a TSR at the bottom of the TSR Percentile Ranking calculation. 
“TSR Percentile Target” means the Performance Target that is tied to the TSR Percentile Ranking as set forth in Schedule 1 hereto.
“Vesting Date” means February 25, 2025 or such earlier vesting date as may be provided in this Award Agreement.
“VWAP” volume weighted average price on the New York Stock Exchange (or such other applicable exchange) for the applicable date. 
 “Without Cause” means a termination of your Service by your employer (the “Employer”) other than any such termination by your Employer for Cause or due to your death or disability; provided that if you are a party to an employment agreement at the time of termination of your Service and such employment agreement contains a different definition of “without cause” (or any derivation thereof), the definition in such employment agreement will control for purposes of this Award Agreement.  

Vesting.
The Earned Performance Units will vest on the Vesting Date and will settle in accordance with the section below entitled, “Settlement of Earned Performance Units”, subject to the Percentage Earned (prior to applying the TSR Percentage Earned multiplier) being not less than 50% and subject to your continued Service through the Vesting Date and to the Sections below entitled “Determination of Number of Earned Performance Units” and “Termination” below.  
No Payment for Shares.
    No payment is required for Performance Units or Shares that you receive under this Award.
Nature of Award.

    This Award represents the opportunity to receive the number of Shares equal to the Earned Performance Units earned as provided for below under “Determination of Number of Earned Performance Units,” subject to the section above entitled “Vesting” and to the sections below entitled “Settlement of Performance Units” and “Termination”.  

Determination of Number of Earned Performance Units.

    The number of Performance Units earned at the end of the Performance Period (the “Earned Performance Units”), if any, will be based on the Percentage Earned, as set forth on Schedule 1.
			
	

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EXHIBIT 10.36(f)

    
Settlement of Earned Performance Units.
    The Company shall deliver to you that number of Shares equal to the aggregate number of Earned Performance Units for the Performance Period, if any, as determined in accordance with the section entitled “Determination of Number of Earned Performance Units” above, on or as soon as practicable (but no later than 60 days) after the Vesting Date, subject to the section entitled “Termination” below.  You will have no rights of a shareholder with respect to the Shares until such Shares have been delivered to you.
Adjustment for Certain Events.
    If and to the extent that it would not cause a violation of Section 409A of the Code or other applicable law, if any Corporate Event described in Section 5(d)(ii) of the Plan shall occur, the Committee shall make an adjustment as described in such Section 5(d)(ii) in such manner as the Committee may, in its sole discretion, deem appropriate and equitable to prevent substantial dilution or enlargement of the rights provided under this Award.    
Acquisition Event
In the event of an Acquisition Event, the Committee shall determine the extent, if any, to which the Performance Measures and the Performance Level have been achieved in accordance with Schedule 1, except that the Performance Period shall be deemed to have ended on the last day prior to the Acquisition Event. 
Termination.
Upon termination of your Service (other than as set forth below) prior to the Vesting Date, you will forfeit all of your Performance Units (including your Earned Performance Units) without any consideration due to you.  For the purposes of the Plan and this Award Agreement, your Service will not be deemed to be terminated in the event that you transfer employment from the Company to any Affiliate or from an Affiliate to the Company or another Affiliate, as the case may be.     
If your Service terminates on or after February 25, 2024 but prior to the Vesting Date Without Cause or by reason of your Retirement, you shall be vested on the Vesting Date in the number of Earned Performance Units, as determined in accordance with the section entitled “Number of Earned Performance Units” above, as if the Earned Performance Units subject to this Award vested 67% on February 25, 2024, and you shall be entitled to receive a number of Shares equal to the number of vested Earned Performance Units in accordance with the section entitled “Settlement of Performance Units”.  For example, if the number of Earned Performance Units (expressed as a percentage of Target Units) is 100%, and your Service terminates Without Cause or by reason of your Retirement on March 31, 2024, you would be entitled to receive 67% of the Target Units in settlement of your Earned Performance Units.  For the avoidance of doubt, if your Service terminates prior to February 25, 2024 Without Cause or by reason of your Retirement, you will forfeit all of your Performance Units (including your Earned Performance Units) without any consideration due for you.  
If your Service terminates prior to the Vesting Date by reason of death or Disability, you shall be vested in the number of Earned Performance Units, as if the Earned Performance Units subject to this Award vested 1/3 on each of February 25, 2023, February 25, 2024, and February 25, 2025, respectively, and you shall be entitled to 
			
	

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EXHIBIT 10.36(f)

receive a number of Shares equal to the number of vested Earned Performance Units in accordance with the section entitled “Settlement of Earned Performance Units”. Notwithstanding the foregoing, if your Service terminates on or before the last day of the Performance Period by reason of your death or Disability, then for purposes of determining the number of Shares to be delivered to your Beneficiary or you, your Earned Performance Units shall be equal to the Target Units, based on the applicable vesting percentage in the preceding sentence.  
In all other circumstances, your Service terminates on the day you receive written notice of termination or provide notice of resignation.  For greater clarity, the date of termination of your Service will not be extended by any period of notice of termination of employment, payment in lieu of notice or severance mandated under local law, whether statutory, contractual or at common law (e.g., active employment would not include a period of “garden leave” or similar period pursuant to local law) regardless of the reason for such termination and whether or not later found to be invalid or in breach of laws in the jurisdiction where you are rendering Service or the terms of your Employment Agreement, if any.  The Committee shall have the exclusive discretion to determine the date of termination of your Service for purposes of this Award.
In the event that there is a conflict between the terms of this Award Agreement regarding the effect of a termination of your Service on this Award and the terms of any Employment Agreement, the terms of your Employment Agreement will govern.
Subject to any terms and conditions that the Committee may impose in accordance with Section 13 of the Plan, in the event that a Change in Control occurs and, within twelve (12) months following the date of such Change in Control, your Service is terminated by the Company Without Cause, your Earned Performance Units shall vest in full upon such termination.  In such event, the number of your Earned Performance Units, and thus the number of Shares that you would be entitled to receive, shall be calculated in accordance with the sections entitled “Determination of Number of Earned Performance Units”, and “Settlement of Earned Performance Units”; provided, however, that if the Change in Control occurs prior to the expiration of the Performance Period, then for purposes of determining the number of Shares to be delivered to you by reason of your termination, your Earned Performance Units shall be equal to the Target Units.  In the event that there is a conflict between the terms of this Award Agreement regarding the effect of a Change in Control on this Award and the terms of any Employment Agreement, the terms of this Award Agreement will govern.
In the event that any Earned Performance Units (or any Performance Units that are deemed to be Earned Performance Units) become vested pursuant to the foregoing provisions upon termination of your Service by reason of your death or Disability, settlement of such Earned Performance Units or deemed Earned Performance Units shall be made on or as soon as practicable (but no later than 60 days) after the date of such termination of your Service; provided, however, that in the event of any such termination for a reason of  your death, settlement shall be no later than 2 1/2 months after the last day of the year in which your death occurs. Notwithstanding the foregoing, if your Performance Units constitute “nonqualified deferred compensation” (within the meaning of Section 409A of the Code) that is subject to the requirements of Section 409A of the Code, and you are a “specified employee’ (as defined under Section 409A of the Code), then if and to the extent required to comply with Section 409A of the Code, settlement shall be delayed for the first 6 months following your separation from service (within the meaning of Section 409A), or if earlier the date of your death, and instead shall be made upon expiration of such delay period.
			
	

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EXHIBIT 10.36(f)

Taxes.
Regardless of any action the Company or your Employer takes with respect to any or all income tax, social security or insurance, government sponsored pension plan, unemployment insurance, fringe benefits tax, payroll tax, payment on account or other tax-related withholding (“Tax-Related Items”), you acknowledge that the ultimate liability for all Tax-Related Items legally due by you is and remains your responsibility and that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Award, including the grant, vesting or settlement of Performance Units, the subsequent sale of Shares acquired pursuant to such settlement and the receipt of any dividends or Dividend Equivalents; and (ii) do not commit to structure the terms of the grant or any aspect of this Award to reduce or eliminate your liability for Tax-Related Items.
If you are a U.S. taxpayer and you are or become eligible for Retirement prior to date on which your Award is settled, the value of your Award will be subject to FICA and Medicare taxes in the U.S. upon the earlier of (1) the last day of the Performance Period for which you have Earned Performance Units or (2) the date on which you first become eligible for Retirement, rather than when the Units are settled. The Company may elect, however, pursuant to a rule of administrative convenience, to delay the date on which the FICA and Medicare taxes for Participants eligible for Retirement are determined and withheld until any later date that is within the same calendar year.
Prior to the relevant taxable or tax withholding event, as applicable, you will pay or make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all withholding and payment on account obligations of the Company and/or the Employer.  In this regard, you authorize the Company and/or the Employer to withhold all applicable Tax-Related Items legally payable by you from your wages or other cash compensation payable to you by the Company and/or the Employer.  Alternatively, or in addition, if permissible under local law, the Company may in its sole and absolute discretion (1) sell or arrange for the sale of Shares that you acquire to meet the withholding obligation for Tax-Related Items (on your behalf pursuant to this authorization without further consent), and/or (2) withhold the amount of Shares necessary to satisfy the Tax-Related Items.  
The Company may withhold or account for Tax-Related Items by considering statutory withholding rates or other withholding rates, including maximum rates applicable in your jurisdiction. In the event of over-withholding, you may receive a refund of any over-withheld amount in cash and will have no entitlement to the equivalent in Shares, or if not refunded, you may be able to seek a refund from the applicable tax authorities. In the event of under-withholding, you may be required to pay additional Tax-Related Items directly to the applicable tax authorities or to the Company and/or Employer.  If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, you are deemed to have been issued the full number of Shares subject to the vested Performance Unit, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Items.
Finally, you will pay to the Company or the Employer any amount of Tax-Related Items that the Company or the Employer may be required to withhold as a result of your participation in the Plan that cannot be satisfied by the means previously described.  The Company may refuse to deliver the Shares if you fail to comply with your obligations in connection with the Tax-Related Items as described in this section.  
Dividend Equivalents.
			
	

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EXHIBIT 10.36(f)

During the Performance Period, you shall be credited with additional Performance Units (based on the Target Units) with respect to the number of Shares having a Fair Market Value as of the applicable dividend payment date equal to the value of any dividends or other distributions that would have been distributed to you if each of the Shares to be delivered to you upon settlement of the Performance Units instead was an issued and outstanding Share owned by you (“Dividend Equivalents”).  After the expiration of the Performance Period, the Target Units and the relevant accrued number of Dividend Equivalents shall be collectively adjusted based on the Percentage Earned and rounded to six decimal places.  Thereafter, for the remainder of the term of this Award Agreement, you shall be credited with Dividend Equivalents based on the number of Earned Performance Units.  The additional Performance Units credited to you as Dividend Equivalents shall be subject to the same terms and conditions under this Award Agreement as the Performance Units to which they relate, and shall vest and be earned and settled (rounded down to the nearest whole number) in the same manner and at the same times as Performance Units to which they relate.  Each Dividend Equivalent shall be treated as a separate payment for purposes of Section 409A of the Code.
No Guarantee of Continued Service.
You acknowledge and agree that the vesting of this Award on the Vesting Date is earned only by performing continuing Service (not through the act of being hired or being granted this Award).  You further acknowledge and agree that this Award Agreement, the transactions contemplated hereunder and the Vesting Date shall not be construed as giving you the right to be retained in the employ of, or to continue to provide services to, the Company or any Affiliate.  Further, the Company or the applicable Affiliate may at any time dismiss you, free from any liability, or any claim under the Plan, unless otherwise expressly provided in any other agreement binding you, the Company or the applicable Affiliate. The receipt of this Award is not intended to confer any rights on you except as set forth in this Award Agreement.
Termination for Cause; Restrictive Covenants.
In consideration for the grant of this Award and for other good and valuable consideration, the sufficiency of which is acknowledged by you, you agree as follows:
Upon (i) a termination of your Service for Cause, (ii) a retroactive termination of your Service for Cause as permitted herein or under your employment agreement, or (iii) a violation of any post-termination restrictive covenant (including, without limitation, non-disclosure, non-competition and/or non-solicitation) contained in your employment agreement, or any separation or termination or similar agreement you may enter into with the Company or one of its Affiliates in connection with termination of your Service, any Award you hold shall be immediately forfeited and the Company may require that you repay (with interest or appreciation (if any), as applicable, determined up to the date payment is made), and you shall promptly repay to the Company, the Fair Market Value (in cash or in Shares) of any Shares received upon the settlement of Performance Units during the period beginning on the date that is one year before the date of your termination and ending on the first anniversary of the date of your termination.  The Fair Market Value of any such Shares shall be determined as of the date on which the Performance Units were settled.   
Company’s Right of Offset.
 If you become entitled to a distribution of benefits under this Award, and if at such time you have any outstanding debt, obligation, or other liability representing an 
			
	

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EXHIBIT 10.36(f)

amount owing to the Company or any of its Affiliates, then the Company or its Affiliates, upon a determination by the Committee, and to the extent permitted by applicable law and not causing a violation of Section 409A of the Code, may offset such amount so owing against the amount of benefits otherwise distributable.  Such determination shall be made by the Committee.
Acknowledgment of Nature of Award. 
In accepting the grant of this Award, you acknowledge that: 
(a)    the Plan is established voluntarily by the Company, it is discretionary in nature and may be modified, amended, suspended or terminated by the Company at any time, as provided in the Plan; 
(b)    the grant of this Award is voluntary, occasional and discretionary and does not create any contractual or other right to receive future awards of Performance Units, or benefits in lieu of Performance Units even if Performance Units have been awarded in the past, whether or not repeatedly; 
(c)    all decisions with respect to future awards, if any, will be at the sole discretion of the Company; 
(d)    your participation in the Plan is voluntary; 
(e)    this Award and any Shares acquired under the Plan, and the income from and value of same, are not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculation of any severance, resignation, termination, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments; 
(f)    the future value of the underlying Shares is unknown and cannot be predicted with certainty; 
(g)    if you receive Shares, the value of such Shares acquired upon settlement may increase or decrease in value; and
(h)    no claim or entitlement to compensation or damages arises from termination of this Award, and no claim or entitlement to compensation or damages shall arise from any diminution in value of the Performance Units or Shares received upon settlement of Performance Units resulting from termination of your Service and you irrevocably release the Company, the Employer and their respective Affiliates from any such claim that may arise.
Securities Laws.
    By accepting this Award, you acknowledge that Canadian or other applicable securities laws, including, without limitation, U.S. securities laws, and/or the Company’s policies regarding trading in its securities may limit or restrict your right to buy or sell Shares, including, without limitation, sales of Shares acquired in connection with this Award.  You agree to comply with all Canadian and any other applicable securities law requirements, including, without limitation, any U.S. securities law requirements, and Company policies, as such laws and policies are amended from time to time.
			
	

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EXHIBIT 10.36(f)

Data Privacy Notice and Consent.
You hereby explicitly and unambiguously consent to the collection, use and transfer, in electronic or other form, of your personal data as described in this Award Agreement by and among, as applicable, the Employer, the Company and its other Affiliates for the exclusive purpose of implementing, administering and managing your participation in the Plan.
You understand that the Company, the Employer and/or other Affiliates may hold certain personal information about you, including, but not limited to, your name, home address, email address and telephone number, date of birth, social insurance or social security number, passport or other identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all Performance Units or any other entitlement to Shares awarded, canceled, vested, unvested or outstanding in your favor (“Data”), for the exclusive purpose of implementing, administering and managing your participation in the Plan.  
You understand that Data will be transferred to Solium Capital or such other third party assisting in the implementation, administration and management of the Plan, that these recipients may be located in Canada, the United States or elsewhere, and that the recipient’s country may have different data privacy laws and protections than your country.  You understand that, if you reside in the European Economic Area, you may request a list with the names and addresses of any potential recipients of Data by contacting your local human resources representative.  You authorize the recipients to receive, possess, use, retain and transfer Data, in electronic or other form, for the purposes of implementing, administering and managing your participation in the Plan.  You understand that Data will be held only as long as is necessary to implement, administer and manage your participation in the Plan.  You understand that, if you reside in the European Economic Area, you may, at any time, view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or refuse or withdraw the consents herein, in any case without cost, by contacting in writing your local human resources representative.  You understand that refusal or withdrawal of consent may affect your ability to participate in the Plan.  Further, you understand that you are providing the consents herein on a purely voluntary basis.  If you do not consent, or if you later seek to revoke your consent, your employment status or Service with the Employer will not be affected; the only consequence of refusing or withdrawing your consent is that the Company would not be able to grant you Performance Units or other awards or administer or maintain such awards.  For more information on the consequences of your refusal to consent or withdrawal of consent, you understand that you may contact your local human resources representative.
Upon request of the Company or the Employer, you agree to provide a separate executed data privacy consent form (or any other agreements or consents that may be required by the Company and/or the Employer) that the Company and/or the Employer may deem necessary to obtain from you for the purpose of administering your participation in the Plan in compliance with the data privacy laws in your country, either now or in the future.  You understand and agree that you will not be able to participate in the Plan if you fail to provide any such consent or agreement requested by the Company and/or the Employer.
Limits on Transferability; Beneficiaries.  
			
	

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EXHIBIT 10.36(f)

This Award shall not be pledged, hypothecated or otherwise encumbered or subject to any lien, obligation or liability to any party, or Transferred, otherwise than by your will or the laws of descent and distribution or to a Beneficiary upon your death, except that this Award may be Transferred to one or more Beneficiaries or other Transferees during your lifetime with the consent of the Committee.  A Beneficiary, Transferee, or other person claiming any rights under this Award Agreement shall be subject to all terms and conditions of the Plan and this Award Agreement, except as otherwise determined by the Committee, and to any additional terms and conditions deemed necessary or appropriate by the Committee.  
No Transfer to any executor or administrator of your estate or to any Beneficiary by will or the laws of descent and distribution of any rights in respect of this Award shall be effective to bind the Company unless the Committee shall have been furnished with (i) written notice thereof and with a copy of the will and/or such evidence as the Committee may deem necessary to establish the validity of the Transfer and (ii) the written agreement of the Transferee to comply with all the terms and conditions applicable to this Award and any Shares received upon settlement of Performance Units that are or would have been applicable to you.  
Section 409A Compliance.
Neither the Plan, nor this Award Agreement is intended to provide for a deferral of compensation that would subject the Performance Units to taxation prior to the issuance of Shares as a result of Section 409A of the Code.  Notwithstanding anything to the contrary in the Plan, or this Award Agreement, the Company reserves the right to revise this Award Agreement as it deems necessary or advisable, in its sole discretion and without your consent, to comply with Section 409A of the Code or to otherwise avoid imposition of any additional tax or income recognition under Section 409A of the Code prior to the actual payment of Shares pursuant to this Award.  
Notwithstanding the foregoing, the Company does not make any representation to you that the Performance Units awarded pursuant to this Agreement are exempt from, or satisfy, the requirements of Section 409A, and the Company shall have no liability or other obligation to indemnify or hold harmless you or any Beneficiary for any tax, additional tax, interest or penalties that you or any Beneficiary may incur in the event that any provision of this Agreement, or any amendment or modification thereof or any other action taken with respect thereto, is deemed to violate any of the requirements of Section 409A.
Entire Agreement; Governing Law; Jurisdiction; Waiver of Jury Trial.
    The Plan, this Award Agreement and, to the extent applicable, your employment agreement or any separation agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings, representations and agreements (whether oral or written) of the Company and you with respect to the subject matter hereof.  This Award Agreement may not be modified in a manner that adversely affects your rights heretofore granted under the Plan, except with your consent or to comply with applicable law or to the extent permitted under other provisions of the Plan.  This Award Agreement is governed by the laws of the Province of Ontario and the federal laws of Canada applicable therein, without regard to its principles of conflict of laws.  
ANY ACTION OR PROCEEDING AGAINST THE PARTIES RELATING IN ANY WAY TO THIS AWARD OR THE AWARD AGREEMENT MAY BE 
			
	

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EXHIBIT 10.36(f)

BROUGHT EXCLUSIVELY IN THE COURTS OF THE PROVINCE OF ONTARIO, AND YOU IRREVOCABLY SUBMIT TO THE JURISDICTION OF SUCH COURTS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING.  ANY ACTIONS OR PROCEEDINGS TO ENFORCE A JUDGMENT ISSUED BY ONE OF THE FOREGOING COURTS MAY BE ENFORCED IN ANY JURISDICTION.
TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW THAT CANNOT BE WAIVED, YOU HEREBY WAIVE, AND COVENANT THAT YOU WILL NOT ASSERT (WHETHER AS PLAINTIFF, DEFENDANT OR OTHERWISE), ANY RIGHT TO TRIAL BY JURY IN ANY FORUM IN RESPECT OF ANY ISSUE, CLAIM OR PROCEEDING ARISING OUT OF THIS AWARD AGREEMENT OR THE SUBJECT MATTER HEREOF, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING AND WHETHER IN CONTRACT, TORT OR OTHERWISE.  
    By signing this Award Agreement, you acknowledge receipt of a copy of the Plan and represent that you understand the terms and conditions of the Plan, and hereby accept this Award subject to all provisions in this Award Agreement and in the Plan.  You hereby agree to accept as final, conclusive and binding all decisions or interpretations of the Committee upon any questions arising under the Plan or this Award Agreement.
Electronic Delivery and Acceptance.  
The Company may, in its sole discretion, decide to deliver any documents related to this Award or future awards that may be awarded under the Plan by electronic means or request your consent to participate in the Plan by electronic means.  You hereby consent to receive such documents by electronic delivery and agree to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.
Agreement Severable. 
In the event that any provision in this Award Agreement will be held invalid or unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Award Agreement.
Language.
You acknowledge that you are proficient in the English language or have consulted with an advisor who is sufficiently proficient in the English language, so as to allow you to understand the content of this Award Agreement and other Plan-related materials.  If you have received this Award Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.
Non-U.S. Terms and Conditions.
    Notwithstanding any provision in this Award Agreement, if you work and/or reside outside the U.S., this Award shall be subject to the additional terms and conditions set forth in Exhibits B and C, as applicable.  Moreover, if you relocate to one of the countries or between countries included in Exhibits B or C, the special terms and conditions for such country will apply to you, to the extent the Company determines that 
			
	

A-12

EXHIBIT 10.36(f)

the application of such terms and conditions is necessary or advisable for legal or administrative reasons.  Exhibits B and C constitute part of this Award Agreement.
Waiver.  
You acknowledge that a waiver by the Company of breach of any provision of this Award Agreement shall not operate or be construed as a waiver of any other provision of this Award Agreement, or of any subsequent breach by you or any other Participant.

			
	

A-13

EXHIBIT 10.36(f)

Schedule 1

“Performance Period” means the period in the beginning December 31, 2021 and ending December 31, 2024, for the 3-year CAGR (i.e. fiscal year 2022 over fiscal year 2021, fiscal year 2023 over fiscal year 2022 and fiscal year 2024 over fiscal year 2023).

The number of Performance Units that become Earned Units is determined based on the level of achievement during the Performance Period based on the Performance Measures and TSR Percentile Ranking set forth below.

PERFORMANCE MEASURES

															
					
	% of Award	Performance Measure	Threshold
(50% of Target)
	Target
(100% of Target)
	Maximum
(150% of Target)

					
	50%
	Organic Adjusted EBITDA 3-year CAGR (excluding Ad Fund)			
	

				
	30%
	Comparable Sales3-year CAGR			
	

				
	20% 
	NRG 3-year CAGR
			
	

				

*Amounts between Threshold and Target and Target and Maximum will be based on linear interpolation to determine the Percentage Earned. 

The Compensation Committee may disregard or adjust the Performance Goal for the impact of any of the following:  (i) corporate transactions (including, without limitation, mergers, dispositions, acquisitions and other similar type events or circumstances; (ii) restructuring, discontinued operations, strategic investments, extraordinary items or events, and other unusual or non-recurring charges; (iii) an event either not directly related to the operations of the Corporation or any of its affiliates or not within the reasonable control of the Corporation’s management; or (iv) a change in tax law or accounting standards required by generally accepted accounting principles.

TSR PERCENTILE RANKING

						
		
	Performance Level	TSR Percentage Earned
(% of Target)

		
	>75th Percentile
	150%
	60th – 75th Percentile
	Linear interpolation
	40th – 60th Percentile
	100%
	25th – 40th Percentile
	Linear interpolation
	<25th Percentile
	50%

			
	

A-14

EXHIBIT 10.36(f)

*TSR Percentage Earned between listed Performance Levels will be at the Payout for the highest Performance Level exceeded. 

The “Percentage Earned” equals the product of (1) the sum of: for each Performance Measure, (A) the product of the percentage of Target earned for such Performance Measure multiplied by (B) the percentage of Award that is applicable to such Performance Measure, multiplied by (2) the TSR Percentage Earned, each as set forth above.

The number of Earned Units equals the Percentage Earned multiplied by the number of Performance Units (including any Dividend Equivalents); provided that if the Percentage Earned (prior to applying the TSR Percentage Earned multiplier) is less than 50% then the number of Earned Units will be zero.

			
	

A-15

EXHIBIT 10.36(f)

EXHIBIT B

RESTAURANT BRANDS INTERNATIONAL INC.
AMENDED AND RESTATED 2014 OMNIBUS INCENTIVE PLAN

ADDITIONAL TERMS AND CONDITIONS OF THE
PERFORMANCE AWARD AGREEMENT FOR PARTICIPANTS 
OUTSIDE THE U.S. 

Certain capitalized terms used but not defined in this Exhibit B have the meanings set forth in the Restaurant Brands International Inc. Amended and Restated 2014 Omnibus Incentive Plan (the "Plan") and/or the Performance Award Agreement (the "Award Agreement").

TERMS AND CONDITIONS

This Exhibit B includes additional terms and conditions that govern this Award granted to you under the Plan if you reside and/or work outside the U.S. and Canada and/or in one of the countries listed below.  If you are a citizen or resident of a country other than the one in which you are currently residing and/or working, transfer employment and/or residency after this Award is granted or are considered a resident of another country for local law purposes, the Committee shall, in its discretion, determine to what extent the terms and conditions contained herein shall apply to you.

NOTIFICATIONS 

This Exhibit B also includes information regarding securities, exchange controls, tax and certain other issues of which you should be aware with respect to participation in the Plan.  The information is based on the securities, exchange control, and other laws in effect in the respective countries as of January 2022.  Such laws are often complex and change frequently.  As a result, the Company strongly recommends that you not rely on the information in this Exhibit B as the only source of information relating to the consequences of your participation in the Plan because the information may be out of date at the time you vest in this Award or sell Shares acquired under the Plan.

In addition, the information contained herein is general in nature and may not apply to your particular situation, and the Company is not in a position to assure you of a particular result.  Accordingly, you should seek appropriate professional advice as to how the relevant laws in your country may apply to your situation.

Finally, if you are a citizen or resident of a country other than the one in which you are currently residing and/or working, transfer employment and/or residency after this Award is granted or are considered a resident of another country for local law purposes, the information contained herein may not be applicable to you.
			
	

A-16

EXHIBIT 10.36(f)

GENERAL TERMS AND CONDITIONS FOR PARTICIPANTS OUTSIDE THE U.S.

The following terms and conditions apply if you reside and/or work outside of the U.S. and supplement the entire Award Agreement generally:

Entire Agreement.

The following provisions replace the first sentence of the Entire Agreement section of Exhibit A:

The Plan and the Award Agreement, including this Exhibit B, constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings, representations and agreements (whether oral or written) of the Company and you with respect to the subject matter hereof.  In no event will any aspect of this Award be determined in accordance with your employment agreement (or other Service contract).  

Retirement.

Notwithstanding the favorable treatment that is potentially available upon a termination due to Retirement (as set forth in the Termination section of the Award Agreement), if the Company receives an opinion of counsel that there has been a legal judgment and/or legal development in your jurisdiction that would likely result in this favorable treatment upon termination due to Retirement being deemed unlawful and/or discriminatory, then the favorable Retirement treatment will not apply at the time your Service terminates and the Award will be forfeited if your Service ends before the Vesting Date for any reason other than as set forth in the Termination section of the Award Agreement.

Taxes.

The following provisions supplement the Taxes section of Exhibit A:

You acknowledge that your liability for Tax-Related Items may exceed the amount withheld by the Company and/or the Employer, if any.

If you have become subject to tax in more than one jurisdiction, you acknowledge that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

Limits on Transferability; Beneficiaries.

The following provision supplements the Limits on Transferability; Beneficiaries section of Exhibit A:

This Award may not be Transferred to a designated Beneficiary and may only be Transferred upon your death to your legal heirs in accordance with applicable laws of descent and distribution.  In no case may this Award be Transferred to another individual during your lifetime.
			
	

A-17

EXHIBIT 10.36(f)

Acknowledgement of Nature of Award.

The following provisions supplement the Acknowledgment of Nature of Award section of Exhibit A:

You acknowledge the following with respect to this Award:

(a)    The Award and any Shares acquired under the Plan, and the income from and value of same, are not intended to replace any pension rights or compensation; 

(b)    In no event should this Award or any Shares acquired under the Plan, and the income from and value of same, be considered as compensation for, or relating in any way to, past services for the Company, the Employer or any other Affiliate; 

(c)    Neither the Company, the Employer nor any other Affiliate shall be liable for any foreign exchange rate fluctuation between your local currency and the United States Dollar or Canadian Dollar, as applicable, that may affect the value of this Award or of any amounts due to you pursuant to the settlement of this Award or the subsequent sale of any Shares acquired upon settlement; 

(d)    Unless otherwise agreed with the Company, this Award and any Shares acquired upon the settlement of this Award, and the income from and value of same, are not granted as consideration for, or in connection with, any service you may provide as a director of any Affiliate; and 

(e)    Unless otherwise provided in the Plan or by the Company in its discretion, this Award and the benefits under the Plan evidenced by the Award Agreement do not create any entitlement to have this Award or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the Shares.

No Advice Regarding Award.

The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding your participation in the Plan, or your acquisition or sale of the underlying Shares.  You should consult with your own personal tax, legal and financial advisors regarding your participation in the Plan before taking any action related to the Plan.

Insider Trading Restrictions/Market Abuse Laws.  

You acknowledge that, depending on your country or the designated broker’s country, or the countr(ies) in which the Shares are listed, you may be subject to insider trading restrictions and/or market abuse laws in applicable jurisdictions, which may affect your ability to accept, acquire, sell or attempt to sell or otherwise dispose of the Shares, rights to Shares (e.g., this Award) or rights linked to the value of Shares, during such times as you are considered to have “inside information” regarding the Company (as defined by the laws or regulations in applicable jurisdictions, including the U.S. and your country).  Local insider trading laws and regulations may prohibit the cancellation or amendment of orders you placed before possessing inside information. Furthermore, you may be prohibited from (i) disclosing insider information to any third party, including fellow employees (other than on a “need to know” basis) and (ii) “tipping” third parties or causing them to otherwise buy or sell securities.  Any restrictions under these laws or 
			
	

A-18

EXHIBIT 10.36(f)

regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy.  You acknowledge that it is your responsibility to comply with any applicable restrictions, and you should speak to your personal advisor on this matter.
Foreign Asset/Account Reporting Requirements.  

You acknowledge that there may be certain foreign asset and/or account reporting requirements which may affect your ability to acquire or hold the Shares acquired under the Plan or cash received from participating in the Plan (including from any dividends paid on the Shares acquired under the Plan) in a brokerage or bank account outside your country.  You may be required to report such accounts, assets or transactions to the tax or other authorities in your country.  You also may be required to repatriate sale proceeds or other funds received as a result of participating in the Plan to your country through a designated bank or broker within a certain time after receipt.  You acknowledge that it is your responsibility to be compliant with such regulations, and you should speak to your personal advisor on this matter.
Imposition of Other Requirements.  

The Company reserves the right to impose other requirements on your participation in the Plan, on this Award and on any Shares acquired upon settlement of this Award, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require you to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

			
	

A-19

EXHIBIT 10.36(f)

COUNTRY SPECIFIC TERMS AND CONDITIONS AND NOTIFICATIONS FOR PARTICIPANTS OUTSIDE THE U.S. AND CANADA

BRAZIL

TERMS AND CONDITIONS 

Labor Law Policy and Acknowledgment.  
The following provision supplements the Acknowledgment of Nature of Awards section of Exhibit A:
In accepting this Award, you acknowledge and agree that (i) you are making an investment decision, (ii) the Shares will be issued to you only if the vesting conditions are met and any necessary services are rendered by you over the vesting period, and (iii) the value of the underlying Shares is not fixed and may increase or decrease in value over the vesting period without compensation to you.
Compliance with Law.  

In accepting this Award, you agree to comply with applicable Brazilian laws, and to report and pay all Tax-Related Items associated with the vesting of this Award or the subsequent sale of Shares acquired under the Plan.

NOTIFICATIONS 

Exchange Control Information.  
If you are a resident or domiciled in Brazil, you will be required to submit an annual declaration of assets and rights held outside of Brazil to the Central Bank of Brazil if the aggregate value of such assets and rights is equal to or greater than USD 1,000,000.  Quarterly reporting is required if such amount exceeds USD 100,000,000.  Assets and rights that must be reported include Shares acquired under the Plan and may include the Award.
Tax on Financial Transactions (IOF).  

Payments to foreign countries and repatriation of funds into Brazil, and the conversion between BRL and USD associated with such fund transfers, may be subject to the Tax on Financial Transactions.  It is your responsibility to comply with any applicable Tax on Financial Transactions arising from participation in the Plan.  You should consult with your personal tax advisor for additional details.

SINGAPORE

TERMS AND CONDITIONS 

Sale of Shares.  

Any sale or offer of Shares shall be made pursuant to one or more exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the Securities and Futures 
			
	

A-20

EXHIBIT 10.36(f)

Act (Chap. 289, 2006 Ed.) (“SFA”), or pursuant to, and in accordance with the conditions of, any other applicable provisions of the SFA.

NOTIFICATIONS 

Securities Law Information.

The grant of this Award is being made pursuant to the “Qualifying Person” exemption under section 273(1)(f) of the SFA and is not made with a view to this Award or underlying Shares being subsequently offered for sale to any other party.  The Plan has not been lodged or registered as a prospectus with the Monetary Authority of Singapore.  

Director Notification Requirement.

If you are a director, associate director or shadow director of the Company’s Singapore Affiliate, you are subject to certain notification requirements under the Singapore Companies Act.  Among these requirements is an obligation to notify the Singapore Affiliate in writing when you receive an interest (e.g., this Award, Shares) in the Company or Affiliate.  In addition, you must notify the Singapore Affiliate when you sell Shares (including when you sell Shares issued upon settlement of this Award).  These notifications must be made within two business days of acquiring or disposing of any interest in the Company or any Affiliate.  In addition, a notification of your interests in the Company or Affiliate must be made within two business days of becoming a director.

SWITZERLAND

NOTIFICATIONS 

Securities Law Information.
Neither this document nor any other materials relating to the offer of this Award (i) constitutes a prospectus according to articles 35 et seq. of the Swiss Federal Act on Financial Services (“FinSA”), (ii) may be publicly distributed or otherwise made publicly available in Switzerland to any person other than an employee of the Company or any of its Affiliates, or (iii) has been or will be filed with, approved by or supervised by any Swiss reviewing body according to article 51 FinSA or any Swiss regulatory authority (e.g., the Swiss Financial Market Supervisory Authority).

URUGUAY
TERMS & CONDITIONS

Data Privacy Notice and Consent.  

The following provision supplements the Data Privacy Notice and Consent section of Exhibit A:  

You understand that Data will be collected by the Employer and will be transferred to the Company at 130 King Street, Suite 300, Toronto, Ontario M5X 1E1 Canada and/or 5707 Blue Lagoon Drive, Miami, FL 33126 USA, and/or any financial institutions or brokers involved in the management and administration of the Plan.  You further understand that any of these entities may store Data for purposes of administering your participation in the Plan.

			
	

A-21

EXHIBIT 10.36(f)

EXHIBIT C

RESTAURANT BRANDS INTERNATIONAL INC.
AMENDED AND RESTATED 2014 OMNIBUS INCENTIVE PLAN

ADDITIONAL TERMS AND CONDITIONS TO THE
PERFORMANCE AWARD AGREEMENT FOR PARTICIPANTS IN CANADA

Certain capitalized terms used but not defined in this Exhibit C have the meanings set forth in the Restaurant Brands International Inc. Amended and Restated 2014 Omnibus Incentive Plan (the “Plan”) and/or the Performance Award Agreement (the “Award Agreement”).

TERMS AND CONDITIONS

This Exhibit C includes additional terms and conditions that govern this Award granted to you under the Plan if you reside and/or work in Canada.  If you are a citizen or resident of a country other than Canada, transfer employment and/or residency after this Award is granted or are considered a resident of another country for local law purposes, the Committee shall, in its discretion, determine to what extent the terms and conditions contained herein shall apply to you.

NOTIFICATIONS 

This Exhibit C also includes information regarding securities, exchange controls, tax and certain other issues of which you should be aware with respect to participation in the Plan.  The information is based on the securities, exchange control, and other laws in effect in Canada as of January 2022.  Such laws are often complex and change frequently.  As a result, the Company strongly recommends that you not rely on the information in this Exhibit C as the only source of information relating to the consequences of your participation in the Plan because the information may be out of date at the time the Performance Units subject to this Award vest and settle or you sell Shares acquired under the Plan.

In addition, the information contained herein is general in nature and may not apply to your particular situation, and the Company is not in a position to assure you of a particular result.  Accordingly, you should seek appropriate professional advice as to how the relevant laws in Canada may apply to your situation.

Finally, if you are a citizen or resident of a country other than Canada, transfer employment and/or residency after this Award is granted or are considered a resident of another country for local law purposes, the information contained herein may not be applicable to you.

			
	

A-22

EXHIBIT 10.36(f)

TERMS AND CONDITIONS

Termination.

The following provision supplements the Termination section of Exhibit A:

Notwithstanding the foregoing, if applicable employment standards legislation explicitly requires continued vesting during a statutory notice period, your right to vest in the Award under the Plan, if any, will terminate effective as of the last day of your minimum statutory notice period.
Taxes. 

The following provisions replace the third paragraph under the Taxes section of Exhibit A:

Prior to the relevant taxable or tax withholding event, as applicable, you will pay or make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all withholding and payment on account obligations of the Company and/or the Employer.  In this regard, you authorize the Company and/or the Employer to withhold all applicable Tax-Related Items legally payable by you from your wages or other cash compensation payable to you by the Company and/or the Employer.  Alternatively, or in addition, if permissible under local law, the Company may in its sole and absolute discretion (1) sell or arrange for the sale of Shares that you acquire to meet the withholding obligation for Tax-Related Items (on your behalf pursuant to this authorization without further consent), and/or (2) withhold the amount of Shares necessary to satisfy the Tax-Withholding Items.  
The following provisions regarding language consent and data privacy will apply if you are a resident of Quebec:

Language Consent.  

The parties acknowledge that it is their express wish that the Award Agreement, as well as all addenda, documents, notices, and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English.

Les parties reconnaissent avoir exigé la rédaction en anglais de cette Convention, ainsi que de tous documents exécutés, avis donnés et procédures judiciaries intentées, directement ou indirectement, relativement à ou suite à la présente convention.

Data Privacy Notice and Consent.  

The following provision supplements the Data Privacy Notice and Consent section of Exhibit A:  

You hereby authorize the Company and the Company’s representatives to discuss and obtain all relevant information from all personnel, professional or non-professional, involved in the administration of the Plan.  You further authorize the Company, its Affiliates and the Committee to disclose and discuss the Plan with their advisors.  You further authorize the Employer, the Company, and any other Affiliate to record such information and to keep such information in your employee file.

NOTIFICATIONS 

			
	

A-23

EXHIBIT 10.36(f)

Securities Law Information.  

You are permitted to sell Shares acquired under the Plan through the designated broker, if any, provided the sale of the Shares acquired under the Plan takes place through the facilities of a stock exchange on which the Shares are listed (i.e., the New York Stock Exchange or the Toronto Stock Exchange), subject to applicable laws an Company policies.

Foreign Asset/Account Reporting Information.  

You must report annually on Form T1135 (Foreign Income Verification Statement) any foreign specified property you hold (including any Shares acquired under the Plan, if held outside Canada), if the total value of such foreign specified property exceeds C$100,000 at any time during the year.  The unvested portion of this Award also must be reported (generally at nil cost) on Form 1135 if the C$100,000 threshold is exceeded due to other foreign specified property you hold.  If Shares are acquired, the cost generally is their adjusted cost base (the “ACB”).  The ACB would normally equal the Fair Market Value of the Shares at the time of acquisition, but if you own other Shares, the ACB may have to be averaged with the ACB of the other Shares.  The form must be filed with your annual tax return by April 30 of the following year.  You should consult with a personal advisor to ensure you comply with the applicable reporting obligation. 

			
	

A-24Exhibit
10.1

 

PURCHASE
AND SALE AGREEMENT

 

between

 

SANDPIPER
RESORT PROPERTIES, INC.,

 

as
Seller,

 

Joined
by

 

HOLIDAY
VILLAGE OF SANDPIPER, INC.

 

and

 

ALTITUDE
INTERNATIONAL HOLDINGS, INC.

 

as
Purchaser

 

April
25, 2022

 

    	 

     

    

 

TABLE
OF CONTENTS

 

	I.	DEFINITIONS	1
	II.	SALE AND PURCHASE OF THE PROPERTY	7
	 	2.1	Purchase
    of the Property	7
	 	2.2	Purchase
    Price and Terms of Payment	7
	III.	ESCROW	8
	 	3.1	Escrow	8
	 	3.2	Deposit
    of Funds	8
	 	3.3	Release
    of Funds by Escrow Agent	8
	IV.	CONDITION OF TITLE; DUE DILIGENCE REVIEW	8
	 	4.1	Due
    Diligence Materials	8
	 	4.2	Survey	9
	 	4.3	Title
    Commitment	9
	 	4.4	Title
    to the Real Property	9
	 	4.5	Inspection
    and Due Diligence Review	10
	 	4.6	Subsequent
    Liens and Encumbrances	13
	 	4.7	Condition
    of the Property	13
	V.	CLOSING	16
	 	5.1	Closing
    Date	16
	 	5.2	Documents
    to be Delivered to Escrow Agent by Seller	16
	 	5.3	Documents
    to be Delivered to Escrow Agent by Purchaser	18
	 	5.4	Recording
    of Deed	18
	 	5.5	Prorations
    and other Adjustments	18
	 	5.6	Costs	21
	 	5.7	Distribution
    of Funds and Documents Following Closing	21
	 	5.8	Possession	22
	VI.	ADDITIONAL COVENANTS AND INDEMNITIES	22
	 	6.1	Purchaser’s
    Covenants	22
	 	6.2	Seller
    Covenants	23
	VII.	REPRESENTATIONS AND WARRANTIES	24
	 	7.1	Purchaser’s
    Representations and Warranties	24
	 	7.2	Seller’s
    Representations and Warranties	26

 

    	i

     

    

 

	VIII.	CONDITIONS
PRECEDENT TO CLOSING	29
	 	8.1	Conditions
    to Seller’s Obligations	29
	 	8.2	Conditions
    to Purchaser’s Obligations	30
	 	8.3	Failure
    of Conditions to Closing	30
	IX.	DEFAULTS	30
	 	9.1	Closing
    Default by Purchaser	30
	 	9.2	Default
    by Seller	31
	 	9.3	Notice
    and Cure Period	32
	X.	BROKERS	32
	 	10.1	Seller’s
    Representations Regarding Brokers	32
	 	10.2	Purchaser’s
    Representations Regarding Brokers	32
	 	10.3	Survival	33
	XI.	NOTICES	33
	XII.	MISCELLANEOUS	34
	 	12.1	Governing
    Law	34
	 	12.2	Professional
    Fees and Costs	34
	 	12.3	Exhibits
    and Schedules a Part of This Agreement	34
	 	12.4	Executed
    Counterparts; Electronically Scanned Signatures	34
	 	12.5	Assignment	34
	 	12.6	IRS
    - Form 1099-S	35
	 	12.7	Successors
    and Assigns	35
	 	12.8	Time
    is of the Essence	35
	 	12.9	Entire
    Agreement	35
	 	12.10	Waiver	35
	 	12.11	Headings	35
	 	12.12	Risk
    of Loss	36
	 	12.13	Construction
    of Agreement	37
	 	12.14	Public
    Disclosure; Confidentiality	37
	 	12.15	Covenants,
    Representations and Warranties	38
	 	12.16	No
    Third-Party Beneficiaries	40
	 	12.17	Waiver
    of Trial by Jury	40
	 	12.18	Arbitration
    of Disputes	41
	 	12.19	Survival	42
	 	12.20	Radon
    Gas Disclosure	42
	 	12.21	Energy
    Efficiency Rating Disclosure	42
	 	12.22	Property
    Tax Disclosure	43
	 	12.23	Joinder	43
	 	12.24	Post-Closing
    Cooperation	43
	 	12.25	Exclusivity	43 

 

    	ii

     

    

 

Exhibits

 

	Schedule
    1	 	List
    of Contracts
	Schedule
    2	 	FF&E
	Schedule
    3	 	Excluded
    Personal Property from FF&E
	Schedule
    4	 	Licenses
    Included In Intangible Property
	Schedule
    5	 	Pending
    Actions and Claims
	Schedule
    6	 	Uncured
    Violations as of the Effective Date
	Schedule
    7	 	Underground Storage Tanks
	Exhibit
    A	 	Legal
    Description
	Exhibit
    B 	 	Deposit
    Escrow Instructions
	Exhibit
    C 	 	Deed
    
	Exhibit
    D	 	Non-Foreign
    Affidavit
	Exhibit
    E	 	Seller’s
    Affidavit
	Exhibit
    F	 	Term
    Sheet of Lease
	Exhibit
    G	 	Bill
    of Sale
	Exhibit
    H 	 	Assignment
    of Intangible Property

 

    	iii

     

    

 

PURCHASE
AND SALE AGREEMENT

 

THIS
PURCHASE AND SALE AGREEMENT (“Agreement”) is dated as of the 25th day of April, 2022 (the “Effective
Date”), and is made by and between SANDPIPER RESORT PROPERTIES, INC., a Florida corporation (“Seller”),
with an address at c/o 6505 Blue Lagoon Drive, Suite 225, Miami FL 33126, joined by HOLIDAY VILLAGE OF SANDPIPER, INC., a Florida corporation,
with an address at c/o 6505 Blue Lagoon Drive, Suite 225, Miami FL 33126, for the purposes provided in Section 12.23, and ALTITUDE
INTERNATIONAL HOLDINGS, INC., a New York corporation (“Purchaser”) with an address at 4500 SE Pine Valley Street,
Port Saint Lucie, FL 34952.

 

RECITALS

 

A.
Seller is the owner of the Property.

 

B.
Seller leases the Property to Holiday Village of Sandpiper, Inc. (the “Tenant” or “Operator”)
pursuant to the Operating Lease Agreement.

 

C.
Purchaser desires to purchase all of Seller’s and Operator’s right, title and interest in and to the Property and
Personal Property at Closing on the terms and conditions set forth in this Agreement.

 

D.
Seller, joined in by Operator to the extent it owns any Personal Property, desires to sell to Purchaser all of its right, title and
interest in and to the Property and Personal Property at Closing on the terms and conditions set forth in this Agreement.

 

E.
All capitalized terms used in this Agreement and not otherwise defined shall have the meanings ascribed to such terms in Article
I.

 

AGREEMENT

 

NOW,
THEREFORE, for good and valuable consideration, including the promises, covenants, representations and warranties hereinafter set forth,
the receipt and adequacy of which are hereby acknowledged, the parties, intending to be legally and equitably bound, agree as follows.

 

I.

 

DEFINITIONS

 

As
used in this Agreement, the following terms have the meanings ascribed to them in this Article I or in the Sections of this Agreement
identified below:

 

“Academy.”
ITA-USA Enterprise, LLC, a Florida limited liability company,

 

    	1

     

    

 

“Affiliates.”
With respect to any persons or entities, (i) all persons or entities that, directly or indirectly, control, are controlled by, or are
under common control with, such person or entity; and (ii) all persons or entities that, directly or indirectly, own, are owned by or
are under common ownership with, such person or entity (and “Affiliate” with respect to any person or entity means
any one of the foregoing).

 

“Accountants.”
As set forth in Section 5.5.4.3 hereof.

 

“Assignment
of Intangible Property.” As set forth in Section 5.2(d) hereof.

 

“Bill
of Sale.” As set forth in Section 5.2(c) hereof.

 

“Business
Day.” Any day other than a Saturday, Sunday or any legal holiday on which federal banking institutions located in Florida are
authorized to close under Law or are in fact closed.

 

“Casualty.”
As set forth in Section 12.12.1 hereof.

 

“Casualty
Notice.” As set forth in Section 12.12.1 hereof.

 

“Casualty
Renovation Cost.” As set forth in Section 12.12.1 hereof.

 

“Claim(s).”
Collectively, actual out-of-pocket damages, claims (including any claim for damage to property of others or injury to or death of any
persons), penalties, obligations, liabilities, fines, losses, causes of action, fees, proceedings, judgments, actions, rights, demands,
costs and expenses (including reasonable attorneys’ and paraprofessional fees (whether or not legal proceedings are instituted)
and court and litigation costs), except to the extent that any of the foregoing allege or constitute indirect, special, consequential,
exemplary or punitive damages (or would constitute indirect, special, consequential, exemplary or punitive damages if ordered by a court).

 

“Claim
Notice.” As set forth in Section 12.15.1 hereof.

 

“Closing.”
The transfer and assignment of the Property and Personal Property to Purchaser on the Closing Date and the performance by each party
of the obligations on its part to be performed under and in accordance with this Agreement on or before the Closing Date.

 

“Closing
Date.” As set forth in Section 5.1 hereof.

 

“Code.”
Internal Revenue Code of 1986, as amended.

 

“Contracts.”
All service contracts, maintenance contracts, license agreements, leases, waterfront activity concession agreements, and other occupancy
agreements for any portion of the Property (including without limitation the marina, its boat slips, and the golf course), other than
the Operating Lease Agreement. Seller has listed all of the Contracts on Schedule 1.

 

    	2

     

    

 

“Cure.”
With respect to a Lien or an Encumbrance, to cause Title Insurer to issue the Title Policy without exception for such Lien or Encumbrance,
either (i) by Discharging such Lien or Encumbrance or (ii) on the basis of an indemnification, a bond or another arrangement satisfactory
to Seller, Purchaser, and Title Insurer.

 

“Deed.”
As set forth in Section 5.2(a) hereof.

 

“Deposit.”
As set forth in Section 2.2.1 hereof.

 

“Deposit
Escrow Instructions.” As set forth in Section 3.1 hereof.

 

“Discharge.”
(i) With respect to a Lien, (a) to cause the party secured by such Lien to reconvey, release, and discharge the same of record; or (b)
to cause Title Insurer to issue the Title Policy without exception for such Lien by paying the indebtedness it secures (the amount thereof
having been previously specified for the applicable payoff date by the secured party) into Escrow at Closing or on the basis of an indemnification,
bond or other arrangement reasonably satisfactory to Title Insurer, Seller, and Purchaser, or (ii) with respect to an Encumbrance, to
cause the parties benefitted by such Encumbrance to discharge and terminate such Encumbrance of record.

 

“Due
Diligence Materials.” As set forth in Section 4.1.

 

“Due
Diligence Period.” As set forth in Section 4.5.1 hereof.

 

“Effective
Date.” As set forth in the Preamble hereof.

 

“Encumbrance.”
(i) Any covenant, condition, restriction, easement, right of way or other matter affecting title to the Real Property, and (ii) any encroachment,
violation, easement, right of way or other matter that would be disclosed by an accurate and complete ALTA land title survey; provided,
however, that “Encumbrances” do not include Liens.

 

“Environmental
Damages.” All claims, judgments, damages, losses, penalties, fines, liabilities (including strict liability), encumbrances,
liens, costs, and expenses of investigation and defense of any claim, whether or not such claim is ultimately defeated, and of any good
faith settlement of judgment, of whatever kind or nature, contingent or otherwise matured or unmatured, foreseeable or unforeseeable,
including reasonable attorneys’ and paraprofessional fees and disbursements and consultants’ fees, which are incurred at
any time as a result of the existence or alleged existence of Hazardous Materials upon, about, or beneath all or any part of the Real
Property or migrating or threatening to migrate to or from all or any part of the Real Property, or the existence of a violation of Environmental
Requirements pertaining to all or any part of the Real Property, regardless of whether the existence of such Hazardous Materials or the
violation of Environmental Requirements arose prior to the present ownership or operation of all or any part of the Real Property.

 

“Environmental
Requirements.” All applicable present and future statutes, laws, regulations, rules, ordinances, codes, licenses, permits,
orders, approvals, plans, authorizations, concessions, and similar requirements or restrictions, of all governmental agencies, departments,
commissions, boards, bureaus, or instrumentalities of the United States, states and political subdivisions thereof and all applicable
judicial, administrative, and regulatory decrees, judgments, and orders relating to the protection of human health or the environment.

 

    	3

     

    

 

“Escrow.”
As set forth in Section 3.1 hereof.

 

“Escrow
Agent.” The Title Insurer.

 

“FF&E.”
All tangible personal property upon the Land, within the Improvements, including specifically, appliances, furniture, furnishings, equipment,
and machines (including kitchen, food and beverage service, kitchen smallwares, utensils and serving pieces, cleaning service, laundry,
office, telephone, facsimile, and other telecommunication, cable and satellite television and computer equipment and machines), devices,
tools, carpeting, draperies, curtains and other floor, window and wall coverings, lighting fixtures, decorations, artwork, signs and
signage and other items of personal property used primarily in connection with the ownership, occupancy or operation of the Land, the
Improvements, or located at the Real Property or stored offsite or on order for delivery, together with any additions thereto prior to
the Closing. The FF&E includes those items stated on Schedule 2 attached. Schedule 3 attached hereto
lists those items that will not be included in the FF&E to be transferred to Purchaser.

 

“Final
Prorations Statement.” As set forth in Section 5.5.5.2 hereof.

 

“Good
Funds.” A deposit of current federal funds by wire transfer.

 

“Governmental
Authority.” means any federal, state, county, municipal or other government or any governmental or quasi-governmental
agency, department, commission, board, bureau, court, office or instrumentality, foreign or domestic, or any of them.

 

“Hazardous
Materials.” Mold, mildew, and any substance (i) the presence of which requires investigation or remediation under any federal,
state or local statute, law, regulation, ordinance or policy; or (ii) which is defined as a “hazardous waste” or “hazardous
substance” under any federal, state or local statute, law, regulation or ordinance, including the Comprehensive Environmental
Response, Compensation and Liability Act (42 U.S.C. Section 9601 et seq.) and the Resource Conservation and Recovery Act (42 U.S.C.
Section 6901 et seq.) and amendments thereto and regulations promulgated thereunder; or (iii) which is toxic, explosive, corrosive,
infectious or otherwise hazardous or is regulated by any federal, state or local governmental authority; or (iv) which contains polychlorinated
biphenyls (PCBs), asbestos or urea formaldehyde.

 

“Hotel”
shall mean the hotel operating at the Property as of the Effective Date.

 

“Improvements.”
The buildings, structures, and other permanent improvements located on the Land and the marina which is subject to the Submerged Land
Lease, together with all fixtures and equipment, machinery, walls, fences, and other items of property (including all components thereof),
in each case which are permanently affixed to or incorporated into such permanent improvements, including electrical distribution systems,
HVAC systems, walkways, driveways, kitchen and support systems, utility systems, cable television infrastructure, parking lots, landscaped
areas, recreational facilities, plumbing, swimming pools, lighting, and mechanical equipment located therein or on the Land, and all
rights, benefits and privileges appurtenant thereto.

 

    	4

     

    

 

“Initial
Deposit.” As set forth in Section 2.2.1 hereof.

 

“Intangible Property.”
All (a) state and local Licenses associated with the Hotel, excluding music royalty licenses if not assignable (b) manufacturer’s
or contractor’s warranties and guaranties associated with the Hotel or the Property, (c) blueprints, plans, specifications and
surveys associated with the Real Property, to the extent within Seller’s possession or control, (d) assignable or transferable
security and other deposits relating to the ownership, possession, occupancy, use or operation of the Land, the Improvements, the Personal
Property or any part thereof, and (e) Contracts which Purchaser elects to assume in accordance with the terms of this Agreement.
Without limiting the generality of the foregoing, the Licenses included in the Intangible Property (other than the Contracts
which Purchaser shall elect to assume) are set forth on Schedule 4.

 

“Land.”
The land described on Exhibit A attached hereto and upon which the Improvements are located, including all easements, rights-of-way,
strips, zones, transferable hereditaments, privileges, tenements and other rights belonging or appurtenant to the Land including, to
the extent appurtenant to the Land and owned by Seller, any development rights, water rights and mineral rights, and any right or interest
of Seller in any open or proposed highways, streets, roads, avenues, alleys, easements, strips, gores and rights-of-way in, across, in
front of, contiguous to, abutting or adjoining the Land, and other rights and benefits running with the Land and/or the owner of the
Land. The “Land” includes all land owned by Seller and any Affiliate of Seller within Saint Lucie County, Florida.

 

“Law.”
Any law, rule, code, statute, ordinance or regulation of any governmental or quasi-governmental entity applicable to the Property or
its operations or the transactions contemplated pursuant to this Agreement.

 

“Lease.”
As set forth in Section 4.5.8 hereof.

 

“Licenses.”
All licenses, permits and approvals required or granted by any governmental or quasi-governmental agency, body or officer for the ownership
and operation of the Hotel or any part thereof, including all liquor licenses.

 

“Lien.”
Any mortgage, deed of trust, deed to secure debt, financing statement, fixture filing, security agreement, or other lien securing a loan
or other financing, a construction, mechanic’s, or materialman’s lien, a judgment lien, a lien for delinquent real property
taxes or assessments, and any other tax or statutory lien, in each case to the extent the same affects the Property and encumbers Seller’s
interests in the Property, excluding liens for real estate taxes or assessments or other sums not yet due, and any liens arising out
of any activity of Purchaser or a Purchaser’s Representative.

 

“Material
Taking.” As set forth in Section 12.12.4 hereof.

 

“New
Encumbrance.” As set forth in Section 4.6 hereof.

 

“Non-Foreign
Affidavit.” As set forth in Section 5.2(b) hereof.

 

“Notice.”
As set forth in Article XI hereof.

 

    	5

     

    

 

“Operating
Lease Agreement” means that certain lease agreement dated as of January 1, 2018, as extended, between Seller, as lessor, and
Tenant, as lessee.

 

“Operating
Supplies.” All the stock in trade of the Hotel owned by Seller, including both operating inventories and consumable inventories,
including all (i) inventory held for sale to guests and others in the ordinary course of business, (ii) maintenance supplies, including
soap and cleaning materials, (iii) fuel and materials, stationery and printing items and supplies, (iv) provisions in store rooms, refrigerators,
pantries, and kitchens and beverages in wine cellars and bars (v) other consumable supplies of all kinds, and (vi) any other item, whether
used, unused, on order, or held in reserve storage for future use in connection with the maintenance and operation of the Property, together
with any additions thereto prior to Closing and subject to depletion, resupply, substitution, replacement and disposition in the ordinary
course of business and excluding items belonging to third party vendors, including but not limited to, the boutique operator, golf course
maintenance company, and marina operator.

 

“Operator.”
As set forth in the Recitals hereof.

 

“Permitted
Exceptions.” As set forth in Section 4.3 hereof.

 

“Personal
Property.” All (i) FF&E, (ii) Operating Supplies, (iii) Intangible Property, and (iv) other tangible personal property
located at the Real Property and owned by Seller and used in connection with the ownership and operation of the Hotel.

 

“Preliminary
Prorations Statement.” As set forth in Section 5.5.4.1 hereof.

 

“Property.”
The Real Property, but in all cases excluding any Personal Property.

 

“Purchase
Price.” As set forth in Section 2.2 hereof.

 

“Purchaser’s
Representatives.” Purchaser’s shareholders and Affiliates, and the existing or prospective lenders, officers, directors,
employees, attorneys, accountants, consultants, advisors, agents, engineers, representatives, investors, or contractors of each of them
assisting in the evaluation or acquisition of the Property.

 

“Real
Property.” The Land and the Improvements.

 

“Reports.”
As set forth in Section 4.7(d) hereof.

 

“Seller’s
Affidavit.” As set forth in Section 5.2(i) hereof.

 

“Seller
Authorized Encumbrance.” As set forth in Section 4.6 hereof.

 

“Seller’s
Broker.” As set forth in Section 10.1 hereof.

 

“Seller’s
Post-Closing Obligations.” As set forth in Section 12.15.2 hereof.

 

    	6

     

    

 

“Seller’s
Representatives.” Seller’s shareholders, each of Seller’s Affiliates, the Broker, and the lenders, officers, directors,
employees, attorneys, accountants, consultants, advisors, agents, representatives or contractors of each of the foregoing.

 

“Settlement
Statement.” As set forth in Section 5.2(d) hereof.

 

“Submerged
Land Lease.” As set forth in Section 5.2(n) hereof.

 

“Survey”.
That certain survey of the Land to be delivered to Purchaser prior to the end of the Due Diligence Period.

 

“Survival
Date.” As set forth in Section 12.15.1 hereof.

 

“Tenant.”
As set forth in the Recitals hereof.

 

“Title
Commitment.” As set forth in Section 4.1 hereof.

 

“Title
Insurer.” First American Title Insurance Company National Commercial Services, through its offices at 13450 West Sunrise Blvd,
Suite 300, Sunrise, FL 33323, Attention: [redacted]

 

“Title
Policy.” As set forth in Section 4.3 hereof.

 

II.

 

SALE
AND PURCHASE OF THE PROPERTY

 

2.1
Purchase of the Property. As of Closing, and subject to the terms and conditions of this Agreement, Seller shall sell, assign,
convey, transfer and deliver to Purchaser, and Purchaser shall purchase and acquire from Seller, Seller’s right, title and interest
in and to the Property and the Personal Property, free and clear of all Liens (other than the Permitted Exceptions), at the Purchase
Price provided in Section 2.2 hereof, as adjusted in accordance with the provisions hereof.

 

2.2
Purchase Price and Terms of Payment. The purchase price for the Property and the Personal Property (the “Purchase Price”)
shall be Fifty-Five Million and 00/100 Dollars ($55,000,000.00), and shall be payable as follows:

 

2.2.1 Deposit. Within
five (5) Business Days of the execution of this Agreement, Purchaser shall wire transfer to the Escrow Agent Five Hundred Thousand
and 00/100 Dollars ($500,000.00) (the “Initial Deposit”). Within five (5) Business Days after the expiration
of the Due Diligence Period, if Purchaser has not terminated the Agreement pursuant to Section 4.5.1 hereof, Purchaser shall wire
transfer an additional Five Hundred Thousand and 00/100 Dollars ($500,000.00) to the Escrow Agent (the “Second
Deposit”, and, together with the Initial Deposit, collectively referred to herein as the “Deposit”). The
Deposit shall be nonrefundable to Purchaser, except (a) in the event that Purchaser elects to terminate this Agreement pursuant
to the terms hereof following a default by Seller of its obligations under this Agreement that is not cured within any applicable cure
period provided in this Agreement, (b) if a condition precedent to Purchaser’s obligations as set forth in this Agreement
is not satisfied as of the Closing Date, or (c) as otherwise specifically provided in this Agreement. The Deposit shall be applied
to the Purchase Price on the Closing Date if Closing occurs.

 

    	7

     

    

 

2.2.3
Balance of Purchase Price. Not later than
3:00 p.m. Eastern time on the Closing Date, after all conditions for Purchaser’s obligations have been satisfied, and all of Seller’s
closing documents have been executed and deposited with the Escrow Agent pursuant to Section 5.2, Purchaser shall deposit with Escrow
Agent, in Good Funds, the Purchase Price less the Deposit, reduced or increased by such amounts as are required by such prorations, credits,
costs or other adjustments which are required by this Agreement and which shall be computed and determined in accordance with the provisions
of Section 5.5.

 

III.

 

ESCROW

 

3.1 Escrow.
Purchaser and Seller shall establish an escrow (the “Escrow”) with Escrow Agent by executing on the Effective
Date hereunder, and having Escrow Agent execute (via pdf delivery and in counterparts) the “Deposit Escrow
Instructions” in the form attached hereto as Exhibit B and Purchaser shall deposit the Deposit with Escrow
Agent when required hereunder, to be held by Escrow Agent pursuant to the Deposit Escrow Instructions.

 

3.2
Deposit of Funds. Except as otherwise provided in this Agreement, all funds deposited into the Escrow by Purchaser shall be immediately
deposited by Escrow Agent into an interest bearing account, subject to the control of Escrow Agent, in a bank or savings and loan association,
or other institution reasonably acceptable to Purchaser and Seller; provided, however, that such funds must be readily available as necessary
to comply with the terms of this Agreement and the Deposit Escrow Instructions (including the return of the Deposit to Purchaser in accordance
with the provisions of this Agreement and the Deposit Escrow Instructions), and for the Closing to occur within the time specified in
Section 5.1 of this Agreement.

 

3.3
Release of Funds by Escrow Agent. Escrow Agent’s obligation, if any, under this Agreement or the Deposit Escrow Instructions
to release the Deposit, and any other funds, prior to the Closing Date is subject to such funds having cleared through the bank, savings
and loan, or other financial institution on which such funds are drawn. Escrow Agent shall make such payments only in strict accordance
with the provisions of the Deposit Escrow Instructions, and Purchaser and Seller agree to save and hold Escrow Agent harmless in disbursing
and releasing the funds as specified in the Deposit Escrow Instructions, except to the extent of Escrow Agent’s gross negligence
or willful misconduct.

 

IV.

 

CONDITION OF TITLE; DUE DILIGENCE REVIEW

 

4.1
Due Diligence Materials. During the period from the signature of the Letter of Intent in January 2022 and the execution of this
Agreement, Buyer has conducted and will continue to conduct all due diligence of the Property desired by Purchaser, including without
limitation title, survey, property inspections, review of contracts and environmental studies and has satisfied itself with the condition
of the Property. Seller has, as of the Effective Date, delivered and shall continue to deliver to Purchaser, as appropriate, all materials,
data, and information pertaining to the ownership and operation of the Property (collectively, “Due Diligence Materials”)
in Seller’s possession or control relating to the condition, title, or operation of the Property either via the internet data room
site or delivery of pdf attachments via email. In the event that Seller obtains possession or control of additional Due Diligence Materials,
Seller shall add such additional Due Diligence Materials to the data room site and advise Purchaser in writing that Seller has done so,
stating which additional Due Diligence Materials were added to the data room site.

 

    	8

     

    

 

4.2
Survey. Seller has ordered an updated ALTA Survey of the Property from a Florida licensed land surveyor and shall deliver same
to Purchaser not later than five (5) days after the Effective Date. If requested by Purchaser, the survey shall be certified to Purchaser,
the Title Insurer, Purchase’s counsel, and such lenders as Purchaser may direct.

 

4.3
Title Commitment. Purchaser has ordered from the Escrow Agent, at Purchaser’s sole cost and expense, and shall cause to
be furnished to Purchaser, with a copy to Seller, a current commitment for an ALTA Owner’s Policy of Title Insurance (standard
coverage) for the Real Property issued by Title Insurer (the “Title Commitment”) reflecting the status of title to the Real
Property and all exceptions, including easements, restrictions, rights-of-way, rights-of-use, leases, covenants, reservations, conditions
and other encumbrances, if any, affecting the Real Property, which would appear in an ALTA Owner’s Policy of Title Insurance (standard
coverage), and committing to issue the ALTA Owner’s Policy of Title Insurance (standard coverage) to Purchaser for the Real Property
in the full amount of the Purchase Price. Accompanying the Title Commitment, Escrow Agent shall cause to be furnished to Purchaser, to
the extent available, legible copies of the documents affecting the Real Property referred to in the Title Commitment.

 

4.4
Title to the Real Property. Effective as of the Closing Date, but conditioned upon Closing and the payment of the title insurance
premium, Escrow Agent shall cause Title Insurer to issue to Purchaser, with respect to the Real Property, Title Insurer’s ALTA
Owner’s Policy of Title Insurance (standard coverage) (the “Title Policy”) with respect to the Real Property,
with the liability under the Title Policy being equal to the Purchase Price, insuring the fee title in the Real Property as vested in
Purchaser subject only to the following matters affecting title (“Permitted Exceptions”):

 

(a) All
real estate taxes, general and special property taxes and assessments for the current year of assessment (which shall be subject to adjustment
pursuant to Section 5.5.1.1), and all amounts payable under all improvement and assessment bonds for the period from and after Closing;

 

(b) All
Liens, Encumbrances and any other exceptions to title as referenced in the Title Commitment, except Liens and Encumbrances which Seller
has agreed to or is required to remove at or prior to Closing pursuant to the provisions of this Article IV;

 

(c) Any
items deemed to be Permitted Exceptions pursuant to Section 4.6;

 

(d) Laws
now or hereafter in effect so far as these affect the Real Property or any part thereof, including zoning ordinances (and amendments
and additions relating thereto) and the Americans with Disabilities Act of 1990, as amended, and any and all other Laws, known or unknown,
relating to the Property, or its condition, use, value or operation;

 

    	9

     

    

 

(e) Any
Liens, Encumbrances or other exceptions to title created by or through Purchaser or its agents, employees and/or contractors, including
any that arise by reason of the entry on the Real Property by Purchaser or any Purchaser’s Representative;

 

(f) All
standard exceptions and exclusions contained in the Title Policy not customarily removed upon receipt by Title Insurer of Seller’s
Affidavit;

 

(g) Any
matter shown on the Survey which does not prevent, restrict or impair in any material respect the use of the Real Property as presently
being used and as to which Purchaser has not objected during the Due Diligence Period. Specific matters of the Survey which are not otherwise
recorded shall not appear as Permitted Exceptions in the Deed;

 

(h) The
rights of Tenant under the Lease; and

 

(i) Any
exceptions that cannot be deleted due to the operation of Law or rules promulgated pursuant thereto.

 

In
addition, Purchaser shall have the right to obtain from Title Insurer such endorsements to the Title Policy and/or such additional liability
protection as Purchaser may elect to obtain; provided, however, that Purchaser’s ability to obtain such title endorsements and/or
such additional liability protection shall not be a condition precedent to Purchaser’s obligations hereunder and shall not extend
or delay Closing. Purchaser shall be solely responsible for negotiating with Title Insurer with respect to the Title Policy and/or with
respect to such title endorsements and/or such additional liability protection as may be requested by Purchaser, if any.

 

4.5
Inspection and Due Diligence Review. 

 

4.5.1
Purchaser shall have the right from and after the Effective Date until 5:00 p.m. Eastern time on May 31, 2022 (“Due Diligence
Period”), to satisfy itself, in its sole and absolute discretion, as to the condition of the Property and the Personal Property
and the suitability thereof for Purchaser’s purposes and as to the availability of all necessary financing for the Closing and
payment of the Purchase Price. Unless and until this Agreement is terminated before the end of the Due Diligence Period, Seller shall
cooperate and provide Purchaser with reasonable and continuing access to the Property at reasonable times and upon commercially reasonable
notice to Seller (which notice may be delivered by e-mail to [redacted]) for the purpose of Purchaser’s inspection and due
diligence review. Prior to the expiration of the Due Diligence Period, neither Purchaser nor any Purchaser’s Representatives shall
contact or otherwise discuss this transaction and/or the operation of the Hotel or the Property with any on-site employees of Seller
or Tenant except Eileen Kett and Paola Mora, or any contractors, vendors, or other third parties who contract for services or supplies
with Seller or Operator, without first having obtained the prior written consent of Seller. Following the expiration of the Due Diligence
Period, and assuming Purchaser does not terminate this Agreement pursuant to the following sentence, the restriction on communications
in the immediately preceding sentence shall be of no force and effect and Purchaser shall have the right to contact anyone Purchaser
may deem necessary or desirable in furtherance of Purchaser’s acquisition of the Property and Personal Property. At any time prior
to the end of the Due Diligence Period, Purchaser shall have the right, in its sole discretion, by providing Notice to Seller and Escrow
Agent, to terminate this Agreement and, upon receipt of such Notice, Escrow Agent shall deliver the Deposit to Purchaser, whereupon this
Agreement shall terminate and, except for those obligations which expressly survive termination of this Agreement, neither party shall
have any further obligation to the other. If Purchaser does not deliver such Notice to terminate the Agreement by the end of the Due
Diligence Period, Purchaser shall be deemed to have elected to proceed hereunder.

 

    	10

     

    

 

4.5.2 Prior
to any entry by Purchaser or any Purchaser’s Representative onto the Property, Purchaser shall: (i) ensure that Purchaser and each
Purchaser’s Representative entering the Property is covered by a policy of commercial general liability insurance, issued by an
insurer reasonably satisfactory to Seller, covering all activities of Purchaser or such Purchaser’s Representative, with a single
limit of liability (per occurrence and aggregate) of not less than $1,000,000.00; and (ii) deliver to Seller a Certificate of Insurance,
evidencing that such insurance is in force and effect, and evidencing that Seller and Tenant have been named as additional insureds thereunder.
Such insurance shall be written on an “occurrence” basis and shall be maintained in force until the earlier of (a) the termination
of this Agreement and the conclusion of the activities of Purchaser and its contractors and agents in or about the Property, or (b) the
Closing Date.

 

4.5.3 Prior
to the execution hereof, Purchaser has also had the opportunity to conduct a Phase I environmental audit/study of the Real Property,
and if recommended by Purchaser’s environmental consultant, a Phase II environmental audit/study.

 

4.5.4 Purchaser
shall at all times conduct such due diligence in compliance with all Laws and in a manner so as to not cause damage, loss, cost or expense
to Seller, the Property, or guests of the Hotel, and without unreasonably interfering with or disturbing (i) any employee, or guest at
the Hotel or (ii) the operations of the Hotel. Other than as required by Law, subpoena or other court order, or in furtherance of the
assignment of any License or the Submerged Land Lease, Purchaser shall not reveal to any governmental entity or any other third party
(other than Purchaser’s Representatives on a need-to-know basis) not approved by Seller the results of or any other information
acquired pursuant to its inspections which is not already public information. Purchaser will promptly restore any damage to the Hotel
or the Property caused by Purchaser’s inspections to their condition immediately preceding such inspections and examinations and
will keep the Property free and clear of any mechanic’s liens or materialmen’s liens in connection with such inspections
and examinations.

 

4.5.5 The
cost of the inspections and tests undertaken pursuant to this Section 4.5 shall be borne solely by Purchaser. Purchaser shall indemnify,
protect, defend, and hold Seller and all Seller’s Representatives harmless for, from and against any Claim, Lien or Encumbrance
(including reasonable attorneys’ fees and expenses, whether or not legal proceedings are instituted) arising from or related to
the acts or omissions of Purchaser or Purchaser’s Representatives occurring in connection with, or as a result of, such inspections,
tests or examinations of the Property. If Purchaser elects to terminate this Agreement prior to the end of the Due Diligence Period,
or upon any other termination of this Agreement except by reason of Seller’s default hereunder, Purchaser shall at Seller’s
request deliver to Seller copies of all non-proprietary and non-confidential third-party reports received by Purchaser with respect to
the Property; any such delivery being without representation or warranty by Purchaser whatsoever and at no cost to Seller.

 

    	11

     

    

 

4.5.6 Purchaser
covenants and agrees that, until the Closing Date, subject to the terms of Section 4.5.4 and Section 12.14, all non-public information
and materials disclosed and/or delivered to it by or on behalf of Seller or Seller’s Representatives are confidential and proprietary
information, and that Purchaser shall (and shall cause Purchaser’s Representatives to) hold the same in strict confidence, and
shall not disclose the same to anyone other than Purchaser’s Representatives assisting in the evaluation of the Property on a “need-to-know”
basis subject to the confidentiality restrictions set forth herein, except that Purchaser may make such disclosures as required by law
or in connection with Purchaser’s registration of securities with a securities exchange. Purchaser also agrees that, if the transactions
contemplated in this Agreement are not consummated as provided herein, Purchaser shall return to Seller or destroy all such information
and documentation, including all third-party reports and studies obtained by Purchaser with respect to the Property, together with all
copies thereof (except as may otherwise be required to be retained by Purchaser by Law and copies that are stored electronically in conjunction
with the written records retention policy of Purchaser or its Affiliates and that are only accessible to document management personnel,
provided that any such retained information shall in all events remain subject to the confidentiality provisions of this subsection),
but shall deliver to Seller copies of all such non-proprietary third-party reports and studies if requested by Seller.

 

4.5.7 Except
as expressly provided in this Agreement, Seller makes no representations or warranties as to the truth, accuracy or completeness of any
materials, data or other information, if any, supplied to Purchaser or any Purchaser’s Representative in connection with Purchaser’s
inspection or evaluation of the Property (e.g., that such materials are complete, accurate or the final version thereof, or that all
such materials are in Seller’s possession or that such materials contain all relevant facts or do not omit facts or information
that may be of interest to Purchaser), except that Seller represents and warrants to Purchaser that the documents and other materials
that Seller has or shall provide to Purchaser under this Agreement are the complete and accurate copies of such documents and other materials
in Seller’s possession or control. It is the parties’ express understanding and agreement that any such materials are to
be provided only for Purchaser’s convenience in making its own examination and determination prior to the expiration of the Due
Diligence Period as to whether it wishes to purchase the Property, and, in doing so, Purchaser shall rely exclusively on its own independent
investigation and evaluation of every aspect of the Property and not on any materials supplied by Seller. Purchaser expressly disclaims
any intent to rely on any such materials provided to it by Seller or Seller’s Representatives in connection with its inspection
and agrees that it shall rely solely on its own independently developed or verified information.

 

4.5.8 During
the Due Diligence Period, Purchaser and Seller shall each work in good faith to negotiate the terms of a lease for the Property (the
“Lease”) which shall contain the terms set forth on Exhibit F attached hereto. Seller shall deliver a draft
of the Lease to Purchaser within fifteen (15) days of the Effective Date. In the event Purchaser and Seller do not agree on the form
of Lease prior to the end of the Due Diligence Period, after reasonable, good faith and appropriate discussions, Purchaser or Seller
shall each have the right, in their sole direction, by providing Notice to the other party and Escrow Agent, to terminate this Agreement
on any date prior to the end of the Due Diligence Period, and, upon receipt of such Notice, Escrow Agent shall deliver the Deposit to
Purchaser, whereupon this Agreement shall terminate and, except for those obligations which expressly survive termination of this Agreement,
neither party shall have any further obligation to the other.

 

4.5.9 The
obligations of Purchaser under this Section 4.5 (including its indemnification obligations) shall survive Closing or the termination
of this Agreement indefinitely.

 

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4.6
Subsequent Liens and Encumbrances . After the Effective Date, Seller shall not create or permit to be recorded any Lien, easement,
ground lease, restrictive covenant, or other Encumbrance (“Seller Authorized Encumbrance”) against the Property. If
a Seller Authorized Encumbrance arises after the Effective Date and Purchaser objects to such Seller Authorized Encumbrance, Seller shall
Cure same within fifteen (15) days of Purchaser’s objection to such Seller Authorized Encumbrance. Seller’s failure to timely
Cure such objected to Seller Authorized Encumbrance shall constitute a Seller default. If a Lien or Encumbrance arises after the effective
date of the Title Commitment (a “New Encumbrance”) and Purchaser objects to such New Encumbrance, Purchaser shall
give Notice to Seller of its objection within five (5) Business Days after the earlier of discovering such New Encumbrance or receiving
actual Notice of such New Encumbrance. If Purchaser does not timely object to it, such New Encumbrance shall be a Permitted Exception.
If Purchaser timely objects to such New Encumbrance, Seller shall give Notice to Purchaser, within five (5) Business Days of Seller’s
receipt of Purchaser’s objection Notice, as to whether Seller agrees to Cure such New Encumbrance. Seller’s failure to deliver
such Notice to Purchaser within such five (5) Business Day period shall be deemed to be Seller’s election not to Cure such New
Encumbrance, except that if the New Encumbrance is also a Seller Authorized Encumbrance, Seller must Cure same in accordance with this
Section 4.6 above. If Seller declines (or is deemed to decline) to Cure such New Encumbrance, then the following shall apply: (a) Purchaser
shall be entitled (in its sole discretion) to terminate this Agreement by delivering written notice of such election within five (5)
Business Days following its receipt of notification (or deemed notification) that Seller has declined to Cure, or (b) Purchaser may proceed
to Close and such New Encumbrance shall be deemed a Permitted Exception. If Seller agrees to cure a New Encumbrance to which Purchaser
timely objects pursuant to this Section 4.6, Seller shall be obligated to Cure such New Encumbrance at or before Closing as a condition
precedent to Purchaser’s obligation to proceed to Closing. If Purchaser terminates this Agreement pursuant to the preceding sentence,
the Deposit shall be returned to Purchaser, this Agreement shall terminate and neither party shall have any obligation to the other party
hereunder except for obligations that expressly survive termination of this Agreement. Notwithstanding the foregoing, if a New Encumbrance
arises within the five (5) Business Days prior to the Closing Date, the Closing Date shall be extended to the fifth (5th) Business Day
after: (1) if Seller has elected to Cure such New Encumbrance, Seller’s Cure of such New Encumbrance in accordance with this Section
4.6, but in all events such Cure must occur prior to the Outside Cure Date; or (2) if Seller has not elected to Cure such New Encumbrance,
the expiration of five (5) Business Day period during which Purchaser has a right to terminate this Agreement following Seller’s
delivery of Notice (or deemed delivery of Notice) that it has declined to Cure a New Encumbrance.

 

4.7
Condition of the Property . EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT TO THE CONTRARY:

 

(a) PURCHASER ACKNOWLEDGES THAT PURCHASER HAS SUBSTANTIAL EXPERIENCE WITH REAL PROPERTY AND THAT PURCHASER WILL ACQUIRE THE PROPERTY IN “AS
IS, WHERE IS, WITH ALL FAULTS” CONDITION, AND SOLELY IN RELIANCE ON PURCHASER’S OWN INSPECTION AND EXAMINATION AND SELLER’S
EXPRESS REPRESENTATIONS AND WARRANTIES CONTAINED HEREIN. PURCHASER WAIVES ANY OBLIGATION ON THE PART OF SELLER, OR ANY OTHER PERSON OR
ENTITY, TO DISCLOSE ANY DEFECTS OR OTHER DEFICIENCIES OR LIABILITIES IN OR WITH RESPECT TO THE PROPERTY.

 

    	13

     

    

 

(b) IT
IS EXPRESSLY UNDERSTOOD AND AGREED THAT SELLER AND SELLER’S REPRESENTATIVES MAKE NO REPRESENTATIONS, WARRANTIES OR GUARANTIES OF
ANY KIND, NATURE OR SORT, EXPRESS OR IMPLIED, WITH RESPECT TO THE PHYSICAL CONDITION, PAST, PRESENT OR FUTURE OPERATION AND/OR PERFORMANCE,
OR VALUE, OF ALL OR ANY PART OF THE PROPERTY EXCEPT AS OTHERWISE SPECIFICALLY SET FORTH IN THIS AGREEMENT. SELLER SHALL CONVEY THE PROPERTY
TO PURCHASER “AS IS AND WHERE IS, WITH ALL FAULTS,” AND PURCHASER ACKNOWLEDGES THAT NEITHER SELLER NOR ANY SELLER’S
REPRESENTATIVES MAKES OR HAS MADE ANY REPRESENTATIONS, GUARANTIES OR WARRANTIES WHATSOEVER, EXPRESS OR IMPLIED, AS TO THE QUALITY, CHARACTER,
EXTENT, PERFORMANCE, CONDITION OR SUITABILITY OF THE PROPERTY FOR ANY PURPOSE. PURCHASER ACKNOWLEDGES THAT PURCHASER SHALL BE SOLELY
RESPONSIBLE AND LIABLE FOR ASCERTAINING THE TRANSFERABILITY OF ALL LICENSES AND OTHER GOVERNMENTAL CONSENTS AND AUTHORIZATIONS FOR THE
OWNERSHIP AND USE OF THE PROPERTY AND SHALL BE SOLELY RESPONSIBLE FOR OBTAINING THE TRANSFERS THEREOF, SUBJECT TO SELLER’S OBLIGATION
TO COOPERATE AS FOUND ELSEWHERE IN THIS AGREEMENT.

 

(c)
PURCHASER’S INSPECTION, INVESTIGATION AND SURVEY OF THE PROPERTY PRIOR TO THE EXECUTION HEREOF AND DURING the
Due diligence period SHALL BE IN LIEU OF ANY NOTICE OR DISCLOSURE REQUIRED BY ANY LAW, RULE OR REGULATION, INCLUDING LAWS
REQUIRING DISCLOSURE BY SELLER OF FLOOD, FIRE, MOLD, SEISMIC HAZARDS, LEAD PAINT, LANDSLIDE AND LIQUEFACTION, OTHER GEOLOGICAL
HAZARDS, RAILROAD AND OTHER UTILITY ACCESS, SOIL CONDITIONS AND OTHER CONDITIONS WHICH MAY AFFECT THE USE OR VALUE OF THE REAL
PROPERTY, AND PURCHASER HEREBY WAIVES ANY REQUIREMENT FOR A NOTICE PURSUANT TO THOSE PROVISIONS AND HEREBY ACKNOWLEDGES AND AGREES
THAT IT IS FAMILIAR WITH SUCH DISCLOSURE REQUIREMENTS AND WILL CONDUCT ITS OWN DUE DILIGENCE WITH RESPECT TO ALL MATTERS COVERED
THEREBY, AND HEREBY RELEASES SELLER AND ALL SELLER’S REPRESENTATIVES FROM LIABILITY IN CONNECTION WITH ANY SUCH MATTERS THAT
ARE NOT THE SUBJECT OF SELLER’S REPRESENTATIONS AND WARRANTIES EXPRESSLY MADE IN THIS AGREEMENT.

 

(d) PURCHASER
ALSO ACKNOWLEDGES AND AGREES THAT, ALTHOUGH SELLER OR SELLER’S REPRESENTATIVES MAY HAVE PROVIDED TO PURCHASER CERTAIN REPORTS,
STUDIES AND SURVEYS FOR OR REGARDING THE REAL PROPERTY (“REPORTS”), SELLER AND SELLER’S REPRESENTATIVES HAVE
NOT VERIFIED THE ACCURACY THEREOF AND MAKE NO REPRESENTATIONS OR WARRANTIES REGARDING THE MATTERS SET FORTH THEREIN OTHER THAN AS EXPRESSLY
PROVIDED IN THIS AGREEMENT. IT BEING THE RESPONSIBILITY OF PURCHASER TO VERIFY THE ACCURACY OF SUCH REPORTS. PURCHASER HEREBY IRREVOCABLY
RELEASES AND FOREVER DISCHARGES SELLER AND ALL SELLER’S REPRESENTATIVES FROM ANY AND ALL CLAIMS, LOSSES, DAMAGES, LIABILITIES OR
OBLIGATIONS ARISING OUT OF OR IN ANY WAY RELATED TO THE REPORTS, WHICH RELEASE AND DISCHARGE FROM LIABILITY SHALL SURVIVE CLOSING INDEFINITELY.

 

    	14

     

    

 

(e) FURTHERMORE,
PURCHASER ACKNOWLEDGES THAT SELLER AND SELLER’S REPRESENTATIVES HAVE NOT MADE AND DO NOT MAKE ANY REPRESENTATIONS OR WARRANTIES
IN CONNECTION WITH THE PRESENCE, INTEGRATION OR NON-INTEGRATION OF HAZARDOUS MATERIALS UPON, BENEATH OR WITHIN THE REAL PROPERTY EXCEPT
AS OTHERWISE SET FORTH IN THIS AGREEMENT. IN THAT REGARD, PURCHASER WILL, PRIOR TO THE EXPIRATION OF THE DUE DILIGENCE PERIOD, CONDUCT
ITS OWN INVESTIGATION AND OBTAIN ITS OWN ENVIRONMENTAL ASSESSMENT REPORTS TO DETERMINE IF THE REAL PROPERTY CONTAINS OR MAY CONTAIN ANY
HAZARDOUS MATERIALS OR TOXIC WASTE, MATERIALS, DISCHARGE, DUMPING OR CONTAMINATION, WHETHER SOIL, GROUNDWATER OR OTHERWISE, WHICH VIOLATES
ANY FEDERAL, STATE, LOCAL OR OTHER GOVERNMENTAL LAW, REGULATION OR ORDER OR REQUIRES REPORTING TO ANY GOVERNMENTAL AUTHORITY.

 

(f) PURCHASER,
FOR ITSELF AND ITS OWNERS, SUCCESSORS AND ASSIGNS, HEREBY RELEASES AND FOREVER DISCHARGES SELLER AND ALL SELLER’S REPRESENTATIVES,
AND THEIR RESPECTIVE PAST, PRESENT AND FUTURE MEMBERS, AFFILIATES, EMPLOYEES, OFFICERS, AGENTS, ATTORNEYS, ASSIGNS, AND SUCCESSORS-IN-INTEREST
FROM ALL PAST, PRESENT AND FUTURE CLAIMS, DEMANDS, OBLIGATIONS, LOSSES AND CAUSES OF ACTION OF ANY NATURE WHATSOEVER, WHETHER NOW KNOWN
OR UNKNOWN, DIRECT OR INDIRECT, FORESEEN OR UNFORESEEN, SUSPECTED OR UNSUSPECTED, WHICH ARE BASED UPON OR ARISE OUT OF OR IN CONNECTION
WITH THE CONDITION OF THE PROPERTY, THE MATTERS ADDRESSED IN THE FOREGOING SUBSECTIONS OF THIS SECTION 4.7 AND WITH RESPECT TO THE PRESENCE
OF ANY HAZARDOUS MATERIALS, ANY ENVIRONMENTAL DAMAGES OR ENVIRONMENTAL REQUIREMENTS, INCLUDING THE PHYSICAL, STRUCTURAL, GEOLOGICAL,
MECHANICAL AND ENVIRONMENTAL (SURFACE AND SUBSURFACE) CONDITION OF THE REAL PROPERTY (INCLUDING THE IMPROVEMENTS THEREON) OR ANY LAW
OR REGULATION RELATING TO HAZARDOUS MATERIALS. WITHOUT LIMITING THE FOREGOING, THIS RELEASE SPECIFICALLY APPLIES TO ALL LOSSES AND CLAIMS
ARISING UNDER THE COMPREHENSIVE ENVIRONMENTAL RESPONSE, COMPENSATION AND LIABILITY ACT OF 1980, AS AMENDED, THE SUPERFUND AMENDMENTS
AND REAUTHORIZATION ACT OF 1986, (42 U.S.C. SECTIONS 9601 ET SEQ.), THE RESOURCES CONSERVATION AND RECOVERY ACT OF 1976, (42 U.S.C.
SECTIONS 6901 ET SEQ.), THE CLEAN WATER ACT, (33 U.S.C. SECTIONS 466 ET SEQ.), THE SAFE DRINKING WATER ACT, (14 U.S.C.
SECTION 1401-1450), THE HAZARDOUS MATERIALS TRANSPORTATION ACT, (49 U.S.C. SECTIONS 1801 ET SEQ.), THE TOXIC SUBSTANCE CONTROL
ACT, (15 U.S.C. SECTIONS 2601-2629), AND ANY OTHER FEDERAL, STATE OR LOCAL LAW OF SIMILAR EFFECT, AS WELL AS ANY AND ALL COMMON LAW CLAIMS.

 

The
provisions of this Section 4.7 shall survive Closing indefinitely.

 

    	15

     

    

 

V. 

 

CLOSING

 

5.1 Closing
Date . The “Closing Date” for purposes of this Agreement shall be June 30, 2022, or such earlier or later date
as may be agreed upon, in writing, by Seller and Purchaser. The Closing shall occur prior to 2:00 p.m. Eastern time on the Closing Date
through an “escrow-style” closing with the Title Company. Purchaser and Seller agree to act in good faith (including using
Zoom or other means of communication) to close the transactions contemplated hereunder, subject to and in accordance with the terms of
this Agreement. 

 

5.2 Documents
to be Delivered to Escrow Agent by Seller . On or before the Closing, Seller agrees that Seller will deposit with Escrow Agent the
following items and instruments (executed and acknowledged, if appropriate): 

 

(a) A
deed in substantially the form and content of the deed attached hereto as Exhibit C and otherwise in recordable form, prepared
and executed by Seller and acknowledged before a Notary Public (the “Deed”);

 

(b) A
Non-Foreign Affidavit executed by Seller (or parent of such Seller, as required) in the form attached hereto as Exhibit D
(“Non-Foreign Affidavit”);

 

(c) A
Bill of Sale conveying title to the Personal Property other than the Intangible Property free and clear of all liens and claims of others
in substantially the form attached as Exhibit G, prepared and executed by Seller and Tenant to the extent that Tenant has
any interest in the said Personal Property and acknowledged before a Notary Public;

 

(d) An
Assignment of Intangible Property conveying title to the Intangible Property free and clear of all liens and claims of others in substantially
the form attached as Exhibit H, prepared and executed by Seller and Tenant, to the extent that Tenant has any interest
in the Intangible Property, and acknowledged before a Notary Public;

 

(e) All
transfer tax and other tax returns, if any, which Seller is required by Law to execute and acknowledge and to deliver, either individually
or together with Purchaser, to any governmental authority as a result of the sale of the Real Property, executed by Seller and, if required,
acknowledged;

 

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(f) Two
(2) duplicate originals of a closing settlement statement setting forth the prorations and adjustments set forth in the Preliminary Prorations
Statement and as otherwise specified in this Agreement (the “Settlement Statement”), executed by Seller;

 

(g) Seller’s
1099-S;

 

(h) Such
other instruments or documents as may be reasonably required by Title Insurer to be delivered or executed by Seller in order to issue
the Title Policy;

 

(i) An
owner’s affidavit in the form attached as Exhibit E hereto, with such changes as may be required by Title Insurer
to issue the Title Policy and to delete the exceptions for the gap, construction liens, and parties in possession from the Title Policy,
executed by Seller (the “Seller’s Affidavit”);

 

(j) Evidence
of Seller’s authority to execute and deliver the Deed and consummate the transactions contemplated by this Agreement, in a form
reasonably acceptable to Title Insurer;

 

(k) Evidence
of Tenant’s authority to execute and deliver the Bill of Sale, Assignment of Intangible Property and such other documents as may
be joined in by Tenant;

 

(l) The
Lease executed by Seller;

 

(m) A
termination agreement with respect to the Operating Lease Agreement executed by Seller and Tenant, effective as of 12:00 a.m. on the
Closing Date;

 

(n)
Three (3) duplicate originals of an assignment of
the Submerged Land Lease recorded in Official Records Book 3284 at page 476 of the Public Records of Saint Lucie County, Florida, as
same may have been extended or modified (the “Submerged Land Lease”) in form and content as may be required by the
lessor thereunder;

 

(o)
The application for the transfer of the Submerged
Land Lease signed by the lessee thereunder;

 

(p) The original signed
Guaranty and authorizing Resolution as described in Section 12.15.3;

 

(q) A termination of that
certain Short Form of Ground Lease, with respect to the unrecorded lease, by and between Sandpiper Resort Properties, Inc., as Lessor,
and Village Properties of Sandpiper Co, as Lessee, recorded in Official Records Book 869, Page 2577, and a termination of that certain
Lease Assignment and Agreement, by and between Sunport Property Co., as Assignor, and Nastionsbank of Georgia, National Association,
as Assignee, recorded in Official Records Book 869, Page 2785 relating to said unrecorded lease, both of the Public Records of Saint
Lucie County, Florida, in recordable form, executed by the parties to said instruments, and acknowledged before a Notary Public;

 

(r) A termination of that
certain Short Form of Ground Lease, recorded in Official Records Book 869, Page 2596 both of the Public Records of Saint Lucie County,
Florida, with respect to that certain unrecorded lease, by and between Sunport Property Co., as Lessor, and Holiday Village of Sandpiper,
Inc., as Lessee, in recordable form, executed by the parties to said instrument, and acknowledged before a Notary Public; and

 

(s)
Such other instruments or documents as may be reasonably
necessary to effect or carry out the covenants and obligations to be performed by Seller pursuant to this Agreement, including without
limitation such documents as may be required by Board of Trustees of the Internal Improvement Fund of the State of Florida or the Florida
Department of Environmental Protection to facilitate the assignment of the Submerged Land Lease, and as may be required by the State
of Florida Division of Alcoholic Beverages and Tobacco to transfer the alcoholic Beverage License (event though such License may not
be transferred until the expiration of the Lease) including the Affidavit of Transferor, to the extent that the same have been requested
no later than three (3) Business Days prior to the Closing Date.

 

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5.3 Documents
to be Delivered to Escrow Agent by Purchaser. On or before the Closing, Purchaser agrees that Purchaser will deposit or cause to
be deposited with Escrow Agent the following items and instruments (executed and acknowledged, if appropriate): 

 

(a) The
funds referred to in Section 2.2.2 hereof;

 

(b) To
the extent that Law requires that the Deed, transfer tax or other tax forms, or recording forms be executed by the grantee, such instruments
executed by Purchaser and, if required, acknowledged in the presence of a Notary Public in accordance with the Laws of the state in which
the Real Property is located;

 

(c) Two
(2) duplicate originals of the Settlement Statement executed by Purchaser;

 

(d) The
Preliminary Prorations Statement, executed by Purchaser;

 

(e) The
Lease executed by Purchaser;

 

(f)
Three (3) duplicate originals of an assignment of
the Submerged Land Lease in form and content as may be required by the lessor thereunder; and

 

(g)
Such other instruments or documents as may be reasonably
necessary to effect or carry out the covenants and obligations to be performed by Purchaser pursuant to this Agreement to the extent
that the same have been requested no later than three (3) Business Days prior to the Closing Date.

 

5.4 Recording
of Deed . Escrow Agent will cause (i) the Deed to be dated as of the Closing Date and recorded among the official records of the
appropriate jurisdiction for the Real Property and (ii) all other conveyance documents deposited with Escrow Agent to be dated as of
the Closing Date, at such time as Title Insurer is prepared to issue the Title Policy to be issued to Purchaser as contemplated in this
Agreement (but in no event after the Closing Date), and will hold for the account of Seller and Purchaser the items and funds (if any)
to be delivered to Seller and Purchaser, after payment of costs, expenses, disbursements and prorations chargeable to Seller or Purchaser
pursuant to the provisions of this Agreement. 

 

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5.5
Prorations and other Adjustments.

 

5.5.1 Taxes.

 

5.5.1.1 All
real estate and personal property general and special taxes and assessments levied against the Property for the current assessment period
and all amounts payable under any improvement and assessment bonds shall be prorated as of the expiration date of the Lease. If the exact
amount of taxes is not known at Closing, the proration will be based on the most recent available tax bill and shall be adjusted within
fifteen (15) Business Days from written request by either party after the receipt of the tax bill for the tax year in which the Closing
occurs, provided that such request shall be made no later than December 31st of the year of the Closing. It is understood
that any supplemental property tax bill issued as a result of the sale of the Property pursuant to the provisions of this Agreement,
shall be borne by Seller. Notwithstanding anything to the contrary in this Agreement, Seller shall retain all right, title and interest
in and to any and all property tax (both real property and personal property) refunds and claims for refunds with respect to the Property
for any period prior to the Closing Date. Both Seller and Purchaser shall have the right to pursue claims for any such refunds, with
respect to their respective periods of ownership.

 

5.5.1.2 If
(i) any proceeding for certiorari or other proceeding to determine the assessed value of the Real Property or the real property taxes
payable with respect to the Real Property is continuing as of the Closing Date and (ii) any appeal of any supplemental real property
tax assessment that relates to periods prior to the Closing Date is filed by Seller (and Purchaser is not then engaged in an appeal of
such supplemental taxes), Seller will be entitled to control the prosecution of such proceeding or proceedings to completion and to settle
or compromise any claim therein, subject to the reasonable approval of Purchaser if the matter relates to any tax year or partial tax
year following the Closing Date. Purchaser agrees to cooperate with Seller and to execute any and all documents reasonably requested
by Seller in furtherance of the foregoing, all without cost to Purchaser (other than deductions in accordance with the last sentence
of this Section 5.5.1.2). Any amounts recovered in such settlement or proceeding, net of the expenses of recovery thereof, including
any fee or commission to any real property tax consultant due in connection with the real property tax proceeding, shall be appropriately
apportioned between Seller and Purchaser.

 

5.5.2 Utility
Service. Seller shall request each utility company providing utility service to the Property to cause all utility billings to be
closed and billed as of the expiration date of the Lease (or as near as possible to and before the expiration date of the Lease) in order
that utility charges may be separately billed for the period prior to the expiration date of the Lease and the period on and after the
expiration date of the Lease. If any such utility charges are not separately billed, the same shall be prorated. In connection with any
such proration, it shall be presumed that utility charges were uniformly incurred during the billing period in which the expiration date
of the Lease occurs. The provisions of this Section 5.5.2 shall survive Closing.

 

5.5.3 Miscellaneous
Permits and Taxes. All water and sewer charges, taxes (other than ad valorem property taxes), including charges, taxes or fees for
Licenses which are assignable or transferable without added cost and have a value which will survive Closing, including, but not limited
to, any unpaid taxes payable in arrears, shall be prorated as of the expiration date of the Lease but adjusted at the Closing. Seller
will be credited for that portion of charges, taxes and fees paid by Seller allocable to the period after the Closing Date (except with
respect to any License that is not transferrable to Purchaser).

 

    	19

     

    

 

5.5.4 Prorations
Statements. 5.5.4.1 Preparation. Seller shall, in consultation with Purchaser and with Purchaser’s reasonable
cooperation, cause to be prepared a prorations and credit statement for the Property (the “Preliminary Prorations
Statement”), which shall show the net amount due either to Seller or Purchaser as a result thereof, and such net amount
will be added to, or subtracted from, the payment of the Purchase Price to be paid to Seller pursuant to Section 2.2. The
Preliminary Prorations Statement shall not include the taxes to be prorated pursuant to Section 5.5.1.1 which shall be calculated by
the Escrow Agent. As soon as Purchaser and Seller have agreed upon the Preliminary Prorations Statement, they shall jointly deliver
a mutually signed copy thereof to Escrow Agent. To the extent Purchaser and Seller are unable to agree by three (3) Business Days
prior to Closing on any item on the Preliminary Prorations Statement, such item shall be based upon the average of Seller’s
and Purchaser’s reasonable determinations and such item shall be finally resolved on the Final Prorations Statement pursuant
to Sections 5.5.4.2 and 5.5.4.3.

 

5.5.4.2 Final
Prorations Statement; Post-Closing Adjustments. Except for the prorations for real estate taxes and other assessments, which shall
be adjusted as set forth in Section 5.5.1.1, not later than six (6) months after Closing, either party may request post-closing adjustments
with respect to Licenses, Contracts, or other items subject to proration or credit that were incomplete, incorrect, or based on estimates
as of Closing. Either Seller or Purchaser may prepare and deliver to the other party for its review and reasonable approval a statement
of prorations (the “Final Prorations Statement”) within six (6) months following the Closing (together with any back-up documentation
as the other party may reasonably request), and the party in whose favor the original incorrect adjustment or error was made shall pay
to the other party the sum necessary to correct such prior incorrect adjustment or error within ten (10) Business Days following the
parties’ mutual approval of the Final Prorations Statement.

 

5.5.4.3 Disputes.
In case the parties cannot agree as to the adjustments pursuant to Section 5.5.4.2, the parties shall attempt to resolve such dispute,
but if for any reason such dispute is not resolved by the date that is sixty (60) days after the delivery of the original notice of the
claimed adjustment from the other party, then the parties shall submit such dispute to an accounting firm agreed to by Seller and Purchaser,
each in their reasonable discretion (the “Accountants”), and the determination of the Accountants, which shall be
made within a period of fifteen (15) days after such submittal by the parties, shall be conclusive. The fees and expenses of the Accountants
shall be borne one-half (1/2) each by Purchaser and Seller. At such time as the amount of any adjustment or dispute shall be determined
(either by agreement or by determination of the Accountants), any amount that shall be payable by one party to the other party as a result
of such adjustment or determination shall be paid within ten (10) Business Days after the date on which such agreement or determination
shall have been made.

 

5.5.5 Proration
Allocation. For proration purposes, except as otherwise expressly provided herein, income attributable to the Closing Date shall
be for the account of Seller and expenses attributable to the Closing Date shall be charged to Seller.

 

5.5.6
Survival. The provisions of this Section 5.5 shall survive Closing for a period of one hundred ten (110) days, except with respect
to (i) Section 5.5.1.1 hereof, which shall survive until December 31st of the tax year in which the Closing occurs, and (ii)
Sections 5.5.4.2 and 5.5.4.3, which if a dispute is timely submitted to the Accountants, shall survive until final payment of
any determination rendered by the Accountants in accordance with that Section.

 

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5.6
Costs . Seller shall pay (i) one-half (1/2) of the cost for transfer taxes on the Deed (including recordation, excise taxes and
deed stamps), (ii) all taxes payable in connection with the Deed and assignment of the Submerged Land Lease, (iii) one-half (1/2) of
the fees of Escrow Agent pertaining to the sale of the Property, and (iv), and the costs of the Survey. Purchaser shall pay (i) one-half
(1/2) of the cost for transfer taxes on the Deed (ii) all costs or premiums for any Title Policy including any endorsements to the Title
Policy purchased by Purchaser, (iii) one-half (1/2) of the fees of Escrow Agent pertaining to the sale of the Property, (iv) the recording
fee for the Deed and the assignment of the Submerged Land Lease, and (v) the payment of any mortgage taxes, intangible taxes, documentary
stamps or recording fees for the mortgage securing Purchaser’s loan, if any. Each party shall pay the fees and expenses of its
counsel and other advisors.

 

5.7
Distribution of Funds and Documents Following Closing . Following Closing, Escrow Agent shall distribute the documents and funds
in Escrow as follows:

 

5.7.1 To
Seller:

 

(a) The
Purchase Price, adjusted for costs, offsets and prorations in accordance with the provisions of this Agreement;

 

(b) A
copy of the recorded Deed;

 

(c) One
(1) fully executed duplicate of the Settlement Statement;

 

(d) One
(1) duplicate original or conformed copy as appropriate, of any other document to be received by Seller from Escrow Agent pursuant to
the provisions of this Agreement and of all closing instructions given by the parties to the Escrow Agent;

 

(e)
The termination agreement with respect to the Operating
Lease Agreement;

 

(f) The original recorded
termination of (x) that certain Short Form of Ground Lease, with respect to the unrecorded lease, by and between Sandpiper Resort Properties,
Inc., as Lessor, and Village Properties of Sandpiper Co, and (y) the Lease Assignment and Agreement, by and between Sunport Property
Co., as Assignor, and Nastionsbank of Georgia, National Association, as Assignee;

 

(g) The original recorded
termination of that certain Short Form of Ground Lease, by and between Sunport Property Co., as Lessor, and Holiday Village of Sandpiper,
Inc.; and

 

(h) One
(1) copy of any other document delivered to Escrow Agent by Purchaser or Seller pursuant to the terms of this Agreement.

 

5.7.2 To
Purchaser:

 

(a) Any
excess funds deposited by Purchaser which remain after disbursement to Seller;

 

    	21

     

    

 

(b) One
(1) conformed copy of the Deed, the original to be mailed to Purchaser following the recordation thereof;

 

(c) The
Bill of Sale;

 

(d) The
Assignment of Intangible Property;

 

(e) One
(1) fully executed duplicate of the Settlement Statement;

 

(f) One
(1) duplicate original or conformed copy as appropriate, of any other document to be received by Purchaser through Escrow pursuant to
the provisions of this Agreement;

 

(g) Two
(2) duplicate originals of the assignment of the Submerged Land Lease;

 

(h) The
application for the transfer of the Submerged Land Lease signed by the lessee thereunder;

 

(i) The Non-Foreign Affidavit
executed by Seller;

 

(j) All transfer tax and
other tax returns, if any, delivered by Seller to Escrow Agent;

 

(k) One (1) duplicate
original or conformed copy of the termination agreement with respect to the Operating Lease Agreement;

 

(l) One (1) conformed
copy of Seller’s Affidavit;

 

(m) One (1) conformed
copy of evidence of Seller’s authority to execute and deliver the Deed and consummate the transactions contemplated by this Agreement
provided by Seller to Escrow Agent;

 

(n) One (1) conformed
copy of evidence of Tenant’s authority to execute and deliver the Bill of Sale, Assignment of Intangible Property and such other
documents as may be joined in by Tenant provided by Seller to Escrow Agent;

 

(o) One (1) conformed
copy of the termination agreement with respect to the Operating Lease Agreement executed by Seller and Tenant

 

(p) The original of the
Title Policy;

 

(q) The original signed
Guaranty and authorizing Resolution as described in Section 12.15.3; and

 

(r)
One (1) copy of any other document delivered to
Escrow Agent by Purchaser or Seller pursuant to the terms of this Agreement.

 

5.8
Possession . Following Closing, Purchaser shall be entitled to sole possession of the Property, subject to the Permitted Exceptions
and the Lease.

 

VI.

 

ADDITIONAL COVENANTS AND INDEMNITIES

 

6.1
Purchaser’s Covenants.

 

6.1.1 Indemnification.
Purchaser covenants to defend, indemnify, and hold harmless Seller and each of Seller’s Representatives for, from, and against
Seller’s actual damages from any and all Claims (a) arising from the acts and omissions of Purchaser and its agents, employees,
and contractors occurring in connection with or as a result of, any inspections, tests, or examinations of or to the Property, except
to the extent (i) arising from or related to the negligence or willful misconduct of Seller, Tenant, or their respective employees or
Affiliates, or (ii) arising from the mere discovery of a condition that existed upon the Property prior to any inspections performed
by or on behalf of Purchaser, (b) arising from the use, management, operation, rental, maintenance and ownership of the Property, based
upon acts, conduct or omissions of Purchaser or Purchaser’s Representatives occurring on or after the Closing Date, except as provided
in the Lease, (c) caused by or arising out of any misrepresentation by Purchaser in connection with this Agreement, and/or (d) arising
from any breach of this Agreement by Purchaser or any instrument or agreement delivered or required to be delivered pursuant to the provisions
of this Agreement. This indemnity shall survive Closing for a period of two years.

 

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6.2
Seller Covenants . Seller covenants with Purchaser as follows:

 

6.2.1 Indemnification.
Seller covenants to defend, indemnify and hold harmless Purchaser and each of Purchaser’s Representatives from and against Purchaser’s
actual damages from any and all Claims arising (i) from the use, management, operation, rental, maintenance and ownership of the Property,
based upon acts, conduct or omissions occurring before the Closing Date (other than arising as a result of any act or negligent omission
of Purchaser or any Purchaser’s Representative), (ii) out of personal injury to any third party or damage to property of any third
party occurring prior to the Closing, (iii) caused by or arising out of any misrepresentation by Seller in connection with this Agreement,
and/or (iv) arising from any breach of this Agreement by Seller or any instrument or agreement delivered or required to be delivered
pursuant to the provisions of this Agreement. This indemnity shall survive Closing for a period of two years.

 

6.2.2 It
is acknowledged that Purchaser is not acquiring Seller’s business operations and that this transaction is the sale of assets only
and not the sale of a business as a going concern. As such, Purchaser has no obligations with respect to Seller’s employees and
in furtherance of that understanding, Seller shall terminate all employees of Seller (salaried, hourly or otherwise) who are employed
in connection with the operation or management of the Property effective as of 11:59 p.m. on the date of expiration of the Lease, and
Seller shall be solely responsible for any amount payable (as of termination) to or in respect of any such employees and all other claims
relating to such employees, including in each case any employees who are hired by Purchaser, and including without limitation all wages,
salaries, gratuities and accrued benefits, accrued vacation and fringe benefits, health benefits and claims, severance obligations, taxes
and all other liabilities associated with the employment of any employee to 11:59 p.m. on the date of expiration of the Lease, as well
as any statutory fines or penalties. Seller assumes all responsibilities required of Seller under the WARN Act (29
U.S.C. § 2101, et seq.) resulting from this transaction and Seller shall indemnify, defend, and hold Purchaser and
Purchaser’s Representatives harmless for liability, including reasonable attorneys’ and paraprofessional fees and costs at
trial and all appellate levels, whether suit is brought or not, resulting from, in connection with, or arising from any claim under the
WARN Act directly or indirectly resulting from the transactions contemplated by this Agreement. This Section 6.2.2 shall survive Closing
and the delivery of the Deed and the other conveyance documents and expiration or sooner termination of the Lease.

 

6.2.3 Seller
or Operator shall be responsible to move or cancel any bookings or reservations for the Hotel which would occur past the expiration date
of the Lease or at the Golf Course or other facilities at the Property which would occur past the expiration date of the Lease, and refund
any deposits with respect to such bookings or reservations. This Section 6.2.3 shall survive Closing.

 

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6.2.4 Seller
shall cooperate with Purchaser’s application to the lessor under the Submerged Land Lease for approval of the assignment to Purchaser
of the Submerged Land Lease, including the timely filing of the annual wet slip revenue report. Seller shall provide such information
to Purchaser with respect to any wet slip revenues received by Seller prior to expiration of the Lease to allow Purchaser to file the
wet slip revenue report due after expiration of the Lease. This Section 6.2.4 shall survive Closing.

 

6.2.5 Seller
shall continue, through the expiration of the Lease, to use commercially reasonable efforts to maintain and operate the Property and
Personal Property in substantially the same manner as prior hereto pursuant to its normal course of business.

 

6.2.6 Within fifteen (15)
days of request by Purchaser made following the expiration of the Due Diligence Period, Seller will obtain and deliver to Purchaser estoppel
certificates in form and content provided by Purchaser with respect to any Contract that Purchaser has elected to assume pursuant to
Section 6.2.7, from the lessee or contracting party thereof), providing a current and complete copy of the applicable Contract,
and all amendments and modifications thereof, and stating both the Seller or Operator (as the case may be) and the other party to the
Contract is current and not in default in its performance under the applicable Contract, and providing such other reasonable information
as Purchaser may request. Such estoppel certificates shall be dated as of a date not earlier than thirty (30) days prior to. Within
said fifteen (15) day period, as to any Contracts that Purchaser has elected to assume, Seller shall deliver to Purchaser a written certification,
signed by an executive officer of Seller, that the lessees or other contracting parties under the said Contracts are not in default in
their performance under the applicable Contract.

 

6.2.7 Seller
shall, at Seller’s sole cost, terminate all Contracts binding upon the Property on or prior to the expiration date of the Lease
unless Purchaser expressly elects to assume a Contract or Contracts by giving Seller written notice of such election no later than May
31, 2022.

 

6.2.8 Seller
or the Operator, as the case may be, shall maintain and renew all Licenses in full force and effect through the expiration of the Lease.

 

6.2.9 Not
later than fifteen (15) days prior to Closing Seller shall deliver to Purchaser either a Certificate of Compliance from the Florida Department
of Revenue with respect to Seller’s and Operator’s sales tax compliance and a duly executed and acknowledged limited power
of attorney by Seller and Operator to permit Purchaser or its consultant to obtain Certificates of Compliance with respect to Seller’s
and Operator’s sales tax compliance.

 

VII.

 

REPRESENTATIONS AND WARRANTIES

 

7.1
Purchaser’s Representations and Warranties. Purchaser represents and warrants to Seller that as of the date hereof and upon
the Closing Date:

 

7.1.1 Organization
and Standing. Purchaser is a corporation duly organized, validly existing, and in good standing under the laws of the State of New
York and has the full power and authority to enter into this Agreement and to carry out the transactions contemplated hereby to be carried
out by it.

 

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7.1.2 Due
Authorization. The performance of this Agreement and the transactions contemplated hereunder by Purchaser have been duly authorized
by all necessary action on the part of Purchaser, and this Agreement is binding on and enforceable against Purchaser in accordance with
its terms. The person(s) signing this Agreement, and any document pursuant hereto on behalf of Purchaser, has full power and authority
to bind Purchaser.

 

7.1.3 No
Conflict. Neither the execution of this Agreement nor the consummation of the transactions contemplated hereby will violate any restriction,
court order, judgment, Law, charter, bylaw, instrument or agreement to which Purchaser is subject.

 

7.1.4 Solvency/Bankruptcy.
Purchaser is solvent and has not (i) made any general assignment for the benefit of creditors, (ii) filed any voluntary petition in bankruptcy
or suffered the filing of an involuntary petition in bankruptcy by Purchaser’s creditors, (iii) suffered the appointment of a receiver
to take possession of all, or substantially all, of Purchaser’s assets, (iv) suffered the attachment or other judicial seizure
of all, or substantially all, of Purchaser’s assets, (v) admitted in writing its inability to pay its debts as they come due, or
(vi) made any offer of settlement, extension or compromise to its creditors generally, and has not considered doing or undertaking, and
has no current plans to do or undertake, any of the foregoing. Furthermore, Purchaser has not taken, and does not contemplate taking,
or having taken against it, any such actions.

 

7.1.5 No
Restricted Persons. Seller acknowledges that Purchaser is a public company, and as such, Purchaser makes no representations as to
any of its shareholders. Neither Purchaser nor any of its entity Affiliates, nor, to Purchaser’s actual knowledge, or their respective
employees, officers, directors, representatives or agents is, nor will they become, a natural person or entity with whom U.S. Persons
or entities are restricted from doing business under regulations of the Office of Foreign Asset Control (“OFAC”) of
the Department of the Treasury (including those named on OFAC’s Specially Designated and Blocked Persons List) or under any statute,
executive order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions with Persons Who Commit,
Threaten to Commit, or Support Terrorism), or other governmental action and is not and will not assign or otherwise transfer this Agreement
to, contract with or otherwise engage in any dealings or transactions or be otherwise associated with such natural persons or entities.

 

7.1.6 ERISA.
Purchaser is not nor is it acting on behalf of an “employee benefit plan” within the meaning of Section 3(3) of ERISA that
is subject to Title I of ERISA, a “plan” within the meaning of Section 4975 of the Code that is subject to Section 4975 of
the Code, or an entity deemed to hold “plan assets” within the meaning of 29 C.F.R. § 2510.3-101 (as modified by Section
3(42) of ERISA) of any such employee benefit plan or plans.

 

Each
of the representations and warranties contained in this Section 7.1 and its various subsections and subparagraphs are intended for the
benefit of Seller and may be waived in whole or in part, by Seller. All rights and remedies arising in connection with the untruth or
inaccuracy of any such representations and warranties shall survive the Closing of the transaction contemplated hereby for a period of
two years.

 

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7.2
Seller’s Representations and Warranties. Seller represents and warrants to Purchaser that, as of the date hereof and as
of the Closing Date:

 

7.2.1 Organization
and Standing of Seller. Seller is a corporation, duly organized, validly existing and in good standing under the Laws of the State
of Florida, authorized to do business under the Laws of the State of Florida, and has the full power and authority to enter into this
Agreement and to carry out the transactions contemplated hereby to be carried out by it.

 

7.2.2 Organization
and Standing of Operator. Operator is a corporation, duly organized, validly existing and in good standing under the Laws of the
State of Florida, authorized to do business under the Laws of the State of Florida, and has the full power and authority to enter into
this Agreement and to carry out the transactions contemplated hereby to be carried out by it. Operator is an Affiliate of Seller and
as such, Seller has actual knowledge as to any representation made with respect to Operator under Section 7.2.

 

7.2.3 Due
Authorization. (i) The performance of this Agreement and the transactions contemplated hereunder by Seller have been duly authorized
by all necessary action on the part of Seller, and this Agreement is binding on and enforceable against Seller in accordance with its
terms, (ii) no further consent of any member, manager, creditor, governmental authority or other party to such execution, delivery and
performance hereunder is required, and (iii) the person signing this Agreement and any document pursuant hereto on behalf of Seller has
full power and authority to bind Seller.

 

7.2.4 Non-Foreign
Seller. Seller is not a foreign seller as defined in the “Foreign Investment in Real Property Tax Act.”

 

7.2.5 Solvency/Bankruptcy.
Seller and Operator are solvent and have not (i) made any general assignment for the benefit of creditors, (ii) filed any voluntary petition
in bankruptcy or suffered the filing of an involuntary petition in bankruptcy by Seller’s creditors, (iii) suffered the appointment
of a receiver to take possession of all or substantially all of Seller’s assets, (iv) suffered the attachment or other judicial
seizure of all or substantially all of Seller’s assets, (v) admitted in writing its inability to pay its debts as they come due,
or (vi) made an offer of settlement, extension or composition to its creditors generally, and has not considered doing or undertaking,
and has no current plans to do or undertake any of the foregoing. Furthermore, Seller and Operator have not and do not contemplate taking,
or having taken against it, any such actions.

 

7.2.6 No
Restricted Persons. Neither Seller nor Operator nor any of their Affiliates, nor, to Seller’s actual knowledge, any of their
respective partners, shareholders or other equity owners, or their respective employees, officers, directors, representatives or agents
is, nor will they become, a natural person or entity with whom U.S. Persons or entities are restricted from doing business under regulations
of the OFAC of the Department of the Treasury (including those named on OFAC’s Specially Designated and Blocked Persons List) or
under any statute, executive order (including the September 24, 2001, Executive Order Blocking Property and Prohibiting Transactions
with Persons Who Commit, Threaten to Commit, or Support Terrorism), or other governmental action and have not and will not contract with
or otherwise engage in any dealings or transactions or be otherwise associated with such natural persons or entities.

 

    	26

     

    

 

7.2.7 Due
Diligence Materials. The Due Diligence Materials delivered by Seller pursuant this Agreement are true, complete and correct copies
of the materials in Seller’s possession.

 

7.2.8 All
of Seller’s Land. The “Land” includes all land owned by Seller and any Affiliate of Seller within Saint Lucie County,
Florida.

 

7.2.9 Contracts.
Seller has listed all of the Contracts on Schedule 1 and all of such Contracts are in effect.

 

7.2.10 No
Special Taxes. Seller has not received any written notice of any proposed special taxes or assessments relating to the Property or
any part thereof or any planned public improvements that will result in a tax or assessment against the Property not already shown on
the tax bill for the Property.

 

7.2.11 Sales Tax. Seller
has timely filed, and will continue to timely file all sales tax returns due to the State of Florida Department of Revenue, and pay all
sales and use taxes arising out of Seller’s or Operator’s operations on the Property, including with respect to rents
due under the Submerged Land Lease. To the best of Seller’s knowledge, the operator of the marina has timely filed sales tax returns
and paid sales and use taxes arising out of the operation of the marina. If, after Closing, the Department of Revenue requires any
supportive documentation in connection with a sales tax return filed by Seller or Operator, Seller shall deliver same on a timely basis.
This Section 7.2.11 shall survive the Closing.

 

7.2.12 Condemnation
Proceedings; Seller has not received written notice of any condemnation or eminent domain proceeding pending against the Property
or any part thereof and no such party is negotiating for any sale of the Property in lieu of any such proceeding.

 

7.2.13
Actions or Proceedings. There is no action, suit or proceeding, pending or known to be threatened, against or affecting Seller,
Operator or the Property in any court or before any arbitrator or before any Governmental Authority which (a) in any manner raises any
question affecting the validity or enforceability of this Agreement or any other agreement or instrument to which Seller or Operator
is a party or by which it is bound and that is to be used in connection with, or is contemplated by, this Agreement, (b) would materially
and adversely affect the ability of Seller or Operator to perform its obligations hereunder, or under any document to be delivered pursuant
hereto, or (c) would create a lien on the Property or Personal Property, any part thereof or any interest therein which would not be
discharged at Closing. Attached hereto as Schedule 5 is a listing of all actions or proceedings pending against Seller or Operator and
any notices received by either Seller or Operator of claims against either Seller or Operator other than claims covered by Seller’s
worker’s compensation insurance policy or Seller’s liability insurance policy, which is an occurrence policy.

 

7.2.14 Associations.
The Real Property, or any portion thereof, is not subject to any homeowners’, property owners’, or condominium association.

 

7.2.15 Notices
of Violations. Seller has not received any notice from any Governmental Authority (i) requiring any work, repairs, construction,
alterations or installation on or in connection with the Property in order to comply with any Law, regulation or other governmental requirement,
or (ii) asserting any violation of any Law, regulation or other governmental requirement, that has not been corrected or will not be
corrected prior to Closing. Schedule 6 lists all notices of violations of any Law, regulation or other governmental requirement
received by Seller or Operator that have not been corrected as of the Effective Date.

 

    	27

     

    

 

7.2.16 Notices
of Land Use Changes. Seller has not received any notices of changes of land use or zoning changes Seller has no knowledge that the
present use of the Property is not in compliance with applicable zoning laws and ordinances of Saint Lucie County.

 

7.2.17 No
Prior Agreements or Options for Sale. No other person, firm, corporation or other entity has any right or option to acquire the Property
or the Hotel, or any part thereof from Seller.

 

7.2.18 Hazardous Materials.
Seller has not received any written notice from any Governmental Authority or any neighboring property owner of any release of Hazardous
Materials (as defined below) on or from the Property. To be best of Seller’s knowledge, without investigation, there are
no underground storage tanks or similar vessels on the Land except for those listed, if any, on Schedule 7.

 

(a) When
used herein, “Hazardous Materials” shall mean any substance which is or contains (i) any “hazardous substance”
as now or hereafter defined in § 101(14) of the Comprehensive Environmental Response, Compensation, and Liability Act of
1980, as amended (42 U.S.C. § 9601 et seq.) (“CERCLA”) or any regulations promulgated under CERCLA; (ii) any
“hazardous waste” as now or hereafter defined in the Resource Conservation and Recovery Act (42 U.S.C. § 6901
et seq.) (“RCRA”) or regulations promulgated under RCRA; (iii) any substance regulated by the Toxic Substances Control
Act (15 U.S.C. § 2601 et seq.); (iv) gasoline, diesel fuel, or other petroleum hydrocarbons; (v) asbestos and asbestos containing
materials, in any form, whether friable or non-friable; (vi) polychlorinated biphenyls; (vii) radon gas; and (viii) any additional substances
or materials which are now or hereafter classified or considered to be hazardous or toxic under Environmental Requirements (as hereinafter
defined) or the common law, or any other Laws. Hazardous Materials shall include, without limitation, any substance, the presence of
which, (A) requires reporting, investigation or remediation under Environmental Requirements; (B) causes or threatens to cause a nuisance
or poses or threatens to pose a hazard to the health or safety of persons; or (C) which, if it emanated or migrated, could constitute
a trespass.

 

(b) When
used herein, “Environmental Requirements” shall mean all laws, ordinances, statutes, codes, rules, regulations, agreements,
judgments, orders, and decrees, now or hereafter enacted, promulgated, or amended, of the United States, the states, the counties, the
cities, or any other political subdivisions, and any other political subdivision, agency or instrumentality exercising jurisdiction,
relating to pollution, the protection or regulation of human health, natural resources, or the environment, or the emission, discharge,
release or threatened release of pollutants, contaminants, chemicals, or industrial, toxic or hazardous substances or waste or Hazardous
Materials into the environment (including, without limitation, ambient air, surface water, ground water or land or soil).

 

7.2.19 Tax
Appeals. There are no pending appeals of any taxes with respect to the Property.

 

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7.2.20 Submerged
Land Lease. The Submerged Land Lease is currently in effect and is in good standing.

 

7.2.21 Each
of the representations and warranties contained in this Section 7.2 and its various subsections and subparagraphs are intended for the
benefit of Purchaser and may be waived in whole or in part, by Purchaser. All rights and remedies arising in connection with the untruth
or inaccuracy of any such representations and warranties shall survive the Closing of the transaction contemplated hereby for a period
of two years.

 

7.2.22 If
any factual circumstance which is the basis for a representation of Seller or Purchaser set forth in this Article VII shall change after
the Effective Date, thus rendering the representation untrue, then either Purchaser or Seller shall promptly notify the other as soon
as such party discovers such changed circumstance and Seller or Purchaser, as the party making the representation, shall use good faith
efforts to correct same to render the representation as true. If Seller or Purchaser, as the case may be, is unable to correct the untrue
representation prior to the Closing Date, after using good faith efforts, then (i) in the case of an untrue Seller representation, Purchaser
shall have as its sole remedy the option of either (s) terminating this Agreement whereupon the Deposit shall be promptly returned to
Purchaser, or (y) proceeding to Closing subject to the untrue representation, or (ii) in the case of an untrue Purchaser representation,
Seller shall have as its sole remedy the option of either (x) terminating this Agreement whereupon the Deposit shall be promptly returned
to Purchaser and neither party shall have any further obligation to the other under this Agreement except for those obligations which
by their terms survive termination hereof or (y) proceeding to Closing subject to the untrue representation. If any of the Purchaser’s
representations or Seller’s representations and warranties become untrue prior to Closing as a result of deliberate acts of the
representing party, then same shall be a default by the representing party, and the other party shall have its remedies for representing
party’s default of this Agreement.

 

VIII.

 

CONDITIONS PRECEDENT TO CLOSING

 

8.1
Conditions to Seller’s Obligations. The obligation of Seller to consummate Closing hereunder shall be subject to satisfaction
or waiver by Seller of each of the following conditions precedent:

 

(a) Except
by reason of a default by Seller, Escrow Agent is in a position to deliver to Seller the documents, instruments and funds to be delivered
to Seller at Closing pursuant to the provisions of this Agreement; and

 

(b) There
is no existing uncured material breach of any of the covenants, representations, warranties or obligations of Purchaser set forth in
this Agreement.

 

The
foregoing conditions contained in this Section 8.1.are intended solely for the benefit of Seller. Seller shall at all times have the
right to waive any condition precedent, provided that such waiver is in writing and delivered to Purchaser.

 

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8.2
Conditions to Purchaser’s Obligations. The obligations of Purchaser to consummate Closing hereunder shall be subject to
the satisfaction or waiver by Purchaser of each of the following conditions precedent:

 

(a) Except
by reason of a default by Purchaser, Escrow Agent is in a position to deliver to Purchaser the documents and instruments to be delivered
to Purchaser at Closing pursuant to the provisions of this Agreement;

 

(b) There
is no existing uncured material breach of any of the covenants, representations, warranties or obligations of Seller set forth in this
Agreement;

 

(c) Title
Insurer shall be unconditionally and irrevocably prepared to issue, upon payment of the applicable premiums therefor, a title policy
with respect to the Real Property, showing title to the Real Property vested in Purchaser, subject only to Permitted Exceptions.

 

The
foregoing conditions contained in this Section 8.2 are intended solely for the benefit of Purchaser. Purchaser shall at all times have
the right to waive any condition precedent, provided that such waiver is in writing and delivered to Seller.

 

8.3
Failure of Conditions to Closing. Purchaser and Seller each hereby agrees that, except to the extent such party has delivered
a Notice to the other party and to Escrow Agent, on or before the Closing Date, of the failure of any condition to Closing hereunder
which is for its benefit and specifying the nature of such failure, all such conditions to Closing shall be deemed to have been waived
by such party. In addition, to the extent that the failure of any condition to Closing is caused by a party’s default, the non-defaulting
party shall be entitled to pursue its rights and remedies in accordance with Article IX.

 

IX.

 

DEFAULTS

 

9.1
Closing Default by Purchaser.

 

9.1.1 IF
PURCHASER DOES NOT TERMINATE THIS AGREEMENT PRIOR TO THE EXPIRATION OF THE DUE DILIGENCE PERIOD PURSUANT TO SECTION 4.5.1 AND THEREAFTER
DEFAULTS AND FAILS TO COMPLETE THE PURCHASE OF THE PROPERTY, PURCHASER AND SELLER AGREE THAT IT WOULD BE IMPRACTICAL AND EXTREMELY DIFFICULT
TO ESTIMATE THE DAMAGES WHICH SELLER MAY SUFFER. THEREFORE, PURCHASER AND SELLER DO HEREBY AGREE THAT IN THE EVENT OF SUCH DEFAULT, SELLER
MAY (AS ITS SOLE RECOURSE AND REMEDY AT LAW OR IN EQUITY) TERMINATE THIS AGREEMENT BY WRITTEN NOTICE TO PURCHASER AND RETAIN THE DEPOSIT,
WHICH PURCHASER AND SELLER AGREE IS A REASONABLE ESTIMATE OF THE TOTAL DAMAGES THAT SELLER WOULD SUFFER IF PURCHASER DEFAULTS AND FAILS
TO COMPLETE THE PURCHASE OF THE PROPERTY. SAID AMOUNT SHALL BE THE FULL, AGREED AND LIQUIDATED DAMAGES IF PURCHASER DEFAULTS AND FAILS
TO COMPLETE THE PURCHASE OF THE PROPERTY. ALL OTHER CLAIMS OR OTHER REMEDIES IN CONNECTION WITH ANY SUCH DEFAULT BY PURCHASER UNDER THIS
AGREEMENT ARE EXPRESSLY WAIVED BY SELLER.

 

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9.1.2 THE
PAYMENT OF SUCH AMOUNT AS LIQUIDATED DAMAGES IS NOT INTENDED AS A FORFEITURE OR PENALTY BUT IS INTENDED TO CONSTITUTE LIQUIDATED DAMAGES
TO SELLER. UPON SUCH DEFAULT BY PURCHASER, IF SELLER TERMINATES THIS AGREEMENT, NEITHER PARTY SHALL HAVE ANY FURTHER RIGHTS OR OBLIGATIONS
HEREUNDER EXCEPT FOR (A) ANY INDEMNIFICATION RIGHTS THAT EXPRESSLY SURVIVE THIS AGREEMENT, (B) OTHER RIGHTS OF SELLER WHICH BY THEIR
TERMS SURVIVE TERMINATION HEREOF AND (C) THE RIGHT OF SELLER TO COLLECT SUCH LIQUIDATED DAMAGES FROM PURCHASER AND ESCROW AGENT.

 

9.1.3 IF
PURCHASER WRONGFULLY FAILS TO AUTHORIZE ESCROW AGENT TO RELEASE THE DEPOSIT WITHIN FIVE (5) BUSINESS DAYS OF THE DEMAND OF SELLER WHEN
SELLER IS ENTITLED TO SUCH LIQUIDATED DAMAGES HEREUNDER, THEN SELLER WILL BE ENTITLED TO RECOVER ANY DAMAGES PROXIMATELY CAUSED BY SUCH
FAILURE, INCLUDING WITHOUT LIMITATION REASONABLE ATTORNEYS’; AND PARAPFOESSIONAL FEES AND COSTS INCURRED TO REALIZE THE DEPOSIT.

 

9.2
Default by Seller.

 

9.2.1 IF
SELLER FAILS TO FULLY AND TIMELY PERFORM ANY OF ITS OBLIGATIONS HEREUNDER OR FAILS TO CLOSE ON THE SALE OF THE PROPERTY IN ACCORDANCE
WITH THIS AGREEMENT FOR ANY REASON, EXCEPT PURCHASER’S DEFAULT, PURCHASER AND SELLER AGREE THAT IT WOULD BE IMPRACTICAL AND EXTREMELY
DIFFICULT TO ESTIMATE THE DAMAGES WHICH PURCHASER MAY SUFFER. THEREFORE, PURCHASER AND SELLER DO HEREBY AGREE THAT, IN THE EVENT OF SUCH
DEFAULT, PURCHASER MAY (AS ITS SOLE RECOURSE AND REMEDY AT LAW OR IN EQUITY), EITHER (A) PURSUE AN ACTION AGAINST SELLER FOR SPECIFIC
PERFORMANCE, OR (B) TERMINATE THIS AGREEMENT AND RECEIVE THE RETURN OF THE DEPOSIT AND SELLER, WITHIN TEN (10) BUSINESS DAYS OF RECEIPT
OF A WRITTEN DEMAND THEREFOR, SHALL PAY PURCHASERS ACTUAL, OUT OF POCKET, THIRD PARTY DUE DILIGENCE COSTS AND REASONABLE LEGAL FEES INCURRED
BY PURCHASER IN CONNECTION WITH THIS AGREEMENT, NOT TO EXCEED $250,000.00, AND WHICH SUCH OBLIGATION SHALL SURVIVE THE TERMINATION OF
THIS AGREEMENT. IN THE EVENT PURCHASER ELECTS UNDER THIS SECTION TO RECEIVE A RETURN IF THE DEPOSIT AND IF SELLER WRONGFULLY FAILS TO
AUTHORIZE ESCROW AGENT TO RELEASE THE DEPOSIT WITHIN FIVE (5) BUSINESS DAYS OF THE DEMAND OF PURCHASER WHEN PURCHASER IS ENTITLED TO
THE RETURN OF THE DEPOSIT HEREUNDER, THEN PURCHASER WILL BE ENTITLED TO RECOVER ANY DAMAGES PROXIMATELY CAUSED BY SUCH FAILURE, INCLUDING
WITHOUT LIMITATION REASONABLE ATTORNEYS’; AND PARARPFOESSIONAL FEES AND COSTS INCURRED TO OBTAIN A RETURN OF THE DEPOSIT,

 

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9.2.2
ALL OTHER CLAIMS TO DAMAGES OR OTHER REMEDIES IN CONNECTION WITH SUCH DEFAULT BY SELLER (OTHER THAN AS SPECIFIED IN SECTION 9.2.2
ABOVE) ARE EXPRESSLY WAIVED BY PURCHASER. THE REFUND OF THE DEPOSIT AS LIQUIDATED DAMAGES IS NOT INTENDED AS A FORFEITURE OR PENALTY
BUT ARE INTENDED TO CONSTITUTE LIQUIDATED DAMAGES TO PURCHASER.

 

9.2.3 UPON
SUCH DEFAULT BY SELLER, IF THIS AGREEMENT IS TERMINATED BY PURCHASER, NEITHER PARTY SHALL HAVE ANY FURTHER RIGHTS OR OBLIGATIONS HEREUNDER,
EACH TO THE OTHER, EXCEPT FOR (A) ANY INDEMNIFICATION RIGHTS THAT EXPRESSLY SURVIVE THIS AGREEMENT, (B) OTHER RIGHTS OF PURCHASER WHICH
BY THEIR TERMS SURVIVE TERMINATION HEREOF, AND (C) THE RIGHT OF PURCHASER TO RECEIVE A REFUND OF THE DEPOSIT AND ITS OUT OF POCKET EXPENSES
AS STATED ABOVE IN SECTION 9.2.1.

 

9.3
Notice and Cure Period. Purchaser shall take no action with respect to a default by Seller, and Seller shall take no action with
respect to a default by Purchaser, until the non-defaulting party has given written notice to the defaulting party and the defaulting
party has failed to cure the default for a period of fifteen (15) days after receipt of such notice. If the defaulting party cures the
default during the said fifteen (15) day period, which causes a delay in the Closing, the Closing shall take place five (5) Business
Days after said default is cured.

 

X.

 

BROKERS

 

10.1
Seller’s Representations Regarding Brokers. Seller represents and warrants to Purchaser that Seller has not hired, retained
or dealt with any broker, finder, consultant or intermediary in connection with the negotiation, execution or delivery of this Agreement
or the transactions contemplated hereby, other than Jones Lang Lasalle [redacted] (“Seller’s Broker”). Seller
shall be responsible for, and shall pay at Closing, the fee, commission or other charge due Seller’s Broker in connection with
the transaction contemplated hereby pursuant to a separate agreement with Seller’s Broker. Seller will hold Purchaser harmless
and defend and indemnify Purchaser and Purchaser’s Representatives to the extent that the aforesaid representation and warranty
is untrue, including for any reasonable attorneys’ and paraprofessional fees and costs incurred in the defense of claims in violation
of said representation and warranty.

 

10.2
Purchaser’s Representations Regarding Brokers. Purchaser represents and warrants to Seller that Purchaser has not hired,
retained or dealt with any broker, finder, consultant or intermediary in connection with the negotiation, execution or delivery of this
Agreement or the transactions contemplated hereby, other than Seller’s Broker. Purchaser will hold Seller harmless and defend and
indemnify Seller and Seller’s Representatives to the extent that that the aforesaid representation and warranty is untrue, including
for any reasonable attorneys’ and paraprofessional fees and costs incurred in the defense of claims in violation of said representation
and warranty.

 

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10.3
Survival. The provisions of this Article X shall survive the Closing or any termination of this Agreement.

 

XI.

 

NOTICES

 

Except
as otherwise expressly provided in this Agreement, all notices, requests, demands and other communications hereunder (“Notice”)
shall be in writing and shall be deemed delivered if sent by (i) electronic mail or (ii) nationally recognized overnight courier (next
Business Day delivery), as follows:

 

	To
  Seller: 	Sandpiper
  Resort Properties, Inc.

  c/o Club Med Management Services, Inc.

  6505 Blue Lagoon Drive, Suite 225

  Miami, FL 33126

  Attention: Eileen Kett

  E-Mail: [redacted]
	 	 
	To
  Purchaser:	c/o
  Altitude International Holdings, Inc.

  4500 SE Pine Valley Street

  Port Saint Lucie, FL 34952

  Attention: Gregory C Breunich

  E-Mail: [redacted]
	 	 
	With
  a copy to:	Buchanan
  Ingersoll & Rooney PC

  401 East Las Olas Boulevard, Suite 2250

  Fort Lauderdale, FL 33301

  E-Mail: [redacted]

 

Notices
delivered pursuant to this Article XI shall be effective (1) on the date such Notice (whether by electronic mail or overnight courier)
is delivered to the addressee (unless, in the case of a Notice by electronic mail, the Notice is delivered after 5:30 p.m. Eastern time,
in which case such Notice shall be deemed effective on the next Business Day) or (2) if the addressee refuses to accept delivery, or
if delivery is rendered impossible because the addressee has failed to provide a valid address for the delivery of notices, on the date
delivery is first attempted at the addressee’s last known address. A receipt or other document produced by the applicable courier
and confirming delivery or the inability to make delivery as instructed shall be conclusive evidence of delivery or the failed attempt
to make delivery at the address indicated therein. The parties intend that the foregoing requirements for Notice cannot be waived or
varied by course of conduct. The parties agree that a Notice prepared and delivered by or to Seller’s or Purchaser’s counsel
shall constitute a Notice prepared and delivered by or to Seller or Purchaser, as the case may be.

 

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XII.

 

MISCELLANEOUS

 

12.1
Governing Law. This Agreement shall be governed by and construed in accordance with the Laws of the State of Florida. Subject
to the provisions of Section 12.18, if any legal action is necessary to enforce the terms and conditions of this Agreement, the parties
hereby agree that the courts located in St. Lucie County, Florida shall be the sole jurisdiction and venue for the bringing of the action.

 

12.2
Professional Fees and Costs. If an arbitration or other proceeding is instituted by any party to enforce any of the terms or conditions
of this Agreement against any other party hereto or arising out of or relating to this Agreement the prevailing party in such arbitration
or proceeding shall be entitled, as an additional item of damages, to such reasonable attorneys’, paraprofessional, and other professional
fees and costs (including witness fees), court costs, arbitrators’ fees, arbitration administrative fees, travel expenses, and
other out-of-pocket expenses or costs of such arbitration or other proceeding, as may be fixed by the arbitrator(s) or other judicial
or quasi-judicial body having jurisdiction thereof. This Section 12.2 shall survive Closing or earlier termination of this Agreement.

 

12.3
Exhibits and Schedules a Part of This Agreement. The Exhibits and Schedules attached hereto are incorporated in this Agreement
by reference and are hereby made a part hereof.

 

12.4
Executed Counterparts; Electronically Scanned Signatures. This Agreement may be executed in any number of counterparts and by
different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all
such counterparts together shall constitute but one and the same instrument. Signature pages may be detached from multiple separate counterparts
and attached to a single counterpart so that all signature pages are physically attached to the same document. This Agreement shall become
effective upon the due execution and delivery of this Agreement to the parties hereto. The execution of this Agreement and all Notices
given hereunder and all amendments hereto, may be effected by electronically scanned (i.e., PDF) signatures, all of which shall be treated
as originals; provided, however, that the party receiving a document with an electronically scanned signature may, by Notice to the other,
require the prompt delivery of an original signature to evidence and confirm the delivery of the electronically scanned signature. Purchaser
and Seller each intend to be bound by its respective electronically scanned signature, and is aware that the other party will rely thereon,
and each party waives any defenses to the enforcement of the Agreement, and documents, and any Notices delivered by electronically scanned
transmission.

 

12.5
Assignment. Purchaser may not assign, convey and otherwise transfer all or any part of its interest or rights herein without the
prior written consent of Seller, which consent may be withheld in Seller’s sole discretion. Notwithstanding the foregoing, however,
Purchaser may, not later than five (5) Business Days prior to the Closing Date, assign and transfer all of its rights and obligations
under this Agreement, in whole or in part, to an Affiliate(s) thereof; provided, however, that Purchaser shall not be released of its
obligations under this Agreement as a result of any such assignment and Purchaser shall be solely responsible for all costs and expenses
arising by reason of such assignment. Any assignment as permitted in the preceding sentence shall be conditioned upon Purchaser delivering
to Seller and Escrow Agent, not later than five (5) Business Days prior to the Closing Date, Notice thereof, together with a copy of
such assignee’s organizational and formation documents and instruments, a Certificate of Good Standing for such assignee, and copies
of the resolutions of Purchaser and such assignee authorizing such assignment. As a further condition to any such permitted assignment,
Purchaser shall cause its assignee to execute an assignment and assumption agreement of Purchaser’s obligations under this Agreement
(in form and content reasonably acceptable to Seller), and such other documents and instruments as Seller may reasonably request.

 

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12.6
IRS - Form 1099-S. For purposes of complying with Section 6045 of the Code, Escrow Agent shall be deemed the “person responsible
for closing the transaction” and shall be responsible for obtaining the information necessary to file with the Internal Revenue
Service Form 1099-S, “Statement for Recipients of Proceeds from Real Estate, Broker and Barter Exchange Transactions.”

 

12.7
Successors and Assigns. Subject to the provisions of Section 12.5 hereof, this Agreement shall be binding upon and inure to the
benefit of the parties’ respective successors and permitted assigns.

 

12.8
Time is of the Essence. Time is of the essence of this Agreement; provided, however, that if the final day of any time period
under this Agreement falls on a day that is not a Business Day, then the time of such period shall be extended to the next day that is
a Business Day.

 

12.9
Entire Agreement. This Agreement, and the Exhibits and Schedules and other documents and instruments attached to or referenced
herein, contain all representations and the entire understanding and agreement between the parties hereto with respect to the purchase
and sale of the Property, and all prior and contemporaneous understandings, letters of intent, agreements and representations, whether
oral or written, other than those set forth in this Agreement, are entirely superseded. In executing this Agreement, Seller and Purchaser
each expressly disclaims any reliance on any oral or written representations, warranties, comments, statements or assurances made by
Seller, Purchaser, and any of their respective Affiliates, and their respective agents, employees, representatives, attorneys or brokers,
as an inducement or otherwise, to Purchaser’s and Seller’s respective execution hereof. No amendment of this Agreement shall
be binding unless in writing and executed by the parties hereto.

 

12.10
Waiver. Failure or delay by either party to insist on the strict performance of any covenant, term, provision or condition hereunder,
or to exercise any option herein contained, or to pursue any claim or right arising herefrom, shall not constitute or be construed as
a waiver of such covenant, term, provision, condition, option, claim or right. Any waiver by either party shall be effective only if
in a writing delivered to the other party hereto and setting forth, with specificity, the covenant, term, provision, or condition, option,
claim, or right so waived. Any such waiver shall not constitute or be construed as a continuing waiver of any subsequent default.

 

12.11
Headings. The headings of this Agreement are for purposes of convenience only and shall not limit or define the meaning of the
provisions of this Agreement.

 

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12.12
Risk of Loss. The risk of loss to the Property shall be as follows:

 

12.12.1 Risk
of Loss. Until the Closing Date, Seller shall bear the risk of loss should there be damage to any of the Improvements by fire or
other casualty (collectively “Casualty”). If, prior to the Closing Date, any of the Improvements shall be damaged
by any Casualty, Seller shall promptly deliver to Purchaser a Notice (“Casualty Notice”) of such event. Upon Purchaser’s
receipt of a Casualty Notice, Seller and Purchaser shall meet promptly to estimate the cost to repair and restore the Improvements to
good condition and to replace the damaged Personal Property (“Casualty Renovation Cost”). If the parties are unable
to agree on the cost of restoration within fifteen (15) days of Purchaser’s receipt of the Casualty Notice, the matter will be
submitted within five (5) Business Days to an engineer designated by Seller and an engineer designated by Purchaser, each licensed to
practice in the state in which the Land is located, and the engineers shall determine the Casualty Renovation Cost. Each party hereto
shall bear the costs and expenses of its own engineer. If the engineers appointed by Seller and Purchaser cannot agree upon the Casualty
Renovation Cost within fifteen (15) days from their appointment, the engineers appointed by Seller and Purchaser shall appoint a third
engineer within five (5) Business Days who shall determine the Casualty Renovation Cost within fifteen (15) days of appointment, and
whose determination of the Casualty Renovation Cost shall be final. If the Casualty Renovation Cost is not reasonably capable of being
determined prior to the date established as the Closing Date, the Closing Date will be adjourned to the later of (i) ten (10) Business
Days after the engineers have announced their determination and (ii) the date that is thirty (30) days after the date on which the Closing
Date would have occurred but for the adjournment.

 

12.12.2
Material Loss. If the Casualty Renovation Cost is equal to or exceeds in the aggregate five percent (5%) of the Purchase Price
or the Real Property cannot be restored to substantially the same condition which existed prior to such casualty, Purchaser or Seller
may, at its option, elect to terminate this Agreement by Notice to other party within ten (10) Business Days after the date that the
Casualty Renovation Cost is determined, in which case the Deposit shall be delivered to Purchaser, and neither party shall have any further
rights or obligations hereunder, except for those obligations which expressly survive termination of this Agreement. If Purchaser or
Seller fails to timely elect to terminate this Agreement, then Closing shall take place as provided herein without reduction of the Purchase
Price, Seller shall assign the insurance proceeds to Purchaser and pay to Purchaser the deductible under Seller’s casualty insurance
policy, if applicable.

 

12.12.3 Nonmaterial
Loss. If the Casualty Renovation Cost is in the aggregate less than five percent (5%) of the Purchase Price and all material portions
of the Real Property can be restored to substantially the same condition which existed prior to such casualty, then, in any such event,
neither party hereto shall have any right to terminate this Agreement and the Closing shall take place as provided herein without reduction
of the Purchase Price and Purchaser will receive a credit against the Purchase Price in the amount of the Casualty Renovation Cost.

 

12.12.4 Eminent
Domain. If, prior to Closing, Seller becomes aware of a Material Taking of the Real Property, Seller shall provide Notice thereof
to Purchaser. At the election of Purchaser made within ten (10) Business Days after receipt of such Notice, this Agreement shall terminate
and Purchaser shall receive a full and prompt refund of the Deposit. If, prior to Closing, a taking by condemnation or eminent domain
proceeding shall have occurred with respect to the Real Property and such taking shall be less than a Material Taking (or if a Material
Taking has occurred or been announced and Purchaser does not exercise its right of termination within the period described above), then
Purchaser shall accept title to the Real Property subject to such taking and the parties shall proceed to Closing. At Closing, (i) Purchaser
shall pay the Purchase Price without abatement by reason of such taking and (ii) all of the proceeds of any award or payment made or
to be made by reason of such taking shall be assigned by Seller to Purchaser (and any money theretofore received by Seller in connection
with such taking shall be paid over to Purchaser). For purposes of this Section 12.12.4, a “Material Taking” shall
mean a taking by condemnation or eminent domain proceedings (a) that would materially interfere with the operation or use of the Improvements,
the operations of the Academy, or the operation or use of the golf course at the Property, (b) remove any principal access way to the
Real Property, (c) reduce the availability of parking, (d) result in any part of the Real Property or the Improvements becoming in violation
of any zoning or building code, or (e) the taking of more than ten percent (10%) of the Land.

 

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12.13
Construction of Agreement. The parties hereto have negotiated this Agreement at length, and have had the opportunity to consult
with, and be represented by, their own competent counsel. This Agreement is, therefore, deemed to have been jointly prepared. In determining
the meaning of, or resolving any ambiguity with respect to, any word, phrase or provision of this Agreement, no uncertainty or ambiguity
shall be construed or resolved against any party under any rule of construction, including the party primarily responsible for the drafting
and preparation of this Agreement. The words “herein,” “hereof,” “hereunder” and words of similar
reference shall refer to this Agreement as a whole and not to a particular section or subsection hereof. The words “this Agreement”
include the exhibits, schedules, addenda and any future written modifications, unless otherwise indicated by the context. All words in
this Agreement shall be deemed to include any number or gender as the context or sense of the Agreement requires. The words “will,”
“shall” and “must” in this Agreement indicate a mandatory obligation. The use of the words “include,”
“includes” and “including” followed by one or more examples is intended to be illustrative and is not a limitation
on the scope of the description or term for which the examples are provided. All dollar amounts set forth in this Agreement are stated
in United States Dollars, unless otherwise specified. The words “day” and “days” refer to calendar days unless
otherwise stated. The words “month” and “months” refer to calendar months unless otherwise stated. The words
“year” and “years” refer to calendar years unless otherwise stated.

 

12.14
Public Disclosure; Confidentiality.

 

12.14.1 Public
Disclosures. Except as otherwise expressly provided below in this Section 12.14.1, neither Seller nor Purchaser shall make any public
statement or issue any press release prior to the Closing with respect to this Agreement or the transactions contemplated hereby without
the prior written consent of the other party. Either party shall have the right to disclose this Agreement and the transactions contemplated
hereby to the extent Seller or Purchaser deems that it is (i) necessary to comply, or to permit its parent to comply, with applicable
federal or state securities Laws, rules or regulations, and New York Stock Exchange or NASDAQ requirements, (ii) otherwise appropriate
in connection with routine public company disclosures of itself or its parent (such as press releases, SEC filings, financial statement
disclosures and investor conferences and presentations), (or) (iii) otherwise appropriate in connection with Purchaser’s securities
offering.

 

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12.14.2 Confidentiality.
Purchaser shall not disclose (nor permit any of Purchaser’s Representatives to disclose), in any manner whatsoever (except to the
extent such disclosure has already made public by means other than by Purchaser or Purchaser’s Representatives), (a) the information
provided to Purchaser by Seller or Seller’s Representatives, or (b) any analyses, compilations, studies or other documents
or records prepared by or on behalf of Purchaser, in connection with Purchaser’s due diligence investigation of the Property (collectively,
“Proprietary Information”), without first obtaining the written consent of Seller. The foregoing shall not preclude
Purchaser (i) from disclosing the Proprietary Information to any of Purchaser’s Representatives, or (ii) from complying
with all Laws, rules, regulations and court orders, including governmental regulatory, disclosure, tax and reporting requirements, and
(iii) Purchaser may make such disclosures as required by law or any securities exchange in connection with Purchaser’s listing
on any securities exchange or the issuance or registration of Purchaser’s securities; provided, however, that if Purchaser is required
by Law or legal process to disclose any Proprietary Information (excluding the disclosures permitted by Section 12.14.1), Purchaser shall,
to the extent legally permitted, provide Notice of such requirement to Seller promptly upon learning thereof and before disclosing such
information in order to allow Seller an opportunity to challenge such disclosure. In the event Purchaser is required by any such Law
or legal process to disclose Proprietary Information, Purchaser agrees to furnish or disclose only that portion of the Proprietary Information
which Purchaser is advised by legal counsel that it is legally compelled to disclose and to use its best efforts to obtain assurance
that, if possible, confidential treatment will be accorded to the Proprietary Information. Purchaser shall inform all of Purchaser’s
Representatives of the confidential nature of the Proprietary Information and shall direct them to be bound by the terms of this Section 12.14.
In addition to any other remedies available to Seller, Seller shall have the right to seek equitable relief, including injunctive relief
or specific performance, against Purchaser and any Purchaser’s Representatives in order to enforce the provisions of this Section 12.14.
The provisions of this Section 12.14 shall survive Closing and any termination of this Agreement for two (2) years. Notwithstanding
anything to the contrary provided in Section 12.14, Purchaser may conduct inquiries and investigations for its continued due diligence,
including but not limited to zoning and other land use inquiries of governmental agencies, tax, lien, and code violation searches
of governmental agencies, and License verifications, and in connection with those inquiries and investigations, disclose the location
of the Property and the reasons for the inquiries and investigations, except that during the Due Diligence Period, Purchaser shall,
if asked of its role, by any such agency, indicate that it is making such inquiry as a possible investor in the Property.Notwithstanding
the foregoing, Purchaser may contact the Florida Division of State Lands to apply for approval of the assignment of the Submerged Land
Lease, and in connection therewith may disclose its position as a potential assignee.

 

12.15
Covenants, Representations and Warranties.

 

12.15.1 Claims
and Survival. Except as otherwise expressly set forth in this Agreement, the representations, warranties, covenants, indemnities
and other obligations of Seller, Operator and Purchaser set forth in this Agreement or any document delivered by the parties at Closing
pursuant to the terms of this Agreement shall survive until the date that is two years after Closing (the “Survival Date”).
By proceeding with the Closing, Purchaser shall be deemed to have waived and shall have waived, and Seller shall have no liability for,
any Claims of defaults or breaches by Seller existing on or as of Closing of which Purchaser has actual knowledge prior to Closing, whether
under this Agreement or any other document or instrument executed by the other party in connection with this transaction. As used in
this Agreement, “knowledge of Purchaser” means the actual knowledge of Gregory C. Breunich. Any permitted Claim that Purchaser
may have at any time against Seller for breach of any such representation, warranty, covenant, indemnity or other obligation, whether
known or unknown, with respect to which a written notice providing specific details of the alleged breach (a “Claim Notice”)
has not been delivered to Seller on or prior to the Survival Date, shall not be valid or effective and the party against whom such Claim
is asserted shall have no liability with respect thereto. For the avoidance of doubt, on the Survival Date, Seller shall be fully discharged
and released (without the need for separate releases or other documentation) from any liability or obligation to Purchaser and/or its
successors and assigns with respect to any Claims for breaches of representations, warranties, covenants, indemnities and other obligations
under this Agreement or any document delivered by the parties at Closing pursuant to the terms of this Agreement, except solely for (i)
those matters that are then the subject of the pending Claim Notice delivered by Purchaser to Seller that is still pending on the Survival
Date and (ii) any covenants, indemnities or other obligations that expressly survive for a longer period. In no event shall any present
or future direct or indirect owner, officer, director, employee, trustee, beneficiary, advisor, principal, participant, stockholder,
member, or partner of Seller or any direct or indirect owner or Affiliate thereof have any personal liability, directly or indirectly,
under or in connection with this Agreement or the transactions contemplated hereby, or be sued or named as a party in any suit or action.

 

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12.15.2 Limitation
on Liability. In consideration of the benefits accruing hereunder, Seller and Purchaser agree that, in the event of any actual or
alleged failure, breach or default of this Agreement by Seller or Purchaser:

 

(a) The
sole and exclusive remedy shall be against the defaulting party and its assets;

 

(b) No
service of process shall be made against any owner, officer, director, employee, trustee, beneficiary, advisor, principal, participant,
stockholder, member or partner of the defaulting party (except as may be necessary or permissible to secure jurisdiction of the defaulting
party);

 

(c) No
owner, officer, director, employee, trustee, beneficiary, advisor, principal, participant, stockholder, member or partner of the defaulting
party shall be required to answer or otherwise plead to any service of process;

 

(d) No
judgment may be taken against any owner, officer, member, general partner, or employee of the defaulting party;

 

(e) Any
judgment taken against any owner, officer, member, general partner, or employee of the defaulting party may be vacated and set-aside
at any time;

 

(f) No
writ of execution will ever be levied against the assets of any owner, officer, member, general partner, or employee of the defaulting
party;

 

(g) In
no event shall Seller or Purchaser have any liability for punitive damages, or consequential damages under this Agreement; and

 

(h) These
covenants and agreements are enforceable both by the defaulting party and also by any owner, officer, member, general partner, or employee
of the defaulting party.

 

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In
addition to the foregoing, and notwithstanding any other term or provision of this Agreement to the contrary, Seller shall have no liability
for the breach of any representation, warranty, covenant, indemnity or other obligation expressly stated to survive Closing (collectively,
“Seller’s Post-Closing Obligations”), unless and until the aggregate amount of Purchaser’s actual out-of-pocket
damages and third party expenses directly resulting from such breaches shall exceed, $50,000.00, but then Seller’s Post-Closing
Obligations will start from the first dollar without giving effect to such $50,000.00 threshold. Furthermore, Seller’s aggregate
liability under this Agreement (or otherwise) for any and all breaches of Seller’s Post-Closing Obligations shall in no event in
the aggregate exceed $1,000,000.00 (the “Seller’s Post-Closing Cap”), but said limitation of Seller’s
Post-Closing Obligations shall not limit Seller’s liability for: payment of Liens; amounts due under Contracts; amounts due to
vendors for Operating Supplies; prorations; closing costs; reasonable attorneys and paraprofessional fees and court costs incurred by
Purchaser in enforcing Seller’s Post-Closing Obligations; indemnification obligations regarding real estate brokers’ commissions,
and; any instances of fraud.

 

12.15.3 Guaranty of Post-Closing
Obligations. At Closing Seller will deliver to Purchaser the guaranty in the form agreed to between Seller and Purchaser during
the Due Diligence Period, to be executed by Club Med Sales, Inc., a Delaware corporation
(“Guarantor”). Within fifteen (15) days of the Effective Date Seller will deliver to Purchaser a copy of Guarantor’s
most recent financial statements and a certified copy of the Board of Director’s Resolution authorizing the issuance of the
Guaranty and naming the person authorized to sign same. The Guaranty will guaranty payment of the Seller’s Post-Closing Obligations
and will be subject to the Seller’s Post-Closing Cap. Purchaser shall deliver to Seller a draft of the Guaranty and Seller
shall deliver Purchaser Seller’s comments to said draft within fifteen (15) days thereafter.

 

12.16
No Third-Party Beneficiaries. Except as otherwise expressly provided in Section 12.15, Seller and Purchaser each agrees that (i)
there are no third parties who are intended to benefit from or who are entitled to rely on any of the provisions of this Agreement, (ii)
no third party shall be entitled to assert any claims or to enforce any rights whatsoever pursuant to this Agreement and (iii) the covenants
and agreements provided in this Agreement are solely for the benefit of Seller and Purchaser and their permitted successors and assigns
respectively.

 

12.17
Waiver of Trial by Jury. NEITHER SELLER NOR PURCHASER SHALL HAVE THE RIGHT TO SEEK A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT
BY JURY, AND EACH WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD
TO THE TERMS OF THIS AGREEMENT OR ANY CLOSING DOCUMENT, THE TRANSACTIONS CONTEMPLATED HEREBY, OR ANY CLAIM, COUNTERCLAIM OR OTHER ACTION
ARISING IN CONNECTION THEREWITH. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY AND VOLUNTARILY BY EACH PARTY, AND IS INTENDED
TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. ANY PARTY IS
HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY EACH PARTY HERETO.

 

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12.18
Arbitration of Disputes.

 

12.18.1
Scope – Disputes Covered. Any controversy or claim arising under or relating to this Agreement and any proceedings to enforce
this Agreement or rights under (or relating to) this Agreement, including actions or claims seeking equitable remedies such as specific
performance, will be settled by binding arbitration within Saint Lucie County, Florida, accordance with this Section 12.18.1 (“Arbitrable
Matters”). Claims subject to arbitration include those based in contract, tort, statute, fraud, misrepresentation, or any other
legal theory.

 

12.18.2
Governing Rules. Any arbitration under this Section 12.18 will be administered by, and in accordance with the then Commercial
Rules of the American Arbitration Association (“AAA”).

 

12.18.3
Selection of Arbitrators.

 

(a)
Claims will be heard by a single arbitrator, unless the aggregate claim amount of either Party exceeds $5,500,000.00, in which case the
claim will be heard by a panel of three arbitrators.

 

(b)
Unless otherwise agreed in writing by the parties, each arbitrator selected under this Section 12.18.3 must be an attorney (A) with at
least five years’ experience as arbitrators in matters concerning commercial real estate, (B) who has not acted as counsel to either
party.

 

(c)
The parties shall use good faith efforts to select a single arbitrator or the entire panel, as the case may be, within twenty (20)
days (“Initial Arbitration Selection Period”) of the “Arbitration Commencement Date” (as defined
below). If the Parties fail to agree on a single arbitrator or the entire panel, respectively, during the Initial Arbitration
Selection Period, then each party shall select an arbitrator (and give notice of such selection to the other party) within five (5)
days (“Separate Arbitration Selection Period”) of the Initial Arbitration Selection Period, and the two so
selected will select a third arbitrator within ten (10) days from their appointment (or if only one party gives notice of its
selection within the Separate Arbitration Selection Period, then its selection will be the sole arbitrator). If two arbitrators
timely selected fail to agree on a third arbitrator within such ten (10) day period, then the third arbitrator will be selected by
the American Arbitration Association. If the claim is to be heard by a single arbitrator, then such third arbitrator will be the
single arbitrator; and if the claim is to be heard by a panel of three arbitrators, the panel will be comprised of such first,
second, and third arbitrators.

 

12.18.4
Procedure.

 

(a)
In order to commence an arbitration proceeding under this Agreement, the initiating party must file a claim with the American Arbitration
Association and promptly delivery a copy of such claim to the other party.

 

(b)
The arbitrator(s) for such arbitration must then be selected under Section 12.18.3 (Selection of Arbitrators).

 

(c)
At the time of his, her or their appointment, the arbitrator(s) will be requested to hold a preliminary hearing within thirty (30) days.

 

(d)
The arbitrator(s) will have the exclusive right to determine the arbitrability of a claim and whether there is an agreement to arbitrate,
the extent of discovery and to grant equitable relief, including the right to order the expungement of any lis pendens that the arbitrator
deems improper and the amending of changes relating to any improper lis pendens filing.

 

(e)
The arbitrator(s) will issue a reasoned award and will include the reasons for the disposition of any claim. Judgment upon the award
rendered by the arbitrator may be entered in any court having jurisdiction thereof. The arbitrators will have no authority to award consequential
or punitive damages or otherwise to act inconsistently with this Agreement. The determination of the arbitrator(s) will be final and
binding upon the Parties subject only to the provision of Section 12.18.5.

 

    	41

     

    

 

12.18.5
Appeals. The arbitration award may be appealed pursuant to AAA’s appellate rules and following the appeal process, the decision
rendered by the appellate tribunal may be entered in a court of competent jurisdiction.

 

12.18.6
Costs. The costs of the arbitration initially will be borne equally by the parties, subject to any reallocation of such costs
by the arbitrator(s) consistent with Section 12.2. If a party fails or refuses to pay its share of deposits for the fees and costs (including
administrative charges) of the arbitrators and AAA, then the arbitrator(s) may, in the arbitrator’s discretion, limit the rights
of such party to offer evidence or plead defenses in such arbitration proceeding.

 

12.18.7
Confidentiality. Except as required by Law or as required in connection with the enforcement of the arbitration award in a court
of competent jurisdiction or in connection with an appeal under AAA’s appellate rules, the parties and the arbitrator(s) may not
disclose the content or results of any arbitration being held pursuant to this Agreement without the prior consent of both parties.

 

12.18.8
Exclusivity. The arbitration proceeding described in this Section 12.18 is the sole manner in which the Parties may resolve Arbitrable
Matters and the parties hereto fully waive any right to commence any action or proceeding in any court arising out of any Arbitrable
Matter, subject only to the rights of the parties under Section 12.18.9, the rights of the parties under Section 12.18.5, and the right
of a party to bring an action in court to enforce the determination made in an arbitration proceeding under this Section 12.18.

 

12.18.9
Provisions for Specific Performance of Agreement.  If Purchaser seeks specific performance of this Agreement, then such specific
performance action may be pursued only in arbitration conducted pursuant to Section 12.18. To the extent permitted under applicable Law,
Purchaser may record a lis pendens against the Property in connection with any such permitted specific performance action to enforce
Seller’s obligations under this Agreement, and if the recordation of a lis pendens requires the filing of a judicial action, such
action will be permitted solely for the purpose of sustaining the lis pendens. Despite the filing of judicial action for the purpose
of sustaining the lis pendens, to the extent permitted by Law, the arbitrator will nevertheless make all rulings concerning expungement
and any other matters involving such specific performance action.

 

12.19
Survival. The terms of this Article XII shall survive the Closing or earlier termination of this Agreement indefinitely, except
as otherwise limited by the terms of any Section under this Article XII.

 

12.20
Radon Gas Disclosure. Radon is naturally occurring radioactive gas that, when it has accumulated in a building in sufficient quantities,
may present health risks to persons who are exposed to it over time. Levels of radon that exceed federal and state guidelines have been
found in buildings in Florida. Additional information regarding radon and radon testing may be obtained from your county public health
unit.

 

12.21
Energy Efficiency Rating Disclosure. Subject to and in accordance with Chapter 553, Florida Statutes, Purchaser may have the energy
efficiency rating of the completed building(s) located on the Property, if any, determined. Purchaser hereby acknowledges and agrees
that Purchaser does not request and has not requested that the energy efficiency rating of such building(s), if any, be determined. Purchaser
acknowledges that the foregoing disclosure was received by Purchaser at the time of or prior to Purchaser executing this Agreement.

 

    	42

     

    

 

12.22
Property Tax Disclosure. PURCHASER SHOULD NOT RELY ON SELLER’S CURRENT PROPERTY TAXES AS THE AMOUNT OF PROPERTY TAXES THAT
PURCHASER MAY BE OBLIGATED TO PAY IN THE YEAR SUBSEQUENT TO PURCHASE. A CHANGE OF OWNERSHIP OR PROPERTY IMPROVEMENTS TRIGGERS REASSESSMENTS
OF THE PROPERTY THAT COULD RESULT IN HIGHER PROPERTY TAXES. IF PURCHASER HAS ANY QUESTIONS CONCERNING VALUATION, PURCHASER SHOULD CONTACT
THE COUNTY PROPERTY APPRAISER’S OFFICE FOR INFORMATION.

 

12.23
Joinder. Holiday Village of Sandpiper, Inc., (“Operator”), hereby joins in this Agreement for the purpose of
consenting to and being bound by any provision herein which must be fulfilled by Operator because of its ownership in or rights
to any Contract or other document, including instruments of conveyance or assignment, with respect to any Intangible Personal Property
or FF&E to the extent owned by Operator, and with respect to the Lease.

 

12.24
Post-Closing Cooperation. Seller and Holiday Village of Sandpiper, Inc., shall cooperate with Purchaser prior to and post-Closing
in connection with the assignment of the Submerged Land Lease and of any Contracts, including Licenses, being assigned to Purchaser,
to the extent the assignment or applications thereof, requires the joinder of, the consent of or information from, Seller or Holiday
Village of Sandpiper, Inc. This Section 12.24 shall survive Closing.

 

12.25
Exclusivity. From the Effective Date through the Closing Date, Seller will not advertise or market the Property or any part thereof,
for sale or lease, and shall not initiate, solicit, encourage, discuss, negotiate or respond to any inquiries, proposals or offers with
respect to the sale, or lease of all or an portion of the Property (all of the foregoing collectively referred to as “Marketing
Activities”), and agrees that it will not permit its Affiliates to engage in Marketing Activities. If a third party makes an inquiry
of Seller about the sale, purchase or lease of the Property or any part thereof, Seller shall advise such third party that Seller is
currently under a binding contract for the sale of the Property and as such, Seller is not permitted to engage in Marketing Activities.

 

    	43

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Purchase and Sale Agreement to be executed as of the day and year first written
above.

 

	 	SELLER:
	 	 	 
	 	SANDPIPER
    RESORT PROPERTIES, INC., 
	 	a
    Florida corporation
	 	 	 
	 	By:	/s/
    Eileen M. Kett
	 	Name:	Eileen
    M Kett, Esq.
	 	Title:	V.P.
	 	 	 
	 	OPERATOR:
	 	 	 
	 	HOLIDAY
    VILLAGE OF SANDPIPER, INC.,
	 	a
    Florida corporation
	 	 
	 	By:	/s/
    Eileen M. Kett
	 	Name:	Eileen
    M Kett, Esq.
	 	Title:	V.P.
	 	 	 
	 	PURCHASER:
	 	 	 
	 	ALTITUDE
    INTERNATIONAL HOLDINGS, INC.,
	 	a
    New York corporation
	 	 	 
	 	By:	/s/
    Gregory C. Breunich
	 	Name:	Gregory
    C. Breunich
	 	Title:	C.E.O.

 

    	44

     

    

 

SCHEDULE
1

 

LIST
OF CONTRACTS

 

[*]

 

    	Schedule 1
	- 1 -

     

    

 

SCHEDULE
2

 

FF&E

 

[*]

 

    	Schedule 2
	- 1 -

     

    

 

SCHEDULE
3

 

EXCLUDED
PERSONAL PROPERTY FROM FF&E

 

[*]

 

    	Schedule 3
	- 1 -

     

    

 

SCHEDULE
4

 

INCLUDED
INTANGIBLE PROPERTY

 

[*]

 

    	Schedule 4
	- 1 -

     

    

 

SCHEDULE
5

 

Pending
Actions and Notices of Claims

 

NONE

 

    	Schedule 5
	- 1 -

     

    

 

SCHEDULE
6

 

UNCURED
VIOLATIONS AS OF THE EFFECTIVE DATE

 

[*]

 

    	Schedule 6
	- 1 -

     

    

 

SCHEDULE
7

 

UNDERGROUND
AND ABOVE-GROUND STORAGE TANKS

 

[*]

 

    	Schedule 7
	- 1 -

     

    

 

EXHIBIT
A

 

Legal
Description

 

The
land referred to herein below is situated in the County of St. Lucie, State of Florida, and is described as follows:

 

PARCEL
“A”

 

A
PARCEL OF LAND LYING WITHIN SECTIONS 14 AND 23, TOWNSHIP 37 SOUTH, RANGE 40 EAST, ST. LUCIE COUNTY, FLORIDA, MORE PARTICULARLY DESCRIBED
AS FOLLOWS:

 

COMMENCE
AT THE NORTHWEST CORNER OF SAID SECTION 23, AS SHOWN ON SHEET 2 OF 2 OF THE PLAT OF SOUTH PORT ST. LUCIE UNIT ONE, AS RECORDED IN PLAT
BOOK 12, PAGE 1 OF THE PUBLIC RECORDS OF ST. LUCIE COUNTY, FLORIDA; THENCE NORTH 79°10’18” EAST ALONG THE CENTERLINE
OF MITCHELL AVENUE FOR 339.91 FEET, TO A POINT INTERSECTING AND LOCATED ON THE CENTERLINE OF MORNINGSIDE BOULEVARD; THENCE SOUTH 10°49’42
EAST ALONG THE CENTERLINE OF MORNINGSIDE BOULEVARD FOR 10.01 FEET; THENCE NORTH 79°10’18” EAST TO THE SOUTHEAST PROPERTY
CORNER OF LOT 52, BLOCK 6 OF SAID UNIT ONE ALSO BEING ON THE PLAT LIMITS OF SAID UNIT ONE AND THE PLAT LIMITS OF PLAT CALLED RIVER VISTA
AS SHOWN ON SHEET 2 OF 2 OF THE PLAT OF RIVER VISTA, AS RECORDED IN PLAT BOOK 13, PAGE 18 OF THE PUBLIC RECORDS OF ST. LUCIE COUNTY,
FLORIDA, A DISTANCE OF 175.00 FEET, SAID POINT BEING THE POINT OF BEGINNING; THENCE SOUTH 10°49’42” EAST, ALONG THE BACK
LOT LINES OF BLOCK ONE OF SAID PLAT OF RIVER VISTA FOR A DISTANCE OF 1005.00 FEET TO THE SOUTHEAST PROPERTY CORNER OF LOT 10, BLOCK 1
OF THE PLAT OF RIVER VISTA; THENCE SOUTH 79°10’18” WEST, ALONG THE SOUTH PROPERTY LINE OF AFORESAID LOT 10, FOR A DISTANCE
OF 125.00 FEET TO A POINT LOCATED ON THE EAST RIGHT OF WAY LINE OF MORNINGSIDE BOULEVARD; THENCE CONTINUING SOUTH 10°49’42”
EAST ALONG AFORESAID RIGHT OF WAY A DISTANCE OF 176.28 FEET; TO A POINT OF CURVATURE OF A CURVE CONCAVE TO THE NORTHEAST, HAVING A RADIUS
OF 380.00 FEET AND A CENTRAL ANGLE OF 62°35’10”, THENCE SOUTHERLY ALONG THE ARC OF SAID CURVE TO THE LEFT, A DISTANCE
OF 415.09 FEET, SAID ARC SUBTENDED BY A CHORD WHICH BEARS SOUTH 42°07’17” EAST, A DISTANCE OF 394.76 FEET TO THE CURVE’S
END; THENCE SOUTH 33°31’24” WEST, A DISTANCE OF 103.54 FEET; THENCE SOUTH 14°08’50” WEST, A DISTANCE
OF 35.15 FEET; TO A POINT OF INTERSECTION WITH A NON-TANGENT CURVE, CONCAVE NORTHEASTERLY, HAVING A RADIUS OF 200.00 FEET AND A CENTRAL
ANGLE OF 22°15’58”, THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE TO THE LEFT, FROM WHICH THE LOCAL TANGENT AT THE
BEGINNING POINT BEARS SOUTH 39°28’59” EAST, A DISTANCE OF 77.72 FEET, SAID ARC SUBTENDED BY A CHORD WHICH BEARS SOUTH
50°36’58” EAST, A DISTANCE OF 77.24 FEET TO THE POINT OF INTERSECTION WITH A NON-TANGENT LINE; THENCE SOUTH 22°30’27”
WEST, A DISTANCE OF 288.72 FEET, ALONG THE EAST PLAT LIMITS OF SAID PLAT OF THE VILLAS OF SANDPIPER BAY UNIT ONE TO A POINT LYING IN
THE WATERS EDGE OF KITCHING COVE; THENCE SOUTH 74°35’24” EAST, A DISTANCE OF 31.65 FEET, TO A POINT ON THE SOUTHWEST
CORNER OF AND PARALLEL WITH THE SOUTH FACE OF A CONCRETE SEAWALL; THENCE CONTINUE SOUTH 74°35’24” EAST PARALLEL WITH
AND ALONG SAID SOUTH FACE OF CONCRETE SEAWALL FOR A DISTANCE OF 244.72 FEET TO A POINT ON THE SOUTHEAST CORNER OF SAID SEAWALL; THENCE
NORTH 17°37’59” EAST, A DISTANCE OF 12.30 FEET TO THE END OF SAID SEAWALL AND THE BEGINNING OF A TIE LINE; THENCE LANDWARD
OF THE WATERS EDGE OF KITCHING COVE AND THE NORTH FORK OF ST. LUCIE RIVER CONTINUE ALONG THE TIE LINE SOUTH 76°25’42”
EAST, A DISTANCE OF 50.83 FEET; THENCE SOUTH 73°51’41” EAST, A DISTANCE OF 115.04 FEET; THENCE SOUTH 69°22’15”
EAST, A DISTANCE OF 107.15 FEET; THENCE SOUTH 65°26’15” EAST, A DISTANCE OF 82.89 FEET; THENCE SOUTH 53°35’53”
EAST, A DISTANCE OF 224.80 FEET; THENCE NORTH 34°43’37” EAST, A DISTANCE OF 135.73 FEET; THENCE NORTH 57°43’37”
EAST, A DISTANCE OF 141.73 FEET; THENCE SOUTH 87°16’23” EAST, A DISTANCE OF 119.35 FEET; THENCE SOUTH 38°16’23”
EAST, A DISTANCE OF 146.96 FEET; THENCE SOUTH 05°27’19” EAST, A DISTANCE OF 120.73 FEET; THENCE SOUTH 50°32’41”
WEST, A DISTANCE OF 102.70 FEET; THENCE SOUTH 14°32’41” WEST, A DISTANCE OF 120.77 FEET; THENCE SOUTH 45°27’19”
EAST, A DISTANCE OF 188.35 FEET; THENCE SOUTH 21°54’46” EAST, A DISTANCE OF 341.21 FEET; THENCE NORTH 46°45’16”
EAST, A DISTANCE OF 543.57 FEET; THENCE NORTH 55°23’47” EAST, A DISTANCE OF 145.60 FEET; THENCE NORTH 04°08’44”
WEST, A DISTANCE OF 176.94 FEET; THENCE NORTH 41°51’16” EAST, A DISTANCE OF 85.00 FEET; THENCE NORTH 57°51’16”
EAST, A DISTANCE OF 239.90 FEET; THENCE NORTH 73°37’37”EAST, A DISTANCE OF 144.43 FEET; TO A POINT LYING ON THE WEST
PLAT LIMITS OF THE PLAT OF VILLAS OF SANDPIPER BAY UNIT TWO AS SHOWN ON SHEET 3 OF 4 OF SAID PLAT AS RECORDED IN PLAT BOOK 17, PAGES
14, 14A AND 14B OF THE PUBLIC RECORDS OF ST. LUCIE COUNTY, FLORIDA, SAID POINT ALSO BEING THE END OF THE TIE LINE; THENCE CONTINUING
ALONG SAID PLAT LIMITS NORTH 11°40’00” EAST, A DISTANCE OF 155.00 FEET; THENCE NORTH 28°40’00” EAST,
A DISTANCE OF 130.00 FEET; THENCE NORTH 07°20’00” WEST, A DISTANCE OF 130.00 FEET; THENCE NORTH 45°20’00”
WEST, A DISTANCE OF 99.61 FEET; TO A POINT OF INTERSECTION WITH A NON-TANGENT CURVE, CONCAVE NORTHWESTERLY, HAVING A RADIUS OF 1070.04
FEET AND A CENTRAL ANGLE OF 39°58’56”, AND WHICH LIES ON THE SOUTHERLY AND EASTERLY UNRECORDED RIGHT-OF-WAY LINE OF PINE
VALLEY STREET AS SHOWN ON SAID PLAT OF VILLAS OF SANDPIPER BAY UNIT TWO; THENCE SOUTHWESTERLY ALONG THE ARC OF SAID CURVE TO THE RIGHT,
FROM WHICH THE LOCAL TANGENT AT THE BEGINNING POINT BEARS SOUTH 41°48’57” WEST, A DISTANCE OF 746.70 FEET, SAID ARC SUBTENDED
BY A CHORD WHICH BEARS SOUTH 61°48’25” WEST, A DISTANCE OF 731.64 FEET TO THE POINT OF INTERSECTION WITH A NON-TANGENT
LINE; THENCE NORTH 08°12’07” WEST, A DISTANCE OF 100.00 FEET; TO A POINT OF INTERSECTION WITH A NON- TANGENT CURVE, CONCAVE
NORTHWESTERLY, HAVING A RADIUS OF 215.00 FEET AND A CENTRAL ANGLE OF 62°39’42”, THENCE NORTHEASTERLY ALONG THE ARC OF
SAID CURVE TO THE LEFT, FROM WHICH THE LOCAL TANGENT AT THE BEGINNING POINT BEARS NORTH 62°33’07” EAST, A DISTANCE OF
235.14 FEET. SAID ARC SUBTENDED BY A CHORD WHICH BEARS NORTH 31°13’17” EAST, A DISTANCE OF 223.59 FEET TO A POINT OF
TANGENCY LYING ON THE WEST RIGHT OF WAY LINE OF MONTE VISTA STREET AS SHOWN ON SHEET 1 OF 1 OF THE PLAT OF SOUTH PORT ST. LUCIE UNIT
THREE, AS RECORDED IN PLAT BOOK 12, PAGE 4 OF THE PUBLIC RECORDS OF ST. LUCIE COUNTY, FLORIDA, THENCE NORTH 00°06’34”
WEST, A DISTANCE OF 107.67 FEET; THENCE SOUTH 89°53’26” WEST, A DISTANCE OF 125.00 FEET TO THE SOUTHWEST CORNER OF LOT
3, BLOCK 15 OF SAID UNIT THREE; THENCE NORTH 00°06’34” WEST, A DISTANCE OF 877.33 FEET ALONG THE WEST LINE OF SAID BLOCK
15 TO THE BEGINNING OF A CURVE CONCAVE TO THE SOUTHWEST HAVING A RADIUS OF 566.79 FEET; THENCE NORTHERLY AND NORTHWESTERLY FOR 202.00
FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 20°25’12” TO THE BEGINNING OF A REVERSE CURVE CONCAVE TO THE EAST HAVING
A RADIUS OF 928.69 FEET, A RADIAL LINE THROUGH SAID BEGINNING OF REVERSE CURVE BEARS NORTH 69°28’14” EAST; THENCE NORTHWESTERLY,
NORTHERLY AND NORTHEASTERLY FOR 580.95 FEET ALONG SAID CURVE THROUGH ACENTRAL ANGLE OF 35°50’31” TO THE BEGINNING OF
A NON-TANGENT CURVE CONCAVE TO THE EAST HAVING A RADIUS OF 175.00 FEET AND TO WHICH BEGINNING A RADIAL LINE BEARS SOUTH 19°58’53”
WEST; THENCE NORTHWESTERLY, NORTHERLY AND NORTHEASTERLY FOR 489.22 FEET ALONG SAID CURVE THROUGH A CENTRAL OF 160°10’20”,
TO A RADIAL LINE OF SAID CURVE WHICH BEARS NORTH 00°09’13” EAST; THENCE ON THE PROLONGATION OF SAID RADIAL FOR 5.86 FEET;
THENCE NORTH 00°01’48” WEST FOR 337.94 FEET TO THE BEGINNING OF A CURVE CONCAVE TO THE SOUTHEAST HAVING A RADIUS OF 235.00
FEET; THENCE NORTHERLY AND NORTHEASTERLY FOR 369.14 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 90°00’00” TO A LINE
TANGENT WHICH BEARS NORTH 89°58’12” EAST; THENCE ON THE PROLONGATION OF SAID TANGENT FOR 20.00 FEET TO THE NORTHWESTERLY
CORNER OF TRACT “A” BLOCK 181 OF THE PLAT OF SOUTH PORT ST. LUCIE UNIT 13, AS RECORDED IN PLAT BOOK 16, PAGE 22 OF THE PUBLIC
RECORDS OF ST. LUCIE COUNTY, FLORIDA; THENCE CONTINUE ALONG SAID PROLONGATION FOR 375.00 FEET; THENCE NORTH 00°01’48”
EAST FOR 45.00 FEET TO THE BEGINNING OF A CURVE CONCAVE TO THE SOUTHEAST HAVING A RADIUS OF 235.00 FEET; THENCE NORTHERLY AND NORTHEASTERLY
FOR 100.37 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 24°28’13” TO THE SOUTHWEST CORNER OF LOT 1, BLOCK 158 OF
THE PLAT OF SOUTH PORT ST. LUCIE UNIT SEVEN AS RECORDED IN PLAT BOOK 14, PAGE 24, OF THE PUBLIC RECORDS OF ST. LUCIE COUNTY, FLORIDA;
THENCE CONTINUE ALONG SAID CURVE 165.37 FEET, THROUGH A CENTRAL ANGLE 40°19’10” TO A LINE TANGENT WHICH BEARS NORTH 64°45’35”
EAST, THENCE ON THE PROLONGATION OF SAID LINE TANGENT FOR 243.44 FEET ALONG THE BACK PROPERTY LINE OF BLOCK 158 OF UNIT SEVEN TO THE
BEGINNING OF A CURVE CONCAVE TO THE NORTHWEST HAVING A RADIUS OF 345.00 FEET; THENCE NORTHEASTERLY FOR 361.59 FEET ALONG SAID CURVE THROUGH
A CENTRAL ANGLE OF 60°03’00” TO THE BEGINNING OF A REVERSE CURVE CONCAVE TO THE SOUTHEAST HAVING A RADIUS OF 2155.00
FEET, A RADIAL LINE THROUGH SAID BEGINNING OF REVERSE CURVE BEARS NORTH 85°17’25” WEST; THENCE NORTHERLY AND NORTHEASTERLY
FOR 761.11 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 20°14’10” TO THE BEGINNING OF A COMPOUND CURVE CONCAVE TO
THE SOUTHEAST HAVING A RADIUS OF 320.36 FEET; A RADIAL LINE THROUGH SAID BEGINNING OF COMPOUND CURVE BEARS NORTH 65°03’15”
WEST; THENCE NORTHEASTERLY FOR 152.32 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 27°14’31” TO THE BEGINNING OF
A NON-TANGENT CURVE CONCAVE TO THE SOUTHWEST HAVING A RADIUS OF 1577.14 FEET AND TO WHICH BEGINNING A RADIAL LINE BEARS SOUTH 52°04’32”
WEST; THENCE NORTHWESTERLY FOR 394.76 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 14°20’28” TO A RADIAL LINE OF
SAID CURVE WHICH BEARS NORTH 37°44’04” EAST; THENCE ON THE PROLONGATION OF SAID RADIAL FOR 125.00 FEET TO THE BEGINNING
OF A CURVE CONCAVE TO THE SOUTHWEST HAVING A RADIUS OF 1702.14 FEET, AFORESAID COURSE ALSO BEING THE WESTERLY PROPERTY LINE OF LOT 21,
BLOCK 158 OF SAID UNIT SEVEN AND LYING ON THE LIMITS OF SAID UNIT; AFORESAID COURSE ALSO LYING ON THE LIMITS OF THE PLAT OF SOUTH PORT
ST. LUCIE UNIT NINE AS SHOWN IN PLAT BOOK 14, PAGE 27A OF THE PUBLIC RECORDS OF ST. LUCIE COUNTY, FLORIDA; THENCE NORTHWESTERLY FOR 324.40
FEET ALONG SAID CURVE AND THE SOUTH RIGHT- OF-WAY LINE OF WESTMORELAND BOULEVARD THROUGH A CENTRAL ANGLE OF 10°55’11”
TO THE BEGINNING OF A REVERSE CURVE CONCAVE TO THE NORTHEAST HAVING A RADIUS OF 1787.03 FEET, A RADIAL LINE THROUGH SAID BEGINNING OF
REVERSE CURVE BEARS SOUTH 26°48’53” WEST, THENCE NORTHWESTERLY 135.06 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF
04°19’49” TO A NON-RADIAL LINE WHICH BEARS SOUTH 36°07’15” WEST; THENCE ALONG SAID NON- RADIAL LINE AND
ALONG THE BACK PROPERTY LINES OF BLOCK 164 OF SAID UNIT NINE FOR 93.85 FEET TO THE BEGINNING OF A CURVE CONCAVE TO THE SOUTHEAST HAVING
A RADIUS OF 56.91 FEET; THENCE SOUTHWESTERLY FOR 18.93 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 19°03’29” TO
THE BEGINNING OF A COMPOUND CURVE CONCAVE TO THE SOUTHEAST HAVING A RADIUS OF 1334.14 FEET, A RADIAL LINE THROUGH SAID BEGINNING OF SAID
COMPOUND CURVE BEARS NORTH 72°56’14” WEST, THENCE SOUTHWESTERLY AND SOUTHERLY FOR 287.85 FEET THROUGH A CENTRAL ANGLE
OF 12°21’43” TO A LINE TANGENT WHICH BEARS SOUTH 04°42’03” WEST, THENCE ALONG SAID TANGENT FOR 638.13
FEET TO THE BEGINNING OF A CURVE CONCAVE TO THE NORTHWEST HAVING A RADIUS OF 235.00 FEET; THENCE SOUTHERLY AND SOUTHWESTERLY FOR 369.14
FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 90°00’00” TO A LINE TANGENT WHICH BEARS NORTH 85°17’57”
WEST; THENCE ALONG SAID TANGENT FOR 444.99 FEET; THENCE NORTH 75°35’01” WEST FOR 83.29 FEET TO A POINT OF CURVATURE OF
A CURVE CONCAVE TO THE NORTHWEST, ALSO LYING ON THE LIMITS OF SOUTH PORT ST. LUCIE UNIT TWO AS SHOWN ON SHEET 1 OF 1 OF THE PLAT OF SAID
UNIT AS RECORDED IN PLAT BOOK 12, PAGES 3 AND 45 OF THE PUBLIC RECORDS OF ST. LUCIE COUNTY, FLORIDA, HAVING A RADIUS OF 337.00 FEET;
THENCE SOUTHWESTERLY ALONG SAID LIMITS AND THE EAST RIGHT-OF-WAY LINE OF TREASURE ISLAND ROAD OF SAID UNIT FOR 64.76 FEET ALONG SAID
CURVE THROUGH A CENTRAL ANGLE OF 11°00’38” TO A LINE TANGENT WHICH BEARS SOUTH 25°25’37” WEST; THENCE
ALONG SAID TANGENT FOR 180.74 FEET TO THE BEGINNING OF A CURVE CONCAVE TO THE NORTHWEST HAVING A RADIUS OF 337.00 FEET; THENCE SOUTHERLY
AND SOUTHWESTERLY FOR 366.46 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 62°18’15” TO THE BEGINNING OF A REVERSE
CURVE CONCAVE TO THE SOUTHEAST HAVING A RADIUS OF 107.30 FEET, A RADIAL LINE THROUGH SAID BEGINNING OF REVERSE CURVE BEARS SOUTH 02°16’08”
EAST; THENCE SOUTHWESTERLY FOR 66.15 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 35°19’18” TO A RADIAL LINE OF SAID
CURVE WHICH BEARS SOUTH 37°35’27” EAST, THENCE ALONG SAID RADIAL FOR 127.61 FEET THE NORTHEAST CORNER OF LOT 1, BLOCK
11 OF SAID UNIT TWO; THENCE SOUTH 23°02’22” WEST, ALONG THE BACK PROPERTY LINES OF BLOCK 11, FOR 472.28 FEET TO THE BEGINNING
OF A CURVE CONCAVE TO THE NORTHWEST HAVING A RADIUS OF 319.15 FEET; THENCE SOUTHERLY AND SOUTHWESTERLY FOR 167.81 FEET ALONG SAID CURVE
THROUGH A CENTRAL ANGLE OF 30°07’36” TO A NON-TANGENT LINE WHICH BEARS SOUTH 57°36’59” WEST; THENCE ALONG
SAID NON-TANGENT LINE FOR 84.16 FEET; THENCE SOUTH 10°28’35” EAST FOR 163.86 FEET; THENCE SOUTH 00°57’34”
WEST FOR 609.67 FEET; THENCE SOUTH 11°13’51” EAST FOR 63.05 FEET; THENCE SOUTH 14°07’45” EAST FOR 190.49
FEET; THENCE SOUTH 36°48’01” WEST FOR 190.49 FEET; THENCE SOUTH 87°43’47” WEST FOR 190.49 FEET TO THE
SOUTHEAST CORNER OF LOT 36, BLOCK 10 OF SAID UNIT TWO; THENCE NORTH 41°20’27” WEST ALONG THE BACK PROPERTY LINES OF BLOCK
10 FOR 190.49 FEET; THENCE NORTH 09°35’19” EAST FOR 160.00 FEET; THENCE NORTH 20°09’23” EAST FOR 100.42
FEET; THENCE NORTH 00°57’34” EAST FOR 530.30 FEET TO THE BEGINNING OF A CURVE CONCAVE TO THE SOUTHWEST HAVING A RADIUS
OF 711.42 FEET; THENCE NORTHERLY AND NORTHWESTERLY FOR 163.50 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 13°10’04”
TO A LINE TANGENT WHICH BEARS NORTH 12°12’30” WEST; THENCE ALONG SAID TANGENT FOR 670.28 FEET; THENCE NORTH 16°05’41”
WEST FOR 251.42 FEET TO THE BEGINNING OF A CURVE CONCAVE TO THE SOUTHEAST HAVING A RADIUS OF 255.00 FEET; THENCE NORTHWESTERLY, NORTHERLY
NORTHEASTERLY FOR 620.18 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 139°20’54” TO A LINE TANGENT WHICH BEARS SOUTH
56°44’48” EAST, THENCE ALONG SAID TANGENT FOR 473.16 FEET; THENCE SOUTH 19°58’34” EAST FOR 50.97 FEET
TO THE BEGINNING OF A CURVE CONCAVE TO THE SOUTHEAST HAVING A RADIUS OF 167.30 FEET, ALSO LYING ON THE NORTHERLY RIGHT-OF-WAY OF TREASURE
ISLAND ROAD; THENCE EASTERLY FOR 51.70 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 17°42’25” TO THE BEGINNING OF
A REVERSE CURVE CONCAVE TO THE NORTHWEST HAVING A RADIUS OF 277.00 FEET, A RADIAL LINE THROUGH SAID BEGINNING OF REVERSE CURVE BEARS
NORTH 02°16’08” WEST, THENCE NORTHEASTERLY AND NORTHERLY FOR 301.21 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF
62°18’15” TO A LINE TANGENT WHICH BEARS NORTH 25°25’37” EAST, THENCE ALONG SAID TANGENT FOR 180.74 FEET
TO THE BEGINNING OF A CURVE CONCAVE TO THE NORTHWEST HAVING A RADIUS OF 277.00 FEET; THENCE NORTHERLY FOR 53.23 FEET ALONG SAID CURVE
THROUGH A CENTRAL ANGLE OF 11°00’38” TO A RADIAL LINE OF SAID CURVE WHICH BEARS NORTH 75°35’01” WEST;
SAID LINE BEING THE SOUTH PROPERTY LINE OF LOT 24, BLOCK 7 AND THE LIMITS OF PLAT OF SOUTH PORT ST. LUCIE UNIT ONE AS SHOWN ON SHEET
2 OF 2 OF PLAT BOOK 12, PAGE 1 OF THE PUBLIC RECORDS OF ST. LUCIE COUNTY, FLORIDA; THENCE ALONG SAID RADIAL FOR 125.00 FEET TO THE BEGINNING
OF A CURVE CONCAVE TO THE SOUTHWEST HAVING A RADIUS OF 152.00 FEET; THENCE NORTHERLY AND NORTHWESTERLY ALONG THE BACK PROPERTY LINES
OF BLOCK 7 FOR 169.44 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 63°52’12” TO A POINT OF REVERSE CURVATURE OF A
CURVE CONCAVE TO THE NORTHEAST, THENCE NORTHWESTERLY ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF 1025.00 FEET, A CENTRAL ANGLE OF
29°33’11”, AN ARC DISTANCE OF 528.69 FEET; THENCE NORTH 19°54’02” WEST, FOR 418.24 FEET; THENCE WEST
FOR 85.47 FEET, THENCE NORTH 09°04’02” EAST FOR 403.71 FEET; THENCE NORTH 02°25’00” WEST FOR 55.92 FEET;
THENCE NORTH 49°28’15” WEST FOR 65.67 FEET; THENCE NORTH 66°00’12” WEST FOR 121.40 FEET; THENCE SOUTH
54°04’00” WEST FOR 50.00 FEET; THENCE SOUTH 29°08’01” EAST FOR 30.03 FEET TO A POINT ON THE ARC OF A
CURVE CONCAVE TO THE WEST WHOSE RADIUS BEARS SOUTH 38°34’30” WEST FROM THE LAST DESCRIBED POINT; THENCE SOUTHEASTERLY
ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF 255.00 FEET, A CENTRAL ANGLE OF 83°10’17”, AN ARC DISTANCE OF 370.16
FEET; THENCE SOUTH 32°09’53” WEST, FOR 94.05 FEET; THENCE SOUTH 17°34’22” WEST FOR 52.33 FEET; THENCE
SOUTH 79°38’56” WEST FOR 186.10 FEET; THENCE NORTH 88°28’19” WEST FOR 131.28 FEET; THENCE SOUTH 29°00’22”
WEST FOR 80.50 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE TO THE NORTHWEST; THENCE SOUTHWESTERLY ALONG THE ARC OF SAID CURVE,
HAVING A RADIUS OF 642.59 FEET, A CENTRAL ANGLE OF 21°20’57”, AN ARC DISTANCE OF 239.44 FEET TO A POINT OF REVERSE CURVATURE
CONCAVE TO THE SOUTHEAST; THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF 1087.94 FEET, A CENTRAL ANGLE OF 51°52’18”,
AN ARC DISTANCE OF 984.95 FEET; THENCE SOUTH 02°55’01” WEST FOR 181.57 FEET; THENCE SOUTH 00°14’25” EAST
FOR 1425.00 FEET; THENCE SOUTH 02°54’55” EAST FOR 73.19 FEET; THENCE SOUTH 10°49’42” EAST FOR 215.32
FEET TO THE POINT OF BEGINNING.

 

    	Exhibit A
	- 1 -

     

    

 

SAID
LAND SITUATE, LYING AND BEING IN THE CITY OF PORT ST. LUCIE, ST. LUCIE COUNTY, FLORIDA.

 

A)
LESS AND EXCEPT A STRIP OF LAND OF LAND DESCRIBED IN ST. LUCIE COUNTY OFFICIAL RECORD BOOK 382, PAGE 333, CONTAINING 0.17 ACRES MORE
OR LESS.

 

B)
A ONE FOOT STRIP OF LAND LYING IMMEDIATELY ADJACENT TO THE SOUTH LINE OF LOT 14, BLOCK 164, SOUTH PORT ST. LUCIE UNIT NINE, AS RECORDED
IN PLAT BOOK 14, PAGE 27A, OF THE PUBLIC RECORDS OF ST. LUCIE COUNTY, FLORIDA.

SAID
LAND SITUATE, LYING AND BEING IN THE CITY OR PORT ST. LUCIE, ST. LUCIE COUNTY CONTAINING 0.00 ACRES MORE OR LESS.

 

C)
LESS AND EXCEPT A STRIP OF LAND DESCRIBED IN ST. LUCIE COUNTY OFFICIAL RECORD BOOK 208, PAGE 1132.

 

PARCEL
“B”

 

POINT
OF BEGINNING BEING THE BEGINNING OF THE AFOREMENTIONED TIE LINE ALSO BEING THE NORTHEAST CORNER OF THE SEAWALL; THENCE LANDWARD OF THE
WATERS EDGE OF KITCHING COVE AND THE NORTH PORT OF THE ST. LUCIE RIVER CONTINUE ALONG SAID TIE LINE SOUTH 76°25’42” EAST
FOR A DISTANCE OF 50.83 FEET; THENCE CONTINUING SOUTH 73°51’41” EAST FOR A DISTANCE OF 115.04 FEET; THENCE SOUTH 69°22’15”
EAST FOR A DISTANCE OF 107.15 FEET; THENCE SOUTH 65°26’15” EAST FOR A DISTANCE OF 82.89 FEET; THENCE SOUTH 53°35’53”
EAST FOR A DISTANCE OF 224.80 FEET; THENCE NORTH 34°43’37” EAST FOR A DISTANCE OF 135.73 FEET; THENCE NORTH 57°43’37”
EAST FOR A DISTANCE OF 141.73 FEET: THENCE SOUTH 87°16’23” EAST FOR A DISTANCE OF 119.35 FEET; THENCE SOUTH 38°16’23”
EAST FOR A DISTANCE OF 146.96 FEET; THENCE SOUTH 05°27’19” EAST FOR A DISTANCE OF 120.73 FEET; THENCE SOUTH 50°32’41”
WEST FOR A DISTANCE OF 102.70 FEET; THENCE SOUTH 14°32’41” WEST FOR A DISTANCE OF 120.77 FEET; THENCE SOUTH 45°27’19”
EAST FOR A DISTANCE OF 188.35 FEET; THENCE SOUTH 21°54’46” EAST FOR A DISTANCE OF 341.21 FEET; THENCE NORTH 46°45’16”
EAST FOR A DISTANCE OF 543.57 FEET; THENCE NORTH 55°23’47” EAST FOR A DISTANCE OF 145.60 FEET; THENCE NORTH 04°06’44”
WEST FOR A DISTANCE OF 176.94 FEET; THENCE NORTH 41°51’16” EAST FOR A DISTANCE OF 85.00 FEET; THENCE NORTH 57°51’16”
EAST FOR A DISTANCE OF 239.90 FEET; THENCE NORTH 73°37’37” EAST FOR A DISTANCE OF 144.43 FEET; TO A POINT LYING ON THE
WEST PLAT LIMITS OF AFOREMENTIONED PLAT OF VILLAS OF SANDPIPER BAY UNIT TWO; THENCE CONTINUING ALONG SAID LIMITS SOUTH 51°21’25”
EAST FOR A DISTANCE OF 36.01 FEET; THENCE SOUTH FOR DISTANCE OF 370.00 FEET; THENCE SOUTH 74°53’47” WEST ALONG A LINE
LYING WATERWARD OF THE WATERS EDGE FOR A DISTANCE OF 517.19 FEET; THENCE CONTINUING ALONG SAID WATERWARD LINE SOUTH 46°45’16”
WEST FOR A DISTANCE OF 661.78 FEET; THENCE NORTH 23°14’14” WEST FOR A DISTANCE OF 563.40 FEET; THENCE NORTH 53°15’17”
WEST FOR A DISTANCE OF 640.91 FEET; THENCE NORTH 65°23’43” WEST FOR A DISTANCE OF 333.68 FEET; TO THE SOUTHEAST CORNER
OF SAID SEAWALL; THENCE NORTH 17°37’59” EAST ALONG THE FACE OF THE SEAWALL FOR A DISTANCE OF 12.30 FEET TO THE POINT
OF BEGINNING OF THIS DESCRIPTION.

 

SAID
PARCEL SITUATE, LYING AND BEING IN THE CITY OF PORT ST. LUCIE, ST. LUCIE COUNTY, FLORIDA.

 

LESS
AND EXCEPT THAT PORTION DEEDED TO THE CITY OF PORT ST. LUCIE IN OFFICIAL RECORDS BOOK 1430, PAGE 461.

 

Tax
Parcel No. 4423-210-0001-000-3

 

Together
with additional parcels to be legally described on the Survey, including Tax Parcel Nos:

 

3422-565-0001-000-8

3422-550-0011-000-5

3422-540-0010-100-8

3422-550-0001-000-2

3422-555-0091-000-7

 

    	Exhibit A
	- 2 -

     

    

 

EXHIBIT
B

 

Form
of Deposit Escrow Instructions

 

ESCROW
AGREEMENT

 

THIS
ESCROW AGREEMENT (this “Escrow Agreement”) is made and entered into as of ______________, 2022, by and among
FIRST AMERICAN TITLE INSURANCE COMPANY (“Escrow Agent”), SANDPIPER RESORT PROPERTIES, INC., a Florida corporation
(“Seller”), and ALTITUDE INTERNATIONAL HOLDINGS, INC., a New York corporation any (“Purchaser”;
and together with Seller, collectively, the “Parties”, each individually, a “Party”).

 

W
I T N E S S E T H:

 

WHEREAS,
Seller and Purchaser have entered into that certain Purchase and Sale Agreement (the “PSA”) for the purchase
by Purchaser and the sale by Seller of certain real estate located at 3500 Southeast Morningside Boulevard Port St. Lucie, FL 34952 (the
“Property”).

 

WHEREAS,
Purchaser will deposit with Escrow Agent an amount equal to $500,000.00 the (“Initial Deposit”) on or before
_________ and, in accordance with and subject to the terms of the PSA, Purchaser will deposit with Escrow Agent an additional amount
equal to $1,000,000.00 (the “Second Deposit”; and the Second Deposit, together with the Initial Deposit, the
“Escrow Amount”).

 

WHEREAS,
Escrow Agent has been designated as the escrow agent with respect to the Escrow Amount and has agreed to hold the Escrow Amount for the
benefit of the parties and to return the Escrow Amount to Purchaser or to pay the same to Seller in accordance with the terms herein.

 

NOW,
THEREFORE, in consideration of the foregoing, of the covenants, promises and undertakings set forth herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties and Escrow Agent covenant and agree as follows:

 

1.
Engagement of Escrow Agent. Seller and Purchaser hereby appoint Escrow Agent, and Escrow Agent hereby accepts such appointment,
to act and serve as the escrow agent under and pursuant to this Escrow Agreement.

 

2.
Acknowledgement of Receipt of the Escrow Amount. Escrow Agent hereby acknowledges receipt of the Escrow Amount. Escrow Agent agrees
that it shall hold, maintain and disburse the Escrow Amount pursuant to and in accordance with the terms of this Escrow Agreement.

 

    	Exhibit B
	- 1 -

     

    

 

3.
Holding of the Escrow Amount.

 

(a)
Escrow Funds shall be deposited in accordance with either standard i. or ii. below as indicated by the parties.

 

________
(i) All checks, money orders or drafts will be processed for collection in the normal course of business. Escrow Agent may commingle
funds received by it in escrow with escrow funds of others, and may, without limitation, deposit such funds in its custodial or escrow
accounts with any reputable trust company, bank, savings bank, savings association, or other financial services entity, including any
affiliate of Escrow Agent. It is understood that Escrow Agent shall be under no obligation to invest the funds deposited with it on behalf
of any depositor, nor shall it be accountable for any earnings or incidental benefit attributable to the funds which may be received
by Escrow Agent while it holds such funds.

 

________
(ii) Escrow Agent is directed to deposit the escrow funds in an interest-bearing account, which account shall be maintained in the name
of First American Title Insurance Company as Escrow Agent for Purchaser. Interest earned on the escrow funds deposited shall accrue to
the benefit of Purchaser, who has provided a completed and executed W-9 form to Escrow Agent. THE ESCROW FUNDS WILL NOT BE PLACED INTO
AN INTEREST-BEARING ACCOUNT UNTIL AND UNLESS ESCROW AGENT HAS RECEIVED THE COMPLETED W-9 FROM PURCHASER. Accrued interest shall accumulate
and constitute a part of the escrow. Escrow Agent shall not be responsible for (a) any fluctuation in the rate on interest accruing on
deposited escrow funds; (b) any failure on the part of the Bank; (c) the unavailability of FDIC insurance on all or any portion of the
deposited escrow funds or (d) any other matters beyond the direct and exclusive control of Escrow Agent.

 

(b)
The Escrow Amount shall be held by Escrow Agent in an interest-bearing escrow account established by Escrow Agent at Citibank, N.A.

 

(c)
The Escrow Amount shall be held and released by Escrow Agent as authorized by Seller and Purchaser, subject to and in accordance with
the terms and provisions of this Agreement. If Escrow Agent receives a written notice signed by the Parties (or a certified copy of a
final order of a court of competent jurisdiction) directing delivery of the Escrow Amount (or any portion thereof), then Escrow Agent
shall deliver the Escrow Amount (or any portion thereof) as so directed.

 

(d)
If Escrow Agent receives a written request signed by either Seller or Purchaser (the “Noticing Party”) stating
that the Noticing Party is entitled to the Escrow Amount (or any portion thereof) (the Escrow Amount (or any portion thereof) requested
pursuant to such written request signed by the Noticing Party being referred to herein as the “Requested Amount”),
then Escrow Agent shall send a copy of such request to the other party hereto (the “Non-Noticing Party”) in
accordance with Section 6 hereof. The Non-Noticing Party shall have the right to object to such request for the Requested
Amount by written notice of objection (a “Notice of Objection”) delivered to and received by Escrow Agent five
(5) Business Days after the date of Escrow Agent’s mailing of such copy to the Non-Noticing Party, but not thereafter. If Escrow
Agent shall not have so received a Notice of Objection from the Non-Noticing Party, then Escrow Agent shall deliver the Requested Amount
to the Noticing Party. If Escrow Agent shall have received a Notice of Objection within the time herein prescribed, subject to subparagraph
(d) below, Escrow Agent shall refuse to comply with any requests or demands on it and shall continue to hold the Requested Amount
until Escrow Agent receives (x) a written notice signed by the Parties, stating who is entitled to the Requested Amount, or
(y) a final order of a court of competent jurisdiction directing disbursement of the Requested Amount in a specific manner, in either
of which events Escrow Agent shall then disburse the Requested Amount in accordance with such notice or order. Notwithstanding anything
to the contrary provided in this Escrow Agreement, in the event that the Escrow Agent receives a written request for release of the Escrow
Amount by the Purchaser upon the termination of the PSA by Purchaser prior to the expiration of the Due Diligence Period, such request
shall not be subject to objection by Seller and Escrow Agent shall not look to Seller for approval or disapproval or such request for
the release of the Escrow Amount.

 

    	Exhibit B
	- 2 -

     

    

 

(e)
Any notice to Escrow Agent shall be sufficient only if received by Escrow Agent within the applicable time period set forth herein. All
mailings and notices from Escrow Agent to any Party or from any Party to Escrow Agent, provided for in this Escrow Agreement shall be
addressed to the party to receive such notice at its notice address set forth in Section 6 hereof (with copies to be similarly
sent to the additional parties therein indicated).

 

(f)
Seller and Purchaser hereby severally, and not jointly, agree to indemnify and save Escrow Agent harmless from any and all loss, damage,
claims, liabilities, judgments and other cost and expense of every kind and nature which may be incurred by Escrow Agent arising out
of its acting as Escrow Agent hereunder (including, without limitation, reasonable attorneys’ fees and disbursements) due to acts
or omissions of such party except in the case of Escrow Agent’s bad faith, willful misconduct or gross negligence.

 

4.
Escrow Agent.

 

(a)
Except as expressly contemplated by this Escrow Agreement or by joint written instructions from the Parties, Escrow Agent shall not sell,
transfer or otherwise dispose of in any manner the Escrow Amount, except pursuant to an order of a court of competent jurisdiction.

 

(b)
The duties and obligations of Escrow Agent shall be determined solely by this Escrow Agreement.

 

(c)
Escrow Agent is acting hereunder without charge as an accommodation to the Parties, it being understood and agreed that Escrow Agent
shall not be liable for any error in judgment or any act done or omitted by it in good faith or pursuant to court order, or for any mistake
of fact or law. Escrow Agent may rely and act upon any instrument or other writing reasonably believed by Escrow Agent to be genuine
and purporting to be signed and presented by any person or persons purporting to have authority to act on behalf of a Party, and shall
not be liable in connection with the performance of any duties imposed upon Escrow Agent by the provisions of this Escrow Agreement,
except for Escrow Agent’s own bad faith, gross negligence, willful misconduct or willful default. Escrow Agent shall have no duties
or responsibilities except those set forth herein. Escrow Agent shall not be bound by any modification, cancellation or rescission of
this Escrow Agreement unless the same is in writing and signed by the Parties, and, if Escrow Agent’s duties hereunder are affected,
unless Escrow Agent shall have given prior written consent thereto. Escrow Agent shall be reimbursed by the Parties for any actual out-of-pocket
expenses (including reasonable legal fees and disbursements of outside counsel), including all of Escrow Agent’s reasonable fees
and expenses with respect to any interpleader action incurred in connection with this Escrow Agreement, and such liability shall be several
and not joint; provided, however, that, as between Seller and Purchaser, the prevailing party in any dispute over the Escrow
Amount shall be entitled to reimbursement by the losing party of any such expenses paid to Escrow Agent. In the event that Escrow Agent
shall be uncertain as to Escrow Agent’s duties or rights hereunder, or shall receive instructions from the Parties that, in Escrow
Agent’s opinion, are in conflict with any of the provisions hereof, Escrow Agent shall be entitled to hold the Escrow Amount, and
may decline to take any other action. After delivery of the Escrow Amount in accordance herewith, Escrow Agent shall have no further
liability or obligation of any kind whatsoever.

 

    	Exhibit B
	- 3 -

     

    

 

5.
Termination. This Escrow Agreement shall terminate on the earlier of (a) the date on which Escrow Agent has disbursed the Escrow
Amount held by it pursuant to this Escrow Agreement and (b) written notice of termination executed by the Parties and Escrow Agent has
released the Escrow Amount in accordance with the written notice.

 

6.
Notices. All notices, demands, requests or other communications required or permitted hereunder shall be given in writing and
shall be effective for all purposes if (i) delivered by personal delivery, (iii) sent by nationally recognized overnight courier (next
Business Day delivery), or (iii) sent by electronic mail, sent to the intended addressee and addressed as follows:

 

	 	If
    given to Seller:	Sandpiper
    Resort Properties, Inc. 
	 	 	c/o
    Club Med Management Services, Inc.
	 	 	6505
    Blue Lagoon Drive, Suite 225
	 	 	Miami,
    FL 33126
	 	 	Attention:
    Eileen Kett
	 	 	E-mail:	eileen.kett@clubmed.com
	 	 	 	 
	 	To
    Purchaser:	Altitude
    International Holdings, Inc.
	 	 	 
	 	with
    a copy being	 
	 	simultaneously
    given by	 
	 	the
    same method of delivery to:	4500
    SE Pine Valley Street
	 	 	Port
    Saint Lucie, FL 34952
	 	 	Attention:
    Gregory C Breunich
	 	 	E-Mail:	gbreunich@clubmedacademies.com
	 	 	 
	 	 	Buchanan
    Ingersoll & Rooney PC
	 	 	401
    East Las Olas Boulevard, Suite 2250
	 	 	Fort
    Lauderdale, FL 33301
	 	 	Attention:
    Adele I. Stone, Esq.
	 	 	E-Mail:	adele.stone@bipc.com
	 	 	 
	 	If
    given to Escrow Agent:	First
    American Title Insurance Company 
	 	 	13450
    West Sunrise Blvd, Suite 300, 
	 	 	Sunrise,
    FL 33323Attention: Nancy Cotto 
	 	 	E-Mail:	ncotto@firstam.com

 

    	Exhibit B
	- 4 -

     

    

 

Any
notice under this Escrow Agreement may be given and received by the attorneys for the respective parties, which attorneys are hereby
authorized to act on behalf of the parties hereto. Notices shall be deemed to have been given (i) at the time of personal delivery, (ii)
in the case of overnight courier, as of the date of first attempted delivery at the address provided herein, or (iii) in the case of
electronic mail, at the time sent (unless sent after 5:30 p.m. Pacific Time, in which case such notice shall be deemed to have been given
on the next business day).

 

7.
Governing Law; Venue. This Escrow Agreement shall be governed by, and construed in accordance with, the laws of the State of Florida
applicable to contracts executed and to be performed entirely within that State. The parties hereto hereby submit to personal jurisdiction
in the State of Florida for all matters, if any, which shall arise with respect to this Escrow Agreement, and waive any and all rights
under the law of any other state or country to object to jurisdiction within the State of Florida or to institute a claim of forum non
conveniens with respect to any court in the State of Florida for the purposes of litigation with respect to this Escrow Agreement. .
If any legal action is necessary to enforce the terms and conditions of this Escrow Agreement, the parties hereby agree that the courts
located in St. Lucie County, Florida shall be the sole jurisdiction and venue for the bringing of the action.

 

8.
Amendments. This Escrow Agreement may not be amended or modified except by an instrument in writing signed by, or on behalf of,
the Parties and Escrow Agent.

 

9.
Binding Effect. This Escrow Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective
permitted successors, assigns and legal representatives. No party hereto may assign any of its rights, interests or obligations hereunder.

 

10.
Waiver. Any party hereto may (i) extend the time for the performance of any obligation or other act of any other party hereto
or (ii) waive compliance with any agreement or condition contained herein. Any such extension or waiver shall be valid only if set forth
in an instrument in writing signed by the party or parties to be bound thereby. Any waiver of any term or condition shall not be construed
as a waiver of any subsequent breach or a subsequent waiver of the same term or condition, or a waiver of any other term or condition,
of this Escrow Agreement. The failure of any party to assert any of its rights hereunder shall not constitute a waiver of any of such
rights.

 

11.
Severability. If any term or other provision of this Escrow Agreement is invalid, illegal or incapable of being enforced by any
rule of law or public policy, all other conditions and provisions of this Escrow Agreement shall nevertheless remain in full force and
effect so long as the economic and legal substance of the transactions contemplated by this Escrow Agreement is not affected in any manner
materially adverse to any party. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced,
the parties hereto shall negotiate in good faith to modify this Escrow Agreement so as to effect the original intent of the parties as
closely as possible in a mutually acceptable manner in order that the transactions contemplated by this Escrow Agreement be consummated
as originally contemplated to the fullest extent possible.

 

    	Exhibit B
	- 5 -

     

    

 

12.
Entire Agreement. This Escrow Agreement shall constitute the entire agreement of the parties hereto with respect to the subject
matter hereof and supersede all prior agreements and undertakings, both written and oral, among the Parties and Escrow Agent with respect
to the subject matter hereof.

 

13.
No Third Party Beneficiaries. This Escrow Agreement is for the sole benefit of the parties hereto and their permitted assigns
and nothing herein, express or implied, is intended to or shall confer upon any other person or entity any legal or equitable right,
benefit or remedy of any nature whatsoever under or by reason of this Escrow Agreement.

 

14.
Headings. The descriptive headings contained in this Escrow Agreement are included for convenience of reference only and shall
not affect in any way the meaning or interpretation of this Escrow Agreement.

 

15.
Counterparts. This Escrow Agreement may be executed in one or more counterparts, and by different parties hereto in separate counterparts,
each of which when executed shall be deemed to be an original but all of which when taken together shall constitute one and the same
agreement. To facilitate execution of this Escrow Agreement, the parties may exchange by facsimile or electronic mail (e-mail) (which
shall include but not be limited to electronic attachments in .pdf format containing counterparts of this signature page) which shall
be effective as original signature pages for all purposes.

 

16.
Escrow Agent Fees. Escrow Agent shall not be entitled to receive any fees or other compensation for the performance of its duties
hereunder; provided that the foregoing shall not limit the rights of Escrow Agent to receive reimbursement and/or indemnification as
set forth in this Escrow Agreement.

 

17.
Disbursement of Funds. Any funds to be disbursed pursuant to this Escrow Agreement shall be made by wire transfer of immediately
available funds to the accounts designated by the applicable Party.

 

[SIGNATURE
PAGES FOLLOW.]

 

    	Exhibit B
	- 6 -

     

    

 

IN
WITNESS WHEREOF, the parties hereto have caused this Escrow Agreement to be duly executed and sealed as of the day and year first written
above.

 

	 	SELLER:
	 	 	 
	 	Sandpiper
    Resort Properties, Inc.,
	 	 	 
	 	By:	/s/
    Eileen M Kett
	 	Name:	Eileen
    M Kett, Esq.
	 	Title:	V.P.
	 	 	 
	 	PURCHASER:
	 	 	 
	 	ALTITUDE
    INTERNATIONAL HOLDINGS, INC.,

    a New York corporation
	 	 	 
	 	By:	/s/
    Gregory C. Breunich
	 	Name:	Gregory
    C. Breunich
	 	Title:	CEO
	 	 	 
	 	ESCROW
    AGENT:
	 	 	 
	 	FIRST
    AMERICAN TITLE INSURANCE COMPANY
	 	 	 
	 	By:	/s/
	 	Name:	 
	 	Title:	 

 

    	Exhibit B
	- 7 -

     

    

 

EXHIBIT
C

 

Form
of Deed.

 

This
instrument prepared by 

and
when recorded return to:

 

____________________________________

____________________________________

____________________________________

 

Folio
Number: _________________________

 

 

 

SPECIAL
WARRANTY DEED

 

This
Special Warranty Deed is made this ___ day of ___________,
20__ by _____________________, a ___________________ (“Grantor”) whose address is _____________________, and is delivered
to _________________, a _________________ (“Grantee”), whose address is ____________________.

 

Grantor,
for and in consideration of the sum of TEN & NO/100 DOLLARS ($10.00) and other good and valuable consideration, paid to Grantor by
Grantee, the receipt and sufficiency of which are hereby acknowledged, grants, bargains, sells, and conveys to Grantee and Grantee’s
successors and assigns forever, that certain parcel of land, situate, lying and being in Saint Lucie County, Florida, described in Exhibit
A, attached hereto and made a part hereof (the “Property”);

 

Together
With all easements, tenements, hereditaments, and appurtenances belonging to the Property; and

 

To
Have And To Hold the same in fee simple forever.

 

This
conveyance is made subject to: [NOTE TO DRAFT: THE ESCEPTIONS TO THE DEED SHALL BE LIMITED TO THE PERMITTED EXCEPTIONS IN THE AGREEMENT]

 

Grantor
covenants that at the time of delivery of this deed, except as described above, the Property is free of any encumbrances made by Grantor,
and Grantor specially warrants the title to the Property, and will defend it against the lawful claims and demands of all persons claiming
by, through or under Grantor, but against none other.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	Exhibit C
	- 1 -

     

    

 

Grantor
has caused this instrument to be duly executed on ____________ ___, 2022.

 

Signed,
sealed, and delivered

in
the presence of:

 

	 	 	
	 	 	a	

 

	 	 	By:
    _______________________________________
	Signature
    of Witness 1	 	Its:
    _______________________________________
	 	 	Print
    Name: _________________________________
	 	 	 
	Print
    Name of Witness 1	 	 
	 	 	 
	 	 	 
	Signature
    of Witness 2	 	 
	 	 	 
	 	 	 
	Print
    Name of Witness 2	 	 

 

STATE
OF FLORIDA

 

COUNTY
OF ____________________

 

The
foregoing instrument was acknowledged before me by means of ☐ physical presence or ☐ online notarization, this ____ day of
______________, 2022, by _____________________ as ____________________________________ for _________________________.

 

____________________________________________

 

	 	 
	 	(Signature
    of Notary Public - State of Florida)
	 	 
	 	 
	 	(Print,
    Type, or Stamp Commissioned Name of Notary Public)

 

Personally
Known _____ OR Produced Identification ________________

 

Type
of Identification Produced________________________

 

    	Exhibit C
	- 2 -

     

    

 

EXHIBIT
A

 

The
Property

 

The
land referred to herein below is situated in the County of St. Lucie, State of Florida, and is described as follows:

 

PARCEL
“A”

 

A
PARCEL OF LAND LYING WITHIN SECTIONS 14 AND 23, TOWNSHIP 37 SOUTH, RANGE 40 EAST, ST. LUCIE COUNTY, FLORIDA, MORE PARTICULARLY DESCRIBED
AS FOLLOWS:

 

COMMENCE
AT THE NORTHWEST CORNER OF SAID SECTION 23, AS SHOWN ON SHEET 2 OF 2 OF THE PLAT OF SOUTH PORT ST. LUCIE UNIT ONE, AS RECORDED IN PLAT
BOOK 12, PAGE 1 OF THE PUBLIC RECORDS OF ST. LUCIE COUNTY, FLORIDA; THENCE NORTH 79°10’18” EAST ALONG THE CENTERLINE
OF MITCHELL AVENUE FOR 339.91 FEET, TO A POINT INTERSECTING AND LOCATED ON THE CENTERLINE OF MORNINGSIDE BOULEVARD; THENCE SOUTH 10°49’42
EAST ALONG THE CENTERLINE OF MORNINGSIDE BOULEVARD FOR 10.01 FEET; THENCE NORTH 79°10’18” EAST TO THE SOUTHEAST PROPERTY
CORNER OF LOT 52, BLOCK 6 OF SAID UNIT ONE ALSO BEING ON THE PLAT LIMITS OF SAID UNIT ONE AND THE PLAT LIMITS OF PLAT CALLED RIVER VISTA
AS SHOWN ON SHEET 2 OF 2 OF THE PLAT OF RIVER VISTA, AS RECORDED IN PLAT BOOK 13, PAGE 18 OF THE PUBLIC RECORDS OF ST. LUCIE COUNTY,
FLORIDA, A DISTANCE OF 175.00 FEET, SAID POINT BEING THE POINT OF BEGINNING; THENCE SOUTH 10°49’42” EAST, ALONG THE BACK
LOT LINES OF BLOCK ONE OF SAID PLAT OF RIVER VISTA FOR A DISTANCE OF 1005.00 FEET TO THE SOUTHEAST PROPERTY CORNER OF LOT 10, BLOCK 1
OF THE PLAT OF RIVER VISTA; THENCE SOUTH 79°10’18” WEST, ALONG THE SOUTH PROPERTY LINE OF AFORESAID LOT 10, FOR A DISTANCE
OF 125.00 FEET TO A POINT LOCATED ON THE EAST RIGHT OF WAY LINE OF MORNINGSIDE BOULEVARD; THENCE CONTINUING SOUTH 10°49’42”
EAST ALONG AFORESAID RIGHT OF WAY A DISTANCE OF 176.28 FEET; TO A POINT OF CURVATURE OF A CURVE CONCAVE TO THE NORTHEAST, HAVING A RADIUS
OF 380.00 FEET AND A CENTRAL ANGLE OF 62°35’10”, THENCE SOUTHERLY ALONG THE ARC OF SAID CURVE TO THE LEFT, A DISTANCE
OF 415.09 FEET, SAID ARC SUBTENDED BY A CHORD WHICH BEARS SOUTH 42°07’17” EAST, A DISTANCE OF 394.76 FEET TO THE CURVE’S
END; THENCE SOUTH 33°31’24” WEST, A DISTANCE OF 103.54 FEET; THENCE SOUTH 14°08’50” WEST, A DISTANCE
OF 35.15 FEET; TO A POINT OF INTERSECTION WITH A NON-TANGENT CURVE, CONCAVE NORTHEASTERLY, HAVING A RADIUS OF 200.00 FEET AND A CENTRAL
ANGLE OF 22°15’58”, THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE TO THE LEFT, FROM WHICH THE LOCAL TANGENT AT THE
BEGINNING POINT BEARS SOUTH 39°28’59” EAST, A DISTANCE OF 77.72 FEET, SAID ARC SUBTENDED BY A CHORD WHICH BEARS SOUTH
50°36’58” EAST, A DISTANCE OF 77.24 FEET TO THE POINT OF INTERSECTION WITH A NON-TANGENT LINE; THENCE SOUTH 22°30’27”
WEST, A DISTANCE OF 288.72 FEET, ALONG THE EAST PLAT LIMITS OF SAID PLAT OF THE VILLAS OF SANDPIPER BAY UNIT ONE TO A POINT LYING IN
THE WATERS EDGE OF KITCHING COVE; THENCE SOUTH 74°35’24” EAST, A DISTANCE OF 31.65 FEET, TO A POINT ON THE SOUTHWEST
CORNER OF AND PARALLEL WITH THE SOUTH FACE OF A CONCRETE SEAWALL; THENCE CONTINUE SOUTH 74°35’24” EAST PARALLEL WITH
AND ALONG SAID SOUTH FACE OF CONCRETE SEAWALL FOR A DISTANCE OF 244.72 FEET TO A POINT ON THE SOUTHEAST CORNER OF SAID SEAWALL; THENCE
NORTH 17°37’59” EAST, A DISTANCE OF 12.30 FEET TO THE END OF SAID SEAWALL AND THE BEGINNING OF A TIE LINE; THENCE LANDWARD
OF THE WATERS EDGE OF KITCHING COVE AND THE NORTH FORK OF ST. LUCIE RIVER CONTINUE ALONG THE TIE LINE SOUTH 76°25’42”
EAST, A DISTANCE OF 50.83 FEET; THENCE SOUTH 73°51’41” EAST, A DISTANCE OF 115.04 FEET; THENCE SOUTH 69°22’15”
EAST, A DISTANCE OF 107.15 FEET; THENCE SOUTH 65°26’15” EAST, A DISTANCE OF 82.89 FEET; THENCE SOUTH 53°35’53”
EAST, A DISTANCE OF 224.80 FEET; THENCE NORTH 34°43’37” EAST, A DISTANCE OF 135.73 FEET; THENCE NORTH 57°43’37”
EAST, A DISTANCE OF 141.73 FEET; THENCE SOUTH 87°16’23” EAST, A DISTANCE OF 119.35 FEET; THENCE SOUTH 38°16’23”
EAST, A DISTANCE OF 146.96 FEET; THENCE SOUTH 05°27’19” EAST, A DISTANCE OF 120.73 FEET; THENCE SOUTH 50°32’41”
WEST, A DISTANCE OF 102.70 FEET; THENCE SOUTH 14°32’41” WEST, A DISTANCE OF 120.77 FEET; THENCE SOUTH 45°27’19”
EAST, A DISTANCE OF 188.35 FEET; THENCE SOUTH 21°54’46” EAST, A DISTANCE OF 341.21 FEET; THENCE NORTH 46°45’16”
EAST, A DISTANCE OF 543.57 FEET; THENCE NORTH 55°23’47” EAST, A DISTANCE OF 145.60 FEET; THENCE NORTH 04°08’44”
WEST, A DISTANCE OF 176.94 FEET; THENCE NORTH 41°51’16” EAST, A DISTANCE OF 85.00 FEET; THENCE NORTH 57°51’16”
EAST, A DISTANCE OF 239.90 FEET; THENCE NORTH 73°37’37”EAST, A DISTANCE OF 144.43 FEET; TO A POINT LYING ON THE WEST
PLAT LIMITS OF THE PLAT OF VILLAS OF SANDPIPER BAY UNIT TWO AS SHOWN ON SHEET 3 OF 4 OF SAID PLAT AS RECORDED IN PLAT BOOK 17, PAGES
14, 14A AND 14B OF THE PUBLIC RECORDS OF ST. LUCIE COUNTY, FLORIDA, SAID POINT ALSO BEING THE END OF THE TIE LINE; THENCE CONTINUING
ALONG SAID PLAT LIMITS NORTH 11°40’00” EAST, A DISTANCE OF 155.00 FEET; THENCE NORTH 28°40’00” EAST,
A DISTANCE OF 130.00 FEET; THENCE NORTH 07°20’00” WEST, A DISTANCE OF 130.00 FEET; THENCE NORTH 45°20’00”
WEST, A DISTANCE OF 99.61 FEET; TO A POINT OF INTERSECTION WITH A NON-TANGENT CURVE, CONCAVE NORTHWESTERLY, HAVING A RADIUS OF 1070.04
FEET AND A CENTRAL ANGLE OF 39°58’56”, AND WHICH LIES ON THE SOUTHERLY AND EASTERLY UNRECORDED RIGHT-OF-WAY LINE OF PINE
VALLEY STREET AS SHOWN ON SAID PLAT OF VILLAS OF SANDPIPER BAY UNIT TWO; THENCE SOUTHWESTERLY ALONG THE ARC OF SAID CURVE TO THE RIGHT,
FROM WHICH THE LOCAL TANGENT AT THE BEGINNING POINT BEARS SOUTH 41°48’57” WEST, A DISTANCE OF 746.70 FEET, SAID ARC SUBTENDED
BY A CHORD WHICH BEARS SOUTH 61°48’25” WEST, A DISTANCE OF 731.64 FEET TO THE POINT OF INTERSECTION WITH A NON-TANGENT
LINE; THENCE NORTH 08°12’07” WEST, A DISTANCE OF 100.00 FEET; TO A POINT OF INTERSECTION WITH A NON- TANGENT CURVE, CONCAVE
NORTHWESTERLY, HAVING A RADIUS OF 215.00 FEET AND A CENTRAL ANGLE OF 62°39’42”, THENCE NORTHEASTERLY ALONG THE ARC OF
SAID CURVE TO THE LEFT, FROM WHICH THE LOCAL TANGENT AT THE BEGINNING POINT BEARS NORTH 62°33’07” EAST, A DISTANCE OF
235.14 FEET. SAID ARC SUBTENDED BY A CHORD WHICH BEARS NORTH 31°13’17” EAST, A DISTANCE OF 223.59 FEET TO A POINT OF
TANGENCY LYING ON THE WEST RIGHT OF WAY LINE OF MONTE VISTA STREET AS SHOWN ON SHEET 1 OF 1 OF THE PLAT OF SOUTH PORT ST. LUCIE UNIT
THREE, AS RECORDED IN PLAT BOOK 12, PAGE 4 OF THE PUBLIC RECORDS OF ST. LUCIE COUNTY, FLORIDA, THENCE NORTH 00°06’34”
WEST, A DISTANCE OF 107.67 FEET; THENCE SOUTH 89°53’26” WEST, A DISTANCE OF 125.00 FEET TO THE SOUTHWEST CORNER OF LOT
3, BLOCK 15 OF SAID UNIT THREE; THENCE NORTH 00°06’34” WEST, A DISTANCE OF 877.33 FEET ALONG THE WEST LINE OF SAID BLOCK
15 TO THE BEGINNING OF A CURVE CONCAVE TO THE SOUTHWEST HAVING A RADIUS OF 566.79 FEET; THENCE NORTHERLY AND NORTHWESTERLY FOR 202.00
FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 20°25’12” TO THE BEGINNING OF A REVERSE CURVE CONCAVE TO THE EAST HAVING
A RADIUS OF 928.69 FEET, A RADIAL LINE THROUGH SAID BEGINNING OF REVERSE CURVE BEARS NORTH 69°28’14” EAST; THENCE NORTHWESTERLY,
NORTHERLY AND NORTHEASTERLY FOR 580.95 FEET ALONG SAID CURVE THROUGH ACENTRAL ANGLE OF 35°50’31” TO THE BEGINNING OF
A NON-TANGENT CURVE CONCAVE TO THE EAST HAVING A RADIUS OF 175.00 FEET AND TO WHICH BEGINNING A RADIAL LINE BEARS SOUTH 19°58’53”
WEST; THENCE NORTHWESTERLY, NORTHERLY AND NORTHEASTERLY FOR 489.22 FEET ALONG SAID CURVE THROUGH A CENTRAL OF 160°10’20”,
TO A RADIAL LINE OF SAID CURVE WHICH BEARS NORTH 00°09’13” EAST; THENCE ON THE PROLONGATION OF SAID RADIAL FOR 5.86 FEET;
THENCE NORTH 00°01’48” WEST FOR 337.94 FEET TO THE BEGINNING OF A CURVE CONCAVE TO THE SOUTHEAST HAVING A RADIUS OF 235.00
FEET; THENCE NORTHERLY AND NORTHEASTERLY FOR 369.14 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 90°00’00” TO A LINE
TANGENT WHICH BEARS NORTH 89°58’12” EAST; THENCE ON THE PROLONGATION OF SAID TANGENT FOR 20.00 FEET TO THE NORTHWESTERLY
CORNER OF TRACT “A” BLOCK 181 OF THE PLAT OF SOUTH PORT ST. LUCIE UNIT 13, AS RECORDED IN PLAT BOOK 16, PAGE 22 OF THE PUBLIC
RECORDS OF ST. LUCIE COUNTY, FLORIDA; THENCE CONTINUE ALONG SAID PROLONGATION FOR 375.00 FEET; THENCE NORTH 00°01’48”
EAST FOR 45.00 FEET TO THE BEGINNING OF A CURVE CONCAVE TO THE SOUTHEAST HAVING A RADIUS OF 235.00 FEET; THENCE NORTHERLY AND NORTHEASTERLY
FOR 100.37 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 24°28’13” TO THE SOUTHWEST CORNER OF LOT 1, BLOCK 158 OF
THE PLAT OF SOUTH PORT ST. LUCIE UNIT SEVEN AS RECORDED IN PLAT BOOK 14, PAGE 24, OF THE PUBLIC RECORDS OF ST. LUCIE COUNTY, FLORIDA;
THENCE CONTINUE ALONG SAID CURVE 165.37 FEET, THROUGH A CENTRAL ANGLE 40°19’10” TO A LINE TANGENT WHICH BEARS NORTH 64°45’35”
EAST, THENCE ON THE PROLONGATION OF SAID LINE TANGENT FOR 243.44 FEET ALONG THE BACK PROPERTY LINE OF BLOCK 158 OF UNIT SEVEN TO THE
BEGINNING OF A CURVE CONCAVE TO THE NORTHWEST HAVING A RADIUS OF 345.00 FEET; THENCE NORTHEASTERLY FOR 361.59 FEET ALONG SAID CURVE THROUGH
A CENTRAL ANGLE OF 60°03’00” TO THE BEGINNING OF A REVERSE CURVE CONCAVE TO THE SOUTHEAST HAVING A RADIUS OF 2155.00
FEET, A RADIAL LINE THROUGH SAID BEGINNING OF REVERSE CURVE BEARS NORTH 85°17’25” WEST; THENCE NORTHERLY AND NORTHEASTERLY
FOR 761.11 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 20°14’10” TO THE BEGINNING OF A COMPOUND CURVE CONCAVE TO
THE SOUTHEAST HAVING A RADIUS OF 320.36 FEET; A RADIAL LINE THROUGH SAID BEGINNING OF COMPOUND CURVE BEARS NORTH 65°03’15”
WEST; THENCE NORTHEASTERLY FOR 152.32 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 27°14’31” TO THE BEGINNING OF
A NON-TANGENT CURVE CONCAVE TO THE SOUTHWEST HAVING A RADIUS OF 1577.14 FEET AND TO WHICH BEGINNING A RADIAL LINE BEARS SOUTH 52°04’32”
WEST; THENCE NORTHWESTERLY FOR 394.76 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 14°20’28” TO A RADIAL LINE OF
SAID CURVE WHICH BEARS NORTH 37°44’04” EAST; THENCE ON THE PROLONGATION OF SAID RADIAL FOR 125.00 FEET TO THE BEGINNING
OF A CURVE CONCAVE TO THE SOUTHWEST HAVING A RADIUS OF 1702.14 FEET, AFORESAID COURSE ALSO BEING THE WESTERLY PROPERTY LINE OF LOT 21,
BLOCK 158 OF SAID UNIT SEVEN AND LYING ON THE LIMITS OF SAID UNIT; AFORESAID COURSE ALSO LYING ON THE LIMITS OF THE PLAT OF SOUTH PORT
ST. LUCIE UNIT NINE AS SHOWN IN PLAT BOOK 14, PAGE 27A OF THE PUBLIC RECORDS OF ST. LUCIE COUNTY, FLORIDA; THENCE NORTHWESTERLY FOR 324.40
FEET ALONG SAID CURVE AND THE SOUTH RIGHT- OF-WAY LINE OF WESTMORELAND BOULEVARD THROUGH A CENTRAL ANGLE OF 10°55’11”
TO THE BEGINNING OF A REVERSE CURVE CONCAVE TO THE NORTHEAST HAVING A RADIUS OF 1787.03 FEET, A RADIAL LINE THROUGH SAID BEGINNING OF
REVERSE CURVE BEARS SOUTH 26°48’53” WEST, THENCE NORTHWESTERLY 135.06 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF
04°19’49” TO A NON-RADIAL LINE WHICH BEARS SOUTH 36°07’15” WEST; THENCE ALONG SAID NON- RADIAL LINE AND
ALONG THE BACK PROPERTY LINES OF BLOCK 164 OF SAID UNIT NINE FOR 93.85 FEET TO THE BEGINNING OF A CURVE CONCAVE TO THE SOUTHEAST HAVING
A RADIUS OF 56.91 FEET; THENCE SOUTHWESTERLY FOR 18.93 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 19°03’29” TO
THE BEGINNING OF A COMPOUND CURVE CONCAVE TO THE SOUTHEAST HAVING A RADIUS OF 1334.14 FEET, A RADIAL LINE THROUGH SAID BEGINNING OF SAID
COMPOUND CURVE BEARS NORTH 72°56’14” WEST, THENCE SOUTHWESTERLY AND SOUTHERLY FOR 287.85 FEET THROUGH A CENTRAL ANGLE
OF 12°21’43” TO A LINE TANGENT WHICH BEARS SOUTH 04°42’03” WEST, THENCE ALONG SAID TANGENT FOR 638.13
FEET TO THE BEGINNING OF A CURVE CONCAVE TO THE NORTHWEST HAVING A RADIUS OF 235.00 FEET; THENCE SOUTHERLY AND SOUTHWESTERLY FOR 369.14
FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 90°00’00” TO A LINE TANGENT WHICH BEARS NORTH 85°17’57”
WEST; THENCE ALONG SAID TANGENT FOR 444.99 FEET; THENCE NORTH 75°35’01” WEST FOR 83.29 FEET TO A POINT OF CURVATURE OF
A CURVE CONCAVE TO THE NORTHWEST, ALSO LYING ON THE LIMITS OF SOUTH PORT ST. LUCIE UNIT TWO AS SHOWN ON SHEET 1 OF 1 OF THE PLAT OF SAID
UNIT AS RECORDED IN PLAT BOOK 12, PAGES 3 AND 45 OF THE PUBLIC RECORDS OF ST. LUCIE COUNTY, FLORIDA, HAVING A RADIUS OF 337.00 FEET ;
THENCE SOUTHWESTERLY ALONG SAID LIMITS AND THE EAST RIGHT-OF-WAY LINE OF TREASURE ISLAND ROAD OF SAID UNIT FOR 64.76 FEET ALONG SAID
CURVE THROUGH A CENTRAL ANGLE OF 11°00’38” TO A LINE TANGENT WHICH BEARS SOUTH 25°25’37” WEST; THENCE
ALONG SAID TANGENT FOR 180.74 FEET TO THE BEGINNING OF A CURVE CONCAVE TO THE NORTHWEST HAVING A RADIUS OF 337.00 FEET; THENCE SOUTHERLY
AND SOUTHWESTERLY FOR 366.46 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 62°18’15” TO THE BEGINNING OF A REVERSE
CURVE CONCAVE TO THE SOUTHEAST HAVING A RADIUS OF 107.30 FEET, A RADIAL LINE THROUGH SAID BEGINNING OF REVERSE CURVE BEARS SOUTH 02°16’08”
EAST; THENCE SOUTHWESTERLY FOR 66.15 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 35°19’18” TO A RADIAL LINE OF SAID
CURVE WHICH BEARS SOUTH 37°35’27” EAST, THENCE ALONG SAID RADIAL FOR 127.61 FEET THE NORTHEAST CORNER OF LOT 1, BLOCK
11 OF SAID UNIT TWO; THENCE SOUTH 23°02’22” WEST, ALONG THE BACK PROPERTY LINES OF BLOCK 11, FOR 472.28 FEET TO THE BEGINNING
OF A CURVE CONCAVE TO THE NORTHWEST HAVING A RADIUS OF 319.15 FEET; THENCE SOUTHERLY AND SOUTHWESTERLY FOR 167.81 FEET ALONG SAID CURVE
THROUGH A CENTRAL ANGLE OF 30°07’36” TO A NON-TANGENT LINE WHICH BEARS SOUTH 57°36’59” WEST; THENCE ALONG
SAID NON-TANGENT LINE FOR 84.16 FEET; THENCE SOUTH 10°28’35” EAST FOR 163.86 FEET; THENCE SOUTH 00°57’34”
WEST FOR 609.67 FEET; THENCE SOUTH 11°13’51” EAST FOR 63.05 FEET; THENCE SOUTH 14°07’45” EAST FOR 190.49
FEET; THENCE SOUTH 36°48’01” WEST FOR 190.49 FEET; THENCE SOUTH 87°43’47” WEST FOR 190.49 FEET TO THE
SOUTHEAST CORNER OF LOT 36, BLOCK 10 OF SAID UNIT TWO; THENCE NORTH 41°20’27” WEST ALONG THE BACK PROPERTY LINES OF BLOCK
10 FOR 190.49 FEET; THENCE NORTH 09°35’19” EAST FOR 160.00 FEET; THENCE NORTH 20°09’23” EAST FOR 100.42
FEET; THENCE NORTH 00°57’34” EAST FOR 530.30 FEET TO THE BEGINNING OF A CURVE CONCAVE TO THE SOUTHWEST HAVING A RADIUS
OF 711.42 FEET; THENCE NORTHERLY AND NORTHWESTERLY FOR 163.50 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 13°10’04”
TO A LINE TANGENT WHICH BEARS NORTH 12°12’30” WEST; THENCE ALONG SAID TANGENT FOR 670.28 FEET; THENCE NORTH 16°05’41”
WEST FOR 251.42 FEET TO THE BEGINNING OF A CURVE CONCAVE TO THE SOUTHEAST HAVING A RADIUS OF 255.00 FEET; THENCE NORTHWESTERLY, NORTHERLY
NORTHEASTERLY FOR 620.18 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 139°20’54” TO A LINE TANGENT WHICH BEARS SOUTH
56°44’48” EAST, THENCE ALONG SAID TANGENT FOR 473.16 FEET; THENCE SOUTH 19°58’34” EAST FOR 50.97 FEET
TO THE BEGINNING OF A CURVE CONCAVE TO THE SOUTHEAST HAVING A RADIUS OF 167.30 FEET, ALSO LYING ON THE NORTHERLY RIGHT-OF-WAY OF TREASURE
ISLAND ROAD; THENCE EASTERLY FOR 51.70 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 17°42’25” TO THE BEGINNING OF
A REVERSE CURVE CONCAVE TO THE NORTHWEST HAVING A RADIUS OF 277.00 FEET, A RADIAL LINE THROUGH SAID BEGINNING OF REVERSE CURVE BEARS
NORTH 02°16’08” WEST, THENCE NORTHEASTERLY AND NORTHERLY FOR 301.21 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF
62°18’15” TO A LINE TANGENT WHICH BEARS NORTH 25°25’37” EAST, THENCE ALONG SAID TANGENT FOR 180.74 FEET
TO THE BEGINNING OF A CURVE CONCAVE TO THE NORTHWEST HAVING A RADIUS OF 277.00 FEET; THENCE NORTHERLY FOR 53.23 FEET ALONG SAID CURVE
THROUGH A CENTRAL ANGLE OF 11°00’38” TO A RADIAL LINE OF SAID CURVE WHICH BEARS NORTH 75°35’01” WEST;
SAID LINE BEING THE SOUTH PROPERTY LINE OF LOT 24, BLOCK 7 AND THE LIMITS OF PLAT OF SOUTH PORT ST. LUCIE UNIT ONE AS SHOWN ON SHEET
2 OF 2 OF PLAT BOOK 12, PAGE 1 OF THE PUBLIC RECORDS OF ST. LUCIE COUNTY, FLORIDA; THENCE ALONG SAID RADIAL FOR 125.00 FEET TO THE BEGINNING
OF A CURVE CONCAVE TO THE SOUTHWEST HAVING A RADIUS OF 152.00 FEET; THENCE NORTHERLY AND NORTHWESTERLY ALONG THE BACK PROPERTY LINES
OF BLOCK 7 FOR 169.44 FEET ALONG SAID CURVE THROUGH A CENTRAL ANGLE OF 63°52’12” TO A POINT OF REVERSE CURVATURE OF A
CURVE CONCAVE TO THE NORTHEAST, THENCE NORTHWESTERLY ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF 1025.00 FEET, A CENTRAL ANGLE OF
29°33’11”, AN ARC DISTANCE OF 528.69 FEET; THENCE NORTH 19°54’02” WEST, FOR 418.24 FEET; THENCE WEST
FOR 85.47 FEET, THENCE NORTH 09°04’02” EAST FOR 403.71 FEET; THENCE NORTH 02°25’00” WEST FOR 55.92 FEET;
THENCE NORTH 49°28’15” WEST FOR 65.67 FEET; THENCE NORTH 66°00’12” WEST FOR 121.40 FEET; THENCE SOUTH
54°04’00” WEST FOR 50.00 FEET; THENCE SOUTH 29°08’01” EAST FOR 30.03 FEET TO A POINT ON THE ARC OF A
CURVE CONCAVE TO THE WEST WHOSE RADIUS BEARS SOUTH 38°34’30” WEST FROM THE LAST DESCRIBED POINT; THENCE SOUTHEASTERLY
ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF 255.00 FEET, A CENTRAL ANGLE OF 83°10’17”, AN ARC DISTANCE OF 370.16
FEET; THENCE SOUTH 32°09’53” WEST, FOR 94.05 FEET; THENCE SOUTH 17°34’22” WEST FOR 52.33 FEET; THENCE
SOUTH 79°38’56” WEST FOR 186.10 FEET; THENCE NORTH 88°28’19” WEST FOR 131.28 FEET; THENCE SOUTH 29°00’22”
WEST FOR 80.50 FEET TO THE POINT OF CURVATURE OF A CURVE CONCAVE TO THE NORTHWEST; THENCE SOUTHWESTERLY ALONG THE ARC OF SAID CURVE,
HAVING A RADIUS OF 642.59 FEET, A CENTRAL ANGLE OF 21°20’57”, AN ARC DISTANCE OF 239.44 FEET TO A POINT OF REVERSE CURVATURE
CONCAVE TO THE SOUTHEAST; THENCE SOUTHEASTERLY ALONG THE ARC OF SAID CURVE, HAVING A RADIUS OF 1087.94 FEET, A CENTRAL ANGLE OF 51°52’18”,
AN ARC DISTANCE OF 984.95 FEET; THENCE SOUTH 02°55’01” WEST FOR 181.57 FEET; THENCE SOUTH 00°14’25” EAST
FOR 1425.00 FEET; THENCE SOUTH 02°54’55” EAST FOR 73.19 FEET; THENCE SOUTH 10°49’42” EAST FOR 215.32
FEET TO THE POINT OF BEGINNING.

 

    	Exhibit A
	- 1 -

     

    

 

SAID
LAND SITUATE, LYING AND BEING IN THE CITY OF PORT ST. LUCIE, ST. LUCIE COUNTY, FLORIDA.

 

D)
LESS AND EXCEPT A STRIP OF LAND OF LAND DESCRIBED IN ST. LUCIE COUNTY OFFICIAL RECORD BOOK 382, PAGE 333, CONTAINING 0.17 ACRES MORE
OR LESS.

 

E)
A ONE FOOT STRIP OF LAND LYING IMMEDIATELY ADJACENT TO THE SOUTH LINE OF LOT 14, BLOCK 164, SOUTH PORT ST. LUCIE UNIT NINE, AS RECORDED
IN PLAT BOOK 14, PAGE 27A, OF THE PUBLIC RECORDS OF ST. LUCIE COUNTY, FLORIDA.

 

SAID
LAND SITUATE, LYING AND BEING IN THE CITY OR PORT ST. LUCIE, ST. LUCIE COUNTY CONTAINING 0.00 ACRES MORE OR LESS.

 

F)
LESS AND EXCEPT A STRIP OF LAND DESCRIBED IN ST. LUCIE COUNTY OFFICIAL RECORD BOOK 208, PAGE 1132.

 

PARCEL
“B”

 

POINT
OF BEGINNING BEING THE BEGINNING OF THE AFOREMENTIONED TIE LINE ALSO BEING THE NORTHEAST CORNER OF THE SEAWALL; THENCE LANDWARD OF THE
WATERS EDGE OF KITCHING COVE AND THE NORTH PORT OF THE ST. LUCIE RIVER CONTINUE ALONG SAID TIE LINE SOUTH 76°25’42” EAST
FOR A DISTANCE OF 50.83 FEET; THENCE CONTINUING SOUTH 73°51’41” EAST FOR A DISTANCE OF 115.04 FEET; THENCE SOUTH 69°22’15”
EAST FOR A DISTANCE OF 107.15 FEET; THENCE SOUTH 65°26’15” EAST FOR A DISTANCE OF 82.89 FEET; THENCE SOUTH 53°35’53”
EAST FOR A DISTANCE OF 224.80 FEET; THENCE NORTH 34°43’37” EAST FOR A DISTANCE OF 135.73 FEET; THENCE NORTH 57°43’37”
EAST FOR A DISTANCE OF 141.73 FEET: THENCE SOUTH 87°16’23” EAST FOR A DISTANCE OF 119.35 FEET; THENCE SOUTH 38°16’23”
EAST FOR A DISTANCE OF 146.96 FEET; THENCE SOUTH 05°27’19” EAST FOR A DISTANCE OF 120.73 FEET; THENCE SOUTH 50°32’41”
WEST FOR A DISTANCE OF 102.70 FEET; THENCE SOUTH 14°32’41” WEST FOR A DISTANCE OF 120.77 FEET; THENCE SOUTH 45°27’19”
EAST FOR A DISTANCE OF 188.35 FEET; THENCE SOUTH 21°54’46” EAST FOR A DISTANCE OF 341.21 FEET; THENCE NORTH 46°45’16”
EAST FOR A DISTANCE OF 543.57 FEET; THENCE NORTH 55°23’47” EAST FOR A DISTANCE OF 145.60 FEET; THENCE NORTH 04°06’44”
WEST FOR A DISTANCE OF 176.94 FEET; THENCE NORTH 41°51’16” EAST FOR A DISTANCE OF 85.00 FEET; THENCE NORTH 57°51’16”
EAST FOR A DISTANCE OF 239.90 FEET; THENCE NORTH 73°37’37” EAST FOR A DISTANCE OF 144.43 FEET; TO A POINT LYING ON THE
WEST PLAT LIMITS OF AFOREMENTIONED PLAT OF VILLAS OF SANDPIPER BAY UNIT TWO; THENCE CONTINUING ALONG SAID LIMITS SOUTH 51°21’25”
EAST FOR A DISTANCE OF 36.01 FEET; THENCE SOUTH FOR DISTANCE OF 370.00 FEET; THENCE SOUTH 74°53’47” WEST ALONG A LINE
LYING WATERWARD OF THE WATERS EDGE FOR A DISTANCE OF 517.19 FEET; THENCE CONTINUING ALONG SAID WATERWARD LINE SOUTH 46°45’16”
WEST FOR A DISTANCE OF 661.78 FEET; THENCE NORTH 23°14’14” WEST FOR A DISTANCE OF 563.40 FEET; THENCE NORTH 53°15’17”
WEST FOR A DISTANCE OF 640.91 FEET; THENCE NORTH 65°23’43” WEST FOR A DISTANCE OF 333.68 FEET; TO THE SOUTHEAST CORNER
OF SAID SEAWALL; THENCE NORTH 17°37’59” EAST ALONG THE FACE OF THE SEAWALL FOR A DISTANCE OF 12.30 FEET TO THE POINT
OF BEGINNING OF THIS DESCRIPTION.

 

SAID
PARCEL SITUATE, LYING AND BEING IN THE CITY OF PORT ST. LUCIE, ST. LUCIE COUNTY, FLORIDA.

 

LESS
AND EXCEPT THAT PORTION DEEDED TO THE CITY OF PORT ST. LUCIE IN OFFICIAL RECORDS BOOK 1430, PAGE 461.

 

Tax
Parcel No. 4423-210-0001-000-3

 

Together
with additional parcels to be legally described on the Survey, including Tax Parcel Nos:

 

3422-565-0001-000-8

3422-550-0011-000-5

3422-540-0010-100-8

3422-550-0001-000-2

3422-555-0091-000-7

 

    	Exhibit A
	- 2 -

     

    

 

EXHIBIT
D

 

Non-Foreign
Affidavit

 

FIRPTA
CERTIFICATE

 

Section
1445 of the Internal Revenue Code provides that a transferee of a United States real property interest must withhold tax if the transferor
is a foreign person. For U.S. tax purposes (including Section 1445), the owner of a disregarded entity (which has legal title to a U.S.
real property interest under local law) will be the transferor of the property and not the disregarded entity.

 

To
inform the transferee that withholding of tax is not required upon the disposition of a United States real property interest by SANDPIPER
RESORT PROPERTIES, INC., a Florida corporation (“Seller”), Seller hereby certifies the following:

 

	1.	Seller
    is not a disregarded entity as defined in § 1.1445-2(b)(2)(iii) of the Internal Revenue Code.
	 	 
	2.	Seller
    is not a foreign corporation, foreign partnership, foreign trust, or foreign estate (as those terms are defined in the Internal Revenue
    Code and Income Tax Regulations).
	 	 
	3.	Seller’s
    U.S. employer taxpayer identification number is ________________.
	 	 
	4.	Seller’s
    office address is ________________.

 

Seller
understands that this certification may be disclosed to the Internal Revenue Service by transferee and that any false statement contained
herein could be punished by fine, imprisonment, or both.

Dated
________________.

 

	 	By:	 	 
	 	Name:	 	 
	 	Title:
    	 	 

 

    	Exhibit D
	- 1 -

     

    

 

EXHIBIT
E

 

Seller’s
Affidavit.

 

    	Exhibit E
	- 1 -

     

    

 

EXHIBIT
F

 

Lease
Term Sheet

 

[*]

 

    	Exhibit F
	- 1 -

     

    

 

EXHIBIT
G

 

BILL
OF SALE

 

KNOW
ALL MEN BY THESE PRESENTS, that on _________________ ___, 20__, ____________________________, a ____________________ (“Seller”),
for and in consideration of the sum of Ten Dollars ($10.00) lawful money of the United States, paid by _________________________, a ____________________
(“Purchaser”), to Seller the receipt whereof is hereby acknowledged, has granted, bargained, sold, transferred and
delivered, and by these presents does grant, bargain, sell, transfer and deliver unto Buyer and the successors and assigns thereof, the
following goods and chattels:

 

[TO
BE COMPLETED]

 

TO
HAVE AND TO HOLD the same unto the Purchaser and the executors, administrators, successors and assigns thereof forever.

 

AND
Seller for itself and the heirs, executors, administrators, successors and assigns thereof, covenant to and with the Purchaser, the executors,
administrators, successors and assigns, that Seller is the owner of the said goods and chattels; that they are free from all encumbrances;
that Seller has good right to sell the same aforesaid, that Seller will warrant and defend the sale of the said property, goods and chattels
hereby made, unto the Purchaser and the executors, administrators, successors and assigns thereof against the lawful claims and demands
of all persons whomsoever.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	Exhibit G
	- 1 -

     

    

 

Seller
has caused this instrument to be duly executed on ____________ ___, 2022.

 

Signed,
sealed, and delivered

in
the presence of:

 	 	 	
	 	 	a

 

	 	 	By:
    _______________________________________
	Signature
    of Witness 1	 	Its:
    _______________________________________
	 	 	Print
    Name: _________________________________
	 	 	 
	Print
    Name of Witness 1	 	 
	 	 	 
	 	 	 
	Signature
    of Witness 2	 	 
	 	 	 
	 	 	 
	Print
    Name of Witness 2	 	 

 

STATE
OF FLORIDA

 

COUNTY
OF ____________________

 

The
foregoing instrument was acknowledged before me by means of ☐ physical presence or ☐ online notarization, this ____ day of
______________, 2022, by _____________________ as ____________________________________ for _________________________.

 

________________________________

 

	 	 
	 	(Signature
    of Notary Public - State of Florida)
	 	 
	 	 
	 	(Print,
    Type, or Stamp Commissioned Name of Notary Public)

 

Personally
Known _____ OR Produced Identification ________________

 

Type
of Identification Produced________________________

 

    	Exhibit G
	- 2 -

     

    

 

EXHIBIT
H

 

ASSIGNMENT
OF INTANGIBLE PROPERTY

 

THIS
ASSIGNMENT AND ASSUMPTION OF LEASE AND INTANGIBLE PROPERTY (this “Assignment”) is dated and effective as of _____________,
20____ (the “Effective Date”), by and between ____________, a _______________ (“Assignor”)
and ____________________________, a _________________________ (“Assignee”).

 

WHEREAS,
the parties have entered into that certain Agreement of Purchase and Sale and dated as of _________________ ______, 2022 (the “Contract”),
wherein Assignor agreed to sell and Assignee agreed to buy the “Property” described in the Contract; and

 

WHEREAS,
Assignor desires to assign to Assignee the Intangible Property, as such term is defined in the Contract, including the contracts, permits,
licenses, and warranties that are listed on Schedule 1, attached hereto and incorporated herein, on the terms provided herein.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is hereby agreed as
follows:

 

1.
Effective as of the Effective Date, Assignor hereby fully and forever assigns and transfers to Assignee all of Assignor’s
right, title, and interest, in and to the Intangible Property, including the contracts, permits, licenses, and warranties listed on Schedule
1 and Assignor hereby agrees to indemnify, protect, defend and hold Assignee and its partners, officers, employees, and agents harmless
from and against any claims, suits, damages, liability, costs and/or expenses arising out of or resulting from any breach of or default
in the performance of any of the duties, obligations or liabilities of Assignor under the contracts, permits, licenses, and warranties
listed on Schedule 1 prior to the Effective Date. The foregoing is not intended to limit the specific indemnification by Assignor,
as Seller under the Contract.

 

2.
This Assignment shall be governed by in all respects, including validity, interpretation and effect, and construed in accordance with
the laws of the State of Florida.

 

3.
This Assignment shall inure to the benefit of and be binding upon and enforceable against Assignor and Assignee and their respective
heirs, devisees, estates, executors, successors, and assigns.

 

[SIGNATURE
PAGE FOLLOWS]

 

    	Exhibit H
	- 1 -

     

    

 

Assignor
has caused this instrument to be duly executed on ____________ ___, 2022.

 

Signed,
sealed, and delivered

in
the presence of:

 

	 	 	 	 
	 	 	a	 

 

	 	 	By:
    _______________________________________
	Signature
    of Witness 1	 	Its:
    _______________________________________
	 	 	Print
    Name: _________________________________
	 	 	 
	Print
    Name of Witness 1	 	 
	 	 	 
	 	 	 
	Signature
    of Witness 2	 	 
	 	 	 
	 	 	 
	Print
    Name of Witness 2	 	 

 

STATE
OF FLORIDA

 

COUNTY
OF ____________________

 

The
foregoing instrument was acknowledged before me by means of ☐ physical presence or ☐ online notarization, this ____ day of
______________, 2022, by _____________________ as ____________________________________ for _________________________.

 

_______________________________

 

	 	 
	 	(Signature
    of Notary Public - State of Florida)
	 	 
	 	 
	 	(Print,
    Type, or Stamp Commissioned Name of Notary Public)

 

Personally
Known _____ OR Produced Identification ________________

 

Type
of Identification Produced________________________

 

    	Exhibit H
	- 2 -

     

    

 

SCHEDULE
1

 

Intangible
Property

 

[*]

 

    	Schedule 1
	- 1 -

     

    

 

EXHIBIT
I

 

GUARANTY

 

The
undersigned, __________________, a _____________, with an address of _____________ (the “Guarantor”),
hereby unconditionally and absolutely guarantees to Purchaser the payment of Seller’s Post-Closing Obligations under Section
12.15.2 and the payment of professional fees and costs incurred by Purchaser in enforcing Seller’s Post-Closing Obligations
as set forth in Section 12.2, of the Purchase and Sale Agreement. “Purchase and Sale Agreement” means that
certain Purchase and Sale Agreement dated ____________________, 2022, by and among SANDPIPER RESORT PROPERTIES, INC., a Florida corporation
(“Seller”), joined by HOLIDAY VILLAGE OF SANDPIPER, INC., a Florida corporation, and ALTITUDE INTERNATIONAL HOLDINGS,
INC., a New York corporation, as assigned to ________________________________ (“Purchaser”). Capitalized terms used but not
defined herein are defined in the Purchase and Sale Agreement.

 

This
guaranty obligation is a continuing guaranty and will remain in effect, and the obligations of Guarantor will not be affected, modified
or impaired by the occurrence, with or without notice to or consent from Guarantor, of:

 

(a)
the compromise, settlement, release, change, modification, amendment of any obligation, covenant or agreement under the Purchase and
Sale Agreement or any other agreements, documents and instruments delivered by the Parties at the Closing; or

 

(b)
the extension of time for performance of any monetary payment obligation under the Purchase and Sale Agreement or the time for performance
of any other obligation, covenant or agreement under or arising from the Purchase and Sale Agreement or any other agreements, documents
and instruments delivered by the Parties at the Closing.

 

The
obligations and liabilities of Guarantor under this guaranty are primary, absolute, and unconditional under any and all circumstances
and until the Seller’s Post- Closing Obligations under Section 12.15.2 of the Purchase and Sale Agreement are fully and
finally satisfied, such obligations and liabilities shall not be discharged or released, in whole or in part, by any act or occurrence
that might, but for this paragraph, be deemed a legal or equitable discharge or release of Guarantors.

 

Notwithstanding
anything to the contrary provided in this Guaranty, the obligations of Guarantor are subject to the Seller’s Post-Closing Cap but
subject to the same exclusions to the Post-Closing Cap, all as set forth in Section 12.15.2 of the Purchase and Sale Agreement.

 

Guarantor
hereby expressly waives:

 

(i)
presentment and demand for payment of any of Seller’s Post- Closing Obligations or any interest thereon, and protest of any nonpayment
thereof;

 

(ii)
notice of acceptance of this Guaranty and of such presentment, demand and protest;

 

    	Exhibit I
	- 1 -

     

    

 

(iii)
notice of any default under this Guaranty or under the provisions of the Purchase and Sale Agreement, and of any indulgence with respect
thereto;

 

(iv)
demand for observance or performance, and enforcement, of any of the terms or conditions of this Guaranty, and/or the Purchase and Sale
Agreement;

 

(v)
any and all other notices and demands that may otherwise be required by law to be given or made to the full extent that the same may
be waived; and

 

(vi)
any and all rights of subrogation, reimbursement, indemnification and contribution;

 

Guarantor
hereby expressly agrees that if this Guaranty is enforced by suit or otherwise, Guarantor will reimburse Purchaser , upon demand, for
any and all expenses that Purchaser incurs in connection therewith and thereunder (including, by way of example rather than of limitation,
reasonable attorneys’ and paraprofessional fees and costs at both trial and all appellate levels).

 

This
Guaranty shall be construed in accordance with the law of the State of Florida, and such laws shall govern the interpretation, construction
and enforcement hereof. Wherever possible each provision of this Guaranty shall be interpreted in such manner as to be effective and
valid under applicable law, but if any provision of this Guaranty shall be prohibited by or invalid under such law, such provision shall
be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining
provisions of this Guaranty.

 

The
exclusive jurisdiction for any claim, case, or controversy arising out of or relating to this guaranty (whether for breach of contract,
tort or otherwise) shall be a federal or state court in Saint Lucie County, Florida, and the parties hereby consent to such exclusive
jurisdiction and irrevocably waive and shall not assert any defenses based on lack of in personam jurisdiction, improper venue or inconvenient
forum.

 

This
Guaranty shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns hereunder.
This Guaranty may be amended or supplemented only by an instrument executed and delivered by both Guarantor and Purchaser. . This Guaranty
represents the complete understanding between Guarantor and Purchaser as to the subject matter hereof, and supersedes all prior negotiations,
representations, warranties, statements, or agreements, either written or oral, between or among Guarantor and Purchaser as to the same.

 

Purchaser
shall not be deemed to have waived the exercise of any right which it holds under this Guaranty, unless that waiver is made expressly
and in writing (and no delay or omission by Purchaser in exercising any such right shall be deemed a waiver of its future exercise).
No such waiver made as to any instance involving the exercise of any such right shall be deemed a waiver as to any other such instance,
or any other such right.

 

    	Exhibit I
	- 2 -

     

    

 

Time
shall be of the essence of this Guaranty.

 

GUARANTOR
HEREBY, AND PURCHASER BY ACCEPTANCE HEREOF, EACH AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES
ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS GUARANTY OR ANY CLAIM,
COUNTERCLAIM, OR OTHER ACTION ARISING IN CONNECTION WITH NTHE PURCHASE AND SALE AGREEMENT. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN
KNOWINGLY AND VOLUNTARILY BY EACH OF GUARANTOR AND PURCHASER, AND IS INTENDED TO ENCOMPASS INDIVIDUALLY EACH INSTANCE AND EACH ISSUE
AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE ACCRUE. EACH OF GUARANTOR AND PURCHASER IS HEREBY AUTHORIZED TO FILE A COPY
OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY THE OTHER PARTY.

 

The
undersigned hereby execute this guaranty for the benefit of the Purchaser and it successors and assigns.

 

	 	 	Guarantor:
	 	 	 
	 	 	________________________________________,
	 	 	a
    ______________________________________\

 

	Date:	_____________________,
    2022	 	By:
    _____________________________________
	 	 	 	Name:
    ___________________________________
	 	 	 	Title:
    ____________________________________

 

    	Exhibit I
	- 3 -

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