Document:

Exhibit 10.11

 

FIRST AMENDMENT TO AND REINSTATEMENT
OF

REAL ESTATE PURCHASE AND SALE AGREEMENT

 

This FIRST AMENDMENT
TO AND REINSTATEMENT OF REAL ESTATE PURCHASE AND SALE AGREEMENT (this “First Amendment”), is made as
of this 25 day of July, 2017 (the “Effective Date”), by and between MEDALIST PROPERTIES 8, LLC,
a Delaware limited liability company (“Seller”); and MEDALIST DIVERSIFIED HOLDINGS, L.P., a Delaware
limited partnership, or its permitted assigns (“Buyer”).

 

RECITALS

 

A.           Seller
and Buyer entered into that certain Real Estate Purchase and Sale Agreement (the “Agreement”) effective
as of July 31, 2016, regarding the purchase of the Property, which is more particularly described in the Agreement.

 

B.           The
parties have agreed to modify, amend, ratify and reinstate the Agreement as more particularly set forth in this First Amendment.

 

AMENDMENT

 

NOW, THEREFORE, in
consideration of the mutual promises herein and other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged by the Parties, the Parties agree as follows:

 

1.          Definitions.
All capitalized terms used this in this First Amendment but not otherwise defined shall have their same meanings as set forth in
the Agreement.

 

2.          Purchase
Price. Section 1.3 of the Agreement is hereby deleted and replaced with the following in its entirety.

 

   1.3        Purchase
Price. The purchase price for the Property (the “Purchase Price”) shall be Fifteen Million One Hundred
Thousand and 00/Dollars ($15,100,000.00).  The Purchase Price shall be paid to Seller by Buyer on the Closing Date (as defined
below), plus or minus all adjustments and/or credits as set forth herein, by wire transfer of immediately available federal funds.
Notwithstanding the foregoing, in lieu of an all-cash payment of the Purchase Price, Seller may, in Seller’s sole discretion,
accept a combination of cash and units of limited partnership interest (“OP Units”) in the Buyer (the “Aggregate
Consideration”).  The proportion of cash and OP Units, if any, shall be determined by the Buyer and Seller on or
prior to the Closing Date.

 

3.          Reinstatement
and Ratification. The parties hereby, reinstate, ratify and affirm the Agreement, which Agreement shall remain in full force
and effect, except as specifically modified by this First Amendment.

 

    			 

     

    

  

4.          Counterpart
Signatures. This First Amendment may be signed in any number of counterparts, each of which shall be deemed to be an original
and all of which taken together shall constitute one and the same instrument.

 

5.          Facsimile
and PDF Signatures. Handwritten signatures to this First Amendment transmitted by telecopy or electronic mail (for example,
through use of a Portable Document Format or “PDF” file) shall be valid and effective to bind the party so signing.
Each party to this First Amendment shall be bound by its own telecopied or electronically transmitted handwritten signature and
shall accept the telecopied or electronically transmitted handwritten signature of the other party to this First Amendment.

 

[Remainder of page intentionally left
blank; signatures to follow on next pages.]

 

    			 

     

    

  

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

 

	 	SELLER:
	 	
	 	MEDALIST PROPERTIES 8, LLC, a
	 	Delaware limited liability company
	 	
	 	By:	Medalist Fund Manager, Inc., a
	 		Virginia corporation
	 	Its:	Manager

 

	 	By:	/s/ William R. Elliott
	 	Name:  William R. Elliott
	 	Title:    Co-Manager

 

	 	BUYER:
	 	 
	 	MEDALIST DIVERSIFIED HOLDINGS, L.P., a
	 	Delaware limited partnership
	 	 
	 	By:	/s/ William R. Elliott	
	 	 	William R. Elliott, Authorized SignatoryExhibit 10.12

 

SECOND AMENDMENT TO REAL ESTATE 

PURCHASE AND SALE AGREEMENT

 

This SECOND AMENDMENT
TO REAL ESTATE PURCHASE AND SALE AGREEMENT (this “Second Amendment”), is made as of this ___ day of October,
2017 (the “Effective Date”), by and between MEDALIST PROPERTIES 8, LLC, a Delaware limited liability
company (“Seller”); and MEDALIST DIVERSIFIED HOLDINGS, L.P., a Delaware limited partnership, or
its permitted assigns (“Buyer”).

 

RECITALS

 

A.       Seller
and Buyer entered into that certain Real Estate Purchase and Sale Agreement effective as of July 31, 2016, as amended by that certain
First Amendment to and Reinstatement of Real Estate Purchase and Sale Agreement dated as of July 25, 2017 (collectively, the “Agreement”),
regarding the purchase of the Property, which is more particularly described in the Agreement.

 

B.       The
parties have agreed to modify, amend, ratify and reinstate the Agreement as more particularly set forth in this Second Amendment.

 

AMENDMENT

 

NOW, THEREFORE, in
consideration of the mutual promises herein and other good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged by the Parties, the Parties agree as follows:

 

1.       Definitions.
All capitalized terms used this in this Second Amendment but not otherwise defined shall have their same meanings as set forth
in the Agreement.

 

2.       Closing
Date. Section 1.5 of the Agreement is hereby deleted and replaced with the following:

 

Closing
Date. The closing of the transaction contemplated by this Agreement (the “Closing”) shall take place through
an escrow with Escrow Holder on or before November 15, 2017 (the “Closing Date”).

 

All references to the
Closing or the Closing Date in the Agreement shall mean and refer to the Closing and the Closing date as defined in this Second
Amendment.

 

3.       Counterpart
Signatures. This Second Amendment may be signed in any number of counterparts, each of which shall be deemed to be an original
and all of which taken together shall constitute one and the same instrument.

 

4.       Facsimile
and PDF Signatures. Handwritten signatures to this Second Amendment transmitted by telecopy or electronic mail (for example,
through use of a Portable Document Format or “PDF” file) shall be valid and effective to bind the party so signing.
Each party to this Second Amendment shall be bound by its own telecopied or electronically transmitted handwritten signature and
shall accept the telecopied or electronically transmitted handwritten signature of the other party to this Second Amendment.

 

[Remainder of page intentionally left
blank; signatures to follow on next pages.]

 

     

     

    

 

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

 

	 	SELLER:
	 	 
	 	MEDALIST PROPERTIES 8, LLC, a
	 	Delaware limited liability company
	 	 	 
	 	By:	Medalist Fund Manager, Inc., a
	 	 	Virginia corporation
	 	Its:	Manager
	 	 	 
	 		By: 	/s/ William R. Elliott
	 		Name:	William R. Elliott
	 		Title:	Co-Manager
	 	 	 
	 	BUYER:
	 	 
	 	MEDALIST DIVERSIFIED HOLDINGS, L.P., a
	 	Delaware limited partnership
	 	 	 
	 	By:	/s/ William R. Elliott
	 	 	William R. Elliott, Authorized SignatoryExhibit 10.13

 

ASSIGNMENT OF REAL ESTATE

PURCHASE AND SALE AGREEMENT

 

THIS ASSIGNMENT OF
REAL ESTATE PURCHASE AND SALE AGREEMENT (this “Assignment”) is made this _____ day of September, 2017, by and
between MEDALIST DIVERSIFIED HOLDINGS, L.P., a Delaware limited partnership (“Assignor”); and MDR
GREENSBORO, LLC (“MDR Assignee”), and PMI GREENSBORO, LLC (“PMI Assignee,” and
together with the MDR Assignee, the “Assignees”).

 

RECITALS:

 

1.          Assignor
entered into that certain Real Estate Purchase and Sale Agreement dated July 31, 2016 (as amended, the “Purchase Agreement”)
with MEDALIST PROPERTIES 8, LLC, a Delaware limited liability company (“Seller”), with respect to the real property
and improvements located at 7803 National Service Road, Greensboro, North Carolina (the “Property”), all as
more particularly described in the Purchase Agreement.

 

2.          Assignor
has the right to assign all its right, title, and interest in, to, and under the Purchase Agreement to Assignee as provided in
this Assignment.

 

3.          Assignor
now desires to assign all its right, title, and interest as “Buyer” under the Purchase Agreement to Assignees, and
Assignees desire to assume all of Assignor’s right, title, and interests as Buyer under the Purchase Agreement.

 

ASSIGNMENT:

 

NOW THEREFORE, in consideration
of the mutual covenants contained in this Assignment, and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the parties agree as follows:

 

1.          Incorporation
of Recitals. The foregoing Recitals are incorporated herein and by this reference made a part hereof. All capitalized terms
set forth herein shall have the meanings ascribed to such terms in the Purchase Agreement unless otherwise defined herein.

 

2.          Transfer;
Assignment and Designation; Assumption. Assignor hereby sells, transfers, assigns, delivers and conveys to Assignees and
their respective successors and assigns, and Assignees hereby accept from Assignor, all right, title and interest of Assignor in,
to and under the Purchase Agreement. Assignees hereby assume all of the obligations of the “Buyer” under the Purchase
Agreement. Assignor agrees to indemnify, defend and hold Assignees harmless with respect to all claims accruing under the Purchase
Agreement prior to the date hereof. Assignees agree to indemnify, defend and hold Assignor harmless with respect to all claims
accruing under the Purchase Agreement from and after the date hereof.

  

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3.          Tenants-In-Common.
The parties hereto acknowledge that the MDR Assignee and the PMI Assignee will own the Property as Tenants-In-Common (“TICs”)
in the percentages of 66.15% and 33.85%, respectively. Seller executes this Assignment for the sole purpose of acknowledging the
ownership percentages set forth in the preceding sentence, and hereby agrees to convey the Property to Assignees at Closing accordingly.

 

4.          Governing
Law. This Assignment shall be construed and enforced in accordance with and governed by the same law that governs the Purchase
Agreement, without regard to the principles of conflicts of law.

 

5.          Binding
Effect. This Assignment shall be binding upon the parties hereto and their respective successors and assigns and shall
inure to the benefit of the parties hereto.

 

6.          Counterparts.
This Assignment may be executed in any number of counterparts and it shall be sufficient that the signature of each party appear
on one or more such counterparts. All counterparts shall collectively constitute a single agreement. Signatures to this Assignment
transmitted by facsimile or electronic mail shall be treated as originals in all respects.

 

[SIGNATURES FOLLOW]

  

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WITNESS the following signatures:

 

	ASSIGNOR:	MEDALIST DIVERSIFIED HOLDINGS, L.P.,
	 	a Delaware limited partnership
	 	 
	 	By:	/s/ William R. Elliott
	 	       William R. Elliott, Authorized Signatory

 

	MDR ASSIGNEE:	MDR Greensboro, LLC, a
	 	Delaware limited liability company
	 	 
	 	By:	/s/ William R. Elliott
	 	       William R. Elliott, Authorized Signatory

 

	PMI ASSIGNEE:	PMI GREENSBORO, LLC
	 	a Delaware limited liability company
	 	 
	 	By:	Peter Mueller, Inc., a Virginia corporation
	 	Its:	Manager

 

	 	By:	/s/ Kurt A.
    Schirm
	 	       Kurt A. Schirm, President

  

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	SEEN AND AGREED:	 
	 	 
	SELLER:	 
	 	 
	MEDALIST PROPERTIES 8, LLC,	 
	a Delaware limited liability company	 
	 	 
	By: 	/s/ William R. Elliott	 
	       William R. Elliott, Authorized Signatory	 

  

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