Document:

EX-10.21

  

Exhibit 10.21 
 PURCHASE
AND SALE AGREEMENT 
 BETWEEN 

TPRF III/RIALTO INDUSTRIAL, LLC, 

AS SELLER 
 AND 

IPT ACQUISITIONS LLC, 

AS PURCHASER 
 DATED MAY
13, 2014 
  
  

 TABLE OF CONTENTS 

 

							
	 	  	Page No.	 
	
	ARTICLE 1	  
	BASIC INFORMATION	  
			
	 1.1
	  	 Certain Basic Terms
	  	 	1	  
	 1.2
	  	 Closing Costs
	  	 	2	  
	 1.3
	  	 Notice Addresses:
	  	 	3	  
	
	ARTICLE 2	  
	PROPERTY	  
			
	 2.1
	  	 Property
	  	 	3	  
	
	ARTICLE 3	  
	EARNEST MONEY	  
			
	 3.1
	  	 Deposit and Investment of Earnest Money
	  	 	4	  
	 3.2
	  	 Independent Consideration
	  	 	4	  
	 3.3
	  	 Form; Failure to Deposit
	  	 	5	  
	 3.4
	  	 Disposition of Earnest Money
	  	 	5	  
	
	ARTICLE 4	  
	DUE DILIGENCE	  
			
	 4.1
	  	 Due Diligence Materials To Be Delivered
	  	 	5	  
	 4.2
	  	 Due Diligence Materials To Be Made Available
	  	 	6	  
	 4.3
	  	 Limited Access
	  	 	6	  
	 4.4
	  	 Indemnity by Purchaser
	  	 	7	  
	 4.5
	  	 Confidentiality
	  	 	7	  
	 4.6
	  	 Insurance
	  	 	7	  
	 4.7
	  	 Due Diligence Termination Right
	  	 	8	  
	 4.8
	  	 Return of Documents and Reports
	  	 	8	  
	 4.9
	  	 Service Contracts
	  	 	8	  
	 4.10
	  	 No Representation or Warranty by Seller
	  	 	8	  
	 4.11
	  	 Purchaser’s Responsibilities
	  	 	8	  
	 4.12
	  	 Environmental Reports
	  	 	9	  
	
	ARTICLE 5	  
	TITLE AND SURVEY	  
			
	 5.1
	  	 Title Commitment
	  	 	9	  
	 5.2
	  	 Survey
	  	 	9	  
	 5.3
	  	 Title Review
	  	 	9	  
	 5.4
	  	 Delivery of Title Policy at Closing
	  	 	10	  
	
	ARTICLE 6	  
	OPERATIONS AND RISK OF LOSS; TENANT ESTOPPEL	  
			
	 6.1
	  	 Ongoing Operations
	  	 	10	  

  
 i 

							
	 6.2
	  	 Damage
	  	 	10	  
	 6.3
	  	 Condemnation
	  	 	11	  
	 6.4
	  	 Tenant Estoppel Certificate
	  	 	11	  
	 6.5
	  	 Survival of Covenants
	  	 	11	  
	
	ARTICLE 7	  
	CLOSING	  
			
	 7.1
	  	 Closing
	  	 	12	  
	 7.2
	  	 Conditions to Parties’ Obligation to Close
	  	 	12	  
	 7.3
	  	 Seller’s Deliveries in Escrow
	  	 	13	  
	 7.4
	  	 Purchaser’s Deliveries in Escrow
	  	 	13	  
	 7.5
	  	 Closing Statements
	  	 	14	  
	 7.6
	  	 Purchase Price
	  	 	14	  
	 7.7
	  	 Possession
	  	 	14	  
	 7.8
	  	 Delivery of Books and Records
	  	 	14	  
	 7.9
	  	 Notice to Tenant
	  	 	14	  
	
	ARTICLE 8	  
	PRORATIONS, DEPOSITS, COMMISSIONS	  
			
	 8.1
	  	 Prorations
	  	 	14	  
	 8.2
	  	 Leasing Costs
	  	 	16	  
	 8.3
	  	 Closing Costs
	  	 	16	  
	 8.4
	  	 Final Adjustment After Closing
	  	 	16	  
	 8.5
	  	 Tenant Deposits
	  	 	16	  
	 8.6
	  	 Commissions
	  	 	16	  
	
	ARTICLE 9	  
	REPRESENTATIONS AND WARRANTIES	  
			
	 9.1
	  	 Seller’s Representations and Warranties
	  	 	17	  
	 9.2
	  	 Purchaser’s Representations and Warranties
	  	 	18	  
	 9.3
	  	 Representations and Warranties Generally
	  	 	19	  
	
	ARTICLE 10	  
	DEFAULT AND REMEDIES	  
			
	 10.1
	  	 Seller’s Remedies
	  	 	20	  
	 10.2
	  	 Purchaser’s Remedies
	  	 	20	  
	 10.3
	  	 Attorneys’ Fees
	  	 	21	  
	 10.4
	  	 Other Expenses
	  	 	21	  
	 10.5
	  	 Net Worth Covenant
	  	 	21	  
	
	ARTICLE 11	  
	DISCLAIMERS, RELEASE AND INDEMNITY	  
			
	 11.1
	  	 Disclaimers By Seller
	  	 	21	  
	 11.2
	  	 Sale “As Is, Where Is”
	  	 	21	  
	 11.3
	  	 Seller Released from Liability
	  	 	22	  
	 11.4
	  	 Survival
	  	 	23	  

  
 ii 

							
	ARTICLE 12	  
	MISCELLANEOUS	  
			
	 12.1
	  	 Parties Bound; Assignment
	  	 	23	  
	 12.2
	  	 Headings
	  	 	24	  
	 12.3
	  	 Invalidity and Waiver
	  	 	24	  
	 12.4
	  	 Governing Law
	  	 	24	  
	 12.5
	  	 Survival
	  	 	24	  
	 12.6
	  	 Entirety and Amendments
	  	 	24	  
	 12.7
	  	 Time
	  	 	24	  
	 12.8
	  	 Confidentiality; Press Releases
	  	 	24	  
	 12.9
	  	 Electronic Transactions
	  	 	24	  
	 12.10
	  	 Notices
	  	 	25	  
	 12.11
	  	 Construction
	  	 	25	  
	 12.12
	  	 Calculation of Time Periods; Business Day
	  	 	25	  
	 12.13
	  	 Execution in Counterparts
	  	 	25	  
	 12.14
	  	 No Recordation
	  	 	25	  
	 12.15
	  	 Further Assurances
	  	 	25	  
	 12.16
	  	 Discharge of Obligations
	  	 	26	  
	 12.17
	  	 ERISA
	  	 	26	  
	 12.18
	  	 No Third-Party Beneficiary
	  	 	26	  
	 12.19
	  	 Reporting Person
	  	 	26	  
	 12.20
	  	 No Marketing
	  	 	26	  
	 12.21
	  	 Independent Responsibility/No Alter Ego
	  	 	26	  
	 12.22
	  	 Natural Hazard Disclosure
	  	 	26	  
	 12.23
	  	 Seller’s Environmental Inquiry
	  	 	26	  
	 12.24
	  	 Energy Use Disclosures
	  	 	27	  
	 12.25
	  	 Post-Closing Access to Records
	  	 	27	  
	 12.26
	  	 Information and Audit Cooperation
	  	 	27	  

  
 iii 

 LIST OF DEFINED TERMS 

 

			
	 	  	 Page No.

		
	 Additional Property Information
	  	6
	 Agreement
	  	1
	 Assignee
	  	C-1
	 Assignment
	  	13
	 Assignor
	  	C-1
	 Bill of Sale
	  	C-1
	 Broker
	  	1
	 Business Day
	  	26
	 CAM Reconciliation
	  	16
	 Cap
	  	20
	 Casualty Notice
	  	11
	 CERCLA
	  	23
	 Closing
	  	12
	 Closing Condition
	  	13
	 Closing Date
	  	2
	 Code
	  	19
	 Consultants
	  	6
	 Contracts
	  	C-1
	 Deed
	  	13
	 Derivative Claims
	  	27
	 Due Diligence Termination Notice
	  	8
	 Earnest Money
	  	1
	 Effective Date
	  	1
	 Energy Disclosures
	  	27
	 Environmental Reports
	  	27
	 Escrow Agent
	  	1
	 Grantee
	  	B-1
	 Grantor
	  	B-1
	 Hazardous Materials
	  	23
	 Identified Pre-Closing Rent
	  	15
	 Improvements
	  	3, C-1
	 Independent Consideration
	  	5
	 Inspection Period
	  	2
	 Inspections
	  	6
	 Intangible Personal Property
	  	4, C-1
	 Land
	  	3
	 Lease
	  	3
	 Lease Files
	  	6
	 Leasing Costs
	  	16
	 License Agreements
	  	4, C-1
	 material
	  	11
	 Material Damage
	  	11
	 Materially Damaged
	  	11
	 Natural Hazard Laws
	  	27
	 Natural Hazards Disclosure Statement
	  	27
	 New Owner
	  	F-1
	 OFAC
	  	18
	 Operating Expenses
	  	16
	 Operating Statements
	  	5
	 Over Collection
	  	16
	 Permitted Exceptions
	  	9
	 Personalty
	  	C-1

  
 iv 

			
	 Property
	  	3, B-1, F-1
	 Property Documents
	  	8
	 Property Information
	  	5
	 Property Information Delivery Date
	  	2
	 Proposed Lease/License Transaction
	  	10
	 Proration Schedule
	  	15
	 Purchase Agreement
	  	C-2
	 Purchase Price
	  	1
	 Purchaser
	  	1
	 Purchaser Control Entity
	  	24
	 Real Property
	  	3, C-1
	 Related Parties
	  	7
	 Rent Roll
	  	5
	 Report
	  	8
	 Reports
	  	8
	 Security Deposit
	  	F-1
	 Seller
	  	1, F-1
	 Seller Parties
	  	7
	 Seller’s Representatives
	  	19
	 Service Contracts
	  	4
	 Survey
	  	9
	 Survival Period
	  	19
	 Tangible Personal Property
	  	4
	 Taxes
	  	15
	 Tenant
	  	3, C-1
	 Tenant Estoppel
	  	12
	 Tenant Lease
	  	C-1
	 Tenant Receivables
	  	15
	 Title and Survey Review Period
	  	2
	 Title Commitment
	  	9
	 Title Commitment Delivery Date
	  	2
	 Title Company
	  	1
	 Title Policy
	  	10
	 to Purchaser’s knowledge
	  	19
	 to Seller’s knowledge
	  	19
	 to the best of Seller’s knowledge
	  	19
	 Transferee
	  	D-1
	 Transferor
	  	D-1
	 Unbilled Tenant Receivables
	  	15
	 Uncollected Delinquent Tenant Receivables
	  	15
	 Under Collection
	  	16

  
 v 

 PURCHASE AND SALE AGREEMENT 

181 South Larch Avenue, Rialto, California 

This Purchase and Sale Agreement (this “Agreement”) is made and entered into by and between Purchaser and Seller. 

RECITALS 
 A.
Defined terms are indicated by initial capital letters. Defined terms shall have the meaning set forth herein, whether or not such terms are used before or after the definitions are set forth. 

B. Purchaser desires to purchase the Property and Seller desires to sell the Property, all upon the terms and conditions set forth in this
Agreement. 
 NOW, THEREFORE, in consideration of the mutual terms, provisions, covenants and agreements set forth herein, as well as the
sums to be paid by Purchaser to Seller, and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged, Purchaser and Seller agree as follows: 

ARTICLE 1 
 BASIC
INFORMATION 
 1.1 Certain Basic Terms. The following defined terms shall have the meanings set forth below: 

 

					
	1.1.1	    	Seller:	    	TPRF III/RIALTO INDUSTRIAL, LLC, a Delaware limited liability company
			
	1.1.2	    	Purchaser:	    	IPT ACQUISITIONS LLC, a Delaware limited liability company
			
	1.1.3	    	Purchase Price:	    	$19,950,000.00
			
	1.1.4	    	Earnest Money:	    	$1,000,000.00, including interest thereon, to be deposited in accordance with Section 3.1 below.
			
	1.1.5	    	Title Company:	    	 Benchmark Title, LLC
 2000 McKinney Avenue, 4th Floor
 Dallas, Texas 75201

Attention: Ben Gibbins
 Telephone: 214.485.8650

Facsimile: 214.485.8698
 E-mail:
bgibbins@bmktitle.com

			
	1.1.6	    	Escrow Agent:	    	 Benchmark Title, LLC
 2000 McKinney Avenue, 4th Floor
 Dallas, Texas 75201

Attention: Ben Gibbins
 Telephone: 214.485.8650

Facsimile: 214.485.8698
 E-mail:
bgibbins@bmktitle.com

			
	1.1.7	    	Broker:	    	Holliday Fenoglio Fowler, LP
			
	1.1.8	    	Effective Date:	    	The date on which this Agreement is executed by the latter to sign of Purchaser or Seller, as indicated on the signature page of this Agreement. If the execution date is left blank by either Purchaser or Seller, the Effective Date
shall be the execution date inserted by the other party.

  
 1 

					
	1.1.9	    	Property Information Delivery Date:	    	The date which is 5 days after the Effective Date.
			
	1.1.10	    	Title Commitment Delivery Date:	    	The date which is 2 Business Days after the Effective Date.
			
	1.1.11	    	Title and Survey Review Period:	    	The period beginning on the Effective Date ending 3 days prior to the expiration of the Inspection Period.
			
	1.1.12	    	Inspection Period:	    	The period beginning on the Effective Date and ending 21 days after the Effective Date.
			
	1.1.13	    	Closing Date:	    	The date which is 5 days after the expiration of the Inspection Period.

 1.2 Closing Costs. Closing costs shall be allocated and paid as follows: 

 

			
	 COST
	  	 RESPONSIBLE PARTY

		
	Title Commitment required to be delivered pursuant to Section 5.1	  	Seller
		
	Premium for standard CLTA form Title Policy required to be delivered pursuant to Section 5.4	  	Seller
		
	Additional premium for an upgrade to an extended coverage ALTA Title Policy and any deletions or endorsements to the Title Policy desired by Purchaser, any inspection fee charged by the Title Company, tax certificates, municipal and
utility lien certificates, and any other Title Company charges, not otherwise specified	  	Purchaser
		
	Survey Costs	  	Purchaser
		
	Recording fees for conveyance documents	  	Seller
		
	Transfer taxes payable to the County of San Bernardino, California	  	Seller
		
	Any escrow fee charged by Escrow Agent for holding the Earnest Money or conducting the Closing	  	Purchaser  1⁄2
Seller
 1⁄2
		
	Real Estate Sales Commission to Broker	  	Seller
		
	Attorney’s fees incurred in connection with the transaction contemplated by this Agreement	  	Each party shall pay its own attorney’s fees, except as expressly provided in Section 10.3
		
	All other closing costs, expenses, charges and fees	  	Per local custom

  
 2 

 1.3 Notice Addresses: 

 

							
	Purchaser:	  	 IPT Acquisitions LLC
 518 17th Street, 17th Floor
 Denver, Colorado 80202

Attention: Tom McGonagle
 Telephone: 303.226.9891

E-mail: tmcgonagle@industrialincome.com
  

and
  

Industrial Property Trust, Inc.
 518 17th Street, 17th Floor
 Denver, Colorado 80202

Attention: Joshua J. Widoff,
 General Counsel

Telephone: 303.597.0483
 Email:
jwidoff@dividendcapital.com
	  	Seller:	  	 TPRF III/Rialto Industrial, LLC
 c/o Thackeray
Partners, L.P.
 5207 McKinney Avenue, Suite 200
 Dallas, Texas
75205
 Attention: Ryan Stempf
 Telephone: 214.360.7866

E-mail: rs@thackeraypartners.com

				
	Copy to:	  	 Allen Matkins Leck Gamble Mallory &
 Natsis
LLP
 1900 Main Street, 5th Floor

Irvine, California 92614-7321
 Attention: Sandra A. Jacobson,
Esq.
 Telephone: 949.851.5461
 E-mail:
sjacobson@allenmatkins.com
	  	Copy to:	  	 Vinson & Elkins L.L.P.
 2001 Ross Avenue,
Suite 3700
 Dallas, TX 75201
 Attention: Randy Jurgensmeyer

Telephone: 214.220.7790
 E-mail:
rjurgensmeyer@velaw.com

 ARTICLE 2 

PROPERTY 
 2.1
Property. Subject to the terms and conditions of this Agreement, Seller agrees to sell to Purchaser, and Purchaser agrees to purchase from Seller, the following property (collectively, the “Property”): 

2.1.1 Real Property. The land described in Exhibit A hereto (the “Land”), together with
(a) all improvements, structures, parking facilities and fixtures now or hereafter placed, constructed, installed or located on the Land, including all apparatus, equipment and appliances affixed to and used in connection with the operation or
occupancy of the Land (such as heating, air conditioning, and mechanical systems) but expressly excluding improvements and structures owned by Tenant or other third party (“Improvements”), (b) all right, title and
interest of Seller, if any, in and to the reversions, remainders, rights-of-way, agreements, licenses, rights, benefits, privileges, easements, tenements, hereditaments,
and appurtenances thereon or in anywise appertaining to the Land or Improvements, (c) all right, title, and interest of Seller, if any, in and to all strips and gores of land, any land lying in the bed of any street, road or alley, open or
proposed, adjoining, adjacent, connected or appurtenant to the Land, and (d) Seller’s interest, if any, in any and all minerals and mineral rights, oil, gas, and oil and gas rights, other hydrocarbon substances and rights, development
rights, air rights, water and water rights, wells, well rights and well permits, water and sewer taps (or their equivalents), and sanitary or storm sewer capacity appertaining to or otherwise benefiting or used in connection with the Land or
Improvements (collectively, the “Real Property”). 
 2.1.2 Leases. All of Seller’s right, title
and interest in that certain Industrial Building Lease, dated January 18, 2012, by and between Seller and Bissell Inc., a Michigan corporation, and Bissell Homecare, Inc., a Michigan corporation (collectively “Tenant”),
of the Real Property (other than any License Agreements) (the “Lease”). 

  
 3 

 2.1.3 Tangible Personal Property. All of Seller’s right, title and interest,
without warranty, in the equipment, machinery, furniture, furnishings, supplies and other tangible personal property, if any, owned by Seller and now or hereafter located in and used in connection with the operation, ownership or management of the
Real Property, but specifically excluding any items of personal property owned or leased by Seller’s property manager or Tenant at or on the Real Property and further excluding any items of personal property owned by third parties and leased to
Seller (collectively, the “Tangible Personal Property”). 
 2.1.4 Intangible Personal Property. All of
Seller’s right, title and interest, if any, without warranty, in all intangible personal property, good will, rights and privileges related to the Real Property and the Improvements, including, without limitation: all trade names and trademarks
associated with the Real Property and the Improvements, including Seller’s rights and interests, if any, in the name of the Real Property; the plans and specifications and other architectural and engineering drawings for the Improvements, if
any (to the extent assignable without cost to Seller); contract rights related to the operation, ownership or management of the Real Property, including maintenance, service, construction, supply and equipment rental contracts, and, to the extent
assigned to Purchaser pursuant to Section 6.2, rights, claims and recoveries under insurance policies related to the Real Property, if any, but not including the Lease or License Agreements (collectively, the “Service
Contracts”) (but only to the extent assignable without cost to Seller and Seller’s obligations thereunder are expressly assumed by Purchaser pursuant to this Agreement); warranties (to the extent assignable without cost to Seller);
governmental permits, approvals and licenses, if any (to the extent assignable without cost to Seller); and telephone exchange numbers (to the extent assignable without cost to Seller (all of the items described in this Section 2.1.4
collectively referred to as the “Intangible Personal Property”). Tangible Personal Property and Intangible Personal Property shall not include (a) all cash on hand or on deposit in any bank, operating account or other
account maintained in connection with the ownership, operation or management of the Property, cash equivalents (including certificates of deposit), deposits held by third parties (e.g., utility companies) and bank accounts (subject to Seller’s
obligation to prorate certain rents, expenses and deposits as provided in Article 8 below), (b) any appraisals or other economic evaluations of, or projections with respect to, all or any portion of the Property, including, without limitation,
budgets prepared by or on behalf of Seller or any affiliate of Seller, (c) any documents, materials or information which are subject to attorney/client, work product or similar privilege, which constitute attorney communications with respect to
the Property and/or Seller, or which are subject to a confidentiality agreement, (d) any documents pertaining solely to the marketing of the Property and any direct or indirect interest therein for sale to prospective purchasers, and
(e) any trade name, mark or other identifying material that includes the name “Thackeray” or any derivative thereof. 
 2.1.5
License Agreements. All of Seller’s right, title and interest, without warranty, in and to all agreements (other than the Lease), if any, for the leasing or licensing of rooftop space or equipment, telecommunications equipment,
cable access and other space, equipment and facilities that are located on or within the Real Property and generate income to Seller as the owner of the Real Property, including agreements which may be made by Seller after the Effective Date and
prior to Closing as permitted by this Agreement (the “License Agreements”). Anything in this Agreement to the contrary notwithstanding, Purchaser shall assume the obligations of the “lessor” or “licensor”
under all License Agreements, some or all of which may be non-cancelable. 
 ARTICLE 3 

EARNEST MONEY 
 3.1
Deposit and Investment of Earnest Money. Within two (2) Business Days after the Effective Date, Purchaser shall deposit the Earnest Money with Escrow Agent and deliver a completed, executed Form W-9 to Escrow Agent. Escrow Agent
shall invest the Earnest Money in government insured interest-bearing accounts satisfactory to Seller and Purchaser, shall not commingle the Earnest Money with any funds of Escrow Agent or others, and shall promptly provide Purchaser and Seller with
confirmation of the investments made. Such account shall have no penalty for early withdrawal, and Purchaser accepts all risks with regard to such account. 

3.2 Independent Consideration. If Purchaser elects to terminate this Agreement for any reason and is entitled to receive a
return of the Earnest Money pursuant to the terms of this Agreement, the Escrow Agent shall first disburse to Seller $100.00 as independent consideration for Seller’s performance under this Agreement (“Independent
Consideration”), which shall be retained by Seller in all instances. 

  
 4 

 3.3 Form; Failure to Deposit. The Earnest Money shall be in the form of a certified
or cashier’s check or a wire transfer to Escrow Agent of immediately available U.S. federal funds. If Purchaser fails to timely deposit any portion of the Earnest Money within the time periods required, Seller may terminate this Agreement by
written notice to Purchaser, in which event any Earnest Money that has previously been deposited by Purchaser with Escrow Agent shall be immediately delivered to Seller and thereafter the parties hereto shall have no further rights or obligations
hereunder, except for rights and obligations which, by their terms, survive the termination of this Agreement. 
 3.4 Disposition of
Earnest Money. The Earnest Money shall be applied as a credit to the Purchase Price at Closing. However, if Purchaser timely elects to terminate this Agreement prior to the expiration of the Inspection Period pursuant to Section 4.7,
Escrow Agent shall pay the entire Earnest Money (less the Independent Consideration) to Purchaser one Business Day following Escrow Agent’s receipt of the Due Diligence Termination Notice from Purchaser (as long as the current investment can be
liquidated and disbursed in one Business Day and, if not, as promptly as possible). No notice to Escrow Agent from Seller shall be required for the release of the Earnest Money to Purchaser by Escrow Agent if Purchaser terminates this Agreement
pursuant to Section 4.7. In the event of a termination of this Agreement by either Seller or Purchaser for any reason other than pursuant to Section 4.7, Escrow Agent is authorized to deliver the Earnest Money to the party hereto entitled
to same pursuant to the terms hereof on or before the fifth Business Day following receipt by Escrow Agent and the non-terminating party of written notice of such termination from the terminating party, unless the other party hereto notifies Escrow
Agent that it disputes the right of the other party to receive the Earnest Money. In such event, Escrow Agent may interplead the Earnest Money into a court of competent jurisdiction in the county in which the Earnest Money has been deposited. All
attorneys’ fees and costs and Escrow Agent’s costs and expenses incurred in connection with such interpleader shall be assessed against the party that is not awarded the Earnest Money, or if the Earnest Money is distributed in part to both
parties, then in the inverse proportion of such distribution. 
 ARTICLE 4 

DUE DILIGENCE 
 4.1
Due Diligence Materials To Be Delivered. Seller shall deliver, cause to be delivered, or make available via an electronic data room, to Purchaser the following (the “Property Information”) on or before the
Property Information Delivery Date: 
 4.1.1 Rent Roll. A current rent roll in Seller’s standard form (“Rent
Roll”) for the Property; 
 4.1.2 Financial Information. A copy of operating statements pertaining to the
Property for the 24 months preceding the Effective Date or such lesser period as Seller has owned the Property (“Operating Statements”); 

4.1.3 Environmental Reports. A copy of the most recent environmental reports or site assessments related to the Property
prepared for the benefit of Seller; 
 4.1.4 Tax Statements. A copy of ad valorem tax statements relating to the Property for
the current tax period and prior year; 
 4.1.5 Service Contracts. A list, together with copies, of Service Contracts; 

4.1.6 Personal Property. A list of Tangible Personal Property; 

4.1.7 License Agreements. A list, together with copies, of any License Agreements; 

4.1.8 Title and Survey. A copy of Seller’s most recent title policy and any ALTA survey of the Property in Seller’s
possession (if any); and 
 4.1.9 Other Agreements. Such other documents identified on Exhibit H. 

  
 5 

 Except for the Rent Roll, Seller’s obligations to deliver, or otherwise make available, the
items listed in this Section 4.1 shall be limited to the extent such items are in the possession or reasonable control of Seller or its property management company and to the extent Seller is legally or contractually permitted to provide such
items. Purchaser acknowledges its receipt of the Property Information provided by Seller on the HFF Document Center as of the Effective Date and its receipt of the Tenant financial statements (without agreeing to the accuracy or completeness of the
Property Information, but only acknowledging that it has received such items from Seller). 
 4.2 Due Diligence Materials To Be Made
Available. To the extent such items are in Seller’s possession, Seller shall make available to Purchaser for Purchaser’s review, at Seller’s option at the offices of Seller’s property manager, at the Property, or
otherwise in an electronic data room, the following items and information (the “Additional Property Information”) on or before the Property Information Delivery Date, and Purchaser at its expense shall have the right to make
copies of same: 
 4.2.1 Lease Files. The lease files for Tenant, including the Lease, amendments, guaranties, any letter
agreements and assignments which are then in effect (“Lease Files”); 
 4.2.2 Maintenance Records and
Warranties. Maintenance work orders for the 12 months preceding the Effective Date and warranties, if any, on roofs, air conditioning units, fixtures and equipment; 

4.2.3 Plans and Specifications. Building plans and specifications relating to the Property; 

4.2.4 Licenses, Permits and Certificates of Occupancy. Licenses, permits and certificates of occupancy relating to the Property;
and 
 4.2.5 Other Items. Any other information, reasonably requested by Purchaser, relating to the Property that Seller, in
its commercially reasonable discretion, does not consider proprietary. 
 4.3 Limited Access. Subject to the terms set forth
below, Purchaser and its agents, contractors, engineers, surveyors, attorneys, and employees (“Consultants”) shall have the right, during the period commencing on the Effective Date and continuing until the Closing or earlier
termination of this Agreement, to enter onto the Property, at reasonable times during normal business hours, to perform the following: 

(a) To conduct and make any and all customary studies, tests, examinations and inspections, or investigations (collectively,
the “Inspections”) of or concerning the Property (including without limitation, engineering and feasibility studies, evaluation of drainage and flood plain, soil tests for bearing capacity and percolation, environmental
reports, and surveys, including topographical surveys); 
 (b) To confirm any and all matters which Purchaser may reasonably
desire to confirm with respect to the Property; 
 (c) To ascertain and confirm the suitability of the Property for
Purchaser’s intended use; and 
 (d) To review all due diligence materials, if any, with respect to the Property as
delivered or made available by Seller to Purchaser. 
 Notwithstanding the foregoing, (1) Purchaser shall not be
permitted to conduct any invasive testing (including, without limitation, any invasive environmental testing or air sampling other than a Phase I study) without Seller’s prior written consent (which consent may be given, withheld or conditioned
in Seller’s sole discretion); (2) Purchaser must give Seller one full Business Day’s prior written notice (which notice may be given solely by email) of any Inspection at the Property; and (3) Purchaser shall not contact any
governmental authority (except (A) to obtain the Property’s compliance with applicable zoning code, (B) as may be necessary in connection with a Phase I study, and (C) otherwise to conduct other document reviews that do not

  
 6 

 
require meetings with governmental officials) or Tenant without Seller’s prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed), provided, however,
Purchaser must notify Seller at least two full Business Days in advance of Purchaser’s intended communication with Tenant (which notice shall be made by email) and allow Seller the opportunity to participate in such communication if Seller
desires. 
 4.4 Indemnity by Purchaser. Purchaser hereby agrees to indemnify, defend and hold Seller, its partners,
shareholders, members, managers, owners and affiliates and their respective officers, managers, directors, employees, agents and representatives (collectively, the “Seller Parties”) harmless from and against any and all
liens, losses, costs, claims, causes of action, damages, liabilities and expenses (including reasonable attorneys’ fees) arising out of all Inspections or any violation of the provisions of Sections 4.3, 4.5, 4.6 and 4.11 by Purchaser or
its Consultants, employees and agents; provided, however, that the foregoing indemnification obligation shall not apply to the extent caused by the negligence or willful misconduct of Seller, its officers, directors, shareholders, members, managers,
employees, contractors or agents. Notwithstanding anything to the contrary above, Purchaser’s obligations under this Section 4.4 expressly exclude (so long as Purchaser’s or any Consultant’s actions do not aggravate any
pre-existing liability of Seller or damage to the Property following the initial discovery thereof) any damage to the Property arising out of latent defects, the displacement or disturbance of hazardous materials not placed on the Property by
Purchaser or the discovery of pre-existing conditions. Purchaser’s obligations under this Section 4.4 shall survive the termination of this Agreement. 

4.5 Confidentiality. The Property Documents (defined below) are proprietary and confidential and have been and will be delivered
or made available to Purchaser solely to assist Purchaser in determining the feasibility of purchasing the Property. Purchaser shall not use the Property Documents for any purpose other than as set forth in this Agreement. Purchaser shall not
disclose the contents to any person other than to those persons who are responsible for determining the feasibility of Purchaser’s acquisition of the Property (including without limitation, Purchaser’s agents, attorneys, consultants,
accountants, brokers, employees, officers, directors, partners, managers, members, potential partners and potential lenders) and who have agreed to preserve the confidentiality of such information as required hereby (individually, a
“Related Party”; collectively, the “Related Parties”). In permitting Purchaser to review the Property Documents or any other information pertaining to the Property, Seller has not waived any privilege
or claim of confidentiality with respect thereto, and no third-party benefits or relationships of any kind, either express or implied, have been offered, intended or created. The following materials and information shall not be subject to the
confidentiality obligations set forth herein: (a) information which is or becomes generally available to the public other than as a result of a wrongful disclosure by Purchaser or the Related Parties; (b) information which reasonably can
be demonstrated to be known to Purchaser or a Related Party prior to its disclosure hereunder; (c) information which becomes available to Purchaser or a Related Party on a non-confidential basis from sources other than Seller; and
(d) information which Purchaser or a Related Party may be compelled to disclose by court order or applicable law, rule or regulation (including, without limitation, any regulation of the Securities and Exchange Commission), provided that
Purchaser or the Related Parties shall first give written notice to Seller at least two Business Days prior to making the disclosure to the extent legally permissible (provided that prior notice need not be required in connection with any
disclosures required to be made to the Securities and Exchange Commission). Purchaser’s obligations under this Section 4 shall survive the termination of this Agreement until the date that is six (6) months from the termination of
this Agreement, but shall not survive the Closing. 
 4.6 Insurance. Prior to performing any Inspections, Purchaser must
deliver a certificate of insurance to Seller evidencing that Purchaser and any Consultants have in place (and Purchaser and all Consultants shall maintain during the pendency of this Agreement): (a) commercial general liability insurance with
limits of at least Two Million Dollars ($2,000,000) for bodily or personal injury or death, property damage insurance including coverage for contractual liability and personal injury with respect to Purchaser’s obligations hereunder in the
amount of at least Two Million Dollars ($2,000,000), and (b) workers’ compensation and employers’ liability insurance in accordance with applicable law, but in all cases with limits of at least $100,000 each accident, $100,000 each
employee and $500,000 policy limit, all covering any accident arising in connection with the presence of Purchaser, and any Consultants on the Property, which insurance, except for workers’ compensation and employers’ liability, shall
(1) name as additional insureds thereunder Seller and such other parties holding insurable interests as Seller may designate in writing to Purchaser, and (2) be written by a reputable insurance company having a rating of at least
“A:VII” by Best’s Rating Guide (or a comparable rating by a successor rating service). 

  
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 4.7 Due Diligence Termination Right. Purchaser shall have through the last day of
the Inspection Period in which to (a) examine, inspect, and investigate the Property Information and the Additional Property Information and any other information provided by Seller in connection with the transactions contemplated by this
Agreement (including any notes, memoranda, summaries, analyses, compilations, and other writings relating to the Property Information or the Additional Property Information or based on the Property Information or the Additional Property Information
prepared by or on behalf of Purchaser, collectively, the “Property Documents”) and the Property and, in Purchaser’s sole and absolute judgment and discretion, determine whether the Property is acceptable to Purchaser,
(b) obtain all necessary internal approvals, and (c) satisfy all other contingencies of Purchaser. Notwithstanding anything to the contrary in this Agreement, Purchaser may terminate this Agreement for any reason or no reason by giving
written notice of termination to Seller and Escrow Agent (the “Due Diligence Termination Notice”) on or before the last day of the Inspection Period. If Purchaser does not give a Due Diligence Termination Notice, this
Agreement shall continue in full force and effect, Purchaser shall be deemed to have waived its right to terminate this Agreement pursuant to this Section 4.7, and Purchaser shall be deemed to have acknowledged that it has received or had
access to all Property Documents and conducted all inspections and tests of the Property that it considers important. 
 4.8 Return of
Documents and Reports. As additional consideration for the transaction contemplated herein, Purchaser shall provide to Seller promptly following termination of this Agreement, copies of all third party reports, investigations and studies,
other than economic analyses (collectively, the “Reports” and, individually, a “Report”) prepared for Purchaser in connection with its due diligence review of the Property, including, without
limitation, any and all Reports involving structural or geological conditions, environmental, hazardous waste or hazardous substances contamination of the Property, if any, which Reports shall be addressed to both Seller and Purchaser at no cost to
Seller and provided there is no additional cost to Purchaser. The Reports shall be delivered to Seller without any representation or warranty as to the completeness or accuracy of the Reports or any other matter relating thereto. Purchaser’s
obligation to deliver the Property Documents and the Reports to Seller shall survive the termination of this Agreement. 
 4.9 Service
Contracts. On or prior to the last day of the Inspection Period, Purchaser will advise Seller in writing of which Service Contracts it will assume and for which Service Contracts Purchaser requests that Seller deliver written termination at
or prior to Closing, provided Seller shall have no obligation to terminate, and Purchaser shall be obligated to assume, any Service Contracts which by their terms cannot be terminated without penalty or payment of a fee. If Purchaser fails to timely
notify Seller with respect to a specific Service Contract, Purchaser will be deemed to have elected to have Seller terminate such Service Contract. After the expiration of the Inspection Period (and in any event prior to Closing), Seller shall
deliver notices of termination of all Service Contracts that are not so assumed. Purchaser must assume the obligations arising from and after the Closing Date under those Service Contracts (a) that Purchaser has agreed to assume or deemed to
have elected to assume, or that Purchaser is obligated to assume pursuant to this Section 4.9, and (b) for which a termination notice is delivered as required by this Section 4.9 but for which termination is not effective until after
Closing. 
 4.10 No Representation or Warranty by Seller. Purchaser acknowledges that, except as expressly set forth in this
Agreement or in the “Closing Documents” (defined below), Seller has not made and does not make any warranty or representation regarding the truth, accuracy or completeness of the Property Documents or the source(s) thereof. Purchaser
further acknowledges that some if not all of the Property Documents were prepared by third parties other than Seller. Except as otherwise expressly set forth herein or the Closing Documents, Seller expressly disclaims any and all liability for
representations or warranties, express or implied, statements of fact and other matters contained in such information, or for omissions from the Property Documents, or in any other written or oral communications transmitted or made available to
Purchaser. Except as otherwise expressly set forth herein or the Closing Documents, Purchaser shall rely solely upon its own investigation with respect to the Property, including, without limitation, the Property’s physical, environmental or
economic condition, compliance or lack of compliance with any ordinance, order, permit or regulation or any other attribute or matter relating thereto. Except as otherwise expressly set forth herein or the Closing Documents, Seller has not
undertaken any independent investigation as to the truth, accuracy or completeness of the Property Documents and is providing the Property Documents solely as an accommodation to Purchaser. 

4.11 Purchaser’s Responsibilities. In conducting any Inspections and/or review of the Property Documents, Purchaser and
Consultants shall: (a) not disturb the Tenant or interfere with its use of the Property 

  
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pursuant to the Lease (provided that same has been provided to Purchaser) in an unreasonable manner; (b) not interfere with the operation and maintenance of the Property; (c) not damage
any part of the Property or any personal property owned or held by Tenant or any third party; (d) not injure or otherwise cause bodily harm to Seller or its agents, guests, invitees, contractors and employees or Tenant or its agents, guests,
invitees, contractors and employees; (e) comply with all applicable laws; (f) promptly pay when due the costs of all tests, investigations, and examinations done with regard to the Property; (g) not permit any liens to attach to the
Property by reason of the exercise of its rights hereunder; and (h) repair any damage to the Property resulting directly or indirectly from any such inspection or tests, excluding (so long as Purchaser’s or any Consultant’s actions do
not aggravate any pre-existing liability of Seller or damage to the Property following the initial discovery) any damage to the Property arising out of latent defects, the displacement or disturbance of hazardous materials not placed on the Property
by Purchaser or the discovery of pre-existing conditions. Purchaser’s obligations under this Section 4.11 shall survive the termination of this Agreement. 

4.12 Environmental Reports. As additional consideration for the transaction contemplated in this Agreement, Purchaser must
provide to Seller, immediately following termination hereof, copies of any and all third-party reports, tests or studies involving contamination of or other environmental concerns relating to the Property; provided, however, Purchaser shall have no
obligation to cause any such tests or studies to be performed on the Property. Seller acknowledges that Purchaser has not made and does not make any warranty or representation regarding the truth or accuracy of any such studies or reports.
Notwithstanding anything to the contrary above, Purchaser shall have no liability or culpability of any nature as a result of having provided such information to Seller or as a result of Seller’s reliance thereon or arising out of the fact that
Purchaser merely conducted such tests or studies, except to the extent Purchaser’s actions aggravate any pre-existing liability of Seller. 

ARTICLE 5 
 TITLE AND
SURVEY 
 5.1 Title Commitment. Seller shall cause to be prepared and delivered to Purchaser on or before the Title
Commitment Delivery Date: (a) a current commitment for title insurance or preliminary title report (the “Title Commitment”) issued by the Title Company, in the amount of the Purchase Price and on an ALTA 2006 standard
form commitment, with Purchaser as the proposed insured, and (b) copies of all documents of record referred to in the Title Commitment as exceptions to title to the Property. 

5.2 Survey. On or before the Title Commitment Delivery Date, Seller shall deliver, cause to be delivered, or make available via
an electronic data room, to Purchaser a copy of the most-current survey of the Real Property in Seller’s possession (the “Survey”). Purchaser may revise, modify or recertify the Survey as necessary in order for the Title
Company to satisfy Purchaser’s objectives. 
 5.3 Title Review. During the Title and Survey Review Period, Purchaser
shall review title to the Property as disclosed by the Title Commitment and the Survey, and shall notify Seller in writing of any objections to title prior to the expiration of the Title Survey Review Period. Seller shall have no obligation to cure
title objections except financing liens and mechanic’s liens of an ascertainable amount created by Seller, which liens Seller shall cause to be released at or prior to Closing (with Seller having the right to apply the Purchase Price or a
portion thereof for such purpose), and Seller shall deliver the Property free and clear of any such liens. Seller further agrees to remove any exceptions or encumbrances to title which are voluntarily created by Seller after the Effective Date
without Purchaser’s consent (if requested, such consent shall not be unreasonably withheld or delayed). The term “Permitted Exceptions” shall mean: the specific exceptions (including exceptions that are a part of the
promulgated title insurance form) in the Title Commitment that the Title Company has not agreed to remove from the Title Commitment as of the end of the Inspection Period and that Seller is not required to remove as provided above; matters created
by, through or under Purchaser; items shown on the Survey which have not been removed as of the end of the Inspection Period (or if Purchaser does not obtain a survey or an update to the Survey, all matters that a current, accurate survey of the
Property would show); real estate taxes not yet due and payable; rights of Tenant under the Lease; local, state and federal laws, ordinances or governmental regulations, including, but not limited to, building and zoning laws, ordinances and
regulations, now or hereafter in effect relating to the Property; rights of tenants or licensees under License Agreements; and any licensees under any Service Contracts not terminated as of Closing. Purchaser shall have no right to object to,
request revision of or otherwise seek modification, amendment or alteration of, any Permitted Exception. Any new title exception arising after the 

  
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expiration of the Inspection Period that materially affects the current use and operation of the Property or increases any obligations for the Property or constitutes a monetary lien shall in no
event be deemed a Permitted Exception, unless Purchaser has approved the same in its sole and absolute discretion. 
 5.4 Delivery of
Title Policy at Closing. In the event that the Title Company does not issue at Closing, or unconditionally commit at Closing to issue, to Purchaser, an owner’s title policy in accordance with the Title Commitment, insuring
Purchaser’s title to the Property in the amount of the Purchase Price, subject only to the Permitted Exceptions and the standard exceptions and exclusions from coverage as approved or deemed approved by Purchaser pursuant to this Article 5
(the “Title Policy”), Purchaser shall have the right to terminate this Agreement, in which case the Earnest Money shall be immediately returned to Purchaser and the parties hereto shall have no further rights or obligations,
other than those that by their terms survive the termination of this Agreement. 
 ARTICLE 6 

OPERATIONS AND RISK OF LOSS; TENANT ESTOPPEL 

6.1 Ongoing Operations. 

6.1.1 Lease, Service Contracts and License Agreements. From the Effective Date through Closing or the earlier termination of
this Agreement, Seller will perform its material obligations under the Lease, the License Agreements and Service Contracts in substantially the same manner as prior to the Effective Date in Seller’s normal course of business. 

6.1.2 New Contracts. Seller will not enter into any contract or obligation that will be an obligation affecting the Property
subsequent to the Closing, except contracts entered into in the ordinary course of business that are terminable without cause and without the payment of any termination penalty on not more than thirty (30) days’ prior notice.
Notwithstanding anything herein to the contrary, Seller shall terminate all property management and leasing agreements at Closing at its sole cost and expense. Seller shall not file for, pursue, accept or obtain any zoning, land use permit or other
development approval or entitlement, or consent to the inclusion of the Property into any special district. 
 6.1.3
Maintenance/Operation. Subject to the terms and provisions of Sections 6.2 and 6.3 below and other events beyond the reasonable control of Seller, Seller shall maintain or endeavor to cause the Tenant under the Lease to maintain all
Improvements substantially in their present condition (ordinary wear and tear and casualty excepted) and in a manner consistent with Seller’s maintenance of the Improvements during Seller’s period of ownership. Seller will not remove any
Tangible Personal Property except as may be required for necessary repair or replacement, and replacement shall be of approximately equal quality and quantity as the removed item of Tangible Personal Property. 

6.1.4 Leasing; License Agreements. Seller will not amend or terminate any existing Lease or License Agreement or enter into any
new Lease or new License Agreement (each, a “Proposed Lease/License Transaction”) between the date that is five (5) Business Days prior to the expiration of the Inspection Date and the Closing Date, without first
obtaining Purchaser’s prior written consent, which consent Purchaser may withhold in its sole discretion. Seller shall provide Purchaser with all relevant supporting documentation with respect to such Proposed Lease/License Transaction, as
reasonably determined by Seller, including, without limitation, tenant financial information to the extent in Seller’s possession and to the extent allowed under any applicable confidentiality agreement. Within three Business Days after
Purchaser’s receipt thereof, Purchaser shall notify Seller in writing of either its approval or disapproval of such Proposed Lease/License Transaction. If Purchaser fails to notify Seller in writing of Purchaser’s approval or disapproval
of such Proposed Lease/License Transaction within the three-Business Day period set forth above, then Purchaser shall be deemed to have disapproved such Proposed Lease/License Transaction. 

6.2 Damage. If prior to Closing the Property is damaged by fire or other casualty, Seller shall estimate the cost to repair and
the time required to complete repairs and will provide Purchaser written notice of Seller’s estimation (the “Casualty Notice”) as soon as reasonably possible after the occurrence of the casualty. 

  
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 6.2.1 Material. In the event of any Material Damage to or destruction of the
Property or any portion thereof prior to Closing, Purchaser may, at its option, terminate this Agreement by delivering written notice to Seller on or before the expiration of 30 days after the date Seller delivers the Casualty Notice to Purchaser
(and if necessary, the Closing Date shall be extended to give Purchaser the full 30-day period to make such election and to obtain insurance settlement agreements with Seller’s insurers). Upon any such termination, the Earnest Money shall be
returned to Purchaser and the parties hereto shall have no further rights or obligations hereunder, other than those that by their terms survive the termination of this Agreement. If Purchaser does not so terminate this Agreement within said 30-day
period, then Purchaser shall be deemed to have waived its right to terminate under this Section 6.2.1 and the parties shall proceed under this Agreement and close on schedule (subject to extension of Closing as provided above), and as of
Closing Seller shall assign to Purchaser, without representation or warranty by or recourse against Seller, all of Seller’s rights in and to any resulting insurance proceeds (including any rent loss insurance applicable to any period on and
after the Closing Date) due Seller as a result of such damage or destruction and Purchaser shall assume full responsibility for all needed repairs, and Purchaser shall receive a credit at Closing for any deductible amount under such insurance
policies (but the amount of the deductible plus insurance proceeds shall not exceed the lesser of (a) the cost of repair or (b) the Purchase Price and a pro rata share of the rental or business loss proceeds, if any). For the purposes of
this Agreement, “Material Damage” and “Materially Damaged” means damage which, in Seller’s estimation, exceeds 2% of the Purchase Price. 

6.2.2 Not Material. If the Property is not Materially Damaged, then Purchaser shall not have the right to terminate this
Agreement, and Seller shall, at its option, either (a) repair the damage before the Closing in a manner reasonably satisfactory to Purchaser (and if necessary, Seller may extend the Closing Date up to 30 days to complete such repairs), or
(b) credit Purchaser at Closing for the reasonable cost to complete the repair (in which case Seller shall retain all insurance proceeds and Purchaser shall assume full responsibility for all needed repairs). 

6.3 Condemnation. If proceedings in eminent domain are instituted or threatened in writing with respect to a material portion of
the Property or any portion thereof, Purchaser may, at its option, by written notice to Seller given within ten days after Seller notifies Purchaser of such proceedings (and if necessary the Closing Date shall be automatically extended to give
Purchaser the full ten-day period to make such election), either: (a) terminate this Agreement, in which case the Earnest Money shall be immediately returned to Purchaser and the parties hereto shall have no further rights or obligations, other
than those that by their terms survive the termination of this Agreement, or (b) proceed under this Agreement, in which event Seller shall, at the Closing, assign to Purchaser its entire right, title and interest in and to any condemnation
award, and Purchaser shall have the sole right after the Closing to negotiate and otherwise deal with the condemning authority in respect of such matter. If Purchaser does not give Seller written notice of its election within the time required
above, then Purchaser shall be deemed to have elected option (b) above. If proceedings in eminent domain are instituted with respect to a portion of the Property that is not material, then the parties shall proceed under this Agreement in the
same manner as described in clause (b) above. As used in this Section 6.3 “material” means a portion of the Property subject to proceedings in eminent domain which, in Seller’s reasonable estimation, exceeds 2%
of the value of the Purchase Price. If Purchaser does not elect to terminate this Agreement, then it shall thereafter have the right to participate in all negotiations and meetings with the condemning authority, and no agreements shall be entered
into with the condemning authority regarding the Property without Purchaser’s written approval. 
 6.4 Tenant Estoppel
Certificate. It is a condition precedent to Purchaser’s obligation to proceed to close hereunder that, on or before the Closing Date, Seller shall have received and provided to Purchaser a Tenant Estoppel Certificate dated within thirty
(30) days of the Closing substantially in the form of Exhibit G (or, if a Tenant’s Lease specifies or contemplates another form of tenant estoppel certificate, then such other specified or contemplated form, or if the Lease requires
less information than that contained on Exhibit G, then a tenant estoppel certificate containing only the information required in the Lease) (a “Tenant Estoppel”) executed by Tenant. Seller agrees to use commercially
reasonable efforts to obtain a Tenant Estoppel from Tenant, but Seller shall not be obligated to expend any funds in connection with obtaining the Tenant Estoppel, and the failure of Seller to obtain any such Tenant Estoppel shall not be a breach or
default hereunder, but rather shall entitle Purchaser to terminate the Agreement and receive a refund of its Earnest Money. Seller shall deliver Purchaser a copy of the draft Tenant Estoppel for review and approval prior to delivering same to
Tenant, provided that if Purchaser does not approve or provide comments to the Tenant Estoppel within two (2) Business Days after receiving it, Purchase will be deemed to have approved the Tenant Estoppel. 

6.5 Survival of Covenants. The covenants set forth in Sections 6.2 and 6.3 relating to assignments of insurance and condemnation
proceeds shall not be merged into or waived by the instruments of Closing, but shall survive the Closing for a Survival Period pursuant to Section 9.3 below. 

  
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 ARTICLE 7 

CLOSING 
 7.1
Closing. The consummation of the transaction contemplated herein (“Closing”) shall occur on the Closing Date at the offices of Escrow Agent (or such other location as may be mutually agreed upon by Seller and
Purchaser). Funds shall be deposited into and held by Escrow Agent in a closing escrow account with a bank satisfactory to Purchaser and Seller. Upon satisfaction or completion of all closing conditions and deliveries, the parties shall direct
Escrow Agent to immediately record and deliver the closing documents to the appropriate parties and make disbursements according to the closing statements executed by Seller and Purchaser. 

7.2 Conditions to Parties’ Obligation to Close. 

7.2.1 Seller’s Conditions. In addition to all other conditions set forth herein, the obligation of Seller to consummate the
transactions contemplated hereunder are conditioned upon the following: 
 (a) Representations and Warranties.
Purchaser’s representations and warranties contained herein shall be true and correct in all material respects as of the Effective Date and as of the Closing Date, except for representations and warranties made as of, or limited by, a specific
date, which will be true and correct in all material respects only as of the specified date or as limited by the specified date; 

(b) Deliveries. As of the Closing Date, Purchaser shall have tendered all deliveries to be made at Closing; and

 (c) Actions, Suits, etc. There shall exist no pending or threatened actions, suits, arbitrations, claims,
attachments, proceedings, assignments for the benefit of creditors, insolvency, bankruptcy, reorganization or other proceedings, against Purchaser that would materially and adversely affect Purchaser’s ability to perform its obligations under
this Agreement. 
 7.2.2 Purchaser’s Conditions. In addition to all other conditions set forth herein, the obligation of
Purchaser to consummate the transactions contemplated hereunder are conditioned upon the following: 
 (a)
Representations and Warranties. Seller’s representations and warranties contained herein shall be true and correct as of the Effective Date and as of the Closing Date, except for representations and warranties made as of, or
limited by, a specific date, which will be true and correct in all material respects only as of the specified date or as limited by the specified date; 

(b) Deliveries. As of the Closing Date, Seller shall have tendered all deliveries to be made at Closing; 

(c) Actions, Suits, etc. As of the Closing Date, there shall exist no pending or threatened actions, suits,
arbitrations, claims, attachments, proceedings, assignments for the benefit of creditors, insolvency, bankruptcy, reorganization or other proceedings, against Seller that would materially and adversely affect Seller’s ability to perform its
obligations under this Agreement; and 
 (d) Lease. As of the Closing Date, Tenant shall not have terminated,
or given notice of intent to terminate, the Lease pursuant to the terms of the Lease or otherwise. Tenant shall not have vacated, abandoned, ceased operations or filed for voluntary bankruptcy or be subject to an involuntary bankruptcy proceeding.

  
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 7.2.3 Non-Satisfaction of Conditions. So long as a party is not in default
hereunder, if any condition to such party’s obligation to proceed with the Closing hereunder (a “Closing Condition”) has not been satisfied as of the Closing Date (or such earlier date as is provided herein), such party
may, as its sole remedies and recourses (except as provided in the last sentence of this Section 7.2.3 if the other party is in default), either (a) terminate this Agreement by delivering written notice to the other party on or before the
Closing Date (or such earlier date as is provided herein) and the Earnest Money shall be disbursed to Purchaser in accordance with Section 3.4, or (b) elect to close (or to permit any such earlier termination deadline to pass)
notwithstanding the non-satisfaction of such Closing Condition, in which event such party shall be deemed to have waived such Closing Condition. In the event such party elects to close (or to permit any such earlier termination deadline to pass),
notwithstanding the non-satisfaction of such Closing Condition, such party shall be deemed to have waived such Closing Condition, and there shall be no liability on the part of any other party hereto for the failure of any such Closing Condition.
Notwithstanding any provision of this Section 7.2.3 to the contrary, if the Closing Condition set forth in either Section 7.2.1(b) or 7.2.2(b) is not satisfied, or if a party is otherwise in default hereunder at or prior to Closing, the
provisions of Article 10 of this Agreement (including the applicable notice and cure periods set forth therein) shall govern the rights and remedies of the parties hereunder with respect to such default. 

7.3 Seller’s Deliveries in Escrow. As of or prior to the Closing Date, Seller shall deliver in escrow to Escrow Agent the
following: 
 7.3.1 Deed. A Grant Deed in the form of Exhibit B hereto (the “Deed”); 

7.3.2 Bill of Sale, Assignment and Assumption. Two original copies of a Bill of Sale, Assignment and Assumption of Lease and
Contracts in the form of Exhibit C hereto (the “Assignment”), executed and acknowledged by Seller, vesting in Purchaser, without warranty, Seller’s right, title and interest in and to the property described
therein free of any claims, except for the Permitted Exceptions (as defined in the Deed) to the extent applicable; 
 7.3.3
Conveyancing or Transfer Tax Forms or Returns. Such conveyancing or transfer tax forms or returns, if any, as are required to be delivered or signed by Seller by applicable state and local law in connection with the conveyance of the
Real Property, including a California 593-C certificate; 
 7.3.4 FIRPTA. A Foreign Investment in Real Property Tax Act
affidavit in the form of Exhibit D hereto executed by Seller; 
 7.3.5 Authority. Evidence of the existence,
organization and authority of Seller and of the authority of the persons executing documents on behalf of Seller reasonably satisfactory to the underwriter for the Title Policy; 

7.3.6 Additional Documents. Any additional documents that Escrow Agent or the Title Company may reasonably require for the
proper consummation of the transaction contemplated by this Agreement (provided, however, no such additional document shall expand any obligation, covenant, representation or warranty of Seller or result in any new or additional obligation,
covenant, representation or warranty of Seller under this Agreement beyond those expressly set forth in this Agreement). 
 7.4
Purchaser’s Deliveries in Escrow. As of or prior to the Closing Date, Purchaser shall deliver in escrow to Escrow Agent the following: 

7.4.1 Bill of Sale, Assignment and Assumption. The Assignment, executed and acknowledged by Purchaser; 

  
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 7.4.2 Conveyancing or Transfer Tax Forms or Returns. Such conveyancing or transfer
tax forms or returns, if any, as are required to be delivered or signed by Purchaser by applicable state and local law in connection with the conveyance of the Real Property, including a Preliminary Change of Ownership Report; 

7.4.3 Authority. Evidence of the existence, organization and authority of Purchaser and of the authority of the persons
executing documents on behalf of Purchaser reasonably satisfactory to the underwriter for the Title Policy; 
 7.4.4 Notice to
Tenant. A notice to Tenant in the form of Exhibit F attached hereto; and 
 7.4.5 Additional Documents. Any
additional documents that Escrow Agent or the Title Company may reasonably require for the proper consummation of the transaction contemplated by this Agreement (provided, however, no such additional document shall expand any obligation, covenant,
representation or warranty of Purchaser or result in any new or additional obligation, covenant, representation or warranty of Purchaser under this Agreement beyond those expressly set forth in this Agreement). 

7.5 Closing Statements. As of or prior to the Closing Date, Seller and Purchaser shall deposit with Escrow Agent executed
closing statements consistent with this Agreement in the form required by Escrow Agent. 
 7.6 Purchase Price. At or before
11:00 a.m. Dallas, Texas time on the Closing Date, Purchaser shall deliver to Escrow Agent the Purchase Price, less the Earnest Money that is applied to the Purchase Price, plus or minus applicable prorations, in immediate, same-day U.S. federal
funds wired for credit into Escrow Agent’s escrow account, which funds must be delivered in a manner to permit Escrow Agent to deliver good funds to Seller or its designee on the Closing Date (and, if requested by Seller, by wire transfer); in
the event that Escrow Agent is unable to deliver good funds to Seller or its designee on the Closing Date, then the closing statements and related prorations will be revised as necessary. 

7.7 Possession. Seller shall deliver possession of the Property to Purchaser at the Closing subject only to the Lease and the
Permitted Exceptions. 
 7.8 Delivery of Books and Records. After the Closing, Seller shall deliver to the offices of
Purchaser’s property manager or to the Real Property to the extent in Seller’s or its property manager’s possession or control: Lease Files; License Agreements; maintenance records and warranties; plans and specifications; licenses,
permits and certificates of occupancy; copies or originals of all books and records of account, contracts, and copies of correspondence with Tenant and suppliers; all advertising materials; booklets; and keys. The terms of this Section 7.8
shall survive the Closing. 
 7.9 Notice to Tenant. Seller and Purchaser shall execute, and Purchaser shall deliver to Tenant,
immediately after the Closing, a notice regarding the sale in substantially the form of Exhibit F hereto, or such other form as may be required by applicable state law. This obligation on the part of Purchaser shall survive the Closing. 

ARTICLE 8 

PRORATIONS, DEPOSITS, COMMISSIONS 

8.1 Prorations. At Closing, the following items shall be prorated as of the Closing Date with all items of income and expense
for the Property being borne by Purchaser from and after (and including) the Closing Date: Tenant Receivables (defined below) and other income and rents that have been collected by Seller as of Closing; fees and assessments; prepaid expenses and
obligations under Service Contracts; accrued operating expenses (excluding Taxes (defined below) and other expenses that Tenant pays directly); and any assessments by private covenant for the then-current calendar year of Closing. Purchaser and
Seller agree to prepare a proration schedule (the “Proration Schedule”) of adjustments two (2) Business Days prior to Closing. Any such adjustments not determined or agreed upon as of the Closing Date, shall be paid by
Purchaser to Seller, or Seller to Purchaser, as the case may be, in cash as soon as practicable following the Closing Date. No proration shall be made for insurance premiums and insurance policies will not be assigned to Purchaser. Specifically, the
following shall apply to such prorations and to post-Closing collections of Tenant Receivables: 
 8.1.1 Taxes. Real and
personal ad valorem taxes and any other taxes, assessments, and governmental charges or fees whether federal, state, county or municipal, and whether they be by taxing districts or authorities presently taxing or by others
(“Taxes”), are paid directly by Tenant to the applicable taxing authority and will not be prorated at Closing; provided that there are no delinquent Taxes outstanding upon the Closing. 

  
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 8.1.2 Utilities. Purchaser shall take all steps necessary to effectuate the
transfer of all utilities, if any, to its name as of the Closing Date, and where necessary, post deposits with the utility companies. Seller shall ensure that all utility meters are read as of the Closing Date. Seller shall be entitled to recover
any and all deposits held by any utility company as of the Closing Date. 
 8.1.3 Tenant Receivables. Rents due from Tenant
under the Lease and from tenants or licensees under License Agreements and operating expenses and/or taxes payable by Tenant under the Lease (collectively, “Tenant Receivables”) and not collected by Seller as of Closing shall
not be prorated between Seller and Purchaser at Closing but shall be apportioned on the basis of the period for which the same is payable and if, as and when collected, as follows: 

(a) Tenant Receivables and other income received from Tenant under the Lease and/or tenants or licensees under License
Agreements after Closing (other than Identified Pre-Closing Rent, defined below) shall be applied in the following order of priority: (1) first, to payment of the current Tenant Receivables then due for the month in which the Closing Date
occurs, which amount shall be apportioned between Purchaser and Seller as of the Closing Date as set forth in Section 8.1 hereof (with Seller’s portion thereof to be delivered to Seller); (2) second, to Tenant Receivables first coming
due after Closing and applicable to the period of time after Closing, which amount shall be retained by Purchaser; (3) third, to payment of Tenant Receivables first coming due after Closing but applicable to the period of time before Closing,
(collectively, “Unbilled Tenant Receivables”), which amount shall be delivered to Seller; and (4) thereafter, to delinquent Tenant Receivables which were due and payable as of Closing but not collected by Seller as of
Closing (collectively, “Uncollected Delinquent Tenant Receivables”), which amount shall be delivered to Seller. Notwithstanding the foregoing, Seller shall have the right to pursue the collection of Uncollected Delinquent
Tenant Receivables for a period of 60 days after Closing without prejudice to Seller’s rights or Purchaser’s obligations hereunder, provided, however, Seller shall have no right to cause Tenant or licensee to be evicted or to exercise any
other “landlord” remedy (as set forth in Tenant’s Lease or licensee’s License Agreement) against Tenant other than to sue for collection. Any Tenant Receivables that Tenant under the Lease or a licensee under a License Agreement
delivers to either Purchaser or Seller and that Tenant or licensee has identified, at the time of such delivery, as constituting payment or rent due for a month or other period prior to the month in which the Closing occurs (“Identified
Pre-Closing Rent”) shall be remitted to Seller if, as, and when collected by Purchaser to the extent the Identified Pre-Closing Rent applies to Seller’s period of ownership. Any sums received by Purchaser to which Seller is
entitled shall be held in trust for Seller on account of such past due rents payable to Seller, and Purchaser shall remit to Seller any such sums received by Purchaser to which Seller is entitled within ten Business Days after receipt thereof less
reasonable, actual costs and expenses of collection, including reasonable attorneys’ fees, court costs and disbursements, if any. Seller expressly agrees that if Seller receives any amounts after the Closing Date which are attributable, in
whole or in part, to any period after the Closing Date, Seller shall remit to Purchaser that portion of the monies so received by Seller to which Purchaser is entitled within ten Business Days after receipt thereof. With respect to Unbilled Tenant
Receivables, Purchaser covenants and agrees to (A) bill the same when billable and (B) cooperate with Seller to determine the correct amount of operating expenses and/or taxes due; provided, however, (i) Purchaser shall not be
obligated to incur any out-of-pocket expenses (unless paid by Seller), (ii) Purchaser may deduct any of its reasonable costs of collection form any amounts due Seller, and (iii) under any circumstance, Purchaser shall not be obligated to
file any legal action or terminate the Lease. The provisions of this Section 8.1.3(a) shall survive the Closing. 

  
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 (b) At least 5 days prior to the Closing Date, Seller shall provide Purchaser
with a reasonably detailed reconciliation for Tenant showing all common area maintenance charges, property taxes, insurance and other operating cost pass-throughs payable by Tenant (collectively, the “Operating Expenses”)
incurred by Seller from the beginning of the then-current calendar year (and if the prior calendar year has not been prorated, also for said prior year) (or, if different, Tenant’s then-current annual billing period for Operating Expenses, and
if the prior period has not been prorated, also for said prior period) through the Closing Date, and any Operating Expense estimates or charges collected by Seller during the same period of time and relating to Tenant, all in the form customarily
submitted to Tenant (the “CAM Reconciliation”). To the extent that Seller has received as of the Closing any monthly or periodic payments of Operating Expenses allocable to periods subsequent to Closing, the same shall be
prorated and Purchaser shall receive a credit therefor at the Closing. With respect to any monthly or periodic payments of Operating Expenses received by Purchaser after the Closing allocable to Seller prior to Closing, Purchaser shall promptly pay
the same to Seller (subject to the provisions in Section 8.1.3(a) for delinquent rentals). Notwithstanding the foregoing, to the extent that the CAM Reconciliation reveals that Seller has over-collected Operating Expenses such that, if the end
of the operating expense year under the Lease was the Closing Date, Seller would be obligated to refund money to Tenant (an “Over Collection”), rather than collect additional money from the Tenant (an “Under
Collection”), said Over Collection shall be paid by Seller to Purchaser at the Closing as a settlement statement credit; provided, in the event of an Under Collection, the amount of the Under Collection shall be paid by Purchaser to
Seller outside of escrow within five (5) Business Days after receipt from the Tenant in connection with the year-end Operating Expense reconciliation process, which Purchaser shall diligently pursue. The terms and conditions of this
Section 8.1.3(b) shall survive Closing. 
 8.2 Leasing Costs. Seller agrees to pay or discharge at or prior to Closing
all leasing commissions, costs for tenant improvements, lease buyout costs, moving allowances, design allowances, legal fees and other costs, expenses and allowances incurred in order to induce a tenant to enter into a Lease or Lease renewal or
extension or to induce a licensee to enter into a License Agreement (collectively, “Leasing Costs”) that are due and payable prior to Closing with respect to the Lease and License Agreements in force as of or prior to the
Effective Date; provided, however, that Seller shall have no obligation to pay, and as of Closing Purchaser shall assume the obligation to pay, all Leasing Costs payable with respect to any option to renew or option to expand that has not been
exercised prior to the Effective Date, which obligation shall survive the Closing. 
 8.3 Closing Costs. Closing costs shall
be allocated between Seller and Purchaser in accordance with Section 1.2. 
 8.4 Final Adjustment After Closing. If final
bills are not available or cannot be issued prior to Closing for any item being prorated under Section 8.1, then Purchaser and Seller agree to allocate such items on a fair and equitable basis as soon as such bills are available, final
adjustment to be made as soon as reasonably possible after the Closing. Payments in connection with the final adjustment shall be due within 30 days of written notice. All such rights and obligations shall survive the Closing. 

8.5 Tenant Deposits. All tenant and licensee security deposits collected and not applied by Seller (and interest thereon if
required by law or contract) shall be transferred or credited to Purchaser at Closing. As of the Closing, Purchaser shall assume Seller’s obligations related to tenant and licensee security deposits, but only to the extent they are credited or
transferred to Purchaser. During the term of this Agreement, Seller shall not apply any security deposit without the prior written consent of Purchaser. 

8.6 Commissions. Seller shall be responsible to Broker for a real estate sales commission at Closing (but only in the event of a
Closing in strict accordance with this Agreement) in accordance with a separate agreement between Seller and Broker. Broker may share its commission with any other licensed broker involved in this transaction, but the payment of the commission by
Seller to Broker shall fully satisfy any obligations of Seller to pay a commission hereunder. Under no circumstances shall Seller owe a commission or other compensation directly to any other broker, agent or person. Any cooperating broker shall not
be an affiliate, subsidiary or related in any way to Purchaser. Other than as stated above in this Section 8.6, Seller and Purchaser each represent and warrant to 

  
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the other that no real estate brokerage commission is payable to any person or entity in connection with the transaction contemplated hereby, and each agrees to and does hereby indemnify and hold
the other harmless against the payment of any commission to any other person or entity claiming by, through or under Seller or Purchaser, as applicable. This indemnification shall extend to any and all claims, liabilities, costs and expenses
(including reasonable attorneys’ fees and litigation costs) arising as a result of such claims and shall survive the Closing. 

ARTICLE 9 

REPRESENTATIONS AND WARRANTIES 

9.1 Seller’s Representations and Warranties. Seller represents and warrants to Purchaser that: 

9.1.1 Organization and Authority. Seller has been duly organized, is validly existing, and is in good standing in the state in
which it was formed. Seller has the full right and authority and has obtained any and all consents required to enter into this Agreement and to consummate or cause to be consummated the transactions contemplated hereby. This Agreement has been, and
all of the documents to be delivered by Seller at the Closing will be, authorized and executed and constitute, or will constitute, as appropriate, the valid and binding obligation of Seller, enforceable in accordance with their terms. Each of the
persons and entities signing this Agreement and the other documents contemplated by this Agreement on behalf of Seller has the legal right, power and authority to bind Seller. 

9.1.2 Conflicts and Pending Actions. The execution, delivery and performance by Seller of this Agreement and the instruments
referenced herein and the transaction contemplated hereby will not conflict with or result in a material breach of any agreement to which Seller is a party, or, to Seller’s knowledge, any law to which Seller or any portion of the Property is
bound. As of the Effective Date, and to Seller’s knowledge, except as disclosed in the Property Documents, there are no actions, suits, proceedings or claims pending, before any court, commission, regulatory body, administrative agency or other
governmental or quasi-governmental body, against Seller or against the Property that challenge or impair Seller’s ability to execute or perform its obligations under this Agreement. 

9.1.3 Tenant Lease. Tenant is the only tenant of the Property, pursuant to written agreements to which Seller is a direct party
as landlord (i.e., excluding subtenants and other occupants claiming by, through or under the Tenant as the foregoing is not intended and shall not be construed as a representation by Seller of the parties which are in actual possession of any
portion of the Property since there may be subtenants, licensees or assignees that are in possession of portions of the Property of which Seller may not be aware). Seller has not granted to any party any option, right of first refusal, or other
similar agreement with respect to a purchase or sale of the Property or any portion thereof or any interest therein. Neither Seller’s interest in the Lease nor any of the rentals due or to become due under the Lease have been or will be
assigned, encumbered or subject to any liens that will not be released at the Closing Date. All leasing commissions currently due and payable to brokers under the Lease and all tenant improvement allowances and Leasing Costs, have been fully paid
and satisfied by Seller. Seller is not a party to any leasing commission agreement that would give rise to an obligation to pay a leasing commission following the Closing. To Seller’s knowledge, Seller has neither given nor received any written
notice of default with respect to the Lease that has not been cured. To Seller’s knowledge, the Rent Roll provided to Purchaser by Seller is true and correct in all material respects as of the date of the Rent Roll. 

9.1.4 Service Contracts and License Agreements. To Seller’s knowledge, the list of Service Contracts and License Agreements
to be delivered to Purchaser pursuant to this Agreement will be a materially correct and complete list of all management, service, supply, repair and maintenance agreements, equipment leases and all other contracts and agreements (excluding the
Lease) with respect to or affecting the Property as of the Effective Date. 
 9.1.5 Notices from Governmental Authorities. As
of the Effective Date, and to Seller’s knowledge, Seller has not received from any governmental authority written notice of any material violation of any laws applicable (or alleged to be applicable) (including environmental laws) to the Real
Property, or any part thereof, that has not been corrected, except as may be reflected by the Property Documents or otherwise disclosed in writing to Purchaser. 

  
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 9.1.6 Prohibited Persons and Transactions. Seller is currently in compliance with
and shall at all times during the term of this Agreement (including any extension thereof) remain in compliance with the regulations of the Office of Foreign Asset Control (“OFAC”) of the Department of the Treasury (including
those named on OFAC’s Specially Designated Nationals and Blocked Persons List) and 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 relating thereto. 
 9.1.7 No Bankruptcy. No petition
in bankruptcy (voluntary or otherwise), attachment, execution proceeding, assignment for the benefit of creditors, or petition seeking reorganization or insolvency, arrangement or other action or proceeding under federal or state bankruptcy law is
pending against or contemplated (or, to Seller’s knowledge, threatened) by or against Seller. 
 9.1.8 Hazardous
Materials. To Seller’s knowledge, except as disclosed in the Property Documents, Seller has not received written notice from any governmental authority alleging potential liability with regard to the Property arising out of, based on or
resulting from the manufacture, treatment, processing, distribution, use, transport, handling, deposit, storage, disposal, leaking or other presence, or release into the environment of any Hazardous Material. 

9.1.9 Seller’s Representative. Seller’s Representative is in an official position of responsibility, on behalf of
Seller, for the matters and information which are the subject of Seller’s representations contained in this Section 9.1. 
 9.2
Purchaser’s Representations and Warranties. Purchaser represents and warrants to Seller that: 
 9.2.1 Organization
and Authority. Purchaser is validly existing and is in good standing in the state in which it was formed and is qualified to do business in the state in which the Real Property is located. Purchaser has the full right and authority and has
obtained any and all consents required to enter into this Agreement, to deposit and invest the Earnest Money and prior to the expiration of the Inspection Period will have approval to consummate or cause to be consummated the transactions
contemplated hereby. This Agreement has been, and all of the documents to be delivered by Purchaser at the Closing will be, authorized and properly executed and constitute, or will constitute, as appropriate, the valid and binding obligation of
Purchaser, enforceable in accordance with their terms. Each of the persons and entities signing this Agreement and the other documents contemplated by this Agreement on behalf of Purchaser has the legal right, power and authority to bind Purchaser.

 9.2.2 Conflicts and Pending Action. The execution, delivery and performance by Purchaser of this Agreement and the
instruments referenced herein and the transaction contemplated hereby will not conflict with or result in a material breach of any agreement to which Purchaser is a party, or, to Purchaser’s knowledge, any law to which Purchaser is bound. As of
the Effective Date, and to Purchaser’s knowledge, there are no actions, suits, proceedings or claims pending, before any court, commission, regulatory body, administrative agency or other governmental or quasi-governmental body against
Purchaser which challenges or impairs Purchaser’s ability to execute or perform its obligations under this Agreement. 
 9.2.3
ERISA. Purchaser is not an employee benefit plan subject to ERISA or Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), and is not an entity deemed to hold the plan assets as
defined under Section 3(42) of ERISA. 
 9.2.4 Prohibited Persons and Transactions. Purchaser is currently in compliance
with and shall at all times during the term of this Agreement (including any extension thereof) remain in compliance with the regulations of the OFAC of the Department of the Treasury (including those named on OFAC’s Specially Designated
Nationals and Blocked Persons List) and 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 relating thereto. 

  
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 9.3 Representations and Warranties Generally. 

9.3.1 Survival of Representations and Warranties. The representations and warranties set forth in this Article 9 shall survive
the Closing for a period commencing on the Closing Date and ending on December 20, 2014 (the “Survival Period”). 

9.3.2 Seller’s Knowledge: Seller’s Agents; Purchaser’s Knowledge. Terms such as “to Seller’s
knowledge,” “to the best of Seller’s knowledge” or like phrases mean the actual present and conscious awareness or knowledge of Brandon Blaser (“Seller’s Representatives”),
without any duty of inquiry or investigation; provided that in no event shall Seller’s Representatives, or any of them, or any other officer or employee of Seller, have any individual liability under or relating to this Agreement. Said terms do
not include constructive knowledge, imputed knowledge, or knowledge Seller or such persons do not have but could have obtained through further investigation or inquiry. No broker, agent, or party other than Seller is authorized to make any
representation or warranty for or on behalf of Seller. Terms such as “to Purchaser’s knowledge,” or like phrases mean information that is actually known to Purchaser or like phrases mean the actual present and conscious
awareness or knowledge of Andrea Karp and Ryan Dunlap, without any duty of inquiry or investigation; provided that in no event shall such Purchaser representatives, or any of them, or any other officer or employee of Purchaser, have any individual
liability under or relating to this Agreement. Said terms do not include constructive knowledge, imputed knowledge, or knowledge Purchaser or such persons do not have but could have obtained through further investigation or inquiry. 

9.3.3 Action for Breach of Representation or Warranty or Covenant. Each party shall have the right to bring an action against
the other on the breach of a representation or warranty or covenant hereunder or in the documents delivered by Seller at the Closing, but only on the following conditions: (1) the breach in question results from, or is based on, a condition,
state of facts or other matter that was not known prior to Closing by the party bringing the action, (2) the party alleging the breach gives written notice of such breach to the other party before the end of the Survival Period and files the
action with respect to such breach within the Survival Period, and (3) neither party shall have the right to bring a cause of action for a breach of a representation or warranty or covenant unless the damage to such party on account of such
breach (individually or when combined with damages from other breaches) equals or exceeds $50,000, and then only to the extent of such excess (but not in excess of the Cap defined below). The parties stipulate that the periods of time referenced
above to give written notice of the alleged breach and to file the action with respect to such breach is reasonable and hereby waive any claims to the contrary. If a party fails to timely notify the other party or file such action within the
required time periods as described above, such action shall be barred. 
 9.3.4 Knowledge of Breach. Neither party shall have
any liability after Closing for the breach of a representation or warranty or covenant hereunder of which the other party hereto had knowledge as of Closing. Without limiting the generality of the foregoing, and notwithstanding any other provision
of this Agreement, Seller shall have no liability with respect to any of Seller’s representations, warranties and covenants hereunder if, prior to Closing, Purchaser has knowledge of any breach of a representation, warranty or covenant of
Seller hereunder, or Purchaser obtains knowledge that contradicts any of Seller’s representations, warranties or covenants hereunder (and the representations and warranties of Seller shall be deemed to be modified thereby to be accurate), and
Purchaser nevertheless consummates the transaction contemplated by this Agreement (in which event any such breach or contraction shall be deemed waived by Purchaser). 

9.3.5 Liability of Seller. Notwithstanding any other provision of this Agreement, any agreement contemplated by this Agreement,
or any rights which Purchaser might otherwise have at law, equity, or by statute, whether based on contract or some other claim, Purchaser agrees that any liability of Seller to Purchaser will be limited to Two Percent (2%) of the Purchase
Price (the “Cap”). Any liability of Seller under Section 8.6 (Commissions) and Section 9.1.3 (with respect to leasing commissions) will not be included as part of the Cap. 

9.3.6 Breach Prior to Closing. Any breach of a representation or warranty that occurs prior to Closing shall be governed
exclusively by Section 7.2.3. 
 9.3.7 Survivability. The provisions of this Section 9.3 shall survive the Closing.

  
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 ARTICLE 10 

DEFAULT AND REMEDIES 

10.1 Seller’s Remedies. IF PURCHASER FAILS TO CONSUMMATE THE PURCHASE OF THE PROPERTY PURSUANT TO THIS AGREEMENT OR
OTHERWISE DEFAULTS ON ITS OBLIGATIONS HEREUNDER AT OR PRIOR TO CLOSING FOR ANY REASON EXCEPT FAILURE BY SELLER TO PERFORM HEREUNDER, AND SUCH DEFAULT OR BREACH IS NOT CURED BY THE EARLIER OF THE THIRD BUSINESS DAY AFTER WRITTEN NOTICE THEREOF FROM
SELLER OR THE CLOSING DATE (EXCEPT NO NOTICE OR CURE PERIOD SHALL APPLY IF PURCHASER FAILS TO CONSUMMATE THE PURCHASE OF THE PROPERTY HEREUNDER), SELLER SHALL BE ENTITLED, AS ITS SOLE REMEDY (EXCEPT AS PROVIDED IN SECTIONS 4.10, 8.6, 10.3 AND
10.4 HEREOF), TO TERMINATE THIS AGREEMENT AND RECOVER THE EARNEST MONEY AS LIQUIDATED DAMAGES AND NOT AS PENALTY, IN FULL SATISFACTION OF CLAIMS AGAINST PURCHASER HEREUNDER. SELLER AND PURCHASER AGREE THAT SELLER’S DAMAGES RESULTING FROM
PURCHASER’S DEFAULT ARE DIFFICULT, IF NOT IMPOSSIBLE, TO DETERMINE AND THE EARNEST MONEY IS A FAIR ESTIMATE OF THOSE DAMAGES WHICH HAS BEEN AGREED TO IN AN EFFORT TO CAUSE THE AMOUNT OF SUCH DAMAGES TO BE CERTAIN. AFTER NEGOTIATION, THE PARTIES
HAVE AGREED THAT, CONSIDERING ALL THE CIRCUMSTANCES EXISTING ON THE DATE OF THIS AGREEMENT, THE AMOUNT OF THE EARNEST MONEY IS A REASONABLE ESTIMATE OF THE DAMAGES THAT SELLER WOULD INCUR DUE TO PURCHASER’S DEFAULT. BY PLACING THEIR INITIALS
BELOW, EACH PARTY SPECIFICALLY CONFIRMS THE ACCURACY OF THE STATEMENTS MADE ABOVE AND THE FACT THAT EACH PARTY WAS REPRESENTED BY COUNSEL WHO EXPLAINED, AT THE TIME THIS AGREEMENT WAS MADE, THE CONSEQUENCES OF THIS LIQUIDATED DAMAGES PROVISION. 

 

															
	INITIALS:	 		 	SELLER 	 	 /s/ MH
	  		 	PURCHASER 	 	 /s/ AK
	  	

 NOTWITHSTANDING ANYTHING IN THIS SECTION 10.1 TO THE CONTRARY, IN THE EVENT OF PURCHASER’S DEFAULT
OR A TERMINATION OF THIS AGREEMENT, SELLER SHALL HAVE ALL REMEDIES AVAILABLE AT LAW OR IN EQUITY (OTHER THAN SPECIFIC PERFORMANCE) IN THE EVENT PURCHASER OR ANY PARTY RELATED TO OR AFFILIATED WITH PURCHASER IS ASSERTING ANY CLAIMS OR RIGHT TO THE
PROPERTY THAT WOULD OTHERWISE DELAY OR PREVENT SELLER FROM HAVING CLEAR, INDEFEASIBLE AND MARKETABLE TITLE TO THE PROPERTY. IN ALL OTHER EVENTS SELLER’S REMEDIES SHALL BE LIMITED TO THOSE DESCRIBED IN THIS SECTION 10.1 AND
SECTIONS 4.10, 8.6, 10.3 AND 10.4 HEREOF. IF CLOSING IS CONSUMMATED, SELLER SHALL HAVE ALL REMEDIES AVAILABLE AT LAW OR IN EQUITY IN THE EVENT PURCHASER FAILS TO PERFORM ANY OBLIGATION OF PURCHASER UNDER THIS AGREEMENT. 

10.2 Purchaser’s Remedies. If Seller fails to consummate the sale of the Property pursuant to this Agreement or otherwise
defaults on its obligations hereunder at or prior to Closing for any reason except failure by Purchaser to perform hereunder, and such default or breach is not cured by the earlier of the third
(3rd) Business Day after written notice thereof from Purchaser or the Closing Date (Purchaser hereby agreeing to give such written notice to Seller within one (1) Business Day after
Purchaser first learns of any such default or breach by Seller, except no notice or cure period shall apply if Seller fails to consummate the sale of the Property hereunder), Purchaser shall elect, as its sole remedy, either to (a) terminate
this Agreement by giving Seller timely written notice of such election prior to or at Closing and recover the Earnest Money, (b) enforce specific performance to consummate the sale of the Property hereunder, or (c) waive said failure or
breach and proceed to Closing without any reduction in the Purchase Price. If Purchaser elects to terminate this Agreement as provided in the preceding sentence, Seller shall reimburse Purchaser for an amount equal to the lesser of
(1) Purchaser’s actual third-party out-of-pocket costs and expenses (including reasonable attorneys’ fees, costs and disbursements) related to the negotiation of this Agreement and the transactions contemplated hereby and
Purchaser’s due diligence, or (2) $60,000. Purchaser’s remedies shall be limited to those described in this Section 10.2 and Sections 10.3 and 10.4 hereof. IN NO EVENT SHALL SELLER’S DIRECT OR INDIRECT PARTNERS,
SHAREHOLDERS, MEMBERS, MANAGERS, OWNERS OR AFFILIATES, ANY OFFICER, MANAGER, DIRECTOR, EMPLOYEE OR AGENT OF THE FOREGOING, OR ANY AFFILIATE OR CONTROLLING PERSON THEREOF HAVE ANY LIABILITY FOR ANY CLAIM, CAUSE OF ACTION OR OTHER LIABILITY ARISING
OUT OF OR RELATING TO THIS AGREEMENT OR THE PROPERTY, WHETHER BASED ON CONTRACT, COMMON LAW, STATUTE, EQUITY OR OTHERWISE. 

  
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 10.3 Attorneys’ Fees. In the event either party hereto employs an attorney in
connection with claims by one party against the other arising from the operation of this Agreement, the non-prevailing party shall pay the prevailing party all reasonable fees and expenses, including attorneys’ fees, incurred in connection with
such claims. 
 10.4 Other Expenses. If this Agreement is terminated due to the default of a party, then the defaulting party
shall pay any fees or charges due to Escrow Agent for holding the Earnest Money as well as any escrow cancellation fees or charges and any fees or charges due to the Title Company for preparation and/or cancellation of the Title Commitment. 

10.5 Net Worth Covenant. Until the expiration of the Survival Period, Seller covenants that it shall retain (and not disburse to
Seller’s partners or investors) a portion of the Purchase Price in an amount not less than the amount of the Cap, which amount may be: (a) held in cash; or (b) invested in one or more liquid investments. The covenant of Seller set
forth in the immediately preceding sentence shall survive Closing until the expiration of the Survival Period. 
 ARTICLE 11 

DISCLAIMERS, RELEASE AND INDEMNITY 

11.1 Disclaimers By Seller. Except as expressly set forth in this Agreement, the Deed and the Assignment (the Deed and the
Assignment being referred to as, the “Closing Documents”), it is understood and agreed that Seller and Seller’s agents or employees have not at any time made and are not now making, and they specifically disclaim, any
warranties, representations or guaranties of any kind or character, express or implied, with respect to the Property, including, but not limited to, warranties, representations or guaranties as to (a) matters of title (other than Seller’s
special warranty of title to be contained in the Deed), (b) environmental matters relating to the Property or any portion thereof, including, without limitation, the presence of Hazardous Materials in, on, under or in the vicinity of the
Property, (c) geological conditions, including, without limitation, subsidence, subsurface conditions, water table, underground water reservoirs, limitations regarding the withdrawal of water, and geologic faults and the resulting damage of
past and/or future faulting, (d) whether, and to the extent to which the Property or any portion thereof is affected by any stream (surface or underground), body of water, wetlands, flood prone area, flood plain, floodway or special flood
hazard, (e) drainage, (f) soil conditions, including the existence of instability, past soil repairs, soil additions or conditions of soil fill, or susceptibility to landslides, or the sufficiency of any undershoring, (g) the presence
of endangered species or any environmentally sensitive or protected areas, (h) zoning or building entitlements to which the Property or any portion thereof may be subject, (i) the availability of any utilities to the Property or any
portion thereof including, without limitation, water, sewage, gas and electric, (j) usages of adjoining property, (k) access to the Property or any portion thereof, (l) the value, compliance with the plans and specifications, size,
location, age, use, design, quality, description, suitability, structural integrity, operation, title to, or physical or financial condition of the Property or any portion thereof, or any income, expenses, charges, liens, encumbrances, rights or
claims on or affecting or pertaining to the Property or any part thereof, (m) the condition or use of the Property or compliance of the Property with any or all past, present or future federal, state or local ordinances, rules, regulations or
laws, building, fire or zoning ordinances, codes or other similar laws, (n) the existence or non-existence of underground storage tanks, surface impoundments, or landfills, (o) any other matter affecting the stability and integrity of the
Property, (p) the potential for further development of the Property, (q) the merchantability of the Property or fitness of the Property for any particular purpose, (r) the truth, accuracy or completeness of the Property Documents,
(s) tax consequences, or (t) any other matter or thing with respect to the Property. 
 11.2 Sale “As Is, Where
Is”. PURCHASER ACKNOWLEDGES AND AGREES THAT UPON CLOSING, SELLER SHALL SELL AND CONVEY TO PURCHASER AND PURCHASER SHALL ACCEPT THE PROPERTY “AS-IS, WHERE-IS, WITH ALL FAULTS,” EXCEPT TO THE EXTENT EXPRESSLY PROVIDED
OTHERWISE IN THIS AGREEMENT AND ANY DOCUMENT EXECUTED BY SELLER AND DELIVERED TO PURCHASER AT CLOSING. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT AND THE CLOSING DOCUMENTS, PURCHASER HAS NOT RELIED AND WILL NOT RELY ON, AND SELLER HAS NOT MADE
AND IS NOT LIABLE FOR OR BOUND BY, ANY EXPRESS OR 

  
 21 

 
IMPLIED WARRANTIES, GUARANTEES, STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE PROPERTY OR RELATING THERETO (INCLUDING SPECIFICALLY, WITHOUT LIMITATION, PROPERTY INFORMATION
PACKAGES DISTRIBUTED WITH RESPECT TO THE PROPERTY) MADE OR FURNISHED BY SELLER, OR ANY PROPERTY MANAGER, REAL ESTATE BROKER, AGENT OR THIRD PARTY REPRESENTING OR PURPORTING TO REPRESENT SELLER, TO WHOMEVER MADE OR GIVEN, DIRECTLY OR INDIRECTLY,
ORALLY OR IN WRITING. PURCHASER REPRESENTS THAT IT IS A KNOWLEDGEABLE, EXPERIENCED AND SOPHISTICATED PURCHASER OF REAL ESTATE AND THAT, EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT AND THE CLOSING DOCUMENTS, IT IS RELYING SOLELY ON ITS OWN
EXPERTISE AND THAT OF PURCHASER’S CONSULTANTS IN PURCHASING THE PROPERTY AND SHALL MAKE AN INDEPENDENT VERIFICATION OF THE ACCURACY OF ANY DOCUMENTS AND INFORMATION PROVIDED BY SELLER. PURCHASER WILL CONDUCT SUCH INSPECTIONS AND INVESTIGATIONS
OF THE PROPERTY AS PURCHASER DEEMS NECESSARY, INCLUDING, BUT NOT LIMITED TO, THE PHYSICAL AND ENVIRONMENTAL CONDITIONS THEREOF, AND SHALL RELY UPON SAME. BY FAILING TO TERMINATE THIS AGREEMENT PRIOR TO THE EXPIRATION OF THE INSPECTION PERIOD,
PURCHASER ACKNOWLEDGES THAT SELLER HAS AFFORDED PURCHASER A FULL OPPORTUNITY TO CONDUCT SUCH INVESTIGATIONS OF THE PROPERTY AS PURCHASER DEEMED NECESSARY TO SATISFY ITSELF AS TO THE CONDITION OF THE PROPERTY AND THE EXISTENCE OR NON-EXISTENCE OR
CURATIVE ACTION TO BE TAKEN WITH RESPECT TO ANY HAZARDOUS MATERIALS ON OR DISCHARGED FROM THE PROPERTY, AND WILL RELY SOLELY UPON SAME AND NOT UPON ANY INFORMATION PROVIDED BY OR ON BEHALF OF SELLER OR ITS AGENTS OR EMPLOYEES WITH RESPECT THERETO,
OTHER THAN SUCH REPRESENTATIONS, WARRANTIES AND COVENANTS OF SELLER AS ARE EXPRESSLY SET FORTH IN THIS AGREEMENT. UPON CLOSING, PURCHASER SHALL ASSUME THE RISK THAT ADVERSE MATTERS, INCLUDING, BUT NOT LIMITED TO, ADVERSE PHYSICAL OR CONSTRUCTION
DEFECTS OR ADVERSE ENVIRONMENTAL, HEALTH OR SAFETY CONDITIONS, MAY NOT HAVE BEEN REVEALED BY PURCHASER’S INSPECTIONS AND INVESTIGATIONS. PURCHASER HEREBY REPRESENTS AND WARRANTS TO SELLER THAT: (a) PURCHASER IS REPRESENTED BY LEGAL COUNSEL
IN CONNECTION WITH THE TRANSACTION CONTEMPLATED BY THIS AGREEMENT; AND (b) PURCHASER IS PURCHASING THE PROPERTY FOR BUSINESS, COMMERCIAL, INVESTMENT OR OTHER SIMILAR PURPOSE AND NOT FOR USE AS PURCHASER’S RESIDENCE. PURCHASER WAIVES ANY
AND ALL RIGHTS OR REMEDIES IT MAY HAVE OR BE ENTITLED TO, DERIVING FROM DISPARITY IN SIZE OR FROM ANY SIGNIFICANT DISPARATE BARGAINING POSITION IN RELATION TO SELLER. 

11.3 Seller Released from Liability. Purchaser acknowledges that it will have the opportunity to inspect the Property during the
Inspection Period, and during such period, observe its physical characteristics and existing conditions and the opportunity to conduct such investigation and study on and of the Property and adjacent areas as Purchaser deems necessary, and except as
expressly set forth in this Agreement and the Closing Documents, Purchaser hereby FOREVER RELEASES AND DISCHARGES the Seller Parties from all responsibility and liability, for the lessor’s obligations under the Lease, relating to the physical,
environmental or legal compliance status of the Property, whether arising before or after the Effective Date, and liabilities under the Comprehensive Environmental Response, Compensation and Liability Act Of 1980 (42 U.S.C. Sections 9601
et seq.), as amended (“CERCLA”), the Resource Conservation and Recovery Act (42 U.S.C. Section 9601 et seq.), as amended, the California Hazardous Waste Control Law (California Health and Safety
Code Section 25100, et seq.), the Porter-Cologne Water Quality Control Act (California Water Code Section 13000, et seq.), and the Safe Drinking Water and Toxic Enforcement Act of 1986 (California Health and Safety Code
Section 25249.5, et seq.), and the Oil Pollution Act (33 U.S.C. Section 2701 et seq.), regarding the physical and environmental condition, valuation, salability or utility of the Property, or its suitability for any
purpose whatsoever (including, but not limited to, with respect to the presence in the soil, air, structures and surface and subsurface waters, of Hazardous Materials or other materials or substances that have been or may in the future be determined
to be toxic, hazardous, undesirable or subject to regulation and that may need to be specially treated, handled and/or removed from the Property under current or future federal, state and local laws, regulations or guidelines, and any structural and
geologic conditions, subsurface soil and water conditions and solid and hazardous waste and Hazardous Materials on, under, adjacent to or otherwise affecting the Property). Except as expressly set forth in this Agreement and the Closing Documents,
Purchaser further hereby WAIVES (and by Closing this transaction will be deemed to have WAIVED) any and all objections and complaints (including, but not limited to, federal, state and local statutory and common law based

  
 22 

 
actions, and any private right of action under any federal, state or local laws, regulations or guidelines to which the Property is or may be subject, including, but not limited to, CERCLA)
concerning the physical characteristics and any existing conditions of the Property, including, without limitation, the lessor’s obligations under the Lease relating to the physical, environmental or legal compliance status of the Property,
whether arising before or after the Effective Date. Purchaser further hereby assumes the risk of changes in applicable laws and regulations relating to past, present and future environmental conditions on the Property and the risk that adverse
physical characteristics and conditions, including, without limitation, the presence of Hazardous Materials or other contaminants, may not have been revealed by its investigation. For purposes hereof, “Hazardous Materials”
means “Hazardous Material,” “Hazardous Substance,” “Pollutant or Contaminant,” and “Petroleum” and “Natural Gas Liquids,” as those terms are defined or used in Section 101 of CERCLA, and any
other substances regulated because of their effect or potential effect on public health and the environment, including, without limitation, PCBs, lead paint, asbestos, mold, urea formaldehyde, radioactive materials, putrescible materials, and
infectious materials. 
 PURCHASER EXPRESSLY WAIVES THE BENEFITS OF SECTION 1542 OF THE CALIFORNIA CIVIL CODE WITH RESPECT TO THE FOREGOING
RELEASED MATTERS, WHICH PROVIDES AS FOLLOWS: “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE
MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.” PURCHASER ACKNOWLEDGES AND AGREES THAT IT HAS BEEN REPRESENTED BY LEGAL COUNSEL OF ITS CHOICE IN CONNECTION WITH THIS AGREEMENT, AND THAT SUCH COUNSEL HAS EXPLAINED TO PURCHASER THE
PROVISIONS OF THIS SECTION 11.3. THE FOREGOING WAIVER AND RELEASE SHALL BE DEEMED TO BE RESTATED AND MADE AGAIN AS OF, AND SHALL SURVIVE, THE CLOSING. PURCHASER HEREBY AGREES, REPRESENTS AND WARRANTS THAT PURCHASER REALIZES AND ACKNOWLEDGES THAT
FACTUAL MATTERS NOW UNKNOWN TO IT MAY HAVE GIVEN OR MAY HEREAFTER GIVE RISE TO CAUSES OF ACTION, CLAIMS, DEMANDS, DEBTS, CONTROVERSIES, DAMAGES, COSTS, LOSSES AND EXPENSES AND OTHER CLAIMS AND LIABILITIES WHICH ARE PRESENTLY UNKNOWN, UNANTICIPATED
AND UNSUSPECTED, AND PURCHASER FURTHER AGREES, REPRESENTS AND WARRANTS THAT THE WAIVERS AND RELEASES HEREIN HAVE BEEN NEGOTIATED AND AGREED UPON IN LIGHT OF THAT REALIZATION AND THAT SUBJECT TO SELLER’S REPRESENTATIONS AND WARRANTIES EXPRESSLY
SET FORTH HEREIN AND IN THE CLOSING DOCUMENTS, PURCHASER NEVERTHELESS HEREBY INTENDS TO RELEASE, DISCHARGE AND ACQUIT SELLER AND THE SELLER PARTIES FROM ANY SUCH UNKNOWN CAUSES OF ACTION, CLAIMS, DEMANDS, DEBTS, CONTROVERSIES, DAMAGES, COSTS, LOSSES
AND EXPENSES AND OTHER CLAIMS AND LIABILITIES. SELLER HAS GIVEN PURCHASER MATERIAL CONCESSIONS REGARDING THIS TRANSACTION IN EXCHANGE FOR PURCHASER AGREEING TO THE PROVISIONS OF THIS SECTION 11.3. PURCHASER HAS INITIALED THIS SECTION 11.3 TO
FURTHER INDICATE ITS AWARENESS AND ACCEPTANCE OF EACH AND EVERY PROVISION HEREOF. BY INITIALING BELOW, PURCHASER CONFIRMS IT HAS AGREED TO THE PROVISIONS OF THIS SECTION 11.3. 

 

															
	INITIALS:	 		 	SELLER 	 	 /s/ MH
	  		 	PURCHASER 	 	 /s/ AK
	  	

 11.4 Survival. The terms and conditions of this Article 11 shall expressly survive the Closing,
not merge with the provisions of any closing documents and shall be incorporated into the Deed. 
 Purchaser acknowledges and agrees that
the disclaimers and other agreements set forth herein are an integral part of this Agreement and that Seller would not have agreed to sell the Property to Purchaser for the Purchase Price without the disclaimers and other agreements set forth above.

 ARTICLE 12 

MISCELLANEOUS 
 12.1
Parties Bound; Assignment. This Agreement, and the terms, covenants, and conditions herein contained, shall inure to the benefit of and be binding upon the heirs, personal representatives, successors, and assigns of each of the parties
hereto. Purchaser may assign its rights under this Agreement, without Seller’s consent, upon the following conditions: (a) the assignee of Purchaser must be an entity controlling, controlled by, or under

  
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common control with Purchaser (a “Purchaser Control Entity”), or an entity in which one or more Purchaser Controlled Entities directly or indirectly is the general partner
(or similar managing partner, member or manager) or owns more than 50% of the economic interests of such entity, (b) all of the Earnest Money must have been delivered in accordance herewith, (c) the Inspection Period shall be deemed to
have ended, (d) the assignee of Purchaser shall assume all obligations of Purchaser hereunder, but Purchaser shall remain primarily liable for the performance of Purchaser’s obligations, (e) a copy of the fully executed written
assignment and assumption agreement shall be delivered to Seller at least two Business Days prior to Closing, and (f) the requirements in Section 12.17 are satisfied. 

12.2 Headings. The article, section, subsection, paragraph and/or other headings of this Agreement are for convenience only and
in no way limit or enlarge the scope or meaning of the language hereof. 
 12.3 Invalidity and Waiver. If any portion of this
Agreement is held invalid or inoperative, then so far as is reasonable and possible the remainder of this Agreement shall be deemed valid and operative, and, to the greatest extent legally possible, effect shall be given to the intent manifested by
the portion held invalid or inoperative. The failure by either party to enforce against the other any term or provision of this Agreement shall not be deemed to be a waiver of such party’s right to enforce against the other party the same or
any other such term or provision in the future. 
 12.4 Governing Law. This Agreement shall, in all respects, be governed,
construed, applied, and enforced in accordance with the law of the state in which the Real Property is located. 
 12.5
Survival. The provisions of this Agreement that contemplate performance after the Closing and the obligations of the parties not fully performed at the Closing (other than any unfulfilled closing conditions which have been waived or
deemed waived by the other party) shall survive the Closing and shall not be deemed to be merged into or waived by the instruments of Closing. 

12.6 Entirety and Amendments. This Agreement embodies the entire agreement between the parties and supersedes all prior
agreements and understandings relating to the Property. This Agreement may be amended or supplemented only by an instrument in writing executed by the party against whom enforcement is sought. All Exhibits hereto are incorporated herein by this
reference for all purposes. 
 12.7 Time. Time is of the essence in the performance of this Agreement. 

12.8 Confidentiality; Press Releases. Neither Purchaser nor Seller shall make any public announcement, press release or
disclosure of the transactions contemplated under this Agreement, or any information related to this Agreement to outside brokers, media or third parties, before or after the Closing, without the prior written specific consent of the other party;
provided, however, that Purchaser and Seller may disclose the terms of this Agreement to their current and potential investors, partners, lenders or other capital providers, and may, subject to the provisions of Section 4.5, make disclosure of
this Agreement to their Related Parties as necessary to perform their obligations hereunder and as may be required under applicable laws or regulations (including, without limitation, disclosures required to be made to the Securities and Exchange
Commission). Without limiting the foregoing requirement for Seller approval, the name “Thackeray” shall not be used or referenced in any public announcement, press release or disclosure relating to the transactions contemplated under this
Agreement. Purchaser acknowledges and agrees that the use of such name in any public announcement, press release or disclosure is not accurate and Purchaser will instruct Purchaser’s partners, lenders, investors, brokers, agents, employees,
officers, directors, attorneys and representatives to comply with this provision. Seller and Purchaser, on behalf of themselves and their Related Parties, stipulate that the breach of the requirements of this Section 12.8 will cause irreparable
harm to the other party for which damages may not constitute an adequate remedy. Purchaser and Seller agree that any breach of the requirements of this Section 12.8 may be enjoined by an appropriate court order or judgment. The provisions of
this Section 12.8 shall survive Closing for a period of six (6) months. 
 12.9 Electronic Transactions. Except as
expressly provided in Section 12.10 (entitled “Notices”) and Section 12.13 (entitled “Execution in Counterparts”), the parties hereby acknowledge and agree (a) this Agreement shall not be executed, entered into,
altered, amended or modified by electronic means and (b) without limiting the generality of subparagraph (a), the parties hereby agree the transactions contemplated by this Agreement shall not be conducted by electronic means. 

  
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 12.10 Notices. All notices required or permitted hereunder shall be in writing and
shall be served on the parties at the addresses set forth in Section 1.3. Any such notices shall, unless otherwise provided herein, be given or served (a) by depositing the same in the United States mail, postage paid, certified and
addressed to the party to be notified, with return receipt requested, (b) by overnight delivery using a nationally recognized overnight courier, (c) by personal delivery, or (d) by electronic mail addressed to the electronic mail
address set forth in Section 1.3 for the party to be notified with a confirmation copy delivered by another method permitted under this Section 12.10. Notice given in accordance herewith for all permitted forms of notice other than by
electronic mail, shall be effective upon the earlier to occur of actual delivery to the address of the addressee or refusal of receipt by the addressee (even if such addressee refuses delivery thereof). Notice given by electronic mail in accordance
herewith shall be effective upon the entrance of such electronic mail into the information processing system designated by the recipient’s electronic mail address. Except for electronic mail notices as described above, no notice hereunder shall
be effective if sent or delivered by electronic means. A party’s address may be changed by written notice to the other party; provided, however, that no notice of a change of address shall be effective until actual receipt of such notice.
Copies of notices are for informational purposes only, and a failure to give or receive copies of any notice shall not be deemed a failure to give notice. Notices given by counsel to the Purchaser shall be deemed given by Purchaser and notices given
by counsel to the Seller shall be deemed given by Seller. 
 12.11 Construction. The parties acknowledge that the parties and
their counsel have reviewed and revised this Agreement and agree that the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement or
any exhibits or amendments hereto. 
 12.12 Calculation of Time Periods; Business Day. Unless otherwise specified, in
computing any period of time described herein, the day of the act or event after which the designated period of time begins to run is not to be included and the last day of the period so computed is to be included, unless such last day is not a
Business Day, in which event the period shall run until the end of the next day which is a Business Day. The last day of any period of time described herein shall be deemed to end at 5:00 p.m. local time in the state in which the Real Property is
located. As used herein, the term “Business Day” means any day that is not a Saturday, Sunday or legal holiday for national banks in the city in which the Real Property is located. 

12.13 Execution in Counterparts. This Agreement (and any alterations, amendments or modifications thereto) may be executed in
any number of counterparts, each of which shall be deemed to be an original, and all of such counterparts shall constitute one Agreement. To facilitate execution of this Agreement (or any alteration, amendment or modification thereto), the parties
may execute and exchange by electronic mail PDF counterparts of the signature pages, provided that executed originals thereof are forwarded to the other party on the same day by any of the delivery methods set forth in Section 12.10 other than
electronic mail PDF. Signature pages may be detached from the counterparts and attached to a single copy of this Agreement (or any alteration, amendment or modification thereto) to physically form one document. 

12.14 No Recordation. Without the prior written consent of Seller, there shall be no recordation of either this Agreement or any
memorandum hereof, or any affidavit pertaining hereto, and any such recordation of this Agreement or memorandum or affidavit by Purchaser without the prior written consent of Seller shall constitute a default hereunder by Purchaser, whereupon Seller
shall have the remedies set forth in Section 10.1 hereof. In addition to any such remedies, Purchaser shall be obligated to execute an instrument in recordable form releasing this Agreement or memorandum or affidavit, and Purchaser’s
obligations pursuant to this Section 12.14 shall survive any termination of this Agreement as a surviving obligation. 
 12.15
Further Assurances. In addition to the acts and deeds recited herein and contemplated to be performed, executed and/or delivered by either party at Closing, each party agrees to perform, execute and deliver, but without any obligation
to incur any additional liability or expense, on or after the Closing any further deliveries and assurances as may be reasonably necessary to consummate the transactions contemplated hereby or to further perfect the conveyance, transfer and
assignment of the Property to Purchaser. 

  
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 12.16 Discharge of Obligations. The acceptance of the Deed by Purchaser shall be
deemed to be a full performance and discharge of every representation and warranty made by Seller herein and every agreement and obligation on the part of Seller to be performed pursuant to the provisions of this Agreement, except those which are
herein specifically stated to survive Closing. 
 12.17 ERISA. Under no circumstances shall Purchaser have the right to assign
this Agreement to any person or entity owned or controlled by an employee benefit plan if Seller’s sale of the Property to such person or entity would, in the reasonable opinion of Seller’s ERISA advisors or consultants, create or
otherwise cause a “prohibited transaction” under ERISA. In the event Purchaser assigns this Agreement or transfers any ownership interest in Purchaser, and such assignment or transfer would make the consummation of the transaction
hereunder a “prohibited transaction” under ERISA and necessitate the termination of this Agreement then, notwithstanding any contrary provision which may be contained herein, Seller shall have the right to terminate this Agreement. 

12.18 No Third-Party Beneficiary. The provisions of this Agreement and of the documents to be executed and delivered at Closing
are and will be for the benefit of Seller and Purchaser only and are not for the benefit of any third party, and accordingly, no third party shall have the right to enforce the provisions of this Agreement or of the documents to be executed and
delivered at Closing, except that Tenant of the Property may enforce Purchaser’s indemnity obligation under Section 4.10 hereof. 

12.19 Reporting Person. Purchaser and Seller hereby designate the Title Company as the “reporting person” pursuant to
the provisions of Section 6045(e) of the Internal Revenue Code of 1986, as amended. 
 12.20 No Marketing. Seller agrees
not to market any portion of the Property for sale from the Effective Date until the earlier of (a) the Closing or (b) a termination of this Agreement. 

12.21 Independent Responsibility/No Alter Ego. The parties hereby agree that the obligations of the parties under this Agreement
are separate and distinct, and that no Party’s affiliate, officer, manager, director, employee, agent or representative (of any type or nature) or other third party is responsible in any manner whatsoever for the debts, liabilities or
obligations of any party hereto. As such, the parties agree that no party’s affiliate, officer, manager, director, employee, agent or representative (of any type or nature) or other third party is an alter-ego of any other party (or any
affiliate thereof) or in any manner is or shall be vicariously, derivatively or otherwise liable for the debts, liabilities or obligations of any party or any affiliate thereof (collectively, “Derivative Claims”). The parties
further agree that, as a material part of and material inducement for the transactions contemplated by this Agreement, they will not assert any Derivative Claims in any dispute, claim or controversy relating to or arising out of this Agreement. The
provisions of this Section shall survive the closing or consummation of the transactions contemplated by this Agreement or any termination or purported termination of this Agreement. 

12.22 Natural Hazard Disclosure. Natural hazards described in the following California code sections (the “Natural
Hazard Laws”) may affect the Property: (A) Govt. Code Section 8589.3 (Special Flood Hazard Area); (B) Govt. Code Section 8589.4 (Inundation Area); (C) Govt. Code Section 51183.5 (Fire Hazard Severity Zone);
(D) Public Resource Code Section 2621.9 (Earthquake Fault Zone); (E) Public Resource Code Section 2694 (Seismic Hazard Zone); and (F) Public Resource Code Section 4136 (Wildland Area). Broker shall execute and deliver
to Purchaser a Natural Hazards Disclosure Statement with respect to the foregoing matters (the “Natural Hazards Disclosure Statement”). Purchaser acknowledges and agrees that Purchaser will independently evaluate and
investigate whether any or all of such Natural Hazards affect the Property, and Seller shall have no liabilities or obligations with respect thereto. Prior to the expiration of the Inspection Period, Purchaser shall execute and deliver to Seller the
Natural Hazards Disclosure Statement. PURCHASER ACKNOWLEDGES AND REPRESENTS THAT PURCHASER HAS EXTENSIVE EXPERIENCE ACQUIRING AND CONDUCTING DUE DILIGENCE REGARDING COMMERCIAL PROPERTIES. THIS PROVISION IS AN ESSENTIAL ASPECT OF THE BARGAIN BETWEEN
THE PARTIES. 
 12.23 Seller’s Environmental Inquiry. Purchaser acknowledges and agrees that Section 25359.7 of the
California Health and Safety Code requires owners of non-residential real property who know, or have reasonable cause to believe, that any release of hazardous substances has come to be located on or beneath the real property to provide written
notice of same to a buyer of the real property. Seller has made available to purchaser during the 

  
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Inspection Period environmental reports and correspondence, including all matters disclosed or referred to in the Phase I Environmental Site Assessment dated December 14, 2011 prepared by
Professional Services Industries, Inc. (hereinafter, the “Environmental Reports”), that may identify and/or describe releases of Hazardous Materials on and/or about the Property. By execution of this Agreement, Purchaser
(a) acknowledges its receipt of the foregoing notice given pursuant to Section 25359.7 of the California Health and Safety Code, (b) will be, prior to expiration of the Inspection Period, fully aware of the matters described in the
Environmental Reports and (c) after receiving advice of its legal counsel, waives any and all rights Purchaser may have to assert that Seller has not complied with the requirements of Section 25359.7 of the California Health and Safety
Code. 
 12.24 Energy Use Disclosures. Seller shall deliver the disclosures and other documentation or information for the
Property required under Section 25402.10 of the California Public Resources Code and its implementing regulations (the “Energy Disclosures”) to Purchaser prior to the expiration of the Inspection Period. Purchaser
acknowledges and agrees that (a) the Energy Disclosures are for the current occupancy and use of the Property, (b) the energy profile of the Property will vary depending on future occupancy/use of the Property, (c) Seller makes no
claims, representations or warranties regarding the future Energy Star profile of the Property, and (d) Seller has not made and will not make any representations or warranties regarding the Energy Disclosures. 

12.25 Post-Closing Access to Records. Upon receipt by Seller of Purchaser’s reasonable written request at any time and from
time to time within a period from the Closing until the later of (i) 2 years after Closing, or (ii) for the period any Tenant has the right under the Lease to audit such books and records of Seller, Seller shall, at Seller’s principal
place of business, during Seller’s normal business hours, make all of Seller’s records relating to the Property available to Purchaser for inspection and copying (at Purchaser’s sole cost and expense). 

12.26 Information and Audit Cooperation. To the extent necessary to enable Purchaser to comply with any financial reporting
requirements applicable to Purchaser and upon at least 3 Business Days prior written notice to Seller, within 75 days after the Closing Date, Seller shall reasonably cooperate (at no cost or liability to Seller) and allow Purchaser’s auditors
to audit the trial balance related to the operation of the Property for the year prior to the Closing Date and for the portion of the calendar starting on January 1 through the Closing Date. Other than any representation, warranty or covenant
otherwise set forth in this Agreement or the documents delivered at Closing, Seller makes no representations, warranties or covenants with respect to the trial balance or the books and records which may be reviewed in auditing the same, and
Purchaser releases and waives any liability or claims against Seller related to the trial balance or the books and records which may be reviewed and audited. 

[SIGNATURE PAGES AND EXHIBITS TO FOLLOW] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year written below. 

 

									
	SELLER:	 	TPRF III/RIALTO INDUSTRIAL, LLC, a Delaware limited liability company
			
		 	By:	  	Thackeray Partners, LP, a Delaware limited partnership, its manager
				
		 		  	By:	  	Thackeray Partners GP, LLC, a Delaware limited liability company, its general partner
					
		 		  		  	By:	  	 /s/ MARY M. HAGER

		 		  		  	Name:	  	 Mary M. Hager

		 		  		  	Title:	  	 Manager

									
		 		  		  	 Date Executed by Seller:	  	 May 13, 2014

 

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

		 		  		  		  	Name:	  	 Andrea Karp

		 		  		  		  	Title:	  	 SVP

											
		  		  		  		  	Date Executed by Purchaser:	  	 May 13, 2014

 [NOTE: SECTIONS 10.1 AND 11.3 REQUIRE THE INITIALS OF SELLER AND PURCHASER] 

  
 28EX-10.22

 Exhibit 10.22 

PURCHASE AND SALE AGREEMENT AND JOINT ESCROW INSTRUCTIONS 

[951 Clint Moore Road, Boca Raton, Florida] 

ARTICLE 1: PROPERTY/PURCHASE PRICE 

1.1 Certain Basic Terms. 
  

					
	(a)	 	Buyer and Notice Address:
			
		 		  	 IPT Acquisitions LLC
 Meadows Office Complex

301 Route 17 North, Suite 406
 Rutherford, NJ 07070

Attn: Matthew H. Breaux
 Telephone: 201 507 6763

Email: mbreaux@industrialincome.com

			
		 	With a copy to:	  	 IPT Acquisitions LLC
 518 17th Street, 17th
Floor
 Denver, Colorado 80202
 Attn: Jonathan Linker, Senior
Real Estate Counsel
 Telephone: 303 953 3847
 Email:
jlinker@blackcreekcapital.com

			
		 	With a copy to:	  	 Greenberg Traurig, P.A.
 333 S.E. 2nd Avenue
 Miami, Florida 33131

Attn: Gavin Loughlin
 Telephone: 305 579 0794

Email: Loughling@gtlaw.com

		
	(b)	 	Seller and Notice Address:
			
		 		  	 PALMTREE ACQUISITION CORPORATION
 c/o Prologis,
Inc.
 Attn: Peter Crovo
 8355 NW 12th Street
 Miami, FL 33126

Telephone: 305 392 4272
 Email:
pcrovo@prologis.com

			
		 	With a copy to:	  	 c/o Prologis, Inc.
 Attn: Megan Robert, Laura
Porter and Anne LaPlace
 4545 Airport Way
 Denver, Colorado
80239
 Telephone: 303/567-5613, 303/567-5415 and 303/567-5395

Facsimile: 303/567-5605 and 303/567-5761
 Email:
mrobert@prologis.com, lporter@prologis.com and alaplace@prologis.com

  
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	(c)	 	Effective Date:	  	 The last date of execution by the Seller or the Buyer, as indicated on the signature page.

			
	(d)	 	Purchase Price:	  	 $7,200,000.00.

			
	(e)	 	Earnest Money:	  	 $150,000.00 initially (the “Initial Deposit”), plus $100,000.00 (the “Additional Deposit”) upon expiration
of the Due Diligence Period if Buyer elects to proceed with the purchase of the Property and delivers the Approval Notice (as defined below) pursuant to Section 2.3 below, and the Initial Deposit and the Additional Deposit shall be
deposited in accordance with Section 1.3 below. References to Earnest Money shall include the Initial Deposit, the Additional Deposit and the interest thereon, and exclude the Independent Consideration (defined below)
therefrom.

			
	(f)	 	Due Diligence Period:	  	 The period ending on that date which is 30 days after the Effective Date

			
	(g)	 	Closing Date:	  	 As agreed between Seller and Buyer, but no later than 30 days after the end of the Due Diligence Period.

			
	(h)	 	Title Company:	  	 First American Title Insurance Company
 Attn:
Shirley Fox
 1850 Mt. Diablo Blvd., Suite 300
 Walnut Creek, CA
94596
 Telephone: 925/927-2137
 Facsimile: 714/481-8972

Email: shirleyfox@firstam.com

			
	(i)	 	Escrow Agent:	  	 Same as Section 1.1(h).

			
	(j)	 	Broker:	  	 Jones Lang LaSalle.

 1.2 Property. Subject to the terms of this Purchase and Sale Agreement (the
“Agreement”), Seller agrees to sell to Buyer, and Buyer agrees to purchase from Seller, the following property (the “Property”): 

(a) The real property described in Exhibit A (the “Real Property”), together with the buildings and improvements
thereon (the “Improvements”), and all appurtenances of the above-described Real Property, including easements or rights-of-way relating thereto, and, without warranty, all right, title, and interest, if any, of Seller in and to the
land lying within any street or roadway adjoining the Real Property or any vacated or hereafter vacated street or alley adjoining said Real Property. 

(b) All of Seller’s right, title and interest, in and to all fixtures, furniture, equipment, and other tangible personal property, if
any, owned by Seller (the “Personal Property”) presently located on the Real Property and used exclusively in the operation or maintenance of the Real Property, but specifically excluding any items of personal property owned by
tenants and any signage with the name “ProLogis”, “Prologis” or “AMB” on it). 
 (c) All of Seller’s
interest, as landlord, in that certain lease agreement dated March 12, 2010 with Woodfield Distribution, LLC (“Tenant”), as amended by that certain First Amendment to Lease dated July 15, 2013 (as amended,
“Lease”), being the only lease of the Property by Seller, and any and all guaranties of the Lease, if any. 

  
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 (d) All of Seller’s right, title and interest, if any, in and to all of the following items,
to the extent assignable and without warranty (the “Intangible Personal Property”): (A) licenses, and permits relating to the operation of the Property, and (B) if still in effect and at Buyer’s cost, guaranties and
warranties received by Seller from any contractor, manufacturer or other person in connection with the construction or operation of the Property. Notwithstanding the foregoing, the following are excluded from the definition of Intangible Personal
Property under this Agreement: any trade names, trademark, service marks, logos, graphics and other rights with respect to the name “ProLogis”, “Prologis” and/or “AMB”. 

1.3 Earnest Money. The Initial Deposit, in immediately available federal funds, evidencing Buyer’s good faith to perform
Buyer’s obligations under this Agreement, shall be deposited by Buyer with the Escrow Agent not later than the second (2nd) business day after the Effective Date. The Additional Deposit
shall be deposited with the Escrow Agent on or before expiration of the Due Diligence Period if Buyer delivers the Approval Notice as provided in Section 2.3 below. In the event that Buyer fails to timely deposit either the Initial
Deposit or the Additional Deposit with the Escrow Agent, Seller as its sole and exclusive remedy may terminate this Agreement whereupon this Agreement shall be of no force and effect, and neither party shall have any further rights or liabilities
hereunder except as provided in Sections 2.2, 2.3 and 10.2 of this Agreement. Except as otherwise provided in this Agreement, the Earnest Money shall be non-refundable to Buyer. The Escrow Agent shall pay the Earnest Money to
Seller at and upon the Closing, or otherwise, to the party entitled to receive the Earnest Money in accordance with Article 9 below. 

1.4 Independent Contract Consideration. The sum of $100.00 (the “Independent Contract Consideration”) is a
non-refundable portion of the Earnest Money as consideration for Buyer’s exclusive right to inspect and purchase the Property pursuant to this Agreement and for Seller’s execution, delivery and performance of this Agreement. Any reference
in this Agreement to Buyer receiving back the Earnest Money means the Title Company shall return the Earnest Money (less the non-refundable Independent Contract Consideration) to Buyer and deliver the Independent Contract Consideration to Seller.

 ARTICLE 2: INSPECTIONS 

2.1 Property Information. Seller shall provide copies to Buyer or make Seller’s local files available to Buyer, within three
(3) days after the Effective Date, the following documents, to the extent in Seller’s possession or control: 
 (a) the Lease
including all amendments, and the tenant files (including all tenant correspondence and tenant contact information); 
 (b) year to date
operating statements and operating statements for the prior 2 calendar years (the “Operating Statements”); 
 (c) a list
and copies of any service or maintenance agreements, property management agreements, commission or leasing agreements, if any, relating to the Property, including contact lists (“Service Contracts”); 

(d) any existing ALTA survey of the Property, as-built drawings, architectural drawings, mechanical, electrical, plumbing, sprinkler/fire
protection plans and specifications for the Property; 
 (e) all environmental and engineering reports, including geotechnical and soils
reports, seismic reports, prepared for Seller and, to Seller’s knowledge, in its possession in connection with Seller’s purchase, ownership or management of the Property; 

(f) copies of all current warranties and guaranties, governmental permits and approvals, notices of violation, and citations, if any,
pertaining to the Property; 

  
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 (g) annual inspection reports for elevator, HVAC, roof, fire pump, and sprinklers for the prior
12 months, and recent (prior 24 months) inspection reports from the fire department, building inspections and zoning, if applicable; 
 (h)
tenant ledgers for 2012, 2013 and year to date; 
 (i) Aged receivables and delinquency report; 

(j) Annual expense reconciliations for 2013 and current year; 

(k) general ledgers (2012, 2013 and year to date); 

(l) Tenant’s insurance certificates; 

(m) tax bills (2012 and 2013) and pending tax protests; and 

(n) capital expenditure/major repair summary (last 24 months) and current amortization schedules relating to capital expenditures; 

Seller will make available for Buyer’s review and inspection at Seller’s local property management office the following: current tenant files and
property files, but expressly excluding any internal market analysis, appraisals or other internal valuation or underwriting information concerning the Property. Buyer may, at its sole cost, obtain copies of the information contained in
Seller’s tenant files and property files. The items enumerated in Section 2.1 and other documentation and information provided or otherwise made available by Seller are collectively referred to as the “Property
Information.” Except as otherwise expressly provided herein, Seller makes no representations or warranties as to the accuracy or completeness of the Property Information. 

2.2 Inspections. 
 (a)
During the term of Agreement, Buyer, its employees, contractors, consultants and agents (collectively, “Buyer’s Agents”) shall have the right to enter upon the Property for the purpose of inspecting the Property. In connection
with any such entry, Buyer (i) acknowledges that all entry is at Buyer’s sole risk, cost and expense and subject to the rights of the Tenant under the Lease, (ii) shall give Seller reasonable advance notice of such entry or any Tenant
interviews and shall conduct such entry and any inspections or discussions with the Tenant in connection therewith so as to minimize, to the greatest extent possible, interference with Seller’s business and the business of the Tenant and
otherwise in a manner reasonably acceptable to Seller, and (iii) Seller or its representatives shall have the right to accompany Buyer and Buyer’s Agents or participate in any Tenant interviews or any testing or other inspection performed
on the Property. Without limiting the foregoing, prior to any entry to perform any on-site testing, Buyer shall give Seller written notice thereof, including the identity of the company or persons who will perform such testing and the proposed scope
of the testing. Seller shall approve or disapprove the scope and methodology of such proposed testing within 3 business days after receipt of such notice, such approval may be withheld in Seller’s sole and absolute discretion. Seller’s
failure to provide such approval or disapproval notice shall be deemed disapproval. If Buyer or Buyer’s Agents take any sample from the Property in connection with any such approved testing, Buyer shall provide to Seller a portion of such
sample being tested to allow Seller, if it so chooses, to perform its own testing. 
 (b) Buyer shall, or shall cause Buyer’s Agents
to, maintain commercial general liability insurance, including broad form property damage, with limits of not less than $1,000,000.00 per occurrence and $2,000,000.00 in the aggregate in form and substance adequate to insure against all liability of
Buyer and/or Buyer’s Agents, arising out of any entry or inspections of the Property pursuant to the provisions hereof, and 

  
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Buyer shall provide Seller with evidence of such insurance coverage before any such entry, including evidence that Seller is an additional insured on the commercial general liability policy. If
any inspection or test disturbs the Property, Buyer will promptly restore the Property to the same condition as existed before the inspection or test. BUYER SHALL INDEMNIFY, DEFEND AND HOLD SELLER, SELLER’S AFFILIATES, PARTNERS, MEMBERS,
SHAREHOLDERS, INVESTMENT MANAGERS, TRUSTEES, DIRECTORS, OFFICERS, EMPLOYEES AND AGENTS OF EACH OF THEM AND THEIR RESPECTIVE HEIRS, SUCCESSORS, PERSONAL REPRESENTATIVES AND ASSIGNS (COLLECTIVELY, “SELLER PARTIES”) AND THE PROPERTY
HARMLESS FROM AND AGAINST ANY AND ALL DAMAGES, LIABILITIES, LOSSES, CLAIMS, LIENS, COST OR EXPENSES (INCLUDING, WITHOUT LIMITATION, REASONABLE ATTORNEY’S FEES) TO THE EXTENT ARISING OUT OF OR RELATING TO ANY ENTRY ON THE PROPERTY BY BUYER OR
BUYER’S AGENTS IN THE COURSE OF PERFORMING THE INSPECTIONS OR TESTING PROVIDED FOR IN THIS AGREEMENT, INCLUDING WITHOUT LIMITATION DAMAGE TO THE PROPERTY OR RELEASE OF HAZARDOUS SUBSTANCES OR MATERIALS ONTO THE PROPERTY, BUT EXPRESSLY EXCLUDING
ANY DAMAGES, LIABILITIES OR LOSSES ARISING OUT OF LATENT DEFECTS, THE DISPLACEMENT OR DISTURBANCE OF HAZARDOUS MATERIALS NOT PLACED ON THE PROPERTY BY BUYER OR THE DISCOVERY OF PRE-EXISTING CONDITIONS. THE FOREGOING INDEMNITY SHALL SURVIVE THE
TERMINATION OF THIS AGREEMENT. NOTWITHSTANDING ANYTHING HEREIN TO THE CONTRARY, BUYER SHALL NOT BE LIABLE FOR ANY CONSEQUENTIAL DAMAGES. 

2.3 Termination During Due Diligence Period. If Buyer, in its sole discretion, elects to proceed with the purchase of the Property,
then Buyer shall, before the end of the Due Diligence Period, notify Seller in writing that Buyer has elected not to terminate in accordance with this Section 2.3 (the “Approval Notice”) in the form attached hereto as
Exhibit B. If Buyer fails to give Seller the Approval Notice prior to the expiration of the Due Diligence Period, then Buyer shall be deemed to have elected to terminate this Agreement, the Escrow Agent shall refund the Earnest Money to
Buyer, and neither party shall have any further rights or liabilities hereunder except as provided in Sections 2.2, 2.3, 6.5, and 10.2 of this Agreement. Buyer’s obligation to return the Property Information and
repair any damage to the Property caused by Buyer or Buyer’s Agents shall survive the termination of this Agreement. 
 2.4
Buyer’s Reliance on its Investigations and Release. The provisions of this Section 2.4 shall survive indefinitely the Closing, close of escrow and recordation of the Deed, and shall not be deemed merged into any of the
Closing documents. 
 (a) Buyer acknowledges and agrees that it has been given or will be given before the end of the Due Diligence
Period, a full opportunity to inspect and investigate each and every aspect of the Property, either independently or through agents of Buyer’s choosing. AS A MATERIAL PART OF THE CONSIDERATION FOR THIS AGREEMENT, SELLER AND BUYER AGREE THAT
EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT OR IN ANY DOCUMENT TO BE DELIVERED BY SELLER AT CLOSING (COLLECTIVELY, “SELLER’S WARRANTIES”), SELLER IS SELLING AND BUYER IS PURCHASING AND TAKING THE PROPERTY ON AN “AS
IS” BASIS, WITH ANY AND ALL LATENT AND PATENT DEFECTS. BUYER ACKNOWLEDGES THAT IT IS SOLELY RELYING UPON ITS EXAMINATION OF THE PROPERTY AND, EXCEPT FOR SELLER’S WARRANTIES, IT IS NOT RELYING UPON ANY REPRESENTATION, STATEMENT OR OTHER
ASSERTION OF ANY KIND WHATSOEVER, EXPRESS OR IMPLIED, FROM SELLER, ITS AGENTS OR BROKERS AS TO ANY MATTER CONCERNING THE PROPERTY, INCLUDING, WITHOUT LIMITATION: (I) THE QUALITY, NATURE, ADEQUACY AND PHYSICAL CONDITION OF THE PROPERTY,
INCLUDING, BUT NOT LIMITED TO, THE STRUCTURAL ELEMENTS, FOUNDATION, ROOF, APPURTENANCES, ACCESS, PARKING FACILITIES AND THE 

  
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ELECTRICAL, MECHANICAL, HVAC, PLUMBING, SEWAGE, AND UTILITY SYSTEMS, FACILITIES AND APPLIANCES, (II) THE QUALITY, NATURE, ADEQUACY, AND PHYSICAL CONDITION OF SOILS, GEOLOGY AND ANY
GROUNDWATER, (III) THE EXISTENCE, QUALITY, NATURE, ADEQUACY AND PHYSICAL CONDITION OF UTILITIES SERVING THE PROPERTY, (IV) THE DEVELOPMENT POTENTIAL OF THE PROPERTY, AND THE PROPERTY’S USE, HABITABILITY, MERCHANTABILITY, SUITABILITY,
VALUE OR FITNESS OF THE PROPERTY FOR ANY PARTICULAR PURPOSE, (V) THE ZONING OR OTHER LEGAL STATUS OF THE PROPERTY OR ANY OTHER PUBLIC OR PRIVATE RESTRICTIONS ON USE OF THE PROPERTY, (VI) THE COMPLIANCE OF THE PROPERTY OR ITS OPERATION WITH
ANY APPLICABLE CODES, LAWS, REGULATIONS, STATUTES, ORDINANCES, COVENANTS, CONDITIONS AND RESTRICTIONS OF ANY GOVERNMENTAL OR QUASI-GOVERNMENTAL ENTITY OR OF ANY OTHER PERSON OR ENTITY, (VII) THE PRESENCE OF HAZARDOUS MATERIALS ON, UNDER OR
ABOUT THE PROPERTY OR THE ADJOINING OR NEIGHBORING PROPERTY, (VIII) THE QUALITY OF ANY LABOR AND MATERIALS USED IN ANY IMPROVEMENTS ON THE REAL PROPERTY, (IX) THE CONDITION OF TITLE TO THE PROPERTY, AND (X) THE ECONOMICS OF THE
OPERATION OF THE PROPERTY.  
  

									
		 		 	Buyer’s Initials:	 	 /s/ DF
	  	

 (b) WITHOUT LIMITING THE ABOVE, EXCEPT WITH RESPECT TO A BREACH BY SELLER OF ANY OF SELLER’S
WARRANTIES, BUYER, FOR AND ON BEHALF OF ITSELF, ANY ENTITY AFFILIATED WITH BUYER AND ITS SUCCESSORS VIA MERGER OR NAME CHANGE AND ASSIGNS, WAIVES ITS RIGHT TO RECOVER FROM AND FOREVER RELEASES AND DISCHARGES THE SELLER PARTIES FROM AND AGAINST ANY
AND ALL DEMANDS, CLAIMS, LEGAL OR ADMINISTRATIVE PROCEEDINGS, LOSSES, LIABILITIES, DAMAGES, PENALTIES, FINES, LIENS, JUDGMENTS, COSTS OR EXPENSES WHATSOEVER (INCLUDING, WITHOUT LIMITATION, ATTORNEYS’ FEES AND COSTS) OF WHATEVER KIND OR NATURE,
DIRECT OR INDIRECT, KNOWN OR UNKNOWN, FORESEEN OR UNFORESEEN, EXISTING AND FUTURE, CONTINGENT OR OTHERWISE (INCLUDING ANY ACTION OR PROCEEDING, BROUGHT OR THREATENED, OR ORDERED BY ANY APPROPRIATE GOVERNMENTAL ENTITY) THAT MAY ARISE ON ACCOUNT OF OR
IN ANY WAY BE CONNECTED WITH OR RELATING TO THE PROPERTY CONDITION OR ANY LAW OR REGULATION APPLICABLE THERETO, INCLUDING WITHOUT LIMITATION, THE PRESENCE, MISUSE, USE, DISPOSAL, RELEASE OR THREATENED RELEASE OF ANY HAZARDOUS OR TOXIC MATERIALS,
CHEMICALS OR WASTES AT THE PROPERTY AND ANY LIABILITY OR CLAIM RELATED TO THE PROPERTY ARISING UNDER THE COMPREHENSIVE ENVIRONMENTAL RESPONSE, COMPENSATION, AND LIABILITY ACT OF 1980, AS AMENDED (42 U.S.C. SECTION 9601 et seq.),
THE SUPERFUND AMENDMENTS AND REAUTHORIZATION ACT OF 1986, THE RESOURCE CONSERVATION AND RECOVERY ACT of 1976 (42 U.S.C. SECTION 6901 et seq.), THE CLEAN WATER ACT (33 U.S.C. SECTION 1251
et seq.), THE SAFE DRINKING WATER ACT (42 U.S.C. SECTION 300F et seq.), THE HAZARDOUS MATERIALS TRANSPORTATION ACT (49 U.S.C.
SECTION 5101 et seq.), THE TOXIC SUBSTANCES CONTROL ACT (15 U.S.C. SECTION 2601 et seq.), EACH AS AMENDED, OR ANY OTHER CAUSE OF ACTION BASED ON ANY OTHER STATE,
LOCAL, OR FEDERAL ENVIRONMENTAL LAW, RULE OR REGULATION (COLLECTIVELY, “ENVIRONMENTAL LAWS”); PROVIDED HOWEVER, THE FOREGOING RELEASE SHALL NOT OPERATE TO RELEASE ANY CLAIM BY BUYER AGAINST ANY PERSON OR ENTITY OTHER THAN SELLER
PARTIES. 
  

									
		 		 	Buyer’s Initials:	 	 /s/ DF
	  	

  
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 2.5 Service Contracts. On or prior to the last day of the Due Diligence Period, Buyer will
advise Seller in writing of which Service Contracts it will assume. Buyer will assume the obligations arising from and after the Closing Date under those Service Contracts that Buyer has elected to assume and are not in default; provided, however,
that (i) to the extent that any such Service Contracts are part of portfolio agreements, they shall not be assignable, and (ii) to the extent that any Service Contracts are not terminable by Seller in the time frame between the expiration
of the Due Diligence Period and the Closing, Buyer shall, at Closing, assume such Service Contracts. Notwithstanding the foregoing, all existing management agreements pertaining to the Property shall be terminated on the Closing Date at
Seller’s sole cost and expense. Furthermore, Seller, at Seller’s sole cost and expense, shall terminate all Service Contracts that Buyer does not elect to, and is not required to, assume. 

2.6 Tenant Estoppel. 

(a) Seller shall use commercially reasonable efforts to secure and deliver to Buyer at least two (2) business days prior to the Closing
Date an estoppel certificate for the Lease consistent with the information in the Lease and substantially in the form attached hereto as Exhibit C or such form as may be required under the Lease. The estoppel certificate shall be dated no
earlier than 30 days prior to Closing. Buyer shall notify Seller in writing, either by the Closing Date or within 3 business days following Buyer’s receipt of the estoppel certificate (pdf copy via email), whichever is earlier, of Buyer’s
disapproval of any materially adverse matter(s) contained therein as determined in Buyer’s reasonable business judgment, and the basis of such disapproval (“Buyer’s Disapproval Notice”). Seller shall have 10 business days
from Seller’s receipt of the Buyer’s Disapproval Notice within which to cure such materially adverse matter(s), and the Closing Date shall be extended, at Seller’s or Buyer’s option, to allow for up to the full 10-business day
cure period. It shall be a condition precedent to Buyer’s obligation to proceed with Closing and Buyer may terminate this Agreement upon written notice to Seller on the Closing Date (as the same may be extended in accordance with the terms of
this Agreement), in which event the Earnest Money shall be returned to Buyer, if prior to 2 business days prior to the Closing Date Seller has not delivered an estoppel certificate for the Lease (the “Estoppel Requirement”). In the
event of such termination, the Escrow Agent shall refund the Earnest Money to Buyer, and neither party shall have any further rights or liabilities hereunder except as provided in Sections 2.2, 2.3 and 10.2 of this Agreement.
Promptly following Buyer’s written notice to Seller, Seller shall request an SNDA from Tenant in a form and substance required by Buyer’s lender, if any. Seller shall use diligent, good faith efforts to cooperate with Buyer in obtaining
the SNDA’s on or before Closing; however, the receipt of said SNDA’s shall not be a condition to Closing and, Buyer, not Seller shall have the obligation to negotiate any changes thereto requested by Tenant. 

(b) Notwithstanding Section 2.6(a) above, in the event Seller has not obtained the executed Tenant estoppel certificate that meets
the Estoppel Requirement prior to 2 business days prior to the Closing Date, Seller or Buyer may elect to extend the Closing for up to 10 days to obtain the same. 

ARTICLE 3: TITLE AND SURVEY REVIEW 

3.1 Delivery of Title Report. Buyer shall obtain a preliminary report or title commitment issued by the Title Company (the
“Title Report”), covering the Real Property, together with copies of all documents referenced in the Title Report. Buyer, at its option and expense, may obtain a survey (the “Survey”) of the Property. 

3.2 Title Review and Cure. Buyer shall notify Seller in writing of any title or survey objections (i) at least 5 business days
prior to the expiration of the Due Diligence Period with respect to items disclosed in the Title Report or the Survey, if any, and (ii) at or prior to Closing with respect to any items which: (1) are first raised by the Title Company on or
after 3 business days prior to the expiration of the Due Diligence Period and prior to Closing, and (2) are not the result of Buyer’s acts. Failure to timely provide such a notice 

  
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of objections shall constitute an approval by Buyer of all matters disclosed in the Title Report and any matters that would have been disclosed by an accurate survey of the Property. Seller shall
have no obligation to cure any title objections, except financings created by Seller, judgment liens against Seller, and/or mechanics’ liens created under contracts with Seller, which liens Seller shall cause to be released at the Closing (the
“Seller Financings”). Seller may, but shall not be obligated to, attempt to cure, subject to Buyer’s approval in its reasonable discretion, by the Closing Date, any title objections noted by Buyer other than Seller Financings.
If Seller elects not to cure any title objection (failure to make such election with regard to any title objection within 2 business days shall be deemed an election not to cure such title objection), or fails to cure any title objection it has
elected to cure by the Closing Date, then Buyer shall either (x) terminate this Agreement by written notice to Seller given on or before 10 days after receipt (and the Closing Date shall be extended as necessary to afford Buyer said 10 day
period) of any notice or deemed notice from Seller that it elects not to cure any title objections, or, in the event Seller has elected to cure a title objection, but is unable to do so, the Closing Date, as applicable, the Escrow Agent shall refund
the Earnest Money to Buyer, and neither party shall have any further rights or liabilities hereunder except as provided in Sections 2.2, 2.3 and 10.2 of this Agreement, or (y) waive such title objections, in which event the
Closing shall occur and Buyer shall accept title to the Property subject to such title condition and without adjustment to Purchase Price, subject to Seller’s obligation to pay the Seller Financings. Failure to so terminate shall constitute
waiver of title objections. Those items approved by Buyer or deemed approved by Buyer are hereinafter referred to as the “Permitted Exceptions.” 

3.3 Title Policy. At Closing, as a condition to Buyer’s obligation to close, the Title Company shall deliver title in accordance
with the foregoing which shall be evidenced by the willingness of the Title Company to issue, at Closing, its standard Owner’s Policy of Title Insurance (the “Title Policy”), in the form prescribed by the applicable state where
the Property is located, in accordance with the Title Report delivered to Buyer prior to the expiration of the Due Diligence Period and subject to any additional title matters added by the Title Company after the expiration of the Due Diligence
Period to which Buyer has not objected or is deemed to have approved, in the amount of the Purchase Price, dated the date and time of recording of the Deed, and showing title to the Real Property vested in Buyer, subject only to: the Permitted
Exceptions, taxes not yet due and payable as of the date of the Title Policy; the interest of the tenants in possession pursuant to the Lease, as tenants only, with no rights of first refusal or right to purchase any portion of the Property; any
state of facts which an accurate survey made of the Property at the time of Closing would show. 
 ARTICLE 4: OPERATIONS AND RISK OF LOSS

 4.1 Ongoing Operations, Insurance. Between the Effective Date and the Closing Date, Seller shall carry on its business and
activities relating to the Property substantially in the same manner as it did before the Effective Date; provided that Seller shall not be obligated to make any extraordinary repairs or make any capital improvements to the Property, except as may
be required in the Lease. Through the Closing Date, Seller shall maintain or cause to be maintained, at Seller’s sole cost and expense, Seller’s existing policy or policies of insurance insuring the Property. 

4.2 Performance under Lease and Service Contracts. Between the Effective Date and the Closing Date, Seller will perform its material
obligations under the Lease and Service Contracts and other agreements that may affect the Property. 
 4.3 New Contracts. Between
the Effective Date and the Closing Date, Seller will not, without the prior consent of Buyer (which shall not be unreasonably withheld or delayed), enter into any contract that will be an obligation affecting the Property subsequent to the Closing,
except contracts entered into in the ordinary course of business that are terminable without cause on 30-days’ notice and without penalty or premium. 

  
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 4.4 Leasing Arrangements. Between the Effective Date and the Closing Date, Seller
shall obtain Buyer’s consent, which shall not be unreasonably withheld or delayed, before entering into any a new Lease, amendment, expansion, renewal, modification, termination or other similar agreement (collectively, “New Lease
Agreements”); provided, however, that Buyer’s consent shall not be required if Seller is required to enter into the New Lease Agreement pursuant to, and to the extent of, the terms and conditions of the Lease in effect as of Effective
Date. Buyer shall be deemed to have consented to any New Lease Agreement if it has not notified Seller specifying with particularity the matters to which Buyer reasonably objects, within 3 business days after its receipt of Seller’s written
request for consent, together with (i) a copy of the proposed New Lease Agreement, and (ii) any financial information regarding the proposed or existing tenant provided to Seller, unless Seller notifies Buyer that the same is subject to a
confidentiality agreement which prevents such disclosure. 
 4.5 Damage or Condemnation. Risk of loss resulting from any condemnation
or eminent domain proceeding which is commenced or has been threatened before the Closing, and risk of loss to the Property due to fire, flood or any other cause before the Closing, shall remain with Seller. If before the Closing the Property or any
portion thereof shall be “materially damaged,” (as hereinafter defined) or if the Property or any material portion thereof shall be subjected to a bona fide threat (pursuant to a written notice to Seller or its agent) of condemnation or
shall become the subject of any proceedings, judicial, administrative or otherwise, with respect to the taking by eminent domain or condemnation), then Buyer may terminate this Agreement by written notice to Seller given within 10 days of
Seller’s notice to Buyer of the occurrence of the damage or taking. In the event of such termination, the Escrow Agent shall refund the Earnest Money to Buyer, and neither party shall have any further rights or liabilities hereunder except as
provided in Sections 2.2, 2.3 and 10.2 of this Agreement. If the Closing Date is within the aforesaid 10-day period, then Closing shall be extended to the next business day following the end of said 10-day period. If no such
election is made, and in any event if the damage is not material, this Agreement shall remain in full force and effect and the purchase contemplated herein, less any interest taken by eminent domain or condemnation, shall be effected with no further
adjustment to the Purchase Price, and upon the Closing of this purchase, Seller shall (i) assign, transfer and set over to Buyer all of the right, title and interest of Seller in and to any awards that have been or that may thereafter be made
for such taking, or any insurance proceeds that may thereafter be made for such damage or destruction, (ii) give Buyer a credit at Closing for an amount equal to any condemnation awards or insurance proceeds collected by Seller as a result of
any such condemnation or damage or destruction, and the amount of any insurance deductible under such policies (but in no event shall the amount of such credit to Buyer exceed the Purchase Price), and (iii) receive a credit at Closing for any
sums expended by Seller toward the restoration or repair of the Property, which have been approved by Buyer. In the event the amount of awards or proceeds subsequently received by Buyer exceeds the Purchase Price, then Buyer shall pay to Seller any
such excess within 10 days after Buyer’s receipt of such awards or proceeds. For the purposes of this Section, the phrases “material damage”, “materially damaged” and “material portion” means
(a) damage reasonably estimated by Seller and Buyer to exceed 5 percent of the Purchase Price attributable to the Building to repair, (b) material access to the Building, or a material portion of the parking for the Building is destroyed
as a result of a casualty or is taken (or is threatened to be taken) under the power or threat of eminent domain, (c) the Tenant has the right to terminate its Lease as a result of a casualty or a temporary or permanent taking (or threatened
taking) under the power or threat of eminent domain and has not waived such right prior to Closing, or (d) other than the deductible, any damage to the Property which is uninsured, and not otherwise credited to Buyer by Seller. The provisions
of this Section 4.5 shall survive indefinitely the Closing, close of escrow and recordation of the Deed, and shall not be deemed merged into any of the Closing documents. 

4.6 No-Shop. During the pendency of this Agreement, Seller shall remove the Property from the market for sale and not solicit, accept,
entertain or enter into any negotiations or agreements with respect to the sale or disposition of any or all of the Property, or any interest therein, or sell, contribute or assign any interest in the Property. 

  
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 4.7 Association Estoppels. Buyer may request estoppel certificates from property
owners’ associations, master associations and other applicable third parties under property owners’ association documents, declarations of covenants, conditions and/or restrictions, reciprocal easement agreements, development agreements
and other similar instruments, and Seller shall cooperate, at no cost to Seller, with Buyer to obtain said estoppels prior to the Closing Date; however, receipt of such estoppels shall not be a condition of Closing. 

ARTICLE 5: CLOSING 
 5.1
Closing and Escrow Instructions.
 (a) The consummation of the transaction contemplated herein (“Closing”) shall
occur on the Closing Date through an escrow with the Escrow Agent. Closing shall occur and Buyer’s funds shall be received on or before 11:00 A.M. Pacific Time on the Closing Date. 

(b) Seller and Buyer agree to execute such reasonable additional and supplemental escrow instructions as may be appropriate to enable the
Escrow Agent to comply with the terms of this Agreement; provided, however, that in the event of any conflict between the provisions of this Agreement and any supplementary escrow instructions, the terms of this Agreement shall control. 

5.2 Conditions to the Parties’ Obligations to Close. The obligations of Seller, on the one hand, and Buyer, on the other hand, to
consummate the transaction contemplated hereunder are contingent upon the following conditions: 
 (a) The other party’s
representations and warranties contained herein shall be true and correct in all material respects as of the date of this Agreement and the Closing Date, subject to any Seller modifications hereafter made to a Property Representation (as defined and
provided for in Section 7.1); 
 (b) As of the Closing Date, the other party shall have performed its obligations hereunder in
all material respects and all deliveries to be made at Closing have been tendered; 
 (c) There shall exist no actions, suits, arbitrations,
claims, attachments, proceedings, assignments for the benefit of creditors, insolvency, bankruptcy, reorganization or other proceedings, pending or threatened against the other party that would materially and adversely affect the other party’s
ability to perform its obligations under this Agreement; 
 (d) There shall exist no pending or threatened action, suit or proceeding with
respect to the other party before or by any court or administrative agency which seeks to restrain or prohibit, or to obtain damages or a discovery order with respect to, this Agreement or the consummation of the transaction contemplated hereby;

 (e) Tenant shall not have (i) terminated, or given notice of intent to terminate, its Lease pursuant to the terms of said Lease or
otherwise, (ii) vacated, abandoned, ceased operations or filed voluntary bankruptcy or be subject to an involuntary bankruptcy proceeding or (iii) experienced any material change in its economic condition or business structure between the
end of the Due Diligence Period and Closing; and 
 (f) The Title Company shall have the Title Policy issued or be prepared and irrevocably
and unconditionally committed to issue the same. 
 So long as a party is not in default hereunder, if any condition to such party’s
obligation to proceed with the Closing hereunder has not been satisfied as of the Closing Date, such party may, in its sole discretion, terminate this Agreement by delivering written notice to the other party on or before the Closing Date, or elect
to close, notwithstanding the non-satisfaction of such condition of which it had knowledge, 

  
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except to the extent said non-satisfaction is due to a breach by a party of its obligations or liabilities hereunder (which non-satisfaction may be subject to the terms of Sections 8.1 or
8.2 of this Agreement), in which event such party shall be deemed to have waived any such condition. In the event of a termination, the Escrow Agent shall refund the Earnest Money to Buyer, and neither party shall have any further rights or
liabilities hereunder except as provided in Sections 2.2, 2.3 and 10.2 of this Agreement and except to the extent said non-satisfaction is due to a breach by a party of its obligations or liabilities hereunder (which
non-satisfaction may be subject to the terms of Section 8.1 or 8.2 of this Agreement). If such party elects to close, notwithstanding the non-satisfaction of such condition, there shall be no liability on the part of the other
party for breaches of representations and warranties of which the party electing to close had knowledge as of the Closing, except to the extent said non-satisfaction is due to a breach by a party of its obligations or liabilities hereunder (which
non-satisfaction may be subject to the terms of Section 8.1 or 8.2 of this Agreement). For purposes hereof, whenever the phrase “knowledge”, “actual knowledge” or words of similar import are used, they shall be
deemed to refer to facts within the actual knowledge only of Matthew Breaux and Sara Butz, at the times indicated only, without imputing liability to either of them. 

5.3 Seller’s Deliveries in Escrow. On or before the Closing Date, Seller shall deliver in escrow to the Escrow Agent the
following: 
 (a) Deed. A special warranty deed (warranting title for acts by, through or under Seller) (the “Deed”)
in the form attached hereto as Exhibit D, executed and acknowledged by Seller, conveying to Buyer Seller’s title to the Property, subject only to: to taxes not yet due and payable as of the date hereof; the interests of tenants in
possession pursuant to the Lease, as tenants only, with no right of first refusal or right to purchase any portion of the Property; all matters of record, other than those matters which Seller is required to remove pursuant to
Section 3.2; and any state of facts which an accurate survey made of the Property at the time of Closing would show. Any discrepancy between the description of the Property in the deed from Seller’s immediate grantor and in the Deed
shall be quitclaimed by Seller; 
 (b) Assignment of Leases and Contracts and Bill of Sale. An Assignment of Leases and Contracts and
Bill of Sale in the form of Exhibit E attached hereto (the “Assignment”), executed by Seller; 
 (c) FIRPTA.
A Foreign Investment in Real Property Tax Act affidavit executed by Seller; 
 (d) Notice to Tenants. A notice regarding the sale in
substantially the form of Exhibit F attached hereto, or such other form as may be required by applicable state law for delivery by Buyer to each tenant immediately after the Closing; and 

(e) Additional Documents. Any additional documents that Escrow Agent or the Title Company may reasonably require for the proper
consummation of the transaction contemplated by this Agreement. 
 5.4 Buyer’s Deliveries in Escrow. On or before the Closing
Date, Buyer shall deliver in escrow to the Escrow Agent the following: 
 (a) Purchase Price. The Purchase Price, less the Earnest
Money that is applied to the Purchase Price, plus or minus applicable prorations, deposited by Buyer with the Escrow Agent in immediate, same-day federal funds into the Escrow Agent’s escrow account; 

(b) Assignment of Leases and Contracts and Bill of Sale. The Assignment, executed by Buyer; 

(c) Additional Documents. Any additional documents that Escrow Agent or the Title Company may reasonably require for the proper
consummation of the transaction contemplated by this Agreement, including a title affidavit as may be required by the Title Company in order to issue a gap endorsement and delete all standard exceptions to the Title Policy (provided Buyer has
provided the Title Company an acceptable Survey), including, without limitation, the exceptions related to the parties in possession and mechanic’s liens. 

  
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 5.5 Closing Statements/Escrow Fees. At the Closing, Seller and Buyer shall deposit with
the Escrow Agent executed closing statements consistent with this Agreement in the form required by the Escrow Agent. 
 5.6
Possession. Seller shall deliver possession of the Property to Buyer at the Closing. 
 5.7 Post-Closing Deliveries.
Immediately after the Closing, Seller shall deliver to the offices of Buyer’s property manager: the original Lease; copies or originals of all contracts, receipts for deposits, and unpaid bills; all keys, if any, used in the operation of the
Property, Expense Reimbursements (as defined below) records; and, if in Seller’s possession or control, any “as-built” plans and specifications of the Improvements. 

5.8 Closing Costs. At Closing, Seller shall pay the costs of recording instruments to cure title matters Seller has elected or is
required hereunder to cure, any transfer taxes and documentary stamp taxes and surtaxes due in connection with the transaction contemplated by this Agreement and
 1⁄2 of any escrow fees. Buyer shall pay the cost of premium for the Title Policy (excluding any endorsements obtained by Seller solely to cure title matters
that Seller has elected to cure), the endorsements and any survey obtained by Buyer, costs of recording the Deed and all costs of recording (other than the recording costs associated with Seller curing title matters pursuant to the terms and
conditions in this Agreement) and  1⁄2 of any escrow fees. Each party shall pay its own attorneys’ fees. Other costs, charges, and expenses shall be borne
and paid as provided in this Agreement or in the absence of such provision, in accordance with local custom. 
 5.9 Close of Escrow.
Upon satisfaction or completion of the foregoing conditions and deliveries, the parties shall direct the Escrow Agent to immediately record and deliver the documents described above to the appropriate parties and make disbursements according to the
closing statements executed by Seller and Buyer. 
 ARTICLE 6: PRORATIONS 

6.1 Prorations. The day of Closing shall belong to Buyer and all prorations hereinafter provided to be made as of the Closing
shall each be made as of the end of the day before the Closing Date. In each such proration set forth below, the portion thereof applicable to periods beginning as of Closing shall be credited to Buyer or charged to Buyer as applicable and the
portion thereof applicable to periods ending as of Closing shall be credited to Seller or charged to Seller as applicable. 
 (a)
Collected Rent. All collected rent (including tenant reimbursements for Operating Costs) and other collected income (and any applicable state or local tax on rent) under the Lease shall be prorated as of the Closing. Except as provided in
Section 6.1(b), no prorations shall be made for any unpaid rent due and payable prior to Closing or for delinquent rents existing, if any, as of the Closing Date. Seller shall be charged with any rent and other income collected by Seller
before Closing but applicable to any period of time after Closing. Any prepaid rents for the period following the Closing Date shall be paid over by Seller to Buyer. For a period of 90 days after the Closing, Buyer shall use its commercially
reasonable efforts (Buyer shall not be obligated to incur any out-of-pocket expenses or commence litigation) after the Closing to collect and deliver to Seller all rents or other payments that were applicable to the period before Closing. Seller may
pursue collection as to any rent not collected by Buyer within 6 months following the Closing Date, provided that Seller shall have no right to terminate the Lease or Tenant’s occupancy under the Lease in connection therewith. All rents
received by Buyer following the Closing shall be applied against the most recently accrued rent, and then to any amounts due to Seller prior to Closing. 

  
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 (b) Operating Costs. To the extent Seller, as landlord under the Lease, is currently
collecting from Tenant under the Lease additional rent (collectively, “Expense Reimbursements”) to cover taxes, insurance, utilities (to the extent not paid directly by Tenant), common area maintenance and other operating costs and
expenses (collectively, “Operating Costs”) in connection with the ownership, operation, maintenance and management of the Property, Seller and Buyer shall each receive a debit or credit, as the case may be, for the difference
between the Tenants’ current account balances for 2014 for Operating Costs and amount of their respective Operating Costs reimbursable to Seller; provided, however, that, except as specifically set forth herein, in no event shall either party
be responsible for crediting the other for any uncollected Expense Reimbursements for the Tenant and the same shall be treated in the same manner as uncollected rent is treated in Section 6.1(a). To the extent that the CAM Reconciliation
(as defined below) for calendar year 2014 reveals that Seller has over-collected Expense Reimbursements such that, if the end of the operating expense year under the Lease was the Closing Date, Seller would be obligated to refund money to the Tenant
(an “Over Collection”), rather than collect additional money from the Tenant (an “Under Collection”), said Over Collection shall be paid by Seller to Buyer at the Closing as a settlement statement credit and Buyer
shall pay said Over-Collection to the Tenant within 30 days or otherwise in compliance with the lease obligations; provided, in the event of an Under Collection, the amount of the Under Collection shall be paid by Buyer to Seller outside of escrow
within 5 business days after receipt from the Tenant in connection with the year-end Operating Costs reconciliation process subject to and in accordance with the terms of Section 6.1(a). Notwithstanding the foregoing, in the event of an
Under Collection, Buyer shall pay up to $10,000 of the same to Seller at Closing. Operating Costs for 2014 shall be reasonably estimated by the parties if final bills are not available. At least 5 business days prior to the Closing Date, Seller
shall provide Buyer with a reasonably detailed reconciliation for Tenant showing all Operating Costs incurred by Seller from the beginning of the then-current calendar year (2014) through the Closing Date, and any Expense Reimbursements
collected by Seller during the same period of time and relating to Tenant, all in the form customarily submitted to Tenant (the “CAM Reconciliation”). Operating Costs that are payable by the Tenant directly to the applicable service
providers shall not be prorated between Seller and Buyer. Prior to Closing, Seller shall reconcile with the Tenant for the calendar year 2013, the Tenant Expense Reimbursements for the calendar year 2013 and Seller shall reimburse to the Tenant any
Over Collection of Expense Reimbursement for calendar year 2013 prior to the Closing and shall have the right to collect any Under Collection of Expense Reimbursement for calendar year 2013 for 180 days following the Closing. To the extent Buyer
receives any amounts from Tenant for Under Collection of Expense Reimbursement for calendar year 2013 and which are identified as same, Buyer shall pay such amount to Seller within 10 days. 

(c) Taxes and Assessments. Real estate taxes and assessments imposed by governmental authority that are not yet due and payable and
that are not payable by Tenant under the Lease directly to the governmental authorities shall be prorated as of the Closing based upon the most recent ascertainable assessed values and tax rates. Seller shall receive a credit for any taxes and
assessments paid by Seller and applicable to any period after the Closing. 
 There are no pending appeals made by Seller with respect to
taxes or special assessments on the Property for any year. 
 (d) Service Contracts and Utilities. Seller shall arrange for a billing
under all those Service Contracts for which fees are based on usage and with utility companies for a billing for utilities, to include all utilities or service used up to the day Closing occurs, and Seller shall pay the resultant bills. In the event
any Service Contracts extend over periods beyond the Closing the same shall be prorated on a per diem basis. 
 (e) Final Adjustment
After Closing. If final prorations cannot be made at Closing for any item being prorated under this Section 6.1 or if any of the aforesaid prorations were calculated inaccurately, then Buyer and Seller agree to allocate such items on
a fair and equitable basis as soon as reasonably possible after the Closing Date, to the effect that income and expenses are received and paid by the parties on a cash basis with respect to their period of ownership. Payments in connection with the
final adjustment shall be due within 30 days of written notice. Seller and Buyer shall each have reasonable access to, and the right to 

  
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inspect and audit, the other party’s books to confirm the final prorations. Seller shall not, however, be charged for any increase in Operating Costs or real estate taxes due to increased
costs or reassessments incurred by Buyer in respect of such subsequent to the Closing. 
 6.2 Leasing Commissions. At Closing, Buyer
shall reimburse Seller for commissions paid or free rent period granted by Seller with respect to any Lease amendment or modification or other similar agreement that were entered into after the Effective Date (the “Cut-Off Date”) in
accordance with Section 4.4 above. If the rent commencement date of the such agreement falls before the Closing Date, the amount of commission reimbursable by Buyer shall be in the proportion that the length of the period from the rent
commencement date to the Closing Date bears to the length of the period from the Closing Date to the end of the noncancellable term applicable to such agreement. 

6.3 Tenant Deposits. 

(a) All tenant security deposits actually received by Seller (and interest thereon if required by law or contract to be earned thereon) and
not theretofore applied to Tenant obligations under the Lease prior to 3 business days prior to the expiration of the Due Diligence Period, shall be transferred or credited to Buyer at Closing or placed in escrow if required by law. As of the
Closing, Buyer shall assume Seller’s obligations related to tenant security deposits but only to the extent of the tenant security deposits transferred to Buyer at Closing. 

(b) At Closing, Seller shall, at Tenant’s expense, commence the transfer to Buyer of any portion of the security deposit which is held in
the form of letters of credit (the “SD Letter of Credit”) if the same are transferable at Closing; if the SD Letter of Credit is not transferable, Seller shall request the Tenant to cause a new letter of credit to be issued in favor
of Buyer in replacement thereof and in the event such existing letter of credit is not transferred or such new letter of credit is not issued in favor of Buyer by Closing, Buyer shall diligently pursue such transfer or replacement, as applicable,
after Closing, Buyer shall , until such transfer or issuance, Seller shall take all reasonable actions, as directed by Buyer and at Tenant’s expense, in connection with the presentment of such SD Letter of Credit for payment as permitted under
the terms of the Lease. 
 6.4 Utility Deposits. Buyer shall be responsible for making any deposits required with utility companies.
Seller shall receive a credit at Closing for any utility deposits transferred or assigned to Buyer. 
 6.5 Sale Commissions. Seller
and Buyer represent and warrant each to the other that they have not dealt with any real estate broker, sales person or finder in connection with this transaction other than Broker. If this transaction is closed, Seller shall pay Broker in
accordance with their separate agreement. Broker is an independent contractor and is not authorized to make any agreement or representation on behalf of either party. EXCEPT AS EXPRESSLY SET FORTH ABOVE, IF ANY CLAIM IS MADE FOR BROKER’S OR
FINDER’S FEES OR COMMISSIONS IN CONNECTION WITH THE NEGOTIATION, EXECUTION OR CONSUMMATION OF THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, EACH PARTY SHALL DEFEND, INDEMNIFY AND HOLD HARMLESS THE OTHER PARTY FROM AND AGAINST ANY SUCH
CLAIM BASED UPON ANY STATEMENT, REPRESENTATION OR AGREEMENT OF SUCH PARTY. SELLER’S INDEMNITY SHALL INCLUDE ANY CLAIMS MADE BY BROKER IN CONNECTION WITH THE TRANSACTION GOVERNED BY THIS AGREEMENT. 

The provisions of this Article 6 shall survive indefinitely the Closing, close of escrow and recordation of the Deed, and shall not be
deemed merged into any of the Closing documents. 

  
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 ARTICLE 7: REPRESENTATIONS AND WARRANTIES 

7.1 Seller’s Representations and Warranties. As a material inducement to Buyer to execute this Agreement and consummate this
transaction, Seller represents and warrants to Buyer that: 
 (a) Organization and Authority. Seller has been duly organized and is
validly existing and in good standing in the jurisdiction of its formation, and is qualified to do business in the state in which the Property is located. Seller has the full right and authority and has obtained any and all consents required to
enter into this Agreement and to consummate or cause to be consummated the transactions contemplated hereby. This Agreement has been, and all of the documents to be delivered by Seller at the Closing will be, authorized and properly executed and
constitutes, or will constitute, as appropriate, the valid and binding obligation of Seller, enforceable in accordance with their terms. 

(b) Conflicts and Pending Action. There is no agreement to which Seller is a party or to Seller’s knowledge binding on Seller
which is in conflict with this Agreement. There is no action or proceeding pending or, to Seller’s knowledge, threatened (pursuant to a written notice to Seller or its agent) against Seller or the Property, including condemnation proceedings.

 (c) Leases. The copy of the Lease provided to Buyer pursuant to Section 2.1 is true, correct and complete. Neither
Seller nor, to Seller’s knowledge, Tenant is in default of its Lease obligations. Tenant has not been given any rent concession or allowance that is not reflected in the Lease. Except for any parties in possession pursuant to, and any rights of
possession granted under, the Lease, the Sublease or pursuant to any party’s rights under the Permitted Exceptions, there are no leases, subleases, occupancies or tenancies or parties in possession of any part of the Property. As of the
Effective Date, Seller has not received written notice from Tenant of its election to exercise its right to terminate its Lease. Seller shall provide prompt written notice if it receives received written notice from Tenant of its election to
exercise its right to terminate its Lease after the Effective Date, but the receipt of such notice alone shall not afford Buyer the right to terminate this Agreement. 

(d) Service Contracts. The list of Service Contracts delivered to Buyer pursuant to this Agreement is true, correct, and complete as of
the date of its delivery. Neither Seller nor, to Seller’s knowledge, any other party is in material default under any Service Contract. Seller has delivered Buyer true and complete copies of the existing commission agreements related to the
Property. 
 (e) Compliance with Law. To Seller’s knowledge, Seller has not received any written notice, sent by any
governmental authority or agency having jurisdiction over the Property, that the Property or its use is in material violation of any law, ordinance or regulation, including any applicable Environmental Laws. To Seller’s knowledge, all sales
taxes due and payable to the State of Florida with respect to rents paid under the Lease prior to Closing have been paid or will be paid by Seller. 

(f) OFAC Compliance. Seller is currently in compliance with and shall at all times during the term of this Agreement remain in
compliance with the regulations of the Office of Foreign Assets Control (“OFAC”) of the Department of the Treasury (including those named on OFAC’s Specially Designated and Blocked Persons List) and 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 relating thereto. 

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

  
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 (h) Buyer Rights. Except as set forth in the Property Information or in the Permitted
Exceptions, no person or entity has any option, right of first refusal or other right to purchase the Property or any portion thereof. 

(i) Agreements. Other than the Service Contracts, commission agreements, Lease, and any New Lease, to Seller’s knowledge, except
as disclosed in the Property Information or in the Title Commitment, Seller has not made any agreements or commitments not of record affecting the Property, which will be binding on Buyer or the Property after the Closing. 

(j) No Bankruptcy. No petition in bankruptcy (voluntary or otherwise), attachment, execution proceeding, assignment for the benefit of
creditors, or petition seeking reorganization or insolvency, arrangement or other action or proceeding under federal or state bankruptcy law is pending against or contemplated (or, to Seller’s knowledge, threatened) by or against Seller or any
general partner or managing member of Seller. 
 (k) Leasing Commissions/TI Obligations. To Seller’s knowledge and except as
described on Exhibit G, all leasing commissions due to brokers under the Lease, and all tenant improvement obligations or inducements under the Lease ( “TI Obligations”), have been fully paid and/or satisfied by Seller and no
such commissions, obligations, concessions or inducements become payable in the future. 
 “Seller’s knowledge,” as used in
this Agreement means the current actual knowledge of Peter Crovo without any duty of inquiry or investigation and without personal liability whatsoever. 

Seller’s representations and warranties concerning the Property (collectively, the “Property Representations”)
are qualified by any knowledge obtained by Buyer (including Buyer’s receipt of the tenant estoppel certificate) prior to 3 business days prior to the expiration of the Due Diligence Period, and in the event Buyer’s election to proceed with
the purchase of the Property pursuant to Section 2.3 above, then Buyer shall be deemed to have accepted such qualification, and the Property Representations will be automatically made subject thereto. Seller shall further qualify the
Property Representations by notice, specifying with reasonable particularity the facts and circumstances known to Seller that make the applicable Property Representation false, misleading or inaccurate, delivered to Buyer before the Closing Date. If
Seller delivers a Property Representation notice, or if on or after the 3 business days period prior to the expiration of the Due Diligence Period Buyer obtains knowledge of any facts or circumstances that makes any Property Representation false,
misleading or inaccurate (herein collectively referred to as “Exception Matters”), within less than 3 business days before the Closing, then Buyer may by notice to Seller extend the Closing Date to that day which is 3 business days
after the date of receipt of the Property Representation notice or after obtaining knowledge of such Exception Matters. If any Exception Matters reflects a change in the matter covered by the applicable Property Representation, then Buyer, as its
sole remedy, may terminate this Agreement within 3 business days after receipt of such notice, receive a refund of the Earnest Money and neither party shall have any further rights and obligations under this Agreement except as provided in
Sections 2.2, 2.3, 6.5 and 10.2 of this Agreement and except to the extent said Exception Matter is due to a breach by Seller of its obligations or liabilities hereunder (which non-satisfaction may be subject to the terms
of Section 8.2 below); provided, that if Buyer so elects to terminate this Agreement, Seller shall have the right, but not the obligation, to cure such Exception Matters within 10 days (and the Closing shall be delayed to the extent
necessary to allow Seller the entire 10-day period within which to effect such cure) and if Seller cures such Exception Matters to Buyer’s reasonable satisfaction, then Buyer’s right to terminate this Agreement as a result of such
Exception Matters shall be revoked, null and void and this Agreement shall continue without termination (and, if the Closing Date is extended, Closing shall occur on the date that is 5 days after Seller cures such Exception Matters). For avoidance
of doubt, in the event Seller elects to further qualify a Property Representation as set forth above, the original breach of such Property Representation shall not give Buyer any cause of action under Section 8.2 of this Agreement.
Furthermore, to the extent Buyer receives an estoppel letter prior to Closing from Tenant which recites facts which are contrary to the representations of Seller contained herein, Buyer shall be deemed to have knowledge of such facts and shall have
no right to make a claim against Seller for breach of a representation; however, Buyer shall have the rights and remedies as set forth herein for a changed representation.  

  
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 7.2 Buyer’s Representations and Warranties. As a material inducement to Seller to
execute this Agreement and consummate this transaction, Buyer represents and warrants to Seller that: 
 (a) Organization and
Authority. Buyer has been duly organized and is validly existing and in good standing in the state of its formation, and is qualified to do business in the state in which the Property is located. If this Agreement is not terminated prior to the
expiration of the Due Diligence Period, Buyer will obtain full right and authority and has obtained any and all consents required to enter into this Agreement and to consummate or cause to be consummated the transactions contemplated hereby. This
Agreement has been, and all of the documents to be delivered by Buyer at the Closing will be, authorized and properly executed and constitutes, or will constitute, as appropriate, the valid and binding obligation of Buyer, enforceable in accordance
with their terms.
 (b) Conflicts and Pending Action. There is no agreement to which Buyer is a party or to Buyer’s knowledge
binding on Buyer which is in conflict with this Agreement. There is no action or proceeding pending or, to Buyer’s knowledge, threatened against Buyer which challenges or impairs Buyer’s ability to execute or perform its obligations under
this Agreement. 
 (c) OFAC Compliance. Buyer is currently in compliance with and shall at all times during the term of this
Agreement remain in compliance with the regulations of the OFAC (including those named on OFAC’s Specially Designated and Blocked Persons List) and 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 relating thereto. 

ARTICLE 8: DEFAULT AND DAMAGES 

8.1 Default by Buyer. THE PARTIES HAVE AGREED THAT SELLER’S ACTUAL DAMAGES IN THE EVENT OF BUYER’S FAILURE TO
CONSUMMATE THE SALE IN BREACH HEREOF WOULD BE EXTREMELY DIFFICULT OR IMPRACTICABLE TO DETERMINE. AFTER NEGOTIATION, THE PARTIES HAVE AGREED THAT, CONSIDERING ALL THE CIRCUMSTANCES EXISTING ON THE DATE OF THIS AGREEMENT, THE AMOUNT OF THE EARNEST
MONEY IS A REASONABLE ESTIMATE OF THE DAMAGES THAT SELLER WOULD INCUR IN THE EVENT OF BUYER’S BREACH. IN THE EVENT BUYER FAILS, WITHOUT LEGAL EXCUSE, TO COMPLETE THE PURCHASE OF THE PROPERTY, THE EARNEST MONEY MADE BY BUYER SHALL BE FORFEITED
TO SELLER AS LIQUIDATED DAMAGES AND THE SOLE AND EXCLUSIVE REMEDY AVAILABLE TO SELLER FOR SUCH FAILURE. BY PLACING THEIR INITIALS BELOW, EACH PARTY SPECIFICALLY CONFIRMS THE ACCURACY OF THE STATEMENTS MADE ABOVE AND THE FACT THAT EACH PARTY WAS
REPRESENTED BY COUNSEL WHO EXPLAINED, AT THE TIME THIS AGREEMENT WAS MADE, THE CONSEQUENCES OF THIS LIQUIDATED DAMAGES PROVISION. THIS SECTION 8.1 IS NOT INTENDED TO LIMIT SELLER’S RIGHTS UNDER SECTIONS 2.2, 2.3 AND
10.2 OF THIS AGREEMENT. 
  

											
		 	Initials:	 	 /s/ MR
	 		 	 /s/ DF
	 	
		 		 	Seller	 		 	Buyer	 	

 8.2 Default by Seller. If Seller defaults in its obligation to sell and convey the Property to Buyer
pursuant to this Agreement, Buyer’s sole remedy shall be to elect one of the following: (a) to terminate this Agreement, in which event Buyer shall be entitled to the return by the Escrow Agent to Buyer of the Earnest Money, in which event
neither party shall have any further rights or obligations under this Agreement except 

  
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as provided in Sections 2.2, 2.3 and 10.2 of this Agreement, and/or (b) to bring a suit for specific performance provided that any suit for specific performance must be
brought within 90 days of Seller’s default, to the extent permitted by law, Buyer waiving the right to bring suit at any later date. This Agreement confers no present right, title or interest in the Property to Buyer and Buyer agrees not to
file a lis pendens or other similar notice against the Property except in connection with, and after, the proper filing of a suit for specific performance. If Buyer elects to terminate this Agreement, Seller shall reimburse Buyer for Buyer’s
direct and actual damages, including without limitation all of its out-of-pocket costs and expenses (including reasonable attorneys’ fees, costs and disbursements) related to the negotiation of this Agreement and the transactions contemplated
hereby and Buyer’s due diligence, in an amount not to exceed $25,000.00 (hereinafter, “Out of Pocket Costs”). 
 ARTICLE 9:
EARNEST MONEY 
 9.1 Investment and Use of Funds. The Escrow Agent shall invest the Earnest Money in government insured
interest-bearing accounts satisfactory to Buyer and Seller, shall not commingle the Earnest Money with any funds of the Escrow Agent or others, and shall promptly provide Buyer and Seller with confirmation of the investments made. If the Closing
under this Agreement occurs, the Escrow Agent shall apply the Earnest Money against the Purchase Price due Seller at Closing. 
 9.2
Agreement Termination. Upon a termination of this Agreement, either party to this Agreement may give written notice to the Escrow Agent and the other party of such termination and the reason for such termination. Such request shall also
constitute a request for the release of the Earnest Money in accordance with the terms of this Agreement. In the event of a dispute concerning the disbursement of the Earnest Money by either party in writing within 5 business days of the
termination, then the Escrow Agent shall retain the Earnest Money until it receives written instructions executed by both Seller and Buyer as to the disposition and disbursement of the Earnest Money, or until ordered by final court order, decree or
judgment, which is not subject to appeal, to deliver the Earnest Money to a particular party, in which event the Earnest Money shall be delivered in accordance with such notice, instruction, order, decree or judgment. 

9.3 Interpleader. Seller and Buyer mutually agree that in the event of any controversy regarding the Earnest Money, unless mutual
written instructions are received by the Escrow Agent directing the disposition of the Earnest Money, the Escrow Agent shall not take any action, but instead shall await the disposition of any proceeding relating to the Earnest Money or, at the
Escrow Agent’s option, the Escrow Agent may interplead all parties and deposit the Earnest Money with a court of competent jurisdiction in which event the Escrow Agent may recover all of its court costs and reasonable attorneys’ fees.
Seller or Buyer, whichever loses in any such interpleader action, shall be solely obligated to pay such costs and fees of the Escrow Agent, as well as the reasonable attorneys’ fees of the prevailing party in accordance with the other
provisions of this Agreement. 
 9.4 Liability of Escrow Agent. The parties acknowledge that the Escrow Agent is acting solely as a
stakeholder at their request and for their convenience, that the Escrow Agent shall not be deemed to be the agent of either of the parties, and that the Escrow Agent shall not be liable to either of the parties for any action or omission on its part
taken or made in good faith, and not in disregard of this Agreement, but shall be liable for its negligent acts and for any loss, cost or expense incurred by Seller or Buyer resulting from the Escrow Agent’s mistake of law respecting the Escrow
Agent’s scope or nature of its duties. Seller and Buyer shall jointly and severally indemnify and hold the Escrow Agent harmless from and against all costs, claims and expenses, including reasonable attorneys’ fees, incurred in connection
with the performance of the Escrow Agent’s duties hereunder, except with respect to actions or omissions taken or made by the Escrow Agent in bad faith, in disregard of this Agreement or involving negligence on the part of the Escrow Agent.

  
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 ARTICLE 10: MISCELLANEOUS 

10.1 Parties Bound. Except for an assignment pursuant to Section 10.16, neither party may assign this Agreement without the
prior written consent of the other, which consent will not be unreasonably withheld or delayed. In no event shall either party be released from any of its obligations or liabilities hereunder if the other approves of any assignment of this
Agreement. Any prohibited assignment shall be void. Notwithstanding the foregoing, Buyer shall have the right to assign this Agreement without Seller’s consent to any entity that is owned, controlled by or is under common control with Buyer (a
“Buyer Affiliate”) or any entity in which one or more Buyer Affiliates directly or indirectly is the general partner and owns more than fifty percent (50%) of the legal interests of such entity, provided at least two
(2) business days’ notice is given to Seller and that such assignment or delegation does not relieve Buyer of its obligations hereunder. Subject to the foregoing, this Agreement shall be binding upon and inure to the benefit of the
respective legal representatives, successors, assigns, heirs, and devisees of the parties.  
 10.2 Confidentiality and Public
Announcement or Disclosure. 
 (a) The Property Information and all other information, other than (i) matters of public record,
(ii) furnished to, or obtained through inspection of the Property by, Buyer, its affiliates, legal counsel, lenders, employees or Buyer’s Agents, including prospective partners, prospective investors and their agents (collectively
“Buyer’s Representatives”) relating to the Property, (iii) which becomes generally available to the public other than as a result of Buyer’s wrongful disclosure, (iv) known by Buyer prior to disclosure hereunder,
or (v) obtained on a non-confidential basis from others, will be treated by Buyer and Buyer’s Representatives as confidential, and will not be disclosed to anyone other than on a need-to-know basis to Buyer’s Representatives who agree
to maintain the confidentiality of such information, and materials provided by Seller or physical reports obtained from 3rd parties, without representation or warranty will be returned and/or
delivered to Seller by Buyer if the Closing does not occur. The provisions of this Section 10.2(a) shall not survive Closing but shall survive a termination of this Agreement. 

(b) Subject to the requirements of applicable law, neither Buyer nor Seller shall make any public announcement or disclosure of this Agreement
or any information related to this Agreement or Closing, if any, to outside brokers or third parties, before or for a period of 18 months after the Closing, without the prior written consent of the other party, which consent may not be unreasonably
withheld, conditioned or delayed; provided however, that either party shall be permitted to make any disclosure required by law, including without limitation, any disclosure required by the United States Securities and Exchange Commission, and may
issue press releases (subject to Seller’s prior written approval in accordance with its standard disclosure policy for dispositions, and not otherwise unreasonably withheld, conditioned or delayed, and deemed approved, if not rejected with
specific reasons therefore within 5 business days following written request therefore) containing any information which previously has been publicly filed with the Securities and Exchange Commission. Buyer shall not record this Agreement or any
memorandum of this Agreement. This Section 10.2(b) shall survive indefinitely the Closing, close of escrow and recordation of the Deed, and shall not be deemed merged into any of the Closing documents, or any termination of this
Agreement. 
 10.3 Headings. The article, section and other headings of this Agreement are for convenience only and in no way
limit or enlarge the scope or meaning of the language hereof. Where the context so requires, the use of the singular shall include the plural and vice versa and the use of the masculine shall include the feminine and the neuter. The term
“person” shall include any individual, partnership, joint venture, corporation, trust, unincorporated association, any other entity and any government or any department or agency thereof, whether acting in an individual, fiduciary or other
capacity. 
 10.4 Invalidity and Waiver. If any portion of this Agreement is held invalid or inoperative, then so far as is
reasonable and possible the remainder of this Agreement shall be deemed valid and operative, and effect shall be given to the intent manifested by the portion held invalid or inoperative. The failure by either party to enforce against the other
any term or provision of this Agreement shall not be deemed to be a waiver of such party’s right to enforce against the other party the same or any other such term or provision in the future.

  
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 10.5 Governing Law. This Agreement shall, in all respects, be governed, construed,
applied, and enforced in accordance with the law of the state in which the Property is located.
 10.6 Survival, Limitation of
Liability. Unless otherwise expressly stated in this Agreement, each of the covenants, obligations, representations, and agreements contained in this Agreement shall survive the Closing and the execution and delivery of the Closing documents
required hereunder only for a period of 9 months immediately following the Closing Date, except in the event Buyer provides Seller with written notice of any claims prior to the end of such 9-month period, and commences an action with regard thereto
within 60 days following the expiration of said 9-month period, in which event Seller’s liability hereunder shall continue with respect to such claims until such time as (i) such claim(s) have been adjudicated by a court of competent
jurisdiction resulting in a final, non-appealable judgment (or, alternatively, the party entitled to appeal any judgment has waived the right to do so in writing), or (ii) such claims have been settled pursuant to a written settlement agreement
between Seller and Buyer; provided, however the indemnification provisions of Sections 2.2, 6.3 and 6.5 and the provisions of Section 6.1(e) shall survive the termination of this Agreement or the Closing, whichever
occurs, and shall not be merged, until the applicable statute of limitations with respect to any claim, cause of action, suit or other action relating thereto shall have fully and finally expired. Any claim based upon a misrepresentation or a breach
of a warranty contained in Article 7 of this Agreement shall be actionable or enforceable if and only if: (i) notice of such claim is given to the party which allegedly made such misrepresentation or breached such covenant, obligation,
warranty or agreement within 9 months after the Closing Date; (ii) the aggregate amount of damages or losses as a result of all such claims suffered or sustained by the party making such claim is estimated to exceed $30,000; provided, however,
if such claims equal or exceed $30,000, Buyer shall have the right to prosecute claims in the full amount thereof, and provided further that the aggregate liability of Seller for any and all such breaches or misrepresentation shall be limited to an
amount equal to 3% of the Purchase Price exclusive of fees, costs, charges and expenses due pursuant to Section 10.10 herein below. 

10.7 No Third Party Beneficiary. This Agreement is not intended to give or confer any benefits, rights, privileges, claims,
actions, or remedies to any person or entity as a third party beneficiary, decree or otherwise.
 10.8 Entirety and
Amendments. This Agreement, together with the exhibits and schedules attached hereto, embody the entire agreement between the parties and supersedes all prior agreements and understandings relating to the Property except for any
confidentiality agreement binding on Buyer, which shall not be superseded by this Agreement. This Agreement may be amended or supplemented only by an instrument in writing executed by the party against whom enforcement is sought.

10.9 Time. Time is of the essence in the performance of this Agreement. 

10.10 Attorneys’ Fees. Should either party employ attorneys to enforce any of the provisions hereof, the party against whom
any final judgment is entered agrees to pay the prevailing party in such action or dispute, whether by final judgment or out of court settlement all reasonable costs, charges, and expenses, including attorneys’ fees, expended or incurred in
connection therewith. The prevailing party in any such final judgment or out of court settlement shall be the party in whose favor the majority of claims were determined. Any judgment or order entered in any final judgment shall contain a
specific provision providing for the recovery of all costs and expenses of suit, including actual attorneys’ fees (collectively “Costs”) incurred in enforcing, perfecting and executing such judgment. For the purposes of this
paragraph, Costs shall include, without limitation, attorneys’ and experts’ fees, costs and expenses incurred in the following: (i) post judgment motions; (ii) contempt proceeding; (iii) garnishment, levy, and debtor and
third party examination; (iv) discovery; and (v) bankruptcy litigation. This Section shall survive indefinitely the Closing, close of escrow and recordation of the Deed, and shall not be deemed merged into any of the Closing documents, or
the termination of this Agreement. 

  
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 10.11 Notices. All notices required or permitted hereunder shall be in writing and
shall be served on the parties at the addresses set forth in Section 1.1. Any such notices shall be either (a) sent by overnight delivery using a nationally recognized overnight courier, in which case notice shall be deemed
delivered one business day after deposit with such courier, (b) sent by email in PDF format, with written confirmation by overnight or first class mail, in which case notice shall be deemed delivered upon receipt of confirmation of transmission
of such email notice, or (c) sent by personal delivery, in which case notice shall be deemed delivered upon receipt. Any notice sent by email or personal delivery and delivered after 5:00 p.m. Pacific Time shall be deemed received on the next
business day. A party’s address may be changed by written notice to the other party; provided, however, that no notice of a change of address shall be effective until actual receipt of such notice. Copies of notices are for informational
purposes only, and a failure to give or receive copies of any notice shall not be deemed a failure to give notice. Notices given by counsel to the Buyer shall be deemed given by Buyer and notices given by counsel to the Seller shall be deemed given
by Seller. 
 10.12 Construction. The parties acknowledge that this Agreement has been freely negotiated by both parties, that the
parties and their counsel have reviewed and revised this Agreement and agree that the normal rule of construction - to the effect that any ambiguities are to be resolved against the drafting party - shall not be employed in the interpretation of
this Agreement or any exhibits or amendments hereto. 
 10.13 Calculation of Time Periods. All references to time are to Pacific Time
Zone time (“Pacific Time”) unless expressly stated otherwise. Unless otherwise specified, in computing any period of time described herein, the day of the act or event after which the designated period of time begins to run is not
to be included and the last day of the period so computed is to be included, unless such last day is a Saturday, Sunday or legal holiday for national banks in the location where the Property is located, in which event the period shall run until the
end of the next day which is neither a Saturday, Sunday or legal holiday. The last day of any period of time described herein shall be deemed to end at 5:00 p.m. Pacific Time. 

10.14 Procedure for Indemnity. The following provisions govern actions for indemnity under this Agreement. Promptly after receipt by an
indemnitee of notice of any claim, such indemnitee will, if a claim in respect thereof is to be made against the indemnitor, deliver to the indemnitor written notice thereof and the indemnitor shall have the right to participate in and, if the
indemnitor agrees in writing that it will be responsible for any costs, expenses, judgments, damages, and losses incurred by the indemnitee with respect to such claim, to assume the defense thereof, with counsel mutually satisfactory to the parties;
provided, however, that an indemnitee shall have the right to retain its own counsel, with the fees and expenses to be paid by the indemnitor, if the indemnitee reasonably believes that representation of such indemnitee by the counsel retained by
the indemnitor would be inappropriate due to actual or potential differing interests between such indemnitee and any other party represented by such counsel in such proceeding. The failure of indemnitee to deliver written notice to the indemnitor
within a reasonable time after indemnitee receives notice of any such claim shall relieve such indemnitor of any liability to the indemnitee under this indemnity only if and to the extent that such failure is prejudicial to its ability to defend
such action, and the omission so to deliver written notice to the indemnitor will not relieve it of any liability that it may have to any indemnitee other than under this indemnity. If an indemnitee settles a claim without the prior written consent
of the indemnitor, then the indemnitor shall be released from liability with respect to such claim unless the indemnitor has unreasonably withheld such consent. 

10.15 Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be
an original, and all of such counterparts shall constitute one Agreement. To facilitate execution of this Agreement, the parties may execute and exchange by email in PDF format counterparts of the signature pages, which shall be deemed an
original. 
 10.16 Section 1031 Exchange. Each party may consummate the purchase and sale of all or a portion of the Property as
part of a so-called like kind exchange (the “Exchange”) pursuant to Section 1031 of the Internal Revenue Code of 1986, as amended (the “Code”), provided that: (a) the Closing shall not be delayed or
affected by reason of the Exchange nor shall the consummation or accomplishment of the 

  
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Exchange be a condition precedent or condition subsequent to the exchanging party’s obligations under this Agreement; (b) the exchanging party shall effect the Exchange through an
assignment of all or a portion of this Agreement, or its rights under this Agreement, to a qualified intermediary; (c) the non-exchanging party shall not be required to take an assignment of the purchase agreement for the relinquished property
or be required to acquire or hold title to any real property for purposes of consummating the Exchange; and (d) the exchanging party shall pay any additional costs that would not otherwise have been incurred by either party had the exchanging
party not consummated its purchase through the Exchange. The non-exchanging party shall not by this agreement or acquiescence to the Exchange (x) have its rights under this Agreement affected or diminished in any manner, or (y) be
responsible for compliance with or be deemed to have warranted to the exchanging party that the Exchange in fact complies with Section 1031 of the Code. 

10.17 JURY TRIAL WAIVER. TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE PARTIES HEREBY AGREE TO INTENTIONALLY, KNOWINGLY AND
VOLUNTARILY WAIVE ANY RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY ACTION OR PROCEEDING (I) BROUGHT BY EITHER PARTY OR ANY OTHER PARTY, RELATING TO (A) THIS AGREEMENT AND/OR ANY UNDERSTANDINGS OR PRIOR DEALINGS BETWEEN THE PARTIES HERETO, OR
(B) THE PROPERTY OR ANY PART THEREOF, OR (II) TO WHICH SELLER IS A PARTY. THE PARTIES HEREBY ACKNOWLEDGE AND AGREE THAT THIS AGREEMENT CONSTITUTES A WRITTEN CONSENT TO WAIVER OF TRIAL BY JURY PURSUANT TO ANY APPLICABLE STATE STATUTES.

 10.18 Limitation of Liability. Notice is hereby given that all persons dealing with Seller shall look to the assets of Seller for
the enforcement of any claim against Seller, as none of the trustees, officers, employees and shareholders of Seller assume any personal liability for obligations entered into by or on behalf, of Seller. The provisions of this
Section 10.18 shall survive indefinitely the Closing, close of escrow and recordation of the Deed, and shall not be deemed merged into any of the Closing documents. 

10.19 Radon. Florida law requires the following disclosure to be given to the Buyer of property in this State. Seller has made no
independent inspection of the Property to determine the presence of conditions which may result in radon gas; however, Seller is not aware of any such condition. Certain building methods and materials have been proven to reduce the possibility of
radon gas entering the building: 
 “RADON GAS: Radon is a naturally occurring radioactive gas that, when it has accumulated in a
building in sufficient quantities, may present health risks to persons who are exposed 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.” 
 10.20 Information and Audit Cooperation. To the extent
necessary to enable Buyer to comply with any financial reporting requirements applicable to Buyer and upon at least 10 business days prior written notice to Seller, within 75 days after the Closing Date, Seller shall reasonably cooperate (at no cost
or liability to Seller) and allow Buyer’s auditors to audit the trial balance related to the operation of the Property for the year prior to the Closing Date and for the portion of the calendar starting on January 1 through the Closing
Date. Other than any representation, warranty or covenant otherwise set forth in this Agreement, Seller makes no representations, warranties or covenants with respect to the trial balance or the books and records which may be reviewed in
auditing the same, and Buyer releases and waives any liability or claims against Seller related to the trial balance or the books and records which may be reviewed and audited. 

10.21 Internal Approval of Seller. The transactions under this Agreement are subject to the approval of Seller’s investment
committee on or before the date which is 14 days after the Effective Date (the “Notice Date”). Seller may terminate this Agreement by written notice to Buyer at any time on or before the Notice Date in the event that such approval
has not been obtained. In the event of such termination Seller 

  
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shall authorize the Escrow Agent to refund the Earnest Money to Buyer, Seller shall reimburse Buyer for its Out of Pocket Costs not to exceed $15,000, and neither party shall have any further
rights or liabilities hereunder except as provided in Sections 2.2, 2.3 and 10.2 of this Agreement. If Seller does not so notify Buyer on or before the Notice Date, this condition shall be deemed to be waived. 

[remainder of page intentionally left blank] 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the day and year written
below. 
  

							
		  	SELLER:	 	PALMTREE ACQUISITION CORPORATION
				
		  		 	By:	 	Authorized Officer
				
		  		 	By:	 	 /s/ MEGAN ROBERT

		  		 	Name:	 	 Megan Robert

		  		 	Title:	 	 First Vice President

		  		 	Date:	 	 May 19, 2014

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

		  		 	Name:	 	 David Fazekas

		  		 	Title:	 	 Managing Director

		  		 	Date:	 	 May 19, 2014

  
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 Escrow Agent has executed this Agreement in order to confirm that Escrow Agent shall act as escrowee with respect
to and hold in escrow the Earnest Money and the interest earned thereon, and shall disburse the Earnest Money and the interest earned thereon, pursuant to the provisions of Article 9. 

 

			
	FIRST AMERICAN TITLE INSURANCE COMPANY
		
	By:	 	 /s/ BARBARA BRENNAN

	Name:	 	 Barbara Brennan

	Title:	 	 Senior Commercial Escrow Officer

	Date:	 	 May 19, 2014

  
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