Document:

Exhibit

EXHIBIT 10.6

AGREEMENT OF SALE AND PURCHASE OF MEMBERSHIP INTEREST
THIS AGREEMENT OF SALE AND PURCHASE OF MEMBERSHIP INTEREST (this “Agreement”) is made as of June 9, 2017 (“Effective Date”), by and between GGT HAMPTON ROADS VA HOLDINGS, LLC, a Delaware limited liability company (“GGT”) and BAINBRIDGE PRICES FORK MEMBER, LLC, a Florida limited liability company (“Bainbridge”, and together with GGT, the “Seller”), and AMZAK PRICES FORK HOLDINGS, LLC, a Florida limited liability company (“Buyer”).   
W I T N E S S E T H:
Seller and Buyer, for and in consideration of the keeping and performing by the respective parties hereto of their respective obligations as hereinafter set forth, as well as for Ten and No/100 Dollars ($10.00) and other good and valuable consideration by each of the parties unto the other in hand paid simultaneously with the execution and delivery of these presents, the receipt whereof is hereby acknowledged, have covenanted and agreed, and by these presents do covenant and agree, each with the other, as follows:
1.THE MEMBERSHIP INTEREST AND THE PROPERTY
Upon the terms and provisions and subject to the conditions hereof, (i) Bainbridge shall sell and convey to Buyer, on the Closing Date (hereinafter defined), and Buyer shall purchase from Bainbridge, for the Purchase Price herein set forth, all of Bainbridge’s membership interest (“Bainbridge Interest”) in BAINBRIDGE PRICES FORK, LLC (“Co-Invest”); and (ii) GGT shall sell and convey to Buyer, on the Closing Date (hereinafter defined), and Buyer shall purchase from GGT, for the Purchase Price herein set forth, all of GGT’s membership interest (“GGT Interest”, and together with the Bainbridge Interest, the “Interest”) in GGT HAMPTON ROADS VA VENTURE, LLC (“Target”).  The Co-Invest is a member of Target, and Target is  the owner of the property located in the City of Suffolk, Commonwealth of Virginia, with 228 units fully developed, which property is more particularly described in Exhibit A attached hereto together with the improvements located thereon (the “Improvements”), real property fixtures, easements, covenants, entitlements and other rights appurtenant thereto (the “Real Property”), as well as the following (collectively, with the Real Property, the Interests and the Improvements, the “Property”);
(a)    the Leases (as defined in Section 4(c) below) affecting the Property, including all security deposits in Seller's possession as of the date of Closing, the list of such Leases and security deposits as of the date of this Agreement is on the rent roll attached hereto as Exhibit B ("Rent Roll");
(b)     all fixtures, equipment, furnishings, golf carts, motor vehicles and items of personal property and other tangible property, if any, located on or about the Property and owned by Seller as of the date of Closing, the list of such personal property as of the date of this Agreement is attached hereto as Exhibit C (the “Tangible Personal Property”); and
(c)    all intangible personal property, if any and to the extent assignable, owned by Seller and arising out of or in connection with Seller’s ownership of the Real Property and the Tangible Personal Property, including (to the extent any such items exist) (a) Seller’s rights to any plans, 

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specifications and drawings relating to the improvements including, without limitation, structural, HVAC, mechanical and plumbing plans and specifications (subject to the rights of the parties who prepared the same), construction drawings, rendering, plans submitted or filed with any governmental or quasi-governmental authority, (b) Seller’s rights to any current names, logos, designs, trademarks, service marks, copyrights, and trade names used solely in connection with the Improvements, including the name “3200”, and any other names (to the extent that such exist) associated with the Property, (c) the goodwill of Seller in connection with the Real Property and the Improvements, (e) all advertising materials, marketing programs and strategies, and other similar rights relating solely to Seller’s use and operation of the Real Property, and (f) any transferable licenses, permits, authorizations, approvals and certificates of occupancy issued by governmental or quasi-governmental authorities relating to the use, maintenance, occupancy and/or operation of the Real Property and the Tangible Personal Property (collectively, the “Intangible Personal Property”); provided, however, Intangible Property shall not include (A) any name, license, permits, logo, sign, trademark, telephone listing or numbers of any member of Seller and of the name “Bainbridge” or any derivation thereof; and (B) the rights to the website for the Property and any URL or domain names for the Property, but the Property can continue to use the name “Bainbridge 3200” for a period of 6 months counted from the Closing Date (as hereinafter defined) or until Bainbridge Mid-Atlantic Management, LLC ceases to manage the Property, whichever is last to occur.
Notwithstanding that Seller is selling the Interest and Buyer is acquiring the Interest, Seller is not selling and Buyer is not acquiring, all cash (other than tenant security deposits), cash equivalents, interest rate protection agreements or caps, receivables or payables, reserves, bank accounts, short term or long term investments, government securities, insurance policies (and any proceeds therefrom), condemnation awards issued prior to Closing, and other similar items of Target or Co-Invest.
Buyer has no right to purchase, and Seller has no obligation to sell, less than all of the Interest, it being the express agreement and understanding of Buyer and Seller that, as a material inducement to Seller and Buyer to enter into this Agreement, Buyer has agreed to purchase, and Seller has agreed to sell, all of the Interest, subject to and in accordance with the terms and conditions hereof.
2.    PURCHASE PRICE; DEPOSIT
(a)    Upon execution of this Agreement, Buyer has delivered to Seller, and Seller acknowledges receipt of, One Hundred and No/100 Dollars ($100.00) (the "Independent Consideration"), as consideration for Buyer's right to purchase of the Interest and for Seller's execution, delivery and performance of this Agreement.  The Independent Consideration is in addition to and independent of any other consideration or payment provided for in this Agreement, is non-refundable and shall be retained by Seller notwithstanding any other provision of this Agreement.
(b)    The purchase price (the “Purchase Price”) to be paid to (i) GGT for the GGT Interest is equal to the amount that GGT would have received under the Target’s Limited Liability Company Agreement if Buyer had purchased once hundred per cent (100%) of the Property from Target for Forty-Four Million Four Thousand and No/100 Dollars ($44,004,000.00) and taken title to the Property by special warranty deed; and (ii) Bainbridge for the Bainbridge Interest is equal to the amount that Bainbridge would have received under the Co-Invest’s Operating Agreement if Buyer had purchased the Property from Target for Forty-Four Million Four Thousand and No/100 Dollars ($44,004,000.00) and taken title to the Property by special warranty deed.  In each case, the Purchase Price shall take into account such credits, adjustments and prorations as are set forth herein.  For reference purposes only, 

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an estimated calculation of the Purchase Price, and distribution to the Seller, is attached hereto as Schedule 2(b).
(c)    The Purchase Price shall be payable by Buyer at the Closing (hereinafter defined) and shall be paid to Seller by no later than 12:00 p.m. Eastern Time in immediately available funds by wire transfer in an amount equal to the Purchase Price less the amount of the Deposit (as hereinafter defined) paid pursuant to this Agreement and any closing adjustments to which either Buyer or Seller are entitled pursuant to this Agreement.
(d)    Buyer shall, within one (1) business day after the Effective Date, deliver to Stewart Title Guaranty Company (“Escrow Agent”) a good faith deposit in immediately available funds in the amount of One Million and No/100 Dollars ($1,000,000.00) (such deposit, together with all interest earned thereon, is referred to herein as the “Deposit”).  The Deposit shall be held by Escrow Agent pursuant to the terms of this Agreement.  If the sale of the Interest is consummated under this Agreement, the Deposit shall be paid to Seller and applied to the Purchase Price at Closing.  The Deposit will be non-refundable to Buyer, except as expressly provided in this Agreement.
3.    REPRESENTATIONS AND WARRANTIES CONCERNING TARGET.  Subject to all matters disclosed in the Property Information and/or the Permitted Exceptions (as such terms are hereinafter defined), and subject to any information discovered by Buyer or other information disclosed to Buyer by Seller or any other person after the date hereof and prior to the Closing (all such matters being referred to herein as “Exception Matters”), each Seller, as to itself and not the other Seller, represents and warrants to Buyer that the statements contained in this Section 3 shall be true, correct and complete as of the date hereof and, subject to Section 4(c) below, as of the Closing Date.  
(a)    Organization, Qualification, and Corporate Power.  The Target and the Co-Invest are each duly organized, validly existing, and in good standing under the laws of the jurisdiction of its formation.  The Target and the Co-Invest each have full power and authority to carry on the business in which it is engaged.
(b)    Ownership.  GGT is the sole legal and beneficial owner of all of the GGT Interests.  Bainbridge is the sole legal and beneficial owner of all of the Bainbridge Interests. GGT holds the GGT Interest, and Bainbridge holds the Bainbridge Interest, in its own name, free and clear of all liens, claims, charges, and has not sold, pledged, hypothecated or otherwise encumbered all or any portion of the Interest, and, no other person or entity has any right, title or interest in and to such Interest.  No other person or entity has any option or right to acquire any of the Interest, and the Interest are not subject to any agreement or understanding among any persons with respect to the voting or transfer thereof.  None of the Interest is evidenced by or represented by a certificate or certificates, and no certificates have ever been issued with respect to any of the Interest.
(c)    Non-contravention.  To the knowledge of Seller, neither the execution and delivery of this Agreement, nor the consummation of the transaction evidenced by this Agreement, will (i) violate any constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any governmental authority to which the Target or the Co-Invest is subject, (ii) subject to obtaining the Lender Consent (as hereinafter defined), result in a breach of, constitute a default under, result in the acceleration of, create in any party the right to accelerate, terminate, modify, or cancel, or require any notice under any agreement, contract, lease, license, instrument, or other arrangement to which the Target or the Co-Invest is a party or by which it is bound or to which any of 

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its assets is subject, (iii) result in the imposition of any lien upon any assets of the Target or the Co-Invest, or (iv) subject to obtaining the Lender Consent, require the Target or the Co-Invest to give any notice to, make any filing with, or obtain any authorization, consent, or approval in order for the parties to consummate the transactions contemplated by this Agreement.
(d)    Brokers’ Fees.  No brokers have been engaged or consulted by the Seller or the Target who are in any way entitled to compensation as a consequence of the sale of the Interest to Buyer other than ARA, A Newmark Company (“Broker”).  Seller shall be responsible for the commission owed to Broker pursuant to separate agreement, if and only if, the Closing occurs.  Seller agrees to indemnify and hold harmless the Buyer from and against any and all claims and expenses for any brokerage or agent commission or fee arising out of this transaction by any broker or agent with whom Seller has dealt, other than Broker.  
(e)    Books and Records.  The books of account, minute books, financial records, and other records of the Target (the “Records”), all of which have been made available to Buyer, are the same Records used by Target in its ownership and operation of the Property.  
(f)    Liabilities.  As of the Closing Date, the Target shall have no unpaid liabilities or obligations other than those liabilities and obligations (a) that are Permitted Exceptions (as hereinafter defined) or otherwise arising solely as a result of the Target holding title to the Property, (b) being prorated in connection with the Service Contracts (as hereinafter defined), (c) referred to in the Leases, (d) that will be adjusted or satisfied at Closing pursuant to this Agreement, or those liabilities that are incurred in the ordinary course prior to Closing and which will be satisfied by Seller following the Closing Date; and (e) that would have otherwise been assumed or been the responsibility of Buyer if Buyer had taken title to the Property by special warranty deed pursuant to this Agreement, such as by way of example only, matters related to the structural, physical or environmental condition of the Property.
(g)    Legal Compliance.  To the knowledge of Seller, the Target has not received any written notification from any governmental authority of any asserted present or past failure to comply in any material respect with such laws and there is no pending or threatened investigation by any Governmental Authority relating to any asserted or alleged failure to comply with any laws.
(h)    Tax Matters.
(i)    Neither the Target nor the Co-Invest has failed to file all Tax Returns that it was required to file, and has paid all taxes shown thereon as owing.
(ii)    There are no liens for taxes upon any property or assets of the Target or the Co-Invest, except for liens for taxes not yet due and payable or being contested in good faith by appropriate proceedings.
(iii)    Neither the Target nor the Co-Invest has waived any statute of limitations in respect of taxes or agreed to any extension of time with respect to tax assessment or deficiency.
(iv)    Neither the Target nor the Co-Invest is a party to any tax allocation or sharing agreement, other than customary tax indemnification contained in credit agreements or other commercial agreements the primary purpose of which do not relate to taxes.

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(v)    No action, suit, proceeding, audit, claim or, to the knowledge of any Seller, investigation is pending or, to the knowledge of any Seller, threatened in respect of any tax deficiency or audit relating to the Target or the Co-Invest.
(i)    Real Property. In addition to the specific provisions related to the Property each Seller, as to itself and not the other Seller, represents as follows.
(i)    Except for the Loan (as hereinafter defined), the Permitted Exceptions, the Leases and the Service Contracts, there are no other contracts or agreements related to the use or operation of the Property which would be binding upon Buyer after the Closing.
(ii)    Seller has received no written notice of any current, proposed or threatened eminent domain or similar proceeding, or private purchase in lieu of such proceeding, which would affect the Property in any manner.
(iii)    Seller has received no written notice of pending litigation which does or would affect the Seller's ability to fulfill its obligations under this Agreement.  
(iv)    The Rent Roll is true and correct in all material respects, and is the same rent roll used by Seller in the operation of the Property.
(v)    As of the Effective Date, Seller has received no written notice to the effect that the Property is not in compliance with applicable laws and ordinances or any applicable covenants, restrictions or agreements or that there has been or may be an investigation of the Property by any governmental authority having jurisdiction over the Property.
(vi)    Seller is not a “foreign person” as defined in Section 1445 of the Internal Revenue Code of 1986, as amended, and the Income Tax Regulations thereunder.
(j)    Contracts.  Except for the service contracts listed on Schedule 3(j) attached hereto ("Service Contracts") and Target’s contract with the management company for the Property, there are no other service contracts or other types of contracts relating to the Property and entered into by Target prior to Closing relating to the use, ownership or operation of the Property.  Seller has made available to Buyer a correct and complete copy of each such Service Contract.  To the knowledge of Seller (i) neither the Target nor any other party to any Service Contract is in breach of or default under such Service Contract, (ii) no event has occurred which (after notice or lapse of time or both) would become a breach or default by the Target or any other party under any such contract, (iii) all such Service Contracts were entered into by the parties thereto as a result of arm’s length negotiations, and (iv) no party to any such Service Contract has exercised any termination rights with respect thereto.
(k)    Litigation.  Excluding tenant evictions, if any, Schedule 3(k) attached hereto sets forth each instance in which the Target or the Co-Invest (i) is subject to any outstanding injunction, judgment, order, decree, ruling, or charge exceeding U.S. $5,000, (ii) is named in any claim or series of claims filed by any person with any governmental authority (including, without limitation, consumer protection agencies), or (iii) is a party to (or, to the knowledge of Seller, has been threatened to be made a party to) any action, suit, proceeding, hearing, or investigation of, in, or before any court or quasi-judicial or administrative agency of any federal, state, local, or foreign jurisdiction.
(l)    Employee . Neither the Target or the Co-Invest has any employees.

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(m)    Environmental.
(i)    To Seller’s knowledge, the Target is in compliance in all material respects with those Federal and State laws having jurisdiction over the Property and relating to environmental matters.
(ii)    The Target has not received any written notice that the Property is in violation of any Federal or State laws having jurisdiction over the Property and relating to environmental matters.
(n)    Insurance. Schedule 3(m) attached hereto sets forth a list of all insurance coverage carried by the Target, the carrier and the terms and amount of coverage.  To Seller’s knowledge, the Target is not in default with respect to its obligations under any insurance policy maintained by it, and all such policies and other instruments are in full force and effect and all premiums with respect thereto have been paid.  The Target has not received written notice of any pending or threatened termination of any such policies or any premium increases for the current policy period with respect to any such policies, and to the knowledge of Seller, the consummation of the Transaction will not result in any such termination or premium increase.  
4.    REPRESENTATIONS AND WARRANTIES RELATING TO SELLER AND BUYER
(a)    Subject to all matters disclosed in the Property Information and/or the Permitted Exceptions, and subject to any information discovered by Buyer or other information disclosed to Buyer by Seller or any other person after the date hereof and prior to the Closing (all such matters being referred to herein as “Exception Matters”), each Seller, as to itself and not the other Seller, hereby represents and warrants to Buyer as follows:
(i)    Seller has the full right, power and authority to enter into this Agreement and to sell and convey the Property to Buyer as provided herein and to carry out its obligations hereunder.
(ii)    None of the execution, delivery or performance of this Agreement by Seller does or will, with or without the giving of notice, lapse of time or both (i) violate, conflict with or constitute a default under (A) the organization documents of Seller or any material agreement, instrument or other document to which Seller is a party or by which it is bound, or (B) any judgment, decree, order, statute, injunction, rule or regulation of a governmental unit applicable to Seller or (ii) result in the creation of any lien upon the Property.
With respect to GGT, whenever reference is made in this Agreement to the knowledge of Seller, or to Seller receiving notice, such references shall be deemed limited to the collective actual and not the implied or imputed knowledge of Michael Tetrick (“GGT Knowledge Party”), without independent investigation.  With respect to Bainbridge, whenever reference is made in this Agreement to the knowledge of Seller, or to Seller receiving notice, such references shall be deemed limited to the collective actual and not the implied or imputed knowledge of Thomas Keady and Paul DeCain (collectively, the “Bainbridge Knowledge Parties”, and together with the GGT Knowledge Party, the “Knowledge Parties”), without independent investigation other than reasonable inquiry of Seller’s property manager.  Under no circumstances shall the Knowledge Parties have any personal obligations or liabilities under this Agreement or otherwise and Buyer waives all rights to sue or seek personal 

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judgment against the Knowledge Parties.  Notwithstanding anything to the contrary contained in this Agreement, GGT is not making any representations or warranties as to the Co-Invest.
(b)    Buyer hereby represents and warrants to Seller that Buyer (i) has the full right, power and authority to enter into this Agreement and to purchase the Property from Seller as provided herein and to carry out its obligations hereunder; (ii) none of the execution, delivery or performance of this Agreement by Buyer does or will, with or without the giving of notice, lapse of time or both (i) violate, conflict with or constitute a default under (A) the organization documents of Buyer or any material agreement, instrument or other document to which Buyer is a party or by which it is bound, or (B) any judgment, decree, order, statute, injunction, rule or regulation of a governmental unit applicable to Buyer, or (ii) require the approval or waiver of or filing with any person (including, without limitation, any governmental unit, agency or instrumentality); (iii) this Agreement constitutes and, when so executed and delivered, the other agreements and instruments delivered by Buyer under or in connection with this Agreement will constitute, the legal, valid and binding obligations of Buyer, enforceable against Buyer in accordance with their respective terms; (iv) Buyer has not relied upon any oral or written information provided by Seller except for the specific representations and warranties of Seller contained herein and acknowledges that no employee, agent or representative of Seller has been authorized to make, and that Buyer has not relied upon, any statements or representations other than those specifically contained in this Agreement; (v) Buyer has adequate financial resources to purchase the Property, (vi) Buyer is not a person or entity with whom Seller is restricted from doing business under applicable laws relating to national security (such as the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, commonly known as the “USA Patriot Act”) and executive orders and regulations relating to such applicable laws; and (vii) no brokers have been engaged or consulted by the Buyer who are in any way entitled to compensation as a consequence of the sale of the Interest to Buyer, and Buyer agrees to indemnify and hold harmless the Seller from and against any and all claims and expenses for any brokerage or agent commission or fee arising out of this transaction by any broker or agent with whom Seller has dealt.   
(c)    If Buyer discovers that, prior to or at the Closing, any representation or warranty of the other is false, misleading or inaccurate in any material respect as of the Effective Date, or if any update to a representation or warranty (other than as to changes to the Rent Roll as a result of the provision of Section 4(c)(iv) above) provided by Seller has a material adverse impact on the value of the Property, and is not acceptable to Buyer, in Buyer’s commercially reasonable discretion, Buyer may, after providing Seller with a written notice outlining in sufficient detail the objection and allowing Seller five (5) business days to cure said objection, have the right as Buyer’s sole and exclusive right and remedy, and within three (3) business days following such five business day period, to terminate this Agreement, in which the Deposit shall be returned to Buyer and neither party shall have any further obligations to the other party hereunder, except with respect to obligations that expressly survive the termination hereof. Seller and Buyer's representations and warranties contained in this Agreement shall automatically be deemed modified to reflect all information actually known to Buyer prior to the Effective Date, which shall include, without limitation, any knowledge that Buyer has by virtue of an affiliate of Buyer owning an interest in the Seller.  Buyer shall promptly inform Seller in writing if it discovers that any representation or warranty of Seller is inaccurate in any material respect, or if it believes that Seller has failed to deliver to Buyer any document or material which it is obligated to deliver hereunder.
5.    PRE-CLOSING COVENANTS.  The parties agree as follows:

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(a)    Distributions. Target and Co-Invest shall have the right to make distributions prior to Closing, in accordance with the terms of their respective organizational documents.
(b)    Operation of Business.  Seller will (i) cause the Target and Co-Invest to not, and will not permit the Target or Co-Invest to, engage in any practice, take any action, or enter into any transaction outside the “Ordinary Course of Business” (which shall mean operating the Property in a manner which is not consistent with Target or Co-Invest’s current operating procedures), (ii) cause the Target and Co-Invest to substantially maintain their respective business organizations and properties, and (iii) use commercially reasonable efforts to maintain the Property in working order, ordinary wear, tear, casualty and usage excepted, and consistent with past practice and, shall cause the Target to replace worn out assets and in accordance with historical and customary operating practices.  Except as expressly contemplated by this Agreement, Seller will cause the Target and Co-Invest not to:
(i)    Intentionally deleted;
(ii)    terminate (other than due to expiration), enter into any new, or materially modify or amend to the detriment of the Target, any existing material Leases or Service  Contracts (except in the event of a default or other option or right permitted thereunder), other than in the Ordinary Course of Business;
(iii)    organize any subsidiary or acquire any participation of any person or any equity or ownership interest in any business (other than investments in marketable securities), including without limitation, any acquisition, merger or other business combination transaction without the permission of Buyer, other than in the Ordinary Course of Business;
(iv)    pay, discharge or satisfy any claim, liability or obligation (whether fixed or contingent) in excess of U.S. $25,000, other than in the Ordinary Course of Business; 
(v)    enter into any agreement, contract or other commitment with Seller, any director or executive officer of the Target or any related person of any such persons, other than in the Ordinary Course of Business;
(vi)    modify, change or otherwise alter in any material respect the fundamental nature of its business as presently conducted; 
(vii)    sell, transfer or convey any assets other than in the Ordinary Course of Business; 
(viii)    unless expressly required by this Agreement, enter into a contract the performance of which will involve the payment of consideration either to or from a Target in excess of U.S. $25,000 per annum, or modify, change or otherwise alter in any respect any Service Contract;
(ix)    agree or otherwise commit, whether in writing or otherwise, to do any of the foregoing;
(x)    except as has been previously committed or commenced and disclosed to Buyer, make any capital expenditure (including expenditure on inventory) above U.S. $25,000, unless necessary in Seller’s commercially reasonable judgment where the safety of any tenant or the Property is concerned.

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provided, however, that, in each case, Seller may request the written consent of Buyer in respect of any action prohibited by this Section 5 which Seller deem, in their sole discretion, to be reasonably necessary to the business of the Target.  
Seller agrees to cooperate, and Seller will cause the Target to cooperate, to give representatives of Buyer access to the properties, books, records (including Tax records), contracts, agreements, and any other documents of  or pertaining to the Target.  
(c)    Notice of Developments.  Each party will give prompt written notice to the other parties of any material adverse development causing a material breach of its own representations and warranties in Sections 3 or 4, as applicable, above.  
(d)    Exclusivity.  Seller shall (and Seller will cause the Target, and its respective officers, directors, representatives, consultants, financial advisors, attorneys, accountants and other agents to) refrain from taking any action to, directly or indirectly, encourage, initiate, solicit or engage in discussions or negotiations with, or provide any information to, any person, other than Buyer (and its affiliates and representatives), concerning any purchase or sale of any Interest or the Property (including by way of any issuance of new shares by a Target in a public offering or private placement) or any merger, recapitalization or similar transaction involving the Target.  Seller will notify Buyer as soon as practicable if any person makes any proposal, offer, inquiry to, or contact with, a Seller, the Target, as the case may be, with respect to the Interest and shall describe in reasonable detail the identity of any such Person and the substance and material terms of any such contact.
(e)    New Leases; Modifications; Operations. Prior to the Closing, Seller will continue to operate and maintain the Property prior to the Closing in the Ordinary Course of Business, which may include, but not be limited to, evicting any tenants for non-payment of rent, entering into new leases at market rates and/or modifying any existing Leases.  
6.    CLOSING CONDITIONS AND RELATED MATTERS
(a)    Closing Date.  Unless this Agreement is terminated as provided herein, the closing of the transactions described herein (“Closing”) shall occur on or before June 30, 2017 (“Closing Date”). Closing shall be an escrow-type closing, with documents delivered to the Escrow Agent at such time, or at such other place, as may be mutually agreed upon by the parties.
(b)    Seller Deliverables.At Closing, each Seller shall deliver to Buyer the following, in each case in form and substance reasonably satisfactory to Buyer and Seller:
(i)    an assignment of interests (“Assignment of Interests”), which shall be in the form attached hereto as Exhibit D; 
(ii)    a certificate of Seller as the Escrow Agent may require evidencing that Seller is authorized to execute and deliver the transaction documents and any certificates and other documents to be delivered hereunder; 
(iii)    those documents or instruments required by the Escrow Agent to satisfy requirements 9, 10 and 14 of the Title Commitment.

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(iv)    a counterpart of a closing statement (the "Closing Statement") prepared by the Escrow Agent that sets forth the prorations, Purchase Price and other amounts paid and disbursed in accordance with this Agreement; 
(v)    if applicable, the documents prepared by the Lender relating to the Lender Consent (“Lender Consent Documents”);
(vi)    An executed property management agreement by an affiliate of Bainbridge under terms acceptable to Bainbridge and the Buyer; provided, however, the execution of such property management agreement is not a condition to close hereunder, and Seller shall not be in default if such agreement is not executed.
(c)    Buyer’s Deliverables.  At Closing, Buyer shall deliver to Seller the following, in each case in form and substance reasonably satisfactory to Seller:
(i)    payment of the Purchase Price to each Seller, as increased or decreased by proration and adjustments as herein provided, in immediately available wire transferred funds; 
(ii)    a counterpart of the Assignment of Interests; 
(iii)    a counterpart of a Closing Statement; and
(iv)    if applicable, the Lender Consent Documents.
(d)    Each party will pay all its own expenses incurred in connection with this Agreement and the transactions contemplated hereby, including, without limitation, (1) all costs and expenses stated herein to be borne by a party, and (2) all of their respective accounting, legal and appraisal fees.  Buyer and Seller shall each pay one-half of all the fees, costs and expenses of Escrow Agent not related to any title policy issuance, if any, and the costs of any taxes assessed thereon.  Buyer, in addition to its other expenses, shall pay at Closing, if applicable (1) all “grantee” or recordation taxes other than the Grantor’s Tax, including but not limited to the State Recordation Tax and any local recordation tax applicable to the transfer of the Property; (2) any costs associated with the Title Commitment and issuance of an Owner’s and, if applicable, Lender’s policy of title insurance, including Buyer’s reimbursement to Seller for all costs and expenses of the Title Report; (3) costs of the Survey; (4) the entirety of any mortgage application or financing costs and any other fees incurred by Buyer; and (5) all documentary stamps, deed stamps, realty transfer taxes, and intangible taxes, fees and charges assessed in connection with a note and mortgage and the financing of any portion of the Purchase Price, if applicable. Seller shall pay at Closing, if applicable (1) all of the Grantor’s Tax assessed on the transfer of the Property by the Commonwealth of Virginia; and (2) all recording fees required in connection with Seller’s obligation, if any, to terminate or release certain documents recorded in the land records that affect title to the Property.  
(e)    Existing Loan.
(i)    The parties recognize that the Property is subject to a Credit Line Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (“Mortgage”) securing a Promissory Note (“Note”, and together with the Mortgage and all other documents executed in connection with the Note, the "Loan Documents") both of which are dated April 28, 2015, and executed by Target in favor of 

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First-Citizens Bank & Trust (the “Lender”) pursuant to a loan (“Loan”) in the original principal amount of $25,289,429.  
(ii)    During the term of this Agreement, Buyer shall use commercially reasonable efforts to obtain the “Lender Consent”, which shall mean the written consent of Lender  (i) approving a change in structure and ownership of the Target such that the Target is owned and controlled exclusively by Buyer; and (ii) a release of all guarantors and/or indemnitors of the Loan (excluding the Target) from all obligations and liabilities from and after the Closing Date.
(iii)    Buyer shall be responsible for any and all costs imposed by Lender in connection with the Lender Consent, including, without limitation, the Lender’s attorneys’ fees, the Lender’s appraisal fee, the Lender’s title costs, application fees, and any other costs and expenses incurred or imposed by Lender.  If the parties proceed with the Lender Consent, then at Closing, interest on the Note shall be prorated as of the Closing Date, and Seller shall receive a cash credit at Closing for all deposits, reserves and/or impounds held by Lender under or in connection with the Loan Documents.  
(iv)    Notwithstanding anything to the contrary contained herein, Seller and Buyer’s obligation to complete the purchase of the Interest is not conditioned upon Buyer obtaining the Lender Consent.  If the Lender has not approved the Lender Consent, and issued execution copies of the Lender Consent Documents, at least three (3) business days prior to the Closing Date, then the parties shall proceed to Closing without the Lender Consent, and Seller shall cause the Loan to be satisfied in full at Closing.
7.    CLOSING PRORATIONS AND ADJUSTMENTS
(a)    Property Taxes.  General real estate taxes and assessments imposed by governmental authority and any assessments imposed by private covenant constituting a lien or charge on the Real Property for the then current calendar year or other current tax period (collectively, “Taxes”) not yet due and payable shall be prorated, based on the maximum allowable discount.  If the Closing occurs prior to the receipt by Seller of the tax bills for the calendar year or other applicable tax period in which the Closing occurs, Buyer and Seller shall prorate estimated Taxes for such calendar year or other applicable tax period based upon the most recent ascertainable assessed values and tax rates.
(b)    Operating Expenses.  Seller will endeavor to cause all meters for electricity, gas, water, sewer or other utility usage at the Property to be read on the day before the Closing Date.  Seller will pay all charges for such utility charges which have accrued on or prior to the Closing Date.  If the utility companies are unable or refuse to read the meters on the Closing Date, all charges for such utility charges to the extent unpaid will be prorated and adjusted as of the day before the Closing Date based on the most recent bills.  Seller shall retain utility deposits and deposits with governmental and quasi-governmental authorities, and initial inducement payments made to Seller by vendors.  All other operating expenses of the Property, including pre-paid expenses, association maintenance charges and special assessments, if applicable, and costs pursuant to the Service Contracts shall be prorated between Seller and Buyer as of 11:59 p.m. the day before the Closing Date such that Seller shall be deemed the owner of the Property for the day prior to the Closing Date and Buyer shall be deemed the owner of the Property commencing as of the day of Closing; provided, however, there will be no proration of insurance premiums, it being agreed that Buyer will be responsible to obtain its own insurance as of the Closing.  Notwithstanding the foregoing, Seller shall retain and reserve from the sale all (i) utility deposits and deposits with governmental and quasi-governmental authorities, (ii) non-refundable tenant fees such as 

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amenity fees, cleaning fees, redecorating fees and pet fees, and (iii) initial inducement payments made to Seller by vendors.
(c)    Tenant Provisions. The Property is occupied by tenants (collectively, the “Tenants”), and subject to one or more leases (collectively, the “Leases”).  
(i)    Rents.  Collected rents and collected other income under the Leases for the month of Closing shall be prorated between Seller and Buyer as of 11:59 p.m. the day before the Closing Date such that Seller shall be deemed the owner of the Property for the day prior to the Closing Date and Buyer shall be deemed the owner of the Property commencing as of the day of Closing.  Buyer’s portion of prepaid rents, if any, under the Leases shall be credited to Buyer at Closing.  The security deposits shall be kept in the banking account under the name of the Target.
(ii)    Delinquent Rents.  All uncollected rents for the months prior to the month in which the Closing occurs and all uncollected rents through Closing (“Delinquent Rents”), shall remain Seller’s property, and neither Buyer nor Seller shall receive any proration or credit therefor at Closing.  Any and all Delinquent Rents received by Buyer after the Closing Date shall be promptly remitted to Seller.  No portion of Delinquent Rents attributable to a particular Tenant shall be applied against the rents or Delinquent Rents attributable to another Tenant.  Buyer shall not be obligated to file suit to collect the Delinquent Rents but Seller shall have the right to sue any tenants for any Delinquent Rents or other sums due Seller as of the Closing Date but may not seek eviction of any tenant.  This provision shall survive Closing.
(iii)    Rent Ready Credit.  At the time of Closing, Seller shall cause all apartment units in the Property which have been vacant for five (5) days or more to be in a market rent-ready condition according to normal industry practice (including without limitation painted, cleaned, carpeted, with all appliances in working condition).  With respect to each apartment unit that has been vacant for five (5) days or more prior to Closing that is not in such a rent-ready condition at the Closing, Buyer shall receive a credit against the Purchase Price in the sum of Four Hundred Dollars ($400.00).
(d)    Final Prorations.  Except as set forth in Sections 7(a), 7(b) and 7(c)(iii) above, all of the prorations under this Agreement shall be final as of the Closing Date, with absolutely no adjustment after Closing.  This Section shall survive the Closing.  With respect to Sections 7(a), 7(b) and 7(c)(iii) above, if final prorations cannot be made at Closing, then Buyer and Seller agree to allocate such items on a fair and equitable basis as soon as invoices or bills are available, with final adjustment to be made as soon as reasonably possible after the Closing, but no later than 90 days after the Closing, to the effect that income and expenses are received and paid by the parties on an accrual 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 shall have reasonable access to, and the right to, inspect and audit Buyer's books to confirm the final prorations.
(e)    Target Cash Items.  Notwithstanding anything else to the contrary contained herein, cash, escrows and reserves in connection with the Loan, receivables, utility deposits and similar items which belong Target, shall not be prorated hereunder, and GGT and Bainbridge shall be entitled to its allocable share of such items as if Buyer had purchased the Property from Target, pursuant to the organizational documents of Target and Seller.
(f)    Tax Elections. 

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(i)    The responsibility for the filing of the Target’s return for federal and state income tax and state personal property tax for the partial year 2017 ending on the day before the Closing Date shall be Seller’s responsibility.  Should such partial year return or returns for prior years be audited, the responsibility for dealing with, settling and paying any such tax liability shall be Seller’s responsibility, and Seller shall hold Buyer and the Target harmless from and against any and all loss, cost or expense (including reasonable attorneys’ fees and other professional fees) as a result of any liability arising as a result of such audits or with respect to any tax liability for the period of time prior to the Closing Date.  
(ii)    The responsibility for filing the Target’s return for the partial year from and after the Closing Date shall be Buyer’s responsibility.  Should such partial year return be audited, the responsibility for dealing with, settling and paying any such tax liability shall be Buyer’s responsibility, and Buyer and the Target shall hold Seller harmless from and against any and all loss, cost or expense (including reasonable attorneys’ fees and other professional fees) as a result of any liability arising as a result of such audits or with respect to tax liability first arising during the period of time from and after the Closing Date.
(iii)    This Section 7(f) shall survive the Closing Date.
8.    ACCESS TO PROPERTY AS MAIN ASSET OF TARGET
(a)    Subject to the terms of this Section 5, Buyer shall have the right to make, during normal business hours and at Buyer's sole expense, any investigations regarding the Property; provided, however, Buyer agrees not to cause any damage to the Property or unreasonably interfere with any tenant’s possession and/or Target’s operations.  Seller or its designated representative will be present during Buyer’s on site inspections and Buyer shall give Seller notice no less than two (2) business days in advance of the date for its inspections of the Property.  Buyer agrees that Buyer shall not contact or interview any tenant of the Property.  If Buyer intends to carry out any test, inspection or investigation involving the physical disturbance of any portion of the Property, Buyer shall give Seller at least two (2) business days prior notice of such intention and the conduct of such test, inspection and investigation shall be subject to Seller's reasonable regulations; provided, however, that in no event shall Buyer be permitted to perform soil borings or other invasive or intrusive tests on the Property without Seller’s prior written consent, which consent may be withheld by Seller in Seller's sole and absolute discretion.  Any party performing inspections at the Property on behalf of Buyer shall be properly licensed and maintain liability insurance in commercially reasonable amounts, but in no event less than Two Million per occurrence.  Notwithstanding Buyer’s right to access the Property, Buyer shall have no right to terminate this Agreement based on the physical condition of the Property, Buyer acknowledging that it is familiar with such condition and has accepted same.
(b)    Buyer shall repair any damage to the Property resulting from any inspections, studies or tests performed by Buyer, except to the extent such damage results from the mere discovery of a condition that existed at the Property prior to any entry by Buyer, to the extent such pre-existing condition is not further disturbed as a result of Buyer’s inspections.  In connection with such entry onto the Property, Buyer agrees at all times during the entries onto the Property that it will cause its agents to, maintain in effect commercial general liability insurance on an occurrence basis (including contractual liability, contractor’s protective liability, personal injury and property damage coverage) of not less than One Million Dollars ($1,000,000.00) per occurrence and at least Two Million Dollars ($2,000,000.00) aggregate limit, and provide Seller with evidence of such insurance coverage prior to any entry onto 

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the Property.  Such insurance may be maintained directly by Buyer or by Buyer’s affiliates, members or contractors.  Before any such entry, Buyer shall provide Seller with a certificate of insurance naming Seller as an additional insured and with insurance limits as provided for herein, if Seller requests.
(c)     Buyer will not permit any mechanics' lien or liens to be placed upon the Property relating to Buyer’s activities hereunder.  Buyer hereby agrees to indemnify, defend and hold Target, Seller and Seller's agents, employees, contractors, shareholders, officers and directors (collectively herein referred to as the "Seller Parties") harmless from and against any and all liens for any materials or services furnished to the Property by, or on behalf of, Buyer.  If any lien is claimed against the Property for services or materials provided at the request of, or for the benefit of, Buyer, then Buyer shall promptly take whatever action is necessary to release and remove such lien as soon as possible, but not later than fifteen (15) days after the date the lien was filed.  If such lien has not been removed within such fifteen (15) day period, Seller may take whatever action, in its sole discretion and at Buyer' sole cost and expense, that it deems reasonably necessary to release and remove the lien.
(d)    Notwithstanding anything contained herein to the contrary, Buyer covenants and agrees to indemnify, defend and hold the Seller Parties harmless from any and all injury to any person, loss of life or property damage arising out of any action or inaction of Buyer or its agents or independent contractors in connection with Buyer’s investigation of the Property, including consequential damages to the Seller Parties (including loss of profits); provided, however, Buyer shall not be liable for matters occurring to the extent the result of the gross negligence or intentional act of the Seller Parties, or for mere disclosure to Seller of the results of such inspections and investigations (except to the extent exacerbated by Buyer).  In conducting any investigations and review of the Property, Buyer and its agents and representatives shall: (i) not damage any part of the Property nor conduct any activities precluded by this Agreement; (ii) not injure or otherwise cause bodily harm to Seller or any other third party; (iii) promptly pay when due the costs of all investigations done with regard to the Property; (iv) not permit any liens to attach to the Property by reason of the exercise of Buyer’s rights hereunder; and (v) upon completion of any inspection by Buyer and/or its agents or independent contractors, Buyer shall restore any damage to the Property caused by same.  Notwithstanding anything to the contrary herein, if Buyer terminates this Agreement in accordance with the terms of this Agreement and is entitled to a refund of the Deposit, Escrow Agent shall not release any of the Deposit until Seller has given written notice that the Property has been restored as required herein and Buyer has otherwise complied with its obligations under this Agreement.
(e)    Seller has previously made or will make available to Buyer for Buyer's review at the Property, certain items and information pertaining to the Property with the exception of any financially privileged documents pertaining to Seller (collectively, the “Property Information”).  The Property Information shall be returned by Buyer to Seller if the transaction is terminated for whatever reason.  The Property Information is being delivered to Buyer as an accommodation only and Seller does not represent or warrant the truth, accuracy, completeness or correctness of any such Property Information or any other information delivered to Buyer from any broker on Seller’s behalf.  Buyer acknowledges and agrees that the Property Information delivered or given by Seller to Buyer in connection with the transaction contemplated hereby is provided to Buyer as a convenience only and that any reliance on or use of such Property Information by Buyer shall be at the sole risk of Buyer.  Further, if Buyer terminates this Agreement or this Agreement does not close for any reason whatsoever, Buyer shall deliver to Seller a copy of all reports, analysis, studies, investigations, work product and materials obtained by or prepared by or on behalf of Buyer, or delivered to Buyer or Buyer’s agents or independent contractors, within a reasonable period of time (not to exceed ten (10) days) of receipt of 

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such materials by Buyer, provided such materials shall be delivered without representation or warranty as to accuracy or completeness thereof.  The obligations to deliver such documents shall survive the termination of this Agreement.  
(f)     Buyer acknowledges and agrees that all of the Property Information delivered by or on behalf of Seller and any other information obtained by Buyer regarding the Property as a result of Buyer’s physical inspection of the Property other than information that (i) is or becomes generally available to the public other than as a result of a disclosure by Buyer or its representatives, (ii) was or becomes available on a non-confidential basis from a source other than Buyer or its representatives, or (iii) is independently developed from a non-confidential source by Buyer or its representatives ("Confidential Information") shall be and remain confidential.  Buyer further agrees and acknowledges that if any such Confidential Information is disclosed to third parties, to Seller’s employees or Seller’s tenants, Seller may suffer damages and irreparable harm.  Buyer expressly acknowledges, covenants and agrees (a) that Buyer shall not make any press release or other public disclosure concerning the transaction contemplated by this Agreement and Buyer shall not disclose any of the contents or information contained in or obtained as a result of any due diligence reports or any other studies made in connection with Buyer's investigation of the Property, in any form whatsoever (including, but not limited to, any verbal information received by Buyer during the course of Buyer's inspection and investigation of the Property), to any party other than Buyer's attorney, accountants, employees, professional firms performing inspections and report reviews, investors and prospective lender; and (b) that in making any disclosure of such information as permitted hereunder, Buyer shall advise such third parties of the confidentiality of such information and the potential of damage to Seller and the liability of Buyer and such third party as a result of any disclosure of such information by such third party and be responsible for such third party's compliance.
(h)    It is expressly acknowledged by Buyer that the Closing of the transactions contemplated by this Agreement is not subject to any financing contingency and that no financing for this transaction shall be provided by Seller.  Without limiting the foregoing, Buyer agrees that the ability or inability of Buyer to obtain debt, equity investments or other financing in order to pay all or any part of the Purchase Price shall not be a contingency or condition to any of Buyer’s obligations under this Agreement.
(g)    Buyer shall not, during the term of this Agreement, solicit or interview Seller's managing agent's personnel for employment, or discuss the terms and provisions of this Agreement with such personnel, without Seller's prior written consent. 
(h)    The terms of this Section shall survive any termination of this Agreement or the Closing.
9.    TITLE TO PROPERTY
At Closing, Seller shall assign the Interest to Buyer subject to the following items (collectively, the “Permitted Exceptions”): any exception arising out of an act of Buyer or its representatives, agents, employees or independent contractors; zoning and subdivision ordinances and regulations; rights of tenants under Leases; real estate taxes which are not yet due and payable, assessments and special district levies, zoning and other regulatory laws and ordinances affecting the Property; those matters shown on that certain Commitment for Title Insurance (“Title Commitment”) issued by Escrow Agent, with an effective date of June 5, 2017, evidenced by File No.: 17000140285 

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(a copy of which has been reviewed and approved by Buyer).  Notwithstanding the foregoing, at the Closing and provided that (i) the parties are not proceeding with the Lender Consent; and (ii) Buyer is not in default hereunder, then Seller agrees, at Seller's sole cost and expense, to cause to be released any deed of trust voluntarily created by Seller that affects the Property (whereupon such deed of trust shall not be a Permitted Exception).
10.    RISK OF LOSS AND CONDEMNATION
(a)    In the event of casualty at the Property, and the cost for repair of such casualty is estimated by Seller to exceed five percent (5%) of the Purchase Price (the “Damage Threshold Amount”), then Seller may at its option elect to cause Target to repair the Property to the condition immediately prior to such casualty before the Closing Date (and the Closing Date shall be extended if necessary to provide for such repair).  If Seller fails to make such election within ten (10) days of its knowledge of the casualty, then Buyer shall have the option, to be exercised five (5) days after the date of receipt of Seller’s notice of such damage (and the Closing Date shall be extended if necessary to provide for such five (5) day period), to either: (i) terminate this Agreement, in which case the Escrow Agent shall return the Deposit to the Buyer and no party shall have any further liability or obligation to any other party under this Agreement, except with respect to obligations that expressly survive the termination hereof, or (ii) elect to proceed with the Closing, in which case Target shall retain all rights to receive insurance proceeds for such casualty.  
(b)    Buyer is bound to purchase the Property as required by the terms of this Agreement without regard to the occurrence or effect of any damage to or destruction of the Property, provided that the occurrence of any damage or destruction to the Property involves repair costs equal to or less than Damage Threshold Amount and in such event the Target shall retain all rights to receive insurance proceeds for such casualty.  
(c)    If, after the Effective Date and prior to the Closing, all or a material part of the Property is threatened or taken by eminent domain or condemnation, Seller shall promptly notify Buyer in writing and Buyer or Seller may give written notice to the other party electing to terminate this Agreement prior to the Closing in which event both parties shall be relieved and released of and from any further liability hereunder, except as set forth herein, the Deposit shall forthwith be returned to Buyer by Escrow Agent, and thereupon this Agreement shall become null and void and be considered canceled.  If no such election is made within five (5) business days of Seller notifying Buyer of such taking, then this Agreement shall remain in full force and effect and the sale and purchase contemplated herein, excluding any interest taken by eminent domain or condemnation, shall be effected with no further adjustment, and, upon the Closing, Target shall retain all of the right, title and interest in and to any awards that have been or that may thereafter be made for such taking.
11.    DEFAULT
(a)    Seller’s Default.  In the event that Seller fails to perform on the Closing Date, then Buyer may, at its option and as its sole and exclusive remedy, either (i) terminate this Agreement and receive a full and immediate refund of the Deposit held by Escrow Agent or (ii) enforce specific performance of this Agreement.  As a condition precedent to Buyer’s exercising any right it may have to bring an action for specific performance hereunder, Buyer must commence such action for specific performance within thirty (30) days after the date scheduled for Closing.  Buyer agrees that its failure to timely commence such an action for specific performance within such thirty (30) day period shall be 

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deemed a waiver by it of its right to commence an action for specific performance as well as a waiver by it of any right it may have to file or record a notice of lis pendens or similar instrument against the Property.  The foregoing shall be the sole and exclusive remedies available to Buyer.  Buyer hereby expressly waives any right to seek damages against Seller.  In no event shall any member, officer, director, agent or employee of Seller or its partners be personally liable for any of Seller’s obligations under this Agreement or the documents to be delivered at the Closing.  For all purposes hereof, Buyer waives its right to seek, plead or obtain any judgment for any remedies or damages not specifically contained herein, including, without limitation, consequential, compensatory and punitive damages.  
(b)    Buyer’s Default.  In the event Buyer is in default under or in breach of any of the terms, covenants, conditions or obligations hereunder, then at the option of Seller, and as Seller’s sole and exclusive remedy, Escrow Agent shall deliver the Deposit to Seller and it shall become the property of Sellers,  allocated as follows:  GGT – 47.37% and Bainbridge – 52.63%.  Such sum is agreed upon by the parties as liquidated damages for the failure of Buyer to perform the duties, liabilities, and obligations imposed upon it by the terms and provisions of this Agreement and because of the difficulty, inconvenience and uncertainty of ascertaining actual damages, and upon delivery thereof, the parties shall thereupon be relieved and released from all other and further obligations under this Agreement except for the obligations of indemnification which expressly survive this Agreement.  The indemnity obligations of Buyer set forth in this Agreement are not subject to the limitations set forth in this Section. 
12.    NOTICES
Any notices, requests, demands, tenders and communications hereunder shall be in writing and may be served (i) by hand delivery; (ii) by recognized overnight, third party prepaid courier service (such as Federal Express); or (iii) by pdf attachment to email, provided that if sent by telecopy or electronically, a duplicate copy is sent contemporaneously by one of the methods described in (i) or (ii) above.  Any notice or other communication mailed as aforesaid shall be deemed effectively given (x) on the date of delivery if personally delivered or sent by telecopy or electronic delivery, (y) on the date delivered if sent by courier service, or (z) on the date indicated on the return receipt if mailed.  Such notices shall be given to the parties hereto at the following addresses:

If to Seller:        c/o The Bainbridge Companies
12765 W. Forest Hill Boulevard, Suite 1307
Wellington, FL  33414
Attn:      Paul DeCain
Email:     pdecain@bainbridgere.com

Copy to:        CNL Financial Group Investment Management, LLC
450 South Orange Avenue, Suite 1400
Orlando, FL 32801 
Attn: Michael Tetrick
mike.tetrick@cnl.com

 Copy to:        Broad and Cassel LLP
7777 Glades Road, Suite 300 
Boca Raton, FL 33434
Attn:    Christopher Staller
Email: cstaller@broadandcassel.com        

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Copy to:        Lowndes Drosdick
450 S Orange Avenue, Suite 200
Orlando, FL 32801
Attn: Laura M. Walda 
Email:  laura.walda@lowndes-law.com 
    
If to Buyer:        Amzak Capital Management, LLC
980 North Federal Highway, Suite 315
Boca Raton, FL 33432, 
Attn: Luis Espinal and/or Beatriz Beltranena
Email: luis@amzak.com, bbeltranena@amzak.com        

If to Escrow Agent:     Stewart Title Guaranty Company
National Title Services - Charlotte
5935 Carnegie Boulevard 
Telephone:  (704) 401-2026
Fax No.: (704) 401-2038
Attn: Danielle Howell
Email:  dhowell@stewart.com    

Any party hereto may, by giving five (5) days written notice to the other party hereto given in accordance with this Section, designate any other address in substitution of the foregoing address to which notice shall be given.  The attorney for a party has the authority to send and receive notices on behalf of such party.

13.    ESCROW AGENT
The Deposit shall be held by Escrow Agent in trust and may be deposited in an interest bearing account (the “Depository”).  Seller and Buyer agree that Escrow Agent shall have no liability in the event of failure, insolvency or inability of the Depository to pay such funds, or accrued interest upon demand or withdrawal.  Buyer and Seller acknowledge that the account may not protected by the insurance afforded by the FDIC. 
If at any time Escrow Agent receives written notice from Buyer demanding return of the Deposit (“Buyer’s Notice”), then Escrow Agent shall promptly deliver a copy thereof to Seller.  If on or before 5:00 p.m. on the date which is five business days following delivery of such Buyer’s Notice to Seller, Seller shall object to the return of the Deposit to Buyer by notice received by Escrow Agent (“Seller’s Objection Notice”), then Escrow Agent shall not disburse the Deposit to Buyer until the dispute is resolved. However, if Seller does not deliver a Seller’s Objection Notice to Escrow Agent on or before 5:00 p.m. on the date which is five business days following Seller’s receipt of such Buyer’s Notice from Escrow Agent, then Escrow Agent may disburse the Deposit to Buyer.
If at any time Escrow Agent receives written notice from Seller demanding return of the Deposit (“Seller’s Notice”), then Escrow Agent shall promptly deliver a copy thereof to Buyer.  If on or before 5:00 p.m. on the date which is five business days following delivery of such Seller’s Notice to Buyer, Buyer shall object to the return of the Deposit to Seller by notice received by Escrow Agent (“Buyer’s Objection Notice”), then Escrow Agent shall not disburse the Deposit to Seller until the dispute is 

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resolved. However, if Buyer does not deliver a Buyer’s Objection Notice to Escrow Agent on or before 5:00 p.m. on the date which is five business days following Buyer’s receipt of such Seller’s Notice from Escrow Agent, then Escrow Agent may disburse the Deposit to Seller.
Subject to the foregoing, in the event of any dispute regarding any action taken, or proposed to be taken, by Escrow Agent with respect to the Deposit, Escrow Agent, in its sole discretion, may:
(i)    Refuse to comply with any demands on it and continue to hold the Deposit until it receives either: (i) written notice signed by Buyer and Seller, directing the disbursement of the Deposit; or (ii) an order of a court, having competent jurisdiction thereover, directing the disbursement of the Deposit;
(ii)    On notice to Seller and Buyer, take such affirmative action as it may deem appropriate to determine its duties as escrow agent including, but not limited to, the placing of the Deposit with a court of competent jurisdiction and the commencement of an action for interpleader; or
(iii)    If Buyer or Seller shall have commenced litigation with respect to the Deposit, place the Deposit with the Clerk of the Court in which said litigation is pending.
Upon disbursing or depositing the Deposit under the provision of clause (a), (b) or (c) above, Escrow Agent shall have no further obligation with respect to the Deposit.

Buyer, Seller and Escrow Agent acknowledge that Escrow Agent is acting hereunder as a depository only to the parties except as described herein, and Buyer and Seller, jointly and severally, do hereby agree to indemnify and hold harmless Escrow Agent of and from any and all liabilities, costs, expenses and claims, of any nature whatsoever, by reason of or arising out of any act or failure to act as Escrow Agent hereunder, except in the case of Escrow Agent’s gross negligence or willful misconduct.  Buyer and Seller acknowledge that Escrow Agent has been retained by Seller to act as its counsel in connection with the sale of the Interest and shall be entitled to continue to represent Seller in connection with this Agreement or any other matter, notwithstanding Escrow Agent having agreed to act as escrow agent hereunder.

All parties agree that Escrow Agent shall not be liable to any party or person whomsoever for: (i) the sufficiency, correctness, genuineness or validity of any instrument deposited with it or any notice or demand given to it or for the form of execution of such instrument, notice or demand, or for the identification, authority or rights of any person executing, depositing or giving the same or for the terms and conditions of any instrument, pursuant to which the parties may act; (ii) acting upon any signature, notice, demand, request, waiver, consent, receipt or other paper or document believed by Escrow Agent to be genuine and Escrow Agent may assume that any person purporting to give it any notice on behalf of any party in accordance with the provisions hereof has been duly authorized to do so; or (iii) otherwise acting or failing to act under this Section except in the case of Escrow Agent’s gross negligence or willful misconduct. 
14.    SECTION 1445 OF INTERNAL REVENUE CODE
If applicable in order to comply with the provisions of Section 1445 of the Internal Revenue Code of 1986, as amended (the “Code”), Seller shall deliver to Buyer at Closing an affidavit 

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in which Seller, under penalty of perjury, affirms that Seller is not a “foreign person” as defined in the Code, states the United States taxpayer identification number of Seller, affirms that Seller intends to timely file a United States income return with respect to the transfer of the Interest and which otherwise conforms to the requirements of Section 1445 of the Code and the Regulations promulgated thereunder.  
15.    AS-IS CONDITION OF PROPERTY.  EXCEPT FOR THE SPECIFIC COVENANTS, REPRESENTATIONS AND WARRANTIES IN SECTIONS 3 AND 4 HEREIN AND IN THE CLOSING DOCUMENTS DELIVERED BY SELLER AT CLOSING, THE SALE OF THE INTEREST AS PROVIDED FOR HEREIN IS MADE ON AN “AS IS, WHERE-IS” CONDITION AND BASIS WITH ALL FAULTS.  TO THE EXTENT PERMITTED BY LAW, SELLER SPECIFICALLY DISCLAIMS ALL WARRANTIES OR REPRESENTATIONS OF ANY KIND OR CHARACTER, EXPRESS, IMPLIED, STATUTORY OR OTHERWISE (INCLUDING WARRANTIES OF MERCHANTABILITY AND WARRANTIES OF FITNESS FOR USE OR ACCEPTABILITY FOR THE PURPOSE INTENDED BY BUYER) WITH RESPECT TO THE INTEREST, THE PROPERTY OR THE PROPERTY’S CONDITION OR THE CONSTRUCTION, PROSPECTS, OPERATIONS OR RESULTS OF OPERATIONS OF THE PROPERTY.  THE DISCLAIMERS HEREOF SPECIFICALLY EXTEND TO, WITHOUT LIMITATION, (1) MATTERS RELATING TO HAZARDOUS MATERIALS AND COMPLIANCE WITH ENVIRONMENTAL LAWS, (2) GEOLOGICAL CONDITIONS, INCLUDING SUBSIDENCE, SUBSURFACE CONDITIONS, WATER TABLE, UNDERGROUND STREAMS AND RESERVOIRS AND OTHER UNDERGROUND WATER CONDITIONS, LIMITATIONS REGARDING THE WITHDRAWAL OF WATER, EARTHQUAKE FAULTS, AND MATTERS RELATING TO FLOOD PRONE AREAS, FLOOD PLAIN, FLOODWAY OR SPECIAL FLOOD HAZARDS, (3) DRAINAGE, (4) SOIL CONDITIONS, INCLUDING THE EXISTENCE OF INSTABILITY, CONDITIONS OF SOIL FILL, SUSCEPTIBILITY TO LANDSLIDES, AND THE SUFFICIENCY OF ANY UNDERSHORING, (5) ZONING AND SUBDIVISION AND COMPLIANCE WITH ZONING AND SUBDIVISION LAWS, (6) THE VALUE AND PROFIT POTENTIAL OF THE INTEREST OR THE PROPERTY AND (7) DESIGN, QUALITY, SUITABILITY, STRUCTURAL INTEGRITY AND PHYSICAL CONDITION OF THE PROPERTY AND COMPLIANCE OF THE PROPERTY WITH ANY LAWS (INCLUDING BUILDING CODES AND SIMILAR LAWS, THE AMERICANS WITH DISABILITIES ACT OF 1990 AND THE FAIR HOUSING AMENDMENTS ACT OF 1988).  BUYER REPRESENTS AND WARRANTS TO SELLER THAT BUYER IS A KNOWLEDGEABLE, EXPERIENCED AND SOPHISTICATED BUYER OF REAL ESTATE.  BUYER ACKNOWLEDGES THAT, EXCEPT FOR THE SPECIFIC COVENANTS, REPRESENTATIONS AND WARRANTIES MADE BY SELLER IN SECTIONS 3 AND 4 HEREIN AND IN THE CLOSING DOCUMENTS DELIVERED BY SELLER AT CLOSING, BUYER HAS NOT RELIED UPON AND WILL NOT RELY UPON, EITHER DIRECTLY OR INDIRECTLY, ANY STATEMENT OF SELLER OR ANY OF ITS AFFILIATES OR ANY OFFICER, DIRECTOR, TRUSTEE, AGENT, EMPLOYEE, BROKER, ATTORNEY OR OTHER PERSON ACTING OR PURPORTING TO ACT ON BEHALF OF SELLER OR ANY OF ITS AFFILIATES.  BUYER ACKNOWLEDGES THAT IT HAS CONDUCTED OR WILL CONDUCT SUCH INSPECTIONS AND INVESTIGATIONS AS TO THE INTEREST AND THE CONDITION OF THE PROPERTY AND ALL MATTERS BEARING UPON THE INTEREST, THE PROPERTY AND THE CONSTRUCTION, PROSPECTS, OPERATIONS AND RESULTS OF OPERATIONS OF THE PROPERTY AS IT DEEMS NECESSARY TO PROTECT ITS INTERESTS.  BUYER IS ACQUIRING THE INTEREST “AS IS” AND “WHERE IS” AND WITH ALL FAULTS, DEFECTS OR OTHER ADVERSE MATTERS.  UPON CLOSING, EXCEPT AS EXPRESSLY SET FORTH IN SECTIONS 3 AND 4 HEREIN AND IN THE CLOSING DOCUMENTS DELIVERED BY SELLER AT CLOSING, BUYER WILL ACCEPT THE PROPERTY, BY ACQUIRING THE INTEREST, 

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SUBJECT TO ADVERSE STRUCTURAL, PHYSICAL, ECONOMIC OR ENVIRONMENTAL CONDITIONS THAT MAY THEN EXIST AND THAT WERE OR MAY NOT HAVE BEEN REVEALED BY THE INSPECTIONS AND INVESTIGATIONS CONDUCTED BY BUYER, AND, EXCEPT FOR THE SPECIFIC COVENANTS, REPRESENTATIONS AND WARRANTIES IN SECTIONS 3 AND 4 HEREIN AND IN THE CLOSING DOCUMENTS DELIVERED BY SELLER AT CLOSING, BUYER SPECIFICALLY WAIVES AND RELEASES (1) ALL WARRANTIES, EXPRESS, IMPLIED, STATUTORY OR OTHERWISE (INCLUDING WARRANTIES OF MERCHANTABILITY AND WARRANTIES OF FITNESS FOR USE OR ACCEPTABILITY FOR THE PURPOSE INTENDED BY SELLER) WITH RESPECT TO THE INTEREST, THE PROPERTY OR ITS CONDITION OR THE CONSTRUCTION, PROSPECTS, OPERATIONS OR RESULTS OF OPERATIONS OF THE PROPERTY AND (2) ALL RIGHTS, REMEDIES, RECOURSE OR OTHER BASIS FOR RECOVERY (INCLUDING ANY RIGHTS, REMEDIES, RECOURSE OR BASIS FOR RECOVERY BASED ON NEGLIGENCE OR STRICT LIABILITY) THAT BUYER WOULD OTHERWISE HAVE AGAINST SELLER OR ANY OF ITS AFFILIATES, ANY PERSON WHO HOLDS A DIRECT OR INDIRECT OWNERSHIP INTEREST IN SELLER OR ANY SUCH AFFILIATE AND THE RESPECTIVE OFFICERS, DIRECTORS, TRUSTEES, AGENTS, EMPLOYEES, BROKERS AND ATTORNEYS OF EACH SUCH PERSON IN RESPECT OF THE CONDITION OF THE PROPERTY.  BUYER ACKNOWLEDGES AND AGREES THAT THE DISCLAIMERS, WAIVERS AND RELEASES SET FORTH HEREIN ARE AN INTEGRAL PART OF THIS AGREEMENT AND THAT SELLER WOULD NOT HAVE AGREED TO COMPLETE THE SALE ON THE TERMS PROVIDED IN THIS AGREEMENT WITHOUT THE DISCLAIMERS, WAIVERS AND RELEASES SET FORTH HEREIN.
BUYER REPRESENTS TO SELLER THAT BUYER HAS CONDUCTED, OR WILL CONDUCT PRIOR TO CLOSING, SUCH INVESTIGATIONS OF THE INTEREST AND OF THE PROPERTY, INCLUDING BUT NOT LIMITED TO, THE PHYSICAL AND ENVIRONMENTAL CONDITIONS THEREOF, AS BUYER DEEMS NECESSARY OR DESIRABLE TO SATISFY ITSELF AS TO THE CONDITION OF THE PROPERTY AND THE EXISTENCE OR NONEXISTENCE OR CURATIVE ACTION TO BE TAKEN WITH RESPECT TO ANY HAZARDOUS OR TOXIC SUBSTANCES 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.  
AS A MATERIAL PART OF THE CONSIDERATION TO SELLER FOR THE SALE OF THE INTEREST, BUYER, ON BEHALF OF ITSELF, AND ITS SUCCESSORS AND ASSIGNS, FROM AND AFTER CLOSING PURSUANT TO THE AGREEMENT, HEREBY IRREVOCABLY WAIVES, AND RELEASES SELLER, GENERAL CONTRACTOR, AND THEIR PARTNERS, MEMBERS, PRINCIPALS, REPRESENTATIVES, ATTORNEYS AND EMPLOYEES FROM ANY AND ALL CLAIMS, DEMANDS, OBLIGATIONS, DAMAGES, CAUSES OF ACTION AND LIABILITIES, WHETHER KNOWN OR UNKNOWN, OTHER THAN THOSE FOR BREACH OF SELLER’S COVENANTS, REPRESENTATIONS AND WARRANTIES SET FORTH HEREIN OR IN THE CLOSING DOCUMENTS DELIVERED BY SELLER, THAT ARE BASED DIRECTLY OR INDIRECTLY ON, ARISE FROM OR IN CONNECTION WITH, OR ARE RELATED TO THE INTEREST AND: (A) ANY PAST, PRESENT OR FUTURE CONDITION OF THE PROPERTY, INCLUDING, (B) ANY AND ALL STATEMENTS, REPRESENTATIONS, WARRANTIES, DETERMINATIONS, CONCLUSIONS, ASSESSMENTS, ASSERTIONS OR ANY OTHER INFORMATION CONTAINED IN ANY OF THE DOCUMENTS DELIVERED TO BUYER IN CONNECTION HEREWITH (BUT SPECIFICALLY EXCLUDING ANY REPRESENTATIONS OR 

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WARRANTIES MADE BY SELLER IN SECTIONS 3 AND 4 HEREIN OR IN ANY AGREEMENT OF THE CLOSING DOCUMENTS DELIVERED BY SELLER AT CLOSING), OR ANY MISREPRESENTATION OR FAILURE TO DISCLOSE INFORMATION RELATING TO THE PROPERTY OR THE DOCUMENTS DELIVERED TO BUYER IN CONNECTION HEREWITH, OR (C) ANY DEFECT, INACCURACY OR INADEQUACY IN THE CONDITION OF TITLE TO THE PROPERTY, LEGAL DESCRIPTION OF THE PROPERTY, OR COVENANTS, RESTRICTIONS, ENCUMBRANCES OR ENCROACHMENTS WHICH AFFECT THE PROPERTY.
BUYER HEREBY ACKNOWLEDGES AND AGREES THAT (i) BUYER MAY HEREAFTER DISCOVER FACTS DIFFERENT FROM OR IN ADDITION TO THOSE NOW (OR AS OF THE CLOSING) KNOWN OR BELIEVED TO BE TRUE REGARDING THE INTEREST, THE PROPERTY AND/OR THE DOCUMENTS DELIVERED TO BUYER IN CONNECTION HEREWITH, (ii) BUYER’S AGREEMENT TO RELEASE, ACQUIT AND DISCHARGE SELLER AS SET FORTH HEREIN SHALL REMAIN IN FULL FORCE AND EFFECT, NOTWITHSTANDING THE EXISTENCE OR DISCOVERY OF ANY SUCH DIFFERENT OR ADDITIONAL FACTS, AND (iii) BUYER KNOWINGLY AND VOLUNTARILY WAIVES ANY AND ALL RIGHTS, BENEFITS AND PRIVILEGES TO THE FULLEST EXTENT PERMISSIBLE UNDER ANY FEDERAL, STATE, LOCAL, OR OTHER LAWS WHICH DO OR WOULD NEGATIVELY AFFECT VALIDITY OR ENFORCEABILITY OF ALL OR PART OF THE RELEASES SET FORTH IN THIS AGREEMENT.
TO THE EXTENT PERMITTED BY LAW, BUYER AGREES NEVER TO COMMENCE OR PROSECUTE, OR CONSPIRE OR COLLUDE WITH OTHERS TO COMMENCE OR PROSECUTE, AGAINST THE SELLER, GENERAL CONTRACTOR AND/OR THEIR PARTNERS, MEMBERS, PRINCIPALS, REPRESENTATIVES, ATTORNEYS OR EMPLOYEES, ANY ACTION OR OTHER PROCEEDING BASED UPON ANY CLAIM SPECIFICALLY RELEASED IN THIS SECTION 15; PROVIDED, HOWEVER, IN NO EVENT SHALL THE RELEASES SET FORTH HEREIN BE DEEMED TO APPLY TO ANY BREACH OF SELLER’S REPRESENTATIONS OR WARRANTIES CONTAINED IN THIS AGREEMENT OR IN ANY OF THE CLOSING DOCUMENTS DELIVERED BY SELLER.  THIS RELEASE SHALL BE DEEMED REAFFIRMED AT THE CLOSING.
THE PROVISIONS OF THIS SECTION 15 SHALL SURVIVE CLOSING OR ANY TERMINATION OF THIS AGREEMENT.
1.    MERGER PROVISION
Notwithstanding anything to the contrary contained in this Agreement, each of the representations and warranties of Seller and Buyer contained in this Agreement shall survive until the date which is three (3) months after the Closing Date (“Limitation Date”) and no longer. Any post-closing claim that a party may have at any time against the other party for a breach of any such representation or warranty, whether known or unknown, which is not asserted by notice from such party to the other and the filing of a lawsuit on or before the expiration of such Limitation Date shall not be valid or effective, and the other party will have no liability with respect thereto.  Prior to asserting a post-closing claim, Buyer or Seller, as applicable, shall provide written notice to the other party of any alleged breach of such representation or warranty and shall allow the other party thirty (30) days within which to cure such breach, or, if such breach cannot reasonably be cured within thirty (30) days, an additional reasonable time period, so long as such cure has been commenced within such thirty (30) 

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days and is being diligently pursued.  If the other party fails to cure such breach after written notice and within such cure period, then the sole remedy of the party asserting the claim shall be an action at law for actual damages as a consequence thereof, provided that any claim or action at law for actual damages brought after Closing based upon a misrepresentation or a breach of a warranty or representation under this Agreement shall be actionable or enforceable if and only if notice of such claim is given to the other party prior to the Limitation Date.  Each party hereby agrees that the maximum aggregate liability of the other party, in connection with, arising out of or in any way related to a breach of any representation or warranty by the other party shall not exceed Two Hundred Nine Thousand and No/100 Dollars ($209,000.00) ("Liability Cap"); provided, however, as to Seller, the Liability Cap shall be allocated as follows:  GGT – 47.37% and Bainbridge – 52.63%.  In addition, no party shall have any liability to the other for a breach of any representation or warranty unless the valid claims for all such breaches collectively aggregate more than Fifty Thousand and No/100 Dollars ($50,000.00), in which event the full amount of such valid claims will be actionable, subject to the Liability Cap. Each party hereby waives for itself and anyone who may claim by, through or under the other party any and all rights to sue or recover from Seller any amount greater than the Liability Cap.  Each party acknowledges that in no event shall the other party be liable to such party for lost profits, diminution in value, or consequential, incidental or punitive damages of any kind. There shall be no personal liability on the part of the Knowledge Parties arising out of this Agreement.  Each Seller agrees that through the Limitation Date, it shall maintain net worth of not less than its allocable share of the Liability Cap, less the amount of any claims paid to Buyer under this Agreement.  
2.    GENERAL PROVISIONS
(a)    Severability.  In the event any term or provision of this Agreement shall be held illegal, unenforceable or inoperative as a matter of law, the remaining terms and provisions of this Agreement shall not be affected thereby and shall remain in full force and effect.
(b)    Binding Effect, Entire Agreement, Modification.  This Agreement shall be binding upon, and shall inure to the benefit of, the heirs, representatives, successors and permitted assigns of the parties hereto.  This Agreement embodies the entire contract between the parties hereto with respect to the Property and supersedes any and all prior agreements and understandings, written or oral, formal or informal including, without limitation, any letter of intent relating to a sale of the Property.  No modifications or amendments to this Agreement, of any kind whatsoever, shall be made or claimed by Seller or Buyer, and no notices of any extension, change, modification or amendment made or claimed by Seller or Buyer shall have any force or effect whatsoever unless the same shall be endorsed in writing and fully signed by Seller and Buyer.
(c)    Time of Essence.  Time shall be of the essence of this Agreement.
(d)    Captions.  Captions and Article headings contained in this Agreement are for convenience of reference only and in no way define, describe, extend or limit the scope or intent of this Agreement nor the intent of any provision hereof.
(e)    Remedies.  Every power or remedy given by this Agreement to the parties or to which the parties may otherwise be entitled may be exercised concurrently or independently, from time to time, and as often as may be deemed expedient by the parties and the parties may pursue inconsistent remedies.

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(f)    Assignment.  This Agreement is not assignable by Buyer other than to an entity controlling, controlled by, or under common control of, Buyer (“Permitted Assignment”).  Notwithstanding the foregoing, (i) a Permitted Assignment shall not relieve Buyer of its obligations hereunder, (ii) Buyer and such assignee shall remain jointly and severally liable for all obligations of the Buyer hereunder; and (iii) Buyer will provide written notice to Seller of any Permitted Assignment at least three (3) days prior to Closing.
(g)    Waiver.  No delay or omission in the exercise of any right or remedy accruing to either party upon any breach by the other party under this Agreement shall impair such right or remedy or be construed as a waiver of any such breach theretofore or thereafter occurring.  No waiver of any provision of this Agreement shall be effective unless it is in writing and signed by the party against whom it is asserted and any such written waiver shall only be applicable to the specific instance to which it relates and shall not be deemed to be a continuing or future waiver.
(h)    Recordation of Agreement.  Neither Seller nor Buyer shall record this Agreement nor any memorandum, summary, or other evidence hereof in any public records prior to the consummation of the Closing.
(i)    Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which shall constitute one and the same agreement.
(j)    Interpretation.  All terms and words used in this Agreement, regardless of the number and gender in which used, shall be deemed to include any other gender or number as the context or the use thereof may require.  This Agreement shall be interpreted without regard to any presumption or other rule requiring interpretation against the party causing this Agreement or any part thereof to be drafted.  Unless this Agreement expressly or necessarily requires otherwise, any time period measured in “days” means consecutive calendar days, except that the expiration of any time period measured in days that expires on a Saturday, Sunday or legal holiday automatically will be extended to the next day so that it is not a Saturday, Sunday or legal holiday.
(k)    Cooperation After Closing.  Buyer shall cooperate with Seller for a period beginning on the Closing Date and ending on the earlier of 3 years after Closing or Buyer’s earlier disposition of the Property to address any reasonable request Seller may have in connection with any legal requirement, tax audit, tax return or litigation threatened or brought against Seller, including any third party claims relating to Seller’s period of ownership of the Interest, by allowing Seller and its agents and representatives access, subject to the parties entering into a mutually acceptable access and inspection agreement prior to such access, upon reasonable advance notice (which notice shall identify the nature of the information sought by Seller) and at reasonable times, to examine and make copies of any and all relevant instruments, files and records relating to the Property.  
(l)    Facsimile, Electronic Signature.  This Agreement may be executed in handwriting and delivered by facsimile or electronic delivery.  Any such delivery shall be treated as an original signature for all purposes.
(m)     Confidentiality.  Except as provided in Section 5(g) of this Agreement, Buyer shall not disclose the provisions of this Agreement to any third party, and same shall be treated by Buyer as confidential unless otherwise agreed to in writing by Seller.  Moreover, at all times prior to the Closing 

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and forever hereafter should this transaction not close, Buyer shall retain any and all information related to this Agreement, the transactions contemplated under this Agreement and/or any related transactions, including with respect to any and all contiguous parcels, and the fact that discussions or negotiations have taken place with respect to the Property or any of the terms, conditions or other facts with respect to such discussions (the “Information”) in strict confidence and not disclose the Information to any party without prior written consent of Seller, except that Buyer may disclose the Information to its directors, officers, employees, lenders, consultants and agents (collectively, hereinafter referred to as “Necessary Representatives”), who need such information for the purpose of proceeding with the transaction, provided that they agree to keep the Information confidential and agree to be bound by this provision of the Agreement.  Buyer shall be responsible for any breach of this provision of the Agreement by its Necessary Representatives.  Buyer agrees that Seller shall be entitled to equitable relief, including an injunction, in the event of any breach of this provision of the Agreement as well as all other rights and remedies provided hereunder.  Buyer acknowledges and agrees that all of the Confidential Information and any other information obtained by Buyer regarding the Property as a result of Buyer's inspection of the Property shall be and remain confidential.  Buyer further agrees and acknowledges that if any such Confidential Information is disclosed to third parties, to Seller’s employees or Seller’s tenants, Seller may suffer damages and irreparable harm.  Buyer expressly acknowledges, covenants and agrees (a) that Buyer shall not make any press release or other public disclosure concerning the transaction contemplated by this Agreement without first disclosing the intended press release information to Seller, and Buyer shall not disclose any of the contents or information contained in or obtained as a result of any due diligence reports or any other studies made in connection with Buyer's investigation of the Property, in any form whatsoever (including, but not limited to, any verbal information received by Buyer during the course of Buyer's inspection and investigation of the Property), to any party other than Buyer's attorneys, accountants, employees, professional firms performing inspections and report reviews, investors, brokers, agents, consultants, contractors, affiliates and prospective lenders; (b) that in making any disclosure of such information as permitted hereunder, Buyer shall advise such third parties of the confidentiality of such information and the potential of damage to Seller and the liability of Buyer and such third party as a result of any disclosure of such information by such third party and be responsible for such third party's compliance; and (c) to furnish Seller with copies of all third party non confidential due diligence reports or other studies made in connection with Buyer's inspection, study or investigation of the Property within a reasonable period of time (not to exceed ten (10) days) of receipt of such materials by Buyer (provided without any representation or warranty as to the accuracy or completeness thereof).  This Section shall survive cancellation or termination of this Agreement.
(n)    Advice of Counsel.  Each party acknowledges that it has been advised, or has had the opportunity to be advised, by its own counsel with respect to the transaction governed by this Agreement.
(o)    OFAC Disclosure.  Buyer and Seller and their respective members, shareholders, officers and directors are in compliance with the requirements of Executive Order No. 133224, 66 Fed. Reg. 49079 (Sept. 25, 2001) (the “Order”) and other similar requirements contained in the rules and regulations of the Office of Foreign Assets Control, Department of the Treasure (“OFAC”) and in any enabling legislation or other Executive Orders or regulations in respect thereof (the Order and such other rules, regulations, legislation, or orders are collectively called the “Orders”).  None of Buyer, Seller or any investor in or beneficial owner of Buyer or Seller, as appropriate: (a) is listed on the Specially Designated Nationals and Blocked Persons List maintained by OFAC pursuant to the Order and/or on any other list of terrorists or terrorist organizations maintained pursuant to any of the rules 

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and regulations of OFAC or pursuant to any other applicable Orders (such lists are collectively referred to as the “Lists”); (b) is a person or entity who has been determined by competent authority to be subject to the prohibitions contained in the Orders; or (c) is owned or controlled by, or acts for on or behalf of, any person or entity on the Lists or any other person or entity who has been determined by any competent authority to be subject to the prohibitions contained in the Orders.
(p)    Buyer Waiver of Claims.  Buyer waives any and all claims against Seller to the extent permitted by law for any defects or other damage to the Property that may exist at Closing or shall be subsequently discovered by Buyer or anyone claiming by, through, under or against Buyer.
(q)    No Third Party Beneficiaries.  This Agreement is an agreement between Seller and Buyer only and no third parties shall be entitled to assert any rights as third party beneficiaries hereunder.
(r)    Withdrawal of Offer.  Until this Agreement is fully executed by Seller and delivered to Buyer, Seller reserves the right to withdraw its offer to sell the Property to Buyer pursuant to the terms of this Agreement.
(s)    Applicable Law.  This Agreement is being executed and delivered, and is intended to be performed, in the State of Florida, and the laws of the State of Florida govern the validity, construction, enforcement and interpretation of this Agreement, without regard to, or effect of, any choice or conflict of law principles or rules, unless otherwise specified herein.  By executing this Agreement, the parties consent to the exclusive venue and jurisdiction of any federal or state court sitting in Palm Beach County, Florida in any action arising out of or in any way related to this Agreement.  The parties irrevocably and unconditionally submit to the jurisdiction (both subject matter and personal) of any such court and irrevocably and unconditionally waive: (i) any objection any party might now or hereafter have to the venue in any such court; and (ii) any claim that any action or proceeding brought in any such court has been brought in an inconvenient forum.
(t)    WAIVER OF JURY TRIAL.  TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF SELLER AND BUYER WAIVE TRIAL BY JURY IN ANY ACTION ARISING OUT OF, OR IN ANYWAY CONNECTED WITH, THIS AGREEMENT.

[SIGNATURES APPEAR ON THE FOLLOWING PAGE]

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[SIGNATURE PAGE TO AGREEMENT OF SALE AND PURCHASE]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the respective dates indicated below.

	
		
	 
	SELLER:

GGT HAMPTON ROADS VA HOLDINGS, LLC, 
a Delaware limited liability company

By:_/s/ Scott Hall ____________________
Name: Scott Hall
Title: Manager     

Dated:  June 12, 2017

BAINBRIDGE PRICES FORK  MEMBER, LLC, 
a Florida limited liability company

By: Bainbridge Manager, LLC, its Manager

      By:_/s/ Richard Schechter _____________
      Name: Richard Schechter
      Title: President    

Dated: June 9, 2017

	 
	 

	 
	BUYER:

	 
	AMZAK PRICES FORK HOLDINGS, LLC,
a Florida limited liability company

	 
	

By: _/s/ Mike Kazma ______________
Name: Mike Kazma

	 
	Title: President

	 
	

Dated: June 9, 2017

	 
	 

	 
	 

	 
	 

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JOINDER BY ESCROW AGENT

The undersigned Escrow Agent hereby joins in this Agreement and, by doing so, Escrow Agent hereby acknowledges its duties and obligations under the terms and provisions of this Agreement and hereby agrees to be bound by and to perform such duties and obligations in accordance with such terms and provisions. 

ESCROW AGENT:

STEWART TITLE GUARANTY COMPANY

        
 By:_________________________________
 Name:_______________________________
 Title:________________________________

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EXHIBIT A

LEGAL DESCRIPTION

Intentionally Omitted

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EXHIBIT B

RENT ROLL

Intentionally Omitted

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EXHIBIT C

PERSONAL PROPERTY LISTING

Intentionally Omitted

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EXHIBIT D

ASSIGNMENT OF INTERESTS

Intentionally Omitted

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SCHEDULE 2(B)

ESTIMATED CALCULATION OF PURCHASE PRICE

Intentionally Omitted

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SCHEDULE 3(J)

LIST OF SERVICE CONTRACTS

Intentionally Omitted

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SCHEDULE 3(K)

LITIGATION

Intentionally Omitted

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SCHEDULE 3(M)

INSURANCE

Intentionally Omitted

36
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22484/0208Exhibit

EXHIBIT 10.7

SALE OF THE RESIDENCES AT HAYWOOD APARTMENTS
826 OLD AIRPORT ROAD
GREENVILLE, SC

*   *   *

PURCHASE AND SALE AGREEMENT

BETWEEN

GGT DANIEL SC VENTURE, LLC,
AS SELLER

AND

MSP RE HOLDINGS, LLC,
AS PURCHASER

*   *   *

EFFECTIVE DATE:   JUNE 30, 2017

______________________________________________________________________________

29914974 v6

ARTICLE 1
PURCHASE AND SALE OF PROPERTY    
		
	1.1
	Land    

		
	1.2
	Improvements    

		
	1.3
	Personal Property    

		
	1.4
	Leases    

		
	1.5
	Licenses    

		
	1.6
	Security Deposits    

		
	1.7
	Guaranties    

		
	1.8
	Contracts    

		
	1.9
	Permits    

		
	1.10
	Intangibles

    
		
	ARTICLE 2
	PURCHASE PRICE AND DEPOSIT    

		
	2.1
	Payment    

		
	2.2
	Deposit

    
		
	ARTICLE 3
	TITLE AND SURVEY    

		
	3.1
	State of Title to be Conveyed    

		
	3.2
	Title Commitment and Survey    

		
	ARTICLE 4
	PROPERTY INFORMATION    

		
	4.1
	Property Information    

		
	ARTICLE 5
	PURCHASER’S DUE DILIGENCE    

		
	5.1
	Purchaser’s Due Diligence    

		
	5.2
	As Is, Where Is    

		
	ARTICLE 6
	REPRESENTATIONS AND WARRANTIES    

		
	6.1
	Seller’s Representations and Warranties    

		
	6.2
	Purchaser’s Representations and Warranties    

		
	6.3
	Knowledge    

		
	6.4
	Survival    

		
	ARTICLE 7
	COVENANTS OF PURCHASER AND SELLER    

		
	7.1
	Operation of Property    

		
	7.2
	Governmental Notices    

		
	7.3
	Litigation    

		
	7.4
	Tradenames and Service Marks    

		
	7.5
	Surety and Maintenance Bonds    

	
			
	 
	i
	 

29914974 v6

        

		
	ARTICLE 8
	CONDITIONS PRECEDENT TO CLOSING    

		
	8.1
	Conditions Precedent to Purchaser’s Obligation to Close    

		
	8.2
	Conditions Precedent to Seller’s Obligation to Close    

		
	8.3
	Failure of a Condition    

		
	8.4
	Representations and Warranties

		
	ARTICLE 9
	CLOSING    

		
	9.1
	Closing Date    

		
	9.2
	Seller’s Obligations at the Closing    

		
	9.3
	Purchaser’s Obligations at the Closing    

		
	9.4
	Escrow    

		
	9.5
	Costs and Adjustments at Closing

    
		
	ARTICLE 10
	DAMAGE AND CONDEMNATION    

		
	10.1
	Damage    

		
	10.2
	Condemnation and Eminent Domain    

		
	ARTICLE 11
	REMEDIES AND ADDITIONAL COVENANTS    

		
	11.1
	Seller Default At or Before Closing    

		
	11.2
	Seller Default From and After Closing    

		
	11.3
	Purchaser Default    

		
	11.4
	Delivery of Materials

    
		
	ARTICLE 12
	BROKERAGE COMMISSION    

		
	12.1
	Brokers    

		
	12.2
	Indemnity

    
		
	ARTICLE 13
	NOTICES    

		
	13.1
	Written Notice    

		
	13.2
	Method of Transmittal    

		
	13.3
	Addresses

    
		
	ARTICLE 14
	ASSIGNMENT    

		
	ARTICLE 15
	MISCELLANEOUS    

		
	15.1
	Entire Agreement    

		
	15.2
	Modifications    

		
	15.3
	Gender and Number    

		
	15.4
	Captions    

		
	15.5
	Successors and Assigns    

		
	15.6
	Controlling Law    

	
			
	 
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	15.7
	Exhibits    

		
	15.8
	No Rule of Construction    

		
	15.9
	Severability    

		
	15.10
	Time of Essence    

		
	15.11
	Business Days    

		
	15.12
	No Memorandum    

		
	15.13
	Press Releases    

		
	15.14
	Attorneys’ Fees and Costs    

		
	15.15
	Counterparts and Expiration of Offer    

		
	15.16
	Waiver of Jury Trial    

		
	15.17
	Confidentiality    

		
	15.18
	Jurisdiction and Service of Process    

		
	15.19
	Exculpation    

	
			
	 
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EXHIBITS AND SCHEDULES

Exhibits

Exhibit A –    Legal Description
Exhibit B –     Escrow Agreement
Exhibit C –     Form of Limited Warranty Deed
Exhibit D –     Form of Bill of Sale
Exhibit E –     Form of Assignment and Assumption Agreement
Exhibit F –     Form of Tenant Notification Letter

Schedules

Schedule 1.4    –    Rent Roll
Schedule 1.5    –    Licenses
Schedule 1.8    –    Contracts
Schedule 4.1    –   Property Information
Schedule 6.1.3 –     Litigation
Schedule 6.17  –     Rent Paid More than One Month in Advance/Notices from Tenants
Schedule 6.1.8 –    Violations of Law
Schedule 7.5    –    Surety and/or Maintenance Bonds

	
			
	 
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PURCHASE AND SALE AGREEMENT

This PURCHASE AND SALE AGREEMENT (this “Agreement”) is made and entered into as of the date set forth on the cover page hereof (the “Effective Date”), by and between GGT DANIEL SC VENTURE, LLC, a Delaware limited liability company (“Seller”), and MSP RE HOLDINGS, LLC, a Delaware limited liability company (“Purchaser”).
		
	ARTICLE 1  
	PURCHASE AND SALE OF PROPERTY

On the terms and conditions stated in this Agreement, Seller hereby agrees to sell to Purchaser and Purchaser hereby agrees to purchase from Seller all of the following described property (collectively, the “Property”):
1.1    Land.  Seller’s fee simple interest in and to all of that certain tract of land situated at 826 Old Airport Road, Greenville County, Greenville, South Carolina, and described more particularly in Exhibit A attached hereto and incorporated herein by reference, together with all rights and appurtenances pertaining to such land, including, without limitation, all of Seller’s right, title and interest in and to (i) all minerals, oil, gas, and other hydrocarbon substances thereon; (ii) all adjacent strips, streets, roads, alleys and rights-of-way, public or private, open or proposed; (iii) all development rights, covenants, easements, privileges, and hereditaments, whether or not of record, and (iv) all access, air, water, riparian, development, utility, and solar rights (collectively, the “Land”).
1.2    Improvements.  A 292-unit multi-family apartment project, and all other buildings, improvements and structures constructed on the Land in connection therewith (the “Improvements”).
1.3    Personal Property.  All of Seller’s right, title and interest in and to the following (collectively, the “Personal Property”; provided, the “Personal Property” shall specifically exclude any property owned by tenants under leases):
1.3.1    mechanical systems, fixtures, appliances, copiers, furniture, machinery and equipment comprising a part of or attached to or located upon the Improvements;   
1.3.2    maintenance equipment and tools, if any, owned by Seller and used exclusively in connection with, and located in or on, the Improvements; 
1.3.3    site plans, surveys, plans and specifications and floor plans in Seller’s possession, if any, that relate to the Land or Improvements; 
1.3.4    subject to Section 7.4.2, pylons and other sign structures situated on or at the Land or Improvements; and

	
			
	 
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1.3.5    other tangible personal property owned by Seller and used exclusively in connection with, and located in or on, the Land or Improvements as of the Effective Date and as of the Closing (as hereinafter defined).
1.4    Leases.  Seller’s right, title and interest in all leases with tenants or other persons or entities leasing all or any portion of the Improvements (the “Leases”), a current list of which is shown on the rent roll attached as Schedule 1.4. 
1.5    Licenses.  Seller’s right, title and interest in all licenses, license agreements, and other similar agreements with licensees or other persons or entities using any portion of the Improvements (collectively, the “Licenses”), a current list of which is attached hereto as Schedule 1.5. 
1.6    Security Deposits.  Seller’s right, title and interest in all security deposits held by Seller in connection with the Leases and not applied pursuant to the terms thereof.
1.7    Guaranties.  Seller’s right, title and interest in any and all guaranties of the Leases, if any.
1.8    Contracts.  Subject to Section 7.1.2 hereof, Seller’s right, title and interest in all contract rights related to the Land, Improvements, Personal Property or Leases that will remain in existence after Closing, to the extent assignable, including, without limitation, Seller’s interest in the following:  parking, management, maintenance, commission, architectural, supply or service contracts, plans and specifications, surveys, warranties and guarantees related to the Land, Improvements, Personal Property, or Leases, but expressly excluding (i) the existing property management agreement that will be terminated as of the time of Closing, and (ii) the surety and maintenance bonds referred to in Section 7.5 (collectively, the “Contracts”), a current list of which is attached hereto as Schedule 1.8.  
1.9    Permits.  Seller’s right, title and interest in all permits, licenses, certificates of occupancy, if any, entitlements and governmental approvals that relate to the Land, Improvements, Personal Property, Leases, or Contracts, to the extent assignable (collectively, the “Permits”).
1.10    Intangibles.  Seller’s right, title and interest, if any, in and to the following items, to the extent assignable and without warranty:  consents, licenses, approvals, certificates, development rights, warranties (including all assignable termite warranties and bonds), resident and tenant files for current residents and tenants, if any and to the extent owned by Seller and assignable, all rights to use the name “Haywood Reserve” in connection with the Property, and all assignable telephone numbers, the website domain name, www.haywoodreserve.com and the right, at Purchaser’s expense and at Purchaser’s sole option, to use such website, but expressly excluding (i) any name or trademark containing the phrase “GGT”, “CNL”, “Daniel”, “Daniel Realty Company”, or any variation or derivative thereof, relating to the Land, the Improvements and/or Personal Property; and (ii) any web sites, web content, web design, links, Internet domain names, manuals and instruction materials, marketing materials relating to the Land, the Improvements and/or Personal Property (collectively, the “Intangibles”).  Seller expressly reserves the social media sites facebook.com/haywoodreserve and instagram.com/haywoodreserve; 

	
			
	 
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however, Seller will rebrand the same immediately after Closing and discontinue all use of the “Haywood Reserve” name in connection with such social media sites. 

		
	ARTICLE 2  
	PURCHASE PRICE AND DEPOSIT

2.1    Payment.  The purchase price for the Property (the “Purchase Price”) is Fifty-Three Million Seven Hundred Seventy-Five Thousand and 00/100 DOLLARS ($53,775,000.00).  The cash due at Closing on account of the Purchase Price shall be subject to adjustment as set forth in this Agreement.  The Purchase Price shall be paid by wire transfer of immediately available funds at the Closing.  Seller and Purchaser mutually agree that the allocation of the Purchase Price is allocated to the Land and Improvements.  Such agreed‐upon allocation shall be used solely for transfer, sales and similar tax purposes and in any declaration or filing with any governmental authority in connection with the same.  The allocation of the Purchase Price for all other purposes, whether for local, state or federal taxes or otherwise, shall not be restricted by this Agreement and shall not require the consent of the other party.
2.2    Deposit.
2.2.1    Within one business day of the Effective Date, Purchaser shall deposit with Lawyers Title Insurance Company, 4514 Cole Avenue, Suite 1400, Dallas, Texas 75205, Attention:  Chris Faison (the “Escrow Agent” or “Title Company”), by bank wire transfer the sum of One Hundred Thousand and 00/100 Dollars ($100,000.00), as a non-refundable deposit (except as otherwise provided herein) to assure Purchaser’s performance hereunder (together with all interest thereon if any, the “Initial Deposit”).  Prior to making the Initial Deposit, Seller, Purchaser and the Escrow Agent shall enter into an escrow agreement substantially in the form of Exhibit B attached hereto (the “Escrow Agreement”).  So long as Purchaser does not terminate this Agreement as provided in Section 5.1.4, then no later than one business day after the expiration of the Study Period (as hereinafter defined), Purchaser shall deposit with the Escrow Agent by bank wire transfer the additional sum of Eight Hundred Fifty Thousand and 00/100 Dollars ($850,000.00) (the “Second Deposit”), as a non-refundable deposit (except as otherwise provided herein) to assure Purchaser’s performance hereunder.  The Initial Deposit and the Second Deposit, in the total amount of Nine Hundred Fifty Thousand and 00/100 Dollars ($950,000.00), together with all interest thereon, if any, are referred to collectively as the “Deposit.”  
2.2.2    Escrow Agent shall place the Initial Deposit and the Second Deposit (if made) in an interest-bearing escrow account at a federally-insured (to the extent of the FDIC limits) commercial bank acceptable to both Seller and Purchaser.  The Escrow Agent shall hold the Deposit in accordance with this Agreement and the Escrow Agreement.  At Closing (as hereinafter defined), Escrow Agent shall deliver the Deposit to Seller and credit the Deposit against the Purchase Price. 
		
	ARTICLE 3  
	TITLE AND SURVEY

3.1    State of Title to be Conveyed.  Title to the Property shall be conveyed to Purchaser at Closing in fee simple by Limited Warranty Deed, free and clear of any and all liens, mortgages, deeds of trust, security interests and other encumbrances, except for the following (collectively, the 

	
			
	 
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“Permitted Exceptions”): (i) real property taxes and assessments attributable to the Property for the year in which Closing occurs and thereafter, not yet due and payable; (ii) zoning and other regulatory laws and ordinances affecting the Property; (iii) any easement, right of way, limitation, encroachment, conflict, discrepancy, overlapping of improvements, protrusion, lien, encumbrance, restriction, condition, covenant, exception or other matter with respect to the Property that is reflected or addressed on the Survey or the Title Commitment to which Purchaser fails to timely object pursuant to Section 3.2.3 or 3.2.4 of this Agreement; (iv) any Purchaser’s Objection (as hereinafter defined) that remains uncured, for whatever reason, at the earlier to occur of (A) Closing hereunder or (B) five (5) Business Days after Seller notifies Purchaser that Seller is unwilling or unable to cure or modify Purchaser’s Objections to the reasonable satisfaction of Purchaser, and (v) the rights and interests of parties claiming under the Leases.   Notwithstanding anything to the contrary set forth in this Agreement, as of the Closing, Seller, at no cost or expense to the Purchaser, shall cause the following to be released, satisfied and removed from the Property of record, and all payments, costs, fees and expenses payable or otherwise associated with such release shall be paid by the Seller or its affiliates:  (1) all mortgages, deeds of trust granted by Seller or its affiliates or recorded against the Property by, through or under Seller, (2) all delinquent property taxes and assessments (if any), (3) any construction, mechanic's or materialmen's liens or record or any involuntary monetary liens of record which are caused by Seller or its affiliates, and (4) all property taxes and assessments (if any) due and payable as of the Closing (collectively, "Mandatory Cure Items").  Notwithstanding anything to the contrary in this Agreement, Seller shall be obligated to remove all Mandatory Cure Items as of Closing regardless of whether Purchaser has objected to them.  To the extent that Seller has not removed all Mandatory Cure Items as of Closing, Purchaser shall have the right to direct the Title Company to divert a portion of the Purchase Price deemed necessary by the Title Company to cure such items on the Closing Date.
3.2    Title Commitment and Survey.
3.2.1    Purchaser shall obtain a title commitment (the “Title Commitment”) for an ALTA owner’s policy of title insurance (on the current ALTA 2006 Form) in the amount of the Purchase Price with respect to the Property issued by the Title Company.  Purchaser shall deliver copies of the Title Commitment and all items listed as title exceptions therein (to the extent provided to Purchaser by the Title Company) to Seller within ten (10) days after the Effective Date. 
3.2.2    Purchaser may obtain, at Purchaser’s sole cost and expense, a survey of the Property (certified to include Seller) prepared by a licensed surveyor (the “Survey”) within ten (10) Business Days after the Effective Date.  Purchaser shall deliver a copy of the Survey to Seller and the Title Company promptly after Purchaser’s receipt of the Survey. 
3.2.3    If (i) the Survey shows any easement, right-of-way, encroachment, conflict, protrusion or other matter that is unacceptable to Purchaser, or (ii) any exceptions appear in the Title Commitment that are unacceptable to Purchaser, Purchaser shall, within 10 days after the later of Purchaser’s receipt of the Title Commitment or the Survey (but in no event later than July 14, 2017), notify Seller in writing of such matters (“Purchaser’s Objections”).  Except for Purchaser’s Objections that are timely raised pursuant to the preceding sentence, Purchaser shall be deemed to have accepted the form and substance of the Survey, all matters shown thereon, and 

	
			
	 
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all exceptions to the Title Commitment and other items shown thereon.  Within three (3) business days after Seller’s receipt of Purchaser’s Objections, Seller shall notify Purchaser in writing of the Purchaser’s Objections, if any, which Seller elects to attempt to cure at or prior to Closing.  Seller’s failure to provide such a notice will be deemed an election by Seller not to cure any Purchaser’s Objections. If Seller is unable or unwilling to eliminate or modify all of Purchaser’s Objections to the commercially reasonable satisfaction of Purchaser, Purchaser may (as its sole and exclusive remedy) terminate this Agreement by delivering written notice to Seller by the earlier to occur of (i) 5:00 p.m. (Eastern time) on the last day of the Study Period (as hereinafter defined) or (ii) five (5) days after Seller’s written notice (or deemed notice) to Purchaser of Seller’s intent to not cure one or more of such Purchaser’s Objections; in which event, the Deposit will be returned to Purchaser, and neither party shall have any rights or obligations under this Agreement (other than any obligations of either party that expressly survive termination).  
3.2.4    If any revision or update to the Survey or any supplemental title commitment or update issued subsequent to the date of the original Title Commitment discloses any matters not set forth on the original Survey or the original Title Commitment, then, no later than the later of (i) the expiration of the Study Period, or (ii) five (5) days after Purchaser’s receipt of the updated Survey, or (iii) five (5) days after Purchaser’s receipt of the supplemented or updated Title Commitment, as applicable, Purchaser shall have the right to object to any such matter, in which event the same procedures for response, termination and waiver set forth above shall apply to such new Purchaser’s Objections.  Notwithstanding the foregoing, in the event that any such matter not set forth on the original Survey or the original Title Commitment is the result of an intentional act of Seller after the Effective Date that is not otherwise permitted under this Agreement, then Purchaser shall be permitted to pursue the remedies provided in Section 11.1 hereof.
3.2.5    Notwithstanding anything contained herein to the contrary, Seller shall have no obligation to take any steps, bring any action or proceeding or incur any effort or expense whatsoever to eliminate, modify or cure any objection Purchaser may have pursuant to Section 3.2.3 or Section 3.2.4, other than Mandatory Cure Items.

		
	ARTICLE 4  
	PROPERTY INFORMATION

4.1    Property Information.  Seller shall make available to Purchaser, either at the property management office at the Property or via a due diligence website, the materials described on Schedule 4.1 attached hereto and any other materials Seller may include in such due diligence website (collectively, the “Property Information”).  Purchaser shall keep such Property Information confidential, subject to Purchaser’s right to disseminate Property Information to or among the parties listed in Section 15.17 of this Agreement, and subject to the restrictions set forth in Section 15.17.  Seller makes no representation or warranty as to the truth or accuracy of the Property Information provided to Purchaser, except as otherwise expressly provided in this Agreement.

	
			
	 
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	ARTICLE 5  
	PURCHASER’S DUE DILIGENCE

5.1    Purchaser’s Due Diligence
5.1.1    Subject to the provisions of this Section, Purchaser and its agents, employees, consultants, inspectors, appraisers, engineers and contractors (collectively “Purchaser's Representatives”) shall have the right, through the Closing Date, from time to time, upon the advance notice required pursuant to this Section 5.1, to enter upon and pass through the Property during normal business hours to examine and inspect the same.  Notwithstanding any such inspection, or anything to the contrary contained herein, Purchaser's obligations hereunder shall not be limited or otherwise affected as a result of any fact, circumstance or other matter of any kind discovered following the date hereof in connection with any such inspection, access or otherwise; it being agreed that Seller is permitting Purchaser such right of inspection and access as a courtesy to Purchaser in its preparation for taking title to the Property.  
5.1.2    In conducting any inspection of the Property or otherwise accessing the Property, Purchaser shall at all times comply with all laws and regulations of all applicable governmental authorities, and neither Purchaser nor any of Purchaser's Representatives shall (i) contact or have any discussions with any of Seller's employees, agents or representatives, or with any tenants (including, without limitation, having any contacts whatsoever with tenants, including but not limited to telephone conversations or electronic mail messages) at, or contractors providing services to, the Property, unless in each case Purchaser obtains the prior written consent of Seller (which may be given via electronic mail), it being agreed that all such contacts or discussions shall, pending any such approval, be directed to Cameron Conner via electronic mail (at cconner@danielcorp.com), (ii) interfere in any material respect with the business of Seller conducted at the Property or disturb the use or occupancy of any tenant or occupant of the Property or (iii) damage the Property (other than the mere disclosure to Seller of the results of such inspections).  In conducting any inspection of the Property or otherwise accessing the Property, Purchaser and Purchaser's Representatives shall at all times comply with, and shall be subject to, the rights of the tenants under the Leases (and any persons claiming by, under or through such tenants).  Seller may from time to time establish reasonable rules of conduct for Purchaser and Purchaser's Representatives in furtherance of the foregoing, and Purchaser shall comply with all of Seller’s requirements regarding entry upon the Property.  Purchaser shall schedule and coordinate all inspections, including, without limitation, any environmental tests, and other access with Seller and shall give Seller at least two (2) Business Days’ prior notice thereof.  Seller shall be entitled to have a representative present at all times during each such inspection or other access.  Purchaser agrees to pay to Seller on demand the cost of repairing and restoring any damage or disturbance which Purchaser or Purchaser's Representatives shall cause to the Property.  All inspection fees, appraisal fees, engineering fees and other costs and expenses of any kind incurred by Purchaser or Purchaser's Representatives relating to such inspection and its other access shall be at the sole expense of Purchaser.  Purchaser shall keep all information obtained during its inspections and access to the Property confidential (subject to the other terms of this Agreement).  If the Closing shall not occur for any reason whatsoever, Purchaser shall:  (A) promptly deliver to Seller, at no cost to Seller, and without representation or warranty, the originals (or copies) of all third party non-confidential tests, reports and inspections of the Property, made and conducted by Purchaser or Purchaser's 

	
			
	 
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Representatives or for Purchaser's benefit that are in the possession or control of Purchaser or Purchaser's Representatives; (B) promptly return to Seller copies of all due diligence materials delivered by Seller to Purchaser; and (C) promptly destroy all copies and abstracts of the materials referenced in (A) and (B) above.  Purchaser and Purchaser's Representatives shall not be permitted to conduct borings of the Property or drilling in or on the Property, or any other invasive, intrusive or destructive testing in connection with the preparation of an environmental audit or in connection with any other inspection of the Property without the prior written consent of Seller, which Seller may give or withhold in its sole discretion (and, if such consent is given, Purchaser shall be obligated to pay to Seller on demand the cost of repairing and restoring any damage as aforesaid).  This Section 5.1.2 shall survive the Closing or any termination of this Agreement for a period of one year.
5.1.3    Prior to conducting any physical inspection or testing at the Property, Purchaser and Purchaser’s Representatives shall obtain, and during the period of such inspection or testing shall maintain, at their expense: (i) commercial general liability (“CGL”) insurance, issued on a form at least as broad as Insurance Services Office (“ISO”) Commercial General Liability Coverage “occurrence” form CG 00 01 10 01 or another “occurrence” form providing equivalent coverage, including contractual liability and personal injury liability coverage, with limits of not less than Two Million Dollars ($2,000,000) for any one occurrence and Five Million Dollars ($5,000,000) in the aggregate; (ii) comprehensive automobile liability insurance (covering any automobiles owned or operated by Purchaser or Purchaser’s Representatives) issued on a form at least as broad as ISO Business Auto Coverage form CA 00 01 07 97 or other form providing equivalent coverage; (iii) worker's compensation insurance or participation in a monopolistic state workers’ compensation fund, and (iv) employer's liability insurance or (in a monopolistic state) Stop Gap Liability insurance.  Such automobile liability insurance shall be in an amount not less than One Million Dollars ($1,000,000) for each accident.  Such worker's compensation insurance shall carry minimum limits as defined by the law of the jurisdiction in which the Property is located (as the same may be amended from time to time).  Such employer's liability insurance shall be in an amount not less than One Million Dollars ($1,000,000) for each accident, One Million Dollars ($1,000,000) disease-policy limit, and One Million Dollars ($1,000,000) disease-each employee.  Seller, and its property manager, shall be covered as additional insureds on the CGL and automobile liability insurance policies with respect to liability arising out of the named insured’s acts or omissions relating to the Property.  The insurer and the terms and conditions of all the foregoing policies shall be reasonably acceptable to Seller.  Prior to making any entry upon the Property, Purchaser shall furnish to Seller a certificate of insurance evidencing the foregoing coverages, which certificate of insurance shall be in form and substance reasonably satisfactory to Seller. 
5.1.4    Purchaser shall have until 5:00 p.m. (Eastern time) on July 21, 2017 (the “Study Period”) within which to determine, in its sole discretion, whether all matters related to the Property are satisfactory to Purchaser.  If Purchaser, in its sole discretion, determines that the purchase of the Property is not feasible and that Purchaser does not desire to proceed with the transactions contemplated under this Agreement, then Purchaser shall deliver to Seller, prior to the expiration of the Study Period, written notice that Purchaser does not desire to proceed with the transactions contemplated under this Agreement and in such case, this Agreement shall terminate upon Seller’s receipt of such notice, except for those matters which are indicated herein as surviving termination, and the Deposit shall be immediately returned to Purchaser.  If Purchaser fails to timely 

	
			
	 
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notify Seller prior to the expiration of the Study Period (with time being of the essence) that Purchaser does not desire to proceed with the transactions contemplated under this Agreement as aforesaid, then Purchaser shall be deemed to have waived its right to terminate this Agreement under this Section 5.1.4.  
5.1.5    Purchaser hereby agrees to indemnify, defend, and hold harmless Seller, its partners, members, affiliates, property manager, and their respective officers, directors, agents, employees, and representatives (collectively, the “Indemnified Parties”) from and against any and all liens, claims, or damages of any kind or nature, including any demands, actions or causes of action, assessments, losses, costs, expenses, liabilities, interest and penalties, and reasonable attorneys’ fees suffered, incurred, or sustained by any of the Indemnified Parties directly caused by Purchaser or Purchaser’s Representatives with respect to any due-diligence activities at the Property pursuant to this Agreement, except any arising from the discovery of preexisting conditions (so long as Purchaser does not exacerbate any such condition).  This Section 5.1.5 shall survive the Closing or any termination of this Agreement.
5.2    As Is, Where Is.
5.2.1    Except as provided in the express representations and warranties of Seller set forth in Sections 6.1 and 12 of this Agreement and in Seller’s Limited Warranty Deed and the Bill of Sale (all as hereinafter defined) (collectively, the “Express Representations”), Seller does not, by the execution and delivery of this Agreement, and Seller shall not, by the execution and delivery of any document or instrument executed and delivered in connection with the Closing, make any representation or warranty, express or implied, of any kind or nature whatsoever, with respect to the Property, and all such warranties are hereby disclaimed.
5.2.2    Without limiting the generality of the foregoing, other than the Express Representations, Seller makes, and shall make, no express or implied warranty as to matters of title, zoning, acreage, tax consequences, physical or environmental condition (including, without limitation, laws, rules, regulations, orders and requirements pertaining to the use, handling, generation, treatment, storage or disposal of any toxic or hazardous waste or toxic, hazardous or regulated substance), valuation, governmental approvals, governmental regulations or any other matter or thing relating to or affecting the Property (collectively, the “Disclaimed Matters”).  
5.2.3    Notwithstanding anything to the contrary set forth in this Agreement, but subject to the Express Representations and Seller’s obligations set forth in Section 7.1 of this Agreement, and subject to Article 10 hereof, the Property, including without limitation the roofs, all structural components, all heating, ventilating, air conditioning, mechanical, plumbing, and electrical systems, fire and life safety and all other parts of the Improvements constituting a portion of the Property, shall be conveyed to Purchaser, and Purchaser shall accept same, in their “AS IS” “WHERE IS” condition on the Closing Date, “WITH ALL FAULTS” and “SUBJECT TO ALL DEFECTS.”  Purchaser acknowledges that Seller’s willingness to sell the Property to Purchaser at the Purchase Price has been induced, in part, by the agreement of Purchaser to purchase the Improvements and the Personal Property in such “AS IS” condition.  Purchaser hereby acknowledges, represents and warrants that it is not in a disparate bargaining position with respect to Seller in connection with the transaction contemplated hereby, that Purchaser freely and fairly 

	
			
	 
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agreed to the waivers and conditions of this Section 5.2 as part of the negotiations of this Agreement, and Purchaser has been represented by adequate legal counsel in connection herewith and has conferred with such legal counsel concerning the waivers and other conditions of this Section 5.2.
5.2.4    Without in any way limiting any provision of this Section 5.2, Purchaser specifically acknowledges and agrees that, except with respect to the Express Representations and the obligations of Seller set forth in Section 7.1 of this Agreement, and subject to Article 10 hereof, Purchaser hereby waives, releases and discharges any claim it has, might have had or may have against Seller with respect to (i) the Disclaimed Matters, (ii) the condition of the Property as of the Closing Date, (iii) the past, present or future condition or compliance of the Property with regard to any environmental protection, pollution control or land use laws, rules, regulations, orders or requirements, including, without limitation, CERCLA (as hereinafter defined), or (iv) any other state of facts that exists with respect to the Property.  The waiver, release and discharge set forth in this Section 5.2.4 shall survive the Closing or any termination of this Agreement.  
		
	ARTICLE 6  
	REPRESENTATIONS AND WARRANTIES

6.1    Seller’s Representations and Warranties.  Seller represents to Purchaser as of the Effective Date as follows:  
6.1.1    Organization.  Seller is a Delaware limited liability company, duly formed and validly existing under the laws of the State of Delaware and in good standing under the laws of the State of South Carolina.  
6.1.2    Authority/Consent.  Seller possesses all requisite power and authority, and has taken all actions required by its organizational documents and applicable law, to execute and deliver this Agreement and will by Closing have taken all actions required by its organizational documents and applicable law, to consummate the transactions contemplated by this Agreement.
6.1.3    Litigation.  To Seller’s knowledge, except as may be disclosed on Schedule 6.1.3 attached hereto, no action, suit or other proceeding (including, but not limited to, any condemnation action or real estate tax appeal) is pending or, to Seller’s knowledge, has been threatened in writing that concerns or involves the Property.  
6.1.4    Bankruptcy.  No bankruptcy, insolvency, reorganization or similar action or proceeding, whether voluntary or involuntary, is pending, or, to Seller’s knowledge, threatened, against Seller.
6.1.5    Contracts.  To Seller’s knowledge, except for the Contracts referenced on Schedule 1.8, there are no current material contracts of construction, employment, parking, maintenance, commission, management, service, or supply in effect and entered into by Seller which will affect the Property after Closing.  Seller has provided Purchaser with true, correct and complete copies, in all material respects, of all Contracts, including all amendments and modifications thereof, prior to the execution of this Agreement by Purchaser and Seller.
6.1.6    Employees.  Seller has no employees.

	
			
	 
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6.1.7    Leases.  Except for (i) the Leases referenced on the rent roll attached as Schedule 1.4, (ii) the Licenses referenced on Schedule 1.5, and (iii) the leases, amendments or other occupancy agreements which may be entered into by Seller pursuant to Section 7.1 of this Agreement, there are no leases, rental agreements, licenses, license agreements or other occupancy agreements with anyone in effect which will affect the Property after Closing.  To Seller’s knowledge, each Lease is in full force and effect.  Seller will provide Purchaser with true, correct and complete copies of all Leases, including all amendments and modifications thereto, as part of the Property Information. To Seller’s actual knowledge, the rent roll and operating statements provided to Purchaser are true and correct in all material respects.  Except as otherwise set forth on Schedule 6.1.7 of this Agreement, with respect to the Leases, to the best of Seller’s knowledge: (i) no tenant has paid rent for more than one month in advance; (ii) Seller has not received notice from any tenant under any Lease that Seller has not performed any of its obligations under any Lease that are required to be performed prior to the Effective Date and there are no pending claims asserted against Seller by tenant for offsets or abatements against rent or any other monetary amount and Seller has no knowledge of any default by it under any Lease or any such right of offset or abatement.
6.1.8    Violations of Law.  Except as set forth on Schedule 6.1.8, and to Seller’s knowledge, Seller has not received written notice from any governmental authority of any material violation of any federal or municipal laws, ordinances, orders, regulations and requirements affecting the Property or any portion thereof (including the conduct of business operations thereon) which are unresolved, and Seller has no actual knowledge of any of the foregoing violations.  
6.1.9    Foreign Person.  Seller is not a “foreign person,” “foreign trust” or “foreign corporation” within the meaning of the United States Foreign Investment in Real Property Tax Act of 1980 and the Internal Revenue Code of 1986, as subsequently amended (the “Code”).
6.1.10    No Conflicts.  The execution and delivery of this Agreement by Seller and the consummation by Seller of the transactions contemplated hereby will not: (i) violate any judgment, order, injunction, or decree to which Seller or the Property is subject, or (ii) conflict with, result in a breach of, or constitute a default under the organic documents of Seller or any lease, mortgage, loan agreement, covenant, or other agreement or instrument to which Seller is a party or by which Seller or the Property may be bound.
6.1.11    Prohibited Transaction.  Neither Seller nor any person, group, entity or nation that Seller is acting, directly or indirectly for, or on behalf of, is named by any 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 the United States Treasury Department as a terrorist, "Specially Designated National and Blocked Person," or is otherwise a banned or blocked person, group, entity, or nation pursuant to any Law that is enforced or administered by the Office of Foreign Assets Control, and Seller is not engaging in the transactions contemplated by this Agreement, directly or indirectly, on behalf of, or instigating or facilitating the transactions contemplated by this Agreement, directly or indirectly, on behalf of, any such person, group, entity or nation.  Seller is not engaging in the transactions contemplated by this Agreement, directly or indirectly, in violation of any laws relating to drug trafficking, money laundering or predicate crimes to money laundering.  None of the funds of Seller have been or will 

	
			
	 
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be derived from any unlawful activity with the result that the investment of direct or indirect equity owners in Seller is prohibited by law or that the transactions contemplated by this Agreement or this Agreement is or will be in violation of applicable law.  Seller has and will continue to implement procedures, and has consistently and will continue to consistently apply those procedures, to ensure the foregoing representations and warranties remain true and correct at all times prior to Closing.
6.2    Purchaser’s Representations and Warranties.  Purchaser represents to Seller, as of the Effective Date, as follows:  
6.2.1    Organization.  Purchaser is a limited liability company, duly formed, validly existing and in good standing under the laws of the State of Delaware, and qualified to do business in the State of South Carolina.
6.2.2    Authority/Consent.  Purchaser possesses all requisite power and authority, has taken all actions required by its organizational documents and applicable law, and has obtained all necessary consents, to execute and deliver this Agreement and will by Closing have taken all actions required by its organizational documents and applicable law, to consummate the transactions contemplated in this Agreement.
6.2.3    Prohibited Transaction.  Neither Purchaser nor any person, group, entity or nation that Purchaser is acting, directly or indirectly for, or on behalf of, is named by any 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 the United States Treasury Department as a terrorist, "Specially Designated National and Blocked Person," or is otherwise a banned or blocked person, group, entity, or nation pursuant to any Law that is enforced or administered by the Office of Foreign Assets Control, and Purchaser is not engaging in the transactions contemplated by this Agreement, directly or indirectly, on behalf of, or instigating or facilitating the transactions contemplated by this Agreement, directly or indirectly, on behalf of, any such person, group, entity or nation.  Purchaser is not engaging in the transactions contemplated by this Agreement, directly or indirectly, in violation of any laws relating to drug trafficking, money laundering or predicate crimes to money laundering.  None of the funds of Purchaser have been or will be derived from any unlawful activity with the result that the investment of direct or indirect equity owners in Purchaser is prohibited by law or that the transactions contemplated by this Agreement or this Agreement is or will be in violation of applicable law.  Purchaser has and will continue to implement procedures, and has consistently and will continue to consistently apply those procedures, to ensure the foregoing representations and warranties remain true and correct at all times prior to Closing.
6.2.4    ERISA.  Purchaser is not an employee pension benefit plan subject to the provisions of Title IV of the Employee Retirement Income Security Act of 1974, as in effect from time to time (“ERISA”) or subject to the minimum funding standards under Part 3, Subtitle B, Title I of ERISA or Section 412 of the Code or Section 302 of ERISA, and none of its assets constitutes or will constitute assets of any such employee benefit plan subject to Part 4, Subtitle B, Title I of ERISA.  Purchaser is not a “governmental plan” within the meaning of Section 3(32) of ERISA and the funds used by Purchaser to acquire the Interest are not subject to any state statutes regulating 

	
			
	 
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investments of and fiduciary obligations with respect to governmental plans.  The transactions contemplated by this Agreement are not specifically excluded by Part I(b) of PTE 84-14. 
6.3    Knowledge.  For purposes of this Agreement, the phrase “to Seller’s knowledge” means the present, actual knowledge of R. Scott Pulliam (the “Seller Knowledge Individual”), the person in the primary position of responsibility with respect to the Property, without investigation or review of files relating to the Property.  In no event shall the Seller Knowledge Individual have any personal liability hereunder.  
6.4    Survival.  All of the representations and warranties set forth in this Article 6 shall survive the Closing for a period of 180 days, subject to the provisions of Section 11.1 of this Agreement (the “Survival Period”).  Purchaser shall provide Seller with written notice (a “Notice of Breach”) of any alleged breach or failure of any representation or warranty made by Seller and specifying the nature thereof within five (5) Business Days after Purchaser’s discovery of such alleged breach or failure.  Purchaser shall commence any action, suit, or proceeding with respect to any breach or failure that is the subject of the Notice of Breach, if at all (as provided below), on or before the date that is thirty (30) days after the expiration of the Survival Period (“Suit Deadline”).  Seller acknowledges and agrees that the resolution of such action, suit, or proceeding may not occur until after the expiration of the Survival Period, and the Survival Period shall be deemed to be tolled with respect to (and only with respect to) any alleged breach or failure of a representation or warranty of which Seller receives a Notice of Breach before the expiration of the Survival Period, provided Purchaser files an action, suit, or proceeding, and serves Seller, with respect thereto prior to the Suit Deadline.  Notwithstanding the foregoing to the contrary, Seller shall have no liability in connection with this Agreement by reason of any inaccuracy of a representation or warranty if, and to the extent that, such inaccuracy is disclosed to Purchaser or otherwise included in the Property Information at the time of the Closing and Purchaser elects, nevertheless, to consummate the transaction contemplated hereby.  
		
	ARTICLE 7  
	COVENANTS OF PURCHASER AND SELLER

7.1    Operation of Property.  From the Effective Date until the earlier of (i) the termination of this Agreement, and (ii) Closing, Seller shall continue to maintain, repair, lease and operate the Property in the ordinary course of business and consistent with past practices, and also in accordance with the terms of this Section 7.1.
7.1.1    (a)    From the Effective Date until the Closing, Seller shall continue to market the Property to prospective tenants and enter into Leases in the ordinary course of business (provided no Leases for more than 15 months shall be entered into).  However, Seller shall not take any of the following actions without the prior written consent of Purchaser, which consent shall not be unreasonably withheld, conditioned or delayed:  
		
	(i) 
	make or permit to be made any material alterations to or upon the Property except as required under Section 7.2 hereof;

		
	(ii) 
	enter into any contracts for the provision of services and/or supplies to the Property which are not terminable without premium or penalty by 

	
			
	 
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Purchaser upon thirty (30) days’ prior written notice following the Closing, or amend or modify the Contracts in any manner, unless such Contract as amended may be terminated without premium or penalty upon thirty (30) days’ prior written notice, or knowingly fail to timely perform its material obligations under the Contracts (provided that in the case of emergency or other exigent circumstances, Seller shall have the right to enter into contracts to perform repairs or replacements without Purchaser’s consent);
		
	(iii) 
	encumber, sell or transfer the Property or any interest therein or alter or amend the zoning classification of the Land or Improvements; or

		
	(iv) 
	settle, compromise, withdraw or terminate any real estate tax appeal or proceeding affecting the Property other than any relating solely to periods prior to calendar year 2017 (which Seller retains the full and unfettered right to settle or compromise, and any refunds applicable to such period shall belong solely to Seller). 

(b)    Whenever in this Section 7.1.1 Seller is required to obtain Purchaser’s consent with respect to any proposed action or transaction, Purchaser shall, within five (5) Business Days after receipt of Seller’s receipt of request therefor, notify Seller of its approval or disapproval of same and, if Purchaser fails to notify Seller in writing of its disapproval within said five (5) Business Day period, Purchaser shall be deemed to have approved same.      
7.1.2    Prior to the expiration of the Study Period, Purchaser shall review the Contracts to determine, among other things, whether such Contracts are terminable, and to determine whether Purchaser desires to assume any of such Contracts.  Not later than five (5) Business Days prior to the expiration of the Study Period, Purchaser shall deliver a notice to Seller setting forth which of such Contracts, if any, that Purchaser elects to have Seller attempt to terminate.  Seller will deliver notices of termination at Closing canceling such Contracts as Seller is timely notified of by Purchaser.  At Closing, Seller shall assign to Purchaser, and Purchaser shall assume, the Contracts (as identified on Schedule 1.8 hereto) pursuant to the Bill of Sale and Assignment and Assumption Agreement.  Seller shall cause Seller’s existing property management agreement to be terminated effective as of the Closing Date. 
7.2    Governmental Notices.  Promptly after receipt, Seller shall provide Purchaser with copies of any written notices that Seller receives with respect to (i) any special assessments or proposed increases in the valuation of the Property; (ii) any condemnation or eminent domain proceedings affecting the Property; or (iii) any violation of any Environmental Law or any zoning, health, fire, safety or other law, regulation or code applicable to the Property.  In addition, Seller shall deliver or cause to be delivered to Purchaser, promptly upon receipt thereof by Seller, copies of any written notices of default given or received by Seller under any of the Leases.
7.3    Litigation.  Seller will advise Purchaser promptly of any litigation, arbitration proceeding or administrative hearing that materially affects Seller or the Property and that is instituted after the Effective Date. 

	
			
	 
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7.4    Tradenames and Service Marks.
7.4.1    Purchaser hereby acknowledges and agrees that the terms “CNL”, “GGT”, “Daniel”, or “Daniel Realty”, any other trade name or service mark which includes the term “CNL”, “GGT”, “Daniel”, or “Daniel Realty” or any other trade name or service mark of Seller or its members (hereinafter collectively referred to as the “Marks”), and each of them, are trade names and service marks of an affiliate of Seller (“Mark Owner”); that the Marks, and each of them, are the sole and exclusive property of Mark Owner, which owns all right, title, and interest in and to the Marks, and each of them; and that, by this Agreement, Purchaser shall acquire no ownership right or interest of any kind in or to the Marks, or any of them.  Purchaser further acknowledges and agrees that any use by Purchaser of the Marks, or any of them, in any manner in connection with the Property or otherwise, will result in immediate and irreparable injury to Seller and its affiliates, including, Mark Owner, and that Seller and/or its affiliates, including, Mark Owner, shall be entitled to temporary, preliminary, and permanent injunctive relief against Purchaser in the event of any such use of the Marks, or any of them, by Purchaser, or in the event of any other violation by Purchaser of this Section 7.4.1.  Purchaser may continue to use “City Walk” in the name of the Property after Closing provided Purchaser does not use the “CNL”, “GGT”, “Daniel”, or “Daniel Realty” names or any of the Marks; provided, however, nothing contained herein shall be deemed to be a warranty of Seller’s or Purchaser’s right to use such names. 
7.4.2    This Section 7.4 shall survive the Closing. 
7.5    Surety and Maintenance Bonds.
7.5.1    Seller and/or its affiliates were required to provide surety and/or maintenance bonds in connection with the construction of the Property as specified on Schedule 7.5 hereto.  As a condition to Seller’s obligation to close and consummate the transaction contemplated herein, Purchaser agrees that concurrently with the Closing Purchaser shall be required to provide substitute surety and/or maintenance bonds to replace those listed on Schedule 7.5 hereto so that Seller will be able to have the existing surety and/or maintenance bonds returned to Seller on the Closing Date.
7.5.2    This Section 7.5 shall survive the Closing.

		
	ARTICLE 8  
	CONDITIONS PRECEDENT TO CLOSING

8.1    Conditions Precedent to Purchaser’s Obligation to Close.  Purchaser’s obligation to purchase the Property is subject to satisfaction on or before the Closing Date (as such date may be extended as provided herein) of the following conditions, any of which may be waived in writing by Purchaser in Purchaser’s sole and absolute discretion.
8.1.1    Seller shall have performed and observed, in all material respects, all covenants of Seller under this Agreement.

	
			
	 
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8.1.2    Subject to the provisions of Section 8.4 below, all representations and warranties of Seller set forth in this Agreement shall be true and correct in all material respects as if made on the Closing Date. 
8.2    Conditions Precedent to Seller’s Obligation to Close.  Seller’s obligation to sell the Property is subject to satisfaction, on or before the Closing Date (as such date may be extended as provided herein) of the following conditions, any of which may be waived in writing by Seller, in Seller’s sole and absolute discretion:  
8.2.1    Purchaser shall have performed and observed, in all material respects, all covenants of Purchaser under this Agreement.  
8.2.2    All representations and warranties of Purchaser set forth in this Agreement shall be true and correct in all material respects as if made on the Closing Date.  
8.3    Failure of a Condition
8.3.1    In the event that any condition precedent to Closing has not been satisfied on or before the Closing Date, then the party whose conditions to Closing have not been satisfied (the “Unsatisfied Party”) shall give notice to the other party of the condition or conditions which the Unsatisfied Party asserts are not satisfied.  If the conditions specified in such notice are not satisfied within ten (10) Business Days after receipt of such notice, then the party whose condition precedent was not satisfied may terminate this Agreement, whereupon neither party shall have any further rights or obligations hereunder (other than any obligations of either party that expressly survive termination) and the Deposit shall be returned to Purchaser; provided, however, that if such failure of a condition is due to a default by one of the parties, the disposition of the Deposit shall be governed solely by Article 11 of this Agreement and not by this Section 8.3.1.  Notwithstanding anything contained herein to the contrary, if any of the conditions precedent to Purchaser’s obligation to close, as set forth in Section 8.1 of this Agreement, are not satisfied within the ten (10) Business Day period specified above and the same are reasonably susceptible of being cured, Seller shall have the right to extend such period in which to satisfy the unsatisfied condition for a period of up to thirty (30) additional days, by giving notice thereof to Purchaser within such ten (10) Business Day period.  Further, Purchaser shall have the right to waive the unsatisfied condition or conditions, by notice to Seller within five (5) Business Days after expiration of the applicable satisfaction period, without satisfaction having occurred, in which event the Closing Date shall be the date which is five (5) Business Days after Seller’s receipt of Purchaser’s waiver notice.  
8.3.2    If the transaction contemplated by this Agreement closes, the parties shall be deemed to have waived any and all unmet or unsatisfied conditions, other than any unmet or unsatisfied conditions arising out of a breach by either party of any of its representations and warranties hereunder of which the other party has no knowledge as of Closing. 
8.4    Representations and Warranties.  All representations and warranties made by Seller in this Agreement shall be true and correct in all material respects as of the Closing Date, except to the extent the facts and circumstances underlying such representations and warranties may have changed as of the Closing; provided, however, that if on the Closing Date any such 

	
			
	 
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representations and warranties are not true and correct in all material respects or Seller has not performed any material covenants required to be performed by Seller pursuant to this Agreement, Purchaser shall in any event be required to close hereunder and pay the Purchase Price to Seller without any reduction or credit unless the breach of any representations and warranties or covenants will have, in the aggregate, a “material adverse effect” and in such event, Seller shall be entitled, at its option and in its sole discretion, to credit to Purchaser such amount on account of such breach as will cause the same to no longer have a “material adverse effect,” in which event Purchaser shall be required to close hereunder.  As used herein, a “material adverse effect” shall be deemed to have occurred if by reason of such misrepresentation or breach of covenant the fair market value of the Property is decreased by an amount exceeding Twenty-Five Thousand and 00/100 Dollars ($25,000.00).  For purposes hereof, a representation or warranty shall not be deemed to have been breached if the representation or warranty is not true and correct in all material respects as of the Closing Date by reason of changed facts or circumstances which (i) pursuant to the terms of this Agreement are permitted to have occurred or (ii) are not within the reasonable control of Seller.
		
	ARTICLE 9  
	CLOSING

9.1    Closing Date.  The consummation of the transaction contemplated hereby (the “Closing”) will take place at the office of Escrow Agent, via an escrow closing, on or before August 18, 2017 (with time being of the essence with respect thereto), or such earlier date as Seller and Purchaser may mutually agree upon in writing (the “Closing Date”), provided, however, if Purchaser’s lender is delayed in funding the transaction on the Closing Date through no fault of Purchaser, Purchaser shall have a one time right to extend the Closing Date for one (1) day for the sole purpose of funding the transaction.  Purchaser and Seller agree to use reasonable efforts to attempt to finalize and execute all documents necessary for the consummation of the transaction contemplated herein, including but not limited to the settlement statement, and to deliver all such documents to the Title Company in escrow not later than the end of the Business Day immediately preceding the Closing Date in order to ensure the orderly and timely transfer of all funds necessary for Closing by not later than 2:00 p.m. (Eastern time) on the Closing Date.  
9.2    Seller’s Obligations at the Closing.  At the Closing, Seller will do, or cause to be done, the following:  
9.2.1    Closing Documents.  Seller shall execute, acknowledge (if necessary) and deliver originals of the following documents:  
9.2.1.1    Limited Warranty Deed in the form of Exhibit C hereto (the “Deed”), Seller and Purchaser agreeing that the Deed will contain a Restriction Against Condominium Conversion; 
9.2.1.2    Bill of Sale in the form of Exhibit D hereto; 
9.2.1.3    Assignment and Assumption Agreement in the form of Exhibit E hereto;

	
			
	 
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9.2.1.4    Letters to each tenant under the Leases in the form of Exhibit F hereto, notifying tenants of the conveyance of the Property to Purchaser and advising them that, following the Closing Date, all future payments of rent are to be made in the manner set forth therein; 
9.2.1.5    Settlement statement showing all of the payments, adjustments and prorations provided in Section 9.5 and otherwise agreed upon by Seller and Purchaser;
9.2.1.6    An updated certified rent roll for the Property dated as of the Closing Date;
9.2.1.7    Subject to Section 8.4, a certificate stating that each of Seller’s representations and warranties contained in this Agreement is true and correct in all material respects as of the Closing Date;
9.2.1.8    A duly executed affidavit in a form customarily used for commercial real estate transactions in the State of South Carolina and which is acceptable to the Title Company, showing among other things that all debts for labor and materials in respect of the Property incurred by or on behalf of Seller have been paid in full and that there are no outstanding claims, suits, debts, rights of occupancy, encumbrances, liens or judgments against the Property, except matters approved or waived by Purchaser pursuant to Article III hereof;
9.2.1.9    Such evidence as is reasonably required by the Title Company evidencing the authority of Seller and those individuals acting on behalf of Seller to enter into this Agreement and consummate the transaction contemplated herein; and
9.2.1.10    Copies of notices of termination of such other service agreements and contracts that Purchaser elected to have terminated in accordance with Section 7.1.2 (including termination of any leasing and property management agreements). 
9.2.2    Original Property Information Documents.  Seller will deliver to Purchaser originals within Seller’s possession of all items constituting the Property Information referenced in Article 4.
9.2.3    Possession.  Seller will deliver to Purchaser exclusive possession of the Property, subject only to the Leases.
9.2.4    Keys.  Seller will deliver to Purchaser all keys for the Property in the possession or subject to the control of Seller, including, without limitation, master keys as well as combinations, card keys and cards for the security systems, if any.
9.2.5    Costs.  Seller will pay all costs allocated to Seller pursuant to Section 9.5 of this Agreement.
9.3    Purchaser’s Obligations at the Closing.  At the Closing, Purchaser will do, or cause to be done, the following:

	
			
	 
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9.3.1    Closing Documents.  At Closing, Purchaser shall execute, acknowledge (if necessary) and deliver originals of the following documents:
9.3.1.1    Bill of Sale in the form of Exhibit D hereto;
9.3.1.2    Assignment and Assumption Agreement in the form of Exhibit E hereto; 
9.3.1.3    Settlement statement showing all of the payments, adjustments and prorations provided for in Section 9.5 and otherwise agreed upon by Seller and Purchaser;
9.3.1.4    Such evidence as may be reasonably required by the Title Company with respect to the authority of the person(s) executing the documents required to be executed by Purchaser on behalf of Purchaser; and
9.3.1.5    A certificate stating that each of Purchaser’s representations and warranties contained in this Agreement is true and correct in all material respects.  
9.3.2    Payment of Consideration.  Purchaser shall pay to Escrow Agent by bank wire transfer of immediately available funds at Closing the Purchase Price in accordance with Article 2 of this Agreement (subject to the credits, prorations and adjustments provided hereby).  The net closing proceeds due to Seller shall be wire transferred to such account or accounts as Seller may designate, and actually received in such account or accounts, not later than 2:00 p.m. (Eastern time) on the Closing Date (the “Wiring Deadline”), with time being strictly of the essence with respect thereto.  
9.3.3    Costs.  Purchaser will pay all costs allocated to Purchaser pursuant to Section 9.5 of this Agreement.
9.4    Escrow.  The delivery of the documents and the payment of the sums to be delivered and paid at the Closing shall be accomplished through an escrow with the Escrow Agent.  
9.5    Costs and Adjustments at Closing.
9.5.1    Expenses.  Seller shall pay (a) the fees of any counsel representing Seller in connection with this transaction, (b) one-half (1/2) of the escrow fee charged by Escrow Agent, (c) the recording charges for the deed and any other documents to clear title, (d) any documentary stamp or transfer taxes associated with the conveyance of the Property to Purchaser, and (e) brokerage commission costs of Seller’s Broker (as hereafter defined).  Purchaser shall pay (i) the fees of any counsel representing Purchaser in connection with this transaction, (ii) costs and expenses related to updating the Survey, (iii) the costs and expenses related to all of Purchaser’s due diligence studies and investigations, (iv) one-half (1/2) of the escrow fee charged by Escrow Agent, (v) all charges and costs for any title examinations, title commitments, title insurance, and all charges and costs for any costs of any title insurance endorsements, and (vi) all costs related to Purchaser’s financing of the Property (including, but not limited to, documentary stamp taxes and non-recurring intangible taxes in connection therewith), if applicable.  Any other costs or expenses incident to 

	
			
	 
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this transaction and the closing thereof not expressly provided for above shall be allocated between and paid by the parties in accordance with custom and practice in Greenville County, South Carolina.
9.5.2    Real Estate and Personal Property Taxes.  Real estate, personal property and ad valorem taxes for the year in which the Closing occurs will be prorated between Seller and Purchaser as of the Apportionment Time (as hereinafter defined) on the basis of actual bills therefor, if available.  If such bills are not available, then such taxes and other charges shall be prorated on the basis of the most currently available tax bills and, thereafter, promptly re-prorated upon the availability of actual bills for the applicable period.  Any and all rebates or reductions in taxes received subsequent to Closing for the calendar year in which Closing occurs, net of costs of obtaining the same (including without limitation reasonable attorneys’ fees), shall be prorated as of the Apportionment Time, when received.  The current installment of all special assessments, if any, which are a lien against the Property at the time of Closing and which are being or may be paid in installments shall be prorated as of the Apportionment Time.  As used herein, the term “Apportionment Time” shall mean 11:59 p.m. Eastern time on the date immediately prior to the Closing Date.
9.5.3    Lease Security Deposits.  At Closing, Seller shall pay to Purchaser, as a credit against the Purchase Price, an amount equal to all security deposits and other deposits held by Seller or required to be held by Seller under the Leases (together with accrued interest thereon required by law or by the terms of the Leases), and thereafter Purchaser shall be solely obligated for the return of such security deposits and other deposits. 
9.5.4    Rents.  All rents and other costs or charges paid by tenants under the Leases shall be prorated as of the Apportionment Time, to the extent actually collected by Seller.  With respect to any rent or charges that are delinquent prior to Closing, Seller shall have the right to pursue all rights and remedies against the tenants to recover such delinquencies with respect to tenants no longer in occupancy (but not otherwise); provided, however, that in no event shall Seller be entitled to dispossess such tenants.  Purchaser shall promptly remit to Seller any rent or payments for any charges received by Purchaser subsequent to Closing which are attributable to periods prior to Closing (provided that such rents have first been applied to sums owed to Purchaser after Closing); provided, however, that such amounts received from tenants after Closing will first be applied to such charges as are then due and then applied in their reverse order of accrual until applied in full. From and after Closing and for a period of sixty (60) days thereafter, Purchaser shall use commercially reasonable efforts to collect from the tenants all rents that are delinquent for the period prior to Closing (but shall not be required to incur any material expenses relating thereto, or pursue any eviction or judicial remedies).  
9.5.5    Utilities.  Water, sewer, electric, fuel (if any) and other utility charges, other than those for which tenants under Leases are responsible directly to the provider, shall be prorated as of the Apportionment Time.  If consumption of any of the foregoing is measured by meter, Seller shall, prior to the Closing Date, endeavor to obtain a reading of each such meter and a final bill as of the Closing Date.  If there is no such meter or if the bill for any of the foregoing shall have not been issued as of the Closing Date, the charges therefor shall be adjusted as of the Apportionment Time on the basis of the charges of the prior period for which such bills were issued 

	
			
	 
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and shall be further adjusted between the parties when the bills for the correct period are issued.  Seller and Purchaser shall cooperate to cause the transfer of utility accounts from Seller to Purchaser.  Seller shall be entitled to retain any utility security deposits to be refunded.  At Closing, Purchaser shall post substitute utility security deposits to replace those previously paid by Seller or, if the utility provider will not refund such deposits to Seller, Seller shall be reimbursed therefor by Purchaser at Closing.
9.5.6    Contracts.  All payments made or required under Contracts assumed by Purchaser shall be adjusted and apportioned as of the Apportionment Time.
9.5.7    Insurance Policies.  Premiums on insurance policies will not be adjusted.  As of the Closing Date, Seller will terminate its insurance coverage and Purchaser will obtain its own insurance coverage.
9.5.8    Lease Commissions. Seller shall be solely responsible for any commissions or fees and locators' and finders' fees due for any Lease, any renewal or extension of an existing Lease and any new lease executed before Closing.
9.5.9    Rent Ready Credit.  At the time of Closing, Seller shall cause all apartment units in the Property which have been vacant for five days or more to be in a Rent Ready Condition (as hereinafter defined).  “Rent Ready Condition” shall mean that all vacant apartments have been thoroughly cleaned, recently painted (within a reasonable time prior to the Closing Date) and that all apartments contain the following:  (1) refrigerator-freezer unit in working condition; (2) dishwasher, garbage disposal, stove and oven in working condition; (3) plumbing, heating, air conditioning and electrical systems in working order and the roof in good condition and repair; (4) floors fully covered with a combination of tile or linoleum and carpeting, all of which shall be in average or better condition; and (5) blinds and/or drapes on all windows in average or better condition.  With respect to each apartment unit that has been vacant for five (5) days or more prior to Closing that is not in such a Rent Ready Condition at the Closing, Purchaser shall receive a credit against the Purchase Price in the sum of Seven Hundred Fifty and 00/100 Dollars ($750.00). 
9.5.10    Closing Statement.  Not later than two (2) Business Days prior to the Closing, Seller or its agents or designees shall prepare, and promptly thereafter, Seller and Purchaser shall jointly agree upon, a closing statement (the “Closing Statement”) that will show the net amount due either to Seller or to Purchaser as the result of the adjustments and prorations provided for in this Agreement, and such net due amount shall be added to or subtracted from the cash balance of the Purchase Price to be paid to Seller at the Closing, as applicable.  Not later than the date that is ninety (90) days after the Closing Date, Seller and Purchaser shall reprorate the adjustments and prorations provided for herein respecting any items that were not capable of being determined as of the Closing Date or that previously were wrongfully determined and need to be corrected and the manner in which such items shall be determined and paid.  The net amount due Seller or Purchaser, if any, by reason of adjustments to the Closing Statement shall be paid in cash by the party obligated therefor within five (5) Business Days following the reproration by Seller and Purchaser.  The reproration agreed to by Seller and Purchaser not later than ninety (90) days after the Closing Date shall be conclusive and binding on the parties hereto except for any items that are not capable of being determined at the time such reproration has been made by Seller and Purchaser and shall be 

	
			
	 
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conclusive and binding on the parties hereto except for any items that are not capable of being determined at that time of reproration, which items shall be determined and paid promptly as soon as they are capable of being determined.  Prior to and following the Closing Date, each party shall provide the other with such information as the other shall reasonably request (including, without limitation, access to the books, records, files, ledgers, information and data with respect to the Property during normal business hours upon reasonable advance notice) in order to make the preliminary and final adjustments and prorations provided for herein.
9.5.11    Survival.  The provisions of this Section 9.5 shall survive Closing.
		
	ARTICLE 10  
	DAMAGE AND CONDEMNATION

10.1    Damage.  If, prior to the Closing, all or any portion of the Property is damaged by fire or any other cause whatsoever, Seller shall promptly give Purchaser written notice of such damage.  
10.1.1    Minor Damage.  If the cost for repairing such damage is less than Five Hundred Thousand and 00/100 Dollars ($500,000.00)(as determined by Seller’s independent insurer), then Purchaser shall have the right at Closing to receive the amount of the deductible plus all insurance proceeds received by Seller as a result of such loss, or an assignment of Seller’s rights to such insurance proceeds, and this Agreement shall continue in full force and effect with no reduction in the Purchase Price, and Seller shall have no further liability or obligation to repair such damage or to replace the Property.
10.1.2    Major Damage.  If the cost for repairing such damage exceeds Five Hundred Thousand and 00/100 Dollars  ($500,000.00) (as determined by Seller’s independent insurer), then Purchaser shall have the option, exercisable by written notice delivered to Seller within five (5) Business Days (with the Closing Date being extended if necessary) after Seller’s notice of damage to Purchaser, either (i) to receive the amount of the deductible plus all insurance proceeds received by Seller as a result of such loss, or an assignment of Seller’s rights to such insurance proceeds, and this Agreement shall continue in full force and effect with no reduction in the Purchase Price, and Seller shall have no further liability or obligation to repair such damage or to replace the Property; or (ii) to terminate this Agreement.  If Purchaser elects to terminate this Agreement, Purchaser shall give notice to Seller thereof, the Deposit shall be returned to Purchaser, and thereafter neither party will have any further rights or obligations hereunder, except for any obligations that expressly survive termination.  If Purchaser fails to notify Seller within such five (5) Business Day period of Purchaser’s election to terminate this Agreement, then Purchaser shall be deemed to have elected option (i), and Purchaser and Seller shall proceed to Closing in accordance with the terms and conditions of this Agreement.  
10.2    Condemnation and Eminent Domain.  In the event that any condemnation proceedings are instituted, or notice of intent to condemn is given, with respect to all or any “material portion of the Property” (which, for purposes of this Section 10.2, shall be deemed to mean the loss of a building or any part thereof or the loss of access to a public roadway), Seller shall promptly notify Purchaser thereof, in which event Purchaser shall either elect (at its option) to consummate the purchase of the Property without reduction of the Purchase Price, and the right to collect any 

	
			
	 
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condemnation award or compensation for such condemnation shall be assigned by Seller to Purchaser at Closing, or to terminate this Agreement. If Purchaser elects to terminate this Agreement, Purchaser shall give notice to Seller thereof, the Deposit shall be returned to Purchaser, and thereafter neither party will have any further rights or obligations hereunder, except for any obligations that expressly survive termination.  
ARTICLE 11      REMEDIES AND ADDITIONAL COVENANTS  
11.1    Seller Default At or Before Closing.  If Seller is in breach or default of any of its obligations or agreements hereunder when performance is required on or prior to the Closing Date, or if any of the representations contained in Section 6.1 should be false in any material respect (subject to the provisions of Section 8.4) and Purchaser shall become actually aware of same on or prior to the Closing Date and Purchaser shall not have waived its claims with regard to same pursuant to this Agreement, then Purchaser shall give Seller written notice of such breach or default on or prior to the Closing Date and Seller shall have ten (10) Business Days from the date of receipt of such notice to cure such breach or default and the Closing Date shall be extended accordingly.  If Seller fails to cure such breach or default within such ten (10) Business Day period, then Purchaser shall have the right, at its sole option and as its sole remedy, and Purchaser hereby waives its right to pursue any other remedy at law or in equity, and as Purchaser’s sole and exclusive remedy, Purchaser shall either (i) To terminate this Agreement by written notice to Seller and the Escrow Agent, in which event the Deposit shall be returned to Purchaser and Seller shall reimburse Purchaser for its actual costs incurred relating to this Agreement (not to exceed $100,000), whereupon neither party shall have any further rights, duties or obligations hereunder other than the obligations and rights set forth herein that expressly survive the termination of this Agreement, or (ii) to pursue specific performance of the obligations of Seller hereunder.  As a condition precedent to Purchaser’s exercising any right it may have to bring an action for specific performance hereunder, Purchaser must commence such action for specific performance within thirty (30) days after the scheduled Closing Date.  Purchaser agrees that its failure to timely commence such an action for specific performance within such thirty (30) day period shall be deemed a waiver by it of its right to commence an action for specific performance as well as a waiver by it of any right it may have to file or record a notice of lis pendens or notice of pendency of action or similar notice against the Property.  In no event shall Purchaser seek, or Seller be liable for, any damages to Purchaser, including, without limitation, punitive or consequential damages.Seller Default From and After Closing.  Subject to the limitations set forth in Section 6.4 of this Agreement, if Seller is in breach or default of any of its obligations or agreements hereunder that survive the Closing when performance is required, including, without limitation, any obligations or agreements under the documents delivered at Closing by Seller pursuant to Section 9.2.1 of this Agreement, or if any of the Express Representations should be false in any material respect and Purchaser shall first become actually aware of same after the Closing Date, then Purchaser shall give Seller written notice of such breach or default of such obligation, agreement or representation hereunder prior to the expiration of the applicable survival period of such breach or default and Seller shall have thirty (30) days from the date of receipt of such notice to cure such breach or default.  If Seller fails to cure such breach or default within such thirty (30) day period, and the reasonably estimated losses or damages sustained as a result of Seller’s failure or inability to perform any of its obligations, agreements or Express Representations hereunder exceeds Twenty-Five Thousand and 00/100 Dollars ($25,000.00), then 

	
			
	 
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Seller shall be liable for the actual direct damages suffered by Purchaser due to such uncured breach or default from the first dollar of loss.  Notwithstanding anything to the contrary contained herein, (i) in no event shall Seller be liable to Purchaser for damages in an aggregate amount in excess of Five Hundred Thirty-Seven Thousand Seven Hundred Fifty and 00/100 Dollars ($537,750.00), (ii) Seller’s inability to satisfy a condition of this Agreement shall not be considered a default by Seller hereunder unless such inability results from the breach of any of Seller’s representations set forth in Section 6.1 or the breach of Seller’s express covenants and obligations hereunder, and (iii) if Purchaser has actual knowledge of a default by Seller on the Closing Date and Purchaser elects to close the transaction contemplated herein, Purchaser shall be deemed to have irrevocably waived such default and Seller shall not have any liability with respect to such default.    
11.2    Purchaser Default.  The parties acknowledge and agree that Seller should be entitled to compensation for any detriment suffered if Purchaser fails to consummate the purchase of the Property if and when required to do so under the terms of this Agreement, but agree that it would be extremely difficult to ascertain the extent of the actual detriment Seller would suffer as a result of such failure.  Consequently, if Purchaser fails to consummate the purchase of the Property on the Closing Date or fails to perform any of its other covenants in any material respect, or otherwise defaults in its obligations hereunder, then Seller shall be entitled to terminate this Agreement by giving written notice thereof to Purchaser prior to or at the Closing, in which event the Deposit shall be paid to Seller as fixed, agreed and liquidated damages and as its sole and exclusive remedy, and, after the payment of the Deposit to Seller, neither Seller nor Purchaser will have any further rights or obligations under this Agreement, except for any obligations that expressly survive termination, except that Seller shall have the right to pursue an action against Purchaser for Seller’s actual damages suffered on account of a default by Purchaser under Sections 5.1.2, 6.2, 12.2, and 15.17 of this Agreement; provided, however, that nothing contained herein shall constitute a waiver by Seller of any damages, rights or remedies which may be available to Seller against Purchaser at law or in equity as a result of any material breach of a representation or warranty or other material default of Purchaser hereunder (other than Purchaser’s failure to consummate the purchase of the Property on the Closing Date for which Seller shall be paid the Deposit in accordance with the immediately preceding sentence), all of which are hereby expressly reserved by Seller; provided, however, nothing contained herein shall entitle Seller to consequential or punitive damages or any other sums in excess of Seller’s actual damages. 
11.3    Delivery of Materials.  Notwithstanding anything contained in this Agreement to the contrary, if this Agreement is terminated for any reason whatsoever, then Purchaser shall promptly deliver to Seller all Property Information provided to Purchaser by Seller, including copies thereof in any form whatsoever, including electronic form, along with any and all tests results and studies of the Property performed by or on behalf of Purchaser pursuant to Article 5, excluding any confidential or proprietary information or financial modeling.  The obligations of Purchaser under this Section 11.4 shall survive any termination of this Agreement.
		
	ARTICLE 12  
	BROKERAGE COMMISSION

12.1    Brokers.  Seller represents and warrants to Purchaser that Seller has not contacted or entered into any agreement with any real estate broker, agent, finder, or any party in connection 

	
			
	 
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with this transaction, except for Jones Lang Lasalle Americas, Inc. (“Seller’s Broker”) and that Seller has not taken any action which would result in any real estate broker’s or finder’s fees or commissions being due and payable to any party other than Seller’s Broker with respect to the transaction contemplated hereby.  Seller will be solely responsible for the payment of Seller’s Broker’s commission in accordance with the provisions of a separate agreement.  Purchaser hereby represents and warrants to Seller that Purchaser has not contracted or entered into any agreement with any real estate broker, agent, finder, or any party in connection with this transaction and that Purchaser has not taken any action which would result in any real estate broker’s or finder’s fees or commissions being due or payable to any party with respect to the transaction contemplated hereby.
12.2    Indemnity.  Each party hereby indemnifies and agrees to hold the other party harmless from and against any loss, liability, damage, cost, or expense (including, without limitation, reasonable attorneys’ fees) paid or incurred by the other party by reason of a breach of the representation and warranty made by such party under this Article 12.  Notwithstanding anything to the contrary contained in this Agreement, the indemnities set forth in this Section 12.2 shall survive the Closing or earlier termination of this Agreement.  
		
	ARTICLE 13  
	NOTICES

13.1    Written Notice.  All notices, demands and requests which may be given or which are required to be given by either party to the other party under this Agreement must be in writing.
13.2    Method of Transmittal.  All notices, demands, requests or other communications required or permitted to be given hereunder must be sent (i) by United States certified mail, postage fully prepaid, return receipt requested, (ii) by hand delivery, or (iii) by FedEx or a similar nationally recognized overnight courier service.  All such notices, demands, requests or other communications shall be deemed to have been given for all purposes of this Agreement upon the date of receipt or refusal, except that whenever under this Agreement a notice is either received on a day which is not a Business Day or is required to be delivered on or before a specific day which is not a Business Day, the day of receipt or required delivery shall automatically be extended to the next Business Day.
13.3    Addresses.  The addresses for proper notice under this Agreement are as follows:

	
			
	 
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	As to Seller:

With copies to:

	c/o CNL Financial Group, Inc.
450 S. Orange Avenue
Orlando, Florida 32801
Attention:  Michael Tetrick, Senior Vice President
Phone:   (407) 540-2257
E-mail:  Mike.Tetrick@cnl.com 

c/o Daniel Realty Company, LLC
500 20th Street North, Suite 1000
Birmingham, Alabama 35203
Attention:  R. Scott Pulliam, Executive Vice President
Phone:      (205) 443-4550
E-mail:    spulliam@danielcorp.com

c/o CNL Financial Group, Inc.
450 S. Orange Avenue
Orlando, Florida 32801
Attention:  Tracey B. Bracco, Esq., Senior Vice President, Legal and Assistant General Counsel
Phone:   (407) 540-2622
E-mail:  Tracey.Bracco@cnl.com

and:

Burr Forman LLP
420 N. 20th Street
Suite 3400
Birmingham, AL  35203
Attention: Gail Livingston Mills, Esq.
Phone: (205) 458-5300
Email: gmills@burr.com 

and:

Lowndes, Drosdick, Doster, Kantor & Reed, P.A.
450 S. Orange Avenue, Suite 200 
Orlando, Florida 32801
Attn:  Joaquin E. Martinez, Esq. 
Phone:  (407) 843-4600
E-mail:  quino.martinez@lowndes-law.com

	 
	 

	As to Purchaser:
	MSP RE HOLDINGS, LLC
146 Williman St., Suite 100
Charleston, SC 29403
Attn:  Ryan Knapp
Phone: 843-883-7407
Email:  rknapp@middlestreetpartners.com

	 
	 

	
			
	 
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	With a copy to:
	Craig Anderson
1717 Main Street, Suite 4600
Dallas, TX 75201-4629
Phone: 214-743-4500
Email:  Craig.Anderson@dlapiper.com

	As to Escrow Agent:
	Lawyers Title Insurance Company
4514 Cole Avenue, Suite 1400
Dallas, Texas 75205
Attention:  Chris Faison 
Email: chris.faison@ltic.com

Either party may from time to time by written notice to the other party designate a different address for notices.  Notices sent to or from an address outside of the continental United States shall be sent only by one of the methods specified in clauses (ii) or (iii) of this Section 13.3.  Anything contained in this Section 13.3 to the contrary notwithstanding, all notices may be executed and sent by the parties’ counsel.

		
	ARTICLE 14  
	ASSIGNMENT

Neither party shall have the right to assign this Agreement without the prior written consent of the other, which consent may be granted or withheld in the sole and absolute discretion of the party whose consent has been requested.  Seller hereby consents to an assignment at Closing by Purchaser of its interest in this Agreement to a wholly-owned subsidiary of Purchaser without further evidence of such subsidiary’s financial capability to consummate Closing hereunder, or to any interest affiliated with Purchaser, or owned or controlled by or under common control with Purchaser or its affiliates, or to an entity that Purchaser owns an ownership interest in, provided that such assignee shall assume, in writing, all of Purchaser’s obligations under this Agreement. 
		
	ARTICLE 15  
	MISCELLANEOUS

15.1    Entire Agreement.  This Agreement embodies the entire agreement between the parties and cannot be varied except by the written agreement of the parties and supersedes all prior agreements and undertakings.
15.2    Modifications.  This Agreement may not be modified except by the written agreement of the parties.
15.3    Gender and Number.  Words of any gender used in this Agreement will be construed to include any other gender and words in the singular number will be construed to include the plural, and vice versa, unless the context requires otherwise.
15.4    Captions.  The captions used in connection with the Articles, Sections and Subsections of this Agreement are for convenience only and will not be deemed to expand or limit the meaning of the language of this Agreement.

	
			
	 
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15.5    Successors and Assigns.  This Agreement will be binding upon and inure to the benefit of the parties hereto and their respective legal representatives, successors and permitted assigns.
15.6    Controlling Law.  This Agreement will be construed under, governed by and enforced in accordance with the laws of the State of South Carolina (without reference to conflicts of laws principles).
15.7    Exhibits.  All exhibits, attachments, schedules, annexed instruments and addenda referred to herein will be considered a part hereof for all purposes with the same force and effect as if set forth verbatim herein.
15.8    No Rule of Construction.  Seller and Purchaser have each been represented by counsel in the negotiations and preparation of this Agreement; therefore, this Agreement will be deemed to be drafted by both Seller and Purchaser, and no rule of construction will be invoked respecting the authorship of this Agreement.
15.9    Severability.  In the event that any one or more of the provisions contained in this Agreement (except the provisions relating to Seller’s obligations to convey the Property and Purchaser’s obligation to pay the Purchase Price, the invalidity of either of which shall cause this Agreement to be null and void) are held to be invalid, illegal, or unenforceable in any respect, such invalidity, illegality, or unenforceability will not affect any other provisions hereof, and this Agreement shall be construed as if such invalid, illegal, or unenforceable provision had not been contained herein, provided, however, that the parties hereto shall endeavor in good faith to rewrite the affected provision to make it (i) valid, and (ii) consistent with the intent of the original provision.
15.10    Time of Essence.  Time is important to both Seller and Purchaser in the performance of this Agreement, and both parties have agreed that TIME IS OF THE ESSENCE with respect to any date set out in this Agreement.
15.11    Business Days.  “Business Day” means any day on which business is generally transacted by banks in the State of South Carolina.  If the final date of any period which is set out in any paragraph of this Agreement falls upon a day which is not a Business Day, then, and in such event, the time of such period will be extended to the next Business Day.
15.12    No Memorandum.  Purchaser and Seller agree not to record this Agreement or any memorandum hereof. 
15.13    Press Releases.  Prior to Closing, any release to the public of information with respect to the sale contemplated herein or any matters set forth in this Agreement will be made only in the form approved by Purchaser and Seller except for any disclosure that may be required by law or applicable regulation to be made to any applicable governmental or quasi-governmental authorities or to the public.  After the Closing has occurred, Seller and Purchaser shall each have the right to issue a press release regarding consummation of the transactions contemplated in this Agreement. 

	
			
	 
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15.14    Attorneys’ Fees and Costs.  In the event either party is required to resort to litigation to enforce its rights under this Agreement, the non-prevailing party in such litigation shall pay the costs, expenses and reasonable attorneys’ fees incurred by the prevailing party in connection with such action.
15.15    Counterparts and Expiration of Offer.  This Agreement may be executed in multiple counterparts which shall together constitute a single document.  However, this Agreement shall not be effective unless and until all counterpart signatures have been obtained.  An unsigned draft of this Agreement shall not be considered an offer by either party to purchase or sell the Property.  
15.16    Waiver of Jury Trial.  EACH PARTY HEREBY WAIVES TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM OR COUNTERCLAIM BROUGHT BY EITHER PARTY IN CONNECTION WITH ANY MATTER ARISING OUT OF OR IN ANY WAY CONNECTED WITH THIS AGREEMENT, THE RELATIONSHIP OF SELLER AND PURCHASER HEREUNDER, PURCHASER’S OWNERSHIP OR USE OF THE PROPERTY, AND/OR ANY CLAIMS OF INJURY OR DAMAGE RELATED TO THE PROPERTY.
15.17    Confidentiality
15.17.1    Except as provided otherwise in this Section 15.17, Purchaser and Seller, for the benefit of each other, hereby agree that neither of them will release or cause or permit to be released to the public any press notices, publicity (oral or written) or advertising promotion relating to, or otherwise publicly announce or disclose or cause or permit to be publicly announced or disclosed, in any manner whatsoever, the terms, conditions or substance of this Agreement or the transactions contemplated herein, without first obtaining the consent of the other party hereto, which may be granted or withheld in the sole discretion of the other party.  However, each party consents to any disclosure of this Agreement which the other party reasonably believes is required by law, by the public disclosure obligations required by the U.S. Securities Exchange Commission, or which is recommended in good faith by counsel to such other party.
15.17.2    It is understood that the foregoing shall not preclude any party from discussing the substance or any relevant details of the transactions contemplated in this Agreement on a confidential basis with any of its attorneys, accountants, professional consultants, financial advisors, owners, brokers, agents, rating agencies, or potential lenders, as the case may be, or prevent any party hereto from complying with applicable laws, including, without limitation, governmental regulatory, disclosure, tax and reporting requirements.  Notwithstanding the foregoing, Purchaser shall have the right to deliver such information to Purchaser’s potential investors and potential lenders, in each case on a need-to-know basis after the recipients have been informed of the confidential nature of such information and directed not to disclose such information except in accordance with this Section 15.17.  The aforementioned shall not preclude the disclosure to potential investors of the proposed purchase price, the net operating income of the Property and the approximate rate of return on the investment.
15.17.3    In addition to any other remedies available to Seller and Purchaser, Seller and Purchaser shall each have the right to seek equitable relief, including, without limitation, 

	
			
	 
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injunctive relief or specific performance, against the other party or its representatives in order to enforce the provisions of this Section 15.17.
15.17.4    Notwithstanding any other provision of this Agreement, the provisions of Section 15.17 shall survive the termination of this Agreement for one (1) year following the Effective Date, but shall not survive Closing.
15.18    Jurisdiction and Service of Process.  The parties hereto agree to submit to personal jurisdiction in the State of South Carolina in any action or proceeding arising out of this Agreement and, in furtherance of such agreement, the parties hereby agree and consent that without limiting other methods of obtaining jurisdiction, personal jurisdiction over the parties in any such action or proceeding may be obtained within or without the jurisdiction of any court located in the State of South Carolina and that any process or notice of motion or other application to any such court in connection with any such action or proceeding may be served upon the parties by certified mail to or by personal service at the last known address of the parties, whether such address be within or without the jurisdiction of any such court.  The provisions of this Section 15.18 shall survive the Closing or the termination hereof.
15.19    Exculpation.  Purchaser agrees that it does not have and will not have any claims or causes of action against the Seller Knowledge Individual or any disclosed or undisclosed officer, director, employee, trustee, shareholder, member, manager, partner, principal, parent, subsidiary or other affiliate of Seller, or any officer, director, employee, trustee, shareholder, partner or principal of any such parent, subsidiary or other affiliate (collectively, “Seller's Affiliates”), arising out of or in connection with this Agreement or the transactions contemplated hereby.  Purchaser agrees to look solely to Seller and its assets for the satisfaction of any liability or obligation arising under this Agreement or the transactions contemplated hereby, or for the performance of any of the covenants, warranties or other agreements contained herein, and further agrees not to sue or otherwise seek to enforce any personal obligation against any of Seller's Affiliates with respect to any matters arising out of or in connection with this Agreement or the transactions contemplated hereby.  Without limiting the generality of the foregoing provisions of this Section 15.19, Purchaser hereby unconditionally and irrevocably waives any and all claims and causes of action of any nature whatsoever it may now or hereafter have against Seller's Affiliates, and hereby unconditionally and irrevocably releases and discharges  Seller’s Affiliates from any and all liability whatsoever which may now or hereafter accrue in favor of Purchaser against Seller’s Affiliates, in connection with or arising out of this Agreement or the transactions contemplated hereby.  The provisions of this Section 15.19 shall survive the termination of this Agreement and the Closing.
[Signature Page Follows]

	
			
	 
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29914974 v6

        

IN WITNESS WHEREOF, the parties have executed this Purchase and Sale Agreement as of the date first written above.
SELLER:

GGT DANIEL SC VENTURE, LLC, 
a Delaware limited liability company

By:  DANIEL HAYWOOD, LLC, an Alabama limited liability company, its operating member

By: DANIEL MANAGEMENT CORPORATION, an Alabama corporation, its manager

By: _/s/ Scott Pulliam         
       R. Scott Pulliam
       Its Senior Vice President

PURCHASER:

MSP RE HOLDINGS, LLC, 
a Delaware limited liability company

By:    _/s/ Ryan Knape ______________ 
Name:    Ryan Knape
Title:    Principal

	
			
	 
	 
	Purchase and Sale Agreement –Signature Page

29914974 v6

EXHIBIT A

LEGAL DESCRIPTION
Intentionally Omitted

29914974 v6                                        Exhibit A – Page 1

EXHIBIT B

ESCROW AGREEMENT
Intentionally Omitted

EXHIBIT C

29914974 v6                                        Exhibit C – Page 2

        

FORM OF LIMITED WARRANTY DEED 

Intentionally Omitted

29914974 v6                                        Exhibit C – Page 3

EXHIBIT D
FORM OF BILL OF SALE
Intentionally Omitted

29914974 v6                                        Exhibit F – Page 1

        

EXHIBIT E

FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT

Intentionally Omitted

29914974 v6                                        Exhibit F – Page 2

        

 
EXHIBIT F

FORM OF TENANT NOTIFICATION LETTER

Intentionally Omitted

29914974 v6                                        Exhibit F – Page 3

SCHEDULE 1.4

RENT ROLL

Intentionally Omitted

29914974 v6                                                     Schedule 1.4 – Page 1

SCHEDULE 1.5

LICENSES

Intentionally Omitted

29914974 v6                                                      Schedule 1.5 – Page 1

SCHEDULE 1.8

CONTRACTS

Intentionally Omitted

29914974 v6                                        Exhibit C – Page 2

SCHEDULE 4.1

PROPERTY INFORMATION

Intentionally Omitted

29914974 v6                                                                   Schedule 4.1 – Page 1

SCHEDULE 6.1.3

LITIGATION 

Intentionally Omitted

29914974 v6                                                                 Schedule 6.1.8 – Page 1

        

SCHEDULE 6.1.7

RENT PAID MORE THAN ONE MONTH IN ADVANCE
NOTICES FROM TENANT’S OF SELLER’S NONPERFORMANCE
PENDING CLAIMS ASSERTED AGAINST SELLER FOR OFFSETS OR ABATEMENTS

Intentionally Omitted

29914974 v6                                        Exhibit C – Page 2

        

SCHEDULE 6.1.8

VIOLATIONS OF LAW

Intentionally Omitted

29914974 v6                                        Exhibit C – Page 3

SCHEDULE 7.5

SURETY AND/OR MAINTENANCE BONDS

Intentionally Omitted

29914974 v6                                                     Schedule 7.5 – Page 1

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