Document:

Membership Interest Sale and Purchase Agreement

 Exhibit 10.21 
 MEMBERSHIP INTERESTS 
 PURCHASE AND SALE AGREEMENT 
 AMONG 
 CBF RODGERS FORGE, LLC 

 (“CBF”) 
 CBRE REALTY FINANCE TRS, INC, 
 (“SELLER”) 
 and 
 RODGERS FORGE HOLDING, LLC 
 (“PURCHASER”) 
 CONCERNING
THE OWNERSHIP INTERESTS IN THE LIMITED LIABILITY 
 COMPANY THAT OWNS OR WILL OWN 
 CERTAIN CONDOMINIUM UNITS IN THE RODGERS FORGE CONDOMINIUM 
 AND OTHER PROPERTY COMMONLY KNOWN AS 
 THE RED OAKS AT RODGERS FORGE APARTMENTS 
 BALTIMORE COUNTY, MARYLAND 
  

 TABLE OF CONTENTS 
  

			
	 	  	Page
	 ARTICLE 1 Definitions
	  	1
		
	 Section 1.1.    Definitions
	  	1
		
	 ARTICLE 2 Agreement; Purchase Price
	  	12
		
	 Section 2.1.    Agreement to Sell and Purchase
	  	12
	 Section 2.2.    Purchase Price
	  	12
		
	 ARTICLE 3 Deposit
	  	12
		
	 Section 3.1.    Deposit
	  	12
	 Section 3.2.    Deposit Generally
	  	12
		
	 ARTICLE 4 Title and Survey; Exhibits
	  	12
		
	 Section 4.1.    Title and Survey
	  	12
	 Section 4.2.    Exhibits and Schedules
	  	14
		
	 ARTICLE 5 Study Period; Inspection
	  	14
		
	 Section 5.1.    Study Period
	  	14
	 Section 5.2.    Access
	  	15
		
	 ARTICLE 6 Conditions Precedent; Casualty Damage; Condemnation
	  	18
		
	 Section 6.1.    Conditions Precedent Favoring Purchaser
	  	18
	 Section 6.2.    Conditions Precedent Favoring Seller and CBF
	  	20
	 Section 6.3.    Risk of Loss
	  	21
	 Section 6.4.    Condemnation
	  	22
	 Section 6.5.    Activities Prior to Closing; Seller, CBF, Owner and Purchaser Covenants
	  	23
		
	 ARTICLE 7 Representations, Warranties and Covenants
	  	27
		
	 Section 7.1.    Purchaser’s Representations, Warranties and Covenants
	  	27
	 Section 7.2.    Seller’s Representations
	  	32
	 Section 7.3.    Knowledge
	  	34
	 Section 7.4.    Notice of Breach; Survival of Representations and Warranties
	  	35
		
	 ARTICLE 8 Closing
	  	36
		
	 Section 8.1.    Closing Date
	  	36

  

 i 

			
	 Section 8.2.    Seller’s Deliveries
	  	37
	 Section 8.3.    Purchaser’s Deliveries
	  	38
	 Section 8.4.    Costs and Prorations
	  	39
	 Section 8.5.    Possession
	  	41
	 Section 8.6.    Motor Vehicle
	  	41
		
	 ARTICLE 9 Real Estate Commission
	  	41
		
	 Section 9.1.    Commissions
	  	41
		
	 ARTICLE 10 Termination and Default
	  	42
		
	 Section 10.1.    Termination without Default
	  	42
	 Section 10.2.    Purchaser’s Default
	  	42
	 Section 10.3.    Seller’s Default
	  	43
	 Section 10.4.    Seller Indemnification
	  	44
	 Section 10.5.    Purchaser and Owner Indemnification
	  	45
		
	 ARTICLE 11 Miscellaneous
	  	45
		
	 Section 11.1.    Entire Agreement
	  	45
	 Section 11.2.    Binding On Successors and Assigns; No Third-Party Beneficiaries
	  	46
	 Section 11.3.    Assignment by Purchaser
	  	46
	 Section 11.4.    Waiver
	  	46
	 Section 11.5.    Governing Law
	  	46
	 Section 11.6.    Counterparts
	  	46
	 Section 11.7.    Notices
	  	47
	 Section 11.8.    Attorneys’ Fees
	  	48
	 Section 11.9.    IRS Real Estate Sales Reporting
	  	48
	 Section 11.10.    Time Periods
	  	48
	 Section 11.11.    Modification of Agreement
	  	48
	 Section 11.12.    Further Instruments
	  	48
	 Section 11.13.    Descriptive Headings; Word Meaning
	  	48
	 Section 11.14.    Time of the Essence
	  	49
	 Section 11.15.    Construction of Agreement
	  	49
	 Section 11.16.    Limitations on Liability
	  	49
	 Section 11.17.    Severability
	  	49
	 Section 11.18.    No Recording
	  	50
	 Section 11.19.    No Implied Agreement
	  	50
	 Section 11.20.    Facsimile Signatures
	  	50

  

 ii 

			
	List of Exhibits
		
	Exhibit A-1	  	- Legal Description of Condominium Units
	Exhibit A-2	  	- Legal Description of Remaining Parcel
	Exhibit B	  	- Form of Assignment and Assumption Agreement
	Exhibit C	  	- Form of Deposit Escrow Agreement
	Exhibit D	  	- Form of Owner’s Affidavit
	Exhibit E	  	- Form of Non-Imputation Affidavit
	Exhibit F	  	- Copy of Access Agreement
	Exhibit G	  	- Form of FIRPTA Affidavit
	Exhibit H	  	- Form of Owner’s Organizational Documents
	Exhibit I	  	- Form of Amendments to Owner’s Organizational Documents
	Exhibit J	  	- Purchaser’s Pro Forma Title Policy
	Exhibit K	  	- Form of CBF Quit-Claim Bill of Sale
	
	List of Schedules
		
	Schedule 1	  	- List of CBRE RF Loan Documents
	Schedule 2	  	- List of Condominium Contracts
	Schedule 3	  	- List of Condominium Documents
	Schedule 4	  	- List of Existing Surveys
	Schedule 5	  	- List of Existing Title Materials
	Schedule 6	  	- List of Leases
	Schedule 7	  	- List of Personal Property
	Schedule 8	  	- List of Required Consents and Waivers
	Schedule 9	  	- List of Utility Deposits
	Schedule 10	  	- List of Service Contracts
	Schedule 11	  	- List of Pending Capital Item Payments
	Schedule 12	  	- List of Sold Unit Warranty Work to be Performed by Seller

  

 iii 

 MEMBERSHIP INTERESTS 
 PURCHASE AND SALE AGREEMENT 
 THIS MEMBERSHIP INTERESTS PURCHASE AND SALE AGREEMENT
(this “Agreement”) is entered into as of the Effective Date (as defined below) by and among CBRE REALTY FINANCE TRS, INC., a Delaware corporation (“Seller”); CBF RODGERS FORGE, LLC, a Delaware limited liability
company (“CBF”); and RODGERS FORGE HOLDING, LLC, a Maryland limited liability company (“Purchaser”). 
 BACKGROUND 
 A. Seller is the sole owner of the membership interests in CBF. Pursuant to the Foreclosure Action (as
defined below), CBF is the contract purchaser of the Property (as defined below). CBF is also the mortgagee-in-possession of the Property pursuant to the CBRE RF Loan Documents (as defined below). 
 B. Seller (a) has formed 6811 Bellona Avenue LLC (the “Owner”) as a Maryland limited liability company and is the sole owner of the
membership interests in the Owner, (b) intends to cause CBF to assign its rights as the contract purchaser of the Property to the Owner, and (c) intends to cause the trustee in the Foreclosure Action to convey the Property to the Owner.

 C. Following the conveyance of the Property to the Owner, Purchaser desires to purchase the membership interests in the Owner from Seller
and Seller desires to sell the membership interests in the Owner to Purchaser, all on the terms and subject to the conditions contained in this Agreement. 
 NOW, THEREFORE, in consideration of the mutual promises hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows: 
 ARTICLE 1 
 Definitions 
 Section 1.1. Definitions. For purposes of this Agreement, capitalized terms not
otherwise defined herein have the meanings set forth below: 
 “Accredited Investor” shall have the meaning set forth in the
Securities Act and any regulations issued thereunder. 
 “Access Agreement” shall have the meaning set forth in
Section 5.2(a). 
 “Agreement” shall have the meaning set forth in the preamble.  
 “Anti-Terrorism Laws” shall have the meaning set forth in Section 7.1(h). 

 “Assignment and Assumption Agreement” shall mean an Assignment and Assumption Agreement
of Membership Interests substantially in the form attached hereto as Exhibit B. 
 “Business Day” shall mean any day
of the week other than (i) Saturday and Sunday, (ii) a day on which banking institutions in Maryland are obligated or authorized by law or executive action to be closed to the transaction of normal banking business, or (iii) a day on
which governmental functions in Maryland are interrupted because of extraordinary events such as hurricanes, blizzards, power outages or acts of terrorism. 
 “CBF” shall have the meaning set forth in the preamble. 
 “CBRE RF Loan
Documents” shall mean, collectively, the documents evidencing and securing that certain loan in the original principal amount of $22,073,200 made to Developer by CBRE Realty Finance Holdings, LLC as predecessor to Seller. A list of the CBRE
RF Loan Documents is attached as Schedule 1. 
 “CERCLA” shall have the meaning set forth in the defined term
“Hazardous Materials.” 
 “Claim” shall mean any written claim, demand, suit, action, litigation, arbitration,
administrative hearing or other proceedings of any nature or any judgment or determination with respect thereto. 
 “Closing” shall mean the consummation of the purchase and sale of the Membership Interests pursuant to the terms of this Agreement. 
 “Closing Date” shall mean the earlier of (i) February 15, 2008 or (ii) five (5) Business Days after the conditions to Closing set forth in Sections 6.1 and 6.2 have been either
satisfied or waived by the parties in favor of whom such conditions run, provided, however, if the condition to Closing set forth in Section 6.1(a)(v)(B) of this Agreement is not satisfied as of February 15, 2008, commencing
February 15, 2008, “Closing Date” shall mean the earlier of (i) March 16, 2008 or (ii) five (5) Business Days after the conditions to Closing set forth in Sections 6.1 and 6.2 have been either satisfied or waived
by the parties in favor of whom such conditions run. 
 “Closing Documents” shall mean all documents and instruments to be
executed and delivered by Seller, CBF, Owner and/or Purchaser pursuant to the terms of this Agreement in connection with the consummation of Closing under this Agreement. 
 “Closing Statement” shall have the meaning set forth in Section 8.4(g). 
 “Code” shall mean the Internal Revenue Code of 1986, and all amendments thereto and all regulations issued thereunder. 
 “Condominium Contracts” shall mean, collectively, the contracts and agreements, together with any amendments or modifications thereto, previously entered into by the Developer with third parties and in effect as of the
Effective Date relating to the 

  

 2 

 
purchase or sale of certain Condominium Units and certain proposed condominium units in the proposed (but not established) Phase II of the Condominium
Regime, all as listed on Schedule 2. 
 “Condominium Documents” shall mean, collectively, the declarations, by-laws,
plats, plans, and rules and regulations, as amended from time to time, establishing the Condominium Regime, a list of which in effect as of the Effective Date is reflected on Schedule 3. 
 “Condominium Plats” shall mean “Plat of Condominium Subdivision for Rodgers Forge Condominiums, Phase I” recorded among the
Land Records at Book No. SM 31, Pages 180-185. 
 “Condominium Regime” shall mean the Baltimore County, Maryland condominium
known as “Rodgers Forge Condominiums.” 
 “Condominium Units” shall mean, collectively, the residential
condominium units located within the Condominium Regime, as legally and more particularly described on Exhibit A-1 attached hereto, together with an undivided interest in the appurtenant common elements, and together with all other
privileges, rights, easements and appurtenances belonging to such residential condominium units; provided, however, that the Condominium Units shall not include those residential condominium units that are subject to the Condominium
Regime and which were previously released from the lien, operation and effect of the Senior Loan Documents and the CBRE RF Loan Documents and sold to third parties by the Developer. Those Condominium Units that are subject to the Condominium
Contracts shall remain subject thereto to the extent the applicable Condominium Contracts are not terminated at or before Closing in accordance with the terms of this Agreement. 
 “Confidential Information” shall mean all documents, studies, reports, test results, brochures, offering materials, photographs,
surveys, title reports and commitments, legal documents, financial information, computer output and other materials and information relating to Property and the Membership Interests, and all analyses, compilations, forecasts, projections and other
documents prepared based upon such materials and information, any and all proposals made in connection with a potential sale of the Property or Membership Interests (including any proposals involving a price for the Property or Membership
Interests), whether the same are in electronic, pictorial, written or other form, whether any of the same have been furnished by or on behalf of Seller or CBF to Purchaser or developed or otherwise obtained by or on behalf of Purchaser, but
excluding any of such items to the extent the same are developed by Purchaser entirely based upon information that is within the public domain. The term “Confidential Information” shall also include this Agreement, the terms hereof and any
information contained herein or otherwise provided to Purchaser concerning the identity of the beneficial owners of Seller, CBF, Owner and all of the Property Documents. Notwithstanding the foregoing, the term “Confidential Information”
shall not include information that is in the public domain other than as a result of a breach by Purchaser of its obligations under this Agreement. 
  

 3 

 “Contract Rights” shall mean, collectively, all rights, if any, of CBF and/or Owner
under the Condominium Contracts or the Condominium Documents, but excluding the Excluded Items. 
 “County” shall mean
Baltimore County, Maryland. 
 “Deemed to Know” (or words of similar import) shall have the following meaning:
(a) Purchaser shall be “deemed to know” of the existence of a fact or circumstance to the extent that such fact or circumstance is disclosed by this Agreement, the Closing Documents, any estoppel certificate received by or on behalf
of Purchaser or any studies, tests, reports, or analyses prepared by or for or otherwise obtained by or on behalf of Purchaser in connection with the Property or the Membership Interests or is otherwise actually known by Purchaser or any of the
Permitted Purchaser Disclosure Parties; (b) Purchaser shall be “deemed to know” of the existence of a fact or circumstance to the extent such fact or circumstance is disclosed by the Property Documents and Purchaser would have
obtained actual knowledge of such fact had Purchaser or any party comprising the Designated Purchaser Representative conducted a commercially reasonable and due inquiry as to the Property Documents or to the extent such fact or circumstance is
otherwise actually known by Purchaser or any of the Permitted Purchaser Disclosure Parties; and (c) Purchaser shall be “deemed to know” that a representation or warranty of Seller is untrue, inaccurate or incorrect to the extent that
this Agreement, the Property Documents, the Closing Documents, any estoppel certificate received by or on behalf of Purchaser or any studies, tests, reports or analyses prepared by or for or otherwise obtained by or on behalf of Purchaser in
connection with the Property or Membership Interests contains information which is inconsistent with such representation or warranty and such inconsistency is otherwise actually known by Purchaser or any of the Permitted Purchaser Disclosure
Parties. 
 “Deposit” shall have the meaning set forth in Section 3.1. 
 “Deposit Escrow Agreement” shall have the meaning set forth in Section 3.2. 
 “Designated Purchaser Representative” shall mean Steven S. Bloom. 
 “Designated Seller Representative” shall mean either of Ann Marie O’Rourke or Paul Martin, acting independently. 
 “Developer” shall mean Rodgers Forge Apartments Realty Company Limited Partnership, a Maryland limited partnership. 
 “Developer Rights and Obligations” shall mean, collectively, (i) the rights held by Developer pursuant to the Condominium Documents
and/or under applicable law as the declarant of the Condominium Regime, including but not limited to any rights expressly reserved to be exercised by Developer with respect to the use of all or any portion of the Real Property for a sales office,
and any rights to expand the Condominium Regime to include the Remaining Parcels and (ii) the obligations of Developer under the Condominium Documents and/or applicable law as the declarant of the Condominium Regime, including but not limited
to with respect to purchasers of condominium units in the Condominium Regime, Tenants or former Tenants of the Real Property, or any Governmental Authorities. 
  

 4 

 “Effective Date” shall mean the date underneath the signature of Seller, CBF and
Purchaser on the signature page of this Agreement; provided, however, that if such dates are different, the latest of such dates shall be the Effective Date. 
 “Encumbrance” shall mean any lien, security interest, pledge, debt, right of first refusal, mortgage, covenant, restriction, reservation, conditional sale, prior assignment or other Claim, burden or
charge of any nature. 
 “Escrow Agent” shall mean the Title Company. 
 “Excluded Items” shall mean: (i) all cash, cash equivalents, deposits (other than deposits delivered by purchasers under
Condominium Contracts that are not terminated prior to Closing or by Tenants under Leases that are not terminated prior to Closing), bank accounts, certificates of deposit, investments, notes, escrows (other than escrows funded by purchasers under
Condominium Contracts that are not terminated prior to Closing or by Tenants under Leases that are not terminated prior to Closing), reserves, accounts receivable or other financial instruments and any right to a refund or other payment existing as
of Closing or relating to a period prior to Closing, including all deposit amounts forfeited under Condominium Contracts under which the purchaser defaults prior to Closing; (ii) any and all Seller Protected Information; (iii) attorney
work product and all other materials subject to any legal privilege in favor of Seller, CBF, Owner (but as to Owner only for the period prior to the Closing Date) or any other Seller Parties; and (iv) all documents, instruments, agreements,
correspondence, memoranda, materials or work product for or relating to the Property, the Owner, CBF or Seller that have no effect on or relevance to the ownership, operation, development, construction or management of the Property or to the
ownership of the Owner following the Closing Date. 
 “Exhibit and Schedules Completion Date” shall mean January 7,
2008. 
 “Existing Survey” shall mean the survey(s) of the Real Property in Seller’s possession and control, a list of
which is attached as Schedule 4. 
 “Existing Title Materials” shall mean the title insurance commitments and title
insurance policies (and copies of exceptions thereunder) in Seller’s possession and control relating to the Real Property, a list of which commitments and policies is attached as Schedule 5. 
 “Foreclosure Action” shall mean the action filed in the Circuit Court for Baltimore County, captioned Anne-Thérèse
Béchamps and Timmy F. Ruppersberger, Substitute Trustees under Indemnity Deed of Trust for the benefit of CBRE Realty Finance TRS, LLC vs. Rodgers Forge Apartments Realty Company Limited Partnership, and bearing Case No. C-073329.

  

 5 

 “Governmental Authority” shall mean any federal, state, County, municipal, or other
governmental or quasi-governmental department, commission, board, bureau, agency, or instrumentality, domestic or foreign. 
 “Hazardous Materials” shall mean any substance which is or contains: (i) any “hazardous substance” as now or hereafter defined in the Comprehensive Environmental Response, Compensation, and Liability Act of
1980, as amended (42 U.S.C. Section 9601 et seq.) or any regulations promulgated thereunder (“CERCLA”); (ii) any “hazardous waste” as now or hereafter defined in the Resource Conservation and Recovery Act (42
U.S.C. Section 6901 et seq.) or regulations promulgated thereunder; (iii) any substance regulated by the Toxic Substances Control Act (15 U.S.C. Section 2601 et. seq.); (iv) gasoline, diesel fuel or other petroleum hydrocarbons;
(v) asbestos and asbestos containing materials, in any form, whether friable or nonfriable; (vi) polychlorinated biphenyls; (vii) radon gas; (viii) mold, mildew, fungus or other potentially dangerous organisms; and (ix) any
additional substances or materials which are now or hereafter classified or considered to be hazardous or toxic under any Laws, ordinances, statutes, codes, rules, regulations, agreements, judgments, orders and decrees now or hereafter enacted,
promulgated, or amended, of the United States, the states, the counties, the cities or any other political subdivisions in which the Real Property is located and any other political subdivision, agency or instrumentality exercising jurisdiction over
the owner of the Real Property, the Real Property or the use of the Real Property relating to pollution, the protection or regulation of human health, natural resources or the environment, or the emission, discharge, release or threatened release of
pollutants, contaminants, chemicals or industrial, toxic or hazardous substances or waste into the environment (including ambient air, surface water, ground water or land or soil). 
 “Improvements” shall mean, collectively, the buildings, structures and other improvements situated within the Remaining Parcels and any
fixtures, systems and facilities owned, or to be owned as of Closing, by the Owner and located within Remaining Parcels, including, without limitation, all mechanical systems, fixtures and equipment; electrical systems, fixtures and equipment;
heating and air conditioning fixtures, systems and equipment and plumbing fixtures, systems and equipment. 
 “Indemnity Claim
Survival Period” shall have the meaning set forth in Section 10.4(c). 
 “Inspections” shall mean the
conduct of due diligence and the inspection and examination of the Property. 
 “Insurance Adjuster” shall have the meaning
set forth in Section 6.3. 
 “Intangible Property” shall mean all easements, contract rights, agreements, privileges,
memberships, licenses, permits, certificates (including, without limitation, the certificates of occupancy), unexpired claims, warranties, guarantees, building names, the right that the Owner may own, if any, to use the name “Red Oak at Rodgers
Forge Apartments,” copies of books and records, written authorizations, consents and 

  

 6 

 
approvals from Governmental Authorities, goodwill, other documents and all other general intangibles (other than cash and accounts) owned by the Owner and
relating to the Condominium Units, the Remaining Parcels, the Leases, the Improvements and Personal Property, or any of them, but excluding all Excluded Items. 
 “Land Records” shall mean the Land Records of Baltimore County. 
 “Land Use
Requirements” shall mean all deed restrictions, restrictive covenants, building codes, zoning restrictions and environmental Laws, and any other Law affecting the Real Property, including any existing fire, health, building, handicapped
persons, environmental, sanitation, use and occupancy or zoning laws, ordinances, regulations and orders relating to the Real Property, including, but not limited to, The Fair Housing Act of 1988, The Americans With Disabilities Act, and all rules,
regulations and guidelines promulgated thereunder. 
 “Laws” shall mean all municipal, county, State or Federal statutes,
codes, ordinances, laws, rules or regulations. 
 “Leases” shall mean the landlord and lessor interest in and to all leases,
rental agreements, and other occupancy agreements, for the use or occupancy of any portion of the Improvements, together with all amendments to, modifications of, renewals and extensions of such leases, rental agreements, and other occupancy
agreements, as listed on Schedule 6. 
 “Letter of Intent” shall mean that certain letter of intent issued to Seller
by PMC Properties Group, an affiliate of Purchaser, dated November 13, 2007. 
 “Liens” shall mean any deeds of trust,
mortgages, other security instruments or other liens, financial encumbrances or judgments of any kind or nature encumbering all or part of the Property or the Membership Interests. 
 “Losses” shall have the meaning set forth in Section 10.4(a). 
 “Material Casualty” shall have the meaning set forth in Section 6.3. 
 “Material Taking” shall have the meaning set forth in Section 6.4. 
 “Membership Interests” shall mean one hundred percent (100%) of the Membership Interests in the Owner. 
 “Non-Imputation Affidavit” shall have the meaning set forth in Section 4.1(c). 
 “Other Rights” shall mean all, if any, other rights, privileges and appurtenances owned by the Owner (or to be owned by the Owner as of
Closing) and in any way related to the Real Property or the Personal Property, but excluding all Excluded Items. 
 “Owner”
shall mean 6811 Bellona Avenue LLC, a Maryland limited liability company formed by Seller pursuant to the terms of this Agreement. 
  

 7 

 “Owner’s Organizational Documents” shall mean, collectively, the certificate of
formation and the operating agreement entered into by Seller to govern the Owner, copies of which are attached as Exhibit G attached hereto. 
 “Permitted Exceptions” shall mean: (a) applicable zoning, subdivision, building laws, the Land Use Requirements and other land use Laws; (b) the Foreclosure Action and all matters reflected on the Existing Title
Materials or the Existing Surveys; (c) the Purchaser Pro Forma Title Policy; (d) the Condominium Regime, the Condominium Documents, the Condominium Plats, the Condominium Contracts and the Leases; (e) any Seller Permitted Title
Matters; (f) all matters, whether or not of record, that arise out of the actions of Purchaser or any of the Purchaser Representatives or the Purchaser Permitted Disclosure Parties; (g) the lien of real estate taxes and assessments not yet
due and payable, subject to adjustment as provided herein; provided that, Permitted Exceptions shall expressly exclude those matters set forth in the items included in clause (b) above as to which, in accordance with
Section 4.1(b): (i) Purchaser makes a written objection on or before the Title Objection Date; and (ii) Seller affirmatively elects to use commercially reasonable efforts to cure and in fact cures on or before the Closing Date;
provided, further, that, notwithstanding the foregoing or anything else set forth in this Agreement to the contrary, no Liens of any kind or nature, other than pursuant to clause (f) or (g) immediately above, shall be deemed to be
Permitted Exceptions under this Agreement. 
 “Permitted Purchaser Disclosure Parties” shall have the meaning set forth in
Section 5.2. 
 “Person” shall mean any individual, estate, trust, general or limited partnership, limited liability
company, limited liability partnership, corporation, Governmental Authority or other legal entity and any unincorporated association. 
 “Personal Property” shall mean all, if any, furniture, carpets, drapes and other furnishings, appliances, maintenance equipment and tools, other equipment, fixtures, machinery, inventories, supplies, signs and other
personal property of every kind or character owned by the Owner (or to be owned by the Owner as of Closing) and installed, located or situated on or used in connection with the operation of the Condominium Units and/or the Improvements, subject to
depletions, replacements and additions in the ordinary course of business, including all right, title and interest, if any, in and to the motor vehicle listed on Schedule 7, a list of which Personal Property is attached hereto as Schedule
7, but excluding all (i) Excluded Items and (ii) all items owned by Tenants or by contractors under Service Contracts. 
 “Property” shall mean, collectively, the Owner’s right, title and interest in and to the Real Property, the Personal Property, the Contract Rights, the Leases, the Property Records, the Intangible Property, and the
Other Rights; provided, however, in no event shall “Property” include (i) the Developer Rights and Obligations or (ii) any assets other than those to be conveyed to the Owner by the trustee in the Foreclosure Action or
created by the Owner thereafter and prior to Closing, excluding the Excluded Items. 
  

 8 

 “Property Documents” shall have the meaning set forth in Section 5.2(d).

 “Property Records” shall mean, collectively, the records in effect as of Closing and affecting the Owner, but excluding
all Excluded Items, and the records owned or to be owned by the Owner currently in effect and affecting the Real Property, the Personal Property, the Contracts Rights, the Leases, the Intangible Property and the Other Rights, but excluding all
Excluded Items. 
 “Protected Information” shall mean any one or more of the following: any internal valuation records, all
internal communications, including internal projections and internal memoranda or materials, internal analyses (including any of the analyses by the Owner, CBF or Seller or any other Seller Parties), submissions relating to obtaining internal
approvals and information protected by the attorney-client privilege or work product doctrine. 
 “Purchase Price” shall
mean the purchase price for the Membership Interests as specified in Section 2.2. 
 “Purchaser” shall have the
meaning set forth in the preamble and shall include any assignee of Purchaser if and to the extent expressly permitted pursuant to the terms of this Agreement. 
 “Purchaser Parties” shall mean, collectively, Purchaser, and its direct and indirect owners, principals, members, shareholders, managers, officers, directors, agents, affiliates, trustees, advisors,
and employees (if any). 
 “Purchaser Indemnitees” shall have the meaning set forth in Section 10.4(a). 

“Purchaser Pro Forma Title Policy” shall mean the commitment for a title insurance policy or policies or the pro forma title policy
or policies (including the endorsements attached thereto) prepared by the Title Company at the request of Purchaser and attached to this Agreement as Exhibit J. 
 “Purchaser Representations” shall mean the representations and warranties of Purchaser expressly set forth in Section 7.1, as such representations and warranties may be modified or deemed
modified or waived pursuant to the terms of this Agreement. 
 “Purchaser Representatives” shall mean Purchaser, any direct
or indirect owner of any beneficial interest in Purchaser, and any officers, directors, managers, employees, agents, contractors, affiliates, representatives, attorneys and other professional consultants of Purchaser or of any such direct or
indirect owner of any beneficial interest in Purchaser. 
 “Purchaser Title Objections” shall have the meaning set forth in
Section 4.1(b). 
 “Real Property” shall mean, collectively, the Condominium Units, the Remaining Parcels and the
Improvements. 
  

 9 

 “Remaining Parcels” shall mean, collectively, those parcels of land described in the
Condominium Documents as being subject to the Developer’s right to expand the Condominium Regime beyond the Condominium Regime as initially established, as more particularly described in Exhibit A-2. 
 “Rental Payments” shall mean all payments received by or on the behalf of CBF or Seller from Tenants or with respect to the Leases or
for any other use or occupancy of the Improvements for items such as minimum or base rent, additional rent, termination or cancellation charges, reimbursement for real estate taxes, utilities, operating and maintenance expenses and insurance, as
well as any other reimbursements or charges received under the Leases. 
 “Required Consents and Waivers” shall mean certain
consents and waivers that the Owner and/or Seller are required to obtain in connection with the transaction contemplated by this Agreement as listed on Schedule 8. 
 “Securities Act” shall mean the Securities Act of 1933, as amended. 
 “Seller” shall have the meaning set forth in the preamble. 
 “Seller Indemnitees” shall have the
meaning set forth in Section 10.5. 
 “Seller Parties” shall mean, collectively, Seller, Owner, CBF and their
respective direct and indirect owners, principals, members, shareholders, managers, officers, directors, agents, affiliates, trustees, advisors, and employees (if any). 
 “Seller Permitted Title Matters” shall mean, collectively, those matters affecting title to the Property entered into, created by, consented to or permitted by Seller, Owner and/or CBF after the
Effective Date for or in connection with Seller’s compliance with, or satisfaction of the obligations of Seller and/or CBF under, this Agreement. 
 “Seller Representations” shall mean the representations and warranties of Seller expressly set forth in Section 7.2, as such representations and warranties may be modified or deemed
modified or waived pursuant to the terms of this Agreement. 
 “Seller’s Title Election Period” shall have the meaning
set forth in Section 4.1(b). 
 “Seller’s Title Notice” shall have the meaning set forth in
Section 4.1(b). 
 “Seller Undertakings” shall have the meaning set forth in Section 7.1(b).

 “Seller’s Broker” shall mean CB Richard Ellis. 
 “Senior Lender” shall mean AmTrust Bank (formerly known as Ohio Savings Bank), a federal savings bank, or its successors or assigns as
holder of and beneficiary under the Senior Loan Documents. 
  

 10 

 “Senior Loan” shall mean, collectively, (i) that certain loan in the original
principal amount of up to Thirty-Four Million Dollars ($34,000,000) and (ii) that certain revolving loan in the principal amount, from time to time, of up to Six Million Dollars ($6,000,000), each as advanced by the Senior Lender to Triton
Rodgers Forge, LLC and guaranteed by Developer. 
 “Senior Loan Documents” shall mean, collectively, the documents
evidencing and securing the Senior Loan, including the guarantee(s) thereof by Developer. 
 “Service Contracts” shall mean
all service, maintenance, and other contracts respecting leasing, management, maintenance, or operation of the Real Property (other than (i) the Leases and (ii) service, maintenance, and other contracts respecting management, maintenance,
or operation of the Condominium Regime entered into by or on behalf of the council of unit owners). 
 “Study Period” shall
mean the period commencing on November 19, 2007 (pursuant to the Access Agreement) and expiring on January 7, 2008. 
 “Surviving Obligations” shall mean the obligations of Purchaser or Seller, as applicable (i) under this Agreement that, by their express terms, survive a termination of this Agreement (but subject to any limitations on
the duration of such survival as may be set forth in this Agreement), and (ii) should Closing occur, the obligations of Purchaser or Seller, as applicable (A) that, by their express terms, survive Closing under this Agreement (but subject
to any limitations on the duration of such survival as may be set forth in this Agreement); and (B) that are set forth in any Closing Document executed by such party (but subject to any limitations on the duration of such survival as may be set
forth in such Closing Document). 
 “Tenant” shall mean a tenant under a Lease; collectively, all tenants under the Leases
are referred to as the “Tenants”. 
 “Title Company” shall mean Land Services USA, Inc., as agent for
Fidelity National Title Insurance Company. 
 “Title Objection Date” shall mean January 7, 2008.  
 “Title Objection Notice” shall have the meaning set forth in Section 4.1(b). 
 “Transfer Taxes” shall have the meaning set forth in Section 8.4(h). 
 “USA Patriot Act” shall have the meaning set forth in Section 7.1(h). 
 “Utility Deposits” shall mean all deposits made by or on behalf of CBF or Owner with the Persons providing water, sewer, gas,
electricity, telephone and other utilities to the Real Property, as listed on Schedule 9. 
 “Voluntary Liens” shall
mean any liens securing the Senior Loan and any other Liens voluntarily granted, assumed or consented to by the Owner or any other person or 

  

 11 

 
entity related to or affiliated with Seller or the Owner (or their respective principals or affiliates) and encumbering all or any part of the Property or
the Membership Interests, or that are in the nature of mechanics’ or materialmen’s liens that arise from or are the result of actions taken by or omissions of Seller or the Owner. 
 ARTICLE 2  
 Agreement; Purchase Price 
 Section 2.1. Agreement to Sell and Purchase. Subject to the terms and provisions hereof, Seller agrees to sell the Membership
Interests to Purchaser, and Purchaser agrees to purchase the Membership Interests from Seller. 
 Section 2.2. Purchase
Price. The Purchase Price for the Membership Interests shall be Forty-Five Million and No/100 Dollars ($45,000,000.00). Subject to the adjustments and apportionments as hereinafter set forth, the Purchase Price shall be paid on the Closing
Date by wire transfer of immediately available federal funds. 
 ARTICLE 3 
 Deposit 
 Section 3.1. Deposit. On or before 5:00 p.m.
(Eastern time) on January 7, 2008, Purchaser shall deposit One Million and No/100 Dollars ($1,000,000.00) with Escrow Agent by wire transfer of immediately available funds (the “Deposit”), and Escrow Agent shall acknowledge to
Purchaser and Seller in writing receipt of the Deposit. 
 Section 3.2. Deposit Generally. The Deposit shall be held in an
escrow account pursuant to an escrow agreement in the form attached hereto as Exhibit C (the “Deposit Escrow Agreement”). The Deposit shall be paid to Seller and applied to the Purchase Price if the Closing occurs. If the
Closing does not occur by the Closing Date, the Deposit shall be disbursed as provided in this Agreement and the Deposit Escrow Agreement. The Deposit is nonrefundable except as otherwise expressly set forth in this Agreement. 
 ARTICLE 4 
 Title and Survey;
Exhibits 
 Section 4.1. Title and Survey. 
 (a) Prior to the Effective Date, Seller has delivered copies of the Existing Title Materials and Existing Survey to Purchaser. Purchaser has obtained the
Purchaser Pro Forma Title Policy. 
  

 12 

 (b) Purchaser shall have until 5:00 p.m. (East Coast Time) on the Title Objection Date to give Seller a
written notice (the “Title Objection Notice”) that sets forth in reasonable detail any objections that Purchaser has to title or survey matters affecting the Property (the “Purchaser Title Objections”);
provided, however, that, notwithstanding anything to the contrary set forth in this Agreement, (i) Purchaser shall have no right to object to any of the matters set forth within subsections (a) or
(e) through (g) of the definition of Permitted Exceptions and (ii) Purchaser shall have no obligation to object to any Liens, all of which Liens shall be deemed, for purposes of this Section 4.1(b), to be objectionable to
Purchaser. Each of the Purchaser Title Objections (i) must be in writing, (ii) must be addressed to Seller, (iii) must reasonably describe the objectionable title or survey matter and why Purchaser is objecting to it, (iv) must
be accompanied by a complete copy of the Purchaser’s supplemental or replacement title reports or surveys and/or updates to the Existing Title Materials and/or the Existing Survey and a copy of the instrument or document to which Purchaser is
objecting or a detailed statement regarding the exception, and (v) must contain a description of what action Purchaser desires Seller to take in order to resolve the applicable Purchaser Title Objection in a manner acceptable to Purchaser.
Seller shall have until 5:00 p.m. (East Coast Time) on January 7, 2008 (“Seller’s Title Election Period”) to give Purchaser notice as to whether Seller elects, in its sole discretion, to use commercially reasonable efforts
to cure the Purchaser Title Objections by the Closing Date (“Seller’s Title Notice”). If Seller fails to provide the Seller’s Title Notice to Purchaser prior to the end of Seller’s Title Election Period, Seller shall
be deemed to have elected not to attempt to cure any of the Purchaser Title Objections. If Seller elects or is deemed to have elected not to attempt to cure any one or more of the Purchaser Title Objections, Purchaser shall have until 5:00 p.m.
(East Coast Time) on January 7, 2008 to terminate this Agreement by written notice to Seller, in which event, the Deposit shall be refunded to Purchaser and, except for the applicable Surviving Obligations, Purchaser and Seller shall have no
further obligations or liabilities under this Agreement. If Purchaser does not so terminate this Agreement, the Purchaser Title Objections that Seller elected or was deemed to elect not to cure shall be Permitted Exceptions. If Seller elects to use
commercially reasonable efforts to cure any one or more of the Purchaser Title Objections, Seller shall use commercially reasonable efforts until the Closing Date to attempt to complete such cure, but shall have no liability to Purchaser if Seller
is unable to complete such cure, in which event Purchaser shall have the right to terminate this Agreement, and the Deposit shall be refunded to Purchaser and, except for the applicable Surviving Obligations, Purchaser and Seller shall have no
further obligations or liabilities under this Agreement. Notwithstanding anything to the contrary set forth in this Agreement, if any matter as to which Purchaser issues a Title Objection Notice was caused by Seller after the effective date of
Purchaser’s Pro Forma Title Policy (i.e., December 3, 2007), and if Seller fails to cure same and, solely as a result thereof, Purchaser elects to terminate this Agreement, Seller shall reimburse Purchaser for costs and expenses
pursuant to Section 10.3 of this Agreement. 
 (c) At Closing, title to the Property shall be in the condition set forth in
Section 6.1(a)(iii)(1). Notwithstanding anything to the contrary set forth in this Agreement, as a condition precedent to Purchaser’s obligations to proceed to Closing hereunder, (i) the 

  

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entire Property shall be conveyed to the Owner, and all of the Membership Interests shall be held by Seller free and clear of all Liens; (ii) on or
before the Closing Date, Seller shall, at its sole cost and expense, satisfy and cause to be released of record from the Membership Interests and the Property all Liens; provided that, except for Voluntary Liens (as to which no limit on
Seller’s obligations shall apply), Seller shall not be required to expend more than a total of Ten Thousand and No/100 Dollars ($10,000.00) to cause the same to be satisfied and released of record; (iii) the Senior Loan Documents and any
other Voluntary Liens may be satisfied at Closing by Seller out of the Purchase Price. At Closing, Seller will cause Owner to execute and deliver an Owner’s Affidavit substantially in the form attached hereto as Exhibit D (the
“Owner’s Affidavit”) and Seller will execute and deliver a Non-Imputation Affidavit substantially in the form attached hereto as Exhibit E (the “Non-Imputation Affidavit”). If on the Closing Date, there
shall exist Liens encumbering the Membership Interests or the Property that do not constitute Voluntary Liens, Seller shall have the right, exercisable by written notice to Purchaser, to extend the Closing Date for a reasonable period of time, not
to exceed sixty (60) days, to permit Seller to satisfy such Liens, subject to and upon the terms of this Section 4.1(c). 
         (d) Purchaser has requested that certain endorsements be issued with respect to the Purchaser’s owner’s title insurance 
 policy(ies) as shown on Purchaser’s Pro Forma Title Policy. Such endorsements shall be at no cost to, and shall impose no additional liability on, Seller, other than the deliveries required of Seller at Closing
pursuant to Section 8.2(c). 
 Section 4.2. Exhibits and Schedules. Seller, CBF and Purchaser (a) acknowledge
that all of the Exhibits and Schedules to this Agreement have not been finalized as of the Effective Date; and (b) Seller, CBF and Purchaser shall reasonably cooperate with each other to complete the Exhibits and Schedules to this Agreement as
soon as reasonably practicable after the Effective Date, but no later than the Exhibits and Schedules Completion Date; and (c) if Seller and Purchaser have not been able to complete the Exhibits and Schedules to this Agreement on or before the
Exhibits and Schedules Completion Date, then either Seller or Purchaser shall have the right exercisable by written notice to the other party hereto given by 5:00 p.m. (Eastern Time) on the Exhibits and Schedules Completion Date to terminate this
Agreement, in which event the Deposit shall be refunded to Purchaser and, except for the applicable Surviving Obligations, Purchaser and Seller shall have no further obligations or liabilities under this Agreement. 
 ARTICLE 5 
 Study Period;
Inspection 
 Section 5.1. Study Period. Purchaser may terminate this Agreement for any reason or for no reason, in its
sole and absolute discretion, during the Study Period by providing Seller with written notice of termination by no later than 5:00 p.m. (East Coast Time) on the final day of the Study Period, If Purchaser terminates this Agreement during the Study
Period the Deposit shall be refunded to Purchaser and, except for the applicable Surviving Obligations, Purchaser and Seller shall have no further obligations or liabilities under this Agreement. 
  

 14 

 Section 5.2. Access Purchaser, CBF and Seller previously entered into that certain
Access Indemnification and Confidentiality Agreement, dated November 30, 2007 but effective as among the parties thereto on November 19, 2007, a copy of which is attached hereto as Exhibit F (the “Access
Agreement”). Each of the Letter of Intent and the Access Agreement is hereby terminated and the terms and provisions of this Section 5.2 and all other applicable provisions of this Agreement shall govern Purchaser’s rights
to access the Property and to conduct its Inspections and the Owner and Purchaser’s associated obligations and liabilities; provided that, nothing set forth in this Agreement shall be deemed to relieve Purchaser, any of the Purchaser
Representatives or any of the Purchaser’s principals, officers, directors, agents, contractors, affiliates, employees, professional consultants, legal, accounting and professional advisors, investors and prospective investors, and lender’s
and prospective lenders, clients or other persons deemed reasonably necessary by Purchaser in order for Purchaser to fully evaluate the Property, the Membership Interests and the prospects for Purchaser’s ownership, operation and investment in
the Property and the Membership Interests (collectively, the “Permitted Purchaser Disclosure Parties”), from any liabilities or obligations under the Access Agreement that pursuant to the terms thereof survive the termination of the
Access Agreement. 
 (b) During the period from the Effective Date and through the earlier of termination of this Agreement or Closing,
Purchaser, personally or through the Purchaser Representatives, shall continue to be entitled, upon twenty-four hours prior notice to Seller (which notice, notwithstanding anything to the contrary in this Agreement, may be given via telephone or
email), to enter upon the Real Property during regular business hours for the purpose of conducting such Inspections as Purchaser may reasonably require and which are reasonably approved by Seller; provided that Seller shall have the opportunity to
have one of its representatives accompany the Purchaser or Purchaser Representatives at all times that they are on the Real Property. Any and all such Inspections shall be done at Purchaser’s sole cost and expense. All such Inspections shall
not damage the Real Property in any respect, shall not be invasive in any respect (including, without limitation, soil borings, test pits, groundwater testing, or Phase II or Phase III environmental testing), and shall be conducted in accordance
with standards customarily employed in the industry and in compliance with all governmental laws, rules and regulations. Prior to conducting any Phase I or other environmental testing of the Real Property, Purchaser shall obtain Seller’s prior
approval of (i) Purchaser’s environmental consultant and (ii) the nature, method, date and location of the proposed testing. Following each such entry by the Purchaser or Purchaser Representatives with respect to the Inspections, the
Purchaser shall promptly restore, or cause to be restored, the Real Property to its original condition as existed prior to any such Inspections, reasonable wear and tear excepted. Purchaser shall keep the Real Property free and clear of any and all
liens or claims resulting from the conduct or exercise by the Purchaser or Purchaser Representatives of the inspection rights herein granted. Purchaser acknowledges that the rights granted by Seller and CBF hereunder are subject to (i) any
limitations resulting from the fact that 

  

 15 

 
CBF is the contract purchaser of the Real Property, not the fee simple owner of the Real Property, (ii) the rights of owners of condominium units that
are excluded from the Real Property, (iii) the rights of contract purchasers under the Condominium Contracts, and (iv) the rights of Tenants under Leases. 
 (c) Seller and CBF shall reasonably cooperate with Purchaser in its Inspections, but shall not be obligated to incur any liability or expense in connection therewith. 
 (d) Purchaser acknowledges that prior to the Effective Date and continuing until Closing or the sooner termination of this Agreement, Seller has made and
will make available to Purchaser and Purchaser acknowledges the availability for examination, copying or downloading (at Seller’s office, at Seller’s Broker’s extranet at http://www.cbrewashingtonbaltimoremhgfiles.com/login.asp
or at the Property), of the Property Records and other applicable documents and information currently in effect and affecting the Property, expressly excluding any Protected Information (collectively, the “Property Documents”),
but only to the extent the Property Records are in Seller’s possession or control and do not constitute Excluded Items. Seller shall endeavor to keep Purchaser reasonably informed about Property Documents that are added from time to time
to Seller’s extranet. As used herein, the term “Property Documents” shall be deemed to include all of the documents and instruments applicable to the Property or any portion thereof that any of the Seller Parties actually deliver or
make available electronically or otherwise to any the Purchaser Representatives or Permitted Purchaser Disclosure Parties prior to the Closing or which are otherwise obtained by any Purchaser Representatives or Permitted Purchaser Disclosure Parties
prior to the Closing. The Property Documents may be examined at Seller’s offices at reasonable times during normal business hours upon prior reasonable notice to Seller. Purchaser acknowledges that (i) it is relying solely on its own
independent investigation of the Property and not on any information provided or to be provided by Seller, CBF or their respective agents or contractors, (ii) all reports and other information provided to Purchaser with respect to the Property
are for informational purposes only and shall not be construed as a representation or warranty on the part of Seller, CBF or any other person regarding the Property, and (iii) CBF is the contract purchaser of the Property pursuant to the Foreclosure
Action and accordingly neither Seller nor CBF makes any representation or warranty (express or implied, oral or written) or provides any assurances regarding the accuracy, completeness, or reliability of any documents, agreements, and other
information. 
 (e) Purchaser shall indemnify, hold harmless and defend Seller, and the other Seller Parties from and against any and all
liabilities, losses, costs, damages and expenses (including reasonable attorneys’ fees actually incurred and expenses and court costs) of whatsoever nature that may be incurred by Seller and the other Seller Parties, or any of them, and arising
out of or in connection with personal injury or death of persons, loss, destruction or damage to property whatsoever, or any liens or claims thereof filed against the Property, where any such personal injury, death, loss, destruction, damage, lien
or claim thereof results in whole or in part from the acts or omissions of the Purchaser or the Purchaser Representatives or any of them, provided 

  

 16 

 
that no part of the claim results from the negligence of Seller or CBF. In so defending Seller and the other Seller Parties and each of them, Purchaser shall
provide counsel that is reasonably acceptable to such persons. The foregoing indemnification obligation of Purchaser shall survive the Closing or termination of this Agreement for a period of twelve (12) months and shall not be merged into any
Closing Documents. Purchaser, for itself and on behalf of all of the other Purchaser Representatives, hereby waives and releases Seller, CBF, the Owner and each of the other Seller Parties from all claims resulting directly or indirectly from access
to, entrance upon, or inspection of the Real Property by Purchaser or the Purchaser Representatives. 
 (f) Purchaser shall maintain, and
shall cause all Purchaser Representatives to maintain, adequate and appropriate insurance to cover risks of the type described in Section 5.2(e) above, and before undertaking the Inspections, if requested by Seller, Purchaser will
deliver to Seller written evidence establishing to Seller’s reasonable satisfaction that such adequate and appropriate insurance is being maintained. Before undertaking the Inspections, Purchaser shall name Seller and CBF as additional insureds
under the insurance policies to be maintained in accordance with this Section 5.2(f). 
 (g) Seller, CBF and Purchaser acknowledge and
agree that no property interest is created in favor of Purchaser by the execution of this Agreement, nor shall any right granted herein ripen into an easement or other property interest by the expenditure of money by, or through the efforts of,
Purchaser, or otherwise. 
 (h) The existence and contents of this Agreement, the negotiations of the parties with respect to the possible
sale and purchase of the Membership Interests and any matters disclosed by any Inspections undertaken by Purchaser with respect to the Property and all other Confidential Information shall be kept confidential and shall not be disclosed to any third
parties without the consent of the parties hereto, except for (i) any disclosure that may be required by law to be made to any applicable Governmental Authorities (provided, however, that if Purchaser believes it is required under
applicable law to disclose any information regarding the environmental condition of the Property to any Governmental Authorities Purchaser shall first notify Seller and CBF in writing of the basis on which Purchaser holds such belief and provide
Seller and CBF the opportunity to make such disclosure directly) and (ii) any disclosure required to enforce the rights of a party to this Agreement in an action at law or in equity. No advertisement or other publicity concerning this
transaction shall be made or disseminated by either party at any time without the review and approval of both parties hereto. Both parties recognize the need to disclose aspects of this transaction to their respective accountants, attorneys and
other consultants and such disclosure is hereby approved, subject to the terms of this Section 5.2(h). Neither party is responsible for the actions of third parties as to the disclosure of Confidential Information, but each party agrees
to inform their accountants, attorneys and other consultants of the confidentiality of this transaction and all such other information and, upon request of the other, agrees to use reasonable efforts to obtain confidentiality agreements from such
third parties. This Section 5.2(h) shall survive the termination of this Agreement or Closing for a period of twelve (12) months. 
  

 17 

 (i) If this Agreement is terminated, then, to help maintain the confidentiality referred to above,
Purchaser shall promptly send to Seller all copies of all Confidential Information provided by or on behalf of Seller or CBF to Purchaser hereunder and pursuant to the Access Agreement and/or the Letter of Intent (and by Purchaser to other parties
as permitted hereunder). The obligations of Purchaser under this Section 5.2(i) shall survive the revocation or termination of this Agreement. 
 (j) Purchaser shall provide copies of any correspondence sent to or received from any Governmental Authorities, within two (2) Business Days after receipt or dispatch, as the case may be. Purchaser shall not have
the right to make any commitments to any Persons, including any Governmental Authorities, that are in any way binding on the Owner, Seller or the Property. 
 ARTICLE 6 
 Conditions Precedent; Casualty Damage; Condemnation 
 Section 6.1. Conditions Precedent Favoring Purchaser. 
 (a) Purchaser’s obligation to purchase the Membership Interests is subject to the timely fulfillment of the conditions set forth in this Section 6.1(a) on or before the Closing Date. Each condition
may be waived in whole or in part only by written notice of such waiver from Purchaser to Seller. If Purchaser proceeds with Closing, it will be deemed to have waived any such condition not satisfied prior to or contemporaneously with Closing.

 (i) Seller, CBF or the Owner, as the case may be, shall have performed and complied in all material respects with all of the terms and
covenants of this Agreement to be performed and complied with by Seller, CBF or the Owner prior to or at the Closing; provided that this condition shall not be deemed to have failed where such failure would not materially and adversely affect
Purchaser, in Purchaser’s reasonable judgment, if Seller, CBF and the Owner are otherwise ready, willing and able to proceed to closing in conformity with the terms and conditions of this Agreement and at Closing, Seller indemnifies, agrees to
defend and hold harmless Purchaser and the other Purchaser Indemnitees from and against all Losses that Purchaser may suffer as a result of such failure of this condition precedent to be satisfied at Closing pursuant to a written instrument in form
and substance reasonably satisfactory to Purchaser; 
 (ii) Subject to Section 7.4(a), on the Closing Date, the Seller
Representations shall be true and complete in all material respects, subject to (1) changes that: (x) are caused by the acts or omissions of Purchaser, any other Purchaser Parties or Purchaser’s agents or contractors; or (y) are
a result of compliance by Seller, CBF or the Owner with the terms of this Agreement; and (2) casualty or condemnation (which shall be governed by Sections 6.3 and 6.4, respectively); 
 (iii) On the Closing Date, (1) title to the Property shall be subject only to the Permitted Exceptions and the Title Company shall be irrevocably
committed to issue 

  

 18 

 
an owner’s policy(ies) of title insurance to Purchaser substantially in the form of the Purchaser’s Pro Forma Policy attached hereto (which
Purchaser’s Pro Forma Policy shall reflect the Permitted Exceptions), and (2) the Membership Interests shall be assigned to Purchaser free and clear of all Liens, Claims and Encumbrances, other than the Permitted Exceptions; provided that,
if on the Closing Date, this condition is not satisfied, Seller shall, by written notice to Purchaser, extend the Closing Date hereunder for a reasonable period of time, not to exceed forty-five (45) calendar days in order to cause this
condition to be satisfied or otherwise resolved in a manner that is approved by Purchaser, which approval shall not be unreasonably withheld, conditioned or delayed. 
 (iv) No petition shall have been filed (and not been dismissed) under the Federal Bankruptcy Code or any similar state or federal law (i) by or against Seller, CBF or the Owner or (ii) by or against
Developer if such petition would affect the ability of Seller, CBF or the Owner to consummate the transaction set forth in this Agreement. 
 (v) The following conditions precedent shall be satisfied with respect to the Owner and associated matters: 
  

	 	(A)	Seller shall have caused the Owner to be formed pursuant to the Owner’s Organizational Documents and shall have caused 100% of the Membership Interests in the Owner to be
issued to Seller; 

  

	 	(B)	Seller and CBF shall have caused the Owner to be substituted for CBF as the purchaser in the Foreclosure Action and Seller shall have caused the Property to be conveyed to the Owner
pursuant to the Foreclosure Action; 

  

	 	(C)	The assets of the Owner at Closing shall consist solely of the Property, subject to changes in the Owner’s assets relating to or in connection with the performance of the
obligations of Seller, the Owner and/or CBF under this Agreement. 

 (vi) Seller shall have obtained the Required Consents and
Waivers; provided that, if on the Closing Date, this condition is not satisfied, Seller shall, by written notice to Purchaser, extend the Closing Date hereunder for a reasonable period of time, not to exceed forty-five (45) calendar days in
order to cause this condition to be satisfied or otherwise resolved in a manner that is approved by Purchaser, which approval shall not be unreasonably withheld, conditioned or delayed. 
 (b) If any one or more of the conditions set forth in Section 6.1(a) above are not satisfied as of the date specified for Closing hereunder
(subject to Seller’s obligation to extend the Closing Date, as provided in Section 6.1(a) above), then Purchaser shall have the option, in its sole discretion, exercised by written notice to Seller, either (i) to waive such
condition and make full Closing under this Agreement in accordance with the terms and conditions hereof, without any reduction or adjustment in the Purchase 

  

 19 

 
Price, except as specifically provided herein; or (ii) to terminate this Agreement, in which event the entire Deposit shall be refunded to Purchaser and
Seller, CBF and Purchaser shall be thereupon released from all further liability or obligation under this Agreement, except for the applicable Surviving Obligations. Purchaser’s election under clauses (i) or (ii) of this
Section 6.1(b) shall be Purchaser’s sole rights in the event any conditions to Closing are unable to be satisfied unless (i) the satisfaction of any such condition is solely within the commercially reasonable control of Seller
and Seller elects not to satisfy such condition or (ii) the failure of such condition to be satisfied was caused by a breach of this Agreement by Seller, in which events the provisions of Section 10.3 of this Agreement shall also
apply. 
 (c) Purchaser acknowledges and agrees that its obligation to perform under this Agreement is not contingent upon Purchaser’s
ability to obtain any (i) governmental or quasi-governmental approval of changes or modifications in use or zoning, or (ii) modification of any existing Land Use Requirements or other land use restriction, or (iii) consents to
assignments of any agreements or items which Purchaser requests, or (iv) endorsements to any title policy to be obtained by Purchaser other than as specified in Section 4.1(c), or (v) financing for acquisition of the Membership
Interests. 
 Section 6.2. Conditions Precedent Favoring Seller and CBF. 
 (a) Seller’s and CBF’s obligations to proceed to Closing under this Agreement are subject to the timely fulfillment of the conditions set forth
in this Section 6.2(a) on or before the Closing Date. Each condition may be waived in whole or part only by written notice of such waiver from Seller and CBF to Purchaser. If Seller and CBF proceed with Closing, they will be deemed to
have waived any such condition not satisfied prior to or contemporaneously with Closing. 
 (i) Purchaser shall have performed and complied in
all material respects with all of the terms and covenants of this Agreement to be performed and complied with by Purchaser prior to or at the Closing; provided that this condition shall not be deemed to have failed where such failure would not
materially and adversely affect Seller, in Seller’s reasonable judgment, if Purchaser is otherwise ready, willing and able to proceed to closing in conformity with the terms and conditions of this Agreement and at Closing, Purchaser
indemnifies, agrees to defend and hold harmless Seller and CBF and the other Seller Indemnitees from and against all Losses that Seller may suffer as a result of such failure of this condition precedent to be satisfied at Closing pursuant to a
written instrument in form and substance reasonably satisfactory to Seller; 
 (ii) On the Closing Date, the representations of Purchaser set
forth in Section 7.1 shall be true and complete in all material respects subject to changes that are caused by the acts or omissions of Seller, CBF or any other Seller Parties; 
 (iii) No petition shall have been filed (and not been dismissed) under the Federal Bankruptcy Code or any similar state or federal law (i) by or
against Purchaser or (ii) by or against Developer if such petition would affect the ability of Seller, CBF or the Owner to consummate the transaction set forth in this Agreement; and 
  

 20 

 (iv) Seller shall have obtained all of the Required Consents and Waivers; provided that, if on the
Closing Date, this condition is not satisfied, Seller shall, by written notice to Purchaser, extend the Closing Date hereunder for a reasonable period of time, not to exceed forty-five (45) calendar days in order to cause this condition to be
satisfied or otherwise resolved in a manner that is approved by Seller, which approval shall not be unreasonably withheld, conditioned or delayed. 
 (b) If any one or more of the conditions set forth in Section 6.2(a) above are not satisfied as of the date specified for Closing hereunder (subject to Seller’s obligation to extend the Closing Date, as provided in
Section 6.2(a) above), then Seller and CBF shall have the option, in their sole discretion, exercised by written notice to Purchaser, either (i) to waive such condition and make full Closing under this Agreement in accordance with
the terms and conditions hereof; or (ii) to terminate this Agreement, in which event, the entire Deposit shall be returned to Purchaser and Seller, CBF and Purchaser shall be thereupon released from all further liability or obligation under
this Agreement, except for the applicable Surviving Obligations, Seller’s and CBF’s election under clauses (i) or (ii) of this Section 6.2(b) shall be Seller’s and CBF’s sole rights in the event any
conditions to Closing are unable to be satisfied unless (i) the satisfaction of any such condition is solely within the commercially reasonable control of Purchaser and Purchaser elects not to satisfy such condition or (ii) the failure of
such condition to be satisfied was caused by a breach of this Agreement by Purchaser, in which events the provisions of Section 10.2 of this Agreement shall also apply. 
 Section 6.3. Risk of Loss. If, after the Effective Date, all or a portion of the Improvements should be damaged or destroyed by fire
or other casualty prior to Closing, Seller shall promptly notify Purchaser in writing. If the reasonable estimate of the cost to repair the same would, in the reasonable opinion of an independent and qualified insurance adjustment firm selected by
Seller and reasonably approved by Purchaser (the “Insurance Adjuster”), exceed five percent (5%) of the Purchase Price (any such casualty, a “Material Casualty”), Purchaser may, at Purchaser’s sole option,
elect either: 
 (a) to terminate this Agreement by written notice to Seller given within ten (10) calendar days after Purchaser receives
written notice of the occurrence of such Material Casualty from Seller, in which event the entire Deposit shall be refunded to Purchaser and Seller, CBF and Purchaser shall be thereupon released from all further liability or obligation under this
Agreement, except for the applicable Surviving Obligations; or 
 (b) to close the transaction contemplated by this Agreement. 
 In the event of a fire or other casualty that is not a Material Casualty, or if there is a Material Casualty and Purchaser elects to proceed pursuant to
subpart (b) above, (i) Purchaser shall purchase the Membership Interests in accordance with the terms hereof (without reduction in the Purchase Price other than a credit for any applicable 

  

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deductible in CBF’s or the Owner’s insurance policies) and (ii) at Closing, the Owner shall continue to own (or CBF shall assign to the Owner
at or prior to Closing) all insurance proceeds payable to the Owner on account of such damage (net of reasonable third party out-of-pocket collection costs and costs of repair of the Property reasonably incurred by the Seller, CBF or Owner not then
reimbursed), and any rights to receive same. With respect to any Material Casualty, if Purchaser fails to timely provide a notice under either subpart (a) above or subpart (b) above, Purchaser shall be deemed to have elected
to terminate this Agreement under subpart (a) above. If the Closing Date is within the aforesaid ten-day period, then the Closing shall be extended to the next Business Day following the end of said ten-day period. Seller and Purchaser
shall mutually agree upon communications with the Insurance Adjuster and shall jointly participate in the discussions and negotiations with the applicable insurance companies concerning any casualty affecting all or any portion of the Property.
Seller shall reasonably cooperate with Purchaser (at no cost, expense or liability to Seller) in connection with the collection of the proceeds by the Owner under such insurance policies or the adjustment and/or settlement of any claims thereunder,
after the Closing. Purchaser and Seller each agree to provide the other with copies of any material correspondence or other materials delivered to or by the Insurance Adjuster. The provisions of this Section 6.3 shall survive the Closing
and shall not be merged into any Closing Documents. 
 Section 6.4. Condemnation. If, after the Effective Date, all
or a material portion of the Real Property should be condemned by right of eminent domain prior to the Closing, Seller shall promptly notify Purchaser in writing. If Seller’s reasonable estimate of the loss of value of the remaining Real
Property exceeds five percent (5%) of the Purchase Price (any such event, a “Material Taking”), Purchaser may, at Purchaser’s sole option, elect either: 
 (a) to terminate this Agreement by written notice to Seller given within ten (10) calendar days after Purchaser receives written notice of the occurrence
of such Material Taking from Seller, in which event, the entire Deposit shall be returned to Purchaser and Seller, CBF and Purchaser shall be thereupon released from all further liability or obligation under this Agreement, except for the applicable
Surviving Obligations; or 
 (b) to close the transaction contemplated by this Agreement. 
 In the event of a condemnation by right of eminent domain that is not a Material Taking, or if there is a Material Taking and Purchaser elects to proceed
under subpart (b) above Purchaser shall purchase the Membership Interests in accordance with the terms hereof (without reduction in the Purchase Price) and at Closing, the Owner shall own (or CBF shall assign to Owner before Closing) all
condemnation awards and proceeds payable as a result of such condemnation (net of reasonable third party out-of-pocket collection costs and costs of repair of the Property reasonably incurred by Seller, CBF or the Owner) and any rights to receive
the same. With respect to any Material Taking, if Purchaser fails to timely provide the termination notice specified in subpart (a) above, Purchaser shall be deemed to have elected to proceed with Closing under subpart (b) above.
If the Closing Date is within the aforesaid ten-day period, then 

  

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the Closing shall be extended to the next Business Day following the end of said ten-day period. Notwithstanding the foregoing provisions to the contrary,
(A) Seller shall not consent or permit CBF to consent to any taking or agree to any condemnation award with respect to the Property without the prior written consent of Purchaser; (B) prior to Closing, Seller shall provide Purchaser with
an opportunity to participate with Seller in any negotiations relating to a taking affecting any portion of the Property or any condemnation award to be made in connection therewith; and (C) Seller shall reasonably cooperate with Purchaser
after Closing (at no cost, expense or liability to Seller) in prosecuting any claim for a condemnation award arising prior to Closing. The provisions of this Section 6.4 shall survive the Closing and shall not be merged into any Closing
Documents. 
 Section 6.5. Activities Prior to Closing; Seller, CBF, Owner and Purchaser Covenants. From and after the
Effective Date and ending on the earlier of the Closing or the sooner termination of this Agreement, Seller, CBF, the Owner and Purchaser, as applicable, shall comply with the following terms and provisions: 
 (a) CBF, Seller, and/or the Owner may (i) perform marketing or leasing activities with respect to the Property, and (ii) enter into any leases
or commitments to lease with respect to any portion of the Property on forms of apartment leases and on economic terms consistent with the leasing of such apartments prior to the Effective Date; provided, however, none of CBF, Seller, or the Owner
may market any of the Condominium Units for sale. 
 (b) Except as otherwise may be necessary to comply with the terms of this Agreement or
with Laws as they relate to the Property or to address any imminent life/safety concerns of Seller as related to the Property (in which event, Seller shall promptly provide Purchaser with written notice of any such contracts and true, correct and
complete copies thereof), neither Seller, CBF nor the Owner shall enter into any Service Contracts for or affecting the Property or modifications, renewals or terminations of any existing Service Contracts for or affecting the Property that would be
binding on the Owner or the Property after Closing, without the prior written consent of Purchaser, which consent shall not be unreasonably withheld or delayed; provided, however, that Purchaser’s consent shall not be required with
respect to any Service Contract entered into in the current ordinary course of business of CBF that can be terminated without payment or penalty on not more than thirty (30) calendar days prior written notice and, provided further that
Purchaser is given prompt written notice of any such Service Contracts and true and complete copies thereof. If Purchaser does not notify Seller in writing of its consent or disapproval within three (3) Business Days after written notice
thereof from Seller, Purchaser shall be deemed to have disapproved such requested action. If Purchaser disapproves any such request, then Purchaser’s written notice shall specify the reasons of such disapproval. 
 (c) Except as otherwise may be necessary to comply with the terms of this Agreement or with Laws as they relate to the Property or to address any
imminent life/safety concerns of Seller as related to the Property, neither the Seller, CBF nor the Owner shall, without the prior written consent of Purchaser in each case, which consent 

  

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shall not be unreasonably withheld or delayed, enter into any contract related to any capital repair, replacement or improvement exceeding a cost of
$250,000.00, unless the same is completed and paid for in full before or at Closing. If Purchaser does not notify Seller in writing of its consent or disapproval within three (3) Business Days after written notice thereof from Seller, Purchaser
shall be deemed to have disapproved such requested action. If Purchaser disapproves any such request, then Purchaser’s written notice shall specify the reasons for such disapproval. Notwithstanding the foregoing, Purchaser acknowledges that
Seller or CBF shall be entering into contracts for performance of the work described on Schedule 12. Purchaser hereby consents to such contracts and to the performance of such work and acknowledges that Seller and CBF reserve a license for
themselves and their respective contractors to enter onto the Real Property for the performance of such work, subject to the following conditions: 
 (i) Seller shall maintain, and cause such contractors to maintain, commercial general liability insurance during the period of performance of such work; 
 (ii) Seller shall indemnify, defend and hold harmless Purchaser and Owner from and against any loss, claim or liability arising from the performance of such work, excluding any consequential damages and excluding any
further repair or replacement to such work; and 
 (iii) Seller shall indemnify, defend and hold harmless Purchaser and Owner from and
against any mechanics liens arising from such contracts. 
 The provisions of this Section 6.5(c) shall survive Closing and shall not be merged
into the Closing Documents. 
 (d) CBF and/or the Owner shall, and Seller shall cause CBF to, continue to insure the Property as it is
insured as of the Effective Date (which insurance shall be cancelled at Closing at Seller’s expense, and Seller shall be entitled to all credits and refunds therefrom). 
 (e) Seller shall not, without Purchaser’s prior written consent: (i) amend the Owner’s Organizational Documents in any respect;
(ii) admit any other members to the Owner; (iii) cause the Owner to engage in any trade or business other than the ownership and management of the Property; (iv) terminate, dissolve or liquidate the Owner; (v) transfer, pledge or
encumber or otherwise create, permit (to the extent within its reasonable control) or consent to any Liens, Claims or Encumbrances to affect the Membership Interests; or (vi) cause the Owner to enter into any collective bargaining agreement.

 (f) CBF and/or the Owner shall, and Seller shall cause CBF and/or the Owner to, operate the Property and conduct its business as it
pertains to the Property consistent with its past practices (other than termination of Condominium Contracts pursuant to this Agreement) and shall maintain the Property in as good or better condition as exists on the Effective Date, reasonable wear
and tear (and intervening casualty or condemnation) excepted. CBF and/or the Owner shall, and Seller shall 

  

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cause CBF and/or the Owner to, comply with the material terms of the Service Contracts. On or before the expiration of the Study Period, Purchaser shall
notify Seller of those Service Contracts which Purchaser wishes to cause to be terminated as of Closing. Seller shall use commercially reasonable efforts to effect such terminations as of Closing, but shall not be liable to Purchaser for any loss,
claim or liability resulting from any failure or inability to terminate such Service Contracts as of Closing and in no event shall Seller or CBF be liable for any termination fee(s) thereunder. Seller and CBF agree to cooperate with Purchaser and
Owner after Closing, at no expense to Seller or CBF, in effecting the termination of any service contracts entered into in connection with the operation of the condominium association under the Condominium Regime that Purchaser may elect to cause
the association to terminate. 
 (g) Except for any Seller Permitted Title Matters and except as otherwise may be necessary to comply with
Laws as they relate to the Property, CBF and/or the Owner shall not, and Seller shall not permit CBF and/or the Owner to, without Purchaser’s prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed,
further encumber the Property or grant any easements or rights of way with respect to the Property or materially and adversely affect title to the Property. If Purchaser does not notify Seller in writing of its consent or disapproval within three
(3) Business Days after written notice thereof from Seller, Purchaser shall be deemed to have disapproved such requested action. If Purchaser disapproves any such request, then Purchaser’s written notice shall specify the reasons for such
disapproval. 
 (h) CBF shall, and Seller shall cause CBF to, in the ordinary course of business, pay or cause to be paid promptly when due
all city, state and county ad valorem taxes and similar taxes and assessments, all sewer and water charges and all other governmental charges levied or imposed upon or assessed against the Property and all other payables due for the Property
between the date hereof and the Closing Date. 
 (i) Seller shall provide Purchaser with copies of any written notice of the threat or
institution of any litigation against the Property, CBF or the Owner or that concern matters materially and adversely affecting the Property, CBF or the Owner received by CBF or Seller following the Effective Date and prior to the Closing Date.

 (j) CBF shall, at its sole cost and expense, send termination notices under, and use commercially reasonable efforts to cause to be of no
further force or effect, all of the Condominium Contracts with respect to proposed condominium units in the proposed Phase II of the Condominium Regime and, effective as of such terminations, shall direct the escrow agent holding such deposits to
return to the purchasers thereunder any deposits or other sums previously paid by such purchasers pursuant to the Condominium Contracts. Purchaser acknowledges that Seller’s ability to cause the termination of any or all of such Condominium
Contracts prior to Closing is subject to obtaining the consent of the Senior Lender. At Purchaser’s request, CBF shall endeavor to maintain in effect Condominium Contracts with respect to Condominium Units in Phase I of the Condominium Regime,
however, Purchaser acknowledges that some or all of such Condominium Contracts may have passed the outside date for 

  

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closing thereunder and the contract purchasers thereunder may have the right to terminate such Condominium Contracts and demand a return of the deposits
thereunder, in which event CBF shall direct the escrow agent holding such deposits to comply with such demand. If any Condominium Contracts remain in effect as of Closing, (i) Purchaser shall proceed to Closing; (ii) Seller shall cause CBF
to assign to the Owner all of CBF’s rights, title and interest, if any, in and to the remaining Condominium Contracts; and (iii) Seller shall cause to be assigned and transferred to the Owner CBF’s right, title and interest, if any,
in and to, the deposits under the Condominium Contracts, Seller shall indemnify, defend and hold harmless Purchaser and Owner from and against any loss, claim or liability arising from a failure of the escrow agent to disburse the deposit amount
under any Condominium Contract that is terminated prior to Closing in accordance with the terms of such Condominium Contract, regardless of whether the escrow agent ever received, or has in its possession or control, the applicable deposit amounts.
Purchaser shall indemnify, defend and hold harmless Seller and CBF from and against any loss, claim or liability arising from (i) a failure to pay applicable brokerage commissions under any Condominium Contract that is not terminated prior to
Closing in accordance with the terms of such Condominium Contract and (ii) a failure of the escrow agent to disburse the deposit amount under any Condominium Contract that is not terminated prior to Closing in accordance with the terms of such
Condominium Contract. The provisions of this Section 6.5(i) shall survive Closing and shall not be merged into the Closing Documents. 
 (k) Seller shall use commercially reasonable efforts to obtain the Required Consents and Waivers from the applicable parties. 
 (l)
Concurrently with or prior to Closing, Seller shall (i) cause CBF to transfer, assign and convey to Owner all of CBF’s right, title and interest, if any, in and to the Property and the right to acquire the Property pursuant to the
Foreclosure Action such that as of Closing Owner shall have the right to receive and record the substitute trustees’ deed (to the extent not delivered to the Owner and recorded prior to closing); and (ii) have the right to cause CBF to be
terminated and dissolved. 
 (m) Notwithstanding any provision of this Agreement to the contrary, Purchaser acknowledges that
(i) certain events or actions called for under the Condominium Documents, including but not limited to the First and Organizational Meeting (as defined in the Condominium Documents) will not have occurred prior to Closing; and (ii) certain
Seller Parties may currently hold positions as directors and/or officers of the council of unit owners established under the Condominium Documents and such Seller Parties shall resign any positions they may hold as such directors and/or officers on
or before the Closing Date; and (iii) neither Seller, CBF nor any other Seller Parties have undertaken, nor intended or intend to undertake, the Developer Rights and Obligations and disclaim any liability therefor, as Successor Developer (as
defined in the Condominium Documents) or otherwise, whether to Purchaser, any other Purchaser Party or any third party. 
  

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 ARTICLE 7 
 Representations, Warranties and Covenants 
 Section 7.1. Purchaser’s
Representations, Warranties and Covenants. Purchaser hereby represents, warrants, covenants, and acknowledges to Seller as of the date hereof: 
 (a) Purchaser acknowledges that it will have, or has had, a full and complete opportunity to conduct such investigations, examinations, inspections and analyses of the Property and the Membership Interests as
Purchaser, in its absolute discretion, may deem appropriate. Purchaser further acknowledges that, except for the Seller Undertakings, Purchaser has not relied upon any statements, representations or warranties by Seller or any agent of Seller.

 (b) Purchaser agrees that, except for the representations, warranties, covenants and undertakings of Seller, CBF and the Owner as are
expressly set forth in this Agreement or in the Closing Documents to be executed and delivered by Seller and/or the Owner at Closing pursuant to the terms of this Agreement, including, but not limited to, the Seller Representations set forth in
Section 7.2(b) and the indemnification obligations of Seller under Section 10.4 (collectively, the “Seller Undertakings”), the Membership Interests shall be sold to Purchaser and Purchaser shall accept the
same (and shall accept the Property) on the Closing Date strictly on an “AS IS, WHERE IS” AND “WITH ALL FAULTS, LIABILITIES, AND DEFECTS, LATENT OR OTHERWISE, KNOWN OR UNKNOWN” basis, with no right of set-off
or reduction in the Purchase Price except as expressly set forth in this Agreement, and that, except for the Seller Undertakings, such sale shall be without representation or warranty of any kind, express or implied, including any warranty of income
potential, operating expenses, uses, merchantability or fitness for a particular purpose, and Seller does hereby disclaim and renounce any such representation or warranty. Purchaser specifically acknowledges that, except for the Seller Undertakings,
Purchaser is not relying on any representations or warranties of any kind whatsoever, express or implied, from Seller, any other Seller Party or any broker or other agents as to any matters concerning the Property or the Membership Interests
including: (1) the value of the Property or the Membership Interests; (2) any income or income potential to be derived from or the economic status of, the Property or the Membership Interests; (3) the suitability of the Property for
any and all activities and uses which Purchaser may conduct thereon, including the possibilities for further development of the Property or construction thereon or therein; (4) the habitability, merchantability, marketability, profitability or
fitness for a particular purpose of the Property or any improvements thereon or therein and/or fitness for any condominium use; (5) the manner, quality, state of repair or lack of repair of the Property (including but not limited to, the
structure, facade, roof, foundation, HVAC, electrical and plumbing systems or any other component of the Property or any improvements thereon or therein); (6) the nature, quality or condition of the Property, including with respect to water
conditions, soil, geological or geotechnical condition; (7) the compliance of or by Seller, CBF, the Property, or its operation with any Laws, codes, rules, ordinances, regulations of any applicable Governmental Authority, 

  

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including, without limitation, those relating to health, safety and the environment; (8) the manner or quality of the construction or materials
incorporated into the Property; (9) compliance with the terms of any contracts, agreements or the like included within the meaning of the term Contract Rights; (10) absence of defects; (11) absence of faults; (12) flooding;
(13) compliance with environmental Laws, Land Use Requirements or other land use Laws, rules, regulations, orders, codes or requirements; (14) the presence or absence of any Hazardous Materials at, on, under, in, or adjacent to the
Property; (15) the presence or suitability of any utilities or availability thereof; (16) the completeness or accuracy of any information provided to Purchaser by or on behalf of Seller, CBF or their agents; (17) the dimensions of the
Property or the accuracy of any floor plans, square footage, sketches, or revenue or expense projections related to the Property; (18) whether the Improvements are structurally sound, in good condition, or in compliance with applicable Laws;
(19) the locale of the Property, the leasing market for the Property, or the market assumptions Purchaser utilized in its analysis of the Membership Interests or the Property and determination of the Purchase Price (such as rental rates,
leasing costs, vacancy and absorption rates, land values, replacement costs, maintenance and operating costs, financing costs, etc.); (20) the ability of Purchaser to obtain any and all necessary governmental approvals or permits for
Purchaser’s intended use and development of the Property; (21) the condition or status of Owner’s title to the Property; or (22) any other matter relating to Seller, CBF, the Owner, the Property or the Membership Interests or to
the design, development, construction, operation, or sale of the Property or the Owner. Except as may be specifically set forth in the Seller Undertakings, Seller specifically makes no representations or warranties whatsoever as to whether the
Property contains Hazardous Materials or pertaining to the extent, location or nature of same, if any. Further, to the extent that Seller has or will provide to Purchaser information from any inspection, engineering or environmental reports
concerning any Hazardous Materials, Seller makes no representations or warranties with respect to the accuracy or completeness, methodology or preparation or otherwise concerning the contents of such reports except that Seller has not altered the
substance of such reports. Purchaser further acknowledges and agrees that except as expressly required pursuant to the terms of this Agreement or pursuant to the requirements of any applicable Laws, if any, Seller is under no duty to make any
affirmative disclosures or inquiry regarding any matter which may or may not be known to Seller or any of the other Seller Parties. 
 Without limiting the
generality of the foregoing, Purchaser acknowledges that: (A) certain of the apartment units intended by the Developer for conversion into condominium units have been partially demolished and/or are in the process of construction, which
demolition and/or construction work has been halted and as result such apartment units may not be habitable and that some or all of the licenses and permits for such demolition and/or construction work may have expired; (B) neither Seller nor
CBF nor any other Seller Parties constitute the Developer nor a successor developer nor are obligated to perform any obligations included in the Developer Rights and Obligations, nor is Purchaser entitled to assert any warranty right or other claim
with respect to the Condominium Units, whether under the Condominium Documents or applicable law, against Seller, CBF or any other Seller Party; (C) this Agreement is not a contract for the initial sale of a unit to a member of the public and
therefore the 

  

 28 

 
disclosure requirements of Section 11-126 of the Maryland Condominium Act are not applicable to this Agreement; (D) this Agreement is not a
contract for the resale of a unit by a unit owner other than a developer and therefore the disclosure requirements of Section 11-135 of the Maryland Condominium Act are not applicable to this Agreement; (E) the unit warranty set forth in
Section 11-131(c) of the Maryland Condominium Act is not applicable to the transfer of the Membership Interests pursuant to this Agreement; (F) the warranty on common elements set forth in Section 11-131(d) of the Maryland Condominium
Act is not applicable to the transfer of the Membership Interests pursuant to this Agreement, and (G) those condominium units that were conveyed by Developer to third-party purchasers were conveyed with appurtenant Storage Space Limited Common
Elements (as defined in the Condominium Documents) that were not constructed at the time of such conveyances and have not yet been constructed. Purchaser acknowledges that it shall undertake all responsibility for construction of such Storage Space
Limited Common Elements and Purchaser shall indemnify, defend and hold harmless Seller and CBF from and against any loss, claim or liability arising from the performance of, or failure to perform, such work and such undertaking and indemnification
shall survive Closing and shall not be merged into the Closing Documents. Seller shall provide a $30,000.00 credit to Purchaser at Closing for the costs associated with construction of such Storage Space Limited Common Elements. 
 (c) (i) Except as expressly provided below in this Section 7.1(c), Purchaser, for Purchaser and Purchaser’s successors and assigns,
hereby releases Seller and the other Seller Parties from, and irrevocably and unconditionally waives all claims and liability against Seller and each of the other Seller Parties for or attributable to, the following: 
 (A) except for the Seller Representations as set forth in this Agreement, any and all statements or opinions heretofore or hereafter made,
or information furnished, by or on behalf of the Seller Parties to Purchaser or any of Purchaser’s agents or representatives; 
 (B) any duty to make any affirmative disclosures or inquiries with respect to any matter, except as expressly required pursuant to the terms of this Agreement or pursuant to the requirements of applicable Laws, if any; 
 and 
 (C)
except for the Seller Undertakings, any and all losses, costs, claims, liabilities, expenses, demands or obligations of any kind or nature whatsoever, whether known or unknown and foreseen or unforeseen, attributable to the Property, the Owner or
the Membership Interests, whether arising or accruing before, on or after the Closing and whether attributable to events or circumstances which have heretofore or may hereafter occur, including all losses, costs, claims, liabilities, expenses,
demands and obligations with respect to the structural, physical, or environmental condition of the Property including all matters described in 

  

 29 

 
Section 7.1(b). Without limiting the foregoing, Purchaser hereby agrees that, if at any time after the Closing, any third party or Governmental
Authority seeks to hold Purchaser responsible for the presence of, or any loss, cost or damage associated with, Hazardous Materials in, on, above, beneath or adjacent to the Real Property or emanating therefrom, then Purchaser waives any rights it
may have against Seller or CBF in connection therewith, including under CERCLA, and Purchaser agrees that it shall not (unless compelled to do so by applicable Laws, an agency of Federal, State or local government, or by the order of any court,
provided Purchaser takes no affirmative action to initiate any of the foregoing) (1) bring a contribution action or similar action against the Seller or CBF or any other Seller Parties or (2) attempt, by the affirmative or intentional
actions of Purchaser, in any way to hold the Seller or CBF or any other Seller Parties responsible with respect to any such matter; provided that, if a third party unrelated to Purchaser or any of the Purchaser Parties initiates legal action against
Purchaser in a court of competent jurisdiction under CERCLA for a claim relating to Hazardous Materials first affecting the Property prior to Closing, then Purchaser shall have the right to implead CBF into such legal action. 
 (ii) Purchaser acknowledges and agrees that (1) Purchaser may hereafter discover facts different from or in addition to those now (or as the
Closing) known to Purchaser, (2) Purchaser’s agreement to release, acquit and discharge Seller and the other Seller Parties as set forth in this Section 7.1(c) shall remain in full force and effect notwithstanding the existence
or discovery of any such additional or different facts, (3) to the extent permitted by Law, Purchaser knowingly waives any rights, privileges and benefits under any federal, state or local Laws that may negatively impact the validity or
enforceability of any part of the releases set forth in this Agreement, (4) upon the completion of the Closing, Seller and CBF shall be deemed to have satisfied all of Seller’s and CBF’s obligations, covenants and liabilities in this
Agreement, the Closing Documents or in any other documents executed by Seller in connection herewith other than those obligations of Seller that, by the express terms of this Agreement, the Closing Documents or such other documents, survive the
Closing (including without limitation the Seller Undertakings), and (5) except as a result of Seller’s breach of the Seller Undertakings, Purchaser irrevocably covenants never to commence or prosecute, or to affirmatively and intentionally
collude with others to commence or prosecute, against Seller, CBF or any other Seller Party any action or proceeding based upon any claim covered by the foregoing release. 
 (iii) Purchaser understands the legal significance of the foregoing provisions and acknowledges and agrees that the provisions of this
Section 7.1 and the provisions incorporated therein by reference were a material factor in Seller’s acceptance of the Purchase Price and that Seller is unwilling to sell the Membership Interests unless Seller, CBF and the other
Seller Parties are expressly released as set forth in Section 7.1. 
  

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 (iv) Notwithstanding anything to the contrary in this Agreement, the provisions of this
Section 7.1 shall survive the Closing and shall not be merged into any Closing Documents. 
 (d) Purchaser is a validly organized
limited liability company in good standing under the Law of Maryland in which Philadelphia Management Company has day-to-day management control. This Agreement constitutes the valid and legally binding obligation of Purchaser, enforceable against
Purchaser in accordance with its terms, except as its enforceability may be limited by bankruptcy, insolvency, moratorium or other Laws relating to or affecting the rights of creditors generally and the exercise of judicial discretion in accordance
with general equitable principles; 
 (e) There are no actions, suits or proceedings pending or, to the knowledge of Purchaser, threatened,
against or affecting Purchaser; 
 (f) Neither the execution, delivery or performance of this Agreement nor compliance herewith
(a) conflicts or will conflict with or results or will result in a breach of or constitutes or will constitute a default under (1) the charter documents or by-laws of Purchaser, (2) to the best of Purchaser’s knowledge, any Laws
or any order, writ, injunction or decree of any court or Governmental Authority, or (3) any agreement or instrument to which Purchaser is a party or by which it is bound or (b) results in the creation or imposition of any Lien or
Encumbrance upon its property pursuant to any such agreement or instrument; 
 (g) No authorization, consent, or approval of any Governmental
Authority (including courts) is required for the execution and delivery by Purchaser of this Agreement or the performance of its obligations hereunder that has not been obtained; 
 (h) Purchaser is not, and will not be, a Person with whom Seller is restricted from doing business with under the Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, H.R. 3162, Public Law 107-56 (commonly known as the “USA Patriot Act”) and Executive Order Number 13224 on Terrorism Financing, effective
September 24, 2001, as the same may have been amended or extended, and regulations promulgated pursuant thereto (collectively, “Anti-Terrorism Laws”), including persons and entities named on the Office of Foreign Asset Control
Specially Designated Nationals and Blocked Persons List; and 
 (i) Purchaser is, and any assignee or nominee of Purchaser that accepts an
assignment of any of the Membership Interests shall be, an Accredited Investor. The Membership Interests are being acquired by Purchaser for its own account and not with a view to, or for sale in connection with any public distribution thereof
within the meaning of the Securities Act. Purchaser acknowledges that the Membership Interests are not registered under the Securities Act or any state securities Laws and cannot be resold without registration thereunder or exemption therefrom.

  

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 Section 7.2. Seller’s Representations. Seller represents and warrants to
Purchaser as of the Effective Date: 
 (a) Representations Concerning the Owner and Seller. 
 (i) Owner has been formed as a limited liability company and is validly existing and in good standing under the Laws of the State Maryland; 
 (ii) CBF is a limited liability company validly existing and in good standing under the Laws of the State of Delaware and is qualified to do business in
the State of Maryland. Subject to Seller obtaining the Required Consents and Waivers, CBF has the legal capacity, right, power and authority to enter into and perform its obligations under this Agreement; 
 (iii) Seller is a corporation validly existing and in good standing under the Laws of the State of Delaware and is qualified to do business in the State
of Maryland. Subject to Seller obtaining the Required Consents and Waivers, Seller has the legal capacity, right, power and authority to enter into and perform its obligations under this Agreement; 
 (iv) This Agreement is, and all agreements, instruments and documents to be executed and delivered by Seller and/or CBF pursuant to this Agreement shall
be, duly authorized, executed and delivered by Seller or CBF. Subject to Seller obtaining the Required Consents and Waivers, this Agreement is, and all agreements, instruments and documents to be executed and delivered by Seller and/or CBF pursuant
to this Agreement shall be, valid and legally binding upon Seller and CBF and enforceable in accordance with their respective terms except as its enforceability may be limited by bankruptcy, insolvency, moratorium or other Laws relating to or
affecting the rights of creditors generally and the exercise of judicial discretion in accordance with general equitable principles; 
 (v)
Subject to Seller obtaining the Required Consents and Waivers, Seller and CBF each has the right, power and authority and is duly authorized to enter into this Agreement, to perform each of the covenants on its part to be performed hereunder and to
execute and deliver, and to perform its obligations under all documents required to be executed and delivered by it pursuant to this Agreement; 
 (vi) Subject to Seller obtaining the Required Consents and Waivers, neither the execution, delivery or performance of this Agreement nor compliance herewith (a) conflicts or will conflict with or results or will result in a breach of
or constitutes or will constitute a default under (1) the charter documents or by-laws of Seller, CBF or the Owner, (2) to Seller’s actual knowledge, any Law or any order, writ, injunction or decree of any court or Governmental
Authority, or (3) any agreement or instrument to which Seller, CBF or the Owner is a party or by which it is bound or (b) results in the creation or imposition of any Lien or Encumbrance upon its property pursuant to any such agreement or
instrument; 
  

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 (vii) Other than the Required Consents and Waivers, no authorization, consent, or approval of any
Governmental Authority (including courts) or other person or entity is required for the execution and delivery by Seller, CBF or the Owner of this Agreement or the performance of any obligations of Seller, CBF or the Owner hereunder or under the
documents required to be executed and delivered by any of them pursuant to this Agreement; 
 (viii) Neither Seller nor CBF has made any
voluntary, and neither Seller nor CBF has received any written notice of any involuntary, petition in bankruptcy, assignment for the benefit of creditors, or petition seeking reorganization or arrangement or other action under Federal or state
bankruptcy or insolvency Law that is pending against or contemplated by Seller or CBF; 
 (ix) Neither CBF, the Owner nor Seller has any
employees; 
 (x) Each of CBF, the Owner and Seller is a “United States person” within the meaning of Section 1445(f)(3) and
Section 7701(a)(30) of the Code; 
 (xi) Neither Seller, CBF nor the Owner is a Person with whom Purchaser is restricted from doing
business with under the Anti-Terrorism Laws, including persons and entities named on the Office of Foreign Asset Control Specially Designated Nationals and Blocked Persons List; 
 (xii) The Owner has been formed as, and shall continue to be on the Closing Date, a single-member limited liability company that is a “disregarded
entity” for federal and state income tax purposes and that has not had an obligation (i) to file and has not filed any federal or state income or franchise tax returns or (ii) to pay and has not paid any federal or state income or
franchise taxes. 
 (b) Representations Concerning the Property. 
 (i) Except as otherwise listed on Schedule 10 or entered into after the Effective Date pursuant to the terms of this Agreement, to Seller’s
actual knowledge: (a) there are no Service Contracts binding upon CBF, the Owner or the Property and currently in effect with respect to the Property; (b) the Service Contracts existing on the Effective Date are currently in full force and
effect, have not been modified, supplemented or amended except as reflected on Schedule 10; and (c) CBF has paid and performed all of the material duties, obligations, liabilities and responsibilities of CBF under the Service Contracts
existing on the Effective Date to the extent arising on or before the Effective Date or will do so in the ordinary course of business of CBF; (d) neither Seller nor CBF have received any written notice of default under the Service Contracts
existing on the Effective Date; 
 (ii) Except as set forth on Schedule 11 attached hereto, and subject to the provisions of
Section 6.5(c), to Seller’s actual knowledge, there are no contractors, subcontractors, laborers or materialmen performing work upon or functioning as labor or materialmen to improve the Property upon the request of Seller, CBF or
the Owner that have not been paid or will not be paid all amounts due prior to Closing; 
  

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 (iii) Except as set forth on Schedule 2 attached hereto, to Seller’s actual knowledge there
are no Condominium Contracts with respect to the Condominium Units that are in force or effect as of the Effective Date; and 
 (iv) Except
as set forth on Schedule 6 attached hereto, to Seller’s actual knowledge there are no Leases with respect to the Improvements that are in force or effect as of the Effective Date. 
 (c) Representations Concerning the Owner and the Membership Interests 
 (i) Since its formation, the Owner has not (and through the date of Closing shall have not) acquired or owned any assets except in connection with the
ownership, management and operation of the Property and activities incidental thereto; 
 (ii) Seller owns one hundred percent (100%) of
the membership interests in the Owner. As of the Closing, subject to obtaining the Required Consents and Waivers, the Membership Interests shall be assigned to Purchaser free and clear of any and all Liens, Claims and Encumbrances of any kind or
nature; and 
 (iii) As of Closing, subject to obtaining the Required Consents and Waivers, Seller will have the power, right and authority
to vote and transfer the Membership Interests. 
 Section 7.3. Knowledge. 
 (a) For purposes of the Seller Representations, whenever a representation is qualified by the phrase “to Seller’s actual knowledge,” or by
words of similar import, the accuracy of such representation shall be based solely on the actual (as opposed to constructive or imputed) knowledge of the Designated Seller Representative and shall not (i) be construed to refer to the
knowledge of any of the other Seller Parties, or (ii) impose or be deemed to have imposed upon the Designated Seller Representative any duty to investigate the matters to which such knowledge, or the absence thereof, pertains, including, but
not limited to, the contents of the files, documents and materials made available to or disclosed to Purchaser or the contents of files maintained by the Designated Seller Representative. Purchaser acknowledges that the Designated Seller
Representative is named solely for the purpose of defining the scope of Seller’s knowledge and not for the purpose of imposing any liability on or creating any duties running from the Designated Seller Representative to Purchaser and Purchaser
agrees that no Designated Seller Representative shall have any personal liability under this Agreement or in connection with the transactions contemplated hereby. Without limiting the generality of the foregoing, Purchaser acknowledges that
(i) Seller and CBF did not develop the Real Property and did not effect the conversion of the apartment units included within the Condominium Regime, (ii) CBF holds the Property solely as mortgagee-in-possession and as contract purchaser
in the Foreclosure Action, (iii) accordingly, the knowledge of Seller, CBF and the Designated Seller Representative is extremely limited, and (iv) the Purchase Price reflects such ownership circumstances and such limited knowledge.

  

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 (b) For purposes of the Purchaser Representations, whenever a representation is qualified by the phrase
“to Purchaser’s actual knowledge,” or by words of similar import, the accuracy of such representation shall be based solely on the actual (as opposed to constructive or imputed) knowledge of the Designated Purchaser Representative and
shall not be construed to refer to the knowledge of any other party comprising the other Purchaser Representatives, or to impose or have imposed upon the Designated Purchaser Representative any duty to investigate the matters to which such
knowledge, or the absence thereof, pertains, including, but not limited to, the contents of any of Purchaser’s files, documents and materials, other than an express duty to conduct a commercially reasonable and due inquiry as to the matters
that are the subject of the applicable Purchaser Representations. Seller and CBF acknowledge that the Designated Purchaser Representative is named solely for the purpose of defining the scope of Purchaser’s knowledge and not for the purpose of
imposing any liability on or creating any duties running from the Designated Purchaser Representative to Seller or CBF and Seller and CBF agree that no Designated Purchaser Representative shall have any personal liability under this Agreement or in
connection with the transactions contemplated hereby. 
 Section 7.4. Notice of Breach; Survival of Representations and
Warranties. 
 (a) If after the Effective Date but prior to the Closing, Purchaser obtains actual knowledge that any of the
representations or warranties made herein by Seller are untrue, inaccurate or incorrect in any respect, Purchaser shall give Seller written notice thereof within five (5) Business Days of obtaining such knowledge (but, in any event, prior to
the Closing). In such event, Seller shall have the right (but not the obligation) to attempt to cure such untrue, inaccurate or incorrect misrepresentation and shall, at its option, be entitled to a reasonable adjournment of the Closing (not to
exceed sixty (60) calendar days) for the purpose of such cure. If Seller elects to attempt to so cure but is unable to so cure any such untrue, inaccurate or incorrect representation or warranty, then, except in the event that Seller committed
actual fraud in the making of any of the Seller Representations, if any such representation or warranty is materially untrue, inaccurate or incorrect, Purchaser, as its sole remedy shall elect either (i) to waive such materially untrue,
inaccurate or incorrect representation or warranties and consummate the transaction contemplated hereby without any reduction of or credit against the Purchase Price, or (ii) if Purchaser first obtained knowledge of such materially untrue,
inaccurate or incorrect representation or warranty after the Effective Date, to terminate this Agreement in its entirety by written notice given to Seller on the Closing Date, in which event, (A) this Agreement shall be terminated;
(B) Purchaser shall obtain a refund of the Deposit (and all interest accrued thereon); (C) Purchaser shall be entitled to obtain reimbursement of expenses and costs as provided in Section 10.3 of this Agreement; and (D) Seller
and Purchaser shall be thereupon released from all further liability or obligation under this Agreement, except for the applicable Surviving Obligations. Notwithstanding anything set forth in this Agreement to the contrary, if prior to the Closing
Date Purchaser obtains actual knowledge or is Deemed to Know that 

  

 35 

 
Seller’s representations and warranties are inaccurate, untrue or incorrect in any way, and either Purchaser fails to provide Seller with notice thereof
pursuant to the terms of this Section 7.4(a) or Purchaser elects to proceed to Closing under this Agreement, such representations and warranties shall be deemed modified to reflect such actual or deemed knowledge of Purchaser prior to
the Closing Date. 
 (b) The representations and warranties of Seller and Purchaser set forth in this Agreement shall survive Closing and
shall not be merged into the Closing Documents for a period of one (1) year. Purchaser hereby expressly agrees that after Closing under this Agreement, Seller shall have no liability to Purchaser for any representations or warranties of Seller
set forth in this Agreement or in any Closing Documents except for breaches of the representations or warranties by Seller in Section 7.2(c) herein, if: (A) Purchaser does not, on or prior to the date which is one (1) year after the
Closing Date send to Seller a written notice alleging such breach and within sixty (60) calendar days after the date of such written notice commence a legal proceeding in a court of competent jurisdiction against Seller alleging that Seller was
in breach of any such representation or warranty when made, and that Purchaser has suffered actual and material damages as a result thereof; (B) Seller disclosed in writing to Purchaser, or Purchaser otherwise has actual knowledge of, at the
time of or prior to Closing, such breach and Purchaser nevertheless proceeded to Closing; or (C) the aggregate amount of all claims by Purchaser of indemnification or for a Seller breach is less than One Hundred Thousand and 00/100 Dollars
($100,000.00); provided, however, that if such claims equal or exceed $100,000.00, in the aggregate, Purchaser shall have the right to prosecute such claims in the full amount thereof, and not just in the amount by which such claims exceed
$100,000.00. Notwithstanding anything to the contrary set forth in this Agreement or in any of the Closing Documents, (i) in no event will the maximum aggregate liability of Seller or the Owner with respect to the breach of any representations
or warranties made by Seller in this Agreement or in any Closing Document exceed One Million and No/100 Dollars ($1,000,000.00) except in the event that (a) Seller committed actual fraud in the making of any of the Seller Representations or
(b) Seller breaches the representations or warranties in Section 7.2(c) herein, in either of which events such limitation shall not apply; and (ii) in no event shall Seller, CBF or the Owner be liable for any consequential,
punitive or special damages (unless the same constitute actual damages suffered by Purchaser as a result of any third party claim for which Seller, CBF or the Owner (prior to Closing) are expressly liable pursuant to this Agreement). Each such
representation and/or warranty shall automatically be null and void and of no further force and effect after the date which is one (1) year following the Closing unless, prior to the end of such one (1) year period, Purchaser has complied
with this Section 7.4(c). The provisions of this Section 7.4 shall survive the Closing and shall not be merged into any of the Closing Documents. 
 ARTICLE 8 
 Closing 
 Section 8.1. Closing Date. Closing shall take place on the Closing Date, subject to any permitted extensions of the Closing Date as
may be expressly set forth in 

  

 36 

 
this Agreement. Unless the parties otherwise agree in writing, the Closing shall be conducted through a customary escrow arrangement with the Title Company.
If the Title Company is not unconditionally released by Purchaser to pay to Seller the full amount of the Purchase Price, as increased or decreased by prorations provided for herein, in immediately available wire transfer funds by 2:00 p.m. (Eastern
Time) on the Closing Date, the Closing shall be deemed to have occurred on the following Business Day and the credits and prorations shall be recalculated accordingly. 
 Section 8.2. Seller’s Deliveries. At the Closing, Seller shall deliver or cause to be delivered or shall perform, at Seller’s sole expense, each of the following items, each executed and
acknowledged to the extent appropriate, as applicable: 
 (a) The Assignment and Assumption Agreement duly executed by Seller; 
 (b) The Quit-Claim Bill of Sale in the form of Exhibit K duly executed by CBF and the Owner; 
 (c) A substitute trustees’ deed conveying the Real Property to the Owner duly executed by such substitute trustees; 
 (d) A UCC statement of transfer to the Owner duly executed by Seller; 
 (e) A quit-claim assignment agreement to the Owner duly executed by the substitute trustees; 
 (f)
Non-foreign person affidavits with respect to Seller as required by Section 1445 of the Code in substantially the form of Exhibit G; 
 (g) The Owner’s Affidavit and the Seller’s Non-Imputation Affidavit in the forms of Exhibits D and E, respectively, and such evidence or documents as may be reasonably required by the Title Company on terms reasonably
acceptable to Seller relating to: (i) mechanics’ or materialmen’s liens; (ii) parties in possession; and (iii) the status and capacity of Seller and the authority of the Person or Persons who are executing the various
documents on behalf of Seller in connection with the sale of the Membership Interests; 
 (h) A duly-executed Closing Statement; 

(i) Copies of all keys in the Owner’s or Seller’s possession or control to all locks on the Improvements and the Condominium Units;

 (j) All Service Contracts, Leases, copies of all Property Records and all other tangible Personal Property and Other Rights in the
possession or control of CBF, the Owner or Seller, but excluding the Excluded Items; 
 (k) The Owner’s Organizational Documents in the
form attached as Exhibit H; 
  

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 (1) Such limited liability company, corporate and other entity resolutions, certificates of good
standing, incumbency certificates and other evidence of authority with respect to Seller, CBF and the Owner as may be provided for herein or as may be reasonably requested the Title Company to consummate the sale of the Membership Interests to
Purchaser in conformity with the terms of this Agreement; 
 (m) Amendments to the Owner’s Organizational Documents substantially in the
form attached hereto as Exhibit I and executed and delivered by Seller, pursuant to which the Owner’s Organizational Documents shall be amended to reflect the transfer and conveyance of the Membership Interests, the withdrawal from the
Owner by Seller, the admission to the Owner of Purchaser in accordance with the terms and conditions contained herein, the amendment of the name of Owner to “Rodgers Forge Apartments, LLC”, and the continuation of the Owner in
effect following the consummation of the purchase and sale of the Membership Interests as contemplated in this Agreement; 
 (n) All Property
Records, but excluding all Excluded Items; 
 (o) All other documents reasonably necessary to effectuate the contemplated consummation of the
transactions herein; and 
 (p) On the Closing Date, Seller, in coordination with Purchaser, shall cause its accountants to close the books
of the Owner, Seller shall, under its direction and control, cause all applicable tax returns to be prepared and timely filed for the Owner for the period from the formation of the Owner through the Closing Date. 
 Section 8.3. Purchaser’s Deliveries. At the Closing, Purchaser shall deliver to Seller the following items: 
 (a) Immediately available federal funds sufficient to pay the Purchase Price (less the Deposit and subject to apportionments and adjustments as set forth
herein) and Purchaser’s share of all escrow costs and closing expenses in accordance with the terms of this Agreement; 
 (b) Duly
executed and acknowledged originals of the Assignment and Assumption Agreement, the Closing Statement and the amendments to Owner’s Organizational Documents; 
 (c) Such evidence or documents as may reasonably be required by the Title Company evidencing the status and capacity of Purchaser and the authority of the Person or Persons who are executing the various documents on
behalf of Purchaser in connection with the purchase of the Membership Interests; and 
 (d) All other documents reasonably necessary to
effectuate the contemplated consummation of the transaction herein. 
  

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 Section 8.4. Costs and Prorations. 
 (a) General. Real estate taxes and assessments allocable to the payment period that includes the Closing Date, personal property
taxes, if any, all items of income, if any (other than the Excluded Items) and expense with respect to the Property (including assessments and any other fees payable pursuant to the Condominium Documents) shall be prorated between Seller and
Purchaser as of the Closing Date in accordance with this Section 8.4. Except as otherwise provided in this Section 8.4, income and expenses shall be prorated on a cash basis. All apportionments and prorations made hereunder
shall be made based on the number of calendar days of ownership of the Property in the period applicable to the apportionment, with Purchaser entitled to income and responsible for expenses for the Closing Date. Prorations of annual payments will be
made based on the number of calendar days of ownership in the applicable annual period. 
 (b) Taxes. All real estate
taxes assessed against the Real Property shall be prorated between Seller and Purchaser on a cash basis based upon the actual current tax bill. If the most recent tax bill received by Seller before the Closing Date is not the actual current tax
bill, then Seller and Purchaser shall initially prorate the taxes at the Closing by applying 100% of the tax rate for the period covered by the most current available tax bill to the latest assessed valuation, and shall reprorate the taxes
retroactively when the actual current tax bill is then available; provided, however, that in no event shall Seller be charged with or responsible for any increase in real estate taxes resulting from the sale of the Membership Interests to Purchaser
or from any improvements made on or after the Closing. All real estate taxes accruing before the Closing Date shall be the obligation of Seller and all such taxes accruing on and after the Closing Date shall be the obligation of Purchaser. Any
refunds of real estate taxes made after the Closing, including pursuant to any appeal undertaken by or on behalf of Owner (other than any such appeal based solely on a change of status of some or all of the Condominium Units as a result of their
consolidation or removal from the Condominium Regime), shall first be applied to the unreimbursed third-party costs incurred by Seller or Purchaser in obtaining the refund and the balance, if any, shall be paid to Seller (for the period prior to the
Closing Date) and to Purchaser (for the period commencing on and after the Closing Date). The provisions of this Section 8.4(b) shall survive Closing for a period of twelve (12) months. 
 (c) Utilities. Final readings and final billings for utilities will be made if possible as of the Closing Date, in which
event no proration shall be made at the Closing with respect to utility bills; otherwise a proration shall be made based upon the parties’ reasonable good faith estimate and a readjustment made within thirty (30) calendar days after
Closing. Seller shall receive a credit at Closing for any Utility Deposits, plus any interest on the Utility Deposits to which the Owner is or will be entitled, that are held as of the Effective Date for the benefit of the Owner. The provisions of
this Section 8.4(c) shall survive Closing for a period of two (2) months. 
 (d) Service Contracts.
Prepaid charges, payments and accrued charges under any Service Contracts in effect as of Closing and entered into by, or assigned to, the Owner shall be prorated at Closing in a manner reasonably acceptable to Seller and Purchaser. 

 

 39 

 (e) Condominium Contracts. To the extent any Condominium Contracts are not
terminated at or prior to Closing, deposits under such Condominium Contracts shall be transferred and assigned to the benefit of the Owner. 
 (f) Rental Payments. All Rental Payments shall be prorated on a cash basis as of Closing. Any checks for Rental Payments received after the Closing Date by Seller, CBF or any other Seller Parties shall be promptly
endorsed to the Owner by the payee thereof and promptly sent to Purchaser. If on the Closing Date there shall be any past due and unpaid Rental Payments under any Lease, then any Rental Payment received after the Closing Date by the Owner, Purchaser
or any other Purchaser Parties or by Seller, CBF or any other Seller Parties for such Lease shall be applied first to pay the current portion of any Rental Payments due under such Lease and the remaining portion of the Rental Payment, to the extent
applicable to a period on or before the Closing Date, shall be remitted promptly by the Owner or Purchaser to Seller after deduction of Seller’s proportionate share of any costs of collection incurred by the Owner or Purchaser in connection
therewith. Such proportionate share shall be determined by reference to the total amount of Rental Payments so received and the total costs of collection so incurred by the Purchaser. Purchaser shall use, or shall cause the Owner to use, reasonable
diligence to collect past due Rental Payments. The provisions of this Section 8.4(f) shall survive Closing for a period of six (6) months. 
 (g) Closing Statement. Purchaser and Seller shall cooperate to produce five (5) Business Days’ prior to the Closing Date a schedule of prorations and closing costs that is as complete
and accurate as reasonably possible (the “Closing Statement”). If any of the aforesaid prorations cannot be calculated accurately on the Closing Date, then they shall be estimated to the extent possible as of the Closing and
calculated as soon after the Closing Date as is feasible. All adjustments to initial estimated prorations shall be made by the parties with due diligence and cooperation within six (6) months following the Closing, or such later time as may be
required to obtain necessary information for proration, by prompt cash payment to the party yielding a net credit from such prorations from the party. The provisions of this Section 8.4(g) shall survive Closing for a period of six
(6) months. 
 (h) Closing Costs. Purchaser and Seller shall each pay their own legal fees related to the
preparation of this Agreement and all documents required to settle the transaction contemplated hereby. Purchaser shall pay (i) all costs associated with its due diligence, including the cost of appraisals, architectural, engineering, credit
and environmental reports, (ii) all title insurance premiums and charges and all title examination costs, and (iii) all survey costs. Purchaser shall pay 100% of the State, City and County recordation and transfer taxes, if any, due in
connection with the transaction contemplated hereby, including the recordation of the deed to the Owner pursuant to the Foreclosure Action. Purchaser and the Seller understand and believe that no recordation or transfer taxes (collectively,
“Transfer Taxes”) are payable in connection with the transfer of the Membership Interests to Purchaser; however, the 

  

 40 

 
foregoing obligation of Purchaser to pay the Transfer Taxes (including all interest and/or penalties which may be imposed thereon) shall survive Closing and
shall not be merged into the Closing Documents. 
 (i) Excluded Items. Purchaser acknowledges and agrees that,
notwithstanding anything to the contrary in this Agreement or any of the Closing Documents, (i) the Purchase Price does not include payment for the Excluded Items, and (ii) all Excluded Items shall belong to Seller, whether the proceeds of
the same are received before or after the Closing (subject to the prorations set forth in this Agreement). Without limiting the foregoing, at any time before or simultaneously with the Closing, Seller shall be entitled to cause the Owner to
distribute to Seller all escrows, reserves, cash, and cash equivalents of the Owner, provided that sufficient cash is available in its existing bank accounts to cover any outstanding checks of the Owner issued before the Closing. The provisions of
this paragraph shall survive the Closing without limitation and shall not be merged into the Closing Documents. 
 Section 8.5.
Possession. Effective possession of the Property, by virtue of the transfer of the Membership Interests, shall be delivered to Purchaser at the Closing, subject to the terms of this Agreement. 
 Section 8.6. Motor Vehicle. The parties acknowledge that the motor vehicle included in the list of Personal Property on Schedule
7 is not titled in the name of Seller, CBF or Owner and that, accordingly, title to such motor vehicle cannot effectively be conveyed. Seller agrees to cooperate with Purchaser, at no expense to Seller, following Closing to effect titling of
such motor vehicle in the name of Owner, if such titling can be completed through the exercise of commercially reasonable efforts. 
 ARTICLE 9 
 Real Estate Commission 
 Section 9.1. Commissions. If and when, but only if and when, the Closing is completed and the Purchase Price is paid in full, Seller
shall be obligated to pay a real estate commission and/or brokerage fee to Seller’s Broker in accordance with a separate agreement between Seller and Seller’s Broker. Seller shall indemnify Purchaser against all claims, costs and liability
relating to any claim by Seller’s Broker or any other Person claiming by, through or under Seller, CBF or Seller’s Broker. Such commission shall be paid in full by Seller at Closing in accordance with a separate agreement between Seller
and Seller’s Broker. Seller and Purchaser represent and warrant to each other that no other brokerage fee or real estate commission is or shall be due or owing in connection with this transaction, and Seller and Purchaser hereby indemnify and
hold the other harmless from any and all claims of any other broker or agent based on action or alleged action of the other. The provisions of this paragraph shall survive any termination of this Agreement or the Closing and shall not be merged into
the Closing Documents. 
  

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 ARTICLE 10 
 Termination and Default 
 Section 10.1. Termination without Default. If the
sale of the Membership Interests is not consummated and this Agreement is terminated because of the failure of any condition precedent to Purchaser’s or Seller’s obligations expressly set forth in this Agreement (subject to the provisions
of Section 6.1(b) and Section 6.2(b) regarding the failure to satisfy conditions within the respective parties’ commercially reasonable control) or for any other reason except a material default by Purchaser hereunder
(which is governed by Section 10.2) or a material default by Seller hereunder (which is governed by Section 10.3), the entire Deposit shall refunded to Purchaser and Seller and Purchaser shall be thereupon released from all
further liability or obligation under this Agreement, except for the applicable Surviving Obligations. 
 Section 10.2.
Purchaser’s Default. If (a) the sale contemplated hereby is not consummated because of a default by Purchaser in its obligation to purchase the Membership Interests in accordance with the terms of this Agreement after Seller has
performed or tendered performance of its obligations in all material respects in accordance with this Agreement; or (b) Purchaser otherwise materially defaults under this Agreement and such default shall continue for ten (10) calendar days
after receipt of written notice thereof from Seller, provided that no notice shall be required for a failure to timely participate in Closing or make any required Deposit, then as Seller’s sole remedy, Seller may terminate this Agreement by
written notice to Purchaser, whereupon the Deposit shall be paid to and retained by Seller as liquidated damages; and except for the applicable Surviving Obligations, Seller and Purchaser shall have no further obligations to each other. The parties
hereto, before entering into this Agreement, have been concerned with the fact that substantial damages will be suffered by Seller if Purchaser should materially default under this Agreement. Purchase and Seller acknowledge that the damages to
Seller upon a material breach of this Agreement by Purchaser would be difficult or impossible to determine, that the amount of the Deposit represents the parties’ best and most accurate estimate of the damages that would be suffered by Seller
if the transaction should fail to close and that such estimate is reasonable under the circumstances existing as of the Effective Date and under the circumstances that Seller and Purchaser reasonably anticipate would exist at the time of such
breach. The parties, having made a diligent endeavor to ascertain the actual compensatory damages which Seller would suffer in the event of Purchaser’s material default under this Agreement, hereby agree that the reasonable estimate of said
damages is the sum equal to the amount of the Deposit. Therefore, if the sale contemplated hereby shall fail to close because of a default by Purchaser in its obligation to purchase the Membership Interests in accordance with the terms of this
Agreement after Seller has performed or tendered performance of all of its obligations in all material respects in accordance with this Agreement or Purchaser shall otherwise materially default under this Agreement, Seller shall be entitled to and
shall retain the entire Deposit as liquidated damages and as its sole remedy at law or in equity. The amount of the liquidated damages has been established by the parties as the amount of monetary damages Seller will suffer based solely upon a
material default by Purchaser 

  

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under this Agreement and Seller shall be entitled to recover no other damages from Purchaser. Notwithstanding anything herein to the contrary set forth in
this Agreement, nothing set forth herein shall (a) limit or impair any remedies that may be available to Seller with respect to Purchaser’s obligations or liabilities for any of the applicable Surviving Obligations of Purchaser except as
otherwise provided in this Agreement or in the applicable Closing Documents entered into by Purchaser and Seller; or (b) be construed to limit Seller’s rights to make a claim against any insurance policy that Purchaser was required to
obtain pursuant to Section 5 or that Purchaser otherwise maintains for or in connection with either any breaches by Purchaser of its obligations under Section 5.2 or Purchaser’s indemnification obligations set forth in
Section 5.2. 
 Section 10.3. Seller’s Default. If (a) Purchaser shall have performed or tendered
performance of all of its obligations in all material respects under this Agreement, and the sale contemplated hereby is not consummated because of a default by Seller in its obligation to sell the Membership Interests in accordance with the terms
of this Agreement, or (b) Seller shall otherwise materially default under this Agreement and such default shall continue for ten (10) calendar days after receipt of written notice thereof from Purchaser, provided that no notice shall be
required for a failure to timely participate in Closing, then, Purchaser may, as its sole and exclusive remedy at law or in equity, avail itself of one of the following: (x) terminate this Agreement by giving written notice thereof to Seller,
in which event the entire Deposit will be returned to Purchaser, Seller shall reimburse Purchaser for such reasonable and actual, out-of-pocket, third-party costs and expenses incurred by Purchaser in connection with the transaction contemplated by
this Agreement, including, but not limited to, Purchaser’s reasonable attorney’s fees and reasonable costs incurred by Purchaser in connection with its due diligence inspections of the Property, provided however that
(i) in no event shall Seller have any obligation to reimburse Purchaser for any costs incurred in connection with any efforts by Purchaser to obtain any financing for the acquisition of the Membership Interests, and (ii) Seller’s
obligation to reimburse Purchaser for such costs and expenses shall not exceed One Hundred Thousand and 00/100 Dollars ($100,000.00), and the parties shall have no further obligation to each other except for the applicable Surviving Obligations;
(y) waive such default and consummate the transactions contemplated hereby in accordance with the terms of this Agreement; or (z) specifically enforce this Agreement. It is expressly acknowledged that the conveyance of the Membership
Interests as contemplated by this Agreement will effectively transfer a one hundred percent (100%) ownership interest in the unique real property owned by the Owner to Purchaser, and accordingly, specific performance is an appropriate remedy to
make available to Purchaser hereunder since the remedies available to Purchaser at law may be inadequate to make Purchaser whole in the event of a default by Seller under this Agreement. As a condition precedent to Purchaser exercising any right to
bring an action for specific performance as the result of Seller’s default hereunder, Purchaser must commence such action within thirty (30) calendar days after the scheduled Closing Date under this Agreement. Purchaser agrees that its
failure timely to commence such an action for specific performance within such thirty (30) calendar day period shall be deemed a waiver by it of its right to commence such an action as well as a waiver by it of any right it may have to file or
record a notice of pendency of action or similar notice against any portion of the Property, and in such event, the provisions of subparagraph (x) above shall apply. 
  

 43 

 Section 10.4. Seller Indemnification. 
 (a) Subject to the terms of this Section 10.4 and the terms of Section 11.16, Seller shall indemnify, defend and save harmless
Purchaser, the other Purchaser Parties and the Owner (as constituted after Closing) and their respective heirs, successors, and representatives (collectively, the “Purchaser Indemnitees”) from and against, and reimburse the
Purchaser Indemnitees for, all losses, costs, damages, expenses (including reasonable attorneys’ fees and litigation costs), liabilities, claims, causes of action or judgments (collectively, “Losses”) that the Purchaser
Indemnitees suffer or incur arising solely in respect of or resulting from any material breach of Seller’s representations under this Agreement. 
 (b) Seller’s indemnification obligations under this Section 10.4 shall specifically exclude (A) all Losses pertaining to, resulting from or associated with, the physical condition of the
Property, including but not limited to design, construction, structural, HVAC, electrical, mechanical, plumbing, facade, roof, finish, repair, surface, subsurface, environmental and other conditions; (B) all Losses pertaining to or associated
with the value of the Property or leasing or, revenue or income from the Property after Closing; (C) all Losses pertaining to or associated with the costs of operation, maintenance, repair, alteration or improvement of the Property after
Closing; (D) all Losses arising from or relating to the Owner’s Liabilities after Closing; (E) all Losses pertaining to, resulting from or associated with the establishment, registration, marketing, sale or rental of condominium units
under or operation of any of the Condominium Regimes; (F) any Losses for which Purchaser has received a credit at Closing as reflected on the Closing Statement; and (G) any Losses that result from or in connection with the direct or
indirect actions of Purchaser, any of the Purchaser Representatives or the Owner (as constituted after Closing) following the Closing Date. 
 (c) Purchaser hereby expressly agrees that after Closing under this Agreement, Seller shall have no liability to Purchaser for any matters indemnified against in this Section 10.4 or any of the other Closing Documents, if:
(A) Purchaser does not, on or prior to the date which is twelve (12) months after the Closing Date (the “Indemnity Claim Survival Period”), commence a legal proceeding in a court of competent jurisdiction against Seller
for a claim of indemnity under the Closing Indemnity Agreement; or (B) the aggregate amount of all claims by Purchaser of indemnification or for a Seller breach is less than One Hundred Thousand and 00/100 Dollars ($100,000.00); provided,
however, that if such claims equal or exceed $100,000.00, in the aggregate, Purchaser shall have the right to prosecute such claims in the full amount thereof, and not just in the amount by which such claims exceed $100,000.00. 
 (d) Notwithstanding anything to the contrary set forth in this Agreement, (i) the maximum aggregate liability of Seller on account of all claims for
indemnity pursuant to this Section 10.4 or in connection with any other breaches or defaults by Seller or the 

  

 44 

 
Owner under this Agreement, any Closing Document or any post-Closing covenants, indemnities and obligations undertaken by Seller shall not exceed One Million
and No/100 Dollars ($1,000,000.00) except if (a) Seller committed actual fraud in the making of any of the Seller Representations or (b) Seller breaches the representations or warranties in Section 7.2(c) herein, in either of
which events such limitation shall not apply; (ii) in no event shall Seller be liable for any consequential, punitive or special damages. 
 (e) The obligations of Seller under this Section 10.4 shall survive Closing for a period of twelve (12) months (other than with respect to any breach by Seller of the representations and warranties in Section 7.2(c)
herein) and may not be assigned to or enforced by any Person other than Purchaser or a Person to whom Purchaser assigns this Agreement prior to Closing subject to and in conformity with Section 11.3 below. 
 Section 10.5. Purchaser and Owner Indemnification. 
 (a) At Closing, Purchaser and the Owner (as constituted after Closing) shall jointly and severally indemnify, defend and save harmless Seller, CBF and all other Seller Parties and their respective heirs, successors,
and representatives (collectively, the “Seller Indemnitees”) from and against and reimburse the Seller Indemnitees for all Losses that the Seller Indemnitees suffer or incur in any one or more of the following categories:

 (i) Losses arising in respect of or resulting from or in connection with the ownership, operation, use, management, leasing or sale of the
Property or any other matter relating to the Property or the operations, acts or omissions of the Owner or Purchaser on or after the Closing Date; 
 (ii) Losses accruing on or after the Closing Date under contracts, agreements, undertakings or arrangements first entered into by the Owner on or after the Closing Date; and 
 (iii) Losses occurring and accruing on or after the Closing Date if resulting from or arising under Service Contracts entered into by Seller, CBF or the
Owner prior to the Closing Date to the extent such Service Contracts are not terminated as of Closing. 
 The indemnification obligations of Purchaser and
the Owner (as constituted after Closing) under this Section 10.5 shall survive Closing indefinitely. 
 ARTICLE 11

 Miscellaneous 
 Section 11.1. Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the transactions contemplated herein, and it supersedes all prior discussions, understandings or
agreements between the parties. All prior agreements, understandings, representations and statements, oral or written, are merged into this Agreement. All Exhibits and Schedules attached hereto are a part of this Agreement and are incorporated
herein by reference. 
  

 45 

 Section 11.2. Binding On Successors and Assigns; No Third-Party Beneficiaries. Subject
to Section 11.3, this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns. Seller and Purchaser agree that there are no third parties who are intended to
benefit from or who are entitled to rely on any of the provisions of this Agreement. No third party shall be entitled to assert any claims or to enforce any rights whatsoever pursuant to this Agreement. The covenants and agreements provided in this
Agreement are solely for the benefit of Seller, CBF, the Owner and Purchaser and their permitted successors and assigns respectively. 
 Section 11.3. Assignment by Purchaser. Purchaser shall not, directly or indirectly, assign this Agreement or any of its rights hereunder. Any attempted assignment in violation hereof shall, at the election of Seller, be
of no force or effect and shall constitute a default by Purchaser. 
 Section 11.4. Waiver. The excuse or waiver of the
performance by a party of any obligation of the other party under this Agreement shall only be effective if evidenced by a written statement signed by the party so excusing or waiving. No delay in exercising any right or remedy shall constitute a
waiver thereof, and no waiver by Seller or Purchaser of the breach of any covenant of this Agreement shall be construed as a waiver of any preceding or succeeding breach of the same or any other covenant or condition of this Agreement. 

Section 11.5. Governing Law. 
 (a) This Agreement shall be construed and the rights and obligations of Seller, CBF and Purchaser hereunder determined in accordance with the internal Laws of the State of Maryland without regard to the principles of choice of law or
conflicts of law that would direct the application of the law of any other jurisdiction. 
 (b) In recognition of the benefits of having any
disputes with respect to this Agreement resolved by an experienced and expert person, Seller, CBF and Purchaser hereby agree that any suit, action, or proceeding, whether claim or counterclaim, brought or instituted by any party hereto on or with
respect to this Agreement or which in any way relates, directly or indirectly, to this Agreement or any event, transaction, or occurrence arising out of or in any way connected with this Agreement or the Property, or the dealings of the parties with
respect thereto, shall be tried only by a court and not by a jury. EACH PARTY HEREBY EXPRESSLY WAIVES ANY RIGHT TO A TRIAL BY JURY IN ANY SUCH SUIT, ACTION, OR PROCEEDING. 
 Section 11.6. Counterparts. This Agreement may be executed in any number of counterparts and it shall be sufficient that the signature
of each party appear on one or more such counterparts. All counterparts shall collectively constitute a single agreement. 
  

 46 

 Section 11.7. Notices. All notices or other communications required or provided to be
sent by either party shall be in writing and shall be sent by: (i) by United States Postal Service, certified mail, return receipt requested, (ii) by any nationally recognized overnight delivery service for next day delivery with written
confirmation of receipt, (iii) delivered in person with written confirmation of receipt, or (iv) transmitted by telecopy, facsimile or email, provided that, in connection with a telecopy or facsimile, confirmation of the receipt of same is
noted upon transmission of same by the sender’s telecopy machine, and a counterpart of such notice is also delivered pursuant to one of the two manners specified in this Section 11.7(i), (ii) or (iii). All notices shall be
deemed to have been given upon receipt. All notices shall be addressed to the parties at the addresses below: 
  

			
	 To Seller or CBF:
	  	 CBRE Realty Finance TRS, Inc.
 185 Asylum Street, City
Place 1
 Hartford, Connecticut 06103
 Attn: Paul
Martin
 Facsimile: 860.275.6225
 E-mail:
Paul.Martin@cbrerealtyfinance.com

		
		  	with a copy to:
		
		  	 Ballard Spahr Andrews & Ingersoll, LLP
 300 East
Lombard Street, 18th floor
 Baltimore, Maryland 21202-3268
 Attn:
Raymond G. Truitt, Esq.
 Facsimile: 410.361.8949
 E-mail:
truitt@ballardspahr.com

		
	 To Purchaser:
	  	 Rodgers Forge Holding, LLC
 103 Wells
Street
 Baltimore, Maryland 21230
 Attention: Steven S. Bloom

 Facsimile: 410.825.7825
 E-mail: steveb@philamanagement.com

		
		  	with a copy to:
		
		  	 Shapiro, Sher, Guinot & Sandler
 36 South Charles
Street
 Suite 2000
 Baltimore, Maryland 21021
 Attention: Lonnie M. Ritzer, Esq.
 Facsimile: 410.539.7611
 E-mail: lmr@shapirosher.com

  

 47 

 Any address or name specified above may be changed by notice given to the addressee by the other party in accordance with
this Section 11.7. The inability to deliver notice because of a changed address of which no notice was given as provided above, or because of rejection or other refusal to accept any notice, shall be deemed to be the receipt of the
notice as of the date of such inability to deliver or rejection or refusal to accept. Any notice to be given by any party hereto may be given by the counsel for such party. 
 Section 11.8. Attorneys’ Fees. In the event of a judicial or administrative proceeding or action by one party against the other
party with respect to the interpretation or enforcement of this Agreement, the prevailing party shall be entitled to recover reasonable costs and expenses including reasonable attorneys’ fees and expenses, whether at the investigative,
pretrial, trial or appellate level. The prevailing party shall be determined by the court based upon an assessment of which party’s major arguments or position prevailed. 
 Section 11.9. IRS Real Estate Sales Reporting. Purchaser, Seller and CBF hereby agree that the Escrow Agent shall act as “the
person responsible for closing” the transaction which is the subject of this Agreement pursuant to Section 6045(e) of the Code and shall prepare and file all informational returns, including IRS Form 1099-S, and shall otherwise comply with
the provisions of Section 6045(e) of the Code. 
 Section 11.10. Time Periods. Any reference in this Agreement to the
time for the performance of obligations or elapsed time shall mean consecutive calendar days, months, or years, as applicable. If the time for performance of any obligation hereunder expires on a day that is not a Business Day, the time for
performance shall be extended to the next Business Day. 
 Section 11.11. Modification of Agreement. No modification of
this Agreement shall be deemed effective unless in writing and signed by Seller, CBF and Purchaser. 
 Section 11.12. Further
Instruments. Each party, promptly upon the request of the other, shall execute and have acknowledged and delivered to the other or to Escrow Agent, as may be appropriate, any and all further instruments reasonably requested or appropriate to
evidence or give effect to the provisions of this Agreement and which are consistent with the provisions of this Agreement. 
 Section 11.13. Descriptive Headings; Word Meaning. The descriptive headings of the paragraphs of this Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any
provisions of this Agreement. Words such as “herein”, “hereinafter”, “hereof” and “hereunder” when used in reference to this Agreement, refer to this Agreement as a whole and not merely to a subdivision in
which such words appear, unless the context otherwise requires. The singular shall include the plural and the masculine gender shall include the feminine and neuter, and vice versa, unless the context otherwise requires. The word
“including” shall not be restrictive and shall be interpreted as if followed by the words “without limitation.” 
  

 48 

 Section 11.14. Time of the Essence. Time is of the essence of this Agreement and all
covenants and deadlines hereunder. Without limiting the foregoing, Purchaser and Seller hereby confirm their intention and agreement that time shall be of the essence of each and every provision of this Agreement, notwithstanding (i) the
absence of the express reference thereto in each and every provision and (ii) any subsequent modification or extension of any date or time period that is provided for under this Agreement. The agreement of Purchaser and Seller that time is of
the essence of each and every provision of this Agreement shall not be waived or modified by any conduct of the parties, and the agreement of Purchaser, Seller and CBF that time is of the essence of each and every provision of this Agreement may
only be modified or waived by the express written agreement of Purchaser and Seller that time shall not be of the essence with respect to a particular date or time period, or any modification or extension thereof, which is provided under this
Agreement. 
 Section 11.15. Construction of Agreement. This Agreement shall not be construed more strictly against one
party than against the other merely by virtue of the fact that it may have been prepared primarily by counsel for one of the parties, it being recognized that both Purchaser and Seller and their respective counsels have contributed substantially and
materially to the preparation of this Agreement. 
 Section 11.16. Limitations on Liability. Notwithstanding anything to
the contrary in this Agreement, and subject to any additional limitations on the liability of Seller and/or the Owner set forth elsewhere in this Agreement or in the Closing Documents: (a) Purchaser’s recourse against Seller and/or the
Owner under this Agreement, the Closing Documents or any other agreement, document, certificate or instrument delivered by Seller or the Owner hereunder, or under any Law, rule or regulation relating to the Membership Interests or Property, shall be
limited to the interest of Seller and CBF in the Property; and (b) in no event shall any of the Seller Parties have any personal liability hereunder or otherwise. For purposes of this Section 11.16, no negative capital account or
any contribution or payment obligation of any partner or member of Purchaser shall constitute an asset of Purchaser and no negative capital account or any contribution or payment obligation of any partner or member in Seller shall constitute an
asset of Seller or CBF. This Section 11.16 shall survive Closing and shall not be merged with any of the Closing Documents. 
 Section 11.17. Severability. The parties hereto intend and believe that each provision in this Agreement comports with all applicable local, state and federal Laws and judicial decisions. If, however, any provision in
this Agreement is found by a court of law to be in violation of any applicable local, state, or federal Law, statute, ordinance, administrative or judicial decision, or public policy, or if in any other respect such a court declares any such
provision to be illegal, invalid, unlawful, void or unenforceable as written, then it is the intent of all parties hereto that, consistent with and with a view towards preserving the economic and legal arrangements among the parties hereto as
expressed in this Agreement, such provision shall be given force and 

  

 49 

 
effect to the fullest possible extent, and that the remainder of this Agreement shall be construed as if such illegal, invalid, unlawful, void, or
unenforceable provision were not contained herein, and that the rights, obligations, and interests of the parties under the remainder of this Agreement shall continue in full force and effect. 
 Section 11.18. No Recording. The provisions hereof shall not constitute a lien on the Property. Neither Purchaser nor its agents or
representatives shall record or file this Agreement or any notice or memorandum hereof in any public records. If Purchaser breaches the foregoing provision, this Agreement shall, at Seller’s election, terminate, and Seller shall retain the
Deposit in accordance with Section 10.2. Purchaser hereby irrevocably appoints Seller as its true and lawful attorney-in-fact, coupled with an interest, for the purpose of executing and recording such documents and performing such other
acts as may be necessary to terminate any recording or filing of this Agreement in violation of this provision, 
 Section 11.19.
No Implied Agreement. Neither Seller nor Purchaser shall have any obligations in connection with the transaction contemplated by this Agreement unless both Seller and Purchaser, each acting in its sole discretion, elects to execute and
deliver this Agreement to the other party. No correspondence, course of dealing or submission of drafts or final versions of this Agreement between Seller and Purchaser shall be deemed to create any binding obligations in connection with the
transaction contemplated hereby, and no contract or obligation on the part of Seller, CBF or Purchaser shall arise unless and until this Agreement is fully executed by Seller, CBF and Purchaser. Once executed and delivered by Seller, CBF and
Purchaser, this Agreement shall be binding upon them notwithstanding the failure of Escrow Agent or any broker or other Person to execute this Agreement. 
 Section 11.20. Facsimile Signatures. Signatures to this Agreement, any amendment hereof and any notice given hereunder, transmitted by telecopy shall be valid and effective to bind the party so
signing. Each party agrees to promptly deliver an execution original of this Agreement (and any amendment hereto) with its actual signature to the other party, but a failure to do so shall not affect the enforceability of this Agreement (or any
amendment hereto), it being expressly agreed that each party to this Agreement shall be bound by its own telecopied signature and shall accept the telecopied signature of the other party to this Agreement. 
 [The balance of this page has intentionally been left blank. Signature pages follow.] 
  

 50 

 IN WITNESS WHEREOF, Seller, CBF and Purchaser hereto have executed this Agreement as of the
Effective Date. 
  

			
	SELLER
	
	CBRE REALTY FINANCE TRS, INC.
		
	By:	 	 

	Name:	 	Michael Angerthal
	Title:	 	CFO, Executive Vice President and Treasurer
	Date:	 	January 7, 2008
	
	CBF
	
	CBF RODGERS FORGE, LLC
		
	By:	 	 CBRE Realty Finance TRS, Inc.,
 its sole
member

		
	By:	 	 

	Name:	 	Michael Angerthal
	Title:	 	CFO, Executive Vice President and Treasurer
	Date:	 	January 7, 2008
	
	Purchaser
	
	RODGERS FORGE HOLDING, LLC
		
	By:	 	PNC/RODGERS FORGE, LLC
		
	By:	 	 

	Name:	 	Steven Bloom
	Title:	 	Authorized Person
	Date:	 	January 4, 2008

  

 51 

 RECEIPT AND JOINDER BY THE ESCROW AGENT 
 This Agreement, fully executed by Seller, CBF and Purchaser, has been received by the Escrow Agent
this 14th day of January, 2008 and by execution hereof, Escrow Agent hereby covenants and agrees to be bound by the terms of this Agreement that are
applicable to it. 
  

			
	ESCROW AGENT
	LAND SERVICES USA, INC.
		
	 By:
	 	 

	 Name:
	 	Adam Schroder
	 Title
	 	SR VP

  

 52Employment Agreement effective September 23, 2006

 Exhibit 10.16 
 RONALD D. MOGEL 
 EMPLOYMENT AGREEMENT 
 This Employment Agreement (“Agreement”) is made effective as of January 2, 2008, between OMNI Energy Services Corp., a Louisiana
corporation (“OMNI”) and Ronald D. Mogel, a resident of Houston, Texas (“Employee”). In order to protect the goodwill of OMNI and in consideration of the premises and the mutual covenants contained herein, the parties hereby
agree as follows: 
 1. Employment. OMNI hereby agrees to employ Employee and Employee hereby agrees to work for OMNI as Senior Vice
President and Chief Financial Officer or such other salaried, executive position as OMNI and Employee shall mutually agree upon. So long as Employee is employed by OMNI, Employee shall devote Employee’s skill, energy and substantially all of
his business-related efforts to the faithful discharge of Employee’s duties as a salaried, exempt employee of OMNI. In providing services hereunder, Employee shall comply with and follow all directives, policies, standards and regulations from
time to time established by the Board of Directors of OMNI. 
 2. Term of Employment. Employee’s employment by OMNI pursuant to
this Agreement shall continue in effect until December 31, 2011 (the “Initial Period”), which shall be automatically extended for additional, successive one year periods (the “Additional Periods”) commencing on
January 1, 2012, unless either party gives notice of non-renewal as provided for in Section 6(d) or otherwise terminates this Agreement in accordance with the other provisions of Section 6. 
 3. Representations and Warranties. Employee represents and warrants that Employee is under no contractual or other restrictions or obligations
that will limit Employee’s activities on behalf of OMNI or will prohibit or limit the disclosure or use by Employee of any information which directly or indirectly relates to the business of OMNI or the services to be rendered by Employee under
this Agreement. 
 4. Compensation. Subject to the provisions of Section 6, Employee will be entitled to the compensation and
benefits set forth in this Section 4. 
 (a) During the Initial Period, OMNI shall pay Employee an Annual Base Salary,
payable bi-weekly, in equal bi-weekly installments at a rate equal to $250,000.00 per year. In each Additional Period, OMNI shall pay to Employee an Annual Base Salary (not less than $250,000.00 per year) determined by the OMNI Board of Directors
following its annual salary and performance review. Employee’s Annual Base Salary will be reviewed annually in the second quarter of each fiscal year of Employee’s employment hereunder, commencing in the second quarter of fiscal year 2009.

 (b) Employee shall be eligible to receive an annual bonus through OMNI’s Senior Executive Bonus Plan. In 2008,
Employee will be eligible to earn up to 125% of annual salary through achievement of targets to be determined upon board approval of the 2008 OMNI Business Plan. Bonus goals for subsequent years will be developed by the Board, and presented 

 
to Employee before April 1st of each bonus year. If
a bonus is awarded by the Board, it will be paid following the closing of the books and records of OMNI for the calendar year, but not later than April 1 of the following calendar year. 
 (c) All payments of salary and other compensation to Employee shall be made after deduction of any taxes required to be withheld with
respect thereto under applicable federal and state laws. 
 5. Fringe Benefits; Expenses. 
 (a) During his Term of Employment, Employee shall be entitled to participate in all employee benefit plans sponsored by OMNI and made
available for salaried, exempt employees, including sick leave and disability leave, health insurance and 401(k) plans. In addition, Employee shall be eligible to participate in OMNI’s Long Term Incentive Compensation Plan. 
 (b) OMNI will reimburse Employee for all reasonable business expenses incurred by Employee in the scope of Employee’s employment;
provided, however, that Employee must file expense reports with respect to such expenses and otherwise comply with OMNI’s policies. 
 (c) Employee shall be entitled to four (4) weeks paid vacation during each calendar year (prorated for any partial year) and to paid holidays and other paid leave set forth in and in accordance with OMNI’s
policies in effect for other salaried, exempt employees. Any vacation not used during a calendar year may not be used during any subsequent period. Employee shall be compensated for any unused vacation upon termination of this Agreement for any
reason. 
 (d) Employee will be entitled to an automobile allowance of $750 per month during his employment with the Company.

 (e) Upon execution of this Agreement, Employee shall be granted non-qualified options to purchase 100,000 shares of OMNI
Common Stock, pursuant to the Seventh Amended and Restated OMNI Energy Services Corp. Stock Incentive Plan (the “Plan”). The 100,000 options shall vest as follows: 6,250 at the close of each Quarter in the Initial Period. The exercise
price per share shall be the Fair Market Value of a share of common stock on the date this Agreement is executed. All options granted hereunder shall vest immediately upon termination by OMNI without cause (see Section 6(a) hereof), or upon a
Change of Control as defined in Section 10.11(A) of the Plan. The options may be exercised as provided in Section 6.4 of the Plan. All options granted hereunder shall expire 10 years after the date of grant, provided however that all
options must be exercised within ninety (90) days of termination of Employment for whatever reason. 
 (f) Employee shall
be granted 25,000 shares of Restricted OMNI Common Stock as described herein and pursuant to Section 7 of the Plan. The 25,000 shares shall vest as follows: 6,248 shares on January 14, 2009; 1,562 shares vest on each
March 31, June 30, September 30 and December 31, thereafter through September 30, 2011, and the remaining 1,570 shares shall vest December 31, 2011. All shares of Restricted Stock to be granted 

  

 2 

 
hereunder shall immediately vest upon (i) termination of Employee’s employment relationship with the Company due to Employee’s death or
disability (within the meaning of Section 22(e)(3) of the Internal Revenue Code of 1986, as amended), (ii) termination of Employee’s employment relationship with the Company by the Company without cause (as defined in the Employment
Agreement), or (iii) a Change of Control (as defined in Section 10.11(A) of the Plan). 
 (g) Employee is required
to make reasonable efforts to relocate from Houston to the Lafayette, Louisiana area. Employer will reimburse Employee for all closing costs related to the sale of Employee’s house in Houston and the expense of moving personal effects to the
Lafayette, Louisiana area. 
 6. Termination or Non-Renewal of Employment. 
 (a) Termination by OMNI Without Cause. OMNI may terminate Employee’s employment at any time during the term of this Agreement
Without Cause by delivery of thirty (30) days prior written notice to Employee. After such termination of employment, if Employee is not in breach of his obligations under this Agreement, OMNI shall pay: (i) the Annual Base Salary then in
effect in semi-monthly payments and in accordance with OMNI’s normal payroll practices for the remainder of the Initial Period or twelve months, whichever is greater, and (ii) vacation pay earned but not taken to the date of such
termination. If an annual bonus is awarded pursuant to Section 4(b) hereof, it shall be prorated through the date of termination and paid in accordance with Section 4(b). Upon termination of Employee’s employment, Employee shall be
deemed to have resigned from all offices, directorships, and committee positions then held with OMNI or any Affiliate. Upon termination of Employee’s employment, all options granted hereunder shall vest immediately. 
 (b) Termination by Employee. Employee may terminate his employment at any time during the term of this Agreement, and by delivery
of thirty (30) days prior written notice by Employee to OMNI. Promptly after such termination of employment, OMNI shall pay to Employee an amount equal to the sum of: (i) Employee’s earned but unpaid Annual Base Salary through the
date of termination of employment at the rate in effect at the time of termination and (ii) pay for vacation earned but not used through the date of termination. If an annual bonus is awarded pursuant to Section 4(b) hereof, it shall be
prorated through the date of termination and paid in accordance with Section 4(b). Upon termination of Employee’s employment, Employee shall be deemed to have resigned from all offices, directorships, and committee positions then held with
OMNI or any Affiliate. 
 (c) Termination for Cause. If OMNI terminates Employee’s employment for Cause (by
delivering written notice of termination setting forth the event or events constituting Cause and the effective date of such termination) the payments due to Employee shall be limited to the amounts described in Section 6(b)(i) and (ii). Upon
termination of Employee’s employment, Employee shall be deemed to have resigned from all offices, directorships, and committee positions then held with OMNI or any affiliate. 
 (d) Non-Renewal of Employment. Either OMNI or Employee may elect not to renew Employee’s employment hereunder at the end of
the Initial Period, or at the end of any Additional Period thereafter, by delivery of sixty (60) calendar days prior written notice. At the 

  

 3 

 
expiration of the employment term, OMNI shall pay to Employee an amount equal to the sum of: (i) Employee’s earned but unpaid Annual Base Salary
through the date of termination of employment at the rate then in effect, and (ii) pay for vacation earned but not used through the date of termination. If an annual bonus is awarded pursuant to Section 4(b) hereof, it shall be prorated
through the date of termination and paid in accordance with Section 4(b). Upon termination of Employee’s employment hereunder, Employee shall be deemed to have resigned from all offices, directorships, and committee positions then held
with OMNI or any affiliate. 
 (e) Waiver of Claims. In the event this Agreement is terminated by OMNI without Cause,
Employee agrees to accept, in full settlement of any and all claims, losses, damages and other demands that Employee may have arising out of such termination or non-renewal, as liquidated damages and not as a penalty, the payments and benefits set
forth in this Agreement. Employee hereby waives any and all rights Employee may have to bring any cause of action or proceeding contesting any such termination or non-renewal, provided, however, that such waiver shall not be deemed to affect
Employee’s rights to enforce any other obligations of OMNI unrelated to employment. Under no circumstances shall Employee be entitled to any compensation or confirmation of any benefits under this Agreement for any period of time following
Employee’s date of termination if Employee’s termination is for Cause. 
 (f) Death. If Employee dies during his employment by OMNI under this Agreement, (i) the Employee’s employment will terminate on the date of his death, (ii) OMNI will pay to Employee’s estate
the remainder of Employee’s Annual Base Salary at the rate then in effect and any accrued incentive bonus through the end of the twelfth (12th) calendar month following the month in which such death occurred, and (iii) Employee’s estate shall be entitled to all rights and benefits that Employee may have under the terms of OMNI’s Employee Benefit Plans.

 7. Covenant Not to Compete. 
 (a) During Employee’s employment with OMNI or any of its Affiliates and thereafter during the Covenant Period (as defined in Exhibit “A” attached hereto), Employee will not engage in or carry on,
directly or indirectly, either in Employee’s individual capacity or as a member of a partnership or as a shareholder, investor, owner, officer or director of a company or other entity, or as an employee, agent, associate or consultant of any
person, partnership, corporation or other entity in Texas, Louisiana, Mississippi or any parish or county thereof (including but not limited to the Parishes and Counties listed on Exhibit “B”) or the offshore waters within one-hundred
(100) miles of the coast of any such state that directly competes with OMNI’s Restricted Business (as defined in Exhibit “A” attached hereto), including any services or products produced, sold, provided, conducted or developed,
by the Restricted Business on the date of termination of Employee’s employment. Employee shall not be deemed to be in violation of this Section 7(a) based solely on the ownership of less than five (5%) percent of any class of
securities registered under the Securities Exchange Act of 1934, as amended. 
 (b) Employee acknowledges that the limitations
set forth in this Section 7 are reasonable and necessary for the protection of OMNI and its Affiliates. In this regard, Employee specifically agrees that the limitations as to period of time and geographic area, as well as all other
restrictions on Employee’s activities specified herein, are reasonable and necessary for the 

  

 4 

 
protection of OMNI and its Affiliates. Employee further acknowledges that the parties anticipate that Employee will be actively seeking markets for the
products and services of OMNI and its Affiliates throughout the United States during Employee’s employment with OMNI. 
 (c) In the event that there shall be any violation of the covenants set forth in this Section 7, then the time limitation thereof shall be automatically extended for a period of time equal to the period of time during which such
violation continues; and in the event OMNI is required to seek relief from such violation in any court, board of arbitration or other tribunal, then the covenant shall be extended for a period of time equal to the pendency of such proceedings,
including all appeals. 
 (d) Employee agrees that the remedy at law for any breach by Employee of this Section 7 will be
inadequate and that OMNI shall also be entitled to injunctive relief. 
 (e) The limitations in this Section 7 during the
Covenant Period shall be void and have no effect if both: (i) a Change of Control (as defined in Exhibit “A”) occurs, and (ii) Employee’s employment with the Company terminates under Sections 6(a) or 6(b) of this Agreement.

 8. Non-solicitation. During Employee’s employment with OMNI or any of its Affiliates and thereafter during the Covenant
Period, whether on his own behalf or on behalf of any other Person, Employee will not (A) solicit, employ, or otherwise engage as an employee, independent contractor, or otherwise, any Person who is an employee of OMNI or any of its Affiliates
or in any manner induce or attempt to induce any employee of OMNI and any such Affiliate to terminate his employment with OMNI or such Affiliate or (B) interfere with OMNI’s or any of its Affiliate’s relationship with any Person,
including any Person who at any time during the Employee’s employment with OMNI was an employee, contractor, supplier, or customer of OMNI or any such Affiliate. 
 9. Confidential Information; Business Opportunity. During the term of Employee’s employment hereunder, and for five (5) years after Employee’s termination of employment, Employee shall not use or
disclose, without the prior written consent of OMNI, Confidential Information (as defined in Exhibit “A” attached hereto) relating to OMNI or any of its Affiliates, and upon termination of Employee’s employment will return to OMNI all
written materials in Employee’s possession embodying such Confidential Information. Employee will promptly disclose to OMNI all Confidential Information, as well as any domestic business opportunity related to OMNI which comes to
Employee’s attention during the term of Employee’s employment with OMNI. Employee will not take advantage of or divert any such business opportunity for the benefit of Employee or any other Person (as defined in Exhibit “A”
attached hereto) without the prior written consent of OMNI. Employee agrees that the remedy at law for any breach by Employee of this Section 7 will be inadequate and that OMNI shall also be entitled to injunctive relief. 
 10. Intellectual Property. 
 (a) To the extent they relate to, or result from, directly or indirectly, the actual or anticipated operations of OMNI or any of its Affiliates, Employee hereby agrees that all 

  

 5 

 
patents, trademarks, copyrights, trade secrets, and other intellectual property rights, all inventions, whether or not patentable, and any product, drawing,
design, recording, writing, literary work or other author’s work, in any other tangible form developed in whole or in part by Employee during the term of this Agreement, or otherwise developed, purchased or acquired by OMNI or any of its
Affiliates, shall be the exclusive property of OMNI or such Affiliate, as the case may be (“Intellectual Property”). 
 (b) Employee will hold all Intellectual Property in trust for OMNI and will deliver all Intellectual Property in Employee’s possession or control to OMNI upon request and, in any event, at the end of Employee’s employment with
OMNI. 
 (c) Employee shall assign to OMNI all property rights that Employee may now or hereafter have in the Intellectual
Property. Employee shall take such action, including, but not limited to, the execution, acknowledgment, delivery and assistance in preparation of documents, and the giving of testimony, as may be requested by OMNI to evidence, transfer, vest
or confirm OMNI’s right, title and interest in the Intellectual Property. 
 (d) Employee will not contest the validity
of any invention, any copyright, any patent, or any trademark registration owned by or vesting in OMNI or any of its Affiliates under this Agreement. 
 11. Arbitration. Any controversy or claim arising out of or relating to this Agreement shall be submitted to and settled by arbitration administered by the American Arbitration Association under its National
Rules for the Resolution of Employment Disputes and judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. This provision shall not preclude either party from seeking temporary injunctive
relief from a court of competent jurisdiction to enforce the provisions of paragraphs 7, 8, 9, or 10 of this Agreement. 
 12.
Definitions. As used in this Agreement, the terms defined in Exhibit “A” have the meanings assigned to such terms in such exhibit. 
 13. Notices. All notices, requests, demands and other communications required by or permitted under this Agreement shall be in writing and shall be sufficiently delivered if delivered by hand, by courier service, or sent by
registered or certified mail, postage prepaid, to the parties at their respective addresses listed below: 
  

	 	(a)	If to Employee: 

  

	 	    	Ronald D. Mogel 

	 	    	P.O. Box 279 

	 	    	Carencro, Louisiana 70520 

  

 6 

	 	(b)	If to OMNI: 

  

	 	    	OMNI Energy Services Corp. 

	 	    	P.O. Box 3761 

	 	    	Lafayette, LA 70502-3761 

	 	    	Attention: President 

 Any party may change such
party’s address by furnishing notice to the other party in accordance herewith, except that notices of changes of address shall be effective only upon receipt. 
 14. Assignment. This Agreement is personal to Employee, and Employee shall not assign any of Employee’s rights or delegate any of Employee’s duties hereunder without the prior written consent of OMNI.
OMNI shall have the right to assign this Agreement to a successor in interest in connection with a merger, sale of substantially all assets, or the like; provided however, that an assignment of this Agreement to an entity with operations, products
or services outside of the industries in which OMNI is then active shall not be deemed to expand the scope of Employee’s covenant not to compete with such operations, products or services without Employee’s written consent. OMNI shall
require any Person who is the successor (whether direct or indirect, by purchase, merger, consolidation, reorganization, or otherwise) to all or substantially all of the business and/or assets of OMNI to expressly assume and agree to perform, by a
written agreement, all of the obligations of OMNI under this Agreement. 
 15. Survival. The provisions of this Agreement shall
survive the termination of Employee’s employment hereunder in accordance with their terms. 
 16. Governing Law. This Agreement
shall be governed by, and construed and enforced in accordance with, the laws of the State of Louisiana without regard to the choice-of-law principles thereof. 
 17. Choice of Forum; Consent to Jurisdiction. Any suit, action or proceeding arising with respect to the validity, construction, enforcement or interpretation of this Agreement, and all issues relating in any
manner thereto, shall be brought in the United States District Court for the Western District of Louisiana, Lafayette Division, or in the event that federal jurisdiction does not pertain, in the state courts of the State of Louisiana in Lafayette
Parish. Each of the parties hereto hereby submits and consents to the jurisdiction of such courts for the purpose of any such suit, action or proceeding and hereby irrevocably waives (a) any objection which any of them may now or hereafter have
to the placing of venue in such courts, and (b) any claim that any such suit, action or proceeding brought in such court has been brought in an inconvenient forum. 
 18. Binding Upon Successors. This Agreement shall be binding upon, and shall inure to the benefit of, the parties hereto and their respective heirs, legal representatives, successors and permitted assigns.

 19. Entire Agreement. This Agreement constitutes the entire agreement between OMNI and Employee with respect to the terms of
employment of Employee by OMNI and supersedes all prior agreements and understandings, whether written or oral, between them concerning such terms of employment. 
  

 7 

 20. Amendments and Waivers. This Agreement may be amended, modified or supplemented, and any
obligation hereunder may be waived, only by a written instrument executed by the parties hereto. The waiver by either party of a breach of any provision of this Agreement shall not operate as a waiver of any subsequent breach. No failure on the part
of any party to exercise, and no delay in exercising, any right or remedy hereunder shall operate as a waiver hereof, nor shall any single or partial exercise of any such right or remedy by such party preclude any other or further exercise thereof
or the exercise of any other right or remedy. 
 21. Cumulative Rights and Remedies. All rights and remedies hereunder are cumulative
and are in addition to all other rights and remedies provided by law, agreement or otherwise. Employee’s obligations to OMNI and OMNI’s rights and remedies hereunder are in addition to all other obligations of Employee and rights and
remedies of OMNI created pursuant to any other agreement and to applicable law. 
 22. Construction. Each party to this Agreement has
had the opportunity to review this Agreement with legal counsel. This Agreement shall not be construed or interpreted against any party on the basis that such party drafted or authored a particular provision, parts of or the entirety of this
Agreement. 
 23. Severability. In the event that any provision or provisions of this Agreement are held to be invalid, illegal or
unenforceable by any court of law or otherwise, the remaining provisions of this Agreement shall nevertheless continue to be valid, legal and enforceable as though the invalid or unenforceable parts had not been included therein. In addition, in
such event the parties hereto shall negotiate in good faith to modify this Agreement so as to affect the original intent of the parties as closely as possible with respect to those provisions which were held to be invalid, illegal or unenforceable.

 24. Attorneys’ Fees and Costs. If any action at law or in equity is brought to enforce or interpret the terms of this
Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which it may be entitled. 
 25. Management/Employment Agreements. By execution hereof, Employee represents and warrants that he has no current employment agreements,
management agreements or consulting agreements with any third party. 
  

 8 

 IN WITNESS WHEREOF, OMNI and Employee have executed this Agreement on the date first above written.

  

			
	 COMPANY:
  
 OMNI Energy Services Corp.

		
	By:	 	/s/ Brian Recatto
	Name:	 	Brian Recatto
	Title:	 	COO
	
	EMPLOYEE:
	
	/s/ Ronald D. Mogel
	Ronald D. Mogel

  

 9 

 EXHIBIT “A” 
 DEFINITIONS 
 “Annual Base Salary” means the salary of Employee in effect at the
relevant time determined in accordance with Section 4(a) hereof. 
 “Affiliate” means, with respect to any Person, each
other Person who controls, is controlled by, or is under common control with the Person specified. 
 “Cause” when used in
connection with the termination of employment with OMNI, means the termination of Employee’s employment by OMNI by reason of: (i) the conviction of, the indictment for (or its procedural equivalent), or the entering of a guilty plea or
plea of no contest with respect to, any felony, the equivalent thereof, or any crime or offense causing harm to OMNI or any of its Affiliates (whether or not for personal gain) or involving acts of theft, fraud, embezzlement, moral turpitude or
similar conduct; (ii) the commission (or attempted commission) by Employee of an act of fraud upon OMNI or any of its Affiliates; (iii) the misuse or diversion (or attempted misuse or diversion) of OMNI’s or any of its
Affiliates’ funds or property; (iv) fraudulent or willful and material misrepresentation or concealment on any written report submitted to OMNI or any of its Affiliates; (v) misconduct, failure by Employee to adhere to any written
policy of OMNI or any of its Affiliates, breach of this Agreement, or failure to perform material duties assigned to Employee hereunder or the habitual neglect thereof; (vi) the appropriation (or attempted appropriation) of a material business
opportunity of OMNI or any of its Affiliates, including attempting to secure or securing personal profit in connection with any transaction entered into on behalf of OMNI or any of its Affiliates; (vii) the engagement by Employee in any
conflict of interest with OMNI or any of its Affiliates (except as provided in Section 7(b) of this Agreement) without compliance with OMNI’s conflict of interest policy, if any, then in effect; (viii) the engagement by Employee,
without the prior written approval of the Board of Directors of OMNI, in any activity or venture which competes with the domestic business of OMNI or any of its Affiliates; (ix) the engagement in any behavior or conduct which would constitute a
material violation of the provisions of OMNI’s insider trading policy or business ethics policy, if any, then in effect; or (x) the engagement in any behavior or conduct which, in the judgment of the Board of Directors, is detrimental to
or harms the business or reputation of OMNI or any of its Affiliates; or (xi) the engagement by or acceptance of employment with another company or entity. 
 “Change of Control” shall mean: 
 1. The acquisition by any individual, entity or group
(within the meaning of Section 13(d)(3) or 14(d)(2) of the 1934 Act of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the 1934 Act) of more than 50% of the outstanding shares of the Common Stock; provided, however,
that for purposes of this subsection 1., the following shall not constitute a Change of Control: 
 (a) any acquisition of Common Stock
directly or indirectly from OMNI, 
 (b) any acquisition of Common Stock by OMNI, 

 (c) any acquisition of Common Stock by any employee benefit plan (or related trust) sponsored or
maintained by OMNI or any corporation controlled by OMNI, or 
 (d) any acquisition of Common Stock by any corporation pursuant to a
transaction that complies with clauses (a), (b) and (c) of subsection (3) of this definition; or 
 2. Individuals who, as of the
date of execution of this Agreement (“Execution Date”), constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director
subsequent to the Execution Date whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered a member of the
Incumbent Board, unless such individual’s initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or
consents by or on behalf of a person other than the Incumbent Board; or 
 3. Approval by the shareholders of OMNI of a reorganization, merger
or consolidation, or sale or other disposition of all of substantially all of the assets of the Company (a “Business Combination”), in each case, unless, following such Business Combination, 
 (a) all or substantially all of the individuals and entities who were the beneficial owners of OMNI’s outstanding common stock and OMNI’s voting
securities entitled to vote generally in the election of directors immediately prior to such Business Combination have direct or indirect beneficial ownership, respectively, of more than 50% of the then outstanding shares of common stock, and more
than 50% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, of the corporation resulting from such Business Combination (which, for purposes of this paragraph (a) and
paragraphs (b) and (c), shall include a corporation which as a result of such transaction controls the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries), and 
 (b) except to the extent that such ownership existed prior to the Business Combination, no person (excluding any corporation resulting from such Business
Combination or any employee benefit plan or related trust of the Company or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 30% or more of the then outstanding shares of common stock of the
corporation resulting from such Business Combination or 30% or more of the combined voting power of the then outstanding voting securities of such corporation, and 
 (c) at least a majority of the members of the board of directors of the corporation resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement,
or of the action of the Board, providing for such Business Combination; or 
  

 2 

 4. Approval by the shareholders of the Company of a complete liquidation or dissolution of the Company.

 “Confidential Information” includes information conveyed or assigned to OMNI or any of its Affiliates by Employee or
conceived, compiled, created, developed, discovered or obtained by Employee from and during Employee’s employment relationship with OMNI, whether solely by Employee or jointly with others, which concerns the affairs of OMNI or its Affiliates
and which OMNI could reasonably be expected to desire be held in confidence, or the disclosure of which would likely be embarrassing, detrimental or disadvantageous to OMNI or its Affiliates and without limiting the generality of the foregoing
includes information relating to inventions, and the trade secrets, technologies, algorithms, methods, products, services, finances, business plans, marketing plans, legal affairs, supplier lists, client lists, potential clients, business prospects,
business opportunities, personnel assignments, contracts and assets of OMNI or any of its Affiliates and information made available to OMNI or any of its Affiliates by other parties under a confidential relationship. Confidential Information,
however, shall not include information (a) which is, at the time in question, in the public domain through no wrongful act of Employee, (b) which is later disclosed to Employee by one not under obligations of confidentiality to OMNI or any
of its Affiliates or Employee, (c) which is required by court or governmental order, law or regulation to be disclosed, or (d) which OMNI has expressly given Employee the right to disclose pursuant to written agreement. 
 “Covenant Period” means the period beginning on the effective date of the termination of Employee’s employment with OMNI and its
Affiliates for any reason (including non-renewal) and ending two (2) years after the termination of Employee’s employment. 
 “Person” means any individual, corporation, trust, partnership, limited partnership, foundation, association, limited liability company, limited liability partnership, joint stock association or other legal entity.

 “Restricted Business” means all business operations (including marketing, sales, operations, or otherwise) of OMNI Energy
Service Corp, including its Affiliates and subsidiaries. 
  

 3 

 EXHIBIT “B” 
 SECTION 7 NON-COMPETE 
 PARISHES AND COUNTIES 
  

					
	 Louisiana:
  
 Beauregard
 Calcasieu
 Cameron

 Allen
 Jefferson Davis
 Evangeline
 Acadia
 Vermilion
 St. Landry
 Lafayette
 St. Martin
 Iberia
 West Baton Rouge
 Iberville
 East Baton Rouge
 St. Mary
 Livingston
 Ascension
 Assumption
 St. James
 Terrebonne
 Tangipahoa
 St. John the Baptist
 St. Charles
 Lafourche
 St. Tammany
 Orleans
 Jefferson
 St. Bernard
 Plaquemines
	  	 Texas:
  
 San Augustine
 Sabine
 Tyler
 Jasper
 Newton
 Harris
 Liberty
 Hardin
 Orange
 Jefferson
 Chambers
 Galveston
 Fort Bend
 Wharton
 Lavaca
 Dewitt
 Victoria
 Jackson
 Matagorda
 Brazoria
 Calhoun
 Refugio
 Goliad
 Bee
 Aransas
 San
Patricio
 Nueces
 Kleberg
 Kennedy
	  	 Mississippi:
  
 Hancock
 Harrison
 Jackson

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