Document:

Exhibit 10.13

 

FIRST AMENDMENT TO PURCHASE AGREEMENT

 

THIS FIRST AMENDMENT
TO PURCHASE AGREEMENT (this “Amendment”) is entered into as of this 16th day of September, 2016, by and between
PharmaCann LLC, an Illinois limited liability company (“Seller”), and IIP Operating Partnership, LP, a Delaware
limited partnership (“Buyer”).

 

RECITALS

 

A.        WHEREAS,
Seller and Buyer are parties to that certain Purchase Agreement dated as of August 22, 2016 (as the same may have been amended,
supplemented or modified from time to time, the “Existing PSA”), where Seller has agreed to sell to Buyer, and
Buyer has agreed to purchase from Seller, Seller’s right, title and interest in that certain real property with the street
address 600 Neelytown Road, Hudson Valley Crossing, Montgomery, New York; and

 

B.        WHEREAS,
in accordance with Section 16.4 of the Existing PSA, Seller and Buyer desire to modify and amend the Existing PSA only in respects
and on the conditions hereinafter stated.

 

AGREEMENT

 

NOW, THEREFORE, Seller
and Buyer, in consideration of the mutual promises contained herein and for other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, and intending to be legally bound, agree as follows:

 

1.          Definitions.
For purposes of this Amendment, capitalized terms shall have the meanings ascribed to them in the Existing PSA unless otherwise
defined herein. The Existing PSA, as amended by this Amendment, is referred to collectively herein as the “Agreement.”
From and after the date hereof, the term “Agreement,” as used in the Existing PSA, shall mean the Existing PSA, as
amended by this Amendment.

 

2.          Exhibit
A of the Existing PSA is hereby replaced in its entirety with Exhibit A attached to this Amendment.

 

3.          The
first sentence of Section 3.1 of the Existing PSA is hereby amended and restated in its entirety to read as follows:

 

“Within three (3) business
days after the Contract Date, Buyer shall deposit in an escrow (“Escrow”) established for the transaction contemplated
by this Agreement with Chicago Title Insurance Company (the “Title Company”) the sum of three hundred seventy-five
thousand dollars ($375,000) (the “Deposit”).”

 

4.          Section
3.2 of the Existing PSA is hereby amended and restated in its entirety to read as follows:

 

“IPO Contingency.
The Deposit shall be refundable in the event that Buyer does not successfully complete Buyer’s initial public offering (“IPO”)
in an amount not less than $75,000,000 on or before November 23, 2016, and as otherwise provided herein. Buyer agrees to keep Seller
advised as to the status of the IPO and/or other capital raises.”

 

     

     

    

 

5.          The
first sentence of Section 7 of the Existing PSA is hereby amended and restated in its entirety to read as follows:

 

“Subject to Section 6,
Buyer shall have from the Contract Date until 11:59 p.m. Eastern Time on November 23, 2016 (the “Due Diligence Period”)
to inspect and investigate the Property, including roof, plumbing, soils, electrical, sprinkler, water, sewer, mechanical, engineering,
heating, ventilation and air conditioning and life safety systems, structural integrity of the Improvements, measurement of the
square footage of the Land and Improvements, legal status and requirements pertaining to the Property (including applicable building
codes, zoning, environmental, public health and fire safety laws), hazardous substance inspections including preparation of an
environmental assessment, suitability of the Property for Buyer’s purposes and all other matters of significance to Buyer.”

 

6.          Effect
of Amendment. Except as modified by this Amendment, the Existing PSA and all the covenants, agreements, terms, provisions and
conditions thereof shall remain in full force and effect and are hereby ratified and affirmed. In the event of any conflict between
the terms contained in this Amendment and the Existing PSA, the terms herein contained shall supersede and control the obligations
and liabilities of the parties.

 

7.          Miscellaneous.
This Amendment becomes effective only upon execution and delivery hereof by Seller and Buyer. The captions of the paragraphs and
subparagraphs in this Amendment are inserted and included solely for convenience and shall not be considered or given any effect
in construing the provisions hereof.

 

8.          Authority.
Each of Seller and Buyer guarantees, warrants and represents that the individual or individuals signing this Amendment have the
power, authority and legal capacity to sign this Amendment on behalf of and to bind all entities, corporations, partnerships, limited
liability companies or other organizations on whose behalf such individual or individuals have signed.

 

9.          Counterparts;
Facsimile and PDF Signatures. This Amendment may be executed in one or more counterparts, each of which, when taken together,
shall constitute one and the same document. A facsimile or portable document format (PDF) signature on this Amendment shall be
equivalent to, and have the same force and effect as, an original signature.

 

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BLANK]

 

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IN WITNESS WHEREOF,
Seller and Buyer have executed this Amendment as of the date and year first above written.

 

	SELLER:	 
	 	 
	PHARMACANN LLC	 
	 	 	 
	By:	/s/ Teddy Scott	 
	Name:	Teddy Scott	 
	Title:	Manager	 
	 	 	 
	BUYER:	 
	 	 
	IIP OPERATING PARTNERSHIP, LP	 
	 	 	 
	By:	/s/ Paul E. Smithers	 
	Name:	Paul E. Smithers	 
	Title:	CEO	 

 

     

     

    

 

Exhibit A

 

Parcel I

 

All that certain lot, parcel of land and premises, hereinafter
described, situate, lying and being in the Town of Hamptonburgh, Orange County, State of New York, designated as a portion of Lot
#3 on a plat entitled “Subdivision Plan for Hudson Crossings II”, filed with the Orange County Clerk's Office on April
27, 2015 as Map No. 60-2015, said property being more particularly bounded and described as follows.

 

BEGINNING at a point where the dividing line between Lot #1
and Lot #2 as shown on Orange County Clerk’s Office filed Map #114-12 intersects the southerly line of Lot 7.1, Block 1,
Section 36 (Lands of Green Acres Development Group per Liber 3905, Page 026), Town of Montgomery, and running thence from said
point along said dividing line the following three courses:

1.          South
18°50'45” West, a distance of 904.90 feet to a point; thence

 

2.          South
41°59'13” West, a distance of 209.52 feet to a point; thence

 

3.          South
20°58'05” West, a distance of 1023.27 feet to a point; thence proceeding along the dividing line between said Lot 2 and
Lot 21.22, Block 1, Section 1 (Lands of Green Acres Development Group per Liber 3905, Page 026), the following thirteen courses:

 

4.          North
81° 54' 32” West, a distance of 273.13 feet to a point; thence

 

5.          North
82° 12' 43” West, a distance of 209.03 feet to a point; thence

 

6.          North
78° 00' 48” West, a distance of 149.59 feet to a point; thence

 

7.          North
73° 54' 53” West, a distance of 414.09 feet to a point; thence

 

8.          North
75° 30' 05” West, a distance of 151.22 feet to a point; thence

 

9.          North
88° 06' 10” West, a distance of 150.32 feet to a point; thence

 

10.         South
79° 14' 56” West, a distance of 236.83 feet to a point; thence

 

11.         South
84° 53' 37” West, a distance of 261.73 feet to a point on a curve; thence

 

12.         Along
a non-tangent curve to the left having a radius of 12,489.00 feet, a central angle of 00° 56' 30”, an arc length of 205.28
feet, also bearing a chord of North 26° 24' 19” East, a chord distance of 205.28 feet to a point of non-tangency; thence

 

13.         North
25° 47' 36” East, a distance of 704.70 feet to a non-tangent point; thence

 

14.         Along
a non-tangent curve to the right having a radius of 1,322.00 feet, a central angle of 03° 48' 52”, an arc length of 88.01
feet, also bearing a chord of North 27° 47' 05” East, a chord distance of 87.99 feet to a point of non-tangency; thence

 

     

     

    

 

15.         North
29° 44' 35” East, a distance of 590.89 feet to a point of curvature; thence

 

16.         Along
a curve to the left having a radius of 6,760.00 feet, a central angle of 02° 32' 52”, an arc length of 300.60 feet, also
bearing a chord of North 28° 28' 09” East, a chord distance of 300.58 feet to a point; thence

 

17.         Along
the dividing line between said Lot 2 and Lot 1.22 (n/f reputed owner Theodore I. & Sharon Owens per Liber 2089 Page 1143),
Block 1, Section 1, South 52° 09' 10” East, a distance of 399.79 feet to an iron pipe found; thence proceeding along
a new line being the dividing line between Proposed Lot 2 and Proposed Lot 3, the following nine courses:

 

18.         South
38° 27' 17” West, a distance of 537.44 feet to a point; thence

 

19.         South
43° 28' 40” East, a distance of 644.09 feet to a point; thence

 

20.         North
76° 04' 53” East, a distance of 643.64 feet to a point; thence

 

21.         South
49° 20' 53” East, a distance of 85.81 feet to a point; thence

 

22.         North
40° 27' 05” East, a distance of 275.89 feet to a point of curvature; thence

 

23.         Along
a curve to the left having a radius of 475.00 feet, a central angle of 22° 02' 48”, an arc length of 182.77 feet, also
bearing a chord of North 29° 25' 41” East, a chord distance of 181.65 feet to a point of tangency; thence

 

24.         North
18°24'17” East, a distance of 654.71 feet to a point of curvature; thence

 

25.         Along
a curve to the left having a radius of 375.00 feet, a central angle of 30° 22' 25”, an arc length of 198.79 feet, also
bearing a chord of North 03° 13' 04” East, a chord distance of 196.48 feet to a point of tangency; thence

 

26.         North
11° 58' 08” West, a distance of 28.86 feet to a point; thence

 

27.         Along
the aforementioned dividing line between Lot 2 as shown on said Map #114-12, Town of Hamptonburgh, and Lot 7.1, Block 1, Section
36, Town of Montgomery, South 62°34'19” East, a distance of 158.30 feet to the. point of BEGINNING.

 

Encompassing an area of 1,811,603 square feet or 41.589 acres,
more or less.

 

Together with the following two parcels:

 

     

     

    

 

Parcel II

 

All that certain lot, parcel of land and premises, hereinafter
particularly described, situate, lying and being in the Town of Hamptonburgh, Orange County, State of New York, being a portion
of Lot 1 on a map entitled “Phase 1 Final Plan For Pyramid Subdivision, Town of Hamptonburgh and Town of Montgomery”,
prepared by Pietrzak & Pfau, Engineering & Surveying, PLLC., last revised June 10, 2004, and recorded in the Orange County
Clerk's office on July 13, 2004 as Map #465-04, Sheet 1.

 

Said property being shown on said map on the northerly side
of Eager Road and noted as “Area = 28.7±AC Portion of Lot 1”.

 

Parcel II being further described as Parcel II in a deed recorded
in the Orange County Clerk's office on April 30, 2008 in Book 12567, Page 1566, File No. 20080045244.

 

Parcel III

 

All that certain lot, parcel of land and premises, hereinafter
particularly described, situate, lying and being in the Town of Hamptonburgh, Orange County, State of New York, being a portion
of Lot 1 on a map entitled “Phase 1 Final Plan For Pyramid Subdivision, Town of Hamptonburgh and Town of Montgomery”,
prepared by Pietrzak & Pfau, Engineering & Surveying, PLLC., last revised June 10, 2004, and recorded in the Orange County
Clerk's office on July 13, 2004 as Map #465-04, Sheet 1.

 

Said property being shown on said map on the southerly side
of Eager Road and noted as “Area = 11.2±AC Portion of Lot 1”.

 

Parcel III being further described as Parcel III in a deed recorded
in the Orange County Clerk's office on April 30, 2008 in Book 12567, Page 1566, File No. 20080045244.

 

(BEING a portion of the premises conveyed to Hudson Valley Crossing,
LLC by Green Acres Development Group by deed dated April 14, 2008 and recorded in the Orange County Clerk's Office on April 30,
2008 in Liber 12657 at page 1566.)Exhibit

Exhibit 10.28

SECOND AMENDMENT TO MASTER REPURCHASE AGREEMENT

SECOND AMENDMENT TO MASTER REPURCHASE AGREEMENT dated as of October 14, 2016 (this “Amendment”), by and among CB LOAN NT-II, LLC, a Delaware limited liability company (“Seller”), and CITIBANK, N.A., a national banking association (“Buyer”), and acknowledged and agreed to by NORTHSTAR REAL ESTATE INCOME II, INC., a Maryland corporation (“Guarantor”). Capitalized terms used but not otherwise defined herein shall have the meanings given to them in the MRA (defined below).
RECITALS
WHEREAS, Seller and Buyer are parties to that certain Master Repurchase Agreement, dated as of October 15, 2013, as amended by that certain First Amendment to Master Repurchase Agreement, dated as of June 30, 2014 (as the same may be further amended, supplemented or otherwise modified from time to time, the “MRA”);
WHEREAS, in connection with the MRA, Guarantor entered into that certain Limited Guaranty dated as of October 15, 2013 (as the same may be amended, supplemented or otherwise modified from time to time, the “Guaranty”), in favor of Buyer, guaranteeing certain obligations of Seller;
WHEREAS, Seller and Buyer wish to amend the MRA as more particularly set forth herein, and Guarantor wishes to reaffirm the covenants made in the Guaranty.
NOW THEREFORE, in consideration of the premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Seller and Buyer and Guarantor hereby agree as follows:
SECTION 1.Amendment to Master Repurchase Agreement.  
(a)    The following definitions in Section 2 of the MRA are hereby deleted in their entirety and the following corresponding definitions are substituted therefor:
“Facility Amount” shall mean $150,000,000. 
“Facility Availability Period” shall mean the twenty-four month (24) period commencing on the date of this Amendment and ending on October 14, 2018.
“Fee Agreement” shall mean that certain Fee Letter (Second Amendment), dated as of October 14, 2016.
“Pricing Matrix” shall mean the matrix attached to the Fee Agreement which shall be used to determine the Applicable Spread for each Purchased Loan.  The Applicable Spread for each Purchased Loan shall equal the number of basis points set forth under the 

column heading “Applicable Spread (bps)” which corresponds to the applicable Debt Yield (Purchase Price) for such Purchased Loan as of the Purchase Date.  
“Purchase Price Percentage” shall mean, with respect to each Purchased Loan, the percentage determined on the related Purchase Date for such Purchased Loan (but not in excess of the maximum set forth in the Pricing Matrix) and set forth in the related Confirmation equal to the quotient obtained by dividing the Purchase Price for such Purchased Loan by the Market Value of such Purchase Loan as of such date.  
“Required Liquidity Amount” shall mean an amount equal to the sum of: 
(a) for any Purchased Loans subject to Transactions as of the date of this Amendment, the amount set forth in the right hand column below determined based upon the aggregate outstanding Purchase Price of such Purchased Loans from time to time set forth in the left hand column below:
	
		
	Outstanding Purchase Prices ($MM)
	Required Liquidity Amount ($MM)

	Up to 22.5
	3.75

	22.5 to 35
	6.25

	35 to 50
	7.50

	50 to 65
	9.25

	65 to 70
	12.00

	70 to 85
	13.50

	85 to 100
	15.00

	 
	 

plus, (b) for any Purchased Loans transferred by Seller to Buyer pursuant to Transactions entered into after the date of this Amendment, the amount set forth in the right hand column below determined based upon the aggregate outstanding Purchase Price of such Purchased Loans from time to time set forth in the left hand column below:
	
		
	Outstanding Purchase Prices ($MM)
	Required Liquidity Amount ($MM)

	0-22.5
	2.50

	>22.5-35
	4.17

	>35-50
	5.00

	>50-65
	6.17

	>65-70
	8.00

	>70-85
	9.00

	>85-100
	10.01

	>100-115
	11.67

	>115-135
	13.34

	>135-150
	15.01

2

SECTION 2.    Omnibus Amendment to Transaction Documents.  Any references to the MRA in the Transaction Documents shall hereinafter refer to the MRA as modified by this Amendment.
SECTION 3.    Reaffirmation of Guaranty.  Guarantor acknowledges the amendments and modifications of the MRA pursuant to this Amendment and hereby ratifies and reaffirms all of the terms, covenants and conditions of the Guaranty and agrees that the Guaranty remains unmodified by this Amendment and in full force and effect and enforceable in accordance with its terms.
SECTION 4.    Due Authority.  Each of Seller and Guarantor hereby represents and warrants to Buyer that, as of the date hereof, (i) it has the power to execute, deliver and perform its respective obligations under this Amendment, (ii) this Amendment has been duly executed and delivered by it for good and valuable consideration, and constitutes its legal, valid and binding obligation enforceable against it in accordance with its terms subject to bankruptcy, insolvency, and other limitations on creditors’ rights generally and to equitable principles, and (iii) neither the execution and delivery of this Amendment, nor the consummation by it of the transactions contemplated by this Amendment, nor compliance by it with the terms, conditions and provisions of this Amendment will conflict with or result in a breach of any of the terms, conditions or provisions of (A) its organizational documents, (B) any contractual obligation to which it is now a party or the rights under which have been assigned to it or the obligations under which have been assumed by it or to which its assets are subject or constitute a default thereunder, or result thereunder in the creation or imposition of any lien upon any of it’s assets, other than pursuant to this Amendment, (C) any judgment or order, writ, injunction, decree or demand of any court applicable to it, or (D) any applicable Requirement of Law, in the case of clauses (A)-(C) above, to the extent that such conflict or breach is reasonably likely to result in a Material Adverse Effect.
SECTION 5.    Counterparts. This Amendment may be executed by each of the parties hereto on any number of separate counterparts, each of which shall be an original and all of which taken together shall constitute one and the same instrument.  Delivery of an executed counterpart of a signature page to this Amendment in Portable Document Format (PDF) or by facsimile transmission shall be effective as delivery of a manually executed original counterpart thereof.
SECTION 6.    GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAWS PRINCIPALS.
SECTION 7.    MRA and Transaction Documents in Full Force and Effect.  Except as expressly amended hereby, Seller and Guarantor acknowledge and agree that all of the terms, covenants and conditions of the MRA and the other Transaction Documents remain unmodified and in full force and effect and are hereby ratified and confirmed in all respects.
[NO FURTHER TEXT ON THIS PAGE]

3

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

	
		
	 
	 

	 
	BUYER:

	 
	CITIBANK, N.A.

	 
	

By:____/s/ Richard B. Schlenger__

	 
	Name: Richard B. Schlenger
Title:  Authorized Signatory

	 
	 

[signatures continued on next page]

	
	
	SELLER:

	CB LOAN NT-II, LLC, 
a Delaware limited liability company
    By:  NorthStar Real Estate Income Operating 
           Partnership II, LP, a Delaware limited 
           partnership, its sole equity member

          By:  NorthStar Real Estate Income II, Inc., 
                 a Maryland corporation, its general partner

            By: ____/s/ Jenny B. Neslin____________ 

	Name:   Jenny B. Neslin

	Title:  General Counsel and Secretary

[signatures continued on next page]

	
		
	 
	 

	 
	ACKNOWLEDGED AND AGREED TO 
AS OF OCTOBER 14, 2016:

GUARANTOR:

	 
	NORTHSTAR REAL ESTATE INCOME II, INC., 
 a Maryland corporation

	 
	 

	 
	By:______/s/ Jenny B. Neslin____________

	 
	Name:  Jenny B. Neslin
Title:  General Counsel and Secretary

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