Document:

EX-10.2

 Exhibit 10.2 

HANOVER AGREEMENT 

This Hanover Agreement (this “Agreement”) is made as of this 13th day of March, 2014 (the
“Effective Date”) by and between (i) William S. Orosz, Jr., an individual (“Orosz”), solely for the purpose of Section 10 and Section 16 hereof; (ii) Hanover Land
Company, LLC, a Florida limited liability company (“HLC”), together with the following affiliates of HLC: Hanover Aldea Reserve, LLC, a Florida limited liability company, Hanover Avalon Reserve, LLC, a Florida limited liability
company, Hanover Barrington Estates, LLC, a Florida limited liability company, Hanover Black Lake, LLC, a Florida limited liability company, Hanover Emerald Lake, LLC, a Florida limited liability company, Hanover Hammock Trails I, LLC, a Florida
limited liability company, Hanover Marbella, LLC, a Florida limited liability company, Pines at Lake Apopka, LLC, a Florida limited liability company, Spring Ridge Estates, LLC, a Florida limited liability company, and Blue Lake Estates, LLC, a
Florida limited liability company, each with an address for purposes hereof at c/o Hanover Land Company, LLC, a Florida limited liability company, 2420 South Lakemont Avenue, Suite 450, Orlando, FL 32814 (collectively, “Hanover
Sellers” and collectively, together with Orosz, the “Hanover Parties”), and (iii) AVH Acquisition, LLC, a Florida limited liability company, with an address for purposes hereof at 5323 Millenia Lakes Boulevard,
Suite 200, Orlando, Florida 32839 (“Assignee”), and AV Homes, Inc., a Delaware corporation (“AV” collectively, together with Assignee, “AV Parties”). 

RECITALS: 

1. Royal Oak Homes, LLC, a Florida limited liability company (“Royal Oak”), HLC, and AV are parties to
that certain Letter of Intent dated January 30, 2014 (the “LOI”); setting forth certain essential terms and conditions under which, among other things, AV Homes, Inc. or a wholly-owned affiliate thereof, may acquire all or
substantially all of the assets of Royal Oak and certain land positions from HLC, or certain of its affiliates, including, but not limited to the Hanover Sellers, each of whom are under common control with Royal Oak; 

2. On even date herewith Royal Oak and AV Parties are entering into that certain Asset Purchase Agreement (the
“APA”) for the sale of substantially all of the assets of Royal Oak to AV Parties; and 
 3.
The LOI and APA contemplate that the parties hereto would enter into this Agreement to set forth, among other things, the terms and conditions pursuant to which (i) certain of the Hanover Sellers would enter into direct contracts with Assignee
for the sale by Hanover Sellers and purchase by AV Parties of certain properties further described in detail on Exhibit A attached hereto and incorporated herein by reference, which may either be in the form of (a) a lot
“take down” transaction, with periodic closings to occur over a period of time, (b) a bulk transfer of real estate concurrently with the Closing or upon the satisfaction of certain conditions thereafter, or (c) a transfer of real
estate assets currently under contract by HLC but not yet owned by Hanover Sellers, which shall be expressly conditioned upon the acquisition of such assets by Hanover Sellers (collectively, each in the form mutually agreed to by Hanover Sellers and
AV Parties and executed concurrently with this Agreement, the “New Land Contracts”), which real property, including all buildings, structures, installations, fixtures, and other improvements situated thereon and all access,
easements, rights of way, alleys, strips or gores adjoining the real estate, air, water, mineral, riparian, development, utility, and other rights,  

 
entitlements, and appurtenances of seller therein or thereunto pertaining, including, all accessions, privileges, and incentives, together with any and all fixtures attached to or used in
connection with the ownership, maintenance, or operation of the real estate or improvements located thereon, is currently or to be owned by such Hanover Sellers prior to Closing, or currently under contract and contemplated to be acquired by Hanover
following Closing (collectively, the “New Land Contract Property” and, to the extent owned by Hanover Sellers as of the date hereof, the “Hanover Real Property”); (ii) Hanover Sellers will grant Assignee rights
of first offer and rights of first refusal with respect to all single family residential land acquisitions and projects for two (2) years following the closing date under the APA; and (iii) AV Parties would enter into certain other
agreements with Hanover Sellers and Orosz as provided herein. 
 NOW THEREFORE, in consideration of the
foregoing, the mutual covenants contained herein and sum of TEN DOLLARS ($10.00) and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties, intending to be legally bound, do hereby agree as
follows: 
 1. DEFINITIONS; RECITALS. All capitalized terms not defined herein shall have the meanings
given to them in the APA. The recitals set forth above are true and correct. 
 2. TRANSACTIONS. Hanover
Sellers and Assignee do hereby agree to enter into the New Land Contracts on the Closing Date for the purchase and sale of the New Land Contract Property, and to grant the right of first refusal and right of first offer with respect to the
Restricted Property contained herein during the Option Period on terms set forth in Section 11 hereof. 
 3.
CLOSING OF TRANSACTION. The joint execution and remittance of all applicable deposits pursuant to the New Land Contracts for each New Land Contract Property by the appropriate Hanover Sellers and AV Parties as contemplated herein, and
the Closing of the transactions otherwise herein contemplated, together with the payment of any sums of money due hereunder and deliveries required herein and pursuant to the New Land Contracts, as applicable, shall take place simultaneously with
the Closing under the APA. 
 4. REPRESENTATIONS AND WARRANTIES OF HANOVER SELLERS. Hanover Sellers represent
and warrant to AV Parties that the following statements are true and correct as of the date hereof and as of the date of Closing: 

(a) Organization, Standing and Power. Each of the Hanover Sellers is a limited liability company duly organized,
validly existing, and in good standing under the laws of the State of Florida, has all requisite limited liability company power and authority to own, lease, and operate its properties and assets and to carry on its business as now being
conducted. Each of the Hanover Sellers is duly qualified to do business and, where applicable as a legal concept, is in good standing as a foreign corporation in each jurisdiction in which the character of the properties it owns, operates or
leases or the nature of its activities makes such qualification necessary, except for such failures to be so qualified or in good standing, individually or in the aggregate, that would not result in a material adverse change, event, circumstance,
occurrence, fact or development with respect to, or material adverse effect on (i) the business, condition 

 
(financial or otherwise), assets, properties, liabilities, operations, or results of operations of Hanover Sellers or (ii) the ability of Hanover Sellers to consummate the transactions
contemplated by this Agreement; provided, however, that notwithstanding the foregoing, the foregoing shall not include any change, event, development, effect, occurrence, fact or circumstance resulting from, arising out of, or related to
(A) changes or conditions in, or generally affecting, any industry in which Hanover Sellers participate or from generally prevailing conditions in global economies, provided that such conditions do not have a materially disproportionate effect
or impact on Hanover Sellers, (B) the taking of any action required to comply with the terms of this Agreement, or (C) the taking of any action approved or consented to in writing by Parent or Buyer. 

(b) Authority; No Conflict; Required Filings and Consents. 

(i) Each of the Hanover Sellers have the company power and authority to execute and deliver this Agreement and
each other document to be executed by it in connection herewith (each a “Hanover Seller Ancillary Document” and to perform its obligations hereunder and thereunder, all of which as of the Closing shall have been duly authorized by
all requisite company action. No further company or member action on the part of Hanover Sellers is necessary to authorize the execution, delivery and performance of this Agreement and each Hanover Seller Ancillary Document by Hanover Sellers and
the consummation by Hanover Sellers of the transactions contemplated hereby and thereby. This Agreement has been, and at Closing each Hanover Seller Ancillary Document will be, duly executed and delivered by Hanover Sellers (as applicable) and,
assuming that this Agreement and each Hanover Seller Ancillary Document is duly and validly authorized, executed, and delivered by the other parties hereto and thereto, constitutes, or will constitute (as applicable), a valid and binding agreement
of Hanover Sellers (as applicable), enforceable against each of them in accordance with its terms, subject to any applicable bankruptcy, reorganization, insolvency, moratorium, or other similar Applicable Laws affecting creditors’ rights
generally and principles governing the availability of equitable remedies. 
 (ii) The execution and delivery
of this Agreement by Hanover Sellers do not, and the consummation by Hanover Sellers of the transactions contemplated by this Agreement will not, (i) conflict with, or result in any violation or breach of, any provision of the certificate of
formation or limited liability company agreement of Hanover Sellers, (ii) conflict with, or result in any violation or breach of, or constitute (with or without notice or lapse of time, or both) a default (or give rise to a right of
termination, cancellation or acceleration of any material obligation or loss of any material benefit) under, require a consent or waiver under (except as expressly set forth in the body of this Agreement or the New Land Contracts each of which will
be satisfied on or before Closing), require the payment of a penalty under or result in the imposition of any mortgage, security interest, pledge, lien, charge, or other instrument or encumbrance (“Liens”) on Hanover Sellers’ assets
under, any of the terms, conditions, or provisions of any contract, agreement instrument, or obligation to which Hanover Sellers are a party or by which Hanover Sellers or any of their respective 

 
properties or assets may be bound, or (iii) conflict with or violate any permit, concession, franchise, license, judgment, injunction, order, decree, statute, law, ordinance, rule, or
regulation applicable to Hanover Sellers or any of their respective properties or assets. 
 (iii) Except as
contemplated to be obtained by Hanover Sellers hereunder or under the New Land Contracts, no consent, approval, license, permit, order, or authorization of, or registration, declaration, notice, or filing with, Governmental Authority is required by
or with respect to Hanover Sellers in connection with the execution and delivery of this Agreement by Hanover Sellers or the consummation by Hanover Sellers of the transactions contemplated by this Agreement. 

(c) Litigation. As of the date of this Agreement, there is no lawsuit or other legal proceeding pending or, to the
knowledge of Hanover Parties, threatened, against Hanover Parties challenging the transactions contemplated by this Agreement. 

(d) Hanover Real Property. Exhibit A attached hereto and incorporated herein by reference sets forth a
true and correct list of all New Land Contracts, and further sets forth a schedule of (i) all of the owners of such real property, (ii) all of the closings of lots or portions of real property to occur under each such New Land Contract,
(iii) the purchase price(s) for the real property, (iv) the deposit to be held in connection therewith, and (v) a development status of each parcel or portion of New Land Property. 

5. REPRESENTATIONS AND WARRANTIES OF AV PARTIES. AV Parties represent and warrant to Hanover Parties that
the following statements are true and correct as of the date hereof and as of the date of Closing: 
 (a)
Organization, Standing and Power. AV Parties are each duly organized, validly existing, and in good standing under the laws of the jurisdiction of their incorporation, have all requisite corporate power and authority to own, lease, and
operate its properties and assets and to carry on their business as now being conducted, and are duly qualified to do business and, where applicable as a legal concept, are in good standing as a foreign corporation in each jurisdiction in which the
character of the properties they own, operate or lease or the nature of its activities makes such qualification necessary, except for such failures to be so organized, qualified or in good standing, individually or in the aggregate, that would not
have a Parent Material Adverse Effect. 
 (b) Authority; No Conflict; Required Filings and Consents. 

(i) AV Parties have all requisite corporate or company power and authority to enter into this Agreement and to
consummate the transactions contemplated by this Agreement. The execution and delivery of this Agreement and the consummation of the transactions contemplated by this Agreement by AV Parties has been duly authorized by all necessary corporate action
on the part of AV Parties. This Agreement has been duly executed and delivered by AV Parties and constitutes the valid and binding obligation of AV Parties, enforceable against 

 
each of them in accordance with its terms, subject to the any applicable bankruptcy, reorganization, insolvency, moratorium, or other similar Applicable Laws affecting creditors’ rights
generally and principles governing the availability of equitable remedies. 
 (ii) The execution and delivery
of this Agreement by AV Parties does not, and the consummation by AV Parties of the transactions contemplated by this Agreement will not, (i) conflict with, or result in any violation or breach of, any provision of the article or certificate of
incorporation or bylaws of AV Parties, (ii) conflict with, or result in any violation or breach of, or constitute (with or without notice or lapse of time, or both) a default (or give rise to a right of termination, cancellation or acceleration
of any obligation or loss of any material benefit) under, require a consent or waiver under, constitute a change in control under, require the payment of a penalty under or result in the imposition of any Lien on AV Parties’ assets under, any
of the terms, conditions or provisions of any lease, license, contract or other agreement, instrument or obligation to which AV Parties is, or are, a party or by which any of them or any of their properties or assets may be bound, or
(iii) subject to compliance with the requirements specified in Section 4.2(c) of the APA, conflict with or violate any permit, concession, franchise, license, judgment, injunction, order, decree, statute, law, ordinance, rule or
regulation applicable to AV Parties or any of their respective properties or assets, except in the case of clauses (ii) and (iii) of Section 4.2(b) of the APA for any such conflicts, violations, breaches, defaults,
terminations, cancellations, accelerations, losses, penalties or Liens, and for any consents or waivers not obtained, that, individually or in the aggregate, would not have a Parent Material Adverse Effect. 

(iii) No consent, approval, license, permit, order or authorization of, or registration, declaration, notice or
filing with, any Governmental Authority or any stock market or stock exchange on which shares of Parent’s common stock are listed for trading is required by or with respect to Parent or Assignee in connection with the execution and delivery of
this Agreement by AV Parties or the consummation by AV Parties of the transactions contemplated by this Agreement, except for customary public company disclosures to the Securities and Exchange Commission and Nasdaq. 

(iv) No vote of the holders of any class or series of Parent’s capital stock or other securities is
necessary for the consummation by Parent of the transactions contemplated by this Agreement. 
 (c) Litigation. As of
the date of this Agreement, there is no lawsuit or other legal proceeding pending or, to the knowledge of AV Parties, threatened, against AV Parties challenging the transactions contemplated by this Agreement. 

(d) Financing. AV Parties have access to sufficient funds to perform all of their respective obligations under this
Agreement and to consummate the transactions contemplated by this Agreement. 

	6.	 ACTIONS TO CLOSE TRANSACTION. 

(a) Subject to the terms hereof, Hanover Sellers and AV Parties shall each use their commercially reasonable efforts to: 

(i) take, or cause to be taken, all actions, and do, or cause to be done, and to assist and cooperate with the
other parties in doing, all things necessary, proper or advisable to fulfill and cause to be satisfied, the conditions in Section 8 but with no obligation to waive any such condition) and to consummate and make effective the transactions
contemplated hereby as promptly as practicable; 
 (ii) as promptly as practicable, obtain from any
Governmental Authority or any other third party any consents, licenses, permits, waivers, approvals, authorizations, or orders required to be obtained or made by Hanover Sellers or AV Parties in connection with the authorization, execution and
delivery of this Agreement and the consummation of the transactions contemplated hereby; 
 (iii) as promptly
as practicable, make all necessary filings, and thereafter make any other required submissions, with respect to this Agreement and the transactions contemplated hereby required under (A) any applicable federal or state securities laws and
(B) any other Applicable Law; and 
 (iv) execute or deliver any additional instruments necessary to
consummate the transactions contemplated by, and to fully carry out the purposes of, this Agreement. 
 (b) At or prior to
Closing, each of Hanover Sellers and AV Parties (as applicable) shall give any notices to third parties, and use, and cause their affiliates and subsidiaries, as applicable, to use, their commercially reasonable efforts to obtain any third-party
consents required in connection with the transactions contemplated by this Agreement that are (i) necessary to consummate the transactions contemplated hereby, (ii) disclosed or required to be disclosed hereunder, or (iii) required to
prevent the occurrence of an event that would reasonably be expected to have a material adverse effect prior to or after the Effective Date. 

7. PUBLIC DISCLOSURE. Hanover Sellers acknowledges that AV Parties intend to issue a press release and make
public filings that include this Agreement and a summary of its terms. AV Parties will consult with Hanover Sellers before issuing its initial press release. Hanover Sellers shall not make any press release or other public statement regarding this
Agreement without the prior consent of AV Parties. 
 8. CLOSING DELIVERIES 

(a) Closing Deliveries of Hanover Sellers. Concurrently with the execution of this Agreement, Hanover Sellers shall deliver to
Parent and Buyer each of the items contemplated to be so delivered by this Agreement, including each of the following items: 

(i) each of the New Land Contracts; 

 (ii) an assignment and assumption from Royal Oak to Hanover
Sellers (as applicable) of the purchase agreements for the Overlook and Eagle Pointe properties; 
 (iii) a
termination of the Purchase and Sale Agreement between Royal Oak and Hanover Sellers (as applicable) for the property to be acquired directly by Buyer (i.e. located within the subdivisions known as Barrington Estates, Hammock Trails and Avalon
Reserve) pursuant to this Agreement and the New Land Contracts; and 
 (iv) all other documents as Parent or
the title company may reasonably request to facilitate the consummation of the transactions contemplated by this Agreement, including, as applicable, customary closing certificates, curative instruments, estoppel certificates, or other documents
necessary to satisfy the requirements set forth in the title commitments, to the extent applicable to the “seller” thereunder. 

(b) Closing Deliveries of Parent and Buyer. Concurrently with the execution of this Agreement, Parent and Buyer shall
deliver to Seller each of the items contemplated to be so delivered by this Agreement, including each of the following items: 

(i) Each of the New Land Contracts, and the payment of the purchase price or, as applicable, the earnest money
deposit, set forth therein; 
 (ii) the APA and all documents entered in connection therewith requiring
Buyer’s or Parent’s signature; 
 (iii) a resolution authorizing the transactions contemplated
hereby and pursuant to each New Land Contract; 
 (iv) to the extent applicable, counterparts to each of the
documents listed in Section 8(a); and 
 (v) all other documents as Hanover Sellers or the title
company may reasonably request to facilitate the consummation of the transactions contemplated by this Agreement, or other documents necessary to satisfy the requirements set forth in the title commitments, to the extent applicable to the
“buyer” thereunder. 
 9. OBLIGATIONS UNDER THE NEW LAND CONTRACTS. At Closing, Assignee agrees to
execute and deliver the New Land Contracts, to place all applicable deposits to be paid as of the date of Closing pursuant to the New Land Contracts, to pay the purchase price and related amounts due the Hanover Sellers for the Hanover Real Property
being acquired as of the Closing in accordance with the terms of the applicable New Land Contracts, including, without limitation, the reimbursement of prepaid impact fee credits, and replacing performance bonds and letters of credit (or otherwise
entering into an escrow agreement with respect to such performance bonds and letters of credit as agreed by the parties (as applicable)), in each case as applicable, for which Buyer has received an estoppel or appropriate alternate assurances in the

 
form customarily provided by applicable Governmental Authority in form reasonably acceptable to Buyer (and if not received, such funds shall be disbursed to Hanover Sellers (as applicable)
subject to reimbursement pursuant to an indemnity and closing agreement entered by such parties in the event that Buyer is unable to obtain the benefit of the same), and as set forth therein and as set forth in the closing statement(s) agreed to and
entered by the parties. 
 10. OROSZ AGREEMENTS. 

(a) Office Use. From the Closing Date until December 31, 2014, AV Parties shall (i) allow Orosz a license to
use the current office utilized by Orosz within the office space located at 2420 South Lakemont Avenue, Suite 450, Orlando, Florida, together with reasonable access to and use of the appurtenances and amenities thereto (i.e. – restroom, copy
room, kitchen facilities, etc...) (collectively, the “Office Premises”), at no charge to Orosz, (ii) grant to Orosz the right to license one (1) cubicle and/or office from AV Parties within the Office Premises, on terms
and conditions agreed to by Orosz and AV Parties, and (iii) otherwise provide Orosz and his designated licensee with access to the Office Premises in the same manner and to such extent as AV Parties has access to the Office Premises. Orosz
agrees to accept such office space in its “as is” condition on the Closing Date and acknowledges that AV Parties shall have no obligation to prepare the space for Orosz’s occupancy or use. Orosz will be entitled to use the
“common areas” of premises which are leased by AV Parties, in common with other occupants and will have the right to use a parking space, on an unreserved and if available basis. Orosz agrees to comply with any and all property rules and
regulations; to maintain, replace and repair the furniture, fixtures and equipment located within such office space; and to not interfere with AV Parties’ business when using such office space. Upon the termination date, Orosz agrees to
immediately surrender the office space, subject to normal wear and tear. The license granted to Orosz under this section is personal and Orosz may not assign the right, or otherwise sublease or permit any other person or entity to use the office
space. If requested by either Orosz or AV Parties, the parties agree to promptly enter into a commercially reasonable form of license agreement in connection with the Closing, or at any point thereafter, to give effect to the terms and provisions of
this Section 10(a). 
 (b) Information Technology. 

(i) AV Parties acknowledge that certain HLC information, books and records, information technology, electronic
mail, hard drives, and similar information are stored in common with the records of Royal Oak that will be acquired by AV Parties at the Closing. Any such information that relates solely to HLC (and not Royal Oak or its business, properties or
assets subject to the APA) (the “Hanover Information”) shall remain the separate property of HLC from and after the Closing. Notwithstanding the conveyance of such information owned by Royal Oak to AV Parties in connection with the
Closing, for a period of one hundred and twenty (120) days following the Closing, AV Parties shall provide Orosz and HLC, together with their IT and related consultants, with reasonable access to the Hanover Information in a manner not
disruptive to the business or operations of the AV Parties, and the right to remove, transfer, access, and, if desired by Orosz or HLC, destroy, the Hanover Information, in each case at the expense of Orosz or HLC and subject to such procedures and
security 

 
precautions that the AV Parties may reasonably require. Orosz and HLC shall remove or destroy any Hanover Information they wish to retain as promptly as practicable but in any event within one
hundred and twenty (120) days of the date hereof, and any Hanover Information not so removed or destroyed within the foregoing one hundred and twenty (120) day timeframe shall be deemed abandoned by Orosz and HLC, and may be promptly
destroyed or discarded by AV Parties, but shall nevertheless remain confidential to the extent it represents confidential and proprietary information of Orosz or HLC. 

(ii) Orosz, HLC and their related consultants may not remove, transfer, access or destroy any information,
books and records, information technology, electronic mail, hard drives, and similar information of AV Parties (including that acquired from Royal Oak), and shall maintain in confidence and shall not use to the detriment or competitive disadvantage
of the AV Parties or their Affiliates any such information or materials which they otherwise have access to in connection with this Section 10(b). AV Parties shall further maintain in confidence and shall not use to the detriment or
competitive disadvantage of Orosz or HLC any of the Hanover Information which AV parties may nevertheless have access to in connection with this Section 10(b). 

(iii) AV Parties make no representations or warranties of any kind, implied or expressed, with respect to such
information technology or other systems and shall not be responsible for any loss or destructions of the Hanover Information, provided that AV Parties shall not willingly destroy such Hanover Information, subject to Section 10(b)(i).
Orosz and HLC shall be responsible for any damage or losses caused by them or their consultants to the information technology or other systems of the AV Parties (including those acquired from Royal Oak). 

(c) COBRA Continuation. If Orosz is eligible for, and takes all steps necessary to continue, Orosz’s group health
insurance coverage with Seller (as defined in the APA) following the Closing Date (including completing and returning the forms necessary to elect COBRA coverage), then AV Parties shall reimburse Orosz for the portion of the premium costs for such
coverage that Seller (as defined in the APA) would have paid if Orosz had remained employed by the Seller (as defined in the APA) after the Closing Date, at the same level of coverage that was in effect as of immediately prior to the Closing Date,
through the earliest of: (A) the six-month anniversary of the Closing Date, (B) the date Orosz becomes eligible for group health insurance coverage from any other employer, or (C) the date Orosz is no longer eligible to continue
Orosz’s group health insurance coverage with Seller (as defined in the APA) under Applicable Law. This provision shall survive the Closing. 

(d) Three-Year Non-Compete. 

(i) In exchange for the consideration that Orosz is receiving in connection with AV Parties’ purchase of
Purchased Assets pursuant to the Asset Purchase Agreement and in connection with the transactions contemplated by this Agreement, and to ensure that AV Parties receives the expected benefits of 

 
acquiring the Business, Orosz agrees that (subject to the other terms of this Section 10), throughout the period that begins at the Closing and ends on the third anniversary of the
Closing Date (the “Orosz Restricted Period”), neither Orosz, any entity employing Orosz, nor any entity controlled by or under common control with Orosz, directly or indirectly: 

(1) engage in the business of building and selling any individual residential homes with a sales price of less
than $750,000 in the markets in which AV Parties or their Affiliates operate as of the Date hereof located within the State of Florida (the “Restricted Business”); 

(2) own, operate, solicit, be a partner, stockholder, co-venturer or otherwise invest in (except owning or
acquiring 5% or less of the outstanding voting securities of a public company), lend money to, consult with, manage or render services to, act as agent for, license any Intellectual Property to, or acquire or hold any interest in, any Person that
engages in the Restricted Business; or 
 (3) employ, solicit for employment or otherwise attempt to employ
any employee or independent contractor of AV Parties or their Affiliates or otherwise interfere with or disrupt any such employment relationship (contractual or other) of AV Parties or their Affiliates; provided, that, this Section 10(d)(i)(3)
shall not prohibit (i) the engagement of Ben Snyder and Rick Perkinson as consultants pursuant to the Professional Services Agreement of even date herewith (the “Professional Services Agreement”) by and between HLC and Avatar
Properties, Inc., (ii) Permitted Employment Arrangements, or (iii) for the avoidance of doubt, the non-exclusive engagement of vendors or subcontractors as independent contractors. 

(4) “Permitted Employment Arrangements” means the employment or solicitation for employment
by HLC of Matthew Orosz, Stephen Orosz, Colby Franks, Ben Snyder and/or Rick Perkinson solely to the extent (A) ROH would be expressly permitted under Section 6.2 of the APA to employ or solicit for employment such persons,
(B) a Seller Member would be expressly permitted under Section 6.2 of the APA to engage in the activities actually or contemplated to be within the scope of such employment, (C) neither such employment (at the time of such
employment and at the time of any solicitation for employment) nor the activities actually or contemplated to be within the scope of such employment is not restricted under any employment agreement between AV Parties, and (D) with respect to
Ben Snyder and Rick Perkinson, such employment is expressly permitted under the Professional Services Agreement. 

(ii) Orosz specifically acknowledges and agrees that (i) this Section 10 is reasonable and
necessary to ensure that AV Parties receive the expected benefits 

 
of acquiring the Business; (ii) AV Parties have refused to enter into this Agreement or the Asset Purchase Agreement in the absence of such provisions; and (iii) breach of such
provisions will harm AV Parties to such an extent that monetary damages alone would be an inadequate remedy and AV Parties would not have an adequate remedy at law. Therefore, in the event of a breach by Orosz of this Section 10,
(A) AV Parties (in addition to all other remedies AV Parties may have) will be entitled to seek an injunction and other equitable relief (without posting any bond or other security) restraining Orosz from committing or continuing such breach
and to enforce specifically this Agreement and its terms and (B) the duration of the Orosz Restricted Period will be extended beyond its then-scheduled termination date for a period equal to the duration
of such breach. 
 (e) Notwithstanding the foregoing terms of this Section 10, the provisions set forth in
Section 10(d) shall be void and of no further force and effect without any further required action by the parties to this Agreement if Buyer defaults under any New Land Contract pursuant to which Buyer is acquiring New Land Contract
Property under a rolling take down schedule (i.e. Barrington Estates Phase II, Blue Lake Estates and Spring Ridge Estates) any time following the initial closing thereunder, and Buyer fails to cure such default pursuant to the applicable notice,
cure and grace period provided for therein, resulting in the termination of such New Land Contract; provided, that, in such case, the provisions of Sections 10(a), 10(b), and 10(c) above shall continue in full force and effect. 

11. RIGHT OF FIRST REFUSAL/RIGHT OF FIRST OFFER. For a period of two (2) calendar years from the Closing
Date (the “Option Period”), if the Hanover Sellers, or any affiliate or subsidiaries thereof (collectively, the “Hanover Option Parties”), owns any single family residential land projects in the State of Florida
(the “Restricted Property”), then AV Parties shall have a right of first offer and/or right of first refusal with respect to said Restricted Property as follows: 

(a) Right of First Refusal. If any of the Hanover Option Parties, receive an unsolicited offer to purchase all or any
portion of the Restricted Property on terms and conditions satisfactory to such Hanover Option Party, the Hanover Option Party shall promptly provide written notice to AV Parties of the Hanover Option Party’s intent to sell said Restricted
Property (the “ROFR Notice”), which ROFR Notice shall specify the terms, conditions and purchase price offered by the unsolicited offeror. If AV Parties desires to accept such offer, within ten (10) days after AV Parties
receipt of the ROFR Notice, AV Parties shall give Hanover Option Parties written notice of such effect (the “ROFR Acceptance Notice”). In the event that AV Parties gives a ROFR Acceptance Notice within the specified time period
provided above, then the Hanover Option Parties and AV Parties shall cooperate in good faith, to enter into a purchase agreement within thirty (30) days after the giving of such ROFR Acceptance Notice, such purchase agreement to be on the terms
and conditions set forth in the ROFR Notice and otherwise substantially in the form of the contract attached hereto as Exhibit “B” (the “ROFO/ROFR Contract Form”), subject to modification, as appropriate,
depending on the property, terms, and structure of the transaction. 
 (b) Right of First Offer. If any of the
Hanover Option Parties decide to sell all or any portion of the Restricted Property, the Hanover Option Parties shall promptly provide written 

 
notice to AV Parties of the Hanover Option Parties’ intent to sell said Restricted Property (the “ROFO Notice”, and together with the ROFR Notice, a “ROFO/ROFR
Notice”), which ROFO Notice shall specify the terms, conditions and purchase price upon which the Hanover Party desires to sell such Restricted Property. If AV Parties desires to acquire such Restricted Property pursuant to the ROFO Notice,
AV Parties shall, within ten (10) days after AV Parties’ receipt of the ROFO Notice, give Hanover Sellers written notice of such effect (the “ROFO Acceptance Notice”, and together with ROFR Acceptance Notice, an
“Acceptance Notice”). In the event that AV Parties give a ROFO Acceptance Notice within the specified time period, then the Hanover Option Parties and AV Parties shall cooperate in good faith, to enter into a purchase agreement
within thirty (30) days after the giving of such ROFO Acceptance Notice, such purchase agreement to be on the terms and conditions agreed to by the parties and otherwise substantially in the form of the ROFO/ROFR Contract Form, subject to
modification, as appropriate, depending on the property, terms, and structure of the transaction. 
 (c) Conveyance of
Properties after Right of First Refusal/Right of First Offer. In the event that AV Parties (a) notifies Hanover Option Parties that it is not interested in acquiring the Restricted Property pursuant to an ROFO/ROFR Notice, or (b) fails
to provide an Acceptance Notice within the applicable time period, then the Hanover Option Parties shall be free to convey the Restricted Property in the applicable ROFO/ROFR Notice to any other party or person, provided that the price to sell the
same shall be no less than 95% of the price set forth in the applicable ROFO/ROFR Notice and on substantially the same terms and conditions as set forth in the ROFO/ROFR Notice. If, thereafter, (i) any Restricted Property included in the
original applicable ROFO/ROFR Notice is not under contract to sell to a third party within six (6) months after delivery of such ROFO/ROFR Notice to the AV Parties and the Hanover Option Parties persists in its desire to sell same, or
(ii) the Hanover Option Parties desire to sell any portion of the Restricted Property included in the original applicable ROFO/ROFR Notice at a price that is less than 95% of the price set forth in such original ROFO/ROFR Notice and on
substnatialy the same conditions set forth therein, then the Hanover Option Parties shall provide the AV Parties with a second ROFO/ROFR Notice, as applicable, with respect to such Restricted Property and otherwise comply once again with the
foregoing provisions in the same manner as provided in this Section 11 provided, however, that with respect to prospective sales following a ROFO/ROFR Notice delivered pursuant this Section 11(c), AV Parties shall deliver its
Acceptance Notice to such second ROFO/ROFR Notice within five (5) days after receipt thereof. 
 (d) Restricted
Property. Notwithstanding anything contained herein, it is expressly acknowledge, understood and agreed by the parties that the properties commonly referred to as “Overlook”, “Eagle Pointe”, “Thompson Road”,
“Cypress Oaks”, and “Smoak” shall be included within the Restricted Property. 
 (e) Excluded
Properties. Exhibit C sets forth a list of properties currently owned by Hanover Option Parties, together with projects that HLC is currently pursuing (collectively, the “Excluded Properties”), which, to the extent
acquired by Hanover Option Parties, shall be deemed Restricted Properties and subject to the provisions of this Section 11 AV Parties covenant not to compete or attempt to acquire the Excluded Properties, including via an affiliate or
subsidiary of AV Parties, until such time, if ever, that HLC confirms that such Excluded Properties are no longer being pursued by HLC. 

 (f) Notwithstanding anything contained herein or in the APA or otherwise, the
parties hereto agree and acknowledge that the breach of this Section 11 will cause irreparable damage to AV Parties and upon breach of any provision of this Section 11 AV Parties shall be entitled to any and all remedies at
law including injunctive relief, specific performance or other equitable relief; provided, however, that the foregoing remedies shall in no way limit other remedies which AV Parties may have in the event Hanover Option Parties breach this
Section 11 including but not limited to the right to actual damages (but not consequential and punitive damages). This Section 11 shall survive Closing. 

12. TAKING NECESSARY ACTION; FURTHER ACTION. From and after the Closing Date, each of AV Parties, and Hanover
Parties shall, from time to time, at the request of each other and without further consideration do, execute, acknowledge, and deliver all such further acts, deeds, assignments, transfers, conveyances, powers of attorney, and assurances as may be
reasonably required to give effect to the intent of this Agreement and the transactions contemplated hereunder. This Section 12 shall survive Closing. Notwithstanding anything contained herein or in the APA or otherwise, the parties
hereto agree and acknowledge that the breach of this Section 12 will cause irreparable damage to Hanover Parties and AV Parties and upon breach of any provision of this Section 12, AV Parties and Hanover Parties shall be
entitled to any and all remedies at law including injunctive relief, specific performance or other equitable relief. 

13. INDEMNIFICATION. 

(a) Indemnification by Hanover Sellers. Subject to the terms and conditions of this Section 13, from and
after the Closing, Hanover Sellers shall indemnify AV Parties in respect of, and hold AV Parties harmless against, any and all liabilities, damages, losses, claims, demands, fines, fees, interest, penalties, assessments, costs, and expenses,
including reasonable attorneys’ fees and expenses (collectively, “Damages”) incurred or suffered by AV Parties, or any Affiliate of AV Parties resulting from, related to, or arising out of: 

(i) any breach of a representation or warranty of Hanover Sellers contained in Section 4 of this
Agreement (provided that any such claim for Damages shall be limited and enforceable solely against the applicable Hanover Seller); or 

(ii) any failure by Hanover Parties to perform any covenant or agreement contained in this Agreement (provided
that any such claim for Damages shall be limited and enforceable solely against the applicable Hanover Seller). 
 (b)
Indemnification by AV Parties. Subject to the terms and conditions of this Section 13, from and after the Closing, AV Parties shall indemnify Hanover Parties, in respect of, and hold Hanover Parties harmless against, any and all
Damages incurred or suffered by Hanover Parties resulting from, related to, or arising out of: 
 (i) any
breach of a representation or warranty of AV Parties contained in Section 5 of this Agreement; or 

 (ii) any failure by AV Parties to perform any covenant or
agreement contained in this Agreement. 
 (c) Claims for Indemnification. 

(i) Procedure for Claims. A Person entitled to indemnification under this Section 13 (an
“Indemnified Party”) wishing to assert a claim for indemnification under this Section 13 (a “Claim”) shall deliver to the Person from whom indemnification is sought (the “Indemnifying
Party”) a written notice (a “Claim Notice”) that (i) states in reasonable detail the facts constituting the basis for the Damages claimed, (ii) states the amount (the “Claim Amount”) of any
Damages claimed by the Indemnified Party, to the extent then known, (iii) states that the Indemnified Party is entitled to indemnification under this Section 13 and set forth a reasonable explanation of the basis therefor, and
(iv) includes a demand for payment in the amount of such Damages. Within 30 days after delivery of a Claim Notice, the Indemnifying Party shall deliver to the Indemnified Party a written response in which the Indemnifying Party shall
(A) agree that the Indemnified Party is entitled to receive all of the Claim Amount, (B) agree that the Indemnified Party is entitled to receive part, but not all, of the Claim Amount (the “Agreed Amount”), or
(C) contest that the Indemnified Party is entitled to receive any of the Claim Amount. If the Indemnifying Party in such response contests the payment of all or part of the Claim Amount, the Indemnifying Party and the Indemnified Party shall
use good faith efforts to resolve such dispute. If such dispute is not resolved within 60 days following the delivery by the Indemnifying Party of such response (the “Resolution Period”), the Indemnifying Party and the Indemnified
Party shall each have the right to submit such dispute to a court of competent jurisdiction in accordance with the provisions of Section 16(o). 

(ii) Third-Party Claims. All claims for indemnification made under this Agreement resulting from,
related to, or arising out of a third-party claim shall be subject to the following additional procedures and provisions. An Indemnified Party shall give prompt written notification to the Indemnifying Party of the commencement of any action, suit,
or proceeding relating to a third-party claim for which indemnification may be sought or, if earlier, upon the assertion of any such claim or demand by a third party. Such notification shall (i) state in reasonable detail (to the extent known
by the Indemnified Party) the facts constituting the basis for such third-party claim, (ii) state the sections of this Agreement with respect to which indemnification is being claimed for such Damages and that the Indemnified Party if entitled
to Indemnification under this Section 13, and (iii) state the amount of the Damage being claimed. Within 30 days after delivery of such notification, the Indemnifying Party may, upon written notice thereof to the Indemnified
Party, assume control of the defense of such action, suit, proceeding, or claim with counsel reasonably satisfactory to the Indemnified Party; provided that the Indemnifying Party may not assume control of the defense of any action, suit,
proceeding, or claim that seeks non-monetary relief or criminal penalties without the written consent of the Indemnified Party. 

 
If the Indemnifying Party does not assume control of such defense, the Indemnified Party shall control such defense. The party not controlling such defense may participate therein at its own
expense; provided that if the Indemnifying Party assumes control of such defense and the Indemnified Party reasonably concludes, based on advice from counsel, that the Indemnifying Party and the Indemnified Party have conflicting interests with
respect to such action, suit, proceeding, or claim, the reasonable fees and expenses of counsel to the Indemnified Party solely in connection therewith shall be considered Damages for purposes of this Agreement; provided, however, that
in no event shall the Indemnifying Party be responsible for the fees and expenses of more than one additional counsel for all Indemnified Parties. The party controlling such defense shall (A) keep the other party advised of the status of such
action, suit, proceeding, or claim and the defense thereof, (B) provide the other party with reasonable access to all relevant information and documentation relating to the claim and the prosecution or defense thereof, and (C) consider
recommendations made by the other party with respect thereto. The Indemnified Party shall not agree to any settlement of such action, suit, proceeding or claim without the prior written consent of the Indemnifying Party. The Indemnifying Party shall
not agree to any settlement of such action, suit, proceeding or claim that does not include a complete release of the Indemnified Party from all liability with respect thereto or that imposes any liability or obligation on the Indemnified Party
without the prior written consent of the Indemnified Party. 
 (iii) Treatment of Indemnity Payments.
All indemnity payments made under this Agreement shall be treated by the parties as an adjustment to the purchase price paid by AV Parties for any assets acquired in connection herewith, unless otherwise required by Applicable Law. 

(iv) Payments by an Indemnifying Party pursuant to this Section 13 in respect of any Damages shall
be reduced by an amount equal to any Tax benefit actually realized as a result of such Damages by the Indemnified Party, determined in the reasonable discretion of such Indemnified Party. 

(v) In no event shall any Indemnifying Party be liable to any Indemnified Party for any punitive damages except
arising out of a third-party claim. 
 (vi) Each Indemnified Party will use its commercially reasonable
efforts to mitigate any Damages for which such Indemnified Party is or may become entitled to be indemnified hereunder. 

(vii) Any liability for indemnification hereunder shall be determined without duplication of recovery by reason
of the state of facts giving rise to such liability constituting a breach of more than one representation, warranty, covenant or agreement. 

 (viii) Except as otherwise expressly set forth in this Agreement
or in the New Land Contracts or in the documents entered pursuant thereto or in connection with this Agreement, and subject to the limitations set forth herein, this Section 13 shall be the sole and exclusive remedies of the Indemnified
Parties and their respective Affiliates from and after the Effective Time with respect to matters set forth in Section 13(a) and 13(b) hereof. 

14. SURVIVAL. The representations and warranties of Hanover Sellers and AV Parties set forth in this Agreement
shall survive the Closing and the consummation of the transactions contemplated hereby and continue until the third (3rd) anniversary of the Closing Date (the “Survival
Date”), at which time they shall expire. The covenants and other agreements of each party set forth in this Agreement will remain in full force and effect in accordance with their terms. If an indemnification claim under
Section 13, as the case may be, is properly asserted in writing prior to the Survival Date or other applicable survival date, then the related representation and warranty, covenant or agreement shall survive until, but only for the
purpose of, the resolution of such claim. 
 15. BROKERS. All parties hereto each warrant and represent to the
other that, none of them have entered into any agreement, written or oral, with any person or entity as a result of which any party hereunder will become obligated to pay a finder’s fee or broker’s commission as a result of execution of
this Agreement or consummation of the transactions provided for herein. Each party hereto agrees to indemnify and hold the other parties hereto harmless against any liability, loss, cost, damage or expense arising out of, or attributable to, any
claim by any person or entity to a finder’s fee or brokerage commission based upon an alleged agreement (written or oral) between such person or entity and such party. The provisions of this Section 15 shall survive the closing and
the termination or cancellation of this Agreement. 
 16. MISCELLANEOUS. 

(a) Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the heirs,
representatives, successors and assigns of the parties hereto. Except as provided in herein or in the APA, this Agreement is not intended, and shall not be deemed, to confer any rights or remedies upon any Person other than the parties hereto and
their respective successors and permitted assigns or to otherwise create any third-party beneficiary hereto. 
 (b)
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida without giving effect to any choice or conflict of law provision or rule (whether of the State of Florida or any other
jurisdiction) that would cause the application of laws of any jurisdictions other than those of the State of Florida. 
 (c)
Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which together shall be considered one and the same agreement and shall become effective when counterparts have
been signed by each of the parties hereto and delivered to the other parties, it being understood that all parties need not sign the same counterpart. The exchange of copies of this Agreement and the signature pages by facsimile transmission or
other electronic means shall constitute effective execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement for all 

 
purposes. Signatures of the parties transmitted by facsimile or other electronic means shall be deemed to be their original signatures for all purposes. 

(d) Costs. Wherever in this Agreement provision is made for the doing of any act by any person it is understood and
agreed that such act shall be done by such person at its own cost and expense unless a contrary intent is expressed. 
 (e)
Construction. Both parties to this Agreement having participated fully and equally in the negotiation and preparation hereof, this Agreement shall not be more strictly construed or any ambiguities within this Agreement resolved against either
party hereto. 
 (f) Entire Agreement. This Agreement (including the Schedules and Exhibits hereto and the documents
and instruments referred to herein that are to be delivered at Closing) constitutes the entire agreement among the parties to this Agreement and supersedes any prior understandings, agreements or representations by or among the parties hereto, or
any of them, written or oral, with respect to the subject matter hereof. No provisions hereof may be modified or amended except by an instrument in writing signed by the party against whom enforcement is sought and then only to the extent set forth
in such instrument. 
 (g) Attorneys’ Fees. In connection with any litigation arising out of this Agreement, the
prevailing party shall be entitled to recover all of its reasonable attorneys’ fees and costs including all fees and costs incurred prior to and at all trial and appellate levels. 

(h) Waiver of Jury Trial. Each of party hereto hereby irrevocably waives all right to trial by jury in any action,
proceeding or counterclaim (whether based on contract, tort or otherwise) arising out of or relating to this agreement or the actions of parties hereto in the negotiation, administration, performance and enforcement hereof. 

(i) Assignment. Neither this Agreement nor any of the rights, interests or obligations under this Agreement may be
assigned or delegated, in whole or in part, by operation of law or otherwise by any of the parties hereto without the prior written consent of the other parties, and any such assignment without such prior written consent shall be null and void;
provided, however, Assignee may assign all of its rights, interests and obligations to AV Parties or any direct or indirect wholly owned subsidiary of AV Parties without any such consent. Subject to the preceding sentence, this
Agreement shall be binding upon, inure to the benefit of, and be enforceable by, the parties hereto and their respective successors and permitted assigns. 

(j) Time. Time is of the essence in the performance of each party’s respective obligations hereunder. 

(k) Severability. Any term or provision of this Agreement that is invalid or unenforceable in any situation in any
jurisdiction shall not affect the validity or enforceability of the remaining terms and provisions hereof or the validity or enforceability of the offending term or provision in any other situation or in any other jurisdiction. If the final judgment
of a court of competent jurisdiction declares that any term or provision hereof is invalid or unenforceable, the parties hereto agree that the court making such determination shall have the power to limit the term or provision, to delete specific
words or phrases, or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to 

 
expressing the intention of the invalid or unenforceable term or provision, and this Agreement shall be enforceable as so modified. In the event such court does not exercise the power granted to
it in the prior sentence, the parties hereto agree to replace such invalid or unenforceable term or provision with a valid and enforceable term or provision that will achieve, to the extent possible, the economic, business and other purposes of such
invalid or unenforceable term. 
 (l) Interpretation. When reference is made in this Agreement to an Article or a
Section, such reference shall be to an Article or Section of this Agreement, unless otherwise indicated. The table of contents, table of defined terms and headings contained in this Agreement are for convenience of reference only and shall not
affect in any way the meaning or interpretation of this Agreement. The language used in this Agreement shall be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction shall be
applied against any party. Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns and pronouns shall include the plural, and vice
versa. Any reference to any federal, state, local or foreign statute or law shall be deemed also to refer to all rules and regulations promulgated thereunder, unless the context requires otherwise. Whenever the words “include,”
“includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” The word “or” shall not be exclusive. No summary of this Agreement prepared by any
party shall affect the meaning or interpretation of this Agreement. 
 (m) Remedies. Any and all remedies herein
expressly conferred upon a party or expressly conferred upon a party pursuant to any other agreement, document, or instrument in connection with the transactions contemplated hereunder or delivered in connection herewith, will be deemed cumulative
with and not exclusive of any other remedy conferred hereby, or by law or equity upon such party, and the exercise by a party of any one remedy will not preclude the exercise of any other remedy. The parties hereto agree that irreparable damage
would occur in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the parties, in addition to all other remedies provided
hereunder, shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement, this being in addition to any other remedy to which they are entitled at law
or in equity. This provision shall survive Closing. 
 (n) Notices. All notices and other communications hereunder
shall be in writing and shall be deemed duly delivered (i) four (4) Business Days after being sent by registered or certified mail, return receipt requested, postage prepaid, (ii) one (1) Business Day after being sent for next
Business Day delivery, fees prepaid, via a reputable nationwide overnight courier service, (iii) on the date of confirmation of receipt (or, the first Business Day following such receipt if the date of such receipt is not a Business Day) of
transmission by electronic mail or facsimile, or (iv) the date such notice is actually received by the party for whom it is intended (or, the first Business Day following such receipt if the date of such receipt is not a Business Day), in the
case of any other means of transmission (including personal delivery, messenger service or ordinary mail), in each case to the intended recipient as set forth below: 

(A) If to AV Parties 

 AV Homes, Inc. 

8601 N. Scottsdale Road, Suite 225 

Scottsdale, Arizona 85253 

Attn: Roger A. Cregg 

Facsimile: (480) 948-0701 

Email: R.Cregg@AVHomesInc.com 

with a copy to (which shall not constitute notice): 

AV Homes, Inc. 

8601 N. Scottsdale Road, Suite 225 

Scottsdale, Arizona 85253 

Attn: Dave M. Gomez 

Facsimile: (480) 948-0701 

Email: D.Gomez@AVHomesInc.com 

with a further copy to (which shall not constitute notice): 

Akerman, LLP 

1 SE 3rd Avenue 

25th Floor 

Miami, Florida 33131 

Attn: Brenda J. Goerks, Esq. 

Facsimile: (305) 374-5095 

Email: brenda.goerks@akerman.com 

with a further copy to (which shall not constitute notice): 

Faegre Baker Daniels LLP 

2200 Wells Fargo Center 

90 South Seventh Street 

Minneapolis, Minnesota 55402 

Attn: Michael A. Stanchfield 

Facsimile: 612-766-1600 

Email: Mike.Stanchfield@FaegreBD.com 

(B) if to Orosz or Hanover Seller: 

c/o Hanover Land Company, LLC 

2420 South Lakemont Avenue, Suite 450, 

Orlando, FL 32814 

Attn: Bill Orosz 

Facsimile: 407-206-9333 

Email: worosz@hcpland.com 

 with a copy to (in the case of Orosz or Hanover Seller) (which shall not constitute notice): 

Lowndes, Drosdick, Doster, Kantor & Reed, P.A. 

215 North Eola Drive 

Orlando, Florida 32801 

Attn: Andrew J. Orosz, Esq. 

Facsimile: 407-843-4444 

Email: andrew.orosz@lowndes-law.com 

Any party to this Agreement may change the address to which notices and other communications hereunder are to be delivered by
giving the other parties to this Agreement notice in the manner herein set forth. 
 (o) Submission to Jurisdiction.
Each of the parties to this Agreement (a) consents to submit itself to the personal jurisdiction of any state or federal court sitting in the State of Florida in any action or proceeding arising out of or relating to this Agreement or any of
the transactions contemplated by this Agreement, (b) agrees that all claims in respect of such action or proceeding may be heard and determined in any such court, (c) agrees that it shall not attempt to deny or defeat such personal
jurisdiction by motion or other request for leave from any such court, and (d) agrees not to bring any action or proceeding arising out of or relating to this Agreement or any of the transactions contemplated by this Agreement in any other
court. Each of the parties hereto waives any defense of inconvenient forum to the maintenance of any action or proceeding so brought and waives any bond, surety or other security that might be required of any other party with respect thereto. Any
party hereto may make service on another party by sending or delivering a copy of the process to the party to be served at the address and in the manner provided for the giving of notices in Section 16(n). Nothing in this paragraph,
however, shall affect the right of any party to serve legal process in any other manner permitted by Applicable Law. 
 (p)
Certain Transactions. Each of the parties to this Agreement acknowledge and agree that the transactions generally known and identified by the parties as “Eagle Pointe” and “Overlook” shall be assigned by Royal Oak to HLC
prior to or on even date hereof, and, to the extent successfully acquired by HLC, shall be deemed Restricted Properties. Further, the transactions generally known and identified by the parties as “Hanover Platinum” and “Hanover
Reserve” are identified as New Land Contract Properties and are the subject of New Land Contracts, but are pending acquisition by Hanover. In no event shall the failure of Hanover to acquire title to the foregoing projects be deemed a default
hereunder or pursuant to the New Land Contracts that are specific to such transactions. 
 [SIGNATURES FOLLOW] 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day
and year first set forth above. 
  

			
	 “HANOVER SELLERS”:
  

HANOVER LAND COMPANY, LLC,

	 a Florida limited liability company

		
	 By:
	 	 /s/ William S. Orosz, Jr.

		 	 William S. Orosz, Jr., President

  

			
	 HANOVER ALDEA RESERVE, LLC,

	 a Florida limited liability company

		
	 By:
	 	 Hanover Land Company, LLC,

		 	 a Florida limited liability company,

		 	 its Manager

  

			
	 By:
	 	 /s/ William S. Orosz, Jr.

		 	 William S. Orosz, Jr., President

	
	 HANOVER AVALON RESERVE, LLC,

	 a Florida limited liability company

		
	 By:
	 	 Hanover Land Company, LLC,

		 	 a Florida limited liability company,

		 	 its Manager

		
	 By:
	 	 /s/ William S. Orosz, Jr.

		 	 William S. Orosz, Jr., President

	
	 HANOVER BARRINGTON ESTATES, LLC,

	 a Florida limited liability company

		
	 By:
	 	 Hanover Land Company, LLC,

		 	 a Florida limited liability company,

		 	 its Manager

		
	 By:
	 	 /s/ William S. Orosz, Jr.

		 	 William S. Orosz, Jr., President

 [SIGNATURE PAGES CONTINUE FOLLOWING PAGE] 

			
	 HANOVER BLACK LAKE, LLC,

	 a Florida limited liability company

		
	 By:
	 	 Hanover Land Company, LLC,

		 	 a Florida limited liability company,

		 	 its Manager

		
	 By:
	 	 /s/ William S. Orosz, Jr.

		 	 William S. Orosz, Jr., President

	
	 HANOVER EMERALD LAKE, LLC,

a Florida limited liability company

		
	 By:
	 	 Hanover Land Company, LLC,

		 	 a Florida limited liability company,

		 	 its Manager

		
	 By:
	 	 /s/ William S. Orosz, Jr.

		 	 William S. Orosz, Jr., President

	
	 HANOVER HAMMOCK TRAILS I, LLC,

a Florida limited liability company

		
	 By:
	 	 Hanover Land Company, LLC,

		 	 a Florida limited liability company,

		 	 its Manager

		
	 By:
	 	 /s/ William S. Orosz, Jr.

		 	 William S. Orosz, Jr., President

	
	 HANOVER MARBELLA, LLC,

a Florida limited liability company

		
	 By:
	 	 Hanover Land Company, LLC,

		 	 a Florida limited liability company,

		 	 its Manager

		
	 By:
	 	 /s/ William S. Orosz, Jr.

		 	 William S. Orosz, Jr., President

 [SIGNATURE PAGES CONTINUE FOLLOWING PAGE] 

			
	 PINES AT LAKE APOPKA, LLC,

	 a Florida limited liability company

		
	 By:
	 	Cambridge Development, Inc., a Florida corporation, its Manager
		
	 By:
	 	 /s/ William S. Orosz, Jr.

		 	 William S. Orosz, Jr., President

	
	 SPRING RIDGE ESTATES, LLC,

a Florida limited liability company

		
	 By:
	 	Cambridge Development, Inc., a Florida corporation, its Manager
		
	 By:
	 	 /s/ William S. Orosz, Jr.

		 	 William S. Orosz, Jr., President

	
	 BLUE LAKE ESTATES, LLC,

a Florida limited liability company

		
	 By:
	 	Cambridge Development, Inc., a Florida corporation, its Manager
		
	 By:
	 	 /s/ William S. Orosz, Jr.

		 	 William S. Orosz, Jr., President

SOLELY FOR THE PURPOSE OF SECTION 10 AND SECTION 16 HEREOF: 

“OROSZ” 
  

	
	 /s/ William S. Orosz, Jr.

	 William S. Orosz, Jr.

 [SIGNATURE PAGES CONTINUE FOLLOWING PAGE] 

			
	“AV PARTIES”:
	
	 AV HOMES, INC., a Delaware corporation

		
	 By:
	 	 /s/ Roger A. Cregg

		 	 Name:Roger A. Cregg

		 	 Title:President and Chief Executive Officer

		 	 Date:March 13, 2014

	
	 AVH ACQUISTION, LLC.,

a Florida limited liability company

	
	 By: AVATAR PROPERTIES INC., a Florida corporation, its sole member

		
	 By:
	 	 /s/ Roger A. Cregg

		 	 Name: Roger A. Cregg

		 	 Title: Chairman of the Board and Director

		 	 Date: March 13, 2014EX-10.16

 Exhibit 10.16 

REAL ESTATE ACQUISITION AGREEMENT 

THIS REAL ESTATE ACQUISITION AGREEMENT the (“Agreement”) is dated the 5th day of December, 2013, by and between IBG
ADRIATICA HOLDINGS, INC., hereinafter referred to as “Seller”, and HIMALAYAN VENTURES, L.P., hereinafter collectively referred to as “Buyer”. 

WITNESSETH: 
 For and in
consideration of the mutual covenants hereinafter contained, the parties agree as follows: 
 1. Sale Agreement. Seller hereby agrees
to sell, and Buyer hereby agrees to purchase, upon the terms hereinafter stated, the real property described as Exhibit “A” on the last page attached hereto (the “Property”). 

Seller hereby acknowledges receipt of the sum of $50.00 cash (the “Option Consideration”) from Purchaser, as consideration for
execution of this Agreement by Seller. If the purchase and sale of the Property is consummated pursuant to this Agreement, the Option Consideration shall be applied toward the cash portion of the Purchase Price (as hereinafter defined) paid by
Purchaser. If this Agreement is terminated pursuant to a default by Seller hereunder, the Option Consideration shall be immediately returned by Seller to Purchaser. If this Agreement is terminated for any reason other than a default by Seller
hereunder, Seller shall be entitled to retain the Option Consideration. 
 2. Purchase Price. Subject to the adjustments and
pro-rations hereinafter described, the total purchase price to be paid for the Property shall be TWO MILLION NINE HUNDRED THOUSAND AND NO/100 DOLLARS ($2,900,000.00), and shall be apportioned as follows: 

 

							
	 (a)
	 	Purchase Price to be paid for the part of the Property commonly known as MedPark II Mixed Use:	  	$	 1,000,000	  
	 (b)
	 	Purchase Price to be paid for that portion of the Property commonly known as Villa Lots (residential):	  	 	1,900,000	  
		 		  	  
	  
	 
		 	 Total Purchase Price
	  	$	2,900,000	  

 2.1 Cash Closing. The entirety of the purchase price shall be paid in cash (by wired
funds or certified funds satisfactory to Escrow Agent for the purposes of making an immediate funding thereof) at closing. 

  
 REAL ESTATE ACQUISITION AGREEMENT
- Page 1 

 3. Inspection Period and Contingency. Seller agrees to permit Buyer and its
representatives for a period of three (3) days from the date hereof (the “Inspection Period”) to have access to the Property to, at Buyer’s sole expense, perform such geological, soil tests, engineering studies and other tests as
Buyer shall require. Upon completion of such inspections and tests, Buyer shall, at its sole expense, cause the Property to be restored to its previous condition, and Buyer shall indemnify and hold Seller and its agents harmless of and from all
claims which may be asserted against Seller or its agents and from all damages arising from such entry. During this period, Buyer shall determine to its satisfaction whether the Property is satisfactory for the construction thereon of Buyer’s
proposed construction. 
 In order to assist Buyer in making this determination, Seller agrees to provide to Buyer, within one (1) day
from the date of this Agreement, copies of all surveys, engineering reports, development studies, soil reports, and environmental assessments in Seller’s possession, if any, which Seller has obtained for the Property; provided, however,
such materials shall be provided to Buyer as a convenience only, and Seller makes no representation or warranty as to the accuracy thereof or anything contained therein. Should Buyer discover evidence of Hazardous Materials on the Property which
would make the Property unsuitable for Buyer’s proposed construction on the Property, Buyer shall, prior to the expiration of the Inspection Period, deliver to Seller written notice of such discovery. Upon receipt of such written notice, Seller
shall, within three (3) days from the date of the Agreement, either (i) remove the Hazardous Materials from the Property to the reasonable satisfaction of Buyer, or (ii) deliver written notice to Buyer that Seller will not remove the
Hazardous Materials from the Property. In the event that either (i) Seller’s efforts to remove the Hazardous Materials are not reasonably acceptable to Buyer, or (ii) Seller, in accordance with the preceding sentence, delivers written
notice to Buyer that it will not remove the Hazardous Materials from the Property, Buyer shall have the right to terminate this Agreement by, within ten (10) days from the date of this Agreement, delivering to Seller a written notice of
termination. Buyer shall have no right to terminate this Agreement under this Paragraph 3 for any reason other than as set forth above. Notwithstanding anything in this Paragraph 3 to the contrary, in the event Buyer fails, for any reason, to send a
written notice of termination to Seller prior to the expiration of the Inspection Period, Buyer agrees that it should be conclusively presumed that the Property is suitable for Buyer’s proposed construction, that all conditions to closing set
forth in this Paragraph 3 have been satisfied, and Buyer shall have no further right to terminate this Agreement pursuant to the provisions of this Paragraph 3. 

4. Title. Seller shall, within three (3) days after the date hereof, or such longer period of time as may be required in the
preparation thereof, provide to Buyer a commitment (hereinafter referred to as the “Commitment”) for an Owner’s Title Policy covering the Property in the form promulgated by the State Board of Insurance of the State of Texas. The
Commitment covering the Property shall be in the amount of the purchase price and shall be accompanied by copies of all instruments creating any exceptions, including easements, restrictions, reservations, rights of way or other conditions, if any,
affecting the Property. Seller shall cause the Escrow Agent to issue an Owner’s Title Policy in the form Promulgated by the State Board of Insurance of the State of Texas and in the amount aforesaid, based upon the Commitment covering the
Property to Buyer at closing, which Owner’s Title Policy shall be subject to the standard printed exceptions and the Permitted Exceptions, as that term is hereinafter defined. Seller and Buyer shall each pay for one-half ( 1⁄2) of the cost of said Commitment and Policy, except and excluding any and all costs associated with the deletion of the “survey exception”, which
shall be paid for solely by Buyer. 

  
 REAL ESTATE ACQUISITION AGREEMENT
- Page 2 

 4.1 Title of Record. As used herein, title shall be indefeasible, as that
term is defined by the current title standards in use in the State of Texas, free and clear of all liens and encumbrances, except interest in the oil, gas and other minerals lying in and under the Property and the other Permitted Encumbrances. 

4.2 Objections to Title of Record. Within three (3) days after receipt of the Commitment, Buyer shall furnish to
Seller written notification of any objections to or defects in the Title of Record. Any matter reflected on the Commitment to which Buyer does not give Seller written notice of objection within said three (3) day period shall be deemed a
Permitted Exception, as that term is used herein. Seller shall have the right, but not the obligation, to cure Buyer’s objections to defects in the title prior to closing. In the event such defects are not cured by such date, Buyer shall have
the option to (i) terminate this Agreement by giving notice to Seller prior to closing, or (ii) waive the defects and close, in which event the matter made the basis of such objection shall constitute a Permitted Exception. 

5. Plat and Survey. Within three (3) days after the date hereof, Buyer shall have ordered and received a current survey of the
Property (the “Survey”) which shall have been prepared by and certified by a registered professional engineer or land surveyor, which survey shall be in a form satisfactory to the Escrow Agent such that the survey exception will be removed
from the title insurance policy delivered at closing; provided, however, Buyer agrees to pay the additional title insurance premium charged by Escrow Agent in connection therewith should Buyer elect to have the exception removed from the
policy. The metes and bounds description for the Property as prepared by the surveyor in connection with the Survey shall be substituted for the description of the Property shown as Exhibit “A” attached hereto, and used in the
Special Warranty Deed (the “Deed”) to be delivered at closing. Within three (3) days after receipt of the Survey, Buyer shall furnish to Seller written notice of any objections to the Survey. Any matter reflected on the Survey to
which Buyer does not give Seller written notice of objection within said three (3) day period shall be deemed a Permitted Exception. Seller shall have the right, but not the obligation, to cure Buyer’s objections to the Survey prior to
closing. In the event such defects are not cured by such date, Buyer shall have the option to (i) terminate this Agreement by giving notice to Seller prior to closing, or (ii) waive its survey objections and close. Buyer shall pay for the
total cost of the Survey. 
 6. Representations and Warranties. 

6.1 Seller’s Representations and Warranties. The Seller represents and warrants to the Buyer that this Agreement
has been duly executed and delivered by the Seller, and is a legal, valid and binding obligation of the Seller enforceable against the Seller in accordance with its terms. 

The foregoing warranties are specifically limited to the actual, current knowledge of the Seller, without inquiry, as of this date, and as
such, do not extend to matters unknown to Seller. 

  
 REAL ESTATE ACQUISITION AGREEMENT
- Page 3 

 6.2 Buyer’s Representations and Warranties. The Buyer represents and
warrants to the Seller that this Agreement has been duly executed and delivered by the Buyer, that all corporate formalities necessary for Buyer’s execution, delivery and performance of this Agreement have occurred, and that this Agreement is a
legal, valid and binding obligation of the Buyer enforceable against the Buyer in accordance with its terms. 
 7. Closing. Buyer and
Seller agree that the purchase will be consummated as follows: 
 7.1 Closing Date. Closing documents will be executed
by Buyer and Seller in the offices of the Escrow Agent on December 13, 2013, unless the parties mutually agree to a different place and/or date in writing. The exact time for closing shall be established by agreement between the parties and in
the absence thereof shall be held at 10:00 a.m. However, the effective time and date for Closing, and the time and date at which title to the Property shall be transferred from Seller to Buyer shall be midnight on December 31, 2013 (the
“Closing Date”). 
 7.2 Transfer of Title. Seller agrees to convey title to the Property to Buyer by special
warranty deed on the Closing Date. 
 7.3 Payments at Closing. At closing, Buyer shall pay Seller the entirety of the
purchase price required under paragraph 2.2. 
 7.4 Possession. Exclusive possession of the Property shall be given to
Buyer on the Closing Date. 
 7.5 Real Property Taxes. All past due property taxes and special assessments for
calendar year 2013 and all prior years, if any, shall be paid by Seller. The property taxes on the Property and installments for special assessments for the calendar year 2014 and all subsequent years will be the responsibility of, and paid for by,
Buyer. 
 7.6 Closing Costs. Seller shall pay the following costs: Seller’s attorney’s fees, one-half ( 1⁄2) of the fee charged by the Escrow Agent to close the transaction, and one-half ( 1⁄2) of the title insurance premium (excluding the additional premium for deletion of the “survey exception”, if required by Buyer, which shall be paid for solely by Buyer). Buyer shall pay the following
costs: Buyer’s attorney’s fees, any abstracting costs incurred, one-half ( 1⁄2) of the title insurance premium (plus all of the additional premium
for deletion of the “survey exception”, if required by Buyer), the survey cost, all costs associated with platting the Property, the costs of all testing done on the Property, the recording cost for the deed, and one-half ( 1⁄2) of the fee charged by the Escrow Agent to close the transaction. 

8. Default. If Buyer defaults under this Agreement, unless excused by a condition hereof, Seller may retain the earnest money as
liquidated damages, it being agreed that it would be impracticable or extremely difficult to assess the amount of damages sustained by Seller. If Seller defaults under this Agreement, unless excused by a condition hereof, Buyer shall, at its option,
(i) have the right to obtain the return of its earnest money, or (ii) specifically enforce this Agreement, as its sole remedies. 

  
 REAL ESTATE ACQUISITION AGREEMENT
- Page 4 

 9. Miscellaneous. It is further understood and agreed as follows: 

9.1 Time. Time is of the essence of this Agreement. 

9.2 Notices. Whenever any notice, demand or request is required or permitted hereunder, such notice, demand or request
shall be hand delivered in person or sent by mail, registered or certified, return receipt requested, postage prepaid, or by Federal Express or other overnight delivery service providing evidence of receipt of delivery to the addresses as set forth
below: 
 As to Buyer: Himalayan Ventures, L.P. 

14643 Dallas Parkway 
 Suite 550

 Dallas, TX 75254 

As to Seller: IBG Adriatica Holdings, Inc. 

1600 Redbud Blvd. 
 Suite 400

 McKinney, TX 75069 

Any notice, demand or request that shall be served upon either of the parties in the manner aforesaid shall be deemed
sufficiently given for all purposes hereunder (i) at the time such notices, demands or requests are hand delivered in person, or (ii) on the third day after the mailing of such notices, demands or requests in accordance with the preceding
portion of this Section. 
 Either Buyer or Seller shall have the right from time to time to designate by written notice to
the other party such other person or persons, and such other place or places, as Buyer or Seller may desire written notices to be delivered or sent in accordance herewith; provided, however, at no time shall either party be required to send more
than an original and two (2) copies of any such notice, demand or request required or permitted hereunder. 
 9.3
Severability. If any provision of this Agreement shall be held to be void or unenforceable for any reason, the remaining terms and provisions hereof shall not be affected thereby. 

9.4 Assignability. Buyer may, without the prior written consent of Seller, assign its rights hereunder to any affiliated
party. However, Buyer shall not, without the prior written consent of Seller, assign its rights hereunder to any unaffiliated third party. 

9.5 Binding Effect. Subject to the provisions of Paragraph 11.4 above, this Agreement shall inure to the benefit of and
bind the successors and assigns of the parties hereto. 
 9.6 Effective Date of Covenants; Survival. All covenants and
warranties contained herein shall be true and correct as of this date and on the Closing Date and, except as specifically provided, shall survive the closing of this transaction for a period of one (1) year from the Closing Date, after which
time all covenants and warranties shall be merged into the conveyance documents and extinguished. 

  
 REAL ESTATE ACQUISITION AGREEMENT
- Page 5 

 9.7 Entire Agreement. This instrument constitutes the entire agreement of
the parties. It supersedes any and all other agreements, either oral or in writing, between the parties hereto. Each party to this Agreement acknowledges that no representations, inducements, promises or agreements, oral or otherwise, have been made
by any party or anyone acting on behalf of any party, which are not embodied herein, and that no other agreement, statement or promise not contained in this agreement shall be valid or binding. This Agreement may not be modified or amended by oral
agreement, but only by an agreement in writing, signed by the parties hereto. 
 9.8 Paragraph Headings. Paragraph
headings contained in this Agreement are for reference only and shall not affect, in any way, the meaning or interpretation of this Agreement. 

9.9 Attorney’s Fees. In the event either party hereto files suit in order to enforce or interpret the terms and
provisions of this Agreement, the prevailing party in such litigation shall be entitled to recover from the other its reasonable attorney’s fees and expenses incidental to the litigation. 

9.10 Applicable Law. This Agreement shall be governed by and construed under the laws of the State of Texas.
VENUE FOR ANY DISPUTE ARISING UNDER THIS AGREEMENT SHALL BE COLLIN COUNTY, TEXAS. 
 9.11 Condition of the
Property. BUYER ACKNOWLEDGES AND AGREES THAT THE PROPERTY SHALL BE CONVEYED AND TRANSFERRED TO BUYER “AS IS, WHERE IS, AND WITH ALL FAULTS”, AND SELLER DOES NOT WARRANT OR MAKE ANY REPRESENTATION, EXPRESSED OR IMPLIED, AS TO THE
MERCHANTABILITY, QUANTITY, QUALITY, CONDITION, SUITABILITY OR FITNESS FOR ANY PURPOSE WHATSOEVER AND SHALL BE UNDER NO OBLIGATION WHATSOEVER TO UNDERTAKE ANY REPAIRS, ALTERATIONS OR OTHER WORK OF ANY KIND WITH RESPECT TO ANY PORTION OF THE PROPERTY.
BUYER ALSO ACKNOWLEDGES AND AGREES THAT THE PROVISIONS IN THIS AGREEMENT FOR INSPECTION AND INVESTIGATION OF THE PROPERTY ARE ADEQUATE TO ENABLE BUYER TO MAKE BUYER’S OWN DETERMINATION WITH RESPECT TO THE MERCHANTABILITY, QUANTITY, QUALITY,
CONDITION AND SUITABILITY OR FITNESS FOR ANY PURPOSE OF THE PROPERTY, INCLUDING, WITHOUT LIMITATION, ITS COMPLIANCE WITH APPLICABLE ENVIRONMENTAL LAWS. 

(signature page to follow) 

  
 REAL ESTATE ACQUISITION AGREEMENT
- Page 6 

 (signature page to Real Estate Acquisition Agreement) 

IN WITNESS WHEREOF, the parties thereto have executed this Agreement as of the day and year first above written. 

 

			
	SELLER:
	
	IBG ADRIATICA HOLDINGS, INC.
		
	By:	 	 /s/ Jan Webb

		 	Jan Webb
		 	Executive Vice President and Secretary
	
	BUYER:
	
	HIMALAYAN VENTURES, L.P.
		
	BY:	 	DENALI SUMMIT, LLC,
		 	Its General Partner

  

					
	 	 	By:	 	 /s/ David R. Brooks

		 		 	David R. Brooks
		 		 	President

  
 REAL ESTATE ACQUISITION AGREEMENT
- Page 7 

 EXHIBIT “A” 

Legal Description 
 TRACT 1: 

Being Lots 5 through 14, Block A; Lots 1 through 10, Block B; Lots 1 through 3, Block C, Lots 1 through 5, Block D and Lots 1 through 4, Block E of AMENDED
PLAT, VILLA DISTRICT ADRIATICA REVISED, an Addition to the City of McKinney, Collin County, Texas, according to the Plat thereof recorded in Volume 2012, Page 90, Map Records, Collin County, Texas. 

TRACT 2: 
 Situated in the City of McKinney, County of Collin,
State of Texas, being a part of Lot 6 and Lot 7, Block A, Adriatica Addition, Lot 6 and Lot 7, Block A, an addition to the City of McKinney, Texas, shown by plat of record in County Clerk File No. 20130307010000720 and being the same tract of land
conveyed to and being more particularly described by metes and bounds as follows: 
 Beginning at a found “X” cut in concrete in the West
right-of-way line of Adriatica Parkway (a public street) said cut “X” maintaining the Northeast corner of said Lot 7; 
 THENCE Southerly along
said West right-of-way line, with a curve to the left having a radius of 332.00 feet (chord bears South 10 degrees 46 minutes 52 seconds East a distance of 356.95 feet) an arc length of 376.86 feet to a
 1⁄2 inch steel rod set for the Northeast corner of a 5.1221 acre tract of land conveyed to Himalayan St. Paul’s Square Holdings, LLC by deed of record in
County Clerks File No. 20130108000029720; 
 THENCE with the North line of said 5.1221 acre tract, and being over and across said Lot 6 & Lot 7 the
following calls and distances: 
 South 46 degrees 41 minutes 56 seconds West, a distance of 77.89 feet to a
 1⁄2 inch steel rod set; 
 South 89 degrees 27 minutes 54 seconds
West, a distance of 254.99 feet to a  1⁄2 inch steel rod set; 

North 00 degrees 32 minutes 06 seconds West, a distance of 222.88 feet to a  1⁄2 inch steel rod set; 
 South 89 degrees 27 minutes 54 seconds West, a distance of 254.01 feet to a  1⁄2 inch steel rod set; 
 THENCE North 00 degrees 32 minutes 06
seconds West, over and across said Lot 7, a distance of 109.88 feet to a “X” cut in concrete in the North line of said Lot 7 for the Northwest corner of the herein described tract; 

THENCE along the North line of Lot 7 the following calls and distances: 

North 89 degrees 27 minutes 54 seconds East, a distance of 133.04 feet to a found “X” cut in concrete; 

With a tangent curve to the left having a radius of 300.00 feet (chord bears North 76 degrees 08 minutes 16 seconds East, a distance of 138.31) an arc length
of 139.57 feet to an “X” cut in concrete; 
 North 62 degrees 48 minutes 36 seconds East, a distance of 36.78 feet to an “X” cut in
concrete; 
 With a tangent curve to the right having a radius of 300.00 feet (chord bears North 73 degrees 33 minutes 28 seconds East, a distance of 111.89
feet) an arc length of 112.55 feet to a found “X” cut in concrete; 
 North 84 degrees 18 minutes 20 seconds East, a distance of 5.15 feet to a
found “X” cut in concrete; 
 With a tangent curve to the right having a radius of 250.00 feet (chord bears South 85 degrees 20 minutes 44 seconds
East, a distance of 89.82) an arc length of 90.31 feet to the Point-of-Beginning and containing 2.95 acres of land. 

  
 REAL ESTATE ACQUISITION AGREEMENT
- Page 8 

 REAL ESTATE ACQUISITION AGREEMENT 

THIS REAL ESTATE ACQUISITION AGREEMENT the (“Agreement”) is dated the 5th day of December, 2013, by and between IBG
ADRIATICA HOLDINGS, INC., hereinafter referred to as “Seller”, and HIMALAYAN VENTURES, L.P., hereinafter collectively referred to as “Buyer”. 

WITNESSETH: 
 For and in
consideration of the mutual covenants hereinafter contained, the parties agree as follows: 
 1. Sale Agreement. Seller hereby agrees
to sell, and Buyer hereby agrees to purchase, upon the terms hereinafter stated, the real property described on Exhibit “A” attached hereto (the “Property”). 

Seller hereby acknowledges receipt of the sum of $50.00 cash (the “Option Consideration”) from Purchaser, as consideration for
execution of this Agreement by Seller. If the purchase and sale of the Property is consummated pursuant to this Agreement, the Option Consideration shall be applied toward the cash portion of the Purchase Price (as hereinafter defined) paid by
Purchaser. If this Agreement is terminated pursuant to a default by Seller hereunder, the Option Consideration shall be immediately returned by Seller to Purchaser. If this Agreement is terminated for any reason other than a default by Seller
hereunder, Seller shall be entitled to retain the Option Consideration. 
 2. Purchase Price. Subject to the adjustments and
pro-rations hereinafter described, the total purchase price to be paid for the Property shall be FIVE MILLION AND NO/100 DOLLARS ($5,000,000.00). 

2.1 Cash Closing. The entirety of the purchase price shall be paid in cash (by wired funds or certified funds
satisfactory to Escrow Agent for the purposes of making an immediate funding thereof) at closing. 
 3. Inspection Period and
Contingency. Seller agrees to permit Buyer and its representatives for a period of three (3) days from the date hereof (the “Inspection Period”) to have access to the Property to, at Buyer’s sole expense, perform such
geological, soil tests, engineering studies and other tests as Buyer shall require. Upon completion of such inspections and tests, Buyer shall, at its sole expense, cause the Property to be restored to its previous condition, and Buyer shall
indemnify and hold Seller and its agents harmless of and from all claims which may be asserted against Seller or its agents and from all damages arising from such entry. During this period, Buyer shall determine to its satisfaction whether the
Property is satisfactory for the construction thereon of Buyer’s proposed construction. 
 In order to assist Buyer in making this
determination, Seller agrees to provide to Buyer, within one (1) day from the date of this Agreement, copies of all surveys, engineering reports, development studies, soil reports, and environmental assessments in Seller’s possession, if
any, 

  
 REAL ESTATE ACQUISITION AGREEMENT
- Page 1 

 
which Seller has obtained for the Property; provided, however, such materials shall be provided to Buyer as a convenience only, and Seller makes no representation or warranty as to the
accuracy thereof or anything contained therein. Should Buyer discover evidence of Hazardous Materials on the Property which would make the Property unsuitable for Buyer’s proposed construction on the Property, Buyer shall, prior to the
expiration of the Inspection Period, deliver to Seller written notice of such discovery. Upon receipt of such written notice, Seller shall, within three (3) days from the date of the Agreement, either (i) remove the Hazardous Materials
from the Property to the reasonable satisfaction of Buyer, or (ii) deliver written notice to Buyer that Seller will not remove the Hazardous Materials from the Property. In the event that either (i) Seller’s efforts to remove the
Hazardous Materials are not reasonably acceptable to Buyer, or (ii) Seller, in accordance with the preceding sentence, delivers written notice to Buyer that it will not remove the Hazardous Materials from the Property, Buyer shall have the
right to terminate this Agreement by, within ten (10) days from the date of this Agreement, delivering to Seller a written notice of termination. Buyer shall have no right to terminate this Agreement under this Paragraph 3 for any reason other
than as set forth above. Notwithstanding anything in this Paragraph 3 to the contrary, in the event Buyer fails, for any reason, to send a written notice of termination to Seller prior to the expiration of the Inspection Period, Buyer agrees that it
should be conclusively presumed that the Property is suitable for Buyer’s proposed construction, that all conditions to closing set forth in this Paragraph 3 have been satisfied, and Buyer shall have no further right to terminate this Agreement
pursuant to the provisions of this Paragraph 3. 
 4. Title. Seller shall, within three (3) days after the date hereof, or such
longer period of time as may be required in the preparation thereof, provide to Buyer a commitment (hereinafter referred to as the “Commitment”) for an Owner’s Title Policy covering the Property in the form promulgated by the State
Board of Insurance of the State of Texas. The Commitment covering the Property shall be in the amount of the purchase price and shall be accompanied by copies of all instruments creating any exceptions, including easements, restrictions,
reservations, rights of way or other conditions, if any, affecting the Property. Seller shall cause the Escrow Agent to issue an Owner’s Title Policy in the form Promulgated by the State Board of Insurance of the State of Texas and in the
amount aforesaid, based upon the Commitment covering the Property to Buyer at closing, which Owner’s Title Policy shall be subject to the standard printed exceptions and the Permitted Exceptions, as that term is hereinafter defined. Seller and
Buyer shall each pay for one-half ( 1⁄2) of the cost of said Commitment and Policy, except and excluding any and all costs associated with the deletion of the
“survey exception”, which shall be paid for solely by Buyer. 
 4.1 Title of Record. As used herein, title
shall be indefeasible, as that term is defined by the current title standards in use in the State of Texas, free and clear of all liens and encumbrances, except interest in the oil, gas and other minerals lying in and under the Property and the
other Permitted Encumbrances. 
 4.2 Objections to Title of Record. Within three (3) days after receipt of the
Commitment, Buyer shall furnish to Seller written notification of any objections to or defects in the Title of Record. Any matter reflected on the Commitment to which Buyer does not give Seller written notice of objection within said three
(3) day period shall be deemed a Permitted Exception, as that term is used herein. Seller shall have the right, but not the obligation, to cure Buyer’s objections to defects in the title prior to closing. In the event such defects are not
cured by such date, Buyer shall have the option to (i) terminate this Agreement by giving notice to Seller prior to closing, or (ii) waive the defects and close, in which event the matter made the basis of such objection shall constitute a
Permitted Exception. 

  
 REAL ESTATE ACQUISITION AGREEMENT
- Page 2 

 5. Plat and Survey. Within three (3) days after the date hereof, Buyer shall have
ordered and received a current survey of the Property (the “Survey”) which shall have been prepared by and certified by a registered professional engineer or land surveyor, which survey shall be in a form satisfactory to the Escrow Agent
such that the survey exception will be removed from the title insurance policy delivered at closing; provided, however, Buyer agrees to pay the additional title insurance premium charged by Escrow Agent in connection therewith should Buyer
elect to have the exception removed from the policy. The metes and bounds description for the Property as prepared by the surveyor in connection with the Survey shall be substituted for the description of the Property shown as Exhibit
“A” attached hereto, and used in the Special Warranty Deed (the “Deed”) to be delivered at closing. Within three (3) days after receipt of the Survey, Buyer shall furnish to Seller written notice of any objections to the
Survey. Any matter reflected on the Survey to which Buyer does not give Seller written notice of objection within said three (3) day period shall be deemed a Permitted Exception. Seller shall have the right, but not the obligation, to cure
Buyer’s objections to the Survey prior to closing. In the event such defects are not cured by such date, Buyer shall have the option to (i) terminate this Agreement by giving notice to Seller prior to closing, or (ii) waive its survey
objections and close. Buyer shall pay for the total cost of the Survey. 
 6. Representations and Warranties. 

6.1 Seller’s Representations and Warranties. The Seller represents and warrants to the Buyer that this Agreement
has been duly executed and delivered by the Seller, and is a legal, valid and binding obligation of the Seller enforceable against the Seller in accordance with its terms. 

The foregoing warranties are specifically limited to the actual, current knowledge of the Seller, without inquiry, as of this date, and as
such, do not extend to matters unknown to Seller. 
 6.2 Buyer’s Representations and Warranties. The Buyer
represents and warrants to the Seller that this Agreement has been duly executed and delivered by the Buyer, that all corporate formalities necessary for Buyer’s execution, delivery and performance of this Agreement have occurred, and that this
Agreement is a legal, valid and binding obligation of the Buyer enforceable against the Buyer in accordance with its terms. 
 7.
Closing. Buyer and Seller agree that the purchase will be consummated as follows: 
 7.1 Closing Date. Closing
documents will be executed by Buyer and Seller in the offices of the Escrow Agent on December 13, 2013, unless the parties mutually agree to a different place and/or date in writing. The exact time for closing shall be established by agreement
between the parties and in the absence thereof shall be held at 10:00 a.m. However, the effective time and date for Closing, and the time and date at which title to the Property shall be transferred from Seller to Buyer shall be midnight on
December 31, 2013 (the “Closing Date”). 

  
 REAL ESTATE ACQUISITION AGREEMENT
- Page 3 

 7.2 Transfer of Title. Seller agrees to convey title to the Property to
Buyer by special warranty deed on the date of closing. 
 7.3 Payments at Closing. At closing, Buyer shall pay Seller
the entirety of the purchase price required under paragraph 2.2. 
 7.4 Possession. Exclusive possession of the
Property shall be given to Buyer on the date of closing. 
 7.5 Real Property Taxes. All past due property taxes and
special assessments for calendar year 2013 and all prior years, if any, shall be paid by Seller. The property taxes on the Property and installments for special assessments for the calendar year 2014 and all subsequent years will be the
responsibility of, and paid for by, Buyer. 
 7.6 Closing Costs. Seller shall pay the following costs: Seller’s
attorney’s fees, one-half ( 1⁄2) of the fee charged by the Escrow Agent to close the transaction, and one-half
( 1⁄2) of the title insurance premium (excluding the additional premium for deletion of the “survey exception”, if required by Buyer, which shall be
paid for solely by Buyer). Buyer shall pay the following costs: Buyer’s attorney’s fees, any abstracting costs incurred, one-half ( 1⁄2) of the title
insurance premium (plus all of the additional premium for deletion of the “survey exception”, if required by Buyer), the survey cost, all costs associated with platting the Property, the costs of all testing done on the Property, the
recording cost for the deed, and one-half ( 1⁄2) of the fee charged by the Escrow Agent to close the transaction. 

8. Default. If Buyer defaults under this Agreement, unless excused by a condition hereof, Seller may retain the earnest money as
liquidated damages, it being agreed that it would be impracticable or extremely difficult to assess the amount of damages sustained by Seller. If Seller defaults under this Agreement, unless excused by a condition hereof, Buyer shall, at its option,
(i) have the right to obtain the return of its earnest money, or (ii) specifically enforce this Agreement, as its sole remedies. 

9. Miscellaneous. It is further understood and agreed as follows: 

9.1 Time. Time is of the essence of this Agreement. 

9.2 Notices. Whenever any notice, demand or request is required or permitted hereunder, such notice, demand or request
shall be hand delivered in person or sent by mail, registered or certified, return receipt requested, postage prepaid, or by Federal Express or other overnight delivery service providing evidence of receipt of delivery to the addresses as set forth
below: 

  
 REAL ESTATE ACQUISITION AGREEMENT
- Page 4 

 As to Buyer: Himalayan Ventures, L.P. 

14643 Dallas Parkway 
 Suite 550

 Dallas, TX 75254 

As to Seller: IBG Adriatica Holdings, Inc. 

1600 Redbud Blvd. 
 Suite 400

 McKinney, TX 75069 

Any notice, demand or request that shall be served upon either of the parties in the manner aforesaid shall be deemed
sufficiently given for all purposes hereunder (i) at the time such notices, demands or requests are hand delivered in person, or (ii) on the third day after the mailing of such notices, demands or requests in accordance with the preceding
portion of this Section. 
 Either Buyer or Seller shall have the right from time to time to designate by written notice to
the other party such other person or persons, and such other place or places, as Buyer or Seller may desire written notices to be delivered or sent in accordance herewith; provided, however, at no time shall either party be required to send more
than an original and two (2) copies of any such notice, demand or request required or permitted hereunder. 
 9.3
Severability. If any provision of this Agreement shall be held to be void or unenforceable for any reason, the remaining terms and provisions hereof shall not be affected thereby. 

9.4 Assignability. Buyer may, without the prior written consent of Seller, assign its rights hereunder to any affiliated
party. However, Buyer shall not, without the prior written consent of Seller, assign its rights hereunder to any unaffiliated third party. 

9.5 Binding Effect. Subject to the provisions of Paragraph 11.4 above, this Agreement shall inure to the benefit of and
bind the successors and assigns of the parties hereto. 
 9.6 Effective Date of Covenants; Survival. All covenants and
warranties contained herein shall be true and correct as of this date and on the Closing Date and, except as specifically provided, shall survive the closing of this transaction for a period of one (1) year from the Closing Date, after which
time all covenants and warranties shall be merged into the conveyance documents and extinguished. 
 9.7 Entire
Agreement. This instrument constitutes the entire agreement of the parties. It supersedes any and all other agreements, either oral or in writing, between the parties hereto. Each party to this Agreement acknowledges that no representations,
inducements, promises or agreements, oral or otherwise, have been made by any party or anyone acting on behalf of any party, which are not embodied herein, and that no other agreement, statement or promise not contained in this agreement shall be
valid or binding. This Agreement may not be modified or amended by oral agreement, but only by an agreement in writing, signed by the parties hereto. 

  
 REAL ESTATE ACQUISITION AGREEMENT
- Page 5 

 9.8 Paragraph Headings. Paragraph headings contained in this Agreement are
for reference only and shall not affect, in any way, the meaning or interpretation of this Agreement. 
 9.9
Attorney’s Fees. In the event either party hereto files suit in order to enforce or interpret the terms and provisions of this Agreement, the prevailing party in such litigation shall be entitled to recover from the other its reasonable
attorney’s fees and expenses incidental to the litigation. 
 9.10 Applicable Law. This Agreement shall be
governed by and construed under the laws of the State of Texas. VENUE FOR ANY DISPUTE ARISING UNDER THIS AGREEMENT SHALL BE COLLIN COUNTY, TEXAS. 

9.11 Condition of the Property. BUYER ACKNOWLEDGES AND AGREES THAT THE PROPERTY SHALL BE CONVEYED AND TRANSFERRED TO
BUYER “AS IS, WHERE IS, AND WITH ALL FAULTS”, AND SELLER DOES NOT WARRANT OR MAKE ANY REPRESENTATION, EXPRESSED OR IMPLIED, AS TO THE MERCHANTABILITY, QUANTITY, QUALITY, CONDITION, SUITABILITY OR FITNESS FOR ANY PURPOSE WHATSOEVER AND
SHALL BE UNDER NO OBLIGATION WHATSOEVER TO UNDERTAKE ANY REPAIRS, ALTERATIONS OR OTHER WORK OF ANY KIND WITH RESPECT TO ANY PORTION OF THE PROPERTY. BUYER ALSO ACKNOWLEDGES AND AGREES THAT THE PROVISIONS IN THIS AGREEMENT FOR INSPECTION AND
INVESTIGATION OF THE PROPERTY ARE ADEQUATE TO ENABLE BUYER TO MAKE BUYER’S OWN DETERMINATION WITH RESPECT TO THE MERCHANTABILITY, QUANTITY, QUALITY, CONDITION AND SUITABILITY OR FITNESS FOR ANY PURPOSE OF THE PROPERTY, INCLUDING, WITHOUT
LIMITATION, ITS COMPLIANCE WITH APPLICABLE ENVIRONMENTAL LAWS. 
 (signature page to follow) 

  
 REAL ESTATE ACQUISITION AGREEMENT
- Page 6 

 (signature page to Real Estate Acquisition Agreement) 

IN WITNESS WHEREOF, the parties thereto have executed this Agreement as of the day and year first above written. 

 

			
	SELLER:
	
	IBG ADRIATICA HOLDINGS, INC.
		
	By:	 	 /s/ Jan Webb

		 	Jan Webb
		 	Executive Vice President and Secretary
	
	BUYER:
	
	HIMALAYAN VENTURES, L.P.
		
	BY:	 	DENALI SUMMIT, LLC,
		 	Its General Partner

  

					
	 	 	By:	 	 /s/ David R. Brooks

		 		 	David R. Brooks
		 		 	President

  
 REAL ESTATE ACQUISITION AGREEMENT
- Page 7 

 EXHIBIT “A” 

Legal Description 
 Tract 1: 

Being Building C of MEDPARK AT ADRIATICA OFFICE CONDOMINIUMS, a Condominium Regime in the City of McKinney, Collin County, Texas, according to the Amended and
Restated Condominium Declaration filed 06/22/2009, cc# 20090622000774660, Real Property Records of Collin County, Texas, together with its undivided interest in the common elements as described in said Declaration. As affected by Notice of New
Declarant filed 11/05/2012, cc# 20121105001412490, Real Property Records of Collin County, Texas; and First Amendment to Amended and Restated Condominium Declaration filed 11/27/2012, cc# 20121127001506500, re-filed 12/19/2012, cc#
20121219001613680, Real Property Records of Collin County, Texas. 
 Tract 2: 

Being Building 2; Unit/Building 3; Unit/Building 4; Unit/Building 5; Building 7; and Unit/Building 8 of MEDPARK II AT ADRIATICA CONDOMINIUMS, a Condominium
Regime in the City of McKinney, Collin County, Texas, according to the Condominium Declaration filed 01/29/2010, cc# 20100129000095840, Real Property Records of Collin County, Texas, together with its undivided interest in the common elements as
described in said Declaration. As affected by First Amendment to Condominium Declaration filed 02/17/2011, cc# 20110217000178360, Real Property Records of Collin County, Texas. 

Tract 3: 
 Parcel A 

Being the “Residential Unit”; “Office Unit”; and “Hotel Unit”; of THE HARBOR AT ADRIATICA, a Condominium Regime in the City of
McKinney, Collin County, Texas, according to the Master Condominium Declaration filed 02/25/2009, cc# 20090225000215050, Real Property Records of Collin County, Texas, together with its undivided interest in the common elements as described in said
Declaration. As affected by Designation of New Declarant filed 01/04/2012, cc# 2012010400012410, Real Property Records of Collin County, Texas; and First Amendment to Master Condominium Declaration filed 12/20/2012, cc# 20121220001528550, Real
Property Records of Collin County, Texas. 
 SAVE AND EXCEPT THE HARBOR AT ADRIATICA RESIDENTIAL CONDOMINIUMS, a Sub-Condominium Regime according to the
Subordinate Condominium Declaration filed 08/20/2013, cc# 20130820001180150, Real Property Records of Collin County, Texas. 
 Parcel B 

Being Units 2101, 2201, 3101, 3102, 3103, 3104, 5101, 5102, 5103, 6101, 7101, and 7102 of THE HARBOR AT ADRIATICA RETAIL CONDOMINIUMS, a Sub-Condominium Regime
in the City of McKinney, Collin County, Texas, according to the Subordinate Condominium Declaration filed 01/29/2010, cc# 20100129000095850, Real Property Records, Collin County, Texas. As affected by Designation of New Declarant filed 01/04/2012,
cc# 20120104000012420, Real Property Records of Collin County, Texas. 

  
 REAL ESTATE ACQUISITION AGREEMENT
- Page 8 

 Tract 4: 
 Being Lot
8, Block D of VILLA DISTRICT-ADRIATICA, an Addition to the City of McKinney, Collin County, Texas, according to the plat thereof recorded in Volume 2006, Page 471, Plat Records of Collin County, Texas. 

Tract 5: 
 Situated in the City of McKinney, County of Collin,
State of Texas, being a part of Lot 6 and Lot 7, Block A, Adriatica Addition Lot 6 and Lot 7, Block A, an addition to the City of McKinney, Texas, shown by plat of record in County Clerk File No. 20130307010000720 and being the same tract of
land conveyed to and being more particularly described by metes and bounds as follows: 
 Beginning at a found “X” cut in concrete in the East
right-of-way line of Stonebridge Drive (public street) said cut “X” maintaining the Northwest corner of said Lot 7; 
 THENCE along the North line
of said Lot 7 the following calls and distances: 
 North 89 degrees 27 minutes 54 seconds East, a distance of 46.25 feet to a found “X” cut in
concrete; 
 With a tangent curve to the left having a radius of 300.00 feet (chord bears North 79 degrees 14 minutes 28 seconds East, a distance of 106.50)
an arc length of 107.07 feet to a found “X” cut in concrete; 
 With a tangent curve to the right having a radius of 300.00 feet (chord bears
North 79 degrees 14 minutes 28 seconds East, a distance of 106.50) an arc length of 107.07 feet to a found “X” cut in concrete; 
 North 89
degrees 27 minutes 54 seconds East, a distance of 147.25 feet to an “X” cut in concrete for the Northeast corner of the herein described tract: 

THENCE over and across said Lot 6 & Lot 7 the following calls and distances: 

South 00 degrees 32 minutes 06 seconds East, passing a 1/2 inch steel rod set for the Northeast corner of a 5.1221 acre tract of land conveyed to Himalayan
St. Paul’s Square Holdings, LLC, at a distance of 109.88 feet and continuing along the West line of said St. Paul’s Tract for a total distance of 487.66 feet to a 1/2 inch steel rod set: 

North 89 degrees 27 minutes 54 seconds East, continuing along the West line of said St. Paul’s Tract, a distance of 115.42 feet to a 1/2 inch steel rod
set; 

  
 REAL ESTATE ACQUISITION AGREEMENT
- Page 9 

 South 00 degrees 32 minutes 06 seconds East, continuing along the West line of said St. Paul’s Tract, a
distance of 127.68 feet to a 1/2 inch steel rod set in the North right-of-way line of Mediterranean Drive (a public street) for the Southeast corner of the herein described tract; 

THENCE along said North right-of-way line the following calls and distances: 

South 82 degrees 38 minutes 14 seconds West, a distance of 9.77 feet to a 5/8 inch steel rod found; 

With a tangent curve to the left having a radius of 532.00 feet (chord bears South 77 degrees 34 minutes 55 seconds West, a distance of 93.76) an arc length
of 93.88 feet to a 1/2 inch steel rod set; 
 South 72 degrees 31 minutes 36 seconds West, a distance of 115.41 feet to a 1/2 inch steel rod found; 

THENCE North 17 degrees 28 minutes 24 seconds West, over and across said Lot 7, a distance of 45.44 feet to a 1/2 inch steel rod found; 

THENCE South 73 degrees 46 minutes 41 seconds West, continuing over and across said Lot 7, a distance of 69.15 feet to a 1/2 inch steel rod set in the East
line of Lot 1R1, Block A, of Adriatica Addition, as shown by plat of record in Volume 2009, Page 72, Map Records, Collin County, Texas; 
 THENCE North 62
degrees 32 minutes 34 seconds West, along the East line of said Lot 1Rl, a distance of 3.97 feet to a 5/8 inch steel rod found; 
 THENCE South 72 degrees
23 minutes 17 seconds West, a distance of 57.31 feet to a 5/8 inch steel rod found in the East right-of-way line of said Stonebridge Drive said rod maintaining the Southwest corner of said Lot 7; 

THENCE North 77 degrees 36 minutes 43 seconds West, along the East line of said Stonebridge Drive, a distance of 438.91 feet to a 1/2 inch steel rod set; 

THENCE With a tangent curve to the right having a radius of 990.00 feet (chord bears North 11 degrees 38 minutes 14 seconds West, a distance of 206.12) an arc
length of 206.49 feet to the Point-of-Beginning and containing 5.20 acres of land. 

  
 REAL ESTATE ACQUISITION AGREEMENT
- Page 10 

 REAL ESTATE ACQUISITION AGREEMENT 

THIS REAL ESTATE ACQUISITION AGREEMENT the (“Agreement”) is dated the 5th day of December, 2013, by and between IBG
ADRIATICA HOLDINGS, INC., hereinafter referred to as “Seller”, and HIMALAYAN VENTURES, L.P., hereinafter collectively referred to as “Buyer”. 

WITNESSETH: 
 For and in
consideration of the mutual covenants hereinafter contained, the parties agree as follows: 
 1. Sale Agreement. Seller hereby agrees
to sell, and Buyer hereby agrees to purchase, upon the terms hereinafter stated, the real property commonly known as the Retail Center and more fully described on Exhibit “A” attached hereto (the “Property”). 

Seller hereby acknowledges receipt of the sum of $50.00 cash (the “Option Consideration”) from Purchaser, as consideration for
execution of this Agreement by Seller. If the purchase and sale of the Property is consummated pursuant to this Agreement, the Option Consideration shall be applied toward the cash portion of the Purchase Price (as hereinafter defined) paid by
Purchaser. If this Agreement is terminated pursuant to a default by Seller hereunder, the Option Consideration shall be immediately returned by Seller to Purchaser. If this Agreement is terminated for any reason other than a default by Seller
hereunder, Seller shall be entitled to retain the Option Consideration. 
 2. Purchase Price. Subject to the adjustments and
pro-rations hereinafter described, the total purchase price to be paid for the Property shall be THREE MILLION TWO HUNDRED THOUSAND AND NO/100 DOLLARS ($3,200,000.00). 

2.1 Cash Closing. The entirety of the purchase price shall be paid in cash (by wired funds or certified funds
satisfactory to Escrow Agent for the purposes of making an immediate funding thereof) at closing. 
 3. Inspection Period and
Contingency. Seller agrees to permit Buyer and its representatives for a period of three (3) days from the date hereof (the “Inspection Period”) to have access to the Property to, at Buyer’s sole expense, perform such
geological, soil tests, engineering studies and other tests as Buyer shall require. Upon completion of such inspections and tests, Buyer shall, at its sole expense, cause the Property to be restored to its previous condition, and Buyer shall
indemnify and hold Seller and its agents harmless of and from all claims which may be asserted against Seller or its agents and from all damages arising from such entry. During this period, Buyer shall determine to its satisfaction whether the
Property is satisfactory for the construction thereon of Buyer’s proposed construction. 
 In order to assist Buyer in making this
determination, Seller agrees to provide to Buyer, within one (1) day from the date of this Agreement, copies of all surveys, engineering reports, development studies, soil reports, and environmental assessments in Seller’s possession, if
any, 

  
 REAL ESTATE ACQUISITION AGREEMENT
- Page 1 

 
which Seller has obtained for the Property; provided, however, such materials shall be provided to Buyer as a convenience only, and Seller makes no representation or warranty as to the
accuracy thereof or anything contained therein. Should Buyer discover evidence of Hazardous Materials on the Property which would make the Property unsuitable for Buyer’s proposed construction on the Property, Buyer shall, prior to the
expiration of the Inspection Period, deliver to Seller written notice of such discovery. Upon receipt of such written notice, Seller shall, within three (3) days from the date of the Agreement, either (i) remove the Hazardous Materials
from the Property to the reasonable satisfaction of Buyer, or (ii) deliver written notice to Buyer that Seller will not remove the Hazardous Materials from the Property. In the event that either (i) Seller’s efforts to remove the
Hazardous Materials are not reasonably acceptable to Buyer, or (ii) Seller, in accordance with the preceding sentence, delivers written notice to Buyer that it will not remove the Hazardous Materials from the Property, Buyer shall have the
right to terminate this Agreement by, within ten (10) days from the date of this Agreement, delivering to Seller a written notice of termination. Buyer shall have no right to terminate this Agreement under this Paragraph 3 for any reason other
than as set forth above. Notwithstanding anything in this Paragraph 3 to the contrary, in the event Buyer fails, for any reason, to send a written notice of termination to Seller prior to the expiration of the Inspection Period, Buyer agrees that it
should be conclusively presumed that the Property is suitable for Buyer’s proposed construction, that all conditions to closing set forth in this Paragraph 3 have been satisfied, and Buyer shall have no further right to terminate this Agreement
pursuant to the provisions of this Paragraph 3. 
 4. Title. Seller shall, within three (3) days after the date hereof, or such
longer period of time as may be required in the preparation thereof, provide to Buyer a commitment (hereinafter referred to as the “Commitment”) for an Owner’s Title Policy covering the Property in the form promulgated by the State
Board of Insurance of the State of Texas. The Commitment covering the Property shall be in the amount of the purchase price and shall be accompanied by copies of all instruments creating any exceptions, including easements, restrictions,
reservations, rights of way or other conditions, if any, affecting the Property. Seller shall cause the Escrow Agent to issue an Owner’s Title Policy in the form Promulgated by the State Board of Insurance of the State of Texas and in the
amount aforesaid, based upon the Commitment covering the Property to Buyer at closing, which Owner’s Title Policy shall be subject to the standard printed exceptions and the Permitted Exceptions, as that term is hereinafter defined. Seller and
Buyer shall each pay for one-half ( 1⁄2) of the cost of said Commitment and Policy, except and excluding any and all costs associated with the deletion of the
“survey exception”, which shall be paid for solely by Buyer. 
 4.1 Title of Record. As used herein, title
shall be indefeasible, as that term is defined by the current title standards in use in the State of Texas, free and clear of all liens and encumbrances, except interest in the oil, gas and other minerals lying in and under the Property and the
other Permitted Encumbrances. 
 4.2 Objections to Title of Record. Within three (3) days after receipt of the
Commitment, Buyer shall furnish to Seller written notification of any objections to or defects in the Title of Record. Any matter reflected on the Commitment to which Buyer does not give Seller written notice of objection within said three
(3) day period shall be deemed a Permitted Exception, as that term is used herein. Seller shall have the right, but not the obligation, to cure Buyer’s objections to defects in the title prior to closing. In the event such defects are not
cured by such date, Buyer shall have the option to (i) terminate this Agreement by giving notice to Seller prior to closing, or (ii) waive the defects and close, in which event the matter made the basis of such objection shall constitute a
Permitted Exception. 

  
 REAL ESTATE ACQUISITION AGREEMENT
- Page 2 

 5. Plat and Survey. Within three (3) days after the date hereof, Buyer shall have
ordered and received a current survey of the Property (the “Survey”) which shall have been prepared by and certified by a registered professional engineer or land surveyor, which survey shall be in a form satisfactory to the Escrow Agent
such that the survey exception will be removed from the title insurance policy delivered at closing; provided, however, Buyer agrees to pay the additional title insurance premium charged by Escrow Agent in connection therewith should Buyer
elect to have the exception removed from the policy. The metes and bounds description for the Property as prepared by the surveyor in connection with the Survey shall be substituted for the description of the Property shown as Exhibit
“A” attached hereto, and used in the Special Warranty Deed (the “Deed”) to be delivered at closing. Within three (3) days after receipt of the Survey, Buyer shall furnish to Seller written notice of any objections to the
Survey. Any matter reflected on the Survey to which Buyer does not give Seller written notice of objection within said three (3) day period shall be deemed a Permitted Exception. Seller shall have the right, but not the obligation, to cure
Buyer’s objections to the Survey prior to closing. In the event such defects are not cured by such date, Buyer shall have the option to (i) terminate this Agreement by giving notice to Seller prior to closing, or (ii) waive its survey
objections and close. Buyer shall pay for the total cost of the Survey. 
 6. Representations and Warranties. 

6.1 Seller’s Representations and Warranties. The Seller represents and warrants to the Buyer that this Agreement
has been duly executed and delivered by the Seller, and is a legal, valid and binding obligation of the Seller enforceable against the Seller in accordance with its terms. 

The foregoing warranties are specifically limited to the actual, current knowledge of the Seller, without inquiry, as of this date, and as
such, do not extend to matters unknown to Seller. 
 6.2 Buyer’s Representations and Warranties. The Buyer
represents and warrants to the Seller that this Agreement has been duly executed and delivered by the Buyer, that all corporate formalities necessary for Buyer’s execution, delivery and performance of this Agreement have occurred, and that this
Agreement is a legal, valid and binding obligation of the Buyer enforceable against the Buyer in accordance with its terms. 
 7.
Closing. Buyer and Seller agree that the purchase will be consummated as follows: 
 7.1 Closing Date. Closing
documents will be executed by Buyer and Seller in the offices of the Escrow Agent on December 13, 2013, unless the parties mutually agree to a different place and/or date in writing. The exact time for closing shall be established by agreement
between the parties and in the absence thereof shall be held at 10:00 a.m. However, the effective time and date for Closing, and the time and date at which title to the Property shall be transferred from Seller to Buyer shall be midnight on
December 31, 2013 (the “Closing Date”). 

  
 REAL ESTATE ACQUISITION AGREEMENT
- Page 3 

 7.2 Transfer of Title. Seller agrees to convey title to the Property to
Buyer by special warranty deed on the Closing Date. 
 7.3 Payments at Closing. At closing, Buyer shall pay Seller the
entirety of the purchase price required under paragraph 2.2. 
 7.4 Possession. Exclusive possession of the Property
shall be given to Buyer on the Closing Date. 
 7.5 Real Property Taxes. All past due property taxes and special
assessments for calendar year 2013 and all prior years, if any, shall be paid by Seller. The property taxes on the Property and installments for special assessments for the calendar year 2014 and all subsequent years will be the responsibility of,
and paid for by, Buyer. 
 7.6 Closing Costs. Seller shall pay the following costs: Seller’s attorney’s
fees, one-half ( 1⁄2) of the fee charged by the Escrow Agent to close the transaction, and one-half ( 1⁄2) of the title insurance premium (excluding the additional premium for deletion of the “survey exception”, if required by Buyer, which shall be paid for solely by Buyer). Buyer shall pay the following
costs: Buyer’s attorney’s fees, any abstracting costs incurred, one-half ( 1⁄2) of the title insurance premium (plus all of the additional premium
for deletion of the “survey exception”, if required by Buyer), the survey cost, all costs associated with platting the Property, the costs of all testing done on the Property, the recording cost for the deed, and one-half ( 1⁄2) of the fee charged by the Escrow Agent to close the transaction. 

8. Default. If Buyer defaults under this Agreement, unless excused by a condition hereof, Seller may retain the earnest money as
liquidated damages, it being agreed that it would be impracticable or extremely difficult to assess the amount of damages sustained by Seller. If Seller defaults under this Agreement, unless excused by a condition hereof, Buyer shall, at its option,
(i) have the right to obtain the return of its earnest money, or (ii) specifically enforce this Agreement, as its sole remedies. 

9. Miscellaneous. It is further understood and agreed as follows: 

9.1 Time. Time is of the essence of this Agreement. 

9.2 Notices. Whenever any notice, demand or request is required or permitted hereunder, such notice, demand or request
shall be hand delivered in person or sent by mail, registered or certified, return receipt requested, postage prepaid, or by Federal Express or other overnight delivery service providing evidence of receipt of delivery to the addresses as set forth
below: 

  
 REAL ESTATE ACQUISITION AGREEMENT
- Page 4 

 As to Buyer: Himalayan Ventures, L.P. 

14643 Dallas Parkway 
 Suite 550

 Dallas, TX 75254 

As to Seller: IBG Adriatica Holdings, Inc. 

1600 Redbud Blvd. 
 Suite 400

 McKinney, TX 75069 

Any notice, demand or request that shall be served upon either of the parties in the manner aforesaid shall be deemed
sufficiently given for all purposes hereunder (i) at the time such notices, demands or requests are hand delivered in person, or (ii) on the third day after the mailing of such notices, demands or requests in accordance with the preceding
portion of this Section. 
 Either Buyer or Seller shall have the right from time to time to designate by written notice to
the other party such other person or persons, and such other place or places, as Buyer or Seller may desire written notices to be delivered or sent in accordance herewith; provided, however, at no time shall either party be required to send more
than an original and two (2) copies of any such notice, demand or request required or permitted hereunder. 
 9.3
Severability. If any provision of this Agreement shall be held to be void or unenforceable for any reason, the remaining terms and provisions hereof shall not be affected thereby. 

9.4 Assignability. Buyer may, without the prior written consent of Seller, assign its rights hereunder to any affiliated
party. However, Buyer shall not, without the prior written consent of Seller, assign its rights hereunder to any unaffiliated third party. 

9.5 Binding Effect. Subject to the provisions of Paragraph 11.4 above, this Agreement shall inure to the benefit of and
bind the successors and assigns of the parties hereto. 
 9.6 Effective Date of Covenants; Survival. All covenants and
warranties contained herein shall be true and correct as of this date and on the Closing Date and, except as specifically provided, shall survive the closing of this transaction for a period of one (1) year from the Closing Date, after which
time all covenants and warranties shall be merged into the conveyance documents and extinguished. 
 9.7 Entire
Agreement. This instrument constitutes the entire agreement of the parties. It supersedes any and all other agreements, either oral or in writing, between the parties hereto. Each party to this Agreement acknowledges that no representations,
inducements, promises or agreements, oral or otherwise, have been made by any party or anyone acting on behalf of any party, which are not embodied herein, and that no other agreement, statement or promise not contained in this agreement shall be
valid or binding. This Agreement may not be modified or amended by oral agreement, but only by an agreement in writing, signed by the parties hereto. 

  
 REAL ESTATE ACQUISITION AGREEMENT
- Page 5 

 9.8 Paragraph Headings. Paragraph headings contained in this Agreement are
for reference only and shall not affect, in any way, the meaning or interpretation of this Agreement. 
 9.9
Attorney’s Fees. In the event either party hereto files suit in order to enforce or interpret the terms and provisions of this Agreement, the prevailing party in such litigation shall be entitled to recover from the other its reasonable
attorney’s fees and expenses incidental to the litigation. 
 9.10 Applicable Law. This Agreement shall be
governed by and construed under the laws of the State of Texas. VENUE FOR ANY DISPUTE ARISING UNDER THIS AGREEMENT SHALL BE COLLIN COUNTY, TEXAS. 

9.11 Condition of the Property. BUYER ACKNOWLEDGES AND AGREES THAT THE PROPERTY SHALL BE CONVEYED AND
TRANSFERRED TO BUYER “AS IS, WHERE IS, AND WITH ALL FAULTS”, AND SELLER DOES NOT WARRANT OR MAKE ANY REPRESENTATION, EXPRESSED OR IMPLIED, AS TO THE MERCHANTABILITY, QUANTITY, QUALITY, CONDITION, SUITABILITY OR FITNESS FOR ANY PURPOSE
WHATSOEVER AND SHALL BE UNDER NO OBLIGATION WHATSOEVER TO UNDERTAKE ANY REPAIRS, ALTERATIONS OR OTHER WORK OF ANY KIND WITH RESPECT TO ANY PORTION OF THE PROPERTY. BUYER ALSO ACKNOWLEDGES AND AGREES THAT THE PROVISIONS IN THIS AGREEMENT FOR
INSPECTION AND INVESTIGATION OF THE PROPERTY ARE ADEQUATE TO ENABLE BUYER TO MAKE BUYER’S OWN DETERMINATION WITH RESPECT TO THE MERCHANTABILITY, QUANTITY, QUALITY, CONDITION AND SUITABILITY OR FITNESS FOR ANY PURPOSE OF THE PROPERTY, INCLUDING,
WITHOUT LIMITATION, ITS COMPLIANCE WITH APPLICABLE ENVIRONMENTAL LAWS. 
 (signature page to follow) 

  
 REAL ESTATE ACQUISITION AGREEMENT
- Page 6 

 (signature page to Real Estate Acquisition Agreement) 

IN WITNESS WHEREOF, the parties thereto have executed this Agreement as of the day and year first above written. 

 

			
	SELLER:
	
	IBG ADRIATICA HOLDINGS, INC.
		
	By:	 	 /s/ Jan Webb

		 	Jan Webb
		 	Executive Vice President and Secretary
	
	BUYER:
	
	HIMALAYAN VENTURES, L.P.
		
	BY:	 	DENALI SUMMIT, LLC

  

					
	 	 	By:	 	 /s/ David R. Brooks

		 		 	David R. Brooks
		 		 	President

  
 REAL ESTATE ACQUISITION AGREEMENT
- Page 7 

 EXHIBIT “A” 

Legal Description 
 Lot 4R, Block A of
ADRIATICA, BLOCK A, LOT 4R, an Addition to the City of McKinney, Collin County, Texas, according to the Plat thereof recorded in Volume 2006, Page 543, Plat Records, Collin County, Texas. 

  
 REAL ESTATE ACQUISITION AGREEMENT
- Page 8

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