Document:

EX-10.15

 Exhibit 10.15 
 MASTER PURCHASE AGREEMENT 
 AND ESCROW INSTRUCTIONS 

Between 

MGH ACQ LLC 
 as Seller 
 and 

SERIES C, LLC 
 as Buyer 
 March 1, 2012 

 MASTER PURCHASE AGREEMENT 

AND ESCROW INSTRUCTIONS 
  

			
	DATED:	  	Dated to be effective as of March 1, 2012 (the “Effective Date”).
		
	PARTIES:	  	This Master Purchase Agreement and Escrow Instructions is between MGH ACQ LLC, a Michigan limited liability company, as “Seller”, and SERIES C, LLC, an Arizona
limited liability company, as “Buyer”.

 WHEREAS, as of the Effective Date, Seller is the fee title owner of those certain parcels of improved
property listed by address on Exhibit A attached hereto, and legally described on Exhibit A-1 attached hereto (collectively, the “Real Property”); 
 WHEREAS, as of the Effective Date, each parcel of the Real Property is improved with a building containing that certain number of square feet set forth on Exhibit A attached hereto (each, a
“Building” and, collectively, the “Buildings”). The Real Property, the Buildings and the improvements to the Real Property (collectively, the “Improvements”) are leased to Walgreen Co., an Illinois
corporation (“Tenant”) in accordance with a written lease (each, a “Lease” and, collectively, the “Leases”). The Real Property, the Buildings, the Improvements, the personal property, if any, of
Seller located on the Real Property and Seller’s interest in each of the Leases and all rents issued and profits due or to become due thereunder are hereinafter collectively referred to as the “Properties” and, individually, as
a “Property”; and 
 WHEREAS, Buyer desires to purchase the Properties from Seller and Seller desires to sell
the Properties to Buyer free and clear of all liens, all as more particularly set forth in this Master Purchase Agreement and Escrow Instructions (the “Agreement”). 

NOW THEREFORE, in consideration of the promises set forth in this Agreement and other good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, Seller and Buyer (each, a “Party” and, collectively, the “Parties”) hereby agree as follows: 
 1. INCORPORATION OF RECITALS. All of the foregoing Recitals are hereby incorporated as agreements of the Parties. 
 2. BINDING AGREEMENT. This Agreement constitutes a binding agreement between Seller and Buyer for the sale and purchase of the Properties subject to the terms set forth in this Agreement. Subject
to the limitations set forth in this Agreement, this Agreement shall bind and inure to the benefit of the Parties and their respective successors and assigns. This Agreement supersedes all other written or verbal agreements between the Parties
concerning any transaction embodied in this Agreement. No claim of waiver or modification concerning the provision of this Agreement shall be made against a Party unless based upon a written instrument signed by such Party. 

 
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 3. INCLUSIONS IN PROPERTIES. 

(a) The Properties. The term “Properties” shall also include the following: 

(1) all tenements, hereditaments and appurtenances pertaining to the Real Property; 

(2) all mineral, water and irrigation rights of Seller, if any, running with or otherwise pertaining to the Real Property; 

(3) all interest, if any, of Seller in any road adjoining the Real Property; 

(4) all interest, if any, of Seller in any award made or to be made or settlement in lieu thereof for damage to the Properties or any
portion thereof by reason of condemnation, eminent domain or exercise of police power; 
 (5) all of Seller’s interest in
the Buildings, the Improvements and any other improvements and fixtures on the Real Property; 
 (6) all of Seller’s
interest, if any, in any equipment, machinery and personal property located on or used in connection with the Real Property (collectively, the “Personalty”); 
 (7) the Leases and all security deposits, if any, now or hereafter due thereunder; and, 
 (8) all of Seller’s interest, to the extent transferable, in all permits and licenses (the “Permits”), warranties (the “Warranties”), contractual rights and
intangibles (including rights to the name of the Improvements as well as all construction contracts, subcontracts, architectural/engineering plans and/or agreements and similar agreements) with respect to the design, development, construction,
operation, maintenance, repair and/or improvement of the Properties (collectively, the “Contracts”). 
 (b)
The Transfer Documents. The Personalty related to each Property shall be transferred by that certain quit claim bill of sale from Seller to Buyer, the agreed upon form of which is attached hereto as Exhibit B (each, a “Bill of
Sale” and, collectively, the “Bills of Sale”); each Lease shall be transferred by that certain assignment and assumption of lease, the agreed upon form of which is attached hereto as Exhibit C (each, an “Assignment
of Lease” and, collectively, the “Assignments of Lease”); the Permits, Warranties and Contracts related to each Property shall be transferred by that certain assignment and assumption agreement, the agreed upon form of
which is attached hereto as Exhibit D (each, an “Assignment Agreement” and, collectively, the “Assignment Agreements”); and the Real Property, Building and Improvements constituting each Property shall be
transferred and conveyed by execution and delivery of Seller’s special warranty deed, the agreed upon form of which is attached hereto as Exhibit E (each, a “Deed” and, collectively, the “Deeds”). The Bills of
Sale, the Assignments of Lease, the Assignment Agreements and the Deeds are hereinafter collectively referred to as the “Transfer Documents”. 
  

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 4. PURCHASE PRICE. The aggregate price to be paid by Buyer to Seller for the
Properties is FOURTEEN MILLION SIX HUNDRED TWENTY-FIVE THOUSAND and NO/100 Dollars ($14,625,000.00) (the “Purchase Price”), which Purchase Price is allocated among the Properties as set forth on Exhibit A attached hereto, and is
payable as follows: 
 (a) One Hundred Fifty Thousand and No/100 Dollars ($150,000) earnest money (said amount, plus all
interest earned or accrued thereon, the “Earnest Money Deposit”) to be deposited in escrow with First American Title National Commercial Services, The Esplanade Commercial Center, 2425 E. Camelback Road, Suite 300, Phoenix, Arizona
85016, Attention: Brandon Grajewski (“Escrow Agent”) not later than two (2) business days following the receipt by Escrow Agent of a fully-executed original of this Agreement (said receipt by Escrow Agent of both a
fully-executed original of this Agreement and the Earnest Money Deposit, the “Opening of Escrow”), which Earnest Money Deposit is to be held by Escrow Agent until released to Seller or Buyer as provided herein or paid to Seller at
close of escrow (“COE”); and 
 (b) Such amounts, in additional cash, or other immediately available funds (as
may be increased or decreased by such sums as are required to take into account any additional deposits, prorations, credits, or other adjustments required by this Agreement), set forth in one or more settlement or closing statements prepared by
Escrow Agent and approved by Buyer and Seller in connection with COE of each Property purchased by Buyer from Seller pursuant to this Agreement, to be deposited in escrow with Escrow Agent on or before COE as to each such Property, which sum is to
be held by Escrow Agent until cancellation of this Agreement as provided herein or paid to Seller at COE. 
 5. DISPOSITION
OF EARNEST MONEY DEPOSIT. Seller and Buyer hereby instruct Escrow Agent to place the Earnest Money Deposit in a federally insured interest-bearing passbook account on behalf of Seller and Buyer. The Earnest Money Deposit shall be applied as
follows: 
 (a) if Buyer cancels this Agreement as Buyer is so entitled to do as provided in this Agreement, the Earnest Money
Deposit shall be paid immediately to Buyer; 
 (b) if the Earnest Money Deposit is forfeited by Buyer pursuant to this
Agreement, such Earnest Money Deposit shall be paid to Seller as Seller’s agreed and total liquidated damages, it being acknowledged and agreed that it would be difficult or impossible to determine Seller’s exact damages; and 

(c) if escrow closes, the Earnest Money Deposit shall be credited to Buyer, automatically applied against the Purchase Price and paid to
Seller at COE. 
 6. PRELIMINARY TITLE REPORT; TITLE AND SURVEY OBJECTIONS. (a) Within ten (10) days after the
Opening of Escrow, Escrow Agent shall deliver a current Preliminary Title Report (each, a “Report” and, collectively, the “Reports”) for an ALTA extended coverage title insurance policy (each, an
“Owner’s Policy” and, collectively, the “Owner’s Policies”) on each Property to Buyer and Seller. Each Report shall show the status of title to the applicable Property as of the date of such Report and
shall also describe the 
  
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requirements of Escrow Agent for the issuance of an Owner’s Policy corresponding to such Property as described herein. The cost of the Owner’s Policy shall be paid by the Seller;
provided, however, that any additional costs for an extended coverage policy, endorsements thereto (excluding, however, those endorsements required to cure one or more Objectionable Matters (as hereinafter defined), which endorsements shall be
issued at Seller’s sole cost and expense), or any lender’s title policy shall be paid by Buyer. In addition to the Reports, Escrow Agent shall simultaneously deliver to Buyer complete, legible copies of all documents identified in Part Two
of Schedule B of each Report. 
 (b) If Buyer is dissatisfied with any exception to title as shown in any Report and/or any
matter disclosed by any Survey (as hereinafter defined) (collectively, the “Objectionable Matters”), then Buyer may, by giving written notice thereof to Escrow Agent and Seller on or before expiration of the Study Period (as defined
below), either (i) terminate this Agreement in its entirety, whereupon the Earnest Money Deposit shall promptly be paid in full to Buyer, all documents deposited in escrow by Buyer shall be returned to Buyer without delay and all documents
deposited in escrow by Seller shall be returned to Seller without delay, or (ii) provisionally accept the title to such Property or Properties corresponding to such Objectionable Matters subject to Seller’s agreement to cause the removal
of or otherwise cure such Objectionable Matters, in which case Seller shall (at its sole cost) remove or otherwise cure the Objectionable Matters prior to COE. 
 If Buyer gives notice to Seller of its election of option (ii) above, Seller shall notify Buyer in writing within five (5) days after receiving Buyer’s written notice of Objectionable
Matters if Seller does not intend to remove (or cause Escrow Agent to endorse over, to Buyer’s satisfaction) or otherwise cure any such Objectionable Matters. Seller’s lack of response shall be deemed to be Seller’s refusal to remove
or otherwise cure the Objectionable Matters prior to COE. Buyer acknowledges that Seller shall have no obligation to cure or remove any Objectionable Matter. 
 (c) In the event any Report is amended (each such Report, an “Amended Report”) to include new exceptions that are not set forth in the prior Report corresponding to the same Property, or
in the event any Survey is amended (each such Survey, an “Amended Survey”) to include or depict matters that are not set forth in the prior Survey corresponding to the same Property, Buyer shall have until the later of (i) the
expiration of the Study Period, (ii) the date five (5) days after Buyer’s receipt of both such Amended Report and copies of the documents identified in the new exceptions or new requirements, or (iii) the date five (5) days
after Buyer’s receipt of the Amended Survey, as applicable, within which to either (Y) terminate this Agreement in its entirety, whereupon the Earnest Money Deposit shall promptly be paid in full to Buyer and, except as otherwise provided
in this Agreement, neither of the Parties shall have any further liability or obligation under this Agreement, or (Z) to provisionally accept the title to such Property or Properties corresponding to such Amended Report or Amended Survey
subject to Seller’s agreement to cause the removal of any Objectionable Matter(s) identified by Buyer in a written notice to Seller. 
 (d) In the event Buyer provisionally accepts title to a Property subject to Seller’s agreement to cure one or more Objectionable Matters pursuant to Sections 6(b) and/or 6(c) above, if Seller serves
notice to Buyer that Seller does not intend to remove or otherwise 
  

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cure such Objectionable Matters before COE, Buyer shall, within ten (10) days after receipt of such notice from Seller, notify Seller and Escrow Agent in writing of Buyer’s election to
either (i) terminate this Agreement in its entirety, whereupon the Earnest Money Deposit shall promptly be paid in full to Buyer, all documents deposited in escrow by Buyer shall be returned to Buyer without delay and all documents deposited in
escrow by Seller shall be returned to Seller without delay, or (ii) waive such Objectionable Matter(s). If written notice of either satisfaction or dissatisfaction as to any Report, Survey, Amended Report or Amended Survey is not timely given
by Buyer to Seller pursuant to this Section 6, then Buyer shall be deemed to have disapproved of the condition of the title of the Property or Properties corresponding to each such Report, Survey, Amended Report or Amended Survey and shall have
elected to terminate this Agreement as set forth in clause (i) above. 
 7. BUYER’S STUDY PERIOD. 

(a) The Study Period. Buyer shall have until 11:59 p.m. MST on the later of (i) the thirtieth (30th) day after the Opening of Escrow, (ii) the thirtieth
(30th) day after Buyer’s receipt of all
deliveries of Seller’s Diligence Materials (as hereinafter defined), or (iii) the tenth (10th) day after Buyer’s receipt of all Surveys (as hereinafter defined) but, as to this subpart (iii), no more than forty (40) days after the Opening of Escrow (the “Study
Period”), at Buyer’s sole cost, within which to conduct and approve any investigations, studies or tests deemed necessary by Buyer, in Buyer’s sole discretion, to determine the feasibility of acquiring the Properties, including,
without limitation, Buyer’s right to: (i) review and approve each Survey, each Lease, Seller’s operating statements with respect to each Property, and the Contracts; (ii) meet and confer with Tenant; and, (iii) obtain,
review and approve an environmental study of each Property (collectively, “Buyer’s Diligence”). 
 (b)
Right of Entry. Subject to the prior rights of Tenant in the Properties, Seller hereby grants to Buyer and Buyer’s agents, employees and contractors the right to enter upon each Property, at any time or times prior to COE, to conduct
Buyer’s Diligence; provided, however, Buyer agrees to coordinate and provide advance notice to Seller regarding any physical inspection. In consideration therefor, Buyer shall and does hereby agree to indemnify and hold Seller harmless from and
against any and all claims for expenses, costs, losses, liabilities and/or damages asserted against Seller, including, but not limited to, court costs and attorneys’ fees, which may be incurred by Seller as a direct result of Buyer’s
Diligence. Buyer’s indemnity and hold harmless obligation shall survive cancellation of this Agreement or COE. 
 (c)
Cancellation. Unless Buyer so notifies Seller or Escrow Agent, in writing, on or before the end of the Study Period, of Buyer’s acceptance as to all of the Properties and waiver of the contingencies as set forth in this Section 7,
this Agreement shall be canceled as to all Properties and the Earnest Money Deposit shall promptly be paid in full to Buyer and, except as otherwise provided in this Agreement, neither of the Parties shall have any further liability or obligation
under this Agreement. In the event Buyer notifies Seller and Escrow Agent, in writing, on or before the end of the Study Period, of Buyer’s acceptance of all of the Properties and waiver of the contingencies as set forth in this Section 7,
this Agreement shall continue in full force and effect with respect to the Properties and, except as otherwise set forth herein, the Earnest Money Deposit shall be deemed non-refundable to Buyer. 

 
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 (d) Tenant Right of First Refusal or Right of First Offer. In the event that one or
more Leases contains a tenant right of first refusal or right of first offer (either such right, a “ROFR”) and Tenant gives notice of its intent to exercise such ROFR or does actually exercise such ROFR, this Agreement shall be
canceled as to the Property corresponding to such ROFR (each such Property, a “ROFR Property”), and Buyer shall have the right, in its sole discretion to elect to (1) proceed with the acquisition of the remaining non-ROFR
Properties pursuant to the terms of this Agreement, in which event this Agreement shall remain in full force and effect with respect to each of the non-ROFR Properties only, or (2) terminate this Agreement in its entirety, in which event each
of the Properties shall be deemed to be a ROFR Property. Seller shall promptly reimburse to Buyer all reasonable out-of-pocket and third-party property diligence expenses incurred by Buyer with respect to each ROFR Property, including, without
limitation, reasonable attorneys’ fees and costs, the portion of the Earnest Money Deposit relating to each ROFR Property plus all interest accrued thereon shall promptly be paid to Buyer and, except as otherwise provided in this Agreement,
neither of the Parties shall have any further liability or obligation under this Agreement with respect to each ROFR Property. 

8. DELIVERY OF SELLER’S DILIGENCE MATERIALS. 
 (a) Deliveries to Buyer. Seller agrees to deliver to Buyer contemporaneously with the Opening of Escrow all information in Seller’s possession or control relating to the leasing and operation
of the Properties, including environmental tests, market studies, master planning, architectural drawings and like matters regarding each Property and/or the Tenant (collectively, “Seller’s Diligence Materials”), all at no cost
to Buyer. The foregoing deliveries shall include, but not be limited to, copies of all: (i) books of account and records for each Property for the last twenty-four (24) months (including year-end Tenant CAM expense reconciliations);
(ii) the Lease corresponding to each Property, including all amendments thereto, guaranties thereof and assignments thereof and a copy of the leasehold title insurance policy delivered to Tenant with respect to each Property; (iii) all
claims or suits by Tenant or third-parties involving any Property or any of the Leases or any Contracts (whether or not covered by insurance); (iv) any appraisals of any Property or any part thereof; (v) copies of all Contracts, Warranties
and Permits; (vi) a list of all claims or suits by or against Seller regarding any Property for the last thirty-six (36) months; and (vii) any other documents or other information in the possession of Seller or its agents pertaining
to the Properties. Should Seller receive new or updated information regarding any of the matters set forth in this Section 8(a) after the Effective Date and prior to COE, Seller will immediately notify Buyer of such fact and will promptly
deliver complete copies thereof to Buyer. 
 (b) Delivery by Buyer. If this Agreement is canceled as to all Properties
for any reason, except Seller’s willful default hereunder, upon payment by Seller to Buyer of one-half of Buyer’s reasonable and actual cost thereof, Buyer agrees to deliver to Seller copies of those investigations, studies and/or tests
which Buyer may have elected to obtain. 
 9. THE SURVEYS. Within five (5) days after the Opening of Escrow, Buyer
shall order, and within thirty (30) days after the Opening of Escrow Buyer shall cause, one or more surveyors licensed in the State(s) in which the applicable Properties are located to complete and deliver to Escrow Agent and to Buyer, a
current, certified ALTA survey of the Real Property, Building and Improvements comprising each Property (each, a “Survey” and, collectively, the 

 
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“Surveys”), whereupon the legal descriptions in the Surveys shall control over the descriptions in Exhibit A-1 attached hereto to the extent they may be inconsistent. Each Survey
shall set forth the legal description and boundaries of the applicable parcel of Real Property and all easements, encroachments and improvements thereon. 
 10. IRS SECTION 1445. Seller shall furnish to Buyer in escrow by COE a sworn affidavit (the “Non-Foreign Affidavit”) stating under penalty of perjury that Seller is not a
“foreign person” as such term is defined in Section 1445(f)(3) of the Internal Revenue Code of 1986, as amended (the “Tax Code”). If Seller does not timely furnish the Non-Foreign Affidavit, Buyer may withhold (or
direct Escrow Agent to withhold) from the Purchase Price an amount equal to the amount required to be so withheld pursuant to Section 1445(a) of the Tax Code, and such withheld funds shall be deposited with the Internal Revenue Service as
required by such Section 1445(a) and the regulations promulgated thereunder. The amount withheld, if any, shall nevertheless be deemed to be part of the Purchase Price paid to Seller. 

11. DELIVERY OF POSSESSION. Seller shall deliver possession of each Property to Buyer at COE subject only to the rights of Tenant
under each of the Leases. 
 12. BUYER’S CONDITIONS PRECEDENT. In addition to all other conditions precedent set
forth in this Agreement, Buyer’s obligations to perform under this Agreement and to close escrow are expressly subject to the following: 
 (a) the delivery by Seller to Escrow Agent, for delivery to Buyer at COE, of the executed original Transfer Documents; 
 (b) the issuance of the Owner’s Policies (or a written commitment therefor) subject only to those matters approved or deemed approved by Buyer pursuant to this Agreement; 

(c) the delivery by Seller to Buyer at COE of all security deposits and pre-paid/abated rents under each of the Leases, if any, in the
form of a credit in favor of Buyer against the Purchase Price; 
 (d) the deposit by Seller with Buyer not later than five
(5) days prior to COE of (i) as to each Lease, an original estoppel certificate, in the form typically provided by Tenant (v) dated not more than thirty (30) days prior to COE, (w) executed by Tenant and naming Buyer (or its
designee) and any lender of which Buyer provides written notice to Seller pursuant to the notice provisions hereof (“Lender”) as addressees, (x) verifying the basic facts of such Lease (term, rental, expiration date, options,
if any exist, etc.), (y) confirming that there are no defaults by the landlord under such Lease and that no percentage rents or impounds are paid pursuant to such Lease (or specifying the amount(s) thereof), and (z) if Tenant’s
obligations under such Lease have been guaranteed by another person or entity, also cover such guaranty and also be signed by such guarantor(s), (ii) as to each Lease, a subordination, non-disturbance and attornment agreement executed by
Tenant, in the form typically provided by Tenant, for the benefit of Lender, and (iii) an original estoppel certificate executed by all other parties to any applicable reciprocal easement agreement or declaration of covenants, conditions and/or
restrictions encumbering any Property (the “REA’s”) and addressed or certified to Buyer and 
  
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Lender stating that such instrument is in full force and effect and is not modified (except as disclosed in such estoppel certificate) and, to the best knowledge of the party giving the estoppel,
the other party or parties thereto is/are not in default under the applicable instrument and all amounts, if any, owing under the applicable agreement have been paid in full; 
 (e) the deposit with Escrow Agent and Buyer prior to the expiration of the Study Period of an executed waiver by Tenant of any right of first refusal under each of the Leases; 

(f) the deposit with Escrow Agent of an executed affidavit of Seller and such other documentation as may be reasonably required by Escrow
Agent to allow for the deletion of the mechanics’ lien exception from each of the Owner’s Policies; 
 (g) the deposit
with Escrow Agent of a letter from Seller to Tenant requesting that future rent under each of the Leases be paid to Buyer; 

(h) there has been no “Insolvency Event” with respect to any Tenant. As used in this subsection (h), an “Insolvency
Event” shall have occurred if any Tenant becomes insolvent within the meaning of the United States Bankruptcy Code, 11 U.S.C. Sec. 101 et seq., as amended (the “Bankruptcy Code”), files or notifies Seller or any
affiliate of Seller that it intends to file a petition under the Bankruptcy Code, initiates a proceeding under any similar law or statute relating to bankruptcy, insolvency, reorganization, winding up or adjustment of debts (collectively,
hereinafter, an “Action”), becomes the subject of either a petition under the Bankruptcy Code or an Action, or is not generally paying its debts as the same become due; 

(i) delivery to Buyer of the original, if in Seller’s possession, or a copy if the original is not in Seller’s possession, of
the fully-executed Lease with respect to each Property, and a copy of all guaranties thereof, all exhibits, amendments and other modifications thereto, and, if seller is not the original landlord under any Lease, all assignments necessary to
establish that Seller is the successor-in-interest to the landlord’s rights under such Lease; 
 (j) delivery of the SEC
Filing Information by Seller to Buyer not less than five (5) days prior to COE; 
 (k) delivery to Buyer of originals of
the Contracts, Warranties and Permits, if any, in the possession of Seller or Seller’s agents, including, without limitation, any warranties covering the roof or any other part of the Improvements, and any correspondence with respect thereto,
together with such non-proprietary leasing and property manuals, files and records which are material in connection with the continued operation, leasing and maintenance with respect to each Property. 

If the foregoing conditions have not been satisfied as to any Property by the specified date or COE as the case may be, then Buyer shall have the right,
at Buyer’s sole option, by giving written notice to Seller and Escrow Agent, to (i) extend such specified date or COE, as applicable, for such amount of time as Buyer deems reasonably necessary to allow Seller to satisfy such conditions,
or (ii) terminate this Agreement in its entirety. In the event this Agreement is terminated in its entirety, the Earnest Money Deposit shall promptly be paid by Escrow Agent to Buyer and, except as otherwise provided in this Agreement, neither
of the Parties shall have any further liability or obligation under this Agreement. 
  
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 13. SELLER’S REPRESENTATIONS WARRANTIES AND COVENANTS. 

(a) Seller hereby represents and warrants to Buyer as of the Effective Date and again as of COE that: 

(i) there are no unrecorded leases (other than the Leases), liens or encumbrances which may affect title to any Property; any existing
financing secured by any Property or any part thereof shall be satisfied and discharged in full at or prior to COE and any liens or encumbrances relating thereto shall be terminated and released of record at or prior to COE; 

(ii) to Seller’s actual knowledge, no notice of violation has been issued with regard to any applicable regulation, ordinance,
requirement, covenant, condition or restriction relating to the present use or occupancy of any Property by any person, authority or agency having jurisdiction; 
 (iii) to Seller’s actual knowledge, there are no intended public improvements which will or could result in any charges being assessed against any Property which will result in a lien upon any
Property; 
 (iv) to Seller’s actual knowledge, there is no impending or contemplated condemnation or taking by inverse
condemnation of any Property, or any portion thereof, by any governmental authorities; 
 (v) to Seller’s actual
knowledge, there are no suits or claims pending or threatened with respect to or in any manner affecting any Property or the Tenant, nor does Seller know of any circumstances which should or could reasonably form the basis for any such suits or
claims which have not been disclosed in writing to Buyer by Seller; 
 (vi) Seller has not entered into and there is not
existing any other agreement, written or oral, under which Seller is or could become obligated to sell any Property, or any portion thereof, to a third party; 
 (vii) Seller has not taken any action before any governmental authority having jurisdiction thereover, the object of which would be to change the present zoning of or other land-use limitations, upon any
Property, or any portion thereof, or its potential use, and, to Seller’s actual knowledge, there are no pending proceedings, the object of which would be to change the present zoning or other land-use limitations; 

(viii) to Seller’s knowledge, this transaction will not in any way violate any other agreements to which Seller is a party;

 (ix) Seller has full power and authority to execute, deliver and perform under this Agreement as well as under the Transfer
Documents, the agreed upon form of which are attached hereto as Exhibits; 
  
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 (x) no default of Seller exists under any Lease; Seller has sent no notice of default to
any Tenant, and to Seller’s knowledge, no default of any Tenant exists under any Lease; Seller has not received any notice or correspondence from any Tenant or such Tenant’s agents indicating such Tenant’s desire, willingness or
intent to amend, modify, assign or terminate such Tenant’s Lease nor any notice or correspondence requesting the consent of Seller to any of the foregoing; 
 (xi) Tenant is not entitled to any free rent periods or rental abatements, concessions or other inducements under any Lease for any period subsequent to COE; 

(xii) to Seller’s actual knowledge, all amounts due and payable by Seller under the Contracts and the REA’s have been paid in
full and no default of Seller exists under any of the Contracts or any of the REA’s and, to Seller’s knowledge, no default of any other party exists under any of the Contracts or any of the REA’s; 

(xiii) no consent of any third party is required in order for Seller to enter into this Agreement and perform Seller’s obligations
hereunder; 
 (xiv) the execution, delivery and performance of this Agreement and the Transfer Documents, the agreed upon form
of which are attached hereto as Exhibits, have not and will not constitute a breach or default under any other agreement, law or court order under which Seller is a party or may be bound; and 

(xv) Seller has received no written notice of any proceedings pending for the increase of the assessed valuation of any Property or any
portion thereof; 
 (b) Further, Seller hereby covenants to Buyer as of the Effective Date that: 

(i) Seller will not enter into nor execute any agreement, written or oral, under which Seller is or could become obligated to sell the
Properties, or any portion thereof, to a third party, without Buyer’s prior written consent; 
 (ii) Seller will not,
without the prior written consent of Buyer, take any action before any governmental authority having jurisdiction thereover, the object of which would be to change the present zoning of or other land-use limitations, upon any Property, or any
portion thereof, or the potential use of any Property; 
 (iii) except for any item to be prorated at COE in accordance with
this Agreement, all bills or other charges, costs or expenses arising out of or in connection with or resulting from Seller’s use, ownership, or operation of the Properties up to COE shall be paid in full by Seller; 

(iv) all general real estate taxes, assessments and personal property taxes that have become due with respect to the Properties (except
for those that will be prorated at COE) have been paid or will be so paid by Seller prior to COE; 
  
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 (v) between the Effective Date and COE or any earlier termination of this Agreement, Seller
shall not execute or enter into any lease with respect to any Property, or terminate, amend, modify, extend or waive any rights under any of the Leases without Buyer’s prior written consent, which consent may be withheld at Buyer’s
discretion; 
 (vi) between the Effective Date and COE or any earlier termination of this Agreement, Seller shall, at its sole
cost: 
 (1) continue to operate each Property as heretofore operated by Seller subject to Buyer’s rights under this
Agreement to direct specific activities of Seller; 
 (2) maintain or cause Tenant to maintain each Property in its current
condition and perform or cause Tenant to perform any required and routine maintenance and make replacements of each part of each Property that is tangible property (whether real or personal) and perform repairs or make replacements to any broken,
defective or malfunctioning portion of any Property that is tangible property (whether real or personal) as the relevant conditions require; 
 (3) pay or cause Tenant to pay (as applicable) prior to COE, all sums due for work, materials or services furnished or otherwise incurred in the ownership, use or operation of the Properties up to COE;

 (4) comply or cause Tenant to comply with all governmental requirements applicable to the Properties; 

(5) except as required by a governmental agency, not place or permit to be placed on any portion of any Property any new improvements of
any kind or remove or permit any improvements to be removed from any Property without the prior written consent of Buyer; 

(6) not restrict, rezone, file or modify any development plan or zoning plan or establish or participate in the establishment of any
improvement district with respect to all or any portion of any Property without Buyer’s prior written consent; and 
 (7)
without Buyer’s prior written consent, Seller shall not, by voluntary or intentional act or omission to act, further cause or create any easement, encumbrance, or mechanic’s or materialmen’s liens, and/or similar liens or encumbrances
to arise or to be imposed upon any Property or any portion thereof that affects title thereto, or to allow any amendment or modification to any existing easements or encumbrances; 

(vii) Seller shall and hereby does assign to Buyer, effective as of COE, all claims, counterclaims, defenses, or actions, whether at
common law, or pursuant to any other applicable federal or state or other laws which Seller may have against any third parties relating to the existence of any Hazardous Materials in, at, on, under or about any Property (including Hazardous
Materials released on any Property prior to COE and continuing in existence on such Property at COE); 
  
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 (viii) Seller shall not, without the prior written consent of Buyer, provide a copy of, nor
disclose any of the terms of, this Agreement to any appraiser, and Seller shall instruct Broker that it may not provide a copy of nor disclose any of the terms of this Agreement to any appraiser without the prior written consent of Buyer; and

 (ix) should Seller receive notice or knowledge of any information regarding any of the matters set forth in this
Section 13 after the Effective Date and prior to COE, Seller will immediately notify Buyer of the same in writing. 
 All
representations, warranties and covenants made in this Agreement by Seller shall survive the execution and delivery of this Agreement and COE for a period of nine (9) months. Seller shall and does hereby indemnify against and hold Buyer
harmless from any loss, damage, liability and expense, together with all court costs and attorneys’ fees which Buyer may incur, by reason of any material misrepresentation by Seller or any material breach of any of Seller’s warranties or
covenants. Seller’s indemnity and hold harmless obligations shall survive COE for a period of nine (9) months. 
 14. BUYER’S
REPRESENTATIONS WARRANTIES AND COVENANTS. 
 (a) Buyer hereby represents and warrants to Seller as of the Effective Date and
again as of COE that: 
 (i) Buyer has full power and authority to execute, deliver and perform under this Agreement as well as
under the Transfer Documents, the agreed upon forms of which are attached hereto as Exhibits; 
 (ii) there are no actions or
proceedings pending or to Buyer’s knowledge, threatened against Buyer which may in any manner whatsoever affect the validity or enforceability of this Agreement or any of the documents, the agreed upon forms of which are attached hereto as
Exhibits; and 
 (iii) the execution, delivery and performance of this Agreement and the Transfer Documents, the agreed upon
forms of which are attached hereto as Exhibits, have not and will not constitute a breach or default under any other agreement, law or court order under which Buyer is a party or may be bound. 

(b) Further, Buyer hereby covenants to Seller as of the Effective Date that: 

(i) should Buyer receive notice or knowledge of any information regarding any of the matters set forth in this Section 14 after the
Effective Date and prior to COE, Buyer will promptly notify Seller of the same in writing. 
 All representations, warranties
and covenants made in this Agreement by Buyer shall survive the execution and delivery of this Agreement and COE for a period of nine (9) months. Buyer shall and does hereby indemnify against and hold Seller harmless from any loss, damage,
liability and expense, together with all court costs and attorneys’ fees, if awarded by a 
  
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court of law, which Seller may incur, by reason of any material misrepresentation by Buyer or any material breach of any of Buyer’s warranties or covenants. Buyer’s indemnity and hold
harmless obligations shall survive COE for a period of nine (9) months. 
 15. RENTS AND DEPOSITS. Seller and Buyer
agree that, in addition to all other conditions and covenants contained herein, Seller shall deliver to Buyer and Escrow Agent not later than the day immediately prior to COE information, certified by Seller to be true and accurate as of the date
thereof and as of the date of COE, with respect to (i) the amount of Tenant’s security deposit under the Leases, if any, and (ii) prepaid and/or abated rents, including, without limitation, the amount thereof and the date to which
such rents have been paid. 
 16. BROKER’S COMMISSION. Concerning any brokerage commission, the Parties agree as
follows: 
 (a) the Parties warrant to one another that they have not dealt with any finder, broker or realtor in connection
with this Agreement except Jonathan S. Horn of Horn Capital Realty, Inc. (“Broker”); 
 (b) if any person shall assert
a claim to a finder’s fee or brokerage commission on account of alleged employment as a finder or broker in connection with this Agreement (including Broker), the Party under whom the finder or broker is claiming shall indemnify and hold the
other Party harmless from and against any such claim and all costs, expenses and liabilities incurred in connection with such claim or any action or proceeding brought on such claim, including, but not limited to, counsel and witness fees and court
costs in defending against such claim. The provisions of this subsection shall survive cancellation of this Agreement or COE; and 
 (c) Seller shall be responsible for payment of a commission to Broker pursuant to a separate written agreement between Seller and Broker, which commission shall be paid at COE. 

17. CLOSE OF ESCROW. COE as to each Property shall be on or before 5:00 p.m. MST on the thirtieth
(30th) day after the expiration of the Study Period
or such earlier date as Buyer may choose by giving written notice thereof to Seller and Escrow Agent (such date, as to each Property, the “Closing Date”). Buyer may extend the Closing Date as to each Property for up to an additional
thirty (30) days upon delivery of written notice to extend the Closing Date to Escrow Agent prior to the original Closing Date corresponding to such Property and by depositing an additional Two Hundred Thousand and No/100 Dollars ($200,000.00)
of earnest money with Escrow Agent. For purposes of this Agreement, any additional earnest money deposited with Escrow Agent pursuant to this Section 17 shall be added to and become a part of the Earnest Money Deposit. 

18. ASSIGNMENT. This Agreement may not be assigned by Seller without the prior written consent of Buyer which consent shall not be
unreasonably withheld. Buyer may assign its rights under this Agreement to one or more affiliates of Buyer without seeking or obtaining Seller’s consent. Such assignment shall not become effective until each assignee executes an instrument
whereby such assignee expressly assumes all unperformed obligations of Buyer under this Agreement. Buyer may also designate someone other than Buyer, as grantee and/or assignee, under the Transfer Documents by providing written notice of such
designation at least five (5) days prior to COE. No assignment shall release or otherwise relieve Buyer from any 
  

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obligations hereunder; provided, however, with respect to any assignment, if COE occurs the assigning party (but not the assignee) shall be relieved of all its obligations arising
under this Agreement before, on and after COE. 
 19. RISK OF LOSS. Seller shall bear all risk of loss resulting from or
related to material damage of or to any Property or any part thereof caused by a casualty which may occur prior to COE. Seller shall also bear all risk of loss resulting from or related to a taking or condemnation of any Property or any part thereof
with respect to which written notice of a proposed condemnation or taking is received, a condemnation proceeding is commenced, a condemnation proceeding is concluded or all or any part of any Property is conveyed in lieu of condemnation prior to COE
(any such taking or condemnation event or material damage caused by a casualty, a “Risk of Loss Event”). In the event of any Risk of Loss Event prior to COE, Buyer may, at Buyer’s sole option, by written notice to Seller and
Escrow Agent, remove the affected Property from this Agreement as set forth in Section 6(b) above (each, a “Rejected Property”) and the Purchase Price shall be reduced by the amount corresponding to such Rejected Property as
set forth in Exhibit A attached hereto, the Earnest Money Deposit shall be proportionately refunded to Buyer and this Agreement shall continue in full force and effect with respect to all remaining Properties. In the alternative, Buyer may attempt
to negotiate an appropriate downward adjustment of the Purchase Price. If Seller and Buyer cannot agree upon such a downward adjustment within a reasonable period (not to exceed ten (10) days from the date Buyer receives notice of the Risk of
Loss Event) Buyer may remove such Rejected Property from this Agreement as provided above. In the event of any Risk of Loss Event which does not result in a termination of this Agreement, Seller shall at COE and as a condition precedent thereto, pay
Buyer or credit Buyer against the Purchase Price the amount of any insurance or condemnation proceeds, or assign to Buyer, as of COE and in a form acceptable to Buyer, all rights or claims for relief to the same, and credit to Buyer an amount equal
to the deductible (if any) under the insurance policy. In the event of any Risk of Loss Event with respect to all Properties prior to COE and Buyer elects to remove all Properties from this Agreement as provided above, then this Agreement shall
automatically terminate, whereupon the Earnest Money Deposit shall promptly be paid in full to Buyer and, except as otherwise provided in this Agreement, neither of the Parties shall have any further liability or obligation hereunder. As used in
this Section 19, “material damage” caused by a casualty shall mean any casualty damage with respect to which (a) the cost to restore such damage, as reasonably agreed by Seller and Buyer, is more than One Hundred Twenty-Five
Thousand and No/100 Dollars ($125,000.00), (b) the estimated time to repair such damage, as reasonably agreed by Seller and Buyer, is more than ninety (90) days, (c) such damage will entitle Tenant to terminate the Lease corresponding
to the damage Property or abate or offset its rent in whole or in part under such Lease, whether permanently or temporarily; provided, however, such abated or offset rents are not fully covered by loss of rents insurance, or (d) such damage is
not covered by Seller’s insurance or if such insurance is not for full replacement cost. 
 20. REMEDIES.

 (a) Seller’s Breach. If Seller breaches this Agreement, including, without limitation, a breach of any
representation or warranty of Seller set forth herein and/or the failure of Seller to satisfy any conditions precedent to COE specified in Section 12 above that is within Seller’s control, Buyer may, at Buyer’s sole option, either:
(i) by written notice to Seller and 
  
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Escrow Agent, cancel this Agreement in its entirety whereupon the Earnest Money Deposit shall promptly be refunded in full by Escrow Agent to Buyer, Seller shall promptly reimburse to Buyer its
reasonable out-of-pocket and third-party diligence expenses (provided, however, such reimbursement shall not exceed $35,000.00 per Property) and, except as otherwise provided in this Agreement, neither of the Parties shall have any further liability
or obligation hereunder, or (ii) seek specific performance against Seller in which event COE shall be automatically extended as necessary. Notwithstanding the foregoing, if specific performance is unavailable as a remedy to Buyer because of
Seller’s intentional act or omission, Buyer shall be entitled to pursue all rights and remedies available at law or in equity. Seller hereby acknowledges and agrees that the provisions of this Section 20(a) shall not limit any rights or
remedies Buyer may have against Seller after COE pursuant to the indemnification under Section 16 or for any misrepresentation, breach of warranty or default by Seller in any of its obligations under this Agreement, the Transfer
Documents or any other documents to be entered into pursuant to this Agreement. 
 (b) Buyer’s Breach. If Buyer
breaches this Agreement, as its sole remedy Seller shall be entitled to retain the Earnest Money Deposit in accordance with subsection 5(b) as Seller’s agreed and total liquidated damages. Seller hereby waives any right to seek any equitable or
legal remedies against Buyer. 
 21. ATTORNEYS’ FEES. If there is any litigation to enforce any provisions or rights
arising under this Agreement, the unsuccessful party in such litigation, as determined by the court, agrees to pay the successful party, as determined by the court, all costs and expenses, including, but not limited to, reasonable attorneys’
fees incurred by the successful party, such fees to be determined by the court. For purposes of this Section 21, a party will be considered to be the “successful party” if (a) such party initiated the litigation and substantially
obtained the relief which it sought (whether by judgment, voluntary agreement or action of the other party, trial, or alternative dispute resolution process), (b) such party did not initiate the litigation and either (i) received a
judgment in its favor, or (ii) did not receive judgment in its favor, but the party receiving the judgment did not substantially obtain the relief which it sought, or (c) the other party to the litigation withdrew its claim or action
without having substantially received the relief which it was seeking. 
  
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 22. NOTICES. 

(a) Addresses. Except as otherwise required by law, any notice required or permitted hereunder shall be in writing and shall be
given by personal delivery, or by deposit in the U.S. Mail, certified or registered, return receipt requested, postage prepaid, addressed to the Parties at the addresses set forth below, or at such other address as a Party may designate in writing
pursuant hereto, or by telecopy (fax), or any express or overnight delivery service (e.g., Federal Express), delivery charges prepaid: 
  

					
	if to Seller:	  	c/o Heritage Manager, LLC
		  	One Town Square, Suite 1600
		  	Southfield, MI 48076
		  	Attn:	  	Brian Hermelin
		  	Tel.:	  	(248) 827-1700
		  	Fax:	  	(248) 827-1718
		
	with copies to:	  	Jaffe Raitt Heuer & Weiss, P.C.
		  	27777 Franklin Road, Suite 2500
		  	Southfield, MI 48034
		  	Attn:	  	Arthur A. Weiss, Esq.
		  	Tel.:	  	(248) 727-1516
		  	Fax:	  	(248) 351-3082
		
	if to Buyer:	  	c/o Cole Real Estate Investments
		  	2325 E. Camelback Road, Suite 1100
		  	Phoenix, AZ 85016
		  	Attn:	  	Legal Department
		  	Tel.:	  	(602) 778-8700
		  	Fax:	  	(480) 449-7012
		
	with copies to:	  	Snell & Wilmer L.L.P.
		  	One Arizona Center
		  	400 E. Van Buren Street
		  	Phoenix, AZ 85004
		  	Attn:	  	Kevin T. Lytle, Esq.
		  	Tel.:	  	(602) 382-6065
		  	Fax:	  	(602) 382-6070
		
	if to Escrow Agent:	  	First American Title Insurance Company
		  	2425 E. Camelback Road, Suite 300
		  	Phoenix, AZ 85016
		  	Attn:	  	Mr. Brandon Grajewski
		  	Tel.:	  	(602) 567-8145
		  	Fax:	  	(602) 567-8101

 (b) Effective Date of Notices. Notice shall be deemed to have been given on
the date on which notice is delivered, if notice is given by personal delivery or telecopy, and on the date of deposit in the mail, if mailed or deposited with the overnight carrier, if used. Notice shall be deemed to have been received (i) on
the date on which the notice is received, if notice is given by telecopy or personal delivery, (ii) on the first business day following deposit with an overnight carrier, if used, and (iii) on the second (2nd) day following deposit in the U.S. Mail, if notice is mailed.
If escrow has opened, a copy of any notice given to a party shall also be given to Escrow Agent by regular U.S. Mail or by any other method provided for herein. 
  

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 23. CLOSING COSTS. 

(a) Closing Costs. Seller and Buyer agree to pay closing costs as indicated in this Agreement and in the
escrow instructions attached hereto as Exhibit F, and by this reference incorporated herein (the “Escrow Instructions”). At COE, Seller shall pay (i) the costs of releasing all liens, judgments, and other encumbrances that are
to be released and of recording such releases, (ii) one-half the fees and costs due Escrow Agent for its services, (iii) the transfer tax associated with the sale of the Properties, if any, (iv) the cost of the Surveys, and
(v) all other costs to be paid by Seller under this Agreement. At COE, Buyer shall pay (i) one-half the fees and costs due Escrow Agent for its services, and (ii) all other costs to be paid by Buyer under this Agreement. Except as
otherwise provided for in this Agreement, Seller and Buyer will each be solely responsible for and bear all of their own respective expenses, including, without limitation, expenses of legal counsel, accountants, and other advisors incurred at any
time in connection with pursuing or consummating the transaction contemplated herein. Real estate taxes shall be prorated based upon the current valuation and latest available tax rates. All prorations shall be calculated through escrow as of COE
based upon the latest available information, including, without limitation, a credit to Buyer for any rent prepaid by Tenant for the period beginning with and including the date on which the closing occurs through and including the last day of the
month in which the closing occurs. All other credits to Buyer shall be similarly prorated. If COE is on or after the
20th day of the calendar month in which COE occurs, the
monthly base rent due to Buyer under the terms of the Leases for the full calendar month of the month following the day on which COE occurs (the “Initial Rent”) shall be credited to Buyer at COE (and, in such event, Tenant shall pay
the Initial Rent to Seller and, notwithstanding the terms of the Leases, shall not be obligated to make a payment for the Initial Rent to Buyer). Any other closing costs not specifically designated as the responsibility of either Party in the Escrow
Instructions or in this Agreement shall be paid by Seller and Buyer according to the usual and customary allocation of the same by Escrow Agent. Seller agrees that all closing costs payable by Seller shall be deducted from Seller’s proceeds
otherwise payable to Seller at COE. Buyer shall deposit with Escrow Agent sufficient cash to pay all of Buyer’s closing costs. Except as provided in this Section 23(a), Seller and Buyer shall each bear their own costs in regard to this
Agreement. 
 (b) Post-Closing Adjustment. If after COE, the parties discover any errors in adjustments and
apportionments or additional information becomes available which would render the closing prorations inaccurate, the same shall be corrected as soon after their discovery as possible. The provision of this Section 23(b) shall survive COE except
that no adjustment shall be made later than twelve (12) months after COE unless prior to such date the Party seeking the adjustment shall have delivered a written notice to the other Party specifying the nature and basis for such claim;
provided, however, in the event an adjustment is sought due to the fact that current tax bills with respect to one or more Properties had not yet been issued as of COE, the provisions of this Section 23(b) shall survive with respect to any
closing proration of real property taxes until thirty (30) days after Buyer’s receipt of tax bills for the period of time during which COE occurred. In the event that such claim is valid, the Party against whom the claim is sought shall
have ten (10) days in which to remit any adjustment due. 
  

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 (c) Instructions. This Agreement, together with the Escrow Instructions, shall
constitute escrow instructions for the transaction contemplated herein. Such escrow instructions shall be construed as applying principally to Escrow Agent’s employment. 
 24. ESCROW CANCELLATION CHARGES. If escrow fails to close because of Seller’s default, Seller shall be liable for any cancellation charges of Escrow Agent. If escrow fails to close because of
Buyer’s default, Buyer shall be liable for any cancellation charges of Escrow Agent. If escrow fails to close for any other reason, Seller and Buyer shall each be liable for one-half of any cancellation charges of Escrow Agent. The provisions
of this Section 24 shall survive cancellation of this Agreement. 
 25. APPROVALS. Concerning all matters in this
Agreement requiring the consent or approval of any Party, the Parties agree that any such consent or approval shall not be unreasonably withheld unless otherwise provided in this Agreement. 

26. RELEASES. Except as expressly provided in this Agreement, Seller and anyone claiming through Seller hereby releases Tenant
from any and all claims of whatever kind or nature, in law or equity, whether now known or unknown to Seller, whether contingent or matured, that Seller may now have or hereafter acquire against Tenant for any costs, loss, liability, damage,
expenses, demand, action or cause of action arising from or related to any of the Leases arising from events occurring prior to COE. 
 27. ADDITIONAL ACTS. The Parties agree to execute promptly such other documents and to perform such other acts as may be reasonably necessary to carry out the purpose and intent of this Agreement.

 28. GOVERNING LAW. This Agreement shall be governed by and construed or enforced in accordance with the laws of the
State of Arizona. 
 29. CONSTRUCTION. The terms and provisions of this Agreement represent the results of negotiations
among the Parties, each of which has been represented by counsel of its own choosing, and neither of which has acted under any duress or compulsion, whether legal, economic or otherwise. Consequently, the terms and provisions of this Agreement shall
be interpreted and construed in accordance with their usual and customary meanings, and the Parties each hereby waive the application of any rule of law which would otherwise be applicable in connection with the interpretation and construction of
this Agreement that ambiguous or conflicting terms or provisions contained in this Agreement shall be interpreted or construed against the Party whose attorney prepared the executed Agreement or any earlier draft of the same. 

30. TIME OF ESSENCE. Time is of the essence of this Agreement. However, if this Agreement requires any act to be done or action to
be taken on a date which is a Saturday, Sunday or legal holiday, such act or action shall be deemed to have been validly done or taken if done or taken on the next succeeding day which is not a Saturday, Sunday or legal holiday, and the successive
periods shall be deemed extended accordingly. 
 31. INTERPRETATION. If there is any specific and direct conflict
between, or any ambiguity resulting from, the terms and provisions of this Agreement and the terms and 
  
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provisions of any document, instrument or other agreement executed in connection herewith or in furtherance hereof, including any Exhibits hereto, the same shall be consistently interpreted in
such manner as to give effect to the general purposes and intention as expressed in this Agreement which shall be deemed to prevail and control. 
 32. HEADINGS. The headings of this Agreement are for reference only and shall not limit or define the meaning of any provision of this Agreement. 

33. FAX AND COUNTERPARTS. This Agreement may be executed by facsimile, by email (in “.pdf” format) and/or in any number
of counterparts, each of which when so executed and delivered shall be deemed an original, and all of which together shall constitute one and the same instrument. 
 34. INCORPORATION OF EXHIBITS BY REFERENCE. All Exhibits to this Agreement are fully incorporated herein as though set forth at length herein. 

35. SEVERABILITY. If any provision of this Agreement is unenforceable, the remaining provisions shall nevertheless be kept in
effect. 
 36. ENTIRE AGREEMENT. This Agreement contains the entire agreement between the Parties and supersedes all
prior agreements, oral or written, with respect to the subject matter hereof. The provisions of this Agreement shall be construed as a whole and not strictly for or against any Party. 

37. INDEMNITY. Seller shall indemnify, hold harmless and defend Buyer, Buyer’s affiliates, the partners, trustees,
shareholders, directors, officers, attorneys, employees and agents of each of them, and their respective heirs, successors, personal representatives and assigns (collectively, the “Indemnified Parties”) from any and all demands,
claims (including, without limitation, causes of action in tort), legal or administrative proceedings, losses, liabilities, damages, penalties, fines, liens, judgments, costs or expenses whatsoever (including, without limitation, attorneys’
fees and costs), whether direct or indirect, known or unknown, foreseen or unforeseen (collectively, “Claims”) that may arise on account of or in any way be connected with any actions, suits, proceedings or claims brought by third parties
against Buyer (a) relating to any actual or alleged events, acts or omissions occurring with respect to any Property prior to COE, and/or (b) based upon Buyer’s ownership of any Property but with respect to which the claimed loss,
damage or injury occurred prior to COE. Buyer shall indemnify, hold harmless and defend Seller, Seller’s affiliates, the partners, trustees, shareholders, directors, officers, attorneys, employees and agents of each of them, and their
respective heirs, successors, personal representatives and assigns from any and all Claims that may arise on account of or in any way be connected with any actions, suits, proceedings or claims brought by third parties against Seller
(y) relating to any actual or alleged events, acts or omissions occurring with respect to any Property from and after COE, and/or (z) based upon Seller’s ownership of any Property but with respect to which the claimed loss, damage or
injury occurred from and after COE. The provisions of this Section 37 shall survive COE. 
 38. PRIVILEGE TAXES.
Seller represents, warrants and covenants to Buyer that all state and local transaction privilege, sales, excise, use or similar taxes relating to the 
  

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development, sale or rental of each Property (including, without limitation any speculative builder tax, owner-builder tax, or construction contractor tax) have been paid and Seller shall pay any
such taxes that may arise as a result of the sale of any Property to Buyer as and when due. Seller shall indemnify, hold harmless and defend the Indemnified Parties from any and all Claims relating to a breach of the preceding sentence. The
provisions of this Section shall survive COE. 
 39. SEC S-X 3-14 Audit. In order to enable Buyer to comply
with reporting requirements, Seller agrees to provide Buyer and its representatives information sufficient for Buyer to comply with SEC Rule 3-14 of Regulation S-X, including Seller’s most current financial statements relating to
the financial operation of the Property for the current fiscal year and the most recent pre-acquisition fiscal year, and upon request, support for certain operating revenues and expenses specific to the Property (collectively, the “SEC
Filing Information”). Seller understands that certain of such financial information may be included in filings required to be made by Buyer with the U.S. Securities and Exchange Commission. This Section 39 shall survive Closing
for a period of one (1) year. 
 40. TENANT AUDIT RIGHT. In the event that Tenant has the right to inspect and audit
the books, records and other documents of the landlord under any of the Leases which evidence the purchase price of the Real Property, the development and construction costs of the Improvements, and/or common area maintenance costs and expenses,
Seller hereby covenants and agrees that it shall retain such books, records and other documents which will enable Tenant to conduct a full and complete audit thereof until the date that is six (6) months after the latest date that Tenant could
demand an inspection and/or audit thereof pursuant to such Lease and, upon written request therefore from Buyer, or any successor or assign, thereof, shall provide both Buyer and Tenant with reasonable access thereto and otherwise reasonably
cooperate with both Buyer and Tenant with respect to such inspection and/or audit by Tenant. In the event Tenant claims any right to a credit, refund or other reimbursement as a result of such audit, Seller shall indemnify, hold harmless and defend
the Indemnified Parties from any and all Claims relating thereto or arising therefrom. The provisions of this Section 40 shall survive COE. 
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 IN WITNESS WHEREOF, Seller and Buyer have executed this Agreement as of the Effective Date.

  

					
	SELLER:	  	MGH ACQ LLC,
		  	a Michigan limited liability company
			
		  	By:	  	Heritage Manager LLC, a Michigan limited liability company, its Operating Manager
			
		  	By:	  	 /s/ Arthur A. Weiss

			
		  	Its:	  	 Authorized Representative

		
	BUYER:	  	SERIES C, LLC
			
		  	By:	  	 /s/ Todd J. Weiss

			
		  	Its:	  	 Authorized Officer

  
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 ESCROW AGENT’S ACCEPTANCE 

The foregoing fully executed Agreement together with the Earnest Money Deposit is accepted by the undersigned this 5th day of March,
2012, which for the purposes of this Agreement shall be deemed to be the date of Opening of Escrow. Escrow Agent hereby accepts the engagement to handle the escrow established by this Agreement in accordance with the terms set forth in this
Agreement. 
  

			
	FIRST AMERICAN TITLE INSURANCE COMPANY
		
	By:	 	 /s/ Brandon Grajewski

		
	Title:	 	 Escrow Officer

  
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 22EX-10.16

 Exhibit 10.16 
 PURCHASE AND SALE AGREEMENT 
 BY AND BETWEEN 

LINCOLN WAXAHACHIE, LTD., 
 a Texas limited partnership 
 as Seller, 

and 

SERIES C, LLC, an Arizona limited liability company 
 as Purchaser 
 Dated: May 17, 2012 

 PURCHASE AND SALE AGREEMENT 

(HEB Center, Waxahachie, Texas) 
 PURCHASE AND SALE AGREEMENT (“Agreement”) made this 17th day of May, 2012 (“Effective Date”), between LINCOLN WAXAHACHIE, LTD., a Texas limited partnership, having an address at 2000
McKinney Avenue, Suite 1000, Dallas, Texas 75201 (“Seller”), and SERIES C, LLC, an Arizona limited liability company, having an address at c/o Cole Real Estate Investments, 2325 East Camelback Road, Suite 1100, Phoenix, Arizona 85016
(Series C, LLC or its permitted assignee pursuant to Section 18.7 below is hereinafter referred to as “Purchaser”). 
 W I T N E S S E T H: 
 RECITALS 

A. Seller owns a shopping center (“Center”) known as HEB Center in Waxahachie, Texas. The land (“Land”) on which the
Center is located is more particularly described on Exhibit “A” attached hereto and incorporated herein by this reference (such Land and such Center and Seller’s right, title and interest in and to all improvements located on such
Land are herein referred to as the “Property”). 
 B. Seller desires to sell and Purchaser desires to acquire the
Property on the terms and provisions hereinbelow set forth. 
 NOW, THEREFORE, in consideration of the mutual covenants
contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 
 Section 1. Agreement of Purchase and Sale. Seller hereby agrees to sell and convey and Purchaser agrees to purchase on such terms and conditions as are hereinafter set forth, all of the
following: 
 1.1 Fee simple title in and to the Property, together with all right, title and interest of Seller (if any) in and
to all covenants, easements, rights-of-way, rights, privileges and other tenements, appurtenances and hereditaments appertaining thereto, including, without limitation, all of Seller’s right, title and interest (if any) in and to (a) any
strips or gores adjoining or adjacent to the Land, (b) the streets and roads adjoining or adjacent to the Land to the center line thereof, (c) all mineral, water and irrigation rights, if any, running with or otherwise pertaining to the
Land, and (d) any award made or to be made or settlement in lieu thereof for the Property by reason of condemnation, eminent domain or exercise of police power; 
 1.2 All of Seller’s right, title and interest in and to all apparatus, fittings and fixtures in or on the Property or which are attached thereto (“Fixtures”); 

1.3 All of Seller’s right, title and interest in and to any equipment, machinery and personal property located in or on the Property
(“Personal Property”); 

  
 1 

 1.4 All of Seller’s right, title and interest, if any, in and to the trademark, service
mark, trade name and all other trademarks, services marks, trade names, names and logos used in connection with the advertising and promotion of the Project (as hereinafter defined) or otherwise relating to the Project, and any variations thereof,
together with all good will of the business connected with the use of and symbolized by such trademarks, service marks, trade names, names and logos, any telephone numbers and listings for the Property and any copyrights, trade secrets, intellectual
property and other intangible property relating to the Property (“Intangibles”); however, in no event shall Intangibles include any tradenames, trademarks, service marks, logos or names using or incorporating the name “Lincoln”,
“Lincoln Property Company”, “LPC” or any derivation thereof, or any trademarks, service marks or logos now or hereafter used by Lincoln Property Company; 
 1.5 The interest of Seller, as landlord, in all leasehold estates created by those certain leases, tenancies and rental agreements and all amendments thereto and all guaranties thereof that are described
in the Schedule of Leases attached hereto as Schedule “1.5” (sometimes hereinafter referred to as the “Lease Schedule”), including the HEB Lease (as defined in the Lease Schedule), together with additional leases, tenancies and
rental agreements entered into by Seller in accordance with the terms of this Agreement (herein collectively referred to as the “Leases;” and the tenants under the Leases are herein, collectively, referred to as the “Tenants”);

 1.6 All of Seller’s right, title and interest in and to all warranties and guaranties, if any, relating to the Property
(collectively, the “Warranties”); 
 1.7 All of Seller’s right, title and interest in and to all consents,
authorizations, variances or waivers, licenses, permits and approvals from any governmental or quasi-governmental agency, department, board, commission, bureau or other entity or instrumentality (collectively, “Governmental Authority”)
relating to the Property (collectively, the “Approvals”); 
 1.8 All of Seller’s right, title and interest in and
to all construction, operating and reciprocal easement agreements affecting the Property (the “REAs”), if any; 
 1.9
All of Seller’s right, title and interest in and to all existing construction contracts, subcontracts, architecture and engineering agreements, and similar agreements relating to the design, development and construction of the Property
(“Construction Agreements”); 
 1.10 All of Seller’s right, title and interest in and to all other written
agreements which affect the Property (“Contracts”) including, without limitation, personal property leases and contracts, other than the Leases and Permitted Exceptions (as hereinafter defined) and Contracts which Purchaser elects during
the Inspection Period (as hereinafter defined) not to assume. A schedule of all Contracts in existence on the Effective Date is attached hereto as Schedule “1.10”; and 

1.11 All of Seller’s right, title and interest in and to all plans and specifications and other architectural and engineering
drawings for the Property (the “Plans”). 
 It is intended that Seller shall transfer to Purchaser all of
Seller’s interest of every kind or nature in the Property, the Fixtures, the Leases, the Personal Property, the 

  
 2 

 
Intangibles, the Warranties, the Approvals, the REAs, the Construction Agreements, the Contracts, the Plans and all other interests of Seller in and to the Property (the Property, the Fixtures,
the Leases, the Personal Property, the Intangibles, the Warranties, the Approvals, the REAs, the Construction Agreements, the Contracts, the Plans and all other interests of Seller in and to the Property are herein collectively referred to as the
“Project”). 
 Section 2. The Purchase Price. The purchase price (the “Purchase Price”) for the
Project is $13,000,000.00 to be paid as follows: 
 2.1 $250,000.00 (such amount and any interest earned on such amount(s), the
“Deposit”) shall be paid by Purchaser to Benchmark Title Services (“Escrow Agent” or “Title Company”) within five (5) business days after the Effective Date. The Deposit shall be held in escrow by the Escrow Agent
to be disbursed as provided in the Earnest Money Escrow Agreement, the form of which is attached hereto as Exhibit “B” (the “Earnest Money Escrow Agreement”). The parties shall execute the Earnest Money Escrow Agreement
contemporaneously with the execution of this Agreement. If the purchase and sale of the Project is consummated in accordance with the terms and provisions of this Agreement, then the Deposit shall be applied fully to the Purchase Price at Closing
and transferred to an account or accounts designated in writing by Seller. If Purchaser terminates this Agreement in accordance with Section 3.3, the Deposit shall be returned to Purchaser. In all other events, the Deposit shall be disposed of
by the Title Company as provided in the Earnest Money Escrow Agreement. 
 2.2 The balance of the Purchase Price after deducting
the Deposit shall be paid on Closing, plus or minus prorations and adjustments to be made pursuant to this Agreement, in good immediately available United States funds by wire transfer to a bank account or accounts to be designated in writing by the
Title Company prior to the Closing for transfer to an account or accounts designated in writing by Seller. 
 Notwithstanding
anything in this Agreement to the contrary, a portion of the Deposit in the amount of $100.00 shall be non-refundable and shall be distributed to Seller at Closing or other termination of this Agreement as full payment and independent consideration
for Seller’s performance under this Agreement and for the rights granted to Purchaser hereunder. Such $100.00 independent consideration shall be deducted from any refund or delivery of the Deposit to Purchaser pursuant to this Agreement and
shall simultaneously be distributed to Seller. 
 Section 3. Inspection Period. 

3.1 Purchaser will have until June 14, 2012 (the “Inspection Period”) to perform physical inspections and other due
diligence and to decide, in Purchaser’s sole discretion, whether the Project is satisfactory. Seller shall deliver all of the materials described on Exhibit “E” hereto and any other documents or other information in the possession of
Seller or its agents pertaining to the Project (the “Property Information”) within two (2) business days after the Effective Date. Seller shall have an ongoing obligation during the pendency of this Agreement to provide Purchaser with
any type of document or instrument described in Exhibit “E” which is created or modified in any respect after the commencement of the Inspection Period. All due diligence costs including, without limitation, all costs of building and site
inspections, engineering, environmental and/or other reports or inspections undertaken by Purchaser, shall be paid for by Purchaser. 

  
 3 

 3.2 During the Inspection Period, Seller, upon notice, will provide Purchaser or its
designated representatives access to the Property at reasonable times to conduct, at Purchaser’s sole cost and expense, its due diligence with respect to the Project; provided that, (i) such access shall be coordinated with a
representative of Seller and accompanied by a representative of Seller, (ii) any entry into any Tenant’s space shall be subject to the terms of such Tenant’s Lease, (iii) Purchaser shall indemnify, defend and hold Seller harmless
from and against all claims for costs, expenses, losses, damages and/or liabilities (collectively “Claims”) asserted against Seller arising from Purchaser’s due diligence activities on or about the Property, excluding from the
foregoing indemnity any Claims relating to pre-existing conditions and/or the gross negligence or willful misconduct of Seller or any of Seller’s agents or representatives, (iv) Purchaser shall promptly repair any damage resulting from any
such activities and restore the Property to its condition prior to such activities, (v) Purchaser shall fully comply with all applicable laws, ordinances, rules and regulations (collectively, the “Legal Requirements”),
(vi) Purchaser shall not permit any inspections, investigations or other due diligence activities to result in any liens, judgments or other encumbrances being filed against the Property and shall, at its sole cost and expense, as promptly as
possible but in no event more than ninety (90) days, discharge of record any such liens or encumbrances that are so filed or recorded, (vii) in no event shall Purchaser engage in any interaction or discussion with Seller’s lender with
respect to this transaction; and (viii) Purchaser shall not permit any borings, drillings or samplings to be done on or at the Property without the prior written consent of Seller which may be withheld in Seller’s sole discretion.
Purchaser’s liabilities under this Section shall survive the Closing or earlier termination of this Agreement. 
 3.3 On or
before the expiration of the Inspection Period, Purchaser will have the right in its sole and absolute discretion to terminate this Agreement by giving written notice of termination to Seller. In the event Purchaser timely exercises its right to
terminate this Agreement pursuant to this Section 3.3 or pursuant to any other Section that refers to this Section 3.3, (a) Purchaser shall receive a full return of the Deposit, (b) except for obligations that this Agreement
expressly states survive termination, neither party shall have any further rights against the other hereunder, and (c) Purchaser shall promptly return to Seller all due diligence materials that Seller may have delivered to Purchaser pursuant to
this Section 3. 
 Section 4. Title. 
 4.1 Purchaser shall accept good and indefeasible fee simple title to the Property subject only to the Permitted Exceptions (hereinafter defined in Section 4.1.1). 

4.1.1. Purchaser will promptly order, if it has not previously done so, a title insurance commitment (“Title Commitment”) to
be issued by the Title Company and an ALTA/ACSM “as-built” survey of the Property certified to the Title Company, Purchaser, Seller and Purchaser’s lender (“Survey”). Purchaser will cause copies of the Title Commitment, all
documents of record which are listed as exceptions in the Title Commitment and the Survey (collectively, the “Title Materials”) to be delivered to Seller. Before the later of (i) ten (10) days after Purchaser’s receipt of
all of the Title Materials, and (ii) the expiration of the Inspection 

  
 4 

 
Period (“Title Review Period”), Purchaser shall furnish Seller with a written statement of objections, if any, to title to the Property (“Objections”). If an update or
endorsement to the Title Commitment delivered to Purchaser or a revision to the Survey (“Title/Survey Update”) discloses a title or Survey matter that was not disclosed in the Title Commitment, on the Survey or in a previous Title/Survey
Update, Purchaser may deliver to Seller, within five (5) days following Purchaser’s receipt of the Title/Survey Update (“Title/Survey Update Review Period”) a written Objection to such defect first disclosed on the Title/Survey
Update accompanied by a copy of the Title/Survey Update. Purchaser shall be deemed to have agreed to accept title subject to all matters reflected in the Title Commitment and any Title/Survey Update and to the state of facts shown on the Survey,
other than Objections that have been timely given and provided that, in no event shall Purchaser be deemed to have agreed to accept title subject to (i) monetary liens, encumbrances or security interests against Seller and/or the Property, to
the extent arising by, through, under or on behalf of Seller; (ii) encumbrances that have been voluntarily placed against the Property by Seller after the Effective Date without Purchaser’s prior written consent and that will not otherwise
be satisfied on or before the Closing; or (iii) exceptions that can be removed from the Title Commitment by Seller’s delivery of a customary owner’s title certificate or gap indemnity (all of the foregoing hereinafter collectively
referred to as the “Seller’s Required Removal Items”). All title matters and exceptions set forth in the Title Commitment and any Title/Survey Update and the state of facts shown on the Survey which are not Objections, or which are
thereafter deemed to be accepted or waived by Purchaser as hereinafter provided, other than the Seller’s Required Removal Items, are hereafter referred to as the “Permitted Exceptions”. 

4.1.2. If Purchaser notifies Seller within the Title Review Period or the Title/Survey Update Review Period, as applicable, of
Objections, then within five (5) business days after Seller’s receipt of Purchaser’s notice, Seller shall notify Purchaser in writing (“Seller’s Title Response Notice”) of the Objections which Seller agrees to satisfy
at or prior to the Closing, at Seller’s sole cost and expense, and of the Objections that Seller cannot or will not satisfy. Failure by Seller to respond to Purchaser by the expiration of said five (5) business day response period shall be
deemed as Seller’s election not to cure the Objections raised by Purchaser. Notwithstanding the foregoing, Seller shall, in any event, be obligated to satisfy Seller’s Required Removal Items. If Seller chooses not to satisfy all or any of
the Objections that Seller is not obligated to satisfy, Seller shall notify Purchaser thereof within the allowed five (5) business day period, then Purchaser shall have the option to be exercised within five (5) business days following
Purchaser’s receipt of the Seller’s Title Response Notice of either (i) terminating this Agreement by giving written notice of termination to Seller, whereupon the rights of the parties shall be as set forth in Section 3.3 hereof
or (ii) electing to consummate the purchase of the Project, in which case Purchaser shall be deemed to have waived such Objections and such Objections shall become “Permitted Exceptions” for all purposes hereunder. Failure by
Purchaser to respond to Seller by the expiration of said five (5) business day response period shall be deemed its election to waive the applicable Objection(s), which shall become “Permitted Exceptions”. If, at or prior to the
Closing, Seller is unable or unwilling to satisfy any Objections that Seller has agreed to satisfy in Seller’s Title Response Notice, Purchaser shall have the option of either (i) terminating this Agreement by giving written notice of
termination to Seller, whereupon the rights of the parties shall be as set forth in Section 3.3 hereof and Seller shall be obligated to reimburse Purchaser for its actual out-of-pocket costs and expenses in connection with its investigation of
the Property and the transactions contemplated by this Agreement, or 

  
 5 

 
(ii) closing this transaction in accordance with the terms and provisions hereof and accepting title in its then existing condition with all matters set forth in the Title Commitment or on
the Survey (other than Seller’s Required Removal Items and Objections that Seller has cured) being deemed to be Permitted Exceptions. 
 4.1.3. It is a condition to Purchaser’s obligation to close that the Title Company shall issue an Owners’ Policy of Title Insurance (Texas Form T-1 (Rev. 2/1/2010)) to Purchaser in the amount of
the Purchase Price, insuring that Purchaser has good and indefeasible fee simple title to the Property, subject only to the Permitted Exceptions, showing that all requirements applicable to Seller have been satisfied, deleting all standard or
general exceptions (including the standard survey exception and the standard parties in possession exception), showing that all taxes and assessments, which are due have been paid, and containing the endorsements (or revisions to Schedule B, as
applicable) listed below (collectively, the “Title Policy”): access endorsement (T-23), survey modification (P-2), restrictions, encroachments, and minerals endorsement (T-19.1), contiguity endorsement (T-25) (as applicable) and
arbitration deletion. 
 4.2 In the event that Seller shall be unable or unwilling to convey title to the Property in the state
hereinabove required, Purchaser shall at its election either (a) accept such title as Seller is able to convey without abatement or reduction of the Purchase Price or (b) terminate this Agreement, whereupon the rights of the parties shall
be as set forth in Section 3.3 hereof and Seller shall be obligated to reimburse Purchaser for its actual out-of-pocket costs and expenses in connection with its investigation of the Property and the transactions contemplated by this Agreement.
Except as provided above, Seller shall have no obligation or liability to Purchaser for any damages or other compensation which Purchaser may have sustained by reason of Seller’s inability to convey title in accordance with the terms of this
Agreement. Notwithstanding anything to the contrary herein contained, Seller shall not be required to bring any action or proceeding or take any other steps to remove any defects in or objections to title or to expend any monies therefor; provided,
however, Seller shall be required to satisfy Seller’s Required Removal Items. 
 Section 5. Closing Date.
Provided that all of the conditions to Purchaser’s obligation to close shall be satisfied, the sale contemplated by this Agreement shall be consummated and closed through an escrow arrangement with the Title Company on June 22, 2012
(“Closing Date”); however, in addition to Purchaser’s and Seller’s rights to extend the Closing Date otherwise specifically set forth in this Agreement, Seller shall have the right to extend the Closing Date to any business day
after the originally scheduled Closing Date through and including July 2, 2012, by delivery of written notice to Purchaser and the Title Company no later than two (2) business days prior to the originally scheduled Closing Date. The terms
and conditions of such escrow arrangement shall be consistent with the terms of this Agreement and shall otherwise be reasonably acceptable to Seller, Purchaser and the Title Company. The consummation and the closing of the purchase and sale of the
Project as contemplated by this Agreement are herein referred to as the “Closing”. 
 Section 6. “AS
IS”. Purchaser shall make such investigations and inspections of the Project and the books and records relating thereto as allowed herein to satisfy itself as to all matters relating to its purchase of the Project. Except as otherwise
expressly set forth herein, 

  
 6 

 
Purchaser shall purchase the Project “AS IS, WHERE IS AND WITH ALL FAULTS”, at the Effective Date, subject to normal wear and tear until Closing and subject to casualty damage as herein
provided. 
 This Agreement and the Exhibits and Schedules attached hereto contain all the terms of the agreement entered into
between the parties, and Purchaser acknowledges that neither Seller nor any representatives of Seller has made any representations or held out any inducements to Purchaser, other than those herein expressed. Without limiting the generality of the
foregoing, Purchaser has not relied on any representations or warranties (and neither Seller nor its representatives made any representations or warranties) other than as expressly set forth herein, in either case express or implied, as to
(i) the current or future real estate tax liability, assessment or valuation of the Property; (ii) the potential qualification of the Property for any and all benefits conferred by federal, state or municipal laws, whether for subsidies,
special real estate tax treatment, insurance, mortgages, or any other benefits, whether similar or dissimilar to those enumerated; (iii) the availability of any financing for the purchase, alteration, rehabilitation or operation of the Property
from any source, including but not limited to, state, city, or federal government or any institutional lender; (iv) the physical condition of the Property; or (v) compliance with any applicable law, rule or regulation, building code,
zoning code and Environmental Law (defined in Section 8.1.14). 
 Nothing in this Section 6 shall be deemed to limit
(i) Seller’s liability as expressly provided in this Agreement with respect to Seller’s representations, warranties, covenants and indemnities that survive the Closing or (ii) Seller’s liability under the documents executed
and delivered by Seller at the Closing. 
 The provision of this Section 6 shall survive the Closing and conveyance of
title to the Property. 
 Section 7. Satisfaction of Liens. If at the Closing there are any liens on the Property
which Seller is obligated under the terms of this Agreement to pay and discharge, Seller or Purchaser shall have the right to instruct the Title Company to use any cash portion of the Purchase Price to satisfy the same. Provided that Seller shall
have delivered to the Title Company at or before the Closing acceptable pay-off letters from any lien holders verifying the amounts to be paid at Closing to satisfy and release such liens of record and Seller authorizes the Title Company to use the
Purchase Price (or a portion thereof) to pay such liens, then the existence of any such liens to be satisfied and released out of the Purchase Price shall not be deemed Objections to title. 

Section 8. Representations, Warranties and Covenants. 

8.1 Seller hereby represents, warrants and covenants for the sole, exclusive and limited benefit of Purchaser as of the Effective Date
and as of the Closing as follows: 
 8.1.1. Seller is a limited partnership, duly organized, validly existing and in good
standing under the laws of the State of Texas and is entitled to and has all requisite power and authority to own and operate its assets as they are presently owned and operated, to enter into this Agreement and to carry out the transactions
contemplated hereby. 

  
 7 

 8.1.2. The execution of this Agreement by Seller, the consummation of the transactions
herein contemplated, and the execution and delivery of all documents to be executed and delivered by Seller, have been or will be duly authorized by all requisite action on the part of Seller. 

8.1.3. Neither the execution of this Agreement nor the carrying out of the transactions contemplated herein will result in any violation
of or be in conflict with the instruments pursuant to which Seller was organized and/or operates, or, to Seller’s knowledge, any applicable law, rule or regulation of any Governmental Authority, or of any instrument or agreement to which Seller
is a party. 
 8.1.4. Seller owns fee title to the Property, subject to all matters appearing of record and affecting the
Property, and, upon execution and delivery of the closing documents, Purchaser will have good and indefeasible title to the Property, subject to the Permitted Exceptions. The Property is assessed as one or more tax lots that are separate and
distinct from any other tax lots. All utilities serving the Property are installed and operating and all installation and connection charges have been paid in full. 
 8.1.5. Attached hereto as Schedule “1.5” is the Lease Schedule which (a) identifies all Tenant Leases in effect at the Project, (b) contains a list of all Lease documents including the
original leases, amendments, side letter agreements and guaranties, and (c) contains a rent roll, aged receivables report and list of Tenant security deposits. 
 There are no Leases or other tenancies for any space in the Property other than those set forth on the Lease Schedule. Seller has delivered (or will promptly deliver after request by Purchaser to the
extent in Seller’s possession or control), true, correct, complete and legible copies of each Lease (including all guarantees, amendments, letter agreements, addenda and/or assignments thereof) and subleases, if any, and any other agreements
between Seller (or any affiliate of Seller) and a Tenant (or any affiliate of Tenant) described in the Lease Schedule. 
 Except
as expressly set forth on the Lease Schedule: 
 (A) no Tenant has made any written claim or, to Seller’s knowledge, has
any other claim, whether or not in writing: (i) that Seller has defaulted in performing any of its obligations under any of the Leases which has not heretofore been cured, (ii) that any condition currently exists which with the passage of
time or giving of notice, or both, would constitute any such default, (iii) that such Tenant is currently entitled to any reduction in, refund of, or counterclaim, offset, allowance, credit, rebate, concession or deduction against, or is
otherwise disputing, any rents or other charges paid, payable or to become payable by such Tenant, including, but not limited to, CAM and other similar charges, or (iv) that such Tenant is currently entitled to cancel its Lease or to be
relieved of its operating covenants thereunder. No Tenant has given Seller any written notice of its intention to terminate its Lease or requesting a reduction or abatement of rent or requesting consent to assign or terminate its Lease; 

(B) all of the Leases are valid and are in full force and effect in accordance with their terms, and, to Seller’s knowledge, there
is no default by the landlord or by any Tenant thereunder. Seller has not sent a notice of termination with respect to any of the Leases; 

  
 8 

 (C) the Leases have not been modified, amended or supplemented and there are no other
agreements or commitments (oral or written) between Seller and any of the Tenants; 
 (D) (i) no construction, alteration,
decoration or other work remains to be performed under any Lease by the landlord thereunder and (ii) all construction allowances or other sums to be paid to any Tenants have been paid. There are no written promises, understandings or
commitments between Seller and any person or entity with respect to the foregoing which would be binding upon Purchaser other than those contained in the documents comprising the Leases listed in Schedule “1.5” hereof; 

(E) all brokerage commissions and other compensation and fees payable by reason of the Leases (including, without limitation, any
renewals or expansions) have been fully paid. There exists no exclusive or continuing leasing or brokerage agreements as to any premises in the Property; 
 (F) no Tenant has paid any rent for any period of more than thirty (30) days in advance; 
 (G) each Tenant is now in possession of the premises leased to it under its Lease; 
 (H) to Seller’s knowledge, none of the Tenants has (1) filed a petition in bankruptcy in any federal or state court, (2) been the subject of a bankruptcy petition filed in any federal or
state court that has not been dismissed or (3) has made an assignment for the benefit of creditors of all or a substantial portion of its assets; 
 (I) no renewal, extension or expansion options have been granted to any Tenant, except as set forth in such Tenant’s Lease; 
 (J) Seller has the sole right to collect rent under each Lease and such right has not been assigned, pledged, hypothecated, or otherwise encumbered in any manner that will survive the Closing; 

(K) neither Seller nor any affiliate of Seller has made a loan or other advance to, or has any ownership interest in, any Tenant or any
affiliate of any Tenant; 
 (L) except for any security deposits as shown on Schedule “1.5”, there are no security
deposits that have been deposited with Seller or otherwise chargeable to Seller’s account by any party under the Leases; 

(M) no Tenant is entitled to any free rent periods or rental abatements, concessions and other inducements for any period subsequent to
Closing; and 

  
 9 

 (N) Seller has had no discussions with any Tenant regarding modifying or terminating its
respective Lease which has not been reduced to writing. 
 8.1.6. Attached hereto as Schedule “1.10” is a list of all
Contracts. All amounts due and payable under the REAs (if any) and Contracts have been paid and Seller has not received written notice of default under any of the REAs or any of the Contracts nor, to Seller’s knowledge, are any parties in
default under any of the REAs or any of the Contracts. 
 8.1.7. There are no actions, suits or other proceedings by any
person, firm, corporation, Tenant or by any Governmental Authority now pending or, to Seller’s knowledge, threatened against or affecting the Project or any part thereof, except those which are described on Schedule “8.1.7” nor, to
Seller’s knowledge, are there any investigations pending or threatened against or affecting the Project by any Governmental Authority, except those which are described on Schedule “8.1.7”. 

8.1.8. Seller has no knowledge of any pending or threatened (a) eminent domain proceedings affecting the Property, in whole or in
part, or (b) action or proceeding to change road patterns or grades which would affect ingress to or egress from the Property. 
 8.1.9. To Seller’s knowledge, there are no persons having any rights or asserting any claims for occupancy or possession of the Property, except Seller, the Tenants, as tenants only under the Leases,
and parties having rights under the REA (if any), and no party has been granted by Seller any license, lease, or other right of possession of the Property, or any part thereof, except the Tenants under the Leases and parties having rights under the
REA (if any). The Lease Schedule sets forth a list of all subtenants and concessionaires of Tenants and assignees of Tenants known to or approved by Seller. 
 8.1.10. Seller is not a foreign person (as defined in Section 1445 of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder). 

8.1.11. On the Closing Date, there will be no contract or agreement in effect for the leasing or management of the Property for which
Purchaser shall be bound. 
 8.1.12. All bills and claims for labor performed on behalf of Seller and materials furnished to
Seller with respect to the Property for all periods prior to the Closing Date have been (or prior to the Closing Date will be) paid in full or, if not paid, Purchaser shall receive a credit against the Purchase Price in the amount of all such unpaid
bills and/or claims and Purchaser shall be obligated to pay such amount after Closing. 
 8.1.13. Seller is not insolvent or
bankrupt. Seller has not commenced (within the meaning of any federal or state bankruptcy law) a voluntary case, consented to the entry of an order for relief against it in an involuntary case, or consented to the appointment of a custodian of it or
for all or any substantial part of its property, nor has a court of competent jurisdiction entered an order or decree under any federal or state bankruptcy law that is for relief against Seller in an involuntary case or appointed a custodian of
Seller for all or any substantial part of its property. 

  
 10 

 8.1.14. Seller has not received any written notice from any Governmental Authority of the
violation of any Environmental Laws (as hereinafter defined). To Seller’s knowledge, the Property is not in violation of any Environmental Laws in any material respect. To Seller’s knowledge, except for underground storage tanks
specifically utilized in connection with the HEB fueling station located on the Property (the “HEB Fuel Center”), there are no underground storage tanks located on the Property and no underground storage tanks have been removed from the
Property by Seller. To Seller’s knowledge, except for the storage and retail dispensing of motor fuel at the HEB Fuel Center by HEB, Seller has not engaged in any Environmental Activity (as hereinafter defined), nor has any Environmental
Activity otherwise occurred, in violation of any applicable Environmental Law. To Seller’s knowledge, no investigations, inquiries, orders, hearings, actions or other proceedings by or before any Governmental Authority are currently pending or
threatened in connection with any Environmental Activity or alleged Environmental Activity. To Seller’s knowledge, Seller has no liability, absolute or contingent, in connection with any Environmental Activity. “Environmental
Activity” means any actual, proposed or threatened storage, holding, existence, release, emission, discharge, generation, processing, abatement, removal, disposition, handling or transportation of any Hazardous Materials in violation of
Environmental Laws from, under, into or on the Property or otherwise relating to the Property or the use of the Property, or any other activity or occurrence that causes or would cause any such event to exist. “Environmental Laws” means
all laws or regulations which relate to the manufacture, processing, distribution, use or storage of Hazardous Materials (as hereinafter defined). “Hazardous Materials” shall mean: 

(a) Those substances included within the definitions of “hazardous substances,” “hazardous materials,” “toxic
substances,” or “solid waste” in the: Comprehensive Environmental Response, Compensation and Liability Act (“CERCLA”), 42 U.S.C. § 9601 et. seq., as amended by the Superfund Amendments and Reauthorization Act or any
equivalent state or local laws or ordinances; the Resource Conservation and Recovery Act (“RCRA”), 42 U.S.C. § 6901 et. seq., as amended by the Hazardous and Solid Waste Amendments of 1984, or any equivalent state or local laws or
ordinances; the Federal Insecticide, Fungicide, and Rodenticide Act (“FIFRA”), 7 U.S.C. § 136 et. seq. or any equivalent state or local laws or ordinances; the Hazardous Materials Transportation Act, 49 U.S.C. § 1801, et. seq.;
the Emergency Planning and Community Right-to-Know Act (“EPCRA”), 42 U.S.C. § 11001 et. seq. or any equivalent state or local laws or ordinances; the Toxic Substance Control Act (“TSCA”), 15 U.S.C. § 2601 et. seq. or
any equivalent state or local laws or ordinances; or the Occupational Safety and Health Act, 29 U.S.C. § 651 et. seq. or any equivalent state or local laws or ordinances; 

(b) Those substances listed in the United States Department of Transportation Table (49 CFR 172.101 and amendments thereto or by the
Environmental Protection Agency (or any successor agency) as hazardous substances (40 CFR Part 302 and amendments thereto); 

(c) Any material waste or substance which is (A) designated as a “hazardous substance” pursuant to Section 311 of
the Clean Water Act, 33 U.S.C. § 1251 et seq. (33 U.S.C. § 1321) or listed pursuant to Section 307 of the Clean Water Act (33 U.S.C. § 1317) or (B) radioactive materials; and 

  
 11 

 (d) These substances included within the definitions of “hazardous substances”,
“hazardous materials”, “toxic substances” or “solid waste” in the Hazardous Waste Management Act of 1978. 
 8.1.15. There are no utility deposits posted with respect to the Property, other than a $500.00 deposit with the City of Waxahachie with respect to water service to the Property. Purchaser and Seller
acknowledge and agree that such amount is anticipated to be refunded to Seller when Seller closes its account on or after Closing. 
 8.1.16. All general real estate taxes, assessments and personal property taxes that have become due with respect to the Property (except for those that will be prorated at Closing) have been paid or will
be so paid by Seller prior to or at Closing. 
 8.1.17. There are no options to purchase or rights of first refusal affecting
or relating to the Property. 
 8.1.18. Except in connection with the performance of the Landlord Work (defined below), no
construction agreements, contracts or plans or any agreements, contract or plans relating to any capital expenditures or repairs relating to the Property have been entered into on behalf of Seller. Seller has not entered into any undertakings or
commitments with any Governmental Authority, which require the payment of money or the performance of any duty in connection with the ownership of the Property. Seller has not received any written notice from any Governmental Authority having
jurisdiction over the Property or from any other person of and, to Seller’s knowledge, there does not exist any other obligation to any such Governmental Authority for the performance of any capital improvements or other work to be performed by
Seller in or about the Property or donations of monies or land (other than general real estate taxes) which has not been completely performed and paid for. 
 8.1.19. To Seller’s knowledge, the Property Information delivered to Purchaser pursuant to Section 3.1 is true, correct and complete copies of the Property Information in Seller’s
possession. 
 8.1.20. To Seller’s knowledge, no statement, certificate, schedule, list or other information supplied by
or on behalf of Seller to Purchaser or its agents pursuant to this Agreement or in connection with the transactions contemplated by this Agreement did contain, or at the respective times such documents are delivered or become effective, will contain
any untrue statement of a material adverse fact or did omit, or at the respective times such documents are delivered or become effective, will omit to state a material adverse fact necessary in order to make a statement contained therein not
misleading in any material respect. Seller has not knowingly withheld any information within its possession or of which it is actually aware regarding the Property that would reasonably be considered by a purchaser to be material to that
purchaser’s decision to purchase the Property. 
 Seller shall not be deemed to have breached any of the foregoing
representations and warranties to the extent that changes have occurred between the Effective Date and Closing which are expressly permitted pursuant to the provisions of Section 9 and Purchaser shall have been advised in writing of such
changes. Seller covenants to promptly 

  
 12 

 
inform Purchaser of any such changes. For example, any new Leases or Lease amendments entered into between the Effective Date and Closing shall not violate Section 8.1.5 hereof as long as
they comply with Section 9.3. 
 Between the Effective Date and the Closing, Seller shall notify Purchaser if Seller
becomes actually aware that any representations and warranties of Seller contained in this Section 8.1 fail to be true and correct. If any of the foregoing representations or warranties shall change in any way which would have a material
adverse effect on Seller, the Property or the operation thereof, Purchaser shall have the right to terminate this Agreement within five (5) business days of receipt of notice of any such change. If Purchaser timely exercises its right to
terminate this Agreement, it shall be deemed that Purchaser terminated this Agreement pursuant to Section 3.3 hereof and the rights of the parties shall be as set forth therein, and, to the limited extent Seller caused or knowingly permitted
such a change in the foregoing representations and warranties, Seller shall be obligated to reimburse Purchaser for its actual out-of-pocket costs and expenses in connection with its investigation of the Property and the transactions contemplated by
this Agreement. 
 In the event any representation or warranty of Seller shall fail to be true and correct in any material
respect at the Closing Date, Purchaser shall have the right to terminate this Agreement by giving written notice of termination to Seller in which event the last sentence of the preceding paragraph shall apply, provided that if the misrepresentation
can be cured by a readily ascertainable sum of money then Seller shall have the right, exercisable by written notice to Purchaser and the Title Company, to void the termination of this Agreement by Purchaser and, instead, Purchaser shall receive a
credit against the Purchase Price for such sum, which credit shall be deemed to have cured the applicable misrepresentation. 

As used in this Agreement, the term “Seller’s knowledge” means knowledge of Steve Seitz. Seller represents and warrants
that Steve Seitz is the person within Seller’s organization having (i) direct responsibility for the day to day operation and management of the Property and (ii) the most comprehensive knowledge of the matters set forth in this
Section 8.1. 
 8.2 Purchaser hereby warrants and represents for the sole, exclusive and limited benefit of Seller as of
the Effective Date and as of the Closing, as follows: 
 (a) Purchaser is and will continue at all times to be until the
Closing an entity, duly and validly existing in the state of its formation. 
 (b) The execution of this Agreement by
Purchaser, the consummation of the transactions herein contemplated, and the execution and delivery of all documents to be executed and delivered by Purchaser, have been or will be, prior to the Closing, duly authorized by all requisite action on
the part of Purchaser and this Agreement has been, and all documents to be delivered by Purchaser pursuant to this Agreement, will be, duly executed and delivered by Purchaser and is or will be, as the case may be, binding upon and enforceable
against Purchaser in accordance with their respective terms; 

  
 13 

 (c) Neither the execution of this Agreement nor the carrying out by Purchaser of the
transactions contemplated herein will result in any violation of or be in conflict with the instruments pursuant to which Purchaser was organized and/or operates, or any applicable law, rule or regulation of any Governmental Authority, or of any
instrument or agreement to which Purchaser is a party and no consent or approval of any third party is required for the execution of this Agreement by Purchaser or the carrying out by Purchaser of the transactions contemplated herein. 

8.3 The representations and warranties set forth in Sections 8.1 and 8.2 hereof shall survive the Closing, provided however, that any
claim against Seller for a violation or alleged violation of Section 8.1 shall be asserted within one (1) year following the Closing in a written notice to Seller giving reasonable details of the claims and, if not so asserted within such
time, Seller shall have no further liability with respect thereto. The provisions of the preceding sentence shall survive the Closing. Notwithstanding anything to the contrary contained herein, if prior to Closing, Purchaser has actual knowledge
that any representation or warranty of Seller set forth in this Agreement including, without limitation, in Section 8.1, is not true, and nevertheless Purchaser proceeds to close the transaction, then Purchaser shall be deemed to have
irrevocably and unconditionally waived its rights to assert any claim against Seller after the Closing with respect to any misrepresentation of which it had knowledge prior to the Closing. 

Section 9. Operation of Property to Closing; Exclusivity. 

9.1 From the Effective Date until the Closing or sooner termination of this Agreement, Seller covenants as follows: (a) Seller shall
continue to operate the Project in the manner in which it presently operates the Project; (b) Seller will maintain the existing insurance covering the Property or if any of such policies is expiring such policies shall be replaced with new
policies containing the same or substantially similar coverage; (c) Seller shall not place any mortgage or any other encumbrance, easement, covenant, condition, right-of-way or restriction on the Property or voluntarily take any action that
materially and adversely affects title to the Property as same exists on the Effective Date and Seller will not remove any of the Fixtures unless it replaces the same with Fixtures of the same quality; (d) Seller will continue to maintain the
Project in its present order and condition, make all necessary repairs and replacements thereto required to be made by Seller (including curing any governmental violations issued prior to the Effective Date (“Existing Violations”) by any
Governmental Authority) and deliver the Project at the Closing in substantially the same condition it is in on the Effective Date, reasonable wear and tear and damage by fire or other casualty excepted, subject to the provisions in the last sentence
of this Section 9.1; (e) Seller will give prompt written notice to Purchaser of any fire or other casualty affecting the Property after the Effective Date; (f) Seller will deliver to Purchaser, promptly after receipt by Seller, a copy
of (i) all current written default and other material notices to and from Tenants; (ii) all current written default and other material notices from the service providers under any Contracts; and (iii) all written notices of any
violations issued to Seller by Governmental Authorities with respect to the Property and any other material notices received from any Governmental Authority with respect to the Property; (g) Seller shall use commercially reasonable efforts to
maintain in full force and effect the existing Approvals and timely apply for renewals of all such Approvals which will expire before the Closing; (h) Seller shall not alter, amend or become a party to any new Contract unless the Contract is
terminable within thirty (30) days after the Closing of the Project and such termination can occur 

  
 14 

 
without penalty or other cost to Purchaser; (i) Seller shall not terminate any Lease; (j) Seller will not apply any security deposits held by Seller under any of the Leases;
(k) Seller shall perform its obligations under all Leases, REAs and Contracts; (l) Seller shall not settle any condemnation claim or insurance casualty claim without Purchaser’s prior written consent not to be unreasonably withheld or
delayed; and (m) Seller shall promptly notify Purchaser if Seller receives notice or knowledge of any information that would result in a misrepresentation under Section 8.1 hereof. If Seller is unable to cure any Existing Violation at or
before the Closing, Seller shall have the right, in lieu of curing any such Existing Violation to deposit in escrow with the Title Company at Closing a sum of money sufficient to cure any such Existing Violation. 

9.2 Seller covenants on or prior to the Closing to pay or satisfy all commissions or referral fees with respect to all Leases listed on
Schedule “1.5” hereto. Seller shall also pay or satisfy, or make arrangements to pay or satisfy, any commission or referral fee with respect to any new Lease hereafter consented to in writing by Purchaser pursuant to the provisions of
Section 9.3 hereof. The provisions of this Section shall survive Closing. 
 9.3 From the Effective Date until the Closing
or sooner termination of this Agreement, Seller shall not enter into any new Lease without the prior written approval of Purchaser (which shall not be unreasonably withheld, delayed or conditioned) nor shall it amend, modify, extend or terminate any
Lease or grant any rent abatement or concessions to existing tenants without the prior written approval of Purchaser (which shall not be unreasonably withheld, delayed or conditioned) unless such new Lease, renewal of a Lease or amendment,
modification or termination or rent abatement or concession is expressly provided for in an existing Lease as of the Effective Date and Seller provides Purchaser with written notice of its intent to amend, modify, extend or terminate such Lease.
Seller shall notify Purchaser of any proposed amendment, modification or termination of a Lease or any proposed new Lease in writing, including the identity of the proposed tenant, together with a summary of the terms thereof in reasonable detail,
and Purchaser shall notify Seller in writing within five (5) business days of receipt of its consent thereto or of any objections thereto together with the reasons therefor. In the event Purchaser shall not notify Seller whether or not
Purchaser consents to any such amendment, modification or termination of a Lease or any such new Lease within five (5) business days following Purchaser’s receipt of Seller’s notification thereof, such amendment, modification or
termination of a Lease or such new Lease shall be deemed approved by Purchaser. Between the Effective Date and Closing or the earlier termination of this Agreement, Seller will not, without obtaining Purchaser’s prior written consent thereto,
consent to any request by a Tenant for permission to assign its Lease or sublet its leased premises (or any part thereof) to the extent Seller, as landlord, has the right to approve or consent to such assignment or subletting and, to the extent the
withholding of any such approval or consent by Seller, as landlord, under the applicable Lease would not cause Seller to be in violation of the terms of such Lease. 
 9.4 From the Effective Date until the Closing or sooner termination of this Agreement, Seller agrees that neither Seller nor any agent, partner or subsidiary or affiliate of Seller shall be permitted to
accept or entertain offers, negotiate, solicit interest or otherwise enter into discussions involving the sale, joint venture, disposition or other transaction involving the Property; provided, however, Seller may, at any time, (a) engage in
discussions with Seller’s lender or other prospective lenders regarding financing the Property in the event the transaction 

  
 15 

 
contemplated by this Agreement fails to close as provided herein, and (b) engage in discussions with any current joint venture parties with respect to the transaction contemplated by this
Agreement or the financing described in subsection (a) above. 
 Section 10. Conditions to Obligations to
Close. The obligations of Purchaser to consummate the transactions contemplated herein shall be subject to the fulfillment of the following conditions (“Purchaser’s Conditions”), any of which may be waived by Purchaser in its sole
and absolute discretion: 
 10.1 The representations and warranties of Seller made herein shall be true and correct in all
material respects, Seller shall have performed all covenants and agreements made herein and Seller shall have delivered to Purchaser all of the closing documents required pursuant to Section 11.1 hereof. 

10.2 Purchaser’s receipt of the Required Tenant Executed Estoppels (as hereinafter defined). 

10.3 An unconditional and irrevocable agreement by the Title Company to issue the Title Policy. 

10.4 Delivery of possession of the Property to Purchaser subject only to the Permitted Exceptions and to the rights of Tenants under the
Leases, as tenants only. 
 10.5 If there are REAs which affect the Property, receipt of an executed estoppel certificate from
the other parties to the REAs in the form of Exhibit “C-8” attached hereto and made a part hereof (collectively, the “REA Estoppels”); provided, however that if the REA Estoppels have not been received on or before Closing,
Seller agrees to provide Purchaser at Closing with a REA Estoppel executed by Seller for each party that Seller does not provide Purchaser with a REA Estoppel (collectively, the “Required Seller Estoppels”). Seller agrees to forward any
REA Estoppels received by Seller from any party to the REAs to Purchaser within three (3) business days after Seller’s receipt of same. This Section 10.5 shall survive Closing. 

10.6 As of the Closing Date, no Tenant shall have (a) filed a petition in bankruptcy, (b) been adjudicated insolvent or
bankrupt, (c) petitioned a court for the appointment of any receiver of or trustee for it or any substantial part of its property, (d) commenced any proceeding under any reorganization, arrangement, readjustment of debt, dissolution or
liquidation law or statute of any jurisdiction, whether now or hereafter in effect, (e) become the subject of an involuntary bankruptcy petition, (f) vacated its leased premises, or (g) had its Lease terminated. There shall not have
been commenced and be pending against any Tenant any proceeding of the nature described in the first sentence of this subparagraph. No order for relief shall have been entered with respect to any Tenant under the Federal Bankruptcy Code. 

10.7 Delivery to Purchaser of evidence that any existing management agreement and/or leasing agreement entered into by Seller with
respect to the Property has been terminated. 
 10.8 Delivery to Purchaser of copies of any existing warranties for the
Property, which warranties shall be re-issued in Purchaser’s name, at Seller’s sole cost and 

  
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expense, if Seller does not have the right to assign same without the consent of the applicable warranty companies; provided, however that if the warranties have not been received or have not
been re-issued in Purchaser’s name on or before Closing, Seller shall thereafter diligently and in good faith endeavor to obtain and deliver to Purchaser the warranties which shall be re-issued in Purchaser’s name. This Section 10.8
shall survive Closing. 
 10.9 Completion by Seller on or before the Closing Date of the Parking Lot Repairs (as defined in the
First Amendment [as defined in the Lease Schedule]) in accordance with the terms of the First Amendment. In the event Seller has failed to complete the Parking Lot Repairs by the originally scheduled Closing Date, Purchaser shall have the right to
extend the Closing Date to any business day up to and including July 2, 2012, by delivery of written notice to Seller and Title Company no later than two (2) business days prior to the originally scheduled Closing Date. If Purchaser has
exercised its right to extend the Closing Date as provided in the preceding sentence, but the Parking Lot Repairs remain incomplete as of July 2, 2012, Seller shall deliver to Purchaser a post-closing escrow holdback agreement (the
“Post-Closing Agreement”) executed by Seller pursuant to which Purchaser and Seller agree to, among other things, (a) require Seller to diligently complete the Parking Lot Repairs; and (b) escrow an amount equal to One Hundred
Fifteen Percent (115%) of the estimated cost to complete the Parking Lot Repairs, which cost shall be estimated by Seller’s general contractor or architect, subject to Purchaser’s reasonable approval, with the escrowed funds to be
utilized by the party which actually completes the Parking Lot Repairs. The parties shall negotiate the form of the Post-Closing Agreement in good faith prior to the extended Closing Date, and in the event the Post-Closing Agreement is not finalized
as of the extended Closing Date, either party may further extend the Closing Date for up to ten (10) days to allow for the full negotiation of the Post-Closing Agreement. 
 In the event any of the Purchaser’s Conditions shall not be satisfied as of the Closing Date, Purchaser shall have the right to terminate this Agreement by giving written notice to Seller and receive
a return of the Deposit and any amount owing under Section 16.2 hereof, whereupon neither party shall have any further rights or obligations hereunder except for any provisions of this Agreement that expressly survive termination. 

Section 11. Closing Documents. 
 11.1 At the Closing, Seller shall deliver the following documents to the Title Company except for the Leases, Contracts and materials referred to in Section 11.1.15, as to which delivery at Closing
shall be coordinated with Purchaser: 
 11.1.1. a special warranty deed executed by Seller and acknowledged before a notary
public and in the form of Exhibit “C-1” attached hereto and made a part hereof, conveying fee title to the Property to Purchaser subject only to the Permitted Exceptions; 

11.1.2. a certified schedule executed by Seller in the form of the Lease Schedule attached hereto as Schedule “1.5” updating
and recertifying the information set forth in the Lease Schedule attached hereto as Schedule “1.5”; 

  
 17 

 11.1.3. assignments of Seller’s interest in all the Leases in the form of Exhibit
“C-2” attached hereto and made a part hereof executed by Seller; 
 11.1.4. a notice to all Tenants advising them of
the transfer of title to the Property in the form of Exhibit “C-3” attached hereto and made a part hereof executed by Seller; 
 11.1.5. bill of sale in the form of Exhibit “C-4” attached hereto and made a part hereof executed by Seller; 
 11.1.6. an assignment transferring Seller’s right, title and interest in and to Warranties, Approvals and Intangibles, if any, in the form of Exhibit “C-5” attached hereto and made a part
hereof executed by Seller; 
 11.1.7. a certificate in the form of Exhibit “C-6” attached hereto and made a part
hereof executed by Seller; 
 11.1.8. a FIRPTA Affidavit executed by Seller stating that Seller is not a foreign person (as
defined in Section 1445 of the Internal Revenue Code of 1986, as amended, and the Regulations promulgated thereunder); 

11.1.9. an assignment of the Contracts (other than those that Purchaser has elected not to assume), in the form of Exhibit
“C-7” attached hereto and made a part hereof executed by Seller; 
 11.1.10. a notice letter in the form of Exhibit
“C-8” attached hereto and made a part hereof executed by Seller to each vendor under a Contract being assigned advising the vendor of the transfer of the Property and the assignment and assumption of the applicable Contract with stamped
addressed envelopes and completed certified mail return receipt cards; 
 11.1.11. a closing statement setting forth the
Purchase Price and all closing credits and adjustments expressly provided for in this Agreement (“Closing Statement”) executed by Seller; 
 11.1.12. such authorization documentation of each party comprising Seller and such other instruments and documents executed by Seller (including without limitation, an owner’s title certificate and
gap indemnity) as shall be reasonably required by the Title Company to consummate this transaction; 
 11.1.13. such other
instruments and documents which shall be necessary in connection with the transaction contemplated herein and which do not impose, create, or potentially create any liability or expense upon Seller not expressly required under this Agreement;

 11.1.14. to the extent not previously delivered by Seller to Purchaser, the Tenant Executed Estoppels, the REA Estoppels (if
any) and any other documents contemplated by Section 10; 

  
 18 

 11.1.15. to the extent not previously delivered by Seller to Purchaser, (a) records
and files which are in Seller’s possession or control relating to the current operation and maintenance of the Project, including, without limitation, current tax bills, current water, sewer, utility and fuel bills, payroll records, billing
records for Tenants, repair and maintenance records and the like which affect or relate to the Project, (b) all documents necessary to conduct 2012 Tenant reconciliations as described in Section 14 hereof, (c) all architectural and
engineering plans and specifications relating to the Property in Seller’s possession or control, and (d) all original Leases and Contracts, Approvals, and Warranties. Seller’s obligation to provide the files and materials listed
herein shall survive the Closing; 
 11.1.16. the Leasing Agreement (as defined below), executed by Seller; and 

11.1.17. the Management Agreement (as defined below), executed by Seller. 
 Seller shall diligently and in good faith endeavor to obtain and deliver to Purchaser no later than five (5) business days prior to the Closing estoppel certificates in the form of Exhibit
“D-1” attached hereto and made a part hereof (or in such form as may be prescribed under any Lease or in the customary form used by any Tenant that is a regional or national retailer (including HEB), provided same are certified to
Purchaser, Purchaser’s lender and their respective successors and assigns) (“Estoppel Certificate”), duly executed by each of the Tenants of the Property dated within thirty (30) days of the Closing Date. Estoppel Certificates
that (1) are dated not more than thirty (30) days prior to the Closing Date, (2) have all blanks completed or marked not applicable, as appropriate, (3) have all exhibits completed and attached, as applicable, (4) do not
indicate (x) any material discrepancy from the Property Information, (y) any Lease amendment, assignment or subletting that was not previously provided by Seller to Purchaser pursuant to Section 3.1 and which is not reasonably
acceptable to Purchaser, or (z) any material and adverse claim or landlord default, and (5) if the Tenant’s obligations under the applicable Lease have been guaranteed by another person or entity, also cover such guaranty and are also
signed by the guarantor(s) (items (1)-(5) being collectively referred to herein as the “Estoppel Requirements”) are herein referred to as the “Tenant Executed Estoppels”. In the event that Seller shall not have obtained
Tenant Executed Estoppels from Tenants comprising at least eighty-five (85%) of the rental income generated from Tenants of the Center which must include, without limitation, Tenant Executed Estoppels from those Tenants listed on Exhibit
“D-2” annexed hereto (collectively, the “Required Tenant Executed Estoppels”) at the Closing, either party shall have the right to terminate this Agreement by giving written notice of termination to the other party on or before
the Closing Date, whereupon the provisions of Section 3.3 hereof with respect to a termination shall apply and, in addition, if such termination is at Seller’s election, Purchaser shall have the right to recover from Seller
Purchaser’s actual out-of-pocket costs and expenses (including attorneys’ fees) in connection with its execution of this Agreement and its investigation of the Property and the transaction contemplated by this Agreement. In the event
neither party elects to terminate this Agreement on or before the Closing Date and one of the Tenant Executed Estoppels not obtained by Seller is the HEB Estoppel Certificate, the Closing Date shall automatically adjourn for a period not exceeding
ten (10) days to allow Seller additional time to obtain the Required Tenant Executed Estoppels. If, at the expiration of such 10-day extended period, Seller has not obtained the Required Tenant Executed Estoppels,

  
 19 

 
Purchaser shall have the right to terminate this Agreement by giving written notice of the termination to Seller on or before the expiration of such 10-day period. Seller agrees to forward any
Tenant Executed Estoppels received by Seller from a Tenant to Purchaser within three (3) business days after Seller’s receipt of same. 
 11.2 At the Closing, Purchaser shall deliver the following documents in addition to payment of the balance of the Purchase Price: 
 11.2.1. evidence reasonably satisfactory to Seller of Purchaser’s authority to execute and deliver this Agreement and the documents to be delivered by it pursuant thereto; 

11.2.2. an instrument of assumption of all of Seller’s obligations under the Leases in the form of Exhibit “C-1” executed
by Purchaser; 
 11.2.3. an instrument of assumption of all of Seller’s obligations under those Contracts being assumed by
Purchaser, in the form of Exhibit “C-6” executed by Purchaser; 
 11.2.4. a closing statement executed by Purchaser;

 11.2.5. the Leasing Agreement, executed by Purchaser; 

11.2.6. the Management Agreement, executed by Purchaser; and 
 11.2.7. such other instruments or documents which shall be necessary in connection with the transaction herein contemplated and which do not impose, create, or potentially create any liability or expense
upon Purchaser not expressly required under this Agreement. 
 Section 12. Brokerage. Seller and Purchaser mutually
represent and warrant to each other that there are no brokers involved in this transaction. Seller and Purchaser shall indemnify, defend and hold harmless the other against any costs, claims or expenses, including reasonable attorneys’ fees,
arising out of the breach of their respective representations and/or agreements hereunder. The provisions of this Section shall survive the Closing. 
 Section 13. Notices. All notices or other communications hereunder to either party shall be (i) in writing and shall be deemed to be given on the earlier to occur of (a) actual
receipt or (b) the third business day after deposit of both the original and copy as provided below in a regularly maintained receptacle for the United States mail, by registered or certified mail, return receipt requested, postage prepaid,
addressed as provided hereinafter, and (ii) addressed: 
  

			
	If to Purchaser:	  	Series C, LLC
		  	c/o Cole Real Estate Investments
		  	2325 East Camelback Road
		  	Suite 1100
		  	Phoenix, Arizona 85016
		  	Attention: Legal Department – Real Estate
		  	Facsimile Number: 480-449-7012

  
 20 

			
	With a copy to:	  	Snell & Wilmer L.L.P.
		  	One Arizona Center
		  	Phoenix, Arizona 85004
		  	Attention: J. Craig Cartwright
		  	Facsimile Number: 602-382-6070
		
	If to Seller:	  	Lincoln Waxahachie, Ltd.
		  	c/o Lincoln Property Company
		  	2000 McKinney Avenue
		  	Dallas, Texas 75201
		  	Attention: Robert Dozier
		  	Facsimile Number: 214-740-3313
		
	With a copy to:	  	Condon Thornton Sladek Harrell PLLC
		  	8080 Park Lane
		  	Suite 700
		  	Dallas, Texas 75231
		  	Attention: William Sladek
		  	Facsimile Number: 214-691-6311

 Notices may also be given by overnight courier service, in which event, the notice shall be deemed delivered on the next
business day. 
 Section 14. Prorations and Costs. 

14.1 Prorations. Purchaser and Seller shall apportion as of 11:59 p.m. (Waxahachie, Texas time) on the day preceding the Closing,
the items hereinafter set forth. Any errors or omissions in computing apportionments at Closing shall be promptly corrected. The obligations set forth in this Section 14 shall survive the Closing. The items to be adjusted are: 

14.1.1. city, state, county, school, ad valorem taxes and other assessments for the fiscal year of sale; should such proration be
inaccurate based on the actual millage set forth on the ad valorem tax bill if the current tax bill has not been received by the date of the Closing, either party may demand after the date of Closing, that such taxes and assessments be reprorated
based on the actual bill and shall be entitled to receive upon demand, any amount owing to such party based on such reproration; 
 14.1.2. all base rent, percentage rent and additional rent and similar charges (collectively, the “Rent”) to the extent collected by Seller. To the extent that Seller receives any base rent,
percentage rent and/or other additional rent or other charges after the Closing, the same shall be immediately applied in accordance with the terms of this Section 14.1.2 and, if applicable, delivered to Purchaser. Any base rent, additional
rent or other charges received from a Tenant after the Closing shall be applied in the following order of priority: 
 (1)
First, to any rents then owing for any calendar month or months following the calendar month in which the Closing occurred; and 

  
 21 

 (2) Second, to the rents owing for the calendar month in which the Closing occurred; and

 (3) Third, to rents owing for any calendar month or months preceding the calendar month in which the Closing occurred until
the Tenant, under the applicable Lease, is current. 
 For a period of one hundred eighty (180) days after the Closing,
Purchaser shall bill Tenants for all amounts due under their Leases accruing prior to the Closing (including, without limitation, base rent, additional rent, percentage rent or other Tenant charges for the year 2012) and shall use reasonable efforts
to collect from Tenants any base rent, additional rent, percentage rent or other tenant charges owing with respect to the period prior to the Closing. To the extent delinquent amounts for base rents, additional rents, percentage rents and other
tenant charges for the period prior to the Closing (“Delinquent Rents”) are collected by Purchaser, subject to clauses 1, 2 and 3 above, such amounts, net of reasonable costs of collection, including without limitation, reasonable
attorney’s fees, shall be paid to Seller no later than thirty (30) days following the date on which such amounts have been received by Purchaser or its agent. Purchaser shall not be obligated to expend any funds or commence legal
proceedings to collect any Delinquent Rents. In no event shall Seller commence any legal proceedings against any Tenant after the Closing with respect to any Delinquent Rents. 

At Closing, percentage rents shall be separately apportioned based on the percentage rents actually collected by Seller. Such
apportionment shall be made separately for each Tenant who is obligated to pay percentage rent on the basis of the fiscal year set forth in the Tenant’s Lease for the determination and payment of percentage rent. Any percentage rent received
from a Tenant after the Closing shall be applied as follows: (a) Purchaser shall be entitled to a prorata portion of such percentage rent payment based on the number of days within the applicable percentage rent fiscal year period that
Purchaser owned the Project and (b) Seller shall be entitled to a prorata portion of such percentage rent payment based on the number of days within the applicable percentage rent period that Seller owned the Project. 

No later than May 15, 2013 (the “Final Adjustment Date”), Seller and Purchaser shall make a final adjustment in
accordance with the provisions of this Section 14.1 of percentage rent and other items of additional rents for which final adjustments or prorations could not be determined at the Closing, if any, because of the lack of actual statements, bills
or invoices for the current period, the year-end adjustment of common area maintenance, taxes and like items, the unavailability of final sales figures or amounts for percentage rent or any other reason. Any net adjustment in favor of Purchaser or
Seller is to be paid in cash by the other no later than thirty (30) days after such final adjustment has been made. 

14.1.3. To the extent Tenants pay monthly estimates of common area maintenance charges, central plant charges, taxes and similar
expenses (collectively, “Charges”) with an adjustment at the end of each fiscal year applicable to Charges, they shall be prorated in accordance with this Section. Until the adjustment described in this Section is made, all amounts
received by Seller as interim payments of Charges before the Closing Date shall be retained by Seller, except that all interim payments received by either party for the month in which the Closing Date occurs shall be prorated as between Seller and
Purchaser based upon the number of 

  
 22 

 
days in that month and the party receiving the interim payment shall remit to (if received on or after the Closing Date) or credit (if received before the Closing Date) the other party its
proportionate share. All amounts received by Purchaser as interim payments of Charges on or after the Closing Date shall be retained by Purchaser until year end adjustment and determination of Seller’s allocable share thereof except to the
extent provided in Section 14.1.2 above. No later than the Final Adjustment Date, Seller’s allocable share of actual Charges for Leases in effect as of the Closing Date shall be determined by multiplying the total payments due from each
Tenant for such fiscal year (the sum of estimated payments plus or minus year-end adjustments) by a fraction, the numerator of which is Seller’s actual cost of providing common area maintenance services and taxes (as the case may be) prior to
the Closing Date (within that portion of the fiscal year in which the Closing Date occurs in which the applicable Lease is in effect), and the denominator of which is the cost of providing such services and paying such taxes for the entire fiscal
year (or that portion of the fiscal year in which the applicable Lease is in effect). If, on the basis of amounts actually incurred and the estimated payments received by Seller prior to the Closing Date, Seller has retained amounts in excess of its
allocable share, it shall remit, within thirty (30) days after notice from Purchaser of the excess owed Purchaser, such excess to Purchaser. Upon receipt of such excess from Seller, Purchaser shall coordinate the refund of such amounts to the
applicable Tenants. If, on the basis of the foregoing amounts, Seller has retained less than its allocable share, Purchaser shall remit, within thirty (30) days after notice from Seller of the amount owed Seller, such amount to Seller to the
extent received from the Tenants of the Property; provided, however that during such 30-day period, Purchaser shall use reasonable efforts to collect from Tenants any such amounts that may be due Seller pursuant to the immediately preceding
sentence. 
 14.1.4. All other income and all operating expenses of the Project for the assumed Contracts and public utility
charges and charges and/or payments under the REAs (if any) with respect to the Project shall be prorated at the Closing effective as of the Closing Date, and appropriate cash adjustments shall be made by Purchaser and Seller. Seller and Purchaser
shall cooperate to arrange for final utility readings as close to the Closing Date as possible and the issuance of a final bill to Seller with Purchaser being designated the billing party in lieu of Seller for all utilities that may be in the name
of Seller from and after the Closing Date. Notwithstanding anything herein to the contrary, the management agreement and leasing agreement, if any, for the Property shall be terminated as of the Closing Date and there shall be no apportionment of
any fees or charges thereunder. 
 14.1.5. At Closing, any prepaid rents attributable to periods from and after the Closing
Date and security deposits under the Leases (together with any interest accrued thereon) shall be transferred to Purchaser either directly or by way of a credit in favor of Purchaser. 

14.1.6. If, at Closing, the Property or any part thereof shall have been affected by an assessment or assessments, which are or may
become payable in annual installments, of which the first installment is then a charge or lien, then for the purposes of this Agreement, all the unpaid installments of any such assessment due and payable in calendar years prior to the year in which
the Closing occurs shall be paid by Seller and all installments becoming due and payable after the Closing shall be assumed and paid by Purchaser, except, however, that any installments which are due and payable in the calendar year in which the

  
 23 

 
Closing occurs shall be adjusted pro rata. However, if such an assessment or assessments shall be due in one lump sum payment, then to the extent such assessment(s) is for improvements in place
as of the date of this Agreement, then such assessment(s) shall be paid by Seller but if such assessment(s) is for improvements to be made subsequent to the date of Closing, then the same shall be paid by Purchaser. 

14.1.7. To the extent at Closing there are any unpaid tenant improvement allowances or costs or brokers’ commissions for Leases
entered into prior to the Closing Date (“Unpaid TI/LC”), Seller shall credit Purchaser the estimated amount of Unpaid TI/LC at Closing, and Purchaser shall thereafter be obligated to pay directly to the applicable parties the applicable
amounts from the Unpaid TI/LC credited to Purchaser. To the extent the credit provided to Purchaser at Closing for any Unpaid TI/LC shall be less than the actual amount of such Unpaid TI/LC, Seller shall be obligated to pay Purchaser the difference
upon promptly following the final determination of the Unpaid TI/LC. To the extent the credit provided to Purchaser at Closing for any Unpaid TI/LC is more than the actual amount of such Unpaid TI/LC, Purchaser shall be obligated to pay Seller the
difference promptly following the final determination of the Unpaid TI/LC. 
 14.1.8. For each Lease entered into prior to the
Effective Date and under which the rent commencement date has not occurred as of the Closing Date, Purchaser shall receive a credit against the Purchase Price at Closing in the amount of any Rent that would have been due under such Lease for the
period from the Closing Date through the date of rent commencement under such Lease had the obligation to commence paying Rent been in effect on the Closing Date. To the extent that the rent commencement date under any such Lease has not been
determined as of the Closing Date, the credit with respect to such Lease shall be based on a reasonable estimate of the rent commencement date and, once the actual rent commencement date has been determined, Seller and Purchaser shall promptly
adjust the amount credited and Seller or Purchaser, as the case may be, shall pay to the other any amount required as a result of such adjustment. 
 14.1.9. At Closing, Purchaser shall receive a credit against the Purchase Price for (i) amounts paid to Seller by Tenants, merchants and other associations for promotional funds, and other similar
contributions or payments, and (ii) all funds held by Seller with respect to outstanding gift certificates. 
 14.2
Purchaser’s Costs. Purchaser will pay: 
 14.2.1. The fees and disbursements of Purchaser’s counsel,
inspecting architect, engineer, environmental consultant and other consultants, if any; 
 14.2.2. One-half (1/2) of any
closing escrow fees of the Title Company; 
 14.2.3. The cost of the Survey; 

14.2.4. The cost of all premiums for any endorsements, modifications or deletions to the Title Policy requested by Purchaser; and

  
 24 

 14.2.5. Any costs relating to any financing obtained by Purchaser (including, without
limitation, any mortgage taxes and any additional title premiums (in excess of what Seller is obligated to pay under Section 14.3.4) resulting from obtaining a loan title policy. 

14.3 Seller’s Costs. Seller will pay: 
 14.3.1. The fees and disbursements of Seller’s counsel; 
 14.3.2. One-half
(1/2) of any closing escrow fees of the Title Company; 
 14.3.3. The cost of any survey obtained by Seller; 

14.3.4. The cost of the basic premium for the Title Policy; 
 14.3.5. The cost of releasing all liens, judgments and other encumbrances that are to be released under this Agreement and of recording such releases; and 

14.3.6. Any transfer taxes, documentary stamps or recording fees and transfer taxes relating to the conveyance of the Property to
Purchaser. 
 Section 15. Damage or Destruction Prior to Closing and Condemnation. 

15.1 If prior to the Closing the Property is damaged or destroyed, but not materially damaged or destroyed, by fire or other casualty,
Purchaser shall be required to perform this Agreement and shall be entitled to the net casualty insurance proceeds payable to Seller with respect thereto under the policies of insurance maintained by Seller and a credit against the Purchase Price in
the amount by which the cost of repair and restoration of such damage or destruction as estimated by the engineer or contractor selected by Seller and Purchaser exceeds the sum of such net casualty insurance proceeds and any payment or contribution
obligation of any Tenants under the Leases. If the Property is materially damaged or destroyed by fire or other casualty, Purchaser may terminate this Agreement on written notice to Seller given within ten (10) business days after receiving
notice of the occurrence of such fire or casualty. If Purchaser shall exercise such option to terminate, it shall be deemed that Purchaser terminated this Agreement pursuant to Section 3.3 and the rights of the parties shall be as set forth
therein. If Purchaser does not exercise such option to terminate, this Agreement shall remain in full force and effect in accordance with its terms and Purchaser shall be entitled to the net casualty insurance proceeds with respect thereto under the
policies of insurance maintained by Seller and a credit against the Purchase Price in the amount by which the cost of repair and restoration of such damage or destruction as estimated by the engineer or contractor selected by Seller and Purchaser
exceeds the sum of such net casualty insurance proceeds and any payment or contribution obligations of any Tenants under the Leases. In the event of any damage by fire or other casualty, the determination as to whether such damage or destruction is
material in cost shall be made by an engineer or contractor mutually agreed upon by Seller and Purchaser. For purposes hereof, the Project shall be deemed “materially damaged or destroyed” if (i) the cost of repair and restoration of
such damage or destruction as estimated by the engineer or contractor selected by Seller and Purchaser is greater than $500,000.00, or (ii) if such damage or destruction 

  
 25 

 
will entitle any Tenant occupying greater than 2,000 square feet to terminate its Lease or abate its rent in whole for a period in excess of one hundred eighty (180) days; provided that
Seller has business interruption insurance. If prior to Closing the Property is damaged or destroyed and such damage or destruction is not covered by insurance and Purchaser does not elect to terminate the Agreement as provided above, Purchaser
shall be entitled to a credit against the Purchase Price for the cost of repair and restoration of such damage or destruction as estimated by the engineer or contractor selected by Seller and Purchaser. 

15.2 In the event proceedings to condemn the Property or any portion thereof are commenced before the Closing, Purchaser shall have the
right to terminate this Agreement in which event it shall be deemed that Purchaser terminated this Agreement pursuant to Section 3.3 hereof and the rights of the parties shall be as set forth therein. In the event Purchaser does not elect to
terminate this Agreement, Seller shall assign to Purchaser, at the Closing, all of Seller’s rights, title and interest in and to any condemnation proceeds payable with respect to the Property or grant Purchaser a credit against the Purchase
Price equal to the amount of any condemnation award paid to Seller. 
 Section 16. Remedies. 

16.1 IF THE SALE IS NOT CONSUMMATED DUE TO ANY DEFAULT BY PURCHASER HEREUNDER, THEN SELLER, AS ITS SOLE AND EXCLUSIVE REMEDY FOR
PURCHASER’S DEFAULT, SUBJECT, HOWEVER, TO THE TERMS OF SECTION 18.2 BELOW, SHALL RETAIN THE DEPOSIT, AS LIQUIDATED DAMAGES, THE PARTIES HAVING AGREED THAT SELLER’S ACTUAL DAMAGES, IN THE EVENT OF A FAILURE TO CONSUMMATE THIS SALE DUE TO
PURCHASER’S DEFAULT, WOULD BE EXTREMELY DIFFICULT OR IMPRACTICABLE TO DETERMINE. AFTER NEGOTIATION, THE PARTIES HAVE AGREED THAT, CONSIDERING ALL THE CIRCUMSTANCES EXISTING ON THE DATE OF THIS AGREEMENT, THE AMOUNT OF THE DEPOSIT IS A
REASONABLE ESTIMATE OF THE DAMAGES THAT SELLER WOULD INCUR IN SUCH EVENT. EACH PARTY WAS REPRESENTED BY COUNSEL WHO EXPLAINED, AT THE TIME THIS AGREEMENT WAS MADE, THE CONSEQUENCES OF THIS LIQUIDATED DAMAGES PROVISION. THE FOREGOING SHALL BE DEEMED
TO BE SELLER’S UNCONDITIONAL AND IRREVOCABLE ELECTION OF A REMEDY FOR A DEFAULT BY PURCHASER UNDER THIS AGREEMENT. 
 16.2
Subject to the provisions of the last sentence of this Section 16.2, if Seller shall default in its obligations under this Agreement or if there shall be a breach discovered by Purchaser before Closing of any of Seller’s representations or
warranties that has a material and adverse effect on Seller and/or the Project or if there is a failure of a condition precedent set forth in Section 10 which is within the reasonable control of Seller, the parties hereto agree that
Purchaser’s sole remedy shall be limited either (a) to the termination of this Agreement as set forth in Section 3.3 hereof, or (b) to specific performance of this Agreement. Notwithstanding anything herein to the contrary, in
the event that Seller willfully and intentionally defaults in its obligations under this Agreement for the intended purpose of preventing Purchaser from purchasing the Project and if specific performance is not a commercially reasonable available
remedy, Purchaser shall have the right to pursue any remedy at law or in equity including, 

  
 26 

 
without limitation, a claim for damages; provided, however that in no event shall such monetary damages exceed $500,000.00. If specific performance is not a commercially reasonable remedy for any
reason other than Seller’s willful or intentional default under this Agreement, Purchaser shall have the right to terminate this Agreement as set forth in Section 3.3 hereof and, in addition, recover from Seller Purchaser’s actual
out-of-pocket costs and expenses in connection with its investigation of the Property and the transaction contemplated by this Agreement. 
 16.3 The provisions of Sections 16.1 and 16.2 hereof shall not limit any rights or remedies that either party may have against the other with respect to those provisions of this Agreement that survive
Closing or the documents delivered pursuant to Sections 11.1 and 11.3 hereof. 
 Section 17. Reporting Requirements.
Purchaser and Seller shall each deposit such other instruments required to close the escrow and consummate the purchase and sale of the Property in accordance with the terms hereof, including, without limitation, an agreement designating the Title
Company as the “Reporting Person” for the transaction pursuant to Section 6045(e) of the Internal Revenue Code and the regulations promulgated thereunder, and executed by Seller, Purchaser and the Title Company, but in no event shall
such instruments impose, create or potentially create any liability for Seller or Purchaser not expressly provided for herein. Such agreement shall comply with the requirements of Section 6045(e) of the Internal Revenue Code and the regulations
promulgated thereunder. 
 Section 18. Miscellaneous. 

18.1 This Agreement constitutes the entire Agreement between the parties and supersedes any other previous agreement, oral or written,
between the parties. This Agreement cannot be changed, modified, waived or terminated orally but only by an agreement in writing signed by the parties hereto. This Agreement shall be binding upon the parties hereto and their respective heirs,
executors, personal representatives and permitted successors and assigns. 
 18.2 In the event of a default by either party
hereto which becomes the subject of litigation, the losing party agrees to pay the reasonable legal fees of the prevailing party. For purposes of this Section, a party will be considered to be the “prevailing party” if (a) such party
initiated the litigation and substantially obtained the relief which it sought (whether by judgment, voluntary agreement or action of the other party, trial, or alternative dispute resolution process), (b) such party did not initiate the
litigation and either (i) received a judgment in its favor, or (ii) did not receive judgment in its favor, but the party receiving the judgment did not substantially obtain the relief which it sought, or (c) the other party to the
litigation withdrew its claim or action without having substantially received the relief which it was seeking. The provision of this Section shall survive the Closing or the termination of this Agreement. 

18.3 This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same
original, and the execution of separate counterparts by Purchaser and Seller shall bind Purchaser and Seller as if they had each executed the same counterpart. 

  
 27 

 18.4 This Agreement shall be governed, construed and enforced in accordance with the laws of
the State of Texas. 
 18.5 The headings used in this Agreement are for convenience only and do not constitute substantive
matters to be considered in construing same. 
 18.6 The parties agree that neither this Agreement nor any memorandum or notice
thereof shall be recorded. 
 18.7 Except as provided below, this Agreement may not be assigned by Purchaser in whole or in part
without the prior written consent of the Seller. Without limiting the generality of the foregoing, for any assignment by Purchaser to be effective, Seller, prior to Closing, shall have received an executed copy of each assignment and assumption
instrument pursuant to which Purchaser assigns all of its right, title and interest in and to this Agreement to the assignee(s) (including all rights to the Deposit) and the assignee(s) assume and agree to be bound by all of the obligations of
Purchaser under this Agreement. Notwithstanding the foregoing, Purchaser may assign its rights hereunder to entities affiliated with Cole Operating Partnership IV, LP, Cole REIT III Operating Partnership, LP or Cole Operating Partnership II, LP
without Seller’s written consent or approval. An affiliated entity for purposes hereof shall include, without limitation, any entity which is wholly owned by a party or by a parent of a party, or any entity in which a party or a parent of a
party has an equity interest and is a general or managing partner/member. No assignment of this Agreement shall release Purchaser herein; provided, however, with respect to any assignment, if Closing occurs, the assigning party (but not the
assignee) shall be relieved of all its obligations arising under this Agreement before, on and after Closing. 
 18.8 Submission
of this form of Agreement for examination shall not bind Seller or Purchaser in any manner nor be construed as an offer to sell and no contract or obligations of Seller or Purchaser shall arise until this Agreement is executed by both Seller and
Purchaser and delivery is made to each. 
 18.9 Each of the parties agrees that upon request from the other party following the
Closing and without further consideration, such party shall do, execute, acknowledge and deliver or cause to be done, executed, acknowledged and delivered all such further acts or instruments as shall be reasonably requested by a party in order to
effect or carryout the transactions contemplated herein provided same do not impose any obligations or liabilities upon the party not contemplated in this Agreement. The provisions of this Section 18.9 shall survive the Closing. 

18.10 If the final date of any period set forth herein (including, but not limited to, the Closing Date) falls on a Saturday, Sunday or
legal holiday under the laws of the State of Texas, or the United States of America, the final date of such period shall be extended to the next day that is not a Saturday, Sunday or legal holiday. The term “days” as used herein shall mean
calendar days, with the exception of “business days”, which term shall mean each day except for any Saturday, Sunday or legal holiday under the laws of the State of Texas or the United States of America. 

  
 28 

 Section 19. Confidentiality. All Property Information provided by Seller or its
agents and representatives to Purchaser with respect to the Property (“Confidential Information”) shall be treated as confidential information by Purchaser, using the same degree of care with respect to the Confidential Information as
Purchaser employs with respect to its own proprietary or confidential information of like importance. Notwithstanding the foregoing, Purchaser may disclose Confidential Information (i) to its respective consultants, investors, lenders,
appraisers, attorneys, accountants, advisers, and affiliates (collectively, “Related Parties”), provided the Purchaser shall advise each parties of the confidential nature of such information and that such parties are required to maintain
the confidentiality thereof, and (ii) to the extent Purchaser is required to disclose the same pursuant to a court order, applicable laws or pursuant to a legal dispute between Purchaser and Seller. Purchaser and the Related Parties shall not
be obligated to keep confidential any Confidential Information that (1) is already in the public domain, (2) is or becomes generally available to the public other than as a result of a disclosure by Purchaser or one of the Related Parties,
or (3) is or becomes available to Purchaser on a non-confidential basis from a source other than Seller who, to Purchaser’s knowledge, is not subject to a confidentiality agreement with, or other obligation of secrecy to, Seller
prohibiting such disclosure. If this Agreement is terminated for any reason, Purchaser shall promptly deliver to Seller all Confidential Information it has received from Seller including all copies or certify to Seller that Purchaser has destroyed
same; provided, however, Purchaser (x) will be entitled to retain one copy of the Confidential Information for compliance purposes or for the purposes of defending or maintaining litigation or threatened litigation, subject to the continued
application of the provisions of this Section and (y) will not be obligated to erase Confidential Information that is contained in an archived computer system made in accordance with its security and/or disaster recovery procedures on the
understanding that any such retained Confidential Information shall remain subject to the continued application of the provisions of this Section. Purchaser’s obligations under the foregoing provisions of this Section shall terminate on the
earlier of (x) twelve months from the Effective Date, or (y) the Closing Date. 
 Except as required by applicable
law, Seller agrees that it shall not publicize this transaction after the Closing without the prior written approval of Purchaser; provided that such obligation shall not include information already in the public domain or which becomes generally
available to the public other than as a result of by Seller. This provision shall survive Closing. 
 Section 20.
Indemnity. Seller shall indemnify, hold harmless and defend Purchaser, Purchaser’s affiliates, the partners, trustees, shareholders, directors, officers, attorneys, employees and agents of each of them, and their respective heirs,
successors, personal representatives and assigns (collectively, the “Indemnified Parties”) from any and all demands, claims (including, without limitation, causes of action in tort), legal or administrative proceedings, losses,
liabilities, damages, penalties, fines, liens, judgments, costs or expenses whatsoever (including, without limitation, attorneys’ fees and costs), whether direct or indirect, known or unknown, foreseen or unforeseen (collectively,
“Claims”) that may arise on account of or in any way be connected with any actions, suits, proceedings or claims brought by third parties against Purchaser, to the limited extent relating to any alleged negligence or willful misconduct of
Seller occurring with respect to the Property prior to the Closing Date. Purchaser shall indemnify, hold harmless and defend Seller, Seller’s affiliates, the partners, trustees, shareholders, directors, officers, attorneys, employees and agents
of each of them, and their 

  
 29 

 
respective heirs, successors, personal representatives and assigns from any and all Claims that may arise on account of or in any way be connected with any actions, suits, proceedings or claims
brought by third parties against Seller, to the limited extent relating to any alleged negligence or willful misconduct of Purchaser occurring with respect to the Property from and after the Closing Date. In no event shall either Seller or Purchaser
be deemed to have indemnified the other for any Claims arising out of or relating to the negligence or willful misconduct of the indemnified party. The provisions of this Section shall survive Closing. 

Section 21. Privilege Taxes. Seller represents, warrants and covenants to Purchaser that all state and local transaction
privilege, sales, excise, use or similar taxes relating to the development, sale or rental of the Property (including, without limitation, any speculative builder tax, owner-builder tax, or construction contractor tax) have been paid and Seller
shall pay any such taxes that may arise as a result of the sale of the Property to Purchaser as and when due. Seller shall indemnify, hold harmless and defend the Indemnified Parties from any and all Claims relating to a breach of the preceding
sentence. The provisions of this Section shall survive Closing. 
 Section 22. SEC S-X 3-14 Audit. Seller
understands that Purchaser is subject to the reporting requirements of the Securities Act of 1933, as amended, the rules and regulations promulgated thereunder and Rule 3-14 of Regulation S-X. In order to enable Purchaser to comply with such
reporting requirements, Seller agrees to provide Purchaser and its representatives information required for Purchaser to comply with Rule 3-14 (as reasonably determined by Seller’s counsel) including, if applicable, Seller’s most current
financial statements relating to the financial operation of the Project for the current fiscal year and the most recent pre-acquisition fiscal year, and upon request and, to the extent required under such Rule 3-14, support for certain operating
revenues and expenses specific to the Project. Seller understands that certain of such financial information may be included in filings required to be made by Purchaser with the U.S. Securities and Exchange Commission. This Section 22 shall
survive Closing for a period of one (1) year. 
 Section 23. Rights of First Refusal. If any of the Leases
contain tenant rights of first refusal or rights of first offer (either such right, a “ROFR”) in connection with a sale of the Project, Seller agrees that, if any Tenant gives notice of its intent to exercise its right of first refusal
under its Lease or does actually exercise such right of first refusal, this Agreement shall be deemed to terminated, provided that Purchaser shall receive a full return of the Deposit and Seller shall promptly reimburse to Purchaser all reasonable
out-of-pocket and third party property diligence expenses incurred by Purchaser, including, without limitation, reasonable attorneys’ fees and costs. 
 Section 24. Leasing and Management Agreements. Purchaser agrees that Purchaser shall retain Lincoln Property Company Commercial, Inc. (“LPC”), an affiliate of Seller, to lease and
manage the Project for a term of twelve (12) months from the Closing Date. At the Closing, Seller and Purchaser shall enter into a leasing agreement (“Leasing Agreement”) and a limited scope management agreement (“Management
Agreement”), each in a form to be negotiated in good faith by the parties during the Inspection Period, but in any event substantially similar to the forms previously utilized by Seller’s and Buyer’s affiliates in that certain Red Oak
Village transaction. The parties acknowledge and agree that the Management Agreement shall in any 

  
 30 

 
event include the following material terms: (a) the management fee payable to LPC shall be $1,200/month; and (b) LPC shall not be entitled to any construction oversight fee relating to
either the HEB expansion activities or the Parking Lot Repairs. 
 [SIGNATURE PAGE FOLLOWS] 

  
 31 

 IN WITNESS WHEREOF, this Agreement has been entered into as of the day and year first above
written. 
  

											
	SELLER:	 	PURCHASER:
		
	Lincoln Waxahachie, Ltd., a Texas limited partnership	 	Series C, LLC, an Arizona limited liability company
				
	By:	 	 Lincoln Waxahachie Investors, Ltd.,
 general partner
	 	By:	 	 /s/ John M. Pons

		 		 	John Pons
		 		 	Authorized Officer
					
		 	By:	 	Lincoln GP Waxahachie	 		 	
		 		 	Investors, Inc.,	 		 	
		 		 	general partner	 		 	
						
		 		 	By:	 	 /s/ Robert Dozier
	 		 	
		 		 	Title:	 	 Executive Vice President
	 		 	
		 		 	Name:	 	 Robert Dozier
	 		 	

  
 32

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