SEC Contract Filing

Filing Date: 2022-09-08

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex10-1.htm
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exhibit
10.1</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PURCHASE
AND SALE AGREEMENT</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THIS
PURCHASE AND SALE AGREEMENT</B> (this &ldquo;<U>Agreement</U>&rdquo;) is made and entered into as of September 2, 2022 (&ldquo;<U>Effective
Date</U>&rdquo;), by and between <B>STORE CAPITAL ACQUISITIONS, LLC</B>, a Delaware limited liability company (&ldquo;<U>Purchaser</U>&rdquo;),
and <B>ALTITUDE HOSPITALITY LLC</B>, a Florida limited liability company (&ldquo;<U>Seller</U>&rdquo;). Except as otherwise expressly
defined herein, capitalized terms will have the meanings set forth on <U>Exhibit&nbsp;A</U> attached hereto and incorporated herein by
this reference. For and in consideration of the mutual covenants and promises hereinafter set forth, the parties hereby mutually covenant
and agree as follows:</FONT></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ARTICLE
I<BR>
<BR>
purchase of PROPERTY</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section
1.01. Agreement to Purchase</B>. Purchaser agrees to purchase, and Seller agrees to sell, in accordance with the terms, conditions and
stipulations set forth in this Agreement (the &ldquo;<U>Transaction</U>&rdquo;), all of Seller&rsquo;s right, title and interest in and
to (a)&nbsp;the parcel or parcels of real property, as more particularly described on <U>Exhibit&nbsp;B</U> attached hereto, and any
and all improvements thereon and appurtenances thereto (collectively, the &ldquo;<U>Real Property</U>&rdquo;); (b)&nbsp;all fixtures
affixed thereto; (c)&nbsp;all mineral, oil and gas rights, water rights, sewer rights and other utility rights allocated to the Real
Property; and (d)&nbsp;all easements, licenses, privileges and other property interests belonging or appurtenant to the Real Property
(all of the foregoing items in clauses (a) through (d) above, now or hereafter existing, collectively, the &ldquo;<U>Property</U>&rdquo;).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
parties acknowledge and agree that: (i) fee title to the Real Property is currently with Sandpiper Resort Properties, Inc. (&ldquo;<U>Current
Owner</U>&rdquo;); (ii) Seller is under contract or will enter into contract to acquire the Property from the Current Owner pursuant
to the Existing Purchase Agreement; (iii) the obligations of Seller under this Agreement may be satisfied by the Current Owner; and (iv)
conditioned upon obtaining the written consent of the Current Owner (which Seller covenants to diligently pursue) unless otherwise mutually
agreed by Seller and Purchaser, Seller shall designate or nominate Purchaser to take title to the Property pursuant to the terms of the
Existing Purchase Agreement such that title to the Property shall be conveyed directly from Current Owner to Purchaser and the closing
under the Existing Purchase Agreement and the Closing hereunder shall be simultaneous.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Section
1.02. Purchase Price</B>. The purchase price to be paid by Purchaser to Seller for the Property is $55,000,000.00 (the &ldquo;<U>Purchase
Price</U>&rdquo;). The Purchase Price shall be paid by Purchaser in immediately available federal funds at Closing.</FONT></P>

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