Exhibit 10.1
REAL ESTATE SALES CONTRACT
THIS REAL ESTATE SALES CONTRACT (this “Agreement”) is made and entered into as of this 27th day of October, 2025, by and between CLM ACQUISITIONS, LLC, a Virginia limited liability company (“Buyer”), and MDR GREENBRIER, LLC, a Delaware limited liability company (“Seller”).
Nothing in this Agreement is intended, or should be construed to give Buyer rights to any personal property and/or trade fixtures owned by Tenants under Leases or property expressly reserved to such Tenants under their respective Leases.
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(a)On or before the date that is three (3) Business Days after the Effective Date, Seller will deliver to Buyer those agreements, documents, contracts, information, records, reports and other items described in Exhibit B attached hereto (collectively, the “Seller Deliverables”); provided, however, that Seller will not be required to deliver (1) any document or correspondence/information which would be subject to the attorney-client privilege; (2) any documents pertaining to the marketing of the Property for sale to prospective purchasers; (3) any internal memoranda, reports or assessments of Seller or any Seller's affiliates relating to any Seller's valuation of the Property; (4) any documents or items which are not in a Seller’s possession or control; and/or (5) any materials projecting or relating to the future performance of the Property. Seller will not be required to compile, seek, generate, or produce reports or other information which is/are not in a Seller’s possession or control on the Effective Date.
(b)Buyer does hereby acknowledge (i) that Commonwealth Commercial Partners, LLC, a Virginia limited liability company (“Property Manager”) currently serves as property manager of the Building and the Property pursuant to a Property Management Agreement dated June 1, 2024 (the “Property Management Agreement”), (ii) that Property Manager has served as property manager of the Building and the Property (defined below) since August 1, 2024, (iii) that Buyer is an affiliate of the Property Manager who is under common control with the Property Manager, (iv) due to such affiliation, Buyer has access to, and the benefit of, extensive information, records, and knowledge relating to the Property and lease servicing. Seller does hereby authorize Buyer to obtain from the Property Manager, and Property Manager to deliver to Buyer, all at no cost to Seller, those agreements, documents, contracts, information, records, reports and other items that are in Property Manager’s possession or control or, in the case of reports, that Property Manager is able to generate from data it has at hand (collectively, the “Property Manager Deliverables”). Buyer shall promptly deliver to Seller copies of all Property Manager Deliverables obtained by Buyer.
(c)As used in this Agreement, the term “Deliverables” means the Seller Deliverables. Buyer acknowledges and agrees that the Deliverables that are furnished or made available to Buyer pursuant to this Section 4.1.1 are being furnished or made available to Buyer for information purposes only without any representation or warranty by Seller whatsoever, express or implied, and may not be relied upon by Buyer.
(d)As used in this Agreement, “Review Period” means the period commencing upon the Effective Date and ending on the date (the “Review Period Expiration Date”) that is forty-five (45) days after the Effective Date. During the Review Period, Buyer, its agents, contractors, engineers, surveyors, consultants, attorneys and representatives shall be entitled to conduct a “Due Diligence Inspection,” which includes
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the rights to enter upon the Real Property, on two (2) days’ prior notice to Seller, to perform inspections of the Real Property and environmental studies and investigations of the Real Property (including, without limitation, a so-called “Phase I” study), and (ii) interview tenants of the Real Property (each, a “Tenant,” and collectively, the “Tenants”); provided Tenant interviews shall not be conducted without at least three (3) Business Days’ prior notice to Seller or without Seller being given an opportunity to have a representative present at such interviews. Buyer shall not conduct invasive or destructive testing without the prior written consent of Seller, which consent may be withheld by Seller for any or no reason.
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(a)On or prior to three (3) days prior to the Review Period Expiration Date, Buyer may deliver one or more notices (each a “Title Objection Notice”) to Seller specifying any lien, claim, encumbrance, restriction, covenant, condition, exception to title or other matter disclosed by the Title Evidence that is not a Liquidated Defect and that renders title unacceptable to Buyer (“Initial Title Objections”). Seller acknowledges that Buyer may so object to any matters of record, including without limitation those that designated in Section 5.3.2(c) as “Permitted Exceptions.” If Buyer delivers a Title Objection Notice, then Seller shall advise Buyer in writing (“Seller’s Cure Notice”) within two (2) Business Days after Buyer delivers any Title Objection Notice, which (if any) of the Initial Title Objections specified in the applicable Title Objection Notice Seller is willing (in the exercise of its sole discretion) to attempt to cure (the “Seller’s Cure Items”). If Seller fails to deliver a Seller’s Cure Notice, Seller will not be in default under this Agreement, but rather shall be deemed to have elected not to cure any Initial Title Objections. Seller has no obligation to cure or remove any Initial Title Objections. In the event that Seller fails to timely deliver a Seller’s Cure Notice, or in the event that Seller’s Cure Notice (specifying Seller’s Cure Items) does not include each and every Initial Title Objection specified in each Title Objection Notice, then Buyer may terminate this Agreement by giving Seller written notice of termination on or prior to the
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Review Period Expiration Date, in which event the provisions of Section 19.8 governing a permitted termination by Buyer of the entire Agreement shall apply. If Buyer does not so terminate this Agreement, then Buyer will be deemed to have waived all Initial Title Objections that are not Seller’s Cure Items, in which case all such Initial Title Objections that are not Seller’s Cure Items will be deemed additional Permitted Exceptions.
(b)If the Title Evidence is updated after the Review Period Expiration Date and contains any new title exception or title matter that was not previously revealed to Buyer and that is not acceptable to Buyer (“New Title Objections”), then Buyer may object to the New Title Objections through a Title Objection Notice delivered to Seller within three (3) Business Days after Buyer’s receipt of the updated Title Evidence but in any event prior to Closing. In the event (i) that Seller notifies Buyer that it is unwilling to cure any New Title Objections prior to Closing, or (ii) that Seller is unable or otherwise fails to cure and remove any Seller’s Cure Items or any New Title Objections on or prior to Closing, then Buyer shall elect one of the following two paths: (A) terminate this Agreement by giving Seller written notice of termination on or prior to the date that is three (3) Business Days after Seller notifies Buyer in writing that Seller is unwilling or unable to cure any New Title Objections, in which event the provisions of Section 19.8 governing a permitted termination by Buyer of the entire Agreement shall apply, or (B) proceed to Closing, in which case Buyer will be deemed to have waived all uncured New Title Objections and will accept title to the Property subject to all such uncured New Title Objections (which will be deemed additional Permitted Exceptions).
(c)For purposes of this Agreement, the term “Permitted Exceptions” means (i) without any prejudice whatsoever to Buyer’s rights to terminate this Agreement prior to Closing pursuant to Sections 5.3.2(a) or (b) above or 12.3 below on account of Initial Title Objections and/or New Title Objections, all liens, claims, encumbrances, restrictions, covenants, conditions, agreements and other title matters/exceptions of record other than Liquidated Defects; (ii) and all matters discoverable by a current survey of the Real Property, (iii) the Leases and the rights of Tenants thereunder; (iv) matters arising out of any act of Buyer or Buyer’s representatives; (v) local, state and federal laws, ordinances, rules and regulations applicable to the Real Property, including, but not limited to, zoning ordinances; and (vi) matters waived or deemed waived by Buyer under the Agreement. Buyer’s failure to elect affirmatively in writing under this Section 5.3.2 either to terminate or to proceed to close shall be deemed to constitute an election by Buyer to proceed to close.
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References in this Agreement to the “knowledge” of Seller, as used in this Agreement, or words of similar import (e.g., “known to Seller”) refer to the current actual knowledge of C. Brent Winn Jr., whom Seller represents to be the officer of Seller who is most knowledgeable with respect to
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the Property, only and shall not be construed, by imputation or otherwise, to refer to the knowledge of Seller or any affiliate of Seller, or to any officer, agent, manager, member, representative or employee of Seller or any affiliate thereof (“Seller’s Representative”) other than C. Brent Winn Jr., or to impose any duty to investigate the matter to which such actual knowledge, or the absence thereof, pertains. In no event shall C. Brent Winn Jr. or any other Seller’s Representative have any personal liability to Buyer for the breach or inaccuracy of any representation or warranty or for the non-performance of any covenant contained in this Agreement.
If Seller determines prior to Closing that there are any facts or circumstances that would, if given at the time, render any of the foregoing Seller’s representations and warranties false, then Seller shall promptly notify Buyer in writing.
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References to the “knowledge” of Buyer, as used in this Agreement, shall refer only to the current actual knowledge of Kenneth S. Strickler, whom Buyer represents to be the principal and officer of Buyer who are most knowledgeable with respect to Buyer and this transaction, and shall not be construed, by imputation or otherwise, to refer to the knowledge of Buyer or any affiliate of Buyer, or to any officer, agent, manager, member, representative or employee of Buyer or any affiliate thereof (collectively, “Buyer’s Representatives”) other than Kenneth S. Strickler, or to impose any duty to investigate the matter to which such actual knowledge, or the absence thereof, pertains. In no event shall Buyer’s Representatives have any personal liability to Seller for the breach or inaccuracy of any representation or warranty or for the non-performance of any covenant contained in this Agreement.
At Closing, Buyer shall deliver to Seller a certificate (the “Buyer Bring-Down”) executed by Buyer certifying (a) that, to Buyer’s knowledge, the representations and warranties of Buyer set forth in this Agreement are true and correct in all material respects as of the date of Closing, or (b) to the extent any such representation or warranty is not true and correct as of the date of Closing, setting forth in reasonable detail the facts and circumstances known to Buyer that cause such representation or warranty to be inaccurate, in which case Seller shall have the termination rights provided to it under Section 12, below, as applicable.
The foregoing representations and warranties shall be in full force and effect on the Effective Date and on the date of Closing. All representations and warranties made by Buyer in this Section 8.3 shall not merge into the Deed and shall survive Closing for six (6) months. Buyer shall have no liability to Seller for a breach of any representation or warranty arising in connection with the transaction contemplated hereby unless written notice containing a description of the specific nature of such breach shall have been given by Seller to Buyer and an action shall have been commenced by Seller against Buyer in a court of competent jurisdiction or in arbitration prior to the expiration of said 6-month period, time being of the essence. Notwithstanding the foregoing (and for the avoidance of doubt), 6-month claim period described will apply to the Buyer Bring-Down, but will not apply to any representations and warranties of Buyer under the other Closing Documents and/or Buyer’s representations and warranties under Section 18, below.
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Buyer:CLM ACQUISITIONS, LLC
Attn: Kenneth S. Strickler
4198 Cox Road, Suite 200
Glen Allen, Virginia 23060
With a copy to:Williams Mullen
John M. Mercer, Esq.
200 South 10th Street, Suite 1600
Richmond, Virginia 23219
Seller:MDR Greenbrier, LLC
c/o Medalist Diversified REIT, Inc.
Attn: C. Brent Winn, Jr., CFO
P.O. Box 8436
Richmond, Virginia 23226
With a copy to:F. Lewis Biggs, Esq.
Kepley Biggs, PLC
2211 Pump Road
Richmond, Virginia 23233-3507
Notices shall be deemed properly delivered and received: (i) the same day when personally delivered; or (ii) one day after deposit with Federal Express or other comparable commercial overnight courier; or (iii) the same day when sent by e-mail prior to 5:00 P.M. EST, provided that any notice sent by e-mail shall also be transmitted to the recipient by one of the other means described in (i) and (ii) hereof. Any notice required hereunder to be delivered to the Escrow Agent shall be delivered in accordance with above provisions to the address for Escrow Agent set forth in Section 5.1.
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[Signature Page to Follow]
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first above written.
SELLER:
MDR GREENBRIER, LLC,
a Delaware limited liability company
By: | MEDALIST DIVERSIFIED HOLDINGS, LP, a Delaware limited partnership |
Its: | Sole Member |
By: | MEDALIST DIVERSIFIED REIT, INC., a Maryland corporation |
Its: | General Partner |
By: | /s/ C. Brent Winn, Jr. |
Name: | C. Brent Winn, Jr. |
Title: | Chief Financial Officer |
BUYER:
CLM ACQUISITIONS, LLC,
a Virginia limited liability company
By: | /s/ Kenneth S. Strickler |
Name: | Kenneth S. Strickler |
Title: | Manager |
ESCROW AGENT FOR THE LIMITED PURPOSES OF ACKNOWLEDGING RECEIPT OF THE INITIAL EARNEST MONEY:
By:
Name:
Its:
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LIST OF
EXHIBITS and SCHEDULES
Exhibit ALegal Description of the Land
Exhibit BSeller’s Deliverables
Exhibit CForm of Estoppel Certificate
Exhibit DForm of Deed
Exhibit EForm of Assignment of Leases
Exhibit F Form of Bill of Sale
Exhibit GForm of Title Affidavit
Schedule 1.3Description of Leases
Schedule 2.2Escrow Provisions
EXHIBIT A
Legal Description of the Land
The Land referred to herein below is situated in the County of Chesapeake City, Commonwealth of Virginia, and is described as follows:
ALL that certain piece or parcel of land, situate, lying and being in the City of Chesapeake, Virginia, being known and designated as "PARCEL 5, 5.00 ACRES" as shown on that certain plat entitled "SUBDIVISION PLAT OF GREENBRIER COMMERCE PARK PARCEL 5, SECTION D, ZONE 4 GREENBRIER, P.U.D. WASHINGTON BOROUGH, CHESAPEAKE, VIRGINIA", dated September 30, 1985, made by Engineering Services, Inc., which plat is duly recorded in the Clerk's Office of the Circuit Court of the City of Chesapeake, Virginia, in Map Book 81, Page 39.
BEING the same property conveyed to MDR Greenbrier, LLC, a Delaware limited liability, by Deed from Medalist Fund II-B, LLC, as Delaware limited liability company, dated August 26, 2021, and filed for record on August 30, 2021, in Deed Book 10435, Page 162, in the aforesaid Clerk’s Office.
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EXHIBIT B-1
Seller’s Deliverables
| a. | ALTA Surveys |
| b. | Leases & Amendments |
| c. | Roof Warranties |
| d. | Site Plans |
| e. | Certificates of Occupancy |
| f. | ESA |
| g. | Title Insurance Policy |
| h. | Prior Tax Appeals |
| i. | Aged Receivable Reports |
| j. | Budgets |
| k. | CAM Reconciliation Statements |
| l. | Future Capital Expenditure Schedules |
| m. | Previous Capital Expenditure Schedules |
| n. | Real Estate Tax Bills |
| o. | Rent Rolls |
| p. | Income Statements |
| q. | Security Deposit List |
| r. | General Ledgers |
| s. | Tenant Ledgers |
| t. | Tenant Contact List |
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EXHIBIT C
FORM OF ESTOPPEL CERTIFICATE
To:_________________________________
___________________ (“Landlord”) and _______________ (“Tenant”) are the current landlord and tenant, respectively, under that certain [Lease Agreement] dated _________ (as amended, if at all, as set forth on Schedule “A”, the “Lease”), relating to that certain ____________ facility located at ______________ in _________, _________ (“Premises”). The undersigned hereby certifies to __________________________ (“Buyer”) and Lender (as defined below) as follows:
| 1. | Attached hereto as Schedule “A” is a full, true and complete list of the documents constituting the Lease, including all modifications, supplements and amendments thereto. The documents listed on Schedule “A” represent the entire agreement between the parties with respect to the Premises, except as provided herein. The Lease is in full force and effect. |
| 2. | The term of the Lease commenced on ___________ ____, _____, and, taking into account any previously exercised renewal options, but excluding any unexercised renewal options, will expire on ___________ ___,_____. Tenant has accepted possession of the Premises and is the actual occupant in possession and has not sublet, assigned or hypothecated Tenant’s leasehold interest. |
| 3. | All improvements to be constructed on the Premises by Landlord have been completed and accepted by Tenant, and Landlord has paid in full all construction allowances and any allowances and inducements due and payable to Tenant. |
| 4. | As of the date of this Estoppel Certificate, to the best knowledge of Tenant, there exists no breach or default, nor state of facts which, with notice, the passage of time, or both, would result in a breach or default on the part of either Tenant or Landlord. To the best of Tenant’s knowledge, no claim, controversy, dispute, quarrel or disagreement exists between Tenant and Landlord. |
| 5. | Tenant has no claim or defense against Landlord under the Lease and is asserting no offsets or credits against either the rent or Landlord. |
| 6. | The monthly fixed, minimum or basic rent under the Lease is $[__________] and has been paid through the month of [_____________]. All additional rent, percentage rent, Tenant’s proportionate share of real estate taxes and insurance, common area maintenance charges, contributions to any merchant's association or promotional fund and all other sums or charges due and payable under the Lease by Tenant have been paid through the month of [_____________] and no such additional rents, percentage rents or other sums or charges have been paid for more than one (1) month in advance of the due date thereof. |
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| 7. | The amount of the security deposit is $________, and Landlord holds no other funds for Tenant’s account. |
| 8. | Tenant has no right or option pursuant to the Lease or otherwise to purchase all or any part of the Leased Premises or the Property, except _______________ (If there is a purchase option, say so). Tenant does not have any right or option for additional space in the Property, except _______________ (If there is an option for additional space, say so) . |
| 9. | Tenant has no right to terminate the Lease except, to the extent contained in the Lease, in connection with a casualty or condemnation and except, to the extent permitted by applicable law, in connection with an actual or constructive eviction of Tenant. |
| 10. | Tenant has not assigned the Lease and has not subleased the Leased Premises or any part thereof. |
| 11. | No voluntary actions or, to Tenant's best knowledge, involuntary actions are pending against Tenant under the bankruptcy laws of the United States or any state thereof. |
This Estoppel Certificate is made to Buyer in connection with the prospective purchase by Buyer or Buyer’s assignee, of the property of which the Premises is a part. This Estoppel Certificate may be relied on by Buyer, and any other party who acquires an interest in the Premises in connection with such purchase and any person or entity which may finance such purchase (each, a “Lender”, including any successors and assigns).
[signature page follows]
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Dated this ___________ day of __________________, 20__.
“TENANT”
________________________________
________________________________
By: __________________________
Name: __________________________
Its: _____________________________
The undersigned hereby acknowledges and agrees to the foregoing Estoppel Certificate.
“GUARANTOR” (If any)
________________________________
________________________________
By: __________________________
Name: __________________________
Its: _____________________________
To be Attached:
Schedule A: List of Leases
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EXHIBIT D
FORM OF DEED
This Document Prepared By:
________________ (VSB #_______)
Williams Mullen
200 South 10th Street, Suite 1600
Richmond, Virginia 23219
Property Identification/ Tax Map No.: _________________
Consideration:$___________
Assessed Value:$___________
Title Insurer: ____________________________
SPECIAL WARRANTY DEED
This Special Warranty Deed is made as of _________________, 20____, between MDR GREENBRIER, LLC, a Delaware limited liability (the “Grantor”), and CLM ACQUISITIONS, LLC, a Virginia limited liability company (the “Grantee”).
W I T NE S S E T H:
In consideration of the sum of Ten Dollars ($10.00) cash in hand paid by Grantee to Grantor, and other valuable consideration, the receipt of which is hereby acknowledged, Grantor does hereby grant and convey, with Special Warranty of Title, unto Grantee, the real property more particularly described on Exhibit A attached hereto and made a part hereof, together with all improvements thereon and appurtenances thereto (the “Property”).
This conveyance is made subject to (and the foregoing special warranty does not cover) (a) all easements, conditions, restrictions and other matters of record, insofar as they may lawfully affect the Property or any portion thereof, (b) all matters discoverable by a current survey of the Property, (c) all unrecorded leases assumed in writing by the Grantee, and (d) the lien(s) for real estate taxes and special assessments that are not yet due and payable.
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[SIGNATURES COMMENCE ON NEXT PAGE]
WITNESS the following signatures and seals.
MDR GREENBRIER, LLC,
a Delaware limited liability company
By:_____________________________
Name:_____________________________
Title:_____________________________
STATE OF __________________:
CITY/COUNTY OF ______________:
The foregoing instrument was acknowledged before me this ____ day of ______________, 20__, by ___________________, in his/her capacity as the ________________ of _____________________, a Delaware limited liability company, on behalf of the company.
My commission expires: _____________________
Notary’s Registration No.: _____________________
(SEAL) ____________________________________
Notary Public
Grantee’s address is:
_____________________
_____________________
_____________________
To be Attached:
Exhibit A: Legal Description
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Exhibit E
FORM OF ASSIGNMENT AND ASSUMPTION OF LEASES
THIS ASSIGNMENT AND ASSUMPTION OF LEASES (this “Assignment”) is made and entered into this ____ day of _____, 20___ by and between MDR GREENBRIER, LLC, a Delaware limited liability company (“Assignor”), and CLM ACQUISITIONS, LLC, a Virginia limited liability company (“Assignee”).
R E C I T A L S:
WHEREAS, Assignor and Assignee’s predecessor-in-interest entered into that certain Real Estate Sales Contract, dated _____________, 20___, and as amended from time to time (as amended, the “Agreement”), for the purchase and sale of certain real property identified on Exhibit A attached hereto (the “Premises”); and
WHEREAS, in connection with the consummation of the transaction contemplated under the Agreement, Assignor and Assignee desire to execute this Assignment.
NOW, THEREFORE, in consideration of good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
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IN WITNESS WHEREOF, Assignor and Assignee have executed this Assignment on the date first above written.
ASSIGNOR:
_______________________,
a ______________________
By:
Name:
Its:
ASSIGNEE:
By:____________________________
Name:
Title:
To be Attached:
Exhibit A: Legal Description
Exhibit B: Schedule of Leases
Exhibit C: Schedule of Security Deposits
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EXHIBIT F
FORM OF BILL OF SALE
MDR GREENBRIER, LLC, a Delaware limited liability company, hereinafter referred to as “Grantor”, as of the ____ day of _______________, 20___, for and in consideration of the sum of Ten Dollars ($10.00) and other good and valuable consideration to it in hand paid by CLM ACQUISITIONS, LLC, a Virginia limited liability company, hereinafter referred to as “Grantee”, receipt of which is hereby acknowledged, does hereby BARGAIN, SELL, GRANT, CONVEY, ASSIGN, AND TRANSFER and by these presents has BARGAINED, SOLD, GRANTED, CONVEYED, ASSIGNED, AND TRANSFERRED unto Grantee, its successors and assigns, the following (the “Personal Property”):
(i)all Grantor’s right, title, and interest (if any) in any of the tangible personal property now existing or hereafter placed on or installed and any machinery, apparatus, appliances and equipment currently used in the operation, repair and maintenance of all or a portion of the real property described on Exhibit “A” attached hereto and made a part hereof by reference (the “Real Property”), and used as a part of or in connection with the business now or hereafter conducted thereon; and
(ii) all Grantor’s right, title, and interest (if any) in the of the following intangible property, but only insofar as it is assignable at no cost to Grantor: (a) any plans and specifications and other architectural and engineering drawings for the Real Property; (b) any warranties or guaranties given or made with respect to the Real Property; (c) any transferable 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 solely in respect with Seller’s use and operation of the Real Property or any part thereof; and (d) any trade name used for the Real Property improvements and fixtures (excluding, any that include the word, “Medalist”).
This Bill of Sale is not intended, and should not be construed to convey property of tenants or others. Grantor makes no representation or warranty that any Personal Property exists as of the date hereof, and the conveyance hereunder shall not be deemed breached or ineffective if no such Personal Property is owned by Grantor. The Personal Property is bargained, sold, granted, conveyed and transferred by Grantor AS IS, WHERE IS, AND WITHOUT ANY WARRANTIES OF WHATSOEVER NATURE, EXPRESS OR IMPLIED, IT BEING THE INTENTION OF GRANTOR EXPRESSLY TO NEGATE AND EXCLUDE ALL WARRANTIES, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF TITLE, ANY IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR ANY PARTICULAR PURPOSE, ANY WARRANTIES CREATED BY ANY AFFIRMATION OF FACT OR PROMISE OR BY ANY DESCRIPTION OF THE PROPERTY CONVEYED HEREUNDER, OR BY ANY SAMPLE OR MODEL THEREOF, AND ALL OTHER WARRANTIES WHATSOEVER CONTAINED IN OR CREATED BY THE UNIFORM COMMERCIAL CODE.
TO HAVE AND TO HOLD the same, unto Grantee, its successors and assigns forever.
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IN WITNESS WHEREOF, the parties have executed this Bill of Sale on the day and year first above written.
GRANTOR:
MDR GREENBRIER, LLC,
a Delaware limited liability company
By:
Name:
Its:
GRANTEE:
CLM ACQUISITIONS, LLC,
a Virginia limited liability company
By:____________________________
Name:
Title:
To be Attached:
Exhibit A: Legal Description
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Exhibit g
FORM OF TITLE AFFIDAVIT
STATE OF )
)SS
COUNTY OF )
SELLER’S TITLE AFFIDAVIT
The undersigned, after being first duly sworn, states as follows:
1.The undersigned is the duly authorized ___________________________ of _____________________________________________ (“Owner”), which is the seller of the real property (the “Property”) described in Old Republic National Title Insurance Company’s Commitment No. ______________________, dated _________________ (the “Commitment”).
2.To Owner’s knowledge, there is no action or proceeding now pending in any state or federal court which, if adversely determined, would adversely affect the Property, nor is there any unrecorded state or federal court judgment, state or federal tax lien or any other state or federal lien of any nature against the undersigned which may constitute a lien against the Property.
3.To Owner’s knowledge, no work, services or labor has been done, and no fixtures, apparatus or material has been furnished, in connection with or to the Property, including any tenant work, except such work, services, labor, fixtures, apparatus or materials as have been fully and completely paid for, and there is no unrecorded mechanics’ lien claim against the Property, nor any claim by or indebtedness to anyone for any work, services, labor, fixtures, apparatus or materials done to, upon or in connection with the Property which could give rise to any such lien, except:
4.To Owner’s knowledge, except as set forth in the Commitment, Owner is not party to any unrecorded mortgages, improvement liens, chattel mortgages, conditional bills of sale, contracts of sale, written leases (except as herein specified), title retention agreements, security agreements, agreements not to sell or encumber, or financing statements which affect the Property or any component thereof.
5.The Owner has not entered into any leases with respect to the Property, other than those described on Exhibit A hereto.
6.The Owner has not heretofore sold or conveyed any interest in the Property other than in connection with this sale and any matters that may be of record.
7.The Owner has not received any written notice of the violation of any covenants, conditions or restrictions has been received.
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8.No proceedings in bankruptcy or receivership have been instituted by or against the Owner within the last ten years, and the Owner has never made an assignment for the benefit of creditors.
The undersigned makes this affidavit for the purpose of inducing First American Title Insurance Company to issue its owner’s title insurance policy with extended coverage pursuant to the Commitment.
References to the “knowledge” of Seller, as used in this Affidavit, shall refer only to the current actual knowledge of C. Brent Winn Jr., whom Seller represents to be the officer of Seller who is most knowledgeable with respect to the Property, and shall not be construed, by imputation or otherwise, to refer to the knowledge of Seller or any affiliate of Seller, or to any officer, agent, manager, member, representative or employee of Seller or any affiliate thereof (“Seller’s Representative”) other than C. Brent Winn Jr., or to impose any duty to investigate the matter to which such actual knowledge, or the absence thereof, pertains. In no event shall C. Brent Winn Jr. or any other Seller’s Representative have any personal liability to Buyer for the breach or inaccuracy of any representation or warranty or for the non-performance of any covenant contained in this Agreement.
Executed the __________ day of _______________________, 20___.
By:
Name:
Subscribed and sworn to before me as of this _____
day of ______________________, 20___.
Notary Public
My commission expires:
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SCHEDULE 1.3
LIST OF LEASES
1.Atlantech Mechanical Services, Inc.
a. | Triple Net Lease dated March 31, 2014 |
b. | First Lease Amendment dated March 23, 2015 |
c. | Second Amendment dated May 29, 2018 |
d. | Third Lease Amendment dated March 27, 2021 |
2.BSN Sports, Inc
a. | Greenbrier Business Center Office Lease dated October 29, 1997 |
b. | First Amendment to Lease Agreement dated November 5, 1999 |
c. | Second Amendment to Lease Agreement dated November 14, 2001 |
d. | Third Amendment to Lease Agreement dated September 11, 2003 |
e. | Fourth Amendment to Lease Agreement dated September 23, 2005 |
f. | Fifth Amendment to Lease Agreement dated September 10, 2008 |
g. | Sixth Amendment to Lease Agreement dated September 1, 2011 |
h. | Seventh Amendment to Lease Agreement dated April 25, 2014 |
i. | Eighth Amendment to Lease Agreement dated December 31, 2017 |
j. | Ninth Amendment to Lease Agreement dated April 28, 2023 |
3.C.P. Dean Company, Inc.
a. | Triple Net Lease dated October 13, 2023 |
4.Eurofins Lancaster Laboratories Environment Testing, LLC
a. | Triple Net Lease dated November 17, 2016 |
b. | First Lease Amendment dated May 13, 2019 |
c. | Tenant Correspondence dated November 23, 2021 – Notice of Assignment of Lease |
d. | Second Lease Amendment dated April 7, 2022 |
e. | Third Lease Amendment dated August 30, 2025 |
5.Fire Tech Services, Inc.
a. | Triple Net Lease executed August 21, 2020 |
b. | Reserved Parking Space Lease Agreement dated February 14, 2025 |
6.Fly7 Installations, LLC
a. | Triple Net Lease dated March 29, 2023 |
7.Hampton Roads Protective Coatings, LLC
a. | Triple Net Lease (undated) commencing March 1, 2023 |
b. | Property Manager Correspondence dated March 2, 2023 – Welcome Packet |
Schedule 1.3
8.Harvest Outreach Ministry, Inc. (dba Bridge Church)
a. | Triple Net Lease dated January 31, 2014 |
b. | First Lease Amendment dated March 11, 2014 |
c. | Second Lease Amendment dated July 10, 2014 |
d. | Third Lease Amendment dated October 23, 2014 |
e. | Fourth Lease Amendment executed June 3, 2015 |
f. | Fifth Lease Amendment dated September 23, 2019 |
g. | Sixth Lease Amendment dated February 28, 2022 |
h. | Seventh Lease Amendment dated July 24, 2025 |
9.Make it Happen Media, LLC
a. | Triple Net Lease dated June 30, 2022, with attached Work Letter Agreement |
c. | Notice of Lease Term Dates dated October 26, 2022 |
d. | First Lease Amendment dated February 17, 2023, with attached Work Letter Agreement |
e. | Property Manager Correspondence dated March 20, 2023 – Notice of Rent Escalation due to Relocation effective March 1, 2023 |
f. | Second Lease Amendment dated September 26, 2023 |
10.Mechanical Source Solutions, LLC
a. | Triple Net Lease executed June 9, 2020, with attached Work Letter Agreement, Personal Guaranty and Promissory Note |
b. | Property Manager Correspondence dated September 23, 2020 – Rent Commencement |
c. | First Lease Amendment dated July 15, 2025 |
11.New Kent Coatings, Inc.
a. | Triple Net Lease dated July 18, 2024, with attached Work Letter Agreement and Guaranties |
12.Phillips Corporation
a. | Triple Net Lease dated March 10, 2023, with attached Work Letter Agreement |
b. | Property Manager Correspondence dated March 13, 2023 – Welcome Packet |
Schedule 1.3
13.Science Applications International Corporation
a. | Triple Net Lease dated June 2008, with attached Notice of Lease Term Dates dated June 18, 2008, and Addendum 1 to Lease executed June 16, 2008 |
b.First Lease Amendment dated July 25, 2009
c.Tenant Correspondence dated October 5, 2009 – notice of renewal
d. | Second Lease Amendment dated June 11, 2010 |
e. | Third Lease Amendment dated September 1, 2011 |
f. | Fourth Lease Amendment dated March 20, 2013 |
g. | Fifth Lease Amendment dated June 29, 2015 |
h. | Tenant Correspondence dated January 8, 2018 – notice of renewal |
i. | Sixth Lease Amendment dated August 3, 2019 |
j. | Tenant Correspondence dated May 29, 2020 – Notice of Assignment |
k. | Seventh Lease Amendment dated June 23, 2020 |
l. | Tenant Correspondence dated March 8, 2021 – Notice of Exercise of Option to Renew |
m. | Eighth Lease Amendment dated September 12, 2022 |
n. | Ninth Lease Amendment dated August 31, 2023 |
o. | Tenth Lease Amendment dated September 9, 2024 |
p. | Eleventh Lease Amendment dated August 15, 2025, with attached Work Letter Agreement |
14.The GlenMark Group LLC
a. | Triple Net Lease dated August 26, 2024, with attached Work Letter Agreement and Lease Guaranty |
b. | Property Manager Correspondence dated January 16, 2025 - Revised Commencement Letter |
15.TK Elevator Corporation
a. | Lease dated November 15, 2012 |
b. | First Lease Amendment dated May 14, 2019, with attached Work Letter Agreement |
c. | Tenant Correspondence dated February 21, 2024 – change of address |
d. | Second Lease Amendment dated September 23, 2024, with attached Work Letter Agreement |
e. | Third Lease Amendment dated February 12, 2025, with attached Work Letter Agreement |
f. | Property Manager Correspondence dated June 11, 2025 – Confirmation of Expansion Date and Rent Schedule |
Schedule 1.3
16.Walder Foundation Products, LLC
a. | Triple Net Lease dated August 23, 2023, with attached Work Letter Agreement |
b. | Property Manager Correspondence dated August 23, 2023 – welcome packet |
17Westridge Peak Holdings, Inc.
a. | Triple Net Lease dated April 4, 2024, with attached Work Letter Agreement and Guaranty |
18.Will Henry Inc. (dba Tidal Wave Graphics)
a. | Triple Net Lease dated March 8, 2021 |
b. | First Lease Amendment dated April 29, 2022 |
c. | Second Lease Amendment dated November 20, 2023 |
Schedule 1.3
SCHEDULE 2.2
ESCROW PROVISIONS
The following provisions shall govern the obligations of Escrow Agent hereunder with regard to the Deposit:
1.Escrow Agent shall hold the Deposit in escrow in insured money market accounts, certificates of deposit, United States Treasury Bills or such other interest-bearing accounts as Buyer and Seller may instruct from time to time until the earlier to occur of (a) the Closing Deadline, at which time the Deposit shall be applied against the Purchase Price, or (b) the date on which Escrow Agent is authorized to disburse the Deposit as set forth in paragraph 2. below. The tax identification numbers of the parties shall be furnished to Escrow Agent upon request.
2.Buyer may, upon Buyer’s termination of this Agreement at any time on or before the Review Period Expiration Date, demand a return of the Deposit and Escrow Agent shall return the Deposit to Buyer upon giving written notice to Seller but without the necessity of waiting five (5) business days. If the Deposit has not been released earlier in accordance with this paragraph 2., and Closing does not occur, and either party makes a written demand upon Escrow Agent for payment of the Deposit, Escrow Agent shall give written notice to the other party of such demand. If Escrow Agent does not receive a written objection from the other party to the proposed payment on or before the fifth (5th) business day after the giving of such notice, Escrow Agent is hereby authorized to make such payment. If Escrow Agent does receive such written objection within such five (5) business day period, Escrow Agent shall continue to hold such amount until otherwise directed by written instructions from the parties or a final judgment or arbitrators’ decision. However, Escrow Agent shall have the right at any time to deposit the Deposit with the clerk of a state court in the state in which the Property is located. Escrow Agent shall give written notice of such deposit to Seller and Buyer. Upon such deposit, Escrow Agent shall be relieved and discharged of all further obligations and responsibilities hereunder.
3.Escrow Agent, as the person responsible for closing the transaction contemplated by this Agreement within the meaning of Section 6045(e)(2)(A) of the Code, shall file all necessary information reports, returns, and statements regarding the transaction required by the Code including the tax reports required pursuant to Section 6045 of the Code. Further, Escrow Agent agrees to indemnify, protect, defend and hold Buyer, Seller, and their respective attorneys and brokers harmless from and against any and all Losses resulting from Escrow Agent’s failure to file the reports Escrow Agent is required to file pursuant to this provision.
4.The parties acknowledge that Escrow Agent is acting solely as a stakeholder at their request and for their convenience, that Escrow Agent shall not be deemed to be the agent of either of the parties for any act or omission on its part unless taken or suffered in bad faith, in willful disregard of the provisions of this Schedule 2.2 or its other obligations under this Agreement, or involving negligence. Seller and Buyer jointly and severally shall indemnify, protect, defend and hold Escrow Agent harmless from and against all Losses incurred in connection with the performance of Escrow Agent’s duties hereunder, except with respect to actions or omissions taken or suffered by Escrow Agent in bad faith, in willful disregard of the provisions of this Schedule
Schedule 2.2
2.2 or its other obligations under this Agreement, or involving negligence on the part of the Escrow Agent.
5.The parties shall deliver to Escrow Agent an executed copy of the Agreement, which shall constitute their instructions to Escrow Agent. Escrow Agent shall execute the signature page for Escrow Agent attached to the Agreement for the purpose of agreeing to the provisions of this Schedule 2.2 and the other terms of the Agreement (including Section 9.4 thereof) applicable to Escrow Agent; provided, however, that (i) Escrow Agent’s signature hereon shall not be a prerequisite to the binding nature of the Agreement on Buyer and Seller, and the same shall become fully effective upon execution by Buyer and Seller, and (ii) the signature of Escrow Agent will not be necessary to amend any provision of the Agreement other than this Schedule 2.2.
Schedule 2.2