<SEC-DOCUMENT>0001104659-25-050453.txt : 20250519
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ACCESSION NUMBER:		0001104659-25-050453
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20250519
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20250519
DATE AS OF CHANGE:		20250519

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ryman Hospitality Properties, Inc.
		CENTRAL INDEX KEY:			0001040829
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		ORGANIZATION NAME:           	05 Real Estate & Construction
		EIN:				730664379
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13079
		FILM NUMBER:		25964143

	BUSINESS ADDRESS:	
		STREET 1:		ONE GAYLORD DR
		CITY:			NASHVILLE
		STATE:			TN
		ZIP:			37214
		BUSINESS PHONE:		6153166000

	MAIL ADDRESS:	
		STREET 1:		ONE GAYLORD DRIVE
		CITY:			NASHVILLE
		STATE:			TN
		ZIP:			37214

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GAYLORD ENTERTAINMENT CO /DE
		DATE OF NAME CHANGE:	19971002

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NEW GAYLORD ENTERTAINMENT CO
		DATE OF NAME CHANGE:	19970611
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<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>WASHINGTON, D.C. 20549</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Pursuant to Section&#160;13 or 15(d)</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>of the Securities Exchange Act of 1934</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>(Former name or former address, if changed
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in; text-align: left">Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">Indicate by check mark whether the
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended
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<p style="margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0"></p>

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<p style="margin: 0pt 0">&#160;</p>

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<td style="width: 0"/><td style="width: 1in"><b>ITEM 1.01.</b></td><td><span style="text-transform: uppercase"><b>Entry into a Material Definitive AgreemenT</b></span><b>.</b></td></tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif">On
May&#160;19, 2025, </span>RHP Property AR, LLC (&#8220;Buyer&#8221;), a subsidiary of Ryman Hospitality Properties,&#160;Inc. (&#8220;we,&#8221;
&#8220;us,&#8221; &#8220;our&#8221; or the &#8220;Company&#8221;), entered into an Agreement of Purchase and Sale (the &#8220;Purchase
Agreement&#8221;) with DRPhoenix Hotel Owner LLC (&#8220;Seller&#8221;), pursuant to which, and upon the terms and subject to the conditions
set forth therein, Buyer will purchase from Seller the JW Marriott Phoenix Desert Ridge Resort&#160;&amp; Spa located in Phoenix, Arizona
(&#8220;Desert Ridge&#8221;) and certain related assets for an aggregate purchase price of approximately $865 million, subject to certain
adjustments as set forth in the Purchase Agreement (the &#8220;Desert Ridge Acquisition&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Upon execution of the Purchase Agreement, Buyer
deposited $30 million into an escrow account, which amount will be (i)&#160;applied to the purchase price at the closing, (ii)&#160;released
to Seller as liquidated damages in the event that Seller terminates the Purchase Agreement as a result of a material breach by Buyer of
its obligations under the Purchase Agreement or (iii)&#160;released to Buyer in the event that Buyer terminates the Purchase Agreement
as a result of a material breach by Seller of its obligations under the Purchase Agreement.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Purchase Agreement contains customary representations,
warranties and covenants and is subject to customary closing conditions. Desert Ridge Acquisition is expected to close in the second or
third quarter of 2025.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The above summary of the Purchase Agreement does
not purport to be complete and is qualified in its entirety by reference to the Purchase Agreement, which is filed herewith as Exhibit&#160;10.1
and is incorporated herein by reference.</p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 1in"><b>ITEM 7.01.</b></td><td><span style="text-transform: uppercase"><b>REGULATION FD DISCLOSURE</b></span><b>.</b></td></tr></table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On May&#160;19, 2025, the Company issued a press
release announcing the pending Desert Ridge Acquisition. A copy of the press release is furnished herewith as Exhibit&#160;99.1 and is
incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information furnished under Item 7.01 of this
Current Report on Form&#160;8-K (this &#8220;Current Report&#8221;), including Exhibit&#160;99.1 hereto, is being furnished pursuant to
Item 7.01 of Form&#160;8-K; shall not be deemed to be &#8220;filed&#8221; for the purposes of Section&#160;18 of the Securities Exchange
Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in
any filing under the Securities Act of 1933, as amended, whether made before or after the date of this report, except as shall be expressly
set forth by specific reference in such filing. This Current Report will not be deemed an admission by the Company as to the materiality
of any information in this Current Report that is required to be disclosed solely by Item 7.01 of Form&#160;8-K. The Company does not
undertake a duty to update the information in this Current Report and cautions that the information included in this Current Report under
Item 7.01 is current only as of May&#160;19, 2025 and may change thereafter.</p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 1in"><b>ITEM 8.01.</b></td><td><span style="text-transform: uppercase"><b>OTHER EVENTS</b></span><b>.</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In connection with the pending Desert Ridge Acquisition,
the Company is providing the additional risk factors listed below to supplement the risk factors described in Item 1A of the Company&#8217;s
Annual Report on Form&#160;10-K for the fiscal year ended December&#160;31, 2024. These supplemental risk factors relate to the pending
Desert Ridge Acquisition and should be read in conjunction with the risk factors described in Item 1A of the Company&#8217;s Annual Report
on Form&#160;10-K for the fiscal year ended December&#160;31, 2024.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We may fail to complete the Desert Ridge Acquisition on a timely
basis or at all.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Although we expect to complete the Desert Ridge
Acquisition in the second or third quarter of 2025, the Desert Ridge Acquisition is subject to customary closing requirements and conditions,
many of which are beyond our control, and there can be no assurance that the Desert Ridge Acquisition will be completed on the anticipated
schedule or at all. If we fail to consummate the Desert Ridge Acquisition or should the completion of the Desert Ridge Acquisition be
significantly delayed, we will have expended significant resources without realizing all or a portion of the intended economic benefits
of the Desert Ridge Acquisition.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Even if we consummate the Desert Ridge Acquisition,
we may not realize the intended economic benefits. If we fail to consummate the Desert Ridge Acquisition, we would expect to seek to acquire
another entertainment or hotel property or other investment, but we may not be able to identify suitable acquisition candidates on attractive
terms or at all, or such acquisitions may take a significant amount of time to accomplish. Any failure to complete the Desert Ridge Acquisition
could have a negative impact on our business, financial condition, results of operations and the ability to make distributions to our
stockholders.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Our financial and operating results may suffer if we are unsuccessful
in integrating Desert Ridge with our existing assets.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If we are unable to successfully integrate Desert
Ridge with our existing assets in an efficient and effective manner following the completion of the Desert Ridge Acquisition, the anticipated
benefits of the Desert Ridge Acquisition may not be realized fully, or at all, or may take longer to realize than expected and may not
meet estimated growth projections or expectations. Further, we may not achieve the projected efficiencies and synergies once we have integrated
Desert Ridge into our operations, which may lead to additional costs not anticipated at the time of the Desert Ridge Acquisition. An inability
to realize the full extent of the anticipated benefits of the Desert Ridge Acquisition or any delays encountered in the integration process
could have an adverse effect on our results of operations, cash flows and financial position.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Integrating Desert Ridge may be more difficult, costly or time
consuming than expected.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The integration of Desert Ridge with our existing
assets will require the dedication of significant management resources, which may distract management's attention from day-to-day business
operations. Phoenix, Arizona is a new market for us, and our relative unfamiliarity with the market may result in our having to devote
additional time and expense to gain familiarity with the market and maximize operations.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Many of these factors will be outside of our control
and any one of them could result in delays, increased costs, decreases in revenues and diversion of management&#8217;s time and energy
from ongoing business concerns, which could materially affect our financial position, results of operations and cash flows.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Each of our hotels currently operate, and Desert Ridge will operate,
under a brand owned by Marriott; therefore, we are subject to risks associated with concentrating our hotel portfolio in brands owned
by Marriott.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Each of our hotel properties
are managed by Marriott under Marriott-owned brands, and following the closing of the Desert Ridge Acquisition, Marriott will manage Desert
Ridge under the JW Marriott brand. As a result, our success is dependent in part on the continued success of Marriott and, in particular,
the Gaylord Hotels and JW Marriott brands. Consequently, if market recognition or the positive perception of Marriott is reduced or compromised,
the goodwill associated with the Gaylord Hotels and JW Marriott hotels in our portfolio may be adversely affected, which could negatively
impact our financial condition, results of operations and our ability to service debt and make distributions to our stockholders.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>We may not have discovered undisclosed liabilities of Desert
Ridge during our due diligence process.</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the course of the due diligence review of Desert
Ridge that we conducted prior to the execution of the Desert Ridge Agreement, we may not have discovered, or may have been unable to quantify,
undisclosed liabilities of Desert Ridge. Examples of such undisclosed liabilities may include, but are not limited to, pending or threatened
litigation or regulatory matters. Any such undisclosed liabilities could, whether or not we assumed such liabilities, have an adverse
effect on our business, results of operations, financial condition and cash flows following the completion of the Desert Ridge Acquisition.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">***</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Cautionary Note Regarding Forward-Looking Statements</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Current Report contains statements as to the Company&#8217;s beliefs
and expectations of the outcome of future events that are forward-looking statements as defined in the Private Securities Litigation Reform
Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical or current facts. Examples of
these statements include, but are not limited to, statements regarding the pending Desert Ridge Acquisition, and the Company&#8217;s expectations
for Desert Ridge upon the closing of the Desert Ridge Acquisition. These forward-looking statements are subject to risks and uncertainties
that could cause actual results to differ materially from the statements made. These include the risks and uncertainties associated with
the pending Desert Ridge Acquisition, including, but not limited to, the occurrence of any event, change or other circumstance that could
delay the closing of the Desert Ridge Acquisition, or result in the termination of the Purchase Agreement; adverse effects on the Company&#8217;s
common stock because of a failure to complete the Desert Ridge Acquisition; and the Company&#8217;s ability to fund the Desert Ridge Acquisition,
whether by using funds borrowed pursuant to its credit agreement or otherwise. Other factors that could cause results to differ are described
in the filings made from time to time by the Company with the U.S. Securities and Exchange Commission and include the risk factors and
other risks and uncertainties described in the Company&#8217;s Annual Report on Form&#160;10-K for the fiscal year ended December&#160;31,
2024, the Company&#8217;s Quarterly Report on Form&#160;10-Q for the quarterly period ended March&#160;31, 2025, this Current Report and
subsequent filings. Except as required by law, the Company does not undertake any obligation to release publicly any revisions to forward-looking
statements made by it to reflect events or circumstances occurring after the date hereof or the occurrence of unanticipated events.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0"/><td style="width: 1in"><b>ITEM 9.01.</b></td><td><span style="text-transform: uppercase"><b>financial statements and exhibits</b></span><b>.</b></td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<span style="font-size: 10pt">Exhibits</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.5in"><a href="tm2515496d1_ex10-1.htm">10.1*</a></td><td><a href="tm2515496d1_ex10-1.htm">Agreement of Purchase and Sale, dated as of May&#160;19, 2025, by and between DRPhoenix Hotel Owner LLC, as Seller, and RHP Property
AR, LLC, as Buyer.</a></td></tr><tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
                            <tr style="vertical-align: top">
<td>&#160;</td><td><a href="tm2515496d1_ex99-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99.1</span></a></td><td><a href="tm2515496d1_ex99-1.htm" style="-sec-extract: exhibit">Press
<span>Release of Ryman Hospitality Properties,&#160;Inc. dated May&#160;19, 2025.</span></a></td></tr>
                            <tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>
                            <tr style="vertical-align: top">
<td>&#160;</td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td><td>Cover
Page&#160;Interactive Data File (embedded within the Inline XBRL document).</td></tr>
                            <tr style="vertical-align: top">
<td>&#160;</td><td>&#160;</td><td>&#160;</td></tr>

<tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="width: 0.5in"><span style="font-family: Times New Roman, Times, Serif">*</span></td><td>Certain schedules and similar attachments have been omitted in reliance on Instruction 4 of Item 1.01 of Form&#160;8-K and Item 601(a)(5)&#160;of
Regulation S-K. The Company will provide, on a supplemental basis, a copy of any omitted schedule or attachment to the Securities and
Exchange Commission or its staff upon request. Pursuant to Item 601(a)(6) of Regulation S-K, certain information has been redacted or omitted and marked by brackets and asterisks.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">RYMAN
    HOSPITALITY PROPERTIES,&#160;INC.</span></td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: bottom">
    <td style="width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: May 19, 2025</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 45%">/s/ Scott J. Lynn&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif">Scott J. Lynn</td></tr>
  <tr style="vertical-align: bottom">
    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive
    Vice President, General Counsel and Secretary</span></td></tr>
  </table>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* Certain personally identifiable information has been omitted from
this exhibit pursuant to Item 601(a)(6)&nbsp;under Regulation S-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AGREEMENT OF PURCHASE AND SALE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">by and among</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">DRPHOENIX HOTEL OWNER LLC, Seller</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">RHP PROPERTY AR, LLC, Buyer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated as of May&nbsp;19, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">P<FONT STYLE="font-variant: normal">age</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">ARTICLE&nbsp;I DEFINITIONS</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: right"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 10%"><FONT STYLE="font-size: 10pt">Section&nbsp;1.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 80%"><FONT STYLE="font-size: 10pt">Defined Terms</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 5%"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">ARTICLE&nbsp;II
    SALE, PURCHASE PRICE AND CLOSING</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;2.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Sale of Assets</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;2.2</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Purchase Price</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;2.3</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">The Closing</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">17</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;2.4</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Allocated Purchase Price</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">ARTICLE&nbsp;III
    REPRESENTATIONS, WARRANTIES AND COVENANTS OF SELLER</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;3.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">General Seller Representations
    and Warranties</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;3.2</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Representations and Warranties
    of Seller as to the Assets</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">20</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;3.3</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Amendments to Schedules; Limitations
    on Representations and Warranties of Seller</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;3.4</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Covenants of Seller Prior to
    Closing</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">23</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">ARTICLE&nbsp;IV
    REPRESENTATIONS, WARRANTIES AND COVENANTS OF BUYER</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: right"><FONT STYLE="font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;4.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Representations and Warranties
    of Buyer</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">29</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;4.2</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Covenants of Buyer</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">ARTICLE&nbsp;V CONDITIONS
    PRECEDENT TO CLOSING</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: right"><FONT STYLE="font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;5.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Conditions Precedent to Seller&rsquo;s
    Obligations</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;5.2</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Conditions Precedent to Buyer&rsquo;s
    Obligations</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">31</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;5.3</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Waiver of Conditions Precedent</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">ARTICLE&nbsp;VI
    CLOSING DELIVERIES</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: right"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;6.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Buyer Closing Deliveries</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">33</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;6.2</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Seller Closing Deliveries</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">ARTICLE&nbsp;VII
    INSPECTIONS; RELEASE</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: right"><FONT STYLE="font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;7.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">General Right of Inspection</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;7.2</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">DISCLAIMER</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">37</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;7.3</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">EXAMINATION; NO CONTINGENCIES</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">38</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;7.4</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">RELEASE</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">41</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">ARTICLE&nbsp;VIII
    TITLE AND PERMITTED EXCEPTIONS</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: right"><FONT STYLE="font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;8.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Permitted Exceptions</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;8.2</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Title Commitment; Surveys</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;8.3</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Certain Exceptions to Title;
    Inability to Convey</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">42</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: left"><FONT STYLE="font-size: 10pt">ARTICLE&nbsp;IX
    TRANSACTION COSTS; RISK OF LOSS</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: right"><FONT STYLE="font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;9.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Transaction Costs</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;9.2</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Risk of Loss</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">44</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">ARTICLE&nbsp;X ADJUSTMENTS</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: right"><FONT STYLE="font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;10.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Fixed Rents and Additional Rents</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">45</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;10.2</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Taxes and Assessments</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">46</FONT></TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 10%"><FONT STYLE="font-size: 10pt">Section&nbsp;10.3</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%"><FONT STYLE="font-size: 10pt">Utilities</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 5%"><FONT STYLE="font-size: 10pt">47</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;10.4</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Contracts, Equipment Leases</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">47</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;10.5</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Miscellaneous Revenues</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;10.6</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Security Deposits</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;10.7</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Leasing Costs</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;10.8</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Accounts Receivable</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;10.9</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Consumables, Food Inventory
    and Retail Merchandise</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">49</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;10.10</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Accounts Payable</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">49</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;10.11</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Bookings; Booking Deposits</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">49</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;10.12</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Gift Certificates and Vouchers</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">49</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;10.13</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Employee Compensation</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">50</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;10.14</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Sales, Excise, Room and Occupancy
    Taxes</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">50</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;10.15</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Ground Rent</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">50</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;10.16</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Other Adjustments</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">50</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;10.17</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Cash on Hand</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">50</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;10.18</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Restaurants and Bars</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;10.19</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Vending Machines</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;10.20</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Club Dues and Fees</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;10.21</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Alcoholic Beverages</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;10.22</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Management Agreement</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;10.23</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Re-Adjustment; Credits Against
    the Purchase Price</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;10.24</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Post-Closing Statement</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">52</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;10.25</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Survival</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">52</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">ARTICLE&nbsp;XI
    INDEMNIFICATION</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: right"><FONT STYLE="font-size: 10pt">52</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;11.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Indemnification by Seller</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">52</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;11.2</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Indemnification by Buyer</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">52</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;11.3</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Limitations on Indemnification</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">53</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;11.4</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Survival</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">53</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;11.5</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Notification</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">53</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;11.6</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Indemnification as Sole Remedy</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">ARTICLE&nbsp;XII
    TAX CERTIORARI PROCEEDINGS</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: right"><FONT STYLE="font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;12.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Prosecution and Settlement of
    Proceedings</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;12.2</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Application of Refunds or Savings</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;12.3</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Cooperation</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;12.4</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Survival</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: left"><FONT STYLE="font-size: 10pt">ARTICLE&nbsp;XIII
    DEFAULT</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: right"><FONT STYLE="font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;13.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">BUYER DEFAULT</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">54</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;13.2</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">SELLER DEFAULT</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">55</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">ARTICLE&nbsp;XIV
    OT<FONT STYLE="text-transform: uppercase">her Agreements</FONT>; EMPLOYEE MATTERS</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: right"><FONT STYLE="font-size: 10pt">56</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;14.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Employee Matters</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">56</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;14.2</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Management Agreement</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">57</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;14.3</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Ground Lease; Extended Deadline</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">57</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;14.4</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Water Agreements</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;14.5</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Desert Ridge CCR Estoppel</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;14.6</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Exclusivity</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">58</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">ARTICLE&nbsp;XV
    MISCELLANEOUS</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase; text-align: right"><FONT STYLE="font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 5%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 10%"><FONT STYLE="font-size: 10pt">Section&nbsp;15.1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%"><FONT STYLE="font-size: 10pt">Exculpation</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; width: 5%"><FONT STYLE="font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;15.2</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Brokers</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">59</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;15.3</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Confidentiality; IRS Reporting
    Requirements</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">59</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;15.4</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Escrow Provisions</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">60</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;15.5</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Successors and Assigns; No Third-Party
    Beneficiaries</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">61</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;15.6</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Assignment</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">61</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;15.7</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Further Assurances</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">61</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;15.8</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Notices</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">61</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;15.9</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Entire Agreement</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">63</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;15.10</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Amendments</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">63</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;15.11</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">No Waiver</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">63</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;15.12</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Governing Law</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">63</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;15.13</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Submission to Jurisdiction</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">63</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;15.14</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Severability</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">63</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;15.15</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;Headings</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">63</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;15.16</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Counterparts</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">64</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;15.17</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Construction</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">64</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;15.18</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Acceptance of Assignment of
    the Ground Leases</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">64</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;15.19</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Recordation</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">64</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;15.20</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Guest Baggage</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">64</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;15.21</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Time is of the Essence</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">65</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;15.22</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Prevailing Party</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">65</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;15.23</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Waiver of Jury Trial</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">65</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;15.24</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Press Release; SEC Disclosure</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">65</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Section&nbsp;15.25</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Calculation of Time Periods</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right"><FONT STYLE="font-size: 10pt">65</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Exhibits</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 10%; text-align: left"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;A</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%; text-align: left"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%"><FONT STYLE="font-size: 10pt">Reserved</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;B</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Form&nbsp;of Assignment of Space
Leases</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;C</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Form&nbsp;of Assignment of Contracts</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;D</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Form&nbsp;of Tenant Notice</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;E</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Form&nbsp;of Assignment of Licenses,
Permits, Warranties and General&#8239;Intangibles</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;F-1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Form&nbsp;of Assignment of Golf
Course Lease</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;F-2</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Form&nbsp;of Assignment of Resort
Lease</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;G</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Form&nbsp;of Assignment of Management
Agreement</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;H</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Form&nbsp;of Bill of Sale</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;I</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Form&nbsp;of FIRPTA Certificate</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;J</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Form&nbsp;of Title Affidavit</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;K</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Form&nbsp;of
    Assignment of Club Membership Arrangements</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;L</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Form&nbsp;of Golf Course Lease
Estoppel</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;M</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Form&nbsp;of Resort Lease Estoppel</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;N</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Form&nbsp;of Deed</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;O</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Reserved</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;P</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Reserved</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;Q</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Form&nbsp;of Desert Ridge CCR
Estoppel</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;R</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Form&nbsp;of Manager Estoppel</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;S</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Form&nbsp;of Assignment of Water
Agreement</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;T</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&ndash;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Form&nbsp;of Assignment of Construction
Contracts</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;U-1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Form&nbsp;of Memorandum of Golf
Course Lease</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;U-2</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Form&nbsp;of Memorandum of Resort
Lease</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;V-1</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Form&nbsp;of Termination of
Memorandum of Golf Course Lease</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;V-2</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">&#8239;&#8239;&#8239;&#8239;&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 10pt">Form&nbsp;of Termination of
Memorandum of Resort Lease</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Schedules</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif">Schedule A-1</TD>
    <TD STYLE="width: 85%; font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;&#8239;&#8239;&#8239;&nbsp;Fee Land</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Schedule A-2</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;&#8239;&#8239;&#8239;&nbsp;Leasehold Land</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Schedule B</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;&#8239;&#8239;&#8239;&nbsp;Asset File</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">Schedule C</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;&#8239;&#8239;&#8239;&nbsp;Existing Financing Documents</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Schedule 2.3(c)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;&#8239;&#8239;&#8239;&nbsp;Existing Loan Modification</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Schedule 3.2(a)(i)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;&#8239;&#8239;&#8239;&nbsp;Material Contracts</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Schedule 3.2(a)(ii)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;&#8239;&#8239;&#8239;&nbsp;Material Contract Defaults</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Schedule 3.2(b)(i)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;&#8239;&#8239;&#8239;&nbsp;Space Leases</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Schedule 3.2(b)(ii)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;&#8239;&#8239;&#8239;&nbsp;Space Lease Defaults</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Schedule 3.2(d)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;&#8239;&#8239;&#8239;&nbsp;Litigation</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Schedule 3.2(h)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&#8239;&#8239;&#8239;&#8239;&nbsp;Violations</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Schedule 3.2(i)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Tax Appeals</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Schedule 3.2(k)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;&#8239;&#8239;&#8239;&nbsp;Equipment Leases</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Schedule 3.2(n)(i)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;&#8239;&#8239;&#8239;&nbsp;Club Membership Arrangements</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Schedule 3.2(n)(ii)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;&#8239;&#8239;&#8239;&nbsp;Club Membership Arrangement Refunds</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Schedule 3.2(t)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;&#8239;&#8239;&#8239;&nbsp;Financial Reports</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Schedule 3.4(f)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;&#8239;&#8239;&#8239;&nbsp;Requested Estoppels</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Schedule 3.4(m)(1)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;&#8239;&#8239;&#8239;&nbsp;Capital Expenditures Work</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Schedule 3.4(m)(2)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;&#8239;&#8239;&#8239;&nbsp;CapEx Documents</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Schedule 3.4(m)(3)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;&#8239;&#8239;&#8239;&nbsp;Capital Expenditures Work Contracts</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Schedule 10.1(d)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&#8239;&#8239;&#8239;&#8239;&nbsp;Outstanding Rent Credits</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>AGREEMENT OF PURCHASE AND SALE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">AGREEMENT OF PURCHASE AND SALE,
made as of the 19<SUP>th</SUP> day of May, 2025, by and between DRPHOENIX HOTEL OWNER LLC, a Delaware limited liability company (&ldquo;<U>Seller</U>&rdquo;),
and RHP PROPERTY AR, LLC, a Delaware limited liability company (&ldquo;<U>Buyer</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>BACKGROUND</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Seller
is the owner of (i)&nbsp;those certain leasehold interests in the Leasehold Land (as hereinafter defined), (ii)&nbsp;fee interests to
the Fee Land (as hereinafter defined) and (iii)&nbsp;fee title to the buildings and Improvements (as hereinafter defined) located on the
Land (as hereinafter defined) and related easements and amenities, commonly known as the JW Marriott Desert Ridge Resort&nbsp;&amp; Spa
and Wildfire Golf Club located at 5350 East Marriott Drive, Phoenix, Arizona (collectively, the &ldquo;<U>Property</U>&rdquo;). The Property,
together with the Asset-Related Property (as defined below), shall collectively be referred to as the &ldquo;<U>Assets</U>&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Seller
desires to sell to Buyer, and Buyer desires to purchase from Seller, the Assets, on the terms and conditions hereinafter set forth.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">NOW, THEREFORE, in consideration
of the mutual covenants and agreements set forth in this Agreement, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">ARTICLE&nbsp;I</FONT><FONT STYLE="text-transform: uppercase"><U><BR>
DEFINITIONS</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;1.1</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Defined
Terms</U>. The capitalized terms used herein will have the following meanings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Accounts Payable</U>&rdquo;
shall mean all accrued amounts owed by Seller as of the Cut-Off Time and arising out of the lease and operation of the Property; <U>provided</U>,
<U>however</U>, the term Accounts Payable does not include Booking Deposits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Accounts Receivable</U>&rdquo;
shall mean all accrued amounts owed to Seller (or Manager on behalf of Seller) as of the Cut-Off Time and arising out of the lease or
operation of the Property, whether or not past due and whether or not a bill or statement has been presented to the Person owing such
amount, including the following: room, food and beverage charges; telephone or telecopy charges; valet charges; charges for other services
or merchandise; charges for banquets, meeting rooms, catering and the like; sales, use and occupancy taxes due from the consumers of goods
and services; amounts owed from credit card companies pursuant to signed credit card receipts, whether or not such credit card receipts
have been delivered by Seller to the applicable credit card companies; and deposits or prepayments made by or held for the account of
Seller (including any utility deposits, and any deposits or prepayments made by Manager for the account of Seller), but expressly excluding
(i)&nbsp;unpaid rent under any of the Tenant Leases, (ii)&nbsp;Club Initiation Fees (which shall be prorated pursuant to Section&nbsp;10.20)
and (iii)&nbsp;any credit card charges and checks which Seller has submitted for payment as of the Closing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Additional Rent</U>&rdquo;
shall have the meaning assigned thereto in subsection 10.1(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Affiliate</U>&rdquo;
shall mean any Person (as defined below) that directly or indirectly through one or more intermediaries, controls, is controlled by or
is under common control with another Person. The term &ldquo;control&rdquo; shall mean the possession, direct or indirect, of the power
to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract
or otherwise, and shall in any event include the ownership or power to vote fifty percent (50%) or more of the outstanding equity or voting
interests, respectively, of such other Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Agreement</U>&rdquo;
shall mean this Agreement of Purchase and Sale, together with the exhibits and schedules attached hereto, as the same may be amended,
restated, supplemented or otherwise modified, from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Anti-Money Laundering
and Anti-Terrorism Laws</U>&rdquo; shall have the meaning assigned thereto in subsection 3.1(g)(ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Applicable Consents</U>&rdquo;
shall have the meaning assigned thereto in subsection 3.1(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Applicable Law</U>&rdquo;
shall mean all statutes, laws, common law, rules, regulations, ordinances, codes or other legal requirements of any Governmental Authority,
board of fire underwriters and similar quasi-governmental agencies or entities, and any judgment, injunction, order, directive, decree
or other judicial or regulatory requirement of any Governmental Authority of competent jurisdiction affecting or relating to the Person
or property in question.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;Asset File&rdquo; shall
mean the materials with respect to the Assets (a)&nbsp;previously delivered to Buyer or its representatives by or on behalf of Seller
in writing as of the Effective Date, which such materials are listed on Schedule B attached hereto and (b)&nbsp;made available to Buyer
or its representatives in the following data room web site created by Seller as of the Effective Date&#8239;:&#8239;https://trinityinvestments.sharepoint.com/sites/EXT_AssetManagement/Files/Forms/AllItems.aspx?id=%2Fsites%2FEXT%5FAssetManagement%2FFiles%2FJWDR%2FJWDR%20Docs%2FRyman%20DD&amp;p=true&amp;ga=1
(the &ldquo;Data Room&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Asset-Related Property</U>&rdquo;
shall have the meaning assigned thereto in subsection 2.1(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Assets</U>&rdquo;
shall have the meaning assigned thereto in &ldquo;Background&rdquo; paragraph A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Assignment of Club
Membership Arrangements</U>&rdquo; shall have the meaning assigned thereto in subsection 6.1(k).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Assignment of Construction
Contracts</U>&rdquo; shall have the meaning assigned thereto in subsection 6.1(p).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Assignment of Contracts</U>&rdquo;
shall have the meaning assigned thereto in subsection 6.1(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Assignment of Licenses,
Permits, Warranties and General Intangibles</U>&rdquo; shall have the meaning assigned thereto in subsection 6.1(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Assignment of Space
Leases</U>&rdquo; shall have the meaning assigned thereto in subsection&nbsp;6.1(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Assignment of Water
Agreement</U>&rdquo; shall have the meaning assigned thereto in subsection 6.1(o).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Basket Limitation</U>&rdquo;
shall mean an amount equal to $500,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Booking Deposit</U>&rdquo;
shall mean all room reservation deposits, public function, banquet, food and beverage deposits and other deposits or fees for Bookings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Bookings</U>&rdquo;
shall mean all bookings and reservations for guest, conference and banquet rooms (including, without limitation, individual and group
bookings and reservations), golf course tournaments, golf tee times, court times, or other facilities, if applicable, at the Property,
and gift certificates, special promotions, pre-paid discounts, or similar programs or benefits related to Retail Merchandise or use of
the golf courses and other Club facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Books and Records</U>&rdquo;
shall have the meaning assigned thereto in subsection 2.1(b)(ix).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Broker</U>&rdquo;
shall have the meaning assigned thereto in subsection 15.2(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Business Day</U>&rdquo;
shall mean any day other than a Saturday, Sunday or other day on which banks are authorized or required by law to be closed in the cities
of New York, New York or Phoenix, Arizona.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Buyer</U>&rdquo; shall
have the meaning assigned thereto in the Preamble to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Buyer&rsquo;s Deemed
Consent Option</U>&rdquo; shall have the meaning assigned thereto in Section&nbsp;5.2(e).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Buyer Designee</U>&rdquo;
shall have the meaning assigned thereto in Section&nbsp;15.6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Buyer-Related Persons</U>&rdquo;
shall have the meaning assigned thereto in Section&nbsp;11.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Buyer-Waived Breach</U>&rdquo;
shall have the meaning assigned thereto in subsection 11.3(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Cap Limitation</U>&rdquo;
shall mean an amount equal to $12,975,000.00.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Cash on Hand</U>&rdquo;
shall have the meaning assigned thereto in subsection 10.17.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Claims</U>&rdquo;
shall have the meaning assigned thereto in subsection 7.4(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Closing</U>&rdquo;
shall have the meaning assigned thereto in subsection 2.3(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Closing Date</U>&rdquo;
shall have the meaning assigned thereto in subsection 2.3(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Closing Deadline Date</U>&rdquo;
shall have the meaning assigned thereto in subsection 2.3(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Closing Documents</U>&rdquo;
shall mean any certificate, assignment, instrument or other document delivered pursuant to this Agreement, including, without limitation,
each of the documents to be delivered by Seller pursuant to Section&nbsp;6.2 and by Buyer pursuant to Section&nbsp;6.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Clubs</U>&rdquo; shall
mean collectively, The Club, JW Marriott Desert Ridge and Pickleball at JW Marriott Phoenix Desert Ridge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Club Initiation Fees</U>&rdquo;
shall mean the initiation fees and any other payments made by Club Members to acquire their Club memberships.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Club Members</U>&rdquo;
shall mean holders of memberships and passes in the Clubs, which grant a license permitting use of the golf courses and other facilities
of the Clubs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Club Membership Arrangements</U>&rdquo;
shall mean the membership agreements and addenda with and applications from the Club Members of the Clubs as well as the membership plan,
program summary and rules&nbsp;and regulations governing membership and passes in the Clubs and side letters, which together describe
the license permitting members to use the golf course and other facilities of the Clubs, whether or not such agreements have been or are
designed to be executed by the parties thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Club Monthly Dues</U>&rdquo;
shall mean the monthly dues payable by Club Members pursuant to the Club Membership Arrangements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Code</U>&rdquo; shall
mean the Internal Revenue Code of 1986, as amended from time to time, or any successor statute. Any reference herein to a particular provision
of the Code shall mean, where appropriate, the corresponding provision in any successor statute.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Concession Agreement</U>&rdquo;
means that certain Concession Agreement, dated June&nbsp;28, 2024, by and between Premier Amusements,&nbsp;Inc. d/b/a Player One Amusement
Group and Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Condition of the Assets</U>&rdquo;
shall have the meaning assigned thereto in subsection 7.3(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Consumables</U>&rdquo;
shall have the meaning assigned thereto in subsection 2.1(b)(iii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Contracts</U>&rdquo;
shall mean, collectively, all agreements or contracts of Seller, or entered into by Manager on behalf of Seller, relating to the ownership,
operation, maintenance and management the Property, or any portion thereof, but excluding the Bookings, the Booking Deposits, the Space
Leases, the Ground Leases, the Equipment Leases, the Management Agreement, the Club Membership Arrangements, any documents evidencing
or securing the Existing Financing and any agreements or contracts that constitute Excluded Assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Cut-Off Time</U>&rdquo;
shall have the meaning assigned thereto in the introductory paragraph to Article&nbsp;X.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Desert Ridge Association</U>&rdquo;
shall mean the Desert Ridge Community Association, an Arizona non-profit corporation, and any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Desert Ridge Association
Governing Documents</U>&rdquo; shall mean the Desert Ridge CCR, the bylaws of the Desert Ridge Association, the articles of incorporation
of the Desert Ridge Association, and any rules&nbsp;and regulations of the Desert Ridge Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Desert Ridge CCR</U>&rdquo;
shall mean that certain Declaration of Covenants, Conditions, Restrictions and Easements for Desert Ridge between Northeast Phoenix Partners,
an Arizona general partnership, as master developer, and the State of Arizona, through the State Land Commissioner, as declarant, dated
as of July&nbsp;7, 1993 and recorded February&nbsp;7, 1994 as Instrument No.&nbsp;94-0106341 in the Official Records of the Maricopa County
Recorder, as amended by a First Amendment dated March&nbsp;23, 1995 and recorded April&nbsp;6, 1995 as Instrument No.&nbsp;95-0189647,
Second Amendment dated September&nbsp;8, 1995 and recorded December&nbsp;13, 1995 as Instrument No.&nbsp;95-0764940, Amendment recorded
as Instrument No.&nbsp;2000-665450, Notice recorded as Instrument No.&nbsp;2004-108998, and Third Amendment Recorded as Instrument No.&nbsp;2008-060711.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Desert Ridge CCR Estoppel</U>&rdquo;
shall mean an estoppel certificate executed by the Desert Ridge Association with respect to the Desert Ridge CCR in the form attached
as <U>Exhibit&nbsp;Q</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Earnest Money</U>&rdquo;
shall have the meaning assigned thereto in subsection 2.2(a)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Effective Date</U>&rdquo;
shall mean the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Employees</U>&rdquo;
shall mean all individuals who are employed on a full-time, or part-time basis at, or with respect to, the Property, but excluding any
employees of any Tenant or third-party other than Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Environmental Laws</U>&rdquo;
shall mean any Applicable Laws which regulate or control (i)&nbsp;Hazardous Materials, pollution, contamination, noise, radiation, water,
soil, sediment, air or other environmental media, (ii)&nbsp;an actual or potential spill, leak, emission, discharge, release or disposal
of any Hazardous Materials or other materials, substances or waste into water, soil, sediment, air or any other environmental media, including,
without limitation, (A)&nbsp;the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. &sect; 9601 et seq. (&ldquo;<U>CERCLA</U>&rdquo;),
(B)&nbsp;the Resource Conservation and Recovery Act, 42 U.S.C. &sect; 6901 et seq. (&ldquo;<U>RCRA</U>&rdquo;), (C)&nbsp;the Federal Water
Pollution Control Act, 33&nbsp;U.S.C. &sect; 2601 et seq., (D)&nbsp;the Toxic Substances Control Act, 15 U.S.C. &sect; 2601 et seq., (E)&nbsp;the
Clean Water Act, 33 U.S.C. &sect; 1251 et seq., (F)&nbsp;the Clean Air Act, 42 U.S.C. &sect; 7401 et seq., (G)&nbsp;the Hazardous Materials
Transportation Act, 49 U.S.C. &sect; 1801 et seq., and (H)&nbsp;the Occupational Safety and Health Act, 29&nbsp; U.S.C. &sect; 651 et
seq. and similar state and local Applicable Law, as amended from time to time, and all regulations, rules&nbsp;and guidance issued pursuant
thereto, or (iii)&nbsp;surface water and groundwater rights, water use, and water quality including, without limitation, Title 45 of the
Arizona Revised Statutes, as amended from time to time, and all regulations and rules&nbsp;issued pursuant thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Equipment Leases</U>&rdquo;
shall mean the agreements under which Seller has the right to possess any equipment, machinery, vehicles, furniture or other personal
property located at and used in the operation, maintenance or repair of the Property under a lease or financing arrangement with the owner
thereof as listed on <U>Schedule 3.2(k)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Escrow Account</U>&rdquo;
shall have the meaning assigned thereto in Section&nbsp;15.4(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Escrow Agent</U>&rdquo;
shall mean Kensington Vanguard National Land Services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Excluded Assets</U>&rdquo;
shall have the meaning assigned thereto in subsection 2.1(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Excluded Personal
Property</U>&rdquo; shall have the meaning assigned thereto in subsection&nbsp;2.1(c)(ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Executive Order</U>&rdquo;
shall have the meaning assigned thereto in subsection 3.1(g)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Existing Financing</U>&rdquo;
shall mean the loan in the original principal amount of $403,000,000.00 secured by that certain Fee and Leasehold Deed of Trust, Assignment
of Leases and Rents, Security Agreement, and Fixture Filing made by Seller to Commonwealth Land Title Insurance Company, as trustee for
the benefit of Wells Fargo Bank, National Association, dated as of August&nbsp;29, 2019, and recorded in the official records of Maricopa
County on September&nbsp;3, 2019 as Recording No.&nbsp;20190686027, which Existing Financing is evidenced by that certain Promissory Note
in the original principal amount of $403,000,000.00 and is secured and governed by the Existing Financing Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Existing Financing
Assumption Documents</U>&rdquo; shall have the meaning assigned thereto in Section&nbsp;2.3(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Existing Financing
Balance</U>&rdquo; shall have the meaning assigned thereto in Section&nbsp;2.3(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Existing Financing
Documents</U>&rdquo; means the loan documents which govern and/or secure the Existing Financing and which are listed on <U>Schedule C</U>
attached hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Existing Financing
Estoppel</U>&rdquo; shall have the meaning assigned thereto in Section&nbsp;2.3(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Existing Lender</U>&rdquo;
means Wells Fargo Bank, National Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Extended Deadline</U>&rdquo;
shall have the meaning assigned thereto in Section&nbsp;14.2(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Fee Land</U>&rdquo;
shall mean those certain tracts or parcels of land situated in Maricopa County, Arizona more particularly described on <U>Schedule &ldquo;A&rdquo;</U>
attached hereto and made a part hereof, together with all and singular the Seller&rsquo;s interest in all rights and appurtenances pertaining
to such property, including, without limitation, if any, (i)&nbsp;easements and rights of way; (ii)&nbsp;licenses and other privileges;
(iii)&nbsp;rights in and to land underlying adjacent highways, streets and other public rights of way and rights of access thereto; (iv)&nbsp;rights
in and to strips and gores of land within or adjoining any such tract or parcel; (v)&nbsp;air rights, excess floor area rights and other
transferable development rights belonging to or useable with respect to any such parcel; (vi)&nbsp;rights to utility connections and hook
ups; (vii)&nbsp;water rights, including, if any, grandfathered water rights, underground water rights, and surface water rights; (viii)&nbsp;intentionally
omitted; (ix)&nbsp;subject to the limitations herein, all right, title and interest of Seller in and to any unpaid award or payment which
may now or hereafter be payable in respect of any taking by condemnation and all right, title and interest of Seller in and to any unpaid
award for damage to the Fee Land or any part thereof by reason of change of grade of any street, road, highway or avenue adjacent to such
land and all strips and gores adjoining and adjacent to such land; and (x)&nbsp;any other rights which Seller may have in or with respect
to land adjoining any such tract or parcel (including adjacent streets, alleys and rights of way and any land which is separated from
any such tract or parcel only by public alley, street, or other right of way).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>FF&amp;E Reserve</U>&rdquo;
shall mean the cash held in reserves or escrow by Manager for the purpose of funding replacements, renewals and additions of furniture,
fixtures and equipment, and other routine capital expenditures, at the Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Fixed Rents</U>&rdquo;
shall have the meaning assigned thereto in subsection 10.1(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>GAAP</U>&rdquo; shall
mean generally accepted accounting principles in the United States of America in effect from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Golf Course Lease</U>&rdquo;
shall mean that certain Desert Ridge Resort Golf Course Lease (Arizona State Land Department Commercial Lease No.&nbsp;03-52884) dated
as of July&nbsp;7, 1993 by and between the Ground Lessor, as lessor, and Seller, as successor in interest to Northeast Phoenix Partners,
as lessee, as disclosed by Memorandum of Lease dated July&nbsp;7, 1993 and recorded April&nbsp;11, 1996 in 96-0246601 of the Official
Records of the Maricopa County Recorder, as amended pursuant to those certain Amendments to Arizona State Land Department Commercial Lease
No.&nbsp;03-52884 dated April&nbsp;2, 1997 and December&nbsp;22, 1999, as assigned to Desert Ridge Resort, LLC pursuant to that certain
Assignment and Assumption of Lease dated August&nbsp;17, 2000, recorded on August&nbsp;18, 2000 in 00-0637236 of the Official Records
of the Maricopa County Recorder, as further amended pursuant to that certain Third Amendment to Commercial Lease dated May&nbsp;6, 2005,
as assigned to BRE Thunder Desert Ridge Property Owner LLC pursuant to that certain Assignment and Assumption of Lease dated May&nbsp;8,
2015, recorded on May&nbsp;8, 2015, in Instrument No.&nbsp;2015-0327477 of the Official Records of the Maricopa County Recorder, and as
assigned to Seller pursuant to that certain Assignment and Assumption of Lease dated August&nbsp;29, 2019, recorded on September&nbsp;3,
2019, in Instrument No.&nbsp;2019-0685035 of the Official Records of the Maricopa County Recorder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Golf Course Lease
Estoppel</U>&rdquo; shall mean an estoppel certificate to be executed by the Ground Lessor with respect to the Golf Course Lease substantially
in the form attached as <U>Exhibit&nbsp;L</U> hereto; provided, however, that the delivery by Ground Lessor of an estoppel certificate
in the form and manner required under the terms of Section&nbsp;20.5(o)&nbsp;of the Golf Course Lease shall be deemed to be acceptable
in lieu of a certificate in the form of <U>Exhibit&nbsp;L</U> (it being understood by Buyer that Ground Lessor shall not be required to
make any certifications not specifically enumerated in the Golf Course Lease estoppel requirements even if the Golf Course Lease requires
the Ground Lessor to certify to any additional matters that &ldquo;may be reasonably so requested&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Government List</U>&rdquo;
shall mean any list maintained by any agency or department of the United States Government of persons, organizations or entities subject
to international trade, export, import or transactions restrictions, controls or prohibitions, including, without limitation, (i)&nbsp;the
Denied Persons List and Entities List maintained by the United States Department of Commerce, (ii)&nbsp;the List of Specially Designated
Nationals and Blocked Persons and the List of Sectoral Sanctions Identification maintained by the United States Department of Treasury,
and (iii)&nbsp;the Foreign Terrorist Organizations List and the Debarred Parties List maintained by the United States Department of State.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Government Official</U>&rdquo;
shall mean any officer, employee or any other person acting in an official capacity (i)&nbsp;for any foreign, domestic, multinational,
federal, territorial, state or local governmental authority, quasi-governmental authority, government owned or government controlled (in
whole or in part) enterprise, public international organization, regulatory body, court, tribunal, commission, board, bureau, agency,
instrumentality, or any regulatory, administrative or other department, or agency, or any political or other subdivision of any of the
foregoing, (ii)&nbsp;to any political party or official thereof, or (iii)&nbsp;to any candidate for political office.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Governmental Authority</U>&rdquo;
shall mean any federal, state, or local or other political subdivision thereof, including, without limitation, any agency, court or entity
exercising executive, legislative, judicial, regulatory or administrative governmental powers or functions, in each case to the extent
the same has jurisdiction over the Person or property in question.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Ground Lease</U>&rdquo;
shall mean, individually or collectively as the context may require, the Golf Course Lease and the Resort Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Ground Lease Consent</U>&rdquo;
shall have the meaning assigned thereto in Section&nbsp;14.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Ground Lease Estoppel</U>&rdquo;
shall mean the Golf Course Lease Estoppel and the Resort Lease Estoppel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Ground Lessor</U>&rdquo;
shall mean the State of Arizona, as trustee, through the State Land Commissioner, in its capacity as the ground lessor under the Golf
Course Lease and the Resort Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Guest Ledger</U>&rdquo;
shall mean any and all charges accrued to the open accounts of any guests or customers at the Property as of the Cut-Off Time for the
use and occupancy of any guest, conference, meeting or banquet rooms or other facilities at the Property, any restaurant, bar or banquet
services, or any other goods or services provided to such guests or customers by or on behalf of Seller (or a Manager on behalf of Seller).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Hazardous Materials</U>&rdquo;
shall have the meaning assigned thereto in subsection 7.3(b)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Hotel</U>&rdquo; means
the hotel which is operated at the Property, including all facilities, improvements and all other Asset-Related Property related to or
used in connection with the operation and management thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Indemnification Claim</U>&rdquo;
shall have the meaning assigned thereto in Section&nbsp;11.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Indemnified Party</U>&rdquo;
shall have the meaning assigned thereto in Section&nbsp;11.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Indemnifying Party</U>&rdquo;
shall have the meaning assigned thereto in Section&nbsp;11.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Independent Accounting
Firm</U>&rdquo; shall have the meaning assigned thereto in Section&nbsp;2.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>IRS</U>&rdquo; shall
mean the Internal Revenue Service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>IRS Reporting Requirements</U>&rdquo;
shall have the meaning assigned thereto in subsection&nbsp;15.3(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Land</U>&rdquo; shall
mean, collectively, the Fee Land and the Leasehold Land.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Leasehold Land</U>&rdquo;
shall mean each parcel of real property leased by Seller pursuant to the Golf Course Lease and the Resort Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Leasing Costs</U>&rdquo;
shall mean, with respect to a particular Space Lease, all capital costs, expenses incurred for capital improvements, equipment, painting,
decorating, partitioning and other items to satisfy the initial construction obligations of the landlord under such Space Lease (including
any expenses incurred for architectural or engineering services in respect of the foregoing), &ldquo;<U>tenant allowances</U>&rdquo; in
lieu of or as reimbursements for the foregoing items, free rent periods, concessions, leasing commissions, brokerage commissions, in each
case, to the extent the landlord is responsible for the payment of such cost or expense under the relevant Space Lease or any other agreement
relating to such Space Lease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Licenses and Permits</U>&rdquo;
shall have the meaning assigned thereto in Section&nbsp;2.1(b)(iv).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Liens</U>&rdquo; shall
mean any mortgage, pledge, hypothecation, assignment, deposit, arrangement, encumbrance, lien (statutory or other), charge, security interest,
option, restriction, arrangement, preference, priority or other security interest of any kind or nature whatsoever, including, without
limitation, any conditional sale or other title retention agreement, any financing or similar statement or notice filed under the Uniform
Commercial Code or any other similar recording or notice statute, and any lease or other arrangement having substantially the same effect
as any of the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Losses</U>&rdquo;
shall have the meaning assigned thereto in Section&nbsp;11.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Management Agreement</U>&rdquo;
shall mean the Management Agreement dated December&nbsp;21, 2000 by and between DRR Tenant Corporation and Manager, as amended by that
certain First Amendment to Management Agreement dated January&nbsp;1, 2002 between DRR Tenant Corporation and Manager, the Second Amendment
to Management Agreement dated April&nbsp;11, 2007 between DRR Tenant Corporation and Manager, the Side Letter to Management Agreement
dated November&nbsp;30, 2010 between DRR Tenant Corporation and Manager, the Third Amendment to Management Agreement dated March&nbsp;29,
2013 between DRR Tenant LLC (as successor-in-interest to DRR Tenant Corporation) and Manager, as assigned by that certain Assignment and
Assumption of Management Agreement dated May&nbsp;8, 2015 by and between DRR Tenant LLC, as assignor, and BRE Thunder Desert Ridge Property
Owner LLC, as assignee, as amended by that certain Amendment to Management Agreement dated May&nbsp;8, 2015 between BRE Thunder Desert
Ridge Property Owner LLC and Manager, as assigned pursuant to that certain Assignment and Assumption of Management Agreement dated August&nbsp;29,
2019 by and between BRE Thunder Desert Ridge Property Owner LLC, as assignor, and Seller, as assignee, as amended by that certain Amendment
to Management Agreement dated August&nbsp;29, 2019 between Seller and Manager, that certain Side Letter to Management Agreement dated
October&nbsp;1, 2021 between Seller and Manager, that certain Side Letter to Management Agreement dated October&nbsp;26, 2022 between
Seller and Manager, and that certain letter agreement dated March&nbsp;26, 2025, executed by Manager in favor of Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Manager</U>&rdquo;
shall mean Marriott International,&nbsp;Inc., a Delaware Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Manager Consent</U>&rdquo;
shall have the meaning assigned thereto in subsection 14.2(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Manager Estoppel</U>&rdquo;
shall have the meaning assigned thereto in subsection 14.2(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Manager Purchase Option</U>&rdquo;
shall have the meaning assigned thereto in subsection 3.2(o).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Manager Waiver</U>&rdquo;
shall have the meaning assigned thereto in subsection 14.2(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Material Casualty</U>&rdquo;
shall have the meaning assigned thereto in subsection 9.2(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Material Condemnation</U>&rdquo;
shall have the meaning assigned thereto in subsection 9.2(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Material Contracts</U>&rdquo;
shall mean all Contracts that (i)&nbsp;are not terminable on 30 days&rsquo; or less notice without cost or penalty and (ii)&nbsp;require
the payment of more than $200,000 in any calendar year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Material Equipment
Leases</U>&rdquo; means any Equipment Lease for which annual payments are reasonably expected to exceed $200,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Memorandum of Golf
Course Lease</U>&rdquo; shall have the meaning assigned thereto in subsection 6.1(q).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Memorandum of Resort
Lease</U>&rdquo; shall have the meaning assigned thereto in subsection 6.1(r).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Monetary Encumbrance
Cap</U>&rdquo; <FONT STYLE="background-color: white">shall have the meaning assigned thereto in Section&nbsp;8.3(a).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>New Lease</U>&rdquo;
shall have the meaning assigned thereto in subsection 3.4(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>OFAC</U>&rdquo; shall
have the meaning assigned thereto in subsection 3.1(g)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Permitted Exceptions</U>&rdquo;
shall mean all of the following: (i)&nbsp;the matters set forth on the Survey, which may include discrepancies, conflicts in boundary
lines, shortages in area, encroachments and any state of facts which an updated survey of the Property would disclose, (ii)&nbsp;the Liens,
encumbrances, restrictions, exceptions and other matters set forth in in the Title Commitment as exceptions or exclusions from coverage,
or any matters disclosed on any updated title reports that constitute a Permitted Exception, other than liens securing the Existing Financing
(which liens will be released at Closing unless Buyer has elected to assume the Existing Financing in accordance with Section&nbsp;2.3(c),
in which event they shall be Permitted Exceptions), (iii)&nbsp;Liens for real estate taxes and assessments not yet due and payable as
of the Closing, (iv)&nbsp;any Liens, encumbrances or exceptions caused by Buyer, its authorized agents, representatives or employees,
(v)&nbsp;such other exceptions as set forth in the Title Commitment as the Title Company shall commit to omit or insure over in a manner
reasonably acceptable to Buyer, without any additional cost to Buyer, whether such insurance is made available in consideration of payment,
bonding, indemnity of Seller or otherwise, (vi)&nbsp;the Ground Leases, the rights of tenants under the Space Leases as tenants only,
Contracts and Equipment Leases affecting the Property and any Space Lease, Contract or Equipment Lease entered into after the Effective
Date in accordance with the terms of this Agreement, in each case as tenants only or vendors only, as applicable, (vii)&nbsp;subject to
the adjustments provided for herein, any service, installation, connection or maintenance charge due after Closing and charges for sewer,
water, electricity, telephone, cable television or gas, (viii)&nbsp;intentionally omitted, (ix)&nbsp;laws, regulations, resolutions or
ordinances, including, without limitation, building, zoning, land use and environmental protection laws and laws governing the use, occupancy,
subdivision, development, conversion or redevelopment of the Property currently or hereinafter imposed by any governmental or quasi-governmental
body or authority, (x)&nbsp;intentionally omitted, (xi)&nbsp;intentionally omitted, (xii)&nbsp;any exceptions to title as set forth in
the Title Commitment created by any Ground Lessor pursuant to the Ground Leases (through no breach, default or fault of Seller), and (xiii)&nbsp;all
other matters as set forth in the Title Commitment that arise subsequent to the Effective Date that are approved in writing (or deemed
approved) by Buyer under subsection 8.3(a)&nbsp;hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Personal Property</U>&rdquo;
shall have the meaning assigned thereto in subsection 2.1(b)(ii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Person</U>&rdquo;
shall mean a natural person, partnership, limited partnership, limited liability company, corporation, trust, estate, association, unincorporated
association or other entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Plans and Specifications</U>&rdquo;
shall have the meaning assigned thereto in subsection 2.1(b)(x).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Post-Effective Date
Voluntary Encumbrance</U>&rdquo; shall have the meaning assigned thereto in subsection 8.3(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Prepaid Club Fees</U>&rdquo;
shall mean prepaid fees paid by Club Members for golf carts, club storage, locker, and similar Club Personal Property and the annual fee
paid by passholders of Pickleball at JW Marriott Phoenix Desert Ridge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Property</U>&rdquo;
shall have the meaning assigned thereto in &ldquo;Background&rdquo; paragraph A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Purchase Price</U>&rdquo;
shall have the meaning assigned thereto in subsection 2.2(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Releasees</U>&rdquo;
shall have the meaning assigned thereto in subsection 7.4(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Rents</U>&rdquo; shall
have the meaning assigned thereto in subsection 10.1(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Replacement Management
Agreement</U>&rdquo; shall have the meaning assigned thereto in subsection 14.2(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Reporting Person</U>&rdquo;
shall have the meaning assigned thereto in subsection 15.3(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Requested Estoppels</U>&rdquo;
shall mean estoppel certificates from the parties set forth on <U>Schedule 3.4(f)</U>&nbsp;attached hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Resort Lease</U>&rdquo;
shall mean that certain Desert Ridge Resort Lease (Arizona State Land Department Commercial Lease No.&nbsp;03-52416) dated as of July&nbsp;7,
1993 by and between the Ground Lessor, and Seller, as successor in interest to Northeast Phoenix Partners, as lessee, as disclosed by
Memorandum of Lease dated July&nbsp;7, 1993 and recorded April&nbsp;11, 1996 in 96-0246602 of the Official Records of the Maricopa County
Recorder, as amended pursuant to those certain Amendments to Arizona State Land Department Commercial Lease No.&nbsp;03-52416 dated April&nbsp;2,
1997 and December&nbsp;22, 1999, as assigned to Desert Ridge Resort, LLC pursuant to that certain Assignment and Assumption of Lease dated
August&nbsp;17, 2000, recorded on August&nbsp;18, 2000 in 00-0637235 of the Official Records of the Maricopa County Recorder, as further
amended pursuant to that certain Third Amendment to Commercial Lease dated May&nbsp;6, 2005, as assigned to BRE Thunder Desert Ridge Property
Owner LLC pursuant to that certain Assignment and Assumption of Lease dated May&nbsp;8, 2015, recorded on May&nbsp;8, 2015, in Instrument
No.&nbsp;2015-0327480 of the Official Records of the Maricopa County Recorder, and as assigned to Seller pursuant to that certain Assignment
and Assumption of Lease dated August&nbsp;29, 2019, recorded on September&nbsp;3, 2019, in Instrument No.&nbsp;2019-0685036 of the Official
Records of the Maricopa County Recorder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Resort Lease Estoppel</U>&rdquo;
shall mean an estoppel certificate to be executed by the Ground Lessor with respect to the Resort Lease in the form attached as <U>Exhibit&nbsp;M</U>
hereto, provided, however, that the delivery by Ground Lessor of an estoppel certificate in the form and manner required under the terms
of Section&nbsp;20.5(o)&nbsp;of the Resort Lease shall be deemed to be acceptable in lieu of a certificate in the form of <U>Exhibit&nbsp;M</U>
(it being understood by Buyer that Ground Lessor shall not be required to make any certifications not specifically enumerated in the Resort
Lease estoppel requirements even if the Resort Lease requires the Ground Lessor to certify to any additional matters that &ldquo;may be
reasonably so requested&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Retail Merchandise</U>&rdquo;
shall have the meaning assigned thereto in subsection 2.1(b)(vii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Sanctioned Country</U>&rdquo;
shall have the meaning assigned thereto in subsection 4.1(g)(i).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Sanctions</U>&rdquo;
shall have the meaning assigned thereto in subsection 3.1(g)(iii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Seller</U>&rdquo;
shall have the meaning assigned thereto in the Preamble to this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Seller Fundamental
Representations</U>&rdquo; means the representations and warranties of Seller set forth in the following sections hereof: Sections 3.1(a),
(b), (e)-(g).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Seller&rsquo;s Knowledge</U>&rdquo;
shall mean the actual knowledge of Seller based upon the actual knowledge of Harrison Ishida or Samantha Sugarman with respect to the
Assets, without any duty on the part of any such Persons to conduct any independent investigation or make any inquiry of any Person. The
named individuals shall have no personal liability by virtue of inclusion in this definition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Seller&rsquo;s Leasing
Costs</U>&rdquo; shall have the meaning assigned thereto in Section&nbsp;10.7.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Seller-Related Persons</U>&rdquo;
shall have the meaning assigned thereto in Section&nbsp;11.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Space Leases</U>&rdquo;
shall mean all leases, licenses and other agreements which allow for occupancy by a Person of a portion of the Property (other than agreements
or arrangements allowing hotel guests and customers to occupy rooms and/or banquet or meeting facilities in the ordinary course of the
Property&rsquo;s business), and which are listed on <U>Schedule 3.2(b)(i)</U>&nbsp;attached to this Agreement, excluding the Ground Leases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Survey</U>&rdquo;
shall mean that certain ALTA/NSPS Land Title Survey prepared by James Winchester (RLS No.&nbsp;79657) for Blew,&nbsp;Inc., as Surveyor
Job Number 25-1918.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Taxes</U>&rdquo; shall
mean any and all taxes (including, without limitation, net income, alternative, unitary, alternative minimum, minimum franchise, value
added, ad valorem, income, receipts, capital, excise, sales, use, leasing, fuel, excess profits, turnover, occupation, property (including,
personal and real, tangible and intangible property taxes), transfer, recording and stamp taxes, intangible taxes, levies, imposts, duties,
charges, assessments, or withholdings of any similar nature, general or special, ordinary or extraordinary, any transaction privilege
or other similar taxes, including any speculative builder taxes and prime contracting taxes) imposed by or on behalf of a Governmental
Authority, together with any and all penalties, fines, additions to tax and interest thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Tenant Notices</U>&rdquo;
shall have the meaning assigned thereto in subsection 6.1(c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Tenants</U>&rdquo;
shall mean the tenants, concessionaires and other occupants under the Space Leases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Title Affidavit</U>&rdquo;
shall have the meaning assigned thereto in Section&nbsp;8.5.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Title Commitment</U>&rdquo;
shall mean that certain owner&rsquo;s title commitment, with respect to the Property, issued by the Title Company with effective date
of March&nbsp;17, 2025, and any updates thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Title Company</U>&rdquo;
shall mean (a)&nbsp;Fidelity National Title Insurance Company (through its agent Kensington Vanguard National Land Services), 41 Madison
Avenue, 21<SUP>st</SUP> Floor, New York, NY 10010, Attention: Mitch Birner; and (b)&nbsp;such other reputable national title insurance
company co-insurers (and co-insurance amounts) as may be mutually agreed between Seller and Buyer in their reasonable discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Title Policy</U>&rdquo;
shall mean an ALTA Extended Coverage Owner&rsquo;s Title Insurance Policy issued by the Title Company in the form of the Title Commitment
(but excluding any endorsements) in the amount of the Purchase Price and dated as of the Closing, insuring that leasehold title (with
respect to the Leasehold Land) under the Ground Leases and fee simple title (with respect to the Fee Land) is vested of record in Buyer
(or its designee or assignee), subject solely to the Permitted Exceptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Violations</U>&rdquo;
shall mean all violations of Applicable Law now or hereafter issued or noted, including any open building permits and any fines or penalties
associated with the foregoing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Voluntary Encumbrance</U>&rdquo;
shall mean with respect to the Property, title exceptions affecting the Property that are knowingly and intentionally created by, or as
a result of, Seller&rsquo;s execution (or Seller&rsquo;s written consent thereto) of one or more instruments creating or granting such
title exceptions; <U>provided</U>, <U>however</U>, that the term &ldquo;Voluntary Encumbrances&rdquo; as used in this Agreement shall
not include the following: (a)&nbsp;any Permitted Exceptions; (b)&nbsp;any title exceptions created by a Tenant under a Space Lease (through
no default, breach or fault of Seller), or by any Ground Lessor pursuant to the Ground Leases (through no default, breach or fault of
Seller); and (c)&nbsp;any title exceptions that are approved in writing, waived or deemed to have been approved or waived by Buyer or
that are created in accordance with the provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Vouchers</U>&rdquo;
shall mean all outstanding unexpired gift certificates, coupons and other writings issued by Seller or Manager on behalf of Seller (including,
without limitation, any complimentary or discounted room nights or hotel, resort, goods or services, Club and golf course vouchers, gift
certificates, special promotions, prepaid rounds, and other similar items) that entitles the holder or bearer thereof to a credit (whether
in a specified dollar amount or for a specified item, such as room night or meals) to be applied against the usual charge for rooms, meals
and/or goods and services at the Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>WARN Act</U>&rdquo;
shall mean the Worker Adjustment and Retraining Notification Act of 1988, and any similar state and local law applicable, as amended from
time to time, and any regulations and guidance issued pursuant thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Water Agreements</U>&rdquo;
shall mean collectively, Water Agreement 75954 and Water Agreement 137594.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Water Agreement 75954</U>&rdquo;
shall mean Contract No.&nbsp;75954 for the Sale and Use of Potable/Nonpotable CAP water for Turf Irrigation dated May&nbsp;2, 1997 between
the City of Phoenix, a municipal corporation and NPP Golf Associates, L.L.C., as assigned by NPP Golf Associates, L.L.C. to Phoenix Resort,
LLC, pursuant to an Assignment and Assumption of NPP Golf Associates, L.L.C. of Contract for Sale and Use of Nonpotable/Cap Water for
Turf Irrigation dated August&nbsp;17, 2000, as amended by Amendment No.&nbsp;1 to Agreement 75954 dated July&nbsp;1, 2001, as further
amended by Amendment No.&nbsp;2 to Agreement 75954 effective February&nbsp;20, 2003 and as further amended by Amendment No.&nbsp;3 to
Agreement 75954 dated December&nbsp;31, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Water Agreement 137594</U>&rdquo;
shall mean Non-Potable Water Infrastructure Development Agreement &ndash;City Contract No.&nbsp;137594 dated December&nbsp;31, 2013, between
the City of Phoenix and Desert Ridge Owner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Water Permits</U>&rdquo;
shall mean all permits and authorizations pending or presently issued by any Governmental Authority (or any renewals or replacements of
any such permits and authorizations between the Effective Date and the Closing Date) related to water delivery, pumping, storage, use,
reuse, treatment and disposal at the Property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">ARTICLE&nbsp;II</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="text-transform: uppercase"><U>SALE,
PURCHASE PRICE AND CLOSING</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;2.1</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Sale
of Assets</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">On
the Closing Date and pursuant to the terms and subject to the conditions set forth in this Agreement, Seller shall sell to Buyer, and
Buyer shall purchase from Seller, all of the Assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
transfer of the Assets to Buyer shall include the transfer of all Asset-Related Property. For purposes of this Agreement, &ldquo;<U>Asset-Related
Property</U>&rdquo; shall mean all of Seller&rsquo;s right, title and interest in and to the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">all
easements, rights of way, claims, privileges, covenants, common interests and other rights appurtenant to the Fee Land and/or the Leasehold
Land, if any, and all right, title and interest of Seller, if any, in and to any land lying in the bed of any street, road, avenue or
alley, open or closed, in front of or adjoining the Fee Land and/or the Leasehold Land;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">all
personal property, operating equipment and furniture, fixtures, equipment, tools, supplies, golf carts, lifts, rugs, mats, carpeting,
artwork, appliances, devices, engines, telephone and other communications equipment, televisions and other video equipment, plumbing fixtures
and other equipment, and other personal property, including any vehicles owned by Seller and all other equipment and other items of tangible
personal property which are now, or may hereafter prior to the Closing Date be, placed in or attached to the Property and are used exclusively
in connection with the operation of the Property, including any fixtures, trade fixtures, or other items of personal property purchased,
but not installed, in connection with the ongoing or contemplated renovation of the Hotel or any portion of the Property (collectively,
the &ldquo;<U>Personal Property</U>&rdquo;) (provided, in no event shall the Personal Property include items owned or leased by guests,
customers, Tenants, or Manager or any Excluded Assets), and all of Seller&rsquo;s rights in, title and interest in and to all such Personal
Property leased by Seller, or on behalf of Seller, under a Contract or Equipment Lease;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">all
food and beverages (alcoholic, to the extent transferable under Applicable Law, and non-alcoholic); engineering, maintenance, and housekeeping
supplies, including soap, cleaning materials and matches; and other supplies of all kinds, in each case whether partially used, unused,
or held in reserve storage for future use in connection with the maintenance and operation of the Property, of the types and quantities
on hand on the Effective Date subject to such depletion and restocking as shall occur and be made in the normal course of business consistent
with the current operation and maintenance of the Property by Manager (as defined in Section&nbsp;3.4(b)), excluding, however, the Personal
Property (collectively, the &ldquo;<U>Consumables</U>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iv)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">to
the extent they may be transferred without consent under Applicable Law, all licenses, permits and authorizations presently issued (or
any renewals or replacements of any such licenses, permits and authorizations between the Effective Date and the Closing Date), including
the Water Permits, in connection with the operation of all or any part of the Property as it is presently being operated, other than the
Property&rsquo;s liquor license (&ldquo;<U>Licenses and Permits</U>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(v)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">to
the extent assignable without consent and in effect as of the Closing Date, all rights, if any, under any warranties issued to Seller
by any manufacturer or contractor in connection with the purchase, construction or installation of any furniture, fixtures, equipment,
materials, supplies or improvements included as part of the Property;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(vi)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">to
the extent assignable without consent, all other intangibles associated with the Property, including, without limitation, goodwill, logos
and designs, trade names, trademarks, service marks, telephone and fax numbers, domain names, website names, and other similar proprietary
rights and all registrations or applications for registration of such rights used by Seller in the operation of the Property, in each
case to the extent solely used in connection with the operation of the Property, and all other general intangibles relating to the Property,
and all telephone exchange numbers dedicated and identified with the Property;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(vii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">all
merchandise owned by Seller located at the Property and held for sale to guests, Club Members and customers thereof, or ordered for future
sale at the Property as of the Cut-Off Time, but not including any such merchandise owned by Manager or any Tenant at the Property (&ldquo;<U>Retail
Merchandise</U>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(viii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">all
Space Leases, Contracts and Equipment Leases and all security and escrow deposits (to the extent assignable without consent) held by or
on behalf of Seller in connection with any such Space Lease, Contract and Equipment Lease;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ix)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">all
books and records of Seller, including without limitation tenant files, tenant lists and tenant marketing information relating to the
Property, each to the extent in Seller&rsquo;s possession or control (the &ldquo;<U>Books and Records</U>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(x)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">to
the extent assignable without consent and in Seller&rsquo;s possession or reasonable control, (A)&nbsp;building permits and (B)&nbsp;plans
and specifications, engineering drawings and prints with respect to the improvements on the Property, all operating manuals, and all books,
data and records regarding the physical components systems of the improvements on the Property (the &ldquo;<U>Plans and Specifications</U>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(xi)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
Club Membership Arrangements;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(xii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">any
Bookings pertaining to periods from and after the Closing Date, together with all deposits held by Seller with respect thereto;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(xiii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">all
items included within the definition of &ldquo;Property and Equipment&rdquo; under the Uniform System of Accounts for the Lodging Industry,
Eleventh Revised Edition, as published by the Hotel Association of New York City,&nbsp;Inc. (the &ldquo;<U>Uniform System of Accounts</U>&rdquo;)
and used in the operation of the Property (including, without limitation, linen, china, glassware, tableware, uniforms and similar items,
subject to such depletion prior to the Closing Date as shall occur in the ordinary course of business and consistent with the terms and
conditions hereof);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(xiv)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">all
 &ldquo;Inventories&rdquo; as defined in the Uniform System of Accounts and used in the operation of the Property, such as provisions in
storerooms, refrigerators, pantries, and kitchens, beverages in wine cellars and bars, other merchandise intended for sale or resale,
fuel, mechanical supplies, stationery, guest supplies, maintenance and housekeeping supplies and other expensed supplies and similar items
and including all food and beverages which are located at the Property, or ordered for future use at the Property as of the Closing;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(xv)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">all
computer hardware, telecommunications and information technology systems solely located at the Property (including the Hotel), and all
computer software used solely at the Property or in connection with the businesses operated at the Property (subject to the terms of the
applicable license or management agreement and/or Manager&rsquo;s and Manager&rsquo;s Affiliates&rsquo; rights in and to the same), to
the extent owned by Seller and to the extent the same are assignable or transferable without consent;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(xvi)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">any
and all surface and groundwater water rights associated with the Property; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(xvii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
Water Agreements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Notwithstanding
anything to the contrary contained in this Agreement, it is expressly agreed by the parties hereto that the following items are expressly
excluded from the Assets to be sold to Buyer (collectively, the &ldquo;<U>Excluded Assets</U>&rdquo;):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Cash</U>.
Except for any deposits and pre-paid items included in <U>Section&nbsp;2.1(b)</U>&nbsp;(including, without limitation, deposits for Bookings),
the balances of all cash and securities and other cash equivalent interests held by Seller or by Manager for the benefit of Seller or
the Property and deposited, held or contained in any account, bank or vault, including, without limitation, any cash held in reserves
or escrow in connection with the Existing Financing, or any other reserves maintained by Seller or by Manager, but excluding (x)&nbsp;any
Cash on Hand which shall be prorated in accordance with Section&nbsp;10.17 below, or (y)&nbsp;the FF&amp;E Reserve which shall be prorated
in accordance with Section&nbsp;10.22 below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Third
Party Property</U>. Any fixtures, personal property, equipment, trademarks or other intellectual property or other assets which are owned
by (A)&nbsp;the supplier or vendor under any Contract or Equipment Lease (<U>provided</U>, <U>however</U>, that Seller shall transfer
its rights and interest in any such leased property under any such Contract or Equipment Lease), (B)&nbsp;the Tenants, (C)&nbsp;any individuals
employed to provide services at the Property, (D)&nbsp;any guests or customers of the Property or (E)&nbsp;Manager (collectively, the
 &ldquo;<U>Excluded Personal Property</U>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)&#8239;</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Insurance
Claims</U>. Any insurance claims or proceeds arising out of or relating to events that occur prior to the Closing Date subject to the
terms of subsection 9.2(a);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iv)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Additional
Reserved Seller Assets</U>. Any proprietary or confidential materials (including any materials relating to the background or financial
condition of a present or prior direct or indirect partner or member of Seller), the internal books and records of Seller relating, for
example, to contributions and distributions prior to the Closing, any software not used exclusively in the day-to-day operation of the
building; and the names &ldquo;<U>Trinity</U>&rdquo;, &ldquo;Elliot&rdquo; and/or any derivations thereof; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(v)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Other
Intangible Property</U>. Any other intangible property that is not used exclusively in connection with the Property.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;2.2</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Purchase
Price</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
consideration to be paid by Buyer to Seller for the purchase of the Assets (subject to adjustment as specifically provided herein) shall
be $865,000,000 (the &ldquo;<U>Purchase Price</U>&rdquo;). The Purchase Price shall be paid by Buyer to Seller on the Closing Date as
follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)&#8239;</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">By
no later than 5:00 P.M.&nbsp;(Eastern Time) on the Effective Date, Buyer shall deliver to Escrow Agent cash in an amount equal to $30,000,000
(together with all accrued interest thereon, the &ldquo;<U>Earnest Money</U>&rdquo;) in immediately available funds by wire transfer to
the Escrow Account. The Earnest Money shall thereafter become nonrefundable to Buyer except as otherwise expressly set forth in this Agreement.
If the Earnest Money is not deposited by Buyer as and when due and payable hereunder, Seller shall have the right, as its sole and exclusive
remedy, in Seller&rsquo;s sole and absolute discretion to terminate this Agreement, whereupon neither party shall have any further rights
or obligations hereunder except for those that expressly survive the termination of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">At
the Closing, (A)&nbsp;Buyer shall deposit with the Escrow Agent, by wire transfer of immediately available funds, an amount equal to (A)&nbsp;the
Purchase Price, as adjusted pursuant to Article&nbsp;X, <U>minus</U> (B)&nbsp;the Earnest Money, and <U>minus</U> (C)&nbsp;the amount
of the Existing Financing Balance assumed by Buyer (to the extent that Buyer assumes the Existing Financing at Closing pursuant to the
Existing Financing Assumption Documents).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Upon
delivery to Escrow Agent by Buyer, the Earnest Money will be deposited by Escrow Agent in the Escrow Account, which shall be an interest-bearing
account acceptable to Buyer and Seller and shall be held in escrow in accordance with the provisions of Section&nbsp;15.4. All interest
earned on the Earnest Money while held by Escrow Agent shall be paid to the party to whom the Earnest Money is paid, except that if the
Closing occurs, Buyer shall receive a credit against the Purchase Price for such interest in accordance with the terms of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">No
adjustment shall be made to the Purchase Price except as explicitly set forth in this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Notwithstanding
any provision set forth in this Agreement, One Hundred and No/100 Dollars ($100.00) of the Earnest Money (the &ldquo;<U>Independent Consideration</U>&rdquo;)
shall be non-refundable in all events and shall be paid to Seller in the event that this Agreement is terminated at any time prior to
the Closing. In the event that the transaction contemplated by this Agreement is consummated, the Independent Consideration shall be applied
to the Purchase Price at the Closing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;2.3</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>The
Closing</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
closing of the sale and purchase of the Assets (the &ldquo;<U>Closing</U>&rdquo;) shall take place on the later to occur of (i)&nbsp;thirty
(30) days after the Effective Date and (ii)&nbsp;the date which is five (5)&nbsp;Business Days after the date on which the parties shall
have received the executed Ground Lease Consents and the Ground Lease Estoppels from Ground Lessor (the &ldquo;<U>Closing Date</U>&rdquo;),
<B>TIME BEING OF THE ESSENCE with respect to each of Seller&rsquo;s and Buyer&rsquo;s obligations hereunder on the Closing Date</B>; provided,
however, Buyer shall have the one-time right to adjourn the Closing Date under this Section&nbsp;2.3(a)&nbsp;for up to thirty (30) calendar
days, by providing written notice to Seller at least two (2)&nbsp;Business Days prior to the then scheduled Closing Date, and delivering
to Escrow Agent on or prior to the then scheduled Closing Date, cash in an amount equal to $5,000,000 in immediately available funds by
wire transfer to the Escrow Account (&ldquo;<U>Additional Earnest Money</U>&rdquo;), which additional funds shall be added to and become
a part of the Earnest Money and thereafter become nonrefundable to Buyer except as otherwise expressly set forth in this Agreement. The
Closing Date shall be further adjourned in the event Seller or Buyer exercises any of its other rights to adjourn the Closing as set forth
in this Agreement, provided that the Closing Date shall be no later than September&nbsp;19, 2025 (the &ldquo;<U>Closing Deadline Date</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
Closing shall be held on the Closing Date at 12:00 P.M.&nbsp;(Eastern Time) by mutually acceptable escrow arrangements. There shall be
no requirement that Seller and Buyer physically attend the Closing, and all funds and documents to be delivered at the Closing shall be
delivered to the Escrow Agent unless the parties hereto mutually agree otherwise. Buyer and Seller hereby authorize their respective attorneys
to execute and deliver to the Escrow Agent any additional or supplementary instructions as may be necessary or convenient to implement
the terms of this Agreement and facilitate the closing of the transactions contemplated hereby, <U>provided</U>, <U>however</U>, that
such instructions are consistent with and merely supplement this Agreement and shall not in any way modify, amend or supersede this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Buyer
may elect to pursue the assumption of the Existing Financing Balance at Closing by entering into assignment, assumption and release documents
(and Seller shall also enter into such assignment, assumption and release documents, as applicable) in accordance with the terms of the
Existing Financing, that have been approved by each of Seller, Buyer and the Existing Lender under the Existing Financing (collectively,
the &ldquo;<U>Existing Financing Assumption Documents</U>&rdquo;), and in such event, at Closing: (i)&nbsp;Buyer shall assume the duties,
obligations, and liabilities arising under the Existing Financing Documents from and after the Closing Date; and (ii)&nbsp;Seller and
its Affiliates shall be released from all duties, obligations and liabilities under the Existing Financing Documents that first become
due or otherwise arise from and after the Closing Date on such terms in accordance with the Existing Financing Documents and on such other
customary terms as Existing Lender may require, including Buyer&rsquo;s assumption of liability for payment of the then outstanding principal
balance (with all interest and other charges due under the Existing Financing through the Closing Date to be paid by Seller) of the Existing
Financing (the &ldquo;<U>Existing Financing Balance</U>&rdquo;). If Buyer intends to assume the Existing Financing Balance at Closing,
Buyer will notify Seller thereof (the &ldquo;<U>Existing Finance Election Notice</U>&rdquo;) within three (3)&nbsp;Business Days following
the Effective Date (which Existing Finance Election Notice and election by Buyer shall be revocable by Buyer at any time subject to the
terms of this Section&nbsp;2.3(c), including payment of all Buyer&rsquo;s Assumption Cost Obligations), in which case Buyer and Seller,
as applicable, shall use commercially reasonable efforts to (i)&nbsp;cause the Existing Financing Assumption Documents to be fully executed
and delivered to Escrow Agent in advance of the Closing as required by this Agreement and the Existing Financing, (ii)&nbsp;cause the
Existing Lender to execute and deliver, at the Closing, an estoppel certificate in a form reasonably acceptable to Buyer (the &ldquo;<U>Existing
Financing Estoppel</U>&rdquo;) and (iii)&nbsp;cause the Existing Lender to execute and deliver, at the Closing, a modification of the
Existing Financing Documents which shall provide for the terms set forth on <U>Schedule 2.3(c)</U>&nbsp;attached hereto (the &ldquo;<U>Existing
Loan Modification</U>&rdquo;) (provided that neither receipt of the Existing Financing Assumption Documents, Existing Loan Modification
nor the Existing Financing Estoppel shall be a condition to Buyer&rsquo;s or Seller&rsquo;s obligation to close under this Agreement).
If Buyer delivers an Existing Finance Election Notice, then Buyer shall be solely responsible for all fees and other charges of the Existing
Lender associated with Buyer&rsquo;s election to assume the Existing Financing Balance and negotiation of the Existing Financing Assumption
Documents, irrespective of whether Buyer actually assumes the Existing Financing at Closing or not (the &ldquo;<U>Buyer&rsquo;s Assumption
Cost Obligation</U>&rdquo;). Buyer&rsquo;s Assumption Cost Obligation shall survive the Closing and any early termination of this Agreement.
Notwithstanding the foregoing or any other provision of this Agreement to the contrary, in the event Buyer elects to assume the Existing
Financing and the Existing Lender fails to deliver any of the Existing Financing Assumption Documents or the Existing Loan Modification
at the Closing (but excluding, for avoidance of doubt, the Existing Financing Estoppel), Buyer shall have the right (in addition to any
other adjournment rights which Buyer has under this Agreement), upon written notice to Seller delivered no later than the then scheduled
Closing Date, to adjourn the Closing for up to thirty (30) days.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;2.4</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Allocated
Purchase Price</U>. Seller and Buyer hereby agree that the Purchase Price (and any other items required for Tax purposes) shall be allocated
for federal, state and local Tax purposes, among the Assets in accordance with the rules&nbsp;of Section&nbsp;1060 of the Code and the
Treasury Regulations promulgated thereunder and any similar provision of state, local or foreign law all pursuant to an allocation to
be agreed upon by Seller and Buyer in writing on or before the date that is fifteen (15) days prior to the Closing.&nbsp; If the parties
do not agree to an allocation in writing by the date that is fifteen (15) days prior to the Closing Date, then each party shall be permitted
to take an independent position with respect to the allocation of the Purchase Price on its applicable tax returns or in connection with
any audit, examination, investigation or similar proceeding related thereto; provided, however, notwithstanding the foregoing, solely
for purposes of calculating any transfer taxes and preparing related filings in connection with the transfer of the Assets as contemplated
herein, the allocation of the Purchase Price among the Fee Land, Leasehold Land, Personal Property and/or any of the other Asset-Related
Property shall be as determined by Seller and delivered to Buyer at least one (1)&nbsp;Business Day prior to the Closing Date (and all
such related filings solely for these purposes shall utilize Seller&rsquo;s Purchase Price allocation). This Section&nbsp;2.4 shall survive
the Closing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">ARTICLE&nbsp;III</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="text-transform: uppercase"><U>REPRESENTATIONS,
WARRANTIES AND COVENANTS OF SELLER</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;3.1</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>General
Seller Representations and Warranties</U>. Seller hereby represents and warrants to Buyer as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Formation;
Existence</U>. Seller is a limited liability company duly formed, validly existing and in good standing under the laws of the State of
Delaware.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Power
and Authority</U>. Seller has all requisite power and authority to enter into this Agreement and the Closing Documents to which it is
a party, to perform its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution,
delivery and performance of this Agreement and the Closing Documents to which it is a party and the consummation of the transactions provided
for in this Agreement and the Closing Documents to which it is a party have been duly authorized by all necessary action on the part of
Seller. This Agreement has been duly executed and delivered by Seller and constitutes, and the Closing Documents to be executed and delivered
by it, when executed and delivered at the Closing, and assuming due authorization, execution and delivery by the other parties hereto,
will constitute Seller&rsquo;s legal, valid and binding obligation, enforceable against Seller in accordance with their terms (except
as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors&rsquo; rights
and by general principles of equity (whether applied in a proceeding at law or in equity)).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>No
Consents</U>. Except for the Ground Lease Consents with respect to the Golf Course Lease and Resort Lease, the Manager Consent and the
Manager Waiver (the &ldquo;<U>Applicable Consents</U>&rdquo;), no consent or approval of any Governmental Authority or of any other Person
is required to be obtained or made in connection with Seller&rsquo;s execution, delivery and performance of this Agreement, the Closing
Documents to which Seller is a party or any of Seller&rsquo;s obligations in connection with the transactions required or contemplated
hereby or thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>No
Conflicts</U>. Seller&rsquo;s execution, delivery and compliance with, and performance of the terms and provisions of, this Agreement
and the Closing Documents to which it is a party does not and will not (with or without notice or lapse of time or both) (i)&nbsp;conflict
with or result in any violation of its organizational documents, (ii)&nbsp;subject to obtaining the Applicable Consents, conflict with
or result in any violation of any provision of any bond, note or other instrument of indebtedness, contract, indenture, mortgage, deed
of trust, loan agreement, lease or other agreement or instrument to which it is bound, or (iii)&nbsp;violate any Applicable Law relating
to Seller or its assets or properties (including, without limitation, the Assets).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Bankruptcy</U>.
Seller is not a debtor under any bankruptcy proceedings, voluntary or involuntary (and, to Seller&rsquo;s Knowledge, no such action is
threatened in writing against Seller), and has not made an assignment for the benefit of its creditors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Foreign
Person</U>. Seller (or, if Seller is a &ldquo;disregarded entity&rdquo; for U.S. federal income tax purposes (within the meaning of Treasury
Regulation Section&nbsp;301.7701-3, a &ldquo;<U>Disregarded Entity</U>&rdquo;), Seller&rsquo;s owner that is not itself a Disregarded
Entity) is not a &ldquo;foreign person&rdquo; within the meaning of Section&nbsp;1445(f)(3)&nbsp;of the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Anti-Terrorism
Laws, Trade Sanction Laws and Similar Laws</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">None
of Seller or, to Seller&rsquo;s Knowledge, any of its officers, directors, employees, or agents, is acting, directly or indirectly, on
behalf of terrorists, terrorist organizations or narcotics traffickers, including those persons or entities that appear on the Annex to
Executive Order No.&nbsp;13224 (Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit, or Support
Terrorism) (the &ldquo;<U>Executive Order</U>&rdquo;), or are included on any relevant lists maintained by the Office of Foreign Assets
Control of the U.S. Department of the Treasury (&ldquo;<U>OFAC</U>&rdquo;), U.S. Department of State, or other U.S. government agencies,
all as may be amended from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">None
of Seller or, to Seller&rsquo;s Knowledge, any of its officers, directors, employees, or agents, is in violation of the Uniting and Strengthening
America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Action of 2001, Public Law 107-56, as amended (the
 &ldquo;Patriot Act&rdquo;), the Executive Order, or any applicable anti-money laundering or anti-terrorism laws (collectively, the &ldquo;<U>Anti-Money
Laundering and Anti-Terrorism Laws</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Neither
Seller, nor any person controlled by Seller, is a person who is the subject or target of any sanctions administered by OFAC, the U.S.
Department of State, or any other applicable sanctions authority (collectively, &ldquo;<U>Sanctions</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iv)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">None
of Seller or, to Seller&rsquo;s knowledge, any of its officers, directors, employees or agents, is acting, directly or indirectly, on
behalf of terrorists, terrorist organizations or narcotics traffickers, including those persons or entities that appear on the Executive
Order, or are included on any relevant lists maintained by the OFAC, the U.S. Department of State, or other U.S. government agencies,
all as may be amended from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;3.2</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Representations
and Warranties of Seller as to the Assets</U>. Subject to the information disclosed in the Asset File, Seller hereby represents and warrants
to Buyer as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Material
Contracts</U>. <U>Schedule 3.2(a)(i)</U>&nbsp;sets forth a correct and complete list of the Material Contracts (and all amendments and
modifications thereof) affecting the Property, (ii)&nbsp;Seller has delivered or made available to Buyer in the Asset File true and correct
copies of each Material Contract, and (iii)&nbsp;except as set forth on <U>Schedule 3.2(a)(ii)</U>, Seller has not given or received any
written notice of any breach or default under any such Material Contract that has not been cured or rescinded. To Seller&rsquo;s Knowledge,
each Material Contract is in full force and effect in accordance with its terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Space
Leases</U>. <U>Schedule 3.2(b)(i)</U>&nbsp;sets forth a correct and complete list of all Space Leases at the Property (and all amendments
and modifications thereof). Such Space Leases, have not been amended, supplemented or otherwise modified except as stated in <U>Schedule
3.2(b)(i)</U>. Seller has delivered or made available to Buyer in the Asset File true and correct copies of such Space Leases (and all
amendments and modifications thereto). Except as set forth on <U>Schedule 3.2(b)(ii)</U>, Seller has not given or received any written
notice of any breach or default under any Space Lease that has not been cured or rescinded. To Seller&rsquo;s Knowledge,&nbsp;each Space
Lease is in full force and effect in accordance with its respective terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Condemnation</U>.
As of the Effective Date, there are no condemnation or eminent domain proceedings pending or, to Seller&rsquo;s Knowledge, threatened
in writing against the Property.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Litigation</U>.
There are no litigations, actions, suits, arbitrations, orders, decrees, claims, writs, injunctions, government investigations or proceedings
pending or, to Seller&rsquo;s Knowledge, threatened in writing against Seller which, if determined adversely to Seller, would (i)&nbsp;materially
adversely affect the ability of Seller to perform its obligations hereunder (including, without limitation, Seller&rsquo;s ability convey
the Property to Buyer in accordance with the terms hereof) or (ii)&nbsp;materially adversely affect Seller&rsquo;s right, title and/or
interest in, or ownership or operation of, the Property. Seller is not a party to or subject to the provision of any judgment, order,
writ, injunction, decree or award of any Governmental Authority which would adversely affect the ability of Seller to perform its obligations
hereunder. To Seller&rsquo;s Knowledge, except as set forth in <U>Schedule 3.2(d)</U>, there are no actions, suits or proceedings filed
and pending against or affecting the Assets in any court or before or by an arbitration tribunal or regulatory commission, department
or agency which are not covered by insurance and which, if determined adversely to Seller, would materially and adversely affect the Property
and/or the operations thereof, and to Seller&rsquo;s Knowledge, no such actions, suits or proceedings have been threatened in writing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Ground
Leases</U>. Seller has delivered or made available to Buyer in the Asset File a true and correct copy of the Ground Leases, and all amendments
and modifications to the Ground Leases. The Ground Leases have not been amended or modified except as set forth in the definitions thereof.
Seller has not received or delivered any default notices under the Ground Leases that have not been cured or rescinded, and, to Seller&rsquo;s
Knowledge, no breach or default has occurred under any of the Ground Leases that has not been cured. Seller is the tenant under each Ground
Lease and is the sole holder and owner of the leasehold interest under each Ground Lease. To Seller&rsquo;s knowledge, each of the Ground
Leases is in full force and effect in accordance with its terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Management
Agreement</U>. (i)&nbsp;Seller has delivered or made available to Buyer in the Asset File a true and correct copy of the Management Agreement
(and all amendments and modifications thereof) and (ii)&nbsp;the Management Agreement has not been amended or modified except as set forth
in the definition thereof. As of the Effective Date, Seller has not received or delivered any default notice under the Management Agreement
that has not been cured or rescinded, and, to Seller&rsquo;s Knowledge, no breach or default has occurred under the Management Agreement
that has not been cured or rescinded. To Seller&rsquo;s Knowledge, the Management Agreement is in full force and effect in accordance
with its terms. Except for the Management Agreement and the Concession Agreement, Seller is not a party to (or bound by) any management,
franchise, license, concession or other agreement or operating lease for the management or operation of the Property.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Employees</U>.
Seller does not directly employ any employees at the Property (excluding for purposes of this representation any common law principles
of joint employment and only taking into account the actual employment of the employees at the Property and the Person acting as the employer
of those employees for purposes of payroll and W-2 reporting). All persons who provide services at the Property are employed by Manager
or Manager&rsquo;s Affiliates or by independent contractors engaged by Seller or Manager. Neither Seller nor, to Seller&rsquo;s Knowledge,
Manager is a party to any collective bargaining agreement or other similar agreement with any union with respect to the Employees or the
Property. To Seller&rsquo;s Knowledge, no charge or complaint, administrative, judicial or contractual, relating to payment of wages and
hours, employment discrimination or other term or condition of employment is pending or threatened in writing against Seller or its Affiliates
or Manager with regard to the Employees, before any federal, state, or local agency, court, or administrative or arbitral tribunal.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(h)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Compliance
with Applicable Law</U>. Except as set forth on <U>Schedule 3.2(h)</U>, no written notice has been received by Seller (or to Seller&rsquo;s
Knowledge, Manager) from any Governmental Authority which states the existence of any Violation that has not been cured, or asserting
the need for any correction under any Applicable Law that has not been cured.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Taxes.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Except
as otherwise set forth on <U>Schedule 3.2(i)</U>, Seller has not received any written notice of any outstanding audit, examination or
other proceeding with respect to any material Taxes or any notice or assessment claiming a deficiency of any material Taxes that remains
outstanding, in each case relating to the ownership, operation or use of the Assets.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Except
as otherwise set forth on <U>Schedule 3.2(i)</U>, Seller is not currently contesting any real property taxes payable with respect to the
Property or seeking an abatement of any such real property taxes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(j)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Permits</U>.
To Seller&rsquo;s Knowledge, Seller has provided to Buyer a true and complete copy of each License and Permit including all amendments
or modifications thereto which are material to the operation of the Property. Seller has not received any written notice from any Governmental
Authority or other Person of any violation, suspension, revocation or non-renewal of any Licenses and Permits with respect to the Property
that has not been cured or dismissed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(k)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Equipment
Leases</U>. (i)&nbsp;To Seller&rsquo;s Knowledge, <U>Schedule 3.2(k)</U>&nbsp;sets forth a true and complete list of all Equipment Leases
affecting the Property and the annual amount payable thereunder; (ii)&nbsp;Seller has provided Buyer a true and correct copy of all Material
Equipment Leases; (iii)&nbsp;Seller has not sent or received any written notice of material default under the Equipment Leases which remains
uncured; and (iv)&nbsp;to Seller&rsquo;s Knowledge, each Material Equipment Lease is in full force and effect in accordance with its terms.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(l)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Water
Agreements</U>. (i)&nbsp;Seller has provided to Buyer a true and complete copy of each Water Agreement, including all amendments or modifications
thereto; (ii)&nbsp;to Seller&rsquo;s Knowledge, each Water Agreement is in full force and effect and has not been amended or modified
other than by amendments specifically included in the definition of Water Agreements; (iii)&nbsp;Seller has not received any order or
notice of curtailment of any potable or non-potable water use on the Property; and (iv)&nbsp;Seller has neither given nor received any
written notice of any breach or default under any Water Agreement which has not been cured.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(m)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Personal
Property</U>. Seller has good title to the Personal Property to be conveyed to Buyer (including good leasehold title to any Personal Property
subject to the Equipment Leases), subject to no Liens or rights of third parties claiming by, through or under Sellers other than the
Permitted Exceptions and, except as reflected in the foregoing, no Seller nor any Affiliate of Sellers&rsquo; has received written notice
from any Person claiming an ownership or other interest in the foregoing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(n)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Club
Membership Arrangements</U>. To Seller&rsquo;s Knowledge, (i)&nbsp;<U>Schedule 3.2(n)(i)</U>&nbsp;sets forth a correct and complete list
of the Club Membership Arrangements (and any side letters, amendments or modification thereof) as of the Effective Date, and (ii)&nbsp;Seller
has delivered or made available to Buyer true and correct copies of each of the Club Membership Arrangements. To Seller&rsquo;s Knowledge,
except as set forth on <U>Schedule 3.2(n)(iii)</U>, the Club Initiation Fees associated with the Club Membership Arrangements are not
refundable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(o)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Options/Rights
of First Offer or Refusal</U>. There are no options to purchase or rights of first refusal or rights of first offer to purchase any of
the Assets, except in favor of Manager pursuant to the Management Agreement (the &ldquo;<U>Manager Purchase Option</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(p)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Existing
Financing</U>. (i)&nbsp;Seller has delivered or made available to Buyer in the Asset File true and complete copies of the Existing Financing
Documents, and (ii)&nbsp;such Existing Financing Documents have not been amended or modified. Seller has not received or delivered any
default notices under any Existing Financing Document, and, to Seller&rsquo;s Knowledge, no breach or default has occurred under the documents
evidencing or securing the Existing Financing that has not been cured.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(q)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Association</U>.
To Seller&rsquo;s Knowledge, (i)&nbsp;Seller has delivered or made available to Buyer a true and complete copy of the Desert Ridge Association
Governing Documents, including all amendments and exhibits thereto, (ii)&nbsp;the Desert Ridge Association Governing Documents (and all
amendments and exhibits thereto), are in full force and effect and have not been amended or modified except as set forth in the definition
thereof, (iii)&nbsp;Seller is not in default under any of the Desert Ridge Association Governing Documents, and (iv)&nbsp;any and all
amounts, fees, and assessments due and payable with respect to the Assets prior to the date hereof by Seller under any of the Desert Ridge
Association Governing Documents have been fully and timely paid.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(r)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Liquor
Licenses</U>. The licenses and permits required for the lawful sale of alcoholic beverages at the Property pursuant to Applicable Law
(the &ldquo;<U>Liquor Licenses</U>&rdquo;) are held in the name of the Manager. To Seller&rsquo;s Knowledge, the Liquor Licenses are in
full force and effect. Seller has not and, to Seller&rsquo;s Knowledge, Manager has not, received any written notification from any Governmental
Authority of any violation or pending investigation with respect to any Liquor License that would threaten the continued effectiveness
of the Liquor Licenses.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(s)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Financial
Reports</U>. Seller has furnished Buyer with true, correct and complete copies of the unaudited Hotel financial reports (including all
golf course financial reports) provided by the Manager to Seller as set forth in <U>Schedule 3.2(t)</U>&nbsp;(collectively, the &ldquo;<U>Financial
Reports</U>&rdquo;), which are the same Financial Reports that Seller uses for its own purposes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;3.3</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Amendments
to Schedules; Limitations on Representations and Warranties of Seller</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Except
with respect to the Seller Fundamental Representations, Seller shall have the right to amend and supplement the schedules to this Agreement
from time to time prior to the Closing only with respect to, and to reflect, a change in facts or circumstances which occurs after the
date hereof and which is not the result of a default or breach by Seller of any of its obligations under this Agreement, by providing
a written copy of such amendment or supplement to Buyer; <U>provided</U>, <U>however</U>, that any amendment or supplement to the schedules
to this Agreement shall have no effect for the purposes of determining whether subsection 5.2(a)&nbsp;has been satisfied but shall have
effect only for the purposes of limiting the defense and indemnification obligations of Seller for the inaccuracy or untruth of the representation
or warranty qualified by such amendment or supplement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Notwithstanding
anything in this Agreement to the contrary, if the representations and warranties relating to the Space Leases, the Ground Leases, Club
Membership Arrangements, Contracts or Equipment Leases set forth in Section&nbsp;3.2 and the status of the ground lessors, tenants and
contract parties thereunder (other than Seller or its Affiliates) were true and correct in all material respects as of the Effective Date,
no change in circumstances or status of the ground lessors, tenants or any contract parties (<I>e.g.</I>, defaults, below market status,
bankruptcies or other adverse matters relating to such tenants or contract parties (but not by Seller or its Affiliates), or a party&rsquo;s
exercise following the date hereof of any contractual termination rights not caused by the actions or omissions of Seller) occurring after
the date hereof shall permit Buyer to terminate this Agreement or constitute grounds for Buyer&rsquo;s failure to close or otherwise constitute
a breach of any representation or warranty by Seller; provided, however, that Seller agrees to notify Buyer in writing promptly after
Seller learns of any change in circumstances or status of the ground lessors, tenants or contract parties, or if a party exercises a contractual
termination or extension right.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;3.4</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Covenants
of Seller Prior to Closing</U>. From the Effective Date until the Closing or earlier termination of this Agreement, Seller shall (or
Seller shall cause Seller&rsquo;s agents, including Manager, to):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Insurance</U>.
Keep the Property insured against fire and other hazards covered by the insurance policies maintained by Seller or Manager on the Effective
Date, or policies that are similar in all material respects, and in all cases in compliance with all applicable requirements under the
Existing Financing Documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Operation</U>.
Use commercially reasonable efforts to cause Manager to operate and maintain the Property substantially consistent with the current operation
and maintenance of the Property and in accordance with the Management Agreement, except that, subject to Section&nbsp;3.4(k), Seller shall
not be required to make any capital improvements or replacements to the Property or cure or remove any Violations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Contracts</U>.
Not enter into any new Contracts or Equipment Leases relating to the Assets, nor amend, supplement, terminate or otherwise modify any
Contract or Equipment Lease without the prior written consent of Buyer, which consent may be granted or withheld in Buyer&rsquo;s reasonable
discretion, <U>provided</U>, <U>however</U>:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Buyer&rsquo;s
consent shall not be required with respect to any Contract or Equipment Lease that (A)&nbsp;will not be assumed by Buyer nor will burden
the Property following the Closing, (B)&nbsp;(x)&nbsp;is terminable on 30 days&rsquo; notice without cost or penalty to Buyer and (y)&nbsp;requires
the payment of no more than $200,000 in any calendar year, or (C)&nbsp;is required or permitted (without Seller approval) by the terms
of the Management Agreement or the Ground Leases. Seller shall promptly notify Buyer in writing of any such new Contract or Equipment
Lease and shall provide Buyer a copy of any such new Contract or Equipment Lease promptly after the execution thereof and following Seller&rsquo;s
receipt thereof; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Buyer&rsquo;s
consent shall not be required with respect to any Contract which does not meet the requirements of clauses (A)&nbsp;through (C)&nbsp;of
clause (i)&nbsp;above but is entered into by Seller or Manager in connection with emergency maintenance or repairs at the Property (and
Seller shall provide Buyer a copy of any such new Contract promptly after the execution thereof and following Seller&rsquo;s receipt thereof),
and the costs of such contract shall be prorated in accordance with the terms of Article&nbsp;X hereof; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Buyer
shall not unreasonably withhold its consent to any Contract which does not meet the requirements set forth in clauses (i)&nbsp;or (ii)&nbsp;above,
but which is entered into by Seller or Manager in connection with a Leasing Cost pursuant to a Lease permitted pursuant to (c)(i)&nbsp;above
or (d)&nbsp;below.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If Seller enters into any third party Contract
or Equipment Lease (A)&nbsp;with the approval of Buyer or (B)&nbsp;as permitted in clause (i)&nbsp;through (iii)&nbsp;above, then such
Contract or Equipment Lease shall be included in the definition of &ldquo;Contract&rdquo; or &ldquo;Equipment Lease&rdquo; and shall be
assigned to and assumed by Buyer at the Closing in accordance with this Agreement. If Buyer does not reject or approve in writing a new
Contract or Equipment Lease or an amendment or modification to a Contract or Equipment Lease within the earlier of (x)&nbsp;seven (7)&nbsp;Business
Days, and (y)&nbsp;such earlier period if and to the extent required under the Management Agreement after receipt of a copy thereof and
Seller&rsquo;s request for approval, then Buyer shall be deemed to have approved such Contract or Equipment Lease or amendment or modification.
Nothing in this Section&nbsp;3.4(c)&nbsp;shall be deemed to restrict Seller&rsquo;s ability to enter into Bookings in the ordinary course
of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>New
Space Leases</U>. Not (i)&nbsp;execute any new Space Lease, (ii)&nbsp;amend, supplement, terminate, accept the surrender of, or otherwise
modify any existing Space Lease, (iii)&nbsp;approve any assignment or sublease of any existing Space Lease without the prior consent of
Buyer, which consent may be granted or withheld in Buyer&rsquo;s sole discretion; provided that, Seller shall be permitted to renew Space
Leases with any current tenant so long as such renewal is exercised by the tenant pursuant to a renewal right expressly set forth in the
applicable Space Lease or (iv)&nbsp;collect any rent more than thirty (30) days in advance of when the same is due. If Seller enters into
any new Space Lease, or renews any existing Space Lease (each such new Space Lease or renewal, a &ldquo;<U>New Lease</U>&rdquo;) with
the approval of Buyer (in Buyer&rsquo;s sole and absolute discretion), then each such New Lease shall be included in the definition of
 &ldquo;<U>Space Leases</U>&rdquo; herein and added to <U>Schedule&nbsp;3.2(b)(i</U>), and shall be assigned to and assumed by Buyer at
the Closing in accordance with this Agreement. If Buyer does not reject or approve a New Lease, license, occupancy agreement, renewal
or a Space Lease amendment within seven (7)&nbsp;Business Days after receipt of Seller&rsquo;s request for approval, then Buyer shall
be deemed to have disapproved such New Lease, license, occupancy agreement, renewal or Space Lease amendment. Notwithstanding the foregoing,
Seller is authorized to accept the termination of Space Leases at the end of their existing terms or amendments memorializing extensions
of any Space Leases as required thereunder. In addition, Buyer acknowledges and agrees that, notwithstanding anything to the contrary
contained in this Section&nbsp;3.4(d), Seller shall not be in breach of this Section&nbsp;3.4(d)&nbsp;in the event Manager, without requesting
Seller&rsquo;s approval, executes a new Space Lease or otherwise amends, modifies, supplements or terminates a Space Lease (whether or
not such authority by Manager is permitted pursuant to the terms and conditions of the Management Agreement).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Ground
Leases</U>. From and after the Effective Date until Closing or earlier termination of this Agreement, (i)&nbsp;Seller shall not amend,
modify, supplement or terminate any Ground Lease without the prior written consent of Buyer, which shall be granted or withheld in Buyer&rsquo;s
sole discretion and (ii)&nbsp;Seller shall comply, in all material respects, with its obligations under each Ground Lease. From and after
the Effective Date until Closing or earlier termination of this Agreement, Seller shall use commercially reasonable efforts to obtain
the executed Golf Course Lease Estoppel and Resort Lease Estoppel dated not more than thirty (30) days prior to the Closing Date (it being
understood and agreed that in the event at the Closing Seller obtains and delivers the Golf Course Lease Estoppel and the Resort Lease
Estoppel in accordance with the terms hereof and either such Ground Lease Estoppel is not dated within thirty (30) days of Closing, the
delivery of such Ground Lease Estoppels shall satisfy the closing condition under Section&nbsp;5.2(f)).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Estoppels</U>.
From and after the Effective Date until Closing or earlier termination of this Agreement, Seller shall use commercially reasonable efforts
to obtain an executed Desert Ridge CCR Estoppel, and the executed Requested Estoppels. Receipt of the Desert Ridge CCR Estoppel and the
Requested Estoppels shall not be a condition to Buyer&rsquo;s or Seller&rsquo;s obligation to close under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Tax
Clearance Certificate/Taxes</U>. Promptly after the Effective Date, Seller shall file such documentation as is required to obtain (at
Seller&rsquo;s sole cost and expense), with respect to Seller, an Arizona Certificate of Compliance for Letter of Good Standing issued
by the Arizona Department of Revenue, and a Certificate of Compliance issued by the Arizona Department of Revenue (&ldquo;<U>Tax Clearance
Certificate</U>&rdquo;), in each instance dated no earlier than 30 days prior to Closing. Seller shall, at Seller&rsquo;s sole cost and
expense, use commercially reasonable efforts to obtain the Tax Clearance Certificate, and Seller will deliver the Tax Clearance Certificate
to Buyer within a reasonable period of time following Seller&rsquo;s receipt of same, which depending on receipt, may be post-Closing.
In addition to Seller&rsquo;s other duties and obligations under this Agreement, Seller shall pay, or shall cause to be paid, all transaction
privilege taxes and excise taxes, including, without limitation, speculative builder taxes and prime contracting taxes to the extent owed
by Seller, and other similar taxes, relating to the Assets, the operation of the Assets, and the sale and transfer of the Assets, that
accrue prior to, or that are imposed as of or as a result of, the Closing (including, without limitation, any and all transaction privilege
taxes and excise taxes, whether imposed on Seller directly, as owner of the Assets, or on Manager, or on any of their respective agents).&nbsp;
Seller shall defend (with legal counsel reasonably acceptable to Buyer), protect, reimburse, indemnify and hold harmless Buyer and its
successors and assigns (including any Buyer Designee) for, from and against any and all losses, claims, demands, obligations, damages,
liabilities, liens, judgments, actions, proceedings, costs and expenses, including reasonable attorneys&rsquo; fees and court costs arising
from, relating to or in connection with any and all transaction privilege taxes and excise taxes, including, without limitation, speculative
builder taxes and prime contracting taxes, or other similar taxes, relating to the Assets, the operation of the Assets, and the sale and
transfer of the Assets, that accrue prior to, or that are imposed as of or as a result of, the Closing (including, without limitation,
any and all transaction privilege taxes and excise taxes, whether imposed on Seller directly, as owner of the Assets, or on Manager, or
on any of their respective agents). &nbsp;In addition to Buyer&rsquo;s other duties and obligations under this Agreement, Buyer shall
pay all transaction privilege taxes, excise taxes, use taxes, speculative builder taxes, prime contracting taxes, or other similar taxes,
relating to the Assets, the operation of the Assets, and the sale and transfer of the Assets first accruing after the Closing. This Section&nbsp;3.4(g)&nbsp;shall
survive the Closing indefinitely.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(h)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>No
Alterations</U>. Except in the ordinary course of Seller&rsquo;s business or as may be required by the terms of any of the Space Leases,
Seller agrees not to make (or permit or allow to be made) any alterations, improvements, or additions, or demolitions to any of the Assets,
without the prior written consent of Buyer, which consent may be withheld or conditioned in Buyer&rsquo;s reasonable discretion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Water
Agreements. </U>Seller shall not amend or terminate any of the Water Agreements without the prior written consent of Buyer, which shall
be granted or withheld in Buyer&rsquo;s sole discretion. Seller shall promptly deliver to Buyer a copy of any material notice or demand
received by Seller or Manager under any of the Water Agreements and a copy of any material notice or demand delivered by Seller or Manager
to the other party/ies to the Water Agreements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(j)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Obtaining
Required Consents</U>. From and after the Effective Date, Seller agrees to reasonably cooperate with Buyer in obtaining any consents required
to be obtained in order to make valid and effective the assignment to Buyer (or Buyer&rsquo;s Designee) of the Licenses and Permits, any
rights under warranties, any intangible assets, any leases or contracts, and any Plans and Specifications.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(k)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Existing
Financing</U>. From and after the Effective Date until Closing or earlier termination of this Agreement, Seller shall not amend or terminate
any of the Existing Financing Documents without the prior written consent of Buyer, which shall be granted or withheld in Buyer&rsquo;s
reasonable discretion. Seller shall promptly deliver to Buyer a copy of any notice of default received by Seller or Manager under any
of the Existing Financing Documents. If Buyer elects to pursue the assumption of the Existing Financing Balance and provides notice thereof
to Seller in accordance with Section&nbsp;2.3(c), from and after the receipt of such notice until Closing or earlier termination of this
Agreement Seller shall use commercially reasonable efforts to obtain the executed Existing Financing Assumption Documents. Receipt of
the Existing Financing Assumption Documents shall not be a condition to Buyer&rsquo;s or Seller&rsquo;s obligation to close under this
Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(l)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Management
Agreement</U>. From and after the Effective Date until Closing or earlier termination of this Agreement, Seller shall not amend or terminate
the Management Agreement without the prior written consent of Buyer, which may be granted or withheld in Buyer&rsquo;s sole discretion.
From and after the Effective Date until Closing or earlier termination of this Agreement, Seller shall comply, in all material respects,
with its obligations under the Management Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(m)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt; background-color: white"><U>Capital
Expenditures Work</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Seller
shall use commercially reasonable efforts to continue to undertake (and to remit payment for) those capital projects, construction work
or repairs more particularly described on <U>Schedule 3.4(m)(1)</U>&nbsp;(the &ldquo;<U>Capital Expenditures Work</U>&rdquo;) in the ordinary
course of business and past practice and in accordance with the terms of the Contracts for the provision of the Capital Expenditures Work
described on <U>Schedule 3.4(m)(1)</U>&nbsp;on or prior to the Closing, provided that the completion of the Capital Expenditures Work
shall not be a condition precedent to Buyer&rsquo;s obligations to consummate the Closing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">With
respect to the completion of the capital project relating to the ongoing ballroom renovation project (the &ldquo;<U>Ballroom Capital Expenditures
Work</U>&rdquo;), the following provisions will apply:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><U>Schedule
3.4(m)(2)</U>&nbsp;sets forth the following (collectively, the &ldquo;<U>CapEx Documents</U>&rdquo;): (1)&nbsp;a listing of all contracts
and related permits in effect as of the date hereof and relating to the Ballroom Capital Expenditures Work; (2)&nbsp;a description of
the remaining Ballroom Capital Expenditures Work to be performed and a schedule of the currently expected performance and completion of
the Ballroom Capital Expenditures Work, as well as a schedule (including current status) of all materials deliveries necessary to complete
the Ballroom Capital Expenditures Work (which schedule will include the most currently available expediting report from Benjamin West
showing the current status of (i.e., in production, awaiting shipment, in transit, delivered,&nbsp;etc.) of such materials, including
but not limited to all carpeting, vinyl and lighting fixtures/components anticipated to complete the Ballroom Capital Expenditures Work
(the &ldquo;<U>BW Expediting Report</U>&rdquo;)); (3)&nbsp;a list of all contractors and subcontractors who have performed or are contracted
to perform any portion of the Ballroom Capital Expenditures Work, including but not limited to suppliers of all anticipated materials
deliveries necessary to complete the Ballroom Capital Expenditures Work; (4)&nbsp;a summary of the estimated cost of completion of the
balance of the Ballroom Capital Expenditures Work (&ldquo;<U>Seller&rsquo;s Completion Cost Summary</U>&rdquo;); and (5)&nbsp;a schedule
of all payments made with respect to the Ballroom Capital Expenditures Work (and copies of paid receipts or other evidence of payment),
a schedule of all outstanding amounts owed on the Capital Expenditures Work performed to date and schedule of expected payments for Ballroom
Capital Expenditures Work not yet performed. Prior to Closing, on a weekly basis, Seller will provide Buyer with updates to the CapEx
Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">To the extent the Ballroom Capital Expenditures
Work is not completed by or prior to the Closing, (i)&nbsp;at Closing Seller shall provide an updated set of CapEx Documents with an effective
date as of the date of Closing, (ii)&nbsp;Seller shall assign the contract(s), identified on <U>Schedule 3.4(m)(2)</U>, and related permits
for any such Ballroom Capital Expenditures Work to Buyer at the Closing, and (iii)&nbsp;Buyer shall assume at the Closing the obligations
under any such contract(s)&nbsp;identified on <U>Schedule 3.4(m)(2)</U>&nbsp;(or any other contracts relating to the completion of such
Ballroom Capital Expenditures Work as may otherwise be approved by Buyer) to complete such Ballroom Capital Expenditures Work (and such
Contracts, if any, shall be deemed to be added to <U>Schedule 3.2(a)(i)</U>, and <U>Schedule 3.2(a)(i)</U>&nbsp;shall be deemed amended
at Closing to include such Contracts).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT>The
parties hereto agree that as of the date of this Agreement the estimated cost to complete the Ballroom Capital Expenditures Work as of
Closing shall be $8,425,877 (the &ldquo;<U>Ballroom Capital Expenditures Work Credit</U>&rdquo;), subject to payments made by Seller prior
to Closing with respect to partially completed portions of the Ballroom <FONT STYLE="background-color: white">Capital Expenditures Work,
which estimate assumes that all carpeting, vinyl and lighting fixtures/components necessary to complete the Capital Expenditures Work
(the &ldquo;<U>Critical Materials</U>&rdquo;) will arrive pursuant to the BW Expediting Report provided at the execution of this Agreement.
If prior to Closing the updated BW Expediting Report demonstrates a change in receipt of any Critical Materials such that payments made
by Seller prior to Closing for Critical Materials shall differ from the estimated payment schedule in determining the Ballroom Capital
Expenditures Work Credit, then such estimated cost will be increased or decreased to reflect the cost of completing the Ballroom </FONT>Capital
Expenditures Work as a result of such change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Notwithstanding the status of the Ballroom
Capital Expenditure Work on the Closing Date, <FONT STYLE="background-color: white">at the Closing Buyer shall receive a credit against
the Purchase Price in an amount equal to fifty percent (50%) of the estimated cost of completion (which amount will include work completed
but not yet paid for) of the balance of the Ballroom Capital Expenditures Work as of the Closing Date</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="background-color: white">For
the avoidance of doubt, Buyer shall not receive a credit for any amounts pursuant to any provision of Article&nbsp;X herein with respect
to the Capital Expenditures Work except: (x)&nbsp;the credit for the Ballroom Capital Expenditure Work as expressly provided in this Section&nbsp;3.4(m)&nbsp;(including
without limitation, the credit for the Ballroom Capital Expenditures Work pursuant to Section&nbsp;3.4(m)(ii)(2)&nbsp;above, and the credit
for any other Capital Expenditure Work that is not completed as of the Closing as expressly provided in Section&nbsp;3.4(m)(iii)&nbsp;below);
and (y)&nbsp;</FONT>the estimated amount, as of the Closing, to complete all construction and/or repairs required to be completed by the
landlord pursuant to a Space Lease and which constitute Leasing Costs, as set forth in Section&nbsp;10.7 hereof<FONT STYLE="background-color: white">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="background-color: white">At
the Closing Seller shall deliver the following to Buyer, in addition to the updated CapEx Documents, in connection with the Capital Expenditures
Work (collectively, the &ldquo;<U>Closing CapEx Documents</U>&rdquo;): (1)&nbsp;an Assignment of Construction Contracts (as defined in
<U>Section&nbsp;6.1(o)</U>) duly executed by Seller pursuant to which Seller shall assign, transfer and convey to Buyer all of Seller&rsquo;s
right, title and interest in and to all construction contracts and warranties with respect to the Capital Expenditures Work; and (2)&nbsp;all
lien waivers and title affidavits as may be requested by the Title Company in order for the Title Company to issue the Title Policy without
any title exceptions with respect to the Capital Expenditures Work.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">To
the extent any other Capital Expenditures Work (other than the Ballroom Capital Expenditures Work) is not completed by or prior to the
Closing (the &ldquo;<U>Remaining Capital Expenditures Work</U>&rdquo;), then Seller shall provide an update to <U>Schedule 3.2(m)(1)</U>&nbsp;identifying
the Remaining Capital Expenditures Work and an update to <U>Schedule 3.2(m)(3)</U>&nbsp;listing the construction contracts for the Remaining
Capital Expenditures Work (or any other contracts relating to the completion of such Capital Expenditures Work as may otherwise be approved
by Buyer) in effect as of the date of Closing. At Closing, (a)&nbsp;as part of the Closing CapEx Documents, (i)&nbsp;Seller shall assign
and Buyer shall assume, pursuant to the Assignment of Construction Contracts, the contract(s)&nbsp;identified on the updated <U>Schedule
3.4(m)(3)</U>, and related permits for any such Remaining Capital Expenditures Work, and (ii)&nbsp;Seller shall deliver <FONT STYLE="background-color: white">all
lien waivers and title affidavits as may be requested by the Title Company in order for the Title Company to issue the Title Policy without
any title exceptions with respect to the Remaining Capital Expenditures Work, and (b)&nbsp;</FONT>Buyer shall receive a credit against
the Purchase Price in an amount equal to the estimated cost of completion (which amount will include work completed but not yet paid for)
of the balance of the Remaining Capital Expenditures Work as of the Closing Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(n)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt; background-color: white"><U>Club
Membership Arrangements</U>. </FONT><FONT STYLE="font-size: 10pt">From and after the Effective Date until Closing or earlier termination
of this Agreement, Seller shall not enter into any Club Membership Arrangements outside the ordinary course of business or otherwise issue
or enter into any Club Membership Arrangements pursuant to which the Club Initiation Fees associated therewith are or would be refundable,
in each case without the prior written consent of Buyer, which shall be granted or withheld in Buyer&rsquo;s reasonable discretion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(o)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Licenses
and Permits</U>. Seller shall not amend, modify, terminate or rescind any Licenses and Permits (including, without limitation, the Water
Permits) or the Liquor Licenses except any such amendment or modification in the ordinary course of its business (and upon prior written
notice to Buyer).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(p)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Zoning</U>.
Seller shall not change, amend or modify (or consent to any change, amendment or modification in) any zoning, land use or other governmental
or quasi-governmental entitlements associated with or affecting the Assets, or, except in the ordinary course of Seller&rsquo;s business,
apply for or allow to be approved or issued any special use permit or variance in connection with any of the Assets, without the prior
written consent of Buyer, which consent may be withheld in Buyer&rsquo;s sole and absolute discretion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(q)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Notices</U>.
Seller shall deliver to Buyer upon Seller&rsquo;s receipt thereof following the Effective Date copies of all written notices of (i)&nbsp;judgments,
claims and litigation affecting Seller or any part of the Property or the Assets, (ii)&nbsp;default under or relating to any Ground Lease,
Management Agreement, Space Lease, Material Contract, Material Equipment Lease, License and Permit (including, without limitation, the
Water Permits), the Liquor License and/or Desert Ridge Association Governing Document and (iii)&nbsp;orders or notices of curtailment
of any potable or non-potable water use on the Property.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(r)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Desert
Ridge Documents</U>. Seller shall (i)&nbsp;comply in all material respects with the Desert Ridge Association Governing Documents and (ii)&nbsp;not
change, amend or modify, alter, terminate or cancel any Desert Ridge Association Governing Document (or consent to any of the foregoing),
in each case without the prior written consent of Buyer, which consent may be given or withheld in Buyer&rsquo;s sole discretion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nothing in this Section&nbsp;3.4 shall restrict Seller&rsquo;s rights
with respect to any of the Excluded Assets or give Buyer any approval or other rights with respect thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">ARTICLE&nbsp;IV</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="text-transform: uppercase"><U>REPRESENTATIONS,
WARRANTIES AND COVENANTS OF BUYER</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;4.1</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Representations
and Warranties of Buyer</U>. Buyer hereby represents and warrants to Seller as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Formation;
Existence</U>. Buyer is a limited liability company duly formed, validly existing and in good standing under the laws of Delaware.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Power
and Authority</U>. Buyer has all requisite power and authority to enter into this Agreement and the Closing Documents to which it is a
party, to perform its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution,
delivery and performance of this Agreement and the Closing Documents to which it is a party and the consummation of the transactions provided
for in this Agreement and the Closing Documents to which it is a party have been duly authorized by all necessary action on its part.
This Agreement has been duly executed and delivered by it and constitutes, and the Closing Documents to be executed and delivered by it,
when executed and delivered at the Closing and assuming due authorization, execution and delivery by Seller, will constitute, its legal,
valid and binding obligation, enforceable against it in accordance with their terms (except as such enforceability may be limited by bankruptcy,
insolvency, reorganization, moratorium or other laws affecting creditors&rsquo; rights and by general principles of equity (whether applied
in a proceeding at law or in equity)).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>No
Consents</U>. No consent, license, approval, order, permit or authorization of, or registration, filing or declaration with, any court,
administrative agency or commission or other Governmental Authority is required to be obtained or made in connection with Buyer&rsquo;s
execution, delivery and performance of this Agreement, the Closing Documents to which Buyer is a party or any of the transactions required
or contemplated hereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>No
Conflicts</U>. Buyer&rsquo;s execution, delivery and compliance with, and performance of the terms and provisions of, this Agreement and
the Closing Documents to which it is a party does not and will not (with or without notice or lapse of time or both) (i)&nbsp;conflict
with or result in any violation of its organizational documents, (ii)&nbsp;conflict with or result in any violation of any provision of
any bond, note or other instrument of indebtedness, indenture, mortgage, deed of trust or loan agreement to which it is a party in its
individual capacity, or (iii)&nbsp;violate any Applicable Law relating to Buyer or its subsidiaries or its assets or properties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Bankruptcy</U>.
Buyer is not a debtor under any bankruptcy proceedings, voluntary or involuntary, and has not made an assignment for the benefit of its
creditors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Litigation</U>.
There are no litigations, actions, suits, arbitrations, orders, decrees, claims, writs, injunctions, government investigations, proceedings
pending or threatened in writing against Buyer which, if determined adversely to such entity, would adversely affect in any material respect
the ability of Buyer to perform its obligations hereunder. Buyer is not a party to or subject to the provision of any judgment, order,
writ, injunction, decree or award of any Governmental Authority which would adversely affect in any material respect the ability of Buyer
to perform its obligations hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Anti-Money
Laundering Laws, Anti-Terrorism Laws, Trade Sanction Laws and Similar Laws</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">None
of Buyer or its Affiliates is (A)&nbsp;a person who is the subject or target of Sanctions; (B)&nbsp;a person ordinarily resident in Cuba,&nbsp;Iran,
North Korea, Sudan, Syria, or the Crimea region of Ukraine (each, a &ldquo;<U>Sanctioned Country</U>&rdquo;); (C)&nbsp;a person included
on a Government List; or (D)&nbsp;is owned in any amount or controlled by any person who is the subject or target of Sanctions or by any
Sanctioned Country.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">None
of Buyer or, to Buyer&rsquo;s knowledge, any of its officers, directors, employees, or agents is in violation of any Anti-Money Laundering
and Anti-Terrorism Laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">None
of Buyer or, to Buyer&rsquo;s knowledge, any of its officers, directors, employees, or agents, is acting, directly or indirectly, on behalf
of terrorists, terrorist organizations or narcotics traffickers, including those persons or entities that appear on the Executive Order,
or are included on any relevant lists maintained by the OFAC, the U.S. Department of State, or other U.S. government agencies, all as
may be amended from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iv)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Buyer
represents that the monies used in connection with this Agreement and amounts committed with respect thereto were not and are not derived
from any activities that contravene any applicable Sanctions, anti-bribery, or any Anti-Money Laundering and Anti-Terrorism Law (including
funds being derived from any person, entity, country or territory on a Government List or engaged in any unlawful activity defined under
Title 18 of the United States Code, Section&nbsp;1956(c)(7)).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(v)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">None
of Buyer, its Affiliates, or any Person with a controlling ownership interest in Buyer or its Affiliates is a Government Official.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;4.2</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Covenants
of Buyer</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Bookings</U>.
Buyer shall honor all existing Bookings and all other Bookings made in accordance with this Agreement for any period beginning on or after
the Closing Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Contracts</U>.
Buyer shall assume as of the Closing all of the Contracts (except for any documents evidencing or securing the Existing Financing (unless
Buyer elects to assume the documents evidencing or securing the Existing Financing, in which case Buyer will assume the documents evidencing
or securing the Existing Financing pursuant to the Existing Financing Assumption Documents) and any agreements or contracts that constitute
Excluded Assets), and all of Seller&rsquo;s rights, obligations and liabilities arising thereunder from and after the Closing Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Cooperation</U>.
Without releasing Seller from its obligations under this Agreement, Buyer shall reasonably cooperate with Seller and use commercially
reasonable efforts to obtain the executed Golf Course Lease Estoppel, Resort Lease Estoppel, Ground Lease Consent (including, without
limitation, Buyer providing disclosure information reasonably requested by the Ground Lessors), Existing Financing Estoppel (if applicable)
and assignment and written consent to assignment of Water Agreements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Survival</U>.
This Section&nbsp;4.2 shall survive Closing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">ARTICLE&nbsp;V</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="text-transform: uppercase"><U>CONDITIONS
PRECEDENT TO CLOSING</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;5.1</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Conditions
Precedent to Seller&rsquo;s Obligations</U>. The obligation of Seller to consummate the transfer of the Assets to Buyer on the Closing
Date is subject to the satisfaction (or waived by Seller, in its sole discretion) as of the Closing of the following conditions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Each
of the representations and warranties made by Buyer in this Agreement shall be true and correct in all material respects when made and
on and as of the Closing Date as though such representations and warranties were made on and as of the Closing Date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Buyer
shall have performed or complied in all material respects with each obligation and covenant required by this Agreement to be performed
or complied with by Buyer on or before the Closing;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Seller
(or Escrow Agent) shall have received all of the documents required to be delivered by Buyer under Section&nbsp;6.1;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Seller
(or Escrow Agent) shall have received the Purchase Price in accordance with Section&nbsp;2.2 and all other amounts due to Seller hereunder;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">No
order or injunction of any court or administrative agency of competent jurisdiction nor any statute, rule, regulation or executive order
promulgated by any Governmental Authority of competent jurisdiction shall be in effect as of the Closing which restrains or prohibits
the transfer of the Assets or the consummation of any other transaction contemplated hereby; provided that if Seller is the party invoking
this condition, it shall have used all reasonable efforts to have such order or injunction vacated;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">No
action, suit or other Proceeding shall be pending which shall have been brought by a Person that is not Seller or an Affiliate of Seller
to restrain, prohibit or change in any material respect the transactions contemplated under this Agreement, unless due to (i)&nbsp;any
action or (ii)&nbsp;any intentional omission, in each case of Seller or any Affiliate of Seller to contravene the terms of this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Seller
shall have obtained the Manager Waiver and the Manager Consent;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(h)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Seller
shall have obtained a Ground Lease Consent with respect to the Golf Course Lease and Resort Lease, subject to Buyer&rsquo;s Deemed Consent
Option; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Buyer
shall have obtained an Arizona transaction privilege tax license and shall have provided to Seller a properly completed Arizona Resale
Certificate (Arizona Form&nbsp;5000A &ndash; for the purchase of tangible personal property that Buyer will resell to customers in the
ordinary course of business, such as Inventory).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;5.2</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Conditions
Precedent to Buyer&rsquo;s Obligations</U>. The obligation of Buyer to purchase and pay for the Assets is subject to the satisfaction
(or waiver in writing by Buyer in Buyer&rsquo;s sole discretion) as of the Closing of the following conditions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Each
of the Seller Fundamental Representations shall be true and correct in all respects as of the Effective Date and as of the Closing. Each
of the other representations and warranties made by Seller in this Agreement shall be true and correct in all material respects when made
as of the Effective Date and on and as of the Closing Date (unless such representation or warranty is already subject to a materiality
qualifier, in which case such representation or warranty shall be true and correct in all respects) as though such representations and
warranties were again made by Seller on and as of the Closing Date (unless such representation or warranty is made on and as of a specific
date, in which case it shall be true and correct in all material respects as of such date);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Seller
shall have performed or complied in all material respects with each obligation and covenant required by this Agreement to be performed
or complied with by Seller on or before the Closing;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">No
order or injunction of any court or administrative agency of competent jurisdiction, nor any statute, rule, regulation or executive order
promulgated by any Governmental Authority of competent jurisdiction shall be in effect as of the Closing which restrains or prohibits
Buyer from acquiring the Assets (or Seller from transferring the Assets) or from Buyer consummating the transaction contemplated hereby;
provided that if Buyer is the party invoking this condition, it shall have used all reasonable efforts to have such order or injunction
vacated;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">No
action, suit or other Proceeding shall be pending which shall have been brought by a Person that is not Buyer or an Affiliate of Buyer
to restrain, prohibit or change in any material respect the transactions contemplated under this Agreement, unless due to (i)&nbsp;any
action or (ii)&nbsp;any intentional omission, in each case of Buyer or any Affiliate of Buyer to contravene the terms of this Agreement.
No action or proceeding shall have been commenced by or against Seller under the federal bankruptcy code or any state law for the relief
of debtors or for the enforcement of the rights of creditors, and no attachment, execution, lien or levy shall have attached to or been
issued with respect to Seller&rsquo;s interest in the Property or any portion thereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Buyer
shall have received a Ground Lease Consent with respect to the Golf Course Lease and the Resort Lease; provided that if the condition
set forth in this Section&nbsp;5.2(e)&nbsp;has not been satisfied by the scheduled Closing Date, then each of Seller and Buyer shall have
the right to extend the scheduled Closing as provided in Section&nbsp;14.3 below (in addition to any other adjournment rights Buyer may
have hereunder); provided, further, if the Ground Lease Consent for each of the Golf Course Lease and the Resort Lease is not obtained
by the scheduled Closing Date (as the same may be adjourned hereunder) and pursuant to the terms of each of the Golf Course Lease and
the Resort Lease Ground Lessor&rsquo;s consent to the transfer of the each such Ground Lease is deemed given, Buyer shall have the right,
but not the obligation, upon written notice to Seller, to determine in its sole discretion that the Ground Lessor Consent under this Section&nbsp;5.2(e)&nbsp;has
been obtained and such closing condition has been satisfied (&ldquo;<U>Buyer&rsquo;s Deemed Consent Option</U>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Buyer
shall have received a Ground Lease Estoppel with respect to the Golf Course Lease and the Resort Lease (it being understood and agreed
that the condition contained in this clause (f)&nbsp;shall not be satisfied if (i)&nbsp;the Ground Lease Estoppel discloses the existence
of a material default by Seller with respect to either the Golf Course Lease or Resort Lease or (ii)&nbsp;the Ground Lease Estoppel includes
any changes or revisions to Sections 1, 2, 3 or 4 of the form Ground Lease Estoppel on <U>Exhibit&nbsp;L</U> attached hereto or to the
definition of &ldquo;Ground Lease&rdquo; in such form Ground Lease Estoppel); provided that if the condition set forth in this Section&nbsp;5.2(f)&nbsp;has
not been satisfied by the scheduled Closing Date, then each of Seller and Buyer shall have the right to extend the scheduled Closing as
provided in Section&nbsp;14.3 below (in addition to any other adjournment rights Buyer may have hereunder);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Buyer
shall have received all of the documents required to be delivered by Seller under Section&nbsp;6.2;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(h)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Buyer
shall have received the Manager Waiver; provided that if the conditions set forth in this Section&nbsp;5.2(h)&nbsp;have not been satisfied
by the scheduled Closing Date, then each of Seller and Buyer shall have the right to extend the scheduled Closing to the Extended Deadline
as provided in Section&nbsp;14.2(a)&nbsp;below (in addition to any other adjournment rights Buyer may have hereunder);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">As
of the Closing, the Title Company shall have issued to Buyer (or to its designee or assignee), or the Title Company shall have irrevocably
and unconditionally committed in writing to Buyer to issue at the Closing, the Title Policy; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(j)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
Water Agreements shall have been validly assigned to Buyer (or Buyer&rsquo;s designee or assignee), accompanied by the written consent
of the City of Phoenix with respect to Water Agreement 75954.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;5.3</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Waiver
of Conditions Precedent</U>. The Closing shall constitute conclusive evidence that Seller and Buyer have respectively waived any conditions
which are not satisfied as of the Closing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">ARTICLE&nbsp;VI</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="text-transform: uppercase"><U>CLOSING
DELIVERIES</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;6.1</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Buyer
Closing Deliveries</U>. Buyer shall deliver the following documents to Escrow Agent on or before the Closing Date:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">an
assignment and assumption of Seller&rsquo;s interest in the Space Leases (the &ldquo;<U>Assignment of Space Leases</U>&rdquo;), duly executed
by Buyer in substantially the form of <U>Exhibit&nbsp;B</U> hereto;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">an
assignment and assumption of the Contracts and Equipment Leases (the &ldquo;<U>Assignment of Contracts</U>&rdquo;) duly executed by Buyer
in substantially the form of <U>Exhibit&nbsp;C</U> hereto;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">a
notice letter to the Tenants at the Property (collectively, the &ldquo;<U>Tenant Notices</U>&rdquo;) duly executed by Buyer, in substantially
the form of <U>Exhibit&nbsp;D</U> attached hereto;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">an
assignment of all warranties, permits, licenses and intangibles with respect to the Property, duly executed by Buyer in the form of <U>Exhibit&nbsp;E</U>
attached hereto (the &ldquo;<U>Assignment of Licenses, Permits, Warranties and General Intangibles</U>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">a
duly executed officer&rsquo;s certificate from Buyer certifying that Buyer has taken all necessary action to authorize the execution of
all documents being delivered hereunder and the consummation of all of the transactions contemplated hereby and that such authorization
has not been revoked, modified or amended;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">an
executed incumbency certificate from Buyer certifying the authority of the officers of Buyer to execute this Agreement and the other documents
delivered by Buyer to Seller at the Closing;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">an
assignment and assumption of Golf Course Lease (the &ldquo;<U>Assignment of Golf Course Lease</U>&rdquo;), duly executed by Buyer in substantially
the form of <U>Exhibit&nbsp;F-1</U> hereto;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(h)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">an
assignment and assumption of Resort Lease (the &ldquo;<U>Assignment of Resort Lease</U>&rdquo;), duly executed by Buyer in substantially
the form of <U>Exhibit&nbsp;F-2</U> hereto;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">subject
to Section&nbsp;14.2, either (i)&nbsp;an assignment and assumption of the Management Agreement (the &ldquo;<U>Assignment of Management
Agreement</U>&rdquo;), duly executed by Buyer in substantially the form of <U>Exhibit&nbsp;G</U> hereto, or (ii)&nbsp;a Replacement Management
Agreement duly executed by Buyer;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(j)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">(i)&nbsp;such
other assignments, instruments of transfer, and other documents as Seller may reasonably require in order to complete the transactions
contemplated hereunder, in each case, duly executed by Buyer (provided the same do not increase in any material respect the costs to,
or liability or obligations of, Buyer in a manner not otherwise provided for herein); and (ii)&nbsp;all other documents and instruments
which are required to be delivered and/or executed by Buyer pursuant to the terms of this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(k)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">an
assignment and assumption of Seller&rsquo;s interest in the Club Membership Arrangements (the &ldquo;<U>Assignment of Club Membership
Arrangements</U>&rdquo;), duly executed by Buyer in the form of <U>Exhibit&nbsp;K</U> hereto;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(l)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">an
Affidavit of Property Value with respect to each deed being recorded, duly executed by Buyer (unless Buyer authorized Escrow Agent to
sign on Buyer&rsquo;s behalf and Escrow Agent agrees to do so);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(m)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
exemption certificates identified in Section&nbsp;5.1(i)&nbsp;of this Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(n)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">a
closing statement prepared and approved by Seller and Buyer reflecting the adjustments and prorations contemplated under and in accordance
with Article&nbsp;X of the Agreement (the &ldquo;<U>Closing Statement</U>&rdquo;) duly executed by Buyer;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(o)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">for
Water Agreement 75954, a consent to assignment and assumption of contract for sale and use of non-potable/cap water for turf irrigation
(the &ldquo;<U>Assignment of Water Agreement</U>&rdquo;), duly executed by Buyer in substantially the form of <U>Exhibit&nbsp;S</U> attached
hereto;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(p)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">an
assignment and assumption of all construction contracts and warranties with respect to the Capital Expenditures Work (the &ldquo;<U>Assignment
of Construction Contracts</U>&rdquo;), duly executed by Buyer in substantially the form of <U>Exhibit&nbsp;T</U> hereto; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(q)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">a
memorandum of lease between Buyer and Ground Lessor relating to the Golf Course Lease (the &ldquo;<U>Memorandum of Golf Course Lease</U>&rdquo;),
duly executed by Buyer in substantially the form of <U>Exhibit&nbsp;U-1</U> hereto; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(r)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">a
memorandum of lease between Buyer and Ground Lessor relating to the Resort Lease (the &ldquo;<U>Memorandum of Resort Lease</U>&rdquo;),
duly executed by Buyer in substantially the form of <U>Exhibit&nbsp;U-2</U> hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;6.2</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Seller
Closing Deliveries</U>. Seller shall deliver the following documents to Escrow Agent on or before the Closing Date:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">a
special warranty deed with respect to the Fee Land, duly executed by Seller in the form of <U>Exhibit&nbsp;N</U> hereto;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
Assignment of Space Leases, duly executed by Seller;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
Assignment of Contracts, duly executed by Seller;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">a
bill of sale with respect to the Personal Property located at the Property, duly executed by Seller in the form of <U>Exhibit&nbsp;H</U>
hereto;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
Assignment of Licenses, Permits, Water Permits, Warranties and General Intangibles, duly executed by Seller;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(f)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
Assignment of Golf Course Lease, duly executed by Seller;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(g)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
Assignment of Resort Lease, duly executed by Seller;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(h)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">subject
to Section&nbsp;14.2, either (i)&nbsp;the Assignment of Management Agreement, duly executed by Seller, or (ii)&nbsp;a Replacement Management
Agreement, duly executed by Manager;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">an
Assignment of Club Membership Arrangements, duly executed by Seller;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(j)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
Tenant Notices, duly executed by Seller;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(k)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">to
the extent received pursuant to Section&nbsp;14.3, a Ground Lease Consent, duly executed by the Ground Lessor with respect to each of
the Golf Course Lease and the Resort Lease (provided that nothing in this subsection (k)&nbsp;is intended to alter the provisions of Section&nbsp;5.2(e)&nbsp;hereof);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(l)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">a
duly executed officer&rsquo;s certificate from Seller certifying that Seller has taken all necessary action to authorize the execution
of all documents being delivered hereunder and the consummation of all of the transactions contemplated hereby and that such authorization
has not been revoked, modified or amended;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(m)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">an
executed incumbency certificate from Seller certifying the authority of the officers of Seller to execute this Agreement and the other
documents delivered by Seller to Buyer at the Closing;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(n)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">all
transfer tax returns which are required by law and the regulations issued pursuant thereto in connection with the payment of all state
or local real property transfer taxes that are payable or arise as a result of the consummation of the transactions contemplated by this
Agreement, in each case, as prepared by Seller and Buyer, and duly executed by Seller;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(o)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">an
affidavit that Seller (or if Seller is a Disregarded Entity for U.S. federal income tax purposes, the owner of Seller for U.S. federal
income tax purposes) is not a &ldquo;foreign person&rdquo; within the meaning of Section&nbsp;1445 of the Code, in substantially the form
of <U>Exhibit&nbsp;I</U> hereto;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(p)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">an
Affidavit of Property Value with respect to each deed being recorded, duly executed by Seller;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(q)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">a
Closing Statement, duly executed by Seller;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(r)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
Title Affidavit, duly executed by Seller;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(s)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">resignation
letters from any officer or member of the board of the Desert Ridge Association appointed by or on behalf of Seller, in each case, other
than members appointed by Manager pursuant to the Management Agreement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(t)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">if
received prior to the Closing Date, Tax Clearance Certificate;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(u)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">appropriate
documentation for the transfer of any vehicles owned by Seller, as reasonably requested by Buyer;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(v)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">(i)&nbsp;for
Water Agreement 75954, an Assignment of Water Agreement, duly executed by Seller and (ii)&nbsp;to the extent received pursuant to Section&nbsp;14.4,
the written consent of the City of Phoenix with respect to Water Agreement 75954 (provided that nothing in this subsection (v)&nbsp;is
intended to alter the provisions of Section&nbsp;5.2(j)&nbsp;hereof);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(w)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">to
the extent received pursuant to Section&nbsp;14.2, the Manager Consent and the Manager Estoppel;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(x)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">(i)&nbsp;if
Buyer elects to assume the Existing Financing pursuant to Section&nbsp;2.3(c), the Existing Financing Assumption Documents which Seller
is a party to duly executed by Seller and (ii)&nbsp;to the extent received pursuant to Section&nbsp;2.3(c), the Existing Financing Assumption
Documents and the Existing Financing Estoppel duly executed by Lender;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(y)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
Assignment of Construction Contracts, duly executed by Seller;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(z)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">a
termination of memorandum of lease for the memorandum of lease relating to the Golf Course Lease between Seller and Ground Lessor, duly
executed by Seller and Ground Lessor, in substantially the form of <U>Exhibit&nbsp;V-1</U> hereto;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(aa)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">a
termination of memorandum of lease for the memorandum of lease relating to the Resort Lease between Seller and Ground Lessor, duly executed
by Seller and Ground Lessor, in substantially the form of <U>Exhibit&nbsp;V-2</U> hereto;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(bb)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">the
Memorandum of Golf Course Lease and the Memorandum of Resort Lease, duly executed by Ground Lessor; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(cc)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">(i)&nbsp;such
other assignments, instruments of transfer, and other documents as Buyer may reasonably require in order to complete the transactions
contemplated hereunder, in each case, duly executed by Seller (provided the same do not increase in any material respect the costs to,
or liability or obligations of, Seller in a manner not otherwise provided for herein); and (ii)&nbsp;all other documents and instruments
which are required to be delivered and/or executed by Seller pursuant to the terms of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">ARTICLE&nbsp;VII</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="text-transform: uppercase"><U>INSPECTIONs;
RELEASE</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;7.1</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>General
Right of Inspection</U>. (a)&nbsp; Through the earlier of Closing or the termination of this Agreement in accordance with the terms hereof,
Buyer and its agents shall have the right, at reasonable times and upon reasonable prior written notice (which may be by email) to Seller
(which shall in any event be at least 24 hours in advance) and at Buyer&rsquo;s sole cost, risk and expense, to inspect the Property
during normal business hours on Business Days, <U>provided</U>, <U>however</U>, that any such inspection shall not unreasonably impede
the normal day to day business operation of the Property. Until Closing or the earlier termination of this Agreement, Buyer may also
review, to the extent that such items are existing and in Seller&rsquo;s possession or control, the current books and records concerning
the Property, certificates of occupancy, as built plans and specifications, surveys, rent rolls, tax statements, inventory lists, service
and maintenance agreements, and other instruments, documents and agreements reasonably requested by Buyer to investigate the Property,
excluding proprietary documents and information, documents and information which are subject to confidentiality agreements which do not
permit their disclosure to Buyer, and documents and information subject to the attorney client privilege. Except as otherwise provided
in Section&nbsp;7.1(b)&nbsp;below, and notwithstanding the foregoing, Buyer shall not have the right to interview any tenants, hotel
guests, licensees, any Ground Lessor, any officer, director or board member of the Desert Ridge Association or other homeowners association
or other users or occupants of the Property, or any employees, union representatives or Governmental Authorities with respect to the
Property or the Assets, in each case, without the prior written consent of Seller (which may be granted or denied in Seller&rsquo;s sole
discretion). In addition, Buyer shall not have the right to do any invasive testing of the Property without the prior written consent
of Seller (which may be granted or denied in Seller&rsquo;s sole and absolute discretion). A representative of Seller shall be entitled
to accompany Buyer and its agents on any such permitted inspections, interviews or testing. Buyer&rsquo;s right of inspection of the
Property shall be subject to the rights of tenants under the Space Leases, the rights of each of the Ground Lessors under the Ground
Leases, hotel guests and licensees and the rights of Manager under the Management Agreement. Prior to any such inspection, Buyer shall
deliver to Seller certificates reasonably satisfactory to Seller evidencing that Buyer&rsquo;s consultants and agents carry and maintain
such general liability insurance policies with such companies and in such scope and amounts as are acceptable to Seller in its reasonable
discretion, in all cases naming Seller, any Seller-Related Persons and any parties required under the terms of the Existing Financing
as additional insureds thereunder. Buyer hereby agrees to indemnify, defend and hold harmless Seller and all Seller-Related Persons from
and against all Losses arising out of, resulting from or relating to or in connection with or from any such inspection by Buyer or its
agents, except to the extent such claim or damage was caused solely by the gross negligence or willful misconduct of Seller or Seller&rsquo;s
agents. At Seller&rsquo;s request, Buyer will promptly furnish to Seller copies of any environmental or engineering reports (except any
portion thereof containing proprietary information regarding Buyer) obtained or procured by Buyer relating to the Property, and copies
of reports of any inspections of the Property. The provisions of this Section&nbsp;7.1 shall survive the Closing or the termination of
this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Buyer
shall have the right to discuss with representatives of Governmental Authorities, the Ground Lessor, the Existing Lender (following Buyer&rsquo;s
delivery of an Existing Finance Election Notice) and the Desert Ridge Association, the Property, the Existing Financing (subject to the
foregoing) and any documents contemplated by this Agreement in connection with the Closing (<I>e.g</I>., the Desert Ridge CCR Estoppel),
provided that (i)&nbsp;such discussions relate solely to such documents or the prospects for approval of an expansion of the Property,
(ii)&nbsp;Buyer shall have provided reasonable prior telephone or written notice (which may be via email) at least 48 hours in advance
unless otherwise agreed to by Seller, and (iii)&nbsp;Seller or an Agent of Seller shall be permitted to be present during any such discussions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;7.2</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><B><U>DISCLAIMER</U></B>.
<B>ANY INFORMATION OR MATERIALS HERETOFORE OR HEREAFTER PROVIDED OR MADE AVAILABLE BY OR ON BEHALF OF SELLER OR ITS AGENTS, CONSULTANTS,
AFFILIATES OR REPRESENTATIVES TO BUYER OR ITS AGENTS, CONSULTANTS, AFFILIATES OR REPRESENTATIVES WITH RESPECT TO THE ASSETS, OR THE PAST,
PRESENT OR ANTICIPATED FUTURE RESULTS OF THE OPERATION OF THE ASSETS,&nbsp;INCLUDING ANY INFORMATION OR MATERIALS IN THE ASSET FILE,&nbsp;IS
SOLELY FOR BUYER&rsquo;S CONVENIENCE AND NOT WITH THE INTENT OR EXPECTATION THAT BUYER OR ITS AGENTS, CONSULTANTS, AFFILIATES OR REPRESENTATIVES
MAY&nbsp;RELY THEREON. SELLER HAS NOT MADE ANY INDEPENDENT INVESTIGATION OR VERIFICATION OF SUCH INFORMATION AND, EXCEPT AS MAY&nbsp;BE
EXPRESSLY SET FORTH IN THIS AGREEMENT OR IN ANY CLOSING DOCUMENT, SELLER AND ITS AFFILIATES MAKE NO (AND EXPRESSLY DISCLAIM ALL) REPRESENTATIONS,
WARRANTIES OR ASSURANCES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, AS TO THE ACCURACY OR COMPLETENESS OF SUCH INFORMATION. BUYER AGREES
THAT IT IS SOLELY RESPONSIBLE, THROUGH ITS OWN INVESTIGATIONS,&nbsp;INQUIRIES AND DUE DILIGENCE, FOR TESTING OR CONFIRMING THE ACCURACY
OR COMPLETENESS OF SUCH INFORMATION AND MATERIALS AND FOR DISCOVERING OR CONFIRMING FOR ITSELF ALL FACTS OR OTHER INFORMATION REGARDING
THE ASSETS AND OPERATIONS THEREOF AS BUYER MAY&nbsp;DEEM RELEVANT PRIOR TO EXECUTING THIS AGREEMENT. NEITHER SELLER NOR ANY SELLER-RELATED
PERSONS SHALL BE LIABLE FOR ANY MISTAKES, OMISSIONS OR INCORRECT OR INCOMPLETE STATEMENTS, DATA OR FIGURES IN ANY SUCH INFORMATION OR
MATERIALS OR FOR ANY FAILURE TO INVESTIGATE TO ASCERTAIN THE VERACITY, ACCURACY OR COMPLETENESS OF ANY SUCH INFORMATION OR MATERIALS
OR THE CONDITION OR RESULTS OF OPERATION OF THE ASSETS. NEITHER SELLER NOR ANY SELLER-RELATED PERSONS SHALL BE BOUND IN ANY MANNER BY
ANY VERBAL OR WRITTEN STATEMENTS, REPRESENTATIONS, APPRAISALS, ENVIRONMENTAL ASSESSMENT REPORTS OR OTHER INFORMATION PERTAINING TO THE
ASSETS OR THE OPERATION THEREOF FURNISHED BY SELLER OR ON BEHALF OF SELLER BY ANY SELLER-RELATED PERSONS OR ANY OTHER PERSON OR ENTITY
ACTING ON SELLER&rsquo;S BEHALF EXCEPT,&nbsp;IN EACH CASE, AS EXPRESSLY SET FORTH IN THIS AGREEMENT OR IN ANY OF THE CLOSING DOCUMENTS.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;7.3</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><B><U>EXAMINATION;
NO CONTINGENCIES</U>.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><B>IN
ENTERING INTO THIS AGREEMENT, BUYER HAS NOT BEEN INDUCED BY AND HAS NOT RELIED UPON ANY WRITTEN OR ORAL REPRESENTATIONS, WARRANTIES OR
STATEMENTS, WHETHER EXPRESS OR IMPLIED, MADE BY SELLER, OR ANY AFFILIATE OF SELLER, OR ANY OFFICER, DIRECTOR, AGENT, EMPLOYEE, OR OTHER
REPRESENTATIVE OF ANY OF THE FOREGOING OR BY ANY BROKER OR ANY OTHER PERSON REPRESENTING OR PURPORTING TO REPRESENT SELLER WITH RESPECT
TO THE ASSETS, THE CONDITION OF THE ASSETS, THE RESULTS OF THE OPERATION OF THE ASSETS, OR ANY OTHER MATTER AFFECTING OR RELATING TO
THE TRANSACTIONS CONTEMPLATED HEREBY, OTHER THAN THOSE EXPRESSLY SET FORTH IN THIS AGREEMENT OR THE CLOSING DOCUMENTS. BUYER&rsquo;S
OBLIGATIONS UNDER THIS AGREEMENT SHALL NOT BE SUBJECT TO ANY CONTINGENCIES, DILIGENCE OR CONDITIONS EXCEPT AS EXPRESSLY SET FORTH IN
THIS AGREEMENT OR THE CLOSING DOCUMENTS. BUYER ACKNOWLEDGES AND AGREES THAT, EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT OR IN THE
CLOSING DOCUMENTS EXECUTED AND DELIVERED BY SELLER AT CLOSING, SELLER MAKES NO REPRESENTATIONS OR WARRANTIES WHATSOEVER, WHETHER EXPRESS
OR IMPLIED OR ARISING BY OPERATION OF LAW, WITH RESPECT TO THE ASSETS OR THE CONDITION OF THE ASSETS. BUYER AGREES THAT, EXCEPT AS MAY&nbsp;BE
EXPRESSLY STATED IN THIS AGREEMENT OR ANY OF THE CLOSING DOCUMENTS EXECUTED AND DELIVERED BY SELLER AT CLOSING, THE ASSETS WILL BE SOLD
AND CONVEYED TO (AND ACCEPTED BY) BUYER AT THE CLOSING IN THEIR THEN-EXISTING CONDITION, AS IS, WHERE IS, WITH ALL FAULTS, AND WITHOUT
ANY WRITTEN OR VERBAL REPRESENTATIONS OR WARRANTIES WHATSOEVER, WHETHER EXPRESS OR IMPLIED OR ARISING BY OPERATION OF LAW OR STATUTE,&nbsp;INCLUDING,
WITHOUT LIMITATION, (I)&nbsp;ANY AND ALL STATUTORY, EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES RELATED TO THE SUITABILITY FOR HABITATION,
MERCHANTABILITY, OR FITNESS FOR A PARTICULAR PURPOSE, (II)&nbsp;ANY STATUTORY, EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES OF ANY
KIND, OR (III)&nbsp;ANY OTHER STATUTORY, EXPRESS OR IMPLIED REPRESENTATIONS OR WARRANTIES BY SELLER WHATSOEVER. BUYER ACKNOWLEDGES THAT
BUYER HAS KNOWLEDGE AND EXPERTISE IN FINANCIAL, REAL ESTATE AND BUSINESS MATTERS THAT ENABLE BUYER TO EVALUATE THE MERITS AND RISKS OF
THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><B></B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><B>FOR
PURPOSES OF THIS AGREEMENT, THE TERM &ldquo;<U>CONDITION OF THE ASSETS</U>&rdquo; INCLUDES, WITHOUT LIMITATION, THE FOLLOWING MATTERS:</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(i)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><B><U>PHYSICAL
CONDITION OF THE PROPERTY</U>. THE QUALITY, NATURE AND ADEQUACY OF THE PHYSICAL CONDITION OF THE ASSETS INCLUDING, WITHOUT LIMITATION,
THE QUALITY OF THE DESIGN, LABOR AND MATERIALS USED TO CONSTRUCT THE IMPROVEMENTS INCLUDED IN THE PROPERTY; THE CONDITION OF THE IMPROVEMENTS,&nbsp;INCLUDING
THE STRUCTURAL ELEMENTS, FOUNDATIONS, ROOFS, GLASS, MECHANICAL, PLUMBING, ELECTRICAL, HVAC, SEWAGE, AND UTILITY COMPONENTS AND SYSTEMS;
THE CAPACITY OR AVAILABILITY OF SEWER, WATER, OR OTHER UTILITIES; THE GEOLOGY, FLORA, FAUNA, SOILS, SUBSURFACE CONDITIONS, GROUNDWATER,
LANDSCAPING, AND IRRIGATION OF OR WITH RESPECT TO THE PROPERTY, THE LOCATION OF THE PROPERTY IN OR NEAR ANY SPECIAL TAXING DISTRICT, FLOOD
HAZARD ZONE, WETLANDS AREA, PROTECTED HABITAT, GEOLOGICAL FAULT OR SUBSIDENCE ZONE, HAZARDOUS WASTE DISPOSAL OR CLEAN-UP SITE, OR OTHER
SPECIAL AREA, THE EXISTENCE, LOCATION, OR CONDITION OF INGRESS, EGRESS, ACCESS, AND PARKING; THE CONDITION OF THE PERSONAL PROPERTY AND
ANY FIXTURES; AND THE ENVIRONMENTAL STATE OR CONDITION OF THE PROPERTY,&nbsp;INCLUDING THE ACTUAL OR POSSIBLE PRESENCE IN, ON, UNDER OR
NEAR THE PROPERTY, OR THE TRANSPORTATION TO OR FROM THE PROPERTY, OF ANY HAZARDOUS MATERIALS, OR OTHER HAZARDOUS, DANGEROUS, OR TOXIC
SUBSTANCES, MATERIALS OR WASTE. &ldquo;<U>HAZARDOUS MATERIALS</U>&rdquo; MEANS (A)&nbsp;THOSE SUBSTANCES INCLUDED WITHIN THE DEFINITIONS
OF ANY ONE OR MORE OF THE TERMS &ldquo;HAZARDOUS SUBSTANCES,&rdquo; &ldquo;TOXIC POLLUTANTS&rdquo;, &ldquo;HAZARDOUS MATERIALS&rdquo;,
 &ldquo;TOXIC SUBSTANCES&rdquo;, AND &ldquo;HAZARDOUS WASTE&rdquo; IN THE COMPREHENSIVE ENVIRONMENTAL RESPONSE, COMPENSATION AND LIABILITY
ACT, 42 U.S.C. &sect; 9601 ET SEQ. (AS AMENDED), THE HAZARDOUS MATERIALS TRANSPORTATION ACT, AS AMENDED, 49 U.S.C. SECTIONS 1801 ET SEQ.,
THE RESOURCE CONSERVATION AND RECOVERY ACT OF 1976 AS AMENDED, 42 U.S.C. SECTION&nbsp;6901 ET SEQ., SECTION&nbsp;311 OF THE CLEAN WATER
ACT, 15 U.S.C. &sect; 2601 ET SEQ., 33 U.S.C. &sect; 1251 ET SEQ., 42 U.S.C. 7401 ET SEQ., AND THE REGULATIONS AND PUBLICATIONS ISSUED
UNDER ANY SUCH LAWS, (B)&nbsp;PETROLEUM, RADON GAS, LEAD BASED PAINT, ASBESTOS OR ASBESTOS CONTAINING MATERIAL AND POLYCHLORINATED BIPHENYLS,
(C)&nbsp;MOLD OR CONDITIONS AT THE PROPERTY THAT MAY&nbsp;PRESENT A RISK OF MOLD OR (D)&nbsp;OTHER SUBSTANCES, WASTES OR MATERIALS LISTED
OR DEFINED BY ANY STATE OR LOCAL STATUTES, REGULATIONS AND ORDINANCES PERTAINING TO THE PROTECTION OF HUMAN HEALTH AND THE ENVIRONMENT.</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(ii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><B><U>ADEQUACY
OF THE ASSETS</U>. THE ECONOMIC FEASIBILITY, CASH FLOW AND EXPENSES OF THE PROPERTY AND OTHER ASSETS, AND THE HABITABILITY, MERCHANTABILITY,
FITNESS, SUITABILITY AND ADEQUACY OF THE PROPERTY AND OTHER ASSETS FOR ANY PARTICULAR USE OR PURPOSE.</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iii)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><B><U>LEGAL
COMPLIANCE OF THE ASSET</U>. THE COMPLIANCE OR NON-COMPLIANCE OF SELLER, THE PROPERTY, THE OTHER ASSETS OR THE OPERATION OF ANY PART&nbsp;THEREOF
IN ACCORDANCE WITH (I)&nbsp;APPLICABLE LAWS,&nbsp;INCLUDING, BUT NOT LIMITED TO, ALL CODES, LAWS, ORDINANCES, REGULATIONS, AGREEMENTS,
LICENSES, PERMITS, APPROVALS AND APPLICATIONS OF OR WITH ANY GOVERNMENTAL AUTHORITIES RELATING TO ZONING, BUILDING, PUBLIC WORKS, PARKING,
FIRE AND POLICE ACCESS, ACCESS OR ACCESSIBILITY BY PERSONS WITH DISABILITIES, FIRE OR LIFE SAFETY, SUBDIVISION AND SUBDIVISION SALES,
AND HAZARDOUS MATERIALS, DANGEROUS, AND TOXIC SUBSTANCES, MATERIALS, CONDITIONS OR WASTE,&nbsp;INCLUDING, WITHOUT LIMITATION, THE PRESENCE
OF HAZARDOUS MATERIALS IN, ON, UNDER OR ABOUT THE ASSETS THAT WOULD CAUSE STATE OR FEDERAL AGENCIES TO ORDER A CLEAN UP OF THE ASSETS
UNDER ANY APPLICABLE LEGAL REQUIREMENTS AND (II)&nbsp;ALL AGREEMENTS, COVENANTS, CONDITIONS, RESTRICTIONS (PUBLIC OR PRIVATE), CONDOMINIUM
PLANS, DEVELOPMENT AGREEMENTS, SITE PLANS, BUILDING PERMITS, BUILDING RULES, AND OTHER INSTRUMENTS AND DOCUMENTS GOVERNING OR AFFECTING
THE USE, MANAGEMENT, AND OPERATION OF THE ASSETS.</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(iv)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><B><U>MATTERS
DISCLOSED IN THE SCHEDULES AND THE ASSET FILE</U>. THOSE MATTERS REFERRED TO IN THIS AGREEMENT AND THE DOCUMENTS LISTED ON THE SCHEDULES
ATTACHED HERETO AND THE MATTERS DISCLOSED IN THE ASSET FILE.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(v)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><B><U>INSURANCE</U>.
THE AVAILABILITY, COST, TERMS AND COVERAGE OF LIABILITY, HAZARD, COMPREHENSIVE AND ANY OTHER INSURANCE OF OR WITH RESPECT TO THE ASSETS
OR ANY PORTION THEREOF.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(vi)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><B><U>CONDITION
OF TITLE</U>. SUBJECT TO SECTION&nbsp;8.3, THE CONDITION OF TITLE TO THE PROPERTY,&nbsp;INCLUDING, WITHOUT LIMITATION, THE VESTING OF
TITLE, THE LEGAL DESCRIPTION OF THE LAND, TITLE DEFECTS, LIENS, ENCUMBRANCES, BOUNDARIES, ENCROACHMENTS, MINERAL RIGHTS, OPTIONS, EASEMENTS,
ACCESS AND OTHER MATTERS AFFECTING TITLE; THE EXISTENCE OR ABSENCE OF VIOLATIONS OF RESTRICTIVE COVENANTS, ZONING ORDINANCES, SETBACK
LINES, OR DEVELOPMENT AGREEMENTS; THE AVAILABILITY, COST, AND COVERAGE OF TITLE INSURANCE; LEASES, RENTAL AGREEMENTS, OCCUPANCY AGREEMENTS,
AND RIGHTS OF PARTIES IN POSSESSION OF, USING, OR OCCUPYING THE PROPERTY.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;7.4</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><B><U>RELEASE</U></B>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><B>BUYER
HEREBY AGREES THAT SELLER, AND EACH OF SELLER&rsquo;S PARTNERS, MEMBERS, TRUSTEES, DIRECTORS, OFFICERS, EMPLOYEES, REPRESENTATIVES, PROPERTY
MANAGERS, ASSET MANAGERS, AGENTS, ATTORNEYS, AFFILIATES AND RELATED ENTITIES, HEIRS, SUCCESSORS, AND ASSIGNS (COLLECTIVELY, THE &ldquo;<U>RELEASEES</U>&rdquo;)
SHALL BE, AND ARE HEREBY, FULLY AND FOREVER RELEASED AND DISCHARGED FROM ANY AND ALL LIABILITIES, LOSSES, CLAIMS (INCLUDING THIRD PARTY
CLAIMS), DEMANDS, DAMAGES (OF ANY NATURE WHATSOEVER), CAUSES OF ACTION, COSTS, PENALTIES, FINES, JUDGMENTS, ATTORNEYS&rsquo; FEES, CONSULTANTS&rsquo;
FEES AND COSTS AND EXPERTS&rsquo; FEES (COLLECTIVELY, THE &ldquo;<U>CLAIMS</U>&rdquo;) WITH RESPECT TO ANY AND ALL CLAIMS, WHETHER DIRECT
OR INDIRECT, KNOWN OR UNKNOWN, FORESEEN OR UNFORESEEN, THAT MAY&nbsp;ARISE ON ACCOUNT OF OR IN ANY WAY BE CONNECTED WITH THE ASSETS OR
THE PROPERTY OR ANY PORTION THEREOF INCLUDING, WITHOUT LIMITATION, THE PHYSICAL, ENVIRONMENTAL AND STRUCTURAL CONDITION OF THE ASSETS
OR THE PROPERTY OR ANY LAW OR REGULATION APPLICABLE THERETO,&nbsp;INCLUDING, WITHOUT LIMITATION, ANY CLAIM OR MATTER (REGARDLESS OF WHEN
IT FIRST APPEARED) RELATING TO OR ARISING FROM (A)&nbsp;THE PRESENCE OF ANY ENVIRONMENTAL PROBLEMS, OR THE USE, PRESENCE, STORAGE, RELEASE,
DISCHARGE, OR MIGRATION OF HAZARDOUS MATERIALS ON,&nbsp;IN, UNDER OR AROUND THE PROPERTY REGARDLESS OF WHEN SUCH HAZARDOUS MATERIALS WERE
FIRST INTRODUCED IN, ON OR ABOUT THE PROPERTY, (B)&nbsp;ANY PATENT OR LATENT DEFECTS OR DEFICIENCIES WITH RESPECT TO THE ASSETS, (C)&nbsp;ANY
AND ALL MATTERS RELATED TO THE ASSETS OR ANY PORTION THEREOF,&nbsp;INCLUDING WITHOUT LIMITATION, THE CONDITION AND/OR OPERATION OF THE
ASSETS AND EACH PART&nbsp;THEREOF, (D)&nbsp;ANY AND ALL MATTERS RELATED TO THE CURRENT OR FUTURE ZONING OR USE OF THE PROPERTY, AND (E)&nbsp;THE
PRESENCE, RELEASE AND/OR REMEDIATION OF ASBESTOS AND ASBESTOS CONTAINING MATERIALS IN, ON OR ABOUT THE PROPERTY REGARDLESS OF WHEN SUCH
ASBESTOS AND ASBESTOS CONTAINING MATERIALS WERE FIRST INTRODUCED IN, ON OR ABOUT THE PROPERTY; <U>PROVIDED</U>, <U>HOWEVER</U>, THAT IN
NO EVENT SHALL RELEASEES BE RELEASED FROM ANY CLAIMS ARISING OUT OF ANY BREACH BY THEM OF ANY REPRESENTATIONS, WARRANTIES OR COVENANTS
EXPRESSLY MADE BY THEM IN THIS AGREEMENT OR ANY CLOSING DOCUMENTS. BUYER HEREBY WAIVES AND AGREES NOT TO COMMENCE ANY ACTION, LEGAL PROCEEDING,
CAUSE OF ACTION OR SUITS IN LAW OR EQUITY, OF WHATEVER KIND OR NATURE,&nbsp;INCLUDING, BUT NOT LIMITED TO, A PRIVATE RIGHT OF ACTION UNDER
THE FEDERAL SUPERFUND LAWS, 42 U.S.C. SECTIONS 9601 ET SEQ. AND SIMILAR STATE ENVIRONMENTAL LAWS (AS SUCH LAWS AND STATUTES MAY&nbsp;BE
AMENDED, SUPPLEMENTED OR REPLACED FROM TIME TO TIME), DIRECTLY OR INDIRECTLY, AGAINST THE RELEASEES OR THEIR AGENTS IN CONNECTION WITH
CLAIMS OF THE KIND DESCRIBED ABOVE, SUBJECT TO THE PROVISO IN THE IMMEDIATELY PRECEDING SENTENCE.</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><B>IN
THIS CONNECTION AND TO THE GREATEST EXTENT PERMITTED BY LAW, BUYER HEREBY AGREES THAT BUYER REALIZES, ACKNOWLEDGES AND ACCEPTS THAT FACTUAL
MATTERS NOT KNOWN TO IT MAY&nbsp;HAVE GIVEN OR MAY&nbsp;HEREAFTER GIVE RISE TO CAUSES OF ACTION, CLAIMS, DEMANDS, DEBTS, CONTROVERSIES,
DAMAGE, COSTS, LOSSES AND EXPENSES WHICH ARE PRESENTLY UNKNOWN, UNANTICIPATED AND UNSUSPECTED, AND BUYER FURTHER AGREES THAT THE WAIVERS
AND RELEASES HEREIN HAVE BEEN NEGOTIATED AND AGREED UPON IN LIGHT OF THAT REALIZATION AND THAT BUYER NEVERTHELESS HEREBY INTENDS TO RELEASE,
DISCHARGE AND ACQUIT SELLER FROM ANY SUCH UNKNOWN CLAIMS, DEBTS, AND CONTROVERSIES WHICH MIGHT IN ANY WAY BE CONSIDERED TO BE A MATERIAL
PORTION OF THE CONSIDERATION GIVEN TO SELLER BY BUYER IN EXCHANGE FOR SELLER&rsquo;S PERFORMANCE HEREUNDER.</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><B>THE
PROVISIONS OF THIS SECTION&nbsp;7.4 SHALL SURVIVE THE CLOSING AND SHALL NOT BE DEEMED MERGED INTO ANY INSTRUMENT OR CONVEYANCE DELIVERED
AT THE CLOSING.</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">ARTICLE&nbsp;VIII</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="text-transform: uppercase"><U>TITLE
AND PERMITTED EXCEPTIONS</U></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;8.1</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Permitted
Exceptions</U>. The Property shall be sold and conveyed to Buyer or Buyer&rsquo;s designee or permitted assignee, and Buyer agrees to
purchase Seller&rsquo;s interest in the Property in accordance with this Agreement, subject only to the Permitted Exceptions.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;8.2</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Title
Commitment; Surveys</U>. All title exceptions and matters set forth in the Title Commitment and on the Survey which are Permitted Exceptions
are hereby approved by Buyer. Buyer is solely responsible for obtaining any updated title commitments, surveys, or any other title related
matters Buyer desires with respect to the Property.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;8.3</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Certain
Exceptions to Title; Inability to Convey</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">In
the event Seller is unable to convey its interest to the Property subject only to the Permitted Exceptions (through no breach, default
or fault of Seller), Buyer may elect, as its sole and exclusive remedy therefore, to either (x)&nbsp;subject to Seller&rsquo;s rights
under the immediately succeeding sentence, terminate this Agreement by giving written notice to Seller and Escrow Agent, in which event
the Earnest Money shall be returned to Buyer and, thereafter, the parties shall have no further rights or obligations hereunder except
for those obligations which expressly survive the termination of this Agreement, (y)&nbsp;request that Title Company insure over any matter
that is not a Permitted Exception in a manner reasonably acceptable to Buyer, and if Buyer so elects to have such matter insured over
in accordance with the following sentence, Seller shall be responsible for paying the cost of such title endorsement, or (z)&nbsp;waive
in writing such title objections, in which event such title objections shall be deemed additional <U>Permitted Exceptions</U> and the
Closing shall occur as herein provided without any reduction of or credit against the Purchase Price. Seller may elect (but shall not
be obligated) to remove or cause to be removed, or insured over (in a manner reasonably acceptable to Buyer), at its expense any title
matters which are not Permitted Exceptions, and shall be entitled to a reasonable adjournment of the Closing (not to exceed forty-five
(45) days) for the purpose of such removal, which removal will be deemed effected by the issuance of title insurance eliminating or insuring
against the effect of such title matter. In no event shall Buyer be obligated to pay or deposit any Additional Earnest Money as a result
of any adjournment of the Closing requested or required by Seller. Notwithstanding anything in this Agreement to the contrary, Seller
shall be obligated at Closing to cause the release or discharge of (i)&nbsp;any Voluntary Encumbrance created by Seller (or filed of record
by Seller) on or after the Effective Date (each, a &ldquo;<U>Post-Effective Date Voluntary Encumbrance</U>&rdquo;), and any monetary judgment
against Seller filed against the Property, (ii)&nbsp;the deed(s)&nbsp;of trust related to the Existing Financing (unless the documents
evidencing or securing the Existing Financing will be assumed by Buyer at Closing pursuant to the Existing Financing Assumption Documents)
or any other deed of trust, mortgage or security agreement incurred by Seller which secures indebtedness that encumbers the Property (excluding
Equipment Leases), and (iii)&nbsp;any Lien encumbering the Property that is not a Permitted Exception and may be removed by the payment
of a sum of money including, without limitation, mechanic&rsquo;s liens (each, a &ldquo;<U>Post-Effective Date Monetary Encumbrance</U>&rdquo;),
<U>provided</U>, Seller shall not be obligated to spend more than $1,500,000 in the aggregate with respect to any Post-Effective Date
Monetary Encumbrances (the &ldquo;<U>Monetary Encumbrance Cap</U>&rdquo;), and <U>provided</U>, further that if a Post-Effective Date
Voluntary Encumbrance or Post-Effective Date Monetary Encumbrance is omitted from the Title Policy (or is otherwise insured over by the
Title Company in a manner reasonably acceptable to Buyer) then Seller shall be deemed to have satisfied the provisions of this sentence
and caused the release of such Post-Effective Date Voluntary Encumbrance or Post-Effective Date Monetary Encumbrance; it being acknowledged
and agreed that (x)&nbsp;Buyer shall have no obligation to consummate the Closing hereunder if the Post-Effective Date Monetary Encumbrances
are in excess of $1,500,000.00 and Seller fails to cure, remove or cause the Title Company to insure over the same (in a manner reasonably
acceptable to Buyer) and (y)&nbsp;if the Post-Effective Date Monetary Encumbrances are in excess of $1,500,000.00 and Seller fails to
cure, remove or cause the Title Company to insure over the same, Buyer shall have the right, but not the obligation, to elect to consummate
the Closing hereunder and receive a credit at the Closing in an amount not to exceed $1,500,000.00, provided that Buyer shall thereafter
be responsible and shall assume all liability for any such Pos-Effective Date Monetary Encumbrance (and Seller shall have no further obligation
or liability with respect thereto). The parties acknowledge and agree that Seller shall have the right to apply or cause Escrow Agent
to apply all or any portion of the Purchase Price to cause the release of any Post-Effective Date Voluntary Encumbrance, or any lien securing
the Existing Mortgage. Nothing contained herein shall release Seller from its obligations set forth in Sections 3.4(k)&nbsp;and 3.4(q)&nbsp;of
this Agreement or impair, waive or limit Buyer&rsquo;s rights and remedies in the event of a breach by Seller thereof.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Except
as expressly set forth in subsection 8.3(a)&nbsp;and in Section&nbsp;3.4(k)&nbsp;of this Agreement, nothing contained in this Agreement
shall be deemed to require Seller to take or bring any action or proceeding or any other steps to remove any title exception or to expend
any moneys therefor, nor shall Buyer have any right of action against Seller, at law or in equity, for Seller&rsquo;s inability to convey
its interest in the Property subject only to the Permitted Exceptions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Buyer
agrees to purchase Seller&rsquo;s interest in the Property subject to any and all Violations, or any condition or state of repair or disrepair
or other matter or thing, whether or not noted, which, if noted, would result in a Violation being placed on the Property. Seller shall
have no duty to remove or comply with or repair any condition, matter or thing whether or not noted, which, if noted, would result in
a Violation being placed on the Property. Seller shall have no duty to remove or comply with or repair any of the aforementioned Violations
(and shall have no duty to remove or close any open or expired building permits) or other conditions, and Buyer shall accept the Property
subject to all such Violations, the existence of any conditions at the Property which would give rise to such Violations, if any, and
any claims of Governmental Authorities arising from the existence of such Violations, in each case without any abatement of or credit
against the Purchase Price.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;8.4</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Cooperation</U>.
To the extent requested by the Title Company, Buyer and Seller, as applicable, shall deliver to the Title Company (a)&nbsp;evidence sufficient
to establish (x)&nbsp;the legal existence of Buyer and Seller and (y)&nbsp;the authority of the respective signatories of Seller and Buyer
to bind Seller and Buyer, as the case may be, (b)&nbsp;a certificate of good standing of Seller issued by the State of Delaware, (c)&nbsp;a
certificate of good standing of Seller issued by the State of Arizona, and (d)&nbsp;an affidavit of Seller in the form attached hereto
as <U>Exhibit&nbsp;J</U> (the &ldquo;<U>Title Affidavit</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">ARTICLE&nbsp;IX</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="text-transform: uppercase"><U>TRANSACTION
COSTS; RISK OF LOSS</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;9.1</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Transaction
Costs</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">In
addition to their respective apportionment obligations under Article&nbsp;X hereunder, (i)&nbsp;Seller and Buyer shall each be responsible
for (A)&nbsp;the payment of the costs of their respective legal counsel, advisors and other professionals employed thereby in connection
with the transactions contemplated by this Agreement, and (B)&nbsp;one-half of the fees and expenses of the Escrow Agent, (ii)&nbsp;Seller
shall be responsible for the payment at Closing (A)&nbsp;of the cost of the premium for the Title Policy (other than the cost of any endorsements
or extended coverage associated therewith, except that Seller shall pay the costs of any endorsements issued by Title Company in order
to insure over any matter for which Seller is responsible under this Agreement) and (B)&nbsp;all costs and amounts due and payable in
connection with the payoff of the Existing Financing in the event Buyer elects not to assume the Existing Financing at the Closing in
accordance with the terms of Section&nbsp;2.3(c)&nbsp;(including, without limitation, all prepayment premiums, defeasance costs and Existing
Lender costs and expenses), and (iii)&nbsp;Buyer shall be responsible for all costs and expenses associated with (A)&nbsp;Buyer&rsquo;s
due diligence, (B)&nbsp;recording the Assignment of Golf Course Lease and the Assignment of Resort Lease, (C)&nbsp;Buyer&rsquo;s financing,
including all assumption costs as contemplated by Section&nbsp;2.3(c), and (D)&nbsp;all costs of any endorsements or extended coverage
associated with the Title Policy, except as otherwise provided for in this Agreement. Any other closing costs not specifically allocated
by this Agreement shall be allocated in accordance with closing customs for similar property located in the same metropolitan area as
the Property.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Each
party to this Agreement shall indemnify the other parties and their respective successors and assigns from and against any and all claims,
losses, damages, costs, charges, liabilities and expenses (including court costs and reasonable attorneys&rsquo; fees and expenses) which
such other party may sustain or incur as a result of the failure of the indemnifying party to timely pay any of the aforementioned taxes,
fees or other charges for which it has assumed responsibility under this Section&nbsp;9.1. The provisions of this Section&nbsp;9.1 shall
survive the Closing or the termination of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;9.2</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Risk
of Loss</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">If,
on or before the Closing Date, the Property or any portion thereof shall be (i)&nbsp;damaged or destroyed by fire or other casualty or
(ii)&nbsp;taken as a result of any condemnation or eminent domain proceeding (or upon Seller receiving written notice of such condemnation
or eminent domain proceeding), Seller shall promptly notify Buyer and, at Closing, Seller will credit against the Purchase Price payable
by Buyer at the Closing an amount equal to the proceeds (other than on account of business or rental interruption relating to the period
prior to Closing), if any, actually received by Seller as a result of such casualty or condemnation, less Seller&rsquo;s reasonable costs
incurred in making a claim for such insurance proceeds, together with a credit for any deductible under such insurance in the case of
a casualty, less any reasonable amounts spent to restore the Property. If as of the Closing Date, Seller has not received any such insurance
or condemnation proceeds, then the parties shall nevertheless consummate the conveyance of the Assets on the Closing Date (without any
credit for such insurance or condemnation proceeds) and Seller will at Closing assign to Buyer (and Seller shall use commercially reasonable
efforts to obtain any required consents for such assignment) all rights of Seller, if any, to the insurance or condemnation proceeds (other
than on account of business or rental interruption relating to the period prior to Closing) and to all other rights or claims arising
out of or in connection with such casualty or condemnation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Notwithstanding
the provisions of Section&nbsp;9.2(a), if, on or before the Closing Date, the Property or any portion thereof shall be (i)&nbsp;damaged
or destroyed by a Material Casualty or (ii)&nbsp;taken as a result of a Material Condemnation (or upon Seller receiving written notice
of such condemnation or eminent domain proceeding), Buyer shall have the right, exercised by written notice to Seller delivered no later
than ten (10)&nbsp;days after Buyer has received notice of such Material Casualty or Material Condemnation, to terminate this Agreement,
in which event the Earnest Money shall be refunded to Buyer and neither party shall have any further rights or obligations hereunder other
than those which expressly survive the termination of this Agreement. If Buyer fails to timely terminate this Agreement in accordance
with this Section&nbsp;9.2(b), the provisions of Section&nbsp;9.2(a)&nbsp;shall apply. As used in this Section&nbsp;9.2(b), a &ldquo;<U>Material
Casualty</U>&rdquo; shall mean any damage to the Property or any portion thereof by fire or other casualty that is expected to cost in
excess of six percent (6%) of the Purchase Price to repair. As used in this Section&nbsp;9.2(b), a &ldquo;<U>Material Condemnation</U>&rdquo;
shall mean a taking of the Property or any material portion thereof, or a taking that permanently and materially impairs the current use
of, or access to, the Property or any material portion thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">ARTICLE&nbsp;X</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="text-transform: uppercase"><U>ADJUSTMENTS</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Unless otherwise provided below,
the following items below (and all other applicable revenues and expenses) are to be adjusted and prorated between Seller and Buyer, as
of 11:59 P.M.&nbsp;(Eastern Daylight Time) on the day preceding the Closing (the &ldquo;<U>Cut-Off Time</U>&rdquo;), based upon a 365
day year, with Buyer being deemed to be the owner of the Assets during the entire day of the Closing Date and being entitled to receive
all operating income of the Assets, and being obligated to pay all operating expenses of the Assets, with respect to the Closing Date,
and the net amount thereof under Section&nbsp;10.1 shall be added to (if such net amount is in Seller&rsquo;s favor) or deducted from
(if such net amount is in Buyer&rsquo;s favor) the Purchase Price payable at Closing. Representatives of Seller and Buyer shall make such
inventories, examinations and audits of the books and records relating to the Property, as may be necessary to make the adjustments and
prorations required under this Agreement. Not less than three (3)&nbsp;Business Days prior to Closing, Seller shall prepare and deliver
to Buyer a closing statement and accompanying documentation (the &ldquo;<U>Preliminary Closing Statement</U>&rdquo;) based upon such preliminary
inventories, examinations and audits. The Preliminary Closing Statement shall show the net amount due to Seller or Buyer as the result
of all such adjustments and prorations, and that net amount will be added to, or deducted from, the Purchase Price, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;10.1</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Fixed
Rents and Additional Rents</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Fixed
rents (collectively, &ldquo;<U>Fixed Rents</U>&rdquo;) and Additional Rents (as hereinafter defined; Fixed Rents and Additional Rents
being together referred to herein as &ldquo;<U>Rents</U>&rdquo;) paid or payable by tenants under the Space Leases in connection with
their occupancy of the Property shall be adjusted and prorated on an if, as and when collected basis. Any Rents collected by Buyer or
Seller after the Closing from any tenant who owes Rents for periods prior to the Closing, shall be applied (i)&nbsp;first, in payment
of Rents owed by such tenant for the month in which the Closing occurs, (ii)&nbsp;second, in payment of current Rents at the time of receipt,
(iii)&nbsp;third, to delinquent Rents, if any, which became due after the Closing, and (iv)&nbsp;fourth, to delinquent Rents, if any,
which became due prior to the Closing. Each such amount, less any costs of collection (including reasonable counsel fees) reasonably allocable
thereto, shall be adjusted and prorated as provided above, and the party who receives such amount shall promptly pay over to the other
party the portion thereof to which it is so entitled. For the purposes of this provision, the term &ldquo;<U>Additional Rent</U>&rdquo;
shall mean amounts payable under any Space Lease for (i)&nbsp;percentage rent, (ii)&nbsp;so called &ldquo;<U>escalation rent</U>&rdquo;
or additional rent based upon increases in real estate taxes or operating expenses or labor costs or cost of living or porter&rsquo;s
wages or otherwise and (iii)&nbsp;any general excise taxes collected from the tenants. As to any Additional Rent in respect of an accounting
period that shall have expired prior to the Closing but which is payable and paid to Buyer after the Closing, Buyer shall pay the paid
amount over to Seller upon Buyer&rsquo;s receipt thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Buyer
shall bill tenants who owe Rents for periods prior to the Closing on a monthly basis following the Closing for a period of twelve (12)
months after the Closing, but shall not be obligated to take any action to collect any such amounts. Notwithstanding the foregoing, if
Buyer shall be unable to collect such past due Rents, Seller shall have the right to pursue such tenant to collect such delinquencies
(including, without limitation, the prosecution of one or more lawsuits, but Seller shall not take any action to evict any such tenant
or terminate any such Space Lease). Seller shall furnish to Buyer all information relating to the period prior to the Closing that is
reasonably necessary for the billing of such Rent and Buyer will deliver to Seller, concurrently with the delivery to tenants, copies
of all statements relating to Rent for a period prior to the Closing. Buyer shall bill tenants for Rents for accounting periods prior
to the Closing in accordance with and on the basis of such information furnished by Seller. The obligations of Buyer under this Section&nbsp;10.1(b)&nbsp;shall
survive Closing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">To
the extent that any portion of Additional Rent is required to be paid monthly by tenants on account of estimated amounts for any calendar
year (or, if applicable, any lease year or tax year or any other applicable accounting period), and at the end of such calendar year (or
lease year, tax year or other applicable accounting period, as the case may be), such estimated amounts are to be recalculated based upon
the actual expenses, taxes and other relevant factors for that calendar (lease or tax) year or other applicable accounting period, with
the appropriate adjustments being made with such tenants, then such portion of the Additional Rent shall be prorated between Seller and
Buyer at the Closing based on such estimated payments actually paid by tenants (<I>i.e.</I>, with Seller entitled to retain all monthly
or other periodic installments of such amounts paid by tenants with respect to periods prior to the calendar month or other applicable
installment period in which the Closing occurs (on a pro-rata basis for any partial months), Seller to pay to Buyer at the Closing all
monthly or other periodic installments of such amounts theretofore received by Seller with respect to periods following the calendar month
or other applicable installment period in which the Closing occurs and Seller and Buyer to apportion as of the Closing all monthly or
other periodic installments of such amounts paid by tenants with respect to the calendar month or other applicable installment period
in which the Closing occurs). At the time(s)&nbsp;of final calculation and collection from (or refund to) each tenant of the amounts in
reconciliation of actual Additional Rent for a period for which estimated amounts paid by such tenant have been prorated, there shall
be a re proration between Seller and Buyer. If, with respect to any tenant, the recalculated Additional Rent exceeds the estimated amount
paid by such tenant, upon collection from the tenant, such excess shall be apportioned between Seller and Buyer as of the Closing in accordance
with paragraph (a), (b)&nbsp;and (c)&nbsp;of this Section&nbsp;10.1. If, with respect to any tenant, the recalculated Additional Rent
is less than the estimated amount paid by such tenant, such shortfall shall be apportioned between Seller and Buyer as of the Closing,
with Seller paying to Buyer the portion of such shortfall so allocable to Seller.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Notwithstanding
anything to the contrary herein, the outstanding rent credits listed on <U>Schedule 10.1(d)</U>&nbsp;attached hereto (the &ldquo;<U>Outstanding
Rent Credits</U>&rdquo;) shall not be prorated hereunder and Seller shall be entitled to receive and/or retain entire amount of the Outstanding
Rent Credits (including those received following the Closing). Buyer shall promptly notify Seller of, and promptly pay to Seller, any
Outstanding Rent Credits received by Buyer following the Closing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Until
such time as all amounts required to be paid to Seller by Buyer pursuant to this Section&nbsp;10.1 shall have been paid in full, Buyer
shall furnish to Seller, upon Seller&rsquo;s request, a reporting of rents which have been collected by Buyer after the Closing with respect
to Space Leases with delinquent Rents as of the Closing. Seller shall also have the right from time to time following the Closing, upon
reasonable prior notice to Buyer and during ordinary business hours, to review Buyer&rsquo;s rental records with respect to such Space
Leases.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;10.2</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Taxes
and Assessments</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Real
estate (ad valorem and any government property lease excise tax) and personal property taxes, including any taxes payable in arrears,
shall be adjusted and prorated based on the periods of ownership by Seller and Buyer. If real property tax and assessment figures for
the taxes or assessments to be apportioned between Buyer and Seller pursuant to this Section&nbsp;10.2 are not available as of the Closing,
real property taxes and assessments shall be prorated based on the most recent assessment, subject to further and final adjustment by
Seller and Buyer outside of escrow when the tax rate and/or assessed valuation for such taxes and assessments for the Property is fixed.
In the event that the Property or any part thereof shall be or shall have been affected by an assessment or assessments, whether or not
the same become payable in installments, Seller shall, at the Closing, be responsible for any installments (or portions thereof) attributable
to any period prior to the Closing and Buyer shall be responsible for any installments (or portions thereof) attributable to any period
on or after the Closing. The provisions of this Section&nbsp;10.2(a)&nbsp;shall survive the Closing for a period not less than the applicable
statute of limitations for the applicable taxes.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">With
respect to any special assessments that are not payable in installments, Sellers shall pay any such special assessments related to any
improvement which has been Completed (as defined below) prior to Closing, and Buyer shall pay any such special assessments related to
any improvement which has not been Completed prior to Closing. For purposes of this paragraph, the term &ldquo;Completed&rdquo; shall
mean, with respect to any public improvement by a governmental authority, that: (1)&nbsp;a lien for special assessments related to such
improvement has been imposed or certified by the governmental authority; or (2)&nbsp;a lien for such special assessments is still pending,
but the improvement has been substantially completed prior to Closing. Notwithstanding the foregoing, with respect to special assessments
that are Completed prior to Closing but are payable in installments: (a)&nbsp;Sellers shall pay any such installments attributable to
the period of time before Closing; (b)&nbsp;Buyer shall pay any such installments attributable to the period of time after Closing; and
(c)&nbsp;any such installments which are attributable to a period of time that commences before Closing and ends after Closing shall be
prorated at Closing, based upon the maximum discount allowed by law. The provisions of this Section&nbsp;10.2(b)&nbsp;shall survive the
Closing for a period not less than the applicable statute of limitations for the applicable assessments.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Buyer
shall be responsible for remitting payment of any assessments and fees due and payable after the Cut-Off Time to the applicable payee
irrespective of whether Seller or Buyer is responsible for the same pursuant to this Section&nbsp;10.2. In no event shall Seller be charged
with or be responsible for any increase in the taxes, fees or assessments on the Assets resulting from the sale of the Assets contemplated
by this Agreement, any change in use of the Assets or Property on or after the Closing Date, or any improvements made or leases entered
into on or after the Closing Date.</FONT></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;10.3</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Utilities</U>.
With respect to electricity, telephone, television, gas, fuel, water and sewer services which are metered, trash removal and other utilities,
Seller shall use reasonable efforts to (a)&nbsp;have the respective companies providing such utilities read the meters on or immediately
prior to the Cut-Off Time and (b)&nbsp;obtain a confirmation from the utility companies as to the balance of any deposits with respect
to any such utilities. Seller shall be responsible for all charges incurred prior to the Cut-Off Time based on such final meter readings
and Buyer shall be responsible for all charges thereafter. To the extent such meters are not read at the Property and final bills rendered
as of the Cut-Off Time, such charges with respect to the Property shall be prorated effective as of the Cut-Off Time utilizing an estimate
of such charges reasonably determined by Seller based on prior utility bills, and any deposits or credits with respect to the foregoing
services will be credited to Seller. Upon the taking of a subsequent actual reading, such apportionment shall be adjusted to reflect
the actual rate for the billing period in which the Closing Date occurs, and Seller, or Buyer, as the case may be, shall promptly deliver
to the other the amount determined to be due upon such adjustment.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;10.4</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Contracts,
Equipment Leases and Licenses and Permits</U>. Subject to Section&nbsp;3.4(m), charges and payments under all Contracts and Equipment
Leases shall be prorated as of the Cut-Off Time between Seller and Buyer, with Seller being credited for amounts prepaid, and Buyer being
credited for amounts accrued and unpaid. Seller shall receive a credit for all deposits made by Seller under the Contracts and Equipment
Leases (together with any interest thereon) which are transferred to Buyer or remain on deposit for the benefit of Buyer. All amounts
prepaid, accrued or due and payable under any Licenses and Permits (other than utilities which are separately prorated under Section&nbsp;10.3)
transferred to Buyer shall be prorated as of the Cut-Off Time between Seller and Buyer. Seller shall receive a credit for all unapplied
deposits made by Seller under the Licenses and Permits which are transferred to Buyer or which remain on deposit for the benefit of Buyer.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;10.5</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Miscellaneous
Revenues</U>. Revenues, if any, arising out of vending machines, parking, or other income-producing agreements shall be prorated between
Seller and Buyer as of the Cut-Off Time.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;10.6</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Security
Deposits</U>. Buyer shall receive a credit equal to the actual amounts of the security deposits under the Space Leases which are being
held by Seller in cash to the extent such amounts are not assigned or transferred to Buyer at Closing. To the extent that a tenant under
a Space Lease has provided a letter of credit or other non-cash security deposit, Seller shall cooperate with such tenant and Buyer to
transfer such non-cash security deposit to Buyer at Buyer&rsquo;s sole cost and expense.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;10.7</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Leasing
Costs</U>. Seller shall be responsible for all Leasing Costs relating to Space Leases or renewals, amendments, expansions and extensions
of Space Leases, entered into or which first become binding, prior to the Effective Date (the &ldquo;<U>Seller&rsquo;s Leasing Costs</U>&rdquo;).
Buyer shall be responsible for all Leasing Costs other than Seller&rsquo;s Leasing Costs, and shall assume the economic effect of any
 &ldquo;free rent&rdquo; or other concessions pertaining to the period from and after the Closing Date. Notwithstanding anything in this
Section&nbsp;10.7 to the contrary, Buyer shall be responsible for all Leasing Costs relating to renewals, amendments, expansions and
extensions of Space Leases, in each case to the extent such Leasing Costs relate to renewal, expansion or extension rights of tenants
under such Space Leases that are exercised or amendments that are entered into, after the Effective Date. To the extent Seller&rsquo;s
Leasing Costs have not been fully paid as of the Closing Date, Buyer shall receive a credit at the Closing against the Purchase Price
in the amount of the balance of Seller&rsquo;s Leasing Costs remaining to be paid and Buyer shall assume all obligations of Seller to
pay the balance of Seller&rsquo;s Leasing Costs as to which Buyer shall have received such credit and to perform the obligations associated
with the same. The obligations of Buyer under this Section&nbsp;10.7 shall survive the Closing.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;10.8</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Accounts
Receivable</U>.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Guest
Ledger</U>. All revenues received or to be received from transient guests on account of room rents, facilities occupied and the use of
the premises (including without limitation parking areas, mini-bar sales, phone and other communication charges and the like) for the
period ending on or prior to the Cut-Off Time shall belong to Seller. At Closing, Seller shall receive a credit in an amount equal to:
(a)&nbsp;all amounts charged to the Guest Ledger for all room nights up to (but not including) the night during which the Cut-Off Time
occurs, and (b)&nbsp;one half (&frac12;) of all amounts charged to the Guest Ledger for the room night which includes the Cut-Off Time.
For the period beginning on the day immediately following the Cut-Off Time, such revenues collected from the Guest Ledger shall belong
to Buyer and Buyer shall be entitled to retain all deposits made and amounts collected with respect to such Guest Ledger. In the event
that an amount less than the total amount due from a guest is collected and such guest continued in occupancy after the Cut-Off Time,
such amount shall be applied first to any amount owing by such Person to Seller and thereafter to such Person&rsquo;s amounts accruing
to Buyer. The provisions of this subsection 10.8(a)&nbsp;will survive the Closing for 180 days.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Accounts
Receivable (Other than Guest Ledger)</U>. At Closing, Seller shall assign to Buyer all Accounts Receivable (other than with respect to
the Guest Ledger, which is addressed in subsection 10.8(a)&nbsp;above) (the &ldquo;<U>Assigned Accounts Receivable</U>&rdquo;). Buyer
shall pay to Seller an amount equal to the sum of (i)&nbsp;100% of all the Assigned Accounts Receivable that are 30 days or less past
due as of the Closing Date, (ii)&nbsp;90% of all the Assigned Accounts Receivable that are 31-60 days past due as of the Closing Date
and (iii)&nbsp;50% of all the Assigned Accounts Receivable that are 61-90 days past due as of the Closing Date (it being agreed that Buyer
shall not pay any amount for Assigned Accounts Receivables that are more than 90 days past due as of the Closing Date). The payments,
if any, pursuant to this subsection 10.8(b)&nbsp;shall be subject to the re-proration provisions of Section&nbsp;10.24 based on the actual
payments received by Seller or Buyer with respect to the Assigned Accounts Receivable as of the final adjustment date pursuant to Section&nbsp;10.24.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;10.9</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Consumables,
Food Inventory and Retail Merchandise</U>. At the Closing, the Purchase Price shall be increased by an amount equal to the actual cost
of (i)&nbsp;any unopened Consumables located at the Property and which are to be sold to hotel guests and customers, as of the Cut-Off
Time; and (ii)&nbsp;saleable and undamaged Retail Merchandise, including, without limitation, sales and/or use tax or similar taxes for
such items. Seller shall receive a credit for all advance payments or deposits made with respect to Personal Property, Consumables and
other property ordered, but not delivered to the Property prior to the Cut-Off Time, and Buyer shall pay the amounts which become due
and payable for such Personal Property, Consumables and other property which were ordered but not delivered prior to the Cut-Off time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;10.10</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Accounts
Payable</U>. Seller shall be responsible for all Accounts Payable (as shown on the books and records of the Properties as of the Cut-Off
Time) to the extent attributable to the period preceding the Cut-Off Time. Buyer shall be charged with any prepaid Accounts Payable to
the extent those Accounts Payable are attributable to the period after the Cut-Off Time. From and after the Closing Date, Buyer shall
be responsible for paying when due all other accounts payable arising out of the operation of the Properties from and after the Cut-Off
Time. Except to the extent an adjustment or proration is made under another subsection of this <U>Article&nbsp;10</U>, (i)&nbsp;Seller
shall be responsible for all amounts payable to vendors, contractors or other suppliers of goods or services to the Property (the &ldquo;<U>Trade
Payables</U>&rdquo;) prior to the Cut-Off Time which are due and payable as of the Cut-Off Time for which goods or services have been
delivered to the Property prior to Cut-Off Time, and (ii)&nbsp;Buyer shall receive a credit for the amount of such Trade Payables which
have accrued, but are not yet due and payable as of the Cut-Off Time, and Buyer shall pay all such Trade Payables accrued after the Cut-Off
Time when such Trade Payables become due and payable up to the amount of such credit (plus any late fees and penalties resulting from
Buyer&rsquo;s failure to pay such Trade Payables when due); provided, however, Seller and Buyer shall reprorate the amount of credit
for any Trade Payables and pay any deficiency in the original proration to the other party promptly upon receipt of the actual bill for
such goods or services.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;10.11</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Bookings;
Booking Deposits</U>. At the Closing, Buyer shall assume all of the obligations of Seller under the Bookings as of the Cut-Off Time,
including obligations with respect to any prepaid amounts and deposits under the Booking Deposits not earned as of the Cut-Off Time,
and Buyer shall receive a credit against the Purchase Price at the Closing in an amount equal to all such amounts (net of any fees paid
(<I>e.g</I>., credit card commissions, prepaid travel agent commissions)) (and, therefore, Seller shall have the right to retain any
amounts relating to such items on deposit in Seller&rsquo;s accounts). All prepaid amounts under the Booking Deposits for which Buyer
has received credit as of the Cut-Off Time shall be the obligation of Buyer after the Closing. Any amounts related to attrition and cancellation
from prior reservations, for which grace periods for rebooking have been granted or are permitted according to their contract and have
not expired as of the Closing, shall be credited to the Buyer at Closing and subject to adjustment in accordance with Section&nbsp;10.24;
provided, that following the Closing, (x)&nbsp;Buyer shall not be permitted to grant any extensions to customers to make a rebooking;
and (y)&nbsp;if a customer does not make a rebooking within the applicable grace period, then Seller shall be entitled to the credit
therefor.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;10.12</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Gift
Certificates and Vouchers</U>. At the Closing, Buyer shall (a)&nbsp;honor all outstanding unexpired Vouchers and shall assume all liability,
if any, for all outstanding Vouchers as of the Closing Date regardless of any purported expiration, (b)&nbsp;receive a credit against
the Purchase Price payable at the Closing in an amount equal to 100 percent (100%) of the cost of the Vouchers. At the Closing Seller
shall deliver to Buyer with a list of all outstanding gift certificates and Vouchers and the estimated retail value thereof.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;10.13</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Employee
Compensation</U>. At the Closing, Buyer shall receive a credit against the Purchase Price in an amount equal to all sums and amounts
that have accrued, earned and/or vested and remain unpaid for Employees&rsquo; wages, salaries, benefits, bonuses, contributions, paid
time off, personal time off, and other similar Employee categories and matters but which are not payable as of the Closing Date but which
would be payable to employees at a later date, whether recorded on the balance sheet or not recorded due to extended grace periods for
utilization beyond a predetermined window of time, or because employees have worked hours for which the liability will be recorded upon
reaching an anniversary date or future milestone (collectively, the &ldquo;<U>Accrued Benefits</U>&rdquo;). Buyer shall bear the cost
of (i)&nbsp;the Accrued Benefits (to the extent of the foregoing credit), (ii)&nbsp;all severance payments for Employees arising from
employment terminations occurring after the Cut-Off Time, and (iii)&nbsp;the following liabilities to or respecting Employees having
accrued after the Cut-Off Time: all Employees&rsquo; wages, bonuses, pension benefits contributions and welfare benefits, together with,
in the case of clauses (i), (ii)&nbsp;and (iii)&nbsp;of this Section&nbsp;10.13, F.I.C.A. unemployment and other taxes and benefits due
from any employer of such Employees.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;10.14</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Sales,
Excise, Room and Occupancy Taxes</U>. Seller, or the Manager, as applicable, shall pay all state, county, and municipal transaction privilege
taxes, excise taxes and room occupancy, hotel, resort, and use taxes due and payable with respect to the operation of the Property for
the period prior to the Cut-Off Time, and Buyer shall pay all state, county, and municipal transaction privilege taxes, excise taxes,
room occupancy, hotel, resort, and use taxes due and payable with respect to the operation of the Property for the periods on and after
the Cut-Off Time.&nbsp; Seller, or the Manager, as applicable, on the one hand, and Buyer, on the other hand, shall each pay fifty percent
(50%) of all transaction privilege taxes, excise taxes, room occupancy and use taxes due and payable with respect to the operation of
the Property for the night commencing prior to and ending on the day on which the Cut-Off Time occurs. &nbsp;Seller shall file its final
returns for all tax liabilities described in this Section&nbsp;10.14, along with payment in full of such taxes, to the appropriate taxing
authorities no later than fifteen (15) days after the Closing. &nbsp;Seller, or the Manager, as applicable, shall be entitled to receive
any rebates or refunds on such taxes paid by Seller prior to Closing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;10.15</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Ground
Rent</U>. Ground rent and all other payments and charges due under the Ground Lease with respect to the year in which the Closing occurs
shall be adjusted and prorated between Buyer and Seller as of the Closing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;10.16</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Other
Adjustments</U>. If applicable, the Purchase Price shall be adjusted at the Closing to reflect the adjustment of any other item which,
under the explicit terms of this Agreement, is to be apportioned at Closing to effectuate the intent that, except as otherwise expressly
provided herein, all items of operating revenue and operating expense of the Assets prior to the Cut-Off Time shall be for the account
of and paid by Seller and all items of operating revenue and operating expense of the Assets with respect to the period after the Cut-Off
Time shall be for the account of and paid by Buyer. With respect to property insurance, the parties acknowledge it is the intent of the
parties that Buyer shall purchase a replacement policy of insurance effective as of Closing at its cost and that Seller will cancel the
existing policy of insurance and receive a pro-rata refund of pre-paid amounts associated with the remaining term of such policy directly
from such insurer, all without an adjustment to the Purchase Price; however, if Buyer assumes Seller&rsquo;s existing property insurance
policy in existence as of the Closing Date without the payment of additional premium or other amounts to the insurer, to the extent Seller
does not receive a refund of any premium associated with the remaining term of such policy from such insurer Seller will receive a Purchase
Price credit for such amount.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;10.17</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Cash
on Hand</U>. Seller shall receive a credit for any and all cash on hand or on deposit in any house bank and all checks, traveler&rsquo;s
checks and bank drafts paid by guests at the Property and located on the Property (collectively, the &ldquo;<U>Cash on Hand</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;10.18</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Restaurants
and Bars</U>. Seller shall close out the transactions in the restaurants and bars in the Properties as of the Cut-Off Time and shall
retain all monies accrued as of the Cut-Off Time, and Buyer shall be entitled to any monies accrued from the restaurants and bars thereafter.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;10.19</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Vending
Machines</U>. Seller shall remove all monies from all vending machines, laundry machines, and other coin operated equipment as of the
Cut-Off Time and shall retain all monies collected therefrom as of the Cut-Off Time, and Buyer shall be entitled to any monies collected
therefrom after the Cut-Off Time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;10.20</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Club
Dues and Fees</U>. All Club Monthly Dues for the month in which the Closing occurs or other prepaid Club Monthly Dues and Prepaid Club
Fees for the year in which the Closing occurs shall be prorated as of the Cut-Off Time between the Buyer and Seller, but only to the
extent any such dues are actually paid and received by Seller or charged to the member&rsquo;s credit card prior to the Cut-Off Time.
At Closing, Seller shall assign to Buyer all delinquent Club Monthly Dues and delinquent Prepaid Club Fees (the &ldquo;<U>Assigned Club
Monthly Dues and Fees</U>&rdquo;). Buyer shall pay to Seller an amount equal to the sum of (i)&nbsp;100% of all the Assigned Club Monthly
Dues and Fees that are 30 days or less past due as of the Closing Date, (ii)&nbsp;90% of all the Assigned Club Monthly Dues and Fees
that are 31-60 days past due as of the Closing Date, and (iii)&nbsp;70% of all the Assigned Club Monthly Dues and Fees that are more
than 60 days past due as of the Closing Date. The payments, if any, pursuant to this subsection 10.20 shall be subject to the re-proration
provisions of Section&nbsp;10.23 based on the actual payments received by Seller or Buyer with respect to the Assigned Club Monthly Dues
and Fees as of the final adjustment date pursuant to Section&nbsp;10.23. Buyer shall receive a credit at Closing in the amount of any
Club Initiation Fees that relate to memberships sold on or after the Effective Date but were collected by Seller (or Manager on Seller&rsquo;s
behalf).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;10.21</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Alcoholic
Beverages</U>. Without duplication of Section&nbsp;10.9, with respect to all unopened cases or bottles of alcoholic beverages as of the
Closing (whether or not they are in unopened cases and/or boxes), and to the extent permitted by applicable laws, Seller shall be entitled
to a credit from Buyer, which shall be payable by Buyer to Seller as of the Closing Date, in an amount equal to the wholesale price of
such items.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;10.22</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Management
Agreement</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Subject
to Section&nbsp;14.2, base fees and incentive management fees under the Management Agreement shall be pro-rated as of the Cut-Off Time,
with incentive management fees pro-rated at Closing based upon the most recent forecast of incentive management fees payable in 2025
which is provided by Manager. Seller shall receive a credit for any fees prepaid by Seller under the Management Agreement relating to
the period following the Closing and Buyer shall receive a credit for any fees which as of Closing are due or accrued and unpaid and
relate to the period prior to Closing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Funds
in any operating accounts relating to the Property maintained under the Management Agreement and the FF&amp;E Reserve (as such term is
defined in the Management Agreement) shall be paid or assigned to Buyer at Closing, in each case, with a corresponding credit to Seller
for such amounts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;10.23</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Re-Adjustment;
Credits Against the Purchase Price</U>. If any items to be adjusted pursuant to this Article&nbsp;X are not determinable at the Closing,
the adjustment shall be made subsequent to the Closing when the charge is determined. Any errors or omissions in computing adjustments
or readjustments at the Closing or thereafter shall be promptly corrected, and any corrective payments shall be promptly made, <U>provided</U>
that the party seeking to correct such error or omission or to make such readjustment shall have notified the other party of such error
or omission or readjustment on or prior to the date that is following the Closing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;10.24</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Post-Closing
Statement</U>. Within one hundred fifty (150) days following the Closing, Buyer shall deliver to Seller a preliminary post-closing statement
reflecting an accounting and substantiation covering all of the prorations and other adjustments set forth in this Article&nbsp;X (and
any other items that are ordinarily and customarily prorated, but which are not explicitly set forth herein, will be considered during
the preparation of the schedules) in a form and substance reasonably satisfactory to Seller, including any year-end or similar reconciliations.
The provisions of this Article&nbsp;X and the obligations of Seller and Buyer hereunder shall survive the Closing until one hundred eighty
(180) days after the Closing Date. Seller and Buyer, acting in good faith, shall reconcile with each other within thirty (30) days of
delivery of such statement using any new or updated information, including the reconciliation of estimated amounts with actual amounts,
the correction of any errors and the inclusion of any items which should have been included at the Closing. To the extent any information
necessary for any such reconciliation is not available prior to delivery of such post-closing statement, such items shall be reconciled
within thirty (30) days of the date such information becomes available, provided that Seller and Buyer shall continuously endeavor to
obtain such information in good faith. Any discrepancy resulting from any errors or omissions in computing such prorations and adjustments,
or upon any re-computation, shall be promptly corrected and paid within ten (10)&nbsp;days to the party entitled thereto. In the event
the parties have not agreed with respect to the adjustments required to be made pursuant to this Article&nbsp;X within thirty (30) days
following expiration of such ninety (90) day period (or longer period with respect to items for which the necessary information is not
available within such ninety (90) day period), upon application by any such party, a certified public accountant reasonably acceptable
to the parties shall determine any such adjustments which have not theretofore been agreed to between such parties. The charges of such
accountant shall be borne equally by the parties to such disputed adjustment. All adjustments to be made as a result of the final results
of the adjustments shall be paid to the party entitled to such adjustment within ten&nbsp;(10)&nbsp;days after the final determination
thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;10.25</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Survival</U>.
All obligations of Seller and Buyer in this Article&nbsp;X to be performed after the Closing, shall survive the Closing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">ARTICLE&nbsp;XI</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="text-transform: uppercase"><U>INDEMNIFICATION</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;11.1</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Indemnification
by Seller</U>. Following the Closing and subject to Sections&nbsp;11.3, 11.4 and 11.5, Seller shall defend (with legal counsel reasonably
acceptable to Buyer), protect, reimburse, indemnify and hold Buyer and its Affiliates, members, partners, shareholders, officers, directors,
successors and permitted assigns (collectively, the &ldquo;<U>Buyer-Related Persons</U>&rdquo;) harmless for, from and against any and
all claims, obligations, judgments, liens, demands, liabilities, losses, costs, fees, expenses, damages, actions, deficiencies, interest
and penalties (including, without limitation, reasonable attorneys&rsquo; fees and disbursements) suffered or incurred by Buyer (or its
designee or assignee) or any such Buyer-Related Persons (&ldquo;<U>Losses</U>&rdquo;), arising out of or resulting from (a)&nbsp;any
breach of any representation or warranty of Seller contained in this Agreement or in any Closing Document and (b)&nbsp;any breach of
any covenant of Seller contained in this Agreement or in any Closing Document which expressly survives the Closing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;11.2</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Indemnification
by Buyer</U>. Following the Closing and subject to Sections&nbsp;11.3, 11.4 and 11.5, Buyer shall defend (with legal counsel reasonably
acceptable to Seller), protect, reimburse, indemnify and hold Seller and its Affiliates, members, partners, shareholders, officers, directors,
successors and permitted assigns (collectively, the &ldquo;<U>Seller-Related Persons</U>&rdquo;) harmless for, from and against any and
all Losses arising out of or resulting from (a)&nbsp;any breach of any representation or warranty of Buyer contained in this Agreement
or in any Closing Document and (b)&nbsp;any breach of any covenant of Buyer contained in this Agreement or in any Closing Document, which
expressly survives the Closing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;11.3</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Limitations
on Indemnification</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Seller
shall not be required to indemnify Buyer or any Buyer-Related Persons under Section&nbsp;11.1, unless the aggregate of all amounts for
which an indemnity would otherwise be payable by Seller under Section&nbsp;11.1 exceeds the Basket Limitation, provided if and when the
Basket Limitation has been reached, Seller shall be responsible to Buyer and any applicable Buyer-Related Persons for all Losses actually
incurred by Buyer and such Buyer-Related Persons from the first dollar of loss. In no event shall the liability of Seller with respect
to the indemnification provided for in Section&nbsp;11.1 exceed in the aggregate the Cap Limitation. Notwithstanding the foregoing, the
following obligations of Seller shall not be subject to the Basket Limitation or the Cap Limitation: (i)&nbsp;Article&nbsp;X with respect
to prorations and adjustments; and (ii)&nbsp;Section&nbsp;15.2 with respect to Broker and the indemnity set forth therein. The obligations
of Seller under Section&nbsp;13.2(c)(i)&nbsp;shall not be subject to the Basket Limitation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">If,
prior to the Closing, Patrick Chaffin or Michael McBride, who is an authorized representative of Buyer for purposes of this Section&nbsp;11.3(b),
obtains knowledge or is aware of any inaccuracy or breach of any representation, warranty or pre-closing covenant of Seller contained
in this Agreement (a &ldquo;<U>Buyer-Waived Breach</U>&rdquo;) and nonetheless Buyer proceeds with and consummates the Closing, then
Buyer and any Buyer-Related Persons shall be deemed to have waived and forever renounced any right to assert a claim for indemnification
under this Article&nbsp;XI, or any other claim or cause of action under this Agreement, whether at law or in equity, on account of any
such Buyer-Waived Breach.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">In
no event shall Buyer or Seller be entitled to seek or obtain consequential, speculative, special, punitive or exemplary damages against
the other arising out of a breach of any representation, warranty or covenant contained in this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;11.4</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Survival</U>.
The representations, warranties, and covenants that expressly survive the Closing contained in this Agreement and the Closing Documents
shall survive for a period of nine (9)&nbsp;months after the Closing, unless a longer or shorter survival period is expressly provided
for in this Agreement. No action or proceeding thereon shall be valid or enforceable, at law or in equity, if a claim or legal proceeding
is not commenced on or before the date which is nine (9)&nbsp;months following the Closing Date, unless a longer or shorter survival
period is expressly provided for in this Agreement. Any such claim which is made prior to the expiration of the applicable survival period
in accordance with the terms hereof shall survive and remain valid until the final adjudication or settlement of such claim.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;11.5</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Notification</U>.
In the event that any party entitled to indemnification hereunder (each, an &ldquo;<U>Indemnified Party</U>&rdquo;) becomes aware of
any claim or demand (an &ldquo;<U>Indemnification Claim</U>&rdquo;) for which a party is required to provide indemnification hereunder
(each, an &ldquo;<U>Indemnifying Party</U>&rdquo;) may have liability to such Indemnified Party hereunder, such Indemnified Party shall,
no later than thirty (30) days following such Indemnified Party&rsquo;s having become aware of such Indemnification Claim, notify the
Indemnifying Party in writing of such Indemnification Claim, specifying the amount or the estimated amount of damages sought thereunder
to the extent then ascertainable (which estimate shall not be conclusive of the final amount of such Indemnification Claim), any other
remedy sought thereunder, any relevant time constraints relating thereto and, to the extent practicable, any other material details pertaining
thereto (a &ldquo;<U>Claim Notice</U>&rdquo;); provided, that no delay on the part of the Indemnified Party in giving any such notice
of a Indemnification Claim shall relieve the Indemnifying Party of any indemnification obligations hereunder except to the extent that
the Indemnifying Party is prejudiced by such delay.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;11.6</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Indemnification
as Sole Remedy</U>. If the Closing has occurred, the sole and exclusive remedy available to a party in the event of a breach by the other
party to this Agreement of any representation, warranty, covenant or other provision of this Agreement or any Closing Document which
survives the Closing shall be the indemnifications provided for under this Article&nbsp;XI (or under any other provision of this Agreement
which otherwise expressly survives the Closing).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">ARTICLE&nbsp;XII</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="text-transform: uppercase"><U>TAX
CERTIORARI PROCEEDINGS</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;12.1</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Prosecution
and Settlement of Proceedings</U>. If any tax reduction proceedings (including, but not limited to, administrative and/or judicial proceedings
or appeals) in respect of the Property, relating to any tax years ending prior to the calendar year in which the Closing occurs, are
pending at the time of the Closing, Seller reserves and shall have the right to continue to prosecute and/or settle the same at Seller&rsquo;s
cost. If any tax reduction proceedings in respect of the Property, relating to the tax year in which the Closing occurs, are pending
at the time of Closing, then after the Closing Buyer reserves and shall have the right to continue to prosecute and/or settle the same
at Buyer&rsquo;s cost; <U>provided</U>, <U>however</U>, that Buyer shall not settle any such proceeding without Seller&rsquo;s prior
written consent, which consent shall not be unreasonably withheld or delayed. Each of Seller and Buyer shall reasonably cooperate with
the other party in connection with the prosecution of any such tax reduction proceedings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;12.2</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Application
of Refunds or Savings</U>. Any refunds or savings in the payment of taxes resulting from such tax reduction proceedings on account of
taxes allocable to the period prior to the date of the Closing shall belong to and be the property of Seller, and any refunds or savings
in the payment of taxes on account of taxes allocable to the period from and after the date of the Closing shall belong to and be the
property of Buyer; <U>provided</U>, <U>however</U>, that if any such refund creates an obligation to reimburse any Tenants under Space
Leases for any rents or additional rents paid or to be paid, that portion of such refund equal to the amount of such required reimbursement
(after deduction of allocable expenses as may be provided in the Space Lease to such tenant) shall, at Seller&rsquo;s election, either
(a)&nbsp;be paid to Buyer and Buyer shall disburse the same to such tenants or (b)&nbsp;be paid by Seller directly to the Tenants entitled
thereto. All attorneys&rsquo; fees and other expenses incurred in obtaining such refunds or savings shall be apportioned between Seller
and Buyer in proportion to the gross amount of such refunds or savings payable to Seller and Buyer, respectively (without regard to any
amounts reimbursable to Tenants); <U>provided</U>, <U>however</U>, that neither Seller nor Buyer shall have any liability for any such
fees or expenses in excess of the refund or savings paid to such party unless such party initiated such proceeding.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;12.3</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Cooperation</U>.
Buyer and Seller shall use commercially reasonable efforts to cooperate with the other Party in response of preparing and filing any
tax return related to the Assets or the transaction contemplated by this Agreement, including contesting any taxes related to the Assets
or the transaction contemplated by this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;12.4</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Survival</U>.
The provisions of this Article&nbsp;XII shall survive the Closing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">ARTICLE&nbsp;XIII</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="text-transform: uppercase"><U>DEFAULT</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;13.1</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>BUYER
DEFAULT</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">This
Agreement may be terminated by Seller if prior to the Closing (i)&nbsp;any of the conditions precedent to Seller&rsquo;s obligations set
forth in Section&nbsp;5.1 have not been satisfied or waived by Seller on or prior to the Closing Date or (ii)&nbsp;there is a material
breach or default by Buyer in the performance of any of its obligations under this Agreement of which Seller has provided Buyer written
notice and Buyer has failed to cure by the earlier of ten (10)&nbsp;Business Days after such notice and the Closing Date; provided that
Buyer shall not be entitled to such notice and opportunity to cure for failure to pay the Purchase Price and acquire the Assets on the
Closing Date and provided further that Seller may not terminate this Agreement if, on the Closing Date, there exists a default by Seller
under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">In
the event this Agreement is terminated pursuant to Section&nbsp;13.1(a), this Agreement shall be null and void and of no further force
or effect and neither party shall have any rights or obligations against or to the other except (i)&nbsp;for those provisions hereof which
by their terms expressly survive the termination of this Agreement and (ii)&nbsp;as set forth in Section&nbsp;13.1(c).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">In
the event Seller terminates this Agreement as a result of a material breach or default by Buyer in any of its obligations under this Agreement,
the Escrow Agent shall immediately disburse the Earnest Money, as applicable, to Seller, in accordance with the terms of Section&nbsp;15.4
hereof and upon such disbursement Seller and Buyer shall have no further obligations under this Agreement, except those which expressly
survive such termination. Buyer and Seller hereby acknowledge and agree that it would be impractical and/or extremely difficult to fix
or establish the actual damage sustained by Seller as a result of such default by Buyer, and agree that the Earnest Money is a reasonable
approximation thereof. Accordingly, in the event that Buyer breaches this Agreement by materially defaulting in the performance of any
of its obligations under this Agreement, and if Seller terminates this Agreement, the Earnest Money, as applicable, shall constitute and
be deemed to be the agreed and liquidated damages of Seller, and shall be paid by the Escrow Agent to Seller as Seller&rsquo;s sole and
exclusive remedy hereunder; provided, however, the foregoing shall not limit Buyer&rsquo;s obligation to pay Seller all reasonable attorney&rsquo;s
fees and costs of Seller, if any, to enforce the provisions of this Section&nbsp;13.1. In the event Seller terminates this Agreement as
a result of any of the conditions precedent to Seller&rsquo;s obligations set forth in Section&nbsp;5.1 not being satisfied or waived
by Seller on or prior to the Closing Date (other than those set forth in Sections 5.1(a)&nbsp;&ndash; (d)&nbsp;and 5.1(g)), the Escrow
Agent shall immediately disburse the Earnest Money to Buyer in accordance with the terms of Section&nbsp;15.4 hereof, and upon such disbursement
Seller and Buyer shall have no further obligations under this Agreement, except those which expressly survive such termination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;13.2</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>SELLER
DEFAULT</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">This
Agreement may be terminated by Buyer prior to the Closing if (i)&nbsp;any of the conditions precedent to Buyer&rsquo;s obligations set
forth in Section&nbsp;5.2 have not been satisfied or waived by Buyer on or prior to the Closing Date or (ii)&nbsp;there is a material
breach or default by Seller in the performance of its obligations under this Agreement of which Buyer has provided Seller written notice
and Seller has failed to cure by the earlier of ten (10)&nbsp;Business Days after such notice and the Closing Date; provided that Seller
shall not be entitled to such notice and opportunity to cure for failure to cause the sale of the Assets on the Closing Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Upon
termination of this Agreement by Buyer pursuant to Section&nbsp;13.2(a), the Escrow Agent shall immediately disburse the Earnest Money
to Buyer in accordance with the terms of Section&nbsp;15.4 hereof, and upon such disbursement Seller and Buyer shall have no further obligations
under this Agreement, except those which expressly survive such termination, and as set forth in Section&nbsp;13.2(c). Notwithstanding
the foregoing, if this Agreement shall be terminated by Seller pursuant to Section&nbsp;13.1(a)(i)&nbsp;above as a result of the failure
to satisfy the condition precedent in Section&nbsp;5.1(g)&nbsp;solely with respect to receipt of the Manager Consent, the Escrow Agent
shall disburse the Earnest Money to Seller, and upon such disbursement Seller and Buyer shall have no further obligations under this Agreement,
except those which expressly survive the termination of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">If
Seller shall default in the performance of its obligations under this Agreement to cause the sale of the Assets on the Closing Date as
described in Section&nbsp;13.2(a)(ii), Buyer, at its option, as its sole and exclusive remedy, may (i)&nbsp;terminate this Agreement,
direct the Escrow Agent to deliver the Earnest Money to Buyer and retain the Earnest Money, and this Agreement shall be terminated and
of no further force and effect except for the provisions which explicitly survive such termination, provided that Buyer shall also be
entitled to collect from Seller, and Seller shall pay to Buyer, Buyer&rsquo;s reimbursable expenses up to, but not to exceed, $750,000.00,
or (ii)&nbsp;bring an action for specific performance to specifically enforce the terms and conditions of this Agreement; provided that
such specific enforcement action must be initiated no later than sixty (60) days following the date on which the Closing should have occurred
under this Agreement, but for such default (after taking into consideration any applicable notice and cure periods set forth in this Agreement),
provided that the foregoing shall not limit Seller&rsquo;s duty to pay Buyer all of Buyer&rsquo;s reasonable attorneys&rsquo; fees and
court costs to enforce the provisions of this Section&nbsp;13.2(c).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">ARTICLE&nbsp;XIV</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="text-transform: uppercase"><U>OTher
Agreements; EMPLOYEE MATTERS</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;14.1</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Employee
Matters</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Employees</U>.
Buyer acknowledges that the Employees are currently employed by Manager or its Affiliates. The parties intend that there will be continuity
of employment with respect to all of the Employees. It is agreed that prior to, or in connection with, the Closing, Buyer shall take no
action to cause Seller, Manager or its Affiliates to terminate, or to cause the termination of, the employment of any Employee, and none
of Seller, Manager or its Affiliates shall be under any obligation to terminate, or to cause the termination of, any Employee prior to
or on the Closing Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Indemnity</U>.
The parties agree that all Employees are employed by Manager prior to the Closing Date and any and all Employees shall continue on with
Manager as of the Closing Date under such terms and conditions as Manager shall set pursuant to the Management Agreement (or as applicable,
the Replacement Management Agreement). Any claims of any kind brought by Employees against Seller or Buyer shall be resolved under the
terms of the Management Agreement. As between Buyer and Seller: (a)&nbsp;Buyer shall have no responsibility for Employee claims accruing
or arising from acts or omissions prior to the Closing; and (b)&nbsp;Seller shall have no responsibility for Employee claims accruing
and arising from acts or omissions after the Closing. In the event of an Employee claim for which the acts or omissions giving rise to
the claim began before the Closing Date and continued following the Closing Date which is not resolved by application of the Management
Agreement (a &ldquo;<U>Straddle Claim</U>&rdquo;), Buyer and Seller shall apportion responsibility between themselves by first mutually
determining in good faith the total period for which the acts or omissions giving rise to such claims continued (the &ldquo;<U>Claim Period</U>&rdquo;)
and apportioning the financial responsibility for the claim between Seller and Buyer based on the percentage of the Claim Period prior
to and after the Closing Date, respectively. However, no claim accruing or arising prior to the Closing shall be deemed a Straddle Claim
if the action giving rise to the claim occurred (or if an omission, failed to occur) prior to the Closing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>WARN
Act</U>. Buyer (or Manager or its Affiliate at Buyer&rsquo;s direction, as applicable) shall not, at the Property at any time within the
90 days after the Closing Date, cause or effectuate a &ldquo;plant closing&rdquo; or &ldquo;mass layoff,&rdquo; as those terms are defined
in the WARN Act, affecting in whole or in part any site of employment, facility, operating unit or Employee.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>No
Third Party Beneficiaries</U>. Nothing in this Article&nbsp;XIV shall create any third-party beneficiary rights for the benefit of any
employees of the Property or Manager. Buyer and Seller acknowledge that all provisions contained in Article&nbsp;XIV with respect to employees
are included for the sole benefit of Buyer (and Buyer&rsquo;s Affiliates, as applicable) and Seller (and Seller&rsquo;s Affiliates, as
applicable) and shall not be deemed to constitute an amendment to any employee benefit plan or create any right (i)&nbsp;in any other
person, including any employees, former employees, any participant in any benefit plans (including Union Benefit Plans) or any beneficiary
thereof, or any union or trust, or (ii)&nbsp;to continued employment with Buyer or any of its Affiliates, managers or contractors following
the Closing Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(e)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Survival</U>.
The provisions of this Section&nbsp;14.1 shall survive the Closing without limitation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;14.2</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Management
Agreement</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Buyer
acknowledges and agrees (and has received written evidence, prior to the date hereof) that Manager has waived the Manager Purchase Option
pursuant to that certain letter from Manager dated March&nbsp;26, 2025 (the &ldquo;<U>Manager Waiver</U>&rdquo;). Seller has requested,
or promptly following the Effective Date, Seller shall request, from Manager an estoppel certificate from Manager (&ldquo;<U>Manager
Estoppel</U>&rdquo;) substantially in the form attached hereto as <U>Exhibit&nbsp;R</U>, to be delivered by Manager prior to the Closing
Date. In the event the Manager Estoppel or the Manager Consent (as that term is defined in Section&nbsp;14.2(b)&nbsp;below) is not obtained
on or prior to the scheduled Closing Date, then either Seller or Buyer may elect to extend the Closing up to 45 additional days (such
date, the &ldquo;<U>Extended Deadline</U>&rdquo;) in order to allow the parties to obtain the same, in which event Buyer shall not be
obligated to deposit any Additional Earnest Money. Buyer&rsquo;s receipt of the Manager Estoppel shall not be a condition to Buyer&rsquo;s
obligation to close.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Buyer
shall diligently pursue and Seller shall reasonable cooperate with Buyer in connection with (x)&nbsp;the consent required from Manager
to the transfer of the Property subject to the Management Agreement (the &ldquo;<U>Manager Consent</U>&rdquo;) and (y)&nbsp;either (1)&nbsp;the
assignment by Seller to Buyer of the Management Agreement or (2)&nbsp;if required by Manager, execution by Buyer and Manager of a replacement
management agreement (&ldquo;<U>Replacement Management Agreement</U>&rdquo;) substantially on the same terms and conditions as the Management
Agreement being replaced. In connection with obtaining the Manager Consent, Buyer shall provide to Manager the information reasonably
required for a proposed assignee under Section&nbsp;10.02 of the Management Agreement, including without limitation disclosure information
reasonably requested by Manager sufficient for Manager to assess the business reputation of Buyer, identification in reasonable detail
of the direct and indirect owners of Buyer, and the latest audited and unaudited financials of Buyer. Buyer&rsquo;s receipt of the Manager
Consent shall not be a condition to Buyer&rsquo;s obligation to close.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;14.3</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Ground
Lease; Extended Deadline</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Seller
has, or promptly following the Effective Date, Seller shall (a)&nbsp;complete and submit to the Ground Lessor an Assignment Application
(as may be required by the Ground Lessor) with respect to each Ground Lease for the written consent of the Ground Lessor to the transfer
by Seller of all of its right, title and interest in, to and under the applicable Ground Lease to Buyer (each, a &ldquo;<U>Ground Lease
Consent</U>&rdquo;), which Ground Lease Consent shall be unqualified and irrevocable and (b)&nbsp;request from Ground Lessor a Ground
Lease Estoppel with respect to each Ground Lease. Such requests shall include any information required to be delivered pursuant to Section&nbsp;20.5(o)&nbsp;of
the applicable Ground Lease. Buyer shall reasonably cooperate with Seller in connection with the completion of each Assignment Application,
including providing to Ground Lessor the information reasonably required for a proposed assignee under Section&nbsp;16.1 of each of the
Ground Leases, including without limitation disclosure information reasonably requested by Ground Lessor sufficient for Ground Lessor
to assess the business reputation of Buyer, identification in reasonable detail of the direct and indirect owners of Buyer, the proposed
uses of the assigned Leasehold Land, and the latest audited and unaudited financials of Buyer. Seller shall use commercially reasonable
efforts to obtain the Ground Lease Consents and the Ground Lease Estoppels, and shall keep Buyer updated as to the status thereof. The
parties acknowledge that receipt of a Ground Lease Consent and Ground Lease Estoppel with respect to each Ground Lease is a mutual condition
to Closing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">In
the event any Ground Lease Consent or Ground Lease Estoppel is not obtained on or prior to the scheduled Closing Date, then each of Seller
and Buyer shall have the two-time right to extend the Closing for up to an additional 30 days each (for an aggregate of 60 days) in order
to allow Seller to obtain the Ground Lease Consents and Ground Lease Estoppel, in which event Buyer shall not be obligated to deposit
any Additional Earnest Money. Notwithstanding anything to the contrary contained herein, if the Closing is extended as set forth in this
subsection (b), the Closing Date shall nonetheless occur no later than ten (10)&nbsp;days following the satisfaction of all conditions
precedent to Closing described in Article&nbsp;V hereof, subject to Borrower&rsquo;s additional adjournment rights set forth in this Agreement,
including those set forth in Sections 2.3(a), 2.3(c)&nbsp;and 14.2(a)&nbsp;hereof, but in no event shall the Closing Date be later than
the Closing Deadline Date. In the event that any Ground Lease Consent or Ground Lease Estoppel is not obtained on or prior to the Closing
Deadline Date, as applicable, then each of Seller and Buyer shall have the right, upon written notice to the other party, to terminate
this Agreement, upon which the Earnest Money shall be returned to Buyer and thereafter neither party shall have any further rights or
obligations hereunder, except those which expressly survive such termination. Promptly after Closing, Buyer shall deliver to the Ground
Lessor, the notice of assignment required under Section&nbsp;16.6 of each Ground Lease.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;14.4</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Water
Agreements</U>. Promptly following the Effective Date, Seller shall request the written consent of the City of Phoenix to the assignment
to Buyer of all of Seller&rsquo;s right, title and interest in, to and under Water Agreement 75954. Seller shall use commercially reasonable
efforts to obtain such consent and shall provide Buyer with copies of any material correspondence with the relevant counterparties. In
the event the written consent of the City of Phoenix to the assignment of Water Agreement 75954 to Buyer is not obtained on or prior
to the scheduled Closing Date, then (unless Buyer waives, in writing, such condition precedent to Closing), this Agreement shall terminate
on such date, the Earnest Money shall be returned to Buyer and thereafter neither party shall have any further rights or obligations
hereunder, except those which expressly survive such termination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;14.5</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Desert
Ridge CCR Estoppel</U>. In accordance with Section&nbsp;3.4(f)&nbsp;hereof, Seller shall use commercially reasonable efforts to obtain
the Desert Ridge CCR Estoppel.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;14.6</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Exclusivity</U>.
From the Effective Date until the Closing or earlier termination of this Agreement, Seller shall not negotiate with any independent third
parties (or with any other party) for the financing, refinancing, sale, assignment or other transfer, of the Property or any portion
thereof or an interest in Seller which would be substantially equivalent to selling an interest in the Property.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">ARTICLE&nbsp;XV</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010000"></FONT><FONT STYLE="text-transform: uppercase"><U>MISCELLANEOUS</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;15.1</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Exculpation</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Notwithstanding
anything to the contrary contained herein, Seller&rsquo;s shareholders, partners, members, the partners or members of such partners or
members, the shareholders of such partners or members, and the trustees, officers, directors, employees, agents and security holders
of Seller and the partners or members of Seller assume no personal liability for any obligations entered into on behalf of Seller and
its assets shall not be subject to any claims of any person relating to such obligations, except as provided in the Joinder of Seller
Parent attached hereto. The foregoing shall govern any direct and indirect obligations of Seller under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Notwithstanding
anything to the contrary contained herein, Buyer&rsquo;s direct or indirect shareholders, partners, members, the partners or members of
such partners or members, the shareholders of such partners or members, and the trustees, officers, directors, employees, agents and security
holders of Buyer and the partners or members of Buyer assume no personal liability for any obligations entered into on behalf of Buyer
and its assets shall not be subject to any claims of any person relating to such obligations. The foregoing shall govern any direct and
indirect obligations of Buyer under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;15.2</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Brokers</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Seller
represents and warrants to Buyer that it has dealt with no broker, salesman, finder or consultant (a &ldquo;<U>Broker</U>&rdquo;) with
respect to this Agreement or the transactions contemplated hereby. Seller agrees to indemnify, protect, defend and hold Buyer and the
Buyer-Related Persons harmless from and against all claims, losses, damages, liabilities, costs, expenses (including reasonable attorneys&rsquo;
fees and disbursements) and charges resulting from Seller&rsquo;s breach of the foregoing representation in this subsection&nbsp;15.2(a).
The provisions of this subsection 15.2(a)&nbsp;shall survive the Closing or any termination of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Buyer
represents and warrants to Seller that it has dealt with no Broker with respect to this Agreement or the transactions contemplated hereby.
Buyer agrees to indemnify, protect, defend and hold Seller and the Seller-Related Persons harmless from and against all claims, losses,
damages, liabilities, costs, expenses (including reasonable attorneys&rsquo; fees and disbursements) and charges resulting from Buyer&rsquo;s
breach of the foregoing representation in this Section&nbsp;15.2(b). Buyer acknowledges Seller has disclosed that certain affiliates
and related parties of Seller, including, without limitation, certain of Seller&rsquo;s principals, officers, employees, directors, managers
or representatives may be licensed as real estate agents or brokers in one or more jurisdiction. The provisions of this subsection&nbsp;15.2(b)&nbsp;shall
survive the Closing and any termination of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;15.3</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Confidentiality;
IRS Reporting Requirements</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">Buyer
and Seller shall hold as confidential all information and materials in the Asset File and all other information or materials disclosed
to them by or behalf of the other party concerning each other, the Assets, this Agreement and the transactions contemplated hereby (&ldquo;<U>Confidential
Information</U>&rdquo;) and shall not release any such Confidential Information to third parties without the prior written consent of
the other parties hereto, except (i)&nbsp;any information which was previously or is hereafter publicly disclosed (other than in violation
of this Agreement or other confidentiality agreements to which Affiliates of Buyer are parties), (ii)&nbsp;to the partners, advisers,
underwriters, analysts, employees, affiliates, officers, directors, consultants, lenders, accountants, legal counsel, title companies
and other advisors of Seller and/or Buyer (collectively, &ldquo;<U>Representatives</U>&rdquo;) of any of the foregoing, <U>provided</U>
that they are advised as to the confidential nature of such information and the terms of this Section&nbsp;15.3, are instructed to maintain
such confidentiality, and each party shall be liable for the breach of the terms of this Section&nbsp;15.3 by its Representatives and
(iii)&nbsp;to any Governmental Authority, including the Securities and Exchange Commission, as may be required by Applicable Law, and
otherwise to comply with any order, law, rule&nbsp;or regulation, or disclosed publicly as deemed advisable (by legal counsel for the
applicable Party) in connection with any filing or public company disclosure (and there shall be no requirement to seek confidential treatment
or any protective order or action). Notwithstanding any provision of this Agreement, the parties hereto (and their employees, representatives
and agents) may disclose to any and all Persons, without limitation of any kind, the U.S. federal income tax treatment and tax structure
of transactions effected pursuant to this Agreement, <U>provided</U>, <U>however</U>, (y)&nbsp;the parties hereto (and their employees,
representatives and agents) shall keep confidential any such information to the extent necessary to comply with any applicable federal
or state securities law, and (z)&nbsp;the parties hereto agree that the tax treatment and tax structure do not include, and the parties
hereto (and their employees, representatives and agents) shall keep confidential, the name of, and other identifying information regarding,
any such party or transactions, including the specific economic terms of such transactions. If any court or governmental authority requires
a party to disclose any portion of the Confidential Information, such party shall, to the extent permitted by law and legal process and
prior to disclosing any such Confidential Information, (A)&nbsp;provide the other party with prompt written notice of such requirement
and (B)&nbsp;cooperate with the other party in a commercially reasonable manner in obtaining any protective order or other remedy sought
by such party with respect to such requirement. If no such protective order or other remedy is obtained, then the disclosing party may
disclose only that portion of the Confidential Information that in the reasonable opinion of its legal counsel is legally required to
be disclosed, and shall exercise all commercially reasonable efforts to obtain reliable assurance that confidential treatment will be
accorded the Confidential Information. The foregoing shall constitute a modification of any prior confidentiality agreement that may have
been entered into by the parties. The provisions of this subsection 15.3(a)&nbsp;shall survive the Closing and the termination of this
Agreement for a period of one year.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">For
the purpose of complying with any information reporting requirements or other rules&nbsp;and regulations of the IRS that are or may become
applicable as a result of or in connection with the transaction contemplated by this Agreement, including, but not limited to, any requirements
set forth in proposed Income Tax Regulation Section&nbsp;1.6045-4 and any final or successor version thereof (collectively, the &ldquo;<U>IRS
Reporting Requirements</U>&rdquo;), Seller and Buyer shall designate and appoint the Escrow Agent to act as the &ldquo;<U>Reporting Person</U>&rdquo;
(as that term is defined in the IRS Reporting Requirements) to be responsible for complying with any IRS Reporting Requirements, and the
Escrow Agent shall acknowledge and accept such designation and appointment and agree to fully comply with any IRS Reporting Requirements
that are or may become applicable as a result of or in connection with the transaction contemplated by this Agreement. Without limiting
the responsibility and obligations of the Escrow Agent as the Reporting Person, Seller and Buyer hereby agree to comply with any provisions
of the IRS Reporting Requirements that are not identified therein as the responsibility of the Reporting Person.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;15.4</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Escrow
Provisions</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
Escrow Agent shall hold the Earnest Money in escrow in an interest-bearing federally-insured bank account in a federally-insured money
market or other similar account, subject to immediate withdrawal, at a bank or savings and loan institution reasonably acceptable to Seller
and Buyer (the &ldquo;<U>Escrow Account</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
Escrow Agent shall hold the Earnest Money in escrow in the Escrow Account until the Closing or sooner termination of this Agreement and
shall hold or apply such proceeds in accordance with the terms of this subsection 15.4(b). Seller and Buyer understand that no interest
is earned on the Earnest Money during the time it takes to transfer into and out of the Escrow Account. At Closing, the Earnest Money
shall be paid by the Escrow Agent to, or at the direction of, Seller. If for any reason the Closing does not occur and either party makes
a written demand upon the Escrow Agent for payment of such amount, the Escrow Agent shall, within 24 hours give written notice to the
other party of such demand. If the Escrow Agent does not receive a written objection within five (5)&nbsp;Business Days after the giving
of such notice, the Escrow Agent is hereby authorized to make such payment. If the Escrow Agent does receive such written objection within
such five (5)&nbsp;Business Day period or if for any other reason the Escrow Agent in good faith shall elect not to make such payment,
the Escrow Agent shall continue to hold such amount until otherwise directed by joint written instructions from the parties to this Agreement
or a final judgment of a court of competent jurisdiction. However, the Escrow Agent shall have the right at any time to deposit the Earnest
Money with the clerk of the court of New York County. The Escrow Agent shall give written notice of such deposit to Seller and Buyer.
Upon such deposit the Escrow Agent shall be relieved and discharged of all further obligations and responsibilities hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
parties acknowledge that the Escrow Agent is acting solely as a stakeholder at their request and for their convenience, that the Escrow
Agent shall not be deemed to be the agent of either of the parties, and the Escrow Agent shall not be liable to either of the parties
for any act or omission on its part, other than for its gross negligence or willful misconduct. Seller and Buyer shall jointly and severally
indemnify and hold the Escrow Agent harmless from and against all costs, claims and expenses, including reasonable attorneys&rsquo; fees
and disbursements, incurred in connection with the performance of the Escrow Agent&rsquo;s duties hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">The
Escrow Agent has acknowledged its agreement to these provisions by signing this Agreement in the place indicated following the signatures
of Seller and Buyer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;15.5</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Successors
and Assigns; No Third-Party Beneficiaries</U>. The stipulations, terms, covenants and agreements contained in this Agreement shall inure
to the benefit of, and shall be binding upon, the parties hereto and their respective permitted successors and assigns (including any
successor entity after a public offering of stock, merger, consolidation, purchase or other similar transaction involving a party hereto)
and nothing herein expressed or implied shall give or be construed to give to any Person, other than the parties hereto and such assigns,
any legal or equitable rights hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;15.6</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Assignment</U>.
This Agreement may not be assigned by Buyer without the prior written consent of Seller. Any transfer of direct or indirect interests
in Buyer shall be deemed to be an assignment of this Agreement by Buyer. Notwithstanding the foregoing, and without releasing Buyer from
its obligations under this Agreement, Buyer is permitted (without Seller&rsquo;s consent) to assign this Agreement (and all or any part
of Buyer&rsquo;s rights under this Agreement) to one or more Affiliates of Buyer, including for purposes of causing one or more Affiliates
of Buyer to take title to (and an assignment of) any of the Asset-Related Property or for purposes of implementing an intercompany lease
that complies with Section&nbsp;856(d)(8)(B)&nbsp;of the Code at the Closing, provided such Affiliate(s)&nbsp;(each, a &ldquo;<U>Buyer
Designee</U>&rdquo;) shall execute such documentation as reasonably requested by Manager (to the extent that Manager has the right to
require such documentation) and each Ground Lessor (with respect to the Ground Lease) at the Closing, and provided further, that Buyer
and each Buyer Designee will be jointly and severally liable for the obligations of Buyer under this Agreement notwithstanding any such
designation and provided that such assignment shall not result in a delay of the Closing Date. Any designation under this Section&nbsp;15.6
by Buyer shall occur prior to the submission to Ground Lessor of the applications for the assignment of the Ground Leases.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;15.7</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Further
Assurances</U>. From time to time, as and when requested by any party hereto, the other party shall execute and deliver, or cause to
be executed and delivered, all such documents and instruments and shall take, or cause to be taken, all such further or other actions
as such other party may reasonably deem necessary or desirable to consummate the transactions contemplated by this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;15.8</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Notices</U>.
All notices, consents, approvals and requests required or permitted hereunder shall be given in writing and shall be effective for all
purposes if (a)&nbsp;hand delivered, (b)&nbsp;sent by certified or registered United States mail, postage prepaid, return receipt requested,
(c)&nbsp;sent by expedited prepaid delivery service, either commercial or United States Postal Service, with proof of attempted delivery,
or (d)&nbsp;sent by electronic mail, addressed as follows (or at such other address and Person as shall be designated from time to time
by any party hereto, as the case may be, in a written notice to the other parties hereto in the manner provided for in this Section&nbsp;15.8):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(a)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">To
Seller:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">c/o Elliott Management Corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">40 West 57<SUP>th</SUP> Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">New York, New York 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attention: Karthik Dhore</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Email: [*]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">c/o Trinity Investments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">55 Merchant Street, Suite&nbsp;1500</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">Honolulu, HI 96813&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">Attention: Harrison Ishida&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">Email: [*]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">c/o Trinity Investments&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">9401 Wilshire Boulevard, Suite&nbsp;700&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">Beverly Hills, CA 90212&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">Attention: Jeffrey Barry&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">Email: [*]&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 1in">And via email to: [*]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">with copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Gibson, Dunn&nbsp;&amp; Crutcher LLP&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">333 South Grand Avenue&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Los Angeles, CA 90071&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attention: Lauren L. Giovannone&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Email: [*]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(b)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">To
Buyer:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">c/o Ryman Hospitality Properties,&nbsp;Inc.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">One Gaylord Drive&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Nashville, Tennessee 37214&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attention: Mark Fioravanti&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Email:
</FONT>[*]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">with copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Greenberg Traurig, LLP&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">2101 L Street, N.W., Suite&nbsp;1000&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Washington, District of Columbia 20037&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attention: Samantha Ahuja,&nbsp;Esq.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">Email:
</FONT>[*]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(c)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">To
the Escrow Agent:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Kensington Vanguard National Land Services&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">41 Madison Avenue, 21<SUP>st</SUP> Floor&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">New York, New York 10010&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Attention: Mitchell Birner&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in">Email: [*]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">(d)</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt">A
notice shall be deemed to have been given: (i)&nbsp;in the case of hand delivery, when delivered; (ii)&nbsp;in the case of registered
or certified mail, when delivered or upon the first attempted delivery on a Business Day; (iii)&nbsp;in the case of expedited prepaid
delivery service, when delivered or upon the first attempted delivery on a Business Day; and (iv)&nbsp;in the case of email, upon the
sender&rsquo;s receipt of confirmation (which may be in the form of an automated electronic response) of delivery or upon the first attempted
delivery on a Business Day.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;15.9</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Entire
Agreement</U>. This Agreement, along with the Exhibits and Schedules hereto contains all of the terms agreed upon between the parties
hereto with respect to the subject matter hereof, and all understandings and agreements heretofore had or made among the parties hereto
are merged in this Agreement which alone fully and completely expresses the agreement of the parties hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;15.10</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Amendments</U>.
This Agreement may not be amended, modified, supplemented or terminated, nor may any of the obligations of Seller or Buyer hereunder
be waived, except by written agreement executed by the party or parties to be charged.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;15.11</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>No
Waiver</U>. No waiver by either party of any failure or refusal by the other party to comply with its obligations hereunder shall be
deemed a waiver of any other or subsequent failure or refusal to so comply.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;15.12</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Governing
Law</U>. This Agreement shall be governed by, interpreted under, and construed and enforced in accordance with, the laws of the State
of New York; provided, however, that with respect to any term or provision set forth this Agreement or enforceability thereof, or any
matter relating to the Land or the Improvements, in each case for which Applicable Law requires that the laws of the State of Arizona
govern, then such term, provision or matter shall be governed by, interpreted under, and construed and enforced in accordance with, the
laws of the State of Arizona.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;15.13</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Submission
to Jurisdiction</U>. Buyer and Seller each irrevocably submits to the jurisdiction of (a)&nbsp;the Supreme Court of the State of New
York and (b)&nbsp;the United States District Court for the Southern District of New York for the purposes of any suit, action or other
proceeding arising out of this Agreement or any transaction contemplated hereby. Buyer and Seller each further agree that service of
any process, summons, notice or document by U.S. registered mail to such party&rsquo;s respective address set forth above shall be effective
service of process for any action, suit or proceeding in New York with respect to any matters to which it has submitted to jurisdiction
as set forth above in the immediately preceding sentence. Buyer and Seller each irrevocably and unconditionally waive trial by jury and
irrevocably and unconditionally waives any objection to the laying of venue of any action, suit or proceeding arising out of this Agreement
or the transactions contemplated hereby in (x)&nbsp;the Supreme Court of the State of New York and (y)&nbsp;the United States District
Court for the Southern District of New York, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim
in any such court that any such action, suit or proceeding brought in any such court has been brought in an inconvenient forum.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;15.14</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Severability</U>.
If any term or provision of this Agreement or the application thereof to any person or circumstances shall, to any extent, be invalid
or unenforceable, the remainder of this Agreement or the application of such term or provision to persons or circumstances other than
those as to which it is held invalid or unenforceable shall not be affected thereby, and each term and provision of this Agreement shall
be valid and enforceable to the fullest extent permitted by law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;15.15</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Section&nbsp;Headings</U>.
The headings of the various Sections of this Agreement have been inserted only for purposes of convenience, are not part of this Agreement
and shall not be deemed in any manner to modify, explain, expand or restrict any of the provisions of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;15.16</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Counterparts</U>.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, and it shall not be necessary
in making proof of this Agreement to produce or account for more than one such counterpart. Documents executed, scanned and transmitted
electronically and electronic signatures shall be deemed original signatures for purposes of this Agreement and all matters related thereto,
with such scanned and electronic signatures having the same legal effect as original signatures. This Agreement, and any other document
necessary for the consummation of the transaction contemplated by this Agreement, may be accepted, executed or agreed to through the
use of an electronic signature in accordance with the Electronic Signatures in Global and National Commerce Act, Title 15, United States
Code, Sections&nbsp;7001 et seq., the Uniform Electronic Transaction Act and any applicable state law. Any document accepted, executed
or agreed to in conformity with such laws will be binding on each party as if it were physically executed.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;15.17</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Construction</U>.
The parties acknowledge that the parties and their counsel have reviewed and revised this Agreement and that the normal rule&nbsp;of
construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation
of this Agreement or any exhibits or amendments hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;15.18</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Acceptance
of Assignment of the Ground Leases</U>. The acceptance of the Deed, the Assignment of Golf Course Lease and the Assignment of Resort
Lease by Buyer at the Closing shall be deemed full compliance by Seller of all of Seller&rsquo;s obligations under this Agreement and
the Closing Documents, except for those obligations of Seller which are specifically stated to survive the delivery of the Deed, the
Assignment of Golf Course Lease and the Assignment of Resort Lease or the Closing hereunder. The provisions of this Section&nbsp;15.18
shall survive the Closing or any termination of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;15.19</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Recordation</U>.
Neither this Agreement nor any memorandum or notice of this Agreement may be recorded by any party hereto without the prior written consent
of the other party hereto; provided, however, that this Section&nbsp;15.19 shall not be deemed or construed as a restriction or prohibition
on Buyer filing a lis pendens in connection with any action by Buyer for specific performance that is exercised pursuant to the terms
of this Agreement. The provisions of this Section&nbsp;shall survive the Closing or any termination of this Agreement. In furtherance
of the foregoing, Buyer hereby indemnifies Seller from and against any and all Losses arising out of a breach of this Section&nbsp;15.19.
Nothing in this Section&nbsp;15.19 shall limit disclosures pursuant to Section&nbsp;15.24 below. The provisions of this Section&nbsp;15.19
shall survive the Closing or any termination of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;15.20</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Guest
Baggage </U>. All baggage, parcels or property checked or left in the care of Seller or Manager by current guests or tenants as of the
Closing Date, or by those formerly staying at any of the Property, or others, shall be sealed and listed in an inventory prepared jointly
by representatives of Seller and Buyer as of the Closing Date and initialed and exchanged by such representatives. Possession and control
of all such other baggage, parcels or property listed on such inventory shall be delivered to Buyer on the Closing Date and Buyer shall
be responsible from and after the Closing Date for the liability of all items listed in such inventory, but only in the condition actually
delivered by Seller. On the Closing Date, Seller or Manager shall give written notices (&ldquo;<U>Seller Verification Notices</U>&rdquo;)
to guests, members, Tenants, and other persons who have safe deposit boxes at the Property or who have deposited items in the house safe
at the Property (the &ldquo;<U>Depositors</U>&rdquo;), if any, advising them of the sale of the Property to the Buyer and requesting,
within 48 hours, verification of the contents of their safe deposit boxes and/or the house safe and either (i)&nbsp;removal of such contents,
or (ii)&nbsp;if such Depositors desire to have the continued use of the safe deposit boxes and/or the house safe, the execution of a
new agreement with the Buyer for such continued use. Copies of Seller Verification Notices shall be given to Buyer. During said 48-hour
period, each safe deposit box and/or the house safe shall be opened and the items therein recorded only in the presence of representatives
of both Seller and Buyer. If the Depositors desire to continue to use a safe deposit box and/or the house safe, Buyer shall make arrangements
for such continued use. The contents of all safe deposit boxes and/or the house safe of Depositors not responding to Seller Verification
Notices shall be opened promptly after the expiration of the 48-hour period, but only in the presence of both Seller and Buyer. The contents
of all boxes so opened shall be listed in an inventory at the time such safe deposit boxes or house safe are opened, each such list shall
be signed by the representatives of Seller and Buyer, the keys and/or combinations to the boxes shall be delivered to Buyer, and the
boxes shall then be relocked, sealed and left in the possession of Buyer. Any property contained in the safe deposit boxes and house
safe and so recorded and thereafter remaining in the hands of Buyer shall be the responsibility of Buyer. The provisions set forth in
this <U>Section&nbsp;15.20</U> shall survive the Closing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;15.21</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Time
is of the Essence</U>. Seller and Buyer agree that time is of the essence with respect to the obligations of each of Seller and Buyer
under this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;15.22</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Prevailing
Party</U>. Should either party employ an attorney to enforce any of the provisions hereof (whether before or after Closing, and including
any claims or actions involving amounts held in escrow) or to recover damages for the breach of this Agreement, the non-prevailing party
in any final judgment agrees to pay the other party&rsquo;s reasonable expenses, including reasonable attorneys&rsquo; fees and expenses
in or out of litigation and, if in litigation, trial, appellate, bankruptcy or other proceedings, expended or incurred in connection
therewith, as determined by a court of competent jurisdiction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;15.23</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Waiver
of Jury Trial</U>. Seller and Buyer hereby irrevocably waive trial by jury in any action, proceeding or counterclaim brought by one party
against another party on any matter arising out of or in any way connected with this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;15.24</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Press
Release; SEC Disclosure</U>. Seller or Buyer may issue a press release with respect to this Agreement and the transactions contemplated
hereby, provided that the content of any such press release shall be subject to the prior written consent of the other party hereto (it
being acknowledged and agreed by Seller and Buyer that, solely if and to the extent required or (based on the advice of reputable securities
counsel) deemed advisable pursuant to applicable law and regulations (including but not limited to applicable U.S. Securities and Exchange
Commission (&ldquo;<U>SEC</U>&rdquo;) regulations), the Buyer&rsquo;s and Seller&rsquo;s name, the Purchase Price, this Agreement, information
with respect to the historical operating data of the Hotel and the other portions of the Property may be publicly disclosed by Buyer
or Seller in a press release or other SEC disclosure); provided, however, the use of the name &ldquo;Trinity&rdquo; or &ldquo;Elliot&rdquo;
in any press release or disclosure shall only be disclosed by Seller if required by such laws and regulations, with the form of such
disclosure subject to the reasonable approval of Seller.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010000">Section&nbsp;15.25</FONT><FONT STYLE="color: #010000">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="font-size: 10pt"><U>Calculation
of Time Periods</U>. Unless otherwise specified, in computing any period of time described herein, the day of the act or event after
which the designated period of time begins to run is not to be included and the last day of the period so computed is to be included,
unless such last day is not a Business Day, in which event the period shall run until the end of the next day which is a Business Day.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">IN WITNESS WHEREOF, this Agreement
has been duly executed by the parties hereto as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">SELLER:</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">DRPHOENIX HOTEL OWNER LLC, a Delaware
    limited liability company</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/
Jeffrey S. Barry</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Jeffrey S. Barry</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Authorized Signatory</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: bold 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">BUYER:</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">RHP PROPERTY
    AR, LLC, a Delaware limited liability company</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&#8239;&#8239;/s/ Scott Lynn</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 5%"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 42%"><FONT STYLE="font-size: 10pt">Scott Lynn</FONT></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Vice-President</FONT></TD></TR>
  </TABLE>


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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[Signature Page to Agreement of Purchase and Sale]</P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>tm2515496d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><IMG SRC="tm2515496d1_ex99-1img001.jpg" ALT=""></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Ryman Hospitality Properties, Inc. to Acquire
JW Marriott Phoenix Desert Ridge Resort &amp; Spa for $865 Million</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">NASHVILLE, Tenn.
(May 19, 2025) &ndash; Ryman Hospitality Properties, Inc. (NYSE: RHP) (the &ldquo;Company&rdquo;), </FONT>a lodging real estate investment
trust (&ldquo;REIT&rdquo;) specializing in group-oriented, destination hotel assets in urban and resort markets, today announced a definitive
agreement under which the Company will purchase the JW Marriott Phoenix Desert Ridge Resort &amp; Spa (&ldquo;JW Marriott Desert Ridge&rdquo;)
in Phoenix, Arizona, for $865 million. The Company plans for the resort to continue to be operated by Marriott International under the
JW Marriott flag. The purchase price represents a 12.7x Adjusted EBITDA<I>re</I> multiple on JW Marriott Desert Ridge&rsquo;s 2024 results.<FONT STYLE="font-size: 10pt"><SUP>1</SUP></FONT>
The property&rsquo;s 2025 results are expected to be impacted by construction disruption related to the meeting space renovation currently
underway and ongoing through the third quarter of 2025. The Company expects the acquisition of the JW Marriott Desert Ridge to be
accretive to adjusted funds from operations (&ldquo;Adjusted FFO&rdquo;) per fully diluted share for 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Mark Fioravanti, President and Chief Executive
Officer of the Company, said, &ldquo;The JW Marriott Desert Ridge has been one of our top acquisition targets for many years. Given the
limited availability of marquee group-focused assets that complement our existing portfolio and group strategy, we are thrilled to acquire
this resort. Considering the strength of our forward bookings, the durable nature of our group business model and our early success with
the 2023 acquisition of the JW Marriott Hill Country, we believe this is the right transaction for creating long-term customer and shareholder
value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Located in a thriving, highly-rated meetings
market with no new competitive supply under development, this &lsquo;all under one roof&rsquo; resort expands our hotel distribution in the Western
U.S. for both our Gaylord Hotels and JW Marriott rotational customers. Working with Marriott to align the resources of this
complementary property with those already dedicated to our existing portfolio, creates opportunities to drive operating synergies at
the property and portfolio level. Furthermore, consistent with previous investments, we look forward to pursuing both near and
long-term value creation opportunities at this property, which over time we believe will further improve the customer value
proposition and enhance shareholder returns.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Situated on approximately 402 acres of Arizona's
Sonoran Desert, the JW Marriott Desert Ridge is one of largest hotels in the greater Phoenix/Scottsdale area and features 950 guest rooms,
including 81 suites, and approximately 243,000 square feet of versatile indoor and outdoor meeting and event space. Guests enjoy an array
of world-class amenities, including the 28,000-square-foot Revive Spa; seven food and beverage outlets; the 140,000-square-foot AquaRidge
water amenity featuring water slides, a lazy river, and an adult-only island; and two renowned golf courses at Wildfire Golf Club&mdash;the
Nick Faldo-designed Championship Course and the Arnold Palmer-designed Signature Course. The property has recently benefitted from nearly
$100 million in capital investments, including a complete renovation of rooms and suites, an enhanced lobby and arrival experience, upgraded
water amenities, and reimagined food and beverage outlets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><SUP>1</SUP> Adjusted EBITDAre is a non-GAAP
financial measure. Refer to &ldquo;JW Marriott Desert Ridge Adjusted EBITDAre&rdquo; later in this press release for an explanation of
this non-GAAP measure and a reconciliation to its most directly comparable GAAP measure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Phoenix, the nation&rsquo;s fifth most populous
city, and the largest in Arizona, is a top 10 meetings market in North America with strong leisure demand drivers. Phoenix-Sky Harbor
Airport is the 14th busiest in the U.S. by total enplanements and deplanements with plans for further long-term expansion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company expects to close the JW Marriott Desert
Ridge transaction in the second or third quarter of 2025, subject to customary closing conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Note to Ryman
Hospitality Properties Shareholders:</B></FONT> The Company has provided a presentation containing supplemental information related to
this transaction. The presentation is located on the Company&rsquo;s website under Investor Relations/News &amp; Events/Events &amp; Presentations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About Ryman Hospitality Properties, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ryman Hospitality Properties, Inc. (NYSE: RHP) is a leading lodging
and hospitality real estate investment trust that specializes in upscale convention center resorts and entertainment experiences. The
Company&rsquo;s holdings include Gaylord Opryland Resort &amp; Convention Center; Gaylord Palms Resort &amp; Convention Center; Gaylord
Texan Resort &amp; Convention Center; Gaylord National Resort &amp; Convention Center; and Gaylord Rockies Resort &amp; Convention Center,
five of the top seven largest non-gaming convention center hotels in the United States based on total indoor meeting space. The Company
also owns the JW Marriott San Antonio Hill Country Resort &amp; Spa as well as two ancillary hotels adjacent to our Gaylord Hotels properties.
The Company&rsquo;s hotel portfolio is managed by Marriott International and includes a combined total of 11,414 rooms as well as more
than 3 million square feet of total indoor and outdoor meeting space in top convention and leisure destinations across the country. RHP
also owns an approximate 70% controlling ownership interest in Opry Entertainment Group (OEG), which is composed of entities owning a
growing collection of iconic and emerging country music brands, including the Grand Ole Opry; Ryman Auditorium; WSM 650 AM; Ole Red; Category
10; Nashville-area attractions; Block 21, a mixed-use entertainment, lodging, office and retail complex, including the W Austin Hotel
and the ACL Live at the Moody Theater, located in downtown Austin, Texas; and a majority interest in Southern Entertainment, a leading
festival and events business. RHP operates OEG as its Entertainment segment in a taxable REIT subsidiary, and its results are consolidated
in the Company&rsquo;s financial results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cautionary Note Regarding Forward-Looking Statements</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This press release contains statements as to the
Company&rsquo;s beliefs and expectations of the outcome of future events that are forward-looking statements as defined in the Private
Securities Litigation Reform Act of 1995. You can identify these statements by the fact that they do not relate strictly to historical
or current facts. Examples of these statements include, but are not limited to, statements regarding the pending JW Marriott Desert Ridge
transaction and the Company&rsquo;s expectations for the JW Marriott Desert Ridge upon the closing of the transaction. These forward-looking
statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made. These
risks and uncertainties include the risks and uncertainties associated with the pending JW Marriott Desert Ridge transaction, including,
but not limited to, the occurrence of any event, change or other circumstance that could delay the closing of the JW Marriott Desert Ridge
transaction, or result in the termination of the agreement for JW Marriott Desert Ridge transaction; adverse effects on Company&rsquo;s
common stock because of the failure to complete the JW Marriott Desert Ridge transaction, the Company&rsquo;s ability to borrow funds
pursuant to its credit agreements and to refinance indebtedness and/or to successfully amend the agreements governing its indebtedness
in the future, and changes in interest rates. Other factors that could cause operating and financial results to differ are described in
the filings made from time to time by the Company with the U.S. Securities and Exchange Commission (SEC) and include the risk factors
and other risks and uncertainties described in the Company&rsquo;s Annual Report on Form 10-K for the fiscal year ended December 31, 2024,
the Company&rsquo;s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, and subsequent filings. Except as required
by law, the Company does not undertake any obligation to release publicly any revisions to forward-looking statements made by it to reflect
events or circumstances occurring after the date hereof or the occurrence of unanticipated events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>JW Marriott Desert Ridge Adjusted EBITDA<I>re</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Adjusted EBITDA<I>re</I> is calculated and
presented by the Company based on unaudited information provided to the Company from the seller or an affiliate of the seller.
Adjusted EBITDA<I>re</I>, a non-GAAP financial measure, is calculated as Net Income calculated in accordance with GAAP plus interest
expense, depreciation and amortization and non-cash lease expense and other. Below is a reconciliation of Adjusted EBITDA<I>re</I> to Net Income, the most directly
comparable GAAP figure for Adjusted EBITDA<I>re</I>. The Company used Adjusted EBITDA<I>re</I> to evaluate the operating performance
of the property and to price the JW Marriott Desert Ridge acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center">12 Months Ended</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December 31,</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">(in thousands)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 81%; text-align: left">Net income</TD><TD STYLE="width: 2%; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 15%; font: bold 10pt Times New Roman, Times, Serif; text-align: right">23,479</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif">Interest</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">14,513</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Depreciation and Amortization</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">29,368</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif; text-align: left">Non-Cash Lease Expense and Other</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">896</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Adjusted EBITDA<I>re</I></B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right">68,256</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><B>Investor Relations Contacts:</B> <BR>
<BR>
Mark Fioravanti, President and Chief Executive Officer<BR>
 (615) 316-6588<BR>
 mfioravanti@rymanhp.com<BR>
 <BR>
 Jennifer Hutcheson, Chief Financial Officer <BR>
(615) 316-6320<BR>
 jhutcheson@rymanhp.com<BR>
 <BR>
 Sarah Martin, Vice President, Investor Relations<BR>
 (615) 316-6011<BR>
 sarah.martin@rymanhp.com</TD>
    <TD STYLE="width: 50%"><B>Media Contact:<BR>
<BR>
</B> Shannon Sullivan, Vice President, Corporate and Brand Communications<BR>
 (615) 316-6725<BR>
 ssullivan@rymanhp.com</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:type="arc" />
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>6
<FILENAME>rhp-20250519_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
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end
</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>9
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
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</head>
<body>
<span style="display: none;">v3.25.1</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>May 19, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">May 19,  2025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">1-13079<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">RYMAN HOSPITALITY PROPERTIES, INC.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001040829<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">73-0664379<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">DE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">One
Gaylord Drive<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Nashville<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">TN<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">37214<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">615<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">316-6000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common
    Stock, par value $.01<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">RHP<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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