PURCHASE AND SALE AGREEMENT BETWEENPurchase and Sale Agreement • August 29th, 2024 • Generation Income Properties, Inc. • Real estate investment trusts
LOAN AGREEMENTLoan Agreement • August 29th, 2024 • Generation Income Properties, Inc. • Real estate investment trusts • Iowa
THIS LOAN AGREEMENT is made and entered into as of August 23, 2024, by and between GIPIA 1220 S Duff Avenue, LLC, a Delaware limited liability company, of 401 East Jackson Street, Suite 3300, Tampa, Florida 33602 (“Borrower”), and Valley National Bank, a national banking association, of 180 Fountain Parkway N, Suite 200, St. Petersburg, Florida 33716 (“Lender”). For value received, and in consideration of the mutual covenants hereunder, the parties agree to the following recitals, terms and conditions:
SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENTEmployment Agreement • August 29th, 2024 • Generation Income Properties, Inc. • Real estate investment trusts
THIS SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into as August 26, 2024 by and between GENERATION INCOME PROPERTIES, INC., a Maryland corporation (the “REIT”), and DAVID SOBELMAN, an individual residing in the State of Florida (“Executive”). This Agreement amends and restates in its entirety that certain First Amended and Restated Employment Agreement, dated June 23, 2022, previously entered into between the REIT and Executive (the “Prior Employment Agreement”).
SECOND NOTE AND LOAN MODIFICATION AGREEMENTSecond Note and Loan Modification Agreement • August 29th, 2024 • Generation Income Properties, Inc. • Real estate investment trusts
This Second Note and Loan Modification Agreement (this "Agreement") is made as of August 23, 2024, by and among GIPVA 130 CORPORATE BLVD, LLC, a Delaware limited liability company (the "Borrower"), GENERATION INCOME PROPERTIES, L.P., a Delaware limited partnership, GENERATION INCOME PROPERTIES, INC., a Maryland corporation, and DAVID SOBELMAN (collectively, the "Guarantors" and together with the Borrower, the "Obligors"), and NEWPORT NEWS SHIPBUILDING EMPLOYEES' CREDIT UNION, INC.,
ASSIGNMENT AND ASSUMPTION OF LEASE AND SECURITY DEPOSITSAssignment and Assumption of Lease and Security Deposits • August 29th, 2024 • Generation Income Properties, Inc. • Real estate investment trusts
THIS ASSIGNMENT AND ASSUMPTION OF LEASE AND SECURITY DEPOSITS (“Assignment”) is made and entered into as of the 23 day of August, 2024, by and between DUFF DANIELS, L.L.C., an Iowa limited liability company, as tenant in common holding a 65% interest, WESTBROOKE DANIELS, L.L.C., an Iowa limited liability company, as tenant in common holding a 10.21% interest, and WESTBROOKE WOLF, L.L.C., an Iowa limited liability company, as tenant in common holding a 24.79% interest (collectively, “Assignor”), and GIPIA 1220 S DUFF AVENUE, LLC, a Delaware limited liability company (“Assignee”).
AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT OF GIPIA 1220 S. Duff Avenue, LLC A Delaware Limited Liability CompanyLimited Liability Company Agreement • August 29th, 2024 • Generation Income Properties, Inc. • Real estate investment trusts • Florida
Representations and Warranties of the Seller. The Seller hereby represents and warrants to the Purchaser that as of the date hereof and through and including the closing of the Membership Interest Purchase, as follows:
THIRD ALLONGE TO PROMISSORY NOTE (Loan No. 412398-60)Promissory Note • August 29th, 2024 • Generation Income Properties, Inc. • Real estate investment trusts
This Third Allonge to Promissory Note (the "Third Allonge") is dated and effective as of August 23, 2024, and attached to, and made a part of, the Promissory Note, dated October 23, 2017, made by the Original Borrower payable to the Lender or order, in the face amount of $5,200,000.00 (the “Original Promissory Note”), as previously amended by (i) Allonge to Promissory Note dated as of September 30, 2019 (the “First Allonge to Note”, and together with the Original Note, the “2019 Note”), and (ii) Second Allonge to Promissory Note dated and effective as of March 23, 2021 (the “Second Allonge to Note”, and together with the 2019 Note, the "Note"). The obligations of the Original Borrower under the 2019 Note were assumed by the Current Borrower pursuant to that certain Note, Deed of Trust, Assignment of Leases and Rents, and Related Loan Documents Assignment, Assumption and Modification Agreement (the "Assumption Agreement"), by and among the Original Borrower, the Current Borrower, the Le
ASSIGNMENT AND ASSUMPTION OF PURCHASE AND SALE AGREEMENTAssignment and Assumption of Purchase and Sale Agreement • August 29th, 2024 • Generation Income Properties, Inc. • Real estate investment trusts
THIS ASSIGNMENT AND ASSUMPTION OF PURCHASE AND SALE AGREEMENT (“Assignment”) is made and entered into, effective as of August 23, 2024, by and between GENERATION INCOME PROPERTIES, L.P., a Delaware limited partnership (“Assignor”), to GIPIA 1220 S DUFF AVENUE, LLC, a Delaware limited liability company (“Assignee”).
