Vacant Land Listing Agreement ft111 Florida Realtors. I This Exclusive Right of Sale Listing Agreement (-Agreement') is between 2 • HANS LOLLICK LAND COMPANY, LLLP and Little Hans Lollick Holdings, LLP 3 • ONE SOTHEBY'S INTERNATIONAL REALTY (-Seller ) and (-Broker) 4 1 AUTHORITY TO SELL PROPERTY: Seller gives Broker the EXCUSIVE RIGHT TO SELL the real and personal 5 • property (collectively Property') described below. at the price and terms described below, beginning the 20TH 6 • day of OCTOBER , 2011 . and terminating at 11:59E. the 20th day of APRIL 7 • 2012 (-Termination Dale") Elfreti4eifereetthen-ef-ereentreet•fer-seleend-perehese-efthe-Pnsperfre34/-tniMS -end of this Ag.eel.tent e.t.metn.elly ceet...4 thflargh the date th... —Stet efine-seles-eentfeetg Seller and Broker acknowledge that this Agreement does not guarantee a sale. This Property will be offered to any 10 person without regard to race, color, religion. sex. handicap, familial status. national origin or any other factor I I protected by federal, state or local law. Seller certifies and represents that he/she/it is legally entitled to convey the 12 Property and all improvements. 13 2. DESCRIPTION OF PROPERTY: It • IS • 16 17 • ill • 19 20 21 22 • 23 • 24 • 25 • 26 • (a) Real Property Street Address: Great Hans Loll/k Island and Little Hans LoIllk Island Legal Description (include plat information, property identification number, deed book and page) NO. 10 Great Northslde Quarter. St Thomas. U.S. Virgin Islands See Attachment (b) Personal Property, including storage sheds, electncal (including pedestal), plumbing, septic systems, water tanks. pumps. solar systems/panels, irrigation systems, gates, domestic water systems, gate openers and controls fencing, timers. mailbox, utility meters (including gas and water), windmills, cattle guards. existing landscaping. trees. shrubs and lighting: See Attachment (e) Occupancy Property is xis not currently occupied by a tenant. If occupied, the lease term expires 27 3. PRICE AND TERMS: The property is offered for sale on the following terms, or on other terms acceptable to 20 Seller: 29 • (a) Price: $29,500,000 see addendum no 1 30 • (b) Financing Terms: Cash Conventional VA FHA USDA Other m • TBD 32 • Seller Financing: Seller will hold a purchase money mortgage in the amount of S TBD 33 • with the following terms: TBD M • Assumption of Existing Mortgage: Buyer may assume existing mortgage for $ TBD 36 • plus an assumption fee of S TBD The mortgage is for a term of TBD years beginning in 36 • TBD at an interest rate of TBD % fixed variable (describe) TBD 37 • Lender approval of assumption . is required is not required unknown. Notice to Seller: You may remain 31 liable for an assumed mortgage for a number of years after the Property is sold Check with your lender to 39 determine the extent of your liability. Seller will ensure that all mortgage payments and required escrow deposits 40 are current at the time of closing and will convey the escrow deposit to the buyer at closing. 11 • (c) Seller Expenses: Seller will pay mortgage discount or other closing costs not to exceed TBD % of the 42 purchase price- and any other expenses Seller agrees to pay in connection with a transaction 3 Senor (haat i*3ai) and Broker/Salos Associate fY14/k f ) acknowledge tempt of a copy of this page which is Page 1 of 4 Pages VISA•1 Rev 03 11 '2011 Ronda Realtors% AX Rights Reserved Fong owsravra by TnIeFeeme 64:O467.0612 EFTA01123518 - BEST the sell to efforts eistreelete•eetilieeee make to agrees Broker AUTHORITY: AND OBLIGATIONS BROKER 4. 44 contract Lothian/es Property 4$ to: Broker authorizes Buller Property. the on pending la unless Internet the on Property the advertising indicting advisable deems Broker as Property the Advertise (a) 46 below. (4KaXII) or (4)(a)(I) In limited 47 applicable) if one (Check -out) opt @eller 43 the on displayed be not shall Property the of address street the except Internet the on Property the Display () • 49 so Internet tntemet the on Property the display to Broker authorize not doss Seller CI) 0 ' 61 searches conduct who consumers (I), option selects Seller If that acknowledges end understands Salter er for search. their to response In property listed the about Information see not will Internet the on Ratings 83 • 54 Buller, of Initiate / Sutler (once signs "Sok!' and signs Sale' 'For Including Property, the on signs transaction appropriate Place (b) 55 Properly. the advertising or marketing with connection in name Beller% use and contract) sales a signs 55 Property. the on mortgage(s) present the to relating Information Obtain (c) kiting this MLS the to report to Broker authorizes Seiler -T). (`ML service listing multiple a in Property the Place (d) 56 Board/ authorized by use for sale resulting any on Information financing and terms price, and information 52 I WO N tionsibe A Cu Ito sag subsaibena and partidpanta MIS members, Association g) so buyers: potential to Information analysis market objective Provide (e) al box look A Property. the arse and show to code gate and/or system box ion a Use I applicable) If (Check (f) • 52 that agrees Seiler valuables. remove or secure to advised N Seller security, Propertys the ensure not don gate or O 8 Brokers and Broker through working persons Broker, releases end benefit Seller's for Is gate or box lock the 4 5 that damage or Ion any with connection In responsbity and liability all from Association / Board Realtor local 85 oceans 88 for contract sales a accepts Beller once offers all Weibel(' ❑ offers verbal DA4thhold applicable) if (Check (g) • ar Property. the te writing. In estabined been has relationship agency different a unitise Seller of broker transactbn a as Ad (h) to 70 These online. services brokerage estate real offer brokerages estate real Some Winne*: Office Virtual (I) and reviews or vine market of estimate automated An (VOW'). Webanes Office Virtual as to referred are meddles 21 register, who Anyone VOWS. some on property a with conjunction In displayed be may property a about comments 72 access gain may Virebste Office Virtual a on 73 any about reviews and comments or valuations automated such to or valuations automated display may VOW a below, limited Unless VOW. a on displayed property 74 Property. this about (dogs) CCatrnents/revIews 25 such to hypenink (or sting fi the of value market the of estmate automated an authortze not does Seller X • m Property. this of listing the with conjunction immediate In displayed be to estimate) m display (or Property the of listing the about reviews or comments write to parties third authorize not does Sager .0 • 75 Property this of listing the with conjunction Immediate In reviews) or comments such to hyperfink a 3 7 agrees Seller obligations, Broker's of consideration In REPRESENTATIONS: OBUGATIONS/BELLER BELLER & so to: Broker to immediatety referring Including Agreement, this of purpose the out carrying in Broker with Cooperate (a) SI transfer. of means other any or purchase by whether Wander, Property's the regarding Inquiries all 52 limited not but Including aware be may Seller which of Property the about Information accurate Broker Provide (b) drainage, with problems system, septic or sew supply, water to access or of presence availability, utility to 45 utility etc.), smoke odor, (noise, nuisances Industrial or COrrirneiclal hazards, environmental stablity, soil or grading 55 hazard, ood fl wetland, zoning, property, adjacent on or from encroachments driveways, shared easements, other or 58 or species protected of presence tanks, storage underground well, abandoned sites, cemetery/grave tenancies, 28 spines protected of nests sa reasonable during show to Broker for available Property e th make and Property the to access Broker Provide (c) se 20 6it?G.1b£. NEIL Site AT ) times -eny-rreester eeete-end-erpenseref denaseer terser 4ieffefeet-frele- Mettewily-fireker-elvd-Iveld-Orelatt - tet 22 +1+ileffesIestegilgenser ebilltrtrerry-eereeek-Weriereker•Ineeretecesseef fi sid4reei• inekelierellemeyiegenr 93 94 es ars trt as sae sitissies-nekeempearseted4ri teener eibieelierreenent•thet enter wisterieHeeneben•thefireeertyreete-c Bleiewie eveievrTilis-eisesereerir eeneedien-viith-e-teseeestien-is-entithed-ie-eseepentsetieltilfelirr peplemenerreptettlestertafereftilier 1445). Section Code Revenue (internal RPTA FI with comply to necessary reasonably act any perform To (f) not are and value Propertys the affect matariety that facts ell including disclosures, required legally ail Make (g) wenn such no of knows Seller that represents and certifies Seller buyer. the by known or observable ready LE( AlleaCiatil Broker:43as ere Ml (Qt( (IA) lieu 101 Papa. 404 2 PIP Is loNcil Pea 1N3 of copy eta to 4494 4.4 acka0 I Pasermid T% RIO A11 Raton* Florida 02011 03111 Rim ALM 1O54994e12 warmest:ea atorste Th OF "Waled Sea EFTA01123519 102 • 103 104 105 100 107 'OS 109 110 11I 112 rola:twine: the than other etc.) defects, unobservable violations, code bulking government (local facts facts material any of Broker Worm Immediately will Seller thisAgreement signing sear arias that requiremerewlielherepeekdiceaseivieer leerreeeteetHoy-tiretherebtigatierreffeetting-the-Feeperte:-enrtankrepteerfereeieserer emeteibretteentiereer iessiverereethreerpreeeedingaffeetingfflwePtipertyreerleigebeereptiketiereemetereiebetiveweelieergevecentere ellerie-ebily-te-ibesete9.4he-Preoertreeretereet. fi reey-effeetstleer eeker-Wet-effeelser ineestireen-enther eny-pieneed-publie-ireprevetnefterwhieennee effeekrog-the-Prepertsr peinfrearprepesed-epeelektesessetentir reMeried•stoselieraeneiegeifteHherAaperte.• reeelt4e,opeeiel-eeeeeerneraereitheneeveePiesieeLliever erke•leffeedyrierifirig 40r-resselii-e-beyer below specified as Broker compensate vral Seller COMPENSATION: 6. 113 ediet enrebie-terttereiretee-the-Prepeft-ererrintereet-in-the-Propertrelhe-terrne-134-10tie-Agreerneet-er-erriely- 114 tax); sales applicable (plus follows as Broker pay wil Seller teffneeeeeptetileees4S. 116 the than later no WA ORS NIA $ plus price purchase total the of 96 0% (a) • 6 11 /VA contract sales the In specified closing of date 7 11 • tie (b)- lese-itie—entetret—Orelser—teeeived—reter the—peretreph-6(04ser eteefebeekslielier-es91—pey—Breleer 119 13112Pefearerr 120 121 stesieeksfereeelreettrendry ftterbeserneelte 42-leesere4tieheverierseeneet—Thie•fee4e-netikte4F4he-Prepenr 122 nekteivel0194.4ease•therPreperly, 123 124 the regereless-efrether etherverartseef•treeeferr teeny beeletteter esehartgergeverteeeetekeetieer teierktoser 5t 1 ererietffierpereere.(B)4Hiefiereefueetrer•frefertetigivertaffersei4heretteereed BrakerrIleVer teryeriieeeeeford•br I% e-beyet-tr•-eeneseweer etwersel-er-egreerevelir tereweeteted-itio-thie-tereemeek-defentliteeerlifresaiseted-tieleeA-- Its 126 tenefenrer Seer eseentrtietkieles-eeramet18).4frwithin-_-eeye-eker-iTerreinetierreete-efIreteeberepenee-ryr Creperlyie•earefeepeete-with-wherives0ereerekeree eerieeete-ertreneferthe-Preperty-erietrintereet4rehei Hersevetreet4easii•be te-Tef.n4nelterreeter erreek3ebakrlitienteemeefferneeleetetlegmeling-the-Preperly-priee 30 1 due•Beeirerifithe•Prepeerieffelistethefiteriseekteeseeetereekieleiteetsgli-eftelliterionsleon 1 31 Wenteleel-te•reeeive- Retelnee/SepeefferAeleoesidefeben•ferereiterlareerrieeerOveker for — 6 132 133 I NE- AK/54130H 1u (,G 4 Cod.. S$ 4MB1.., is• Si with cooperate to is policy office Broker's BROKERS: OTHER WITH COMPENSATION AND COOPERATION 7. 135 % 3 of amount the in compensation offer to and X Interest best Seller's in not when except brokers other • 313 1 the not and buyers, the of interest the represent who agents, Buyers to S or price purchase the of • 137 a in &mew interest • 135 or price purchase the of % S of amount the In compensation offer to and 1 ]$ transaction; offer to Sand Saar; or Buyer the with relationship brokerage no hes who broker tea $ • 139 for brokers Transaction to $ or price purchase the of % 3 of amount the In compensation • 0 14 MLS.) the In pieced be cannot Property the checked Is this Of above the of None 0 Buyer; the • 141 a unless broker transaction a as acting be will Broker Agreement title Under RELATIONSHIP: BROKERAGE 11, 162 writing. in established been has relationship agency different to Agreement this terminate conditionaly to agree may Broker request Saes At TERMINATION: CONDITIONAL 9. 44 1 direct al for Broker reimburse agreement withdrawal a sign must Seller termination. conditional to agrees Broker If 145 appicable plus S of fee cancellation a pay and Property the marketing In mad Ina expenses • 146 the teas E(s) paragraph in stated fee the pay will Seller and termination conditional the void may Broker tax sales 147 time the during Property the in interest any or Property the transfer to contracts or transfers Bailer If fee canceUstice 146 applicable. If Period. Protection and Date Termination to termination conditional of date the from prod la 150 ian 153 153 151 eeferevereiek•eielretreietiether Mf law. Florida under construed be will Agreement This RESOLUTION: DISPUTE 16. erisivereet-ef-ee-peleetrfrehirAgreement-erWe-Weeeh-WereeFitigrise ettere-lrequestieereelweereffie-pealer ffl the-ttelee-ef•the•Aniefierehleteatienesaseeleilereretheeenedieteregveet ester eettled-befeetestleteptiereteefteller atereleyleifeeaswititeeterunieesehetedierregreerteetellepetetweel-bereetlieebrerbitiMierreeifelleweesettellredeet Pews 4 at 3 Pao is wtidt page, Ihis d ccpy • at row*/ adtrrowlidee Andrea Sinkannalwi and (AIM) fel& San 156 Eta:served Flights M Raltede Panda 11 020 63/11 Rat -1 ALA 45044.14612 ornate Tnief *Wit Fame 7nze hT prorMod r fi EFTA01123520 stierrateeeler=ksted-kietietEreker1=}egreeleet firksitieling-eptierepeetrprevidettrOette • m I 157 erbibreteregreed-epee-iiry-the tebitretierrAseeeietien-er-other iseesetHrreeeenieriernOte-the-reeee-ehele-Ateteriellir , 10 -err enceece-Ore-eselfretierr-prelaterle-ef-Wee-Agreenterrt-et pertlee-Eterdi-porty-te-esty-erbilvelien-fee-liegeticre-ter erbitrelien-reerdrwiii-pey-ite-effe-kleet-Ceetesee:Perteettrieettaiwg-efterneyle-feeereed-w144-eqtreNt-eplit-the t60 erbitetiem etbibelefol4erargeweefirristretive-feeetf 161 representatives, personal heirs, Sellers and Broker's on binding is Agreement This MISCELLANEOUS: 11. 2 le Agreement This office. listing another to Agreement this assign may Broker assigns. end successors administrators, 361 164 be shall representations or agreements present or prior No Seiler. and Broker between agreement entire the is 165 communicated modifications and initials Signatures. Agreement this in included unless Seller or Broker on tin:ling by riSS tenants, buyers, includes Agreement this In used as 'buyer term The originals. es considered be will facsimile actual or potential of categories other and optic:lees eirchangors, lea transferees. TERMS: ADDM0NAL 12. • IN AGREEMENT UMW VMS OF PART 3 ATTACHED I Na ADDENTRIM IN 170 In 172 173 174 175 177 178 179 160 181 10 183 tacaLrrdo O -roil E O mall ❑ delivery personal O by of day the on Customer to returned Copy • 194 Ina tranuaton spook brow rts of guottca arty d Wawa! a wallly toga e li or as toprosetaJon no ma REAL1174180 of Assoctstlan Flora The ales teal as laf by um for -fatale brain 77.4 &Wars of rata actrtalte at transaceetts COMptin In tad t• not shadd brm asarintkod na a by cnty Lan be may Inch nut rmasattlp corran roststantl a REALTOR,* REALTORO. M war e th Waft b taart0ad not is Ltd rtitstay Etta of Mao Its to Wvartalro EAU.TOR11414r4 ft OF 140104404ANYNCIA11474 tra of masa in a Laam Oseer. all 4 Pap is vdtItth pact Mks at capy a al recta --/(__)scfulanddise ( ‘k( Associate ototentataa and 1 far "174) 8410 105 Raters' Rights NJ Realtors* Florida 02011 03/11 Rev -1 VISA 100-404612 worsamsforms.a, Pas' True by sand Fa EFTA01123521 ir Blank Addendum i Lon ALSCCIAT*On CI O t :4../C2S Addendum No. 1 - concerning the Property described as: GREAT HANS LOLLIK ISLAND and Little Hans Lollik Island. This addendum is part of the Exclusive Right of Sale Vacant Land Listing Agreement between Hans Lollick Land Company, LLLP and Little Hans Lollick Holdings, LLP "Seller" and ONE Sotheby's International Realty "Broker for the property address above. a. This listing will be shared on a 50/50 basis between ONE Sotheby's International Realty and Carlos M. Justo, Broker. b. A 20% referral fee on the listing side will be paid to David Jones Real Estate. c. Both islands are offered for sale at $29,500,000. Or $20,000,000 for Great Hans Lollik and $9,500,000 for Little Hans Lollik. After 1/21/2012, price will be $24,500,000 for both islands; $17,500,000 for Great Hans Lollik; $7,500,000 for Little Hans Lollik, and as directed by seller from time to time. d. William Otto must be present at all showings. e. The following buyers are exclusions to this listing agreement: Simon Piggott, LUXSAR SOPARFI SA, Ecolife Developments Limited, Ecolife Development LLC or any other entity affiliated thereto. If these buyers purchase the property(ies) during the first three months after the listing agreement with ONE Sotheby's Intl Realty, ONE Sotheby's/Carlos M. Justo, Broker shall not receive any commission and David Jones Real Estate shall receive a 5% commission pursuant to the Land Listing Agreement approved by the Bankruptcy Court on May 16, 2011. After the 3-month period, if same buyers purchase the propensi(ies), ONE Sotheby's/Carlos M. lust°, Broker shall receive 1% commission. After 6 months, ONE Sotheby's/Carlos M Justo, Broker are to receive full commission. f. If Mirce Curkoski of ONE Sotheby's Intl Realty and Carlos Justo of Carlos M. Justo, Broker terminate work on this listing, Seller shall have the right to approve the substitute broker(s)/agent(s). g. Ref. to 4 d In the event, property is to be listed in MIS, must be listed through David Jones Real Estate in the Virgin Islands, and elsewhere directly through ONE Sotheby's Intl Realty. h. Ref. 6 d - ONE Sotheby's Intl Realty's fee is due in the following circumstances: upon the closing of a transaction wherein the property is transferred, regardless of whether the buyer is secured by ONE Sotheby's Intl Realty, Seller or any other person, except as specifically set forth herein. i. Ref. 6 e - As consideration for ONE Sotheby's Intl Realty "Broker", Broker is entitled to receive 6% of all deposits retained by the Seller. If buyer makes an adverse claim upon any deposit, then Broker shall not be entitled to receive any part of that deposit if litigation and/or adversarial process ensues in connection therewith. j. Ref 7. - Seller may require that ONE Sotheby's Intl Realty cooperate with one or more specific agents/brokers on commercially reasonable terms. k. ENTIRE AGREEMENT IS CONTINGENT UPON READY, WILLING, IMMEDIATE AND CONTINUING SERVICES OF CARLOS JUSTO, AND SHALL LAPSE WITHOUT HIS PERSONAL PARTICIPATION IN THE MARKETING AND CLIENT EFTA01123522