PURCHASE AND SALE AGREEMENT THIS AGREEMENT (this "Agreement") is made as of the Effective Date (as hereinafter defined) by and between Christian Kjaer ("CK") and GSJ Properties, Corp. ("GSJ") (collectively the"Sellers") and Great St. Jim, LLC, a Virgin Islands Limited Liability Company ("Purchaser"). REEITALa: A. Sellers own all of the land and improvements on the island commonly known as Great St. James Island, St. Thomas, U.S. Virgin Islands, designated and more particularly described in Exhibit A attached hereto as Parcel A, Parcel B (including Parcels B-1 and B-2) and Parcel C (including Parcels C-1 and C-2) , together with any buildings and other improvements located thereon (such land, buildings and improvements, the "Property"); B. CK is the permittee of a submerged land permit, for a dock on Parcel A, designated and more particularly described in Exhibit B attached hereto (the "Permit"), ; and C. Subject to the terms of this Agreement as more fully detailed herein, CK and GSJ desires to sell, assign, transfer and convey their interests in the Property to Purchaser on the Closing Date and Purchaser desires to purchase the Property from Sellers, on the Closing Date, upon the terms more particularly set forth in this Agreement. Notwithstanding anything to the contrary contained herein, the transfer of the Property contemplated by this Agreement does not include the conveyance of any rights or easements to any property other than the Property.. NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto covenant and agree as follows: ARTICLE I SALE OF PROPERTY 1.1 Agreement For Purchase And Sale. CK agrees to sell, assign and cause to be conveyed to Purchaser, and Purchaser agrees to purchase and assume from CK all right, title and interest in and to Parcel A of the