Exhibit 10.124


 


PROMISSORY NOTE


 


Date: September 14, 2022


 


FOR VALUE RECEIVED the undersigned promises
to pay to North Side MHC, LLC (a South Carolina Limited Liability Company), or order, the principal sum of one million two hundred
thousand dollars ($1,200,000.00), with interest accruing at six percent (6.00%) per annum, payable in lawful money of the United States
of America, at the office of the note holder or at such place as the legal holder hereof may designate in writing. The principal and interest
shall be due and payable as follows:


 


Fifty-Nine (59) monthly payments of interest
of $6,000.00 beginning October 15th, 2022, and thence on the 15th day of each successive month thereafter, with a final
(60th) installment of all of the principal balance and the remaining interest due and payable on September 15th,
2027. 


 


This Note may be prepaid in full or in part at
any time, without penalty.


 


In the event of (a) default in payment
of any installment of principal or interest hereof as the same becomes due and such default is not cured within fifteen (15) days from
the due date, or (b) default under the terms of any instrument securing this Note, and such default is not cured within fifteen (15) days
after written notice to maker, then in either such event the holder may without further notice, declare the remainder of the principal
sum, together with all interest accrued thereon, at once due and payable. Failure to exercise this option shall not constitute a waiver
of the right to exercise the same at any other time. Interest after default shall accrue at a rate of six percent.


 


All parties to this Note, including
maker and any sureties, endorsers, or guarantors hereby waive protest, presentment, notice of dishonor, and notice of acceleration of
maturity and agree to continue to remain bound for the payment of principal, interest and all other sums due under this Note and the Deed
of Trust and Security Agreement, notwithstanding any change or changes by way of release, surrender, exchange, modification or substitution
of any security for this Note or by way of any extension or extensions of time for the payment of principal and interest; and all such
parties waive all and every kind of notice of such change or changes and agree that the same may be made without notice or consent of
any of them.


 


Upon default the holder of this Note
may employ an attorney to enforce the holder’s rights and remedies and the maker, principal, surety, guarantor and endorsers of
this Note hereby agree to pay to the holder reasonable attorney’s fees not exceeding a sum equal to fifteen percent (15%) of the
outstanding balance owing on said Note, plus all other reasonable expenses incurred by the holder in exercising any of the holder’s
rights and remedies upon default. The rights and remedies of the holder as provided in this Note and any instrument(s) securing this Note
shall be cumulative and may be pursued singly, successively, or together against the property described in the Deed of Trust and Security
Agreement or any other funds, property or security held by the holder for payment or security, in the sole discretion of the holder. The
failure to exercise any such right or remedy shall not be a waiver or release of such rights or remedies or the right to exercise any
of them at another time.


 


This Note is to be governed and construed
in accordance with the laws of the State of North Carolina.


 


This Note is given for a business
purpose, and is secured by a Deed of Trust on certain real property owned in fee simple by Northview MHP LLC, which is a first lien
on the real property described therein and a security interest in certain manufactured housing units, which is a first lien on said manufactured
housing units.


 


 IN TESTIMONY WHEREOF, the maker executes
this instrument as follows:


  


Northview MHP LLC


(a North Carolina Limited Liability
Company)


by:


 


Manufactured Housing Properties, Inc.,


Its Sole Manager and Member, by:


 


	 	 
	President