Exhibit 10.1


 


THIS PROMISSORY NOTE (THIS “NOTE”)
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS NOTE HAS BEEN ACQUIRED
FOR INVESTMENT ONLY AND MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE RESALE THEREOF UNDER THE
SECURITIES ACT OR AN OPINION OF COUNSEL REASONABLY SATISFACTORY IN FORM, SCOPE AND SUBSTANCE TO MAKER (AS DEFINED BELOW) THAT SUCH
REGISTRATION IS NOT REQUIRED.


 


PROMISSORY NOTE


 


Principal Amount: up to $300,000


(as set forth on the Schedule of Borrowings
attached hereto)


Dated as of March 8, 2021


 


Hunt Companies Acquisition
Corp. I, a Cayman Islands exempted company and blank check company (“Maker”), promises to pay to the order of
Hunt Companies Sponsor, LLC, a Delaware limited liability company, or its registered assigns or successors in interest (“Payee”),
or order, the principal sum of up to Three Hundred Thousand Dollars U.S. dollars ($300,000) (as set forth on the Schedule of Borrowings
attached hereto) in lawful money of the United States of America, on the terms and conditions described below. All payments on
this Note shall be made by check or wire transfer of immediately available funds or as otherwise determined by Maker to such account
as Payee may from time to time designate by written notice in accordance with the provisions of this Note.


 


1.                 
Principal. The principal balance of this Note shall be payable by Maker on the earlier
of (i) December 31, 2021 and (ii) the date on which Maker consummates an initial public offering of its securities (the “IPO”).
The principal balance may be prepaid at any time. Under no circumstances shall any individual, including but not limited to any
officer, director, employee or shareholder of Maker, be obligated personally for any obligations or liabilities of Maker hereunder.


 


2.                 
Interest. No interest shall accrue on the unpaid principal balance of this Note.


 


3.                 
Drawdown Requests. Maker and Payee agree that Maker may request up to Three Hundred Thousand
U.S. Dollars ($300,000) for costs reasonably related to Maker’s initial public offering of its securities. The principal
of this Note may be drawn down from time to time prior to the earlier of (i) December 31, 2021 and (ii) the date on which Maker
consummates an initial public offering of its securities, upon written request from Maker to Payee (each, a “Drawdown
Request”). Each Drawdown Request must state the amount to be drawn down, and must not be
an amount less than One Thousand U.S. Dollars ($1,000) unless agreed upon by Maker and Payee. Payee shall fund each Drawdown Request
no later than one (1) business day after receipt of a Drawdown Request; provided, however, that the maximum amount
of drawdowns collectively under this Note is Three Hundred Thousand U.S. Dollars ($300,000). No fees, payments or other amounts
shall be due to Payee in connection with, or as a result of, any Drawdown Request by Maker.


 






     


     


    

 


4.                 
Application of Payments. All payments shall be applied first to payment in full of any
costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorney’s fees,
then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance of this Note.


 


5.                 
Events of Default. The following shall constitute an event of default (an “Event
of Default”):


 


(a)              
Failure to Make Required Payments. Failure by Maker to pay the principal amount due pursuant to this Note within
five (5) business days of the date specified above.


 


(b)              
Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under any applicable bankruptcy, insolvency,
reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession by a receiver,
liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its
property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker generally to pay its debts
as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing.


 


(c)              
Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises
in respect of Maker in an involuntary case under any applicable bankruptcy, insolvency or other similar law, or appointing a receiver,
liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part of its property,
or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect
for a period of sixty (60) consecutive days.


 


6.                 
Remedies.


 


(a)              
Upon the occurrence of an Event of Default specified in Section 5(a) hereof, Payee may, by written notice to Maker, declare
this Note to be immediately due and payable, whereupon the unpaid principal amount of this Note, and all other amounts payable
thereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which
are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary notwithstanding.


 


(b)              
Upon the occurrence of an Event of Default specified in Sections 5(b) and 5(c), the unpaid principal balance of this Note,
and all other sums payable with regard to this Note, shall automatically and immediately become due and payable, in all cases without
any action on the part of Payee.


 






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7.                 
Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive
presentment for payment, demand, notice of dishonor, protest, and notice of protest with regard to this Note, all errors, defects
and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker
by virtue of any present or future laws exempting any property, real or personal, or any part of the proceeds arising from any
sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from
civil process, or extension of time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment
obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order
desired by Payee.


 


8.                 
Unconditional Liability. Maker hereby waives all notices in connection with the delivery,
acceptance, performance, default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional,
without regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time,
renewal, waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers
or modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and agrees that additional
makers, endorsers, guarantors, or sureties may become parties hereto without notice to Maker or affecting Maker’s liability
hereunder.


 


9.                 
Notices. All notices, statements or other documents which are required or contemplated
by this Note shall be (i) in writing and delivered personally or sent by first class registered or certified mail, overnight courier
service or facsimile or electronic transmission to the address designated in writing, (ii) by facsimile to the number most recently
provided to such party or such other address or fax number as may be designated in writing by such party and (iii) by electronic
mail, to the electronic mail address most recently provided to such party or such other electronic mail address as may be designated
in writing by such party. Any notice or other communication so transmitted shall be deemed to have been given on the day of delivery,
if delivered personally, on the business day following receipt of written confirmation, if sent by facsimile or electronic transmission,
one (1) business day after delivery to an overnight courier service or five (5) days after mailing if sent by mail.


 


10.             
Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF
NEW YORK, WITHOUT REGARD TO CONFLICT OF LAW PROVISIONS THEREOF.


 


11.             
Severability. Any provision contained in this Note which is prohibited or unenforceable
in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate
or render unenforceable such provision in any other jurisdiction.


 


12.             
Trust Waiver. Notwithstanding anything herein to the contrary, Payee hereby waives any
and all right, title, interest or claim of any kind (“Claim”) in or to any
distribution of or from the trust account to be established in which the proceeds of the IPO conducted by Maker (including the
deferred underwriters discounts and commissions) and certain of the proceeds of the sale of the warrants issued in a private placement
to occur in connection with the consummation of the IPO are to be deposited, as described in greater detail in the registration
statement and prospectus to be filed with the Securities and Exchange Commission in connection with the IPO, and hereby agrees
not to seek recourse, reimbursement, payment or satisfaction for any Claim against the trust account for any reason whatsoever.


 






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13.             
Amendment; Waiver. Any amendment hereto or waiver of any provision hereof may be made
with, and only with, the written consent of Maker and Payee.


 


14.             
Assignment. No assignment or transfer of this Note or any rights or obligations hereunder
may be made by any party hereto (by operation of law or otherwise) without the prior written consent of the other party hereto
and any attempted assignment without the required consent shall be void.


 


[Signature Page Follows]


 









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IN
WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed by the undersigned
as of the day and year first written above.


 


	 	HUNT
    COMPANIES ACQUISITION CORP. I
	 	a Cayman Islands exempted
    company
	 	 
	 	By: 	/s/ Ryan McCrory
	 	 	Name: Ryan McCrory
	 	 	Title: Head of Corporate




 


[Signature Page
to Promissory Note – Hunt Companies Acquisition Corp. I]


 






     


     


    




 


SCHEDULE OF BORROWINGS


 


The following increases or decreases in
this Promissory Note have been made:


 


	Date of Increase or 

Decrease	 	Amount of decrease in 

Principal Amount of

 this Promissory Note	 	Amount of increase in 

Principal Amount of 

this Promissory Note	 	Principal Amount of 

this Promissory Note 

following such decrease

 or increase